Investment in Office Properties

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Investment in Office Properties

Investment in Office Properties

Included in investment in office properties at March 31, 2014 are 42 office properties located in eight states with an aggregate of 14.6 million square feet of leasable space.

On January 30, 2014, the Company completed the acquisition of the JTB Center, a complex of three office buildings totaling 248,000 square feet located in the Deerwood submarket of Jacksonville, Florida for a gross purchase price of $33.3 million. As of April 1, 2014, the JTB Center had a combined occupancy of 94.4% and was unencumbered by any secured indebtedness.

The allocation of purchase price related to intangible assets and liabilities and weighted average amortization period (in years) for each class of asset or liability for the JTB Center is as follows (in thousands, except weighted average life, which is in years):

	Amount			Weighted Average Life
Land	$	5,376		N/A
Buildings and garages	21,494			40
Tenant improvements	3,597			5
Lease commissions	1,021			4
Lease in place value	2,268			4
Above market leases	260			4
Below market leases	(766		)	7

The unaudited pro forma effect on the Company's results of operations for the purchase of the JTB Center as if the purchase had occurred on January 1, 2013 is as follows (in thousands, except per share data):

	Three Months Ended March 31,
	2014		2013
Revenues	$	104,935	$	68,963
Net income (loss) attributable to common stockholders	$	11,042	$	(3,688	)
Basic net income (loss) attributable to common stockholders	$	0.11	$	(0.06	)
Diluted net income (loss) attributable to common stockholders	$	0.11	$	(0.06	)

For details regarding dispositions during the three months ended March 31, 2014, please see Note 10 – Discontinued Operations.