Cousins Properties (CUZ) 10-Q 28 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 22, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	COUSINS PROPERTIES INC
Entity Central Index Key	25,232
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		210,169,742

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Document Period End Date	Jun. 30, 2016
PROPERTIES:
Operating properties, net of accumulated depreciation of $377,418 and $352,350 in 2016 and 2015, respectively	$ 2,186,770	$ 2,194,781
Projects under development	62,567	27,890
Land	17,768	17,829
Total properties	2,267,105	2,240,500
Real Estate Held-for-sale	0	7,246
Cash and cash equivalents	946	2,003
Restricted cash	5,180	4,304
Notes and accounts receivable, net of allowance for doubtful accounts of $1,100 and $1,353 in 2016 and 2015, respectively	13,656	10,828
Deferred rents receivable	74,224	67,258
Investment in unconsolidated joint ventures	114,455	102,577
Intangible assets, net of accumulated amortization of $109,328 and $103,458 in 2016 and 2015, respectively	111,266	124,615
Other assets	36,163	35,989
Total assets	2,622,995	2,595,320
LIABILITIES AND EQUITY
Notes payable	777,485	718,810
Accounts payable and accrued expenses	56,971	71,739
Deferred income	34,158	29,788
Intangible liabilities, net of accumulated amortization of $29,199 and $26,890 in 2016 and 2015, respectively	55,009	59,592
Other liabilities	30,242	30,629
Disposal Group, Including Discontinued Operation, Liabilities, Current	0	1,347
Total liabilities	953,865	911,905
STOCKHOLDERS' INVESTMENT:
Common stock, $1 par value, 350,000,000 shares authorized, 220,436,378 and 220,255,676 shares issued in 2016 and 2015, respectively	220,501	220,256
Additional paid-in capital	1,723,131	1,722,224
Treasury stock at cost, 10,329,082 and 8,742,181 shares in 2016 and 2015, respectively	(148,373)	(134,630)
Distributions in excess of cumulative net income	(127,602)	(124,435)
Nonredeemable Noncontrolling Interest	1,473	0
Total equity	1,669,130	1,683,415
Total liabilities and equity	$ 2,622,995	$ 2,595,320

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2016
PROPERTIES:
Accumulated depreciation on operating properties	$ 352,350	$ 377,418
Real Estate Held for Sale, Accumulated Depreciation	7,200	0
Allowance for doubtful accounts for notes and other receivables	1,353	1,467
Intangible Liabilities, Accumulated Amortization	26,890	29,199
Disposal Group, Including Discontinued Operation, Liabilities, Current	1,347	0
Finite-Lived Intangible Assets, Accumulated Amortization	$ 103,458	$ 109,328
Preferred stock, 20,000,000 shares authorized, $1 par value:
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	20,000,000	20,000,000
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	220,255,676	220,436,378
Treasury stock, shares	8,742,181	10,329,082
Preferred stock, dividend rate
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Preferred stock, liquidation preference	$ 0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Document Period End Date			Jun. 30, 2016
REVENUES:
Rental property revenues	$ 90,735	$ 96,177	$ 179,211	$ 186,216
Fee income	1,824	1,704	4,023	3,520
Other	129	22	705	143
Total consolidated revenues	92,688	97,903	183,939	189,879
COSTS AND EXPENSES:
Rental property operating expenses	38,681	41,387	74,290	79,340
Reimbursed expenses	798	717	1,668	1,828
General and administrative expenses	4,691	5,936	13,183	9,533
Interest expense	7,334	7,869	14,748	15,546
Depreciation and amortization	32,381	34,879	64,350	71,026
Acquisition and related costs	2,424	2	2,443	85
Other	152	341	258	698
Total costs and expenses	86,461	91,131	170,940	178,056
Income from continuing operations before taxes, unconsolidated joint ventures, and sale of investment properties	6,227	6,772	12,999	11,823
Income from unconsolidated joint ventures	1,784	1,761	3,618	3,372
Income from continuing operations before gain on sale of investment properties	8,011	8,533	16,617	15,195
Gain on sale of investment properties	(246)	(576)	13,944	530
Income from continuing operations	7,765	7,957	30,561	15,725
INCOME (LOSS) FROM DISCONTINUED OPERATIONS:
Loss from discontinued operations	0	(6)	0	(19)
Loss on sale from discontinued operations	0	0	0	(551)
Total income from discontinued operations	0	(6)	0	(570)
Net income	$ 7,765	$ 7,951	$ 30,561	$ 15,155
PER COMMON SHARE INFORMATION - BASIC AND DILUTED:
Income from continuing operations	$ 0.04	$ 0.04	$ 0.15	$ 0.07
Income from discontinued operations	0	0	0	0
Net income available to common stockholders	$ 0.04	$ 0.04	$ 0.15	$ 0.07
Weighted average shares — basic	210,129	216,630	210,516	216,599
Weighted average shares — diluted	210,362	216,766	210,687	216,753
Dividends declared per common share	$ 0.080	$ 0.080	$ 0.160	$ 0.160

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Distributions in Excess of Net Income	Stockholders' Investment	Nonredeemable Noncontrolling Interests
Beginning Balance at Dec. 31, 2014	$ 1,673,458	$ 220,083	$ 1,720,972	$ (86,840)	$ (180,757)	$ 1,673,458	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	15,155	0	0	0	15,155	15,155	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	15,155
Common stock issued pursuant to:
Stock Granted, Value, Share-based Compensation, Gross		173	(244)	0	0	(71)
Amortization of stock options and restricted stock, net of forfeitures	808	0	808	0	0	808	0
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest	(71)						0
Common dividends paid	(34,677)	0	0	0	(34,677)	(34,677)	0
Ending Balance at Jun. 30, 2015	1,654,697	220,256	1,721,560	(86,840)	(200,279)	1,654,697	0
Common stock issued pursuant to:
Stockholders' Equity, Other	(24)	0	(24)	0	0	(24)	0
Beginning Balance at Dec. 31, 2015	1,683,415	220,256	1,722,224	(134,630)	(124,435)	1,683,415	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	30,561	0	0			30,561	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	30,561				30,561
Common stock issued pursuant to:
Stock Granted, Value, Share-based Compensation, Gross	339		81	0	0	339	0
Amortization of stock options and restricted stock, net of forfeitures	813	(13)	826	0	0	813	0
Preferred Stock Redemption	(13,743)	0	0	(13,743)	0	(13,743)	0
Common dividends paid	(33,728)	0	0	0	(33,728)	(33,728)	0
Ending Balance at Jun. 30, 2016	$ 1,669,130	$ 220,501	$ 1,723,131	$ (148,373)	$ (127,602)	$ 1,667,657	$ 1,473

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Current Fiscal Year End Date			--12-31
Transfer from investment in unconsolidated joint ventures to projects under development			$ 5,880	$ 0
Transfer from operating properties to operating properties and related assets held for sale			0	86,775
Transfer from operating properties to liabilities of real estate assets held for sale				0	$ 3,132
Net income	$ (7,765)	$ (7,951)	(30,561)	(15,155)
Adjustments to reconcile net loss to net cash provided by operating activities:
Gain on sale of investment properties, including discontinued operations			13,944	(21)
Depreciation and amortization, including discontinued operations			64,350	70,381
Amortization of deferred financing costs			699	716
Net amortization of stock options and restricted stock			1,153	808
Effect of certain non-cash adjustments to rental revenues			(9,656)	(15,047)
Income Loss from Unconsolidated Joint Ventures			3,618	3,372
Operating distributions from unconsolidated joint ventures			4,209	1,820
Changes in other operating assets and liabilities:
Change in other receivables and other assets, net			(5,188)	(10,106)
Change in operating liabilities			(8,472)	(15,311)
Net cash provided by operating activities			60,094	45,065
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from investment property sales			21,088	9,164
Property acquisition, development, and tenant asset expenditures			(75,594)	(73,344)
Investment in unconsolidated joint ventures			(22,281)	(3,443)
Distributions from unconsolidated joint ventures			4,099	1,649
Change in notes receivable and other assets			0	772
Change in restricted cash			(876)	(652)
Net cash used in investing activities			(73,564)	(65,854)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility			163,700	114,100
Repayment of credit facility			(100,700)	(52,300)
Repayment of notes payable			(4,589)	(4,371)
Proceeds from the Issuance of Common Stock, including Option Exercises			0	9
Proceeds from (Payments to) Noncontrolling Interests			1,473	0
Preferred Stock Redemption			(13,743)	0
Common dividends paid			(33,728)	(34,677)
Net cash provided by financing activities			12,413	22,761
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(1,057)	1,972
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD			2,003	0
CASH AND CASH EQUIVALENTS AT END OF PERIOD	946	1,972	946	1,972
Interest paid, net of amounts capitalized			14,131	15,477
Accrued property acquisition, development, and tenant asset expenditures	$ 3,891	$ 416	$ 3,891	$ 416

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Cousins Properties Incorporated (“Cousins”), a Georgia corporation, is a self-administered and self-managed real estate investment trust (“REIT”). Cousins TRS Services LLC ("CTRS") is a taxable entity wholly owned by and consolidated with Cousins. CTRS owns and manages its own real estate portfolio and performs certain real estate related services for other parties. All of the entities included in the condensed consolidated financial statements are hereinafter referred to collectively as the "Company." The Company develops, acquires, leases, manages, and owns primarily Class A office assets and opportunistic mixed-use properties in Sunbelt markets with a focus on Georgia, Texas, and North Carolina. Cousins has elected to be taxed as a real estate investment trust (“REIT”) and intends to, among other things, distribute 90% of its net taxable income to stockholders, thereby eliminating any liability for federal income taxes under current law. Therefore, the results included herein do not include a federal income tax provision for Cousins. The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of June 30, 2016 and the results of operations for the three and six months ended June 30, 2016 and 2015 . The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included in such Form 10-K. For the three and six months ended June 30, 2016 and 2015 , there were no items of other comprehensive income. Therefore, no presentation of comprehensive income is required. The Company evaluates all partnerships, joint ventures and other arrangements with variable interests to determine if the entity or arrangement qualifies as a variable interest entity (“VIE”), as defined in the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC"). If the entity or arrangement qualifies as a VIE and the Company is determined to be the primary beneficiary, the Company is required to consolidate the assets, liabilities, and results of operations of the VIE. In the first quarter of 2016, the Company adopted Accounting Standards Update ("ASU") 2015-02, "Amendments to the Consolidation Analysis." There were no changes to the accounting treatment of joint ventures or other arrangements as a result of the new guidance. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." Under this ASU, the additional paid-in capital pool is eliminated, and an entity recognizes all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement. This ASU also eliminated the requirement to defer recognition of an excess tax benefit until all benefits are realized through a reduction to taxes payable. This ASU also changes the treatment of excess tax benefits as operating cash flows in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. The Company expects to adopt this guidance effective January 1, 2017, and is currently assessing the potential impact of adopting the new guidance. In February 2016, the Financial Accounting Standards Board issued ASU 2016-02, "Leases," which amends the existing standards for lease accounting by requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting and reporting. The new standard will require lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months and classify such leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method (finance leases) or on a straight-line basis over the term of the lease (operating leases). Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes previous leasing standards. The guidance is effective for the fiscal years beginning after December 15, 2018 with early adoption permitted. The Company expects to adopt this guidance effective January 1, 2019, and is currently assessing the potential impact of adopting the new guidance. The impact of the adoption of this new guidance, if any, will be recorded retrospectively to all financial statements presented. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." Under the new guidance, companies will recognize revenue when the seller satisfies a performance obligation, which would be when the buyer takes control of the good or service. This new guidance could result in different amounts of revenue being recognized and could result in revenue being recognized in different reporting periods than under the current guidance. The new guidance specifically excludes revenue associated with lease contracts. ASU 2015-14, "Revenue from Contracts with Customers," was subsequently issued modifying the effective date to periods beginning after December 15, 2017, with early adoption permitted for periods beginning after December 15, 2016. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all of the periods presented, or "modified retrospective" adoption, meaning the standard is applied only to the most recent period presented in the financial statements. The Company is currently assessing this guidance for future implementation and potential impact of adoption. The Company expects to adopt this guidance effective January 1, 2018. In the first quarter of 2016, the Company adopted ASU 2015-03, "Simplifying the Presentation of Debt Costs" ("ASU 2015-03"). In accordance with ASU 2015-03, the Company began recording deferred financing costs related to its mortgage notes payable as a reduction in the carrying amount of its notes payable on the condensed consolidated balance sheets. The Company reclassified $2.5 million in deferred financing costs from other assets to notes payable in its December 31, 2015 consolidated balance sheet to conform to the current period's presentation. Deferred financing costs related to the Company’s unsecured revolving credit facility continue to be included in other assets within the Company’s balance sheets in accordance with ASU 2015-15 "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." Certain prior year amounts have been reclassified to conform with current year presentation on the condensed consolidated statements of operations and the condensed consolidated statements of equity. Separation expenses on the condensed consolidated statements of operations are now included in general and administrative expenses. On the condensed consolidated statements of equity, all components of common stock issued pursuant to stock based compensation are aggregated into one line item. These changes do not affect the previously reported condensed consolidated statements of operations or the condensed consolidated statements of equity for any period.

Property Transactions

Property Transactions	6 Months Ended
	Jun. 30, 2016
Real Estate Transactions [Abstract]
Real Estate Disclosure [Text Block]	REAL ESTATE TRANSACTIONS During the first quarter of 2016, the Company sold 100 North Point Center East, a 129,000 square foot office building in Atlanta, Georgia for a gross sales price of $22.0 million .

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	INVESTMENT IN UNCONSOLIDATED JOINT VENTURES The Company describes its investments in unconsolidated joint ventures in note 5 of notes to consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2015 . The following table summarizes balance sheet data of the Company's unconsolidated joint ventures as of June 30, 2016 and December 31, 2015 (in thousands): Total Assets Total Debt Total Equity Company’s Investment SUMMARY OF FINANCIAL POSITION: 2016 2015 2016 2015 2016 2015 2016 2015 Terminus Office Holdings $ 273,890 $ 277,444 $ 209,588 $ 211,216 $ 51,466 $ 56,369 $ 26,631 $ 29,110 EP I LLC 81,838 83,115 58,030 58,029 21,716 24,172 20,218 21,502 EP II LLC 68,926 70,704 44,494 40,910 22,913 24,331 18,144 19,118 Carolina Square Holdings LP 34,386 15,729 — — 27,890 12,085 16,874 6,782 Charlotte Gateway Village, LLC 121,452 123,531 8,099 17,536 110,502 104,336 11,190 11,190 HICO Victory Center LP 13,661 13,532 — — 13,656 13,229 9,365 9,138 DC Charlotte Plaza LLLP 14,293 — — — 13,754 — 7,376 — CL Realty, L.L.C. 7,829 7,872 — — 7,726 7,662 3,560 3,515 Temco Associates, LLC 5,311 5,284 — — 5,192 5,133 1,097 977 Wildwood Associates 16,337 16,419 — — 16,298 16,354 (1,150 ) (1) (1,122 ) (1) Crawford Long - CPI, LLC 29,405 29,143 73,561 74,286 (46,516 ) (46,238 ) (22,160 ) (1) (22,021 ) (1) Other — 2,107 — — — 1,646 — 1,245 $ 667,328 $ 644,880 $ 393,772 $ 401,977 $ 244,597 $ 219,079 $ 91,145 $ 79,434 (1) Negative balances are included in deferred income on the balance sheets. The following table summarizes statement of operations information of the Company's unconsolidated joint ventures for the six months ended June 30, 2016 and 2015 (in thousands): Total Revenues Net Income (Loss) Company's Share of Income (Loss) SUMMARY OF OPERATIONS: 2016 2015 2016 2015 2016 2015 Terminus Office Holdings $ 20,978 $ 19,638 $ 2,597 $ 1,139 $ 1,298 $ 570 EP I LLC 5,991 6,218 1,168 1,480 951 1,112 EP II LLC 2,044 — (1,018 ) — (823 ) — Charlotte Gateway Village, LLC 17,477 16,913 7,263 6,225 987 589 HICO Victory Center LP 169 — 162 — 81 — CL Realty, L.L.C. 246 469 64 243 44 130 DC Charlotte Plaza LLLP — — 33 — 18 — Temco Associates, LLC 147 1,144 79 435 119 242 Wildwood Associates — — (56 ) (58 ) (28 ) (30 ) Crawford Long - CPI, LLC 6,028 6,139 1,346 1,446 673 728 Other — 12 — (181 ) 298 31 $ 53,080 $ 50,533 $ 11,638 $ 10,729 $ 3,618 $ 3,372 On March 29, 2016, a 50 - 50 joint venture named DC Charlotte Plaza LLLP was formed between the Company and Dimensional Fund Advisors ("DFA") for the purpose of developing and constructing DFA's 229,000 square foot regional headquarters building in Charlotte, North Carolina. Each partner contributed $6.6 million in pre-development costs upon formation of the venture.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	INTANGIBLE ASSETS Intangible assets on the balance sheets as of June 30, 2016 and December 31, 2015 included the following (in thousands): June 30, 2016 December 31, 2015 In-place leases, net of accumulated amortization of $100,111 and $88,035 in 2016 and 2015, respectively $ 100,648 $ 112,937 Above-market tenant leases, net of accumulated amortization of $15,681 and $15,423 in 2016 and 2015, respectively 6,992 8,031 Goodwill 3,626 3,647 $ 111,266 $ 124,615 The following is a summary of goodwill activity for the six months ended June 30, 2016 and 2015 (in thousands): Six Months Ended June 30, 2016 2015 Beginning balance $ 3,647 $ 3,867 Allocated to property sales (21 ) — Ending balance $ 3,626 $ 3,867

Other Assets (Notes)

Other Assets (Notes)	6 Months Ended
	Jun. 30, 2016
Other Assets [Abstract]
Schedule of Other Assets [Table Text Block]	Other assets on the balance sheets as of June 30, 2016 and December 31, 2015 included the following (in thousands): June 30, 2016 December 31, 2015 Furniture, fixtures and equipment, deferred direct operating expenses, and leasehold improvements, net of accumulated depreciation of $24,168 and $22,572 in 2016 and 2015, respectively $ 14,087 $ 13,523 Lease inducements, net of accumulated amortization of $7,637 and $6,865 in 2016 and 2015, respectively 12,519 13,306 Prepaid expenses and other assets 6,690 4,408 Line of credit deferred financing costs, net of accumulated amortization of $1,815 and $1,380 in 2016 and 2015, respectively 2,537 2,972 Predevelopment costs and earnest money 330 1,780 $ 36,163 $ 35,989

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2016
Notes Payable, Commitments and Contingencies [Abstract]
NOTES PAYABLE, INTEREST EXPENSE AND COMMITMENTS AND CONTINGENCIES	NOTES PAYABLE The following table summarizes the Company's note payable balance at June 30, 2016 and December 31, 2015 ($ in thousands): June 30, 2016 December 31, 2015 Notes payable $ 779,704 $ 721,293 Less: deferred financing costs of mortgage debt, net of accumulated amortization of $2,272 and $2,008 in 2016 and 2015, respectively. (2,219 ) (2,483 ) $ 777,485 $ 718,810 The following table details the terms and amounts of the Company’s outstanding notes payable at June 30, 2016 and December 31, 2015 ($ in thousands): Description Interest Rate Maturity June 30, 2016 December 31, 2015 Post Oak Central mortgage note 4.26 % 2020 $ 180,046 $ 181,770 Credit Facility, unsecured 1.54 % 2019 155,000 92,000 The American Cancer Society Center mortgage note 6.45 % 2017 128,440 129,342 Promenade mortgage note 4.27 % 2022 106,787 108,203 191 Peachtree Tower mortgage note 3.35 % 2018 99,677 100,000 816 Congress mortgage note 3.75 % 2024 85,000 85,000 Meridian Mark Plaza mortgage note 6.00 % 2020 24,754 24,978 $ 779,704 $ 721,293 Fair Value At June 30, 2016 and December 31, 2015 , the aggregate estimated fair values of the Company's notes payable were $807.5 million and $738.1 million , respectively, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at those respective dates. The estimate of the current market rate, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. These fair value calculations are considered to be Level 2 under the guidelines as set forth in ASC 820, "Fair Value Measurement," as the Company utilizes market rates for similar type loans from third-party brokers. Other Information For the three and six months ended June 30, 2016 and 2015 , interest expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total interest incurred $ 8,350 $ 8,683 $ 16,506 $ 17,263 Interest capitalized (1,016 ) (814 ) (1,758 ) (1,717 ) Total interest expense $ 7,334 $ 7,869 $ 14,748 $ 15,546 The real estate and other assets of The American Cancer Society Center (the “ACS Center”) are restricted under the ACS Center loan agreement as they are not available to settle debts of the Company. However, provided that the ACS Center loan has not incurred any uncured event of default, as defined in the loan agreement, the cash flows from the ACS Center, after payments of debt service, operating expenses, and reserves, are available for distribution to the Company.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies Disclosure [Text Block]	COMMITMENTS AND CONTINGENCIES Commitments At June 30, 2016 , the Company had outstanding letters of credit and performance bonds totaling $1.9 million . As a lessor, the Company had $79.5 million in future obligations under leases to fund tenant improvements as of June 30, 2016 . As a lessee, the Company had future obligations under ground and office leases of $144.0 million as of June 30, 2016 . Litigation The Company is subject to various legal proceedings, claims and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company.

Stockholders' Equity (Notes)

Stockholders' Equity (Notes)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	. STOCKHOLDERS' EQUITY In 2015, the Board of Directors of the Company authorized the repurchase of up to $100 million of its outstanding common shares. The plan expires on September 8, 2017 . The repurchases may be executed in the open market, through private negotiations, or in other transactions permitted under applicable law. The timing, manner, price, and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements, and other factors. In March 2016, the program was suspended due to the pending merger with Parkway. Under this plan, the Company repurchased 6.8 million shares of its common stock for a total cost of $61.5 million , including broker commissions. No shares were repurchased during the three months ended June 30, 2016. The share repurchases were funded from cash on hand, borrowings under the Company's Credit Facility, and proceeds from the sale of assets. The repurchased shares were recorded as treasury shares on the consolidated balance sheet.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company has several types of stock-based compensation - stock options, restricted stock, and restricted stock units (“RSUs”) - which are described in note 12 of notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . The expense related to a portion of the stock-based compensation awards is fixed. The expense related to other stock-based compensation awards fluctuates from period to period dependent, in part, on the Company's stock price and stock performance relative to its peers. The Company recorded stock-based compensation expense, net of forfeitures, of $340,000 and $2.0 million for the three months ended June 30, 2016 and 2015 , respectively, and $4.6 million and $1.9 million for the six months ended June 30, 2016 and 2015, respectively. The Company maintains the 2009 Incentive Stock Plan (the "2009 Plan") and the 2005 Restricted Stock Unit Plan (the “RSU Plan”). Under the 2009 Plan, the Company made restricted stock grants in 2016 of 234,965 shares to key employees, which vest ratably over a three -year period. Under the RSU Plan, the Company awarded two types of performance-based RSUs to key employees based on the following metrics: (1) Total Stockholder Return of the Company, as defined in the RSU Plan, as compared to the companies in the SNL US REIT Office index (“TSR RSUs”), and (2) the ratio of cumulative funds from operations per share to targeted cumulative funds from operations per share (“FFO RSUs”) as defined in the RSU Plan. The performance period for both awards is January 1, 2016 to December 31, 2018, and the targeted units awarded of TSR RSUs and FFO RSUs is 214,151 and 97,797 , respectively. The ultimate payout of these awards can range from 0% to 200% of the targeted number of units depending on the achievement of the market and performance metrics described above. Both of these RSUs cliff vest on January 29, 2019 and are to be settled in cash with payment dependent on upon attainment of required service, market, and performance criteria. The number of RSUs vesting will be determined at that date, and the payout per unit will be equal to the average closing price on each trading day during the 30 -day period ending on December 31, 2018. The Company expenses an estimate of the fair value of the TSR RSUs over the performance period using a quarterly Monte Carlo valuation. The FFO RSUs are expensed over the vesting period using the fair market value of the Company's stock at the reporting date multiplied by the anticipated number of units to be paid based on the current estimate of what the ratio is expected to be upon vesting. Dividend equivalents on the TSR RSUs and the FFO RSUs will also be paid based upon the percentage vested. In addition, during the three months ended June 30, 2016 , the Company issued 72,771 shares of common stock at fair value to members of its board of directors in lieu of fees, and recorded $765,000 in general and administrative expense in the three months ended June 30, 2016 related to the issuances.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period, including nonvested restricted stock which has nonforfeitable dividend rights. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period. Diluted weighted average number of common shares uses the same weighted average share number as in the basic calculation and adds the potential dilution, if any, that would occur if stock options (or any other contracts to issue common stock) were exercised and resulted in additional common shares outstanding, calculated using the treasury stock method. Weighted average shares-basic and diluted for the three and six months ended June 30, 2016 and 2015 , respectively, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Weighted average shares — basic 210,129 216,630 210,516 216,599 Dilutive potential common shares — stock options 233 136 171 154 Weighted average shares — diluted 210,362 216,766 210,687 216,753 Weighted average anti-dilutive stock options 1,129 1,553 1,131 1,553 Stock options are dilutive when the average market price of the Company's stock during the period exceeds the option exercise price. In periods where the Company is in a net loss position, the dilutive effect of stock options is not included in the diluted weighted average shares total. Anti-dilutive stock options represent stock options which are outstanding but which are not exercisable during the period because the exercise price exceeded the average market value of the Company's stock. These anti-dilutive stock options are not included in the current calculation of dilutive weighted average shares but could be dilutive in the future.

Reportable Segments

Reportable Segments	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	REPORTABLE SEGMENTS The Company's segments are based on the Company's method of internal reporting which classifies operations by property type and geographical area. The segments by property type are: Office, Mixed Use, and Other. The segments by geographical region are: Atlanta, Houston, Austin, Charlotte, and Other. These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker based on similar economic characteristics that include the type of property and the geographical location. Prior period information has been revised to reflect the change in segment reporting as described in the Annual Report on Form 10-K for the year ended December 31, 2015. Each segment includes both consolidated operations and the Company's share of joint venture operations. Company management evaluates the performance of its reportable segments in part based on net operating income (“NOI”). NOI represents rental property revenues less rental property operating expenses. NOI is not a measure of cash flows or operating results as measured by GAAP, is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income as it helps both management and investors understand the core operations of the Company's operating assets. NOI excludes corporate general and administrative expenses, interest expense, depreciation and amortization, impairments, gains/loss on sales of real estate, and other non-operating items. Segment net income, amount of capital expenditures, and total assets are not presented in the following tables because management does not utilize these measures when analyzing its segments or when making resource allocation decisions. Information on the Company's segments along with a reconciliation of NOI to net income available to common stockholders is as follows (in thousands): Three Months Ended June 30, 2016 Office Mixed-Use Other Total Net Operating Income: Houston $ 25,125 $ — $ — $ 25,125 Atlanta 21,572 1,742 — 23,314 Austin 5,763 — — 5,763 Charlotte 4,819 — — 4,819 Other (4 ) — (9 ) (13 ) Total Net Operating Income (Loss) $ 57,275 $ 1,742 $ (9 ) $ 59,008 Net operating income from unconsolidated joint ventures (6,954 ) Fee income 1,824 Other income 129 Reimbursed expenses (798 ) General and administrative expenses (4,691 ) Interest expense (7,334 ) Depreciation and amortization (32,381 ) Other expenses (2,576 ) Income from unconsolidated joint ventures 1,784 Loss on sale of investment properties (246 ) Net income $ 7,765 Three Months Ended June 30, 2015 Office Mixed-Use Other Total Net Operating Income: Houston $ 25,432 $ — $ — $ 25,432 Atlanta 23,272 1,499 6 24,777 Austin 3,914 — — 3,914 Charlotte 4,011 — — 4,011 Other 2,640 — — 2,640 Total Net Operating Income $ 59,269 $ 1,499 $ 6 60,774 Net operating income from unconsolidated joint ventures (5,984 ) Fee income 1,704 Other income 22 Reimbursed expenses (717 ) General and administrative expenses (5,936 ) Interest expense (7,869 ) Depreciation and amortization (34,879 ) Other expenses (343 ) Income from unconsolidated joint ventures 1,761 Loss from discontinued operations (6 ) Loss on sale of investment properties (576 ) Net income $ 7,951 Six Months Ended June 30, 2016 Office Mixed-Use Other Total Net Operating Income: Houston $ 50,443 $ — $ — $ 50,443 Atlanta 44,178 3,348 — 47,526 Austin 10,955 — — 10,955 Charlotte 9,574 — — 9,574 Other 8 — 15 23 Total Net Operating Income $ 115,158 $ 3,348 $ 15 118,521 Net operating income from unconsolidated joint ventures (13,600 ) Fee income 4,023 Other income 705 Reimbursed expenses (1,668 ) General and administrative expenses (13,183 ) Interest expense (14,748 ) Depreciation and amortization (64,350 ) Other expenses (2,701 ) Income from unconsolidated joint ventures 3,618 Gain on sale of investment properties 13,944 Net income $ 30,561 Six Months Ended June 30, 2015 Office Mixed-Use Other Total Net Operating Income: Houston $ 50,510 $ — $ — $ 50,510 Atlanta 46,635 2,851 6 49,492 Austin 6,100 — — 6,100 Charlotte 7,954 — — 7,954 Other 4,796 — (25 ) 4,771 Total Net Operating Income $ 115,995 $ 2,851 $ (19 ) 118,827 Net operating income from unconsolidated joint ventures (11,970 ) Fee income 3,520 Other income 143 Reimbursed expenses (1,828 ) General and administrative expenses (9,533 ) Interest expense (15,546 ) Depreciation and amortization (71,026 ) Other expenses (783 ) Income from unconsolidated joint ventures 3,372 Loss from sale of discontinued operations (551 ) Gain on sale of investment properties 530 Net income $ 15,155

Subsequent Events (Notes)

Subsequent Events (Notes)	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS

Investment in Unconsolidated 19

Investment in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Summary of financial data and principal activities of Company's Unconsolidated Joint Ventures	. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES The Company describes its investments in unconsolidated joint ventures in note 5 of notes to consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2015 . The following table summarizes balance sheet data of the Company's unconsolidated joint ventures as of June 30, 2016 and December 31, 2015 (in thousands): Total Assets Total Debt Total Equity Company’s Investment SUMMARY OF FINANCIAL POSITION: 2016 2015 2016 2015 2016 2015 2016 2015 Terminus Office Holdings $ 273,890 $ 277,444 $ 209,588 $ 211,216 $ 51,466 $ 56,369 $ 26,631 $ 29,110 EP I LLC 81,838 83,115 58,030 58,029 21,716 24,172 20,218 21,502 EP II LLC 68,926 70,704 44,494 40,910 22,913 24,331 18,144 19,118 Carolina Square Holdings LP 34,386 15,729 — — 27,890 12,085 16,874 6,782 Charlotte Gateway Village, LLC 121,452 123,531 8,099 17,536 110,502 104,336 11,190 11,190 HICO Victory Center LP 13,661 13,532 — — 13,656 13,229 9,365 9,138 DC Charlotte Plaza LLLP 14,293 — — — 13,754 — 7,376 — CL Realty, L.L.C. 7,829 7,872 — — 7,726 7,662 3,560 3,515 Temco Associates, LLC 5,311 5,284 — — 5,192 5,133 1,097 977 Wildwood Associates 16,337 16,419 — — 16,298 16,354 (1,150 ) (1) (1,122 ) (1) Crawford Long - CPI, LLC 29,405 29,143 73,561 74,286 (46,516 ) (46,238 ) (22,160 ) (1) (22,021 ) (1) Other — 2,107 — — — 1,646 — 1,245 $ 667,328 $ 644,880 $ 393,772 $ 401,977 $ 244,597 $ 219,079 $ 91,145 $ 79,434 (1) Negat

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets [Table Text Block]	assets on the balance sheets as of June 30, 2016 and December 31, 2015 included the following (in thousands): June 30, 2016 December 31, 2015 In-place leases, net of accumulated amortization of $100,111 and $88,035 in 2016 and 2015, respectively $ 100,648 $ 112,937 Above-market tenant leases, net of accumulated amortization of $15,681 and $15,423 in 2016 and 2015, respectively 6,992 8,031 Goodwill 3,626 3,647 $ 111,266 $ 124,615
Schedule of Goodwill [Table Text Block]	The following is a summary of goodwill activity for the six months ended June 30, 2016 and 2015 (in thousands): Six Months Ended June 30, 2016 2015 Beginning balance $ 3,647 $ 3,867 Allocated to property sales (21 ) — Ending balance $ 3,626 $ 3,867

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Other Assets [Abstract]
Other Assets Disclosure [Text Block]	. OTHER ASSETS Other assets on the balance sheets as of June 30, 2016 and December 31, 2015 included the following (in thousands): June 30, 2016 December 31, 2015 Furniture, fixtures and equipment, deferred direct operating expenses, and leasehold improvements, net of accumulated depreciation of $24,168 and $22,572 in 2016 and 2015, respectively $ 14,087 $ 13,523 Lease inducements, net of accumulated amortization of $7,637 and $6,865 in 2016 and 2015, respectively 12,519 13,306 Prepaid expenses and other assets 6,690 4,408 Line of credit deferred financing costs, net of accumulated amortization of $1,815 and $1,380 in 2016 and 2015, respectively 2,537 2,972 Predevelopment costs and earnest money 330 1,780 $ 36,163 $ 35,989

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Payable, Commitments and Contingencies [Abstract]
Summary of terms of notes payable	The following table details the terms and amounts of the Company’s outstanding notes payable at June 30, 2016 and December 31, 2015 ($ in thousands): Description Interest Rate Maturity June 30, 2016 December 31, 2015 Post Oak Central mortgage note 4.26 % 2020 $ 180,046 $ 181,770 Credit Facility, unsecured 1.54 % 2019 155,000 92,000 The American Cancer Society Center mortgage note 6.45 % 2017 128,440 129,342 Promenade mortgage note 4.27 % 2022 106,787 108,203 191 Peachtree Tower mortgage note 3.35 % 2018 99,677 100,000 816 Congress mortgage note 3.75 % 2024 85,000 85,000 Meridian Mark Plaza mortgage note 6.00 % 2020 24,754 24,978 $ 779,704 $ 721,293
Summary of interest	For the three and six months ended June 30, 2016 and 2015 , interest expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total interest incurred $ 8,350 $ 8,683 $ 16,506 $ 17,263 Interest capitalized (1,016 ) (814 ) (1,758 ) (1,717 ) Total interest expense $ 7,334 $ 7,869 $ 14,748 $ 15,546

Earnings Per Share Earnings Per

Earnings Per Share Earnings Per Share Tables (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	Weighted average shares-basic and diluted for the three and six months ended June 30, 2016 and 2015 , respectively, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Weighted average shares — basic 210,129 216,630 210,516 216,599 Dilutive potential common shares — stock options 233 136 171 154 Weighted average shares — diluted 210,362 216,766 210,687 216,753 Weighted average anti-dilutive stock options 1,129 1,553 1,131 1,553

Basis of Presentation Percentag

Basis of Presentation Percentage of taxable income distributed (Details)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Distribution of Taxable Income to Qualify as REIT	90.00%

Property Transactions Property

Property Transactions Property Transactions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)ft²	Jun. 30, 2016shares	Dec. 31, 2015shares
Business Acquisition [Line Items]
Area of Real Estate Property | ft²	129,000
Common Stock, Shares, Issued | shares		220,436,378	220,255,676
Proceeds from Sale of Property Held-for-sale | $	$ 22

Property Transactions Propert26

Property Transactions Property Transactions (Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Discontinued Operations [Line Items]
Document Fiscal Year Focus			2,016
Income (Loss) from Discontinued Operations	$ 0	$ (6)	$ 0	$ (19)
Gain (Loss) on Disposal of Discontinued Operation	$ 0	$ 0	$ 0	$ (551)

Property Transactions Propert27

Property Transactions Property Transactions (Held for Sale) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)ft²
Long Lived Assets Held-for-sale [Line Items]
Area of Real Estate Property | ft²	129,000
Proceeds from Sale of Property Held-for-sale | $	$ 22

Investment in Unconsolidated 28

Investment in Unconsolidated Joint Ventures (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2016USD ($)ft²	Jun. 30, 2015USD ($)	Mar. 31, 2016ft²	Dec. 31, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Document Period End Date		Jun. 30, 2016
Document Fiscal Year Focus		2,016
SUMMARY OF FINANCIAL POSITION:
Total Assets		$ 667,328			$ 644,880
Total Debt		393,772			401,977
Total Equity		244,597			219,079
Company's Investment		91,145			79,434
SUMMARY OF OPERATIONS:
Total Revenues		53,080	$ 50,533
Net Income (Loss)		11,638	10,729
Income (Loss) from Equity Method Investments Gross of Impairment Charges		3,618	3,372
Area of Real Estate Property | ft²				129,000
Terminus Office Holdings [Member]
SUMMARY OF FINANCIAL POSITION:
Total Assets		273,890			277,444
Total Debt		209,588			211,216
Total Equity		51,466			56,369
Company's Investment		26,631			29,110
SUMMARY OF OPERATIONS:
Total Revenues		20,978	19,638
Net Income (Loss)		2,597	1,139
Income (Loss) from Equity Method Investments Gross of Impairment Charges		1,298	570
EP I LLC [Member]
SUMMARY OF FINANCIAL POSITION:
Total Assets		81,838			83,115
Total Debt		58,030			58,029
Total Equity		21,716			24,172
Company's Investment		20,218			21,502
SUMMARY OF OPERATIONS:
Total Revenues		5,991	6,218
Net Income (Loss)		1,168	1,480
Income (Loss) from Equity Method Investments Gross of Impairment Charges		951	1,112
EP II LLC [Member]
SUMMARY OF FINANCIAL POSITION:
Total Assets		68,926			70,704
Total Debt		44,494			40,910
Total Equity		22,913			24,331
Company's Investment		18,144			19,118
SUMMARY OF OPERATIONS:
Total Revenues		2,044	0
Net Income (Loss)		(1,018)	0
Income (Loss) from Equity Method Investments Gross of Impairment Charges		(823)	0
Charlotte Gateway Village, LLC [Member]
SUMMARY OF FINANCIAL POSITION:
Total Assets		121,452			123,531
Total Debt		8,099			17,536
Total Equity		110,502			104,336
Company's Investment		11,190			11,190
SUMMARY OF OPERATIONS:
Total Revenues		17,477	16,913
Net Income (Loss)		7,263	6,225
Income (Loss) from Equity Method Investments Gross of Impairment Charges		987	589
HICO Victory Center LP [Member]
SUMMARY OF FINANCIAL POSITION:
Total Assets		13,661			13,532
Total Debt		0			0
Total Equity		13,656			13,229
Company's Investment		9,365			9,138
SUMMARY OF OPERATIONS:
Total Revenues		169	0
Net Income (Loss)		162	0
Income (Loss) from Equity Method Investments Gross of Impairment Charges		81	0
Temco Associates, LLC [Member]
SUMMARY OF FINANCIAL POSITION:
Total Assets		5,311			5,284
Total Debt		0			0
Total Equity		5,192			5,133
Company's Investment		1,097			977
SUMMARY OF OPERATIONS:
Total Revenues		147	1,144
Net Income (Loss)		79	435
Income (Loss) from Equity Method Investments Gross of Impairment Charges		119	242
Carolina Square Holdings LP [Member]
SUMMARY OF FINANCIAL POSITION:
Total Assets		34,386			15,729
Total Debt		0			0
Total Equity		27,890			12,085
Company's Investment		16,874			6,782
CL Realty, L.L.C. [Member]
SUMMARY OF FINANCIAL POSITION:
Total Assets		7,829			7,872
Total Debt		0			0
Total Equity		7,726			7,662
Company's Investment		3,560			3,515
SUMMARY OF OPERATIONS:
Total Revenues		246	469
Net Income (Loss)		64	243
Income (Loss) from Equity Method Investments Gross of Impairment Charges		44	130
Wildwood Associates
SUMMARY OF FINANCIAL POSITION:
Total Assets		16,337			16,419
Total Debt		0			0
Total Equity		16,298			16,354
Company's Investment	[1]		(1,150)		(1,122)
SUMMARY OF OPERATIONS:
Total Revenues		0	0
Net Income (Loss)		(56)	(58)
Income (Loss) from Equity Method Investments Gross of Impairment Charges		(28)	(30)
Crawford Long CPI LLC [Member]
SUMMARY OF FINANCIAL POSITION:
Total Assets		29,405			29,143
Total Debt		73,561			74,286
Total Equity		(46,516)			(46,238)
Company's Investment	[1]	(22,160)			(22,021)
SUMMARY OF OPERATIONS:
Total Revenues		6,028	6,139
Net Income (Loss)		1,346	1,446
Income (Loss) from Equity Method Investments Gross of Impairment Charges		673	728
Other Equity Method Investee [Member]
SUMMARY OF FINANCIAL POSITION:
Total Assets		0			2,107
Total Debt		0			0
Total Equity		0			1,646
Company's Investment		0			1,245
SUMMARY OF OPERATIONS:
Total Revenues		0	12
Net Income (Loss)		0	(181)
Income (Loss) from Equity Method Investments Gross of Impairment Charges		298	31
DC Charlotte Plaza LLLP [Member]
SUMMARY OF FINANCIAL POSITION:
Total Assets		14,293			0
Total Debt		0			0
Total Equity		13,754			0
Company's Investment		7,376			$ 0
SUMMARY OF OPERATIONS:
Total Revenues		0	0
Net Income (Loss)		33	0
Income (Loss) from Equity Method Investments Gross of Impairment Charges		$ 18	$ 0
Dimensional Fund Advisors [Member] | DC Charlotte Plaza LLLP [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Percentage of Partner in Joint Venture		5000.00%
DC Charlotte Plaza LLLP [Member]
SUMMARY OF OPERATIONS:
Area of Real Estate Property | ft²		229,000
[1]	Negative balances are included in deferred income on the balance sheets.

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Intangible Assets
In-place leases, net of accumulated amortization of $94,141 and $88,035 in 2016 and 2015, respectively	$ 100,648	$ 112,937
Above-market tenant leases, net of accumulated amortization of $15,187 and $15,423 in 2016 and 2015, respectively	6,992	8,031
Goodwill	3,626	3,647	$ 3,867	$ 3,867
Intangible Assets, Net (Including Goodwill)	111,266	124,615
In-place leases accumulated amortization	100,111	88,035
Above-market tenant leases accumulated amortization	$ 15,681	$ 15,423

Intangible Assets Intangible As

Intangible Assets Intangible Assets - Goodwill Rollforward Table (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Goodwill [Roll Forward]
Goodwill	$ 3,647	$ 3,867
Allocated to property sales	(21)	0
Goodwill	$ 3,626	$ 3,867

Other Assets Other Assets (Deta

Other Assets Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other Assets [Abstract]
Lease inducements, net of accumulated amortization of $7,243 and $6,865 in 2016 and 2015, respectively	$ 12,519	$ 13,306
FF&E and leasehold improvements, net of accumulated depreciation of $21,512 and $19,137 in 2015 and 2014, respectively	14,087	13,523
Loan closing costs, net of accumulated amortization of $2,643 and $2,286 in 2015 and 2014, respectively	(2,219)	2,483
Prepaid expenses and other assets	6,690	4,408
Debt Issuance Costs, Line of Credit Arrangements, Net	2,537	2,972
Predevelopment costs and earnest money	330	1,780
Other Assets	36,163	35,989
Accumulated Amortization Incentives to Lessees	7,243	6,865
Furniture, Fixture and Equipments and Leasehold Improvements Accumulated Depreciation	23,320	22,572
Accumulated Amortization of Debt Issuance Costs, Line of Credit Arrangements	1,598	1,380
Accumulated Amortization, Deferred Finance Costs	$ 2,140	$ 2,008

Notes Payable (Debt Table) (Det

Notes Payable (Debt Table) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Notes Payable [Line Items]
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Summary of terms of notes payable
Notes payable	$ 777,485	$ 718,810
Long-term Debt, Gross	$ 779,704	721,293
Post Oak Central Mortgage Note [Member]
Summary of terms of notes payable
Interest rate on mortgage loan	4.26%
Notes payable	$ 180,046	181,770
The American Cancer Society Center mortgage note [Member]
Summary of terms of notes payable
Interest rate on mortgage loan	6.45%
Notes payable	$ 128,440	129,342
Promenade Atlanta Mortgage Note [Member]
Summary of terms of notes payable
Interest rate on mortgage loan	4.27%
Notes payable	$ 106,787	108,203
191 Peachtree Tower Mortgage Note [Member]
Summary of terms of notes payable
Interest rate on mortgage loan	3.35%
Notes payable	$ 99,677	100,000
816 Congress Mortgage Note [Member]
Summary of terms of notes payable
Interest rate on mortgage loan	3.75%
Notes payable	$ 85,000	85,000
Credit Facility, unsecured Member]
Summary of terms of notes payable
Interest rate on mortgage loan	1.54%
Notes payable	$ 155,000	92,000
Meridian Mark Plaza mortgage note [Member]
Summary of terms of notes payable
Interest rate on mortgage loan	6.00%
Notes payable	$ 24,754	$ 24,978

Notes Payable (Details Textual)

Notes Payable (Details Textual) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Debt Instrument, Fair Value Disclosure	$ 807.5	$ 738.1
Document Fiscal Year Focus	2,016

Notes Payable (Interest Expense

Notes Payable (Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Detail of interest expensed and incurred
Total interest incurred	$ 8,350	$ 8,683	$ 16,506	$ 17,263
Interest capitalized	(1,016)	(814)	(1,758)	(1,717)
Total interest expense	$ 7,334	$ 7,869	$ 14,748	$ 15,546

Notes Payable Notes Other (Deta

Notes Payable Notes Other (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Document Period End Date	Jun. 30, 2016
Long-term Debt, Gross	$ 779,704	$ 721,293
Debt Issuance Costs, Net	2,219	(2,483)
Long-term Debt	$ 777,485	$ 718,810

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) $ in Millions	Jun. 30, 2016USD ($)
Commitments and Contingencies [Abstract]
Outstanding letters of credit and performance bonds	$ 1.9
Outstanding Commitments to Fund Real Estate Projects	79.5
Operating Leases, Future Minimum Payments Due	$ 144

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Stock Repurchase Program, Authorized Amount	$ 100
Common Stock, Shares, Issued	220,436,378	220,255,676
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Stock Repurchase Program Expiration Date	Sep. 8, 2017
Stock Repurchased and Retired During Period, Shares	6,800,000
Payments for Repurchase of Equity	$ 61.5

Stock-Based Compensation Stock

Stock-Based Compensation Stock Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 340,000	$ 2,000,000	$ 4,600,000	$ 1,900,000
Other General and Administrative Expense	4,691,000	$ 5,936,000	$ 13,183,000	$ 9,533,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			234,965
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
SNL RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			214,151
FFO RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			97,797
Performance based Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout Range Minimum			0.00%
Payout Per Unit Average Thirty Days Closing Price			30 days
Payout Range Maximum			200.00%
Immediately upon issuance [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			72,771
Other General and Administrative Expense	$ 765,000

Earnings Per Share Earnings P39

Earnings Per Share Earnings Per Share (Table) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Weighted average shares - basic	210,129	216,630	210,516	216,599
Dilutive potential common shares - stock options	233	136	171	154
Weighted average shares - diluted	210,362	216,766	210,687	216,753
Anti-dilutive options	1,129	1,553	1,131	1,553

Reportable Segments Table (Deta

Reportable Segments Table (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Fee Income	$ 1,824	$ 1,704	$ 4,023	$ 3,520
Other Revenue from Continuing Operations	129	22	705	143
Net operating property income, including discontinued operations	59,008	60,774	118,521	118,827
Net operating income in joint venture	6,954	5,984	13,600	11,970
General and Administrative Expense	4,691	5,936	13,183	9,533
Interest Expense	(7,334)	(7,869)	(14,748)	(15,546)
Depreciation, Depletion and Amortization	(32,381)	(34,879)	(64,350)	(71,026)
Other Expenses	2,576	343	2,701	783
Reimbursed Expenses	(798)	(717)	(1,668)	(1,828)
Income (Loss) from Equity Method Investments	1,784	1,761	3,618	3,372
Loss on sale from discontinued operations	0	0	0	(551)
Gain on sale of investment properties	(246)	(576)	13,944	530
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	7,765	7,951	30,561	15,155
Houston [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	25,125	25,432	50,443	50,510
Atlanta [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	23,314	24,777	47,526	49,492
Austin [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	5,763	3,914	10,955	6,100
Charlotte [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	4,819	4,011	9,574	7,954
Other [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	(13)	2,640	23	4,771
Mixed-Use [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	1,742	1,499	3,348	2,851
Mixed-Use [Member] | Houston [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	0	0	0	0
Mixed-Use [Member] | Atlanta [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	1,742	1,499	3,348	2,851
Mixed-Use [Member] | Austin [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	0	0	0	0
Mixed-Use [Member] | Charlotte [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	0	0	0	0
Mixed-Use [Member] | Other [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	0	0	0	0
Office Segment [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	57,275	59,269	115,158	115,995
Office Segment [Member] | Houston [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	25,125	25,432	50,443	50,510
Office Segment [Member] | Atlanta [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	21,572	23,272	44,178	46,635
Office Segment [Member] | Austin [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	5,763	3,914	10,955	6,100
Office Segment [Member] | Charlotte [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	4,819	4,011	9,574	7,954
Office Segment [Member] | Other [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	(4)	2,640	8	4,796
Other [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	(9)	6	15	(19)
Other [Member] | Houston [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	0	0	0	0
Other [Member] | Atlanta [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	0	6	0	6
Other [Member] | Austin [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	0	0	0	0
Other [Member] | Charlotte [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	0	0	0	0
Other [Member] | Other [Member]
Segment Reporting Information [Line Items]
Net operating property income, including discontinued operations	$ (9)	$ 0	$ 15	$ (25)

Reportable Segments Reportable

Reportable Segments Reportable Segments (Revenue Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Document Fiscal Year Focus			2,016
Net operating property income, including discontinued operations	$ 59,008	$ 60,774	$ 118,521	$ 118,827
Rental property operating expenses	(38,681)	(41,387)	(74,290)	(79,340)
Net operating income in joint venture	(6,954)	(5,984)	(13,600)	(11,970)
Total consolidated revenues	$ 92,688	$ 97,903	$ 183,939	$ 189,879

Subsequent Events Business comb

Subsequent Events Business combinations (Details) - ft²	Apr. 28, 2016	Mar. 31, 2016
Subsequent Event [Line Items]
Business Acquisition, Date of Acquisition Agreement	Apr. 28, 2016
Area of Real Estate Property		129,000

Merger with Parkway Properties,

Merger with Parkway Properties, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Merger with Parkway Properties, Inc. [Abstract]
Acquisition Costs, Period Cost	$ 2,424	$ 2	$ 2,443	$ 85

Uncategorized Items - cuz-20160

Label	Element	Value
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest	$ 1,473,000
Additional Paid-in Capital [Member]
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest	0
Common Stock [Member]
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest	$ 0
Stock Issued During Period, Shares, Share-based Compensation, Gross	us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross	258,000
Noncontrolling Interest [Member]
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest	$ 1,473,000
Parent [Member]
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest	0
Retained Earnings [Member]
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest	0
Treasury Stock [Member]
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest	$ 0