Discontinued Operations

3 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

All current and prior period income from the following office property dispositions and properties held for sale is included in discontinued operations for the three months ended March 31, 2014 and 2013 (in thousands).

Office Property	Location	Square Feet	Date of Sale	Net Sales Price		Net Book Value of Real Estate		Gain (Loss) on Sale
2013 Dispositions:
Atrium at Stoneridge	Columbia, SC	108	03/20/2013	$	2,966	$	2,424	$	542
Waterstone	Atlanta, GA	93	07/10/2013	3,247		3,207		40
Meridian	Atlanta, GA	97	07/10/2013	6,615		6,560		55
Bank of America Plaza	Nashville, TN	436	07/17/2013	41,093		29,643		11,450
Lakewood II	Atlanta, GA	123	10/31/2013	10,240		4,403		5,837
Carmel Crossing	Charlotte, NC	326	11/08/2013	36,673		22,104		14,569
		1,183		$	100,834	$	68,341	$	32,493	(1)
2014 Dispositions:
Woodbranch Building	Houston, TX	109	01/17/2014	$	14,424	$	4,450	$	9,974
Mesa Corporate Center	Phoenix, AZ	106	01/31/2014	12,257		11,768		489
		215		$	26,681	$	16,218	$	10,463

(1) Total gain on the sale of real estate in discontinued operations recognized for the year ended December 31, 2013 was $32.5 million, of which $18.2 million was the Company's proportionate share.

On January 17, 2014, the Company sold the Woodbranch Building, a 109,000 square foot office property located in Houston, Texas, for a gross sale price of $15.0 million. The Company received approximately $13.9 million in net proceeds, which were used to fund subsequent acquisitions. The Company recorded a gain of approximately $10.0 million during the three months ended March 31, 2014.

On January 31, 2014, the Company sold Mesa Corporate Center, a 106,000 square foot office property located in Phoenix, Arizona, for a gross sale price of $13.2 million. The Company received approximately $12.1 million in net proceeds from the sale, which were used to fund subsequent acquisitions. The Company recorded a gain of approximately $489,000 during the three months ended March 31, 2014.

The amount of revenues and expenses for the office properties reported in discontinued operations for the three months ended March 31, 2014 and 2013 is as follows (in thousands):

	Three Months Ended March 31,
	2014			2013
Statement of Operations:
Revenues
Income from office and parking properties	$	205		$	5,121
	205			5,121
Expenses
Office and parking properties:
Operating expense	132			2,397
Management company expense	—			7
Interest expense	—			142
Depreciation and amortization	116			1,615
	248			4,161
Operating income (loss) from discontinued operations	(43		)	960
Income (loss) from discontinued operations	(43		)	960
Gain on sale of real estate from discontinued operations	10,463			542
Total discontinued operations per Statement of Operations	10,420			1,502
Net income attributable to noncontrolling interest from discontinued operations	—			(241		)
Total discontinued operations-Parkway's share	$	10,420		$	1,261