PROPERTY TRANSACTIONS

Discontinued Operations

Accounting rules require that the historical operating results of held-for-sale or sold assets which meet certain accounting rules be included in a separate section, discontinued operations, in the statements of operations for all periods presented. If the asset is sold, the related gain or loss on sale is also included in discontinued operations. In addition, assets and liabilities of held for sale properties, as defined, are required to be separately categorized on the balance sheet.

The following properties were held for sale or sold in 2014 or 2013, respectively, and met the criteria for discontinued operations presentation ($ in thousands):



Property	Property Type	Location	Square Feet	Sales Price
2014
Lakeshore Park Plaza	Office	Birmingham, AL	197,000	Held for sale
600 University Park Place	Office	Birmingham, AL	123,000	$	19,700
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

The components of discontinued operations and the gains and losses on property sales for the three and six months ended June 30, 2014 and 2013 are as follows (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Income from discontinued operations:
Rental property revenues	$	967		$	2,940		$	2,323		$	5,940
Fee income	—			3			—			77
Other income	8			8			15			15
Rental property operating expenses	(402		)	(1,182		)	(866		)	(2,373		)
General and administrative expenses	(1		)	(27		)	(2		)	(79		)
Depreciation and amortization	—			(1,046		)	—			(2,097		)
Other expenses	(6		)	(9		)	(13		)	(13		)
	$	566		$	687		$	1,457		$	1,470

Gain on sale of discontinued operations:
600 University	$	—		$	—		$	6,371		$	—
King Mill	—			89			—			208
Other	14			(3		)	8			(4		)
	$	14		$	86		$	6,379		$	204

Subsequent Event

In July 2014, the Company entered into an agreement to purchase Fifth Third Center, a 698,000 square feet Class-A office property located in Charlotte, North Carolina. The gross purchase price for this property is $215.0 million. The Company expects to close this acquisition in the third quarter of 2014 and to fund this acquisition through net proceeds from an equity issuance or proceeds from its credit facility.