REAL ESTATE

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



	Retail			Office			Multifamily			Mixed-Use			Total
December 31, 2014
Land	$	248,386		$	143,575		$	25,507		$	76,635		$	494,103
Buildings	500,088			621,343			42,270			125,798			1,289,499
Land improvements	39,999			8,273			3,085			2,363			53,720
Tenant improvements	50,504			56,127			—			1,679			108,310
Furniture, fixtures, and equipment	491			750			5,832			5,383			12,456
Construction in progress	5,327			31,878			141,205			326			178,736			⁽¹⁾
	844,795			861,946			217,899			212,184			2,136,824
Accumulated depreciation	(205,339		)	(104,092		)	(35,431		)	(16,562		)	(361,424		)
Net real estate	$	639,456		$	757,854		$	182,468		$	195,622		$	1,775,400
December 31, 2013
Land	$	248,008		$	143,575		$	25,507		$	76,635		$	493,725
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			14,189			32,252			1,275			50,389			⁽¹⁾
	836,802			834,902			108,521			215,192			1,995,417
Accumulated depreciation	(185,095		)	(84,012		)	(33,909		)	(15,565		)	(318,581		)
Net real estate	$	651,707		$	750,890		$	74,612		$	199,627		$	1,676,836

(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.

Acquisitions

2012 Acquisitions

On January 24, 2012, we acquired One Beach Street, consisting of approximately 97,000 square feet in a three-story fully renovated historic office building located along the Embarcadero in San Francisco's North Waterfront District. The purchase price was approximately $36.5 million, excluding closing costs of approximately $0.02 million, which are included in other income (expense), net on the statement of income. The identified intangible assets and liabilities are being amortized over a weighted average life of 7.0 years.

On August 21, 2012, we acquired City Center Bellevue, a 27-story LEED-EB Gold certified office tower, consisting of approximately 497,000 square feet, located in Bellevue, Washington. The purchase price was approximately $228.8 million, excluding closing costs of approximately $0.1 million, which are included in other income (expense), net on the statement of income. Additionally, we received credits to our purchase price of approximately $6.9 million that primarily relate to outstanding tenant improvement obligations and rent abatements. The identified intangible assets and liabilities are being amortized over a weighted average life of 5.8 years.

On December 19, 2012, we acquired Geary Marketplace, a newly constructed, approximately 35,000 square foot, 100% leased, grocery-anchored shopping center in Walnut Creek, California. The purchase price was approximately $21.0 million, excluding closing costs of approximately $0.02 million, which are included in other income (expense), net on the statement of income. The identified intangible assets and liabilities are being amortized over a weighted average life of 19.8 years.

The fair values assigned to identifiable intangible assets acquired were based on estimates and assumptions determined by management. Using information available at the time the acquisition closed, we allocated the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. 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

We have included the results of operations for One Beach Street, City Center Bellevue and Geary Marketplace in our consolidated statements of income from the date of acquisition. For the period of acquisition through December 31, 2012, One Beach Street contributed $3.9 million to total revenue, $1.0 million to operating expenses, $2.9 million to operating income and $0.6 million to net income. For the period of acquisition through December 31, 2012, City Center Bellevue contributed $7.0 million to total revenue, $1.6 million to operating expenses, $5.4 million to operating income and an insignificant amount to net income. For the period of acquisition through December 31, 2012, Geary Marketplace contributed an insignificant amount to total revenue, expenses, operating income and net income.

Dispositions

On December 4, 2012, we sold 160 King Street for a sales price of approximately $93.8 million. The property is located in San Francisco, California and was previously included in our office segment. The decision to sell 160 King Street was a result of our desire to focus resources on our core, high-barrier-to-entry markets. The sale was completed as a reverse tax deferred exchange in conjunction with the acquisition of City Center Bellevue pursuant to the provisions of Section 1031 of the Code and applicable state revenue and taxation code sections. As a result of the sale, 160 King Street no longer serves as a borrowing base property under our amended and restated credit facility.

We determined that 160 King Street became a discontinued operation in the fourth quarter of 2012. We have, therefore, classified 160 King Street's net assets, liabilities and operating results as discontinued operations on our balance sheets and our statements of income for all periods prior to the sale.

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



	Year Ended December 31,
	2014		2013		2012
Net revenue from discontinued operations	$	—	$	—	$	6,734
Results from discontinued operations
Income from discontinued operations	—		—		932
Gain on sale of real estate from discontinued operations	—		—		36,720
Total income from discontinued operations	$	—	$	—	$	37,652