ACQUISITIONS AND DISPOSITIONS (Tables)

3 Months Ended

Mar. 31, 2018

Business Combinations [Abstract]

Schedule of Asset Acquisitions

Property	Asset Type	Date of Acquisition	Square Feet	Purchase Price (1)
				(in thousands)
9460 Wilshire Boulevard, Beverly Hills, CA	Office	January 18, 2018	91,750	$	132,000

(1) In December 2017, at the time we entered into the purchase and sale agreement, we made a $20,000,000 non-refundable deposit to an escrow account that is included in other assets on our consolidated balance sheet at December 31, 2017. Transaction costs that were capitalized in connection with the acquisition of this property totaled $48,000, which are not included in the purchase price above.

Schedule of Fair Value of Net Assets Acquired

The fair value of the net assets acquired for the aforementioned acquisition during the three months ended March 31, 2018 are as follows:

	(in thousands)
Land	$	52,199
Land improvements	756
Buildings and improvements	74,522
Tenant improvements	1,451
Acquired in-place leases (1)	7,003
Acquired above-market leases (1)	109
Acquired below-market leases (1)	(3,992		)
Net assets acquired	$	132,048

(1) Acquired in-place leases, above-market leases, and below market leases have weighted average amortization periods of 3 years, 2 years, and 3 years, respectively.

Disposal Group Detail

The following is the detail of the carrying amounts of assets and liabilities at the time of the sale of the property that occurred during the three months ended March 31, 2017:

	(in thousands)
Assets
Investments in real estate, net	$	93,747
Deferred rent receivable and charges, net	10,822
Other intangible assets, net	32
Total assets	$	104,601
Liabilities
Debt, net (1)	$	25,996
Intangible liabilities, net	1,731
Total liabilities	$	27,727

(1) Net of $665,000 of premium on assumed mortgage.

Property	Asset Type	Date of Sale	Square Feet	Sales Price		Transaction Costs			Gain on Sale
				(in thousands)
211 Main Street, San Francisco, CA	Office	March 28, 2017	417,266	$	292,882	$	2,943	(1)	$	187,734

(1) Includes a prepayment penalty incurred in connection with the prepayment of the mortgage on the property in the amount of $1,508,000 (Note 7).