ACQUISITIONS (Tables) (Two acquisitions and a foreclosure)

12 Months Ended

Dec. 31, 2014

Two acquisitions and a foreclosure

Acquisitions

Schedule of acquisitions

Acquisitions, funded with proceeds from drawdowns on our unsecured credit facilities during 2014 consisted of the following:

Property	Asset Type	Date of Acquisition		Number of Buildings		Rentable Square Feet		Purchase Price
								(in thousands)
4750 Wilshire Boulevard, Los Angeles, CA(1)	Office		April 18, 2014		1		143,361	$	44,936
Lindblade Media Center Los Angeles, CA(2)	Office		October 21, 2014		3		32,428	$	18,500

(1) 100% fee-simple interest in an office building built in 1984 and renovated in 2014, located in the Mid-Wilshire submarket of Los Angeles, California.

(2) 100% fee-simple interest in a portfolio of creative office buildings located in the West Los Angeles submarket of Los Angeles, California. Two of the buildings were built in 1930 and the third was built in 1957. The buildings were renovated in 2010.

Schedule of the fair value of the assets acquired and liabilities assumed

	Year Ended December 31,
	2014 Acquisitions(1)			2013 Acquisition(1)
	(in thousands)
Land	$	22,975		$	15,662
Land improvements		535			436
Buildings and improvements		38,821			20,256
Tenant improvements		1,197			—
Furniture, fixtures, and equipment		—			2,481
Advance bookings		—			251
Working capital		—			1,014
Acquired in-place leases(2)		2,396			—
Acquired below-market leases(3)		(2,488	)		—
Note receivable		—			(40,100	)
Net assets acquired	$	63,436		$	—

(1)	The purchase price of the two acquisitions and the LAX Holiday Inn foreclosure completed during the years ended December 31, 2014 and 2013, respectively, were individually less than 5% and in aggregate less than 10% of our total assets as of December 31, 2014 and 2013, respectively.
(2)	In-place leases have a weighted average amortization period of 5.1 years.
(3)	Below-market leases have a weighted average amortization period of 5.0 years.