Real Estate (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Real Estate Investments

A summary of the properties owned by us is as follows:

Retail
Carmel Country Plaza	Del Monte Center
Carmel Mountain Plaza	Geary Marketplace
South Bay Marketplace	The Shops at Kalakaua
Rancho Carmel Plaza	Waikele Center
Lomas Santa Fe Plaza	Alamo Quarry Market
Solana Beach Towne Centre

Office
Torrey Reserve Campus	Lloyd District Portfolio
Solana Beach Corporate Centre	City Center Bellevue
The Landmark at One Market
One Beach Street
First & Main

Multifamily

Loma Palisades

Imperial Beach Gardens

Mariner's Point

Santa Fe Park RV Resort

Mixed-Use

Waikiki Beach Walk Retail and Embassy Suites™ Hotel

Held for Development and Construction in Progress

Solana Beach Corporate Centre – Land

Solana Beach – Highway 101 – Land

Sorrento Pointe – Land

Torrey Reserve – Land

Lloyd District Portfolio – Land

NOTE 2. REAL ESTATE

A summary of our real estate investments is as follows (in thousands):

	Retail			Office			Multifamily			Mixed-Use			Total
December 31, 2013
Land	$	248,008		$	150,300		$	18,477		$	76,635		$	493,420		(1)
Buildings	499,091			618,077			42,270			123,142			1,282,580
Land improvements	39,892			7,528			3,010			2,363			52,793
Tenant improvements	46,649			51,016			—			1,697			99,362
Furniture, fixtures, and equipment	489			517			5,482			10,080			16,568
Construction in progress	2,673			46,727			19			1,275			50,694
	836,802			874,165			69,258			215,192			1,995,417
Accumulated depreciation	(185,095		)	(84,012		)	(33,909		)	(15,565		)	(318,581		)
Net real estate	$	651,707		$	790,153		$	35,349		$	199,627		$	1,676,836
December 31, 2012
Land	$	247,884		$	150,300		$	18,477		$	76,635		$	493,296		(1)
Buildings	497,922			600,146			41,968			123,084			1,263,120
Land improvements	39,882			7,528			2,990			2,363			52,763
Tenant improvements	46,393			44,232			—			1,757			92,382
Furniture, fixtures, and equipment	486			1,124			5,082			9,563			16,255
Construction in progress	1,903			18,698			1			258			20,860
	834,470			822,028			68,518			213,660			1,938,676
Accumulated depreciation	(165,293		)	(62,825		)	(32,127		)	(10,249		)	(270,494		)
Net real estate	$	669,177		$	759,203		$	36,391		$	203,411		$	1,668,182

(1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets.

Net Revenue and Net Income from Discontinued Operations

Net revenue and net income from the property's discontinued operations were as follows (in thousands):

	Year Ended December 31,
	2013		2012		2011
Net revenue from discontinued operations	$	—	$	6,734	$	10,133
Results from discontinued operations
Income from discontinued operations	—		932		1,672
Gain on sale of real estate from discontinued operations	—		36,720		3,981
Total income from discontinued operations	$	—	$	37,652	$	5,653

2012 Acquisitions

Allocation of Purchase Price

The allocation of the purchase price for each of One Beach Street, City Center Bellevue and Geary Marketplace is as follows (in thousands):

	One Beach Street		City Center Bellevue		Geary Marketplace		Total
Land	$	15,332	$	25,135	$	8,239	$	48,706
Building	16,764		185,653		11,179		213,596
Land improvements	30		154		704		888
Tenant improvements	1,223		5,191		470		6,884
Total real estate	33,349		216,133		20,592		270,074
Lease intangibles	4,141		11,870		1,017		17,028
Prepaid expenses and other assets	1		2,596		414		3,011
Total assets	$	37,491	$	230,599	$	22,023	$	290,113
Accounts payable and accrued expenses	$	94	$	456	$	—	$	550
Security deposits payable	75		740		—		815
Lease intangibles	1,382		8,733		1,124		11,239
Other liabilities and deferred credits	22		497		—		519
Total liabilities	$	1,573	$	10,426	$	1,124	$	13,123