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Discontinued Operations and Real Estate Held for Sale (Tables)
 12 Months Ended
Dec. 31, 2015
Discontinued Operations and Real Estate Held for Sale  
Real Estate Held for Sale
Real Estate Held for Sale and Discontinued Operations
We classify properties as held for sale when certain criteria are met, in accordance with GAAP. At that time, we present the assets and obligations of the property held for sale separately in our consolidated balance sheet and we cease recording depreciation and amortization expense related to that property. Properties held for sale are reported at the lower of their carrying amount or their estimated fair value, less estimated costs to sell. During the fourth quarter of 2015, we entered into a purchase and sale agreement for Las Colinas Commons, an office building located in Texas, and classified the investment as real estate held for sale in our consolidated balance sheet at December 31, 2015. The sales transaction closed on February 2, 2016. We did not have any properties classified as held for sale at December 31, 2014.
Effective as of January 1, 2015, we adopted the revised guidance regarding discontinued operations as further discussed in Note 3, New Accounting Pronouncements. For sales of real estate or assets classified as held for sale after January 1, 2015, we will evaluate whether a disposal transaction meets the criteria of a strategic shift and will have a major effect on our operations and financial results to determine if the results of operations and gains on sale of real estate will be presented as part of our continuing operations or as discontinued operations in our consolidated statements of operations. If the disposal represents a strategic shift, it will be classified as discontinued operations for all periods presented; if not, it will be presented in continuing operations. Prior to this adoption, when we had no involvement after the sale of a real estate investment it was treated as a discontinued operation.
The following table presents net loss attributable to the Company for the three years ended December 31, 2015, 2014 and 2013 related to the Las Colinas Commons office building (in millions):
 
 
Years Ended December 31,
Description
 
2015
 
2014
 
2013
Net loss attributable to the Company
 
$
(0.3
)
 
$
(0.4
)
 
$
(0.3
)
Schedule of Regulatory Assets and Liabilities [Text Block]
The major classes of assets and liabilities associated with our real estate held for sale as of December 31, 2015 were as follows (in thousands):
Description
 
Amount
Land and improvements, net
 
$
2,785

Building and improvements, net
 
8,362

Lease intangibles, net
 
668

Straight-line rent
 
864

Assets associated with real estate held for sale
 
$
12,679

 
 
 
Notes payable(1)
 
$
14,900

Accrued and other liabilities
 
66

Obligations associated with real estate held for sale
 
$
14,966

 
_______________________________________________________________________________
(1)
Las Colinas Commons and Northpoint Central are both borrowers under a loan that matures in May 2017. The Las Colinas Commons loan balance at December 31, 2015 is $11.3 million. Under the terms of the loan, the lender requires a release price payment of $14.9 million to release the Las Colinas Commons property from the loan. The $3.6 million excess principal payment amount is used to reduce Northpoint Central's loan balance. We have reclassified the full release price as a liability associated with our real estate held for sale as of December 31, 2015.
Schedule of disposition of real estate properties
The following table summarizes the disposition of our properties during 2013 (in millions):
Property Name
 
Date of Disposition
 
Contract Sales Price
Becket House
 
April 5, 2013
 
$
19.8

Rio Salado
 
May 28, 2013
 
9.3

4950 S. Bowen Road
 
October 22, 2013
 
1.6
Schedule of discontinued operations in the condensed consolidated statements of operations and other comprehensive loss
We classified the results of operations for Becket House into discontinued operations in the accompanying consolidated statements of operations and comprehensive loss for the year ended December 31, 2013. We did not classify the results of operations for Rio Salado and 4950 S. Bowen Road into discontinued operations as they represent land-only interests. The following table summarizes the income from discontinued operations for Becket House for the year ended December 31, 2013 (in thousands):
Description
 
Year Ended December 31, 2013
Revenues
 
 
Rental revenue
 
$
514

 
 
 
Expenses
 
 
Property operating expenses
 
189

Bad debt expense
 
(111
)
Interest expense
 
633

Real estate taxes
 
(21
)
Impairment charge
 
305

Property management fees
 
24

Asset management fees
 
16

Depreciation and amortization
 
—

Total expenses
 
1,035

 
 
 
Interest Income
 
(2
)
Realized loss on currency translation adjustment(1)
 
(3,624
)
Gain on troubled debt restructuring(1)
 
8,132

Income from discontinued operations
 
3,985

Loss attributable to noncontrolling interests
 
(1,460
)
Income from discontinued operations attributable to the Company
 
$
2,525

_______________________________________________________________________________

(1)
Due to the sale of Becket House on April 5, 2013, $3.6 million was reclassified from unrealized foreign currency translation loss in OCI to net loss and $8.1 million was recorded as a gain on troubled debt restructuring.