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Investment in Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2018
Real Estate [Abstract] |
Summary of investment in real estate | The following table summarizes the Company’s investment in real estate, at cost as of:
| September 30, 2018 |  | December 31, 2017
Land | $ | 1,365,387 |  | $ | 1,204,700
Building and improvements | 4,593,702 |  | 4,389,846
Tenant improvements | 469,556 |  | 397,012
Furniture and fixtures | 8,965 |  | 8,576
Property under development | 252,764 |  | 219,227
INVESTMENT IN REAL ESTATE, AT COST(1) | $ | 6,690,374 |  | $ | 6,219,361
_____________ 1. Excludes balances related to properties that have been classified as held for sale.
Summary of acquisitions | The following table summarizes the information on the acquisitions completed during the nine months ended September 30, 2018:
Property |  | Submarket |  | Segment |  | Date of Acquisition |  | Square Feet (unaudited) |  | Purchase Price(1) (in millions)
6605 Eleanor Avenue(2) |  | Hollywood |  | Studio |  | 6/7/2018 |  | 22,823 |  | $ | 18.0
1034 Seward Street(2) |  | Hollywood |  | Studio |  | 6/7/2018 |  | 18,673 |  | 12.0
One Westside and 10850 Pico(3) |  | West Los Angeles |  | Office |  | 8/31/2018 |  | 595,987 |  | 190.0
TOTAL ACQUISITIONS |  |  |  |  |  |  |  | 637,483 |  | $ | 220.0
_____________ 1. Represents purchase price before certain credits, prorations and closing costs. 2. The properties are adjacent to, and now form part of, the Sunset Las Palmas Studios property and consist of sound stages, production office and support space. 3. The Company purchased the property through a joint venture with Macerich. The Company owns 75% of the ownership interest in the consolidated joint venture.
Summary of acqusitions, 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 nine months ended September 30, 2018:
| 6605 Eleanor Avenue |  | 1034 Seward Street |  | One Westside and 10850 Pico |  | Total
Total consideration |  |  |  |  |  |  |
Cash consideration for real estate investments | $ | 18,071 |  | $ | 12,095 |  | $ | 40,986 |  | $ | 71,152
Cash consideration for U.S. Government securities | — |  | — |  | 149,176 |  | 149,176
Debt assumed | — |  | — |  | 139,003 |  | 139,003
Redeemable non-controlling interest in consolidated real estate entity | — |  | — |  | 12,749 |  | 12,749
TOTAL CONSIDERATION | $ | 18,071 |  | $ | 12,095 |  | $ | 341,914 |  | $ | 372,080
Allocation of consideration |  |  |  |  |  |  |
Investment in real estate | $ | 18,071 |  | $ | 12,095 |  | $ | 196,444 |  | $ | 226,610
U.S. Government securities | — |  | — |  | 149,176 |  | 149,176
Deferred leasing costs and in-place lease intangibles(1) | — |  | — |  | 826 |  | 826
Above-market leases(2) | — |  | — |  | 605 |  | 605
Below-market leases(3) | — |  | — |  | (5,137) |  | (5,137)
TOTAL | $ | 18,071 |  | $ | 12,095 |  | $ | 341,914 |  | $ | 372,080
_____________ 1. Represents weighted-average amortization period of 4.22 years. 2. Represents weighted-average amortization period of 5.42 years. 3. Represents weighted-average amortization period of 17.19 years.
Schedule of dispositions | The following table summarizes the properties sold during the nine months ended September 30, 2018. These properties were non-strategic assets to the Company’s portfolio:
Property |  | Date of Disposal |  | Approximate Square Feet |  | Sales Price(1) (in millions)
Embarcadero Place |  | 1/25/2018 |  | 197,402 |  | $ | 136.0
2600 Campus Drive (building 6 of Peninsula Office Park) |  | 1/31/2018 |  | 63,050 |  | 22.5
2180 Sand Hill |  | 3/1/2018 |  | 45,613 |  | 82.5
9300 Wilshire |  | 4/10/2018 |  | 61,422 |  | 13.8
Peninsula Office Park |  | 7/27/2018 |  | 447,739 |  | 210.0
TOTAL DISPOSITIONS |  |  |  | 815,226 |  | $ | 464.8
_________________ 1. Represents gross sales price before certain credits, prorations and closing costs.
Schedule of components of assets and liabilities associated with real estate held for sale | The following table summarizes the components of assets and liabilities associated with real estate held for sale as of:
| September 30, 2018 |  | December 31, 2017
ASSETS |  |  |
Investment in real estate, net | $ | — |  | $ | 396,846
Accounts receivable, net | — |  | 213
Straight-line rent receivables, net | — |  | 5,225
Deferred leasing costs and lease intangible assets, net | — |  | 9,589
Prepaid expenses and other assets, net | — |  | 58
ASSETS ASSOCIATED WITH REAL ESTATE HELD FOR SALE | $ | — |  | $ | 411,931
LIABILITIES |  |  |
Accounts payable, accrued liabilities and other | $ | — |  | $ | 1,808
Lease intangible liabilities, net | — |  | 485
Security deposits and prepaid rent | — |  | 2,610
LIABILITIES ASSOCIATED WITH REAL ESTATE HELD FOR SALE | $ | — |  | $ | 4,903

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- Definition Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments. + References No definition available. + Details
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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
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