Property Transactions (Tables)
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12 Months Ended |
Dec. 31, 2013
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Property Transactions [Abstract] |
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Properties sold that qualify as discontinued operations |
The following properties which were held for sale or sold in 2013, 2012, and 2011 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 |
| Lakeshore Park Plaza | | Office | | Birmingham, AL | | 197,000 |
| | Held for sale |
| 600 University Park Place | | Office | | Birmingham, AL | | 123,000 |
| | Held for sale |
| Inhibitex | | Office | | Atlanta, GA | | 51,000 |
| | $ | 8,300 |
| 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 |
| 2011: | | | | | | | | | King Mill Distribution Park — Building 3 | | Industrial | | Atlanta, GA | | 796,000 |
| | $ | 28,300 |
| Lakeside Ranch Business Park — Building 20 | | Industrial | | Dallas, TX | | 749,000 |
| | $ | 28,400 |
| Jefferson Mill Business Park — Building A | | Industrial | | Atlanta, GA | | 459,000 |
| | $ | 22,000 |
| One Georgia Center | | Office | | Atlanta, GA | | 376,000 |
| | $ | 48,600 |
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Components of Income (Loss) from Discontinued Operations |
The following table details the components of income (loss) from discontinued operations for the years ended December 31, 2013, 2012 and 2011 (in thousands): | | | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Rental property revenues | | $ | 10,552 |
| | $ | 33,918 |
| | $ | 51,985 |
| Third party management and leasing revenues | | 76 |
| | 16,364 |
| | 19,359 |
| Other revenues | | 40 |
| | 3,557 |
| | 209 |
| Rental property operating expenses | | (4,162 | ) | | (10,935 | ) | | (19,575 | ) | Third party management and leasing expenses | | (99 | ) | | (13,678 | ) | | (16,584 | ) | Interest expense | | — |
| | — |
| | (1,107 | ) | Impairment losses | | — |
| | (13,791 | ) | | (10,945 | ) | Depreciation and amortization | | (3,083 | ) | | (13,479 | ) | | (23,395 | ) | Loss on extinguishment of debt | | — |
| | — |
| | (74 | ) | Other expenses | | (25 | ) | | (49 | ) | | (62 | ) | Income (loss) from discontinued operations | | $ | 3,299 |
| | $ | 1,907 |
| | $ | (189 | ) |
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Gain (loss) on sale of investment properties in discontinued operations |
Gains (losses) related on sales of discontinued operations are as follows for the years ended December 31, 2013, 2012 and 2011 (in thousands): | | | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Third party management and leasing business | | 4,577 |
| | 7,459 |
| | — |
| Tiffany Springs MarketCenter | | 3,697 |
| | — |
| | — |
| Inhibitex | | 2,989 |
| | — |
| | — |
| King Mill Distribution Park — Building 3 | | 275 |
| | 307 |
| | 4,977 |
| Lakeside Ranch Business Park — Building 20 | | 25 |
| | (59 | ) | | 1,121 |
| Cosmopolitan Center | | — |
| | 2,064 |
| | — |
| Galleria 75 | | — |
| | 569 |
| | — |
| One Georgia Center | | — |
| | (104 | ) | | 2,805 |
| Jefferson Mill Business Park — Building A | | 5 |
| | — |
| | (394 | ) | The Avenue Webb Gin | | (2 | ) | | 3,590 |
| | — |
| The Avenue Forsyth | | (77 | ) | | 4,508 |
| | — |
| Other | | — |
| | 73 |
| | 10 |
| Gain on sale of discontinued operations, net | | $ | 11,489 |
| | $ | 18,407 |
| | $ | 8,519 |
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Fair value of the assets and liabilities acquired |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Post Oak Central | | Terminus 200 | | 816 Congress Avenue | | Texas Acquisition | | 2100 Ross Avenue | | Promenade | Land and improvements | | $ | 88,406 |
| | $ | 25,040 |
| | $ | 6,817 |
| | $ | 306,563 |
| | $ | 5,987 |
| | $ | 13,439 |
| Building | | 118,470 |
| | 101,472 |
| | 86,391 |
| | 586,150 |
| | 36,705 |
| | 94,190 |
| Tenant improvements | | 10,877 |
| | 17,600 |
| | 3,500 |
| | 114,220 |
| | 9,034 |
| | 8,600 |
| Other assets | | — |
| | 101 |
| | — |
| | — |
| | — |
| | — |
| Deferred rents receivable | | — |
| | 44 |
| | — |
| | — |
| | — |
| | — |
| Tangible assets | | 217,753 |
| | 144,257 |
| | 96,708 |
| | 1,006,933 |
| | 51,726 |
| | 116,229 |
| Intangible assets: | | | | | | | | | | | | | Above-market leases | | 995 |
| | 1,512 |
| | 89 |
| | 4,959 |
| | 3,267 |
| | 3,991 |
| In-place leases | | 26,968 |
| | 14,355 |
| | 8,222 |
| | 117,630 |
| | 8,888 |
| | 16,172 |
| Below-market ground leases | | — |
| | — |
| | — |
| | 2,958 |
| | — |
| | — |
| Ground lease purchase option | | — |
| | — |
| | 2,403 |
| | — |
| | — |
| | — |
| Total intangible assets | | 27,963 |
| | 15,867 |
| | 10,714 |
| | 125,547 |
| | 12,155 |
| | 20,163 |
| Intangible liabilities: | | | | | | | | | | | | | Below-market leases | | (14,792 | ) | | (9,273 | ) | | (2,820 | ) | | (47,170 | ) | | (436 | ) | | (1,659 | ) | Above-market ground lease | | — |
| | — |
| | (1,981 | ) | | (2,508 | ) | | — |
| | — |
| Total intangible liabilities | | (14,792 | ) | | (9,273 | ) | | (4,801 | ) | | (49,678 | ) | | (436 | ) | | (1,659 | ) | | | | | | | | | | | | | | Total net assets acquired | | $ | 230,924 |
| | $ | 150,851 |
| | $ | 102,621 |
| | $ | 1,082,802 |
| | $ | 63,445 |
| | $ | 134,733 |
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