XML 99 R26.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Acquisitions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table is an allocation of the purchase price for the assets and liabilities acquired (amounts in thousands):
Consideration paid: |
Cash and issuance of Class A Common Stock, Class B Common Stock, and Series PR OP units | $ | 565,916 |
Debt assumed | 167,684 |
Total consideration paid | $ | 733,600 |
Net assets acquired: |
Land and building and improvements | $ | 354,429 |
Acquired below-market ground leases | 334,178 |
Acquired above-market leases | 13,088 |
Acquired in place lease value and deferred leasing costs | 88,374 |
Mortgage notes payable, inclusive of premium | (182,851 | )
Acquired below-market leases | (36,553 | )
Other liabilities, net of other assets | (4,749 | )
Total net assets acquired | $ | 565,916 |
Schedule of allocation of the purchase price for assets and liabilities acquired | The following table is an allocation of the purchase price for the assets and liabilities acquired in the formation transactions (amounts in thousands).
Consideration paid: |
Cash and issuance of Class A Common Stock, Class B Common Stock, and OP units | $ | 1,047,487 |
Debt assumed | 124,354 |
Total consideration paid | $ | 1,171,841 |
Net assets acquired: |
Land | $ | 91,435 |
Building and improvements | 516,344 |
Acquired below-market ground lease | 62,738 |
Acquired above-market leases | 72,123 |
Acquired in place lease value and deferred leasing costs | 186,415 |
Goodwill | 491,479 |
Other assets, net of other liabilities | 6,061 |
Mortgage notes payable | (136,226 | )
Acquired below-market leases | (134,651 | )
Total net assets acquired | $ | 1,155,718 |
Gain on the elimination of leasehold positions | $ | 35,147 |
Fair values of the assets acquired and assumed liabilities were greater than the consideration granted: |
1333 Broadway Associates L.L.C. | 40,962 |
1350 Broadway Associates L.L.C. | 32,122 |
Total | $ | 108,231 |
Schedule of pro forma information | The following summary of selected unaudited pro forma results of operations presents information as if the 2014 acquisitions had occurred on January 1, 2013 and the 2013 acquisitions had occurred on January 1, 2012. The unaudited pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future (amounts in thousands, expect per share amounts).
|  | For the Year Ended December 31,
|  | 2014 |  | 2013
Total revenues |  | $ | 671,952 |  |  | $ | 652,150 |
Net income |  | $ | 68,594 |  |  | $ | 9,689 |
Net income per unit - basic and diluted |  | $ | 0.26 |  |  | $ | 0.20 |
The following table summarizes the revenues and earnings related to all the acquired properties since the respective acquisition dates that are included in our consolidated statements of operations for the year ended December 31, 2014 and for the period October 7, 3013 through December 31, 2013 (amounts in thousands):
|  | 2014 |  | 2013
Total revenues |  | $ | 392,615 |  |  | $ | 76,989 |
Operating expenses |  | $ | 289,433 |  |  | $ | 48,538 |
Operating income |  | $ | 103,182 |  |  | $ | 28,451 |
Net income |  | $ | 91,387 |  |  | $ | 27,562 |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of transactions that are recognized separately from the acquisition of assets and assumptions of liabilities in the business combination. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessCombinationSeparatelyRecognizedTransactionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration