Property Transactions And Information

9 Months Ended

Sep. 30, 2011

Property Transactions And Information [Abstract]

PROPERTY TRANSACTIONS AND INFORMATION

9. PROPERTY TRANSACTIONS AND INFORMATION

In September 2011, the Company sold One Georgia Center, a 376,000 square foot office building in Atlanta, Georgia. The sales price was $48.6 million and a gain of $2.8 million was recognized on the sale. In conjunction with the sale, the Company recorded $1.6 million in expense related to the partner’s noncontrolling interest in the property which is included in Net Income Attributable to Noncontrolling Interests on the Statement of Operations. In February 2011, the Company sold Jefferson Mill Business Park Building A, a 459,000 square foot industrial property in suburban Atlanta, Georgia, for $22.0 million. In October 2010, the Company sold 8995 Westside Parkway, a 51,000 square foot office building in suburban Atlanta, Georgia. The results of operations for 8995 Westside Parkway are included in the table below, although no gain from the sale is reflected as the sale occurred in the fourth quarter of 2010. In July 2010, the Company sold San Jose MarketCenter, a 213,000 square foot retail center in San Jose, California.

The combined results of these properties’ operations and any gains or losses on sale are included in Discontinued Operations in the Statements of Operations for all periods presented. The components of these items for the three and nine months ended September 30, 2011 and 2010 are as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Rental property revenues	$	2,273		$	2,538		$	6,428		$	11,222
Other income		—			11			88			30
Rental property operating expenses		(1,198	)		(1,216	)		(3,190	)		(4,440	)
Depreciation and amortization		(478	)		(881	)		(1,973	)		(3,361	)
Income from discontinued operations	$	597		$	452		$	1,353		$	3,451
Gain (loss) on sale of investment properties:
One Georgia Center	$	2,821		$	—		$	2,821		$	—
Jefferson Mill Business Park Building A		—			—			(394	)		—
San Jose MarketCenter		—			6,572			10			6,572
	$	2,821		$	6,572		$	2,437		$	6,572