XML 41 R23.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies On October 5, 2018, the Company entered into an agreement to invest in a real estate technology venture capital fund. The Company is committed to funding up to $20.0 million. The Company has not yet contributed to the fund. Legal From time to time, the Company is party to various lawsuits, claims and other legal proceedings arising out of, or incident to, the ordinary course of business. Management believes, based in part upon consultation with legal counsel, that the ultimate resolution of all such claims will not have a material adverse effect on the Company’s results of operations, financial position or cash flows. As of December 31, 2018, the risk of material loss from such legal actions impacting the Company’s financial condition or results from operations has been assessed as remote. Concentrations As of December 31, 2018, the Company’s office properties were located in Northern and Southern California and the Pacific Northwest. The Company’s studio properties were located in Hollywood in Southern California. 90.1% of the Company’s properties were located in California, which exposes the Company to greater economic risks than if it owned a more geographically dispersed portfolio. A significant portion of the Company’s rental revenue is derived from tenants in the media and entertainment and technology industries. As of December 31, 2018, approximately 19.6% and 30.2% of rentable square feet were related to the tenants in the media and entertainment and technology industries, respectively. As of December 31, 2018, the Company’s 15 largest tenants represented approximately 29.1% of its rentable square feet and no single tenant accounted for more than 10%. As of December 31, 2018, no single tenant in the Company’s office and studio segments had rental revenues representing more than 10% of the segment’s total revenue. Letters of Credit As of December 31, 2018, the Company has outstanding letters of credit totaling approximately $2.6 million under the unsecured revolving credit facility. The letters of credit are primarily related to utility company security deposit requirements.