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Subsequent Events (Notes)
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

On October 7, 2013, the Company entered into a purchase and sale agreement to sell Carmel Crossing, a 326,000 square foot office complex in Charlotte, North Carolina, for a gross sales price of $37.5 million. This sale is expected to close in the fourth quarter of 2013 subject to customary closing conditions.

On October 24, 2013, a purported stockholder of TPGI filed a lawsuit entitled Osieczanek v. Thomas Properties Group, Inc., et. al. against TPGI and its directors, the Company and Merger Sub in the Chancery Court of the State of Delaware. This action was brought as a putative class action, alleging that TPGI's directors breached certain alleged duties to TPGI’s stockholders by failing to provide TPGI’s stockholders with material information in connection with the Mergers, and that the Company aided and abetted those alleged breaches. The lawsuit seeks various forms of relief, including that the court enjoin the Mergers and rescind the Merger Agreement. The plaintiff also seeks 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. The Company believes that this action is without merit and that the result will not have a material impact on its consolidated financial statements.

On October 25, 2013, the Company entered into employment agreements with each of David R. O’Reilly, the Company’s Executive Vice President, Chief Financial Officer and Chief Investment Officer, M. Jayson Lipsey, the Company’s Executive Vice President and Chief Operating Officer, and Henry F. Pratt III, the Company’s Executive Vice President of Asset Management and Third-Party Services (collectively, the “Employment Agreements”). In connection with the execution of the Employment Agreements, Mr. O’Reilly received a grant of 94,335 restricted stock units (“RSUs”), Mr. Lipsey received a grant of 47,167 RSUs and Mr. Pratt received a grant of 26,360 RSUs (the “2013 Additional Grants”). Each 2013 Additional Grant will vest in equal installments on each of the first, second and third anniversaries of the grant date, subject to the executive’s continued employment on each vesting date.

On October 31, 2013, the Company sold Lakewood II, a 123,000 square foot office property located in Atlanta, Georgia, for a gross sales price of $10.6 million, and expects to record a gain of approximately $5.9 million during the fourth quarter of 2013, of which $1.8 million is the Company's share. The Company received $3.1 million, its proportionate share of net proceeds from the sale, which was used to reduce amounts outstanding under the Company's revolving credit facility.