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Investment in Real Estate | 3 Months Ended
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Mar. 31, 2022
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, 2022 |  | December 31, 2021
Land | $ | 1,313,385 |  |  | $ | 1,313,385 |
Building and improvements | 6,259,913 |  |  | 6,241,254 |
Tenant improvements | 811,870 |  |  | 786,991 |
Furniture and fixtures | 14,043 |  |  | 14,020 |
Property under development | 6,061 |  |  | 5,827 |
INVESTMENT IN REAL ESTATE, AT COST | $ | 8,405,272 |  |  | $ | 8,361,477 |
Acquisitions of Real Estate The Company had no acquisitions of real estate related to consolidated entities during the three months ended March 31, 2022. 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. During the three months ended March 31, 2022, the Company recorded $12.0 million of impairment charges related to its Del Amo office property, which is classified as held for sale as of March 31, 2022 and December 31, 2021, due to a reduction in the estimated fair value of the property. The estimated fair value of $6.0 million was based on the estimated sales price of the property, which is classified within Level 2 of the fair value hierarchy. The Company did not recognize impairment charges during the three months ended March 31, 2021. Dispositions of Real Estate The Company had no dispositions of real estate during the three months ended March 31, 2022. Held for Sale The Company had four properties classified as held for sale as of March 31, 2022 and December 31, 2021. The properties were identified as non-strategic assets to the Company’s portfolio and are included in the Company’s Office segment. The following table summarizes information on properties held for sale as of March 31, 2022 and December 31, 2021:
Property |  | Segment |  | Submarket |  | Square Feet
Northview Center |  | Office |  | Lynnwood |  | 179,985 |
Skyway Landing |  | Office |  | Redwood Shores |  | 246,997 |
Del Amo |  | Office |  | Torrance |  | 113,000 |
6922 Hollywood |  | Office |  | Hollywood |  | 205,189 |
TOTAL HELD FOR SALE |  |  |  |  |  | 745,171 |
The following table summarizes the components of assets and liabilities associated with real estate held for sale as of March 31, 2022:
|  | Northview Center |  | Skyway Landing |  | Del Amo |  | 6922 Hollywood
ASSETS |  |  |  |  |  |  |  |
Investment in real estate, net |  | $ | 40,452 |  |  | $ | 89,891 |  |  | $ | 5,108 |  |  | $ | 91,337 |
Accounts receivable, net |  | — |  |  | 972 |  |  | — |  |  | 166 |
Straight-line rent receivables, net |  | 1,031 |  |  | 1,047 |  |  | — |  |  | 4,629 |
Deferred leasing costs and intangible assets, net |  | 845 |  |  | 459 |  |  | 844 |  |  | 2,063 |
Prepaid expenses and other assets, net |  | 14 |  |  | 35 |  |  | 8 |  |  | 119 |
ASSETS ASSOCIATED WITH REAL ESTATE HELD FOR SALE |  | $ | 42,342 |  |  | $ | 92,404 |  |  | $ | 5,960 |  |  | $ | 98,314 |
LIABILITIES |  |  |  |  |  |  |  |
Accounts payable, accrued liabilities and other |  | $ | 118 |  |  | $ | — |  |  | $ | 106 |  |  | $ | 1,270 |
Intangible liabilities, net |  | — |  |  | — |  |  | — |  |  | 96 |
Security deposits and prepaid rent |  | 435 |  |  | 2,719 |  |  | — |  |  | 370 |
LIABILITIES ASSOCIATED WITH REAL ESTATE HELD FOR SALE |  | $ | 553 |  |  | $ | 2,719 |  |  | $ | 106 |  |  | $ | 1,736 |
The following table summarizes the components of assets and liabilities associated with real estate held for sale as of December 31, 2021:
|  | Northview Center |  | Skyway Landing |  | Del Amo |  | 6922 Hollywood
ASSETS |  |  |  |  |  |  |  |
Investment in real estate, net |  | $ | 40,338 |  |  | $ | 89,873 |  |  | $ | 15,213 |  |  | $ | 91,353 |
Accounts receivable, net |  | 95 |  |  | 142 |  |  | — |  |  | 103 |
Straight-line rent receivables, net |  | 901 |  |  | 1,659 |  |  | — |  |  | 4,714 |
Deferred leasing costs and intangible assets, net |  | 751 |  |  | 450 |  |  | 2,742 |  |  | 1,999 |
Prepaid expenses and other assets, net |  | — |  |  | — |  |  | — |  |  | 187 |
ASSETS ASSOCIATED WITH REAL ESTATE HELD FOR SALE |  | $ | 42,085 |  |  | $ | 92,124 |  |  | $ | 17,955 |  |  | $ | 98,356 |
LIABILITIES |  |  |  |  |  |  |  |
Accounts payable, accrued liabilities and other |  | $ | 184 |  |  | $ | 273 |  |  | $ | 12 |  |  | $ | 1,372 |
Intangible liabilities, net |  | — |  |  | — |  |  | — |  |  | 96 |
Security deposits and prepaid rent |  | 395 |  |  | 1,205 |  |  | — |  |  | 361 |
LIABILITIES ASSOCIATED WITH REAL ESTATE HELD FOR SALE |  | $ | 579 |  |  | $ | 1,478 |  |  | $ | 12 |  |  | $ | 1,829 |

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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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