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Debt (Tables)
 12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table sets forth information with respect to our outstanding indebtedness:
December 31, 2018December 31, 2017
Interest Rate(1)
Contractual Maturity Date 
UNSECURED AND SECURED DEBT 
Unsecured debt
Unsecured revolving credit facility(2)(3)
$400,000 $100,000 LIBOR + 1.05% to 1.50% 3/13/2022
(4)
Term loan A(2)(5)
300,000 300,000 LIBOR + 1.20% to 1.70%4/1/2020
(6)
Term loan C(2)
75,000 75,000 LIBOR + 1.30% to 2.20%11/17/2020
Term loan B(2)(7)
350,000 350,000 LIBOR + 1.20% to 1.70%4/1/2022
Term loan D(2)(8)
125,000 125,000 LIBOR + 1.20% to 1.70% 11/17/2022
Series A notes 110,000 110,000 4.34%  1/2/2023
Series E notes 50,000 50,000 3.66%  9/15/2023
Series B notes 259,000 259,000 4.69%  12/16/2025
Series D notes 150,000 150,000 3.98%  7/6/2026
Registered senior notes 400,000 400,000 3.95%  11/1/2027
Series C notes 56,000 56,000 4.79%  12/16/2027
Total unsecured debt 2,275,000 1,975,000 
Secured debt 
Sunset Gower Studios/Sunset Bronson Studios(9)
5,001 5,001 LIBOR + 2.25%3/4/2019
(4)
Met Park North(10)
64,500 64,500 LIBOR + 1.55%8/1/2020
10950 Washington(11)
26,880 27,418 5.32%  3/11/2022
Element LA 168,000 168,000 4.59%  11/6/2025
Hill7(12)
101,000 101,000 3.38%  11/6/2028
Rincon Center — 98,392 5.13%  N/A
Total secured debt 365,381 464,311 
Total unsecured and secured debt 2,640,381 2,439,311 
Unamortized deferred financing costs/loan discounts(13)
(16,546)(17,931)
TOTAL UNSECURED AND SECURED DEBT, NET $2,623,835 $2,421,380 
IN-SUBSTANCE DEFEASED DEBT(14)
$138,223 $— 4.47%  10/1/2022
JOINT VENTURE PARTNER DEBT (15)
$66,136 $— 4.50%  10/9/2028
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1.Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed. Interest rates are as of December 31, 2018, which may be different than the interest rates as of December 31, 2017 for corresponding indebtedness.
2.The Company has the option to make an irrevocable election to change the interest rate depending on the Company’s credit rating or a specified base rate plus an applicable margin. As of December 31, 2018, no such election had been made.
3.The Company has a total capacity of $600.0 million under its unsecured revolving credit facility.
4.The maturity date may be extended once for an additional one-year term.
5.The interest rate on the outstanding balance of the term loan was effectively fixed at 2.65% to 3.06% per annum through the use of two interest rate swaps. See Note 6 for details.  
6.The maturity date may be extended twice, each time for an additional one-year term.
7.The interest rate on the outstanding balance of the term loan was effectively fixed at 2.96%% to 3.46% per annum through the use of two interest rate swaps. See Note 6 for details.
8.The interest rate on the outstanding balance of the term loan was effectively fixed at 2.63% to 3.13% per annum through the use of an interest rate swap. See Note 6 for details.
9.The Company has the ability to draw up to $257.0 million under its construction loan, subject to lender required submissions. This loan is also secured by the Company’s ICON and CUE properties.
10.Interest on the full loan amount has been effectively fixed at 3.71% per annum through use of an interest rate swap. See Note 6 for details.
11.Monthly debt service includes annual debt amortization payments based on a 30-year amortization schedule with a balloon payment at maturity.
12.The Company owns 55% of the ownership interest in the consolidated joint venture that owns the Hill7 property. The full amount of the loan is shown. This loan bears interest only at 3.38% until November 6, 2026, at which time the interest rate will increase and monthly debt service will include principal payments with a balloon payment at maturity.
13.Excludes deferred financing costs related to establishing the Company’s unsecured revolving credit facility, which are reflected in prepaid and other assets, net line item in the Consolidated Balance Sheets. See Note 2 for details.
14.The Company owns 75% of the ownership interest in the joint venture that owns the One Westside and 10850 Pico properties. The full amount of the loan is shown. Monthly debt service includes annual debt amortization payments based on a 10-year amortization schedule with a balloon payment at maturity. 15.This amount relates to debt due to Allianz, the Company’s partner in the joint venture that owns the Ferry Building property. The maturity date may be extended twice for an additional two-year term each.
Schedule of Maturities of Long-term Debt
The following table provides information regarding the Company’s future minimum principal payments due on the Company’s debt (before the impact of extension options, if applicable) as of December 31, 2018:
For the Year Ended December 31, Unsecured and Secured Debt In-Substance Defeased Debt
Joint Venture Partner Debt
2019 $5,569 $3,193 $— 
2020 440,095 3,323 — 
2021 632 3,494 — 
2022 900,085 128,213 — 
2023 160,000 — — 
Thereafter 1,134,000 — 66,136 
TOTAL$2,640,381 $138,223 $66,136 
Schedule of Balance and Key Terms of the Unsecured Revolving Credit Facility
The following table summarizes the balance and key terms of the unsecured revolving credit facility as of:
December 31, 2018December 31, 2017
Outstanding borrowings
$400,000 $100,000 
Remaining borrowing capacity
200,000 300,000 
TOTAL BORROWING CAPACITY $600,000 $400,000 
Interest rate(1)(2)
LIBOR + 1.05% to 1.50%LIBOR + 1.15% to 1.85%
Annual facility fee rate(1)
0.15% or 0.30%0.20% or 0.35%
Contractual maturity date(3)
3/13/20224/1/2019
_________________
1.The rate is based on the operating partnership’s leverage ratio. The Company has the option to make an irrevocable election to change the interest rate depending on the Company’s credit rating. As of December 31, 2018, no such election had been made. 
2.The Company has the option to make an irrevocable election to change the interest rate depending on the Company’s specified base rate plus an applicable margin. As of December 31, 2018, no such election had been made.
3.The maturity date may be extended once for an additional one-year term.
Summary of Existing Covenants and Their Covenant Levels
The following table summarizes existing covenants and their covenant levels related to our unsecured revolving credit facility, term loans and note purchase agreements, when considering the most restrictive terms:
Covenant Ratio Covenant Level 
Total liabilities to total asset value ≤ 60% 
Unsecured indebtedness to unencumbered asset value ≤ 60% 
Adjusted EBITDA to fixed charges ≥ 1.5x 
Secured indebtedness to total asset value ≤ 45% 
Unencumbered NOI to unsecured interest expense ≥ 2.0x 

The following table summarizes existing covenants and their covenant levels related to our registered senior notes:
Covenant Ratio Covenant Level 
Debt to total assets ≤ 60%
Total unencumbered assets to unsecured debt  ≥ 150%
Consolidated income available for debt service to annual debt service charge ≥ 1.5x
Secured debt to total assets ≤ 45%
Reconciliation of Gross Interest Expense and Interest Expense
The following table represents a reconciliation from the gross interest expense to the amount on the interest expense line item in the Consolidated Statements of Operations:
Year Ended December 31,
201820172016
Gross interest expense(1)
$92,017 $94,660 $82,887 
Capitalized interest(14,815)(10,655)(11,307)
Amortization of deferred financing costs and loan discount, net5,965 6,032 4,464 
INTEREST EXPENSE$83,167 $90,037 $76,044 
_________________
1.Includes interest on the Company’s debt and hedging activities and loan extinguishment costs of $421 thousand and $1.1 million during the years ended December 31, 2018 and 2017, respectively.