Disposition Activity

Disposition of Unconsolidated Joint Venture Investments

On November 25, 2014, the remaining portfolio of properties held by the POP San Diego joint venture (Torrey Hills Corporate Center, Palomar Heights Plaza and Scripps Ranch Business Park), located in San Diego, California, were sold to an unaffiliated third party. Net proceeds from the sale of the properties were used to repay the mortgage note payables, including the short-term financing provided by us, and other transaction related expenses. See Note 14 for more discussion on the short-term financing provided by us. Our investment in the unconsolidated joint venture that owned these properties was written off as of December 31, 2014.

On September 4, 2015, the Valencia Corporate Center property, located in Los Angeles, California, was sold to an unaffiliated third party. Net proceeds from the sale of the property, which was owned by one of our unconsolidated joint ventures, were used to repay the mortgage note payable and other transaction related expenses, and then distributed to the members of the joint venture, including us.

Sale of Clifford Center

On December 29, 2014, we entered into a Purchase and Sale Agreement to sell our fee and leasehold interest in our Clifford Center property, located in Honolulu, Hawaii, to an unaffiliated third party buyer. As of December 31, 2014, the Clifford Center property was classified as held for sale. In January 2015 we completed the sale of the Clifford Center property for aggregate consideration of $8.9 million. Accordingly, the associated assets and liabilities have been removed from our consolidated balance sheet as of December 31, 2015 and the results of its operations before the sale, including post-closing activities since the sale, for the years ended December 31, 2015 and 2014 are included in “Discontinued operations” in the accompanying consolidated statements of operations.

The following table summarizes the operating results of the Clifford Center property that comprise loss from discontinued operations for the years ended December 31, 2015 and 2014 (in thousands):



	For the year ended December 31,
	2015			2014
Revenue	$	134		$	1,755
Expenses	158			2,291
Loss from discontinued operations before loss on sale of property	(24		)	(536		)
Loss on sale of property	(156		)	—
Loss from discontinued operations	$	(180	)	$	(536	)