Property Transactions (Tables)

9 Months Ended

Sep. 30, 2013

Property Transactions and Information [Abstract]

Schedule of Properties Held for Sale [Table Text Block]

In addition, assets and liabilities of held for sale properties, as defined, are required to be separately categorized on the balance sheet.

In the third quarter of 2013, the Company sold Tiffany Springs MarketCenter. This transaction met the criteria for discontinued operations. Accordingly, the operating results are included in discontinued operations on the accompanying statements of operations for each of the periods presented.

The following properties were held for sale or sold in 2013 or 2012, respectively, and met the criteria for discontinued operations presentation ($ in thousands):

Property	Property Type	Location	Square Feet	Sales Price
2013:
Tiffany Springs MarketCenter	Retail	Kansas City, MO	238,000	$	53,500
Inhibitex	Office	Atlanta, GA	51,000	Held for sale
2012:
The Avenue Forsyth	Retail	Atlanta, GA	524,000	$	119,000
The Avenue Collierville	Retail	Memphis, TN	511,000	55,000
The Avenue Webb Gin	Retail	Atlanta, GA	322,000	59,600
Galleria 75	Office	Atlanta, GA	111,000	9,200
Cosmopolitan Center	Office	Atlanta, GA	51,000	7,000
Inhibitex	Office	Atlanta, GA	51,000	Held for sale

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The components of discontinued operations and the gains and losses on property sales for the three and nine months ended September 30, 2013 and 2012 are as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Income (loss) from discontinued operations:
Rental property revenues	$	1,237		$	6,522		$	3,924		$	23,468
Fee income	—			4,789			76			15,529
Other income	10			3,242			10			3,447
Rental property operating expenses	(423		)	(1,962		)	(1,470		)	(7,280		)
Reimbursed expenses	—			(2,477		)	—			(7,133		)
General and administrative expenses	(15		)	(1,782		)	(94		)	(6,035		)
Depreciation and amortization	—			(3,600		)	(1,033		)	(10,810		)
Impairment losses	—			—			—			(12,233		)
Other expenses	(6		)	(8		)	(19		)	(40		)
Income (loss) from discontinued operations	$	803		$	4,724		$	1,394		$	(1,087	)
Gain on sale of discontinued operations:
Third party management and leasing business	$	4,531		$	7,384		$	4,531		$	7,384
Tiffany Springs MarketCenter	3,715			—			3,715			—
Lakeside	62			(9		)	62			(60		)
King Mill	38			89			246			264
Galleria 75	—			—			—			546
The Avenue Collierville	—			(20		)	—			66
Other	—			—			(27		)	4
Gain on sale of discontinued operations	$	8,346		$	7,444		$	8,527		$	8,204

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following tables summarize preliminary allocations of the estimated fair values of the assets and liabilities of the acquisitions discussed above (in thousands):

	Post Oak Central			Terminus 200			816 Congress			Texas Acquisition
Tangible assets:
Land and improvements	$	88,406		$	25,040		$	6,817		$	306,563
Building	118,470			101,472			86,391			586,150
Tenant improvements	10,877			17,600			3,500			114,220
Other assets	—			101			—			—
Deferred rents receivable	—			44			—			—
Tangible assets	217,753			144,257			96,708			1,006,933
Intangible assets:
Above-market leases	995			1,512			89			4,959
In-place leases	26,968			14,355			8,222			117,630
Below-market ground leases	—			—			—			2,958
Ground lease purchase option	—			—			2,403			—
Total intangible assets	27,963			15,867			10,714			125,547
Intangible liabilities:
Below-market leases	(14,792		)	(9,273		)	(2,820		)	(47,170		)
Above-market ground lease	—			—			(1,981		)	(2,508		)
Total intangible liabilities	(14,792		)	(9,273		)	(4,801		)	(49,678		)
Total net assets acquired	$	230,924		$	150,851		$	102,621		$	1,082,802

Business Acquisition, Pro Forma Information [Table Text Block]

The following supplemental pro forma information is presented for the three and nine months ended September 30, 2013 and 2012, respectively. The pro forma information is based upon the Company's historical consolidated statements of operations, adjusted as if the transactions discussed above had occurred at the beginning of each of the periods presented. The supplemental pro forma information is not necessarily indicative of future results or of actual results that would have been achieved had the transactions been consummated at the beginning of each period.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
	(in thousands, except per share amounts)
Revenues	$	80,698	$	80,426	$	243,927	$	228,581
Income from continuing operations	58,756		5,153		123,702		17,167
Net income	67,905		17,321		133,623		24,284
Net income available to common stockholders	62,249		13,487		117,835		14,863
Per share information:
Basic	$	0.33	$	0.07	$	0.62	$	0.08
Diluted	$	0.33	$	0.07	$	0.62	$	0.08