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Future Minimum Base Rents and Lease Payments Future Minimum Rents (Tables)
 6 Months Ended
Jun. 30, 2016
Future Minimum Base Rents and Lease Payments Future Minimum Rents [Abstract]  
Schedule of Future Minimum Rental Payments for Operating Leases
Future minimum base rents (excluding tenant reimbursements for operating expenses and without regard to cancellation options) for properties at June 30, 2016 are presented below for the next five years and thereafter are as follows:
 
Non-cancellable
 
Subject to early termination options
 
Total (1)
Remaining 2016
$
239,058

 
$
408

 
$
239,466

2017
446,027

 
4,736

 
450,763

2018
379,156

 
23,863

 
403,019

2019
327,509

 
26,346

 
353,855

2020
259,941

 
7,565

 
267,506

Thereafter
934,162

 
25,385

 
959,547

Total
$
2,585,853

 
$
88,303

 
$
2,674,156


_________________
(1)
Excludes rents under leases at the Company’s media and entertainment properties with terms of one year or less.
Schedule of Acquired Ground Lease Agreements
The following table summarizes the Company’s ground lease terms related to properties that are held subject to long-term noncancellable ground lease obligations:
Property
 
Expiration Date
 
Notes
Sunset Gower
 
3/31/2060
 
Every 7 years rent adjusts to 7.5% of Fair Market Value (“FMV”) of the land.
Del Amo Office
 
6/30/2049
 
Rent under the ground sublease is $1.00 per year, with the sublessee being responsible for all impositions, insurance premiums, operating charges, maintenance charges, construction costs and other charges, costs and expenses that arise or may be contemplated under any provisions of the ground sublease.
9300 Wilshire Blvd.
 
8/14/2032
 
Additional rent is the sum by which 6% of gross rental from the prior calendar year exceeds the Minimum Rent.
222 Kearny Street
 
6/14/2054
 
Minimum annual rent is the greater of $975 thousand or 20% of the first $8.0 million of the tenant’s “Operating Income” during any “Lease Year,” as such terms are defined in the ground lease.
Page Mill Center
 
11/30/2041
 
Minimum annual rent (adjusted on 1/1/2019 and 1/1/2029) plus 25% of adjusted gross income (“AGI”), less minimum annual rent.
Clocktower Square Bldg
 
9/26/2056
 
Minimum annual rent (adjusted every 10 years) plus 25% of AGI less minimum annual rent.
Palo Alto Square
 
11/30/2045
 
Minimum annual rent (adjusted every 10 years starting 1/1/2022) plus 25% of AGI less minimum annual rent.
Lockheed Building
 
7/31/2040
 
The ground rent is the greater of the minimum annual rent or percentage annual rent. The minimum annual rent is the lesser of 10% of FMV of the land or the previous year’s minimum annual rent plus 75% of consumer price index, or CPI, increase. Percentage annual rent is Lockheed’s base rent multiplied by 24.125%.
Foothill Research Ctr
 
6/30/2039
 
The ground rent is the greater of the minimum annual rent or percentage annual rent. The minimum annual rent is the lesser of 10% of FMV of the land or the previous year’s minimum annual rent plus 75% of CPI increase. Percentage annual rent is gross income multiplied by 24.125%.
3400 Hillview
 
10/31/2040
 
The ground rent is the greater of the minimum annual rent or percentage annual rent. The minimum annual rent until October 31, 2017 is the lesser of 10% of FMV of the land or $1.0 million grown at 75% of the cumulative increases in CPI from October 1989. Thereafter, minimum annual rent is the lesser of 10% of FMV of the land or the minimum annual rent as calculated as of November 1, 2017 plus 75% of subsequent cumulative CPI changes. Percentage annual rent is gross income x 24.125%. This lease has been prepaid through October 31, 2017.
Metro Center Tower
 
4/29/2054
 
Every 10 years rent adjusts to 7.233% of FMV of the land (since 2008) and rent also adjusts every 10 years to reflect the change in CPI from the preceding FMV adjustment date (since 2013).
Techmart Commerce Center
 
5/31/2053
 
Subject to a 10% increase every 5 years.
Schedule of Future Minimum Lease Payments
The following table provides information regarding the Company’s future minimum lease payments for its ground lease and corporate office lease at June 30, 2016 (before the impact of extension options, if applicable).
 
Ground Leases (1)(2)(3)
 
Operating Leases
Remaining 2016
$
6,043

 
$
1,016

2017
12,404

 
2,072

2018
14,070

 
2,134

2019
14,120

 
2,198

2020
14,120

 
2,264

Thereafter
413,927

 
11,487

Total
$
474,684

 
$
21,171


_________________
(1)
In situations where ground lease obligation adjustments are based on third-party appraisals of fair market land value, the future minimum lease amounts above include the lease rental obligations in affect as of June 30, 2016.
(2)
In situations where ground lease obligation adjustments are based on CPI adjustment, the future minimum lease amounts above include the lease rental obligations in affect as of June 30, 2016.
(3)
In situations where ground lease obligation adjustments are based on the percentages of gross income that exceeds the minimum annual rent, the future minimum lease amounts above include the lease rental obligations in affect as of June 30, 2016.