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Investment in Real Estate | 12 Months Ended
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Dec. 31, 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:
| December 31, 2023 |  | December 31, 2022
Land | $ | 1,220,339 |  |  | $ | 1,397,714 |
Building and improvements | 5,969,364 |  |  | 6,273,655 |
Tenant and leasehold improvements | 818,653 |  |  | 868,193 |
Furniture and fixtures | 8,609 |  |  | 9,639 |
Property under development | 195,931 |  |  | 167,371 |
INVESTMENT IN REAL ESTATE, AT COST | $ | 8,212,896 |  |  | $ | 8,716,572 |
Acquisitions of Real Estate The Company had no acquisitions of real estate during the year ended December 31, 2023. On April 27, 2022, the Company completed its previously announced acquisition of Washington 1000, a fully entitled office development site in Seattle, Washington for a total purchase price of $85.6 million, before certain credits, prorations and closing costs. On May 19, 2022, the Company purchased a parcel of land at Sunset Gower Studios that was previously encumbered by a ground lease for a total purchase price of $22.0 million, before certain credits, prorations and closing costs. On July 15, 2022, the Company purchased 5801 Bobby Foster Road, approximately 29 acres of land with an office/warehouse located in Albuquerque, New Mexico, for the storage of trailers and other rental assets used to serve the surrounding studio production industry. The property was acquired for a total purchase price of $8.0 million, before certain credits, prorations and closing costs. The following table represents the Company’s final purchase price accounting for the asset acquisitions completed in 2022:
|  | Washington 1000 |  | Sunset Gower Studios Land |  | 5801 Bobby Foster Road
TOTAL ACQUISITION COST(1) |  | $ | 86,313 |  |  | $ | 22,156 |  |  | $ | 8,457 |
Relative fair value allocation |  |  |  |  |  |
Land |  | $ | 59,987 |  |  | $ | 22,156 |  |  | $ | 2,189 |
Building and improvements |  | 11,053 |  |  | — |  |  | 6,268 |
Parking easement(2) |  | 15,273 |  |  | — |  |  | — |
TOTAL |  | $ | 86,313 |  |  | $ | 22,156 |  |  | $ | 8,457 |
_____________ 1.Includes capitalized transaction-related expenses. 2.Parking easement has an indefinite useful life and is recorded in deferred leasing costs and intangible assets, net on the Consolidated Balance Sheet. Impairment of Long-Lived Assets During the year ended December 31, 2023, the Company recorded an impairment charge of $48.5 million related to the tangible assets of its Foothill Research Center property due to a reduction in the estimated fair value of the property. The estimated fair value of $32.7 million was based on a discounted cash flow analysis, which is classified within Level 3 of the fair value hierarchy. During the year ended December 31, 2022, the Company recorded impairment charges of $13.0 million, $1.5 million and $3.1 million related to the tangible assets of its Del Amo, Northview Center and 6922 Hollywood office properties, respectively, due to reductions in the estimated fair values of the properties. The properties were subsequently sold in 2022. The estimated fair values of $2.8 million, $46.0 million and $96.0 million for Del Amo, Northview Center and 6922 Hollywood, respectively, were based on the sales prices of the properties. These fair value measurements are classified within Level 2 of the fair value hierarchy. During the year ended December 31, 2021, the Company recorded $2.8 million 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 estimated fair value of $17.4 million as of December 31, 2021 was based on then-estimated sales price of the property. This fair value measurement is classified within Level 2 of the fair value hierarchy. Dispositions of Real Estate The following table summarizes information on dispositions completed during the years ended December 31, 2023 and 2022.
Property |  | Segment |  | Date of Disposition |  | Square Feet (unaudited) |  | Sales Price(1) (in millions) |  | Gain (Loss) on Sale(2) (in millions)
2023 Dispositions |  |  |  |  |  |  |  |  |  |
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 |
Cloud10 |  | Office |  | 11/21/2023 |  | 350,000 |  |  | 43.5 |  |  | 19.9 |
One Westside & Westside Two |  | Office |  | 12/27/2023 |  | 686,725 |  |  | 700.0 |  |  | 60.2 |
Total |  |  |  |  |  |  |  | $ | 918.0 |  |  | $ | 103.2 |
2022 Dispositions |  |  |  |  |  |  |  |  |  |
Del Amo |  | Office |  | 8/5/2022 |  | 113,000 |  |  | $ | 2.8 |  |  | $ | — |
Northview |  | Office |  | 8/30/2022 |  | 179,985 |  |  | 46.0 |  |  | (0.2) |
6922 Hollywood |  | Office |  | 10/20/2022 |  | 205,189 |  |  | 96.0 |  |  | (2.0) |
Total |  |  |  |  |  |  |  | $ | 144.8 |  |  | $ | (2.2) |
_____________ 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. Held for Sale As of December 31, 2023, the Company had no properties that met the criteria to be classified as held for sale. The Company had one property, Skyway Landing, classified as held for sale as of December 31, 2022. The property was identified as non-strategic to the Company’s portfolio and was subsequently sold on February 6, 2023. The following table summarizes the components of assets and liabilities associated with real estate held for sale as of December 31, 2022:
ASSETS |  |
Investment in real estate, net |  | $ | 92,148 |
Accounts receivable, net |  | 112 |
Straight-line rent receivables, net |  | 460 |
Deferred leasing costs and intangible assets, net |  | 501 |
Prepaid expenses and other assets, net |  | 17 |
ASSETS ASSOCIATED WITH REAL ESTATE HELD FOR SALE |  | $ | 93,238 |
LIABILITIES |  |
Accounts payable, accrued liabilities and other |  | $ | 400 |
Security deposits and prepaid rent |  | 265 |
LIABILITIES ASSOCIATED WITH REAL ESTATE HELD FOR SALE |  | $ | 665 |

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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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