Commitments and Contingencies (Notes)

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

On October 24, 2013, Jason Osiezanek filed in the Delaware Chancery Court a putative Class Action against TPGI and each of its directors, and included the Company and Merger Sub as defendants. The complaint alleged that, in connection with the mergers, the directors of TPGI had breached their fiduciary duties, particularly with respect to allegedly inadequate disclosures in the proxy statement provided to the shareholders who were to vote on the proposed mergers. The Company was alleged to have aided and abetted this breach of fiduciary duties. The lawsuit sought various forms of relief, including that the court enjoin the mergers and rescind the merger agreement. The plaintiff also sought an award of damages and litigation expenses and to have the Defendants account for any profits or special benefits the Defendants may have obtained by the alleged breach of a fiduciary duty. After initial discovery, including depositions, was completed, the parties engaged in settlement negotiations.

On December 3, 2013, the parties reached an agreement in principle to settle the litigation. The terms of the agreement in principle were reflected in a Memorandum of Understanding, which was submitted to the Delaware Chancery Court.

The terms of the settlement were later embodied in a Stipulation of Settlement, which was filed with the Delaware Chancery Court. A Notice of the proposed settlement was sent to all class members, and they were given time to object to the proposed settlement. The Delaware Chancery Court set April 29, 2014 as the date for the hearing on the final approval of the settlement.

As part of the mergers, the Company acquired a 1% limited partnership interest in 2121 Market Street. A mortgage loan secured by a first trust deed on 2121 Market Street is guaranteed by our Operating Partnership, up to a maximum amount of $14.0 million expiring in December 2022.