PROPERTY TRANSACTIONS AND INFORMATION

Discontinued Operations

Accounting rules require that the gains and losses from the disposition of certain real estate assets and related historical results of operations of certain disposed of or held-for-sale assets be included in a separate section, Discontinued Operations, in the Statements of Operations for all periods presented. In addition, assets and liabilities of held-for-sale properties, as defined, are required to be separately categorized on the Balance Sheet in the period that those properties are deemed held for sale.

In the first quarter 2012, the Company entered into a contract to sell Galleria 75, a 111,000 square foot office building in Atlanta, Georgia, which is anticipated to close in the second quarter of 2012 at a gain. This transaction met the requirements of a held-for-sale property, and, consequently, the assets of Galleria 75 were separately presented on the Balance Sheet at March 31, 2012 (there were no significant liabilities). In addition, the results of operations for each of the periods presented are included in Discontinued Operations on the accompanying Statements of Operations. In February 2011, the Company sold Jefferson Mill Business Park Building A, a 459,000 square foot industrial property in suburban Atlanta, Georgia, for $22.0 million, which met the criteria for presentation as a Discontinued Operation.

The components of Discontinued Operations and the gains and losses on property sales for the three months ended March 31, 2012 and 2011 are as follows (in thousands):



	Three Months Ended March 31,
	2012			2011
Rental property revenues	$	309		$	3,614
Rental property operating expenses	(85		)	(1,371		)
Depreciation and amortization	(120		)	(1,426		)
Income from discontinued operations	$	104		$	817

Gain (loss) on sale of investment properties:
Jefferson Mill Business Park Building A	$	—		$	(394	)
Other	86			10
	$	86		$	(384	)

Impairment Loss

In April 2012, the Company executed a contract and obtained management approval to sell The Avenue Collierville ("Collierville"), a 511,000 square foot retail center in suburban Memphis, Tennessee. Collierville is owned in a joint venture which the Company consolidates, with the partner's share of the venture recorded in redeemable noncontrolling interests on Balance Sheets. The cost basis of the project exceeded the contract sales price of approximately $55 million, and the Company recorded an impairment loss of $12.2 million in the first quarter of 2012 in order for the basis of Collierville to approximate the contract price. This impairment is considered to be a Level 3 under the fair value rules, as unobservable market inputs were used. The noncontrolling partner's share of the impairment loss was $2.0 million, which was recorded in Net Loss (Income) Attributable to Noncontrolling Interests in the 2012 Statement of Operations. The sale closed in the second quarter of 2012.