Disposition Activity

3 Months Ended

Mar. 31, 2014

Acquisitions and Dispositions Disclosures [Abstract]

Disposition Activity

Disposition Activity

On January 18, 2013, the lender on the SoCal Portfolio properties (Via Frontera Business Park, Savi Tech Center, Yorba Linda Business Park, South Coast Executive Center and Gateway Corporate Center), located in Los Angeles, Orange and San Diego counties of southern California, foreclosed on the loan and took back the properties. Our investment in the unconsolidated joint venture that owned these properties was written off as of December 31, 2011.

On January 31, 2013, one of the buildings in the Palomar Heights Plaza property, located in San Diego, California, was sold in a foreclosure sale. The sale of the building, which was previously owned by one of our unconsolidated joint ventures, resulted in a loss to the joint venture from the foreclosure transaction. Our share of the loss is included in “Equity in net earnings of unconsolidated joint ventures” on the consolidated statement of operations for the three months ended March 31, 2013.

On February 15, 2013, the Bank of Hawaii Waikiki Center property, located in Honolulu, Hawaii, was sold to an unaffiliated third party. Net proceeds from the sale of the property, which was previously owned by one of our unconsolidated joint ventures, were used to repay the mortgage note payable and other transaction related expenses. The remaining net available proceeds were distributed to the members of the joint venture, including us.