XML 48 R32.htm IDEA: XBRL DOCUMENT v2.4.0.8
Organization and Basis of Presentation (Tables)
3 Months Ended
Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of real estate properties

 
Number of
Buildings
 
Rentable
Square Feet
 
Number of
Tenants
 
Percentage 
Occupied
Stabilized Office Properties
107

 
13,305,145

 
527

 
92.4
%


Our stabilized portfolio includes all of our properties with the exception of real estate assets held for sale, undeveloped land, development and redevelopment properties currently under construction or committed for construction, and “lease-up” properties. We define redevelopment properties as those properties for which we expect to spend significant development and construction costs on the existing or acquired buildings pursuant to a formal plan, the intended result of which is a higher economic return on the property. We define “lease-up” properties as properties we recently developed or redeveloped that have not yet reached 95% occupancy and are within one year following cessation of major construction activities. During the first quarter of 2014, we stabilized a redevelopment property in San Francisco, California. As a result, this property is included in our stabilized portfolio as of March 31, 2014.

As of March 31, 2014, the following properties were excluded from our stabilized portfolio:

 
Number of Properties
 
Estimated Rentable
Square Feet
Development properties under construction (1)
6
 
2,538,000

_______________
(1)
Estimated rentable square feet upon completion.