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Related Party Transactions (Notes)
12 Months Ended
Dec. 31, 2017
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS
At Torrey Reserve Campus, we previously leased space to ICW, an entity owned and controlled by Ernest Rady. Rental revenue recognized on the leases of $0.1 million, $2.2 million and $2.2 million for the years ended December 31, 2017, 2016 and 2015, respectively, is included in rental income. Additionally, on July 1, 2014, we entered into a workers' compensation insurance policy with ICW. The policy premium was approximately $0.4 million for the period July 1, 2014 through July 1, 2015. We renewed this policy with ICW on July 1, 2015 and the premium was approximately $0.2 million for the period July 1, 2015 through July 1, 2016. We renewed this policy with ICW on July 1, 2016 and the premium was approximately $0.2 million for the period July 1, 2016 through July 1, 2017. We renewed this policy with ICW on June 30, 2017 and the premium is approximately $0.2 million for the period July 1, 2017 through July 1, 2018.

At Torrey Reserve Campus, we lease space to American Assets, Inc., an entity owned and controlled by Ernest Rady. Rental revenue recognized on the lease of $0.1 million for the year ended December 31, 2017 is included in rental income.

On occasion, the company utilizes aircraft services provided by AAI Aviation, Inc. ("AAIA"), an entity owned and controlled by Ernest Rady. For the years ending December 31, 2017, 2016 and 2015, we incurred approximately $0.1 million, $0.2 million and $0.2 million, respectively, of expenses related to aircraft services of AAIA or reimbursement to Mr. Rady (or his trust) for use of the aircraft owned by AAIA. These expenses are recorded as general and administrative expenses in our consolidated statements of comprehensive income.
On March 9, 2015, we entered into a Common Stock Purchase Agreement with EIC, an entity owned and controlled by Ernest Rady. The Common Stock Purchase Agreement provided for the sale by us to EIC, in a private placement, of 200,000 shares of common stock at a price of $40.54 per share, resulting in gross proceeds to us of approximately $8.1 million. The price per share paid by EIC was equal to the closing price of a share of our common stock on the New York Stock Exchange on the date of the Common Stock Purchase Agreement.
As of December 31, 2017, Mr. Rady and his affiliates owned approximately 12.2% of our outstanding common stock and 23.1% of our outstanding common units, which together represent an approximate 35.2% beneficial interest in our company on a fully diluted basis.

The Waikiki Beach Walk entities have a 47.7% investment in WBW CHP LLC, an entity that was formed to, among other things, construct a chilled water plant to provide air conditioning to the property and other adjacent facilities. The operating expenses of WBW CHP LLC are recovered through reimbursements from its members, and reimbursements to WBW CHP LLC of $1.0 million, $0.9 million and $1.0 million were made for the years ended December 31, 2017, 2016 and 2015, respectively, and included in rental expenses on the statements of income.