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Investment in Real Estate
 12 Months Ended
Dec. 31, 2018
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:
December 31, 2019December 31, 2018
Land$1,313,412  $1,372,872  
Building and improvements5,189,342  4,991,770  
Tenant improvements  631,459  510,217  
Furniture and fixtures10,693  9,320  
Property under development124,222  175,358  
INVESTMENT IN REAL ESTATE, AT COST$7,269,128  $7,059,537  

Acquisitions

On June 5, 2019, the Company purchased, through a joint venture with Blackstone, the Bentall Centre office property and retail complex in Vancouver, Canada. This joint venture is an unconsolidated entity; please refer to Note 4 for details.

The Company had no acquisitions related to consolidated entities during the year ended December 31, 2019.
The following table summarizes the information on the acquisitions completed in 2018:
Property SubmarketSegmentDate of Acquisition Square Feet
Purchase Price(1) (in millions)
6605 Eleanor Avenue(2)
 Hollywood Studio6/7/201822,823  $18.0  
1034 Seward Street(2)
HollywoodStudio6/7/201818,673  12.0  
One Westside and 10850 Pico(3)
 West Los AngelesOffice8/31/2018 595,987  190.0  
Ferry Building(4)
San FranciscoOffice10/9/2018268,018  291.0  
6660 Santa Monica(2)
HollywoodStudio10/23/201811,200  10.0  
TOTAL ACQUISITIONS IN 2018916,701  $521.0  
_____________ 
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 owns 75% of the ownership interest in the consolidated joint venture that owns these properties. The acquisition was primarily funded by a draw under the unsecured revolving credit facility.
4.The Company owns 55% of the ownership interest in the consolidated joint venture that owns this property. The acquisition was primarily funded by a draw under the unsecured revolving credit facility.

The Company’s acquisitions in 2018 did not meet the definition of a business and were therefore accounted for as asset acquisitions. In accordance with asset acquisitions, the purchase price includes capitalized acquisition costs. The following table represents the Company’s final purchase price accounting, as of the respective acquisition dates, for each of the Company’s acquisitions completed in 2018:
6605 Eleanor Avenue
1034 Seward StreetOne Westside and 10850 PicoFerry Building6660 Santa MonicaTotal
Total consideration
Cash consideration for real estate investments$18,071  $12,095  $40,986  $281,180  $10,355  $362,687  
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 entities—  —  12,749  —  —  12,749  
TOTAL CONSIDERATION$18,071  $12,095  $341,914  $281,180  $10,355  $663,615  
Allocation of consideration
Investment in real estate$18,071  $12,095  $196,444  $268,292  $10,355  $505,257  
U.S. Government securities—  —  149,176  —  —  149,176  
Deferred leasing costs and in-place lease intangibles(1)
—  —  826  17,586  —  18,412  
Above-market leases(2)
—  —  605  742  —  1,347  
Below-market ground lease(3)
—  —  —  4,528  —  4,528  
Below-market leases(4)
—  —  (5,137) (9,968) —  (15,105) 
TOTAL$18,071  $12,095  $341,914  $281,180  $10,355  $663,615  
_____________
1.Represents weighted-average amortization period of 6.9 years (before any renewal or extension options).
2.Represents weighted-average amortization period of 5.1 years (before any renewal or extension options).
3.Represents weighted-average amortization period of 48.6 years.
4.Represents weighted-average amortization period of 11.1 years.
Impairment of Long-Lived Assets

During the year ended December 31, 2019, the Company recorded $52.2 million of impairment charges related to the Campus Center office property that was held for sale at March 31, 2019 and was subsequently sold. The Company’s estimated fair value was based on the sale price (Level 2 input). The Company did not recognize impairment charges during the year ended December 31, 2018 and 2017.

Dispositions

The following table summarizes the properties sold in 2019, 2018 and 2017. These properties were considered non-strategic to the Company’s portfolio:
PropertySegmentDate of Disposition Square Feet
Sales Price(1) (in millions)
Campus Center OfficeOffice7/24/2019471,580  $70.3  
Campus Center LandOffice7/30/2019946,350  78.1  
TOTAL DISPOSITIONS IN 20191,417,930  $148.4  
Embarcadero PlaceOffice1/25/2018197,402  $136.0  
2600 Campus Drive (building 6 of Peninsula Office Park)Office1/31/201863,050  22.5  
2180 Sand Hill
Office3/1/201845,613  82.5  
9300 WilshireOffice4/10/201861,422  13.8  
Peninsula Office ParkOffice7/27/2018447,739  210.0  
TOTAL DISPOSITIONS IN 2018815,226  $464.8  
222 KearnyOffice2/14/2017148,797  $51.8  
3402 PicoOffice3/21/201750,687  35.0  
Pinnacle I and Pinnacle II
Office11/16/2017623,777  350.0  
TOTAL DISPOSITIONS IN 2017823,261  $436.8  
_____________ 
1.Represents gross sales price before certain credits, prorations and closing costs.

The disposition of these properties resulted in gains of $47.1 million, $43.3 million and $45.6 million for the years ended December 31, 2019, 2018 and 2017, respectively. These amounts are included in the gains on sale of real estate line item in the Consolidated Statements of Operations.

Held for sale
As of December 31, 2019 and 2018, the Company had no properties that met the criteria to be classified as held for sale.