Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 27, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | COUSINS PROPERTIES INC | |
Entity Central Index Key | 25,232 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 393,383,468 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Statement of Financial Position [Abstract] | ||
Document Period End Date | Sep. 30, 2016 | |
PROPERTIES: | ||
Operating properties, net of accumulated depreciation of $377,418 and $352,350 in 2016 and 2015, respectively | $ 2,014,548 | $ 2,194,781 |
Projects under development | 111,768 | 27,890 |
Land | 9,669 | 17,829 |
Total properties | 2,135,985 | 2,240,500 |
Real Estate Held-for-sale | 203,735 | 7,246 |
Cash and cash equivalents | 97,241 | 2,003 |
Restricted cash | 6,566 | 4,304 |
Notes and accounts receivable, net of allowance for doubtful accounts of $1,100 and $1,353 in 2016 and 2015, respectively | 12,215 | 10,828 |
Deferred rents receivable | 60,094 | 67,258 |
Investment in unconsolidated joint ventures | 116,933 | 102,577 |
Intangible assets, net of accumulated amortization of $109,328 and $103,458 in 2016 and 2015, respectively | 105,015 | 124,615 |
Other assets | 22,950 | 35,989 |
Total assets | 2,760,734 | 2,595,320 |
LIABILITIES AND EQUITY | ||
Notes payable | 789,378 | 718,810 |
Accounts payable and accrued expenses | 84,641 | 71,739 |
Deferred income | 34,604 | 29,788 |
Intangible liabilities, net of accumulated amortization of $29,199 and $26,890 in 2016 and 2015, respectively | 52,127 | 59,592 |
Other liabilities | 28,412 | 30,629 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 106,135 | 1,347 |
Total liabilities | 1,095,297 | 911,905 |
STOCKHOLDERS' INVESTMENT: | ||
Common stock, $1 par value, 350,000,000 shares authorized, 220,436,378 and 220,255,676 shares issued in 2016 and 2015, respectively | 220,499 | 220,256 |
Additional paid-in capital | 1,723,552 | 1,722,224 |
Treasury stock at cost, 10,329,082 and 8,742,181 shares in 2016 and 2015, respectively | (148,373) | (134,630) |
Distributions in excess of cumulative net income | (132,766) | (124,435) |
Nonredeemable Noncontrolling Interest | 2,525 | 0 |
Total equity | 1,665,437 | 1,683,415 |
Total liabilities and equity | $ 2,760,734 | $ 2,595,320 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Sep. 30, 2016 | |
PROPERTIES: | ||
Accumulated depreciation on operating properties | $ 352,350 | $ 328,790 |
Real Estate Held for Sale, Accumulated Depreciation | 7,200 | 119,670 |
Allowance for doubtful accounts for notes and other receivables | 1,353 | 1,128 |
Intangible Liabilities, Accumulated Amortization | 26,890 | 32,922 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 1,347 | 106,135 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 103,458 | $ 110,679 |
Preferred stock, 20,000,000 shares authorized, $1 par value: | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 220,255,676 | 220,498,850 |
Treasury stock, shares | 8,742,181 | 10,329,082 |
Preferred stock, dividend rate | ||
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, liquidation preference | $ 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Document Period End Date | Sep. 30, 2016 | |||
REVENUES: | ||||
Rental property revenues | $ 92,621,000 | $ 96,016,000 | $ 271,832,000 | $ 282,226,000 |
Fee income | 1,945,000 | 1,686,000 | 5,968,000 | 5,206,000 |
Other | 153,000 | 444,000 | 858,000 | 593,000 |
Total consolidated revenues | 94,719,000 | 98,146,000 | 278,658,000 | 288,025,000 |
COSTS AND EXPENSES: | ||||
Rental property operating expenses | 37,760,000 | 41,331,000 | 112,051,000 | 120,672,000 |
Reimbursed expenses | 795,000 | 686,000 | 2,463,000 | 2,514,000 |
General and administrative expenses | 4,368,000 | 2,976,000 | 17,301,000 | 12,405,000 |
Interest expense | 7,710,000 | 7,673,000 | 22,457,000 | 23,219,000 |
Depreciation and amortization | 31,843,000 | 32,538,000 | 96,192,000 | 103,564,000 |
Acquisition and related costs | 1,940,000 | 19,000 | 4,383,000 | 104,000 |
Other | 173,000 | 170,000 | 681,000 | 970,000 |
Total costs and expenses | 84,589,000 | 85,393,000 | 255,528,000 | 263,448,000 |
Income from continuing operations before taxes, unconsolidated joint ventures, and sale of investment properties | 10,130,000 | 12,753,000 | 23,130,000 | 24,577,000 |
Income from unconsolidated joint ventures | 1,527,000 | 3,716,000 | 5,144,000 | 7,088,000 |
Income from continuing operations before gain on sale of investment properties | 11,657,000 | 16,469,000 | 28,274,000 | 31,665,000 |
Gain on sale of investment properties | 0 | 37,145,000 | 13,944,000 | 37,674,000 |
Income from continuing operations | 11,657,000 | 53,614,000 | 42,218,000 | 69,339,000 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS: | ||||
Loss from discontinued operations | 0 | 6,000 | 0 | (14,000) |
Loss on sale from discontinued operations | 0 | 0 | 0 | (551,000) |
Total income from discontinued operations | 0 | 6,000 | 0 | (565,000) |
Net income | $ 11,657,000 | $ 53,620,000 | $ 42,218,000 | $ 68,774,000 |
PER COMMON SHARE INFORMATION - BASIC AND DILUTED: | ||||
Income from continuing operations | $ 0.06 | $ 0.25 | $ 0.20 | $ 0.32 |
Income from discontinued operations | 0 | 0 | 0 | 0 |
Net income available to common stockholders | $ 0.06 | $ 0.25 | $ 0.20 | $ 0.32 |
Weighted average shares — basic | 210,170 | 216,261 | 210,400 | 216,485 |
Weighted average shares — diluted | 210,326 | 216,374 | 210,528 | 216,625 |
Dividends declared per common share | $ 0.080 | $ 0.080 | $ 0.240 | $ 0.240 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Distributions in Excess of Net Income | Stockholders' Investment | Nonredeemable Noncontrolling Interests |
Beginning Balance at Dec. 31, 2014 | $ 1,673,458 | $ 220,083 | $ 1,720,972 | $ (86,840) | $ (180,757) | $ 1,673,458 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 68,774 | 0 | 0 | 0 | 68,774 | 68,774 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 68,774 | ||||||
Common stock issued pursuant to: | |||||||
Stock Granted, Value, Share-based Compensation, Gross | 173 | (244) | 0 | 0 | (71) | ||
Amortization of stock options and restricted stock, net of forfeitures | 1,104 | 0 | 1,104 | 0 | 0 | 1,104 | 0 |
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (71) | 0 | |||||
Preferred Stock Redemption | 18,691 | 0 | 0 | 18,691 | 0 | 18,691 | 0 |
Common dividends paid | (52,011) | 0 | 0 | 0 | (52,011) | (52,011) | 0 |
Ending Balance at Sep. 30, 2015 | 1,672,587 | 220,256 | 1,721,856 | (105,531) | (163,994) | 1,672,587 | 0 |
Common stock issued pursuant to: | |||||||
Stockholders' Equity, Other | (24) | 0 | (24) | 0 | 0 | (24) | 0 |
Beginning Balance at Dec. 31, 2015 | 1,683,415 | 220,256 | 1,722,224 | (134,630) | (124,435) | 1,683,415 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 42,218 | 0 | 0 | 0 | 42,218 | 0 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 42,218 | ||||||
Common stock issued pursuant to: | |||||||
Stock Granted, Value, Share-based Compensation, Gross | 333 | 257 | 76 | 0 | 0 | 333 | 0 |
Amortization of stock options and restricted stock, net of forfeitures | 1,238 | (14) | 1,252 | 0 | 0 | 1,238 | 0 |
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 2,525 | 0 | 0 | 0 | 0 | 0 | 2,525 |
Preferred Stock Redemption | (13,743) | 0 | 0 | (13,743) | 0 | (13,743) | 0 |
Common dividends paid | (50,549) | 0 | 0 | 0 | (50,549) | (50,549) | 0 |
Ending Balance at Sep. 30, 2016 | $ 1,665,437 | $ 220,499 | $ 1,723,552 | $ (148,373) | $ (132,766) | $ 1,662,912 | $ 2,525 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Current Fiscal Year End Date | --12-31 | |
Transfer from investment in unconsolidated joint ventures to projects under development | $ 5,880 | $ 0 |
Transfer from operating properties to operating properties and related assets held for sale | 203,735 | 50,491 |
Transfer from operating properties to liabilities of real estate assets held for sale | 106,135 | 2,843 |
Transfer from projects under development to operating properties | 0 | 93,019 |
Change in Payments to Acquire and Develop Real Estate and Tenant Asset Expenditures | 11,384 | (4,118) |
Net income | (42,218) | (68,774) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Gain on sale of investment properties, including discontinued operations | 13,944 | 37,123 |
Depreciation and amortization, including discontinued operations | 96,192 | 103,614 |
Amortization of deferred financing costs | 1,063 | 1,073 |
Net amortization of stock options and restricted stock | 1,571 | 1,104 |
Effect of certain non-cash adjustments to rental revenues | (15,966) | (21,907) |
Income Loss from Unconsolidated Joint Ventures | 5,144 | 7,087 |
Operating distributions from unconsolidated joint ventures | 5,893 | 5,570 |
Changes in other operating assets and liabilities: | ||
Change in other receivables and other assets, net | 1,824 | (6,452) |
Change in operating liabilities | 5,544 | (4,526) |
Net cash provided by operating activities | 119,251 | 103,040 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from investment property sales | 21,088 | 136,498 |
Property acquisition, development, and tenant asset expenditures | (122,357) | (151,384) |
Investment in unconsolidated joint ventures | (24,918) | (7,486) |
Distributions from unconsolidated joint ventures | 4,150 | 6,318 |
Change in notes receivable and other assets | (5,699) | 1,149 |
Change in restricted cash | (3,667) | 293 |
Net cash used in investing activities | (131,403) | (14,612) |
Transfer from land held to projects under development | 8,099 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from credit facility | 182,800 | 269,000 |
Repayment of credit facility | (274,800) | (275,200) |
Proceeds from Notes Payable | 270,000 | 0 |
Repayment of notes payable | (7,239) | (6,574) |
Payments of Loan Costs | (1,604) | 0 |
Proceeds from the Issuance of Common Stock, including Option Exercises | 0 | 8 |
Proceeds from (Payments to) Noncontrolling Interests | 2,525 | 0 |
Payments for repurchase of common stock | 13,743 | 18,320 |
Common dividends paid | (50,549) | (52,011) |
Net cash provided by financing activities | 107,390 | (83,097) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 95,238 | 5,331 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 2,003 | 0 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 97,241 | 5,331 |
Interest paid, net of amounts capitalized | $ 20,792 | $ 22,579 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Cousins Properties Incorporated (“Cousins”), a Georgia corporation, is a self-administered and self-managed real estate investment trust (“REIT”). Cousins TRS Services LLC ("CTRS") is a taxable entity wholly owned by and consolidated with Cousins. CTRS owns and manages its own real estate portfolio and performs certain real estate related services for other parties. All of the entities included in the condensed consolidated financial statements are hereinafter referred to collectively as the "Company." The Company develops, acquires, leases, manages, and owns primarily Class A office assets and opportunistic mixed-use properties in Sunbelt markets with a focus on Georgia, Texas, and North Carolina. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute 90% of its net taxable income to stockholders, thereby eliminating any liability for federal income taxes under current law. Therefore, the results included herein do not include a federal income tax provision for Cousins. The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of September 30, 2016 and the results of operations for the three and nine months ended September 30, 2016 and 2015 . The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included in such Form 10-K. For the three and nine months ended September 30, 2016 and 2015 , there were no items of other comprehensive income. Therefore, no presentation of comprehensive income is required. The Company evaluates all partnerships, joint ventures and other arrangements with variable interests to determine if the entity or arrangement qualifies as a variable interest entity (“VIE”), as defined in the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC"). If the entity or arrangement qualifies as a VIE and the Company is determined to be the primary beneficiary, the Company is required to consolidate the assets, liabilities, and results of operations of the VIE. The Company concluded that its joint venture with Callaway Gardens Resort, Inc. is a VIE, and the Company is the primary beneficiary. Accordingly, the assets, liabilities and results of operations have been consolidated. In the first quarter of 2016, the Company adopted Accounting Standards Update ("ASU") 2015-02, "Amendments to the Consolidation Analysis," and this adoption had no material impact on the Company. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." Under this ASU, the additional paid-in capital pool is eliminated, and an entity recognizes all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement. This ASU also eliminated the requirement to defer recognition of an excess tax benefit until all benefits are realized through a reduction to taxes payable. This ASU also changes the treatment of excess tax benefits as operating cash flows in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. The Company expects to adopt this guidance effective January 1, 2017, and is currently assessing the potential impact of adopting the new guidance. In February 2016, the Financial Accounting Standards Board issued ASU 2016-02, "Leases," which amends the existing standards for lease accounting by requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting and reporting. The new standard will require lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months and classify such leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method (finance leases) or on a straight-line basis over the term of the lease (operating leases). Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes previous leasing standards. The guidance is effective for the fiscal years beginning after December 15, 2018 with early adoption permitted. The Company expects to adopt this guidance effective January 1, 2019, and is currently assessing the potential impact of adopting the new guidance. The impact of the adoption of this new guidance, if any, will be recorded retrospectively to all financial statements presented. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." Under the new guidance, companies will recognize revenue when the seller satisfies a performance obligation, which would be when the buyer takes control of the good or service. This new guidance could result in different amounts of revenue being recognized and could result in revenue being recognized in different reporting periods than under the current guidance. The new guidance specifically excludes revenue associated with lease contracts. ASU 2015-14, "Revenue from Contracts with Customers," was subsequently issued modifying the effective date to periods beginning after December 15, 2017, with early adoption permitted for periods beginning after December 15, 2016. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all of the periods presented, or "modified retrospective" adoption, meaning the standard is applied only to the most recent period presented in the financial statements. The Company is currently assessing this guidance for future implementation and potential impact of adoption. The Company expects to adopt this guidance effective January 1, 2018. In the first quarter of 2016, the Company adopted ASU 2015-03, "Simplifying the Presentation of Debt Costs" ("ASU 2015-03"). In accordance with ASU 2015-03, the Company began recording deferred financing costs related to its mortgage notes payable as a reduction in the carrying amount of its notes payable on the condensed consolidated balance sheets. The Company reclassified $2.5 million in deferred financing costs from other assets to notes payable in its December 31, 2015 consolidated balance sheet to conform to the current period's presentation. Deferred financing costs related to the Company’s unsecured revolving credit facility continue to be included in other assets within the Company’s balance sheets in accordance with ASU 2015-15 "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." Certain prior year amounts have been reclassified to conform with current year presentation on the condensed consolidated statements of operations and the condensed consolidated statements of equity. Separation expenses on the condensed consolidated statements of operations have been reclassified from general and administrative expenses to other expenses. On the condensed consolidated statements of equity, all components of common stock issued pursuant to stock-based compensation are aggregated into one line item. These changes do not affect the previously reported total costs and expenses in the condensed consolidated statements of operations or the total equity in the condensed consolidated statements of equity for any period. |
Property Transactions
Property Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate Transactions [Abstract] | |
Real Estate Disclosure [Text Block] | REAL ESTATE TRANSACTIONS |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | INVESTMENT IN UNCONSOLIDATED JOINT VENTURES The Company describes its investments in unconsolidated joint ventures in note 5 of notes to consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2015 . The following table summarizes balance sheet data of the Company's unconsolidated joint ventures as of September 30, 2016 and December 31, 2015 (in thousands): Total Assets Total Debt Total Equity Company’s Investment SUMMARY OF FINANCIAL POSITION: 2016 2015 2016 2015 2016 2015 2016 2015 Terminus Office Holdings $ 274,417 $ 277,444 $ 208,572 $ 211,216 $ 52,743 $ 56,369 $ 27,381 $ 29,110 EP I LLC 81,204 83,115 58,029 58,029 21,006 24,172 19,753 21,502 EP II LLC 68,179 70,704 44,736 40,910 22,136 24,331 17,892 19,118 Carolina Square Holdings LP 51,507 15,729 9,287 — 34,164 12,085 18,256 6,782 Charlotte Gateway Village, LLC 120,828 123,531 3,265 17,536 114,038 104,336 11,359 11,190 HICO Victory Center LP 13,798 13,532 — — 13,793 13,229 9,419 9,138 DC Charlotte Plaza LLLP 15,168 — — — 15,164 — 8,188 — CL Realty, L.L.C. 7,869 7,872 — — 7,767 7,662 3,585 3,515 Temco Associates, LLC 5,324 5,284 — — 5,196 5,133 1,100 977 Wildwood Associates 16,378 16,419 — — 16,298 16,354 (1,125 ) (1) (1,122 ) (1) Crawford Long - CPI, LLC 28,449 29,143 73,193 74,286 (46,667 ) (46,238 ) (22,236 ) (1) (22,021 ) (1) AMCO 120 WT Holdings, LLC 8,288 — — — 7,941 — — — Other — 2,107 — — — 1,646 — 1,245 $ 691,409 $ 644,880 $ 397,082 $ 401,977 $ 263,579 $ 219,079 $ 93,572 $ 79,434 (1) Negative balances are included in deferred income on the balance sheets. The following table summarizes statement of operations information of the Company's unconsolidated joint ventures for the nine months ended September 30, 2016 and 2015 (in thousands): Total Revenues Net Income (Loss) Company's Share of Income (Loss) SUMMARY OF OPERATIONS: 2016 2015 2016 2015 2016 2015 Terminus Office Holdings $ 31,630 $ 30,144 $ 3,874 $ 1,923 $ 1,937 $ 962 EP I LLC 7,919 9,587 1,417 2,481 1,206 1,864 EP II LLC 3,605 536 (1,194 ) (150 ) (1,043 ) (100 ) Charlotte Gateway Village, LLC 26,245 25,311 11,077 9,438 1,447 883 HICO Victory Center LP 307 — 300 — 131 — CL Realty, L.L.C. 327 674 105 346 70 178 DC Charlotte Plaza LLLP 47 — 45 — 24 — Temco Associates, LLC 180 9,163 83 2,077 122 2,244 Wildwood Associates — — (106 ) (89 ) (53 ) (45 ) Crawford Long - CPI, LLC 9,101 9,193 2,005 2,131 1,003 1,071 Other — — — (95 ) 300 31 $ 79,361 $ 84,608 $ 17,606 $ 18,062 $ 5,144 $ 7,088 On March 29, 2016, a 50 - 50 joint venture, DC Charlotte Plaza LLLP, was formed between the Company and Dimensional Fund Advisors ("DFA") to develop DFA's 282,000 square foot regional headquarters building in Charlotte, North Carolina. Each partner contributed $6.6 million in pre-development costs upon formation of the venture. The Company will account for its investment in this joint venture under the equity method. On August 26, 2016, the Company and affiliates of AMLI Residential (“AMLI”) formed AMCO 120 WT Holdings, LLC to develop a mixed-use property in Decatur, Georgia. The property is expected to contain approximately 30,000 square feet of office space, 10,000 square feet of retail space and 330 apartment units. Cousins holds a 20% interest in the joint venture, and AMLI holds an 80% interest. Initial contributions to the joint venture for the purchase of land were funded entirely by AMLI. Subsequent contributions will be funded in proportion to the members' percentage interests. The Company will account for its investment in this joint venture under the equity method. In the Merger, the Company acquired a 74.6% interest in the US Airways Building, a 229,000 square foot office building in Tempe, Arizona. Because the building is owned as a tenancy-in-common, the Company expects to account for its interest in the building under the equity method. On October 20, 2016, the Company entered into an agreement to purchase the remaining 25.4% interest for $19.6 million at a date no later than February 28, 2017. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Intangible assets on the balance sheets as of September 30, 2016 and December 31, 2015 included the following (in thousands): September 30, 2016 December 31, 2015 In-place leases, net of accumulated amortization of $103,352 and $88,035 in 2016 and 2015, respectively $ 95,101 $ 112,937 Above-market tenant leases, net of accumulated amortization of $7,327 and $15,423 in 2016 and 2015, respectively 6,288 8,031 Goodwill 3,626 3,647 $ 105,015 $ 124,615 The following is a summary of goodwill activity for the nine months ended September 30, 2016 and 2015 (in thousands): Nine Months Ended September 30, 2016 2015 Beginning balance $ 3,647 $ 3,867 Allocated to property sales (21 ) (127 ) Ending balance $ 3,626 $ 3,740 |
Other Assets (Notes)
Other Assets (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Other Assets [Abstract] | |
Schedule of Other Assets [Table Text Block] | Other assets on the balance sheets as of September 30, 2016 and December 31, 2015 included the following (in thousands): September 30, 2016 December 31, 2015 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $22,994 and $22,572 in 2016 and 2015, respectively $ 10,784 $ 13,523 Lease inducements, net of accumulated amortization of $1,684 and $6,865 in 2016 and 2015, respectively 4,008 13,306 Prepaid expenses and other assets 5,759 4,408 Line of credit deferred financing costs, net of accumulated amortization of $2,033 and $1,380 in 2016 and 2015, respectively 2,320 2,972 Predevelopment costs and earnest money 79 1,780 $ 22,950 $ 35,989 |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2016 | |
Notes Payable, Commitments and Contingencies [Abstract] | |
NOTES PAYABLE, INTEREST EXPENSE AND COMMITMENTS AND CONTINGENCIES | NOTES PAYABLE The following table summarizes the Company's notes payable balance at September 30, 2016 and December 31, 2015 ($ in thousands): September 30, 2016 December 31, 2015 Notes payable $ 792,866 $ 721,293 Less: deferred financing costs of mortgage debt, net of accumulated amortization of $1,867 and $2,008 in 2016 and 2015, respectively (3,488 ) (2,483 ) $ 789,378 $ 718,810 The following table details the terms and amounts of the Company’s outstanding notes payable at September 30, 2016 and December 31, 2015 ($ in thousands): Description Interest Rate Maturity September 30, 2016 December 31, 2015 Post Oak Central mortgage note 4.26 % 2020 $ 179,170 $ 181,770 Fifth Third Center mortgage note 3.37 % 2026 150,000 — The American Cancer Society Center mortgage note 6.45 % 2017 127,989 129,342 Colorado Tower mortgage note 3.45 % 2026 120,000 — Promenade mortgage note 4.27 % 2022 106,068 108,203 191 Peachtree Tower mortgage note 3.35 % 2018 99,188 100,000 816 Congress mortgage note 3.75 % 2024 85,000 85,000 Meridian Mark Plaza mortgage note 6.00 % 2020 24,639 24,978 Credit Facility, unsecured 1.63 % 2019 — 92,000 892,054 721,293 191 Peachtree Tower mortgage note classified as Held for Sale (99,188 ) — $ 792,866 $ 721,293 Other Debt Information In September 2016, the Company entered into a $120.0 million non-recourse mortgage secured by Colorado Tower, a 373,000 square foot office building in Austin, Texas. The mortgage bears interest at a fixed annual rate of 3.45% and matures September 1, 2026 . Also in September 2016, the Company entered into a $150.0 million non-recourse mortgage secured by Fifth Third Center, a 698,000 square foot office building in Charlotte, North Carolina. The mortgage bears interest at a fixed annual rate of 3.37% and matures October 1, 2026 . In October 2016, the Company sold 191 Peachtree Tower and repaid the 191 Peachtree Tower mortgage note in full. In connection with the repayment, the Company paid a $3.7 million prepayment penalty. In connection with the Spin-Off, the Company distributed the Post Oak Central mortgage note to New Parkway on October 7, 2016. Fair Value At September 30, 2016 and December 31, 2015 , the aggregate estimated fair values of the Company's notes payable were $915.0 million and $738.1 million , respectively, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at those respective dates. The estimate of the current market rate, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. These fair value calculations are considered to be Level 2 under the guidelines as set forth in ASC 820, "Fair Value Measurement," as the Company utilizes market rates for similar type loans from third-party brokers. Other Information For the three and nine months ended September 30, 2016 and 2015 , interest expense was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Total interest incurred $ 8,939 $ 8,696 $ 25,445 $ 25,959 Interest capitalized (1,229 ) (1,023 ) (2,988 ) (2,740 ) Total interest expense $ 7,710 $ 7,673 $ 22,457 $ 23,219 The real estate and other assets of The American Cancer Society Center (the “ACS Center”) are restricted under the ACS Center loan agreement as they are not available to settle debts of the Company. However, provided that the ACS Center loan has not incurred any uncured event of default, as defined in the loan agreement, the cash flows from the ACS Center, after payments of debt service, operating expenses, and reserves, are available for distribution to the Company. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES Commitments At September 30, 2016 , the Company had outstanding letters of credit and performance bonds totaling $1.9 million . As a lessor, the Company had $79.0 million in future obligations under leases to fund tenant improvements as of September 30, 2016 . As a lessee, the Company had future obligations under ground and other operating leases of $143.6 million as of September 30, 2016 . Litigation The Company is subject to various legal proceedings, claims and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company. |
Stockholders' Equity (Notes)
Stockholders' Equity (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | . STOCKHOLDERS' EQUITY In 2015, the Board of Directors of the Company authorized the repurchase of up to $100 million of its outstanding common shares. The plan expires on September 8, 2017 . The repurchases may be executed in the open market, through private negotiations, or in other transactions permitted under applicable law. The timing, manner, price, and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements, and other factors. In March 2016, the program was suspended due to the announcement of the merger with Parkway. Prior to suspension, the Company repurchased 6.8 million shares of its common stock for a total cost of $61.5 million , including broker commissions, under this plan. The share repurchases were funded from cash on hand, borrowings under the Company's Credit Facility, and proceeds from the sale of assets. The repurchased shares were recorded as treasury shares on the condensed consolidated balance sheets. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has several types of stock-based compensation - stock options, restricted stock, and restricted stock units (“RSUs”) - which are described in note 12 of notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . The expense related to a portion of the stock-based compensation awards is fixed. The expense related to other stock-based compensation awards fluctuates from period to period dependent, in part, on the Company's stock price and stock performance relative to its peers. The Company recorded stock-based compensation expense, net of forfeitures, of $141,000 and a reversal of expense of $683,000 for the three months ended September 30, 2016 and 2015 , respectively. For the nine months ended September 30, 2016 and 2015, the Company recorded stock-based compensation expense of $4.8 million and $1.2 million , respectively. The Company maintains the 2009 Incentive Stock Plan (the "2009 Plan") and the 2005 Restricted Stock Unit Plan (the “RSU Plan”). Under the 2009 Plan, the Company made restricted stock grants in 2016 of 234,965 shares to key employees, which vest ratably over a three -year period. Under the RSU Plan, the Company awarded two types of performance-based RSUs to key employees based on the following metrics: (1) Total Stockholder Return of the Company, as defined in the RSU Plan, as compared to the companies in the SNL US REIT Office index (“TSR RSUs”), and (2) the ratio of cumulative funds from operations per share to targeted cumulative funds from operations per share (“FFO RSUs”) as defined in the RSU Plan. The performance period for both awards is January 1, 2016 to December 31, 2018, and the targeted units awarded of TSR RSUs and FFO RSUs is 214,151 and 97,797 , respectively. The ultimate payout of these awards can range from 0% to 200% of the targeted number of units depending on the achievement of the market and performance metrics described above. Both of these RSUs cliff vest on January 29, 2019 and are to be settled in cash with payment dependent on upon attainment of required service, market, and performance criteria. The number of RSUs vesting will be determined at that date, and the payout per unit will be equal to the average closing price on each trading day during the 30 -day period ending on December 31, 2018. The Company expenses an estimate of the fair value of the TSR RSUs over the performance period using a quarterly Monte Carlo valuation. The FFO RSUs are expensed over the vesting period using the fair market value of the Company's stock at the reporting date multiplied by the anticipated number of units to be paid based on the current estimate of what the ratio is expected to be upon vesting. Dividend equivalents on the TSR RSUs and the FFO RSUs will also be paid based upon the percentage vested. In addition, in the second quarter of 2016, the Company issued 72,771 shares of common stock at fair value to members of its board of directors in lieu of fees, and recorded $765,000 in general and administrative expense related to these issuances. In connection with the Spin-Off, the Company modified its stock-based compensation arrangements in order to preserve the value of outstanding equity awards immediately before and immediately following the Spin-Off. As a result, restricted stock, stock options, and restricted stock units were modified as follows: • Restricted Stock--the Company converted 377,610 restricted stock outstanding immediately prior to the Spin-Off to 498,325 restricted stock. Restricted Stock Units--the Company converted 981,612 shares of restricted stock units outstanding immediately prior to the Spin-Off to 1,295,417 shares of restricted stock units. • Stock Options--the Company converted 1,730,981 stock options at a weighted average exercise price of $21.99 immediately prior to the Spin-Off to 2,284,346 stock options at a weighted average exercise price of $16.66 . In addition, in connection with the Merger and Spin-Off, the Company effectively issued 672,375 stock options to certain former employees of Parkway at an exercise price of $7.82 per option. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period, including nonvested restricted stock which has nonforfeitable dividend rights. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period. Diluted weighted average number of common shares uses the same weighted average share number as in the basic calculation and adds the potential dilution, if any, that would occur if stock options (or any other contracts to issue common stock) were exercised and resulted in additional common shares outstanding, calculated using the treasury stock method. Weighted average shares-basic and diluted for the three and nine months ended September 30, 2016 and 2015 , respectively, are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Weighted average shares — basic 210,170 216,261 210,400 216,485 Dilutive potential common shares — stock options 156 113 128 140 Weighted average shares — diluted 210,326 216,374 210,528 216,625 Weighted average anti-dilutive stock options 1,103 1,553 1,110 1,553 Stock options are dilutive when the average market price of the Company's stock during the period exceeds the option exercise price. In periods where the Company is in a net loss position, the dilutive effect of stock options is not included in the diluted weighted average shares total. Anti-dilutive stock options represent stock options which are outstanding but which are not exercisable during the period because the exercise price exceeded the average market value of the Company's stock. These anti-dilutive stock options are not included in the current calculation of dilutive weighted average shares but could be dilutive in the future. |
Reportable Segments
Reportable Segments | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS The Company's segments are based on the Company's method of internal reporting which classifies operations by property type and geographical area. The segments by property type are: Office, Mixed Use, and Other. The segments by geographical region are: Houston, Atlanta, Austin, Charlotte, and Other. These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker based on similar economic characteristics that include the type of property and the geographical location. Prior period information has been revised to reflect the change in segment reporting as described in the Annual Report on Form 10-K for the year ended December 31, 2015. Each segment includes both consolidated operations and the Company's share of joint venture operations. Company management evaluates the performance of its reportable segments in part based on net operating income (“NOI”). NOI represents rental property revenues less rental property operating expenses. NOI is not a measure of cash flows or operating results as measured by GAAP, is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income as it helps both management and investors understand the core operations of the Company's operating assets. NOI excludes corporate general and administrative expenses, interest expense, depreciation and amortization, impairments, gains/loss on sales of real estate, and other non-operating items. Segment net income, amount of capital expenditures, and total assets are not presented in the following tables because management does not utilize these measures when analyzing its segments or when making resource allocation decisions. In the third quarter of 2016, the Company revised its disclosure to add the previously omitted revenues by segment for all periods presented. Information on the Company's segments along with a reconciliation of NOI to net income available to common stockholders is as follows (in thousands): Three Months Ended September 30, 2016 Office Mixed-Use Other 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 (56 ) — (5 ) (61 ) Total Net Operating Income $ 59,873 $ 1,753 $ (5 ) $ 61,621 Three Months Ended September 30, 2015 Office Mixed-Use Other Total Net Operating Income: Houston $ 26,039 $ — $ — $ 26,039 Atlanta 21,255 1,492 — 22,747 Austin 4,424 — — 4,424 Charlotte 4,072 — — 4,072 Other 3,539 — (5 ) 3,534 Total Net Operating Income $ 59,329 $ 1,492 $ (5 ) $ 60,816 Nine Months Ended September 30, 2016 Office Mixed-Use Other Total Net Operating Income: Houston $ 76,851 $ — $ — $ 76,851 Atlanta 66,763 5,101 — 71,864 Austin 16,978 — — 16,978 Charlotte 14,485 — — 14,485 Other (35 ) — (1 ) (36 ) Total Net Operating Income $ 175,042 $ 5,101 $ (1 ) $ 180,142 Nine Months Ended September 30, 2015 Office Mixed-Use Other Total Net Operating Income: Houston $ 76,549 $ — $ — $ 76,549 Atlanta 64,725 4,343 — 69,068 Austin 10,524 — — 10,524 Charlotte 12,026 — — 12,026 Other 11,508 — (32 ) 11,476 Total Net Operating Income $ 175,332 $ 4,343 $ (32 ) $ 179,643 The following reconciles Net Operating Income to Net Income for each of the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net Operating Income $ 61,621 $ 60,816 $ 180,142 $ 179,643 Net operating income from unconsolidated joint ventures (6,760 ) (6,131 ) (20,361 ) (18,103 ) Net operating loss from discontinued operations — — — 14 Fee income 1,945 1,686 5,968 5,206 Other income 153 444 858 593 Reimbursed expenses (795 ) (686 ) (2,463 ) (2,514 ) General and administrative expenses (4,368 ) (2,976 ) (17,301 ) (12,405 ) Interest expense (7,710 ) (7,673 ) (22,457 ) (23,219 ) Depreciation and amortization (31,843 ) (32,538 ) (96,192 ) (103,564 ) Acquisition and merger costs (1,940 ) (19 ) (4,383 ) (104 ) Other expenses (173 ) (170 ) (681 ) (970 ) Income from unconsolidated joint ventures 1,527 3,716 5,144 7,088 Gain on sale of investment properties — 37,145 13,944 37,674 Income (loss) from discontinued operations — 6 — (565 ) Net Income $ 11,657 $ 53,620 $ 42,218 $ 68,774 Revenues by reportable segment, including a reconciliation to total revenues on the condensed consolidated statements of operations for three and nine months ended September 30, 2016 and 2015 are as follows (in thousands): Three Months Ended September 30, 2016 Office Mixed-Use Other 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 ) — 2,098 2,041 Total segment revenues 99,950 3,197 2,098 105,245 Less Company's share of rental property revenues from unconsolidated joint ventures (7,329 ) (3,197 ) — (10,526 ) Total revenues $ 92,621 $ — $ 2,098 $ 94,719 Three Months Ended September 30, 2015 Office Mixed-Use Other Total Revenues: Houston $ 45,117 $ — $ — $ 45,117 Atlanta 40,898 2,657 — 43,555 Austin 7,505 — — 7,505 Charlotte 5,704 — — 5,704 Other 3,875 — 2,130 6,005 Total segment revenues 103,099 2,657 2,130 107,886 Less Company's share of rental property revenues from unconsolidated joint ventures (7,083 ) (2,657 ) — (9,740 ) Total revenues $ 96,016 $ — $ 2,130 $ 98,146 Nine Months Ended September 30, 2016 Office Mixed-Use Other 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 ) — 6,826 6,772 Total segment revenues 293,669 9,200 6,826 309,695 Less Company's share of rental property revenues from unconsolidated joint ventures (21,837 ) (9,200 ) — (31,037 ) Total revenues $ 271,832 $ — $ 6,826 $ 278,658 Nine Months Ended September 30, 2015 Office Mixed-Use Other Total Revenues: Houston $ 133,326 $ — $ — $ 133,326 Atlanta 119,694 7,201 — 126,895 Austin 18,744 — — 18,744 Charlotte 17,027 — — 17,027 Other 13,988 — 5,799 19,787 Total segment revenues 302,779 7,201 5,799 315,779 Less Company's share of rental property revenues from unconsolidated joint ventures (20,553 ) (7,201 ) — (27,754 ) Total revenues $ 282,226 $ — $ 5,799 $ 288,025 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS |
Investment in Unconsolidated 19
Investment in Unconsolidated Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of financial data and principal activities of Company's Unconsolidated Joint Ventures | . INVESTMENT IN UNCONSOLIDATED JOINT VENTURES The Company describes its investments in unconsolidated joint ventures in note 5 of notes to consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2015 . The following table summarizes balance sheet data of the Company's unconsolidated joint ventures as of September 30, 2016 and December 31, 2015 (in thousands): Total Assets Total Debt Total Equity Company’s Investment SUMMARY OF FINANCIAL POSITION: 2016 2015 2016 2015 2016 2015 2016 2015 Terminus Office Holdings $ 274,417 $ 277,444 $ 208,572 $ 211,216 $ 52,743 $ 56,369 $ 27,381 $ 29,110 EP I LLC 81,204 83,115 58,029 58,029 21,006 24,172 19,753 21,502 EP II LLC 68,179 70,704 44,736 40,910 22,136 24,331 17,892 19,118 Carolina Square Holdings LP 51,507 15,729 9,287 — 34,164 12,085 18,256 6,782 Charlotte Gateway Village, LLC 120,828 123,531 3,265 17,536 114,038 104,336 11,359 11,190 HICO Victory Center LP 13,798 13,532 — — 13,793 13,229 9,419 9,138 DC Charlotte Plaza LLLP 15,168 — — — 15,164 — 8,188 — CL Realty, L.L.C. 7,869 7,872 — — 7,767 7,662 3,585 3,515 Temco Associates, LLC 5,324 5,284 — — 5,196 5,133 1,100 977 Wildwood Associates 16,378 16,419 — — 16,298 16,354 (1,125 ) (1) (1,122 ) (1) Crawford Long - CPI, LLC 28,449 29,143 73,193 74,286 (46,667 ) (46,238 ) (22,236 ) (1) (22,021 ) (1) AMCO 120 WT Holdings, LLC 8,288 — — — 7,941 — — — Other — 2,107 — — — 1,646 — 1,245 $ 691,409 $ 644,880 $ 397,082 $ 401,977 $ 263,579 $ 219,079 $ 93,572 $ 79,434 (1) Negat |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets [Table Text Block] | assets on the balance sheets as of September 30, 2016 and December 31, 2015 included the following (in thousands): September 30, 2016 December 31, 2015 In-place leases, net of accumulated amortization of $103,352 and $88,035 in 2016 and 2015, respectively $ 95,101 $ 112,937 Above-market tenant leases, net of accumulated amortization of $7,327 and $15,423 in 2016 and 2015, respectively 6,288 8,031 Goodwill 3,626 3,647 $ 105,015 $ 124,615 |
Schedule of Goodwill [Table Text Block] | The following is a summary of goodwill activity for the nine months ended September 30, 2016 and 2015 (in thousands): Nine Months Ended September 30, 2016 2015 Beginning balance $ 3,647 $ 3,867 Allocated to property sales (21 ) (127 ) Ending balance $ 3,626 $ 3,740 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Assets [Abstract] | |
Other Assets Disclosure [Text Block] | . OTHER ASSETS Other assets on the balance sheets as of September 30, 2016 and December 31, 2015 included the following (in thousands): September 30, 2016 December 31, 2015 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $22,994 and $22,572 in 2016 and 2015, respectively $ 10,784 $ 13,523 Lease inducements, net of accumulated amortization of $1,684 and $6,865 in 2016 and 2015, respectively 4,008 13,306 Prepaid expenses and other assets 5,759 4,408 Line of credit deferred financing costs, net of accumulated amortization of $2,033 and $1,380 in 2016 and 2015, respectively 2,320 2,972 Predevelopment costs and earnest money 79 1,780 $ 22,950 $ 35,989 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Payable, Commitments and Contingencies [Abstract] | |
Summary of terms of notes payable | The following table details the terms and amounts of the Company’s outstanding notes payable at September 30, 2016 and December 31, 2015 ($ in thousands): Description Interest Rate Maturity September 30, 2016 December 31, 2015 Post Oak Central mortgage note 4.26 % 2020 $ 179,170 $ 181,770 Fifth Third Center mortgage note 3.37 % 2026 150,000 — The American Cancer Society Center mortgage note 6.45 % 2017 127,989 129,342 Colorado Tower mortgage note 3.45 % 2026 120,000 — Promenade mortgage note 4.27 % 2022 106,068 108,203 191 Peachtree Tower mortgage note 3.35 % 2018 99,188 100,000 816 Congress mortgage note 3.75 % 2024 85,000 85,000 Meridian Mark Plaza mortgage note 6.00 % 2020 24,639 24,978 Credit Facility, unsecured 1.63 % 2019 — 92,000 892,054 721,293 191 Peachtree Tower mortgage note classified as Held for Sale (99,188 ) — $ 792,866 $ 721,293 |
Summary of interest | For the three and nine months ended September 30, 2016 and 2015 , interest expense was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Total interest incurred $ 8,939 $ 8,696 $ 25,445 $ 25,959 Interest capitalized (1,229 ) (1,023 ) (2,988 ) (2,740 ) Total interest expense $ 7,710 $ 7,673 $ 22,457 $ 23,219 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share Tables (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | Weighted average shares-basic and diluted for the three and nine months ended September 30, 2016 and 2015 , respectively, are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Weighted average shares — basic 210,170 216,261 210,400 216,485 Dilutive potential common shares — stock options 156 113 128 140 Weighted average shares — diluted 210,326 216,374 210,528 216,625 Weighted average anti-dilutive stock options 1,103 1,553 1,110 1,553 |
Basis of Presentation Percentag
Basis of Presentation Percentage of taxable income distributed (Details) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Distribution of Taxable Income to Qualify as REIT | 90.00% |
Property Transactions Property
Property Transactions Property Transactions (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |||||
Nov. 01, 2016USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Oct. 17, 2016ft² | Oct. 06, 2016 | Sep. 30, 2016ft²shares | Dec. 31, 2015ft²shares | |
Business Acquisition [Line Items] | |||||||
Area of Real Estate Property | ft² | 1,200,000 | 129,000 | |||||
Common Stock, Shares, Issued | shares | 220,498,850 | 220,255,676 | |||||
Proceeds from Sale of Property Held-for-sale | $ 14.2 | ||||||
Sales of Real Estate | $ 22 | ||||||
Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Area of Real Estate Property | ft² | 941,000 | ||||||
Sales of Real Estate | $ 219 | $ 268 | |||||
Two Liberty Place [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Ownership Percentage of Partner in Joint Venture | 19.00% |
Property Transactions Propert26
Property Transactions Property Transactions (Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Discontinued Operations [Line Items] | ||||
Document Fiscal Year Focus | 2,016 | |||
Income (Loss) from Discontinued Operations | $ 0 | $ 6 | $ 0 | $ (14) |
Gain (Loss) on Disposal of Discontinued Operation | $ 0 | $ 0 | $ 0 | $ (551) |
Property Transactions Propert27
Property Transactions Property Transactions (Held for Sale) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Nov. 01, 2016USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Oct. 17, 2016ft² | Sep. 30, 2016USD ($)ft² | Dec. 31, 2015USD ($)ft² | |
Long Lived Assets Held-for-sale [Line Items] | ||||||
Real Estate Held for Sale, Accumulated Depreciation | $ 100,250 | $ 7,072 | ||||
Operating properties, net held for sale | $ 171,543 | $ 6,421 | ||||
Area of Real Estate Property | ft² | 1,200,000 | 129,000 | ||||
Sales of Real Estate | $ 22,000 | |||||
Proceeds from Sale of Property Held-for-sale | $ 14,200 | |||||
Restricted Cash and Cash Equivalents | $ 1,405 | $ 0 | ||||
Notes and accounts receivable held for sale | 1,460 | 210 | ||||
Deferred rents receivable held for sale | 17,606 | 496 | ||||
Intangible assets, net held for sale | 11,721 | 119 | ||||
Assets Held-for-sale, Not Part of Disposal Group | 203,735 | 7,246 | ||||
Notes payable held for sale | 99,000 | 0 | ||||
Accounts payable and accrued expenses held for sale | 5,196 | 140 | ||||
Intangible liabilities, net held for sale | 638 | 0 | ||||
Other liabilities held for sale | 1,301 | 1,207 | ||||
Liabilities held for sale | 106,135 | 1,347 | ||||
Intangible assets accumulated amortization, held for sale | 19,420 | 128 | ||||
Notes payable unamortized deferred loan costs, held for sale | 188 | 0 | ||||
Intangible liabilities accumulated amortization, held for sale | $ 794 | $ 0 | ||||
Subsequent Event [Member] | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Area of Real Estate Property | ft² | 941,000 | |||||
Sales of Real Estate | $ 219,000 | $ 268,000 |
Investment in Unconsolidated 28
Investment in Unconsolidated Joint Ventures (Details) | Oct. 06, 2016ft²$ / sharesshares | Nov. 01, 2016$ / sharesshares | Sep. 30, 2016USD ($)ft²condominium_unitshares | Sep. 30, 2015USD ($) | Oct. 20, 2016USD ($) | Oct. 17, 2016ft² | Dec. 31, 2015USD ($)ft² | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Document Period End Date | Sep. 30, 2016 | |||||||
Document Fiscal Year Focus | 2,016 | |||||||
SUMMARY OF FINANCIAL POSITION: | ||||||||
Total Assets | $ 691,409,000 | $ 644,880,000 | ||||||
Total Debt | 397,082,000 | 401,977,000 | ||||||
Total Equity | 263,579,000 | 219,079,000 | ||||||
Company's Investment | 93,572,000 | $ 79,434,000 | ||||||
SUMMARY OF OPERATIONS: | ||||||||
Total Revenues | 79,361,000 | $ 84,608,000 | ||||||
Net Income (Loss) | 17,606,000 | 18,062,000 | ||||||
Income (Loss) from Equity Method Investments Gross of Impairment Charges | $ 5,144,000 | 7,088,000 | ||||||
Area of Real Estate Property | ft² | 1,200,000 | 129,000 | ||||||
Terminus Office Holdings [Member] | ||||||||
SUMMARY OF FINANCIAL POSITION: | ||||||||
Total Assets | $ 274,417,000 | $ 277,444,000 | ||||||
Total Debt | 208,572,000 | 211,216,000 | ||||||
Total Equity | 52,743,000 | 56,369,000 | ||||||
Company's Investment | 27,381,000 | 29,110,000 | ||||||
SUMMARY OF OPERATIONS: | ||||||||
Total Revenues | 31,630,000 | 30,144,000 | ||||||
Net Income (Loss) | 3,874,000 | 1,923,000 | ||||||
Income (Loss) from Equity Method Investments Gross of Impairment Charges | 1,937,000 | 962,000 | ||||||
EP I LLC [Member] | ||||||||
SUMMARY OF FINANCIAL POSITION: | ||||||||
Total Assets | 81,204,000 | 83,115,000 | ||||||
Total Debt | 58,029,000 | 58,029,000 | ||||||
Total Equity | 21,006,000 | 24,172,000 | ||||||
Company's Investment | 19,753,000 | 21,502,000 | ||||||
SUMMARY OF OPERATIONS: | ||||||||
Total Revenues | 7,919,000 | 9,587,000 | ||||||
Net Income (Loss) | 1,417,000 | 2,481,000 | ||||||
Income (Loss) from Equity Method Investments Gross of Impairment Charges | 1,206,000 | 1,864,000 | ||||||
EP II LLC [Member] | ||||||||
SUMMARY OF FINANCIAL POSITION: | ||||||||
Total Assets | 68,179,000 | 70,704,000 | ||||||
Total Debt | 44,736,000 | 40,910,000 | ||||||
Total Equity | 22,136,000 | 24,331,000 | ||||||
Company's Investment | 17,892,000 | 19,118,000 | ||||||
SUMMARY OF OPERATIONS: | ||||||||
Total Revenues | 3,605,000 | 536,000 | ||||||
Net Income (Loss) | (1,194,000) | (150,000) | ||||||
Income (Loss) from Equity Method Investments Gross of Impairment Charges | (1,043,000) | (100,000) | ||||||
Charlotte Gateway Village, LLC [Member] | ||||||||
SUMMARY OF FINANCIAL POSITION: | ||||||||
Total Assets | 120,828,000 | 123,531,000 | ||||||
Total Debt | 3,265,000 | 17,536,000 | ||||||
Total Equity | 114,038,000 | 104,336,000 | ||||||
Company's Investment | 11,359,000 | 11,190,000 | ||||||
SUMMARY OF OPERATIONS: | ||||||||
Total Revenues | 26,245,000 | 25,311,000 | ||||||
Net Income (Loss) | 11,077,000 | 9,438,000 | ||||||
Income (Loss) from Equity Method Investments Gross of Impairment Charges | 1,447,000 | 883,000 | ||||||
HICO Victory Center LP [Member] | ||||||||
SUMMARY OF FINANCIAL POSITION: | ||||||||
Total Assets | 13,798,000 | 13,532,000 | ||||||
Total Debt | 0 | 0 | ||||||
Total Equity | 13,793,000 | 13,229,000 | ||||||
Company's Investment | 9,419,000 | 9,138,000 | ||||||
SUMMARY OF OPERATIONS: | ||||||||
Total Revenues | 307,000 | 0 | ||||||
Net Income (Loss) | 300,000 | 0 | ||||||
Income (Loss) from Equity Method Investments Gross of Impairment Charges | 131,000 | 0 | ||||||
Temco Associates, LLC [Member] | ||||||||
SUMMARY OF FINANCIAL POSITION: | ||||||||
Total Assets | 5,324,000 | 5,284,000 | ||||||
Total Debt | 0 | 0 | ||||||
Total Equity | 5,196,000 | 5,133,000 | ||||||
Company's Investment | 1,100,000 | 977,000 | ||||||
SUMMARY OF OPERATIONS: | ||||||||
Total Revenues | 180,000 | 9,163,000 | ||||||
Net Income (Loss) | 83,000 | 2,077,000 | ||||||
Income (Loss) from Equity Method Investments Gross of Impairment Charges | 122,000 | 2,244,000 | ||||||
Carolina Square Holdings LP [Member] | ||||||||
SUMMARY OF FINANCIAL POSITION: | ||||||||
Total Assets | 51,507,000 | 15,729,000 | ||||||
Total Debt | 9,287,000 | 0 | ||||||
Total Equity | 34,164,000 | 12,085,000 | ||||||
Company's Investment | 18,256,000 | 6,782,000 | ||||||
CL Realty, L.L.C. [Member] | ||||||||
SUMMARY OF FINANCIAL POSITION: | ||||||||
Total Assets | 7,869,000 | 7,872,000 | ||||||
Total Debt | 0 | 0 | ||||||
Total Equity | 7,767,000 | 7,662,000 | ||||||
Company's Investment | 3,585,000 | 3,515,000 | ||||||
SUMMARY OF OPERATIONS: | ||||||||
Total Revenues | 327,000 | 674,000 | ||||||
Net Income (Loss) | 105,000 | 346,000 | ||||||
Income (Loss) from Equity Method Investments Gross of Impairment Charges | 70,000 | 178,000 | ||||||
Wildwood Associates | ||||||||
SUMMARY OF FINANCIAL POSITION: | ||||||||
Total Assets | 16,378,000 | 16,419,000 | ||||||
Total Debt | 0 | 0 | ||||||
Total Equity | 16,298,000 | 16,354,000 | ||||||
Company's Investment | [1] | (1,125,000) | (1,122,000) | |||||
SUMMARY OF OPERATIONS: | ||||||||
Total Revenues | 0 | 0 | ||||||
Net Income (Loss) | (106,000) | (89,000) | ||||||
Income (Loss) from Equity Method Investments Gross of Impairment Charges | (53,000) | (45,000) | ||||||
Crawford Long CPI LLC [Member] | ||||||||
SUMMARY OF FINANCIAL POSITION: | ||||||||
Total Assets | 28,449,000 | 29,143,000 | ||||||
Total Debt | 73,193,000 | 74,286,000 | ||||||
Total Equity | (46,667,000) | (46,238,000) | ||||||
Company's Investment | [1] | (22,236,000) | (22,021,000) | |||||
SUMMARY OF OPERATIONS: | ||||||||
Total Revenues | 9,101,000 | 9,193,000 | ||||||
Net Income (Loss) | 2,005,000 | 2,131,000 | ||||||
Income (Loss) from Equity Method Investments Gross of Impairment Charges | $ 1,003,000 | 1,071,000 | ||||||
AMCO 120 WT Holdings, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership Percentage of Partner in Joint Venture | 20.00% | |||||||
SUMMARY OF FINANCIAL POSITION: | ||||||||
Total Assets | $ 8,288,000 | 0 | ||||||
Total Debt | 0 | 0 | ||||||
Total Equity | 7,941,000 | 0 | ||||||
Company's Investment | 0 | 0 | ||||||
Other Equity Method Investee [Member] | ||||||||
SUMMARY OF FINANCIAL POSITION: | ||||||||
Total Assets | 0 | 2,107,000 | ||||||
Total Debt | 0 | 0 | ||||||
Total Equity | 0 | 1,646,000 | ||||||
Company's Investment | 0 | 1,245,000 | ||||||
SUMMARY OF OPERATIONS: | ||||||||
Total Revenues | 0 | 0 | ||||||
Net Income (Loss) | 0 | (95,000) | ||||||
Income (Loss) from Equity Method Investments Gross of Impairment Charges | 300,000 | 31,000 | ||||||
DC Charlotte Plaza LLLP [Member] | ||||||||
SUMMARY OF FINANCIAL POSITION: | ||||||||
Total Assets | 15,168,000 | 0 | ||||||
Total Debt | 0 | 0 | ||||||
Total Equity | 15,164,000 | 0 | ||||||
Company's Investment | 8,188,000 | $ 0 | ||||||
SUMMARY OF OPERATIONS: | ||||||||
Total Revenues | 47,000 | 0 | ||||||
Net Income (Loss) | 45,000 | 0 | ||||||
Income (Loss) from Equity Method Investments Gross of Impairment Charges | $ 24,000 | $ 0 | ||||||
Area of Real Estate Property | ft² | 282,000 | |||||||
AMLI Residential [Member] | AMCO 120 WT Holdings, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership Percentage of Partner in Joint Venture | 80.00% | |||||||
Dimensional Fund Advisors [Member] | DC Charlotte Plaza LLLP [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership Percentage of Partner in Joint Venture | 5000.00% | |||||||
Officer [Member] | AMCO 120 WT Holdings, LLC [Member] | ||||||||
SUMMARY OF OPERATIONS: | ||||||||
Area of Real Estate Property | ft² | 30,000 | |||||||
Retail Segment [Member] | AMCO 120 WT Holdings, LLC [Member] | ||||||||
SUMMARY OF OPERATIONS: | ||||||||
Area of Real Estate Property | ft² | 10,000 | |||||||
Residential Real Estate [Member] | AMCO 120 WT Holdings, LLC [Member] | ||||||||
SUMMARY OF OPERATIONS: | ||||||||
Number of Units in Real Estate Property | condominium_unit | 330 | |||||||
Restricted Stock [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 234,965 | |||||||
Subsequent Event [Member] | ||||||||
SUMMARY OF OPERATIONS: | ||||||||
Area of Real Estate Property | ft² | 941,000 | |||||||
Subsequent Event [Member] | 111 West Rio [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership Percentage of Partner in Joint Venture | 74.60% | |||||||
SUMMARY OF OPERATIONS: | ||||||||
Area of Real Estate Property | ft² | 229,000 | |||||||
Business Combination Purchase Price | $ 19,600,000 | |||||||
Subsequent Event [Member] | Limited Partner [Member] | 111 West Rio [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership Percentage of Partner in Joint Venture | 25.40% | |||||||
Subsequent Event [Member] | Restricted Stock [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 377,610 | 498,325 | ||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 981,612 | 1,295,417 | ||||||
Subsequent Event [Member] | Option on Securities [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period | shares | 1,730,981 | 2,284,346 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease), Weighted Average Exercise Price | $ / shares | $ 21.99 | $ 16.66 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | shares | 672,375 | |||||||
Investment Options, Exercise Price | $ / shares | $ 7.82 | |||||||
[1] | Negative balances are included in deferred income on the balance sheets. |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Intangible Assets | ||||
In-place leases, net of accumulated amortization of $94,141 and $88,035 in 2016 and 2015, respectively | $ 95,101 | $ 112,937 | ||
Above-market tenant leases, net of accumulated amortization of $15,187 and $15,423 in 2016 and 2015, respectively | 6,288 | 8,031 | ||
Goodwill | 3,626 | 3,647 | $ 3,740 | $ 3,867 |
Intangible Assets, Net (Including Goodwill) | 105,015 | 124,615 | ||
In-place leases accumulated amortization | 103,352 | 88,035 | ||
Above-market tenant leases accumulated amortization | $ 7,327 | $ 15,423 |
Intangible Assets Intangible As
Intangible Assets Intangible Assets - Goodwill Rollforward Table (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Goodwill [Roll Forward] | ||
Goodwill | $ 3,647 | $ 3,867 |
Allocated to property sales | (21) | (127) |
Goodwill | $ 3,626 | $ 3,740 |
Other Assets Other Assets (Deta
Other Assets Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Other Assets [Abstract] | ||
Lease inducements, net of accumulated amortization of $7,243 and $6,865 in 2016 and 2015, respectively | $ 4,008 | $ 13,306 |
FF&E and leasehold improvements, net of accumulated depreciation of $21,512 and $19,137 in 2015 and 2014, respectively | 10,784 | 13,523 |
Loan closing costs, net of accumulated amortization of $2,643 and $2,286 in 2015 and 2014, respectively | (3,488) | 2,483 |
Prepaid expenses and other assets | 5,759 | 4,408 |
Debt Issuance Costs, Line of Credit Arrangements, Net | 2,320 | 2,972 |
Predevelopment costs and earnest money | 79 | 1,780 |
Other Assets | 22,950 | 35,989 |
Accumulated Amortization Incentives to Lessees | 1,684 | 6,865 |
Furniture, Fixture and Equipments and Leasehold Improvements Accumulated Depreciation | 22,994 | 22,572 |
Accumulated Amortization of Debt Issuance Costs, Line of Credit Arrangements | 2,033 | 1,380 |
Accumulated Amortization, Deferred Finance Costs | $ 1,867 | $ 2,008 |
Notes Payable (Debt Table) (Det
Notes Payable (Debt Table) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Notes Payable [Line Items] | ||
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Summary of terms of notes payable | ||
Notes payable | $ 789,378 | $ 718,810 |
Long-term Debt, Gross | 792,866 | 721,293 |
Long-term debt including held for sale | 892,054 | 721,293 |
Notes payable held for sale | $ (99,188) | 0 |
Post Oak Central Mortgage Note [Member] | ||
Summary of terms of notes payable | ||
Interest rate on mortgage loan | 4.26% | |
Notes payable | $ 179,170 | 181,770 |
Fifth Third Center Mortgage Note [Member] | ||
Summary of terms of notes payable | ||
Interest rate on mortgage loan | 3.37% | |
Notes payable | $ 150,000 | 0 |
The American Cancer Society Center mortgage note [Member] | ||
Summary of terms of notes payable | ||
Interest rate on mortgage loan | 6.45% | |
Notes payable | $ 127,989 | 129,342 |
Colorado Tower Mortgage Note [Member] | ||
Summary of terms of notes payable | ||
Interest rate on mortgage loan | 3.45% | |
Notes payable | $ 120,000 | 0 |
Promenade Atlanta Mortgage Note [Member] | ||
Summary of terms of notes payable | ||
Interest rate on mortgage loan | 4.27% | |
Notes payable | $ 106,068 | 108,203 |
191 Peachtree Tower Mortgage Note [Member] | ||
Summary of terms of notes payable | ||
Interest rate on mortgage loan | 3.35% | |
Notes payable | $ 99,188 | 100,000 |
816 Congress Mortgage Note [Member] | ||
Summary of terms of notes payable | ||
Interest rate on mortgage loan | 3.75% | |
Notes payable | $ 85,000 | 85,000 |
Credit Facility, unsecured Member] | ||
Summary of terms of notes payable | ||
Interest rate on mortgage loan | 1.63% | |
Notes payable | $ 0 | 92,000 |
Meridian Mark Plaza mortgage note [Member] | ||
Summary of terms of notes payable | ||
Interest rate on mortgage loan | 6.00% | |
Notes payable | $ 24,639 | $ 24,978 |
Notes Payable (Details Textual)
Notes Payable (Details Textual) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 915 | $ 738.1 |
Document Fiscal Year Focus | 2,016 |
Notes Payable (Interest Expense
Notes Payable (Interest Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Detail of interest expensed and incurred | ||||
Total interest incurred | $ 8,939 | $ 8,696 | $ 25,445 | $ 25,959 |
Interest capitalized | (1,229) | (1,023) | (2,988) | (2,740) |
Total interest expense | $ 7,710 | $ 7,673 | $ 22,457 | $ 23,219 |
Notes Payable Notes Other (Deta
Notes Payable Notes Other (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($)ft² | Sep. 30, 2016USD ($)ft² | Dec. 31, 2015USD ($)ft² | |
Debt Instrument [Line Items] | ||||
Document Period End Date | Sep. 30, 2016 | |||
Area of Real Estate Property | ft² | 1,200,000 | 1,200,000 | 129,000 | |
Long-term Debt, Gross | $ 792,866 | $ 792,866 | $ 721,293 | |
Debt Issuance Costs, Net | 3,488 | 3,488 | (2,483) | |
Long-term Debt | 789,378 | 789,378 | 718,810 | |
Colorado Tower Mortgage Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 120,000 | $ 120,000 | ||
Area of Real Estate Property | ft² | 373,000 | 373,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | 3.45% | ||
Debt Instrument, Maturity Date | Sep. 1, 2026 | |||
Long-term Debt | $ 120,000 | $ 120,000 | 0 | |
Fifth Third Center Mortgage Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 150,000 | $ 150,000 | ||
Area of Real Estate Property | ft² | 698,000 | 698,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.37% | 3.37% | ||
Debt Instrument, Maturity Date | Oct. 1, 2026 | |||
Long-term Debt | $ 150,000 | $ 150,000 | 0 | |
191 Peachtree Tower Mortgage Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.35% | 3.35% | ||
Notes payable prepayment penalty | $ 3,700 | |||
Long-term Debt | $ 99,188 | $ 99,188 | $ 100,000 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | Sep. 30, 2016USD ($) |
Commitments and Contingencies [Abstract] | |
Outstanding letters of credit and performance bonds | $ 1.9 |
Outstanding Commitments to Fund Real Estate Projects | 79 |
Operating Leases, Future Minimum Payments Due | $ 143.6 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 100 | |
Common Stock, Shares, Issued | 220,498,850 | 220,255,676 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Stock Repurchase Program Expiration Date | Sep. 8, 2017 | |
Stock Repurchased and Retired During Period, Shares | 6,800,000 | |
Payments for Repurchase of Equity | $ 61.5 |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Based Compensation (Narrative) (Details) - USD ($) | Oct. 06, 2016 | Nov. 01, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 141,000 | $ 683,000 | $ 4,800,000 | $ 1,200,000 | ||
Other General and Administrative Expense | 4,368,000 | $ 2,976,000 | $ 17,301,000 | $ 12,405,000 | ||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 234,965 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
SNL RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 214,151 | |||||
FFO RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 97,797 | |||||
Performance based Restricted Stock Unit [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout Range Minimum | 0.00% | |||||
Payout Per Unit Average Thirty Days Closing Price | 30 days | |||||
Payout Range Maximum | 200.00% | |||||
Immediately upon issuance [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 72,771 | |||||
Other General and Administrative Expense | $ 765,000 | |||||
Subsequent Event [Member] | Option on Securities [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 672,375 | |||||
Investment Options, Exercise Price | $ 7.82 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period | 1,730,981 | 2,284,346 | ||||
Subsequent Event [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 377,610 | 498,325 | ||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 981,612 | 1,295,417 |
Earnings Per Share Earnings P39
Earnings Per Share Earnings Per Share (Table) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares - basic | 210,170 | 216,261 | 210,400 | 216,485 |
Dilutive potential common shares - stock options | 156 | 113 | 128 | 140 |
Weighted average shares - diluted | 210,326 | 216,374 | 210,528 | 216,625 |
Anti-dilutive options | 1,103 | 1,553 | 1,110 | 1,553 |
Reportable Segments Table (Deta
Reportable Segments Table (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Fee Income | $ 1,945,000 | $ 1,686,000 | $ 5,968,000 | $ 5,206,000 |
Other Revenue from Continuing Operations | 153,000 | 444,000 | 858,000 | 593,000 |
Net operating property income, including discontinued operations | 61,621,000 | 60,816,000 | 180,142,000 | 179,643,000 |
Net operating income in joint venture | 6,760,000 | 6,131,000 | 20,361,000 | 18,103,000 |
General and Administrative Expense | 4,368,000 | 2,976,000 | 17,301,000 | 12,405,000 |
Interest Expense | (7,710,000) | (7,673,000) | (22,457,000) | (23,219,000) |
Depreciation, Depletion and Amortization | (31,843,000) | (32,538,000) | (96,192,000) | (103,564,000) |
Other Expenses | 173,000 | 170,000 | 681,000 | 970,000 |
Reimbursed Expenses | (795,000) | (686,000) | (2,463,000) | (2,514,000) |
Income (Loss) from Equity Method Investments | 1,527,000 | 3,716,000 | 5,144,000 | 7,088,000 |
Loss on sale from discontinued operations | 0 | 0 | 0 | (551,000) |
Gain on sale of investment properties | 0 | 37,145,000 | 13,944,000 | 37,674,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 11,657,000 | 53,620,000 | 42,218,000 | 68,774,000 |
Houston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 26,408,000 | 26,039,000 | 76,851,000 | 76,549,000 |
Atlanta [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 24,346,000 | 22,747,000 | 71,864,000 | 69,068,000 |
Austin [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 6,023,000 | 4,424,000 | 16,978,000 | 10,524,000 |
Charlotte [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 4,905,000 | 4,072,000 | 14,485,000 | 12,026,000 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | (61,000) | 3,534,000 | (36,000) | 11,476,000 |
Mixed-Use [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 1,753,000 | 1,492,000 | 5,101,000 | 4,343,000 |
Mixed-Use [Member] | Houston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 0 | 0 | 0 | 0 |
Mixed-Use [Member] | Atlanta [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 1,753,000 | 1,492,000 | 5,101,000 | 4,343,000 |
Mixed-Use [Member] | Austin [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 0 | 0 | 0 | 0 |
Mixed-Use [Member] | Charlotte [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 0 | 0 | 0 | 0 |
Mixed-Use [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 0 | 0 | 0 | 0 |
Office Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 59,873,000 | 59,329,000 | 175,042,000 | 175,332,000 |
Office Segment [Member] | Houston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 26,408,000 | 26,039,000 | 76,851,000 | 76,549,000 |
Office Segment [Member] | Atlanta [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 22,593,000 | 21,255,000 | 66,763,000 | 64,725,000 |
Office Segment [Member] | Austin [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 6,023,000 | 4,424,000 | 16,978,000 | 10,524,000 |
Office Segment [Member] | Charlotte [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 4,905,000 | 4,072,000 | 14,485,000 | 12,026,000 |
Office Segment [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | (56,000) | 3,539,000 | (35,000) | 11,508,000 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | (5,000) | (5,000) | (1,000) | (32,000) |
Other [Member] | Houston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 0 | 0 | 0 | 0 |
Other [Member] | Atlanta [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 0 | 0 | 0 | 0 |
Other [Member] | Austin [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 0 | 0 | 0 | 0 |
Other [Member] | Charlotte [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | 0 | 0 | 0 | 0 |
Other [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating property income, including discontinued operations | $ (5,000) | $ (5,000) | $ (1,000) | $ (32,000) |
Reportable Segments Reportable
Reportable Segments Reportable Segments (Revenue Reconciliation) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Fee Income | $ 1,945,000 | $ 1,686,000 | $ 5,968,000 | $ 5,206,000 |
Other Revenue from Continuing Operations | 153,000 | 444,000 | 858,000 | 593,000 |
Reimbursed Expenses | (795,000) | (686,000) | (2,463,000) | (2,514,000) |
General and Administrative Expense | (4,368,000) | (2,976,000) | (17,301,000) | (12,405,000) |
Interest Expense | (7,710,000) | (7,673,000) | (22,457,000) | (23,219,000) |
Depreciation, Depletion and Amortization | (31,843,000) | (32,538,000) | (96,192,000) | (103,564,000) |
Acquisition and merger costs | (1,940,000) | (19,000) | (4,383,000) | (104,000) |
Other Expenses | (173,000) | (170,000) | (681,000) | (970,000) |
Income (Loss) from Equity Method Investments | 1,527,000 | 3,716,000 | $ 5,144,000 | 7,088,000 |
Document Fiscal Year Focus | 2,016 | |||
Rental property operating expenses | (37,760,000) | (41,331,000) | $ (112,051,000) | (120,672,000) |
Net operating income in joint venture | (6,760,000) | (6,131,000) | (20,361,000) | (18,103,000) |
Net operating loss (income) from discontinued operations | 0 | 0 | 0 | 14,000 |
Total consolidated revenues | 94,719,000 | 98,146,000 | 278,658,000 | 288,025,000 |
Revenues including share of unconsolidated joint ventures | 105,245,000 | 107,886,000 | 309,695,000 | 315,779,000 |
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 0 | 37,145,000 | 13,944,000 | 37,674,000 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 6,000 | 0 | (565,000) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 11,657,000 | 53,620,000 | 42,218,000 | 68,774,000 |
Houston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 46,046,000 | 45,117,000 | 133,450,000 | 133,326,000 |
Atlanta [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 39,890,000 | 43,555,000 | 120,115,000 | 126,895,000 |
Austin [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 10,469,000 | 7,505,000 | 29,825,000 | 18,744,000 |
Charlotte [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 6,799,000 | 5,704,000 | 19,533,000 | 17,027,000 |
Rental properties revenues from unconsolidated joint ventures | (10,526,000) | (9,740,000) | (31,037,000) | (27,754,000) |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 2,041,000 | 6,005,000 | 6,772,000 | 19,787,000 |
Office Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total consolidated revenues | 92,621,000 | 96,016,000 | 271,832,000 | 282,226,000 |
Revenues including share of unconsolidated joint ventures | 99,950,000 | 103,099,000 | 293,669,000 | 302,779,000 |
Office Segment [Member] | Houston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 46,046,000 | 45,117,000 | 133,450,000 | 133,326,000 |
Office Segment [Member] | Atlanta [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 36,693,000 | 40,898,000 | 110,915,000 | 119,694,000 |
Office Segment [Member] | Austin [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 10,469,000 | 7,505,000 | 29,825,000 | 18,744,000 |
Office Segment [Member] | Charlotte [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 6,799,000 | 5,704,000 | 19,533,000 | 17,027,000 |
Rental properties revenues from unconsolidated joint ventures | (7,329,000) | (7,083,000) | (21,837,000) | (20,553,000) |
Office Segment [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | (57,000) | 3,875,000 | (54,000) | 13,988,000 |
Mixed-Use [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total consolidated revenues | 0 | 0 | 0 | 0 |
Revenues including share of unconsolidated joint ventures | 3,197,000 | 2,657,000 | 9,200,000 | 7,201,000 |
Mixed-Use [Member] | Houston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 0 | 0 | 0 | 0 |
Mixed-Use [Member] | Atlanta [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 3,197,000 | 2,657,000 | 9,200,000 | 7,201,000 |
Mixed-Use [Member] | Austin [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 0 | 0 | 0 | 0 |
Mixed-Use [Member] | Charlotte [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 0 | 0 | 0 | 0 |
Rental properties revenues from unconsolidated joint ventures | (3,197,000) | (2,657,000) | (9,200,000) | (7,201,000) |
Mixed-Use [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 0 | 0 | 0 | 0 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total consolidated revenues | 2,098,000 | 2,130,000 | 6,826,000 | 5,799,000 |
Revenues including share of unconsolidated joint ventures | 2,098,000 | 2,130,000 | 6,826,000 | 5,799,000 |
Other [Member] | Houston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 0 | 0 | 0 | 0 |
Other [Member] | Atlanta [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 0 | 0 | 0 | 0 |
Other [Member] | Austin [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 0 | 0 | 0 | 0 |
Other [Member] | Charlotte [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | 0 | 0 | 0 | 0 |
Rental properties revenues from unconsolidated joint ventures | 0 | 0 | 0 | 0 |
Other [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues including share of unconsolidated joint ventures | $ 2,098,000 | $ 2,130,000 | $ 6,826,000 | $ 5,799,000 |
Subsequent Events Business comb
Subsequent Events Business combinations (Details) - ft² | Sep. 30, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||
Area of Real Estate Property | 1,200,000 | 129,000 |
Merger with Parkway Properties,
Merger with Parkway Properties, Inc. (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Oct. 06, 2016 | Oct. 05, 2016 | Dec. 31, 2015 | |
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | |||||
Document Period End Date | Sep. 30, 2016 | |||||||
Acquisition Costs, Period Cost | $ 1,940 | $ 19 | $ 4,383 | $ 104 | ||||
Subsequent Event [Member] | ||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 98.00% | |||||||
Share Price | $ 10.19 | |||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 2.00% | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 1,900,000 | |||||||
Preferred Stock, Shares Issued | 7,000,000 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 183,000,000 | |||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 163.00% |