QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Georgia | 58-0869052 | ||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
3344 Peachtree Road NE | Suite 1800 | Atlanta | Georgia | 30326-4802 | |||||||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
Common Stock, $1 par value per share | CUZ | New York Stock Exchange | ("NYSE") |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Class | Outstanding at | |||||||
Common Stock, $1 par value per share |
Page No. | |||||
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) | |||||||
September 30, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
Assets: | |||||||
Real estate assets: | |||||||
Operating properties, net of accumulated depreciation of $253,362 and $215,856 in 2017 and 2016, respectively | $ | 3,490,181 | $ | 3,432,522 | |||
Projects under development | 248,242 | 162,387 | |||||
Land | 4,221 | 4,221 | |||||
3,742,644 | 3,599,130 | ||||||
Cash and cash equivalents | 62,167 | 35,687 | |||||
Restricted cash | 437 | 15,634 | |||||
Notes and accounts receivable, net of allowance for doubtful accounts of $626 and $1,167 in 2017 and 2016, respectively | 16,291 | 27,683 | |||||
Deferred rents receivable | 53,483 | 39,464 | |||||
Investment in unconsolidated joint ventures | 109,222 | 179,397 | |||||
Intangible assets, net of accumulated amortization of $99,063 and $53,483 in 2017 and 2016, respectively | 211,786 | 245,529 | |||||
Other assets | 28,170 | 29,083 | |||||
Total assets | $ | 4,224,200 | $ | 4,171,607 | |||
Liabilities: | |||||||
Notes payable | $ | 1,095,177 | $ | 1,380,920 | |||
Accounts payable and accrued expenses | 160,101 | 109,278 | |||||
Deferred income | 35,918 | 33,304 | |||||
Intangible liabilities, net of accumulated amortization of $25,709 and $12,227 in 2017 and 2016, respectively | 76,299 | 89,781 | |||||
Other liabilities | 39,385 | 44,084 | |||||
Total liabilities | 1,406,880 | 1,657,367 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Stockholders' investment: | |||||||
Preferred stock, $1 par value, 20,000,000 shares authorized, 6,867,357 shares issued and outstanding in 2017 and 2016 | 6,867 | 6,867 | |||||
Common stock, $1 par value, 700,000,000 shares authorized, 430,349,620 and 403,746,938 shares issued in 2017 and 2016, respectively | 430,350 | 403,747 | |||||
Additional paid-in capital | 3,604,269 | 3,407,430 | |||||
Treasury stock at cost, 10,329,082 shares in 2017 and 2016 | (148,373 | ) | (148,373 | ) | |||
Distributions in excess of cumulative net income | (1,127,813 | ) | (1,214,114 | ) | |||
Total stockholders' investment | 2,765,300 | 2,455,557 | |||||
Nonredeemable noncontrolling interests | 52,020 | 58,683 | |||||
Total equity | 2,817,320 | 2,514,240 | |||||
Total liabilities and equity | $ | 4,224,200 | $ | 4,171,607 | |||
See accompanying notes. |
June 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
Assets: | |||||||||||
Real estate assets: | |||||||||||
Operating properties, net of accumulated depreciation of $971,023 and $874,988 in 2022 and 2021, respectively | $ | 6,630,212 | $ | 6,506,910 | |||||||
Projects under development | 90,622 | 174,803 | |||||||||
Land | 157,680 | 157,681 | |||||||||
6,878,514 | 6,839,394 | ||||||||||
Cash and cash equivalents | 4,057 | 8,937 | |||||||||
Restricted cash | 1,231 | 1,231 | |||||||||
Accounts receivable | 9,688 | 12,553 | |||||||||
Deferred rents receivable | 166,654 | 154,866 | |||||||||
Investment in unconsolidated joint ventures | 103,215 | 77,811 | |||||||||
Intangible assets, net | 151,550 | 168,553 | |||||||||
Other assets, net | 65,215 | 48,689 | |||||||||
Total assets | $ | 7,380,124 | $ | 7,312,034 | |||||||
Liabilities: | |||||||||||
Notes payable | $ | 2,305,637 | $ | 2,237,509 | |||||||
Accounts payable and accrued expenses | 208,417 | 224,523 | |||||||||
Deferred income | 75,226 | 74,515 | |||||||||
Intangible liabilities, net | 57,327 | 63,223 | |||||||||
Other liabilities | 100,822 | 111,864 | |||||||||
Total liabilities | 2,747,429 | 2,711,634 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Equity: | |||||||||||
Stockholders' investment: | |||||||||||
Common stock, $1 par value per share, 300,000,000 shares authorized, 154,024,945 and 151,272,969 shares issued and outstanding in 2022 and 2021, respectively | 154,025 | 151,273 | |||||||||
Additional paid-in capital | 5,627,133 | 5,549,308 | |||||||||
Treasury stock at cost, 2,584,933 shares in 2022 and 2021 | (148,473) | (148,473) | |||||||||
Distributions in excess of cumulative net income | (1,020,590) | (985,338) | |||||||||
Total stockholders' investment | 4,612,095 | 4,566,770 | |||||||||
Nonredeemable noncontrolling interests | 20,600 | 33,630 | |||||||||
Total equity | 4,632,695 | 4,600,400 | |||||||||
Total liabilities and equity | $ | 7,380,124 | $ | 7,312,034 | |||||||
See accompanying notes. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental property revenues | $ | 183,174 | $ | 181,766 | $ | 366,401 | $ | 366,573 | |||||||||||||||
Fee income | 2,305 | 4,803 | 3,693 | 9,332 | |||||||||||||||||||
Other | 201 | 68 | 2,484 | 282 | |||||||||||||||||||
185,680 | 186,637 | 372,578 | 376,187 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Rental property operating expenses | 62,216 | 63,716 | 127,093 | 130,111 | |||||||||||||||||||
Reimbursed expenses | 677 | 398 | 1,037 | 766 | |||||||||||||||||||
General and administrative expenses | 6,996 | 7,313 | 15,059 | 14,046 | |||||||||||||||||||
Interest expense | 16,549 | 16,656 | 32,074 | 33,864 | |||||||||||||||||||
Depreciation and amortization | 69,861 | 71,456 | 140,605 | 142,326 | |||||||||||||||||||
Other | 425 | 824 | 646 | 1,414 | |||||||||||||||||||
156,724 | 160,363 | 316,514 | 322,527 | ||||||||||||||||||||
Income from unconsolidated joint ventures | 5,280 | 1,795 | 6,404 | 3,698 | |||||||||||||||||||
Gain on sales of investments in unconsolidated joint ventures | — | — | — | 39 | |||||||||||||||||||
Gain (loss) on investment property transactions | 28 | (9) | (41) | (26) | |||||||||||||||||||
Loss on extinguishment of debt | (100) | — | (100) | — | |||||||||||||||||||
Net income | 34,164 | 28,060 | 62,327 | 57,371 | |||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | (112) | 93 | (291) | (108) | |||||||||||||||||||
Net income available to common stockholders | $ | 34,052 | $ | 28,153 | $ | 62,036 | $ | 57,263 | |||||||||||||||
Net income per common share — basic and diluted | $ | 0.23 | $ | 0.19 | $ | 0.42 | $ | 0.39 | |||||||||||||||
Weighted average shares — basic | 148,837 | 148,665 | 148,788 | 148,644 | |||||||||||||||||||
Weighted average shares — diluted | 149,142 | 148,740 | 149,090 | 148,716 | |||||||||||||||||||
See accompanying notes. | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Rental property revenues | $ | 109,569 | $ | 46,575 | $ | 336,093 | $ | 138,382 | |||||||
Fee income | 2,597 | 1,945 | 6,387 | 5,968 | |||||||||||
Other | 993 | 153 | 9,593 | 570 | |||||||||||
113,159 | 48,673 | 352,073 | 144,920 | ||||||||||||
Expenses: | |||||||||||||||
Rental property operating expenses | 40,688 | 18,122 | 123,715 | 55,451 | |||||||||||
Reimbursed expenses | 895 | 795 | 2,667 | 2,463 | |||||||||||
General and administrative expenses | 7,193 | 4,368 | 21,993 | 17,301 | |||||||||||
Interest expense | 7,587 | 5,754 | 25,851 | 16,562 | |||||||||||
Depreciation and amortization | 47,622 | 16,622 | 152,546 | 49,804 | |||||||||||
Acquisition and transaction costs | (677 | ) | 1,446 | 1,499 | 3,889 | ||||||||||
Other | 423 | 173 | 1,063 | 681 | |||||||||||
103,731 | 47,280 | 329,334 | 146,151 | ||||||||||||
Gain on extinguishment of debt | 429 | — | 2,258 | — | |||||||||||
Income (loss) from continuing operations before unconsolidated joint ventures and gain (loss) on sale of investment properties | 9,857 | 1,393 | 24,997 | (1,231 | ) | ||||||||||
Income from unconsolidated joint ventures | 2,461 | 1,527 | 43,362 | 5,144 | |||||||||||
Income from continuing operations before gain (loss) on sale of investment properties | 12,318 | 2,920 | 68,359 | 3,913 | |||||||||||
Gain (loss) on sale of investment properties | (33 | ) | — | 119,729 | 13,944 | ||||||||||
Income from continuing operations | 12,285 | 2,920 | 188,088 | 17,857 | |||||||||||
Income from discontinued operations | — | 8,737 | — | 24,361 | |||||||||||
Net income | 12,285 | 11,657 | 188,088 | 42,218 | |||||||||||
Net income attributable to noncontrolling interests | (218 | ) | — | (3,181 | ) | — | |||||||||
Net income available to common stockholders | $ | 12,067 | $ | 11,657 | $ | 184,907 | $ | 42,218 | |||||||
Per common share information — basic and diluted: | |||||||||||||||
Income from continuing operations | $ | 0.03 | $ | 0.01 | $ | 0.45 | $ | 0.08 | |||||||
Income from discontinued operations | — | 0.05 | — | 0.12 | |||||||||||
Net income | $ | 0.03 | $ | 0.06 | $ | 0.45 | $ | 0.20 | |||||||
Weighted average shares — basic | 419,998 | 210,170 | 414,123 | 210,400 | |||||||||||
Weighted average shares — diluted | 427,300 | 210,326 | 421,954 | 210,528 | |||||||||||
Dividends declared per common share | $ | 0.06 | $ | 0.08 | $ | 0.24 | $ | 0.24 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Treasury Stock | Distributions in Excess of Net Income | Stockholders’ Investment | Nonredeemable Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2022 | $ | 151,349 | $ | 5,550,718 | $ | (148,473) | $ | (1,005,951) | $ | 4,547,643 | $ | 35,002 | $ | 4,582,645 | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 34,052 | 34,052 | 112�� | 34,164 | |||||||||||||||||||||||||||||||||||||||||||
Common stock issued under the ATM, net of issuance costs | 2,632 | 100,475 | — | — | 103,107 | — | 103,107 | |||||||||||||||||||||||||||||||||||||||||||
Common stock issued pursuant to stock-based compensation | 44 | 1,496 | — | — | 1,540 | — | 1,540 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of stock based compensation, net of forfeitures | — | 2,082 | — | 4 | 2,086 | — | 2,086 | |||||||||||||||||||||||||||||||||||||||||||
Purchase of interest in consolidated joint venture | — | (27,638) | — | — | (27,638) | (15,749) | (43,387) | |||||||||||||||||||||||||||||||||||||||||||
Contributions from nonredeemable noncontrolling interests | — | — | — | — | — | 1,241 | 1,241 | |||||||||||||||||||||||||||||||||||||||||||
Distributions to nonredeemable noncontrolling interests | — | — | — | — | — | (6) | (6) | |||||||||||||||||||||||||||||||||||||||||||
Common dividends ($0.32 per share) | — | — | — | (48,695) | (48,695) | — | (48,695) | |||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2022 | $ | 154,025 | $ | 5,627,133 | $ | (148,473) | $ | (1,020,590) | $ | 4,612,095 | $ | 20,600 | $ | 4,632,695 | ||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Treasury Stock | Distributions in Excess of Net Income | Stockholders’ Investment | Nonredeemable Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2021 | $ | 151,240 | $ | 5,543,549 | $ | (148,473) | $ | (1,095,361) | $ | 4,450,955 | $ | 30,293 | $ | 4,481,248 | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 28,153 | 28,153 | (93) | 28,060 | |||||||||||||||||||||||||||||||||||||||||||
Common stock issued pursuant to stock based compensation | 35 | 1,300 | — | — | 1,335 | — | 1,335 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation, net of forfeitures | (2) | 1,487 | — | — | 1,485 | — | 1,485 | |||||||||||||||||||||||||||||||||||||||||||
Contributions from nonredeemable noncontrolling interests | — | — | — | — | — | 1,687 | 1,687 | |||||||||||||||||||||||||||||||||||||||||||
Distributions to nonredeemable noncontrolling interests | — | — | — | — | — | (346) | (346) | |||||||||||||||||||||||||||||||||||||||||||
Common dividends ($0.31 per share) | — | — | — | (46,065) | (46,065) | — | (46,065) | |||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2021 | $ | 151,273 | $ | 5,546,336 | $ | (148,473) | $ | (1,113,273) | $ | 4,435,863 | $ | 31,541 | $ | 4,467,404 | ||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-In Capital | Treasury Stock | Distributions in Excess of Net Income | Stockholders’ Investment | Nonredeemable Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||
Balance December 31, 2016 | $ | 6,867 | $ | 403,747 | $ | 3,407,430 | $ | (148,373 | ) | $ | (1,214,114 | ) | $ | 2,455,557 | $ | 58,683 | $ | 2,514,240 | ||||||||||||||
Net income | — | — | — | — | 184,907 | 184,907 | 3,181 | 188,088 | ||||||||||||||||||||||||
Common stock issued pursuant to: | ||||||||||||||||||||||||||||||||
Common stock offering, net of issuance costs | — | 25,000 | 186,774 | — | — | 211,774 | — | 211,774 | ||||||||||||||||||||||||
Director stock grants | — | 121 | 889 | — | — | 1,010 | — | 1,010 | ||||||||||||||||||||||||
Stock based compensation | — | 282 | (1,168 | ) | — | — | (886 | ) | — | (886 | ) | |||||||||||||||||||||
Spin-off of Parkway, Inc. | — | — | — | — | 545 | 545 | — | 545 | ||||||||||||||||||||||||
Common stock redemption by unit holders | — | 1,203 | 8,865 | — | — | 10,068 | (10,068 | ) | — | |||||||||||||||||||||||
Amortization of stock options and restricted stock, net of forfeitures | — | (3 | ) | 1,479 | — | — | 1,476 | — | 1,476 | |||||||||||||||||||||||
Contributions from nonredeemable noncontrolling interest | — | — | — | — | — | — | 1,588 | 1,588 | ||||||||||||||||||||||||
Distributions to nonredeemable noncontrolling interest | — | — | — | — | — | — | (1,364 | ) | (1,364 | ) | ||||||||||||||||||||||
Common dividends ($0.24 per share) | — | — | — | — | (99,151 | ) | (99,151 | ) | — | (99,151 | ) | |||||||||||||||||||||
Balance September 30, 2017 | $ | 6,867 | $ | 430,350 | $ | 3,604,269 | $ | (148,373 | ) | $ | (1,127,813 | ) | $ | 2,765,300 | $ | 52,020 | $ | 2,817,320 | ||||||||||||||
Balance December 31, 2015 | $ | — | $ | 220,256 | $ | 1,722,224 | $ | (134,630 | ) | $ | (124,435 | ) | $ | 1,683,415 | $ | — | $ | 1,683,415 | ||||||||||||||
Net income | — | — | — | — | 42,218 | 42,218 | — | 42,218 | ||||||||||||||||||||||||
Common stock issued pursuant to stock based compensation | — | 257 | 76 | — | — | 333 | — | 333 | ||||||||||||||||||||||||
Amortization of stock options and restricted stock, net of forfeitures | — | (14 | ) | 1,252 | — | — | 1,238 | — | 1,238 | |||||||||||||||||||||||
Contributions from nonredeemable noncontrolling interests | — | — | — | — | — | — | 2,525 | 2,525 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | — | (13,743 | ) | — | (13,743 | ) | — | (13,743 | ) | |||||||||||||||||||||
Common dividends ($0.24 per share) | — | — | — | — | (50,549 | ) | (50,549 | ) | — | (50,549 | ) | |||||||||||||||||||||
Balance September 30, 2016 | $ | — | $ | 220,499 | $ | 1,723,552 | $ | (148,373 | ) | $ | (132,766 | ) | $ | 1,662,912 | $ | 2,525 | $ | 1,665,437 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Treasury Stock | Distributions in Excess of Net Income | Stockholders’ Investment | Nonredeemable Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2021 | $ | 151,273 | $ | 5,549,308 | $ | (148,473) | $ | (985,338) | $ | 4,566,770 | $ | 33,630 | $ | 4,600,400 | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 62,036 | 62,036 | 291 | 62,327 | |||||||||||||||||||||||||||||||||||||||||||
Common stock issued under the ATM, net of issuance costs | 2,632 | 100,475 | — | — | 103,107 | — | 103,107 | |||||||||||||||||||||||||||||||||||||||||||
Common stock issued pursuant to stock based compensation | 120 | 490 | — | — | 610 | — | 610 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation, net of forfeitures | — | 4,498 | — | 4 | 4,502 | — | 4,502 | |||||||||||||||||||||||||||||||||||||||||||
Purchase of interest in consolidated joint venture | — | (27,638) | — | — | (27,638) | (15,749) | (43,387) | |||||||||||||||||||||||||||||||||||||||||||
Contributions from nonredeemable noncontrolling interests | — | — | — | — | — | 2,520 | 2,520 | |||||||||||||||||||||||||||||||||||||||||||
Distributions to nonredeemable noncontrolling interests | — | — | — | — | — | (92) | (92) | |||||||||||||||||||||||||||||||||||||||||||
Common dividends ($0.64 per share) | — | — | — | (97,292) | (97,292) | — | (97,292) | |||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2022 | $ | 154,025 | $ | 5,627,133 | $ | (148,473) | $ | (1,020,590) | $ | 4,612,095 | $ | 20,600 | $ | 4,632,695 | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Treasury Stock | Distributions in Excess of Net Income | Stockholders’ Investment | Nonredeemable Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2020 | $ | 151,149 | $ | 5,542,762 | $ | (148,473) | $ | (1,078,304) | $ | 4,467,134 | $ | 28,404 | $ | 4,495,538 | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 57,263 | 57,263 | 108 | 57,371 | |||||||||||||||||||||||||||||||||||||||||||
Common stock issued pursuant to stock-based compensation | 126 | 426 | — | — | 552 | — | 552 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures | (2) | 3,148 | — | — | 3,146 | — | 3,146 | |||||||||||||||||||||||||||||||||||||||||||
Contributions from nonredeemable noncontrolling interests | — | — | — | — | — | 3,382 | 3,382 | |||||||||||||||||||||||||||||||||||||||||||
Distributions to nonredeemable noncontrolling interests | — | — | — | — | — | (353) | (353) | |||||||||||||||||||||||||||||||||||||||||||
Common dividends ($0.62 per share) | — | — | — | (92,232) | (92,232) | — | (92,232) | |||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2021 | $ | 151,273 | $ | 5,546,336 | $ | (148,473) | $ | (1,113,273) | $ | 4,435,863 | $ | 31,541 | $ | 4,467,404 | ||||||||||||||||||||||||||||||||||||
See accompanying notes. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 188,088 | $ | 42,218 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Gain on sale of investment properties | (119,729 | ) | (13,944 | ) | |||
Depreciation and amortization, including discontinued operations | 152,546 | 96,192 | |||||
Amortization of deferred financing costs and premium/discount on notes payable | (2,543 | ) | 1,063 | ||||
Stock-based compensation expense, net of forfeitures | 2,486 | 1,571 | |||||
Effect of certain non-cash adjustments to rental revenues | (33,379 | ) | (15,966 | ) | |||
Income from unconsolidated joint ventures | (43,362 | ) | (5,144 | ) | |||
Operating distributions from unconsolidated joint ventures | 40,207 | 5,893 | |||||
Gain on extinguishment of debt | (2,258 | ) | — | ||||
Changes in other operating assets and liabilities: | |||||||
Change in other receivables and other assets, net | 9,707 | 1,824 | |||||
Change in operating liabilities | 3,150 | 5,544 | |||||
Net cash provided by operating activities | 194,913 | 119,251 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Proceeds from investment property sales | 171,316 | 21,088 | |||||
Property acquisition, development, and tenant asset expenditures | (229,811 | ) | (122,357 | ) | |||
Purchase of tenant in common interest | (13,382 | ) | — | ||||
Collection of notes receivable | 5,161 | — | |||||
Investment in unconsolidated joint ventures | (13,862 | ) | (24,918 | ) | |||
Distributions from unconsolidated joint ventures | 40,939 | 4,150 | |||||
Change in notes receivable and other assets | (1,348 | ) | (5,699 | ) | |||
Change in restricted cash | 15,105 | (3,667 | ) | ||||
Net cash used in investing activities | (25,882 | ) | (131,403 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from credit facility | 589,300 | 182,800 | |||||
Repayment of credit facility | (723,300 | ) | (274,800 | ) | |||
Proceeds from issuance of notes payable | 350,000 | 270,000 | |||||
Repayment of notes payable | (493,774 | ) | (7,239 | ) | |||
Payment of deferred financing costs | (2,048 | ) | (1,604 | ) | |||
Shares withheld for payment of taxes on restricted stock vesting | (701 | ) | — | ||||
Common stock issued, net of expenses | 211,598 | — | |||||
Contributions from noncontrolling interests | 1,588 | 2,525 | |||||
Distributions to nonredeemable noncontrolling interests | (1,364 | ) | — | ||||
Repurchase of common stock | — | (13,743 | ) | ||||
Common dividends paid | (73,950 | ) | (50,549 | ) | |||
Other | 100 | — | |||||
Net cash provided by (used in) financing activities | (142,551 | ) | 107,390 | ||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 26,480 | 95,238 | |||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 35,687 | 2,003 | |||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 62,167 | $ | 97,241 | |||
Interest paid, net of amounts capitalized | $ | 26,927 | $ | 20,792 | |||
Significant non-cash transactions: | |||||||
Transfer from operating properties to real estate assets and other assets held for sale | $ | — | $ | 203,735 | |||
Transfer from operating properties to liabilities of real estate assets held for sale | — | 106,135 | |||||
Transfer from investment in unconsolidated joint ventures to operating properties | 68,390 | — | |||||
Transfer from projects under development to operating properties | 58,928 | — | |||||
Common stock dividends declared | 25,201 | — | |||||
Transfer from investment in unconsolidated joint ventures to projects under development | — | 5,880 | |||||
Transfer from land held to projects under development | — | 8,099 | |||||
Change in accrued property acquisition, development, and tenant asset expenditures | (18,081 | ) | (11,384 | ) |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 62,327 | $ | 57,371 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Gain on sales of investment in unconsolidated joint ventures | — | (39) | |||||||||
Loss on investment property transactions | 41 | 26 | |||||||||
Depreciation and amortization | 140,605 | 142,326 | |||||||||
Amortization of deferred financing costs and premium on notes payable | (130) | (272) | |||||||||
Equity-classified stock-based compensation expense, net of forfeitures | 5,292 | 4,487 | |||||||||
Effect of non-cash adjustments to rental revenues | (17,961) | (18,378) | |||||||||
Income from unconsolidated joint ventures | (6,404) | (3,698) | |||||||||
Operating distributions from unconsolidated joint ventures | 3,161 | 7,677 | |||||||||
Loss on extinguishment of debt | 100 | — | |||||||||
Changes in other operating assets and liabilities: | |||||||||||
Change in receivables and other assets, net | (2,463) | (3,383) | |||||||||
Change in operating liabilities, net | (26,879) | (18,427) | |||||||||
Net cash provided by operating activities | 157,689 | 167,690 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from investment property sales, net | — | 127,023 | |||||||||
Proceeds from sale of interest in unconsolidated joint ventures, net | — | 43 | |||||||||
Property acquisition, development, and tenant asset expenditures | (172,206) | (116,009) | |||||||||
Return of capital distributions from unconsolidated joint venture | 10,752 | 25,955 | |||||||||
Contributions to unconsolidated joint ventures | (31,892) | (656) | |||||||||
Net cash provided by (used in) investing activities | (193,346) | 36,356 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from credit facility | 269,500 | 192,000 | |||||||||
Repayment of credit facility | (192,000) | (392,400) | |||||||||
Repayment of notes payable | (8,436) | (8,102) | |||||||||
Common stock issued under the ATM | 101,668 | — | |||||||||
Payment of deferred financing costs | (5,299) | (3,014) | |||||||||
Contributions from nonredeemable noncontrolling interests | 2,520 | 3,382 | |||||||||
Distributions to nonredeemable noncontrolling interests | (92) | (353) | |||||||||
Common dividends paid | (93,697) | (90,649) | |||||||||
Purchase of partners' interest in consolidated joint venture | (43,387) | — | |||||||||
Issuance of term loan | — | 350,000 | |||||||||
Repayment of term loan | — | (250,000) | |||||||||
Net cash provided by (used in) financing activities | 30,777 | (199,136) | |||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (4,880) | 4,910 | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 10,168 | 6,138 | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ | 5,288 | $ | 11,048 |
Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | |||||||
Rental property revenues | $ | 46,046 | $ | 133,450 | ||||
Rental property operating expenses | (19,638 | ) | (56,598 | ) | ||||
Other revenues | — | 288 | ||||||
Interest expense | (1,956 | ) | (5,896 | ) | ||||
Depreciation and amortization | (15,221 | ) | (46,389 | ) | ||||
Acquisition and transaction costs | (494 | ) | (494 | ) | ||||
Income from discontinued operations | $ | 8,737 | $ | 24,361 | ||||
Cash provided by operating activities | $ | 26,589 | $ | 43,601 | ||||
Cash used in investing activities | $ | (11,130 | ) | $ | (29,242 | ) |
Total Assets | Total Debt | Total Equity | Company’s Investment | |||||||||||||||||||||||||||||
SUMMARY OF FINANCIAL POSITION: | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
Terminus Office Holdings | $ | 268,531 | $ | 268,242 | $ | 204,390 | $ | 207,545 | $ | 50,633 | $ | 49,476 | $ | 26,204 | $ | 25,686 | ||||||||||||||||
EP I LLC | 1,517 | 78,537 | — | 58,029 | 1,269 | 18,962 | 738 | 18,551 | ||||||||||||||||||||||||
EP II LLC | 392 | 67,754 | — | 44,969 | 296 | 21,743 | 130 | 17,606 | ||||||||||||||||||||||||
Charlotte Gateway Village, LLC | 129,109 | 119,054 | — | — | 124,012 | 116,809 | 15,397 | 11,796 | ||||||||||||||||||||||||
HICO Victory Center LP | 14,294 | 14,124 | — | — | 14,290 | 13,869 | 9,695 | 9,506 | ||||||||||||||||||||||||
Carolina Square Holdings LP | 102,370 | 66,922 | 62,180 | 23,741 | 34,080 | 34,173 | 18,843 | 18,325 | ||||||||||||||||||||||||
CL Realty, L.L.C. | 8,287 | 8,047 | — | — | 8,156 | 7,899 | 2,852 | 3,644 | ||||||||||||||||||||||||
DC Charlotte Plaza LLLP | 39,156 | 17,940 | — | — | 34,255 | 17,073 | 17,475 | 8,937 | ||||||||||||||||||||||||
Temco Associates, LLC | 4,426 | 4,368 | — | — | 4,323 | 4,253 | 864 | 829 | ||||||||||||||||||||||||
Wildwood Associates | 16,368 | 16,351 | — | — | 16,227 | 16,314 | (1,186 | ) | (1) | (1,143 | ) | (1) | ||||||||||||||||||||
Crawford Long - CPI, LLC | 28,621 | 27,523 | 71,690 | 72,822 | (44,787 | ) | (45,928 | ) | (21,296 | ) | (1) | (21,866 | ) | (1) | ||||||||||||||||||
111 West Rio Building | — | 59,399 | — | 12,852 | — | 32,855 | — | 52,206 | ||||||||||||||||||||||||
Courvoisier Centre JV, LLC | 182,262 | 172,197 | 106,500 | 106,500 | 68,480 | 69,479 | 11,719 | 11,782 | ||||||||||||||||||||||||
HICO Avalon II, LLC | 987 | — | — | — | 532 | — | 4,366 | — | ||||||||||||||||||||||||
AMCO 120 WT Holdings, LLC | 13,286 | 10,446 | — | — | 12,678 | 9,136 | 939 | 184 | ||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | 345 | ||||||||||||||||||||||||
$ | 809,606 | $ | 930,904 | $ | 444,760 | $ | 526,458 | $ | 324,444 | $ | 366,113 | $ | 86,740 | $ | 156,388 |
SUMMARY OF FINANCIAL POSITION | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | Total Debt | Total Equity (Deficit) | Company's Investment | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Operating Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
AMCO 120 WT Holdings, LLC | $ | 83,357 | $ | 83,546 | $ | — | $ | — | $ | 81,795 | $ | 82,739 | $ | 15,116 | $ | 15,347 | ||||||||||||||||||||||||||||||||||
Carolina Square Holdings LP | 109,891 | 113,011 | 132,012 | 132,654 | (36,021) | (34,066) | (16,927) | (1) | (15,786) | (1) | ||||||||||||||||||||||||||||||||||||||||
Crawford Long - CPI, LLC | 25,564 | 24,709 | 63,744 | 64,566 | (39,897) | (40,221) | (19,235) | (1) | (19,356) | (1) | ||||||||||||||||||||||||||||||||||||||||
Under Development: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Neuhoff Holdings LLC | 248,003 | 133,691 | 43,648 | 28,390 | 162,511 | 93,218 | 83,805 | 47,529 | ||||||||||||||||||||||||||||||||||||||||||
Land: | ||||||||||||||||||||||||||||||||||||||||||||||||||
715 Ponce Holdings LLC | 8,274 | 8,150 | — | — | 8,248 | 8,150 | 4,219 | 4,165 | ||||||||||||||||||||||||||||||||||||||||||
HICO Victory Center LP | 150 | 16,421 | — | — | 150 | 15,962 | 75 | 10,723 | ||||||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | 518 | — | — | — | 11 | — | 47 | ||||||||||||||||||||||||||||||||||||||||||
$ | 475,239 | $ | 380,046 | $ | 239,404 | $ | 225,610 | $ | 176,786 | $ | 125,793 | $ | 67,053 | $ | 42,669 |
SUMMARY OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | Net Income (Loss) | Company's Income (Loss) from Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating Properties: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AMCO 120 WT Holdings, LLC | $ | 5,160 | $ | 4,140 | $ | 1,397 | $ | (116) | $ | 271 | $ | (29) | |||||||||||||||||||||||||||||||||||||||||
Carolina Square Holdings LP | 7,860 | 8,789 | 722 | 1,518 | 304 | 704 | |||||||||||||||||||||||||||||||||||||||||||||||
Crawford Long - CPI, LLC | 6,480 | 6,369 | 2,324 | 2,028 | 1,091 | 935 | |||||||||||||||||||||||||||||||||||||||||||||||
Under Development: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Neuhoff Holdings LLC | 69 | — | 58 | — | 29 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Land: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
715 Ponce Holdings LLC | 138 | — | 99 | — | 49 | — | |||||||||||||||||||||||||||||||||||||||||||||||
HICO Victory Center LP | 72 | 164 | 6,853 | 164 | 4,557 | 84 | |||||||||||||||||||||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 28 | 13,946 | (12) | 4,304 | 103 | 2,004 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 19,807 | $ | 33,408 | $ | 11,441 | $ | 7,898 | $ | 6,404 | $ | 3,698 |
Total Revenues | Net Income (Loss) | Company's Share of Income (Loss) | ||||||||||||||||||||||
SUMMARY OF OPERATIONS: | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Terminus Office Holdings | $ | 33,503 | $ | 31,630 | $ | 4,907 | $ | 3,874 | $ | 2,453 | $ | 1,937 | ||||||||||||
EP I LLC | 4,094 | 7,919 | 44,865 | 1,417 | 28,479 | 1,206 | ||||||||||||||||||
EP II LLC | 2,644 | 3,605 | 13,023 | (1,194 | ) | 9,768 | (1,043 | ) | ||||||||||||||||
Charlotte Gateway Village, LLC | 20,125 | 26,245 | 7,202 | 11,077 | 3,601 | 1,447 | ||||||||||||||||||
HICO Victory Center LP | 320 | 307 | 320 | 300 | 171 | 131 | ||||||||||||||||||
Carolina Square Holdings LP | 640 | — | (100 | ) | — | 19 | — | |||||||||||||||||
CL Realty, L.L.C. | 2,899 | 327 | 2,657 | 105 | 408 | 70 | ||||||||||||||||||
DC Charlotte Plaza LLLP | 2 | 47 | 2 | 45 | 1 | 24 | ||||||||||||||||||
Temco Associates, LLC | 144 | 180 | 70 | 83 | 35 | 122 | ||||||||||||||||||
Wildwood Associates | — | — | (86 | ) | (106 | ) | (43 | ) | (53 | ) | ||||||||||||||
Crawford Long - CPI, LLC | 9,017 | 9,101 | 2,285 | 2,005 | 1,142 | 1,003 | ||||||||||||||||||
111 West Rio Building | — | — | — | — | (2,592 | ) | — | |||||||||||||||||
Courvoisier Centre JV, LLC | 12,701 | — | (1,000 | ) | — | (80 | ) | — | ||||||||||||||||
HICO Avalon II, LLC | — | — | (68 | ) | — | — | — | |||||||||||||||||
AMCO 120 WT Holdings, LLC | — | — | (22 | ) | — | — | — | |||||||||||||||||
Other | — | — | — | — | — | 300 | ||||||||||||||||||
$ | 86,089 | $ | 79,361 | $ | 74,055 | $ | 17,606 | $ | 43,362 | $ | 5,144 |
2022 | 2021 | |||||||||||||
In-place leases, net of accumulated amortization of $129,933 and $134,930 in 2022 and 2021, respectively | $ | 115,148 | $ | 129,538 | ||||||||||
Below-market ground lease, net of accumulated amortization of $1,660 and $1,449 in 2022 and 2021, respectively | 17,593 | 17,804 | ||||||||||||
Above-market rents, net of accumulated amortization of $24,097 and $25,423 in 2022 and 2021, respectively | 17,135 | 19,537 | ||||||||||||
Goodwill | 1,674 | 1,674 | ||||||||||||
$ | 151,550 | $ | 168,553 |
September 30, 2017 | December 31, 2016 | |||||||
In-place leases, net of accumulated amortization of $85,806 and $46,899 in 2017 and 2016, respectively | $ | 158,395 | $ | 185,251 | ||||
Above-market tenant leases, net of accumulated amortization of $12,981 and $6,515 in 2017 and 2016, respectively | 33,580 | 40,260 | ||||||
Below-market ground lease, net of accumulated amortization of $276 and $69 in 2017 and 2016, respectively | 18,137 | 18,344 | ||||||
Goodwill | 1,674 | 1,674 | ||||||
$ | 211,786 | $ | 245,529 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Beginning balance | $ | 1,674 | $ | 3,647 | |||
Allocated to property sales | — | (21 | ) | ||||
Ending balance | $ | 1,674 | $ | 3,626 |
2022 | 2021 | |||||||||||||
Below-market rents, net of accumulated amortization of $48,426 and $55,079 in 2022 and 2021, respectively | $ | 57,327 | $ | 63,223 | ||||||||||
In-Place Leases | Below-Market Ground Lease | Above-Market Rents | Below-Market Rents | ||||||||||||||||||||||||||
2022 (six months) | $ | 12,775 | $ | 200 | $ | 2,144 | $ | (5,116) | |||||||||||||||||||||
2023 | 23,101 | 400 | 3,771 | (9,629) | |||||||||||||||||||||||||
2024 | 19,116 | 400 | 3,009 | (8,908) | |||||||||||||||||||||||||
2025 | 15,387 | 400 | 2,015 | (8,347) | |||||||||||||||||||||||||
2026 | 12,097 | 400 | 1,592 | (6,594) | |||||||||||||||||||||||||
Thereafter | 32,672 | 15,793 | 4,604 | (18,733) | |||||||||||||||||||||||||
$ | 115,148 | $ | 17,593 | $ | 17,135 | $ | (57,327) |
September 30, 2017 | December 31, 2016 | |||||||
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $24,008 and $23,135 in 2017 and 2016, respectively | $ | 14,849 | $ | 15,773 | ||||
Lease inducements, net of accumulated amortization of $892 and $1,278 in 2017 and 2016, respectively | 2,049 | 2,517 | ||||||
Prepaid expenses and other assets | 9,764 | 8,432 | ||||||
Line of credit deferred financing costs, net of accumulated amortization of $2,905 and $2,264 in 2017 and 2016, respectively | 1,428 | 2,182 | ||||||
Predevelopment costs and earnest money | 80 | 179 | ||||||
$ | 28,170 | $ | 29,083 |
2022 | 2021 | |||||||||||||
Predevelopment costs | $ | 28,595 | $ | 20,677 | ||||||||||
Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $20,198 and $18,560 in 2022 and 2021, respectively | 12,536 | 13,772 | ||||||||||||
Prepaid expenses and other assets | 11,333 | 6,998 | ||||||||||||
Lease inducements, net of accumulated amortization of $4,399 and $3,721 in 2022 and 2021, respectively | 6,851 | 5,735 | ||||||||||||
Credit Facility deferred financing costs, net of accumulated amortization of $6,734 and $5,976 in 2022 and 2021, respectively | 5,900 | 1,507 | ||||||||||||
$ | 65,215 | $ | 48,689 |
Description | Interest Rate (1) | Maturity (2) | 2022 | 2021 | ||||||||||||||||||||||
Unsecured Notes: | ||||||||||||||||||||||||||
Term Loan, Unsecured | 2.63% | 2024 | $ | 350,000 | $ | 350,000 | ||||||||||||||||||||
Credit Facility, Unsecured | 2.40% | 2027 | 306,000 | 228,500 | ||||||||||||||||||||||
2019 Senior Notes, Unsecured | 3.95% | 2029 | 275,000 | 275,000 | ||||||||||||||||||||||
2017 Senior Notes, Unsecured | 3.91% | 2025 | 250,000 | 250,000 | ||||||||||||||||||||||
2019 Senior Notes, Unsecured | 3.86% | 2028 | 250,000 | 250,000 | ||||||||||||||||||||||
2019 Senior Notes, Unsecured | 3.78% | 2027 | 125,000 | 125,000 | ||||||||||||||||||||||
2017 Senior Notes, Unsecured | 4.09% | 2027 | 100,000 | 100,000 | ||||||||||||||||||||||
1,656,000 | 1,578,500 | |||||||||||||||||||||||||
Secured Mortgage Notes: | ||||||||||||||||||||||||||
Fifth Third Center | 3.37% | 2026 | 131,934 | 133,672 | ||||||||||||||||||||||
Colorado Tower | 3.45% | 2026 | 110,862 | 112,150 | ||||||||||||||||||||||
Terminus 100 | 5.25% | 2023 | 109,953 | 111,678 | ||||||||||||||||||||||
Promenade Tower | 4.27% | 2022 | 87,224 | 89,052 | ||||||||||||||||||||||
Domain 10 | 3.75% | 2024 | 75,475 | 76,412 | ||||||||||||||||||||||
Terminus 200 | 3.79% | 2023 | 71,640 | 72,561 | ||||||||||||||||||||||
Legacy Union One | 4.24% | 2023 | 66,000 | 66,000 | ||||||||||||||||||||||
653,088 | 661,525 | |||||||||||||||||||||||||
$ | 2,309,088 | $ | 2,240,025 | |||||||||||||||||||||||
Unamortized premium | 1,995 | 3,910 | ||||||||||||||||||||||||
Unamortized loan costs | (5,446) | (6,426) | ||||||||||||||||||||||||
Total Notes Payable | $ | 2,305,637 | $ | 2,237,509 |
Description | Interest Rate | Maturity | September 30, 2017 | December 31, 2016 | |||||||||
Term Loan, Unsecured | 2.43 | % | 2021 | $ | 250,000 | $ | 250,000 | ||||||
Senior Notes, Unsecured | 3.91 | % | 2025 | 250,000 | — | ||||||||
Fifth Third Center | 3.37 | % | 2026 | 147,306 | 149,516 | ||||||||
Colorado Tower | 3.45 | % | 2026 | 120,000 | 120,000 | ||||||||
Promenade | 4.27 | % | 2022 | 103,113 | 105,342 | ||||||||
Senior Notes, Unsecured | 4.09 | % | 2027 | 100,000 | — | ||||||||
816 Congress | 3.75 | % | 2024 | 83,702 | 84,872 | ||||||||
Meridian Mark Plaza | 6.00 | % | 2020 | 24,162 | 24,522 | ||||||||
The Pointe | 4.01 | % | 2019 | 22,620 | 22,945 | ||||||||
Credit Facility, Unsecured | 2.33 | % | 2019 | — | 134,000 | ||||||||
3344 Peachtree | 4.75 | % | 2017 | — | 78,971 | ||||||||
One Eleven Congress | 6.08 | % | 2017 | — | 128,000 | ||||||||
The ACS Center | 6.45 | % | 2017 | — | 127,508 | ||||||||
San Jacinto Center | 6.05 | % | 2017 | — | 101,000 | ||||||||
Two Buckhead Plaza | 6.43 | % | 2017 | — | 52,000 | ||||||||
1,100,903 | 1,378,676 | ||||||||||||
Unamortized premium, net | 270 | 6,792 | |||||||||||
Unamortized loan costs | (5,996 | ) | (4,548 | ) | |||||||||
Total Notes Payable | $ | 1,095,177 | $ | 1,380,920 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Total interest incurred | $ | 20,140 | $ | 18,075 | $ | 39,116 | $ | 36,595 | |||||||||||||||||||||||||||
Interest capitalized | (3,591) | (1,419) | (7,042) | (2,731) | |||||||||||||||||||||||||||||||
Total interest expense | $ | 16,549 | $ | 16,656 | $ | 32,074 | $ | 33,864 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Total interest incurred | $ | 10,288 | $ | 8,939 | $ | 32,360 | $ | 25,446 | |||||||
Less interest - discontinued operations | — | (1,956 | ) | — | (5,896 | ) | |||||||||
Interest capitalized | (2,701 | ) | (1,229 | ) | (6,509 | ) | (2,988 | ) | |||||||
Total interest expense | $ | 7,587 | $ | 5,754 | $ | 25,851 | $ | 16,562 |
2022 | 2021 | |||||||||||||
Ground lease liability | $ | 49,386 | $ | 49,470 | ||||||||||
Prepaid rent | 31,307 | 37,174 | ||||||||||||
Security deposits | 13,831 | 12,875 | ||||||||||||
Restricted stock unit liability | 1,123 | 7,314 | ||||||||||||
Other liabilities | 5,175 | 5,031 | ||||||||||||
$ | 100,822 | $ | 111,864 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Equity-classified awards: | ||||||||||||||||||||||||||
Restricted stock | $ | 789 | $ | 682 | $ | 1,569 | $ | 1,314 | ||||||||||||||||||
Market-based RSUs | 936 | 586 | 2,148 | 1,359 | ||||||||||||||||||||||
Performance-based RSUs | 312 | 218 | 684 | 474 | ||||||||||||||||||||||
Director grants | 369 | 223 | 701 | 229 | ||||||||||||||||||||||
Employee Stock Purchase Plan | 42 | — | 94 | — | ||||||||||||||||||||||
Total equity-classified award expense, net of forfeitures | 2,448 | 1,709 | 5,196 | 3,376 | ||||||||||||||||||||||
Liability-classified awards | ||||||||||||||||||||||||||
Time-vested RSUs | (152) | 211 | (20) | 373 | ||||||||||||||||||||||
Dividend equivalent units | 4 | 26 | 19 | 52 | ||||||||||||||||||||||
Market-based RSUs | — | 657 | — | 770 | ||||||||||||||||||||||
Performance-based RSUs | — | 151 | — | 257 | ||||||||||||||||||||||
Total liability-classified award expense, net of forfeitures | (148) | 1,045 | (1) | 1,452 | ||||||||||||||||||||||
Total stock-based compensation expense, net of forfeitures | $ | 2,300 | $ | 2,754 | $ | 5,195 | $ | 4,828 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Earnings per common share - basic: | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | 34,164 | $ | 28,060 | $ | 62,327 | $ | 57,371 | |||||||||||||||
Net income attributable to noncontrolling interests in CPLP from continuing operations | (6) | (5) | (12) | (11) | |||||||||||||||||||
Net income attributable to other noncontrolling interests | (106) | 98 | (279) | (97) | |||||||||||||||||||
Net income available to common stockholders | $ | 34,052 | $ | 28,153 | $ | 62,036 | $ | 57,263 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares - basic | 148,837 | 148,665 | 148,788 | 148,644 | |||||||||||||||||||
Net income per common share - basic | $ | 0.23 | $ | 0.19 | $ | 0.42 | $ | 0.39 | |||||||||||||||
Earnings per common share - diluted: | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | 34,164 | $ | 28,060 | $ | 62,327 | $ | 57,371 | |||||||||||||||
Net income attributable to other noncontrolling interests | (106) | 98 | (279) | (97) | |||||||||||||||||||
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP | $ | 34,058 | $ | 28,158 | $ | 62,048 | $ | 57,274 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares - basic | 148,837 | 148,665 | 148,788 | 148,644 | |||||||||||||||||||
Add: | |||||||||||||||||||||||
Potential dilutive common shares - stock options | — | — | — | 2 | |||||||||||||||||||
Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price | 280 | 50 | 277 | 45 | |||||||||||||||||||
Weighted average units of CPLP convertible into common shares | 25 | 25 | 25 | 25 | |||||||||||||||||||
Weighted average common shares - diluted | 149,142 | 148,740 | 149,090 | 148,716 | |||||||||||||||||||
Net income per common share - diluted | $ | 0.23 | $ | 0.19 | $ | 0.42 | $ | 0.39 | |||||||||||||||
2022 | 2021 | ||||||||||
Interest paid | $ | 29,456 | $ | 34,159 | |||||||
Income taxes paid (1) | — | 155 | |||||||||
Non-Cash Activity: | |||||||||||
Transfers from projects under development to operating properties | 141,349 | — | |||||||||
Transfer from operating properties and related assets and liabilities to assets and liabilities of real estate assets held for sale | — | 249,365 | |||||||||
Common stock dividends declared and accrued | 48,522 | 46,152 | |||||||||
(1) This represents state income taxes paid in conjunction with gains from sales transactions. | |||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Cash and cash equivalents | $ | 4,057 | $ | 8,937 | |||||||
Restricted cash | 1,231 | 1,231 | |||||||||
Total cash, cash equivalents, and restricted cash | $ | 5,288 | $ | 10,168 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Earnings per Common Share - basic: | ||||||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations | $ | 12,285 | $ | 2,920 | $ | 188,088 | $ | 17,857 | ||||||||
Net income attributable to noncontrolling interests in CPLP from continuing operations | (213 | ) | — | (3,170 | ) | — | ||||||||||
Net income attributable to other noncontrolling interests | (5 | ) | — | (11 | ) | — | ||||||||||
Income from continuing operations available for common stockholders | 12,067 | 2,920 | 184,907 | 17,857 | ||||||||||||
Income from discontinued operations | — | 8,737 | — | 24,361 | ||||||||||||
Net income available for common stockholders | $ | 12,067 | $ | 11,657 | $ | 184,907 | $ | 42,218 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares - basic | 419,998 | 210,170 | 414,123 | 210,400 | ||||||||||||
Earnings per common share - basic: | ||||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.03 | $ | 0.01 | $ | 0.45 | $ | 0.08 | ||||||||
Income from discontinued operations available for common stockholders | — | 0.05 | — | 0.12 | ||||||||||||
Earnings per common share - basic | $ | 0.03 | $ | 0.06 | $ | 0.45 | $ | 0.20 | ||||||||
Earnings per common share - diluted: | ||||||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations | $ | 12,285 | $ | 2,920 | $ | 188,088 | $ | 17,857 | ||||||||
Net income attributable to other noncontrolling interests from continuing operations | (5 | ) | — | (11 | ) | — | ||||||||||
Income from continuing operations available for common stockholders before net income attributable to noncontrolling interests in CPLP | 12,280 | 2,920 | 188,077 | 17,857 | ||||||||||||
Income from discontinued operations available for common stockholders | — | 8,737 | — | 24,361 | ||||||||||||
Net income available for common stockholders before net income attributable to noncontrolling interests in CPLP | $ | 12,280 | $ | 11,657 | $ | 188,077 | $ | 42,218 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares - basic | 419,998 | 210,170 | 414,123 | 210,400 | ||||||||||||
Add: | ||||||||||||||||
Potential dilutive common shares - stock options | 328 | 156 | 320 | 128 | ||||||||||||
Weighted average units of CPLP convertible into common shares | 6,974 | — | 7,511 | — | ||||||||||||
Weighted average common shares - diluted | 427,300 | 210,326 | 421,954 | 210,528 | ||||||||||||
Earnings per common share - diluted: | ||||||||||||||||
Income from continuing operations available for common stockholders before net income attributable to noncontrolling interests in CPLP | $ | 0.03 | $ | 0.01 | $ | 0.45 | $ | 0.08 | ||||||||
Income from discontinued operations available for common stockholders | — | 0.05 | — | 0.12 | ||||||||||||
Earnings per common share - diluted | $ | 0.03 | $ | 0.06 | $ | 0.45 | $ | 0.20 | ||||||||
Weighted average anti-dilutive stock options outstanding | 731 | 1,103 | 740 | 1,110 |
Three Months Ended June 30, 2022 | Office | Non-Office | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Atlanta | $ | 68,860 | $ | 439 | $ | 69,299 | ||||||||||||||
Austin | 59,054 | — | 59,054 | |||||||||||||||||
Charlotte | 13,929 | 1,301 | 15,230 | |||||||||||||||||
Dallas | 4,132 | — | 4,132 | |||||||||||||||||
Phoenix | 13,533 | — | 13,533 | |||||||||||||||||
Tampa | 17,216 | — | 17,216 | |||||||||||||||||
Other markets | 7,622 | 1,180 | 8,802 | |||||||||||||||||
Total segment revenues | 184,346 | 2,920 | 187,266 | |||||||||||||||||
Less: Company's share of rental property revenues from unconsolidated joint ventures | (2,473) | (1,619) | (4,092) | |||||||||||||||||
Total rental property revenues | $ | 181,873 | $ | 1,301 | $ | 183,174 |
Three Months Ended September 30, 2017 | Office | Mixed-Use | Total | |||||||||
Net Operating Income: | ||||||||||||
Atlanta | $ | 25,247 | $ | — | $ | 25,247 | ||||||
Austin | 15,074 | — | 15,074 | |||||||||
Charlotte | 15,489 | — | 15,489 | |||||||||
Orlando | 3,356 | — | 3,356 | |||||||||
Tampa | 7,412 | — | 7,412 | |||||||||
Phoenix | 8,667 | — | 8,667 | |||||||||
Other | 525 | 45 | 570 | |||||||||
Total Net Operating Income | $ | 75,770 | $ | 45 | $ | 75,815 |
Three Months Ended June 30, 2021 | Office | Non-Office | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Atlanta | $ | 65,626 | $ | 396 | $ | 66,022 | ||||||||||||||
Austin | 59,677 | — | 59,677 | |||||||||||||||||
Charlotte | 21,884 | 591 | 22,475 | |||||||||||||||||
Dallas | 4,531 | — | 4,531 | |||||||||||||||||
Phoenix | 12,482 | — | 12,482 | |||||||||||||||||
Tampa | 14,165 | — | 14,165 | |||||||||||||||||
Other markets | 9,026 | 1,530 | 10,556 | |||||||||||||||||
Total segment revenues | 187,391 | 2,517 | 189,908 | |||||||||||||||||
Less: Company's share of rental property revenues from unconsolidated joint ventures | (6,216) | (1,926) | (8,142) | |||||||||||||||||
Total rental property revenues | $ | 181,175 | $ | 591 | $ | 181,766 |
Three Months Ended September 30, 2016 | Office | Mixed-Use | Total | |||||||||
Net Operating Income: | ||||||||||||
Houston | $ | 26,408 | $ | — | $ | 26,408 | ||||||
Atlanta | 22,593 | 1,753 | 24,346 | |||||||||
Austin | 6,023 | — | 6,023 | |||||||||
Charlotte | 4,905 | — | 4,905 | |||||||||
Other | (61 | ) | — | (61 | ) | |||||||
Total Net Operating Income | $ | 59,868 | $ | 1,753 | $ | 61,621 |
Nine Months Ended September 30, 2017 | Office | Mixed-Use | Total | |||||||||||||||||||||||||||||
Net Operating Income: | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | Office | Non-Office | Total | ||||||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||||||
Atlanta | $ | 84,437 | $ | 3,125 | $ | 87,562 | Atlanta | $ | 136,875 | $ | 861 | $ | 137,736 | |||||||||||||||||||
Austin | 44,113 | — | 44,113 | Austin | 120,278 | — | 120,278 | |||||||||||||||||||||||||
Charlotte | 46,117 | — | 46,117 | Charlotte | 27,433 | 2,286 | 29,719 | |||||||||||||||||||||||||
Orlando | 10,464 | — | 10,464 | |||||||||||||||||||||||||||||
Dallas | Dallas | 8,328 | — | 8,328 | ||||||||||||||||||||||||||||
Phoenix | Phoenix | 26,963 | — | 26,963 | ||||||||||||||||||||||||||||
Tampa | 21,700 | — | 21,700 | Tampa | 34,140 | — | 34,140 | |||||||||||||||||||||||||
Phoenix | 24,722 | — | 24,722 | |||||||||||||||||||||||||||||
Other | 1,374 | 45 | 1,419 | |||||||||||||||||||||||||||||
Total Net Operating Income | $ | 232,927 | $ | 3,170 | $ | 236,097 | ||||||||||||||||||||||||||
Other markets | Other markets | 14,949 | 2,539 | 17,488 | ||||||||||||||||||||||||||||
Total segment revenues | Total segment revenues | 368,966 | 5,686 | 374,652 | ||||||||||||||||||||||||||||
Less: Company's share of rental property revenues from unconsolidated joint ventures | Less: Company's share of rental property revenues from unconsolidated joint ventures | (4,851) | (3,400) | (8,251) | ||||||||||||||||||||||||||||
Total rental property revenues | Total rental property revenues | $ | 364,115 | $ | 2,286 | $ | 366,401 |
Six Months Ended June 30, 2021 | Office | Non-Office | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Atlanta | $ | 130,502 | $ | 670 | $ | 131,172 | ||||||||||||||
Austin | 117,710 | — | 117,710 | |||||||||||||||||
Charlotte | 43,051 | 1,152 | 44,203 | |||||||||||||||||
Dallas | 9,014 | — | 9,014 | |||||||||||||||||
Phoenix | 25,220 | — | 25,220 | |||||||||||||||||
Tampa | 28,736 | — | 28,736 | |||||||||||||||||
Other markets | 23,123 | 2,775 | 25,898 | |||||||||||||||||
Total segment revenues | 377,356 | 4,597 | 381,953 | |||||||||||||||||
Less: Company's share of rental property revenues from unconsolidated joint ventures | (11,935) | (3,445) | (15,380) | |||||||||||||||||
Total rental property revenues | $ | 365,421 | $ | 1,152 | $ | 366,573 |
Three Months Ended June 30, 2022 | Office | Non-Office | Total | |||||||||||||||||
Net Operating Income: | ||||||||||||||||||||
Atlanta | $ | 46,506 | $ | 250 | $ | 46,756 | ||||||||||||||
Austin | 36,565 | — | 36,565 | |||||||||||||||||
Charlotte | 10,246 | 972 | 11,218 | |||||||||||||||||
Dallas | 3,191 | — | 3,191 | |||||||||||||||||
Phoenix | 9,868 | — | 9,868 | |||||||||||||||||
Tampa | 10,643 | — | 10,643 | |||||||||||||||||
Other markets | 4,145 | 665 | 4,810 | |||||||||||||||||
Total Net Operating Income | $ | 121,164 | $ | 1,887 | $ | 123,051 |
Nine Months Ended September 30, 2016 | Office | Mixed-Use | Total | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2021 | Office | Non-Office | Total | ||||||||||||||||||||||||||||
Net Operating Income: | Net Operating Income: | |||||||||||||||||||||||||||||||
Houston | $ | 76,851 | $ | — | $ | 76,851 | ||||||||||||||||||||||||||
Atlanta | 66,763 | 5,101 | 71,864 | Atlanta | $ | 43,115 | $ | 159 | $ | 43,274 | ||||||||||||||||||||||
Austin | 16,978 | — | 16,978 | Austin | 35,955 | — | 35,955 | |||||||||||||||||||||||||
Charlotte | 14,485 | — | 14,485 | Charlotte | 15,688 | 175 | 15,863 | |||||||||||||||||||||||||
Other | (36 | ) | — | (36 | ) | |||||||||||||||||||||||||||
Dallas | Dallas | 3,571 | — | 3,571 | ||||||||||||||||||||||||||||
Phoenix | Phoenix | 8,928 | — | 8,928 | ||||||||||||||||||||||||||||
Tampa | Tampa | 8,919 | — | 8,919 | ||||||||||||||||||||||||||||
Other markets | Other markets | 5,254 | 941 | 6,195 | ||||||||||||||||||||||||||||
Total Net Operating Income | $ | 175,041 | $ | 5,101 | $ | 180,142 | Total Net Operating Income | $ | 121,430 | $ | 1,275 | $ | 122,705 |
Six Months Ended June 30, 2022 | Office | Non-Office | Total | |||||||||||||||||
Net Operating Income: | ||||||||||||||||||||
Atlanta | $ | 90,679 | $ | 485 | $ | 91,164 | ||||||||||||||
Austin | 72,932 | — | 72,932 | |||||||||||||||||
Charlotte | 20,258 | 1,615 | 21,873 | |||||||||||||||||
Dallas | 6,498 | — | 6,498 | |||||||||||||||||
Phoenix | 18,843 | — | 18,843 | |||||||||||||||||
Tampa | 21,334 | — | 21,334 | |||||||||||||||||
Other markets | 8,440 | 1,574 | 10,014 | |||||||||||||||||
Total Net Operating Income | $ | 238,984 | $ | 3,674 | $ | 242,658 |
Six Months Ended June 30, 2021 | Office | Non-Office | Total | |||||||||||||||||
Net Operating Income: | ||||||||||||||||||||
Atlanta | $ | 86,218 | $ | 253 | $ | 86,471 | ||||||||||||||
Austin | 70,232 | — | 70,232 | |||||||||||||||||
Charlotte | 30,685 | 435 | 31,120 | |||||||||||||||||
Dallas | 7,122 | — | 7,122 | |||||||||||||||||
Phoenix | 17,953 | — | 17,953 | |||||||||||||||||
Tampa | 18,321 | — | 18,321 | |||||||||||||||||
Other markets | 12,795 | 1,815 | 14,610 | |||||||||||||||||
Total Net Operating Income | $ | 243,326 | $ | 2,503 | $ | 245,829 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net Operating Income | $ | 123,051 | $ | 122,705 | $ | 242,658 | $ | 245,829 | |||||||||||||||
Net operating income from unconsolidated joint ventures | (2,542) | (5,437) | (5,261) | (10,191) | |||||||||||||||||||
Fee income | 2,305 | 4,803 | 3,693 | 9,332 | |||||||||||||||||||
Termination fee income | 449 | 782 | 1,911 | 824 | |||||||||||||||||||
Other income | 201 | 68 | 2,484 | 282 | |||||||||||||||||||
Reimbursed expenses | (677) | (398) | (1,037) | (766) | |||||||||||||||||||
General and administrative expenses | (6,996) | (7,313) | (15,059) | (14,046) | |||||||||||||||||||
Interest expense | (16,549) | (16,656) | (32,074) | (33,864) | |||||||||||||||||||
Depreciation and amortization | (69,861) | (71,456) | (140,605) | (142,326) | |||||||||||||||||||
Other expenses | (425) | (824) | (646) | (1,414) | |||||||||||||||||||
Income from unconsolidated joint ventures | 5,280 | 1,795 | 6,404 | 3,698 | |||||||||||||||||||
Gain on sales of investments in unconsolidated joint ventures | — | — | — | 39 | |||||||||||||||||||
Gain (loss) on investment property transactions | 28 | (9) | (41) | (26) | |||||||||||||||||||
Loss on extinguishment of debt | (100) | $ | — | (100) | — | ||||||||||||||||||
Net income | $ | 34,164 | $ | 28,060 | $ | 62,327 | $ | 57,371 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net Operating Income | $ | 75,815 | $ | 61,621 | $ | 236,097 | $ | 180,142 | |||||||
Net operating income from unconsolidated joint ventures | (6,934 | ) | (6,760 | ) | (23,719 | ) | (20,359 | ) | |||||||
Net operating income from discontinued operations | — | (26,408 | ) | — | (76,852 | ) | |||||||||
Fee income | 2,597 | 1,945 | 6,387 | 5,968 | |||||||||||
Other income | 993 | 153 | 9,593 | 570 | |||||||||||
Reimbursed expenses | (895 | ) | (795 | ) | (2,667 | ) | (2,463 | ) | |||||||
General and administrative expenses | (7,193 | ) | (4,368 | ) | (21,993 | ) | (17,301 | ) | |||||||
Interest expense | (7,587 | ) | (5,754 | ) | (25,851 | ) | (16,562 | ) | |||||||
Depreciation and amortization | (47,622 | ) | (16,622 | ) | (152,546 | ) | (49,804 | ) | |||||||
Acquisition and transaction costs | 677 | (1,446 | ) | (1,499 | ) | (3,889 | ) | ||||||||
Gain on extinguishment of debt | 429 | — | 2,258 | — | |||||||||||
Other expenses | (423 | ) | (173 | ) | (1,063 | ) | (681 | ) | |||||||
Income from unconsolidated joint ventures | 2,461 | 1,527 | 43,362 | 5,144 | |||||||||||
Gain (loss) on sale of investment properties | (33 | ) | — | 119,729 | 13,944 | ||||||||||
Income from discontinued operations | — | 8,737 | — | 24,361 | |||||||||||
Net Income | $ | 12,285 | $ | 11,657 | $ | 188,088 | $ | 42,218 |
Three Months Ended September 30, 2017 | Office | Mixed-Use | Total | |||||||||
Revenues: | ||||||||||||
Atlanta | $ | 41,507 | $ | — | $ | 41,507 | ||||||
Austin | 25,385 | — | 25,385 | |||||||||
Charlotte | 23,153 | 143 | 23,296 | |||||||||
Orlando | 6,408 | — | 6,408 | |||||||||
Tampa | 11,815 | — | 11,815 | |||||||||
Phoenix | 11,692 | — | 11,692 | |||||||||
Other | 915 | — | 915 | |||||||||
Total segment revenues | 120,875 | 143 | 121,018 | |||||||||
Less Company's share of rental property revenues from unconsolidated joint ventures | (11,306 | ) | (143 | ) | (11,449 | ) | ||||||
Total rental property revenues | $ | 109,569 | $ | — | $ | 109,569 |
Three Months Ended September 30, 2016 | Office | Mixed-Use | Total | |||||||||
Revenues: | ||||||||||||
Houston | $ | 46,046 | $ | — | $ | 46,046 | ||||||
Atlanta | 36,693 | 3,197 | 39,890 | |||||||||
Austin | 10,469 | — | 10,469 | |||||||||
Charlotte | 6,799 | — | 6,799 | |||||||||
Other | (57 | ) | — | (57 | ) | |||||||
Total segment revenues | 99,950 | 3,197 | 103,147 | |||||||||
Less discontinued operations | (46,046 | ) | — | (46,046 | ) | |||||||
Less Company's share of rental property revenues from unconsolidated joint ventures | (7,329 | ) | (3,197 | ) | (10,526 | ) | ||||||
Total rental property revenues | $ | 46,575 | $ | — | $ | 46,575 |
Nine Months Ended September 30, 2017 | Office | Mixed-Use | Total | |||||||||
Revenues | ||||||||||||
Atlanta | $ | 135,319 | $ | 5,049 | $ | 140,368 | ||||||
Austin | 75,348 | — | 75,348 | |||||||||
Charlotte | 68,495 | 143 | 68,638 | |||||||||
Orlando | 19,380 | — | 19,380 | |||||||||
Tampa | 34,913 | — | 34,913 | |||||||||
Phoenix | 33,689 | — | 33,689 | |||||||||
Other | 2,492 | — | 2,492 | |||||||||
Total segment revenues | $ | 369,636 | $ | 5,192 | $ | 374,828 | ||||||
Less Company's share of rental property revenues from unconsolidated joint ventures | (33,543 | ) | (5,192 | ) | (38,735 | ) | ||||||
Total rental property revenues | $ | 336,093 | $ | — | $ | 336,093 |
Nine Months Ended September 30, 2016 | Office | Mixed-Use | Total | |||||||||
Revenues: | ||||||||||||
Houston | $ | 133,450 | $ | — | $ | 133,450 | ||||||
Atlanta | 110,915 | 9,200 | 120,115 | |||||||||
Austin | 29,825 | — | 29,825 | |||||||||
Charlotte | 19,533 | — | 19,533 | |||||||||
Other | (54 | ) | — | (54 | ) | |||||||
Total segment revenues | 293,669 | 9,200 | 302,869 | |||||||||
Less discontinued operations | (133,450 | ) | — | (133,450 | ) | |||||||
Less Company's share of rental property revenues from unconsolidated joint ventures | (21,837 | ) | (9,200 | ) | (31,037 | ) | ||||||
Total rental property revenues | $ | 138,382 | $ | — | $ | 138,382 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2017 | 2016 | $ Change | % Change | 2017 | 2016 | $ Change | % Change | ||||||||||||||||||||||
Rental Property Revenues | |||||||||||||||||||||||||||||
Same Property | $ | 35,691 | $ | 33,404 | $ | 2,287 | 6.8 | % | $ | 106,918 | $ | 100,608 | $ | 6,310 | 6.3 | % | |||||||||||||
Non-Same Property | 73,878 | 13,171 | 60,707 | 460.9 | % | 229,175 | 37,774 | 191,401 | 506.7 | % | |||||||||||||||||||
Total Rental Property Revenues | $ | 109,569 | $ | 46,575 | $ | 62,994 | 135.3 | % | $ | 336,093 | $ | 138,382 | $ | 197,711 | 142.9 | % | |||||||||||||
Rental Property Operating Expenses | |||||||||||||||||||||||||||||
Same Property | $ | 13,486 | $ | 11,494 | $ | 1,992 | 17.3 | % | $ | 39,449 | $ | 36,194 | $ | 3,255 | 9.0 | % | |||||||||||||
Non-Same Property | 27,202 | 6,628 | 20,574 | 310.4 | % | 84,266 | 19,257 | 65,009 | 337.6 | % | |||||||||||||||||||
Total Rental Property Operating Expenses | $ | 40,688 | $ | 18,122 | $ | 22,566 | 124.5 | % | $ | 123,715 | $ | 55,451 | $ | 68,264 | 123.1 | % | |||||||||||||
Net Operating Income | |||||||||||||||||||||||||||||
Same Property NOI | $ | 22,205 | $ | 21,910 | $ | 295 | 1.3 | % | $ | 67,469 | $ | 64,414 | $ | 3,055 | 4.7 | % | |||||||||||||
Non-Same Property NOI | 46,676 | 6,543 | 40,133 | 613.4 | % | 144,909 | 18,517 | 126,392 | 682.6 | % | |||||||||||||||||||
Total NOI | $ | 68,881 | $ | 28,453 | $ | 40,428 | 142.1 | % | $ | 212,378 | $ | 82,931 | $ | 129,447 | 156.1 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Rental Property Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
Same Property | $ | 158,536 | $ | 163,051 | $ | (4,515) | (2.8) | % | $ | 319,112 | $ | 324,616 | $ | (5,504) | (1.7) | % | |||||||||||||||||||||||||||||||
Non-Same Property | 24,189 | 17,933 | 6,256 | 34.9 | % | 45,378 | 41,133 | 4,245 | 10.3 | % | |||||||||||||||||||||||||||||||||||||
182,725 | 180,984 | 1,741 | 1.0 | % | 364,490 | 365,749 | (1,259) | (0.3) | % | ||||||||||||||||||||||||||||||||||||||
Termination Fee Income | 449 | 782 | (333) | 1,911 | 824 | 1,087 | |||||||||||||||||||||||||||||||||||||||||
Total Rental Property Revenues | $ | 183,174 | $ | 181,766 | $ | 1,408 | $ | 366,401 | $ | 366,573 | $ | (172) | |||||||||||||||||||||||||||||||||||
Rental Property Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||
Same Property | $ | 54,674 | $ | 56,967 | $ | (2,293) | (4.0) | % | $ | 113,017 | $ | 114,108 | $ | (1,091) | (1.0) | % | |||||||||||||||||||||||||||||||
Non-Same Property | 7,542 | 6,749 | 793 | 11.7 | % | 14,076 | 16,003 | (1,927) | (12.0) | % | |||||||||||||||||||||||||||||||||||||
Total Rental Property Operating Expenses | $ | 62,216 | $ | 63,716 | $ | (1,500) | (2.4) | % | $ | 127,093 | $ | 130,111 | $ | (3,018) | (2.3) | % | |||||||||||||||||||||||||||||||
Net Operating Income | |||||||||||||||||||||||||||||||||||||||||||||||
Same Property NOI | $ | 103,862 | $ | 106,084 | $ | (2,222) | (2.1) | % | $ | 206,095 | $ | 210,508 | $ | (4,413) | (2.1) | % | |||||||||||||||||||||||||||||||
Non-Same Property NOI | 16,647 | 11,184 | 5,463 | 48.8 | % | 31,302 | 25,130 | 6,172 | 24.6 | % | |||||||||||||||||||||||||||||||||||||
Total NOI | $ | 120,509 | $ | 117,268 | $ | 3,241 | 2.8 | % | $ | 237,397 | $ | 235,638 | $ | 1,759 | 0.7 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||||||||||||||||||||||||||||||
Same Property | $ | 60,872 | $ | 63,833 | $ | (2,961) | (4.6) | % | $ | 122,647 | $ | 127,113 | $ | (4,466) | (3.5) | % | |||||||||||||||||||||||||||||||
Non-Same Property | 8,831 | 7,465 | 1,366 | 18.3 | % | 17,645 | 14,898 | 2,747 | 18.4 | % | |||||||||||||||||||||||||||||||||||||
Non-Real Estate Assets | 158 | 158 | — | — | % | 313 | 315 | (2) | (0.6) | % | |||||||||||||||||||||||||||||||||||||
Total Depreciation and Amortization | $ | 69,861 | $ | 71,456 | $ | (1,595) | (2.2) | % | $ | 140,605 | $ | 142,326 | $ | (1,721) | (1.2) | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Net operating income | $ | 2,542 | $ | 5,437 | $ | (2,895) | (53.2) | % | $ | 5,261 | $ | 10,191 | $ | (4,930) | (48.4) | % | |||||||||||||||||||||||||||||||
Other income, net | 78 | 34 | 44 | 129.4 | % | 100 | 63 | 37 | 58.7 | % | |||||||||||||||||||||||||||||||||||||
Gain on sale of undepreciated property | 4,500 | — | 4,500 | N/A | 4,500 | — | 4,500 | N/A | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (1,111) | (2,810) | 1,699 | (60.5) | % | (2,235) | (5,175) | 2,940 | (56.8) | % | |||||||||||||||||||||||||||||||||||||
Interest expense | (689) | (863) | 174 | (20.2) | % | (1,306) | (1,378) | 72 | (5.2) | % | |||||||||||||||||||||||||||||||||||||
Net gain (loss) on sale of investment property | (40) | (3) | (37) | 1,233.3 | % | 84 | (3) | 87 | (2,900.0) | % | |||||||||||||||||||||||||||||||||||||
Income from unconsolidated joint ventures | $ | 5,280 | $ | 1,795 | $ | 3,485 | 194.2 | % | $ | 6,404 | $ | 3,698 | $ | 2,706 | 73.2 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2017 | 2016 | $ Change | 2017 | 2016 | $ Change | ||||||||||||||||||
Net operating income | $ | 6,934 | $ | 6,760 | $ | 174 | $ | 23,719 | $ | 20,359 | $ | 3,360 | |||||||||||
Other income, net | 165 | 72 | 93 | 1,868 | 614 | 1,254 | |||||||||||||||||
Depreciation and amortization | (2,862 | ) | (3,267 | ) | 405 | (10,535 | ) | (9,758 | ) | (777 | ) | ||||||||||||
Interest expense | (1,776 | ) | (2,038 | ) | 262 | (6,022 | ) | (6,071 | ) | 49 | |||||||||||||
Net gain on sale of investment property | — | — | — | 34,332 | — | 34,332 | |||||||||||||||||
Income from unconsolidated joint ventures | $ | 2,461 | $ | 1,527 | $ | 934 | $ | 43,362 | $ | 5,144 | $ | 38,218 |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Dollars | Weighted Average Common Shares | Per Share Amount | Dollars | Weighted Average Common Shares | Per Share Amount | |||||||||||||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 34,052 | 148,837 | $ | 0.23 | $ | 28,153 | 148,665 | $ | 0.19 | ||||||||||||||||||||||||||||
Noncontrolling interest related to unitholders | 6 | 25 | — | 5 | 25 | — | ||||||||||||||||||||||||||||||||
Conversion of unvested restricted stock units | — | 280 | — | — | 50 | — | ||||||||||||||||||||||||||||||||
Net Income — Diluted | 34,058 | 149,142 | 0.23 | 28,158 | 148,740 | 0.19 | ||||||||||||||||||||||||||||||||
Depreciation and amortization of real estate assets: | ||||||||||||||||||||||||||||||||||||||
Consolidated properties | 69,703 | — | 0.47 | 71,299 | — | 0.48 | ||||||||||||||||||||||||||||||||
Share of unconsolidated joint ventures | 1,111 | — | — | 2,810 | — | 0.02 | ||||||||||||||||||||||||||||||||
Partners' share of real estate depreciation | (153) | — | — | (228) | — | — | ||||||||||||||||||||||||||||||||
Loss (gain) on sale of depreciated properties: | ||||||||||||||||||||||||||||||||||||||
Consolidated properties | (28) | — | — | 9 | — | — | ||||||||||||||||||||||||||||||||
Share of unconsolidated joint ventures | 40 | — | — | 3 | — | — | ||||||||||||||||||||||||||||||||
Funds From Operations | $ | 104,731 | 149,142 | $ | 0.70 | $ | 102,051 | 148,740 | $ | 0.69 | ||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Dollars | Weighted Average Common Shares | Per Share Amount | Dollars | Weighted Average Common Shares | Per Share Amount | ||||||||||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 62,036 | 148,788 | $ | 0.42 | $ | 57,263 | 148,644 | $ | 0.39 | |||||||||||||||||||||||||
Noncontrolling interest related to unitholders | 12 | 25 | — | 11 | 25 | — | |||||||||||||||||||||||||||||
Conversion of stock options | — | — | — | — | 2 | — | |||||||||||||||||||||||||||||
Conversion of unvested restricted stock units | — | 277 | — | — | 45 | — | |||||||||||||||||||||||||||||
Net Income — Diluted | 62,048 | 149,090 | 0.42 | 57,274 | 148,716 | 0.39 | |||||||||||||||||||||||||||||
Depreciation and amortization of real estate assets: | |||||||||||||||||||||||||||||||||||
Consolidated properties | 140,292 | — | 0.94 | 142,011 | — | 0.95 | |||||||||||||||||||||||||||||
Share of unconsolidated joint ventures | 2,235 | — | 0.01 | 5,175 | — | 0.03 | |||||||||||||||||||||||||||||
Partners' share of real estate depreciation | (376) | — | — | (439) | — | — | |||||||||||||||||||||||||||||
Loss (gain) on sale of depreciated properties: | |||||||||||||||||||||||||||||||||||
Consolidated properties | 41 | — | — | 26 | — | — | |||||||||||||||||||||||||||||
Share of unconsolidated joint ventures | (84) | — | — | 3 | — | — | |||||||||||||||||||||||||||||
Investments in unconsolidated joint ventures | — | — | — | (39) | — | — | |||||||||||||||||||||||||||||
Funds From Operations | $ | 204,156 | 149,090 | $ | 1.37 | $ | 204,011 | 148,716 | $ | 1.37 | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net Income Available to Common Stockholders | $ | 12,067 | $ | 11,657 | $ | 184,907 | $ | 42,218 | |||||||
Depreciation and amortization of real estate assets: | |||||||||||||||
Consolidated properties | 47,161 | 16,293 | 151,169 | 48,763 | |||||||||||
Share of unconsolidated joint ventures | 2,862 | 3,268 | 10,535 | 9,758 | |||||||||||
Discontinued Operations | — | 15,221 | — | 46,389 | |||||||||||
Partners' share of real estate depreciation | (4 | ) | — | (4 | ) | — | |||||||||
(Gain) loss on sale of depreciated properties: | |||||||||||||||
Consolidated properties | 36 | — | (119,713 | ) | (13,944 | ) | |||||||||
Share of unconsolidated joint ventures | — | — | (34,332 | ) | — | ||||||||||
Non-controlling Interests related to unit holders | 212 | — | 3,169 | — | |||||||||||
Funds From Operations | $ | 62,334 | $ | 46,439 | $ | 195,731 | $ | 133,184 | |||||||
Per Common Share — Diluted: | |||||||||||||||
Net Income Available Available to Common Shareholders | $ | 0.03 | $ | 0.06 | $ | 0.45 | $ | 0.20 | |||||||
Funds from Operations | $ | 0.15 | $ | 0.22 | $ | 0.46 | $ | 0.63 | |||||||
Weighted Average Shares — Diluted | 427,300 | 210,326 | 421,954 | 210,528 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 34,164 | $ | 28,060 | $ | 62,327 | $ | 57,371 | |||||||||||||||
Net operating income from unconsolidated joint ventures | 2,542 | 5,437 | 5,261 | 10,191 | |||||||||||||||||||
Fee income | (2,305) | (4,803) | (3,693) | (9,332) | |||||||||||||||||||
Termination fee income | (449) | (782) | (1,911) | (824) | |||||||||||||||||||
Other income | (201) | (68) | (2,484) | (282) | |||||||||||||||||||
Reimbursed expenses | 677 | 398 | 1,037 | 766 | |||||||||||||||||||
General and administrative expenses | 6,996 | 7,313 | 15,059 | 14,046 | |||||||||||||||||||
Interest expense | 16,549 | 16,656 | 32,074 | 33,864 | |||||||||||||||||||
Depreciation and amortization | 69,861 | 71,456 | 140,605 | 142,326 | |||||||||||||||||||
Other expenses | 425 | 824 | 646 | 1,414 | |||||||||||||||||||
Income from unconsolidated joint ventures | (5,280) | (1,795) | (6,404) | (3,698) | |||||||||||||||||||
Gain on sale of investment in unconsolidated joint ventures | — | — | — | (39) | |||||||||||||||||||
(Gain) loss on investment property transactions | (28) | 9 | 41 | 26 | |||||||||||||||||||
Loss on extinguishment of debt | 100 | — | 100 | — | |||||||||||||||||||
Net Operating Income | $ | 123,051 | $ | 122,705 | $ | 242,658 | $ | 245,829 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net Income | $ | 12,285 | $ | 11,657 | $ | 188,088 | $ | 42,218 | |||||||
Fee income | (2,597 | ) | (1,945 | ) | (6,387 | ) | (5,968 | ) | |||||||
Other income | (993 | ) | (153 | ) | (9,593 | ) | (570 | ) | |||||||
Reimbursed expenses | 895 | 795 | 2,667 | 2,463 | |||||||||||
General and administrative expenses | 7,193 | 4,368 | 21,993 | 17,301 | |||||||||||
Interest expense | 7,587 | 5,754 | 25,851 | 16,562 | |||||||||||
Depreciation and amortization | 47,622 | 16,622 | 152,546 | 49,804 | |||||||||||
Acquisition and transaction costs | (677 | ) | 1,446 | 1,499 | 3,889 | ||||||||||
Other expenses | 423 | 173 | 1,063 | 681 | |||||||||||
Income from unconsolidated joint ventures | (2,461 | ) | (1,527 | ) | (43,362 | ) | (5,144 | ) | |||||||
Gain (loss) on sale of investment properties | 33 | — | (119,729 | ) | (13,944 | ) | |||||||||
Gain on extinguishment of debt | (429 | ) | — | (2,258 | ) | — | |||||||||
Income from discontinued operations | — | (8,737 | ) | — | (24,361 | ) | |||||||||
Net Operating Income | $ | 68,881 | $ | 28,453 | $ | 212,378 | $ | 82,931 |
Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 years | ||||||||||||||||
Contractual Obligations: | ||||||||||||||||||||
Company debt: | ||||||||||||||||||||
Term Loan | $ | 250,000 | $ | — | $ | — | $ | 250,000 | $ | — | ||||||||||
Unsecured Senior Notes | 350,000 | — | — | — | 350,000 | |||||||||||||||
Unsecured Credit Facility | — | — | — | — | — | |||||||||||||||
Mortgage notes payable | 500,903 | 8,688 | 66,925 | 22,730 | 402,560 | |||||||||||||||
Interest commitments (1) | 274,381 | 40,243 | 78,207 | 68,437 | 87,494 | |||||||||||||||
Ground leases | 208,030 | 2,321 | 4,642 | 4,713 | 196,354 | |||||||||||||||
Other operating leases | 1,429 | 515 | 696 | 218 | — | |||||||||||||||
Total contractual obligations | $ | 1,584,743 | $ | 51,767 | $ | 150,470 | $ | 346,098 | $ | 1,036,408 | ||||||||||
Commitments: | ||||||||||||||||||||
Unfunded tenant improvements and construction obligations | $ | 188,339 | $ | 171,731 | $ | 16,608 | $ | — | $ | — | ||||||||||
Letters of credit | 1,000 | 1,000 | — | — | — | |||||||||||||||
Performance bonds | 2,747 | 314 | 1,650 | — | 783 | |||||||||||||||
Total commitments | $ | 192,086 | $ | 173,045 | $ | 18,258 | $ | — | $ | 783 |
Six Months Ended June 30, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Net cash provided by operating activities | $ | 157,689 | $ | 167,690 | $ | (10,001) | |||||||||||
Net cash provided by (used in) investing activities | (193,346) | 36,356 | (229,702) | ||||||||||||||
Net cash provided by (used in) financing activities | 30,777 | (199,136) | 229,913 | ||||||||||||||
Nine Months Ended September 30, | |||||||||||
2017 | 2016 | Change | |||||||||
Net cash provided by operating activities | $ | 194,913 | $ | 119,251 | $ | 75,662 | |||||
Net cash used in investing activities | (25,882 | ) | (131,403 | ) | 105,521 | ||||||
Net cash provided by (used in) financing activities | (142,551 | ) | 107,390 | (249,941 | ) |
Six Months Ended June 30, | |||||||||||||||||||||
Nine Months Ended September 30, | 2022 | 2021 | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Operating — building improvements | Operating — building improvements | $ | 76,207 | $ | 35,369 | ||||||||||||||||
Development | $ | 144,116 | $ | 69,899 | Development | 57,815 | 38,428 | ||||||||||||||
Operating — leasing costs | 53,809 | 53,425 | Operating — leasing costs | 23,722 | 22,804 | ||||||||||||||||
Operating — building improvements | 38,097 | 2,063 | |||||||||||||||||||
Capitalized interest | 6,509 | 2,988 | Capitalized interest | 7,041 | 2,730 | ||||||||||||||||
Capitalized personnel costs | 5,361 | 5,366 | Capitalized personnel costs | 4,249 | 3,107 | ||||||||||||||||
Change in accrued capital expenditures | (18,081 | ) | (11,384 | ) | Change in accrued capital expenditures | 3,172 | 5,398 | ||||||||||||||
Total property acquisition and development expenditures | $ | 229,811 | $ | 122,357 | |||||||||||||||||
Purchase of land held-for-investment | Purchase of land held-for-investment | — | 8,173 | ||||||||||||||||||
Total property acquisition, development, and tenant asset expenditures | Total property acquisition, development, and tenant asset expenditures | $ | 172,206 | $ | 116,009 |
Nine Months Ended September 30, | ||||||||||||||||||
2017 | 2016 | 2022 | 2021 | |||||||||||||||
New leases | $6.98 | $7.13 | New leases | $11.86 | $8.52 | |||||||||||||
Renewal leases | $4.21 | $4.07 | Renewal leases | $7.17 | $6.66 | |||||||||||||
Expansion leases | $6.36 | $6.48 | Expansion leases | $9.17 | $11.13 |
Twelve Months Ended September 30, | |||||||||||||||||||||||||||||||
($ in thousands) | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | Estimated Fair Value | |||||||||||||||||||||||
Notes Payable: | |||||||||||||||||||||||||||||||
Fixed Rate | $ | 8,688 | $ | 33,062 | $ | 33,863 | $ | 11,154 | $ | 11,576 | $ | 752,560 | $ | 850,903 | $ | 855,103 | |||||||||||||||
Average Interest Rate | 3.95 | % | 3.95 | % | 5.28 | % | 3.73 | % | 3.73 | % | 3.80 | % | 3.86 | % | |||||||||||||||||
Variable Rate | $ | — | $ | — | $ | — | $ | — | $ | 250,000 | $ | — | $ | 250,000 | $ | 250,000 | |||||||||||||||
Average Interest Rate (1) | — | — | — | % | — | % | 2.43 | % | — | 2.43 | % |
Total Number of Shares Purchased* | Average Price Paid per Share* | |||||
July 1 - 31 | 274,852 | $ | 8.84 | |||
August 1 - 31 | — | — | ||||
September 1 - 30 | 220,389 | 9.35 | ||||
495,241 | $ | 9.07 |
† | ||||||||
† | ||||||||
† | ||||||||
† | ||||||||
† | ||||||||
101 | † | The following financial information for the Registrant, formatted in inline XBRL (Extensible Business Reporting Language): (i) the | ||||||
104 | † | Cover page interactive data file (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibit 101). |
Filed herewith. |
COUSINS PROPERTIES INCORPORATED | |||||||||||
Gregg D. Adzema | |||||||||||
Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) |