Transactions With Parkway Properties, Inc. (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Summary of purchase price allocation

The final purchase price was allocated as follows (in thousands):

Real estate assets	$	3,429,895
Cash	63,193
Restricted cash	30,560
Notes and other receivables	35,945
Investment in unconsolidated joint ventures	68,432
Intangible assets	329,894
Other assets	10,491
	3,968,410
Notes payable	1,473,810
Accounts payable and accrued expenses	133,839
Intangible liabilities	106,480
Other liabilities	11,936
Nonredeemable noncontrolling interests (excluding CPLP)	292,337
	2,018,402
Total purchase price	$	1,950,008

Unaudited supplemental pro forma information

The following unaudited supplemental pro forma information presented is based upon the Company's historical consolidated statements of operations, adjusted as if the Merger had occurred on January 1, 2015. This 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.

	2016		2015
	(unaudited, in thousands, except per share amounts)
Revenues	$	732,117	$	855,318
Income from continuing operations	179,625		237,909
Net income	174,117		237,323
Net income available to common stockholders	166,375		208,574
Per share information:
Basic	$	0.42	$	0.53
Diluted	$	0.41	$	0.53

Summary of discontinued operations

The following is a summary of the assets and liabilities transferred to New Parkway as part of the Spin-Off (in thousands):

Real estate assets	$	1,696,080
Cash	192,755
Notes and other receivables	43,752
Intangible assets	143,294
Other assets	6,669
	2,082,550
Notes payable	803,769
Accounts payable and accrued expenses	56,055
Intangible liabilities	59,424
Other liabilities	22,241
	941,489
Noncontrolling interest	22,821
Net assets in Spin-off to New Parkway	$	1,118,240

The following table includes a summary of discontinued operations of the Company for the years ended December 31, 2016 and 2015. There were no dispositions that met this criteria in 2017.

	2016			2015
Rental property revenues	$	136,927		$	176,828
Rental property operating expenses	(58,336		)	(73,630		)
Other revenues	288			450
Interest expense	(6,022		)	(7,988		)
Depreciation and amortization	(47,345		)	(63,791		)
Other expenses	(6,349		)	(21		)
Income from discontinued operations	$	19,163		$	31,848
Loss on sale of discontinued operations, net	$	—		$	(551	)
Cash provided by operating activities	$	42,604		$	76,395
Cash used in investing activities	$	(30,067	)	$	(55,085	)