Dispositions

The Company sold the following properties in 2015, 2014, and 2013 ($ in thousands):



Property	Property Type	Location	Square Feet	Sales Price		Discontinued Operations
2015
2100 Ross	Office	Dallas, Texas	844,000	$	131,000	No
200, 333, and 555 North Point Center East	Office	Atlanta, Georgia	411,000	$	70,300	No
The Points at Waterview	Office	Dallas, Texas	203,000	$	26,800	No

2014
777 Main	Office	Ft. Worth, TX	980,000	$	167,000	No
Lakeshore Park Plaza	Office	Birmingham, AL	197,000	$	25,000	Yes
Mahan Village	Retail	Tallahassee, FL	147,000	$	29,500	No
600 University Park Place	Office	Birmingham, AL	123,000	$	19,700	Yes

2013
Tiffany Springs MarketCenter	Retail	Kansas City, MO	238,000	$	53,500	Yes
Inhibitex	Office	Atlanta, GA	51,000	$	8,300	Yes

None of the dispositions during the year ended December 31, 2015 represented a strategic shift in operations and, therefore, did not qualify for discontinued operations. The following table details the components of income from discontinued operations, and gains (losses) related on the sales of discontinued operations for the years ended December 31, 2015, 2014, and 2013 (in thousands):



	2015			2014			2013
Rental property revenues	$	4		$	2,927		$	10,552
Other revenues	6			29			40
Third party management and leasing revenues	—			—			76
Third party management and leasing expenses	—			—			(99		)
Depreciation and amortization	—			—			(3,083		)
Other expenses	(27		)	(28		)	(25		)
Rental property operating expenses	(18		)	(1,128		)	(4,162		)
Income (loss) from discontinued operations	$	(35	)	$	1,800		$	3,299

Gain (loss) on sale of discontinued operations, net	$	(551	)	$	19,358		$	11,489

Held for sale

As of December 31, 2015, 100 North Point Center East, an 129,000 square foot office building in Atlanta, Georgia was classified as held for sale. The sale does not represent a strategic shift in operations and, therefore, will be presented in continuing operations on the consolidated statements of operations. The major classes of assets and liabilities of the property held for sale as of December 31, 2015 are as follows (in thousands):



Real estate assets and related assets held for sale
Operating Properties, net of accumulated depreciation of $7,072	$	6,421
Notes and accounts receivable	210
Deferred rents receivable	496
Other assets, net of accumulated amortization of $128	119
	$	7,246

Liabilities of real estate assets held for sale
Accounts payable and accrued expenses	$	140
Deferred Income	200
Other liabilities	1,007
	$	1,347

In January 2016, the Company sold this property for a gross sales price of $22.0 million.

Acquisitions

In 2015, the Company acquired a 4.16 acre land site located in Atlanta, Georgia for $27.0 million for the development of NCR's corporate headquarters, a 485,000 square foot office building. The site also includes an additional parcel for a second office building development.

In 2014, the Company acquired Northpark Town Center, a 1.5 million square foot office asset located in Atlanta, Georgia. The gross purchase price for this property was $348.0 million, before adjustments for customary closing costs and other closing credits. The Company incurred $643,000 in acquisition and related costs associated with this acquisition.

In 2014, the Company acquired Fifth Third Center, a 698,000 square foot Class A office tower located in the Charlotte, North Carolina central business district. The gross purchase price for this property was $215.0 million, before adjustments for customary closing costs and other closing credits. The Company incurred $328,000 in acquisition and related costs associated with this acquisition.

In 2013, the Company acquired Greenway Plaza, a 10-building, 4.3 million square foot office complex in Houston, Texas, and 777 Main, a 980,000 square foot Class A office building in the central business district of Fort Worth, Texas (collectively the “Texas Acquisition”). The aggregate purchase price for the Texas Acquisition was $1.1 billion, before adjustment for brokers fees, transfer taxes and other customary closing costs.

In conjunction with the Texas Acquisition, the Company entered into a $950 million Loan Agreement with JPMorgan Chase Bank, N.A. and Bank of America, N.A. (the "Term Loan") to assist, if necessary, in the funding of the Texas Acquisition. The Term Loan was not used to finance the Texas Acquisition and, pursuant to the agreement, terminated on the acquisition date. The Company incurred fees and other costs associated with the Term Loan of $2.6 million. In addition, the Company incurred $4.2 million in other acquisition costs related to the Texas Acquisition. The term loan costs and other acquisition costs are included in acquisition and related costs on the statement of operations.

In 2013, the Company acquired 816 Congress Avenue, a 435,000 square foot Class-A office property located in the central business district of Austin, Texas. The purchase price for this property, net of rent credits, was $102.4 million. The Company incurred $342,000 in acquisition and related costs associated with this acquisition.

In 2013, the Company purchased the remaining 80% interest in MSREF/ Cousins Terminus 200 LLC for $53.8 million and simultaneously repaid the mortgage loan secured by the Terminus 200 property in the amount of $74.6 million. The Company recognized a gain of $19.7 million on this acquisition achieved in stages. Immediately thereafter, the Company contributed its interest in the Terminus 200 property and its interest in the Terminus 100 property, together with the existing mortgage loan secured by the Terminus 100 property, to a newly-formed entity, Terminus Office Holdings LLC (“TOH”), and sold 50% of TOH to institutional investors advised by J.P. Morgan Asset Management for $112.2 million. The Company recognized a gain of $37.1 million on this transaction. The Company incurred $122,000 in acquisition and related costs associated with these transactions. TOH closed a new mortgage loan on the Terminus 200 property in the amount of $82.0 million, and the Company received a distribution of $39.2 million from TOH as a result. TOH is an unconsolidated joint venture of the Company (see note 5).

In 2013, the Company purchased Post Oak Central, a 1.3 million square foot, Class-A office complex in the Galleria district of Houston, Texas for $230.9 million, net of rent credits, from an affiliate of J.P. Morgan Asset Management. The Company incurred $231,000 in acquisition and related costs associated with this acquisition.

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



	2014						2013
	Northpark Town Center			Fifth Third Center			Post Oak Central			Terminus 200			816 Congress Avenue			Texas Acquisition
Tangible assets:
Land and improvements	$	24,577		$	22,863		$	88,406		$	25,040		$	6,817		$	306,563
Building	274,151			163,649			118,470			101,472			86,391			586,150
Tenant improvements	21,674			16,781			10,877			17,600			3,500			114,220
Other assets	—			1,014			—			101			—			—
Deferred rents receivable	—			—			—			44			—			—
Tangible assets	320,402			204,307			217,753			144,257			96,708			1,006,933
Intangible assets:
Above-market leases	2,846			632			995			1,512			89			4,959
In-place leases	30,159			17,096			26,968			14,355			8,222			117,630
Below-market ground leases	—			338			—			—			—			2,958
Ground lease purchase option	—			—			—			—			2,403			—
Total intangible assets	33,005			18,066			27,963			15,867			10,714			125,547
Tangible liabilities:
Accounts payable and accrued expenses	—			(1,026		)	—			—			—			—
Total tangible liabilities	—			(1,026		)	—			—			—			—
Intangible liabilities:
Below-market leases	(8,018		)	(9,374		)	(14,792		)	(9,273		)	(2,820		)	(47,170		)
Above-market ground lease	—			—			—			—			(1,981		)	(2,508		)
Total intangible liabilities	(8,018		)	(9,374		)	(14,792		)	(9,273		)	(4,801		)	(49,678		)

Total net assets acquired	$	345,389		$	211,973		$	230,924		$	150,851		$	102,621		$	1,082,802

See note 6 for a schedule of the timing of amortization of the intangible assets and liabilities and the weighted average amortization periods.

The following unaudited supplemental pro forma information is presented for acquisitions for the years ended December 31, 2014 and 2013, respectively. The pro forma information is based upon the Company's historical consolidated statements of operations, adjusted as if the Northpark Town Center, Post Oak Central, Terminus, 816 Congress Avenue, and the Texas Acquisition transactions discussed above had occurred at the beginning of each of the periods presented below. 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.



	2014		2013
	(unaudited, in thousands, except per share amounts)
Revenues	$	388,791	$	354,047
Income from continuing operations	31,695		119,825
Net income	52,853		134,613
Net income available to common stockholders	45,364		116,881
Per share information:
Basic	$	0.22	$	0.62
Diluted	$	0.22	$	0.62