Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 01, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | COUSINS PROPERTIES INC | ||
Entity Central Index Key | 25,232 | ||
Document Type | 10-K | ||
Document Ending Period Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Year Period Focus | FY | ||
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 Public Float | $ 3,615,199,650 | ||
Entity Common Stock, Shares Outstanding | 419,989,466 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate assets: | ||
Operating properties, net of accumulated depreciation of $275,977 and $215,856 in 2017 and 2016, respectively | $ 3,332,619 | $ 3,432,522 |
Projects under development | 280,982 | 162,387 |
Land | 4,221 | 4,221 |
Total properties | 3,617,822 | 3,599,130 |
Cash and cash equivalents | 148,929 | 35,687 |
Restricted cash | 56,816 | 15,634 |
Notes and accounts receivable, net of allowance for doubtful accounts of $535 and $1,167 in 2017 and 2016, respectively | 14,420 | 27,683 |
Deferred rents receivable | 58,158 | 39,464 |
Investment in unconsolidated joint ventures | 101,414 | 179,397 |
Intangible assets, net of accumulated amortization of $104,931 and $53,483 in 2017 and 2016, respectively | 186,206 | 245,529 |
Other assets | 20,854 | 29,083 |
Total assets | 4,204,619 | 4,171,607 |
Liabilities: | ||
Notes payable | 1,093,228 | 1,380,920 |
Accounts payable and accrued expenses | 137,909 | 109,278 |
Deferred income | 37,383 | 33,304 |
Intangible liabilities, net of accumulated amortization of $28,960 and $12,227 in 2017 and 2016, respectively | 70,454 | 89,781 |
Other liabilities | 40,534 | 44,084 |
Total liabilities | 1,379,508 | 1,657,367 |
Commitments and contingencies | ||
Stockholders' investment: | ||
Preferred stock, $1 par value, 20,000,000 shares authorized, 6,867,357 shares issued and outstanding in 2017 and 2016 | 6,867 | 6,867 |
Common stock, $1 par value, 700,000,000 shares authorized, 430,349,620 and 403,746,938 shares issued in 2017 and 2016, respectively | 430,350 | 403,747 |
Additional paid-in capital | 3,604,776 | 3,407,430 |
Treasury stock at cost, 10,329,082 shares in 2017 and 2016 | (148,373) | (148,373) |
Distributions in excess of cumulative net income | (1,121,647) | (1,214,114) |
Total stockholders' investment | 2,771,973 | 2,455,557 |
Nonredeemable noncontrolling interests | 53,138 | 58,683 |
Total stockholders' investment | 2,825,111 | 2,514,240 |
Total liabilities and equity | $ 4,204,619 | $ 4,171,607 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Operating properties, accumulated depreciation | $ 275,977 | $ 215,856 |
Notes and accounts receivable, allowance for doubtful accounts | 535 | 1,167 |
Intangible assets, accumulated amortization | 104,931 | 53,483 |
Intangible liabilities, accumulated amortization | $ 28,960 | $ 12,227 |
Preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 6,867,357 | 6,867,357 |
Preferred stock, shares outstanding | 6,867,357 | 6,867,357 |
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Common stock, shares authorized | 700,000,000 | 700,000,000 |
Common stock, shares issued | 430,349,620 | 403,746,938 |
Treasury stock, shares | 10,329,082 | 10,329,082 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Rental property revenues | $ 446,035 | $ 249,814 | $ 196,244 |
Fee income | 8,632 | 8,347 | 7,297 |
Other | 11,518 | 1,050 | 828 |
Total revenues | 466,185 | 259,211 | 204,369 |
Expenses: | |||
Rental property operating expenses | 163,882 | 96,908 | 82,545 |
Reimbursed expenses | 3,527 | 3,259 | 3,430 |
General and administrative expenses | 27,523 | 25,592 | 16,918 |
Interest expense | 33,524 | 26,650 | 22,735 |
Depreciation and amortization | 196,745 | 97,948 | 71,625 |
Acquisition and transaction costs | 1,661 | 24,521 | 299 |
Other | 1,796 | 5,888 | 1,181 |
Total costs and expenses | 428,658 | 280,766 | 198,733 |
(Gain) loss on extinguishment of debt | 2,258 | (5,180) | 0 |
Income (loss) from continuing operations before unconsolidated joint ventures and gain (loss) on sale of investment properties | 39,785 | (26,735) | 5,636 |
Income from unconsolidated joint ventures | 47,115 | 10,562 | 8,302 |
Income (loss) from continuing operations before gain on sale of investment properties | 86,900 | (16,173) | 13,938 |
Gain on sale of investment properties | 133,059 | 77,114 | 80,394 |
Income from continuing operations | 219,959 | 60,941 | 94,332 |
Income from discontinued operations: | |||
Income from discontinued operations | 0 | 19,163 | 31,848 |
Loss on sale from discontinued operations | 0 | 0 | (551) |
Income from discontinued operations | 0 | 19,163 | 31,297 |
Net income | 219,959 | 80,104 | 125,629 |
Net income attributable to noncontrolling interests | (3,684) | (995) | (111) |
Net income attributable to controlling interests | $ 216,275 | $ 79,109 | $ 125,518 |
Per common share information — basic: | |||
Income from continuing operations for common stockholders (in usd per share) | $ 0.52 | $ 0.24 | $ 0.44 |
Income from discontinued operations for common stockholders (in usd per share) | 0 | 0.07 | 0.14 |
Net income available to common stockholders (in usd per share) | 0.52 | 0.31 | 0.58 |
Per common share information — diluted: | |||
Income from continuing operations for common stockholders (in usd per share) | 0.52 | 0.24 | 0.44 |
Income from discontinued operations for common stockholders (in usd per share) | 0 | 0.07 | 0.14 |
Net income available to common stockholders (in usd per share) | $ 0.52 | $ 0.31 | $ 0.58 |
Weighted average shares — basic | 415,610 | 253,895 | 215,827 |
Weighted average shares — diluted | 423,297 | 256,023 | 215,979 |
Dividends declared per common share (in usd per share) | $ 0.30 | $ 0.24 | $ 0.32 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Treasury Stock | Distributions in Excess of Cumulative Net Income | Stockholders’ Investment | Nonredeemable Noncontrolling Interests |
Beginning balance at Dec. 31, 2014 | $ 1,673,458 | $ 0 | $ 220,083 | $ 1,720,972 | $ (86,840) | $ (180,757) | $ 1,673,458 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 125,629 | 125,518 | 125,518 | 111 | ||||
Common stock issued pursuant to stock based -- compensation | (72) | 173 | (245) | (72) | ||||
Amortization of stock options and restricted stock, net of forfeitures | 1,473 | 1,473 | 1,473 | |||||
Distributions to nonredeemable noncontrolling interests | (111) | (111) | ||||||
Repurchase of common stock | (47,790) | (47,790) | (47,790) | |||||
Common dividends | (69,196) | (69,196) | (69,196) | |||||
Other | 24 | 24 | 24 | |||||
Ending balance at Dec. 31, 2015 | 1,683,415 | 0 | 220,256 | 1,722,224 | (134,630) | (124,435) | 1,683,415 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 80,104 | 79,109 | 79,109 | 995 | ||||
Securities issued in merger | 1,950,008 | 6,867 | 183,207 | 1,683,076 | 1,873,150 | 76,858 | ||
Noncontrolling interest in assets acquired in merger | 292,337 | 292,337 | ||||||
Common stock issued pursuant to stock based -- compensation | 504 | 280 | 224 | 504 | ||||
Spin-off of New Parkway | (1,141,061) | (1,118,240) | (1,118,240) | (22,821) | ||||
Amortization of stock options and restricted stock, net of forfeitures | 1,648 | (35) | 1,683 | 1,648 | ||||
Common stock redemption by unit holders | 0 | 39 | 223 | 262 | (262) | |||
Contributions from nonredeemable noncontrolling interests | 4,126 | 4,126 | ||||||
Distributions to nonredeemable noncontrolling interests | (292,550) | (292,550) | ||||||
Repurchase of common stock | (13,743) | (13,743) | (13,743) | |||||
Common dividends | (50,548) | (50,548) | (50,548) | |||||
Ending balance at Dec. 31, 2016 | 2,514,240 | 6,867 | 403,747 | 3,407,430 | (148,373) | (1,214,114) | 2,455,557 | 58,683 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 219,959 | 216,275 | 216,275 | 3,684 | ||||
Common stock offering, net of issuance costs | 211,774 | 25,000 | 186,774 | 211,774 | ||||
Common stock issued pursuant to stock based -- compensation | 124 | 403 | (279) | 124 | ||||
Spin-off of New Parkway | 545 | 545 | 545 | |||||
Amortization of stock options and restricted stock, net of forfeitures | 1,983 | (3) | 1,986 | 1,983 | ||||
Common stock redemption by unit holders | 0 | 1,203 | 8,865 | 10,068 | (10,068) | |||
Contributions from nonredeemable noncontrolling interests | 2,646 | 2,646 | ||||||
Distributions to nonredeemable noncontrolling interests | (1,807) | (1,807) | ||||||
Common dividends | (124,353) | (124,353) | (124,353) | |||||
Ending balance at Dec. 31, 2017 | $ 2,825,111 | $ 6,867 | $ 430,350 | $ 3,604,776 | $ (148,373) | $ (1,121,647) | $ 2,771,973 | $ 53,138 |
Consolidated Statements of Equ6
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Common dividends per share (in usd per share) | $ 0.30 | $ 0.24 | $ 0.32 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 219,959 | $ 80,104 | $ 125,629 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on sale of investment properties | (133,059) | (77,114) | (79,843) |
(Gain) loss on extinguishment of debt | (2,258) | 5,180 | 0 |
Depreciation and amortization, including discontinued operations | 196,745 | 145,293 | 135,462 |
Amortization of deferred financing costs and premium/discount on notes payable | (2,139) | (1,595) | 1,423 |
Stock-based compensation expense, net of forfeitures | 2,994 | 2,152 | 1,473 |
Effect of non-cash adjustments to rental revenues | (40,410) | (25,873) | (26,475) |
Income from unconsolidated joint ventures | (47,115) | (10,562) | (8,302) |
Operating distributions from unconsolidated joint ventures | 11,065 | 14,184 | 11,664 |
Other | 0 | 4,526 | (263) |
Changes in other operating assets and liabilities: | |||
Change in other receivables and other assets, net | 11,456 | 2,156 | (10,937) |
Change in operating liabilities | (5,589) | (20,749) | 4,471 |
Net cash provided by operating activities | 211,649 | 117,702 | 154,302 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from investment property sales | 370,944 | 622,643 | 225,307 |
Proceeds from sale of interest in unconsolidated joint venture | 12,514 | 0 | 0 |
Property acquisition, development, and tenant asset expenditures | (319,975) | (193,534) | (184,988) |
Investment in unconsolidated joint ventures | (20,080) | (28,531) | (9,985) |
Purchase of tenant-in-common interest | (13,382) | 0 | 0 |
Distributions from unconsolidated joint ventures | 75,506 | 949 | 4,651 |
Cash and restricted cash acquired in merger with Parkway Properties, Inc. | 0 | 93,753 | 0 |
Investments in marketable securities | 0 | (21,190) | 0 |
Change in notes receivable and other assets | 6,583 | (8,241) | 118 |
Net cash provided by investing activities | 112,110 | 465,849 | 35,103 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from credit facility | 589,300 | 716,800 | 355,900 |
Repayment of credit facility | (723,300) | (674,800) | (404,100) |
Proceeds from notes payable | 350,000 | 870,000 | 0 |
Repayment of notes payable | (495,913) | (907,300) | (22,851) |
Cash distributed to Parkway, Inc. | 0 | (192,755) | 0 |
Payment of deferred financing costs | (2,074) | 0 | 0 |
Common stock issued, net of expenses | 211,521 | 0 | 8 |
Repurchase of common stock | 0 | (13,743) | (47,790) |
Common dividends paid | (99,151) | (50,548) | (69,196) |
Contributions from noncontrolling interests | 2,646 | 4,126 | 0 |
Distributions to nonredeemable noncontrolling interests | (1,807) | (286,122) | (111) |
Other | (557) | (4,195) | 0 |
Net cash used in financing activities | (169,335) | (538,537) | (188,140) |
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 154,424 | 45,014 | 1,265 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 51,321 | 6,307 | 5,042 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ 205,745 | $ 51,321 | $ 6,307 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business: Cousins Properties Incorporated (“Cousins”), a Georgia corporation, is a self-administered and self-managed real estate investment trust (“REIT”). Cousins conducts substantially all of its business through Cousins Properties, LP ("CPLP"). Cousins owns approximately 98% of CPLP and consolidates CPLP. CPLP owns Cousins TRS Services LLC ("CTRS") a taxable entity which owns and manages its own real estate portfolio and performs certain real estate related services for other parties. Cousins, CPLP, CTRS and their subsidiaries (collectively, the “Company”) develop, acquire, lease, manage, and own primarily Class A office properties and opportunistic mixed-use developments in Sunbelt markets with a focus on Georgia, Texas, Arizona, Florida, and North Carolina. As of December 31, 2017 , the Company’s portfolio of real estate assets consisted of interests in 14.2 million square feet of office space and 310,000 square feet of mixed-use space. Basis of Presentation: The consolidated financial statements include the accounts of the Company and its consolidated partnerships and wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The Company presents its financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) as outlined in the Financial Accounting Standard Board’s Accounting Standards Codification (the “Codification” or “ASC”). The Codification is the single source of authoritative accounting principles applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. For the three years ended December 31, 2017 , 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 Codification. 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. In 2017, the Company transferred the right to sell a building to a special purpose entity to facilitate a potential Section 1031 exchange under the Internal Revenue Code of 1986, as amended (the "Code"), and the special purpose entity sold the building and retained the proceeds therefrom. To realize the tax deferral available under the Section 1031 exchange, the Company must complete the Section 1031 exchange, and take title to the to-be-exchanged building within 180 days of the disposition date. The Company has determined that this entity is a VIE, and the Company is the primary beneficiary. Therefore, the Company consolidates this entity. As of December 31, 2017, this VIE had total assets of $56.7 million , no significant liabilities, and no significant cash flows. In addition, the Company considers CPLP to be a VIE with the Company as the primary beneficiary. Recently Issued Accounting Standards : In May 2014, the FASB issued ASU 2014-09 ("ASC 606"), "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. ASU 2015-14 (collectively with ASU 2014-09, "ASC 606"), "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 adopted this guidance using the “modified retrospective” method effective January 1, 2018. The classification of certain non-lease components of revenue from leases may be impacted by the new revenue standard upon the adoption of the new leasing standard beginning January 1, 2019 (see below). The Company has determined that the adoption of ASC 606 will not require any material adjustments to the consolidated financial statements but will result in additional disclosures related to disaggregation of revenue streams beginning in the first quarter of 2018. In February 2016, the FASB 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 using the "modified retrospective" method effective January 1, 2019, and is currently assessing the potential impact of adopting the new guidance. In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15") which updated ASC Topic 230, "Statement of Cash Flows." ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. The Company adopted this standard in the fourth quarter of 2017 with retrospective application to the consolidated statements of cash flows. The Company elected to use the nature of distributions approach for distributions from its equity method investments, under which it classifies the distribution received on the basis of the nature of the activity that generated the distribution. The adoption of this new approach resulted in an increase in net cash provided by operating activities and a decrease in net cash provided by investing activities of $ 6.4 million and $2.9 million for the years ended December 31, 2016 and 2015, respectively. In November 2016, the FASB issued ASU 2016-18, "Restricted Cash" ("ASU 2016-18") which updated ASC Topic 230, "Statement of Cash Flows." ASU 2016-18 requires companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. The Company has early adopted this standard in the fourth quarter of 2017, which resulted in an increase in net cash provided by investing activities by $ 11.3 million for the year ended December 31, 2016 and a decrease in net cash provided by operating and investing activities by $263,000 and $475,000 , respectively, for the year ended December 31, 2015. Effective January 1, 2017, the Company adopted 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. In the first quarter of 2017, the Company changed the treatment of excess tax benefits as operating cash flows in the statement of cash flows. This ASU also stipulates that cash payments to tax authorities in connection with shares withheld to meet statutory tax withholding requirements be presented as a financing activity in the statement of cash flows. This ASU was adopted prospectively, prior periods have not been restated to conform to the current period presentation. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business," which provides a more narrow definition of a business to be used in determining the accounting treatment of an acquisition. As a result, many acquisitions that previously qualified as business combinations will be treated as asset acquisitions. For asset acquisitions, acquisition costs may be capitalized, and the purchase price may be allocated on a relative fair value basis. ASU 2017-01 is effective prospectively for the Company on January 1, 2018, with early adoption permitted. The Company adopted this standard in 2017 and expects that most of its future acquisitions will qualify as asset acquisitions. In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05”). ASU 2017-05 updates the definition of an “in substance nonfinancial asset” and clarifies the derecognition guidance for nonfinancial assets to conform with the new revenue recognition standard. Among other things, ASU 2017-05 requires companies to recognize 100% of the gain on the transfer of a nonfinancial asset to an entity in which it has a noncontrolling interest. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The Company adopted this guidance using the "modified retrospective" method effective on January 1, 2018. As a result of the adoption of ASU 2017-05, the Company recorded a cumulative effect from change in accounting principle which credited distributions in excess of cumulative net income by $24.3 million . This cumulative effect adjustment resulted from the 2013 transfer of a wholly-owned property to an entity in which it had a noncontrolling interest. In May 2017, FASB issued ASU 2017-09, "Scope of Modification Accounting," which amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718, "Compensation—Stock Compensation." This update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. The Company adopted this standard on January 1, 2018. Adoption of the standard did not have a material impact on the Company's financial statements. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Real Estate Assets Cost Capitalization: Costs related to planning, developing, leasing, and constructing a property, including costs of development personnel working directly on projects under development, are capitalized. In addition, the Company capitalizes interest to qualifying assets under development based on average accumulated expenditures outstanding during the period. In capitalizing interest to qualifying assets, the Company first uses the interest incurred on specific project debt, if any, and next uses the Company’s weighted average interest rate for non-project specific debt. The Company also capitalizes interest to investments accounted for under the equity method when the investee has property under development with a carrying value in excess of the investee’s borrowings. To the extent debt exists within an unconsolidated joint venture during the construction period, the venture capitalizes interest on that venture-specific debt. The Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of recently completed development properties from the date a project is substantially complete to the earlier of (1) the date on which the project achieves 90% economic occupancy or (2) one year after it is substantially complete. The Company capitalizes direct leasing costs related to leases that are probable of being executed. These costs include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement, and internal costs that are based on time spent by leasing personnel on successful leases. The Company allocates these costs to individual tenant leases and amortizes them over the related lease term. Impairment: For real estate assets that are considered to be held for sale according to accounting guidance or those that are distributed to stockholders in a spin-off, the Company records impairment losses if the fair value of the asset or disposal group net of estimated selling costs is less than the carrying amount. For those long-lived assets that are held and used according to accounting guidance, management reviews each asset for the existence of any indicators of impairment. If indicators of impairment are present, the Company calculates the expected undiscounted future cash flows to be derived from such assets. If the undiscounted cash flows are less than the carrying amount of the asset, the Company reduces the asset to its fair value and records an impairment loss. Acquisition of Real Estate Assets: The Company records the acquired tangible and intangible assets and assumed liabilities of operating property acquisitions at fair value at the acquisition date. The acquired assets and assumed liabilities for an operating property acquisition generally include but are not limited to: land, buildings and improvements, and identified tangible and intangible assets and liabilities associated with in-place leases, including leasing costs, value of above-market and below-market tenant leases, value of above-market and below-market ground leases, acquired in-place lease values, and tenant relationships, if any. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, and leasing costs are based upon current market replacement costs and other relevant market rate information. The fair value of the above-market or below-market component of an acquired in-place lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term and (ii) management’s estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition over the remaining term of the lease. The amounts recorded for above-market and below-market ground leases are included in intangible liabilities and intangible assets, respectively, and are amortized on a straight-line basis into rental property revenues over the remaining terms of the applicable leases. The fair value of acquired in-place leases is derived based on management’s assessment of lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. The amount recorded for acquired in-place leases is included in intangible assets and amortized as an increase to depreciation and amortization expense over the remaining term of the applicable leases. Depreciation and Amortization: Real estate assets are stated at depreciated cost less impairment losses, if any. Buildings are depreciated over their estimated useful lives, which range generally from 24 to 42 years. The life of a particular building depends upon a number of factors including whether the building was developed or acquired and the condition of the building upon acquisition. Furniture, fixtures and equipment are depreciated over their estimated useful lives of three to five years. Tenant improvements, leasing costs and leasehold improvements are amortized over the term of the applicable leases or the estimated useful life of the assets, whichever is shorter. The Company accelerates the depreciation of tenant assets if it estimates that the lease term will end prior to the termination date. This acceleration may occur if a tenant files for bankruptcy, vacates its premises or defaults in another manner on its lease. Deferred expenses are amortized over the period of estimated benefit. The Company uses the straight-line method for all depreciation and amortization. Discontinued Operations: Assets held for sale or disposals representing strategic shifts in operations are reflected in discontinued operations. During 2015, there were no held for sale assets or disposals that represented a strategic shift in operations. During 2016, the Company completed a spin-off as described in note 3. The Company considered this disposition to be a strategic shift in operations and reclassified the historical operations of the assets included in the spin-off into discontinued operations on the consolidated statements of operations. During 2017, there were no assets held for sale or disposals that represented a strategic shift in operations. The Company ceases depreciation of a property when it is categorized as held for sale. Investment in Joint Ventures For joint ventures that the Company does not control, but over which it exercises significant influence, the Company uses the equity method of accounting. The Company's judgment with regard to its level of influence or control of an entity involves consideration of various factors including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace the Company as manager, and/or to liquidate the venture. These ventures are recorded at cost and adjusted for equity in earnings (losses) and cash contributions and distributions. Any difference between the carrying amount of these investments on the Company’s balance sheet and the underlying equity in net assets on the joint venture’s balance sheet is adjusted as the related underlying assets are depreciated, amortized, or sold. The Company generally allocates income and loss from an unconsolidated joint venture based on the venture's distribution priorities, which may be different from its stated ownership percentage. The Company evaluates the recoverability of its investment in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, the Company estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) the Company’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," the Company reduces the investment to its estimated fair value. Noncontrolling Interest The Company consolidates CPLP and certain joint ventures in which it owns a controlling interest. In cases where the entity’s documents do not contain a required redemption clause, the Company records the partner’s share of the entity in the equity section of the balance sheets in nonredeemable noncontrolling interests. In cases where the entity’s documents contain a provision requiring the Company to purchase the partner’s share of the venture at a certain value upon demand or at a future date, the Company records the partner’s share of the entity in redeemable noncontrolling interests on the balance sheets. The outside partners' interests in CPLP are redeemable into shares of cash or common stock of the Company in the Company's sole discretion. Therefore, noncontrolling interests associated with CPLP are considered nonredeemable noncontrolling interests. The noncontrolling partners' share of all consolidated entities' income is reflected in net income attributable to noncontrolling interest on the statements of operations. Revenue Recognition Rental Property Revenues: The Company recognizes contractual revenues from leases on a straight-line basis over the term of the respective lease. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. Percentage rents are recognized once the specified sales target is achieved. In addition, leases typically provide for reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses to the Company. Operating expense reimbursements are recognized as the related expenses are incurred. During 2017 , 2016 , and 2015 , the Company recognized $67.2 million , $90.2 million , and $93.3 million , respectively, in revenues, including discontinued operations, from tenants related to operating expenses. The Company makes valuation adjustments to all tenant-related accounts receivable based upon its estimate of the likelihood of collectibility of amounts due from the tenant. The amount of any valuation adjustment is based on the tenant’s credit and business risk, history of payment, and other factors considered by management. Fee Income: The Company recognizes development, management and leasing fees when earned. The Company recognizes development and leasing fees received from unconsolidated joint ventures and related salaries and other direct costs incurred by the Company as income and expense based on the percentage of the joint venture which the Company does not own. Correspondingly, the Company adjusts its investment in unconsolidated joint ventures when fees are paid to the Company by a joint venture in which the Company has an ownership interest. See note 6 for more information related to fee income recognized from unconsolidated joint ventures. Gain on Sale of Investment Properties : The Company recognizes a gain on sale of investment property when the sale of a property is consummated, the buyer’s initial and continuing investment is adequate to demonstrate commitment to pay, any receivable obtained is not subject to future subordination, the usual risks and rewards of ownership are transferred, and the Company has no substantial continuing involvement with the property. If the Company has a commitment to the buyer and that commitment is a specific dollar amount, this commitment is accrued and the gain on sale that the Company recognizes is reduced. If the Company has a construction commitment to the buyer, management makes an estimate of this commitment, defers a portion of the profit from the sale, and recognizes the deferred profit as or when the commitment is fulfilled. Income Taxes Cousins has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, Cousins must distribute annually at least 90% of its adjusted taxable income, as defined in the Code, to its stockholders and satisfy certain other organizational and operating requirements. It is management’s current intention to adhere to these requirements and maintain Cousins’ REIT status. As a REIT, Cousins generally will not be subject to federal income tax at the corporate level on the taxable income it distributes to its stockholders. If Cousins fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. Cousins may be subject to certain state and local taxes on its income and property, and to federal income taxes on its undistributed taxable income. CTRS is a C-Corporation for federal income tax purposes and uses the liability method for accounting for income taxes. Tax return positions are recognized in the financial statements when they are “more-likely-than-not” to be sustained upon examination by the taxing authority. Deferred income tax assets and liabilities result from temporary differences. Temporary differences are differences between the tax bases of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future periods. A valuation allowance may be placed on deferred income tax assets, if it is determined that it is more likely than not that a deferred tax asset may not be realized. Stock-Based Compensation The Company has several types of stock-based compensation plans. These plans are described in note 13, as are the accounting policies by type of award. The Company recognizes compensation expense, net of forfeitures, arising from share-based payment arrangements granted to employees and directors in general and administrative expense in the statements of operations over the related awards’ vesting period, which may be accelerated under the Company’s retirement feature. Earnings per Share (“EPS”) 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 plus noncontrolling interests in CPLP 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 that would occur if the outside units in CPLP were converted into the Company's common stock and 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. Stock options are dilutive when the average market price of the Company’s stock during the period exceeds the option exercise price. Cash and Cash Equivalents Cash and cash equivalents include unrestricted cash and highly-liquid money market instruments. Highly-liquid money market instruments include securities and repurchase agreements with original maturities of three months or less , money market mutual funds, and United States Treasury Bills with maturities of 30 days or less . Restricted Cash Restricted Cash includes escrow accounts held by lenders to pay real estate taxes, earnest money paid in connection with future acquisitions, and proceeds from property sales held by qualified intermediaries for potential like-kind exchanges in accordance with Section 1031 of the Code. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Transactions With Parkway Prope
Transactions With Parkway Properties, Inc. | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
TRANSACTIONS WITH PARKWAY PROPERTIES, INC. | TRANSACTIONS WITH PARKWAY PROPERTIES, INC. On October 6, 2016, pursuant to the Agreement and Plan of Merger, dated April 28, 2016, (as amended or supplemented from time to time, the “Merger Agreement”), by and among Cousins, Parkway Properties, Inc. ("Parkway") and subsidiaries of Cousins and Parkway, Parkway merged with and into a wholly-owned subsidiary of the Company (the "Merger"), with this subsidiary continuing as the surviving corporation of the Merger. In accordance with the terms and conditions of the Merger Agreement, each outstanding share of Parkway common stock and each outstanding share of Parkway limited voting stock was converted into 1.63 shares of Cousins common stock or limited voting preferred stock, respectively. On October 7, 2016, pursuant to the Merger Agreement and the Separation, Distribution and Transition Services Agreement, dated as of October 5, 2016 , by and among Cousins, Parkway, Parkway, Inc. ("New Parkway"), and certain other parties thereto, Cousins distributed pro rata to its common and limited voting preferred stockholders, including legacy Parkway common and limited voting stockholders, all of the outstanding shares of common and limited voting stock, respectively, of New Parkway, a newly-formed entity that included the combined businesses relating to the ownership of real properties in Houston, Texas and certain other businesses of Parkway (the "Spin-Off"). In the Spin-Off, Cousins distributed one share of New Parkway common or limited voting stock for every eight shares of common or limited voting preferred stock of Cousins held of record as of the close of business on October 6, 2016. New Parkway became an independent public company. The acquisition was accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification, or ASC 805, "Business Combinations, " with the Company as the accounting acquirer, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their acquisition date fair value. The total value of the transaction was based on the closing stock price of the Company's common stock on October 5, 2016, the day immediately prior to the closing of the Merger, of $10.19 per share. Based on the shares issued in the transaction and on the units of CPLP effectively issued to the outside unit holders in the transaction, the total fair value of the assets and liabilities assumed in the Merger was $2.0 billion . The Company incurred $1.7 million and $24.5 million in expenses related to the Merger during the years ended December 31, 2017 and 2016, respectively. Management engaged a third party valuation specialist to assist with the fair value assessment, which included an allocation of the purchase price. The third party used cash flow analysis as well as an income approach and a cost approach to determine the fair value of assets acquired. The final purchase price was allocated as follows (in thousands): Real estate assets $ 3,429,895 Cash 63,193 Restricted cash 30,560 Notes and other receivables 35,945 Investment in unconsolidated joint ventures 68,432 Intangible assets 329,894 Other assets 10,491 3,968,410 Notes payable 1,473,810 Accounts payable and accrued expenses 133,839 Intangible liabilities 106,480 Other liabilities 11,936 Nonredeemable noncontrolling interests (excluding CPLP) 292,337 2,018,402 Total purchase price $ 1,950,008 The allocation of fair value of assets acquired and liabilities assumed has changed by an immaterial amount from the allocation previously reported. The changes were based on information about the assets and liabilities obtained subsequent to the prior reporting date through October 6, 2017, one year after the closing date of the Merger. The changes did not have a significant impact on the purchase price allocation, the consolidated balance sheet, or the consolidated results of operations.The Merger accounted for $68.7 million of consolidated revenue and $9.0 million in consolidated net income as reported for 2016. The following unaudited supplemental pro forma information presented is based upon the Company's historical consolidated statements of operations, adjusted as if the Merger had occurred on January 1, 2015. This supplemental pro forma information is not necessarily indicative of future results, or of actual results, that would have been achieved had the transactions been consummated at the beginning of each period. 2016 2015 (unaudited, in thousands, except per share amounts) Revenues $ 732,117 $ 855,318 Income from continuing operations 179,625 237,909 Net income 174,117 237,323 Net income available to common stockholders 166,375 208,574 Per share information: Basic $ 0.42 $ 0.53 Diluted $ 0.41 $ 0.53 As a result of the Spin-Off, the historical results of operations of the Company's properties that were contributed to New Parkway have been presented as discontinued operations in the consolidated statements of operations and comprehensive income. The above pro forma information is presented prior to the discontinued operations reclassification. Discontinued operations include transaction costs of $6.3 million incurred in 2016 as a result of the Spin-Off. The following is a summary of the assets and liabilities transferred to New Parkway as part of the Spin-Off (in thousands): Real estate assets $ 1,696,080 Cash 192,755 Notes and other receivables 43,752 Intangible assets 143,294 Other assets 6,669 2,082,550 Notes payable 803,769 Accounts payable and accrued expenses 56,055 Intangible liabilities 59,424 Other liabilities 22,241 941,489 Noncontrolling interest 22,821 Net assets in Spin-off to New Parkway $ 1,118,240 The following table includes a summary of discontinued operations of the Company for the years ended December 31, 2016 and 2015. There were no dispositions that met this criteria in 2017. 2016 2015 Rental property revenues $ 136,927 $ 176,828 Rental property operating expenses (58,336 ) (73,630 ) Other revenues 288 450 Interest expense (6,022 ) (7,988 ) Depreciation and amortization (47,345 ) (63,791 ) Other expenses (6,349 ) (21 ) Income from discontinued operations $ 19,163 $ 31,848 Loss on sale of discontinued operations, net $ — $ (551 ) Cash provided by operating activities $ 42,604 $ 76,395 Cash used in investing activities $ (30,067 ) $ (55,085 ) |
Real Estate Transactions
Real Estate Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
REAL ESTATE TRANSACTIONS | REAL ESTATE TRANSACTIONS Dispositions The Company sold the following properties in 2017 , 2016 , and 2015 ($ in thousands): Property Property Type Location Square Feet Sales Price 2017 American Cancer Society Center Office Atlanta, GA 996,000 $ 166,000 Bank of America Center, One Orlando Centre, -- and Citrus Center Office Orlando, FL 1,038,000 $ 208,100 2016 Post Oak Central Office Houston, TX 1,280,000 (1 ) Greenway Plaza Office Houston, TX 4,348,000 (1 ) 191 Peachtree Office Atlanta, GA 1,225,000 $ 267,500 Two Liberty Place Office Philadelphia, PA 941,000 $ 219,000 Lincoln Place Office Miami, FL 140,000 $ 80,000 The Forum Office Atlanta, GA 220,000 $ 70,000 100 North Point Center East Office Atlanta, GA 129,000 $ 22,000 2015 2100 Ross Office Dallas, TX 844,000 $ 131,000 200, 333, and 555 North Point Center East Office Atlanta, GA 411,000 $ 70,300 The Points at Waterview Office Dallas, TX 203,000 $ 26,800 (1) Properties distributed to New Parkway in the Spin-Off. The Company sold the properties noted above in 2017 , 2016 , and 2015 as part of its ongoing investment strategy of exiting non-core markets and recycling investment capital to fund investment activity. |
Notes and Accounts Receivable
Notes and Accounts Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
NOTES AND ACCOUNTS RECEIVABLE | NOTES AND ACCOUNTS RECEIVABLE At December 31, 2017 and 2016 , notes and accounts receivables included the following (in thousands): 2017 2016 Notes receivable $ 465 $ 3,921 Allowance for doubtful accounts related to notes receivable — (414 ) Tenant and other receivables 14,490 24,929 Allowance for doubtful accounts related to tenant and other receivables (535 ) (753 ) $ 14,420 $ 27,683 At December 31, 2017 and 2016 , the fair value of the Company’s notes receivable approximated the cost basis. Fair value was calculated by discounting future cash flows from the notes receivable at estimated rates in which similar loans would have been made at December 31, 2017 and 2016 . The estimate of the rate, which is the most significant input in the discounted cash flow calculation, is intended to replicate notes of similar type and maturity. This fair value calculation is considered to be a Level 3 calculation under the accounting guidelines, as the Company utilizes internally generated assumptions regarding current interest rates at which similar instruments would be executed. |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | INVESTMENT IN UNCONSOLIDATED JOINT VENTURES The following information summarizes financial data and principal activities of the Company’s unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of December 31, 2017 and 2016 . The information included in the summary of operations table is for the years ended December 31, 2017 , 2016 , and 2015 (in thousands). Total Assets Total Debt Total Equity (Deficit) Company's Investment SUMMARY OF FINANCIAL POSITION 2017 2016 2017 2016 2017 2016 2017 2016 Terminus Office Holdings $ 261,999 $ 268,242 $ 203,131 $ 207,545 $ 48,033 $ 49,476 $ 24,898 $ 25,686 DC Charlotte Plaza LLLP 53,791 17,940 — — 42,853 17,073 22,293 8,937 Carolina Square Holdings LP 106,580 66,922 64,412 23,741 33,648 34,173 19,384 18,325 Charlotte Gateway Village, LLC 124,691 119,054 — — 121,386 116,809 14,568 11,796 HICO Victory Center LP 14,403 14,124 — — 14,401 13,869 9,752 9,506 HICO Avalon II, LLC 6,379 — — — 6,303 — 4,931 — CL Realty, L.L.C. 8,287 8,047 — — 8,127 7,899 2,980 3,644 AMCO 120 WT Holdings, LLC 18,066 10,446 — — 16,354 9,136 1,664 184 Temco Associates, LLC 4,441 4,368 — — 4,337 4,253 875 829 EP II LLC 277 67,754 — 44,969 180 21,743 44 17,606 EP I LLC 521 78,537 — 58,029 319 18,962 25 18,551 Courvoisier Centre JV, LLC — 172,197 — 106,500 — 69,479 — 11,782 111 West Rio Building — 59,399 — 12,852 — 32,855 — 52,206 Wildwood Associates 16,337 16,351 — — 16,297 16,314 (1,151 ) (1) (1,143 ) (1) Crawford Long - CPI, LLC 27,362 27,523 71,047 72,822 (44,815 ) (45,928 ) (21,323 ) (1) (21,866 ) (1) Other — — — — — — — 345 $ 643,134 $ 930,904 $ 338,590 $ 526,458 $ 267,423 $ 366,113 $ 78,940 $ 156,388 Total Revenues Net Income (Loss) Company's Share of Net Income (Loss) SUMMARY OF OPERATIONS 2017 2016 2015 2017 2016 2015 2017 2016 2015 EP I LLC $ 4,123 $ 12,239 $ 12,558 $ 45,115 $ 2,294 $ 3,177 $ 28,667 $ 1,684 $ 2,197 EP II LLC 2,644 5,376 1,264 13,008 (1,187 ) (638 ) 9,756 (878 ) (466 ) Charlotte Gateway Village, LLC 26,465 34,156 33,724 9,528 14,536 12,737 4,764 2,194 1,183 Terminus Office Holdings 43,959 42,386 40,250 6,307 4,608 2,789 3,153 2,303 1,395 Crawford Long - CPI, LLC 12,079 12,113 12,291 3,171 2,743 2,820 1,572 1,372 1,416 CL Realty, L.L.C. 2,964 567 855 2,668 237 424 536 128 220 Courvoisier Centre JV, LLC 15,106 3,968 — (1,750 ) (489 ) — 521 (93 ) — Carolina Square Holdings LP 2,701 58 — (532 ) 9 — 522 — — HICO Victory Center LP 429 383 262 431 376 204 225 187 102 Temco Associates, LLC 192 1,343 9,485 123 440 2,358 46 502 2,351 DC Charlotte Plaza LLLP 2 47 — 2 45 — 1 24 — HICO Avalon II, LLC — — — (69 ) — — — — — AMCO 120 WT Holdings, LLC — — — 58 — — — — — Wildwood Associates — — — (116 ) (140 ) (120 ) (58 ) (70 ) (59 ) 111 West Rio Building — 4,219 — — 3,926 — (2,590 ) 2,906 — Other — — — — — (40 ) — 303 (37 ) $ 110,664 $ 116,855 $ 110,689 $ 77,944 $ 27,398 $ 23,711 $ 47,115 $ 10,562 $ 8,302 (1) Negative balances are included in deferred income on the consolidated balance sheets. Terminus Office Holdings LLC ("TOH") – TOH is a 50 - 50 joint venture between the Company and institutional investors advised by J.P. Morgan Asset Management ("JPM") which owns and operates two office buildings in Atlanta, Georgia. TOH has two non-recourse mortgage loans totaling $203.1 million that mature on January 1, 2023 . The weighted average interest rate on these fixed rate loans is 4.68% . Operating cash flows and proceeds from capital transactions of TOH are allocated to the partners equally until JPM receives an agreed upon return, after which the Company may receive an additional promoted interest. The assets of the venture in the above table include a cash balance of $7.4 million at December 31, 2017 . DC Charlotte Plaza LLLP ("Charlotte Plaza") - Charlotte Plaza is a 50 - 50 joint venture between the Company and Dimensional Fund Advisors ("DFA") formed to develop DFA's 282,000 square foot regional headquarters building in Charlotte, North Carolina. Capital contributions and distributions of cash flow are made equally in accordance with each partner's partnership interest. The assets of the venture in the above table include a cash balance of $611,000 at December 31, 2017 . Carolina Square Holdings LP ("Carolina Square") - Carolina Square is a 50 - 50 joint venture between the Company and NR 123 Franklin LLC ("Northwood Ravin") formed for the purpose of developing and constructing a mixed-use property in Chapel Hill, North Carolina. Carolina Square also entered into a construction loan agreement, secured by the project, to fund future construction costs. The loan bears interest at LIBOR plus 1.90% and matures on May 1, 2018. The Company and Northwood Ravin will each guarantee 12.5% of the outstanding loan amount and guarantee completion of the project. As of December 31, 2017, the outstanding balance of the construction loan was $64.4 million. The assets of the venture in the table above include a cash balance of $1.5 million at December 31, 2017. Charlotte Gateway Village, LLC ("Gateway") – Gateway is a 50 - 50 joint venture between the Company and Bank of America Corporation (“BOA”), which owns and operates Gateway Village, a 1.1 million square foot office building in Charlotte, North Carolina. Through December 1, 2016, Gateway’s net income or loss and cash distributions were allocated to the members as follows: first to the Company so that it received a cumulative compounded return equal to 11.46% on its capital contributions, second to BOA until it received an amount equal to the aggregate amount distributed to the Company, and then 50% to each member. After December 1, 2016, net income and cash flows are allocated 50% to each until the Company receives a 17% internal rate of return; thereafter, cash flows are allocated 80% to BOA and 20% to the Company. The Company’s total project return on Gateway is ultimately limited to an internal rate of return of 17% on its invested capital. Gateway had a fully-amortizing, non-recourse mortgage loan which matured on December 1, 2016 . The assets of the venture in the above table include a cash balance of $12.1 million at December 31, 2017 . HICO Victory Center LP ("HICO") – HICO is a joint venture between the Company and Hines Victory Center Associates Limited Partnership ("Hines Victory"), formed for the purpose of acquiring and subsequently developing an office parcel in Dallas, Texas. Pursuant to the joint venture agreement, all pre-development expenditures, other than land, are funded equally by the partners. The Company funded 75% of the cost of land while Hines Victory funded 25% . If the partners decide to commence construction of an office building, the capital accounts and economics of the venture will be adjusted such that the Company will own at least 90% of the venture and Hines will own up to 10% . As of December 31, 2017 , the Company accounted for its investment in HICO under the equity method because it does not control the activities of the venture. If the partners decide to construct an office building within the venture, the Company expects to consolidate the venture. The assets of the venture in the table above include a cash balance of $230,000 at December 31, 2017 . HICO Avalon II, LLC ("AVALON II") - In 2017, Avalon II, a joint venture between the Company and Hines Avalon II Investor, LLC ("Hines II") was formed for the purpose of acquiring and potentially developing an office building in Alpharetta, Georgia. Pursuant to the joint venture agreement, all predevelopment expenditures are funded 75% by Cousins and 25% by Hines II. The Company has accounted for its investment in Avalon II using the equity method as the Company does not currently control the activities of the venture. If the partners decide to commence construction of an office building, the capital accounts and economics of the venture will be adjusted such that the Company will own 90% of the venture and Hines II will own 10% . Additionally, Cousins will have control over the operational aspects of the venture, and the Company expects to consolidate the venture at this time. The assets of the venture in the table above include a cash balance of $114,000 at December 31, 2017 . CL Realty, L.L.C. ("CL Realty") – CL Realty is a 50 - 50 joint venture between the Company and Forestar Realty Inc. ("Forestar"), that owns a parcel of land in Texas. The assets of the venture in the above table include a cash balance of $741,000 at December 31, 2017 . AMCO 120 WT Holdings, LLC ("Cousins AMCO") - Cousins AMCO is a joint venture between the Company, with a 20% interest, and affiliates of AMLI Residential (“AMLI”), with an 80% interest, formed to develop 120 West Trinity, 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. Initial contributions to the joint venture for the purchase of land were funded entirely by AMLI. Subsequent contributions are funded in proportion to the members' percentage interests. The Company accounts for its investment in this joint venture under the equity method as it does not currently control the activities of the venture. The assets of the venture in the above table include a cash balance of $1,000 at December 31, 2017 . Temco Associates, LLC ("Temco") – Temco is a 50 - 50 joint venture between the Company and Forestar, that owns a golf course in Georgia. The assets of the venture in the above table include a cash balance of $261,000 at December 31, 2017 . EP I LLC ("EP I") and EP II LLC ("EP II") – EP I and EP II are joint ventures between the Company, with a 75% ownership interest, and Lion Gables Realty Limited Partnership (“Gables”), with a 25% ownership interest, which owned Emory Point, a mixed-use property in Atlanta, Georgia. In 2017, EP I and EP II sold Emory Point for a combined gross sales price of $199.0 million . After repayment of debt, the Company received a distribution of $70.0 million and recognized a gain of $37.9 million , which is recorded in income from unconsolidated joint ventures. The assets of the ventures in the above table include a cash balance of $751,000 at December 31, 2017 . Courvoisier Centre JV, LLC ("Courvoisier") - Courvoisier was a joint venture between the Company, with a 20% interest, and Spanish Key LLC, with an 80% interest, that owned Courvoisier Centre, a 343,000 square foot, two-building office property in Miami, Florida. In 2017, the Company sold its 20% interest in Courvoisier Centre for $12.6 million and recognized a gain of $716,000 in a transaction that valued its interest in the property at $33.9 million , prior to deduction for existing mortgage debt. Cousins W Rio Salado, LLC ("111 West Rio") - 111 West Rio, a wholly-owned subsidiary of the Company, owned a 74.6% interest in the American Airlines Building, a 225,000 square foot office building located in the Tempe submarket of Phoenix, Arizona. American Airlines owned the remaining 25.4% interest in the building. In 2017, the Company purchased American Airlines' interest in the building for $19.6 million . As a result, the Company changed its accounting for the 111 West Rio building from the equity method to the consolidated method. Upon consolidation, the Company recognized a $3.5 million loss and recorded this amount in income from unconsolidated joint ventures. Wildwood Associates ("Wildwood") – Wildwood is a 50 - 50 joint venture between the Company and IBM which owns 22 acres of undeveloped land in the Wildwood Office Park in Atlanta, Georgia. At December 31, 2017 , the Company’s investment in Wildwood was a credit balance of $ 1.2 million . This credit balance resulted from cumulative distributions from Wildwood over time that exceeded the Company’s basis in its contributions, and essentially represents deferred gain not recognized at venture formation. This credit balance will decline as the venture’s remaining land is sold. The Company does not have any obligation to fund Wildwood’s working capital needs. The assets of the venture in the above table include a cash balance of $74,000 at December 31, 2017 . Crawford Long—CPI, LLC ("Crawford Long" ) – Crawford Long is a 50 - 50 joint venture between the Company and Emory University that owns the Emory University Hospital Midtown Medical Office Tower, a 358,000 square foot medical office building located in Atlanta, Georgia. Crawford Long has a $71.0 million , 3.5% fixed rate mortgage note which matures on June 1, 2023 . The assets of the venture in the above table include a cash balance of $1.6 million at December 31, 2017 . Austin 300 Colorado Project, LP ("300 Colorado") - In 2018, 300 Colorado, a joint venture between the Company, 3C Block 28 Partners, LP ("3CB"), and 3C RR Xylem, LP ("3CRR") was formed for the purpose of developing a 309,000 square foot office building in Austin, Texas. The Company owns a 50% interest in the venture, 3CB owns a 34.5% interest, and 3CRR owns a 15.5% interest. Upon formation, 3CB and 3CRR contributed land for use by the joint venture in the development project, the Company contributed $6.0 million in cash, and 300 Colorado assumed a ground lease for an additional parcel of land. At December 31, 2017 , the Company's unconsolidated joint ventures had aggregate outstanding indebtedness to third parties of $338.6 million . These loans are mortgage or construction loans, most of which are non-recourse to the Company, except as described above. In addition, in certain instances, the Company provides “non-recourse carve-out guarantees” on these non-recourse loans. The Company recognized $7.2 million , $7.4 million , and $6.0 million of development, leasing, and management fees, including salary and expense reimbursements, from unconsolidated joint ventures in 2017 , 2016 , and 2015 , respectively. See note 2, fee income, for a discussion of the accounting treatment for fees and reimbursements from unconsolidated joint ventures. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS At December 31, 2017 and 2016 , intangible assets included the following (in thousands): 2017 2016 In-place leases, net of accumulated amortization of $91,548 and $46,899 in 2017 and 2016, respectively $ 139,548 $ 185,251 Above-market tenant leases, net of accumulated amortization of $13,038 and $6,515 in 2017 and 2016, respectively 26,917 40,260 Below-market ground lease, net of accumulated amortization of $345 and $69 in 2017 and 2016, respectively 18,067 18,344 Goodwill 1,674 1,674 $ 186,206 $ 245,529 Aggregate net amortization expense related to intangible assets and liabilities was $42.4 million , $24.0 million , and $23.7 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows (in thousands): Below Market Above Market Below Market Ground Lease Above Market In Place Leases Total 2018 $ (13,464 ) $ (46 ) $ 481 $ 6,364 $ 33,455 $ 26,790 2019 (11,914 ) (46 ) 464 5,438 26,563 20,505 2020 (10,817 ) (46 ) 449 4,537 21,693 15,816 2021 (9,036 ) (46 ) 435 3,444 16,745 11,542 2022 (6,402 ) (46 ) 421 2,348 11,529 7,850 Thereafter (17,056 ) (1,535 ) 15,817 4,786 29,563 31,575 $ (68,689 ) $ (1,765 ) $ 18,067 $ 26,917 $ 139,548 $ 114,078 Weighted average remaining lease term 4 years 38 years 66 years 4 years 5 years 14 years The following is a summary of goodwill activity for the years ended December 31, 2017 and 2016 (in thousands): 2017 2016 Beginning Balance $ 1,674 $ 3,647 Allocated to property sales and Spin-Off — (1,973 ) Ending Balance $ 1,674 $ 1,674 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER ASSETS | OTHER ASSETS At December 31, 2017 and 2016 , other assets included the following (in thousands): 2017 2016 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $21,925 and $23,135 in 2017 and 2016, respectively $ 12,241 $ 15,773 Prepaid expenses and other assets 3,902 8,432 Lease inducements, net of accumulated amortization of $978 and $1,278 in 2017 and 2016, respectively 3,126 2,517 Line of credit deferred financing costs, net of accumulated amortization of $3,119 and $2,264 in 2017 and 2016, respectively 1,213 2,182 Predevelopment costs and earnest money 372 179 $ 20,854 $ 29,083 Lease inducements are incentives paid to tenants in conjunction with leasing space, such as moving costs, sublease arrangements of prior space and other costs. These amounts are amortized into rental revenues over the individual underlying lease terms. Predevelopment costs represent amounts that are capitalized related to predevelopment projects that the Company determined are probable of future development. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | 35% but ≤ 40% 1.10% 0.15% 0.20% > 40% but ≤ 45% 1.20% 0.20% 0.20% > 45% but ≤ 50% 1.20% 0.20% 0.25% > 50% 1.45% 0.45% 0.30% The New Credit Facility also provides for alternative pricing spreads and facility fees which would be available to the Company on any date after it obtains an investment grade credit rating. Term Loan The Company has a $250 million unsecured term loan (the "Term Loan") that matures on December 2, 2021. Through January 21, 2018, the Term Loan contained financial covenants substantially consistent with those of the Credit Facility. On January 22, 2018, the Term Loan was amended to make the financial covenants consistent with those of the New Credit Facility. The interest rate applicable to the Term Loan varies according to the Company’s leverage ratio, and may, at the election of the Company, be determined based on either (1) the current London Interbank Offered Rate (" LIBOR ") plus a spread of between 1.20% and 1.70% , based on leverage or (2) the greater of Bank of America's prime rate , the federal funds rate plus 0.50% or the one-month LIBOR plus 1.0% (the “Base Rate”), plus a spread of between 0.00% and 0.75% , based on leverage. At December 31, 2017 , the Term Loan's spread over LIBOR was 1.2% . Unsecured Senior Notes In 2017, the Company closed a $350 million private placement of senior unsecured notes, which were funded in two tranches. The first tranche of $100 million has a 10 -year maturity and has a fixed annual interest rate of 4.09% . The second tranche of $250 million has an 8 -year maturity and has a fixed annual interest rate of 3.91% . The senior unsecured notes contain financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 2.00 ; a fixed charge coverage ratio of at least 1.50 ; an overall leverage ratio of no more than 60% ; and a minimum shareholders' equity in an amount equal to $1.9 billion , plus a portion of the net cash proceeds from certain equity issuances. The senior notes also contain customary representations and warranties and affirmative and negative covenants, as well as customary events of default. Mortgage Loan Information In 2017, the Company repaid in full, without penalty, the $128.0 million One Eleven Congress mortgage note, the $101.0 million San Jacinto Center mortgage note, the $52.0 million Two Buckhead Plaza mortgage note, and the $77.9 million 3344 Peachtree mortgage note. In connection with these repayments, the Company recorded gains on extinguishment of debt of $2.6 million , which represented the unamortized premium recorded on the notes at the time of the Merger. In 2017, the Company sold the ACS Center. A portion of the proceeds from the sale were used to repay the $127.0 million mortgage note on the associated property, and the Company recorded a loss on extinguishment of debt of $376,000 , which represented the remaining unamortized loan costs and other costs associated with repaying the debt. In 2016, the Company had the following mortgage loan activity: – Entered into a $120.0 million non-recourse mortgage loan 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. – Entered into a $150.0 million non-recourse mortgage loan 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. – Repaid the $98.1 million 191 Peachtree Tower mortgage loan in full in connection with a sale of the building and paid a $3.7 million prepayment penalty. As of December 31, 2017 , the Company had $498.8 million outstanding on six non-recourse mortgage notes. Assets with depreciated carrying values of $585.7 million were pledged as security on these mortgage notes payable. Other Debt Information At December 31, 2017 and 2016 , the estimated fair value of the Company’s notes payable was $1.1 billion and $1.4 billion , respectively, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at December 31, 2017 and 2016 . 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 as the Company utilizes market rates for similar type loans from third party brokers. For the years ended December 31, 2017 , 2016 , and 2015 , interest was recorded as follows (in thousands): 2017 2016 2015 Total interest incurred $ 42,767 $ 31,347 $ 26,314 Interest capitalized (9,243 ) (4,697 ) (3,579 ) Total interest expense $ 33,524 $ 26,650 $ 22,735 Debt Maturities Future principal payments due (including scheduled amortization payments and payments due upon maturity) on the Company's notes payable at December 31, 2017 are as follows (in thousands): 2018 $ 9,347 2019 33,052 2020 33,824 2021 261,258 2022 97,042 Thereafter 664,241 $ 1,098,764" id="sjs-B4">NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at December 31, 2017 and 2016 (in thousands): Description Interest Rate Maturity * 2017 2016 Term Loan, unsecured 2.76% 2021 $ 250,000 $ 250,000 Senior Notes, unsecured 3.91% 2025 250,000 — Fifth Third Center 3.37% 2026 146,557 149,516 Colorado Tower 3.45% 2026 120,000 120,000 Promenade 4.27% 2022 102,355 105,342 Senior Notes, unsecured 4.09% 2027 100,000 — 816 Congress 3.75% 2024 83,304 84,872 Meridian Mark Plaza 6.00% 2020 24,038 24,522 The Pointe 4.01% 2019 22,510 22,945 Credit Facility, unsecured 2.66% 2019 — 134,000 One Eleven Congress 6.08% 2017 — 128,000 The American Cancer Society Center 6.45% 2017 — 127,508 San Jacinto 6.05% 2017 — 101,000 3344 Peachtree 4.75% 2017 — 78,971 Two Buckhead Plaza 6.43% 2017 — 52,000 $ 1,098,764 $ 1,378,676 Unamortized premium, net 219 6,792 Unamortized loan costs (5,755 ) (4,548 ) Total Notes Payable $ 1,093,228 $ 1,380,920 *Weighted average maturity of notes payable outstanding at December 31, 2017 was 6.7 years. Credit Facility As of December 31, 2017 , the Company had a $500 million senior unsecured line of credit (the "Credit Facility") that was scheduled to mature on May 28, 2019 . The Credit Facility contained financial covenants that required, among other things, the maintenance of an unencumbered interest coverage ratio of at least 2.00 ; a fixed charge coverage ratio of at least 1.50 ; an overall leverage ratio of no more than 60% ; and a minimum shareholders' equity in an amount equal to $1.0 billion , plus a portion of the net cash proceeds from certain equity issuances. The Credit Facility also contained customary representations and warranties and affirmative and negative covenants, as well as customary events of default. The interest rate applicable to the Credit Facility varied according to the Company’s leverage ratio, and was, at the election of the Company, determined based on either (1) the current London Interbank Offered Rate (" LIBOR ") plus a spread of between 1.10% and 1.45% , based on leverage or (2) the greater of Bank of America's prime rate , the federal funds rate plus 0.50% or the one-month LIBOR plus 1.0% (the “Base Rate”), plus a spread of between 0.10% and 0.45% , based on leverage. The Company also paid an annual facility fee on the total commitments under the Credit Facility of between 0.15% and 0.30% based on leverage. At December 31, 2017 , the Credit Facility's spread over LIBOR was 1.1% . The amount that the Company had available to be drawn under the Credit Facility was a defined calculation based on the Company's unencumbered assets and other factors. The total available borrowing capacity under the Credit Facility was $499.0 million at December 31, 2017 . New Credit Facility On January 3, 2018, the Company entered into a Fourth Amended and Restated Credit Agreement (the "New Credit Facility") under which the Company may borrow up to $1 billion if certain conditions are satisfied. The New Credit Facility recasts the Credit Facility by: • Increasing the size from $500 million to $1 billion ; • Extending the maturity date from May 28, 2019 to January 3, 2023; • Reducing certain per annum variable interest rate spreads and other fees; • Providing for the expansion of the New Facility by an additional $500 million for total availability of $1.5 billion , subject to receipt of additional commitments from lenders and other customary conditions; • Decreasing the minimum spread over LIBOR 1.10% to 1.05% ; • Removing the $90 million investment entity cap; • Removing the Unsecured Debt Limit and replacing it with an unsecured leverage ratio limit; • Removing the Minimum Shareholder's Equity requirement; • Decreasing the Consolidated Unencumbered Interest Coverage ratio from 2.0 to 1.75 ; and • Removing the Consolidated Secured Recourse Debt Limitation and replacing it with maintaining a Secured Leverage Ratio of 40% or less. The New Credit Facility did not change the other financial covenants from those of the Credit Facility. The interest rate applicable to the New Credit Facility varies according to the Company's leverage ratio, and may, at the election of the Company, be determined based on either (1) the current LIBOR plus the applicable spread detailed below, or (2) the greater of Bank of America's prime rate, the federal funds rate plus 0.50% or the one-month LIBOR plus 1.0% (the "Base Rate"), plus the applicable spread detailed below. Fees on letters of credit issued under the New Credit Facility are payable at an annual rate equal to the spread applicable to loans bearing interest based on LIBOR. The Company also pays an annual facility fee on the total commitments under the New Credit Facility. The pricing spreads and the facility fee under the New Credit Facility are as follows: Leverage Ratio Applicable % Spread for LIBOR Loans Applicable % Spread for Base Rate Loans Annual Facility Fee % ≤ 35% 1.05% 0.10% 0.15% > 35% but ≤ 40% 1.10% 0.15% 0.20% > 40% but ≤ 45% 1.20% 0.20% 0.20% > 45% but ≤ 50% 1.20% 0.20% 0.25% > 50% 1.45% 0.45% 0.30% The New Credit Facility also provides for alternative pricing spreads and facility fees which would be available to the Company on any date after it obtains an investment grade credit rating. Term Loan The Company has a $250 million unsecured term loan (the "Term Loan") that matures on December 2, 2021. Through January 21, 2018, the Term Loan contained financial covenants substantially consistent with those of the Credit Facility. On January 22, 2018, the Term Loan was amended to make the financial covenants consistent with those of the New Credit Facility. The interest rate applicable to the Term Loan varies according to the Company’s leverage ratio, and may, at the election of the Company, be determined based on either (1) the current London Interbank Offered Rate (" LIBOR ") plus a spread of between 1.20% and 1.70% , based on leverage or (2) the greater of Bank of America's prime rate , the federal funds rate plus 0.50% or the one-month LIBOR plus 1.0% (the “Base Rate”), plus a spread of between 0.00% and 0.75% , based on leverage. At December 31, 2017 , the Term Loan's spread over LIBOR was 1.2% . Unsecured Senior Notes In 2017, the Company closed a $350 million private placement of senior unsecured notes, which were funded in two tranches. The first tranche of $100 million has a 10 -year maturity and has a fixed annual interest rate of 4.09% . The second tranche of $250 million has an 8 -year maturity and has a fixed annual interest rate of 3.91% . The senior unsecured notes contain financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 2.00 ; a fixed charge coverage ratio of at least 1.50 ; an overall leverage ratio of no more than 60% ; and a minimum shareholders' equity in an amount equal to $1.9 billion , plus a portion of the net cash proceeds from certain equity issuances. The senior notes also contain customary representations and warranties and affirmative and negative covenants, as well as customary events of default. Mortgage Loan Information In 2017, the Company repaid in full, without penalty, the $128.0 million One Eleven Congress mortgage note, the $101.0 million San Jacinto Center mortgage note, the $52.0 million Two Buckhead Plaza mortgage note, and the $77.9 million 3344 Peachtree mortgage note. In connection with these repayments, the Company recorded gains on extinguishment of debt of $2.6 million , which represented the unamortized premium recorded on the notes at the time of the Merger. In 2017, the Company sold the ACS Center. A portion of the proceeds from the sale were used to repay the $127.0 million mortgage note on the associated property, and the Company recorded a loss on extinguishment of debt of $376,000 , which represented the remaining unamortized loan costs and other costs associated with repaying the debt. In 2016, the Company had the following mortgage loan activity: – Entered into a $120.0 million non-recourse mortgage loan 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. – Entered into a $150.0 million non-recourse mortgage loan 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. – Repaid the $98.1 million 191 Peachtree Tower mortgage loan in full in connection with a sale of the building and paid a $3.7 million prepayment penalty. As of December 31, 2017 , the Company had $498.8 million outstanding on six non-recourse mortgage notes. Assets with depreciated carrying values of $585.7 million were pledged as security on these mortgage notes payable. Other Debt Information At December 31, 2017 and 2016 , the estimated fair value of the Company’s notes payable was $1.1 billion and $1.4 billion , respectively, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at December 31, 2017 and 2016 . 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 as the Company utilizes market rates for similar type loans from third party brokers. For the years ended December 31, 2017 , 2016 , and 2015 , interest was recorded as follows (in thousands): 2017 2016 2015 Total interest incurred $ 42,767 $ 31,347 $ 26,314 Interest capitalized (9,243 ) (4,697 ) (3,579 ) Total interest expense $ 33,524 $ 26,650 $ 22,735 Debt Maturities Future principal payments due (including scheduled amortization payments and payments due upon maturity) on the Company's notes payable at December 31, 2017 are as follows (in thousands): 2018 $ 9,347 2019 33,052 2020 33,824 2021 261,258 2022 97,042 Thereafter 664,241 $ 1,098,764 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments The Company had a total of $46.8 million in future obligations under leases to fund tenant improvements and other future construction obligations at December 31, 2017 . The Company had outstanding letters of credit and performance bonds totaling $3.5 million at December 31, 2017 . The Company recorded ground and operating lease expense of $3.3 million , $2.4 million , and $2.0 million in 2017 , 2016 , and 2015 , respectively. The Company has future lease commitments under ground leases and operating leases totaling $208.3 million over weighted-average remaining terms of 77 and 2 years, respectively. Amounts due under ground and operating lease commitments are as follows (in thousands): 2018 $ 2,669 2019 2,569 2020 2,474 2021 2,453 2022 2,396 Thereafter 195,721 $ 208,282 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
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY In 2017, the Company issued 25.0 million shares of common stock, resulting in gross proceeds to the Company of $ 212.9 million . The Company recorded $ 1.1 million in legal, accounting, and other expenses associated with the issuance resulting in net proceeds of $ 211.8 million . The Company used the net proceeds from this offering to reduce indebtedness. During the year ended December 31, 2017, certain holders of CPLP units redeemed 1,203,286 units in exchange for shares of the Company's common stock. The aggregate value at the time of these transactions was $ 10.1 million based upon the value of the Company's common stock at the time of the transactions. In 2016, in connection with the Merger, the Company issued 6.9 million shares of limited voting preferred stock, par value $1 per share. Each share of limited voting preferred stock is "paired" with a limited partnership unit in CPLP. A share of Cousins limited voting preferred stock will be automatically redeemed by Cousins without consideration if such share's paired limited partnership unit in CPLP is transferred or redeemed. Holders of the limited voting preferred stock are entitled to one vote on the following matters only: the election of directors, any proposed amendment of the Company's Articles of Incorporation, any merger or other business combination of the Company, any sale of substantially all of the Company's assets, and any liquidation of the Company. Holders of limited voting preferred stock are not entitled to any dividends or distributions and the limited voting preferred stock is not convertible into or exchangeable for any other property or securities of the Company. In 2015, the Board of Directors of the Company authorized the repurchase of up to $100 million of its outstanding common shares. The plan expired on September 8, 2017 . Under this plan, the Company repurchased 6.8 million shares of its common stock for a total cost of $61.5 million , including broker commissions. 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 consolidated balance sheets. Ownership Limitations — In order to minimize the risk that the Company will not meet one of the requirements for qualification as a REIT, the Company's Articles of Incorporation include certain restrictions on the ownership of more than 3.9% of the Company’s total common and preferred stock, subject to waiver by Board of Directors. Distribution of REIT Taxable Income — The following reconciles dividends paid and dividends applied in 2017 , 2016 , and 2015 to meet REIT distribution requirements (in thousands): 2017 2016 2015 Common and preferred dividends $ 99,139 $ 1,077,179 69,162 Dividends treated as taxable compensation (130 ) (92 ) (94 ) Portion of dividends declared in current year, and paid in current year, which was applied to the prior year distribution requirements — — (731 ) Portion of dividends declared in subsequent year, and paid in subsequent year, which apply to current year distribution requirements — — — Dividends in excess of current year REIT distribution requirements — (827,005 ) — Dividends applied to meet current year REIT distribution requirements $ 99,009 $ 250,082 68,337 Tax Status of Distributions — The following summarizes the components of the taxability of the Company’s distributions for the years ended December 31, 2017 , 2016 , and 2015 : Total Ordinary Long-Term Unrecaptured Nondividend Distributions AMT Adjustment (2) Common: 2017 $ 0.240000 $ 0.093312 $ 0.146688 $ 0.070522 $ — $ 0.017756 2016 $ 2.853075 $ 0.079661 $ 0.582778 $ 0.100934 $ 2.190636 $ — 2015 $ 0.320000 $ 0.161738 $ 0.158262 $ 0.097271 $ — $ — (1) Represents a portion of the dividend allocated to long-term capital gain. (2) The Company has apportioned certain 2017 alternative minimum tax adjustments to its shareholders. Individual taxpayers should refer to Internal Revenue Service Form 6251, Alternative Minimum Tax - Individuals. Corporate taxpayers should refer to Internal Revenue Service Form 4626, Alternative Minimum Tax - Corporations. |
Future Minimum Rents
Future Minimum Rents | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
FUTURE MINIMUM RENTS | FUTURE MINIMUM RENTS The Company’s leases typically contain escalation provisions and provisions requiring tenants to pay a pro rata share of operating expenses. The leases typically include renewal options and are classified and accounted for as operating leases. At December 31, 2017 , future minimum rents to be received by consolidated entities under existing non-cancelable leases are as follows (in thousands): 2018 $ 307,290 2019 324,234 2020 311,676 2021 287,153 2022 249,854 Thereafter 1,037,109 $ 2,517,316 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company maintains the 2009 Incentive Stock Plan (the “2009 Plan”), which allows the Company to issue awards of stock options, stock grants, or stock appreciation rights to employees and directors. As of December 31, 2017 , 1,012,303 shares were authorized to be awarded pursuant to the 2009 Plan. The Company also maintains the 2005 Restricted Stock Unit ("RSU") Plan, as amended, which allows the Company to issue awards to employees that are paid in cash on the vesting date in an amount equal to the fair market value, as defined, of one share of the Company’s stock. The Company has granted stock options, restricted stock, and restricted stock units to employees as discussed below. As a result of the Spin-Off, the number and strike price of stock options, shares of restricted stock, and the number of restricted stock units were adjusted to preserve the intrinsic value of the awards immediately prior to the Spin-Off using an adjustment ratio based on the market price of the Company's stock prior to the Spin-Off and the market price of the Company's stock subsequent to the Spin-Off pursuant to anti-dilution provisions of the 2009 Plan. Since these adjustments were considered to be a modification of the awards, the Company compared the fair value of the awards immediately prior to the Spin-Off to the fair value immediately after the Spin-Off to measure potential incremental stock-based compensation expense. The adjustments did not result in an increase in the fair value of the awards and, accordingly, the Company did not record incremental stock-based compensation expense. Stock Options At December 31, 2017 , the Company had 928,608 stock options outstanding to key employees and outside directors pursuant to the 2009 Plan. The Company typically uses authorized, unissued shares to provide shares for option exercises. The stock options have a term of ten years from the date of grant and have a vesting period of four years , except director stock options, which vest immediately. In 2017 , 2016 , and 2015 , there were no stock option grants to employees or directors. In 2016, in conjunction with the Merger, the Company granted 672,375 options to former Parkway key executives. These options vested immediately, and have a term of ten years from the date of grant. The Company calculated the fair value of these grants using the Black-Scholes option-pricing model, which requires the Company to provide certain inputs as follows: • The risk-free interest rate utilized is the interest rate on U.S. Treasury Strips or Bonds having the same life as the estimated life of the Company’s option awards. • Expected life of the options granted is estimated based on historical data reflecting actual hold periods plus an estimated hold period for unexercised options outstanding. • Expected volatility is based on the historical volatility of the Company’s stock over a period equal to the estimated option life. • The assumed dividend yield is based on the Company’s expectation of an annual dividend rate for regular dividends over the estimated life of the option. The weighted average fair value of options granted was $0.84 per option, and the Company computed the fair value of options granted using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 1.37 % Assumed dividend yield 3.60 % Assumed lives of option awards (in years) 6.4 Assumed volatility 23.23 % The Company recorded $565,000 to additional paid-in capital for the fair value of the options granted as part of the Merger. During 2017 , 2016 , and 2015 , $0 , $0 and $15,000 , respectively, was recognized as compensation expense related to stock options. The Company does not anticipate recognizing any future compensation expense related to stock options outstanding. During 2017 , total cash proceeds from the exercise of options equaled $4.5 million . As of December 31, 2017 , the intrinsic value of the options outstanding and exercisable was $2.7 million . The intrinsic value is calculated using the exercise prices of the options compared to the market value of the Company’s stock. At December 31, 2017 and 2016 , the weighted-average contractual lives for the options outstanding and exercisable were 2.3 years and 3.2 years, respectively. The following is a summary of stock option activity for the years ended December 31, 2017 , 2016 , and 2015 : Number of Options (000s) Weighted Average Exercise Price Per Option Outstanding at December 31, 2014 2,211 $ 22.69 Exercised (23 ) 8.02 Forfeited/Expired (425 ) 21.98 Outstanding at December 31, 2015 1,763 22.05 Granted as a result of the Merger and Spin-Off 1,222 11.78 Exercised (2 ) 8.35 Forfeited/Expired (721 ) 27.24 Outstanding at December 31, 2016 2,262 10.82 Exercised (577 ) 7.51 Forfeited/Expired (756 ) 18.47 Outstanding at December 31, 2017 929 $ 6.59 Options Exercisable at December 31, 2017 929 $ 6.59 Restricted Stock In 2017 , 2016 , and 2015 , the Company issued 308,289 , 234,965 , and 165,922 shares of restricted stock to employees, which vest ratably over three years from the issuance date. In 2017 , 2016 , and 2015 , the Company also issued 120,878 , 72,771 , and 78,985 shares of stock to independent members of the board of directors which vested immediately on the issuance date. All shares of restricted stock receive dividends and have voting rights during the vesting period. The Company records restricted stock in common stock and additional paid-in capital at fair value on the grant date, with the offsetting deferred compensation also recorded in additional paid-in capital. The Company records compensation expense over the vesting period. Compensation expense related to restricted stock was $2.0 million , $1.6 million , and $1.5 million in 2017 , 2016 , and 2015 , respectively. As of December 31, 2017 , the Company had recorded $2.6 million of unrecognized compensation cost included in additional paid-in capital related to restricted stock, which will be recognized over a weighted average period of 1.8 years. The total fair value of the restricted stock which vested during 2017 was $2.0 million . The following table summarizes restricted stock activity for the years ended December 31, 2017 , 2016 , and 2015 : Number of Shares (000s) Weighted-Average Grant Date Fair Value Non-vested restricted stock at December 31, 2014 342 $ 9.08 Granted 166 11.06 Vested (210 ) 8.41 Forfeited (5 ) 10.68 Non-vested restricted stock at December 31, 2015 293 10.65 Granted 235 8.62 Granted as a result of the Spin-Off 114 7.57 Vested (141 ) 8.54 Forfeited (30 ) 9.77 Non-vested restricted stock at December 31, 2016 471 7.57 Granted 308 8.63 Vested (214 ) 7.50 Forfeited (8 ) 6.53 Non-vested restricted stock at December 31, 2017 557 $ 7.93 Restricted Stock Units During 2017 , 2016 , and 2015 , the Company awarded two types of performance-based RSUs to key employees: one based on the total stockholder return of the Company, as defined, relative to that of office peers included in the SNL US Office REIT Index (the "TSR RSUs") and the other based on the ratio of cumulative funds from operations per share to targeted cumulative funds from operations per share (the “FFO RSUs”). The performance period for these awards is three years and the ultimate payout of these awards can range from 0% to 200% of the targeted number of units depending on the achievement of the performance metrics described above. Both of these RSUs are to be settled in cash with payment dependent upon the attainment of required service, market, and performance criteria. The Company expenses an estimate of the fair value of the TSR RSUs over the performance period using a quarterly Monte Carlo valuation. The Company expenses the FFO RSUs 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 FFO RSUs will also be paid based upon the percentage vested. The targeted number of performance-based RSUs outstanding at December 31, 2017 are 396,384 , 391,684 , and 295,472 related to the 2017 , 2016 , and 2015 grants, respectively. In 2012, the Company also issued 281,532 performance-based RSUs to a key employee. The payout of these awards could have ranged from 0% to 150% of the targeted number of units depending on the total stockholder return of the Company, as defined, as compared to that of a peer group of companies through 2016. This award was expensed using a quarterly Monte Carlo valuation over the vesting period until the fourth quarter of 2016, when it was adjusted to the actual amount paid in 2017. The following table summarizes the performance-based RSU activity as of December 31, 2017 , 2016 , and 2015 (in thousands): Outstanding at December 31, 2014 796 Granted 244 Vested (191 ) Forfeited (6 ) Outstanding at December 31, 2015 843 Granted 312 Granted as a result of the Spin-Off 308 Vested (160 ) Forfeited (30 ) Outstanding at December 31, 2016 1,273 Granted 399 Vested (576 ) Forfeited (12 ) Outstanding at December 31, 2017 1,084 During 2017 and 2016, the Company granted 264,723 and 28,938 time-vested RSUs, respectively, to key employees. The vesting period for these awards is three years. The value of each unit is equal to the fair market value of one share of common stock. These RSUs are to be settled in cash with payment dependent upon the attainment of the required service criteria. Dividend equivalent units will be paid based on the number of RSUs granted, with such payments made concurrently with payment of common dividends. The Company estimates future expense for all types of RSUs outstanding at December 31, 2017 to be $4.9 million (using stock prices and estimated target percentages as of December 31, 2017 ), which will be recognized over a weighted-average period of 1.2 years. During 2017 , total cash paid for all types of RSUs and related dividend payments was $5.6 million . During 2017 , 2016 , and 2015 , $7.0 million , $6.4 million , and $67,000 , respectively, was recognized as compensation expense related to RSUs for employees and directors. |
Retirement Savings Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
RETIREMENT SAVINGS PLAN | RETIREMENT SAVINGS PLAN The Company maintains a defined contribution plan (the “Retirement Savings Plan”) pursuant to Section 401 of the Internal Revenue Code (the “Code”) which covers active regular employees. Employees are eligible under the Retirement Savings Plan immediately upon hire, and pre-tax contributions are allowed up to the limits set by the Code. The Company has a match program of up to 3% of an employee’s eligible pre-tax Retirement Savings Plan contributions up to certain Code limits. Employees vest in Company contributions over a three -year period. The Company may change this percentage at its discretion, and, in addition, the Company could decide to make discretionary contributions in the future. The Company contributed $ 764,000 , $682,000 , and $639,000 to the Retirement Savings Plan for the 2017 , 2016 , and 2015 plan years, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The net income tax benefit differs from the amount computed by applying the statutory federal income tax rate to CTRS' income before taxes follows ($ in thousands): 2017 2016 2015 Amount Rate Amount Rate Amount Rate Federal income tax benefit (expense) $ 47 35 % $ (1,159 ) (35 )% $ 778 35 % State income tax benefit (expense), net of federal income tax effect 5 4 % (132 ) (4 )% 90 4 % Change in deferred tax assets as a result of change in tax law (340 ) (254 )% — — % — — % Valuation allowance 283 211 % 1,282 39 % (833 ) (37 )% Other 5 4 % 9 — % (35 ) (2 )% Benefit applicable to income (loss) from continuing operations $ — — % $ — — % $ — — % The tax effect of significant temporary differences representing deferred tax assets and liabilities of CTRS as of December 31, 2017 and 2016 are as follows (in thousands): 2017 2016 Income from unconsolidated joint ventures $ 19 $ (188 ) Federal and state tax carryforwards 590 514 Total deferred tax assets 609 326 Valuation allowance (609 ) (326 ) Net deferred tax asset $ — $ — A valuation allowance is required to be recorded against deferred tax assets if, based on the available evidence, it is more likely than not that such assets will not be realized. When assessing the need for a valuation allowance, appropriate consideration should be given to all positive and negative evidence related to this realization. This evidence includes, among other things, the existence of current and recent cumulative losses, forecasts of future profitability, the length of statutory carryforward periods, the Company’s history with loss carryforwards and available tax planning strategies. As of December 31, 2017 and 2016 the deferred tax asset of CTRS equaled $609,000 and $326,000 , respectively, with a valuation allowance placed against the full amount of each. The conclusion that a valuation allowance should be recorded as of December 31, 2017 and 2016 was based the lack of evidence that CTRS, could generate future taxable income to realize the benefit of the deferred tax assets. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table sets forth the computation of the basic and diluted earnings per share of the Company's consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 (in thousands): Year Ended December 31 2017 2016 2015 Earnings per common share - basic: Numerator: Income from continuing operations $ 219,959 $ 60,941 $ 94,332 Net income attributable to noncontrolling interests in the CPLP from continuing operations (3,681 ) (784 ) — Net income attributable to other noncontrolling interests from continuing operations (3 ) (211 ) (111 ) Income from continuing operations available for common stockholders 216,275 59,946 94,221 Income from discontinued operations — 19,163 31,297 Net income available for common stockholders $ 216,275 $ 79,109 $ 125,518 Denominator: Weighted average common shares - basic 415,610 253,895 215,827 Earnings per common share - basic: Income from continuing operations available for common stockholders $ 0.52 $ 0.24 $ 0.44 Income from discontinued operations available for common stockholders — 0.07 0.14 Net income available for common stockholders $ 0.52 $ 0.31 $ 0.58 Earnings per common share - diluted: Numerator: Income from continuing operations $ 219,959 $ 60,941 $ 94,332 Net income attributable to other noncontrolling interests from continuing operations (3 ) (211 ) (111 ) Income from continuing operations available for common stockholders 219,956 60,730 94,221 Income from discontinued operations available for common stockholders — 19,163 31,297 Net income available for common stockholders before net income attributable to noncontrolling interests in CPLP $ 219,956 $ 79,893 $ 125,518 Denominator: Weighted average common shares - basic 415,610 253,895 215,827 Add: Potential dilutive common shares - stock options 312 178 152 Weighted average units of CPLP convertible into common shares 7,375 1,950 — Weighted average common shares - diluted 423,297 256,023 215,979 Earnings per common share - diluted: Income from continuing operations available for common stockholders $ 0.52 $ 0.24 $ 0.44 Income from discontinued operations available for common stockholders — 0.07 0.14 Net income available for common stockholders $ 0.52 $ 0.31 $ 0.58 Anti-dilutive stock options represent stock options whose exercise price exceeds 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. For the years ended December 31, 2017 , 2016 , and 2015 , the number of anti-dilutive stock options was 24,000 , 762,000 , and 1,128,000 , respectively. |
Consolidated Statements of Ca24
Consolidated Statements of Cash Flows - Supplemental Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION | CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION Supplemental information related to cash flows, including significant non-cash activity affecting the consolidated statements of cash flows, for the years ended December 31, 2017 , 2016 , and 2015 is as follows (in thousands): 2017 2016 2015 Interest paid, net of amounts capitalized $ 30,572 $ 32,215 $ 29,337 Income taxes paid — — 2 Non-Cash Transactions: Transfer from investment in unconsolidated joint venture to operating properties 68,498 — — Transfer from projects under development to operating properties 58,928 — 121,709 Common stock dividends declared 25,202 — — Change in accrued property acquisition, development, and tenant asset expenditures 5,965 7,918 (2,483 ) Non-cash assets and liabilities assumed in Merger — 1,856,255 — Non-cash assets and liabilities distributed in Spin-Off — (948,306 ) — Mortgage note payable legally defeased — 20,170 — Transfer from land held to projects under development — 8,099 — Transfer from investment in unconsolidated joint ventures to projects under development — 5,880 — Transfer from operating properties and related assets to real estate assets and other assets held for sale — — 7,246 Transfer from operating properties and related liabilities to liabilities of real estate assets held for sale — — 1,347 The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the balance sheet to cash, cash equivalents, and restricted cash in the statements of cash flows: Year Ended December 31, 2017 2016 2015 Cash and cash equivalents $ 148,929 $ 35,687 $ 2,003 Restricted cash 56,816 15,634 4,304 Total cash, cash equivalents, and restricted cash $ 205,745 $ 51,321 $ 6,307 |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS The Company's segments are based on the 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: Atlanta, Charlotte, Austin, Phoenix, Tampa, Orlando, Houston, 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 product and the geographical location. 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. Information on the Company's segments along with a reconciliation of NOI to net income available to common stockholders is as follows (in thousands): Year ended December 31, 2017 Office Mixed-Use Other Total Net Operating Income: Atlanta $ 109,706 $ 3,278 $ — $ 112,984 Charlotte 62,708 — — 62,708 Austin 58,648 — — 58,648 Phoenix 34,074 — — 34,074 Tampa 29,426 — — 29,426 Orlando 13,029 — — 13,029 Other 1,632 705 — 2,337 Total Net Operating Income $ 309,223 $ 3,983 $ — $ 313,206 Year ended December 31, 2016 Office Mixed-Use Other Total Net Operating Income: Atlanta $ 98,032 $ 7,411 $ — $ 105,443 Houston 78,590 — — 78,590 Austin 29,865 — — 29,865 Charlotte 28,418 — — 28,418 Tampa 7,130 — — 7,130 Phoenix 6,067 — — 6,067 Orlando 3,265 — — 3,265 Other 1,504 — — 1,504 Total Net Operating Income $ 252,871 $ 7,411 $ — $ 260,282 Year ended December 31, 2015 Office Mixed-Use Other Total Net Operating Income: Houston $ 103,210 $ — $ — $ 103,210 Atlanta 93,438 5,854 — 99,292 Charlotte 16,164 — — 16,164 Austin 15,294 — — 15,294 Other 7,104 — 168 7,272 Total Net Operating Income $ 235,210 $ 5,854 $ 168 $ 241,232 The following reconciles Net Income to Net Operating Income for each of the periods presented (in thousands): Year Ended December 31, 2017 2016 2015 Net income $ 219,959 $ 80,104 $ 125,629 Net operating income from unconsolidated joint ventures 31,053 28,785 24,335 Net operating income from discontinued operations — 78,591 103,198 Fee income (8,632 ) (8,347 ) (7,297 ) Other income (11,518 ) (1,050 ) (828 ) Reimbursed expenses 3,527 3,259 3,430 General and administrative expenses 27,523 25,592 16,918 Interest expense 33,524 26,650 22,735 Depreciation and amortization 196,745 97,948 71,625 Acquisition and transaction costs 1,661 24,521 299 Other expenses 1,796 5,888 1,181 (Gain) loss on extinguishment of debt (2,258 ) 5,180 — Income from unconsolidated joint ventures (47,115 ) (10,562 ) (8,302 ) Gain on sale of investment properties (133,059 ) (77,114 ) (80,394 ) Income from discontinued operations — (19,163 ) (31,297 ) Net Operating Income $ 313,206 $ 260,282 $ 241,232 Revenues by reportable segment, including a reconciliation to total revenues on the consolidated statements of operations for years ended December 31, 2017 , 2016 , and 2015 are as follows (in thousands): Year ended December 31, 2017 Office Mixed-Use Other Total Revenues: Atlanta $ 176,190 $ 5,237 $ — $ 181,427 Austin 100,939 — — 100,939 Charlotte 91,434 — — 91,434 Orlando 24,862 — — 24,862 Tampa 47,402 — — 47,402 Phoenix 46,186 — — 46,186 Other 3,021 999 — 4,020 Total segment revenues 490,034 6,236 — 496,270 Company's share of rental property revenues from unconsolidated joint ventures 43,999 6,236 — 50,235 Total rental property revenues $ 446,035 $ — $ — $ 446,035 Year ended December 31, 2016 Office Mixed-Use Other Total Revenues: Atlanta $ 160,540 $ 13,043 $ — $ 173,583 Houston 136,926 — — 136,926 Austin 52,769 — — 52,769 Charlotte 39,448 — — 39,448 Tampa 10,994 — — 10,994 Phoenix 8,902 — — 8,902 Orlando 5,896 — — 5,896 Other 2,443 — — 2,443 Total segment revenues 417,918 13,043 — 430,961 Company's share of rental property revenues from unconsolidated joint ventures 31,177 13,043 — 44,220 Revenues included in discontinued operations 136,927 — — 136,927 Total rental property revenues $ 249,814 $ — $ — $ 249,814 Year ended December 31, 2015 Office Mixed-Use Other Total Revenues: Houston $ 176,823 $ — $ — $ 176,823 Atlanta 164,712 9,975 — 174,687 Austin 26,581 — — 26,581 Charlotte 22,964 — — 22,964 Other 9,216 — 192 9,408 Total segment revenues 400,296 9,975 192 410,463 Company's share of rental property revenues from unconsolidated joint ventures 27,416 9,975 — 37,391 Revenues included in discontinued operations 176,828 — — 176,828 Total rental property revenues $ 196,052 $ — $ 192 $ 196,244 |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 (in thousands) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Description/Metropolitan Area Encumbrances Land and Improvements Buildings and Improvements Land and Improvements less Cost of Sales, Transfers and Other Building and Improvements less Cost of Sales, Transfers and Other Land and Improvements less Cost of Sales, Transfers and Other Building and Improvements less Cost of Sales, Transfers and Other Total (a)(b) Accumulated Date of Construction/ Renovation Date Acquired Life on Which Depreciation in 2017 Statement of Operations is Computed (c) OPERATING PROPERTIES Colorado Tower 119,165 — — 1,600 120,853 1,600 120,853 122,453 16,599 2013 2013 30 years Austin, TX 816 Congress 82,742 6,817 89,891 3,282 18,631 10,099 108,522 118,621 19,895 — 2013 42 years Austin, TX Research Park — 4,373 — 801 42,307 5,174 42,307 47,481 2,772 2014 1998 30 years Austin, TX Northpark Town Center — 22,350 295,825 — 47,856 22,350 343,681 366,031 41,431 — 2014 39 years Atlanta, GA Promenade 102,071 13,439 102,790 — 36,600 13,439 139,390 152,829 40,608 — 2011 34 years Atlanta, GA Meridian Mark Plaza 23,970 2,219 — — 30,108 2,219 30,108 32,327 19,782 1997 1997 30 years Atlanta, GA Fifth Third Center 145,974 22,591 180,430 — 14,669 22,591 195,099 217,690 24,118 — 2014 40 years Charlotte, NC Corporate Center — 7,298 272,148 — 21,707 7,298 293,855 301,153 14,042 — 2016 40 years Tampa, FL The Pointe 22,729 9,404 54,694 — 2,368 9,404 57,062 66,466 3,647 — 2016 40 years Tampa, FL Harborview Plaza — 10,800 39,136 — 1,065 10,800 40,201 51,001 2,675 — 2016 40 years Tampa, FL 3344 Peachtree — 16,110 176,153 — 6,849 16,110 183,002 199,112 8,811 — 2016 40 years Atlanta, GA One Buckhead Plaza — 17,011 159,564 — 2,564 17,011 162,128 179,139 7,954 — 2016 40 years Atlanta, GA 3350 Peachtree — 16,836 108,177 — 131 16,836 108,308 125,144 5,972 — 2016 40 years Atlanta, GA 3348 Peachtree — 6,707 69,723 — 5 6,707 69,728 76,435 3,804 — 2016 40 years Atlanta, GA 8000 Avalon — 4,130 — 72 67,391 4,202 67,391 71,593 229 2016 2016 40 years Atlanta, GA Two Buckhead Plaza — 18,053 74,547 — 1,315 18,053 75,862 93,915 3,918 — 2016 40 years Atlanta, GA Hearst Tower — 9,977 323,299 — 4,219 9,977 327,518 337,495 15,071 — 2016 40 years Charlotte, NC NASCAR Plaza — 51 115,238 — 2,043 51 117,281 117,332 6,316 — 2016 40 years Charlotte, NC Hayden Ferry — 13,102 262,578 — 12,397 13,102 274,975 288,077 15,585 — 2016 40 years Phoenix, AZ 111 West Rio — 6,076 56,647 — 16,217 6,076 72,864 78,940 1,245 2017 40 years Phoenix, AZ Tempe Gateway — 5,893 95,130 — 844 5,893 95,974 101,867 4,581 — 2016 40 years Phoenix, AZ One Eleven Congress — 33,841 201,707 — 18,682 33,841 220,389 254,230 9,409 — 2016 40 years Austin, TX San Jacinto Center — 34,068 176,535 (579 ) (759 ) 33,489 175,776 209,265 7,513 — 2016 40 years Austin, TX Total Operating Properties $ 496,651 $ 281,146 $ 2,854,212 $ 5,176 $ 468,062 $ 286,322 $ 3,322,274 $ 3,608,596 $ 275,977 COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 (in thousands) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Description/Metropolitan Area Encumbrances Land and Improvements Buildings and Improvements Land and Improvements less Cost of Sales, Transfers and Other Building and Improvements less Cost of Sales, Transfers and Other Land and Improvements less Cost of Sales, Transfers and Other Building and Improvements less Cost of Sales, Transfers and Other Total (a)(b) Accumulated Depreciation (a)(b) Date of Construction/ Renovation Date Acquired Life on Which Depreciation in 2016 Statement of Operations is Computed (c) PROJECTS UNDER DEVELOPMENT NCR Phase 1 $ — $ 18,015 $ — $ — $ 194,613 $ 18,015 $ 194,613 $ 212,628 $ — 2015 2015 Atlanta, GA NCR Phase II — 10,116 — 205 58,033 10,321 58,033 68,354 — — 2015 Atlanta, GA 300 Colorado — — — — — — — — — — — Austin, TX Total Projects Under Development $ — $ 28,131 $ — $ 205 $ 252,646 $ 28,336 $ 252,646 $ 280,982 $ — LAND Commercial Land Land Adjacent to The Avenue Forsyth — 11,240 — (7,540 ) — 3,700 — 3,700 — — 2007 Suburban Atlanta, GA North Point — 10,294 — (9,773 ) — 521 — 521 — — 1970-1985 Suburban Atlanta, GA Total Commercial Land $ — $ 21,534 $ — $ (17,313 ) $ — $ 4,221 $ — $ 4,221 $ — Total Land $ — $ 21,534 $ — $ (17,313 ) $ — $ 4,221 $ — $ 4,221 $ — Total Properties $ 496,651 $ 330,811 $ 2,854,212 $ (11,932 ) $ 720,708 $ 318,879 $ 3,574,920 $ 3,893,799 $ 275,977 COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 (in thousands) NOTES: (a) Reconciliations of total real estate carrying value and accumulated depreciation for the three years ended December 31, 2017 are as follows: Real Estate Accumulated Depreciation 2017 2016 2015 2017 2016 2015 Balance at beginning of period $ 3,814,986 $ 2,606,343 $ 2,619,488 $ 215,856 $ 359,422 $ 324,543 Additions during the period: Parkway merger — 2,832,730 — — — — Acquisitions 62,723 — 28,131 — — — Improvements and other capitalized costs 303,940 208,016 139,676 — — — Transfers — 5,306 — — — — Depreciation expense — — — 101,720 112,277 99,067 366,663 3,046,052 167,807 101,720 112,277 99,067 Deductions during the period: Parkway spin-off — (1,230,235 ) — — (148,523 ) — Cost of real estate sold (287,850 ) (602,648 ) (180,952 ) (41,599 ) (107,320 ) (64,188 ) Impairment loss — (4,526 ) — — — — (287,850 ) (1,837,409 ) (180,952 ) (41,599 ) (255,843 ) (64,188 ) Balance at end of period $ 3,893,799 $ 3,814,986 $ 2,606,343 $ 275,977 $ 215,856 $ 359,422 (b) The aggregate cost for federal income tax purposes, net of depreciation, was $2.9 billion (unaudited) at December 31, 2017 . (c) Buildings and improvements are depreciated over 25 to 42 years. Leasehold improvements and other capitalized leasing costs are depreciated over the life of the asset or the term of the lease, whichever is shorter. |
Significant Accounting Polici27
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The consolidated financial statements include the accounts of the Company and its consolidated partnerships and wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The Company presents its financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) as outlined in the Financial Accounting Standard Board’s Accounting Standards Codification (the “Codification” or “ASC”). The Codification is the single source of authoritative accounting principles applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. For the three years ended December 31, 2017 , 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 Codification. 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. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards : In May 2014, the FASB issued ASU 2014-09 ("ASC 606"), "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. ASU 2015-14 (collectively with ASU 2014-09, "ASC 606"), "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 adopted this guidance using the “modified retrospective” method effective January 1, 2018. The classification of certain non-lease components of revenue from leases may be impacted by the new revenue standard upon the adoption of the new leasing standard beginning January 1, 2019 (see below). The Company has determined that the adoption of ASC 606 will not require any material adjustments to the consolidated financial statements but will result in additional disclosures related to disaggregation of revenue streams beginning in the first quarter of 2018. In February 2016, the FASB 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 using the "modified retrospective" method effective January 1, 2019, and is currently assessing the potential impact of adopting the new guidance. In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15") which updated ASC Topic 230, "Statement of Cash Flows." ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. The Company adopted this standard in the fourth quarter of 2017 with retrospective application to the consolidated statements of cash flows. The Company elected to use the nature of distributions approach for distributions from its equity method investments, under which it classifies the distribution received on the basis of the nature of the activity that generated the distribution. The adoption of this new approach resulted in an increase in net cash provided by operating activities and a decrease in net cash provided by investing activities of $ 6.4 million and $2.9 million for the years ended December 31, 2016 and 2015, respectively. In November 2016, the FASB issued ASU 2016-18, "Restricted Cash" ("ASU 2016-18") which updated ASC Topic 230, "Statement of Cash Flows." ASU 2016-18 requires companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. The Company has early adopted this standard in the fourth quarter of 2017, which resulted in an increase in net cash provided by investing activities by $ 11.3 million for the year ended December 31, 2016 and a decrease in net cash provided by operating and investing activities by $263,000 and $475,000 , respectively, for the year ended December 31, 2015. Effective January 1, 2017, the Company adopted 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. In the first quarter of 2017, the Company changed the treatment of excess tax benefits as operating cash flows in the statement of cash flows. This ASU also stipulates that cash payments to tax authorities in connection with shares withheld to meet statutory tax withholding requirements be presented as a financing activity in the statement of cash flows. This ASU was adopted prospectively, prior periods have not been restated to conform to the current period presentation. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business," which provides a more narrow definition of a business to be used in determining the accounting treatment of an acquisition. As a result, many acquisitions that previously qualified as business combinations will be treated as asset acquisitions. For asset acquisitions, acquisition costs may be capitalized, and the purchase price may be allocated on a relative fair value basis. ASU 2017-01 is effective prospectively for the Company on January 1, 2018, with early adoption permitted. The Company adopted this standard in 2017 and expects that most of its future acquisitions will qualify as asset acquisitions. In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05”). ASU 2017-05 updates the definition of an “in substance nonfinancial asset” and clarifies the derecognition guidance for nonfinancial assets to conform with the new revenue recognition standard. Among other things, ASU 2017-05 requires companies to recognize 100% of the gain on the transfer of a nonfinancial asset to an entity in which it has a noncontrolling interest. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The Company adopted this guidance using the "modified retrospective" method effective on January 1, 2018. As a result of the adoption of ASU 2017-05, the Company recorded a cumulative effect from change in accounting principle which credited distributions in excess of cumulative net income by $24.3 million . This cumulative effect adjustment resulted from the 2013 transfer of a wholly-owned property to an entity in which it had a noncontrolling interest. In May 2017, FASB issued ASU 2017-09, "Scope of Modification Accounting," which amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718, "Compensation—Stock Compensation." This update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. The Company adopted this standard on January 1, 2018. Adoption of the standard did not have a material impact on the Company's financial statements. |
Cost Capitalization, Depreciation and Amortization | Cost Capitalization: Costs related to planning, developing, leasing, and constructing a property, including costs of development personnel working directly on projects under development, are capitalized. In addition, the Company capitalizes interest to qualifying assets under development based on average accumulated expenditures outstanding during the period. In capitalizing interest to qualifying assets, the Company first uses the interest incurred on specific project debt, if any, and next uses the Company’s weighted average interest rate for non-project specific debt. The Company also capitalizes interest to investments accounted for under the equity method when the investee has property under development with a carrying value in excess of the investee’s borrowings. To the extent debt exists within an unconsolidated joint venture during the construction period, the venture capitalizes interest on that venture-specific debt. The Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of recently completed development properties from the date a project is substantially complete to the earlier of (1) the date on which the project achieves 90% economic occupancy or (2) one year after it is substantially complete. The Company capitalizes direct leasing costs related to leases that are probable of being executed. These costs include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement, and internal costs that are based on time spent by leasing personnel on successful leases. The Company allocates these costs to individual tenant leases and amortizes them over the related lease term. Depreciation and Amortization: Real estate assets are stated at depreciated cost less impairment losses, if any. Buildings are depreciated over their estimated useful lives, which range generally from 24 to 42 years. The life of a particular building depends upon a number of factors including whether the building was developed or acquired and the condition of the building upon acquisition. Furniture, fixtures and equipment are depreciated over their estimated useful lives of three to five years. Tenant improvements, leasing costs and leasehold improvements are amortized over the term of the applicable leases or the estimated useful life of the assets, whichever is shorter. The Company accelerates the depreciation of tenant assets if it estimates that the lease term will end prior to the termination date. This acceleration may occur if a tenant files for bankruptcy, vacates its premises or defaults in another manner on its lease. Deferred expenses are amortized over the period of estimated benefit. The Company uses the straight-line method for all depreciation and amortization. |
Impairment | Impairment: For real estate assets that are considered to be held for sale according to accounting guidance or those that are distributed to stockholders in a spin-off, the Company records impairment losses if the fair value of the asset or disposal group net of estimated selling costs is less than the carrying amount. For those long-lived assets that are held and used according to accounting guidance, management reviews each asset for the existence of any indicators of impairment. If indicators of impairment are present, the Company calculates the expected undiscounted future cash flows to be derived from such assets. If the undiscounted cash flows are less than the carrying amount of the asset, the Company reduces the asset to its fair value and records an impairment loss. |
Acquisition of Real Estate Assets | Acquisition of Real Estate Assets: The Company records the acquired tangible and intangible assets and assumed liabilities of operating property acquisitions at fair value at the acquisition date. The acquired assets and assumed liabilities for an operating property acquisition generally include but are not limited to: land, buildings and improvements, and identified tangible and intangible assets and liabilities associated with in-place leases, including leasing costs, value of above-market and below-market tenant leases, value of above-market and below-market ground leases, acquired in-place lease values, and tenant relationships, if any. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, and leasing costs are based upon current market replacement costs and other relevant market rate information. The fair value of the above-market or below-market component of an acquired in-place lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term and (ii) management’s estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition over the remaining term of the lease. The amounts recorded for above-market and below-market ground leases are included in intangible liabilities and intangible assets, respectively, and are amortized on a straight-line basis into rental property revenues over the remaining terms of the applicable leases. The fair value of acquired in-place leases is derived based on management’s assessment of lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. The amount recorded for acquired in-place leases is included in intangible assets and amortized as an increase to depreciation and amortization expense over the remaining term of the applicable leases. |
Discontinued Operations | Discontinued Operations: Assets held for sale or disposals representing strategic shifts in operations are reflected in discontinued operations. During 2015, there were no held for sale assets or disposals that represented a strategic shift in operations. During 2016, the Company completed a spin-off as described in note 3. The Company considered this disposition to be a strategic shift in operations and reclassified the historical operations of the assets included in the spin-off into discontinued operations on the consolidated statements of operations. During 2017, there were no assets held for sale or disposals that represented a strategic shift in operations. The Company ceases depreciation of a property when it is categorized as held for sale. |
Investment in Joint Ventures | Investment in Joint Ventures For joint ventures that the Company does not control, but over which it exercises significant influence, the Company uses the equity method of accounting. The Company's judgment with regard to its level of influence or control of an entity involves consideration of various factors including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace the Company as manager, and/or to liquidate the venture. These ventures are recorded at cost and adjusted for equity in earnings (losses) and cash contributions and distributions. Any difference between the carrying amount of these investments on the Company’s balance sheet and the underlying equity in net assets on the joint venture’s balance sheet is adjusted as the related underlying assets are depreciated, amortized, or sold. The Company generally allocates income and loss from an unconsolidated joint venture based on the venture's distribution priorities, which may be different from its stated ownership percentage. The Company evaluates the recoverability of its investment in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, the Company estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) the Company’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," the Company reduces the investment to its estimated fair value. |
Noncontrolling Interest | Noncontrolling Interest The Company consolidates CPLP and certain joint ventures in which it owns a controlling interest. In cases where the entity’s documents do not contain a required redemption clause, the Company records the partner’s share of the entity in the equity section of the balance sheets in nonredeemable noncontrolling interests. In cases where the entity’s documents contain a provision requiring the Company to purchase the partner’s share of the venture at a certain value upon demand or at a future date, the Company records the partner’s share of the entity in redeemable noncontrolling interests on the balance sheets. The outside partners' interests in CPLP are redeemable into shares of cash or common stock of the Company in the Company's sole discretion. Therefore, noncontrolling interests associated with CPLP are considered nonredeemable noncontrolling interests. The noncontrolling partners' share of all consolidated entities' income is reflected in net income attributable to noncontrolling interest on the statements of operations. |
Revenue Recognition | Revenue Recognition Rental Property Revenues: The Company recognizes contractual revenues from leases on a straight-line basis over the term of the respective lease. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. Percentage rents are recognized once the specified sales target is achieved. In addition, leases typically provide for reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses to the Company. Operating expense reimbursements are recognized as the related expenses are incurred. During 2017 , 2016 , and 2015 , the Company recognized $67.2 million , $90.2 million , and $93.3 million , respectively, in revenues, including discontinued operations, from tenants related to operating expenses. The Company makes valuation adjustments to all tenant-related accounts receivable based upon its estimate of the likelihood of collectibility of amounts due from the tenant. The amount of any valuation adjustment is based on the tenant’s credit and business risk, history of payment, and other factors considered by management. Fee Income: The Company recognizes development, management and leasing fees when earned. The Company recognizes development and leasing fees received from unconsolidated joint ventures and related salaries and other direct costs incurred by the Company as income and expense based on the percentage of the joint venture which the Company does not own. Correspondingly, the Company adjusts its investment in unconsolidated joint ventures when fees are paid to the Company by a joint venture in which the Company has an ownership interest. See note 6 for more information related to fee income recognized from unconsolidated joint ventures. Gain on Sale of Investment Properties : The Company recognizes a gain on sale of investment property when the sale of a property is consummated, the buyer’s initial and continuing investment is adequate to demonstrate commitment to pay, any receivable obtained is not subject to future subordination, the usual risks and rewards of ownership are transferred, and the Company has no substantial continuing involvement with the property. If the Company has a commitment to the buyer and that commitment is a specific dollar amount, this commitment is accrued and the gain on sale that the Company recognizes is reduced. If the Company has a construction commitment to the buyer, management makes an estimate of this commitment, defers a portion of the profit from the sale, and recognizes the deferred profit as or when the commitment is fulfilled. |
Receivables | The Company makes valuation adjustments to all tenant-related accounts receivable based upon its estimate of the likelihood of collectibility of amounts due from the tenant. The amount of any valuation adjustment is based on the tenant’s credit and business risk, history of payment, and other factors considered by management. |
Income Taxes | Income Taxes Cousins has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, Cousins must distribute annually at least 90% of its adjusted taxable income, as defined in the Code, to its stockholders and satisfy certain other organizational and operating requirements. It is management’s current intention to adhere to these requirements and maintain Cousins’ REIT status. As a REIT, Cousins generally will not be subject to federal income tax at the corporate level on the taxable income it distributes to its stockholders. If Cousins fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. Cousins may be subject to certain state and local taxes on its income and property, and to federal income taxes on its undistributed taxable income. CTRS is a C-Corporation for federal income tax purposes and uses the liability method for accounting for income taxes. Tax return positions are recognized in the financial statements when they are “more-likely-than-not” to be sustained upon examination by the taxing authority. Deferred income tax assets and liabilities result from temporary differences. Temporary differences are differences between the tax bases of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future periods. A valuation allowance may be placed on deferred income tax assets, if it is determined that it is more likely than not that a deferred tax asset may not be realized. |
Stock-Based Compensation | Stock-Based Compensation The Company has several types of stock-based compensation plans. These plans are described in note 13, as are the accounting policies by type of award. The Company recognizes compensation expense, net of forfeitures, arising from share-based payment arrangements granted to employees and directors in general and administrative expense in the statements of operations over the related awards’ vesting period, which may be accelerated under the Company’s retirement feature. |
Earnings per Share (EPS) | Earnings per Share (“EPS”) 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 plus noncontrolling interests in CPLP 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 that would occur if the outside units in CPLP were converted into the Company's common stock and 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. Stock options are dilutive when the average market price of the Company’s stock during the period exceeds the option exercise price. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include unrestricted cash and highly-liquid money market instruments. Highly-liquid money market instruments include securities and repurchase agreements with original maturities of three months or less , money market mutual funds, and United States Treasury Bills with maturities of 30 days or less . |
Restricted Cash | Restricted Cash Restricted Cash includes escrow accounts held by lenders to pay real estate taxes, earnest money paid in connection with future acquisitions, and proceeds from property sales held by qualified intermediaries for potential like-kind exchanges in accordance with Section 1031 of the Code. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Reportable Segments | The Company's segments are based on the 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: Atlanta, Charlotte, Austin, Phoenix, Tampa, Orlando, Houston, 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 product and the geographical location. 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. |
Transactions With Parkway Pro28
Transactions With Parkway Properties, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Summary of purchase price allocation | The final purchase price was allocated as follows (in thousands): Real estate assets $ 3,429,895 Cash 63,193 Restricted cash 30,560 Notes and other receivables 35,945 Investment in unconsolidated joint ventures 68,432 Intangible assets 329,894 Other assets 10,491 3,968,410 Notes payable 1,473,810 Accounts payable and accrued expenses 133,839 Intangible liabilities 106,480 Other liabilities 11,936 Nonredeemable noncontrolling interests (excluding CPLP) 292,337 2,018,402 Total purchase price $ 1,950,008 |
Unaudited supplemental pro forma information | The following unaudited supplemental pro forma information presented is based upon the Company's historical consolidated statements of operations, adjusted as if the Merger had occurred on January 1, 2015. This supplemental pro forma information is not necessarily indicative of future results, or of actual results, that would have been achieved had the transactions been consummated at the beginning of each period. 2016 2015 (unaudited, in thousands, except per share amounts) Revenues $ 732,117 $ 855,318 Income from continuing operations 179,625 237,909 Net income 174,117 237,323 Net income available to common stockholders 166,375 208,574 Per share information: Basic $ 0.42 $ 0.53 Diluted $ 0.41 $ 0.53 |
Summary of discontinued operations | The following is a summary of the assets and liabilities transferred to New Parkway as part of the Spin-Off (in thousands): Real estate assets $ 1,696,080 Cash 192,755 Notes and other receivables 43,752 Intangible assets 143,294 Other assets 6,669 2,082,550 Notes payable 803,769 Accounts payable and accrued expenses 56,055 Intangible liabilities 59,424 Other liabilities 22,241 941,489 Noncontrolling interest 22,821 Net assets in Spin-off to New Parkway $ 1,118,240 The following table includes a summary of discontinued operations of the Company for the years ended December 31, 2016 and 2015. There were no dispositions that met this criteria in 2017. 2016 2015 Rental property revenues $ 136,927 $ 176,828 Rental property operating expenses (58,336 ) (73,630 ) Other revenues 288 450 Interest expense (6,022 ) (7,988 ) Depreciation and amortization (47,345 ) (63,791 ) Other expenses (6,349 ) (21 ) Income from discontinued operations $ 19,163 $ 31,848 Loss on sale of discontinued operations, net $ — $ (551 ) Cash provided by operating activities $ 42,604 $ 76,395 Cash used in investing activities $ (30,067 ) $ (55,085 ) |
Real Estate Transactions (Table
Real Estate Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Properties sold that qualify as discontinued operations | The Company sold the following properties in 2017 , 2016 , and 2015 ($ in thousands): Property Property Type Location Square Feet Sales Price 2017 American Cancer Society Center Office Atlanta, GA 996,000 $ 166,000 Bank of America Center, One Orlando Centre, -- and Citrus Center Office Orlando, FL 1,038,000 $ 208,100 2016 Post Oak Central Office Houston, TX 1,280,000 (1 ) Greenway Plaza Office Houston, TX 4,348,000 (1 ) 191 Peachtree Office Atlanta, GA 1,225,000 $ 267,500 Two Liberty Place Office Philadelphia, PA 941,000 $ 219,000 Lincoln Place Office Miami, FL 140,000 $ 80,000 The Forum Office Atlanta, GA 220,000 $ 70,000 100 North Point Center East Office Atlanta, GA 129,000 $ 22,000 2015 2100 Ross Office Dallas, TX 844,000 $ 131,000 200, 333, and 555 North Point Center East Office Atlanta, GA 411,000 $ 70,300 The Points at Waterview Office Dallas, TX 203,000 $ 26,800 (1) Properties distributed to New Parkway in the Spin-Off. |
Notes and Accounts Receivable (
Notes and Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Components of notes and accounts receivables | At December 31, 2017 and 2016 , notes and accounts receivables included the following (in thousands): 2017 2016 Notes receivable $ 465 $ 3,921 Allowance for doubtful accounts related to notes receivable — (414 ) Tenant and other receivables 14,490 24,929 Allowance for doubtful accounts related to tenant and other receivables (535 ) (753 ) $ 14,420 $ 27,683 |
Investment in Unconsolidated 31
Investment in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of financial data and principal activities of unconsolidated joint ventures | The information included in the following table entitled summary of financial position is as of December 31, 2017 and 2016 . The information included in the summary of operations table is for the years ended December 31, 2017 , 2016 , and 2015 (in thousands). Total Assets Total Debt Total Equity (Deficit) Company's Investment SUMMARY OF FINANCIAL POSITION 2017 2016 2017 2016 2017 2016 2017 2016 Terminus Office Holdings $ 261,999 $ 268,242 $ 203,131 $ 207,545 $ 48,033 $ 49,476 $ 24,898 $ 25,686 DC Charlotte Plaza LLLP 53,791 17,940 — — 42,853 17,073 22,293 8,937 Carolina Square Holdings LP 106,580 66,922 64,412 23,741 33,648 34,173 19,384 18,325 Charlotte Gateway Village, LLC 124,691 119,054 — — 121,386 116,809 14,568 11,796 HICO Victory Center LP 14,403 14,124 — — 14,401 13,869 9,752 9,506 HICO Avalon II, LLC 6,379 — — — 6,303 — 4,931 — CL Realty, L.L.C. 8,287 8,047 — — 8,127 7,899 2,980 3,644 AMCO 120 WT Holdings, LLC 18,066 10,446 — — 16,354 9,136 1,664 184 Temco Associates, LLC 4,441 4,368 — — 4,337 4,253 875 829 EP II LLC 277 67,754 — 44,969 180 21,743 44 17,606 EP I LLC 521 78,537 — 58,029 319 18,962 25 18,551 Courvoisier Centre JV, LLC — 172,197 — 106,500 — 69,479 — 11,782 111 West Rio Building — 59,399 — 12,852 — 32,855 — 52,206 Wildwood Associates 16,337 16,351 — — 16,297 16,314 (1,151 ) (1) (1,143 ) (1) Crawford Long - CPI, LLC 27,362 27,523 71,047 72,822 (44,815 ) (45,928 ) (21,323 ) (1) (21,866 ) (1) Other — — — — — — — 345 $ 643,134 $ 930,904 $ 338,590 $ 526,458 $ 267,423 $ 366,113 $ 78,940 $ 156,388 Total Revenues Net Income (Loss) Company's Share of Net Income (Loss) SUMMARY OF OPERATIONS 2017 2016 2015 2017 2016 2015 2017 2016 2015 EP I LLC $ 4,123 $ 12,239 $ 12,558 $ 45,115 $ 2,294 $ 3,177 $ 28,667 $ 1,684 $ 2,197 EP II LLC 2,644 5,376 1,264 13,008 (1,187 ) (638 ) 9,756 (878 ) (466 ) Charlotte Gateway Village, LLC 26,465 34,156 33,724 9,528 14,536 12,737 4,764 2,194 1,183 Terminus Office Holdings 43,959 42,386 40,250 6,307 4,608 2,789 3,153 2,303 1,395 Crawford Long - CPI, LLC 12,079 12,113 12,291 3,171 2,743 2,820 1,572 1,372 1,416 CL Realty, L.L.C. 2,964 567 855 2,668 237 424 536 128 220 Courvoisier Centre JV, LLC 15,106 3,968 — (1,750 ) (489 ) — 521 (93 ) — Carolina Square Holdings LP 2,701 58 — (532 ) 9 — 522 — — HICO Victory Center LP 429 383 262 431 376 204 225 187 102 Temco Associates, LLC 192 1,343 9,485 123 440 2,358 46 502 2,351 DC Charlotte Plaza LLLP 2 47 — 2 45 — 1 24 — HICO Avalon II, LLC — — — (69 ) — — — — — AMCO 120 WT Holdings, LLC — — — 58 — — — — — Wildwood Associates — — — (116 ) (140 ) (120 ) (58 ) (70 ) (59 ) 111 West Rio Building — 4,219 — — 3,926 — (2,590 ) 2,906 — Other — — — — — (40 ) — 303 (37 ) $ 110,664 $ 116,855 $ 110,689 $ 77,944 $ 27,398 $ 23,711 $ 47,115 $ 10,562 $ 8,302 (1) Negative balances are included in deferred income on the consolidated balance sheets. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of intangible assets | At December 31, 2017 and 2016 , intangible assets included the following (in thousands): 2017 2016 In-place leases, net of accumulated amortization of $91,548 and $46,899 in 2017 and 2016, respectively $ 139,548 $ 185,251 Above-market tenant leases, net of accumulated amortization of $13,038 and $6,515 in 2017 and 2016, respectively 26,917 40,260 Below-market ground lease, net of accumulated amortization of $345 and $69 in 2017 and 2016, respectively 18,067 18,344 Goodwill 1,674 1,674 $ 186,206 $ 245,529 |
Aggregate amortization of intangible assets and liabilities | Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows (in thousands): Below Market Above Market Below Market Ground Lease Above Market In Place Leases Total 2018 $ (13,464 ) $ (46 ) $ 481 $ 6,364 $ 33,455 $ 26,790 2019 (11,914 ) (46 ) 464 5,438 26,563 20,505 2020 (10,817 ) (46 ) 449 4,537 21,693 15,816 2021 (9,036 ) (46 ) 435 3,444 16,745 11,542 2022 (6,402 ) (46 ) 421 2,348 11,529 7,850 Thereafter (17,056 ) (1,535 ) 15,817 4,786 29,563 31,575 $ (68,689 ) $ (1,765 ) $ 18,067 $ 26,917 $ 139,548 $ 114,078 Weighted average remaining lease term 4 years 38 years 66 years 4 years 5 years 14 years |
Summary of goodwill activity | The following is a summary of goodwill activity for the years ended December 31, 2017 and 2016 (in thousands): 2017 2016 Beginning Balance $ 1,674 $ 3,647 Allocated to property sales and Spin-Off — (1,973 ) Ending Balance $ 1,674 $ 1,674 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of other assets | At December 31, 2017 and 2016 , other assets included the following (in thousands): 2017 2016 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $21,925 and $23,135 in 2017 and 2016, respectively $ 12,241 $ 15,773 Prepaid expenses and other assets 3,902 8,432 Lease inducements, net of accumulated amortization of $978 and $1,278 in 2017 and 2016, respectively 3,126 2,517 Line of credit deferred financing costs, net of accumulated amortization of $3,119 and $2,264 in 2017 and 2016, respectively 1,213 2,182 Predevelopment costs and earnest money 372 179 $ 20,854 $ 29,083 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of terms of notes payable | The following table summarizes the terms of notes payable outstanding at December 31, 2017 and 2016 (in thousands): Description Interest Rate Maturity * 2017 2016 Term Loan, unsecured 2.76% 2021 $ 250,000 $ 250,000 Senior Notes, unsecured 3.91% 2025 250,000 — Fifth Third Center 3.37% 2026 146,557 149,516 Colorado Tower 3.45% 2026 120,000 120,000 Promenade 4.27% 2022 102,355 105,342 Senior Notes, unsecured 4.09% 2027 100,000 — 816 Congress 3.75% 2024 83,304 84,872 Meridian Mark Plaza 6.00% 2020 24,038 24,522 The Pointe 4.01% 2019 22,510 22,945 Credit Facility, unsecured 2.66% 2019 — 134,000 One Eleven Congress 6.08% 2017 — 128,000 The American Cancer Society Center 6.45% 2017 — 127,508 San Jacinto 6.05% 2017 — 101,000 3344 Peachtree 4.75% 2017 — 78,971 Two Buckhead Plaza 6.43% 2017 — 52,000 $ 1,098,764 $ 1,378,676 Unamortized premium, net 219 6,792 Unamortized loan costs (5,755 ) (4,548 ) Total Notes Payable $ 1,093,228 $ 1,380,920 |
Schedule of pricing spreads and facility fee | The pricing spreads and the facility fee under the New Credit Facility are as follows: Leverage Ratio Applicable % Spread for LIBOR Loans Applicable % Spread for Base Rate Loans Annual Facility Fee % ≤ 35% 1.05% 0.10% 0.15% > 35% but ≤ 40% 1.10% 0.15% 0.20% > 40% but ≤ 45% 1.20% 0.20% 0.20% > 45% but ≤ 50% 1.20% 0.20% 0.25% > 50% 1.45% 0.45% 0.30% |
Summary of interest recorded | For the years ended December 31, 2017 , 2016 , and 2015 , interest was recorded as follows (in thousands): 2017 2016 2015 Total interest incurred $ 42,767 $ 31,347 $ 26,314 Interest capitalized (9,243 ) (4,697 ) (3,579 ) Total interest expense $ 33,524 $ 26,650 $ 22,735 |
Schedule of future principal payments due | Future principal payments due (including scheduled amortization payments and payments due upon maturity) on the Company's notes payable at December 31, 2017 are as follows (in thousands): 2018 $ 9,347 2019 33,052 2020 33,824 2021 261,258 2022 97,042 Thereafter 664,241 $ 1,098,764 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of amounts due under lease commitments | Amounts due under ground and operating lease commitments are as follows (in thousands): 2018 $ 2,669 2019 2,569 2020 2,474 2021 2,453 2022 2,396 Thereafter 195,721 $ 208,282 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of distribution of taxable income | The following reconciles dividends paid and dividends applied in 2017 , 2016 , and 2015 to meet REIT distribution requirements (in thousands): 2017 2016 2015 Common and preferred dividends $ 99,139 $ 1,077,179 69,162 Dividends treated as taxable compensation (130 ) (92 ) (94 ) Portion of dividends declared in current year, and paid in current year, which was applied to the prior year distribution requirements — — (731 ) Portion of dividends declared in subsequent year, and paid in subsequent year, which apply to current year distribution requirements — — — Dividends in excess of current year REIT distribution requirements — (827,005 ) — Dividends applied to meet current year REIT distribution requirements $ 99,009 $ 250,082 68,337 |
Summary of components of the taxability of the Company's dividends | The following summarizes the components of the taxability of the Company’s distributions for the years ended December 31, 2017 , 2016 , and 2015 : Total Ordinary Long-Term Unrecaptured Nondividend Distributions AMT Adjustment (2) Common: 2017 $ 0.240000 $ 0.093312 $ 0.146688 $ 0.070522 $ — $ 0.017756 2016 $ 2.853075 $ 0.079661 $ 0.582778 $ 0.100934 $ 2.190636 $ — 2015 $ 0.320000 $ 0.161738 $ 0.158262 $ 0.097271 $ — $ — (1) Represents a portion of the dividend allocated to long-term capital gain. (2) The Company has apportioned certain 2017 alternative minimum tax adjustments to its shareholders. Individual taxpayers should refer to Internal Revenue Service Form 6251, Alternative Minimum Tax - Individuals. Corporate taxpayers should refer to Internal Revenue Service Form 4626, Alternative Minimum Tax - Corporations. |
Future Minimum Rents (Tables)
Future Minimum Rents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Future minimum rentals to be received under existing non-cancelable leases | At December 31, 2017 , future minimum rents to be received by consolidated entities under existing non-cancelable leases are as follows (in thousands): 2018 $ 307,290 2019 324,234 2020 311,676 2021 287,153 2022 249,854 Thereafter 1,037,109 $ 2,517,316 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Assumptions used to estimate the fair value of the stock options and their results | The weighted average fair value of options granted was $0.84 per option, and the Company computed the fair value of options granted using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 1.37 % Assumed dividend yield 3.60 % Assumed lives of option awards (in years) 6.4 Assumed volatility 23.23 % |
Stock options activity | The following is a summary of stock option activity for the years ended December 31, 2017 , 2016 , and 2015 : Number of Options (000s) Weighted Average Exercise Price Per Option Outstanding at December 31, 2014 2,211 $ 22.69 Exercised (23 ) 8.02 Forfeited/Expired (425 ) 21.98 Outstanding at December 31, 2015 1,763 22.05 Granted as a result of the Merger and Spin-Off 1,222 11.78 Exercised (2 ) 8.35 Forfeited/Expired (721 ) 27.24 Outstanding at December 31, 2016 2,262 10.82 Exercised (577 ) 7.51 Forfeited/Expired (756 ) 18.47 Outstanding at December 31, 2017 929 $ 6.59 Options Exercisable at December 31, 2017 929 $ 6.59 |
Summary of restricted stock activity | The following table summarizes restricted stock activity for the years ended December 31, 2017 , 2016 , and 2015 : Number of Shares (000s) Weighted-Average Grant Date Fair Value Non-vested restricted stock at December 31, 2014 342 $ 9.08 Granted 166 11.06 Vested (210 ) 8.41 Forfeited (5 ) 10.68 Non-vested restricted stock at December 31, 2015 293 10.65 Granted 235 8.62 Granted as a result of the Spin-Off 114 7.57 Vested (141 ) 8.54 Forfeited (30 ) 9.77 Non-vested restricted stock at December 31, 2016 471 7.57 Granted 308 8.63 Vested (214 ) 7.50 Forfeited (8 ) 6.53 Non-vested restricted stock at December 31, 2017 557 $ 7.93 |
Summary of all performance-based RSU activity | The following table summarizes the performance-based RSU activity as of December 31, 2017 , 2016 , and 2015 (in thousands): Outstanding at December 31, 2014 796 Granted 244 Vested (191 ) Forfeited (6 ) Outstanding at December 31, 2015 843 Granted 312 Granted as a result of the Spin-Off 308 Vested (160 ) Forfeited (30 ) Outstanding at December 31, 2016 1,273 Granted 399 Vested (576 ) Forfeited (12 ) Outstanding at December 31, 2017 1,084 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Difference between income tax benefit (provision) and the amount computed by applying the statutory federal income tax rate to income before taxes | The net income tax benefit differs from the amount computed by applying the statutory federal income tax rate to CTRS' income before taxes follows ($ in thousands): 2017 2016 2015 Amount Rate Amount Rate Amount Rate Federal income tax benefit (expense) $ 47 35 % $ (1,159 ) (35 )% $ 778 35 % State income tax benefit (expense), net of federal income tax effect 5 4 % (132 ) (4 )% 90 4 % Change in deferred tax assets as a result of change in tax law (340 ) (254 )% — — % — — % Valuation allowance 283 211 % 1,282 39 % (833 ) (37 )% Other 5 4 % 9 — % (35 ) (2 )% Benefit applicable to income (loss) from continuing operations $ — — % $ — — % $ — — % |
Tax effect of significant temporary differences representing deferred tax assets and liabilities | The tax effect of significant temporary differences representing deferred tax assets and liabilities of CTRS as of December 31, 2017 and 2016 are as follows (in thousands): 2017 2016 Income from unconsolidated joint ventures $ 19 $ (188 ) Federal and state tax carryforwards 590 514 Total deferred tax assets 609 326 Valuation allowance (609 ) (326 ) Net deferred tax asset $ — $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted earnings per share | The following table sets forth the computation of the basic and diluted earnings per share of the Company's consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 (in thousands): Year Ended December 31 2017 2016 2015 Earnings per common share - basic: Numerator: Income from continuing operations $ 219,959 $ 60,941 $ 94,332 Net income attributable to noncontrolling interests in the CPLP from continuing operations (3,681 ) (784 ) — Net income attributable to other noncontrolling interests from continuing operations (3 ) (211 ) (111 ) Income from continuing operations available for common stockholders 216,275 59,946 94,221 Income from discontinued operations — 19,163 31,297 Net income available for common stockholders $ 216,275 $ 79,109 $ 125,518 Denominator: Weighted average common shares - basic 415,610 253,895 215,827 Earnings per common share - basic: Income from continuing operations available for common stockholders $ 0.52 $ 0.24 $ 0.44 Income from discontinued operations available for common stockholders — 0.07 0.14 Net income available for common stockholders $ 0.52 $ 0.31 $ 0.58 Earnings per common share - diluted: Numerator: Income from continuing operations $ 219,959 $ 60,941 $ 94,332 Net income attributable to other noncontrolling interests from continuing operations (3 ) (211 ) (111 ) Income from continuing operations available for common stockholders 219,956 60,730 94,221 Income from discontinued operations available for common stockholders — 19,163 31,297 Net income available for common stockholders before net income attributable to noncontrolling interests in CPLP $ 219,956 $ 79,893 $ 125,518 Denominator: Weighted average common shares - basic 415,610 253,895 215,827 Add: Potential dilutive common shares - stock options 312 178 152 Weighted average units of CPLP convertible into common shares 7,375 1,950 — Weighted average common shares - diluted 423,297 256,023 215,979 Earnings per common share - diluted: Income from continuing operations available for common stockholders $ 0.52 $ 0.24 $ 0.44 Income from discontinued operations available for common stockholders — 0.07 0.14 Net income available for common stockholders $ 0.52 $ 0.31 $ 0.58 |
Consolidated Statements of Ca41
Consolidated Statements of Cash Flows - Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental information related to cash flows | Supplemental information related to cash flows, including significant non-cash activity affecting the consolidated statements of cash flows, for the years ended December 31, 2017 , 2016 , and 2015 is as follows (in thousands): 2017 2016 2015 Interest paid, net of amounts capitalized $ 30,572 $ 32,215 $ 29,337 Income taxes paid — — 2 Non-Cash Transactions: Transfer from investment in unconsolidated joint venture to operating properties 68,498 — — Transfer from projects under development to operating properties 58,928 — 121,709 Common stock dividends declared 25,202 — — Change in accrued property acquisition, development, and tenant asset expenditures 5,965 7,918 (2,483 ) Non-cash assets and liabilities assumed in Merger — 1,856,255 — Non-cash assets and liabilities distributed in Spin-Off — (948,306 ) — Mortgage note payable legally defeased — 20,170 — Transfer from land held to projects under development — 8,099 — Transfer from investment in unconsolidated joint ventures to projects under development — 5,880 — Transfer from operating properties and related assets to real estate assets and other assets held for sale — — 7,246 Transfer from operating properties and related liabilities to liabilities of real estate assets held for sale — — 1,347 |
Reconciliation of cash, cash equivalents, and restricted cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the balance sheet to cash, cash equivalents, and restricted cash in the statements of cash flows: Year Ended December 31, 2017 2016 2015 Cash and cash equivalents $ 148,929 $ 35,687 $ 2,003 Restricted cash 56,816 15,634 4,304 Total cash, cash equivalents, and restricted cash $ 205,745 $ 51,321 $ 6,307 |
Reconciliation of cash, cash equivalents, and restricted cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the balance sheet to cash, cash equivalents, and restricted cash in the statements of cash flows: Year Ended December 31, 2017 2016 2015 Cash and cash equivalents $ 148,929 $ 35,687 $ 2,003 Restricted cash 56,816 15,634 4,304 Total cash, cash equivalents, and restricted cash $ 205,745 $ 51,321 $ 6,307 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Reconciliation of NOI to net income available to common stockholders | Information on the Company's segments along with a reconciliation of NOI to net income available to common stockholders is as follows (in thousands): Year ended December 31, 2017 Office Mixed-Use Other Total Net Operating Income: Atlanta $ 109,706 $ 3,278 $ — $ 112,984 Charlotte 62,708 — — 62,708 Austin 58,648 — — 58,648 Phoenix 34,074 — — 34,074 Tampa 29,426 — — 29,426 Orlando 13,029 — — 13,029 Other 1,632 705 — 2,337 Total Net Operating Income $ 309,223 $ 3,983 $ — $ 313,206 Year ended December 31, 2016 Office Mixed-Use Other Total Net Operating Income: Atlanta $ 98,032 $ 7,411 $ — $ 105,443 Houston 78,590 — — 78,590 Austin 29,865 — — 29,865 Charlotte 28,418 — — 28,418 Tampa 7,130 — — 7,130 Phoenix 6,067 — — 6,067 Orlando 3,265 — — 3,265 Other 1,504 — — 1,504 Total Net Operating Income $ 252,871 $ 7,411 $ — $ 260,282 Year ended December 31, 2015 Office Mixed-Use Other Total Net Operating Income: Houston $ 103,210 $ — $ — $ 103,210 Atlanta 93,438 5,854 — 99,292 Charlotte 16,164 — — 16,164 Austin 15,294 — — 15,294 Other 7,104 — 168 7,272 Total Net Operating Income $ 235,210 $ 5,854 $ 168 $ 241,232 The following reconciles Net Income to Net Operating Income for each of the periods presented (in thousands): Year Ended December 31, 2017 2016 2015 Net income $ 219,959 $ 80,104 $ 125,629 Net operating income from unconsolidated joint ventures 31,053 28,785 24,335 Net operating income from discontinued operations — 78,591 103,198 Fee income (8,632 ) (8,347 ) (7,297 ) Other income (11,518 ) (1,050 ) (828 ) Reimbursed expenses 3,527 3,259 3,430 General and administrative expenses 27,523 25,592 16,918 Interest expense 33,524 26,650 22,735 Depreciation and amortization 196,745 97,948 71,625 Acquisition and transaction costs 1,661 24,521 299 Other expenses 1,796 5,888 1,181 (Gain) loss on extinguishment of debt (2,258 ) 5,180 — Income from unconsolidated joint ventures (47,115 ) (10,562 ) (8,302 ) Gain on sale of investment properties (133,059 ) (77,114 ) (80,394 ) Income from discontinued operations — (19,163 ) (31,297 ) Net Operating Income $ 313,206 $ 260,282 $ 241,232 |
Reconciliation of revenue from segments to consolidated | Revenues by reportable segment, including a reconciliation to total revenues on the consolidated statements of operations for years ended December 31, 2017 , 2016 , and 2015 are as follows (in thousands): Year ended December 31, 2017 Office Mixed-Use Other Total Revenues: Atlanta $ 176,190 $ 5,237 $ — $ 181,427 Austin 100,939 — — 100,939 Charlotte 91,434 — — 91,434 Orlando 24,862 — — 24,862 Tampa 47,402 — — 47,402 Phoenix 46,186 — — 46,186 Other 3,021 999 — 4,020 Total segment revenues 490,034 6,236 — 496,270 Company's share of rental property revenues from unconsolidated joint ventures 43,999 6,236 — 50,235 Total rental property revenues $ 446,035 $ — $ — $ 446,035 Year ended December 31, 2016 Office Mixed-Use Other Total Revenues: Atlanta $ 160,540 $ 13,043 $ — $ 173,583 Houston 136,926 — — 136,926 Austin 52,769 — — 52,769 Charlotte 39,448 — — 39,448 Tampa 10,994 — — 10,994 Phoenix 8,902 — — 8,902 Orlando 5,896 — — 5,896 Other 2,443 — — 2,443 Total segment revenues 417,918 13,043 — 430,961 Company's share of rental property revenues from unconsolidated joint ventures 31,177 13,043 — 44,220 Revenues included in discontinued operations 136,927 — — 136,927 Total rental property revenues $ 249,814 $ — $ — $ 249,814 Year ended December 31, 2015 Office Mixed-Use Other Total Revenues: Houston $ 176,823 $ — $ — $ 176,823 Atlanta 164,712 9,975 — 174,687 Austin 26,581 — — 26,581 Charlotte 22,964 — — 22,964 Other 9,216 — 192 9,408 Total segment revenues 400,296 9,975 192 410,463 Company's share of rental property revenues from unconsolidated joint ventures 27,416 9,975 — 37,391 Revenues included in discontinued operations 176,828 — — 176,828 Total rental property revenues $ 196,052 $ — $ 192 $ 196,244 |
Description of Business and B43
Description of Business and Basis of Presentation (Description of Business) (Details) - ft² ft² in Thousands | Oct. 06, 2016 | Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Percentage of partnership units owned by the Company | 98.00% | |
Company's portfolio of real estate assets - Office space (square feet) | 14,200 | |
Company's portfolio of real estate assets - Retail space (square feet) | 310 |
Description of Business and B44
Description of Business and Basis of Presentation (Basis of Presentation) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Variable Interest Entity, Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Total assets | $ 56.7 |
Description of Business and B45
Description of Business and Basis of Presentation (Recently Issued Accounting Standards) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase (decrease) in net cash provided by operating activities | $ 211,649 | $ 117,702 | $ 154,302 |
Increase (decrease) in net cash provided by investing activities | 112,110 | 465,849 | 35,103 |
Accounting Standards Update 2016-15 | New Accounting Pronouncement, Early Adoption, Effect | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase (decrease) in net cash provided by operating activities | 6,400 | ||
Increase (decrease) in net cash provided by investing activities | (2,900) | ||
Accounting Standards Update 2016-18 | New Accounting Pronouncement, Early Adoption, Effect | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase (decrease) in net cash provided by operating activities | (263) | ||
Increase (decrease) in net cash provided by investing activities | $ 11,300 | $ (475) | |
Accounting Standards Update 2017-05 | Distributions in Excess of Cumulative Net Income | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect from change in accounting principle | $ 24,300 |
Significant Accounting Polici46
Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Period in which the company capitalizes interest, real estate taxes and certain operating expenses on the unoccupied portion of recently completed properties, beginning with the date it is substantially complete (percent) | 90.00% | ||
Period in which the company capitalizes interest, real estate taxes and certain operating expenses on the unoccupied portion of recently completed properties, beginning with the date it is substantially complete (in years) | 1 year | ||
Property, Plant and Equipment [Line Items] | |||
Reimbursement of rental revenue from tenants | $ 67.2 | $ 90.2 | $ 93.3 |
Buildings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 24 years | ||
Buildings | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 42 years | ||
Furniture, Fixtures and Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 3 years | ||
Furniture, Fixtures and Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years |
Transactions With Parkway Pro47
Transactions With Parkway Properties, Inc. (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 07, 2016 | Oct. 06, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 05, 2016 |
Business Acquisition [Line Items] | |||||
Stock conversion ratio | 12.50% | ||||
Acquisition and merger costs | $ 1,700 | $ 24,500 | |||
Revenue contributed from the merger | 68,700 | ||||
Net income contributed from the merger | $ 9,000 | ||||
Spin-off | |||||
Business Acquisition [Line Items] | |||||
Transaction costs included in discontinued operations | $ 6,300 | ||||
Parkway | |||||
Business Acquisition [Line Items] | |||||
Stock conversion ratio | 163.00% | ||||
CPLP | |||||
Business Acquisition [Line Items] | |||||
Closing stock price (in usd per share) | $ 10.19 | ||||
Fair value of assets and liabilities assumed | $ 1,950,008 |
Transactions With Parkway Pro48
Transactions With Parkway Properties, Inc. (Purchase Price Allocation) (Details) - CPLP $ in Thousands | Oct. 06, 2016USD ($) |
Business Acquisition [Line Items] | |
Real estate assets | $ 3,429,895 |
Cash | 63,193 |
Restricted cash | 30,560 |
Notes and other receivables | 35,945 |
Investment in unconsolidated joint ventures | 68,432 |
Intangible assets | 329,894 |
Other assets | 10,491 |
Total assets acquired | 3,968,410 |
Notes payable | 1,473,810 |
Accounts payable and accrued expenses | 133,839 |
Intangible liabilities | 106,480 |
Other liabilities | 11,936 |
Nonredeemable noncontrolling interests (excluding CPLP) | 292,337 |
Total liabilities acquired | 2,018,402 |
Total purchase price | $ 1,950,008 |
Transactions With Parkway Pro49
Transactions With Parkway Properties, Inc. (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combinations [Abstract] | ||
Revenues | $ 732,117 | $ 855,318 |
Income from continuing operations | 179,625 | 237,909 |
Net income | 174,117 | 237,323 |
Net income available to common stockholders | $ 166,375 | $ 208,574 |
Per share information: | ||
Basic (in usd per share) | $ 0.42 | $ 0.53 |
Diluted (in usd per share) | $ 0.41 | $ 0.53 |
Transactions With Parkway Pro50
Transactions With Parkway Properties, Inc. (Assets and Liabilities Transferred) (Details) - Spin-off $ in Thousands | Oct. 07, 2016USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Real estate assets | $ 1,696,080 |
Cash | 192,755 |
Notes and other receivables | 43,752 |
Intangible assets | 143,294 |
Other assets | 6,669 |
Total assets of discontinued operation | 2,082,550 |
Notes payable | 803,769 |
Accounts payable and accrued expenses | 56,055 |
Intangible liabilities | 59,424 |
Other liabilities | 22,241 |
Total liabilities of discontinued operation | 941,489 |
Noncontrolling interest | 22,821 |
Net assets in Spin-off to New Parkway | $ 1,118,240 |
Transactions With Parkway Pro51
Transactions With Parkway Properties, Inc. (Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income from discontinued operations | $ 0 | $ 19,163 | $ 31,848 |
Loss on sale of discontinued operations, net | $ 0 | 0 | (551) |
Spin-off | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rental property revenues | 136,927 | 176,828 | |
Rental property operating expenses | (58,336) | (73,630) | |
Other revenues | 288 | 450 | |
Interest expense | (6,022) | (7,988) | |
Depreciation and amortization | (47,345) | (63,791) | |
Other expenses | (6,349) | (21) | |
Income from discontinued operations | 19,163 | 31,848 | |
Loss on sale of discontinued operations, net | 0 | (551) | |
Cash provided by operating activities | 42,604 | 76,395 | |
Cash used in investing activities | $ (30,067) | $ (55,085) |
Real Estate Transactions (Detai
Real Estate Transactions (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($)ft² | |
Atlanta, GA | American Cancer Society Center | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | 996 | ||
Sales Price | $ | $ 166,000 | ||
Atlanta, GA | 191 Peachtree | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | 1,225 | ||
Sales Price | $ | $ 267,500 | ||
Atlanta, GA | The Forum | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | 220 | ||
Sales Price | $ | $ 70,000 | ||
Atlanta, GA | 100 North Point Center East | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | 129 | ||
Sales Price | $ | $ 22,000 | ||
Atlanta, GA | 200, 333, and 555 North Point Center East | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | 411 | ||
Sales Price | $ | $ 70,300 | ||
Orlando, FL | Bank of America Center, One Orlando Centre, --and Citrus Center | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | 1,038 | ||
Sales Price | $ | $ 208,100 | ||
Houston, TX | Post Oak Central | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | 1,280 | ||
Houston, TX | Greenway Plaza | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | 4,348 | ||
Philadelphia, PA | Two Liberty Place | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | 941 | ||
Sales Price | $ | $ 219,000 | ||
Miami, FL | Lincoln Place | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | 140 | ||
Sales Price | $ | $ 80,000 | ||
Dallas, TX | 2100 Ross | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | 844 | ||
Sales Price | $ | $ 131,000 | ||
Dallas, TX | The Points at Waterview | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | 203 | ||
Sales Price | $ | $ 26,800 |
Notes and Accounts Receivable53
Notes and Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Notes receivable | $ 465 | $ 3,921 |
Allowance for doubtful accounts related to notes receivable | 0 | (414) |
Tenant and other receivables | 14,490 | 24,929 |
Allowance for doubtful accounts related to tenant and other receivables | (535) | (753) |
Total notes and accounts receivable | $ 14,420 | $ 27,683 |
Investment in Unconsolidated 54
Investment in Unconsolidated Joint Ventures (Summary of Financial Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | $ 643,134 | $ 930,904 |
Total Debt | 338,590 | 526,458 |
Total Equity (Deficit) | 267,423 | 366,113 |
Company's Investment | 78,940 | 156,388 |
Terminus Office Holdings | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 261,999 | 268,242 |
Total Debt | 203,131 | 207,545 |
Total Equity (Deficit) | 48,033 | 49,476 |
Company's Investment | 24,898 | 25,686 |
DC Charlotte Plaza LLLP | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 53,791 | 17,940 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 42,853 | 17,073 |
Company's Investment | 22,293 | 8,937 |
Carolina Square Holdings LP | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 106,580 | 66,922 |
Total Debt | 64,412 | 23,741 |
Total Equity (Deficit) | 33,648 | 34,173 |
Company's Investment | 19,384 | 18,325 |
Charlotte Gateway Village, LLC | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 124,691 | 119,054 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 121,386 | 116,809 |
Company's Investment | 14,568 | 11,796 |
HICO Victory Center LP | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 14,403 | 14,124 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 14,401 | 13,869 |
Company's Investment | 9,752 | 9,506 |
HICO Avalon II, LLC | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 6,379 | 0 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 6,303 | 0 |
Company's Investment | 4,931 | 0 |
CL Realty, L.L.C. | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 8,287 | 8,047 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 8,127 | 7,899 |
Company's Investment | 2,980 | 3,644 |
AMCO 120 WT Holdings, LLC | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 18,066 | 10,446 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 16,354 | 9,136 |
Company's Investment | 1,664 | 184 |
Temco Associates, LLC | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 4,441 | 4,368 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 4,337 | 4,253 |
Company's Investment | 875 | 829 |
EP II LLC | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 277 | 67,754 |
Total Debt | 0 | 44,969 |
Total Equity (Deficit) | 180 | 21,743 |
Company's Investment | 44 | 17,606 |
EP I LLC | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 521 | 78,537 |
Total Debt | 0 | 58,029 |
Total Equity (Deficit) | 319 | 18,962 |
Company's Investment | 25 | 18,551 |
Courvoisier Centre JV, LLC | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 0 | 172,197 |
Total Debt | 0 | 106,500 |
Total Equity (Deficit) | 0 | 69,479 |
Company's Investment | 0 | 11,782 |
111 West Rio Building | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 0 | 59,399 |
Total Debt | 0 | 12,852 |
Total Equity (Deficit) | 0 | 32,855 |
Company's Investment | 0 | 52,206 |
Wildwood Associates | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 16,337 | 16,351 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 16,297 | 16,314 |
Company's Investment | (1,151) | (1,143) |
Crawford Long - CPI, LLC | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 27,362 | 27,523 |
Total Debt | 71,047 | 72,822 |
Total Equity (Deficit) | (44,815) | (45,928) |
Company's Investment | (21,323) | (21,866) |
Other | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 0 | 0 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 0 | 0 |
Company's Investment | $ 0 | $ 345 |
Investment in Unconsolidated 55
Investment in Unconsolidated Joint Ventures (Summary of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SUMMARY OF OPERATIONS | |||
Total Revenues | $ 110,664 | $ 116,855 | $ 110,689 |
Net Income (Loss) | 77,944 | 27,398 | 23,711 |
Company's Share of Net Income (Loss) | 47,115 | 10,562 | 8,302 |
EP I LLC | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 4,123 | 12,239 | 12,558 |
Net Income (Loss) | 45,115 | 2,294 | 3,177 |
Company's Share of Net Income (Loss) | 28,667 | 1,684 | 2,197 |
EP II LLC | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 2,644 | 5,376 | 1,264 |
Net Income (Loss) | 13,008 | (1,187) | (638) |
Company's Share of Net Income (Loss) | 9,756 | (878) | (466) |
Charlotte Gateway Village, LLC | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 26,465 | 34,156 | 33,724 |
Net Income (Loss) | 9,528 | 14,536 | 12,737 |
Company's Share of Net Income (Loss) | 4,764 | 2,194 | 1,183 |
Terminus Office Holdings | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 43,959 | 42,386 | 40,250 |
Net Income (Loss) | 6,307 | 4,608 | 2,789 |
Company's Share of Net Income (Loss) | 3,153 | 2,303 | 1,395 |
Crawford Long - CPI, LLC | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 12,079 | 12,113 | 12,291 |
Net Income (Loss) | 3,171 | 2,743 | 2,820 |
Company's Share of Net Income (Loss) | 1,572 | 1,372 | 1,416 |
CL Realty, L.L.C. | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 2,964 | 567 | 855 |
Net Income (Loss) | 2,668 | 237 | 424 |
Company's Share of Net Income (Loss) | 536 | 128 | 220 |
Courvoisier Centre JV, LLC | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 15,106 | 3,968 | 0 |
Net Income (Loss) | (1,750) | (489) | 0 |
Company's Share of Net Income (Loss) | 521 | (93) | 0 |
Carolina Square Holdings LP | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 2,701 | 58 | 0 |
Net Income (Loss) | (532) | 9 | 0 |
Company's Share of Net Income (Loss) | 522 | 0 | 0 |
HICO Victory Center LP | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 429 | 383 | 262 |
Net Income (Loss) | 431 | 376 | 204 |
Company's Share of Net Income (Loss) | 225 | 187 | 102 |
Temco Associates, LLC | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 192 | 1,343 | 9,485 |
Net Income (Loss) | 123 | 440 | 2,358 |
Company's Share of Net Income (Loss) | 46 | 502 | 2,351 |
DC Charlotte Plaza LLLP | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 2 | 47 | 0 |
Net Income (Loss) | 2 | 45 | 0 |
Company's Share of Net Income (Loss) | 1 | 24 | 0 |
HICO Avalon II, LLC | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 0 | 0 | 0 |
Net Income (Loss) | (69) | 0 | 0 |
Company's Share of Net Income (Loss) | 0 | 0 | 0 |
AMCO 120 WT Holdings, LLC | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 0 | 0 | 0 |
Net Income (Loss) | 58 | 0 | 0 |
Company's Share of Net Income (Loss) | 0 | 0 | 0 |
Wildwood Associates | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 0 | 0 | 0 |
Net Income (Loss) | (116) | (140) | (120) |
Company's Share of Net Income (Loss) | (58) | (70) | (59) |
111 West Rio Building | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 0 | 4,219 | 0 |
Net Income (Loss) | 0 | 3,926 | 0 |
Company's Share of Net Income (Loss) | (2,590) | 2,906 | 0 |
Other | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 0 | 0 | 0 |
Net Income (Loss) | 0 | 0 | (40) |
Company's Share of Net Income (Loss) | $ 0 | $ 303 | $ (37) |
Investment in Unconsolidated 56
Investment in Unconsolidated Joint Ventures (Terminus Office Holdings LLC) (Details) - Terminus Office Holdings $ in Thousands | Dec. 31, 2017USD ($)propertydebt_instrument |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Cash balance of joint venture | $ 7,400 |
Secured Mortgage Note Payable | |
Schedule of Equity Method Investments [Line Items] | |
Number of non-recourse mortgage loans | debt_instrument | 2 |
Principal amount | $ 203,131 |
Weighted average interest rate | 4.68% |
Office Buildings | |
Schedule of Equity Method Investments [Line Items] | |
Number of properties owned | property | 2 |
JPM | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated 57
Investment in Unconsolidated Joint Ventures (DC Charlotte Plaza LLLP) (Details) - DC Charlotte Plaza LLLP ft² in Thousands, $ in Thousands | Dec. 31, 2017USD ($)ft² |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Square footage of real estate property (square feet) | ft² | 282 |
Cash balance of joint venture | $ | $ 611 |
DFA | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated 58
Investment in Unconsolidated Joint Ventures (Carolina Square Holdings LP) (Details) - Carolina Square Holdings LP $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Maximum percentage guaranteed under construction loan | 12.50% |
Outstanding balance of mortgage loan | $ 64.4 |
Cash balance of joint venture | $ 1.5 |
LIBOR | |
Schedule of Equity Method Investments [Line Items] | |
Basis spread on variable rate (percent) | 1.90% |
Northwood Ravin | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated 59
Investment in Unconsolidated Joint Ventures (Charlotte Gateway Village, LLC) (Details) - Charlotte Gateway Village, LLC ft² in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)ft² | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of partner in joint venture | 50.00% | |
Square footage of real estate property (square feet) | ft² | 1.1 | |
Compounded rate of return received by Company (percent) | 11.46% | |
Percentage of Company's income (loss) received in final step of distribution | 0.5 | |
Allocation of net income and cash flows, percentage | 50.00% | |
Maximum internal rate of return to be achieved | 17.00% | |
Allocation of proceeds from capital transactions, percentage, third priority | 20.00% | |
Maximum IRR on project (percent) | 17.00% | |
Cash balance of joint venture | $ | $ 12.1 | |
BOA | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of partner in joint venture | 50.00% | |
Percentage of Company's income (loss) received in final step of distribution | 0.5 | |
Allocation of net income and cash flows, percentage | 50.00% | |
Allocation of proceeds from capital transactions, percentage, third priority | 80.00% |
Investment in Unconsolidated 60
Investment in Unconsolidated Joint Ventures (HICO Victory Center LP) (Details) - HICO Victory Center LP $ in Thousands | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Land funding requirement (percent) | 75.00% |
Cash balance of joint venture | $ 230 |
Minimum | |
Schedule of Equity Method Investments [Line Items] | |
Future ownership percentage of partner in joint venture | 90.00% |
Hines | |
Schedule of Equity Method Investments [Line Items] | |
Land funding requirement (percent) | 25.00% |
Hines | Maximum | |
Schedule of Equity Method Investments [Line Items] | |
Future ownership percentage of partner in joint venture | 10.00% |
Investment in Unconsolidated 61
Investment in Unconsolidated Joint Ventures (HICO Avalon II, LLC (Details) - HICO Avalon II, LLC $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Predevelopment costs, funding percentage | 75.00% |
Development costs, funding percentage | 90.00% |
Cash balance of joint venture | $ 114 |
Hines II | |
Schedule of Equity Method Investments [Line Items] | |
Predevelopment costs, funding percentage | 25.00% |
Development costs, funding percentage | 10.00% |
Investment in Unconsolidated 62
Investment in Unconsolidated Joint Ventures (CL Realty, L.L.C.) (Details) - CL Realty, L.L.C. $ in Thousands | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Cash balance of joint venture | $ 741 |
Forestar | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated 63
Investment in Unconsolidated Joint Ventures (AMCO 120 WT Holdings, LLC) (Details) - AMCO 120 WT Holdings, LLC ft² in Thousands, $ in Thousands | Dec. 31, 2017USD ($)ft²apartment_unit |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest percentage | 20.00% |
Number of apartment units | apartment_unit | 330 |
Cash balance of joint venture | $ | $ 1 |
Office Space | |
Schedule of Equity Method Investments [Line Items] | |
Square footage of real estate property (square feet) | 30 |
Retail Space | |
Schedule of Equity Method Investments [Line Items] | |
Square footage of real estate property (square feet) | 10 |
AMLI Residential | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest percentage | 80.00% |
Investment in Unconsolidated 64
Investment in Unconsolidated Joint Ventures (Temco Associates, LLC) (Details) - Temco Associates, LLC $ in Thousands | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Cash balance of joint venture | $ 261 |
Forestar | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated 65
Investment in Unconsolidated Joint Ventures (EP I LLC and EP II LLC) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Combined gross sales price | $ 370,944 | $ 622,643 | $ 225,307 |
Distribution received | 11,065 | 14,184 | 11,664 |
Gain recorded in income from unconsolidated joint ventures | $ 47,115 | $ 10,562 | $ 8,302 |
EP I, LLC and EP II, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest percentage | 75.00% | ||
Combined gross sales price | $ 199,000 | ||
Distribution received | 70,000 | ||
Gain recorded in income from unconsolidated joint ventures | 37,900 | ||
Cash balance of joint venture | $ 751 | ||
EP I, LLC and EP II, LLC | Gables | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest percentage | 25.00% |
Investment in Unconsolidated 66
Investment in Unconsolidated Joint Ventures (Courvoisier Centre JV, LLC (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from sale of interest in unconsolidated joint venture | $ 12,514 | $ 0 | $ 0 |
Income from unconsolidated joint ventures | $ 47,115 | $ 10,562 | $ 8,302 |
Courvoisier Centre JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest percentage | 20.00% | ||
Square footage of real estate property (square feet) | ft² | 343 | ||
Proceeds from sale of interest in unconsolidated joint venture | $ 12,600 | ||
Income from unconsolidated joint ventures | 716 | ||
Value of interest in the property before deduction for existing mortgage debt | $ 33,900 | ||
Courvoisier Centre JV, LLC | Spanish Key LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest percentage | 80.00% |
Investment in Unconsolidated 67
Investment in Unconsolidated Joint Ventures (Cousins W Rio Salado, LLC) (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Income from unconsolidated joint ventures | $ 47,115 | $ 10,562 | $ 8,302 |
111 West Rio | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest percentage | 74.60% | ||
Square footage of real estate property (square feet) | ft² | 225 | ||
Income from unconsolidated joint ventures | $ 3,500 | ||
111 West Rio | American Airlines | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest percentage | 25.40% | ||
Purchase of interest in the building | $ 19,600 |
Investment in Unconsolidated 68
Investment in Unconsolidated Joint Ventures (Wildwood Associates) (Details) $ in Thousands | Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Company's investment balance | $ 78,940 | $ 156,388 |
Wildwood Associates | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of partner in joint venture | 50.00% | |
Company's investment balance | $ (1,151) | $ (1,143) |
Cash balance of joint venture | $ 74 | |
Wildwood Associates | IBM | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of partner in joint venture | 50.00% | |
Acres of land available for development or sale (acres) | a | 22 |
Investment in Unconsolidated 69
Investment in Unconsolidated Joint Ventures (Crawford Long—CPI, LLC) (Details) ft² in Thousands, $ in Thousands | Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Aggregate outstanding indebtedness | $ 338,590 | $ 526,458 |
Crawford Long - CPI, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of partner in joint venture | 50.00% | |
Square footage of real estate property (square feet) | ft² | 358 | |
Aggregate outstanding indebtedness | $ 71,047 | $ 72,822 |
Cash balance of joint venture | $ 1,600 | |
Crawford Long - CPI, LLC | Secured Mortgage Note Payable | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest rate on mortgage loan (percent) | 3.50% | |
Crawford Long - CPI, LLC | Emory University | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated 70
Investment in Unconsolidated Joint Ventures (Austin 300 Colorado Project, LP) (Details) - Austin 300 Colorado Project, LP ft² in Thousands, $ in Millions | 1 Months Ended | |
Feb. 07, 2018USD ($) | Dec. 31, 2017ft² | |
Schedule of Equity Method Investments [Line Items] | ||
Square footage of real estate property (square feet) | ft² | 309 | |
Ownership interest percentage | 50.00% | |
Subsequent Event | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash contributions to joint venture | $ | $ 6 | |
3CB | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest percentage | 34.50% | |
3CRR | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest percentage | 15.50% |
Investment in Unconsolidated 71
Investment in Unconsolidated Joint Ventures (Other Data) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Aggregate outstanding indebtedness to third parties | $ 338,590 | $ 526,458 | |
Fees earned from unconsolidated joint ventures | $ 7,200 | $ 7,400 | $ 6,000 |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | $ 104,931 | $ 53,483 | |
Goodwill | 1,674 | 1,674 | $ 3,647 |
Total intangible assets | 186,206 | 245,529 | |
In-place leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, net | 139,548 | 185,251 | |
Accumulated amortization | 91,548 | 46,899 | |
Above-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, net | 26,917 | 40,260 | |
Accumulated amortization | 13,038 | 6,515 | |
Below-market ground leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, net | 18,067 | 18,344 | |
Accumulated amortization | $ 345 | $ 69 |
Intangible Assets (Textual) (De
Intangible Assets (Textual) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Net amortization expense of intangible assets and liabilities | $ 42.4 | $ 24 | $ 23.7 |
Intangible Assets (Intangibles
Intangible Assets (Intangibles - Future Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Future Amortization of Intangible Assets: | ||
Weighted average remaining lease term | 14 years | |
2,018 | $ 26,790 | |
2,019 | 20,505 | |
2,020 | 15,816 | |
2,021 | 11,542 | |
2,022 | 7,850 | |
Thereafter | 31,575 | |
Finite-lived intangibles, net | 114,078 | |
Below Market Rents | ||
Future Amortization of Intangible Liabilities: | ||
2,018 | (13,464) | |
2,019 | (11,914) | |
2,020 | (10,817) | |
2,021 | (9,036) | |
2,022 | (6,402) | |
Thereafter | (17,056) | |
Finite-lived intangible liabilities, net | $ (68,689) | |
Weighted average remaining lease term | 4 years | |
Above Market Ground Lease | ||
Future Amortization of Intangible Liabilities: | ||
2,018 | $ (46) | |
2,019 | (46) | |
2,020 | (46) | |
2,021 | (46) | |
2,022 | (46) | |
Thereafter | (1,535) | |
Finite-lived intangible liabilities, net | $ (1,765) | |
Weighted average remaining lease term | 38 years | |
Below Market Ground Lease | ||
Future Amortization of Intangible Assets: | ||
2,018 | $ 481 | |
2,019 | 464 | |
2,020 | 449 | |
2,021 | 435 | |
2,022 | 421 | |
Thereafter | 15,817 | |
Finite-lived intangible assets, net | $ 18,067 | $ 18,344 |
Weighted average remaining lease term | 66 years | |
Above Market Rents | ||
Future Amortization of Intangible Assets: | ||
2,018 | $ 6,364 | |
2,019 | 5,438 | |
2,020 | 4,537 | |
2,021 | 3,444 | |
2,022 | 2,348 | |
Thereafter | 4,786 | |
Finite-lived intangible assets, net | $ 26,917 | 40,260 |
Weighted average remaining lease term | 4 years | |
In Place Leases | ||
Future Amortization of Intangible Assets: | ||
2,018 | $ 33,455 | |
2,019 | 26,563 | |
2,020 | 21,693 | |
2,021 | 16,745 | |
2,022 | 11,529 | |
Thereafter | 29,563 | |
Finite-lived intangible assets, net | $ 139,548 | $ 185,251 |
Weighted average remaining lease term | 5 years |
Intangible Assets (Goodwill Rol
Intangible Assets (Goodwill Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 1,674 | $ 3,647 |
Allocated to property sales and Spin-Off | 0 | (1,973) |
Ending Balance | $ 1,674 | $ 1,674 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $21,925 and $23,135 in 2017 and 2016, respectively | $ 12,241 | $ 15,773 |
Prepaid expenses and other assets | 3,902 | 8,432 |
Lease inducements, net of accumulated amortization of $978 and $1,278 in 2017 and 2016, respectively | 3,126 | 2,517 |
Line of credit deferred financing costs, net of accumulated amortization of $3,119 and $2,264 in 2017 and 2016, respectively | 1,213 | 2,182 |
Predevelopment costs and earnest money | 372 | 179 |
Total other assets | 20,854 | 29,083 |
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, accumulated depreciation | 21,925 | 23,135 |
Lease inducements, accumulated amortization | 978 | 1,278 |
Line of credit deferred financing costs, accumulated amortization | $ 3,119 | $ 2,264 |
Notes Payable (Terms of Notes P
Notes Payable (Terms of Notes Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Total Notes Payable, Gross | $ 1,098,764 | $ 1,378,676 |
Unamortized premium, net | 219 | 6,792 |
Unamortized loan costs | (5,755) | (4,548) |
Total Notes Payable | $ 1,093,228 | $ 1,380,920 |
Weighted average maturity period of notes payable outstanding | 6 years 8 months 12 days | |
Fifth Third Center | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 3.37% | |
Colorado Tower | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 3.45% | |
One Eleven Congress | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 6.08% | |
Total Notes Payable, Gross | $ 0 | $ 128,000 |
The American Cancer Society Center | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 6.45% | |
Total Notes Payable, Gross | 0 | $ 127,508 |
San Jacinto | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 6.048% | |
Total Notes Payable, Gross | 0 | $ 101,000 |
3344 Peachtree | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 4.75% | |
Total Notes Payable, Gross | 0 | $ 78,971 |
Two Buckhead Plaza | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 6.43% | |
Total Notes Payable, Gross | $ 0 | $ 52,000 |
Term Loan, unsecured | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 2.76% | |
Total Notes Payable, Gross | $ 250,000 | 250,000 |
Senior Notes, unsecured | 3.91% Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 3.91% | |
Total Notes Payable, Gross | $ 250,000 | 0 |
Senior Notes, unsecured | 4.09% Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 4.09% | |
Total Notes Payable, Gross | $ 100,000 | 0 |
Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Total Notes Payable | $ 498,800 | |
Mortgage Debt | Fifth Third Center | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 3.37% | |
Total Notes Payable, Gross | $ 146,557 | 149,516 |
Mortgage Debt | Colorado Tower | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 3.45% | |
Total Notes Payable, Gross | $ 120,000 | 120,000 |
Mortgage Debt | Promenade | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 4.27% | |
Total Notes Payable, Gross | $ 102,355 | 105,342 |
Mortgage Debt | 816 Congress | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 3.75% | |
Total Notes Payable, Gross | $ 83,304 | 84,872 |
Mortgage Debt | Meridian Mark Plaza | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 6.00% | |
Total Notes Payable, Gross | $ 24,038 | 24,522 |
Mortgage Debt | The Pointe | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 4.01% | |
Total Notes Payable, Gross | $ 22,510 | $ 22,945 |
Credit Facility, unsecured | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 2.66% | |
Total Notes Payable, Gross | $ 0 | $ 134,000 |
Notes Payable (Credit Facility)
Notes Payable (Credit Facility) (Details) - Credit Facility | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 500,000,000 |
Minimum shareholders' equity | 1,000,000,000 |
Available borrowing capacity | $ 499,000,000 |
LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 1.10% |
Federal Funds Rate | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 0.50% |
One-month LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 1.00% |
Minimum | |
Line of Credit Facility [Line Items] | |
Unencumbered interest coverage ratio | 2 |
Fixed charge coverage ratio | 1.50 |
Annual Facility Fee % | 0.15% |
Minimum | LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 1.10% |
Minimum | Base Rate | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 0.10% |
Maximum | |
Line of Credit Facility [Line Items] | |
Leverage ratio (percent) | 60.00% |
Annual Facility Fee % | 0.30% |
Maximum | LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 1.45% |
Maximum | Base Rate | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 0.45% |
Notes Payable (New Credit Facil
Notes Payable (New Credit Facility) (Details) - Credit Facility | Jan. 03, 2018USD ($) | Dec. 31, 2017USD ($) |
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 500,000,000 | |
Investment entity cap | $ 90,000,000 | |
Minimum | ||
Line of Credit Facility [Line Items] | ||
Unencumbered interest coverage ratio | 2 | |
LIBOR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (percent) | 1.10% | |
LIBOR | Minimum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (percent) | 1.10% | |
LIBOR | Maximum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (percent) | 1.45% | |
Federal Funds Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (percent) | 0.50% | |
One-month LIBOR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (percent) | 1.00% | |
New Credit Facility | Subsequent Event | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 1,000,000,000 | |
Additional borrowing capacity | 500,000,000 | |
Total borrowing availability | $ 1,500,000,000 | |
New Credit Facility | Subsequent Event | Minimum | ||
Line of Credit Facility [Line Items] | ||
Unencumbered interest coverage ratio | 1.75 | |
New Credit Facility | Subsequent Event | Maximum | ||
Line of Credit Facility [Line Items] | ||
Secured leverage ratio (percent) | 40.00% | |
New Credit Facility | Subsequent Event | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (percent) | 1.05% | |
New Credit Facility | Subsequent Event | Federal Funds Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (percent) | 0.50% | |
New Credit Facility | Subsequent Event | One-month LIBOR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (percent) | 1.00% |
Notes Payable (Pricing Spreads
Notes Payable (Pricing Spreads and Facility Fee) (Details) - Credit Facility | Jan. 03, 2018 | Dec. 31, 2017 |
Minimum | ||
Line of Credit Facility [Line Items] | ||
Annual Facility Fee % | 0.15% | |
Maximum | ||
Line of Credit Facility [Line Items] | ||
Leverage Ratio | 60.00% | |
Annual Facility Fee % | 0.30% | |
LIBOR | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 1.10% | |
LIBOR | Minimum | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 1.10% | |
LIBOR | Maximum | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 1.45% | |
Base Rate | Minimum | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 0.10% | |
Base Rate | Maximum | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 0.45% | |
Subsequent Event | ≤ 35% | ||
Line of Credit Facility [Line Items] | ||
Annual Facility Fee % | 0.15% | |
Subsequent Event | ≤ 35% | Maximum | ||
Line of Credit Facility [Line Items] | ||
Leverage Ratio | 35.00% | |
Subsequent Event | ≤ 35% | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 1.05% | |
Subsequent Event | ≤ 35% | Base Rate | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 0.10% | |
Subsequent Event | More than 35% but ≤ 40% | ||
Line of Credit Facility [Line Items] | ||
Annual Facility Fee % | 0.20% | |
Subsequent Event | More than 35% but ≤ 40% | Minimum | ||
Line of Credit Facility [Line Items] | ||
Leverage Ratio | 35.00% | |
Subsequent Event | More than 35% but ≤ 40% | Maximum | ||
Line of Credit Facility [Line Items] | ||
Leverage Ratio | 40.00% | |
Subsequent Event | More than 35% but ≤ 40% | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 1.10% | |
Subsequent Event | More than 35% but ≤ 40% | Base Rate | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 0.15% | |
Subsequent Event | More than 40% but ≤ 45% | ||
Line of Credit Facility [Line Items] | ||
Annual Facility Fee % | 0.20% | |
Subsequent Event | More than 40% but ≤ 45% | Minimum | ||
Line of Credit Facility [Line Items] | ||
Leverage Ratio | 40.00% | |
Subsequent Event | More than 40% but ≤ 45% | Maximum | ||
Line of Credit Facility [Line Items] | ||
Leverage Ratio | 45.00% | |
Subsequent Event | More than 40% but ≤ 45% | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 1.20% | |
Subsequent Event | More than 40% but ≤ 45% | Base Rate | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 0.20% | |
Subsequent Event | More than 45% but ≤ 50% | ||
Line of Credit Facility [Line Items] | ||
Annual Facility Fee % | 0.25% | |
Subsequent Event | More than 45% but ≤ 50% | Minimum | ||
Line of Credit Facility [Line Items] | ||
Leverage Ratio | 45.00% | |
Subsequent Event | More than 45% but ≤ 50% | Maximum | ||
Line of Credit Facility [Line Items] | ||
Leverage Ratio | 50.00% | |
Subsequent Event | More than 45% but ≤ 50% | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 1.20% | |
Subsequent Event | More than 45% but ≤ 50% | Base Rate | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 0.20% | |
Subsequent Event | More than 50% | ||
Line of Credit Facility [Line Items] | ||
Annual Facility Fee % | 0.30% | |
Subsequent Event | More than 50% | Minimum | ||
Line of Credit Facility [Line Items] | ||
Leverage Ratio | 50.00% | |
Subsequent Event | More than 50% | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 1.45% | |
Subsequent Event | More than 50% | Base Rate | ||
Line of Credit Facility [Line Items] | ||
Applicable % Spread | 0.45% |
Notes Payable (Term Loan) (Deta
Notes Payable (Term Loan) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Unsecured term loan | $ 1,098,764 | $ 1,378,676 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Unsecured term loan | $ 250,000 | $ 250,000 |
Term Loan | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.20% | |
Term Loan | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.20% | |
Term Loan | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.70% | |
Term Loan | Federal Funds Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 0.50% | |
Term Loan | One-month LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.00% | |
Term Loan | Base Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 0.00% | |
Term Loan | Base Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 0.75% |
Notes Payable (Unsecured Senior
Notes Payable (Unsecured Senior Notes) (Details) - Senior Notes, unsecured | 12 Months Ended |
Dec. 31, 2017USD ($)tranche | |
Debt Instrument [Line Items] | |
Debt amount | $ 350,000,000 |
Number of tranches | tranche | 2 |
Minimum shareholders' equity | $ 1,900,000,000 |
Minimum | |
Debt Instrument [Line Items] | |
Unencumbered interest coverage ratio | 2 |
Fixed charge coverage ratio | 1.50 |
Maximum | |
Debt Instrument [Line Items] | |
Leverage ratio (percent) | 60.00% |
10-year Note with Interest Rate of 4.09% | |
Debt Instrument [Line Items] | |
Debt amount | $ 100,000,000 |
Debt term | 10 years |
Interest rate (percent) | 4.09% |
8-year Note with Interest Rate of 3.91% | |
Debt Instrument [Line Items] | |
Debt amount | $ 250,000,000 |
Debt term | 8 years |
Interest rate (percent) | 3.91% |
Notes Payable (Mortgage Loan In
Notes Payable (Mortgage Loan Information) (Details) ft² in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)debt_instrument | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Gain (loss) on extinguishment of debt | $ 2,258,000 | $ (5,180,000) | $ 0 |
Outstanding amount | 1,093,228,000 | $ 1,380,920,000 | |
San Jacinto Center | |||
Debt Instrument [Line Items] | |||
Interest rate on mortgage loan (percent) | 6.048% | ||
Two Buckhead Plaza | |||
Debt Instrument [Line Items] | |||
Interest rate on mortgage loan (percent) | 6.43% | ||
3344 Peachtree | |||
Debt Instrument [Line Items] | |||
Interest rate on mortgage loan (percent) | 4.75% | ||
Colorado Tower | |||
Debt Instrument [Line Items] | |||
Non-recourse mortgage loan | $ 120,000,000 | ||
Square footage of real estate property (square feet) | ft² | 373 | ||
Interest rate on mortgage loan (percent) | 3.45% | ||
Fifth Third Center | |||
Debt Instrument [Line Items] | |||
Non-recourse mortgage loan | $ 150,000,000 | ||
Square footage of real estate property (square feet) | ft² | 698 | ||
Interest rate on mortgage loan (percent) | 3.37% | ||
191 Peachtree Tower | |||
Debt Instrument [Line Items] | |||
Notes payable prepayment penalty | $ 3,700,000 | ||
Mortgage Debt | |||
Debt Instrument [Line Items] | |||
Outstanding amount | $ 498,800,000 | ||
Number of non-recourse mortgage loans | debt_instrument | 6 | ||
Mortgage Debt | Colorado Tower | |||
Debt Instrument [Line Items] | |||
Interest rate on mortgage loan (percent) | 3.45% | ||
Mortgage Debt | Fifth Third Center | |||
Debt Instrument [Line Items] | |||
Interest rate on mortgage loan (percent) | 3.37% | ||
Mortgage Debt | 191 Peachtree Tower | |||
Debt Instrument [Line Items] | |||
Debt assumed that was repaid | $ 98,100,000 | ||
Mortgage Debt | |||
Debt Instrument [Line Items] | |||
Gain (loss) on extinguishment of debt | $ 2,600,000 | ||
Assets pledged as security | 585,700,000 | ||
Mortgage Debt | One Eleven Congress | |||
Debt Instrument [Line Items] | |||
Amount of debt paid | 128,000,000 | ||
Mortgage Debt | San Jacinto Center | |||
Debt Instrument [Line Items] | |||
Amount of debt paid | 101,000,000 | ||
Mortgage Debt | Two Buckhead Plaza | |||
Debt Instrument [Line Items] | |||
Amount of debt paid | 52,000,000 | ||
Mortgage Debt | 3344 Peachtree | |||
Debt Instrument [Line Items] | |||
Amount of debt paid | 77,900,000 | ||
Mortgage Debt | ACS Center | |||
Debt Instrument [Line Items] | |||
Amount of debt paid | 127,000,000 | ||
Gain (loss) on extinguishment of debt | $ (376,000) |
Notes Payable (Other Debt Infor
Notes Payable (Other Debt Information) (Details) - USD ($) $ in Billions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Notes payable, fair value | $ 1.1 | $ 1.4 |
Notes Payable (Interest Expense
Notes Payable (Interest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Total interest incurred | $ 42,767 | $ 31,347 | $ 26,314 |
Interest capitalized | (9,243) | (4,697) | (3,579) |
Total interest expense | $ 33,524 | $ 26,650 | $ 22,735 |
Notes Payable (Debt Maturities)
Notes Payable (Debt Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,018 | $ 9,347 | |
2,019 | 33,052 | |
2,020 | 33,824 | |
2,021 | 261,258 | |
2,022 | 97,042 | |
Thereafter | 664,241 | |
Total Notes Payable | $ 1,098,764 | $ 1,378,676 |
Commitments and Contingencies87
Commitments and Contingencies (Textual) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Future obligations under leases | $ 46.8 | ||
Outstanding letters of credit and performance bonds | 3.5 | ||
Lease operating expenses | $ 3.3 | $ 2.4 | $ 2 |
Other Commitments [Line Items] | |||
Weighted average remaining term (in years) | 2 years | ||
Ground Leases | |||
Other Commitments [Line Items] | |||
Weighted average remaining term (in years) | 77 years | ||
Ground and Operating Lease Commitments | |||
Other Commitments [Line Items] | |||
Future lease commitments | $ 208.3 |
Commitments and Contingencies88
Commitments and Contingencies (Lease Commitments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 2,669 |
2,019 | 2,569 |
2,020 | 2,474 |
2,021 | 2,453 |
2,022 | 2,396 |
Thereafter | 195,721 |
Total | $ 208,282 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||
Gross proceeds from issuance of common stock | $ 212,900,000 | ||
Net proceeds from issuance of stock | 211,774,000 | ||
Aggregate value of units redeemed | $ 0 | $ 0 | |
Preferred stock, par value (in usd per share) | $ 1 | $ 1 | |
Authorized repurchased amount (up to) | $ 100,000,000 | ||
Number of shares repurchased | 6,800,000 | ||
Total cost of common stock repurchases, including broker commissions | $ 61,500,000 | ||
Percentage of restriction on ownership (more than) | 3.90% | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Number of shares issued during period | 25,000,000 | ||
Stock issuance costs | $ 1,100,000 | ||
Net proceeds from issuance of stock | $ 211,800,000 | ||
Number of units redeemed in exchange for common stock (in shares) | 1,203,286 | ||
Aggregate value of units redeemed | $ 10,100,000 | ||
Preferred Stock | |||
Class of Stock [Line Items] | |||
Number of shares issued in merger | 6,900,000 |
Stockholders' Equity (Distribut
Stockholders' Equity (Distribution of REIT Taxable Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | |||
Common and preferred dividends | $ 99,139 | $ 1,077,179 | $ 69,162 |
Dividends treated as taxable compensation | (130) | (92) | (94) |
Portion of dividends declared in current year, and paid in current year, which was applied to the prior year distribution requirements | 0 | 0 | (731) |
Portion of dividends declared in subsequent year, and paid in subsequent year, which apply to current year distribution requirements | 0 | 0 | 0 |
Dividends in excess of current year REIT distribution requirements | 0 | (827,005) | 0 |
Dividends applied to meet current year REIT distribution requirements | $ 99,009 | $ 250,082 | $ 68,337 |
Stockholders' Equity (Tax Statu
Stockholders' Equity (Tax Status of Distributions) (Details) - Common Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||
Tax Status of Common Stock Dividends Per Share Declared (in usd per share) | $ 0.240000 | $ 2.853075 | $ 0.320000 |
Unrecaptured Section 1250 Gain (in usd per share) | 0.070522 | 0.100934 | 0.097271 |
Nondividend Distributions (in usd per share) | 0 | 2.190636 | 0 |
AMT Adjustment (in usd per share) | 0.017756 | 0 | 0 |
Ordinary Dividends | |||
Class of Stock [Line Items] | |||
Tax Status of Common Stock Dividends Per Share Declared (in usd per share) | 0.093312 | 0.079661 | 0.161738 |
Long-Term Capital Gain | |||
Class of Stock [Line Items] | |||
Tax Status of Common Stock Dividends Per Share Declared (in usd per share) | $ 0.146688 | $ 0.582778 | $ 0.158262 |
Future Minimum Rents (Details)
Future Minimum Rents (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 307,290 |
2,019 | 324,234 |
2,020 | 311,676 |
2,021 | 287,153 |
2,022 | 249,854 |
Thereafter | 1,037,109 |
Future minimum rents to be received | $ 2,517,316 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | Dec. 31, 2017shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares authorized under stock option plan | 1,012,303 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding (in shares) | 929,000 | 2,262,000 | 1,763,000 | 2,211,000 |
Granted (in shares) | 1,222,000 | |||
Weighted average fair value of options granted (in usd per share) | $ 11.78 | |||
Adjustments to additional paid-in capital for fair value of options granted | $ 565 | |||
Fair value of options exercisable | $ 2,700 | |||
Weighted average contractual life of outstanding options (in years) | 2 years 3 months | |||
Weighted average contractual life of exercisable options (in years) | 3 years 2 months | |||
Parkway Key Executives | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 672,375 | |||
Weighted average fair value of options granted (in usd per share) | $ 0.84 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding (in shares) | 928,608 | |||
Term life of stock options (years) | 10 years | |||
Vesting period | 4 years | |||
Compensation expense | $ 0 | $ 0 | $ 15 | |
Cash proceeds from the exercise of stock options | $ 4,500 | |||
Stock Options | Parkway Key Executives | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 10 years |
Stock-Based Compensation (Fair
Stock-Based Compensation (Fair Value Assumptions) (Details) - Stock Options | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 1.37% |
Assumed dividend yield | 3.60% |
Assumed lives of option awards (in years) | 6 years 4 months 24 days |
Assumed volatility | 23.23% |
Stock-Based Compensation (Sto96
Stock-Based Compensation (Stock Option Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Options | |||
Outstanding at beginning of period (in shares) | 2,262 | 1,763 | 2,211 |
Granted as a result of the Merger and Spin-Off (in shares) | 1,222 | ||
Exercised (in shares) | (577) | (2) | (23) |
Forfeited/Expired (in shares) | (756) | (721) | (425) |
Outstanding at end of period (in shares) | 929 | 2,262 | 1,763 |
Options Exercisable at end of period (in shares) | 929 | ||
Weighted Average Exercise Price Per Option | |||
Outstanding at beginning of period (in usd per share) | $ 10.82 | $ 22.05 | $ 22.69 |
Granted as a result of the Merger and Spin-Off (in usd per share) | 11.78 | ||
Exercised (in usd per share) | 7.51 | 8.35 | 8.02 |
Forfeited/Expired (in usd per share) | 18.47 | 27.24 | 21.98 |
Outstanding at end of period (in usd per share) | 6.59 | $ 10.82 | $ 22.05 |
Options Exercisable at end of period (in usd per share) | $ 6.59 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)awardshares | Dec. 31, 2016USD ($)awardshares | Dec. 31, 2015USD ($)awardshares | Dec. 31, 2012shares | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock units granted (in shares) | 308,000 | 235,000 | 166,000 | |
Compensation expense, restricted stock | $ | $ 2,000 | $ 1,600 | $ 1,500 | |
Unrecognized compensation cost | $ | $ 2,600 | |||
Unrecognized compensation cost, period for recognition (in years) | 1 year 9 months | |||
Fair value of restricted stock that vested | $ | $ 2,000 | |||
Restricted Stock | Independent Board of Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock units granted (in shares) | 120,878 | 72,771 | 78,985 | |
Restricted Stock | Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock units granted (in shares) | 308,289 | 234,965 | 165,922 | |
Vesting period | 3 years | |||
Performance-based RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock units granted (in shares) | 399,000 | 312,000 | 244,000 | |
Types of performance-based RSUs | award | 2,000 | 2,000 | ||
Targeted number of units outstanding (in shares) | 396,384 | 391,684 | 295,472 | |
Performance-based RSUs | Key Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock units granted (in shares) | 281,532 | |||
Vesting period | 3 years | |||
Types of performance-based RSUs | award | 2 | |||
Payout range minimum | 0.00% | 0.00% | ||
Payout range maximum | 200.00% | 150.00% | ||
Time-vested RSUs | Key Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock units granted (in shares) | 264,723 | 28,938 | ||
Vesting period | 3 years | 3 years | ||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, period for recognition (in years) | 1 year 2 months | |||
Estimate of future expense for all types of RSUs outstanding | $ | $ 4,900 | |||
Total cash paid for vesting and dividend payments | $ | 5,600 | |||
Recognized compensation expense related to RSUs for employees and directors, before capitalization or income tax benefit, if any | $ | $ 7,000 | $ 6,400 | $ 67 |
Stock-Based Compensation (Res98
Stock-Based Compensation (Restricted Stock Activity) (Details) - Restricted Stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Shares | |||
Outstanding at beginning of period (in shares) | 471 | 293 | 342 |
Granted (in shares) | 308 | 235 | 166 |
Vested (in shares) | (214) | (141) | (210) |
Forfeited (in shares) | (8) | (30) | (5) |
Outstanding at end of period (in shares) | 557 | 471 | 293 |
Weighted-Average Grant Date Fair Value | |||
Outstanding at beginning of period (in usd per share) | $ 7.57 | $ 10.65 | $ 9.08 |
Granted (in usd per share) | 8.63 | 8.62 | 11.06 |
Vested (in usd per share) | 7.50 | 8.54 | 8.41 |
Forfeited (in usd per share) | 6.53 | 9.77 | 10.68 |
Outstanding at end of period (in usd per share) | $ 7.93 | $ 7.57 | $ 10.65 |
At Spin-off | |||
Number of Shares | |||
Granted (in shares) | 114 | ||
Weighted-Average Grant Date Fair Value | |||
Granted (in usd per share) | $ 7.57 |
Stock-Based Compensation (Perfo
Stock-Based Compensation (Performance-Based RSU Activity) (Details) - Performance-based RSUs - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of all performance-based RSU activity | |||
Outstanding at beginning of period (in shares) | 1,273 | 843 | 796 |
Granted (in shares) | 399 | 312 | 244 |
Vested (in shares) | (576) | (160) | (191) |
Forfeited (in shares) | (12) | (30) | (6) |
Outstanding at end of period (in shares) | 1,084 | 1,273 | 843 |
At Spin-off | |||
Summary of all performance-based RSU activity | |||
Granted (in shares) | 308 |
Retirement Savings Plan (Detail
Retirement Savings Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Employer contribution matching percentage | 3.00% | ||
Employee vesting period in the retirement saving plan | 3 years | ||
Company defined contribution plan | $ 764 | $ 682 | $ 639 |
Income Taxes (Statutory Federal
Income Taxes (Statutory Federal Income Tax Rate) (Details) - CTRS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amount | |||
Federal income tax benefit (expense) | $ 47 | $ (1,159) | $ 778 |
State income tax benefit (expense), net of federal income tax effect | 5 | (132) | 90 |
Change in deferred tax assets as a result of change in tax law | (340) | 0 | 0 |
Valuation allowance | 283 | 1,282 | (833) |
Other | 5 | 9 | (35) |
Benefit applicable to income (loss) from continuing operations | $ 0 | $ 0 | $ 0 |
Rate | |||
Federal income tax benefit (expense) (percent) | 35.00% | 35.00% | 35.00% |
State income tax benefit (expense), net of federal income tax effect (percent) | 4.00% | 4.00% | 4.00% |
Change in deferred tax assets as a result of change in tax law (percent) | (254.00%) | 0.00% | 0.00% |
Valuation allowance (percent) | 211.00% | (39.00%) | (37.00%) |
State deferred tax adjustment (percent) | 4.00% | 0.00% | (2.00%) |
Benefit applicable to income (loss) from continuing operations (percent) | 0.00% | 0.00% | 0.00% |
Income Taxes (Tax Effect of Sig
Income Taxes (Tax Effect of Significant Temporary Differences) (Details) - CTRS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Line Items] | ||
Income from unconsolidated joint ventures | $ 19 | |
Income from unconsolidated joint ventures | $ (188) | |
Federal and state tax carryforwards | 590 | 514 |
Total deferred tax assets | 609 | 326 |
Valuation allowance | (609) | (326) |
Net deferred tax asset | $ 0 | $ 0 |
Earnings Per Share (Computation
Earnings Per Share (Computation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||
Income from continuing operations | $ 219,959 | $ 60,941 | $ 94,332 |
Income from continuing operations available for common stockholders | 216,275 | 59,946 | 94,221 |
Income from discontinued operations | 0 | 19,163 | 31,297 |
Net income available for common stockholders | $ 216,275 | $ 79,109 | $ 125,518 |
Denominator: | |||
Weighted average common shares - basic (in shares) | 415,610 | 253,895 | 215,827 |
Income from continuing operations available for common stockholders (in usd per share) | $ 0.52 | $ 0.24 | $ 0.44 |
Income from discontinued operations available for common stockholders (in usd per share) | 0 | 0.07 | 0.14 |
Net income available to common stockholders (in usd per share) | $ 0.52 | $ 0.31 | $ 0.58 |
Numerator: | |||
Income from continuing operations | $ 219,959 | $ 60,941 | $ 94,332 |
Income from continuing operations available for common stockholders | 219,956 | 60,730 | 94,221 |
Income from discontinued operations | 0 | 19,163 | 31,297 |
Net income available for common stockholders before net income attributable to noncontrolling interests in CPLP | $ 219,956 | $ 79,893 | $ 125,518 |
Denominator: | |||
Weighted average common shares - basic (in shares) | 415,610 | 253,895 | 215,827 |
Add: | |||
Potential dilutive common shares - stock options (in shares) | 312 | 178 | 152 |
Weighted average units of CPLP convertible into common shares (in shares) | 7,375 | 1,950 | 0 |
Weighted average common shares - diluted (in shares) | 423,297 | 256,023 | 215,979 |
Income from continuing operations available for common stockholders (in usd per share) | $ 0.52 | $ 0.24 | $ 0.44 |
Income from discontinued operations available for common stockholders (in usd per share) | 0 | 0.07 | 0.14 |
Net income available to common stockholders (in usd per share) | $ 0.52 | $ 0.31 | $ 0.58 |
CPLP | |||
Numerator: | |||
Net income attributable to other noncontrolling interests from continuing operations | $ (3,681) | $ (784) | $ 0 |
Numerator: | |||
Net income attributable to other noncontrolling interests from continuing operations | (3,681) | (784) | 0 |
Other Noncontrolling Interests | |||
Numerator: | |||
Net income attributable to other noncontrolling interests from continuing operations | (3) | (211) | (111) |
Numerator: | |||
Net income attributable to other noncontrolling interests from continuing operations | $ (3) | $ (211) | $ (111) |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive stock options (in shares) | 24 | 762 | 1,128 |
Consolidated Statements of C105
Consolidated Statements of Cash Flows - Supplemental Information (Supplemental Cash Flows Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid, net of amounts capitalized | $ 30,572 | $ 32,215 | $ 29,337 |
Income taxes paid | 0 | 0 | 2 |
Non-Cash Transactions: | |||
Transfer from investment in unconsolidated joint venture to operating properties | 68,498 | 0 | 0 |
Transfer from projects under development to operating properties | 58,928 | 0 | 121,709 |
Common stock dividends declared | 25,202 | 0 | 0 |
Change in accrued property acquisition, development, and tenant asset expenditures | 5,965 | 7,918 | (2,483) |
Non-cash assets and liabilities assumed in Merger | 0 | 1,856,255 | 0 |
Non-cash assets and liabilities distributed in Spin-Off | 0 | (948,306) | 0 |
Mortgage note payable legally defeased | 0 | 20,170 | 0 |
Transfer from land held to projects under development | 0 | 8,099 | 0 |
Transfer from investment in unconsolidated joint ventures to projects under development | 0 | 5,880 | 0 |
Transfer from operating properties and related assets to real estate assets and other assets held for sale | 0 | 0 | 7,246 |
Transfer from operating properties and related liabilities to liabilities of real estate assets held for sale | $ 0 | $ 0 | $ 1,347 |
Consolidated Statements of C106
Consolidated Statements of Cash Flows - Supplemental Information (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 148,929 | $ 35,687 | $ 2,003 | |
Restricted cash | 56,816 | 15,634 | 4,304 | |
Total cash, cash equivalents, and restricted cash | $ 205,745 | $ 51,321 | $ 6,307 | $ 5,042 |
Reportable Segments (Segment Ne
Reportable Segments (Segment Net Operating Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | $ 313,206 | $ 260,282 | $ 241,232 |
Houston | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 78,590 | 103,210 | |
Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 112,984 | 105,443 | 99,292 |
Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 62,708 | 28,418 | 16,164 |
Austin | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 58,648 | 29,865 | 15,294 |
Phoenix | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 34,074 | 6,067 | |
Tampa | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 29,426 | 7,130 | |
Orlando | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 13,029 | 3,265 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 2,337 | 1,504 | 7,272 |
Office | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 309,223 | 252,871 | 235,210 |
Office | Houston | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 78,590 | 103,210 | |
Office | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 109,706 | 98,032 | 93,438 |
Office | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 62,708 | 28,418 | 16,164 |
Office | Austin | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 58,648 | 29,865 | 15,294 |
Office | Phoenix | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 34,074 | 6,067 | |
Office | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 29,426 | 7,130 | |
Office | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 13,029 | 3,265 | |
Office | Other | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 1,632 | 1,504 | 7,104 |
Mixed-Use | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 3,983 | 7,411 | 5,854 |
Mixed-Use | Houston | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | |
Mixed-Use | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 3,278 | 7,411 | 5,854 |
Mixed-Use | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Mixed-Use | Austin | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Mixed-Use | Phoenix | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | |
Mixed-Use | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | |
Mixed-Use | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | |
Mixed-Use | Other | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 705 | 0 | 0 |
Other | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 168 |
Other | Houston | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | |
Other | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Other | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Other | Austin | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Other | Phoenix | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | |
Other | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | |
Other | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | |
Other | Other | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | $ 0 | $ 0 | $ 168 |
Reportable Segments (Reconcilia
Reportable Segments (Reconciliation of Net Income to Net Operating Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | |||
Net income | $ 219,959 | $ 80,104 | $ 125,629 |
Net operating income from unconsolidated joint ventures | 31,053 | 28,785 | 24,335 |
Net operating income from discontinued operations | 0 | 78,591 | 103,198 |
Fee income | (8,632) | (8,347) | (7,297) |
Other income | (11,518) | (1,050) | (828) |
Reimbursed expenses | 3,527 | 3,259 | 3,430 |
General and administrative expenses | 27,523 | 25,592 | 16,918 |
Total interest expense | 33,524 | 26,650 | 22,735 |
Depreciation and amortization | 196,745 | 97,948 | 71,625 |
Acquisition and transaction costs | 1,661 | 24,521 | 299 |
Other | 1,796 | 5,888 | 1,181 |
(Gain) loss on extinguishment of debt | (2,258) | 5,180 | 0 |
Income from unconsolidated joint ventures | (47,115) | (10,562) | (8,302) |
Gain on sale of investment properties | (133,059) | (77,114) | (80,394) |
Income from discontinued operations | 0 | (19,163) | (31,297) |
Net Operating Income | $ 313,206 | $ 260,282 | $ 241,232 |
Reportable Segments (Segment Re
Reportable Segments (Segment Revenues) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Total rental property revenues | $ 446,035 | $ 249,814 | $ 196,244 |
Office | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 446,035 | 249,814 | 196,052 |
Mixed-Use | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Other | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 192 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 496,270 | 430,961 | 410,463 |
Operating Segments | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 181,427 | 173,583 | 174,687 |
Operating Segments | Houston | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 136,926 | 176,823 | |
Operating Segments | Austin | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 100,939 | 52,769 | 26,581 |
Operating Segments | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 91,434 | 39,448 | 22,964 |
Operating Segments | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 24,862 | 5,896 | |
Operating Segments | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 47,402 | 10,994 | |
Operating Segments | Phoenix | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 46,186 | 8,902 | |
Operating Segments | Other | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 4,020 | 2,443 | 9,408 |
Operating Segments | Office | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 490,034 | 417,918 | 400,296 |
Operating Segments | Office | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 176,190 | 160,540 | 164,712 |
Operating Segments | Office | Houston | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 136,926 | 176,823 | |
Operating Segments | Office | Austin | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 100,939 | 52,769 | 26,581 |
Operating Segments | Office | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 91,434 | 39,448 | 22,964 |
Operating Segments | Office | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 24,862 | 5,896 | |
Operating Segments | Office | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 47,402 | 10,994 | |
Operating Segments | Office | Phoenix | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 46,186 | 8,902 | |
Operating Segments | Office | Other | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 3,021 | 2,443 | 9,216 |
Operating Segments | Mixed-Use | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 6,236 | 13,043 | 9,975 |
Operating Segments | Mixed-Use | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 5,237 | 13,043 | 9,975 |
Operating Segments | Mixed-Use | Houston | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | |
Operating Segments | Mixed-Use | Austin | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Operating Segments | Mixed-Use | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Operating Segments | Mixed-Use | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | |
Operating Segments | Mixed-Use | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | |
Operating Segments | Mixed-Use | Phoenix | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | |
Operating Segments | Mixed-Use | Other | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 999 | 0 | 0 |
Operating Segments | Other | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 192 |
Operating Segments | Other | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Operating Segments | Other | Houston | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | |
Operating Segments | Other | Austin | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Operating Segments | Other | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Operating Segments | Other | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | |
Operating Segments | Other | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | |
Operating Segments | Other | Phoenix | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | |
Operating Segments | Other | Other | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 192 |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Company's share of rental property revenues from unconsolidated joint ventures | 50,235 | 44,220 | 37,391 |
Revenues included in discontinued operations | 136,927 | 176,828 | |
Segment Reconciling Items | Office | |||
Segment Reporting Information [Line Items] | |||
Company's share of rental property revenues from unconsolidated joint ventures | 43,999 | 31,177 | 27,416 |
Revenues included in discontinued operations | 136,927 | 176,828 | |
Segment Reconciling Items | Mixed-Use | |||
Segment Reporting Information [Line Items] | |||
Company's share of rental property revenues from unconsolidated joint ventures | 6,236 | 13,043 | 9,975 |
Revenues included in discontinued operations | 0 | 0 | |
Segment Reconciling Items | Other | |||
Segment Reporting Information [Line Items] | |||
Company's share of rental property revenues from unconsolidated joint ventures | $ 0 | 0 | 0 |
Revenues included in discontinued operations | $ 0 | $ 0 |
Real Estate and Accumulated 110
Real Estate and Accumulated Depreciation (Schedule of Properties) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 496,651 | |||
Initial Cost to Company | ||||
Land and Improvements | 330,811 | |||
Buildings and Improvements | 2,854,212 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (11,932) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 720,708 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 318,879 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 3,574,920 | |||
Total | 3,893,799 | $ 3,814,986 | $ 2,606,343 | $ 2,619,488 |
Accumulated Depreciation | 275,977 | $ 215,856 | $ 359,422 | $ 324,543 |
OPERATING PROPERTIES | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 496,651 | |||
Initial Cost to Company | ||||
Land and Improvements | 281,146 | |||
Buildings and Improvements | 2,854,212 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 5,176 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 468,062 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 286,322 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 3,322,274 | |||
Total | 3,608,596 | |||
Accumulated Depreciation | 275,977 | |||
OPERATING PROPERTIES | Austin, TX | Colorado Tower | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 119,165 | |||
Initial Cost to Company | ||||
Land and Improvements | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 1,600 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 120,853 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 1,600 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 120,853 | |||
Total | 122,453 | |||
Accumulated Depreciation | $ 16,599 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 30 years | |||
OPERATING PROPERTIES | Austin, TX | 816 Congress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 82,742 | |||
Initial Cost to Company | ||||
Land and Improvements | 6,817 | |||
Buildings and Improvements | 89,891 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 3,282 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 18,631 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 10,099 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 108,522 | |||
Total | 118,621 | |||
Accumulated Depreciation | $ 19,895 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 42 years | |||
OPERATING PROPERTIES | Austin, TX | Research Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 4,373 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 801 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 42,307 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 5,174 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 42,307 | |||
Total | 47,481 | |||
Accumulated Depreciation | $ 2,772 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 30 years | |||
OPERATING PROPERTIES | Austin, TX | One Eleven Congress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 33,841 | |||
Buildings and Improvements | 201,707 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 18,682 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 33,841 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 220,389 | |||
Total | 254,230 | |||
Accumulated Depreciation | $ 9,409 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Austin, TX | San Jacinto Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 34,068 | |||
Buildings and Improvements | 176,535 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (579) | |||
Building and Improvements less Cost of Sales, Transfers and Other | (759) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 33,489 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 175,776 | |||
Total | 209,265 | |||
Accumulated Depreciation | $ 7,513 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | Northpark Town Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 22,350 | |||
Buildings and Improvements | 295,825 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 47,856 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 22,350 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 343,681 | |||
Total | 366,031 | |||
Accumulated Depreciation | $ 41,431 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 39 years | |||
OPERATING PROPERTIES | Atlanta, GA | Promenade | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 102,071 | |||
Initial Cost to Company | ||||
Land and Improvements | 13,439 | |||
Buildings and Improvements | 102,790 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 36,600 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 13,439 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 139,390 | |||
Total | 152,829 | |||
Accumulated Depreciation | $ 40,608 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 34 years | |||
OPERATING PROPERTIES | Atlanta, GA | Meridian Mark Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 23,970 | |||
Initial Cost to Company | ||||
Land and Improvements | 2,219 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 30,108 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 2,219 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 30,108 | |||
Total | 32,327 | |||
Accumulated Depreciation | $ 19,782 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 30 years | |||
OPERATING PROPERTIES | Atlanta, GA | 3344 Peachtree | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 16,110 | |||
Buildings and Improvements | 176,153 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 6,849 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 16,110 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 183,002 | |||
Total | 199,112 | |||
Accumulated Depreciation | $ 8,811 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | One Buckhead Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 17,011 | |||
Buildings and Improvements | 159,564 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 2,564 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 17,011 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 162,128 | |||
Total | 179,139 | |||
Accumulated Depreciation | $ 7,954 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | 3350 Peachtree | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 16,836 | |||
Buildings and Improvements | 108,177 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 131 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 16,836 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 108,308 | |||
Total | 125,144 | |||
Accumulated Depreciation | $ 5,972 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | 3348 Peachtree | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 6,707 | |||
Buildings and Improvements | 69,723 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 5 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 6,707 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 69,728 | |||
Total | 76,435 | |||
Accumulated Depreciation | $ 3,804 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | 8000 Avalon | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 4,130 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 72 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 67,391 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 4,202 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 67,391 | |||
Total | 71,593 | |||
Accumulated Depreciation | $ 229 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | Two Buckhead Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 18,053 | |||
Buildings and Improvements | 74,547 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 1,315 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 18,053 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 75,862 | |||
Total | 93,915 | |||
Accumulated Depreciation | $ 3,918 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Charlotte, NC | Fifth Third Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 145,974 | |||
Initial Cost to Company | ||||
Land and Improvements | 22,591 | |||
Buildings and Improvements | 180,430 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 14,669 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 22,591 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 195,099 | |||
Total | 217,690 | |||
Accumulated Depreciation | $ 24,118 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Charlotte, NC | Hearst Tower | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 9,977 | |||
Buildings and Improvements | 323,299 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 4,219 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 9,977 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 327,518 | |||
Total | 337,495 | |||
Accumulated Depreciation | $ 15,071 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Charlotte, NC | NASCAR Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 51 | |||
Buildings and Improvements | 115,238 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 2,043 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 51 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 117,281 | |||
Total | 117,332 | |||
Accumulated Depreciation | $ 6,316 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Tampa, FL | Corporate Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 7,298 | |||
Buildings and Improvements | 272,148 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 21,707 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 7,298 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 293,855 | |||
Total | 301,153 | |||
Accumulated Depreciation | $ 14,042 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Tampa, FL | The Pointe | ||||
Initial Cost to Company | ||||
Land and Improvements | $ 9,404 | |||
Buildings and Improvements | 54,694 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 2,368 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 9,404 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 57,062 | |||
Total | 66,466 | |||
Accumulated Depreciation | $ 3,647 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Tampa, FL | Harborview Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 10,800 | |||
Buildings and Improvements | 39,136 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 1,065 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 10,800 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 40,201 | |||
Total | 51,001 | |||
Accumulated Depreciation | $ 2,675 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Phoenix, AZ | Hayden Ferry | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 13,102 | |||
Buildings and Improvements | 262,578 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 12,397 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 13,102 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 274,975 | |||
Total | 288,077 | |||
Accumulated Depreciation | $ 15,585 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Phoenix, AZ | 111 West Rio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 6,076 | |||
Buildings and Improvements | 56,647 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 16,217 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 6,076 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 72,864 | |||
Total | 78,940 | |||
Accumulated Depreciation | $ 1,245 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Phoenix, AZ | Tempe Gateway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 5,893 | |||
Buildings and Improvements | 95,130 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 844 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 5,893 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 95,974 | |||
Total | 101,867 | |||
Accumulated Depreciation | $ 4,581 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
PROJECTS UNDER DEVELOPMENT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 28,131 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 205 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 252,646 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 28,336 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 252,646 | |||
Total | 280,982 | |||
Accumulated Depreciation | 0 | |||
PROJECTS UNDER DEVELOPMENT | Austin, TX | 300 Colorado | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 0 | |||
Accumulated Depreciation | 0 | |||
PROJECTS UNDER DEVELOPMENT | Atlanta, GA | NCR Phase 1 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 18,015 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 194,613 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 18,015 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 194,613 | |||
Total | 212,628 | |||
Accumulated Depreciation | 0 | |||
PROJECTS UNDER DEVELOPMENT | Atlanta, GA | NCR Phase II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 10,116 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 205 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 58,033 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 10,321 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 58,033 | |||
Total | 68,354 | |||
Accumulated Depreciation | 0 | |||
LAND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 21,534 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (17,313) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 4,221 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 4,221 | |||
Accumulated Depreciation | 0 | |||
Commercial Land | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 21,534 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (17,313) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 4,221 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 4,221 | |||
Accumulated Depreciation | 0 | |||
Commercial Land | Suburban Atlanta, GA | Land Adjacent to The Avenue Forsyth | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 11,240 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (7,540) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 3,700 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 3,700 | |||
Accumulated Depreciation | 0 | |||
Commercial Land | Suburban Atlanta, GA | North Point | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 10,294 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (9,773) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 521 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 521 | |||
Accumulated Depreciation | $ 0 |
Real Estate and Accumulated 111
Real Estate and Accumulated Depreciation (Notes to Schedule III) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate | |||
Balance at beginning of period | $ 3,814,986 | $ 2,606,343 | $ 2,619,488 |
Additions during the period: | |||
Acquisitions | 62,723 | 0 | 28,131 |
Improvements and other capitalized costs | 303,940 | 208,016 | 139,676 |
Transfers | 0 | 5,306 | 0 |
Real estate additions, total | 366,663 | 3,046,052 | 167,807 |
Deductions during the period: | |||
Parkway spin-off | 0 | (1,230,235) | 0 |
Cost of real estate sold | (287,850) | (602,648) | (180,952) |
Impairment loss | 0 | (4,526) | 0 |
Real estate deductions, total | (287,850) | (1,837,409) | (180,952) |
Balance at end of period | 3,893,799 | 3,814,986 | 2,606,343 |
Accumulated Depreciation | |||
Balance at beginning of period | 215,856 | 359,422 | 324,543 |
Additions during the period: | |||
Acquisitions | 0 | 0 | 0 |
Improvements and other capitalized costs | 0 | 0 | 0 |
Transfers | 0 | 0 | 0 |
Depreciation expense | 101,720 | 112,277 | 99,067 |
Real estate accumulated depreciation additions, total | 101,720 | 112,277 | 99,067 |
Deductions during the period: | |||
Parkway spin-off | 0 | (148,523) | 0 |
Cost of real estate sold | (41,599) | (107,320) | (64,188) |
Impairment loss | 0 | 0 | 0 |
Real estate accumulated depreciation deductions, total | (41,599) | (255,843) | (64,188) |
Balance at end of period | 275,977 | 215,856 | 359,422 |
Aggregate cost for federal income tax, net of depreciation | $ 2,900,000 | ||
Buildings and Improvements | Minimum | |||
Deductions during the period: | |||
Useful life | 25 years | ||
Buildings and Improvements | Maximum | |||
Deductions during the period: | |||
Useful life | 42 years | ||
Parkway merger | |||
Additions during the period: | |||
Acquisitions | $ 0 | 2,832,730 | 0 |
Additions during the period: | |||
Acquisitions | $ 0 | $ 0 | $ 0 |