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Future Minimum Base Rents and Lease Payments Future Minimum Rents (Tables)
 9 Months Ended
Sep. 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 September 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
$
112,066

 
$
—

 
$
112,066

2017
455,911

 
4,825

 
460,736

2018
409,086

 
24,596

 
433,682

2019
358,035

 
26,550

 
384,585

2020
292,595

 
7,615

 
300,210

Thereafter
1,029,548

 
77,876

 
1,107,424

Total
$
2,657,241

 
$
141,462

 
$
2,798,703


_________________
(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.
11601 Wilshire Boulevard
 
10/31/2064
 
Subject to a $50 thousand increase every 5 years. Commencing on August 1, 2026, minimum rent is adjusted to reflect changes in CPI.
Schedule of Rent Expense
The Company recognized the following contingent rental expense and minimum rental expense for our ground leases and corporate office lease:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
Contingent rental expense
$
1,970

 
$
1,041

 
$
6,417

 
$
2,098

Minimum rental expense
3,070

 
3,234

 
10,064

 
6,913
Schedule of Future Minimum Lease Payments
The following table provides information regarding the Company’s future minimum lease payments for its ground lease at September 30, 2016 (before the impact of extension options, if applicable):
 
 
Ground Leases (1)(2)(3)
Remaining 2016
 
$
3,649

2017
 
13,002

2018
 
14,668

2019
 
14,718

2020
 
14,718

Thereafter
 
449,402

Total
 
$
510,157


_________________
(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 effect as of September 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 effect as of September 30, 2016.
(3)
In situations where ground lease obligation adjustments are based on the percentage of gross income that exceeds the minimum annual rent, the future minimum lease amounts above include the lease rental obligations in effect as of September 30, 2016.