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Intangible Assets, Net (Notes)
 12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net
Intangible Assets, Net

The following table reflects the portion of the purchase price of office and parking properties allocated to intangible assets, as discussed in "Note 1 - Summary of Significant Accounting Policies". The portion of purchase price allocated to below market lease value and the related accumulated amortization is reflected in "Note 10 - Accounts Payable and Other Liabilities."

 
December 31,
 
2014
 
2013
 
(In thousands)
Lease in place value
$
232,499

 
$
189,840

Accumulated amortization
(103,270
)
 
(53,263
)
Above market lease value
80,712

 
46,106

Accumulated amortization
(24,536
)
 
(17,021
)
Other intangibles
3,001

 
3,011

Accumulated amortization
(2,918
)
 
(1,917
)
 
$
185,488

 
$
166,756

Management Contract Intangibles, Net

In 2011, as part of the Company's combination with Eola Capital, LLC ("Eola"), the Company purchased the management contracts associated with Eola's property management business. At the purchase date, the contracts were valued by an independent appraiser at $51.8 million. The value of the management contracts is based on the sum of the present value of future cash flows attributable to the management contracts, in addition to the value of tax savings as a result of the amortization of intangible assets.

During 2012, the Company evaluated certain qualitative factors and determined that it was necessary to apply the two-step quantitative impairment test under ASU No. 2011-08, "Intangibles—Goodwill and Other (Topic 350), Testing Goodwill for Impairment." During this process the Company determined that the management contracts were impaired due to the fair value of the management contracts being estimated at $19.0 million as compared to the carrying amount of $46.1 million. As a result, the Company recorded a $42.0 million non-cash impairment loss, net of deferred tax liability, associated with the Company's investment in management contracts and goodwill.

The Company assumed a management contract as part of the Company's merger with TPGI. At December 19, 2013, the date of the Mergers, the contract was valued by an independent appraiser at $1.8 million.

During the year ended December 31, 2014, the Company determined that the undiscounted cash flows indicated that the carrying amounts of the Eola contracts were not expected to be recovered and, as a result, the Company recorded a $4.8 million pre-tax non-cash impairment loss related to these management contracts which resulted in the entire remaining balance of the Eola contracts being written off as of December 31, 2014.