Investment in Real Estate

3 Months Ended

Mar. 31, 2019

We account for our property acquisitions as asset acquisitions. The acquired properties results of operations are included in our results of operations from the respective acquisition dates. During the nine months ended March 31, 2019, we did not purchase any properties. During the three months ended March 31, 2018, a consolidated JV that we manage and in which we own an equity interest acquired three Class A office properties. The table below summarizes the purchase price allocations for the acquisitions. The contract and purchase prices differ due to prorations and similar matters:



(In thousands)	1299 Ocean			429 Santa Monica			9665 Wilshire

Submarket	Santa Monica			Santa Monica			Beverly Hills
Acquisition date	April 25			April 25			July 20
Contract price	$	275,800		$	77,000		$	177,000
Building square footage	206			87			171

Investment in real estate:
Land	$	22,748		$	4,949		$	5,568
Buildings and improvements	260,188			69,286			175,960
Tenant improvements and lease intangibles	5,010			3,248			1,112
Acquired above- and below-market leases, net	(10,683		)	(722		)	(4,339		)
Net assets and liabilities acquired	$	277,263		$	76,761		$	178,301