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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
12 Months Ended
Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2013
(In thousands)
 
 
 
 
Initial Cost to the Company
 
 
 
 
Description
 
Encumbrances (1)
 
Land
 
Building and Improvements
 
Subsequent Capitalized Costs
 
Total Real Estate
Office and Parking Properties:
 
 
 
 
 
 
 
 
 
 
Arizona
 
 
 
 
 
 
 
 
 
 
Hayden Ferry Lakeside I
 
$
22,000

 
$
2,871

 
$
30,430

 
$
5,830

 
$
39,131

Hayden Ferry Lakeside II
 
46,875

 
3,612

 
69,248

 
4,493

 
77,353

Hayden Ferry Lakeside III, IV, and V
 

 
9,046

 
8,561

 
1,384

 
18,991

Squaw Peak Corporate Center
 

 
5,800

 
35,144

 
7,222

 
48,166

Tempe Gateway
 

 
8,170

 
46,170

 
8,413

 
62,753

Florida
 
 

 
 

 
 

 
 

 
 

Hillsboro Center V
 
9,121

 
1,325

 
12,249

 
4,782

 
18,356

Hillsboro Center I-IV
 
6,219

 
1,129

 
7,734

 
2,910

 
11,773

245 Riverside
 
9,250

 
6,556

 
8,050

 
2,332

 
16,938

Stein Mart Building
 
11,286

 
1,653

 
16,636

 
5,065

 
23,354

Riverplace South
 

 
2,316

 
5,412

 
3,003

 
10,731

Westshore Corporate Center
 
14,312

 

 
17,532

 
3,258

 
20,790

Lincoln Place
 
49,317

 

 
56,661

 
5,095

 
61,756

Deerwood North
 
43,100

 
11,904

 
39,900

 
5,944

 
57,748

Deerwood South
 
41,400

 
14,026

 
36,319

 
5,377

 
55,722

Bank of America Center
 
33,875

 
8,882

 
38,598

 
8,321

 
55,801

Citrus Center
 
21,601

 
4,000

 
26,712

 
7,575

 
38,287

Corporate Center Four at International
     Plaza
 
36,000

 

 
31,775

 
8,689

 
40,464

Cypress Center IV
 

 
2,900

 

 
46

 
2,946

Cypress Center I – III
 

 
4,710

 
12,180

 
4,754

 
21,644

The Pointe
 
23,500

 
5,293

 
30,836

 
5,355

 
41,484

Georgia
 
 

 
 

 
 

 
 

 
 

3344 Peachtree
 
84,739

 
7,472

 
127,583

 
11,355

 
146,410

Two Ravinia Drive
 
22,100

 
3,187

 
32,948

 
9,147

 
45,282

Peachtree Dunwoody Pavilion
 
26,118

 
9,373

 
24,579

 
8,059

 
42,011

Capital City Plaza
 
32,860

 
3,625

 
57,218

 
6,121

 
66,964

Tower Place 200
 

 
5,407

 
45,207

 
5,123

 
55,737

Mississippi
 
 

 
 

 
 

 
 

 
 

City Centre
 

 
267

 
1,676

 
6,001

 
7,944

North Carolina
 
 

 
 

 
 

 
 

 
 

Hearst Tower
 

 
4,417

 
200,287

 
23,028

 
227,732

525 North Tryon
 

 
5,108

 
34,103

 
7,361

 
46,572

NASCAR Plaza
 

 

 
76,790

 
11,052

 
87,842

Pennsylvania
 
 

 
 

 
 

 
 

 
 

Two Liberty Place
 
90,200

 
32,587

 
97,593

 
17,659

 
147,839

Tennessee
 
 

 
 

 
 

 
 

 
 

Morgan Keegan Tower
 
9,211

 

 
18,588

 
4,400

 
22,988

Texas
 
 

 
 

 
 

 
 

 
 

400 North Belt
 

 
419

 
10,021

 
4,844

 
15,284

Honeywell
 

 
856

 
15,235

 
4,591

 
20,682

Schlumberger
 

 
1,013

 
11,102

 
4,757

 
16,872

One Commerce Green
 
17,412

 
489

 
37,307

 
5,811

 
43,607

Comerica Bank Building
 
12,437

 
1,921

 
21,222

 
4,716

 
27,859

550 Greens Parkway
 

 
1,006

 
8,061

 
460

 
9,527

5300 Memorial Building
 
11,247

 
682

 
11,744

 
3,982

 
16,408

Town and Country
 
6,387

 
436

 
8,205

 
4,565

 
13,206

Phoenix Tower
 
80,000

 
9,191

 
98,147

 
9,867

 
117,205

CityWestPlace
 
211,030

 
56,785

 
305,992

 
30,551

 
393,328

San Felipe Plaza
 
110,000

 
40,347

 
200,826

 
11,376

 
252,549

Total Real Estate Owned
 
$
1,081,597

 
$
278,781

 
$
1,974,581

 
$
294,674

 
$
2,548,036

(1)
Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts.
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION – (Continued)
DECEMBER 31, 2013
(In thousands)
 
 
Gross Amount at Which
 
 
 
 
 
 
 
 
 
 
 
 
Carried at Close of Period
 
 
 
 
 
 
 
 
 
 
Description
 
Land
 
Building and Improv
 
Total
 
Accum Deprec
 
Net Book Value of Real Estate
 
Year Acquired
 
Year Constructed
 
Depreciable Lives (Yrs.)
Office and Parking Properties:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Arizona
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hayden Ferry Lakeside I
 
$
2,871

 
$
36,260

 
$
39,131

 
$
3,930

 
$
35,201

 
2011

 
2002
 
(3
)
Hayden Ferry Lakeside II
 
3,612

 
73,741

 
77,353

 
5,606

 
71,747

 
2012

 
2007
 
(3
)
Hayden Ferry Lakeside III, IV, and V
 
9,046

 
9,945

 
18,991

 
437

 
18,554

 
2012

 
2007
 
(3
)
Squaw Peak Corporate Center
 
5,800

 
42,366

 
48,166

 
12,522

 
35,644

 
2004

 
1999/2000
 
(3
)
Tempe Gateway
 
8,170

 
54,583

 
62,753

 
2,153

 
60,600

 
2012

 
2009
 
(3
)
Florida
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hillsboro Center V
 
1,325

 
17,031

 
18,356

 
7,234

 
11,122

 
1998

 
1985
 
(3
)
Hillsboro Center I-IV
 
1,129

 
10,644

 
11,773

 
4,556

 
7,217

 
1998

 
1985
 
(3
)
245 Riverside
 
6,556

 
10,382

 
16,938

 
1,031

 
15,907

 
2011

 
2003
 
(3
)
Stein Mart Building
 
1,653

 
21,701

 
23,354

 
7,011

 
16,343

 
2005

 
1985
 
(3
)
Riverplace South
 
2,316

 
8,415

 
10,731

 
3,269

 
7,462

 
2005

 
1981
 
(3
)
Westshore Corporate Center
 

 
20,790

 
20,790

 
1,185

 
19,605

 
2012

 
1988
 
(3
)
Lincoln Place
 

 
61,756

 
61,756

 
141

 
61,615

 
2013

 
2002
 
(3
)
Deerwood North
 
11,904

 
45,844

 
57,748

 
2,042

 
55,706

 
2013

 
1999
 
(3
)
Deerwood South
 
14,026

 
41,696

 
55,722

 
1,949

 
53,773

 
2013

 
1999
 
(3
)
Bank of America Center
 
8,882

 
46,919

 
55,801

 
5,480

 
50,321

 
2011

 
1987
 
(3
)
Citrus Center
 
4,000

 
34,287

 
38,287

 
11,463

 
26,824

 
2003

 
1971
 
(3
)
Corporate Center Four at International Plaza
 

 
40,464

 
40,464

 
4,779

 
35,685

 
2011

 
2008
 
(3
)
Cypress Center I – III
 
4,710

 
16,934

 
21,644

 
3,297

 
18,347

 
2011

 
1982
 
(3
)
Cypress Center IV
 
2,900

 
46

 
2,946

 
7

 
2,939

 
2013

 
n/a
 
(3
)
The Pointe
 
5,293

 
36,191

 
41,484

 
3,143

 
38,341

 
2012

 
1982
 
(3
)
Georgia
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3344 Peachtree
 
7,472

 
138,938

 
146,410

 
13,772

 
132,638

 
2011

 
2008
 
(3
)
Two Ravinia Drive
 
3,187

 
42,095

 
45,282

 
5,024

 
40,258

 
2011

 
1987
 
(3
)
Peachtree Dunwoody Pavilion
 
9,373

 
32,638

 
42,011

 
9,840

 
32,171

 
2003

 
1976/1980
 
(3
)
Capital City Plaza
 
3,625

 
63,339

 
66,964

 
16,056

 
50,908

 
2004

 
1989
 
(3
)
Tower Place 200
 
5,407

 
50,330

 
55,737

 
1,820

 
53,917

 
2,013

 
1998
 
(3
)
Mississippi
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
City Centre
 
267

 
7,677

 
7,944

 
397

 
7,547

 
1995

 
(2) 1987/2005
 
(3
)
North Carolina
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hearst Tower
 
4,417

 
223,315

 
227,732

 
12,555

 
215,177

 
2012

 
2002
 
(3
)
525 North Tryon
 
5,108

 
41,464

 
46,572

 
2,355

 
44,217

 
2012

 
1998
 
(3
)
NASCAR Plaza
 

 
87,842

 
87,842

 
3,174

 
84,668

 
2012

 
2009
 
(3
)
Pennsylvania
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Two Liberty Place
 
32,587

 
115,252

 
147,839

 
13,161

 
134,678

 
2011

 
1990
 
(3
)
Tennessee
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Morgan Keegan Tower
 

 
22,988

 
22,988

 
1,515

 
21,473

 
1997

 
1985
 
(3
)
Texas
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
400 North Belt
 
419

 
14,865

 
15,284

 
6,003

 
9,281

 
1996

 
1982
 
(3
)
Honeywell
 
856

 
19,826

 
20,682

 
7,785

 
12,897

 
1997

 
1983
 
(3
)
Schlumberger
 
1,013

 
15,859

 
16,872

 
8,176

 
8,696

 
1998

 
1983
 
(3
)
One Commerce Green
 
489

 
43,118

 
43,607

 
19,335

 
24,272

 
1998

 
1983
 
(3
)
Comerica Bank Building
 
1,921

 
25,938

 
27,859

 
10,624

 
17,235

 
1998

 
1983
 
(3
)
550 Greens Parkway
 
1,006

 
8,521

 
9,527

 
2,874

 
6,653

 
2001

 
1999
 
(3
)
5300 Memorial Building
 
682

 
15,726

 
16,408

 
5,634

 
10,774

 
2002

 
1982
 
(3
)
Town and Country
 
436

 
12,770

 
13,206

 
4,592

 
8,614

 
2002

 
1982
 
(3
)
Phoenix Tower
 
9,191

 
108,014

 
117,205

 
4,558

 
112,647

 
2012

 
1984/2011
 
(3
)
CityWestPlace
 
56,785

 
336,543

 
393,328

 
471

 
392,857

 
2013

 
2002
 
(3
)
San Felipe Plaza
 
40,347

 
212,202

 
252,549

 
285

 
252,264

 
2013

 
1984
 
(3
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Real Estate Owned
 
$
278,781

 
$
2,269,255

 
$
2,548,036

 
$
231,241

 
$
2,316,795

 
 
 
 
 


(1)
The aggregate cost for federal income tax purposes was approximately $2.7 billion (unaudited).
(2)
The dates of major renovations.
(3)
Depreciation of buildings and improvements is calculated over lives ranging from the life of the lease to 40 years.
NOTE TO SCHEDULE III
At December 31, 2013, 2012 and 2011
(In thousands)

A summary of activity for real estate and accumulated depreciation is as follows:
 
December 31,
 
2013
 
2012
 
2011
Real Estate:
 
 
 
 
 
Office and Parking Properties:
 
 
 
 
 
Balance at beginning of year
$
1,762,566

 
$
1,084,060

 
$
1,755,919

Additions:
 

 
 

 
 

Acquisitions and improvements
911,641

 
710,642

 
535,249

Impairment on land held for development
(24,258
)
 

 
(609
)
Real estate sold, disposed, impaired or held for sale
(101,913
)
 
(32,136
)
 
(1,206,499
)
Balance at close of year
$
2,548,036

 
$
1,762,566

 
$
1,084,060

Accumulated Depreciation
 

 
 

 
 

Balance at beginning of year
$
199,849

 
$
162,123

 
$
366,152

Depreciation expense
69,027

 
50,421

 
32,971

Depreciation expense - discontinued operations
(23,579
)
 
316

 
43,578

Real estate sold, disposed, impaired or held for sale
(14,056
)
 
(13,011
)
 
(280,578
)
Balance at close of year
$
231,241

 
$
199,849

 
$
162,123