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Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Schedule of Notes Payable
The following table summarizes the balance of the Company’s indebtedness as of December 31, 2015 and December 31, 2014.
 
 
December 31, 2015
 
December 31, 2014
Notes Payable
 
$
2,278,445

 
$
915,003

Less: unamortized loan premium and deferred financing costs, net(1)
 
(17,729
)
 
(2,320
)
Notes Payable, net
 
$
2,260,716

 
$
912,683

________________
(1)
Unamortized loan premium and deferred financing costs exclude debt issuance costs, net related to establishing the Company’s unsecured revolving credit facility and undrawn term loans. These costs are presented within prepaid expenses and other assets in the consolidated balance sheets. See the discussion of the adoption of ASU 2015-03 and ASU 2015-15 in Note 2.
Schedule of Long-term Debt Instruments
The following table sets forth information as of December 31, 2015 and December 31, 2014 with respect to the Company’s outstanding indebtedness.
 
December 31, 2015
 
December 31, 2014
 
 
 
 
Principal Amount
 
Unamortized Loan Premium and Deferred Financing Costs, net
 
Principal Amount
 
Unamortized Loan Premium and Deferred Financing Costs, net
 
Interest Rate(1)
 
Contractual Maturity Date
Unsecured Loans
 
 
 
 
 
 
 
 
 
 
 
Unsecured Revolving Credit Facility(2)
$
230,000

 
$
—

 
$
130,000

 
$
—

 
LIBOR+1.15% to 1.85%
 
4/1/2019(10)
5-Year Term Loan due April 2020(2)(3)
550,000

 
(5,571
)
 
150,000

 
(870
)
 
LIBOR+1.30% to 2.20%
 
4/1/2020
5-Year Term Loan due November 2020(2)
—

 
—

 
—

 
—

 
LIBOR +1.30% to 2.20%
 
11/17/2020
7-Year Term Loan due April 2022(2)(4)
350,000

 
(2,656
)
 
—

 
—

 
LIBOR +1.60% to 2.55%
 
4/1/2022
7-Year Term Loan due November 2022(2)
—

 
—

 
—

 
—

 
LIBOR + 1.60% to 2.55%
 
11/17/2022
Series A Notes
110,000

 
(1,011
)
 
—

 
—

 
4.34%
 
1/2/2023
Series B Notes
259,000

 
(2,378
)
 
—

 
—

 
4.69%
 
12/16/2025
Series C Notes
56,000

 
(509
)
 
—

 
—

 
4.79%
 
12/16/2027
    Total Unsecured Loans
$
1,555,000

 
$
(12,125
)
 
$
280,000

 
$
(870
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage Loans
 
 
 
 
 
 
 
 
 
 
 
Mortgage loan secured by Pinnacle II(5)
$
86,228

 
$
1,310

(6) 
$
87,421

 
3,056

(6) 
6.31%
 
9/6/2016
Mortgage loan secured by 901 Market
30,000

 
(119
)
 
49,600

 
(434
)
 
LIBOR+2.25%
 
10/31/2016
Mortgage loan secured by Rincon Center(7)
102,309

 
(355
)
 
104,126

 
(518
)
 
5.13%
 
5/1/2018
Mortgage loan secured by Sunset Gower/Sunset Bronson(8)(9)
115,001

 
(2,232
)
 
97,000

 
(678
)
 
LIBOR+2.25%
 
3/4/2019
Mortgage loan secured by Met Park North(10)
64,500

 
(509
)
 
64,500

 
(521
)
 
LIBOR+1.55%
 
8/1/2020
Mortgage loan secured by 10950 Washington(7)
28,407

 
(421
)
 
28,866

 
(493
)
 
5.32%
 
3/11/2022
Mortgage loan secured by Pinnacle I(11)
129,000

 
(694
)
 
129,000

 
(796
)
 
3.95%
 
11/7/2022
Mortgage loan secured by Element L.A.
168,000

 
(2,584
)
 
59,490

 
(1,066
)
 
4.59%
 
11/6/2025
Mortgage loan secured by 275 Brannan
—

 
—

 
15,000

 
—

 
LIBOR+2.00%
 
N/A
Total mortgage loans before mortgage loan on real estate held for sale
$
723,445

 
$
(5,604
)
 
$
635,003

 
$
(1,450
)
 
 
 
 
Total
$
2,278,445

 
$
(17,729
)
 
$
915,003

 
$
(2,320
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage loan on real estate held for sale
 
 
 
 
 
 
 
 
 
 
 
Mortgage loan secured by First Financial(12)
$
—

 
$
—

 
$
42,449

 
$
(369
)
 
4.58%
 
N/A
_________________
(1)
Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed, excluding the amortization of loan fees and costs. Interest rates are as of December 31, 2015, which may be different than the interest rates as of December 31, 2014 for corresponding indebtedness.
(2)
The Company has the option to make an irrevocable election to change the interest rate depending on the Company’s credit rating. As of December 31, 2015, no such election has been made.
(3)
Effective May 1, 2015, $300.0 million of the $550.0 million term loan has been effectively fixed at 2.66% to 3.56% per annum through the use of an interest rate swap. See Note 6 for details.
(4)
Effective May 1, 2015, the outstanding balance of the term loan has been effectively fixed at 3.21% to 4.16% per annum through the use of an interest rate swap. See Note 6 for details.
(5)
This loan bore interest only for the first five years. Beginning with the payment due October 6, 2011, monthly debt service includes annual debt amortization payments based on a 30-year amortization schedule with a balloon payment at maturity.
(6)
Represents unamortized amount of the non-cash mark-to-market adjustment.
(7)
Monthly debt service includes annual debt amortization payments based on a 30-year amortization schedule with a balloon payment at maturity.
(8)
Interest on $92.0 million of the outstanding loan balance has been effectively capped at 5.97% and 4.25% per annum on $50.0 million and $42.0 million, respectively, of the loan through the use of two interest rate caps through February 11, 2016. See Note 6 for details.
(9)
The maturity date may be extended once for an additional one-year term.
(10)
This loan bears interest only. Interest on the full loan amount has been effectively fixed at 3.71% per annum through use of an interest rate swap. See Note 6 for details.
(11)
This loan bears interest only for the first five years. Beginning with the payment due December 6, 2017, monthly debt service will include annual debt amortization payments based on a 30-year amortization schedule with a balloon payment at maturity.
(12)
This loan has been recorded as part of the liabilities associated with real estate held for sale as of December 31, 2014. The property was sold in 2015.
Schedule of Restricted Cash and Cash Equivalents
Included in restricted cash on the Company’s consolidated balance sheets at December 31, 2015 and December 31, 2014, are lockbox and reserve funds as follows:
 

Property
 
December 31, 2015
 
December 31, 2014
Rincon Center
 
$
14,237

 
$
10,936

Pinnacle I
 
1,792

 
2,099

Element LA
 
1,149

 
—

10950 Washington
 
1,014

 
775

Pinnacle II
 
722

 
434

 
 
$
18,914

 
$
14,244
Schedule of Maturities of Long-term Debt
The minimum future annual principal payments due on the Company’s secured and unsecured notes payable at December 31, 2015, excluding the non-cash loan premium amortization, were as follows:
Year ended
Annual Principal Payments
2016
$
118,452

2017
2,705

2018
216,322

2019
2,885

2020
847,493

Thereafter
1,090,588

Total
$
2,278,445