Real Estate Transactions

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

REAL ESTATE TRANSACTIONS

Dispositions

The Company sold the following properties in 2016, 2015, and 2014 ($ in thousands):

Property	Property Type	Location	Square Feet	Sales Price
2016
100 North Point Center East	Office	Atlanta	129,000	$	22,000
Post Oak Central	Office	Houston	1,280,000	(1		)
Greenway Plaza	Office	Houston	4,348,000	(1		)
Two Liberty Place	Office	Philadelphia	941,000	$	219,000
191 Peachtree	Office	Atlanta	1,225,000	$	267,500
Lincoln Place	Office	Miami	140,000	$	80,000
The Forum	Office	Atlanta	220,000	$	70,000
2015
2100 Ross	Office	Dallas, TX	844,000	$	131,000
200, 333, and 555 North Point Center East	Office	Atlanta, GA	411,000	$	70,300
The Points at Waterview	Office	Dallas, TX	203,000	$	26,800
2014
777 Main	Office	Ft. Worth, TX	980,000	$	167,000
Lakeshore Park Plaza	Office	Birmingham, AL	197,000	$	25,000
Mahan Village	Retail	Tallahassee, FL	147,000	$	29,500
600 University Park Place	Office	Birmingham, AL	123,000	$	19,700

(1) Represents properties distributed to New Parkway in the Spin-Off.

The Company sold the properties noted above in 2016, 2015, and 2014 as part of its ongoing investment strategy of recycling investment capital to fund investment activity.

Held for sale

As of December 31, 2015, 100 North Point Center East was classified as held for sale. The major classes of assets and liabilities of the property held for sale as of December 31, 2015 were 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

Acquisitions

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.

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
	Northpark Town Center			Fifth Third Center
Tangible assets:
Land and improvements	$	24,577		$	22,863
Building	274,151			163,649
Tenant improvements	21,674			16,781
Other assets	—			1,014
Tangible assets	320,402			204,307
Intangible assets:
Above-market leases	2,846			632
In-place leases	30,159			17,096
Below-market ground leases	—			338
Total intangible assets	33,005			18,066
Tangible liabilities:
Accounts payable and accrued expenses	—			(1,026		)
Total tangible liabilities	—			(1,026		)
Intangible liabilities:
Below-market leases	(8,018		)	(9,374		)
Total intangible liabilities	(8,018		)	(9,374		)
Total net assets acquired	$	345,389		$	211,973

The following unaudited supplemental pro forma information is presented for the acquisitions of Northpark Town Center and Fifth Third Center for the year ended December 31, 2014. This pro forma information is based on the Company's historical consolidated statement of operations, as adjusted, as if the acquisitions had occurred at the beginning of 2013. 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 2014 (in thousands, except per share amounts).

Revenues	$	388,791
Income from continuing operations	31,695
Net income	52,853
Net income available to common stockholders	45,364
Per share information:
Basic	$	0.22
Diluted	$	0.22