XML 31 R9.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Real Estate Assets | 9 Months Ended
--- | ---
Sep. 30, 2015
Real Estate [Abstract] |
Real Estate Assets | Real Estate Assets Acquisitions During the third quarter of 2015, we acquired:
• | a building in Tampa, FL encompassing 528,000 rentable square feet for a net purchase price of $113.5 million and an adjacent land parcel for a purchase price of $2.2 million; and
• | two buildings in Atlanta, GA encompassing 896,000 rentable square feet for a net purchase price of $290.3 million.
During the second quarter of 2015, we acquired:
• | land in Atlanta, GA for a purchase price and related transaction costs of $5.2 million (including contingent consideration of $0.9 million); and
• | our Highwoods DLF 98/29, LLC joint venture partner’s 77.2% interest in a building in Orlando, FL encompassing 168,000 rentable square feet in exchange for the assumption of secured debt recorded at fair value of $19.3 million (see Note 6).
During the three and nine months ended September 30, 2015, we expensed $0.9 million and $1.0 million, respectively, of acquisition costs (included in general and administrative expenses) related to these acquisitions. The assets acquired and liabilities assumed were recorded at fair value as determined by management based on information available at the acquisition date and on current assumptions as to future operations. Pro Forma Disclosure The following table sets forth a summary of the fair value of the major assets acquired and liabilities assumed relating to the above-referenced acquisition of two buildings in Atlanta, GA during the third quarter of 2015:
| Total Purchase Price Allocation
Real estate assets | $ | 275,639 |
Acquisition-related intangible assets (in deferred financing and leasing costs) | 23,722 |
Acquisition-related below market lease liabilities (in accounts payable, accrued expenses and other liabilities) | (9,076 | )
Total allocation | $ | 290,285 |
The following table sets forth the Company's revenues and net income, adjusted for interest expense, straight-line rental income, depreciation and amortization related to purchase price allocations and acquisition costs, assuming the above-referenced acquisition of two buildings in Atlanta, GA during the third quarter of 2015 had been completed as of January 1, 2013:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Pro forma revenues | $ | 171,247 |  |  | $ | 159,944 |  |  | $ | 505,107 |  |  | $ | 477,120 |
Pro forma net income | $ | 33,354 |  |  | $ | 54,176 |  |  | $ | 80,647 |  |  | $ | 92,019 |
Pro forma net income available for common stockholders | $ | 31,486 |  |  | $ | 51,585 |  |  | $ | 75,524 |  |  | $ | 86,173 |
Pro forma earnings per share - basic | $ | 0.33 |  |  | $ | 0.57 |  |  | $ | 0.80 |  |  | $ | 0.95 |
Pro forma earnings per share - diluted | $ | 0.33 |  |  | $ | 0.57 |  |  | $ | 0.80 |  |  | $ | 0.95 |
2. Real Estate Assets - Continued Dispositions During the third quarter of 2015, we sold:
• | a building for a sale price of $15.3 million and recorded a gain on disposition of property of $6.5 million; and
• | land for a sale price of $1.8 million and recorded a gain on disposition of property of $0.5 million.
During the second quarter of 2015, we sold land for a sale price of $0.5 million and recorded a gain on disposition of property of $0.2 million. During the first quarter of 2015, we sold:
• | two buildings for an aggregate sale price of $3.5 million and recorded aggregate gains on disposition of property of $0.4 million; and
• | land for a sale price of $2.5 million and recorded a gain on disposition of property of $0.8 million.

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56956306&loc=d3e18551-111553 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56956306&loc=d3e18511-111553 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4437-111522 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 + Details
Name: | us-gaap_RealEstateOwnedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration