Investment in Office and Parking Properties (Tables)

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Purchase price of office properties or additional office property interest acquired

The gross purchase price, excluding closing costs and other adjustments, of office and parking properties acquired during the year ended December 31, 2014 is as follows:

Market Location	Cost (in thousands)
Atlanta, Georgia	$	47,000
Austin, Texas	311,400
Jacksonville, Florida	33,300
Orlando, Florida	80,611
Miami, Florida	140,495
Tampa, Florida	249,669
	$	862,475

Allocation of purchase price related to intangible assets and liabilities and weighted average amortization period

The following table summarizes the aggregate purchase price allocation for TPGI as of December 19, 2013:

	Amount
Assets:	(in thousands)
Land	$	97,132
Buildings	502,386
Tenant improvements	41,697
Leasing commissions	27,613
Lease in place value	61,562
Management contracts	1,888
Condominium units	19,900
Investment in unconsolidated joint ventures	93,539
Other assets	46,500
Asset held for sale	353,752
Total Assets	$	1,245,969
Liabilities:
Below market leases	$	50,152
Accounts payable and accrued expense	72,153
Mortgage debt assumed, net premium of $15,896	335,991
Liabilities held for sale	260,293
Total Liabilities	718,589
Consideration funded prior to closing	80,000
Noncontrolling interest	34,229
Equity issued	413,151
Total Purchase Price	$	1,245,969

The following table summarizes the aggregate preliminary purchase price allocation for JTB Center, Courvoisier Centre⁽¹⁾, One Orlando Centre, Millenia Park One, The Forum at West Paces, Corporate Center I, Corporate Center II, Corporate Center III, Corporate Center land and leasehold improvements, One Congress Plaza and San Jacinto Center:

	Amount
Land	$	146,602
Buildings	617,807
Tenant improvements	46,146
Lease commissions	17,575
Lease in place value	47,070
Above market leases	10,272
Above (below) market ground leases	16,687
Below market leases	(21,433		)
Mortgage premium assumed (2)	(18,251		)

(1) The purchase price of Courvoisier Centre was reduced by $5.3 million of credits from the seller.

(2) Mortgage debt assumed with the purchase of One Orlando Centre, One Congress Plaza and San Jacinto Center.

The following table summarizes the aggregate purchase price allocation for 3348 Peachtree, the Deerwood Portfolio, and Lincoln Place:

	Amount
Land	$	31,337
Buildings	178,362
Tenant improvements	18,410
Lease commissions	9,448
Lease in place value	20,131
Above market leases	4,969
Below market leases	(9,267		)
Mortgage premium assumed	(2,728		)
Mortgage debt assumed	(133,817		)

Pro forma results of operations

The unaudited pro forma effect on the Company's results of operations for the purchase of Tower Place 200, Deerwood North and South, Lincoln Place, and CityWestPlace and San Felipe Plaza acquired as part of the Mergers, as if the purchases had occurred on January 1, 2012, is as follows (in thousands, except per share data):

	Year Ended
	December 31,
	2013			2012
	(Unaudited)
Revenues	$	394,918		$	363,498
Net loss attributable to common stockholders	$	(16,890	)	$	(60,235	)
Basic net loss attributable to common stockholders	$	(0.52	)	$	(2.38	)
Diluted net loss attributable to common stockholders	$	(0.52	)	$	(2.38	)

The unaudited pro forma effect on the Company's results of operations for the purchase of JTB Center, Courvoisier Centre, One Orlando Centre, Millenia Park One, The Forum at West Paces, Corporate Center I, Corporate Center II, Corporate Center III, One Congress Plaza and San Jacinto Center as if the purchases had occurred on January 1, 2013 is as follows (in thousands, except per share data):

	Year Ended
	December 31,
	2014		2013
	(Unaudited)
Revenues	$	493,708	$	370,980
Net income (loss) attributable to common stockholders	$	39,873	$	(18,471	)
Basic net income (loss) attributable to common stockholders	$	0.39	$	(0.28	)
Diluted net income (loss) attributable to common stockholders	$	0.37	$	(0.28	)

Obligations for tenant improvement allowances and lease inducement costs for lease in place and commitments for buildings

Obligations for tenant improvement allowances and lease inducement costs for leases in place and commitments for building improvements at December 31, 2014 are as follows (in thousands):

2015	$	15,362
2016	69
2017	—
2018	232
2019 and thereafter	—
Total	$	15,663

Minimum future operating lease payments

Minimum future operating lease payments for various equipment leased at the office and parking properties is as follows for operating leases in place at December 31, 2014 (in thousands):

2015	$	158
2016	77
2017	22
2018	—
2019 and thereafter	—
Total	$	257

Future approximate minimum rental receipts under noncancelable leases

The following is a schedule by year of future minimum rental receipts under noncancelable leases for office buildings owned at December 31, 2014 (in thousands):

2015	$	294,962
2016	293,192
2017	258,665
2018	230,263
2019	201,456
Thereafter	866,367
Total	$	2,144,905

Future approximate minimum ground lease payments

The following is a schedule by year of future minimum ground lease payments at December 31, 2014 (in thousands):

2015	$	1,370
2016	1,308
2017	1,338
2018	1,339
2019	1,339
Thereafter	93,392
Total	$	100,086