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Acquisitions (Details) (USD $)
9 Months Ended
Sep. 30, 2013
building
Dec. 31, 2012
Sep. 30, 2013
Office Properties Acquisitions [Member]
sqft
building
Sep. 30, 2013
320 & 321 Westlake Terry, Seattle WA [Member]
building
sqft
Sep. 30, 2013
12780 and 12790 El Camino Real, Sandiego, CA [Member]
sqft
building
Jun. 27, 2013
Redwood City Partners, LLC [Member]
Business Acquisition [Line Items]            
Date of Acquisition       Jan. 16, 2013 [1],[2] Sep. 19, 2013 [3]  
Number of buildings 14   4 2 [1],[2] 2 [3]  
Rentable square feet     539,338 320,398 [1],[2] 218,940 [3]  
Occupancy as of September 30, 2013       100.00% [1],[2] 100.00% [3]  
Purchase price     $ 296,400,000 [4] $ 170,000,000 [1],[2],[4] $ 126,400,000 [3],[4]  
Assets            
Undeveloped land and construction in progress           11,222,000
Land and improvements     53,790,000 [5]      
Buildings and improvements     218,211,000 [5],[6]      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Undeveloped Land And Construction-in-Progress     9,360,000 [5],[7]      
Deferred leasing costs and acquisition-related intangible assets     30,789,000 [5],[8]      
Total assets acquired     312,150,000 [5]     11,222,000
Liabilities            
Deferred revenue and acquisition-related intangible liabilities     4,190,000 [5],[9]      
Secured debt     95,496,000 [10],[5]     1,750,000 [11]
Accounts payable, accrued expenses, and other liabilities     422,000 [5]     1,952,000
Total liabilities assumed     100,108,000 [5]     3,702,000
Noncontrolling interest 55,486,000 46,303,000       4,885,000
Net assets and liabilities acquired     $ 212,042,000 [12],[5]     $ 2,635,000
[1] We acquired these properties through a new special purpose entity wholly owned by the Finance Partnership.
[2] In connection with this acquisition, we assumed secured debt with an outstanding principal balance of $83.9 million that was recorded at fair value on the acquisition date, resulting in a premium of approximately $11.6 million (see Note 5).
[3] As of September 30, 2013, these properties, together the “Heights of Del Mar” project, are temporarily being held in a separate VIE to facilitate potential Section 1031 Exchanges (see Note 1). The $126.4 million purchase price includes $9.4 million for 4.2 acres of undeveloped land the Company acquired in connection with this acquisition.
[4] Excludes acquisition-related costs and includes assumed tenant improvements.
[5] The purchase price of the two acquisitions completed during the nine months ended September 30, 2013 were individually less than 5% and in aggregate less than 10% of the Company’s total assets as of September 30, 2013.
[6] Represents buildings, building improvements and tenant improvements.
[7] In connection with one of the acquisitions, we acquired undeveloped land of approximately 4.2 acres that was added to the Company’s future development pipeline upon acquisition.
[8] Represents in-place leases (approximately $19.6 million with a weighted average amortization period of 4.7 years), above-market leases (approximately $3.2 million with a weighted average amortization period of 6.1 years), and leasing commissions (approximately $7.9 million with a weighted average amortization period of 5.9 years).
[9] Represents below-market leases (approximately $4.2 million with a weighted average amortization period of 7.7 years).
[10] Represents the mortgage loan, which includes an unamortized premium of approximately $11.6 million at the date of acquisition, assumed in connection with the properties acquired in January 2013 (see Note 5).
[11] This note was repaid as of September 30, 2013.
[12] Reflects the purchase price net of assumed secured debt and other lease-related obligations.