Investment in Real Estate (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of acquisitions competed during the period

The following table summarizes the information on the acquisitions completed during the six months ended June 30, 2017:

Property

Submarket

Segment

Date of Acquisition

Square Feet (unaudited)

Purchase Price⁽¹⁾(in millions)

Sunset Las Palmas Studios⁽²⁾

Hollywood

Media and Entertainment

5/1/2017

369,000

200.0

11601 Wilshire land⁽³⁾

West Los Angeles

Office

6/15/2017

N/A

50.0

6666 Santa Monica⁽⁴⁾

Hollywood

Media and Entertainment

6/29/2017

4,150

3.2

Total acquisitions

373,150

253.2

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(1)	Represents purchase price before certain credits, prorations and closing costs.

(2)

The property consists of stages, production office and support space on 15 acres near Sunset Gower Studios and Sunset Bronson Studios. The purchase price above does not include equipment purchased by the Company for $2.8 million, which purchase was transacted separately from the studio acquisition. In April 2017, the Company drew $150.0 million under the unsecured revolving credit facility to fund the acquisition.


(3)	On July 1, 2016 the Company purchased a partial interest in land held as a tenancy in common in conjunction with its acquisition of the 11601 Wilshire property. The land interest held as a tenancy in common was accounted for as an equity method investment. On June 15, 2017, the Company purchased the remaining interest which was re-measured and allocated to land and building.


(4)	This parcel is adjacent to the Sunset Las Palmas Studios property.

Schedule of final aggregate purchase price allocation

The following table represents the Company’s final aggregate purchase price accounting, as of the respective acquisition dates, for each of the Company’s acquisitions completed in the six months ended June 30, 2017:



	Sunset Las Palmas Studios⁽¹⁾		11601 Wilshire land		6666 Santa Monica		Total
Investment in real estate, net	$	202,723	$	50,034	$	3,091	$	255,848
Deferred leasing costs and in-place lease intangibles⁽²⁾	1,741		—		145		1,886
Total asset assumed	$	204,464	$	50,034	$	3,236	$	257,734

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(1)	The purchase price allocation includes equipment purchased by the Company of $2.8 million.


(2)	Represents weighted-average amortization period of 1.21 years.

Schedule of properties sold

The Company’s portfolio consists of properties located throughout Northern and Southern California and the Pacific Northwest. The following table summarizes our portfolio as of June 30, 2017:



	Number of Properties	Square Feet (unaudited)
Office properties:
Northern California⁽¹⁾	29	9,595,286
Southern California⁽²⁾	16	2,817,509
Pacific Northwest⁽³⁾	7	1,490,613
Total Office properties	52	13,903,408
Media & Entertainment properties:
Southern California⁽²⁾	3	1,256,577
Total Media & Entertainment properties	3	1,256,577
Total	55	15,159,985

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(1)	Includes the San Francisco, Redwood Shores, Palo Alto, Milpitas, North San Jose, San Mateo, Foster City and Santa Clara submarkets.


(2)	Includes the Burbank, Hollywood, Torrance, West Los Angeles and Downtown Los Angeles submarkets.


(3)	Includes the Lynnwood, South Lake Union and Pioneer Square submarkets.

The following table summarizes the properties sold during the six months ended June 30, 2017. These properties were non-strategic assets to the Company’s portfolio:



Property	Date of Disposition	Square Feet (unaudited)	Sales Price⁽¹⁾ (in millions)
222 Kearny Street	February 14, 2017	148,797	$	51.8
3402 Pico Boulevard	March 21, 2017	50,687	35.0
Total dispositions		199,484	$	86.8

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(1)	Represents gross sales price before certain credits, prorations and closing costs.