Investment in Real Estate (Tables)

9 Months Ended

Sep. 30, 2016

Real Estate [Abstract]

Schedule of Aggregate Preliminary Purchase Price Allocation

The following table represents our aggregate preliminary purchase price accounting:

	11601 Wilshire Boulevard
Investment in real estate, net	$	300,430
Above-market leases(1)	167
Deferred leasing costs and in-place intangibles(2)	13,884
Below-market leases(3)	(6,562		)
Net asset and liabilities assumed	$	307,919

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(1) Represents weighted-average amortization period of 6.2 years.

(2) Represents weighted-average amortization period of 5.6 years.

(3) Represents weighted-average amortization period of 7.3 years.

Schedule of Pro Forma Information

The table below shows the pro forma financial information for the nine months ended September 30, 2016 and 2015 as if the 11601 Wilshire Boulevard property had been acquired as of January 1, 2015: 

	Nine months ended September 30,
	2016		2015
Total revenues	$	483,193	$	382,327
Net income (loss)	11,608		(18,767		)

Schedule of Properties Sold

The following table summarizes the properties sold during the nine months ended September 30, 2016 and September 30, 2015. These properties were non-strategic assets to the Company’s portfolio:

Property	Date of Disposition	Number of Buildings	Square Feet	Sales Price(1) (in millions)
Bayhill Office Center	January 14, 2016	4	554,328	$	215.0
Patrick Henry Drive	April 7, 2016	1	70,520	19.0
One Bay Plaza	June 1, 2016	1	195,739	53.4
Total dispositions for the nine months ended September 30, 2016		6	820,587	$	287.4
First Financial	March 6, 2015	1	223,679	$	89.0
Bay Park Plaza	September 29, 2015	1	260,183	90.0
Total dispositions for the nine months ended September 30, 2015(2)		2	483,862	$	179.0

_________________ 

(1) Represents gross sales price before certain credits, prorations and closing costs.

(2) Excludes the disposition of 45% interest in 1455 Market Street office property on January 7, 2015.

Summary of Assets and Liabilities Associated with Real Estate Held-for-sale

The following table summarizes the components of assets and liabilities associated with real estate held for sale as of September 30, 2016 and December 31, 2015:

	September 30, 2016		December 31, 2015
ASSETS
Investment in real estate, net	$	58,915	$	313,344
Straight-line rent receivables, net	292		2,016
Deferred leasing costs and lease intangible assets, net	2,774		14,415
Other	342		525
Assets associated with real estate held for sale	$	62,323	$	330,300
LIABILITIES
Accounts payable and accrued liabilities	$	3,634	$	3,831
Other	10,908		12,960
Liabilities associated with real estate held for sale	$	14,542	$	16,791

Schedule of Costs Capitalized

The Company recognized the following capitalized costs during the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Capitalized personnel costs	$	2,351	$	2,227	$	6,989	$	5,063
Capitalized interest	2,960		1,279		8,414		4,561