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Investment in Real Estate | 3 Months Ended
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Mar. 31, 2019
Real Estate [Abstract] |
Investment in Real Estate | Investment in Real Estate The following table summarizes the Company’s investment in real estate, at cost as of:
| March 31, 2019 |  | December 31, 2018
Land | $ | 1,313,411 |  | $ | 1,372,872
Building and improvements | 4,941,701 |  | 4,991,770
Tenant improvements | 547,427 |  | 510,217
Furniture and fixtures | 9,451 |  | 9,320
Property under development | 178,430 |  | 175,358
INVESTMENT IN REAL ESTATE, AT COST(1) | $ | 6,990,420 |  | $ | 7,059,537
_____________ 1.Excludes balances related to properties that have been classified as held for sale. Acquisitions The Company had no acquisitions during the three months ended March 31, 2019. On March 26, 2019, the Company entered into an agreement to purchase, through a joint venture with Blackstone Property Partners (“Blackstone”), the 1.45 million-square-foot Bentall Centre property located in Vancouver, Canada. The acquisition is expected to close during the second quarter of 2019. Dispositions The Company had no dispositions during the three months ended March 31, 2019. Held for Sale The Company had one property, Campus Center, classified as held for sale as of March 31, 2019. The Campus Center property, which includes the office property and developable land, is being sold to two separate, unrelated buyers for a combined amount of approximately $150 million (before certain credits, prorations and closing costs). Both sales are expected to close during the second quarter of 2019. The Company did not have any properties classified as held for sale as of December 31, 2018. The following table summarizes the components of assets and liabilities associated with real estate held for sale as of:
| March 31, 2019 |  |
ASSETS |  |  |
Investment in real estate, net | $ | 99,703 |  |
Deferred leasing costs and lease intangible assets, net | 14 |  |
Prepaid expenses and other assets, net | 104 |  |
ASSETS ASSOCIATED WITH REAL ESTATE HELD FOR SALE | $ | 99,821 |  |
LIABILITIES |  |  |
Accounts payable, accrued liabilities and other | $ | 732 |  |
LIABILITIES ASSOCIATED WITH REAL ESTATE HELD FOR SALE | $ | 732 |  |
Impairment of Long-Lived Assets The Company assesses the carrying value of real estate assets and related intangibles whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable in accordance with GAAP. Impairment losses are recorded on real estate assets held for investment when indicators of impairment are present and the future undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. The Company recognizes impairment losses to the extent the carrying amount exceeds the fair value, based on Level 1 or Level 2 inputs, less estimated costs to sell. The Company recorded $52.2 million of impairment charges related to the Campus Center office property that was held for sale as March 31, 2019. The Company’s estimated fair value was based on the sale price. The Company did not recognize impairment losses during the three months ended March 31, 2018.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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