Investment in Real Estate |
Investment in Real Estate As described above, we acquired GLB Encino, LLC, Glenborough Tierrasanta, LLC, and Hudson Capital, LLC as part of the formation transactions in connection with our IPO for approximately $89.0 million. The results of operations for each of the acquired entities are included in our consolidated statements of operations beginning June 29, 2010. The following table represents our purchase price allocation for these acquisitions. | | | | | | | | | | | | | | GLB Encino, LLC and Glenborough Tierrasanta, LLC | | Hudson Capital, LLC | | Total | Consideration paid | | | | | | Issuance of common shares or common operating partnership units | $ | 3,019 |
| | $ | 9,000 |
| | $ | 12,019 |
| Issuance of preferred operating partnership units | 12,475 |
| | — |
| | 12,475 |
| Cash consideration | 7,200 |
| | — |
| | 7,200 |
| Debt assumed | 57,300 |
| | — |
| | 57,300 |
| Total consideration paid | $ | 79,994 |
| | $ | 9,000 |
| | $ | 88,994 |
| Allocation of consideration paid | | | | | | Investment in real estate, net | $ | 72,978 |
| | $ | 255 |
| | $ | 73,233 |
| Lease intangibles, net | 6,570 |
| | — |
| | 6,570 |
| Goodwill | — |
| | 8,754 |
| | 8,754 |
| Leasing costs | 1,940 |
| | | | 1,940 |
| Fair market favorable debt value | 280 |
| | | | 280 |
| Below-market leases | (1,062 | ) | | | | (1,062 | ) | Cash | — |
| | 23 |
| | 23 |
| Other liabilities assumed, net | (712 | ) | | (32 | ) | | (744 | ) | Total consideration paid | $ | 79,994 |
| | $ | 9,000 |
| | $ | 88,994 |
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As described above, we also acquired the Del Amo Office property, the 9300 Wilshire Boulevard office building, the 222 Kearny Street property, the Rincon Center joint venture interest, the 1455 Market property and the 10950 Washington Boulevard property. The results of operations for each of these acquisitions are included in our consolidated statements of operations from the date of acquisition. The following table represents our purchase price allocation for these acquisitions.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Del Amo | | 9300 Wilshire | | 222 Kearny | | Rincon Center | | 1455 Market | | 10950 Washington | | | Date of Acquisition | August 13, 2010 | | August 24, 2010 | | October 8, 2010 | | December 16, 2010 | | December 16, 2010 | | December 22, 2010 | | Total | Consideration paid | | | | | | | | | | | | | | Cash consideration | $ | 27,327 |
| | $ | 14,684 |
| | $ | 34,174 |
| | $ | 38,391 |
| | $ | 92,365 |
| | $ | 16,409 |
| | $ | 223,350 |
| Redeemable Non-controlling Interest in Consolidated Real Estate Entity | — |
| | — |
| | — |
| | 40,180 |
| | — |
| | — |
| | 40,180 |
| Debt Assumed | — |
| | — |
| | — |
| | 106,000 |
| | — |
| | 30,000 |
| | 136,000 |
| Total consideration | $ | 27,327 |
| | $ | 14,684 |
| | $ | 34,174 |
| | $ | 184,571 |
| | $ | 92,365 |
| | $ | 46,409 |
| | $ | 399,530 |
| Allocation of consideration paid | | | | | | | | | | | | | | Investment in real estate, net | 18,000 |
| | 10,718 |
| | 31,356 |
| | 168,906 |
| | 76,216 |
| | 43,089 |
| | 348,285 |
| Above-market leases | 2,626 |
| | 689 |
| | 1,296 |
| | 3,693 |
| | 903 |
| | 1,160 |
| | 10,367 |
| Leases in-place | 2,118 |
| | 677 |
| | 1,942 |
| | 10,935 |
| | 13,471 |
| | 2,417 |
| | 31,560 |
| Other lease intangibles | 558 |
| | 198 |
| | 491 |
| | 3,692 |
| | 8,212 |
| | 765 |
| | 13,916 |
| Fair market unfavorable debt value | — |
| | — |
| | — |
| | (650 | ) | | — |
| | (230 | ) | | (880 | ) | Below-market ground lease | 4,198 |
| | 2,822 |
| | 494 |
| | — |
| | — |
| | — |
| | 7,514 |
| Below-market leases | — |
| | (104 | ) | | (691 | ) | | (1,576 | ) | | (5,899 | ) | | (1,201 | ) | | (9,471 | ) | Other (liabilities) asset assumed, net | (173 | ) | | (316 | ) | | (714 | ) | | (429 | ) | | (538 | ) | | 409 |
| | (1,761 | ) | Total consideration paid | $ | 27,327 |
| | $ | 14,684 |
| | $ | 34,174 |
| | $ | 184,571 |
| | $ | 92,365 |
| | $ | 46,409 |
| | $ | 399,530 |
|
The table below shows the pro forma financial information (unaudited) for the six months ended June 30, 2010 as if all properties had been acquired as of January 1, 2010. | | | | | | Six Months Ended June 30, | | 2010 | Total revenues | $ | 62,923 |
| Net loss | $ | (1,758 | ) |
|