Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 21, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-11312 | |
Entity Registrant Name | COUSINS PROPERTIES INC | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-0869052 | |
Entity Address, Address Line One | 3344 Peachtree Road NE | |
Entity Address, Address Line Two | Suite 1800 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30326-4802 | |
City Area Code | 404 | |
Local Phone Number | 407-1000 | |
Title of 12(b) Security | Common Stock, $1 par value per share | |
Trading Symbol | CUZ | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 148,688,036 | |
Entity Central Index Key | 0000025232 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Real estate assets: | ||
Operating properties, net of accumulated depreciation of $854,770 and $803,073 in 2021 and 2020, respectively | $ 6,191,205 | $ 6,232,546 |
Projects under development | 136,123 | 57,389 |
Land | 150,766 | 162,406 |
Total properties | 6,478,094 | 6,452,341 |
Real estate assets and other assets held for sale, net | 0 | 125,746 |
Cash and cash equivalents | 5,532 | 4,290 |
Restricted cash | 1,236 | 1,848 |
Accounts receivable | 13,205 | 20,248 |
Deferred rents receivable | 152,278 | 138,341 |
Investment in unconsolidated joint ventures | 111,351 | 125,481 |
Intangible assets, net | 158,189 | 189,164 |
Other assets | 57,479 | 49,939 |
Total assets | 6,977,364 | 7,107,398 |
Liabilities: | ||
Notes payable | 2,047,599 | 2,162,719 |
Accounts payable and accrued expenses | 203,627 | 186,267 |
Deferred income | 76,475 | 62,319 |
Intangible liabilities, net | 56,521 | 69,846 |
Other liabilities | 115,600 | 118,103 |
Liabilities of real estate assets held for sale, net | 0 | 12,606 |
Total liabilities | 2,499,822 | 2,611,860 |
Commitments and contingencies | ||
Stockholders' investment: | ||
Common stock, $1 par value per share, 300,000,000 shares authorized, 151,272,969 and 151,149,289 shares issued and outstanding in 2021 and 2020, respectively | 151,273 | 151,149 |
Additional paid-in capital | 5,547,808 | 5,542,762 |
Treasury stock at cost, 2,584,933 shares in 2021 and 2020 | (148,473) | (148,473) |
Distributions in excess of cumulative net income | (1,105,516) | (1,078,304) |
Total stockholders' investment | 4,445,092 | 4,467,134 |
Nonredeemable noncontrolling interests | 32,450 | 28,404 |
Total equity | 4,477,542 | 4,495,538 |
Total liabilities and equity | $ 6,977,364 | $ 7,107,398 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation on operating properties | $ 854,770 | $ 803,073 |
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 151,272,969 | 151,149,289 |
Common stock, shares outstanding (in shares) | 151,272,969 | 151,149,289 |
Treasury stock, shares (in shares) | 2,584,933 | 2,584,933 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Total Revenues | $ 188,732 | $ 183,380 | $ 564,919 | $ 557,193 |
Expenses: | ||||
Rental property operating expenses | 65,354 | 62,844 | 195,465 | 189,003 |
Reimbursed expenses | 383 | 373 | 1,149 | 1,216 |
General and administrative expenses | 7,968 | 5,658 | 22,014 | 19,853 |
Interest expense | 16,709 | 15,058 | 50,573 | 44,955 |
Depreciation and amortization | 72,073 | 71,498 | 214,399 | 215,980 |
Transaction costs | 0 | 0 | 0 | 428 |
Other | 421 | 723 | 1,835 | 1,841 |
Total costs and expenses | 162,908 | 156,154 | 485,435 | 473,276 |
Income from unconsolidated joint ventures | 2,128 | 1,611 | 5,826 | 6,751 |
Gain (loss) on sales of investments in unconsolidated joint ventures | 13,121 | (59) | 13,160 | 45,940 |
Gain (loss) on investment property transactions | 13,063 | (523) | 13,037 | 90,192 |
Net income | 54,136 | 28,255 | 111,507 | 226,800 |
Net income attributable to noncontrolling interests | (118) | (140) | (226) | (641) |
Net income available to common stockholders | $ 54,018 | $ 28,115 | $ 111,281 | $ 226,159 |
Net income per common share — basic (in usd per share) | $ 0.36 | $ 0.19 | $ 0.75 | $ 1.53 |
Net income per common share — diluted (in usd per share) | $ 0.36 | $ 0.19 | $ 0.75 | $ 1.52 |
Weighted average shares — basic (in shares) | 148,688 | 148,566 | 148,659 | 148,181 |
Weighted average shares — diluted (in shares) | 148,772 | 148,606 | 148,743 | 148,586 |
Rental property revenues | ||||
Revenues: | ||||
Total Revenues | $ 185,515 | $ 179,024 | $ 552,088 | $ 543,252 |
Fee income | ||||
Revenues: | ||||
Total Revenues | 3,094 | 4,350 | 12,426 | 13,772 |
Other | ||||
Revenues: | ||||
Total Revenues | $ 123 | $ 6 | $ 405 | $ 169 |
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 Net Income | Stockholders’ Investment | Nonredeemable Noncontrolling Interests |
Beginning balance at Dec. 31, 2019 | $ 4,427,835 | $ 1,717 | $ 149,347 | $ 5,493,883 | $ (148,473) | $ (1,137,200) | $ 4,359,274 | $ 68,561 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 226,800 | 226,159 | 226,159 | 641 | ||||
Common stock issued pursuant to stock based compensation | (307) | 90 | (397) | (307) | ||||
Common stock issued pursuant to unitholder redemption | 0 | (1,717) | 1,719 | 45,032 | 45,034 | (45,034) | ||
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures | 3,354 | (7) | 3,361 | 3,354 | ||||
Contributions from nonredeemable noncontrolling interests | 4,133 | 4,133 | ||||||
Distributions to nonredeemable noncontrolling interests | (1,020) | (1,020) | ||||||
Common dividends | (133,702) | (133,702) | (133,702) | |||||
Ending balance at Sep. 30, 2020 | 4,527,093 | 0 | 151,149 | 5,541,879 | (148,473) | (1,044,743) | 4,499,812 | 27,281 |
Beginning balance at Jun. 30, 2020 | 4,540,329 | 151,153 | 5,540,945 | (148,473) | (1,028,289) | 4,515,336 | 24,993 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 28,255 | 28,115 | 28,115 | 140 | ||||
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures | 930 | (4) | 934 | 930 | ||||
Contributions from nonredeemable noncontrolling interests | 2,317 | 2,317 | ||||||
Distributions to nonredeemable noncontrolling interests | (169) | (169) | ||||||
Common dividends | (44,569) | (44,569) | (44,569) | |||||
Ending balance at Sep. 30, 2020 | 4,527,093 | 0 | 151,149 | 5,541,879 | (148,473) | (1,044,743) | 4,499,812 | 27,281 |
Beginning balance at Dec. 31, 2020 | 4,495,538 | 0 | 151,149 | 5,542,762 | (148,473) | (1,078,304) | 4,467,134 | 28,404 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 111,507 | 111,281 | 111,281 | 226 | ||||
Common stock issued pursuant to stock based compensation | 552 | 126 | 426 | 552 | ||||
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures | 4,618 | (2) | 4,620 | 4,618 | ||||
Contributions from nonredeemable noncontrolling interests | 5,017 | 5,017 | ||||||
Distributions to nonredeemable noncontrolling interests | (1,197) | (1,197) | ||||||
Common dividends | (138,493) | (138,493) | (138,493) | |||||
Ending balance at Sep. 30, 2021 | 4,477,542 | 0 | 151,273 | 5,547,808 | (148,473) | (1,105,516) | 4,445,092 | 32,450 |
Beginning balance at Jun. 30, 2021 | 4,467,404 | 151,273 | 5,546,336 | (148,473) | (1,113,273) | 4,435,863 | 31,541 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 54,136 | 54,018 | 54,018 | 118 | ||||
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures | 1,472 | 1,472 | 1,472 | |||||
Contributions from nonredeemable noncontrolling interests | 1,635 | 1,635 | ||||||
Distributions to nonredeemable noncontrolling interests | (844) | (844) | ||||||
Common dividends | (46,261) | (46,261) | (46,261) | |||||
Ending balance at Sep. 30, 2021 | $ 4,477,542 | $ 0 | $ 151,273 | $ 5,547,808 | $ (148,473) | $ (1,105,516) | $ 4,445,092 | $ 32,450 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common dividends (in usd per share) | $ 0.31 | $ 0.30 | $ 0.93 | $ 0.90 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 111,507 | $ 226,800 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on sales of investment in unconsolidated joint ventures | (13,160) | (45,940) |
Gain on investment property transactions, net | (13,037) | (90,192) |
Depreciation and amortization | 214,399 | 215,980 |
Amortization and write-off of deferred financing costs and premium on notes payable | (356) | (671) |
Equity-classified stock-based compensation expense, net of forfeitures | 5,959 | 4,415 |
Effect of non-cash adjustments to rental revenues | (27,838) | (41,614) |
Income from unconsolidated joint ventures | (5,826) | (6,751) |
Operating distributions from unconsolidated joint ventures | 9,085 | 5,940 |
Changes in other operating assets and liabilities: | ||
Change in receivables and other assets, net | 3,178 | (715) |
Change in operating liabilities, net | 14,676 | (8,245) |
Net cash provided by operating activities | 298,587 | 259,007 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from investment property sales, net | 389,777 | 435,539 |
Proceeds from sale of interest in unconsolidated joint ventures, net | 67,143 | 52,815 |
Property acquisition, development, and tenant asset expenditures | (488,243) | (306,102) |
Return of capital distributions from unconsolidated joint venture | 25,955 | 0 |
Contributions to unconsolidated joint ventures | (46,038) | (3,752) |
Change in notes receivable and other assets | 0 | (167) |
Net cash provided by (used in) investing activities | (51,406) | 178,333 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from credit facility | 329,000 | 319,500 |
Repayment of credit facility | (527,400) | (571,000) |
Repayment of notes payable | (12,214) | (34,710) |
Payment of deferred financing costs | (3,014) | (70) |
Contributions from noncontrolling interests | 5,017 | 4,133 |
Distributions to nonredeemable noncontrolling interests | (1,197) | (1,020) |
Common dividends paid | (136,743) | (131,694) |
Issuance of term loan | 350,000 | 0 |
Repayment of term loan | (250,000) | 0 |
Other | 0 | (1,368) |
Net cash used in financing activities | (246,551) | (416,229) |
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 630 | 21,111 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 6,138 | 17,608 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ 6,768 | $ 38,719 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
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 operations through Cousins Properties LP ("CPLP"). Cousins owns in excess of 99% of CPLP, and CPLP is consolidated with Cousins for financial reporting purposes. CPLP also owns Cousins TRS Services LLC ("CTRS"), a taxable entity that 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 mixed-use developments in the Sun Belt markets of the United States with a focus on Atlanta, Austin, Charlotte, Phoenix, Tampa, Dallas, and Nashville. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute 100% of its net taxable income to stockholders, thereby eliminating any liability for federal income taxes under current law. Therefore, the results included herein do not include a federal income tax provision for Cousins. As of September 30, 2021, the Company's portfolio of real estate assets consisted of interests in 18.5 million square feet of office space and 620,000 square feet of other space. Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of September 30, 2021 and the results of operations for the three and nine months ended September 30, 2021 and 2020. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included therein. For the three and nine months ended September 30, 2021 and 2020, there were no items of other comprehensive income. Therefore, the Company did not present comprehensive income. The Company evaluates all partnerships, joint ventures, and other arrangements with variable interests to determine if the entity or arrangement qualifies as a variable interest entity ("VIE"), as defined in the Financial Accounting Standard Board's ("FASB") Accounting Standards Codification ("ASC"). If the entity or arrangement qualifies as a VIE and the Company is determined to be the primary beneficiary, the Company is required to consolidate the assets, liabilities, and results of operations of the VIE. In the third quarter, the Company transferred the right to purchase 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 purchased the building and retained the assets acquired therefrom. To realize the tax deferral available under Section 1031, the Company must identify like-kind property to be disposed of within 45 days of the acquisition date and complete the transfer of the title to the to-be-exchanged building within 180 days of the acquisition date. We concluded that Cousins has a controlling financial interest and is, therefore, the primary beneficiary of the venture. The Company consolidates this VIE entity. As of September 30, 2021, this VIE had total assets of $307.1 million and total liabilities of $305.6 million. The liabilities of this VIE eliminate in the Company's consolidated balance sheet. |
Transactions with Norfolk South
Transactions with Norfolk Southern Railway Company | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
TRANSACTIONS WITH NORFOLK SOUTHERN RAILWAY COMPANY | TRANSACTIONS WITH NORFOLK SOUTHERN RAILWAY COMPANY On March 1, 2019, the Company entered into a series of agreements and executed related transactions with Norfolk Southern Railway Company (“NS”) as follows: • Sold land to NS for $52.5 million. • Executed a Development Agreement with NS whereby the Company will receive fees totaling $5 million in consideration for development services for NS’s corporate headquarters that is being constructed on the land sold to NS. • Executed a Consulting Agreement with NS whereby the Company will receive fees totaling $32 million in consideration for consulting services for NS’s corporate headquarters. The Development Agreement and Consulting Agreement are collectively referred to below as the “Fee Agreements.” • Purchased a building from NS (“1200 Peachtree”) for $82 million subject to a three-year market rate lease with NS that covers the entire building. The Company sold the land to NS for $5 million above its carrying amount, which included $37 million of land purchased in 2018, $6.5 million of land purchased in 2019, and $4 million of site preparation work. The Company purchased 1200 Peachtree from NS for an amount it determined to be $10.3 million below the building’s fair value. The Company determined that all contracts and transactions associated with NS should be combined for accounting purposes, and the amounts exchanged under the combined contracts should be allocated to the various components of the overall transaction at fair value or market value as discussed below. The Company determined that the purchase of 1200 Peachtree should be recorded at fair value of $92.3 million. The Company determined that the lease with NS at the 1200 Peachtree building was at market value under ASC 842. The land sale was accounted for under ASC 610-20, and no gain or loss was recorded on the derecognition of this non-financial asset as the fair value was determined to equal the carrying amount. Consideration related to various services provided to NS, and accounted for under ASC 606, was determined to be $52.3 million and represents the negotiated market value for the services agreed to by the Company and NS in the contracts. This amount included non-cash consideration of the $10.3 million discount on the purchase of 1200 Peachtree as well as cash consideration of $5 million from the land sale contract (difference between fair value and contract amount), $5 million from the Development Agreement, and $32 million from the Consulting Agreement. Since all of the agreements and contracts above were executed for the purpose of delivering and constructing a corporate headquarters for NS and all of the services and deliverables are highly interdependent, the Company determined that the services represent a single performance obligation under ASC 606. The Company determined that control of the services to be provided is being transferred over time and, thus, the Company must recognize the $52.3 million contract price in revenue as it satisfies the performance obligation. The Company determined that the inputs method of measuring progress of satisfying the performance obligation was the most appropriate method of recognizing revenue for the services component. Therefore, the Company began recognizing revenue in the quarter ended March 31, 2019, and will continue to recognize revenue based upon the time spent by the Company’s employees in providing these services as compared to the total estimated time required to satisfy the performance obligation. During the three months ended September 30, 2021 and 2020, respectively, the Company recognized $2.5 million and $3.7 million in fee income in its consolidated statements of operations related to the services provided to NS. During the nine months ended September 30, 2021 |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
REAL ESTATE | REAL ESTATE Acquisitions On July 28, 2021, the Company acquired 725 Ponce, a 372,000 square foot office building in Midtown Atlanta, for $300.8 million, including acquisition costs. The Company accounted for this transaction as an acquisition of an asset, and the following table summarizes the allocation of the purchase price of this property (in thousands): 725 Ponce Tangible assets: Operating properties $ 292,946 Tangible assets 292,946 Intangible assets: In-place leases 12,788 Above market leases 1,770 Intangible assets 14,558 Intangible liabilities: Above market leases (6,739) Intangible liabilities (6,739) Total net assets acquired $ 300,765 On September 27, 2021, the Company acquired a 0.15 acre land parcel in Atlanta for a gross purchase price of $3.1 million related to a potential future development in Midtown Atlanta. On March 12, 2021, the Company acquired a 0.24 acre land parcel in Atlanta for a gross purchase price of $8.0 million that is held in a 95% owned consolidated joint venture. In May 2020, the Company acquired a 1,550 space parking garage in Charlotte for a gross purchase price of $85.0 million. This property is included in real estate assets on the condensed consolidated balance sheet and in the Company's Charlotte/Other operating segment. Subsequent to quarter end, on October 1, 2021, the Company acquired Heights Union, a 294,000 square foot office property in Tampa, for a gross purchase price of $144.8 million. Dispositions On July 23, 2021, the Company sold One South at the Plaza in Charlotte for a gross sales price of $271.5 million and a gain of $13.1 million. On July 1, 2021, the Company sold 0.7 acres of land in Phoenix, adjacent to our 100 Mill development, to a hotel developer for $6.4 million. Net proceeds approximated our book value. On April 7, 2021, the Company sold Burnett Plaza, a one million square foot office building in Fort Worth, for a gross sales price of $137.5 million and recorded a loss of $19,000. During March 2020, the Company sold Hearst Tower, a 966,000 square foot office building in Charlotte, for a gross purchase price of $455.5 million. The Company recognized a gain of $90.4 million on the sale. During February 2020, the Company sold Woodcrest, a 386,000 square foot office property in Cherry Hill, New Jersey, for a gross purchase price of $25.3 million. The Company acquired Woodcrest in a merger and did not record any gain or loss on the sale. Held For Sale Buildings The Company's Burnett Plaza property in Fort Worth was classified as held for sale as of December 31, 2020 as the result of the Company accepting an offer for the sale of the property in the fourth quarter of 2020. The major classes of assets and liabilities of those properties held for sale were as follows (in thousands): December 31, 2020 Real estate assets and other assets held for sale Operating property, net of accumulated depreciation of $8,123 $ 106,864 Notes and accounts receivable 439 Deferred rents receivable 2,480 Intangible assets, net of accumulated amortization of $6,065 15,830 Other assets 133 Total real estate assets and other assets held for sale $ 125,746 Liabilities of real estate assets held for sale Accounts payable and accrued expenses $ 7,399 Deferred income 44 Intangible liabilities, net of accumulated amortization of $1,205 3,014 Other liabilities 2,149 Total liabilities of real estate assets held for sale $ 12,606 Impairment The Company tests buildings held for investment for impairment whenever changes in circumstances indicate a building’s carrying value may not be recoverable. The test is conducted using undiscounted cash flows for the shorter of the building’s estimated hold period or its remaining useful life. When testing for recoverability of value of buildings held for investment, projected cash flows are used over its expected hold period. If the expected hold period includes some likelihood of shorter-term hold period from a potential sale, the probability of a sale is layered into the analysis. If any building's held for investment analysis were to fail the impairment test, its book value would be written down to its then current estimated fair value, before any selling expense, and that building would continue to depreciate over its remaining useful life. None of the Company’s held for investment buildings were impaired during any periods presented in the accompanying statement of operations while under the held for investment classification. The Company also reviews held for sale assets for impairments. If book value is in excess of estimated fair value less estimated selling costs, we impair those assets to fair value less estimated selling costs. There were no held for sale buildings impaired during any periods presented in the accompanying statements of operations. |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020 (in thousands). The information included in the summary of operations table is for the nine months ended September 30, 2021 and 2020 (in thousands): Total Assets Total Debt Total Equity (Deficit) Company’s Investment SUMMARY OF FINANCIAL POSITION: 2021 2020 2021 2020 2021 2020 2021 2020 Neuhoff Holdings LLC 111,250 — 26,932 — 84,318 — 42,159 — Austin 300 Colorado Project, LP 173,515 165,586 92,252 86,848 70,167 68,567 38,919 38,488 AMCO 120 WT Holdings, LLC 84,640 85,449 — — 83,406 84,311 15,450 15,735 HICO Victory Center LP 16,230 16,544 — — 15,929 15,709 10,709 10,595 715 Ponce Holdings LLC 8,051 — — — 8,016 — 4,028 — DC Charlotte Plaza LLLP — 173,704 — — — 90,648 6 47,941 Carolina Square Holdings LP 113,129 118,616 133,264 77,034 (33,999) 21,888 (15,671) (1) 12,430 Crawford Long - CPI, LLC 26,450 29,641 64,996 66,423 (40,203) (38,253) (19,326) (1) (18,289) (1) Other 112 1,313 — — 118 1,316 80 292 $ 533,377 $ 590,853 $ 317,444 $ 230,305 $ 187,752 $ 244,186 $ 76,354 $ 107,192 Total Revenues Net Income (Loss) Company's Share of Income (Loss) SUMMARY OF OPERATIONS: 2021 2020 2021 2020 2021 2020 DC Charlotte Plaza LLLP 15,209 15,476 5,494 5,597 2,549 2,583 Crawford Long - CPI, LLC 9,743 9,784 3,049 2,767 1,412 1,329 Carolina Square Holdings LP 12,478 10,792 1,713 1,936 776 950 Austin 300 Colorado Project, LP 6,388 264 1,600 90 773 45 HICO Victory Center LP 199 241 199 241 111 121 AMCO 120 WT Holdings, LLC 6,385 1,564 234 (2,106) 38 (383) 715 Ponce Holdings LLC 25 — 11 — 7 — Other 378 6,920 271 3,477 160 2,106 $ 50,805 $ 45,041 $ 12,571 $ 12,002 $ 5,826 $ 6,751 (1) Negative bases are included in deferred income on the consolidated balance sheets. On September 30, 2021, the Company sold its 50% owned joint venture interest in DC Charlotte Plaza, LLLP ("DCCP"), which owned a 281,000 square foot office building in Charlotte, to its partner for a gross sales price of $60.8 million. The sale was triggered by the exercise of the partner's purchase option as stipulated in the partnership agreement. The Company recognized a gain of $13.1 million on the sale of its interest in DCCP. On July 28, 2021, Neuhoff Holdings LLC ("Neuhoff"), a 50-50 joint venture, was formed for the purpose of developing a mixed-use property in Nashville. The Company made an initial contribution of $35.1 million for its interest in the land and development costs incurred to date. In addition to the existing assets of the joint venture, Neuhoff also has rights to adjacent parcels for future development. On September 30, 2021, the joint venture closed on a construction loan with a borrowing capacity up to $312.7 million. The mortgage loan bears interest at the London Interbank Offering Rate ("LIBOR") plus 3.45% and matures on September 30, 2025. On July 28, 2021, 715 Ponce Holdings LLC ("715 Ponce"), a 50-50 joint venture, was formed for the purpose of developing a property in Midtown Atlanta in the future. The Company made an initial contribution of $4.0 million for its interest in the land held by the joint venture. In March 2021, Carolina Square Holdings LP ("Carolina Square"), a 50% owned joint venture with NR 123 Franklin LLC ("Northwood Ravin"), issued a non-recourse mortgage note with a principal balance of $135.7 million. Proceeds from the issuance of this mortgage note were used to repay in full its $77.5 million construction loan that was set to mature May 1, 2021 and to make a pro-rata distribution of $26.0 million to each partner. The mortgage loan bears interest at LIBOR plus 1.80% and matures on March 18, 2026. In March 2020, the Company sold its 50% owned joint venture interest in Charlotte Gateway Village, LLC ("Gateway"), which owned a 1.1 million square foot office building in Charlotte, to its partner for a gross sales price of $52.2 million. The sale was triggered by the exercise of the partner's purchase option, and the proceeds from this sale represent a 17% internal rate of return for the Company on its invested capital, as stipulated in the partnership agreement. The Company recognized a gain of $44.7 million on the sale of its interest in Gateway, net of $188,000 of estimated state income tax. In February 2020, the Company sold its remaining interest in the Wildwood Associates joint venture, which owned a 6.3 acre parcel of land in Atlanta, to its venture partner for a gross sales price of $900,000. The Company recognized a gain of $1.3 million on the sale of its interest in Wildwood Associates, which included elimination of the remaining negative basis in the joint venture of $520,000. |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS AND LIABILITIES | INTANGIBLE ASSETS AND LIABILITIES At September 30, 2021 and December 31, 2020, intangible assets included the following (in thousands): 2021 2020 In-place leases, net of accumulated amortization of $144,765 and $212,413 in 2021 and 2020, respectively $ 119,958 $ 145,290 Above-market rents, net of accumulated amortization of $25,771 and $33,548 in 2021 and 2020, respectively 19,524 24,960 Below-market ground lease, net of accumulated amortization of $1,380 and $1,173 in 2021 and 2020, respectively 17,033 17,240 Goodwill 1,674 1,674 $ 158,189 $ 189,164 At September 30, 2021 and December 31, 2020, intangible liabilities included the following (in thousands): 2021 2020 Below-market rents, net of accumulated amortization of $55,946 and $73,612 in 2021 and 2020, respectively $ 54,929 $ 68,219 Above-market ground lease, net of accumulated amortization of $389 and $354 in 2021 and 2020, respectively 1,592 1,627 $ 56,521 $ 69,846 Aggregate net amortization expense related to intangible assets and liabilities for the three and nine months ended September 30, 2021 was $8.2 million and $24.6 million, respectively. Aggregate net amortization expense related to intangible assets and liabilities for the three and nine months ended September 30, 2020 was $10.2 million and $33.7 million, respectively. Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows (in thousands): In-Place Above-Market Below-Market Ground Lease Below-Market Above-Market 2021 (three months) $ 9,587 $ 1,333 $ 69 $ (4,248) $ (12) 2022 25,871 4,575 276 (10,284) (46) 2023 21,515 3,748 276 (8,662) (46) 2024 17,484 2,971 276 (7,942) (46) 2025 13,722 1,975 276 (7,366) (46) Thereafter 31,779 4,922 15,860 (16,427) (1,396) $ 119,958 $ 19,524 $ 17,033 $ (54,929) $ (1,592) The carrying amount of goodwill did not change during the three and nine months ended September 30, 2021 and 2020. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER ASSETS | OTHER ASSETS Other assets on the consolidated balance sheets as of September 30, 2021 and December 31, 2020 included the following (in thousands): 2021 2020 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $18,886 and $32,582 in 2021 and 2020, respectively $ 14,891 $ 17,211 Predevelopment costs and earnest money 24,988 17,841 Prepaid expenses and other assets 9,368 6,095 Lease inducements, net of accumulated amortization of $3,678 and $3,316 in 2021 and 2020, respectively 6,347 5,771 Line of credit deferred financing costs, net of accumulated amortization of $5,597 and $4,461 in 2021 and 2020, respectively 1,885 3,021 $ 57,479 $ 49,939 Predevelopment costs represent amounts that are capitalized related to predevelopment projects that the Company determined are probable of future development. 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. |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at September 30, 2021 and December 31, 2020 ($ in thousands): Description Interest Rate (1) Maturity (2) 2021 2020 Unsecured Notes: Credit Facility, Unsecured 1.13% 2023 $ 34,000 $ 232,400 Term Loan, Unsecured 1.13% 2024 350,000 — Term Loan, Unsecured 1.30% 2021 — 250,000 2019 Senior Notes, Unsecured 3.95% 2029 275,000 275,000 2017 Senior Notes, Unsecured 3.91% 2025 250,000 250,000 2019 Senior Notes, Unsecured 3.86% 2028 250,000 250,000 2019 Senior Notes, Unsecured 3.78% 2027 125,000 125,000 2017 Senior Notes, Unsecured 4.09% 2027 100,000 100,000 1,384,000 1,482,400 Secured Mortgage Notes: Fifth Third Center 3.37% 2026 134,529 137,057 Terminus 100 5.25% 2023 112,524 114,997 Colorado Tower 3.45% 2026 112,786 114,660 Promenade 4.27% 2022 89,952 92,593 Domain 10 (3) 3.75% 2024 76,874 78,232 Terminus 200 3.79% 2023 73,015 74,354 Legacy Union One 4.24% 2023 66,000 66,000 665,680 677,893 $ 2,049,680 $ 2,160,293 Unamortized premium 4,826 7,574 Unamortized loan costs (6,907) (5,148) Total Notes Payable $ 2,047,599 $ 2,162,719 (1) Interest rate as of September 30, 2021. (2) Weighted average maturity of notes payable outstanding at September 30, 2021 was 4.39 years. (3) At December 31, 2020, this mortgage note was secured by the Company's 816 Congress property. Credit Facility The Company has a $1 billion senior unsecured line of credit (the "Credit Facility") that matures on January 3, 2023. The Credit Facility contains financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 1.75x; a fixed charge coverage ratio of at least 1.50x; a secured leverage ratio of no more than 40%; and an overall leverage ratio of no more than 60%. The Credit Facility also contains customary representations and warranties and affirmative and negative covenants, as well as customary events of default. The amounts outstanding under the Credit Facility may be accelerated upon the occurrence of any events of default. The Company is in compliance with all covenants of the Credit Facility. The interest rate applicable to the 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 a spread of between 1.05% and 1.45%, 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. At September 30, 2021, the Credit Facility's spread over LIBOR was 1.05%. The amount that the Company may draw under the Credit Facility is a defined calculation based on the Company's unencumbered assets and other factors. The total available borrowing capacity under the Credit Facility was $966.0 million at September 30, 2021. Term Loan On June 28 2021, the Company entered into an Amended and Restated Term Loan Agreement (the "New Term Loan") that amended the former term loan agreement. Under the New Term Loan, the Company has borrowed $350 million that matures on August 30, 2024 with options to, on up to four successive occasions, extend the maturity date for an additional 180 days. The New Term Loan has financial covenants consistent with those of the Credit Facility. The interest rate applicable to the New 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 Eurodollar Rate Loans plus a spread of between 1.05% and 1.65%, (2) the current LIBOR Daily Floating plus a spread of between 1.05% and 1.65%, or (3) the interest rate applicable to Base Rate Loans plus a spread of between 0.05% and 0.65%. At September 30, 2021, the New Term Loan's spread over LIBOR was 1.05%. The Company is in compliance with all covenants of the New Term Loan. Prior to June 28, 2021, the Company had a $250 million unsecured term loan (the "Old Term Loan") that was scheduled to mature on December 2, 2021. The Old Term Loan had financial covenants consistent with those of the Credit Facility. The interest rate applicable to the Old Term Loan varied according to the Company’s leverage ratio and could have, at the election of the Company, been determined based on either (1) the current 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 1.00%, plus a spread of between 0.00% and 0.75%, based on leverage. Unsecured Senior Notes The Company has unsecured senior notes of $1.0 billion that were funded in five tranches. The first tranche of $100 million is due in 2027 and has a fixed annual interest rate of 4.09%. The second tranche of $250 million is due in 2025 and has a fixed annual interest rate of 3.91%. The third tranche of $125 million is due in 2027 and has a fixed annual interest rate of 3.78%. The fourth tranche of $250 million is due in 2028 and has a fixed annual interest rate of 3.86%. The fifth tranche of $275 million is due in 2029 and has a fixed annual interest rate of 3.95%. The unsecured senior notes contain financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 1.75x; a fixed charge coverage ratio of at least 1.50x; a secured leverage ratio of no more than 40%; and an overall leverage ratio of no more than 60%. The senior notes also contain customary representations and warranties and affirmative and negative covenants, as well as customary events of default. The amounts outstanding under the senior notes may be accelerated upon the occurrence of any events of default. The Company is in compliance with all covenants of the unsecured senior notes. Secured Mortgage Notes In June of 2021, the Company executed a collateral substitution for the mortgage previously secured by the Company's 816 Congress property in Austin. The mortgage is now secured by the Company's Domain 10 property in Austin. All other terms of the note were unchanged. On February 3, 2020, the Company prepaid in full, without penalty, the $23.0 million Meridian Mark Plaza mortgage note. As of September 30, 2021, the Company had $665.7 million outstanding on seven non-recourse mortgage notes. All interest rates on the secured mortgage notes are fixed. Assets with depreciated carrying values of $1.2 billion were pledged as security on these mortgage notes payable. Other Debt Information At September 30, 2021 and December 31, 2020, the estimated fair value of the Company’s notes payable was $2.2 billion and $2.3 billion, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at September 30, 2021 and December 31, 2020. 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 three and nine months ended September 30, 2021 and 2020, interest expense was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Total interest incurred $ 18,181 $ 17,780 $ 54,775 $ 56,944 Interest capitalized (1,472) (2,722) (4,202) (11,989) Total interest expense $ 16,709 $ 15,058 $ 50,573 $ 44,955 |
Other Liabilities
Other Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES Other liabilities on the consolidated balance sheets as of September 30, 2021 and December 31, 2020 included the following (in thousands): 2021 2020 Ground lease liability $ 58,547 $ 58,619 Prepaid rent 32,801 30,479 Security deposits 12,806 13,098 Restricted stock unit liability 6,683 10,613 Other liabilities 4,763 5,294 $ 115,600 $ 118,103 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments The Company had outstanding performance bonds totaling $527,000 at September 30, 2021. As a lessor, the Company had $244.0 million in future obligations under leases to fund tenant improvements and other future construction obligations at September 30, 2021. 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. Contingencies Events related to the COVID-19 pandemic and the actions taken to contain it have created substantial uncertainty for all businesses, including the Company. The Company’s condensed consolidated financial statements as of and for the three and nine months ended September 30, 2021 and September 30, 2020 have been prepared in light of these circumstances without any impairments on held for use long-lived investments or significant valuation adjustments to amounts due from tenants. However, circumstances related to the COVID-19 pandemic may result in recording impairments or material valuation adjustments to amounts due from tenants in future periods. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY In the third quarter of 2021, the Company entered into an Equity Distribution Agreement with six financial institutions known as an at-the-market stock offering program ("ATM program"), under which the Company may offer and sell shares of its common stock from time to time in "at-the-market" offerings with an aggregate gross sales price of up to $500 million. In connection with the ATM program, Cousins may, at its discretion, enter into forward equity sale agreements. The use of a forward equity sale agreement would allow the Company to lock in a share price on the sale of shares of its common stock at the time the agreement is executed, but defer receiving the proceeds from the sale of shares until a later date, allowing the Company to better align such funding with its capital needs. Sales of shares of Cousins' stock through its banking relationships, if any, are made in amounts and at times to be determined by Cousins from time to time, but the Company has no obligation to sell any of the shares in the offering and may suspend sales in connection with the offering at any time. Sales of Cousins' common stock under forward equity sale agreements, if undertaken, meet the derivatives and hedging guidance scope exception as the contracts are related to the Company's own stock. To date, there have been no material sales under forward equity sale agreements, and the Company has not received proceeds related to the issuance of any shares under the ATM program. To the extent unsettled shares sold under forward equity sale agreements are potentially dilutive at period end under the treasury stock method, the impact of such dilution is disclosed in the calculation included in Note 13. In the first quarter of 2020, the Company issued 1.7 million shares of common stock in connection with the redemption of 1.7 million limited partnership units in CPLP. Each of the redeemed limited partnership units in CPLP was "paired" with a share of limited voting preferred stock with a par value of $1 per share. The shares of limited voting preferred stock were automatically redeemed by Cousins without consideration when their paired limited partnership unit in CPLP was redeemed. After this redemption, the Company no longer has any preferred stock outstanding. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION The Company categorizes its primary sources of revenue into revenue from contracts with customers and other revenue accounted for as leases under ASC 842 as follows: • Rental property revenues consist of (1) contractual revenues from leases recognized on a straight-line basis over the term of the respective lease; (2) percentage rents recognized once a specified sales target is achieved; (3) parking revenue; (4) termination fees; and (5) the reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses. The Company's leases typically include renewal options and are classified and accounted for as operating leases. Rental property revenues are accounted for in accordance with the guidance set forth in ASC 842. • Fee income consists of development fees, management fees, and leasing fees earned from unconsolidated joint ventures and from third parties. Fee income is accounted for in accordance with the guidance set forth in ASC 606. For the three and nine months ended September 30, 2021, the Company recognized rental property revenues of $185.5 million and $552.1 million, respectively, of which $52.3 million and $148.3 million, respectively, represented variable rental revenue. For the three and nine months ended September 30, 2020, the Company recognized rental property revenues of $179.0 million and $543.3 million, respectively, of which $47.1 million and $145.4 million, respectively, represented variable rental revenue. For the three and nine months ended September 30, 2021, the Company recognized fee and other revenue of $3.2 million and $12.8 million, respectively. For the three and nine months ended September 30, 2020, the Company recognized fee and other revenue of $4.4 million and $13.9 million, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company maintains the Cousins Properties Incorporated 2019 Omnibus Incentive Stock Plan (the "2019 Plan") under which the Company has several types of stock-based compensation — stock options, restricted stock, and restricted stock units ("RSUs"). The Company also maintains the Cousins Properties Incorporated 2009 Incentive Stock Plan (the "2009 Plan") and the Cousins Properties Incorporated 2005 Restricted Stock Unit Plan (the "RSU Plan"). Since first quarter 2019, there have been no awards made or permitted under the 2009 Plan or RSU Plan. Employee Awards The Company's stock compensation expense for the three and nine months ended September 30, 2021 relates to restricted stock and RSUs awarded in 2021, 2020, 2019, and 2018. Stock compensation expense for the three and nine months ended September 30, 2020 relates to restricted stock and RSUs awarded in 2020, 2019, 2018, and 2017. Restricted stock, the 2021 RSUs, and the 2020 RSUs are equity-classified awards (settled in shares of the Company) for which compensation expense per share is fixed. The 2019, 2018, and 2017 RSUs are liability-classified awards (settled in cash) for which the expense fluctuates from period to period dependent, in part, on the Company's stock price. For the three and nine months ended September 30, 2021 and 2020, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Equity-classified awards: Restricted stock $ 682 $ 568 $ 1,995 $ 2,016 Market based RSUs 587 284 1,946 998 Performance based RSUs 203 78 677 340 Total equity-classified award expense, net of forfeitures 1,472 930 4,618 3,354 Liability-classified awards Market based RSUs 827 503 1,597 942 Performance based RSUs 83 (48) 340 (133) Time vested RSUs 149 82 522 361 Dividend equivalent units 24 66 76 193 Total liability-classified award expense, net of forfeitures 1,083 603 2,535 1,363 Total stock-based compensation expense, $ 2,555 $ 1,533 $ 7,153 $ 4,717 Information on the Company's stock compensation plan, including information on the Company's equity-classified and liability-classified awards, is discussed in note 16 of the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. Grants of Equity-Classified Awards Under the 2019 Plan, in February 2021 the Company granted three types of equity-classified awards to key employees: (1) RSUs based on the Total Stockholder Return ("TSR") of the Company, as defined in the award documents, relative to that of office peers included in the SNL US Office REIT Index (the "Market-based RSUs"), (2) RSUs based on the ratio of cumulative funds from operations per share to targeted cumulative funds from operations per share (the “Performance-based RSUs”), and (3) restricted stock. The RSU awards are equity-classified awards to be settled in stock with issuance dependent upon the attainment of required service, market, and performance criteria. For the Market-based RSUs, the Company expenses an estimate of the fair value of the awards on the grant date, calculated using a Monte Carlo valuation at grant date, ratably over the vesting period, adjusting only for forfeitures when they occur. The expense of these Market-based RSUs is not adjusted for the number of awards that actually vest. For the Performance-based RSUs, the Company expenses the awards over the vesting period using the grant date fair market value of the Company's stock on the grant date. The expense is recognized ratably over the vesting period and adjusted each quarter based on the number of shares expected to vest and for forfeitures when they occur. The performance period for the Performance-based RSUs and TSR measurement period for the Market-based RSUs awarded is three years starting on January 1 of the year of issuance and ending on December 31. The ultimate settlement of these awards can range from 0% to 200% of the targeted number of units depending on the achievement of the market and performance metrics described above. The restricted stock vests ratably over three years from the grant date. 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. The following table summarizes the grants of equity-classified awards made by the Company in February 2021: Shares and Targeted Units Granted Market-based RSUs 101,791 Performance-based RSUs 43,622 Restricted stock 102,262 Director grants 185 The Monte Carlo valuation used to determine the grant date fair value of the equity-classified Market-based RSUs included the following assumptions for those RSUs granted in February 2021: Assumptions for RSUs Granted Volatility (1) 37.50 % Risk-free rate (2) 0.17 % Stock beta (3) 1.04 % (1) Based on historical volatility over three years using daily stock price. (2) Reflects the yield on three-year Treasury bonds as reported by the Federal Reserve in the H.15 release. (3) Betas are calculated with up to three years of daily stock price data. Director Awards |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Earnings per Common Share - basic: Numerator: Net income $ 54,136 $ 28,255 $ 111,507 $ 226,800 Net income attributable to noncontrolling interests in CPLP from continuing operations (9) (5) (20) (312) Net income attributable to other noncontrolling interests (109) (135) (206) (329) Net income available to common stockholders $ 54,018 $ 28,115 $ 111,281 $ 226,159 Denominator: Weighted average common shares - basic 148,688 148,566 148,659 148,181 Net income per common share - basic $ 0.36 $ 0.19 $ 0.75 $ 1.53 Earnings per common share - diluted: Numerator: Net income $ 54,136 $ 28,255 $ 111,507 $ 226,800 Net income attributable to other noncontrolling interests (109) (135) (206) (329) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 54,027 $ 28,120 $ 111,301 $ 226,471 Denominator: Weighted average common shares - basic 148,688 148,566 148,659 148,181 Add: Potential dilutive common shares - stock options — 3 1 5 Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 59 12 58 12 Weighted average units of CPLP convertible into common shares 25 25 25 388 Weighted average common shares - diluted 148,772 148,606 148,743 148,586 Net income per common share - diluted $ 0.36 $ 0.19 $ 0.75 $ 1.52 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Supplemental Information | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION | CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION Supplemental information related to the cash flows, including significant non-cash activity affecting the consolidated statement of cash flows, for the nine months ended September 30, 2021 and 2020 is as follows (in thousands): 2021 2020 Interest paid $ 61,235 $ 56,761 Income taxes paid 155 — Non-Cash Activity: Transfer from operating properties and related assets and liabilities to assets and 249,365 — Common stock dividends declared and accrued 46,319 44,569 Transfers from projects under development to operating properties — 443,932 Transfer from land held and other assets to projects under development — 29,121 Change in accrued property, acquisition, development, and tenant expenditures — 35,707 The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the consolidated balance sheets to cash, cash equivalents, and restricted cash in the consolidated statements of cash flows (in thousands): September 30, 2021 December 31, 2020 Cash and cash equivalents $ 5,532 $ 4,290 Restricted cash 1,236 1,848 Total cash, cash equivalents, and restricted cash $ 6,768 $ 6,138 |
Reportable Segments
Reportable Segments | 9 Months Ended |
Sep. 30, 2021 | |
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 and Other. Included in the Other property type are apartments, apartment retail, and the College Street Garage. The segments by geographical region are Atlanta, Austin, Charlotte, Dallas, Phoenix, Tampa, and Other. Included in the Other geographical region are properties located in Chapel Hill, Houston, Fort Worth (sold in April 2021), and Cherry Hill, New Jersey (sold in February 2020). These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker (our Chief Executive Officer) based on similar economic characteristics that include the type of property 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 termination fees, 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 fee income, other revenue, corporate general and administrative expenses, reimbursed expenses, interest expense, depreciation and amortization, impairments, gains/loss on sales of real estate, gain/loss on extinguishment of debt, transaction costs, 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 for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands): Three Months Ended September 30, 2021 Office Other Total Revenues: Atlanta $ 67,959 $ 369 $ 68,328 Austin 65,448 — 65,448 Charlotte 17,527 721 18,248 Dallas 4,337 — 4,337 Phoenix 12,847 — 12,847 Tampa 14,444 — 14,444 Other 8,702 1,155 9,857 Total segment revenues 191,264 2,245 193,509 Less: Company's share of rental property revenues from unconsolidated joint ventures (6,470) (1,524) (7,994) Total rental property revenues $ 184,794 $ 721 $ 185,515 Three Months Ended September 30, 2020 Office Other Total Revenues: Atlanta $ 64,742 $ 110 $ 64,852 Austin 52,008 — 52,008 Charlotte 19,567 803 20,370 Dallas 4,601 — 4,601 Phoenix 12,689 — 12,689 Tampa 13,179 — 13,179 Other 16,354 1,193 17,547 Total segment revenues 183,140 2,106 185,246 Less: Company's share of rental property revenues from unconsolidated joint ventures (4,920) (1,302) (6,222) Total rental property revenues $ 178,220 $ 804 $ 179,024 Nine Months Ended September 30, 2021 Office Other Total Revenues: Atlanta $ 198,461 $ 1,039 $ 199,500 Austin 183,158 — 183,158 Charlotte 60,578 1,873 62,451 Dallas 13,351 — 13,351 Phoenix 38,067 — 38,067 Tampa 43,180 — 43,180 Other 31,825 3,930 35,755 Total segment revenues 568,620 6,842 575,462 Less: Company's share of rental property revenues from unconsolidated joint ventures (18,405) (4,969) (23,374) Total rental property revenues $ 550,215 $ 1,873 $ 552,088 Nine Months Ended September 30, 2020 Office Other Total Revenues: Atlanta $ 193,117 $ 234 $ 193,351 Austin 155,009 — 155,009 Charlotte 74,057 1,354 75,411 Dallas 13,559 — 13,559 Phoenix 37,932 — 37,932 Tampa 40,203 — 40,203 Other 46,092 3,631 49,723 Total segment revenues 559,969 5,219 565,188 Less: Company's share of rental property revenues from unconsolidated joint ventures (18,072) (3,864) (21,936) Total rental property revenues $ 541,897 $ 1,355 $ 543,252 NOI by reportable segment for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands): Three Months Ended September 30, 2021 Office Other Total Net Operating Income: Atlanta $ 44,333 $ 180 $ 44,513 Austin 38,532 — 38,532 Charlotte 12,491 361 12,852 Dallas 3,424 — 3,424 Phoenix 9,299 — 9,299 Tampa 9,434 — 9,434 Other 5,347 747 6,094 Total Net Operating Income $ 122,860 $ 1,288 $ 124,148 Three Months Ended September 30, 2020 Office Other Total Net Operating Income: Atlanta $ 43,399 $ (11) $ 43,388 Austin 31,639 — 31,639 Charlotte 14,086 535 14,621 Dallas 3,688 — 3,688 Phoenix 9,205 — 9,205 Tampa 8,230 — 8,230 Other 8,483 762 9,245 Total Net Operating Income $ 118,730 $ 1,286 $ 120,016 Nine Months Ended September 30, 2021 Office Other Total Net Operating Income: Atlanta $ 130,551 $ 433 $ 130,984 Austin 108,764 — 108,764 Charlotte 43,176 796 43,972 Dallas 10,546 — 10,546 Phoenix 27,252 — 27,252 Tampa 27,755 — 27,755 Other 18,142 2,562 20,704 Total Net Operating Income $ 366,186 $ 3,791 $ 369,977 Nine Months Ended September 30, 2020 Office Other Total Net Operating Income: Atlanta $ 129,992 $ (113) $ 129,879 Austin 92,161 — 92,161 Charlotte 50,302 912 51,214 Dallas 10,907 — 10,907 Phoenix 27,920 — 27,920 Tampa 24,372 — 24,372 Other 26,008 2,469 28,477 Total Net Operating Income $ 361,662 $ 3,268 $ 364,930 The following reconciles Net Operating Income to net income for each of the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net Operating Income $ 124,148 $ 120,016 $ 369,977 $ 364,930 Net operating income from unconsolidated joint ventures (5,762) (4,208) (15,953) (14,436) Fee income 3,094 4,350 12,426 13,772 Termination fee income 1,775 372 2,599 3,755 Other income 123 6 405 169 Reimbursed expenses (383) (373) (1,149) (1,216) General and administrative expenses (7,968) (5,658) (22,014) (19,853) Interest expense (16,709) (15,058) (50,573) (44,955) Depreciation and amortization (72,073) (71,498) (214,399) (215,980) Transaction costs — — — (428) Other expenses (421) (723) (1,835) (1,841) Income from unconsolidated joint ventures 2,128 1,611 5,826 6,751 Gain (loss) on sales of investments in unconsolidated joint ventures 13,121 (59) 13,160 45,940 Gain (loss) on investment property transactions 13,063 (523) 13,037 90,192 Net income $ 54,136 $ 28,255 $ 111,507 $ 226,800 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of September 30, 2021 and the results of operations for the three and nine months ended September 30, 2021 and 2020. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included therein. |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Schedule of property acquired | The Company accounted for this transaction as an acquisition of an asset, and the following table summarizes the allocation of the purchase price of this property (in thousands): 725 Ponce Tangible assets: Operating properties $ 292,946 Tangible assets 292,946 Intangible assets: In-place leases 12,788 Above market leases 1,770 Intangible assets 14,558 Intangible liabilities: Above market leases (6,739) Intangible liabilities (6,739) Total net assets acquired $ 300,765 |
Schedule of assets and liabilities of properties held for sale | The Company's Burnett Plaza property in Fort Worth was classified as held for sale as of December 31, 2020 as the result of the Company accepting an offer for the sale of the property in the fourth quarter of 2020. The major classes of assets and liabilities of those properties held for sale were as follows (in thousands): December 31, 2020 Real estate assets and other assets held for sale Operating property, net of accumulated depreciation of $8,123 $ 106,864 Notes and accounts receivable 439 Deferred rents receivable 2,480 Intangible assets, net of accumulated amortization of $6,065 15,830 Other assets 133 Total real estate assets and other assets held for sale $ 125,746 Liabilities of real estate assets held for sale Accounts payable and accrued expenses $ 7,399 Deferred income 44 Intangible liabilities, net of accumulated amortization of $1,205 3,014 Other liabilities 2,149 Total liabilities of real estate assets held for sale $ 12,606 |
Investment in Unconsolidated _2
Investment in Unconsolidated Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Financial Data and Principal Activities of 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 September 30, 2021 and December 31, 2020 (in thousands). The information included in the summary of operations table is for the nine months ended September 30, 2021 and 2020 (in thousands): Total Assets Total Debt Total Equity (Deficit) Company’s Investment SUMMARY OF FINANCIAL POSITION: 2021 2020 2021 2020 2021 2020 2021 2020 Neuhoff Holdings LLC 111,250 — 26,932 — 84,318 — 42,159 — Austin 300 Colorado Project, LP 173,515 165,586 92,252 86,848 70,167 68,567 38,919 38,488 AMCO 120 WT Holdings, LLC 84,640 85,449 — — 83,406 84,311 15,450 15,735 HICO Victory Center LP 16,230 16,544 — — 15,929 15,709 10,709 10,595 715 Ponce Holdings LLC 8,051 — — — 8,016 — 4,028 — DC Charlotte Plaza LLLP — 173,704 — — — 90,648 6 47,941 Carolina Square Holdings LP 113,129 118,616 133,264 77,034 (33,999) 21,888 (15,671) (1) 12,430 Crawford Long - CPI, LLC 26,450 29,641 64,996 66,423 (40,203) (38,253) (19,326) (1) (18,289) (1) Other 112 1,313 — — 118 1,316 80 292 $ 533,377 $ 590,853 $ 317,444 $ 230,305 $ 187,752 $ 244,186 $ 76,354 $ 107,192 Total Revenues Net Income (Loss) Company's Share of Income (Loss) SUMMARY OF OPERATIONS: 2021 2020 2021 2020 2021 2020 DC Charlotte Plaza LLLP 15,209 15,476 5,494 5,597 2,549 2,583 Crawford Long - CPI, LLC 9,743 9,784 3,049 2,767 1,412 1,329 Carolina Square Holdings LP 12,478 10,792 1,713 1,936 776 950 Austin 300 Colorado Project, LP 6,388 264 1,600 90 773 45 HICO Victory Center LP 199 241 199 241 111 121 AMCO 120 WT Holdings, LLC 6,385 1,564 234 (2,106) 38 (383) 715 Ponce Holdings LLC 25 — 11 — 7 — Other 378 6,920 271 3,477 160 2,106 $ 50,805 $ 45,041 $ 12,571 $ 12,002 $ 5,826 $ 6,751 (1) Negative bases are included in deferred income on the consolidated balance sheets. |
Intangible Assets and Liabili_2
Intangible Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | At September 30, 2021 and December 31, 2020, intangible assets included the following (in thousands): 2021 2020 In-place leases, net of accumulated amortization of $144,765 and $212,413 in 2021 and 2020, respectively $ 119,958 $ 145,290 Above-market rents, net of accumulated amortization of $25,771 and $33,548 in 2021 and 2020, respectively 19,524 24,960 Below-market ground lease, net of accumulated amortization of $1,380 and $1,173 in 2021 and 2020, respectively 17,033 17,240 Goodwill 1,674 1,674 $ 158,189 $ 189,164 |
Schedule of Intangible Liabilities | At September 30, 2021 and December 31, 2020, intangible liabilities included the following (in thousands): 2021 2020 Below-market rents, net of accumulated amortization of $55,946 and $73,612 in 2021 and 2020, respectively $ 54,929 $ 68,219 Above-market ground lease, net of accumulated amortization of $389 and $354 in 2021 and 2020, respectively 1,592 1,627 $ 56,521 $ 69,846 |
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): In-Place Above-Market Below-Market Ground Lease Below-Market Above-Market 2021 (three months) $ 9,587 $ 1,333 $ 69 $ (4,248) $ (12) 2022 25,871 4,575 276 (10,284) (46) 2023 21,515 3,748 276 (8,662) (46) 2024 17,484 2,971 276 (7,942) (46) 2025 13,722 1,975 276 (7,366) (46) Thereafter 31,779 4,922 15,860 (16,427) (1,396) $ 119,958 $ 19,524 $ 17,033 $ (54,929) $ (1,592) |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets on the consolidated balance sheets as of September 30, 2021 and December 31, 2020 included the following (in thousands): 2021 2020 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $18,886 and $32,582 in 2021 and 2020, respectively $ 14,891 $ 17,211 Predevelopment costs and earnest money 24,988 17,841 Prepaid expenses and other assets 9,368 6,095 Lease inducements, net of accumulated amortization of $3,678 and $3,316 in 2021 and 2020, respectively 6,347 5,771 Line of credit deferred financing costs, net of accumulated amortization of $5,597 and $4,461 in 2021 and 2020, respectively 1,885 3,021 $ 57,479 $ 49,939 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Terms of Notes Payable | The following table summarizes the terms of notes payable outstanding at September 30, 2021 and December 31, 2020 ($ in thousands): Description Interest Rate (1) Maturity (2) 2021 2020 Unsecured Notes: Credit Facility, Unsecured 1.13% 2023 $ 34,000 $ 232,400 Term Loan, Unsecured 1.13% 2024 350,000 — Term Loan, Unsecured 1.30% 2021 — 250,000 2019 Senior Notes, Unsecured 3.95% 2029 275,000 275,000 2017 Senior Notes, Unsecured 3.91% 2025 250,000 250,000 2019 Senior Notes, Unsecured 3.86% 2028 250,000 250,000 2019 Senior Notes, Unsecured 3.78% 2027 125,000 125,000 2017 Senior Notes, Unsecured 4.09% 2027 100,000 100,000 1,384,000 1,482,400 Secured Mortgage Notes: Fifth Third Center 3.37% 2026 134,529 137,057 Terminus 100 5.25% 2023 112,524 114,997 Colorado Tower 3.45% 2026 112,786 114,660 Promenade 4.27% 2022 89,952 92,593 Domain 10 (3) 3.75% 2024 76,874 78,232 Terminus 200 3.79% 2023 73,015 74,354 Legacy Union One 4.24% 2023 66,000 66,000 665,680 677,893 $ 2,049,680 $ 2,160,293 Unamortized premium 4,826 7,574 Unamortized loan costs (6,907) (5,148) Total Notes Payable $ 2,047,599 $ 2,162,719 (1) Interest rate as of September 30, 2021. (2) Weighted average maturity of notes payable outstanding at September 30, 2021 was 4.39 years. |
Summary of Interest Recorded | For the three and nine months ended September 30, 2021 and 2020, interest expense was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Total interest incurred $ 18,181 $ 17,780 $ 54,775 $ 56,944 Interest capitalized (1,472) (2,722) (4,202) (11,989) Total interest expense $ 16,709 $ 15,058 $ 50,573 $ 44,955 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Liabilities | Other liabilities on the consolidated balance sheets as of September 30, 2021 and December 31, 2020 included the following (in thousands): 2021 2020 Ground lease liability $ 58,547 $ 58,619 Prepaid rent 32,801 30,479 Security deposits 12,806 13,098 Restricted stock unit liability 6,683 10,613 Other liabilities 4,763 5,294 $ 115,600 $ 118,103 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense, Net of Forfeitures | For the three and nine months ended September 30, 2021 and 2020, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Equity-classified awards: Restricted stock $ 682 $ 568 $ 1,995 $ 2,016 Market based RSUs 587 284 1,946 998 Performance based RSUs 203 78 677 340 Total equity-classified award expense, net of forfeitures 1,472 930 4,618 3,354 Liability-classified awards Market based RSUs 827 503 1,597 942 Performance based RSUs 83 (48) 340 (133) Time vested RSUs 149 82 522 361 Dividend equivalent units 24 66 76 193 Total liability-classified award expense, net of forfeitures 1,083 603 2,535 1,363 Total stock-based compensation expense, $ 2,555 $ 1,533 $ 7,153 $ 4,717 |
Summary of grants of equity and liability classified award activity | The following table summarizes the grants of equity-classified awards made by the Company in February 2021: Shares and Targeted Units Granted Market-based RSUs 101,791 Performance-based RSUs 43,622 Restricted stock 102,262 Director grants 185 |
Summary of valuation assumptions | The Monte Carlo valuation used to determine the grant date fair value of the equity-classified Market-based RSUs included the following assumptions for those RSUs granted in February 2021: Assumptions for RSUs Granted Volatility (1) 37.50 % Risk-free rate (2) 0.17 % Stock beta (3) 1.04 % (1) Based on historical volatility over three years using daily stock price. (2) Reflects the yield on three-year Treasury bonds as reported by the Federal Reserve in the H.15 release. (3) Betas are calculated with up to three years of daily stock price data. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Earnings per Common Share - basic: Numerator: Net income $ 54,136 $ 28,255 $ 111,507 $ 226,800 Net income attributable to noncontrolling interests in CPLP from continuing operations (9) (5) (20) (312) Net income attributable to other noncontrolling interests (109) (135) (206) (329) Net income available to common stockholders $ 54,018 $ 28,115 $ 111,281 $ 226,159 Denominator: Weighted average common shares - basic 148,688 148,566 148,659 148,181 Net income per common share - basic $ 0.36 $ 0.19 $ 0.75 $ 1.53 Earnings per common share - diluted: Numerator: Net income $ 54,136 $ 28,255 $ 111,507 $ 226,800 Net income attributable to other noncontrolling interests (109) (135) (206) (329) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 54,027 $ 28,120 $ 111,301 $ 226,471 Denominator: Weighted average common shares - basic 148,688 148,566 148,659 148,181 Add: Potential dilutive common shares - stock options — 3 1 5 Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 59 12 58 12 Weighted average units of CPLP convertible into common shares 25 25 25 388 Weighted average common shares - diluted 148,772 148,606 148,743 148,586 Net income per common share - diluted $ 0.36 $ 0.19 $ 0.75 $ 1.52 |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows - Supplemental Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information Related to Cash Flows | Supplemental information related to the cash flows, including significant non-cash activity affecting the consolidated statement of cash flows, for the nine months ended September 30, 2021 and 2020 is as follows (in thousands): 2021 2020 Interest paid $ 61,235 $ 56,761 Income taxes paid 155 — Non-Cash Activity: Transfer from operating properties and related assets and liabilities to assets and 249,365 — Common stock dividends declared and accrued 46,319 44,569 Transfers from projects under development to operating properties — 443,932 Transfer from land held and other assets to projects under development — 29,121 Change in accrued property, acquisition, development, and tenant expenditures — 35,707 |
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the consolidated balance sheets to cash, cash equivalents, and restricted cash in the consolidated statements of cash flows (in thousands): September 30, 2021 December 31, 2020 Cash and cash equivalents $ 5,532 $ 4,290 Restricted cash 1,236 1,848 Total cash, cash equivalents, and restricted cash $ 6,768 $ 6,138 |
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the consolidated balance sheets to cash, cash equivalents, and restricted cash in the consolidated statements of cash flows (in thousands): September 30, 2021 December 31, 2020 Cash and cash equivalents $ 5,532 $ 4,290 Restricted cash 1,236 1,848 Total cash, cash equivalents, and restricted cash $ 6,768 $ 6,138 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | 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 for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands): Three Months Ended September 30, 2021 Office Other Total Revenues: Atlanta $ 67,959 $ 369 $ 68,328 Austin 65,448 — 65,448 Charlotte 17,527 721 18,248 Dallas 4,337 — 4,337 Phoenix 12,847 — 12,847 Tampa 14,444 — 14,444 Other 8,702 1,155 9,857 Total segment revenues 191,264 2,245 193,509 Less: Company's share of rental property revenues from unconsolidated joint ventures (6,470) (1,524) (7,994) Total rental property revenues $ 184,794 $ 721 $ 185,515 Three Months Ended September 30, 2020 Office Other Total Revenues: Atlanta $ 64,742 $ 110 $ 64,852 Austin 52,008 — 52,008 Charlotte 19,567 803 20,370 Dallas 4,601 — 4,601 Phoenix 12,689 — 12,689 Tampa 13,179 — 13,179 Other 16,354 1,193 17,547 Total segment revenues 183,140 2,106 185,246 Less: Company's share of rental property revenues from unconsolidated joint ventures (4,920) (1,302) (6,222) Total rental property revenues $ 178,220 $ 804 $ 179,024 Nine Months Ended September 30, 2021 Office Other Total Revenues: Atlanta $ 198,461 $ 1,039 $ 199,500 Austin 183,158 — 183,158 Charlotte 60,578 1,873 62,451 Dallas 13,351 — 13,351 Phoenix 38,067 — 38,067 Tampa 43,180 — 43,180 Other 31,825 3,930 35,755 Total segment revenues 568,620 6,842 575,462 Less: Company's share of rental property revenues from unconsolidated joint ventures (18,405) (4,969) (23,374) Total rental property revenues $ 550,215 $ 1,873 $ 552,088 Nine Months Ended September 30, 2020 Office Other Total Revenues: Atlanta $ 193,117 $ 234 $ 193,351 Austin 155,009 — 155,009 Charlotte 74,057 1,354 75,411 Dallas 13,559 — 13,559 Phoenix 37,932 — 37,932 Tampa 40,203 — 40,203 Other 46,092 3,631 49,723 Total segment revenues 559,969 5,219 565,188 Less: Company's share of rental property revenues from unconsolidated joint ventures (18,072) (3,864) (21,936) Total rental property revenues $ 541,897 $ 1,355 $ 543,252 |
Reconciliation of NOI to Net Income Available to Common Stockholders | NOI by reportable segment for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands): Three Months Ended September 30, 2021 Office Other Total Net Operating Income: Atlanta $ 44,333 $ 180 $ 44,513 Austin 38,532 — 38,532 Charlotte 12,491 361 12,852 Dallas 3,424 — 3,424 Phoenix 9,299 — 9,299 Tampa 9,434 — 9,434 Other 5,347 747 6,094 Total Net Operating Income $ 122,860 $ 1,288 $ 124,148 Three Months Ended September 30, 2020 Office Other Total Net Operating Income: Atlanta $ 43,399 $ (11) $ 43,388 Austin 31,639 — 31,639 Charlotte 14,086 535 14,621 Dallas 3,688 — 3,688 Phoenix 9,205 — 9,205 Tampa 8,230 — 8,230 Other 8,483 762 9,245 Total Net Operating Income $ 118,730 $ 1,286 $ 120,016 Nine Months Ended September 30, 2021 Office Other Total Net Operating Income: Atlanta $ 130,551 $ 433 $ 130,984 Austin 108,764 — 108,764 Charlotte 43,176 796 43,972 Dallas 10,546 — 10,546 Phoenix 27,252 — 27,252 Tampa 27,755 — 27,755 Other 18,142 2,562 20,704 Total Net Operating Income $ 366,186 $ 3,791 $ 369,977 Nine Months Ended September 30, 2020 Office Other Total Net Operating Income: Atlanta $ 129,992 $ (113) $ 129,879 Austin 92,161 — 92,161 Charlotte 50,302 912 51,214 Dallas 10,907 — 10,907 Phoenix 27,920 — 27,920 Tampa 24,372 — 24,372 Other 26,008 2,469 28,477 Total Net Operating Income $ 361,662 $ 3,268 $ 364,930 The following reconciles Net Operating Income to net income for each of the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net Operating Income $ 124,148 $ 120,016 $ 369,977 $ 364,930 Net operating income from unconsolidated joint ventures (5,762) (4,208) (15,953) (14,436) Fee income 3,094 4,350 12,426 13,772 Termination fee income 1,775 372 2,599 3,755 Other income 123 6 405 169 Reimbursed expenses (383) (373) (1,149) (1,216) General and administrative expenses (7,968) (5,658) (22,014) (19,853) Interest expense (16,709) (15,058) (50,573) (44,955) Depreciation and amortization (72,073) (71,498) (214,399) (215,980) Transaction costs — — — (428) Other expenses (421) (723) (1,835) (1,841) Income from unconsolidated joint ventures 2,128 1,611 5,826 6,751 Gain (loss) on sales of investments in unconsolidated joint ventures 13,121 (59) 13,160 45,940 Gain (loss) on investment property transactions 13,063 (523) 13,037 90,192 Net income $ 54,136 $ 28,255 $ 111,507 $ 226,800 |
Description of Business and B_3
Description of Business and Basis of Presentation - Description of Business (Details) ft² in Thousands | 9 Months Ended |
Sep. 30, 2021ft² | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Distribution of taxable income to qualify as REIT, percentage | 100.00% |
Portfolio of real estate assets, office space area | 18,500 |
Portfolio of real estate assets, retail space area | 620 |
CPLP | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Percentage of partnership units owned by the Company (more than) | 99.00% |
Description of Business and B_4
Description of Business and Basis of Presentation - Basis of Presentation (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Assets | $ 6,977,364 | $ 7,107,398 |
Liabilities | 2,499,822 | $ 2,611,860 |
Variable Interest Entity, Primary Beneficiary | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Assets | 307,100 | |
Liabilities | $ 305,600 |
Transactions with Norfolk Sou_2
Transactions with Norfolk Southern Railway Company (Details) - USD ($) $ in Thousands | Mar. 01, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2021 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Assets | $ 6,977,364 | $ 6,977,364 | $ 6,977,364 | $ 7,107,398 | |||||
Deferred income | 76,475 | 76,475 | 76,475 | 62,319 | |||||
NS | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Contract price that is expected to be recognized as revenue | $ 52,300 | ||||||||
Revenue recognized | 2,500 | $ 3,700 | 10,400 | $ 11,200 | |||||
Deferred income | $ 3,300 | $ 3,300 | 3,300 | $ 5,700 | |||||
Contract with customer, liability, revenue recognized | $ 46,600 | ||||||||
1200 Peachtree | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Assets | 92,300 | ||||||||
Land | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Property purchased | $ 6,500 | $ 37,000 | |||||||
Site Preparation Work | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Property purchased | 4,000 | ||||||||
NS | 1200 Peachtree | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Purchase of a building | $ 82,000 | ||||||||
Lease term | 3 years | ||||||||
Discount on service contract price | $ 10,300 | ||||||||
Gain or loss on derecognition of non financial asset fair value | 0 | ||||||||
Consideration for the various services component | 52,300 | ||||||||
NS | Fees for development services | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Contract fees | 5,000 | ||||||||
NS | Fees for consulting services | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Contract fees | 32,000 | ||||||||
NS | Development agreement | 1200 Peachtree | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Cash consideration for various services contract | 5,000 | ||||||||
NS | Consulting agreement | 1200 Peachtree | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Cash consideration for various services contract | 32,000 | ||||||||
NS | Land | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from sale of property | 52,500 | ||||||||
Gain from sale of property | 5,000 | ||||||||
NS | Land | 1200 Peachtree | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Cash consideration for various services contract | $ 5,000 |
Real Estate - Acquisitions (Det
Real Estate - Acquisitions (Details) ft² in Thousands, $ in Thousands | Oct. 01, 2021USD ($)ft² | Sep. 27, 2021USD ($)a | Jul. 28, 2021USD ($)ft² | Mar. 12, 2021USD ($)a | May 31, 2020USD ($)a |
725 Ponce | |||||
Business Acquisition [Line Items] | |||||
Area of property | ft² | 372 | ||||
Payments to acquire businesses, gross | $ 300,800 | ||||
Tangible assets: | |||||
Operating properties | 292,946 | ||||
Tangible assets | 292,946 | ||||
Intangible assets: | |||||
Total intangible assets | 14,558 | ||||
Intangible liabilities: | |||||
Total intangible liabilities | (6,739) | ||||
Total net assets acquired | 300,765 | ||||
725 Ponce | In-Place Leases | |||||
Intangible assets: | |||||
Total intangible assets | 12,788 | ||||
725 Ponce | Above-Market Rents | |||||
Intangible assets: | |||||
Total intangible assets | 1,770 | ||||
Intangible liabilities: | |||||
Total intangible liabilities | $ (6,739) | ||||
Midtown Atlanta Land Purchase | |||||
Business Acquisition [Line Items] | |||||
Area of property | a | 0.15 | ||||
Payments to acquire businesses, gross | $ 3,100 | ||||
Atlanta Land Purchase | |||||
Business Acquisition [Line Items] | |||||
Area of property | a | 0.24 | ||||
Payments to acquire businesses, gross | $ 8,000 | ||||
Ownership percentage of partner in joint venture | 95.00% | ||||
Parking Garage In Charlotte, North Carolina | |||||
Business Acquisition [Line Items] | |||||
Area of property | a | 1,550 | ||||
Payments to acquire businesses, gross | $ 85,000 | ||||
Tampa | Subsequent Event | |||||
Business Acquisition [Line Items] | |||||
Area of property | ft² | 294 | ||||
Payments to acquire businesses, gross | $ 144,800 |
Real Estate - Dispositions (Det
Real Estate - Dispositions (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations ft² in Thousands, $ in Thousands | Jul. 23, 2021USD ($) | Apr. 07, 2021USD ($)ft² | Mar. 31, 2020USD ($)ft² | Feb. 29, 2020USD ($)ft² | Jul. 01, 2021USD ($)a |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (loss) from sale of property | $ 90,400 | ||||
One South Plaza | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales price | $ 271,500 | ||||
Gain (loss) from sale of property | $ 13,100 | ||||
A100 Mill Adjacent Land | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales price | $ 6,400 | ||||
Area of property | a | 0.7 | ||||
Burnett Plaza | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales price | $ 137,500 | ||||
Gain (loss) from sale of property | $ (19) | ||||
Area of property | ft² | 1,000 | ||||
Hearst Tower | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales price | $ 455,500 | ||||
Area of property | ft² | 966 | ||||
Woodcrest | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales price | $ 25,300 | ||||
Gain (loss) from sale of property | $ 0 | ||||
Area of property | ft² | 386 |
Real Estate - Assets and Liabil
Real Estate - Assets and Liabilities Held-for-sale (Details) - Held-for-sale - Burnett Plaza $ in Thousands | Dec. 31, 2020USD ($) |
Real estate assets and other assets held for sale | |
Operating properties, accumulated depreciation | $ 8,123 |
Operating property, net of accumulated depreciation of $8,123 | 106,864 |
Notes and accounts receivable | 439 |
Deferred rents receivable | 2,480 |
Intangible assets, accumulated amortization | 6,065 |
Intangible assets, net of accumulated amortization of $6,065 | 15,830 |
Other assets | 133 |
Total real estate assets and other assets held for sale | 125,746 |
Liabilities of real estate assets held for sale | |
Accounts payable and accrued expenses | 7,399 |
Deferred income | 44 |
Intangible liabilities, accumulated amortization | 1,205 |
Intangible liabilities, net of accumulated amortization of $1,205 | 3,014 |
Other liabilities | 2,149 |
Total liabilities of real estate assets held for sale | $ 12,606 |
Investment in Unconsolidated _3
Investment in Unconsolidated Joint Ventures - Summary of Financial Position and Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | $ 6,977,364 | $ 6,977,364 | $ 7,107,398 | ||
Total Equity (Deficit) | 4,445,092 | 4,445,092 | 4,467,134 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 188,732 | $ 183,380 | 564,919 | $ 557,193 | |
Net Income (Loss) | 54,018 | $ 28,115 | 111,281 | 226,159 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 533,377 | 533,377 | 590,853 | ||
Total Debt | 317,444 | 317,444 | 230,305 | ||
Total Equity (Deficit) | 187,752 | 187,752 | 244,186 | ||
Company’s Investment | 76,354 | 76,354 | 107,192 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 50,805 | 45,041 | |||
Net Income (Loss) | 12,571 | 12,002 | |||
Company's Share of Income (Loss) | 5,826 | 6,751 | |||
Neuhoff Holdings LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 111,250 | 111,250 | 0 | ||
Total Debt | 26,932 | 26,932 | 0 | ||
Total Equity (Deficit) | 84,318 | 84,318 | 0 | ||
Company’s Investment | 42,159 | 42,159 | 0 | ||
Austin 300 Colorado Project, LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 173,515 | 173,515 | 165,586 | ||
Total Debt | 92,252 | 92,252 | 86,848 | ||
Total Equity (Deficit) | 70,167 | 70,167 | 68,567 | ||
Company’s Investment | 38,919 | 38,919 | 38,488 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 6,388 | 264 | |||
Net Income (Loss) | 1,600 | 90 | |||
Company's Share of Income (Loss) | 773 | 45 | |||
AMCO 120 WT Holdings, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 84,640 | 84,640 | 85,449 | ||
Total Debt | 0 | 0 | 0 | ||
Total Equity (Deficit) | 83,406 | 83,406 | 84,311 | ||
Company’s Investment | 15,450 | 15,450 | 15,735 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 6,385 | 1,564 | |||
Net Income (Loss) | 234 | (2,106) | |||
Company's Share of Income (Loss) | 38 | (383) | |||
HICO Victory Center LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 16,230 | 16,230 | 16,544 | ||
Total Debt | 0 | 0 | 0 | ||
Total Equity (Deficit) | 15,929 | 15,929 | 15,709 | ||
Company’s Investment | 10,709 | 10,709 | 10,595 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 199 | 241 | |||
Net Income (Loss) | 199 | 241 | |||
Company's Share of Income (Loss) | 111 | 121 | |||
715 Ponce Holdings LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 8,051 | 8,051 | 0 | ||
Total Debt | 0 | 0 | 0 | ||
Total Equity (Deficit) | 8,016 | 8,016 | 0 | ||
Company’s Investment | 4,028 | 4,028 | 0 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 25 | 0 | |||
Net Income (Loss) | 11 | 0 | |||
Company's Share of Income (Loss) | 7 | 0 | |||
DC Charlotte Plaza LLLP | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 0 | 0 | 173,704 | ||
Total Debt | 0 | 0 | 0 | ||
Total Equity (Deficit) | 0 | 0 | 90,648 | ||
Company’s Investment | 6 | 6 | 47,941 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 15,209 | 15,476 | |||
Net Income (Loss) | 5,494 | 5,597 | |||
Company's Share of Income (Loss) | 2,549 | 2,583 | |||
Carolina Square Holdings LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 113,129 | 113,129 | 118,616 | ||
Total Debt | 133,264 | 133,264 | 77,034 | ||
Total Equity (Deficit) | (33,999) | (33,999) | 21,888 | ||
Company’s Investment | (15,671) | (15,671) | 12,430 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 12,478 | 10,792 | |||
Net Income (Loss) | 1,713 | 1,936 | |||
Company's Share of Income (Loss) | 776 | 950 | |||
Crawford Long - CPI, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 26,450 | 26,450 | 29,641 | ||
Total Debt | 64,996 | 64,996 | 66,423 | ||
Total Equity (Deficit) | (40,203) | (40,203) | (38,253) | ||
Company’s Investment | (19,326) | (19,326) | (18,289) | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 9,743 | 9,784 | |||
Net Income (Loss) | 3,049 | 2,767 | |||
Company's Share of Income (Loss) | 1,412 | 1,329 | |||
Other | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 112 | 112 | 1,313 | ||
Total Debt | 0 | 0 | 0 | ||
Total Equity (Deficit) | 118 | 118 | 1,316 | ||
Company’s Investment | $ 80 | 80 | $ 292 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 378 | 6,920 | |||
Net Income (Loss) | 271 | 3,477 | |||
Company's Share of Income (Loss) | $ 160 | $ 2,106 |
Investment in Unconsolidated _4
Investment in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands, ft² in Millions | Sep. 30, 2021USD ($)a | Jul. 28, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($)ft² | Feb. 29, 2020USD ($)a | Sep. 30, 2021USD ($)a | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)a | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||||||
Gain on sale of interest | $ 13,121 | $ (59) | $ 13,160 | $ 45,940 | ||||||
Contributions to unconsolidated joint ventures | 46,038 | 3,752 | ||||||||
Notes payable | $ 2,047,599 | $ 2,047,599 | 2,047,599 | $ 2,162,719 | ||||||
Repayments of notes payable | $ 12,214 | $ 34,710 | ||||||||
DC Charlotte Plaza LLLP | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage of partner in joint venture | 50.00% | 50.00% | 50.00% | |||||||
Area of property | a | 281,000,000 | 281,000,000 | 281,000,000 | |||||||
Gross purchase price | $ 60,800 | |||||||||
Gain on sale of interest | 13,100 | |||||||||
Neuoff JV | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership interest percentage | 50.00% | |||||||||
Contributions to unconsolidated joint ventures | $ 35,100 | |||||||||
Neuoff JV | Construction Loan | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Maximum borrowing capacity | $ 312,700 | $ 312,700 | $ 312,700 | |||||||
Neuoff JV | Mortgages | LIBOR | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Basis spread on variable rate | 3.45% | |||||||||
Neuoff JV | Neuhoff Holdings LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage of partner in joint venture | 50.00% | |||||||||
715 Ponce JV | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership interest percentage | 50.00% | |||||||||
Contributions to unconsolidated joint ventures | $ 4,000 | |||||||||
715 Ponce JV | 715 Ponce Holdings LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage of partner in joint venture | 50.00% | |||||||||
Carolina Square Holdings LP | Construction Loan | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Repayments of notes payable | $ 77,500 | |||||||||
Pro-rata distribution | 26,000 | |||||||||
Carolina Square Holdings LP | Mortgages | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Notes payable | $ 135,700 | |||||||||
Carolina Square Holdings LP | Mortgages | LIBOR | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Basis spread on variable rate | 1.80% | |||||||||
Carolina Square Holdings LP | NR 123 Franklin LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage of partner in joint venture | 50.00% | |||||||||
Charlotte Gateway Village LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage of partner in joint venture | 50.00% | |||||||||
Area of property | ft² | 1.1 | |||||||||
Gross purchase price | $ 52,200 | |||||||||
Gain on sale of interest | $ 44,700 | |||||||||
Internal rate of return | 17.00% | |||||||||
Estimated state income tax | $ 188 | |||||||||
Wildwood Associates | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Gross purchase price | $ 900 | |||||||||
Gain on sale of interest | $ 1,300 | |||||||||
Area of land | a | 6.3 | |||||||||
Elimination of the remaining negative basis in the joint venture | $ 520 |
Intangible Assets and Liabili_3
Intangible Assets and Liabilities - Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 1,674 | $ 1,674 |
Total intangible assets | 158,189 | 189,164 |
In-Place Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | 144,765 | 212,413 |
Finite-lived intangible assets, net | 119,958 | 145,290 |
Above-Market Rents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | 25,771 | 33,548 |
Finite-lived intangible assets, net | 19,524 | 24,960 |
Below-Market Ground Lease | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | 1,380 | 1,173 |
Finite-lived intangible assets, net | $ 17,033 | $ 17,240 |
Intangible Assets and Liabili_4
Intangible Assets and Liabilities - Intangible Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible liabilities, net | $ 56,521 | $ 69,846 |
Below-Market Rents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | (55,946) | (73,612) |
Finite-lived intangible liabilities, net | 54,929 | 68,219 |
Above-Market Ground Lease | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | (389) | (354) |
Finite-lived intangible liabilities, net | $ 1,592 | $ 1,627 |
Intangible Assets and Liabili_5
Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Net amortization expense of intangible assets and liabilities | $ 8.2 | $ 10.2 | $ 24.6 | $ 33.7 |
Intangible Assets and Liabili_6
Intangible Assets and Liabilities - Intangibles - Future Amortization (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Future Amortization of Intangible Liabilities: | ||
Finite-lived intangible liabilities, net | $ (56,521) | $ (69,846) |
Below-Market Rents | ||
Future Amortization of Intangible Liabilities: | ||
2021 (three months) | (4,248) | |
2022 | (10,284) | |
2023 | (8,662) | |
2024 | (7,942) | |
2025 | (7,366) | |
Thereafter | (16,427) | |
Finite-lived intangible liabilities, net | (54,929) | (68,219) |
Above-Market Ground Lease | ||
Future Amortization of Intangible Liabilities: | ||
2021 (three months) | (12) | |
2022 | (46) | |
2023 | (46) | |
2024 | (46) | |
2025 | (46) | |
Thereafter | (1,396) | |
Finite-lived intangible liabilities, net | (1,592) | (1,627) |
In-Place Leases | ||
Future Amortization of Intangible Assets: | ||
2021 (three months) | 9,587 | |
2022 | 25,871 | |
2023 | 21,515 | |
2024 | 17,484 | |
2025 | 13,722 | |
Thereafter | 31,779 | |
Finite-lived intangible assets, net | 119,958 | 145,290 |
Above-Market Rents | ||
Future Amortization of Intangible Assets: | ||
2021 (three months) | 1,333 | |
2022 | 4,575 | |
2023 | 3,748 | |
2024 | 2,971 | |
2025 | 1,975 | |
Thereafter | 4,922 | |
Finite-lived intangible assets, net | 19,524 | 24,960 |
Below-Market Ground Lease | ||
Future Amortization of Intangible Assets: | ||
2021 (three months) | 69 | |
2022 | 276 | |
2023 | 276 | |
2024 | 276 | |
2025 | 276 | |
Thereafter | 15,860 | |
Finite-lived intangible assets, net | $ 17,033 | $ 17,240 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Accumulated depreciation of furniture, fixtures and equipment, leasehold improvements, and other deferred costs | $ 18,886 | $ 32,582 |
Accumulated amortization of lease inducements | 3,678 | 3,316 |
Accumulated amortization of line of credit deferred financing costs | 5,597 | 4,461 |
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $18,886 and $32,582 in 2021 and 2020, respectively | 14,891 | 17,211 |
Predevelopment costs and earnest money | 24,988 | 17,841 |
Prepaid expenses and other assets | 9,368 | 6,095 |
Lease inducements, net of accumulated amortization of $3,678 and $3,316 in 2021 and 2020, respectively | 6,347 | 5,771 |
Line of credit deferred financing costs, net of accumulated amortization of $5,597 and $4,461 in 2021 and 2020, respectively | 1,885 | 3,021 |
Total other assets | $ 57,479 | $ 49,939 |
Notes Payable - Terms of Notes
Notes Payable - Terms of Notes Payable (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Notes payable, gross | $ 2,049,680 | $ 2,160,293 |
Unamortized premium | 4,826 | 7,574 |
Unamortized loan costs | (6,907) | (5,148) |
Total Notes Payable | $ 2,047,599 | 2,162,719 |
Weighted average maturity of notes payable | 4 years 4 months 20 days | |
Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Notes payable, gross | $ 1,384,000 | 1,482,400 |
Credit Facility, Unsecured | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.13% | |
Notes payable, gross | $ 34,000 | 232,400 |
Term Loan, Unsecured | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.13% | |
Notes payable, gross | $ 350,000 | $ 0 |
Term Loan, Unsecured | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.30% | |
Notes payable, gross | $ 0 | $ 250,000 |
Senior Notes, Unsecured | 2019 Senior Notes, Unsecured | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.95% | |
Notes payable, gross | $ 275,000 | 275,000 |
Senior Notes, Unsecured | 2017 Senior Notes, Unsecured | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.91% | |
Notes payable, gross | $ 250,000 | 250,000 |
Senior Notes, Unsecured | 2019 Senior Notes, Unsecured | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.86% | |
Notes payable, gross | $ 250,000 | 250,000 |
Senior Notes, Unsecured | 2019 Senior Notes, Unsecured | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.78% | |
Notes payable, gross | $ 125,000 | 125,000 |
Senior Notes, Unsecured | 2017 Senior Notes, Unsecured | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.09% | |
Notes payable, gross | $ 100,000 | 100,000 |
Secured Mortgage Notes | ||
Debt Instrument [Line Items] | ||
Notes payable, gross | $ 665,680 | 677,893 |
Secured Mortgage Notes | Fifth Third Center | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.37% | |
Notes payable, gross | $ 134,529 | 137,057 |
Secured Mortgage Notes | Terminus 100 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.25% | |
Notes payable, gross | $ 112,524 | 114,997 |
Secured Mortgage Notes | Colorado Tower | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.45% | |
Notes payable, gross | $ 112,786 | 114,660 |
Secured Mortgage Notes | Promenade | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.27% | |
Notes payable, gross | $ 89,952 | 92,593 |
Secured Mortgage Notes | Domain 10 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.75% | |
Notes payable, gross | $ 76,874 | 78,232 |
Secured Mortgage Notes | Terminus 200 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.79% | |
Notes payable, gross | $ 73,015 | 74,354 |
Secured Mortgage Notes | Legacy Union One | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.24% | |
Notes payable, gross | $ 66,000 | $ 66,000 |
Notes Payable - Credit Facility
Notes Payable - Credit Facility (Details) - Credit Facility $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 1,000 |
Minimum fixed charge coverage ratio | 1.50 |
Available borrowing capacity | $ 966 |
LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate | 1.05% |
Federal Funds Rate | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate | 0.50% |
One-month LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate | 1.00% |
Minimum | |
Line of Credit Facility [Line Items] | |
Minimum unencumbered interest coverage ratio | 1.75 |
Minimum | LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate | 1.05% |
Minimum | Base Rate | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate | 0.10% |
Maximum | |
Line of Credit Facility [Line Items] | |
Secured leverage ratio | 40.00% |
Leverage ratio | 60.00% |
Maximum | LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate | 1.45% |
Maximum | Base Rate | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate | 0.45% |
Notes Payable - Term Loan (Deta
Notes Payable - Term Loan (Details) - Term Loan - Term Loan, Unsecured $ in Millions | Jun. 28, 2021USD ($)extension | Jun. 27, 2021USD ($) |
Debt Instrument [Line Items] | ||
Debt amount | $ 350 | |
Number of extension options | extension | 4 | |
Extension term | 180 days | |
Eurodollar | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.05% | |
Eurodollar | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.65% | |
LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.05% | |
LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.05% | |
LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.65% | |
Base Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.05% | |
Base Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.65% | |
Debt amount | $ 250 | |
LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.20% | |
LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.70% | |
Base Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.00% | |
Base Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.75% | |
Federal Funds Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.50% | |
One-month LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.00% |
Notes Payable - Unsecured Senio
Notes Payable - Unsecured Senior Notes (Details) - Unsecured Senior Notes $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($)tranch | |
Debt Instrument [Line Items] | |
Debt amount | $ 1,000 |
Number of tranches | tranch | 5 |
Minimum fixed charge coverage ratio | 1.50 |
Minimum | |
Debt Instrument [Line Items] | |
Minimum unencumbered interest coverage ratio | 1.75 |
Maximum | |
Debt Instrument [Line Items] | |
Secured leverage ratio | 40.00% |
Leverage ratio | 60.00% |
4.09% Senior Notes, Unsecured | |
Debt Instrument [Line Items] | |
Debt amount | $ 100 |
Interest rate | 4.09% |
3.91% Senior Notes, Unsecured | |
Debt Instrument [Line Items] | |
Debt amount | $ 250 |
Interest rate | 3.91% |
3.78% Senior Notes, Unsecured | |
Debt Instrument [Line Items] | |
Debt amount | $ 125 |
Interest rate | 3.78% |
3.86% Senior Notes, Unsecured | |
Debt Instrument [Line Items] | |
Debt amount | $ 250 |
Interest rate | 3.86% |
3.95% Senior Notes, Unsecured | |
Debt Instrument [Line Items] | |
Debt amount | $ 275 |
Interest rate | 3.95% |
Notes Payable - Secured Mortgag
Notes Payable - Secured Mortgage Notes (Details) $ in Thousands | Sep. 30, 2021USD ($)debt_instrument | Dec. 31, 2020USD ($) | Feb. 03, 2020USD ($) |
Debt Instrument [Line Items] | |||
Long-term debt | $ 2,049,680 | $ 2,160,293 | |
Secured Mortgage Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 665,680 | $ 677,893 | |
Number of non-recourse mortgage loans | debt_instrument | 7 | ||
Assets pledged as security | $ 1,200,000 | ||
Meridian Mark Plaza Atlanta | Secured Mortgage Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 23,000 |
Notes Payable - Other Debt Info
Notes Payable - Other Debt Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |||||
Notes payable, fair value | $ 2,200,000 | $ 2,200,000 | $ 2,300,000 | ||
Total interest incurred | 18,181 | $ 17,780 | 54,775 | $ 56,944 | |
Interest capitalized | (1,472) | (2,722) | (4,202) | (11,989) | |
Total interest expense | $ 16,709 | $ 15,058 | $ 50,573 | $ 44,955 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Ground lease liability | $ 58,547 | $ 58,619 |
Prepaid rent | 32,801 | 30,479 |
Security deposits | 12,806 | 13,098 |
Restricted stock unit liability | 6,683 | 10,613 |
Other liabilities | 4,763 | 5,294 |
Total other liabilities | $ 115,600 | $ 118,103 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding letters of credit and performance bonds | $ 527 |
Future obligations under leases to fund tenant improvements and other future construction obligations | $ 244,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Sep. 30, 2021USD ($)financial_institution | Mar. 31, 2020$ / sharesshares | |
Subsidiary, Sale of Stock [Line Items] | ||
Sale of stock, number of participating financial institutions | financial_institution | 6 | |
Stock issued during period (in shares) | 1.7 | |
Stock redeemed during period (in shares) | 1.7 | |
Preferred stock, par value (in usd per share) | $ / shares | $ 1 | |
ATM Program | Maximum | ||
Subsidiary, Sale of Stock [Line Items] | ||
Sale of stock, consideration received on transaction | $ | $ 500 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 188,732 | $ 183,380 | $ 564,919 | $ 557,193 |
Rental property revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 185,515 | 179,024 | 552,088 | 543,252 |
Variable rental revenue | 52,300 | 47,100 | 148,300 | 145,400 |
Fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 3,200 | $ 4,400 | $ 12,800 | $ 13,900 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense, Net of Forfeitures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, net of forfeitures | $ 2,555 | $ 1,533 | $ 7,153 | $ 4,717 |
Equity Classified Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, net of forfeitures | 1,472 | 930 | 4,618 | 3,354 |
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, net of forfeitures | 682 | 568 | 1,995 | 2,016 |
Market based RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, net of forfeitures | 587 | 284 | 1,946 | 998 |
Performance based RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, net of forfeitures | 203 | 78 | 677 | 340 |
Liability-classified awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, net of forfeitures | 1,083 | 603 | 2,535 | 1,363 |
Market based RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, net of forfeitures | 827 | 503 | 1,597 | 942 |
Performance based RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, net of forfeitures | 83 | (48) | 340 | (133) |
Time vested RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, net of forfeitures | 149 | 82 | 522 | 361 |
Dividend equivalent units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, net of forfeitures | $ 24 | $ 66 | $ 76 | $ 193 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ in Millions | 1 Months Ended | |
Jun. 30, 2021USD ($)shares | Feb. 28, 2021awardshares | |
Equity Classified Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of award types | award | 3 | |
Vesting period | 3 years | |
Ultimate payout, minimum (as a percent) | 0.00% | |
Ultimate payout, maximum (as a percent) | 200.00% | |
Director Awards | Independent Board Of Directors | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares and targeted units granted (in shares) | shares | 34,727 | 185 |
Shares and targeted units granted | $ | $ 1.3 | |
Service period | 1 year |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Grants of Equity and Liability Classified Award Activity (Details) | 1 Months Ended |
Feb. 28, 2021shares | |
Market based RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares and targeted units granted (in shares) | 101,791 |
Performance based RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares and targeted units granted (in shares) | 43,622 |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares and targeted units granted (in shares) | 102,262 |
Director grants | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares and targeted units granted (in shares) | 185 |
Stock-Based Compensation - Equi
Stock-Based Compensation - Equity-Classified Market-based RSUs (Details) - Market based RSUs | 1 Months Ended |
Feb. 28, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Volatility | 37.50% |
Risk-free rate | 0.17% |
Stock beta | 0.0104 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||
Net income | $ 54,136 | $ 28,255 | $ 111,507 | $ 226,800 |
Net income available to common stockholders | $ 54,018 | $ 28,115 | $ 111,281 | $ 226,159 |
Denominator: | ||||
Weighted average common shares - basic (in shares) | 148,688 | 148,566 | 148,659 | 148,181 |
Net income per common share — basic (in usd per share) | $ 0.36 | $ 0.19 | $ 0.75 | $ 1.53 |
Numerator: | ||||
Net income | $ 54,136 | $ 28,255 | $ 111,507 | $ 226,800 |
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP | $ 54,027 | $ 28,120 | $ 111,301 | $ 226,471 |
Denominator: | ||||
Weighted average shares — basic (in shares) | 148,688 | 148,566 | 148,659 | 148,181 |
Add: | ||||
Weighted average units of CPLP convertible into common shares (in shares) | 25 | 25 | 25 | 388 |
Weighted average common shares - diluted (in shares) | 148,772 | 148,606 | 148,743 | 148,586 |
Net income per common share — diluted (in usd per share) | $ 0.36 | $ 0.19 | $ 0.75 | $ 1.52 |
Stock Options | ||||
Add: | ||||
Potential dilutive common shares - stock options (in shares) | 0 | 3 | 1 | 5 |
RSU | ||||
Add: | ||||
Potential dilutive common shares - stock options (in shares) | 59 | 12 | 58 | 12 |
CPLP | ||||
Numerator: | ||||
Net income attributable to other noncontrolling interests | $ (9) | $ (5) | $ (20) | $ (312) |
Numerator: | ||||
Net income attributable to other noncontrolling interests | (9) | (5) | (20) | (312) |
Other Noncontrolling Interests | ||||
Numerator: | ||||
Net income attributable to other noncontrolling interests | (109) | (135) | (206) | (329) |
Numerator: | ||||
Net income attributable to other noncontrolling interests | $ (109) | $ (135) | $ (206) | $ (329) |
Consolidated Statements of Ca_4
Consolidated Statements of Cash Flows - Supplemental Information - Supplemental Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ 61,235 | $ 56,761 |
Income taxes paid | 155 | 0 |
Non-Cash Activity: | ||
Transfer from operating properties and related assets and liabilities to assets and liabilities of real estate assets held for sale | 249,365 | 0 |
Common stock dividends declared and accrued | 46,319 | 44,569 |
Transfers from projects under development to operating properties | 0 | 443,932 |
Transfer from land held and other assets to projects under development | 0 | 29,121 |
Change in accrued property, acquisition, development, and tenant expenditures | $ 0 | $ 35,707 |
Consolidated Statements of Ca_5
Consolidated Statements of Cash Flows - Supplemental Information - Reconciliation of Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 5,532 | $ 4,290 | ||
Restricted cash | 1,236 | 1,848 | ||
Total cash, cash equivalents, and restricted cash | $ 6,768 | $ 6,138 | $ 38,719 | $ 17,608 |
Reportable Segments - Segment R
Reportable Segments - Segment Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ 188,732 | $ 183,380 | $ 564,919 | $ 557,193 |
Rental property revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 185,515 | 179,024 | 552,088 | 543,252 |
Rental property revenues | Office | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 184,794 | 178,220 | 550,215 | 541,897 |
Rental property revenues | Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 721 | 804 | 1,873 | 1,355 |
Rental property revenues | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 193,509 | 185,246 | 575,462 | 565,188 |
Rental property revenues | Operating segments | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 68,328 | 64,852 | 199,500 | 193,351 |
Rental property revenues | Operating segments | Austin | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 65,448 | 52,008 | 183,158 | 155,009 |
Rental property revenues | Operating segments | Charlotte | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 18,248 | 20,370 | 62,451 | 75,411 |
Rental property revenues | Operating segments | Dallas | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 4,337 | 4,601 | 13,351 | 13,559 |
Rental property revenues | Operating segments | Phoenix | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 12,847 | 12,689 | 38,067 | 37,932 |
Rental property revenues | Operating segments | Tampa | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 14,444 | 13,179 | 43,180 | 40,203 |
Rental property revenues | Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 9,857 | 17,547 | 35,755 | 49,723 |
Rental property revenues | Operating segments | Office | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 191,264 | 183,140 | 568,620 | 559,969 |
Rental property revenues | Operating segments | Office | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 67,959 | 64,742 | 198,461 | 193,117 |
Rental property revenues | Operating segments | Office | Austin | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 65,448 | 52,008 | 183,158 | 155,009 |
Rental property revenues | Operating segments | Office | Charlotte | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 17,527 | 19,567 | 60,578 | 74,057 |
Rental property revenues | Operating segments | Office | Dallas | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 4,337 | 4,601 | 13,351 | 13,559 |
Rental property revenues | Operating segments | Office | Phoenix | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 12,847 | 12,689 | 38,067 | 37,932 |
Rental property revenues | Operating segments | Office | Tampa | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 14,444 | 13,179 | 43,180 | 40,203 |
Rental property revenues | Operating segments | Office | Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 8,702 | 16,354 | 31,825 | 46,092 |
Rental property revenues | Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 2,245 | 2,106 | 6,842 | 5,219 |
Rental property revenues | Operating segments | Other | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 369 | 110 | 1,039 | 234 |
Rental property revenues | Operating segments | Other | Austin | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 0 | 0 | 0 | 0 |
Rental property revenues | Operating segments | Other | Charlotte | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 721 | 803 | 1,873 | 1,354 |
Rental property revenues | Operating segments | Other | Dallas | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 0 | 0 | 0 | 0 |
Rental property revenues | Operating segments | Other | Phoenix | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 0 | 0 | 0 | 0 |
Rental property revenues | Operating segments | Other | Tampa | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 0 | 0 | 0 | 0 |
Rental property revenues | Operating segments | Other | Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 1,155 | 1,193 | 3,930 | 3,631 |
Rental property revenues | Segment reconciling items | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (7,994) | (6,222) | (23,374) | (21,936) |
Rental property revenues | Segment reconciling items | Office | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (6,470) | (4,920) | (18,405) | (18,072) |
Rental property revenues | Segment reconciling items | Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ (1,524) | $ (1,302) | $ (4,969) | $ (3,864) |
Reportable Segments - Net Opera
Reportable Segments - Net Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net Operating Income | $ 124,148 | $ 120,016 | $ 369,977 | $ 364,930 |
Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 44,513 | 43,388 | 130,984 | 129,879 |
Austin | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 38,532 | 31,639 | 108,764 | 92,161 |
Charlotte | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 12,852 | 14,621 | 43,972 | 51,214 |
Dallas | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 3,424 | 3,688 | 10,546 | 10,907 |
Phoenix | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 9,299 | 9,205 | 27,252 | 27,920 |
Tampa | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 9,434 | 8,230 | 27,755 | 24,372 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 6,094 | 9,245 | 20,704 | 28,477 |
Office | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 122,860 | 118,730 | 366,186 | 361,662 |
Office | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 44,333 | 43,399 | 130,551 | 129,992 |
Office | Austin | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 38,532 | 31,639 | 108,764 | 92,161 |
Office | Charlotte | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 12,491 | 14,086 | 43,176 | 50,302 |
Office | Dallas | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 3,424 | 3,688 | 10,546 | 10,907 |
Office | Phoenix | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 9,299 | 9,205 | 27,252 | 27,920 |
Office | Tampa | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 9,434 | 8,230 | 27,755 | 24,372 |
Office | Other | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 5,347 | 8,483 | 18,142 | 26,008 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 1,288 | 1,286 | 3,791 | 3,268 |
Other | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 180 | (11) | 433 | (113) |
Other | Austin | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 0 | 0 | 0 | 0 |
Other | Charlotte | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 361 | 535 | 796 | 912 |
Other | Dallas | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 0 | 0 | 0 | 0 |
Other | Phoenix | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 0 | 0 | 0 | 0 |
Other | Tampa | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 0 | 0 | 0 | 0 |
Other | Other | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | $ 747 | $ 762 | $ 2,562 | $ 2,469 |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of Net Income to Net Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net Operating Income | $ 124,148 | $ 120,016 | $ 369,977 | $ 364,930 |
Net operating income from unconsolidated joint ventures | (5,762) | (4,208) | (15,953) | (14,436) |
Total Revenues | 188,732 | 183,380 | 564,919 | 557,193 |
Reimbursed expenses | (383) | (373) | (1,149) | (1,216) |
General and administrative expenses | (7,968) | (5,658) | (22,014) | (19,853) |
Interest expense | (16,709) | (15,058) | (50,573) | (44,955) |
Depreciation and amortization | (72,073) | (71,498) | (214,399) | (215,980) |
Transaction costs | 0 | 0 | 0 | (428) |
Other expenses | (421) | (723) | (1,835) | (1,841) |
Income from unconsolidated joint ventures | 2,128 | 1,611 | 5,826 | 6,751 |
Gain (loss) on sales of investments in unconsolidated joint ventures | 13,121 | (59) | 13,160 | 45,940 |
Gain (loss) on investment property transactions | 13,063 | (523) | 13,037 | 90,192 |
Net income | 54,136 | 28,255 | 111,507 | 226,800 |
Fee income | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 3,094 | 4,350 | 12,426 | 13,772 |
Termination fee income | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 1,775 | 372 | 2,599 | 3,755 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ 123 | $ 6 | $ 405 | $ 169 |