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Investment in Real Estate | 9 Months Ended
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Sep. 30, 2023
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:
| September 30, 2023 |  | December 31, 2022
Land | $ | 1,377,970 |  |  | $ | 1,397,714 |
Building and improvements | 6,370,018 |  |  | 6,342,851 |
Tenant improvements | 894,595 |  |  | 868,193 |
Furniture and fixtures | 9,441 |  |  | 9,639 |
Property under development | 179,890 |  |  | 98,175 |
INVESTMENT IN REAL ESTATE, AT COST | $ | 8,831,914 |  |  | $ | 8,716,572 |
Acquisitions of Real Estate The Company had no acquisitions of real estate during the three and nine months ended September 30, 2023. 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. The Company had no impairments of real estate during the three and nine months ended September 30, 2023. During the three and nine months ended September 30, 2022, the Company recorded $0.2 million and $13.0 million, respectively, of impairment charges related to the tangible assets of its Del Amo office property due to a reduction in the estimated fair value of the property. The property was sold in August 2022. The estimated fair value of $2.8 million was based on the estimated sales price of the property, which is classified within Level 2 of the fair value hierarchy. During three and nine months ended September 30, 2022, the Company recorded $1.5 million of impairment charges related to the tangible assets of its Northview Center office property due to a reduction in the estimated fair value of the property. The property was sold in August 2022. The estimated fair value of $46.0 million was based on the sales price of the property, which is classified within Level 2 of the fair value hierarchy. During three and nine months ended September 30, 2022, the Company recorded $3.1 million of impairment charges related to the tangible assets of its 6922 Hollywood office property due to a reduction in the estimated fair value of the property. The property was classified as held for sale as of September 30, 2022 and was subsequently sold in October 2022. The estimated fair value of $96.0 million was based on the sales price of the property, which is classified within Level 2 of the fair value hierarchy. Dispositions of Real Estate The following table summarizes information on dispositions completed during the nine months ended September 30, 2023. These properties were considered non-strategic to the Company’s portfolio:
Property |  | Segment |  | Date of Disposition |  | Square Feet (unaudited) |  | Sales Price(1) (in millions) |  | Gain on Sale(2) (in millions)
Skyway Landing |  | Office |  | 2/6/2023 |  | 246,997 |  |  | $ | 102.0 |  |  | $ | 7.0 |
604 Arizona |  | Office |  | 8/24/2023 |  | 44,260 |  |  | $ | 32.5 |  |  | $ | 10.3 |
3401 Exposition |  | Office |  | 8/25/2023 |  | 63,376 |  |  | $ | 40.0 |  |  | $ | 5.8 |
_____________ 1.Represents gross sales price before certain credits, prorations and closing costs. 2.Included within gain (loss) on sale of real estate on the Consolidated Statement of Operations. The following table summarizes information on dispositions completed during the nine months ended September 30, 2022. These properties were considered non-strategic to the Company’s portfolio:
Property |  | Segment |  | Date of Disposition |  | Square Feet |  | Sales Price(1) (in millions) |  | Gain (Loss) on Sale (in millions)
Del Amo |  | Office |  | 8/5/2022 |  | 113,000 |  |  | $ | 2.8 |  |  | $ | — |
Northview Center |  | Office |  | 8/30/2022 |  | 179,985 |  |  | $ | 46.0 |  |  | $ | (0.2) |
_____________ 1.Represents gross sales price before certain credits, prorations and closing costs.

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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 -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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