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Investment in Real Estate
6 Months Ended
Jun. 30, 2011
Real Estate [Abstract]  
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




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
)