Real Estate Transactions

12 Months Ended

Dec. 31, 2019

Dispositions

The Company had no dispositions of operating properties in 2019 or 2018. The Company sold the following properties in 2017 ($ in thousands):



Property	Property Type	Location	Square Feet	Sales Price

American Cancer Society Center	Office	Atlanta, GA	996,000	$	166,000
Bank of America Center, One Orlando Centre, --and Citrus Center	Office	Orlando, FL	1,038,000	$	208,100

The Company sold the properties noted above as part of its ongoing investment strategy of exiting non-core markets and selling non-core assets, using these proceeds to fund new investment activity.

During February 2019, the Company sold air rights that cover eight acres in Downtown Atlanta for a gross sales price of $13.25 million and recorded a gain of $13.1 million.

As of December 31, 2019, the Company's Woodcrest and Hearst Tower properties were classified as held for sale. The major classes of assets and liabilities of these properties held for sale were as follows (in thousands):



Real estate assets and other assets held for sale
Operating properties, net of accumulated depreciation of $44,478	$	340,171
Notes and accounts receivable	5,520
Deferred rents receivable	5,745
Intangible assets, net of accumulated amortization of $16,615	8,657
Other assets	489
	$	360,582
Liabilities of real estate assets held for sale
Accounts payable and accrued expenses	$	12,497
Deferred income	2,638
Intangible liabilities, net of accumulated amortization of $7,771	5,471
Other liabilities	625
	$	21,231

Acquisitions

During 2019, the Company acquired 1200 Peachtree as discussed in note 4 and acquired its partner's interest in Terminus Office Holdings LLC as discussed in note 8. The Company accounted for these transactions as an acquisition of assets and the following table summarizes the allocation of the purchase price of these properties (in thousands):



	1200 Peachtree		Terminus
Tangible assets:
Building and improvements	$	62,836	$	410,826
Land and improvements	19,495		49,345
Tangible assets	82,331		460,171

Intangible assets:
In-place leases	9,969		24,674
Above market leases	—		7,193
Intangible assets	9,969		31,867

Intangible liabilities:
Below market leases	—		4,745
Intangible liabilities	—		4,745

Total net assets acquired	$	92,300	$	487,293