Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 09, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | COUSINS PROPERTIES INC | ||
Entity Central Index Key | 25,232 | ||
Document Type | 10-K | ||
Document Ending Period Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Year Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 2,054,466,742 | ||
Entity Common Stock, Shares Outstanding | 393,648,519 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate assets: | ||
Operating properties, net of accumulated depreciation of $215,856 and $352,350 in 2016 and 2015, respectively | $ 3,432,522 | $ 2,194,781 |
Projects under development | 162,387 | 27,890 |
Land | 4,221 | 17,829 |
Total properties | 3,599,130 | 2,240,500 |
Real estate assets and other assets held for sale, net of accumulated depreciation and amortization of $7,200 in 2015 | 0 | 7,246 |
Cash and cash equivalents | 35,687 | 2,003 |
Restricted cash | 15,634 | 4,304 |
Notes and accounts receivable, net of allowance for doubtful accounts of $1,167 and $1,353 in 2016 and 2015, respectively | 27,683 | 10,828 |
Deferred rents receivable | 39,464 | 67,258 |
Investment in unconsolidated joint ventures | 179,397 | 102,577 |
Intangible assets, net of accumulated amortization of $53,483 and $103,458 in 2016 and 2015, respectively | 245,529 | 124,615 |
Other assets | 29,083 | 35,989 |
Total assets | 4,171,607 | 2,595,320 |
Liabilities: | ||
Notes payable | 1,380,920 | 718,810 |
Accounts payable and accrued expenses | 109,278 | 71,739 |
Deferred income | 33,304 | 29,788 |
Intangible liabilities, net of accumulated amortization of $12,227 and $26,890 in 2016 and 2015, respectively | 89,781 | 59,592 |
Other liabilities | 44,084 | 30,629 |
Liabilities of real estate assets held for sale | 0 | 1,347 |
Total liabilities | 1,657,367 | 911,905 |
Commitments and contingencies | ||
Stockholders' investment: | ||
Preferred stock, $1 par value, 20,000,000 shares authorized, 6,867,357 and 0 shares issued and outstanding in 2016 and 2015, respectively | 6,867 | 0 |
Common stock, $1 par value, 700,000,000 shares authorized, 403,746,938 and 220,255,676 shares issued in 2016 and 2015, respectively | 403,747 | 220,256 |
Additional paid-in capital | 3,407,430 | 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 | (1,214,114) | (124,435) |
Total stockholders' investment | 2,455,557 | 1,683,415 |
Nonredeemable noncontrolling interests | 58,683 | 0 |
Total stockholders' investment | 2,514,240 | 1,683,415 |
Total liabilities and equity | $ 4,171,607 | $ 2,595,320 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Operating properties, accumulated depreciation | $ 215,856 | $ 352,350 |
Real estate assets and other assets held for sale, accumulated depreciation | 7,200 | |
Notes and accounts receivable, allowance for doubtful accounts | 1,167 | 1,353 |
Intangible assets, accumulated amortization | 53,483 | 103,458 |
Intangible liabilities, accumulated amortization | $ 12,227 | $ 26,890 |
Preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 6,867,357 | 0 |
Preferred stock, shares outstanding | 6,867,357 | 0 |
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Common stock, shares authorized | 700,000,000 | 700,000,000 |
Common stock, shares issued | 403,746,938 | 220,255,676 |
Treasury stock, shares | 10,329,082 | 8,742,181 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Rental property revenues | $ 249,814 | $ 196,244 | $ 164,123 |
Fee income | 8,347 | 7,297 | 12,519 |
Other | 1,050 | 828 | 919 |
Total revenues | 259,211 | 204,369 | 177,561 |
Costs and expenses: | |||
Rental property operating expenses | 96,908 | 82,545 | 76,963 |
Reimbursed expenses | 3,259 | 3,430 | 3,652 |
General and administrative expenses | 25,592 | 16,918 | 19,784 |
Interest expense | 26,650 | 22,735 | 20,983 |
Depreciation and amortization | 97,948 | 71,625 | 62,258 |
Acquisition and merger costs | 24,521 | 299 | 1,130 |
Other | 5,888 | 1,181 | 3,729 |
Total costs and expenses | 280,766 | 198,733 | 188,499 |
Loss on extinguishment of debt | (5,180) | 0 | 0 |
Income (loss) from continuing operations before benefit for income taxes, income from unconsolidated joint ventures, and gain on sale of investment properties | (26,735) | 5,636 | (10,938) |
Benefit for income taxes from operations | 0 | 0 | 20 |
Income from unconsolidated joint ventures | 10,562 | 8,302 | 11,268 |
Income (loss) from continuing operations before gain on sale of investment properties | (16,173) | 13,938 | 350 |
Gain on sale of investment properties | 77,114 | 80,394 | 12,536 |
Income from continuing operations | 60,941 | 94,332 | 12,886 |
Income (loss) from discontinued operations: | |||
Income from discontinued operations | 19,163 | 31,848 | 20,764 |
Income (loss) on sale from discontinued operations | 0 | (551) | 19,358 |
Income from discontinued operations | 19,163 | 31,297 | 40,122 |
Net income | 80,104 | 125,629 | 53,008 |
Net income attributable to noncontrolling interests | (995) | (111) | (1,004) |
Income from discontinued operations | 79,109 | 125,518 | 52,004 |
Preferred share original issuance costs | 0 | 0 | (3,530) |
Net income attributable to noncontrolling interests | 0 | 0 | (2,955) |
Net income attributable to controlling interests | $ 79,109 | $ 125,518 | $ 45,519 |
Per common share information — basic: | |||
Income from continuing operations for common stockholders (in usd per share) | $ 0.24 | $ 0.44 | $ 0.02 |
Income from discontinued operations for common stockholders (in usd per share) | 0.07 | 0.14 | 0.20 |
Net income available to common stockholders (in usd per share) | 0.31 | 0.58 | 0.22 |
Per common share information — diluted: | |||
Income from continuing operations for common stockholders (in usd per share) | 0.24 | 0.44 | 0.02 |
Income from discontinued operations for common stockholders (in usd per share) | 0.07 | 0.14 | 0.20 |
Net income available to common stockholders (in usd per share) | $ 0.31 | $ 0.58 | $ 0.22 |
Weighted average shares — basic | 253,895 | 215,827 | 204,216 |
Weighted average shares — diluted | 256,023 | 215,979 | 204,460 |
Dividends declared per common share (in usd per share) | $ 0.24 | $ 0.32 | $ 0.3 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Treasury Stock | Distributions in Excess of Cumulative Net Income | Stockholders’ Investment | Nonredeemable Noncontrolling Interests |
Beginning balance at Dec. 31, 2013 | $ 1,458,972 | $ 94,775 | $ 193,236 | $ 1,420,951 | $ (86,840) | $ (164,721) | $ 1,457,401 | $ 1,571 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 53,008 | 52,004 | 52,004 | 1,004 | ||||
Common stock issued pursuant to: | ||||||||
Common stock offering, net of issuance costs | 321,896 | 26,700 | 295,196 | 321,896 | ||||
Stock based compensation | (550) | 156 | (706) | (550) | ||||
Amortization of stock options and restricted stock, net of forfeitures | 1,992 | (9) | 2,001 | 1,992 | ||||
Distributions to nonredeemable noncontrolling interests | (2,575) | (2,575) | ||||||
Redemption of preferred shares | (94,775) | (94,775) | 3,530 | (3,530) | (94,775) | |||
Preferred dividends | (2,955) | (2,955) | (2,955) | |||||
Common dividends | (61,555) | (61,555) | (61,555) | |||||
Ending balance at Dec. 31, 2014 | 1,673,458 | 0 | 220,083 | 1,720,972 | (86,840) | (180,757) | 1,673,458 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 125,629 | 125,518 | 125,518 | 111 | ||||
Common stock issued pursuant to: | ||||||||
Stock based compensation | (72) | 173 | (245) | (72) | ||||
Amortization of stock options and restricted stock, net of forfeitures | 1,473 | 1,473 | 1,473 | |||||
Distributions to nonredeemable noncontrolling interests | (111) | (111) | ||||||
Redemption of preferred shares | 0 | |||||||
Repurchase of common stock | (47,790) | (47,790) | (47,790) | |||||
Common dividends | (69,196) | (69,196) | (69,196) | |||||
Other | 24 | 24 | 24 | |||||
Ending balance at Dec. 31, 2015 | 1,683,415 | 0 | 220,256 | 1,722,224 | (134,630) | (124,435) | 1,683,415 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 80,104 | 79,109 | 79,109 | 995 | ||||
Securities issued in merger | 1,950,008 | 6,867 | 183,207 | 1,683,076 | 1,873,150 | 76,858 | ||
Noncontrolling interest in assets acquired in merger | 292,337 | 292,337 | ||||||
Common stock issued pursuant to: | ||||||||
Stock based compensation | 504 | 280 | 224 | 504 | ||||
Spin-off of New Parkway | (1,141,061) | (1,118,240) | (1,118,240) | (22,821) | ||||
Amortization of stock options and restricted stock, net of forfeitures | 1,648 | (35) | 1,683 | 1,648 | ||||
Common stock redemption by unit holders | 0 | 39 | 223 | 262 | (262) | |||
Contributions from nonredeemable noncontrolling interests | 4,126 | 4,126 | ||||||
Distributions to nonredeemable noncontrolling interests | (292,550) | (292,550) | ||||||
Redemption of preferred shares | 0 | |||||||
Repurchase of common stock | (13,743) | (13,743) | (13,743) | |||||
Common dividends | (50,548) | (50,548) | (50,548) | |||||
Ending balance at Dec. 31, 2016 | $ 2,514,240 | $ 6,867 | $ 403,747 | $ 3,407,430 | $ (148,373) | $ (1,214,114) | $ 2,455,557 | $ 58,683 |
Consolidated Statements of Equ6
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Common dividends per share (in usd per share) | $ 0.24 | $ 0.32 | $ 0.30 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 80,104 | $ 125,629 | $ 53,008 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on sale of investment properties, including discontinued operations | (77,114) | (79,843) | (31,894) |
Loss on extinguishment of debt | (5,180) | 0 | 0 |
Depreciation and amortization, including discontinued operations | 145,293 | 135,462 | 141,022 |
Amortization of deferred financing costs and discount on notes payable | (1,595) | 1,423 | 604 |
Stock-based compensation expense, net of forfeitures | 2,152 | 1,473 | 1,992 |
Effect of certain non-cash adjustments to rental revenues | (25,873) | (26,475) | (30,039) |
Income from unconsolidated joint ventures | (10,562) | (8,302) | (11,268) |
Operating distributions from unconsolidated joint ventures | 7,764 | 8,760 | 10,296 |
Land and multi-family cost of sales, net of closing costs paid | 0 | 0 | 302 |
Other | 4,526 | 0 | 0 |
Changes in other operating assets and liabilities: | |||
Change in other receivables and other assets, net | 2,156 | (10,937) | (644) |
Change in operating liabilities | (20,749) | 4,471 | 9,021 |
Net cash provided by operating activities | 111,282 | 151,661 | 142,400 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from investment property sales | 622,643 | 225,307 | 244,471 |
Property acquisition, development, and tenant asset expenditures | (193,534) | (184,988) | (710,743) |
Investment in unconsolidated joint ventures | (28,531) | (9,985) | (18,342) |
Distributions from unconsolidated joint ventures | 7,369 | 7,555 | 26,179 |
Investment in preferred stock | (5,000) | 0 | 0 |
Cash acquired in merger with Parkway Properties, Inc. | 63,193 | 0 | 0 |
Investments in marketable securities | (21,190) | 0 | 0 |
Change in notes receivable and other assets | (3,241) | 118 | (1,819) |
Change in restricted cash | 19,230 | 475 | (1,361) |
Net cash provided by (used in) investing activities | 460,939 | 38,482 | (461,615) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from credit facility | 716,800 | 355,900 | 764,575 |
Repayment of credit facility | (674,800) | (404,100) | (664,450) |
Proceeds from notes payable | 870,000 | 0 | 85,068 |
Repayment of notes payable, including prepayment penalties | (907,300) | (22,851) | (22,943) |
Cash distributed to Parkway, Inc. | (192,755) | 0 | 0 |
Common stock issued, net of expenses | 0 | 8 | 321,845 |
Repurchase of common stock | (13,743) | (47,790) | 0 |
Redemption of preferred shares | 0 | 0 | (94,775) |
Common dividends paid | (50,548) | (69,196) | (61,555) |
Preferred dividends paid | 0 | 0 | (2,955) |
Contributions from noncontrolling interests | 4,126 | 0 | 0 |
Other | (4,195) | 0 | (3,995) |
Distributions to nonredeemable noncontrolling interests | (286,122) | (111) | (2,575) |
Net cash provided by (used in) financing activities | (538,537) | (188,140) | 318,240 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 33,684 | 2,003 | (975) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 2,003 | 0 | 975 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 35,687 | $ 2,003 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
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”). Through October 5, 2016, Cousins conducted all of its business on its own account or through wholly or partially owned entities, some of which were consolidated with Cousins and some of which were not consolidated and were accounted for under the equity method. One of the consolidated entities, Cousins TRS Services LLC ("CTRS") is a taxable entity which owns and manages its own real estate portfolio and performs certain real estate related services for other parties. In connection with a series of transactions with Parkway Properties, Inc. ("Parkway") and Parkway, Inc. ("New Parkway"), including a merger and spin-off, Cousins Properties LP ("CPLP") was formed. On October 6, 2016, the closing date of the merger with Parkway, Cousins contributed, or caused to be contributed, all of Parkway's and Cousins' assets and liabilities not pertaining to the ownership of real properties in Houston, Texas and certain other businesses of Parkway to CPLP, including CTRS, and began conducting substantially all of its operations through CPLP. Cousins owns approximately 98% of CPLP and consolidates CPLP. Cousins, CPLP, CTRS and their subsidiaries (collectively, the “Company”) develop, acquire, lease, manage, and own primarily Class A office properties and opportunistic mixed-use developments in Sunbelt markets with a focus on Georgia, Texas, and North Carolina. As of December 31, 2016 , the Company’s portfolio of real estate assets consisted of interests in 16.2 million square feet of office space and 786,000 square feet of mixed-use space. Basis of Presentation: The consolidated financial statements include the accounts of the Company and its consolidated partnerships and wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The Company presents its financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) as outlined in the Financial Accounting Standard Board’s Accounting Standards Codification (the “Codification” or “ASC”). The Codification is the single source of authoritative accounting principles applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. For the three years ended December 31, 2016 , there were no items of other comprehensive income. Therefore, no presentation of comprehensive income is required. The Company evaluates all partnerships, joint ventures and other arrangements with variable interests to determine if the entity or arrangement qualifies as a variable interest entity (“VIE”), as defined in the Codification. If the entity or arrangement qualifies as a VIE and the Company is determined to be the primary beneficiary, the Company is required to consolidate the assets, liabilities, and results of operations of the VIE. At December 31, 2016, the Company had a joint venture with Callaway Gardens Resort, Inc. (“Callaway”) for the development of residential lots, which was funded fully through Company contributions. Callaway had the right to receive returns, but no obligation to fund any costs or absorb any losses. The Company was the sole decision maker for the venture and the development manager. The Company determined that the joint venture with Callaway was a VIE, and the Company was the primary beneficiary. Therefore, the Company consolidated this joint venture. In January 2017, the Company withdrew from the joint venture and, as a result, recorded an impairment loss of $4.5 million in 2016 which is included in other expense in the consolidated statements of operations. As of December 31, 2016 and 2015 , Callaway had total assets of $-0- and $4.6 million , respectively, and no significant liabilities. The Company also considers CPLP to be a VIE with the Company as the primary beneficiary. Recently Issued Accounting Standards : In 2015, the FASB issued ASC 2015-02 "Consolidation (Topic 810): Amendments to the Consolidation Analysis." All legal entities are subject to reevaluation under the revised consolidation model. The amendment modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities. It also eliminates the presumption that a general partner should consolidate a limited partnership. The guidance is effective for public entities with periods beginning after December 15, 2015 with early adoption permitted. The Company adopted this guidance effective January 1, 2016, and it did not have material impact on the consolidated financial statements. 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 Company expects to adopt this guidance using the " modified retrospective" method effective January 1, 2019. 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 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." 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 using the "modified retrospective" method effective January 1, 2018. In August 2014, the FASB issued ASU 205-40, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern," which requires management of all entities to evaluate whether there are conditions and events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the financial statements are issued. The Company adopted ASU 205-40 as of December 31, 2016. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business," which provides a more narrow definition of a business to be used in determining the accounting treatment of an acquisition. As a result, many acquisitions that previously qualified as business combinations will be treated as asset acquisitions. For asset acquisitions, acquisition costs may be capitalized, and the purchase price may be allocated on a relative fair value basis. ASU 2017-01 is effective prospectively for the Company on January 1, 2018, with early adoption permitted. The Company expects that most of its future acquisitions will qualify as asset acquisitions. Certain prior year amounts have been reclassified to conform with current year presentation on the consolidated statements of operations and the consolidated statements of equity. Separation expenses on the consolidated statements of operations have been reclassified from general and administrative expenses to other expenses. On the consolidated statements of equity, all components of common stock issued pursuant to stock-based compensation are aggregated into one line item. These changes do not affect the previously reported total costs and expenses in the consolidated statements of operations or the total equity in the consolidated statements of equity for any period. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Real Estate Assets Cost Capitalization: Costs related to planning, developing, leasing, and constructing a property, including costs of development personnel working directly on projects under development, are capitalized. In addition, the Company capitalizes interest to qualifying assets under development based on average accumulated expenditures outstanding during the period. In capitalizing interest to qualifying assets, the Company first uses the interest incurred on specific project debt, if any, and next uses the Company’s weighted average interest rate for non-project specific debt. The Company also capitalizes interest to investments accounted for under the equity method when the investee has property under development with a carrying value in excess of the investee’s borrowings. To the extent debt exists within an unconsolidated joint venture during the construction period, the venture capitalizes interest on that venture-specific debt. The Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of recently completed development properties from the date a project is substantially complete to the earlier of (1) the date on which the project achieves 90% economic occupancy or (2) one year after it is substantially complete. The Company capitalizes direct leasing costs related to leases that are probable of being executed. These costs include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement, and internal costs that are based on time spent by leasing personnel on successful leases. The Company allocates these costs to individual tenant leases and amortizes them over the related lease term. Impairment: For real estate assets that are considered to be held for sale according to accounting guidance or those that are distributed to stockholders in a spin-off, the Company records impairment losses if the fair value of the asset or disposal group net of estimated selling costs is less than the carrying amount. For those long-lived assets that are held and used according to accounting guidance, management reviews each asset for the existence of any indicators of impairment. If indicators of impairment are present, the Company calculates the expected undiscounted future cash flows to be derived from such assets. If the undiscounted cash flows are less than the carrying amount of the asset, the Company reduces the asset to its fair value and records an impairment loss. Acquisition of Real Estate Assets: The Company records the acquired tangible and intangible assets and assumed liabilities of operating property acquisitions at fair value at the acquisition date. The acquired assets and assumed liabilities for an operating property acquisition generally include but are not limited to: land, buildings and improvements, and identified tangible and intangible assets and liabilities associated with in-place leases, including leasing costs, value of above-market and below-market tenant leases, value of above-market and below-market ground leases, acquired in-place lease values, and tenant relationships, if any. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, and leasing costs are based upon current market replacement costs and other relevant market rate information. The fair value of the above-market or below-market component of an acquired in-place lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term and (ii) management’s estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition over the remaining term of the lease. The amounts recorded for above-market and below-market ground leases are included in intangible liabilities and intangible assets, respectively, and are amortized on a straight-line basis into rental property revenues over the remaining terms of the applicable leases. The fair value of acquired in-place leases is derived based on management’s assessment of lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. The amount recorded for acquired in-place leases is included in intangible assets and amortized as an increase to depreciation and amortization expense over the remaining term of the applicable leases. Depreciation and Amortization: Real estate assets are stated at depreciated cost less impairment losses, if any. Buildings are depreciated over their estimated useful lives, which range generally from 24 to 42 years. The life of a particular building depends upon a number of factors including whether the building was developed or acquired and the condition of the building upon acquisition. Furniture, fixtures and equipment are depreciated over their estimated useful lives of three to five years. Tenant improvements, leasing costs and leasehold improvements are amortized over the term of the applicable leases or the estimated useful life of the assets, whichever is shorter. The Company accelerates the depreciation of tenant assets if it estimates that the lease term will end prior to the termination date. This acceleration may occur if a tenant files for bankruptcy, vacates its premises or defaults in another manner on its lease. Deferred expenses are amortized over the period of estimated benefit. The Company uses the straight-line method for all depreciation and amortization. Discontinued Operations: Beginning in the second quarter 2014, only assets held for sale or disposals representing strategic shifts in operations are reflected in discontinued operations. Prior to 2014, the Company classified the results of operations of all properties that were sold or otherwise qualified as held for sale as discontinued operations if the property's operations were expected to be eliminated from ongoing operations and the Company would not have any significant continuing involvement in the operations of the property after the sale. During 2015, there were no held for sale assets or disposals that represented a strategic shift in operations. During 2016, the Company spun-off the combined operations of the Company's and Parkway's Houston assets into a separate public company. The Company considered this disposition to be a strategic shift in operations and reclassified the historical operations of its Houston business into discontinued operations on the consolidated statements of operations. The Company ceases depreciation of a property when it is categorized as held for sale. Investment in Joint Ventures For joint ventures that the Company does not control, but over which it exercises significant influence, the Company uses the equity method of accounting. The Company's judgment with regard to its level of influence or control of an entity involves consideration of various factors including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace the Company as manager, and/or to liquidate the venture. These ventures are recorded at cost and adjusted for equity in earnings (losses) and cash contributions and distributions. Any difference between the carrying amount of these investments on the Company’s balance sheet and the underlying equity in net assets on the joint venture’s balance sheet is adjusted as the related underlying assets are depreciated, amortized, or sold. The Company generally allocates income and loss from an unconsolidated joint venture based on the venture's distribution priorities, which may be different from its stated ownership percentage. The Company evaluates the recoverability of its investment in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, the Company estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) the Company’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," the Company reduces the investment to its estimated fair value. Noncontrolling Interest The Company consolidates CPLP and certain joint ventures in which it owns a controlling interest. In cases where the entity’s documents do not contain a required redemption clause, the Company records the partner’s share of the entity in the equity section of the balance sheets in nonredeemable noncontrolling interests. In cases where the entity’s documents contain a provision requiring the Company to purchase the partner’s share of the venture at a certain value upon demand or at a future date, the Company records the partner’s share of the entity in redeemable noncontrolling interests on the balance sheets. The outside partners' interests in CPLP are redeemable into shares of cash or common stock of the Company in the Company's sole discretion. Therefore, noncontrolling interests associated with CPLP are considered nonredeemable noncontrolling interests. The noncontrolling partners' share of all consolidated entities' income is reflected in net income attributable to noncontrolling interest on the statements of operations. Revenue Recognition Rental Property Revenues: The Company recognizes contractual revenues from leases on a straight-line basis over the term of the respective lease. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. Percentage rents are recognized once the specified sales target is achieved. In addition, leases typically provide for reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses to the Company. Operating expense reimbursements are recognized as the related expenses are incurred. During 2016 , 2015 , and 2014 , the Company recognized $90.2 million , $93.3 million , and $86.0 million , respectively, in revenues, including discontinued operations, from tenants related to operating expenses. The Company makes valuation adjustments to all tenant-related accounts receivable based upon its estimate of the likelihood of collectibility of amounts due from the tenant. The amount of any valuation adjustment is based on the tenant’s credit and business risk, history of payment, and other factors considered by management. Fee Income: The Company recognizes development, management and leasing fees when earned. The Company recognizes development and leasing fees received from unconsolidated joint ventures and related salaries and other direct costs incurred by the Company as income and expense based on the percentage of the joint venture which the Company does not own. Correspondingly, the Company adjusts the investment in unconsolidated joint ventures asset when fees are paid to the Company by a joint venture in which the Company has an ownership interest. See note 6 for more information related to fee income recognized from unconsolidated joint ventures. Gain on Sale of Investment Properties : The Company recognizes a gain on sale of investment property when the sale of a property is consummated, the buyer’s initial and continuing investment is adequate to demonstrate commitment to pay, any receivable obtained is not subject to future subordination, the usual risks and rewards of ownership are transferred, and the Company has no substantial continuing involvement with the property. If the Company has a commitment to the buyer and that commitment is a specific dollar amount, this commitment is accrued and the gain on sale that the Company recognizes is reduced. If the Company has a construction commitment to the buyer, management makes an estimate of this commitment, defers a portion of the profit from the sale, and recognizes the deferred profit as or when the commitment is fulfilled. Income Taxes Cousins has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, Cousins must distribute annually at least 90% of its adjusted taxable income, as defined in the Code, to its stockholders and satisfy certain other organizational and operating requirements. It is management’s current intention to adhere to these requirements and maintain Cousins’ REIT status. As a REIT, Cousins generally will not be subject to federal income tax at the corporate level on the taxable income it distributes to its stockholders. If Cousins fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Cousins may be subject to certain state and local taxes on its income and property, and to federal income taxes on its undistributed taxable income. CTRS is a C-Corporation for federal income tax purposes and uses the liability method for accounting for income taxes. Tax return positions are recognized in the financial statements when they are “more-likely-than-not” to be sustained upon examination by the taxing authority. Deferred income tax assets and liabilities result from temporary differences. Temporary differences are differences between the tax bases of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future periods. A valuation allowance may be placed on deferred income tax assets, if it is determined that it is more likely than not that a deferred tax asset may not be realized. Stock-Based Compensation The Company has several types of stock-based compensation plans. These plans are described in note 13, as are the accounting policies by type of award. The Company recognizes compensation expense, net of forfeitures, arising from share-based payment arrangements granted to employees and directors in general and administrative expense in the statements of operations over the related awards’ vesting period, which may be accelerated under the Company’s retirement feature. Earnings per Share (“EPS”) Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period, including nonvested restricted stock which has nonforfeitable dividend rights. Net income per share-diluted is calculated as net income available to common stockholders plus noncontrolling interests in CPLP divided by the diluted weighted average number of common shares outstanding during the period. Diluted weighted average number of common shares uses the same weighted average share number as in the basic calculation and adds the potential dilution that would occur if the outside units in CPLP were converted into the Company's common stock and stock options (or any other contracts to issue common stock) were exercised and resulted in additional common shares outstanding, calculated using the treasury stock method. The numerator is reduced for the effect of preferred dividends in both the basic and diluted net income per share calculations. Stock options are dilutive when the average market price of the Company’s stock during the period exceeds the option exercise price. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and highly-liquid money market instruments. Highly-liquid money market instruments include securities and repurchase agreements with original maturities of three months or less , money market mutual funds, and United States Treasury Bills with maturities of 30 days or less . Restricted cash primarily represents amounts restricted under debt agreements for future capital expenditures or for specific future operating costs. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Transactions With Parkway Prope
Transactions With Parkway Properties, Inc. | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
TRANSACTIONS WITH PARKWAY PROPERTIES, INC. | TRANSACTIONS WITH PARKWAY PROPERTIES, INC. On October 6, 2016, pursuant to the Agreement and Plan of Merger, dated April 28, 2016, (as amended or supplemented from time to time, the “Merger Agreement”), by and among Cousins, Parkway and subsidiaries of Cousins and Parkway, Parkway merged with and into a wholly-owned subsidiary of the Company (the "Merger"), with this subsidiary continuing as the surviving corporation of the Merger. In accordance with the terms and conditions of the Merger Agreement, each outstanding share of Parkway common stock and each outstanding share of Parkway limited voting stock was converted into 1.63 shares of Cousins common stock or limited voting preferred stock, respectively. In the Merger, former Parkway common stockholders received approximately 183 million shares of Cousins common stock and Parkway limited voting stockholders received approximately 7 million shares of Cousins limited voting preferred stock. On October 7, 2016, pursuant to the Merger Agreement and the Separation, Distribution and Transition Services Agreement, dated as of October 5, 2016 (the "Separation Agreement"), by and among Cousins, Parkway, New Parkway, and certain other parties thereto, Cousins distributed pro rata to its common and limited voting preferred stockholders, including legacy Parkway common and limited voting stockholders, all of the outstanding shares of common and limited voting stock, respectively, of New Parkway, a newly-formed entity that contains the combined businesses relating to the ownership of real properties in Houston, Texas and certain other businesses of Parkway (the "Spin-Off"). In the Spin-Off, Cousins distributed one share of New Parkway common or limited voting stock for every eight shares of common or limited voting preferred stock of Cousins held of record as of the close of business on October 6, 2016. As a result of the Spin-Off, New Parkway is now an independent public company, and its common stock is listed under the symbol "PKY" on the New York Stock Exchange. In connection with the Merger and Spin-Off, CPLP was formed. As a result of a series of transactions undertaken pursuant to the Separation Agreement (the "Reorganization"), occurring after the Merger but prior to the Spin-Off, substantially all of Parkway's and the Company's assets and liabilities not pertaining to the ownership of real properties in Houston, Texas and certain other businesses of Parkway, were contributed to CPLP. As a result of the Merger and Spin-Off, substantially all of the Company's post-Merger, post-Spin-Off activities are conducted through CPLP. Approximately 98% of the partnership units of CPLP are owned by the Company, and approximately 2% are owned by legacy outside unit holders of Parkway LP (the "Outside Unit Holders"). Ownership of partnership units in CPLP will generally entitle the holder to share in cash distributions from, and in the profits and losses of, CPLP in proportion to such holder's percentage ownership. The Company acts as the general partner in CPLP and has the exclusive right and full authority and responsibility to manage and operate CPLP's business. Limited partners generally do not have any right to participate in or exercise control or management power over the business and affairs of CPLP. Limited partners may redeem partnership units for cash, or at the Company's election, shares of Cousins' common stock on a one -for-one basis, at any time beginning twelve months following the date of the initial issuance of the partnership units, except for partnership units issued in connection with the Reorganization, which may be redeemed at any time. The Company consolidates the accounts and operations of CPLP in its financial statements. The acquisition has been accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification, or ASC, 805, Business Combinations , with the Company as the accounting acquirer, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their acquisition date fair value. The total value of the transaction is based on the closing stock price of the Company's common stock on October 5, 2016, the day immediately prior to the closing of the Merger, of $10.19 per share. Based on the shares issued in the transaction and on the units of CPLP effectively issued to the Outside Unit Holders in the transaction, the total fair value of the assets and liabilities assumed in the Merger was $2.0 billion . The Company incurred $24.5 million in expenses related to the merger during the year ended December 31, 2016. Management engaged a third party valuation specialist to assist with the fair value assessment, which included an allocation of the purchase price. The third party used cash flow analysis as well as an income approach and a cost approach to determine the fair value of assets acquired. Based on additional information that may become available, subsequent adjustments may be made to the purchase price allocation within the allocation period, which typically does not exceed one year. The purchase price was allocated as follows (in thousands): Real estate assets $ 3,441,859 Cash 63,193 Restricted cash 30,560 Notes and other receivables 36,388 Investment in unconsolidated joint ventures 58,875 Intangible assets 330,221 Other assets 10,549 $ 3,971,645 Notes payable $ 1,473,810 Accounts payable and accrued expenses 136,934 Intangible liabilities 106,480 Other liabilities 12,076 Nonredeemable noncontrolling interests (excluding CPLP) 292,337 $ 2,021,637 Total purchase price $ 1,950,008 In the Merger, the Company acquired an interest in a joint venture which it consolidated because it controlled the operations of the joint venture. The outside interests associated with this joint venture are included in noncontrolling interests in the above purchase price allocation. In December 2016, the Company purchased the outside partner's interest in the joint venture for $279 million . The Merger accounted for $68.7 million of consolidated revenue and $9.0 million in consolidated net income as reported for 2016. The following unaudited supplemental pro forma information presented is based upon the Company's historical consolidated statements of operations, adjusted as if the Merger had occurred on January 1, 2015. This supplemental pro forma information is not necessarily indicative of future results, or of actual results, that would have been achieved had the transactions been consummated at the beginning of each period. 2016 2015 (unaudited, in thousands, except per share amounts) Revenues $ 732,117 $ 855,318 Income from continuing operations 179,625 237,909 Net income 174,117 237,323 Net income available to common stockholders 166,375 208,574 Per share information: Basic $ 0.42 $ 0.53 Diluted $ 0.41 $ 0.53 As a result of the Spin-Off, the historical results of operations of the Company's properties that were contributed to New Parkway have been presented as discontinued operations in the consolidated statements of operations and comprehensive income. The above pro forma information is presented prior to the discontinued operations reclassification. Discontinued operations also include transaction costs of $6.3 million we incurred in the Spin-Off. The following is a summary of the assets and liabilities transferred to New Parkway as part of the Spin-Off (in thousands): Real estate assets $ 1,696,080 Cash 192,755 Notes and other receivables 43,752 Intangible assets 143,294 Other assets 6,669 $ 2,082,550 Notes payable $ 803,769 Accounts payable and accrued expenses 56,055 Intangible liabilities 59,424 Other liabilities 22,241 $ 941,489 Noncontrolling interest 22,821 Net assets in Spin-off to New Parkway $ 1,118,240 The following table includes a summary of discontinued operations of the Company for the years ended December 31, 2016, 2015, and 2014. In addition to the discontinued operations associated with the Spin-Off, this table includes the discontinued operations of Lakeshore Park Plaza and 600 University Park Place that were sold in 2014. There were no dispositions that met this criteria in 2015. See note 4 for a detail of dispositions during the periods. 2016 2015 2014 Rental property revenues $ 136,927 $ 176,828 $ 182,714 Rental property operating expenses (58,336 ) (73,630 ) (80,099 ) Other revenues 288 450 4,064 Interest expense (6,022 ) (7,988 ) (8,127 ) Depreciation and amortization (47,345 ) (63,791 ) (77,760 ) Other expenses (6,349 ) (21 ) (28 ) Income from discontinued operations $ 19,163 $ 31,848 $ 20,764 Gain (loss) on sale of discontinued operations, net $ — $ (551 ) $ 19,358 Cash provided by operating activities $ 42,604 $ 76,395 $ 81,946 Cash used in investing activities $ (30,067 ) $ (55,085 ) $ 6,001 |
Real Estate Transactions
Real Estate Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
REAL ESTATE TRANSACTIONS | Dispositions The Company sold the following properties in 2016 , 2015 , and 2014 ($ in thousands): Property Property Type Location Square Feet Sales Price 2016 100 North Point Center East Office Atlanta 129,000 $ 22,000 Post Oak Central Office Houston 1,280,000 (1 ) Greenway Plaza Office Houston 4,348,000 (1 ) Two Liberty Place Office Philadelphia 941,000 $ 219,000 191 Peachtree Office Atlanta 1,225,000 $ 267,500 Lincoln Place Office Miami 140,000 $ 80,000 The Forum Office Atlanta 220,000 $ 70,000 2015 2100 Ross Office Dallas, TX 844,000 $ 131,000 200, 333, and 555 North Point Center East Office Atlanta, GA 411,000 $ 70,300 The Points at Waterview Office Dallas, TX 203,000 $ 26,800 2014 777 Main Office Ft. Worth, TX 980,000 $ 167,000 Lakeshore Park Plaza Office Birmingham, AL 197,000 $ 25,000 Mahan Village Retail Tallahassee, FL 147,000 $ 29,500 600 University Park Place Office Birmingham, AL 123,000 $ 19,700 (1) Represents properties distributed to New Parkway in the Spin-Off. The Company sold the properties noted above in 2016, 2015, and 2014 as part of its ongoing investment strategy of recycling investment capital to fund investment activity. Held for sale As of December 31, 2015, 100 North Point Center East was classified as held for sale. The major classes of assets and liabilities of the property held for sale as of December 31, 2015 were as follows (in thousands): Real estate assets and related assets held for sale Operating Properties, net of accumulated depreciation of $7,072 $ 6,421 Notes and accounts receivable 210 Deferred rents receivable 496 Other assets, net of accumulated amortization of $128 119 $ 7,246 Liabilities of real estate assets held for sale Accounts payable and accrued expenses $ 140 Deferred Income 200 Other liabilities 1,007 $ 1,347 Acquisitions In 2014, the Company acquired Northpark Town Center, a 1.5 million square foot office asset located in Atlanta, Georgia. The gross purchase price for this property was $348.0 million , before adjustments for customary closing costs and other closing credits. The Company incurred $643,000 in acquisition and related costs associated with this acquisition. In 2014, the Company acquired Fifth Third Center, a 698,000 square foot Class A office tower located in the Charlotte, North Carolina central business district. The gross purchase price for this property was $215.0 million , before adjustments for customary closing costs and other closing credits. The Company incurred $328,000 in acquisition and related costs associated with this acquisition. The following tables summarize allocations of the estimated fair values of the assets and liabilities of the operating property acquisitions discussed above (in thousands): 2014 Northpark Town Center Fifth Third Center Tangible assets: Land and improvements $ 24,577 $ 22,863 Building 274,151 163,649 Tenant improvements 21,674 16,781 Other assets — 1,014 Tangible assets 320,402 204,307 Intangible assets: Above-market leases 2,846 632 In-place leases 30,159 17,096 Below-market ground leases — 338 Total intangible assets 33,005 18,066 Tangible liabilities: Accounts payable and accrued expenses — (1,026 ) Total tangible liabilities — (1,026 ) Intangible liabilities: Below-market leases (8,018 ) (9,374 ) Total intangible liabilities (8,018 ) (9,374 ) Total net assets acquired $ 345,389 $ 211,973 The following unaudited supplemental pro forma information is presented for the acquisitions of Northpark Town Center and Fifth Third Center for the year ended December 31, 2014. This pro forma information is based on the Company's historical consolidated statement of operations, as adjusted, as if the acquisitions had occurred at the beginning of 2013. The supplemental pro forma information is not necessarily indicative of future results or of actual results that would have been achieved had the transactions been consummated at the beginning of 2014 (in thousands, except per share amounts). Revenues $ 388,791 Income from continuing operations 31,695 Net income 52,853 Net income available to common stockholders 45,364 Per share information: Basic $ 0.22 Diluted $ 0.22 |
Notes and Accounts Receivable
Notes and Accounts Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
NOTES AND ACCOUNTS RECEIVABLE | NOTES AND ACCOUNTS RECEIVABLE At December 31, 2016 and 2015 , notes and accounts receivables included the following (in thousands): 2016 2015 Notes receivable $ 3,921 $ 414 Allowance for doubtful accounts related to notes receivable (414 ) (414 ) Tenant and other receivables 24,929 11,767 Allowance for doubtful accounts related to tenant and other receivables (753 ) (939 ) $ 27,683 $ 10,828 At December 31, 2016 and 2015 , the fair value of the Company’s notes receivable approximated the cost basis. Fair value was calculated by discounting future cash flows from the notes receivable at estimated rates in which similar loans would have been made at December 31, 2016 and 2015 . The estimate of the rate, which is the most significant input in the discounted cash flow calculation, is intended to replicate notes of similar type and maturity. This fair value calculation is considered to be a Level 3 calculation under the accounting guidelines, as the Company utilizes internally generated assumptions regarding current interest rates at which similar instruments would be executed. |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | INVESTMENT IN UNCONSOLIDATED JOINT VENTURES The following information summarizes financial data and principal activities of the Company’s unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of December 31, 2016 and 2015 . The information included in the summary of operations table is for the years ended December 31, 2016 , 2015 , and 2014 (in thousands). Total Assets Total Debt Total Equity (Deficit) Company's Investment SUMMARY OF FINANCIAL POSITION: 2016 2015 2016 2015 2016 2015 2016 2015 Terminus Office Holdings $ 268,242 $ 277,444 $ 207,545 $ 211,216 $ 49,476 $ 56,369 $ 25,686 $ 29,110 EP I LLC 78,537 83,115 58,029 58,029 18,962 24,172 18,551 21,502 EP II LLC 67,754 70,704 44,969 40,910 21,743 24,331 17,606 19,118 Charlotte Gateway Village, LLC 119,054 123,531 — 17,536 116,809 104,336 11,796 11,190 HICO Victory Center LP 14,124 13,532 — — 13,869 13,229 9,506 9,138 Carolina Square Holdings LP 66,922 15,729 23,741 — 34,173 12,085 18,325 6,782 CL Realty, L.L.C. 8,047 7,872 — — 7,899 7,662 3,644 3,515 DC Charlotte Plaza LLLP 17,940 — — — 17,073 — 8,937 — Temco Associates, LLC 4,368 5,284 — — 4,253 5,133 829 977 Wildwood Associates 16,351 16,419 — — 16,314 16,354 (1,143 ) (1) (1,122 ) (1) Crawford Long - CPI, LLC 27,523 29,143 72,822 74,286 (45,928 ) (46,238 ) (21,866 ) (1) (22,021 ) (1) Cousins W. Rio Salado, LLC 59,399 — 12,852 — 32,855 — 52,206 — Courvoisier Centre JV, LLC 172,197 — 106,500 — 69,479 — 11,782 — AMCO 120 WT Holdings, LLC 10,446 — — — 9,136 — 184 — Other — 2,107 — — — 1,646 345 1,245 $ 930,904 $ 644,880 $ 526,458 $ 401,977 $ 366,113 $ 219,079 $ 156,388 $ 79,434 Total Revenues Net Income (Loss) Company's Share of Net Income (Loss) SUMMARY OF OPERATIONS: 2016 2015 2014 2016 2015 2014 2016 2015 2014 Terminus Office Holdings $ 42,386 $ 40,250 39,531 $ 4,608 $ 2,789 663 $ 2,303 $ 1,395 $ 308 EP I LLC 12,239 12,558 12,049 2,294 3,177 2,583 1,684 2,197 1,937 EP II LLC 5,376 1,264 — (1,187 ) (638 ) — (878 ) (466 ) — Charlotte Gateway Village, LLC 34,156 33,724 33,903 14,536 12,737 11,645 2,194 1,183 1,176 HICO Victory Center LP 383 262 — 376 204 — 187 102 — Carolina Square Holdings LP 58 — — 9 — — — — — CL Realty, L.L.C. 567 855 1,573 237 424 1,069 128 220 542 DC Charlotte Plaza LLLP 47 — — 45 — — 24 — — Temco Associates, LLC 1,343 9,485 2,155 440 2,358 495 502 2,351 (6 ) Wildwood Associates — — 3,329 (140 ) (120 ) (1,704 ) (70 ) (59 ) 2,097 Crawford Long - CPI, LLC 12,113 12,291 11,945 2,743 2,820 2,775 1,372 1,416 1,407 Cousins W Rio Salado, LLC 4,219 — — 3,926 — — 2,906 — — Courvoisier Centre JV, LLC 3,968 — — (489 ) — — (93 ) — — Other — — 4,841 — (40 ) 7,831 303 (37 ) 3,807 $ 116,855 $ 110,689 $ 109,326 $ 27,398 $ 23,711 $ 25,357 $ 10,562 $ 8,302 $ 11,268 (1) Negative balances are included in deferred income on the consolidated balance sheets. Terminus Office Holdings LLC ("TOH") – TOH is a 50 - 50 joint venture between the Company and institutional investors advised by J.P. Morgan Asset Management ("JPM") which owns and operates two office buildings in Atlanta, Georgia. TOH has two non-recourse mortgage loans totaling $207.5 million that mature on January 1, 2023 . The weighted average interest rate on these fixed rate loans is 4.69% . The Company does not consolidate TOH because the Company and its partner share decision making abilities and have joint control over the venture. Operating cash flows and proceeds from capital transactions of TOH are allocated to the partners equally until JPM receives an agreed upon return, after which the Company may receive an additional promoted interest. The assets of the venture in the above table include a cash balance of $3.6 million at December 31, 2016 . EP I LLC ("EP I") – EP I is a joint venture between the Company, with a 75% ownership interest, and Lion Gables Realty Limited Partnership (“Gables”), with a 25% ownership interest, which owns the first phase of Emory Point, a mixed-use property in Atlanta, Georgia. The Company does not consolidate EP I because the Company and Gables share decision making abilities and have joint control over the venture. Operating cash flows and proceeds from capital transactions of EP I are allocated to the partners pro rata based on their percentage ownership interests. EP I has a non-recourse construction loan with an outstanding balance $59.0 million at December 31, 2016 , and the loan bears interest at LIBOR plus 1.75% . The loan matures April 9, 2017. The assets of the venture in the above table include a cash balance of $234,000 at December 31, 2016 . EP II LLC ("EP II") – EP II is a joint venture between the Company, with a 75% ownership interest, and Lion Gables Realty Limited Partnership (“Gables”), with a 25% ownership interest. The venture owns the second phase of Emory Point. The Company does not consolidate EP II because the Company and Gables share decision making abilities and have joint control over the venture. Operating cash flows and proceeds from capital transactions of EP II are allocated to the partners pro rata based on their percentage ownership interests. EP II has a construction loan with an outstanding balance of $45.0 million at December 31, 2016 , and the loan bears interest at LIBOR plus 1.85% . The loan matures April 9, 2017, and the Company has certain rights to extend the maturity date. The Company and Gables guarantee up to $3.4 million and $1.1 million of the construction loan, respectively. These guarantees may be eliminated after project completion, based on certain conditions. The assets of the venture in the above table include a cash balance of $794,000 at December 31, 2016 . Charlotte Gateway Village, LLC ("Gateway") – Gateway is a 50 - 50 joint venture between the Company and Bank of America Corporation (“BOA”), which owns and operates Gateway Village, a 1.1 million square foot office building in Charlotte, North Carolina. Through December 1, 2016, Gateway’s net income or loss and cash distributions were allocated to the members as follows: first to the Company so that it received a cumulative compounded return equal to 11.46% on its capital contributions, second to BOA until it received an amount equal to the aggregate amount distributed to the Company, and then 50% to each member. After December 1, 2016, net income and cash flows are allocated 50% to each member. Proceeds from capital transactions are allocated first to BOA in an amount not to exceed $80.9 million , second 50% to each member until the Company receives a 17% internal rate of return, and third 80% to BOA and 20% to the Company. The Company’s total project return on Gateway is ultimately limited to an internal rate of return of 17% on its invested capital. Gateway had a fully-amortizing, non-recourse mortgage loan which matured on December 1, 2016 . The assets of the venture in the above table include a cash balance of $3.7 million at December 31, 2016 . HICO Victory Center LP ("HICO") – In 2014, HICO, a joint venture between the Company and Hines Victory Center Associates Limited Partnership ("Hines Victory"), was formed for the purpose of acquiring and subsequently developing an office parcel in Dallas, Texas. Pursuant to the joint venture agreement, all pre-development expenditures, other than land, are funded equally by the partners. The Company funded 75% of the cost of land while Hines Victory funded 25% . If the partners decide to commence construction of an office building, the capital accounts and economics of the venture will be adjusted such that the Company will effectively own at least 90% of the venture and Hines will own up to 10% . As of December 31, 2016, the Company accounted for its investment in HICO under the equity method because it does not control the activities of the venture. If the partners decide to construct an office building within the venture, the Company expects to consolidate the venture. The assets of the venture in the table above include a cash balance of $237,000 at December 31, 2016 . Carolina Square Holdings LP ("Carolina Square") - In 2015, Carolina Square, a 50 - 50 joint venture between the Company and NR 123 Franklin LLC ("Northwood Ravin") was formed for the purpose of developing and constructing a mixed-use property in Chapel Hill, North Carolina pursuant to a ground lease. Carolina Square also entered into a construction loan agreement, secured by the project, which is expected to provide up to $79.8 million to fund future construction costs. The loan bears interest at LIBOR plus 1.90% and matures on May 1, 2018 . The Company and Northwood Ravin will each guarantee 12.5% of the outstanding loan amount and guarantee completion of the project. As of December 31, 2016 , the outstanding balance of the construction loan was $23.7 million. The assets of the venture in the table above include a cash balance of $70,000 at December 31, 2016 . CL Realty, L.L.C. ("CL Realty") – CL Realty is a 50 - 50 joint venture between the Company and Forestar Realty Inc. ("Forestar"), that owns one parcel of land in Texas and mineral rights associated with one project in Texas. The assets of the venture in the above table include a cash balance of $502,000 at December 31, 2016 . DC Charlotte Plaza LLLP ("Charlotte Plaza") - Charlotte Plaza is a 50 - 50 joint venture between the Company and Dimensional Fund Advisors ("DFA") formed to develop DFA's 282,000 square foot regional headquarters building in Charlotte, North Carolina. Capital contributins and distributions of cash flow are made equally in accordance with each partner's partnership interest. Charlotte Plaza did no t have a cash balance at December 31, 2016. Temco Associates, LLC ("Temco") – Temco is a 50 - 50 joint venture between the Company and Forestar, that owns various parcels of land and a golf course in Georgia. The assets of the venture in the above table include a cash balance of $125,000 at December 31, 2016 . Wildwood Associates ("Wildwood") – Wildwood is a 50 - 50 joint venture between the Company and IBM which owns 22 acres of undeveloped land in the Wildwood Office Park in Atlanta, Georgia. In 2014, Wildwood sold a tract of land resulting in the Company recognizing income from unconsolidated joint ventures of $2.1 million . Of this income, $582,000 represents recognition of deferred income associated with Wildwood's negative investment. At December 31, 2016 , the Company’s investment in Wildwood was a credit balance of $1.1 million . This credit balance resulted from cumulative distributions from Wildwood over time that exceeded the Company’s basis in its contributions, and essentially represents deferred gain not recognized at venture formation. This credit balance will decline as the venture’s remaining land is sold. The Company does not have any obligation to fund Wildwood’s working capital needs. Crawford Long—CPI, LLC ("Crawford Long" ) – Crawford Long is a 50 - 50 joint venture between the Company and Emory University that owns the Emory University Hospital Midtown Medical Office Tower, a 358,000 square foot medical office building located in Atlanta, Georgia. Crawford Long has a $72.8 million , 3.5% fixed rate mortgage note which matures on June 1, 2023 . The assets of the venture in the above table include a cash balance of $1.2 million at December 31, 2016 . Courvoisier Centre JV, LLC ("Courvoisier") - Courvoisier is a joint venture between the Company, with a 20% interest, and Spanish Key LLC, with an 80% interest, that owns Courvoisier Centre, a 343,000 square foot, two-building office property in Miami, Florida. Courvoisier has a $106.5 million , 4.6% fixed rate mortgage note which matures on March 1, 2026. The assets of the venture in the above table include a cash balance of $1.7 million at December 31, 2016. Cousins W Rio Salado, LLC ("111 West Rio") - 111 West Rio, a wholly-owned subsidiary of the Company, owns a 74.6% interest in the American Airlines Building, a 225,000 square foot office building located in the Tempe submarket of Phoenix, Arizona. American Airlines owns the remaining 25.4% interest in the building and through October 31, 2016 leased 100% of the building. In October 2016, American Airlines terminated its lease and entered into an agreement with the Company for the purchase of its interest in the building for $19.6 million on, or before, February 28, 2017. Upon consummation of the purchase of American Airlines' interest in the building, the Company expects to consolidate the operations of the building in its consolidated financial statements. Also in October 2016, the Company entered into a lease with ADP to lease 100% of the building under a lease that is expected to commence in April 2017. AMCO 120 WT Holdings, LLC ("Cousins AMCO") - Cousins AMCO is a joint venture between the Company, with a 20% interest, and affiliates of AMLI Residential (“AMLI”), with an 80% interest, to develop a mixed-use property in Decatur, Georgia. The property is expected to contain approximately 30,000 square feet of office space, 10,000 square feet of retail space and 330 apartment units. Initial contributions to the joint venture for the purchase of land were funded entirely by AMLI. Subsequent contributions will be funded in proportion to the members' percentage interests. The Company accounts for its investment in this joint venture under the equity method as it does not currently control the activities of the venture. The assets of the venture in the above table include a cash balance of $1.5 million at December 31, 2016. At December 31, 2016 , the Company's unconsolidated joint ventures had aggregate outstanding indebtedness to third parties of $513.6 million . These loans are generally mortgage or construction loans, most of which are non-recourse to the Company, except as described above. In addition, in certain instances, the Company provides “non-recourse carve-out guarantees” on these non-recourse loans. The Company recognized $7.4 million , $6.0 million , and $5.4 million of development, leasing, and management fees, including salary and expense reimbursements, from unconsolidated joint ventures in 2016 , 2015 , and 2014 , respectively. See note 2, fee income, for a discussion of the accounting treatment for fees and reimbursements from unconsolidated joint ventures. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS At December 31, 2016 and 2015 , intangible assets included the following (in thousands): 2016 2015 In-place leases, net of accumulated amortization of $46,899 and $88,035 in 2016 and 2015, respectively $ 185,251 $ 112,937 Above-market tenant leases, net of accumulated amortization of $6,515 and $15,423 in 2016 and 2015, respectively 40,260 8,031 Below-market ground lease, net of accumulated amortization of $69 in 2016 18,344 — Goodwill 1,674 3,647 $ 245,529 $ 124,615 Intangible assets, other than goodwill, mainly relate to the acquisitions in 2016 , 2015 , and 2014 (see note 3). Aggregate net amortization expense related to intangible assets and liabilities was $24.0 million , $23.7 million , and $32.7 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows (in thousands): Below Market Above Market Below Market Ground Lease Above Market In Place Leases Total 2017 $ (15,591 ) $ (46 ) $ 487 $ 9,169 $ 47,877 $ 41,896 2018 (14,460 ) (46 ) 470 8,225 36,574 30,763 2019 (12,754 ) (46 ) 454 6,316 27,993 21,963 2020 (11,532 ) (46 ) 439 5,043 22,000 15,904 2021 (9,634 ) (46 ) 425 3,805 16,879 11,429 Thereafter (23,999 ) (1,581 ) 16,069 7,702 33,928 32,119 $ (87,970 ) $ (1,811 ) $ 18,344 $ 40,260 $ 185,251 $ 154,074 Weighted average remaining lease term 7 years 39 years 67 years 6 years 6 years 10 years Goodwill relates entirely to the Company's office assets. As office assets are sold, either by the Company or by joint ventures in which the Company has an interest, goodwill is allocated to the cost of each sale. The following is a summary of goodwill activity for the years ended December 31, 2016 and 2015 (in thousands): 2016 2015 Beginning Balance $ 3,647 $ 3,867 Allocated to property sales and Spin-Off (1,973 ) (220 ) Ending Balance $ 1,674 $ 3,647 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER ASSETS | OTHER ASSETS At December 31, 2016 and 2015 , other assets included the following (in thousands): 2016 2015 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $23,135 and $22,572 in 2016 and 2015, respectively $ 15,773 $ 13,523 Lease inducements, net of accumulated amortization of $1,278 and $6,865 in 2016 and 2015, respectively 2,517 13,306 Prepaid expenses and other assets 8,432 4,408 Predevelopment costs and earnest money 179 1,780 Line of credit deferred financing costs, net of accumulated amortization of $2,264 and $1,380 in 2016 and 2015, respectively 2,182 2,972 $ 29,083 $ 35,989 Lease inducements represent incentives paid to tenants in conjunction with leasing space, such as moving costs, sublease arrangements of prior space and other costs. These amounts are amortized into rental revenues over the individual underlying lease terms. Predevelopment costs represent amounts that are capitalized related to predevelopment projects that the Company determines are probable of future development. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at December 31, 2016 and 2015 (in thousands): Description Interest Rate Maturity 2016 2015 Term Loan, unsecured 1.97% 2021 $ 250,000 $ — Fifth Third Center 3.37% 2026 149,516 — Credit Facility, unsecured 1.87% 2019 134,000 92,000 One Eleven Congress 6.08% 2017 128,000 — The American Cancer Society Center 6.45% 2017 127,508 129,342 Colorado Tower 3.45% 2026 120,000 — Promenade 4.27% 2022 105,342 108,203 San Jacinto 6.05% 2017 101,000 — 816 Congress 3.75% 2024 84,872 85,000 3344 Peachtree 4.75% 2017 78,971 — Two Buckhead Plaza 6.43% 2017 52,000 — Meridian Mark Plaza 6.00% 2020 24,522 24,978 The Pointe 4.01% 2019 22,945 — Post Oak Central 4.26% 2020 — 181,770 191 Peachtree Tower 3.35% 2018 — 100,000 $ 1,378,676 $ 721,293 Unamortized premium, net 6,792 — Unamortized loan costs (4,548 ) (2,483 ) Total Notes Payable $ 1,380,920 $ 718,810 Credit Facility The Company has a $500 million senior unsecured line of credit (the "Credit Facility") that matures on May 28, 2019 . The Credit Facility may be expanded to $750 million at the election of the Company, subject to the receipt of additional commitments from the lenders and other customary conditions. The Credit Facility contains financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 2.00 ; a fixed charge coverage ratio of at least 1.50 ; an overall leverage ratio of no more than 60% ; and a minimum shareholders' equity in an amount equal to $1.0 billion , plus a portion of the net cash proceeds from certain equity issuances. 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 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 London Interbank Offered Rate (" LIBOR ") plus a spread of between 1.10% and 1.45% , based on leverage or (2) the greater of Bank of America's prime rate , the federal funds rate plus 0.50% or the one-month LIBOR plus 1.0% (the “Base Rate”), plus a spread of between 0.10% and 0.45% , based on leverage. The Company also pays an annual facility fee on the total commitments under the Credit Facility of between 0.15% and 0.30% based on leverage. At December 31, 2016 , the Credit Facility's spread over LIBOR was 1.1% . 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 $365.0 million at December 31, 2016 . Term Loan During 2016, the Company obtained a $250 million unsecured term loan (the "Term Loan") that matures on December 2, 2021. The Term Loan contains financial covenants consistent with those of the Credit Facility. The interest rate applicable to the Term Loan varies according to the Company’s leverage ratio, and may, at the election of the Company, be determined based on either (1) the current London Interbank Offered Rate (" LIBOR ") plus a spread of between 1.20% and 1.70% , based on leverage or (2) the greater of Bank of America's prime rate , the federal funds rate plus 0.50% or the one-month LIBOR plus 1.0% (the “Base Rate”), plus a spread of between 0.00% and 0.75% , based on leverage. At December 31, 2016, the Term Loan's spread over LIBOR was 1.2% . Debt Associated with the Merger and Spin-Off In connection with the Merger, the Company assumed $635.2 million of mortgage debt (excluding $272.4 million of mortgage debt assumed and distributed in connection with the Spin-Off) at a weighted average stated interest rate of 5.2% . Subsequent to the Merger and before December 31, 2016, the Company repaid $251.9 million of this assumed mortgage debt, which included the legal defeasance of a $20.2 million mortgage loan. In connection with the Spin-Off, the Company distributed the Post Oak Central mortgage note to New Parkway on October 7, 2016. In the Merger, the Company assumed $550 million in Parkway unsecured term debt, received proceeds from a $350 million senior secured term loan and repaid the $550 million in unsecured term debt. In the Spin-Off, the Company distributed the $350 million senior secured term loan to New Parkway. Other Mortgage Loan Information In 2016, the Company had the following mortgage loan activity: • Entered into a $120.0 million non-recourse mortgage loan secured by Colorado Tower, a 373,000 square foot office building in Austin, Texas. The mortgage bears interest at a fixed annual rate of 3.45% and matures September 1, 2026. • Entered into a $150.0 million non-recourse mortgage loan secured by Fifth Third Center, a 698,000 square foot office building in Charlotte, North Carolina. The mortgage bears interest at a fixed annual rate of 3.37% and matures October 1, 2026. • Repaid the $98.1 million 191 Peachtree Tower mortgage loan in full in connection with a sale of the building and paid a $3.7 million prepayment penalty. In 2015, the Company prepaid, without penalty, the $14.2 million The Points at Waterview mortgage note. The note was scheduled to mature on January 1, 2016 . Other Debt Information The real estate and other assets of The American Cancer Society Center (the “ACS Center”) are restricted under the ACS Center loan agreement in that 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. The majority of the Company’s consolidated debt is fixed-rate long-term non-recourse mortgage notes payable. Assets with depreciated carrying values of $1.4 billion were pledged as security on the $995 million mortgage notes payable. As of December 31, 2016 , the weighted average maturity of the Company’s consolidated debt was 4.25 years. As a result of the Parkway Transactions, the Company assumed four non-recourse mortgage loans with an aggregate principal amount of $360.0 million that mature in 2017. In addition, the Company has one additional non-recourse mortgage loan with a principal balance of $127.5 million that matures in 2017. While the Company does not currently have the liquid funds available to satisfy the obligations, the Company expects to repay these loans when they mature with a combination of sources of capital including, but not limited to, asset sales, unsecured debt, mortgage loans on these or other properties, or issuance of common equity. At December 31, 2016 and 2015 , the estimated fair value of the Company’s notes payable was $1.4 billion 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 December 31, 2016 and 2015 . The estimate of the current market rate, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. These fair value calculations are considered to be Level 2 under the guidelines as set forth in ASC 820 as the Company utilizes market rates for similar type loans from third party brokers. For the years ended December 31, 2016 , 2015 , and 2014 , interest was recorded as follows (in thousands): 2016 2015 2014 Total interest incurred $ 31,347 $ 26,314 $ 23,735 Interest capitalized (4,697 ) (3,579 ) (2,752 ) Total interest expense $ 26,650 $ 22,735 $ 20,983 Debt Maturities Future principal payments due (including scheduled amortization payments and payments due upon maturity) on the Company's notes payable at December 31, 2016 are as follows (in thousands): 2017 $ 495,916 2018 9,348 2019 167,047 2020 33,826 2021 261,256 Thereafter 411,283 $ 1,378,676 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments The Company had a total of $135.7 million in future obligations under leases to fund tenant improvements and other future construction obligations at December 31, 2016 . The Company had outstanding letters of credit and performance bonds totaling $3.8 million at December 31, 2016 . The Company recorded lease expense of $2.4 million , $2.0 million , and $1.3 million in 2016 , 2015 , and 2014 , respectively. The Company has future lease commitments under ground leases and operating leases totaling $211.2 million over weighted-average remaining terms of 78 and 3 years, respectively. Amounts due under these lease commitments are as follows (in thousands): 2017 $ 2,795 2018 2,718 2019 2,613 2020 2,492 2021 2,373 Thereafter 198,161 $ 211,152 Litigation The Company is subject to various legal proceedings, claims and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY In 2016, in connection with the Merger, the Company issued 6.9 million shares of limited voting preferred stock, par value $1 per share. Each share of limited voting preferred stock is "paired" with a limited partnership unit in CPLP. A share of Cousins limited voting preferred stock will be automatically redeemed by Cousins without consideration if such share's paired limited partnership unit in CPLP is transferred or redeemed. Holders of the limited voting preferred stock are entitled to one vote on the following matters only: the election of directors, any proposed amendment of the Company's Articles of Incorporation, any merger or other business combination of the Company, any sale of substantially all of the Company's assets, and any liquidation of the Company. Holders of limited voting preferred stock are not entitled to any dividends or distributions and the limited voting preferred stock is not convertible into or exchangeable for any other property or securities of the Company. In 2015, the Board of Directors of the Company authorized the repurchase of up to $100 million of its outstanding common shares. The plan 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. The share repurchase program may be suspended or discontinued at any time. Under this plan, through December 31, 2016 , the Company has repurchased 6.8 million shares of its common stock for a total cost of $61.5 million , including broker commissions. The share repurchases were funded from cash on hand, borrowings under the Company's Credit Facility, and proceeds from the sale of assets. The repurchased shares were recorded as treasury shares on the consolidated balance sheets. In 2014, the Company issued 26.7 million shares of common stock, in two offerings, resulting in net proceeds to the Company of $321.9 million , which includes customary legal, accounting, and other expenses. In 2014, the Company redeemed all outstanding shares of its 7.5% Series B Cumulative Redeemable Preferred Stock, par value $1 per share, for $25 per share or $94.8 million , excluding accrued dividends. In connection with this redemption, the Company decreased net income available for common stockholders by $3.5 million (non-cash), which represents the original issuance costs applicable to the shares redeemed. Ownership Limitations — In order to minimize the risk that the Company will not meet one of the requirements for qualification as a REIT, the Company's Articles of Incorporation include certain restrictions on the ownership of more than 3.9% of the Company’s total common and preferred stock, subject to waiver by Board of Directors. Distribution of REIT Taxable Income — The following reconciles dividends paid and dividends applied in 2016 , 2015 , and 2014 to meet REIT distribution requirements (in thousands): 2016 2015 2014 Common and preferred dividends paid $ 1,077,179 $ 69,162 63,364 Dividends treated as taxable compensation (92 ) (94 ) (110 ) Portion of dividends declared in current year, and paid in current year, which was applied to the prior year distribution requirements — (731 ) (2,182 ) Portion of dividends declared in subsequent year, and paid in subsequent year, which apply to current year distribution requirements — — 731 Dividends in excess of current year REIT distribution requirements (827,005 ) — — Dividends applied to meet current year REIT distribution requirements $ 250,082 $ 68,337 61,803 Tax Status of Distributions — The following summarizes the components of the taxability of the Company’s distributions for the years ended December 31, 2016 , 2015 , and 2014 : Total Ordinary Long-Term Unrecaptured Nondividend Distributions Cash Liquidation Distributions Common: 2016 $ 2.853075 $ 0.079661 $ 0.582778 $ 0.100934 $ 2.190636 $ — 2015 $ 0.320000 $ 0.161738 $ 0.158262 $ 0.097271 $ — $ — 2014 $ 0.300000 $ 0.281564 $ 0.018436 $ 0.018436 $ — $ — Series B Preferred: 2014 $ 25.776040 $ 0.467750 $ 0.001000 $ 0.001000 $ — $ 25.307290 (A) Represents a portion of the dividend allocated to long-term capital gain. |
Future Minimum Rents
Future Minimum Rents | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
FUTURE MINIMUM RENTS | FUTURE MINIMUM RENTS The Company’s leases typically contain escalation provisions and provisions requiring tenants to pay a pro rata share of operating expenses. The leases typically include renewal options and are classified and accounted for as operating leases. At December 31, 2016 future minimum rents to be received by consolidated entities under existing non-cancelable leases are as follows (in thousands): 2017 $ 307,262 2018 311,442 2019 289,132 2020 267,135 2021 237,500 Thereafter 677,943 $ 2,090,414 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company maintains the 2009 Incentive Stock Plan (the “2009 Plan”), which allows the Company to issue awards of stock options, stock grants, or stock appreciation rights to employees and directors. As of December 31, 2016 , 2,293,403 shares were authorized to be awarded pursuant to the 2009 Plan. The Company also maintains the 2005 Restricted Stock Unit ("RSU")Plan, as amended, which allows the Company to issue awards to employees that are paid in cash on the vesting date in an amount equal to the fair market value, as defined, of one share of the Company’s stock. The Company has granted stock options, restricted stock, and restricted stock units to employees as discussed below. As a result of the Spin-Off, the number and strike price of stock options, shares of restricted stock, and the number of restricted stock units were adjusted to preserve the intrinsic value of the awards immediately prior to the Spin-Off using an adjustment ratio based on the market price of the Company's stock prior to the Spin-Off and the market price of the Company's stock subsequent to the Spin-Off pursuant to anti-dilution provisions of the 2009 Plan. Since these adjustments were considered to be a modification of the awards, the Company compared the fair value of the awards immediately prior to the Spin-Off to the fair value immediately after the Spin-Off to measure potential incremental stock-based compensation expense. The adjustments did not result in an increase in the fair value of the awards and, accordingly, the Company did not record incremental stock-based compensation expense. Stock Options At December 31, 2016 , the Company had 2,262,249 stock options outstanding to key employees and outside directors pursuant to the 2009 Plan. The Company typically uses authorized, unissued shares to provide shares for option exercises. The stock options have a term of ten years from the date of grant and have a vesting period of four years , except director stock options, which vest immediately. In 2016 , 2015 , and 2014 , there were no stock option grants to employees or directors. In 2016, in conjunction with the Merger, the Company granted 672,375 options to former Parkway key executives. These options vested immediately, and have a term of ten years from the date of grant. The Company calculated the fair value of these grants using the Black-Scholes option-pricing model, which requires the Company to provide certain inputs as follows: • The risk-free interest rate utilized is the interest rate on U.S. Treasury Strips or Bonds having the same life as the estimated life of the Company’s option awards. • Expected life of the options granted is estimated based on historical data reflecting actual hold periods plus an estimated hold period for unexercised options outstanding. • Expected volatility is based on the historical volatility of the Company’s stock over a period equal to the estimated option life. • The assumed dividend yield is based on the Company’s expectation of an annual dividend rate for regular dividends over the estimated life of the option. The weighted average fair value of options granted was $0.84 per option, and the Company computed the fair value of options granted using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 1.37 % Assumed dividend yield 3.60 % Assumed lives of option awards (in years) 6.4 Assumed volatility 23.23 % The Company recorded $565,000 to additional paid-in capital for the fair value of the options granted as part of the Merger. During 2016 , 2015 , and 2014 , $0 , $15,000 and $140,000 , respectively, was recognized as compensation expense related to stock options. The Company does not anticipate recognizing any future compensation expense related to stock options outstanding beyond December 31, 2016 . During 2016 , total cash proceeds from the exercise of options equaled $13,000 . As of December 31, 2016 , the intrinsic value of the options outstanding and exercisable was $2.5 million . The intrinsic value is calculated using the exercise prices of the options compared to the market value of the Company’s stock. At December 31, 2016 and 2015 , the weighted-average contractual lives for the options outstanding and exercisable were 3.2 years and 2.3 years, respectively. The following is a summary of stock option activity for the years ended December 31, 2016 , 2015 , and 2014 : Number of Options (000s) Weighted Average Exercise Price Per Option Outstanding at December 31, 2013 3,078 $ 22.90 Exercised (206 ) 8.26 Forfeited/Expired (661 ) 28.18 Outstanding at December 31, 2014 2,211 22.69 Exercised (23 ) 8.02 Forfeited/Expired (425 ) 21.98 Outstanding at December 31, 2015 1,763 22.05 Granted as a result of the Spin-Off 1,222 11.78 Exercised (2 ) 8.35 Forfeited/Expired (721 ) 27.24 Outstanding at December 31, 2016 2,262 $ 10.82 Options Exercisable at December 31, 2016 2,262 $ 10.82 Restricted Stock In 2016 , 2015 , and 2014 , the Company issued 234,965 , 165,922 , and 137,591 shares of restricted stock to employees, which vest ratably over three years from the issuance date. In 2016 , 2015 , and 2014 , the Company also issued 72,771 , 78,985 , and 55,293 shares of stock to independent members of the board of directors which vested immediately on the issuance date. All shares of restricted stock receive dividends and have voting rights during the vesting period. The Company records restricted stock in common stock and additional paid-in capital at fair value on the grant date, with the offsetting deferred compensation also recorded in additional paid-in capital. The Company records compensation expense over the vesting period. Compensation expense related to restricted stock was $1.6 million , $1.5 million , and $1.8 million in 2016 , 2015 , and 2014 , respectively. As of December 31, 2016 , the Company had recorded $1.9 million of unrecognized compensation cost included in additional paid-in capital related to restricted stock, which will be recognized over a weighted average period of 1.6 years. The total fair value of the restricted stock which vested during 2016 was $1.2 million . The following table summarizes restricted stock activity for the years ended December 31, 2016 , 2015 , and 2014 : Number of Shares (000s) Weighted-Average Grant Date Fair Value Non-vested restricted stock at December 31, 2013 450 $ 8.00 Granted 138 10.75 Vested (236 ) 8.00 Forfeited (10 ) 9.48 Non-vested restricted stock at December 31, 2014 342 9.08 Granted 166 11.06 Vested (210 ) 8.41 Forfeited (5 ) 10.68 Non-vested restricted stock at December 31, 2015 293 10.65 Granted 235 8.62 Granted as a result of the Spin-Off 114 7.57 Vested (141 ) 8.54 Forfeited (30 ) 9.77 Non-vested restricted stock at December 31, 2016 471 $ 7.57 Restricted Stock Units During 2016 , 2015 , and 2014 , the Company awarded two types of performance-based RSUs to key employees: one based on the total stockholder return of the Company, as defined, relative to that of office peers included in the SNL US Office REIT Index (the "TSR RSUs") and the other based on the ratio of cumulative funds from operations per share to targeted cumulative funds from operations per share (the “FFO RSUs”). The performance period for these awards is three years and the ultimate payout of these awards can range from 0% to 200% of the targeted number of units depending on the achievement of the performance metrics described above. Both of these RSUs are to be settled in cash with payment dependent upon the attainment of required service, market, and performance criteria. The Company expenses an estimate of the fair value of the TSR RSUs over the performance period using a quarterly Monte Carlo valuation. The Company expenses the FFO RSUs over the vesting period using the fair market value of the Company’s stock at the reporting date multiplied by the anticipated number of units to be paid based on the current estimate of what the ratio is expected to be upon vesting. Dividend equivalents on the TSR RSUs and FFO RSUs will also be paid based upon the percentage vested. The targeted number of performance-based RSUs outstanding at December 31, 2016 are 396,872 , 299,821 , and 204,690 related to the 2016 , 2015 , and 2014 grants, respectively. In 2012, the Company also issued 281,532 performance-based RSUs to the chief executive officer. The payout of these awards could have ranged from 0% to 150% of the targeted number of units depending on the total stockholder return of the Company, as defined, as compared to that of a peer group of companies through 2016. This award was expensed using a quarterly Monte Carlo valuation over the vesting period until the fourth quarter of 2016, when it was adjusted to the actual amount paid in 2017. The following table summarizes the performance-based RSU activity as of December 31, 2016 , 2015 , and 2014 (in thousands): Outstanding at December 31, 2013 755 Granted 205 Vested (150 ) Forfeited (14 ) Outstanding at December 31, 2014 796 Granted 244 Vested (191 ) Forfeited (6 ) Outstanding at December 31, 2015 843 Granted 312 Granted as a result of the Spin-Off 308 Vested (160 ) Forfeited (30 ) Outstanding at December 31, 2016 1,273 In 2016, the Company granted 28,938 time-vested RSUs to a key employee. The value of each unit is equal to the fair market value of one share of common stock. The vesting period for this award is three years. These RSUs are to be settled in cash with payment dependent upon the attainment of the required service criteria. The Company estimates future expense for all types of RSUs outstanding at December 31, 2016 to be $3.2 million (using stock prices and estimated target percentages as of December 31, 2016 ), which will be recognized over a weighted-average period of 0.9 years. During 2016 , total cash paid for all types of RSUs and related dividend payments was $1.6 million . During 2016 , 2015 , and 2014 , $6.4 million , $67,000 , and $5.4 million , respectively, was recognized as compensation expense related to RSUs for employees and directors. |
Retirement Savings Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
RETIREMENT SAVINGS PLAN | RETIREMENT SAVINGS PLAN The Company maintains a defined contribution plan (the “Retirement Savings Plan”) pursuant to Section 401 of the Internal Revenue Code (the “Code”) which covers active regular employees. Employees are eligible under the Retirement Savings Plan immediately upon hire, and pre-tax contributions are allowed up to the limits set by the Code. The Company has a match program of up to 3% of an employee’s eligible pre-tax Retirement Savings Plan contributions up to certain Code limits. Employees vest in Company contributions over a three -year period. The Company may change this percentage at its discretion, and, in addition, the Company could decide to make discretionary contributions in the future. The Company contributed $ 682,000 , $639,000 , and $592,000 to the Retirement Savings Plan for the 2016 , 2015 , and 2014 plan years, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES On December 31, 2014, CREC merged into Cousins and Cousins formed CTRS. CTRS recorded no income tax expense in 2016 or 2015 and CREC recorded a $20,000 income tax benefit in 2014. The net income tax benefit differs from the amount computed by applying the statutory federal income tax rate to CTRS' income before taxes for the year ended December 31, 2016 , and to CREC’s income before taxes for the years ended 2015 and 2014 as follows ($ in thousands): 2016 2015 2014 Amount Rate Amount Rate Amount Rate Federal income tax benefit (expense) $ (1,159 ) (35 )% $ 778 35 % $ (1,124 ) (35 )% State income tax benefit (expense), net of federal income tax effect (132 ) (4 )% 90 4 % (125 ) (4 )% Valuation allowance 1,282 39 % (833 ) (37 )% 1,644 50 % State deferred tax adjustment 9 — % (35 ) (2 )% (375 ) (11 )% Benefit applicable to income (loss) from continuing operations $ — — % $ — — % $ 20 — % On December 31, 2014, CREC merged into Cousins and Cousins contributed some of the assets and contracts that were previously owned by CREC to CTRS, a newly formed taxable REIT subsidiary of Cousins. Cousins retained many of CREC's tax benefits, including the significant portion of CREC's Federal and state tax carryforwards. Some of CREC's tax benefits were assumed by CTRS upon the contributions Cousins made to CTRS immediately following CREC's merger into Cousins. The tax effect of significant temporary differences representing deferred tax assets and liabilities of CTRS as of December 31, 2016 and 2015 are as follows (in thousands): 2016 2015 Income from unconsolidated joint ventures $ (188 ) $ 928 Federal and state tax carryforwards 514 680 Total deferred tax assets 326 1,608 Valuation allowance (326 ) (1,608 ) Net deferred tax asset $ — $ — A valuation allowance is required to be recorded against deferred tax assets if, based on the available evidence, it is more likely than not that such assets will not be realized. When assessing the need for a valuation allowance, appropriate consideration should be given to all positive and negative evidence related to this realization. This evidence includes, among other things, the existence of current and recent cumulative losses, forecasts of future profitability, the length of statutory carryforward periods, the Company’s history with loss carryforwards and available tax planning strategies. As of December 31, 2016 and 2015 the deferred tax asset of CTRS equaled $326,000 and $1.6 million , respectively, with a valuation allowance placed against the full amount of each. The conclusion that a valuation allowance should be recorded as of December 31, 2016 and 2015 was based the lack of evidence that CTRS, could generate future taxable income to realize the benefit of the deferred tax assets. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table sets forth the computation of the basic and diluted earnings per share of the Company's consolidated statements of operations for the years ended December 31, 2016 , 2015 , and 2014 (in thousands): Year Ended December 31 2016 2015 2014 Earnings per Common Share - basic: Numerator: Income from continuing operations $ 60,941 $ 94,332 $ 12,886 Net (income) attributable to noncontrolling interests in the CPLP from continuing operations (784 ) — — Net (income) attributable to other noncontrolling interests from continuing operations (211 ) (111 ) (1,004 ) Dividends to preferred stockholders — — (2,955 ) Preferred Share original issue costs — — (3,530 ) Income from continuing operations available for common stockholders 59,946 94,221 5,397 Income from discontinued operations 19,163 31,297 40,122 Net income available for common stockholders $ 79,109 $ 125,518 $ 45,519 Denominator: Weighted average common shares - basic 253,895 215,827 204,216 Earnings per common share - basic: Income from continuing operations available for common stockholders $ 0.24 $ 0.44 $ 0.02 Income from discontinued operations available for common stockholders 0.07 0.14 0.20 Net income available for common stockholders $ 0.31 $ 0.58 $ 0.22 Earnings per common share - diluted: Numerator: Income from continuing operations $ 60,941 $ 94,332 $ 12,886 Net (income) attributable to other noncontrolling interests from continuing operations (211 ) (111 ) (1,004 ) Dividends to preferred stockholders — — (2,955 ) Preferred Share original issue costs — — (3,530 ) Income from continuing operations available for common stockholders before net income attributable to noncontrolling interests in CPLP 60,730 94,221 5,397 Income from discontinued operations available for common stockholders 19,163 31,297 40,122 Net income available for common stockholders before net income attributable to noncontrolling interests in CPLP $ 79,893 $ 125,518 $ 45,519 Denominator: Weighted average common shares - basic 253,895 215,827 204,216 Add: Stock options using treasury method 178 152 244 Noncontrolling interests CPLP 1,950 — — Weighted average common shares - diluted 256,023 215,979 204,460 Earnings per common share - diluted: Income from continuing operations available for common stockholders $ 0.24 $ 0.44 $ 0.02 Income from discontinued operations available for common stockholders 0.07 0.14 0.20 Net income available for common stockholders $ 0.31 $ 0.58 $ 0.22 Anti-dilutive stock options represent stock options whose exercise price exceeds the average market value of the Company’s stock. These anti-dilutive stock options are not included in the current calculation of dilutive weighted average shares, but could be dilutive in the future. For the years ended December 31, 2016, 2015, and 2014, the number of anti-dilutive stock options was 762,000 , 1,128,000 , and 1,553,000 , respectively. |
Consolidated Statements of Ca24
Consolidated Statements of Cash Flows - Supplemental Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION | CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION Supplemental information related to cash flows, including significant non-cash activity affecting the consolidated statements of cash flows, for the years ended December 31, 2016 , 2015 , and 2014 is as follows (in thousands): 2016 2015 2014 Interest paid, net of amounts capitalized $ 32,215 $ 29,337 $ 28,840 Income taxes paid — 2 4 Non-Cash Transactions: Non-cash assets and liabilities assumed in Merger 1,886,815 — — Non-cash assets and liabilities distributed in Spin-Off (948,306 ) — — Mortgage note payable legally defeased 20,170 — — Transfer from land held to projects under development 8,099 — 5,185 Change in accrued property acquisition, development, and tenant asset expenditures 7,918 (2,483 ) (531 ) Transfer from investment in unconsolidated joint ventures to projects under development 5,880 — — Transfer from projects under development to operating properties — 121,709 — Transfer from operating properties and related assets to real estate assets and other assets held for sale — 7,246 — Transfer from operating properties and related liabilities to liabilities of real estate assets held for sale — 1,347 — |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS The Company's segments are based on the method of internal reporting which classifies operations by property type and geographical area. The segments by property type are: Office, Mixed-Use, and Other. The segments by geographical region are: Atlanta, Austin, Charlotte, Orlando, Tampa, Phoenix, and Other. These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker based on similar economic characteristics that include the type of product and the geographical location. Each segment includes both consolidated operations and the Company's share of joint venture operations. Company management evaluates the performance of its reportable segments in part based on net operating income (“NOI”). NOI represents rental property expenses less rental property operating expenses. NOI is not a measure of cash flows or operating results as measured by GAAP, is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income as it helps both management and investors understand the core operations of the Company's operating assets. NOI excludes corporate general and administrative expenses, interest expense, depreciation and amortization, impairments, gains/loss on sales of real estate, and other non-operating items. Segment net income, amount of capital expenditures, and total assets are not presented in the following tables because management does not utilize these measures when analyzing its segments or when making resource allocation decisions. Information on the Company's segments along with a reconciliation of NOI to net income available to common stockholders is as follows (in thousands): Year ended December 31, 2016 Office Mixed-Use Other Total Net Operating Income: Houston $ 78,590 $ — $ — $ 78,590 Atlanta 98,032 7,411 — 105,443 Austin 29,865 — — 29,865 Charlotte 28,418 — — 28,418 Orlando 3,265 — — 3,265 Tampa 7,130 — — 7,130 Tempe 6,067 — — 6,067 Other 1,504 — — 1,504 Total Net Operating Income $ 252,871 $ 7,411 $ — $ 260,282 Year ended December 31, 2015 Office Mixed-Use Other Total Net Operating Income: Houston $ 103,210 $ — $ — $ 103,210 Atlanta 93,438 5,854 — 99,292 Austin 15,294 — — 15,294 Charlotte 16,164 — — 16,164 Other 7,104 — 168 7,272 Total Net Operating Income $ 235,210 $ 5,854 $ 168 $ 241,232 Year ended December 31, 2014 Office Mixed-Use Other Total Net Operating Income: Houston $ 100,816 $ — $ — $ 100,816 Atlanta 73,434 5,727 — 79,161 Austin 6,992 — — 6,992 Charlotte 6,839 — — 6,839 Other 18,470 — 3,395 21,865 Total Net Operating Income $ 206,551 $ 5,727 $ 3,395 $ 215,673 The following reconciles Net Income to Net Operating Income for each of the periods presented (in thousands): Year Ended December 31, 2016 2015 2014 Net Income $ 80,104 $ 125,629 $ 53,008 Net operating income from unconsolidated joint ventures 28,785 24,335 25,897 Net operating income from discontinued operations 78,591 103,198 102,616 Fee income (8,347 ) (7,297 ) (12,519 ) Other income (1,050 ) (828 ) (919 ) Reimbursed expenses 3,259 3,430 3,652 General and administrative expenses 25,592 16,918 19,784 Interest expense 26,650 22,735 20,983 Depreciation and amortization 97,948 71,625 62,258 Acquisition and merger costs 24,521 299 1,130 Other expenses 5,888 1,181 3,729 Loss on extinguishment of debt 5,180 — — Benefit for income taxes from operations — — (20 ) Income from unconsolidated joint ventures (10,562 ) (8,302 ) (11,268 ) Gain on sale of investment properties (77,114 ) (80,394 ) (12,536 ) Income (loss) from discontinued operations (19,163 ) (31,297 ) (40,122 ) Net Operating Income $ 260,282 $ 241,232 $ 215,673 Revenues by reportable segment, including a reconciliation to total revenues on the consolidated statements of operations for years ended December 31, 2016, 2015 and 2014 are as follows (in thousands): Year ended December 31, 2016 Office Mixed-Use Other Total Revenues: Atlanta $ 160,540 $ 13,043 $ — $ 173,583 Austin 52,769 — — 52,769 Charlotte 39,448 — — 39,448 Houston 136,926 — — 136,926 Orlando 5,896 — — 5,896 Tampa 10,994 — — 10,994 Tempe 8,902 — — 8,902 Other 2,443 — — 2,443 Total segment revenues 417,918 13,043 — 430,961 Company's share of rental property revenues from unconsolidated joint ventures 31,177 13,043 — 44,220 Revenues included in discontinued operations 136,927 — — 136,927 Total rental property revenues $ 249,814 $ — $ — $ 249,814 Year ended December 31, 2015 Office Mixed-Use Other Total Revenues: Houston $ 176,823 $ — $ — $ 176,823 Atlanta 164,712 9,975 — 174,687 Austin 26,581 — — 26,581 Charlotte 22,964 — — 22,964 Other 9,216 — 192 9,408 Total segment revenues 400,296 9,975 192 410,463 Company's share of rental property revenues from unconsolidated joint ventures 27,416 9,975 — 37,391 Revenues included in discontinued operations 176,828 — — 176,828 Total rental property revenues $ 196,052 $ — $ 192 $ 196,244 Year ended December 31, 2014 Office Mixed-Use Other Total Revenues: Houston $ 179,788 $ — $ — $ 179,788 Atlanta 125,884 9,037 — 134,921 Austin 14,062 — — 14,062 Charlotte 9,404 — — 9,404 Other 42,576 — 3,886 46,462 Total segment revenues 371,714 9,037 3,886 384,637 Company's share of rental property revenues from unconsolidated joint ventures 26,766 9,037 1,997 37,800 Revenues included in discontinued operations 182,714 — — 182,714 Total rental property revenues $ 162,234 $ — $ 1,889 $ 164,123 |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2016 (in thousands) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Description/Metropolitan Area Encumbrances Land and Improvements Buildings and Improvements Land and Improvements less Cost of Sales, Transfers and Other Building and Improvements less Cost of Sales, Transfers and Other Land and Improvements less Cost of Sales, Transfers and Other Building and Improvements less Cost of Sales, Transfers and Other Total (a)(b) Accumulated Date of Construction/ Renovation Date Acquired Life on Which Depreciation in 2016 Statement of Operations is Computed (c) OPERATING PROPERTIES Colorado Tower 119,069 — — 1,600 118,455 1,600 118,455 120,055 9,669 2013 2013 30 years Austin, TX 816 Congress 84,231 6,817 89,891 3,282 16,170 10,099 106,061 116,160 14,767 — 2013 42 years Austin, TX Research Park — 4,373 — 801 36,766 5,174 36,766 41,940 549 2014 1998 30 years Austin, TX Northpark Town Center — 22,350 295,825 — 22,101 22,350 317,926 340,276 27,266 — 2014 39 years Atlanta, GA Promenade 104,997 13,439 102,790 — 35,664 13,439 138,454 151,893 33,382 — 2011 34 years Atlanta, GA The American Cancer Society Center 127,451 5,226 67,370 — 34,165 5,226 101,535 106,761 72,422 — 1999 25 years Atlanta, GA Meridian Mark Plaza 24,427 2,219 — — 30,024 2,219 30,024 32,243 18,726 1997 1997 30 years Atlanta, GA Fifth Third Center 148,867 22,591 180,430 — 11,414 22,591 191,844 214,435 15,891 — 2014 40 years Charlotte, NC Corporate Center — 7,298 272,148 — 1,705 7,298 273,853 281,151 2,827 — 2016 40 years Tampa, FL Bank of America Center — 7,121 66,129 — 266 7,121 66,395 73,516 985 — 2016 40 years Orlando, FL One Orlando Centre — 12,625 44,088 — (2,635 ) 12,625 41,453 54,078 706 — 2016 40 years Orlando, FL Citrus Center — 4,307 41,608 — (71 ) 4,307 41,537 45,844 797 — 2016 40 years Orlando, FL The Pointe 23,369 9,404 54,694 — 41 9,404 54,735 64,139 738 — 2016 40 years Tampa, FL Harborview Plaza — 10,800 39,136 — 436 10,800 39,572 50,372 515 — 2016 40 years Tampa, FL 3344 Peachtree 80,258 16,110 176,153 — (57 ) 16,110 176,096 192,206 1,673 — 2016 40 years Atlanta, GA One Buckhead Plaza — 17,011 171,930 — 41 17,011 171,971 188,982 1,651 — 2016 40 years Atlanta, GA 3350 Peachtree — 16,836 109,166 — (988 ) 16,836 108,178 125,014 1,038 — 2016 40 years Atlanta, GA 3348 Peachtree — 6,707 69,723 — (30 ) 6,707 69,693 76,400 749 — 2016 40 years Atlanta, GA Two Buckhead Plaza 53,515 18,053 74,547 — 204 18,053 74,751 92,804 760 — 2016 40 years Atlanta, GA Hearst Tower — 9,977 323,299 — 1,510 9,977 324,809 334,786 2,937 — 2016 40 years Charlotte, NC NASCAR Plaza — 51 115,238 — 562 51 115,800 115,851 1,109 — 2016 40 years Charlotte, NC Hayden Ferry — 13,102 262,578 — 2,068 13,102 264,646 277,748 2,620 — 2016 40 years Phoenix, AZ Tempe Gateway — 5,893 95,130 — 377 5,893 95,507 101,400 740 — 2016 40 years Phoenix, AZ One Eleven Congress 130,002 33,841 201,707 — 4,029 33,841 205,736 239,577 1,839 — 2016 40 years Austin, TX San Jacinto Center 102,562 34,068 176,535 — 144 34,068 176,679 210,747 1,500 — 2016 40 years Austin, TX Total Operating Properties $ 998,748 $ 300,219 $ 3,030,115 $ 5,683 $ 312,361 $ 305,902 $ 3,342,476 $ 3,648,378 $ 215,856 COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2016 (in thousands) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Description/Metropolitan Area Encumbrances Land and Improvements Buildings and Improvements Land and Improvements less Cost of Sales, Transfers and Other Building and Improvements less Cost of Sales, Transfers and Other Land and Improvements less Cost of Sales, Transfers and Other Building and Improvements less Cost of Sales, Transfers and Other Total (a)(b) Accumulated Depreciation (a)(b) Date of Construction/ Renovation Date Acquired Life on Which Depreciation in 2016 Statement of Operations is Computed (c) PROJECTS UNDER DEVELOPMENT NCR Phase 1 $ — $ 20,032 $ — $ — $ 83,962 $ 20,032 $ 83,962 $ 103,994 $ — 2015 2015 Atlanta, GA NCR Phase II — 8,099 — — 8,142 8,099 8,142 16,241 — — 2015 Atlanta, GA Avalon — 4,130 — 72 37,950 4,202 37,950 42,152 — 2016 2016 Atlanta, GA Total Projects Under Development $ — $ 32,261 $ — $ 72 $ 130,054 $ 32,333 $ 130,054 $ 162,387 $ — LAND Commercial Land Land Adjacent to The Avenue Forsyth — 11,240 — (7,540 ) — 3,700 — 3,700 — — 2007 Suburban Atlanta, GA North Point — 10,294 — (9,773 ) — 521 — 521 — — 1970-1985 Suburban Atlanta, GA Total Commercial Land $ — $ 21,534 $ — $ (17,313 ) $ — $ 4,221 $ — $ 4,221 $ — Residential Land Callaway Gardens — 1,584 — (1,584 ) — — — — — 2006 2006 Pine Mountain, GA Total Residential Land $ — $ 1,584 $ — $ (1,584 ) $ — $ — $ — $ — $ — Total Land $ — $ 23,118 $ — $ (18,897 ) $ — $ 4,221 $ — $ 4,221 $ — Total Properties $ 998,748 $ 355,598 $ 3,030,115 $ (13,142 ) $ 442,415 $ 342,456 $ 3,472,530 $ 3,814,986 $ 215,856 COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2016 (in thousands) NOTES: (a) Reconciliations of total real estate carrying value and accumulated depreciation for the three years ended December 31, 2016 are as follows: Real Estate Accumulated Depreciation 2016 2015 2014 2016 2015 2014 Balance at beginning of period $ 2,606,343 $ 2,619,488 $ 2,164,815 $ 359,422 $ 324,543 $ 257,151 Additions during the period: Parkway merger 2,832,730 — — — — — Acquisitions — 28,131 523,695 — — — Improvements and other capitalized costs 208,016 139,676 109,959 — — — Transfers 5,306 — — — — — Depreciation expense — — — 112,277 99,067 86,824 3,046,052 167,807 633,654 112,277 99,067 86,824 Deductions during the period: Parkway spin-off (1,230,235 ) — — (148,523 ) — — Cost of real estate sold (602,648 ) (180,952 ) (178,981 ) (107,320 ) (64,188 ) (19,432 ) Impairment loss (4,526 ) — — — — — (1,837,409 ) (180,952 ) (178,981 ) (255,843 ) (64,188 ) (19,432 ) Balance at end of period $ 3,814,986 $ 2,606,343 $ 2,619,488 $ 215,856 $ 359,422 $ 324,543 (b) The aggregate cost for federal income tax purposes, net of depreciation, was $2.9 billion (unaudited) at December 31, 2016 . (c) Buildings and improvements are depreciated over 25 to 42 years. Leasehold improvements and other capitalized leasing costs are depreciated over the life of the asset or the term of the lease, whichever is shorter. |
Significant Accounting Polici27
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The consolidated financial statements include the accounts of the Company and its consolidated partnerships and wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The Company presents its financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) as outlined in the Financial Accounting Standard Board’s Accounting Standards Codification (the “Codification” or “ASC”). The Codification is the single source of authoritative accounting principles applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. For the three years ended December 31, 2016 , there were no items of other comprehensive income. Therefore, no presentation of comprehensive income is required. The Company evaluates all partnerships, joint ventures and other arrangements with variable interests to determine if the entity or arrangement qualifies as a variable interest entity (“VIE”), as defined in the Codification. If the entity or arrangement qualifies as a VIE and the Company is determined to be the primary beneficiary, the Company is required to consolidate the assets, liabilities, and results of operations of the VIE. At December 31, 2016, the Company had a joint venture with Callaway Gardens Resort, Inc. (“Callaway”) for the development of residential lots, which was funded fully through Company contributions. Callaway had the right to receive returns, but no obligation to fund any costs or absorb any losses. The Company was the sole decision maker for the venture and the development manager. The Company determined that the joint venture with Callaway was a VIE, and the Company was the primary beneficiary. Therefore, the Company consolidated this joint venture. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards : In 2015, the FASB issued ASC 2015-02 "Consolidation (Topic 810): Amendments to the Consolidation Analysis." All legal entities are subject to reevaluation under the revised consolidation model. The amendment modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities. It also eliminates the presumption that a general partner should consolidate a limited partnership. The guidance is effective for public entities with periods beginning after December 15, 2015 with early adoption permitted. The Company adopted this guidance effective January 1, 2016, and it did not have material impact on the consolidated financial statements. 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 Company expects to adopt this guidance using the " modified retrospective" method effective January 1, 2019. 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 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." 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 using the "modified retrospective" method effective January 1, 2018. In August 2014, the FASB issued ASU 205-40, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern," which requires management of all entities to evaluate whether there are conditions and events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the financial statements are issued. The Company adopted ASU 205-40 as of December 31, 2016. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business," which provides a more narrow definition of a business to be used in determining the accounting treatment of an acquisition. As a result, many acquisitions that previously qualified as business combinations will be treated as asset acquisitions. For asset acquisitions, acquisition costs may be capitalized, and the purchase price may be allocated on a relative fair value basis. ASU 2017-01 is effective prospectively for the Company on January 1, 2018, with early adoption permitted. The Company expects that most of its future acquisitions will qualify as asset acquisitions. Certain prior year amounts have been reclassified to conform with current year presentation on the consolidated statements of operations and the consolidated statements of equity. Separation expenses on the consolidated statements of operations have been reclassified from general and administrative expenses to other expenses. On the consolidated statements of equity, all components of common stock issued pursuant to stock-based compensation are aggregated into one line item. These changes do not affect the previously reported total costs and expenses in the consolidated statements of operations or the total equity in the consolidated statements of equity for any period. |
Cost Capitalization, Depreciation and Amortization | Cost Capitalization: Costs related to planning, developing, leasing, and constructing a property, including costs of development personnel working directly on projects under development, are capitalized. In addition, the Company capitalizes interest to qualifying assets under development based on average accumulated expenditures outstanding during the period. In capitalizing interest to qualifying assets, the Company first uses the interest incurred on specific project debt, if any, and next uses the Company’s weighted average interest rate for non-project specific debt. The Company also capitalizes interest to investments accounted for under the equity method when the investee has property under development with a carrying value in excess of the investee’s borrowings. To the extent debt exists within an unconsolidated joint venture during the construction period, the venture capitalizes interest on that venture-specific debt. The Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of recently completed development properties from the date a project is substantially complete to the earlier of (1) the date on which the project achieves 90% economic occupancy or (2) one year after it is substantially complete. The Company capitalizes direct leasing costs related to leases that are probable of being executed. These costs include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement, and internal costs that are based on time spent by leasing personnel on successful leases. The Company allocates these costs to individual tenant leases and amortizes them over the related lease term. Depreciation and Amortization: Real estate assets are stated at depreciated cost less impairment losses, if any. Buildings are depreciated over their estimated useful lives, which range generally from 24 to 42 years. The life of a particular building depends upon a number of factors including whether the building was developed or acquired and the condition of the building upon acquisition. Furniture, fixtures and equipment are depreciated over their estimated useful lives of three to five years. Tenant improvements, leasing costs and leasehold improvements are amortized over the term of the applicable leases or the estimated useful life of the assets, whichever is shorter. The Company accelerates the depreciation of tenant assets if it estimates that the lease term will end prior to the termination date. This acceleration may occur if a tenant files for bankruptcy, vacates its premises or defaults in another manner on its lease. Deferred expenses are amortized over the period of estimated benefit. The Company uses the straight-line method for all depreciation and amortization. |
Impairment | Impairment: For real estate assets that are considered to be held for sale according to accounting guidance or those that are distributed to stockholders in a spin-off, the Company records impairment losses if the fair value of the asset or disposal group net of estimated selling costs is less than the carrying amount. For those long-lived assets that are held and used according to accounting guidance, management reviews each asset for the existence of any indicators of impairment. If indicators of impairment are present, the Company calculates the expected undiscounted future cash flows to be derived from such assets. If the undiscounted cash flows are less than the carrying amount of the asset, the Company reduces the asset to its fair value and records an impairment loss. |
Acquisition of Real Estate Assets | Acquisition of Real Estate Assets: The Company records the acquired tangible and intangible assets and assumed liabilities of operating property acquisitions at fair value at the acquisition date. The acquired assets and assumed liabilities for an operating property acquisition generally include but are not limited to: land, buildings and improvements, and identified tangible and intangible assets and liabilities associated with in-place leases, including leasing costs, value of above-market and below-market tenant leases, value of above-market and below-market ground leases, acquired in-place lease values, and tenant relationships, if any. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, and leasing costs are based upon current market replacement costs and other relevant market rate information. The fair value of the above-market or below-market component of an acquired in-place lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term and (ii) management’s estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition over the remaining term of the lease. The amounts recorded for above-market and below-market ground leases are included in intangible liabilities and intangible assets, respectively, and are amortized on a straight-line basis into rental property revenues over the remaining terms of the applicable leases. The fair value of acquired in-place leases is derived based on management’s assessment of lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. The amount recorded for acquired in-place leases is included in intangible assets and amortized as an increase to depreciation and amortization expense over the remaining term of the applicable leases. |
Discontinued Operations | Discontinued Operations: Beginning in the second quarter 2014, only assets held for sale or disposals representing strategic shifts in operations are reflected in discontinued operations. Prior to 2014, the Company classified the results of operations of all properties that were sold or otherwise qualified as held for sale as discontinued operations if the property's operations were expected to be eliminated from ongoing operations and the Company would not have any significant continuing involvement in the operations of the property after the sale. During 2015, there were no held for sale assets or disposals that represented a strategic shift in operations. During 2016, the Company spun-off the combined operations of the Company's and Parkway's Houston assets into a separate public company. The Company considered this disposition to be a strategic shift in operations and reclassified the historical operations of its Houston business into discontinued operations on the consolidated statements of operations. The Company ceases depreciation of a property when it is categorized as held for sale. |
Investment in Joint Ventures | Investment in Joint Ventures For joint ventures that the Company does not control, but over which it exercises significant influence, the Company uses the equity method of accounting. The Company's judgment with regard to its level of influence or control of an entity involves consideration of various factors including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace the Company as manager, and/or to liquidate the venture. These ventures are recorded at cost and adjusted for equity in earnings (losses) and cash contributions and distributions. Any difference between the carrying amount of these investments on the Company’s balance sheet and the underlying equity in net assets on the joint venture’s balance sheet is adjusted as the related underlying assets are depreciated, amortized, or sold. The Company generally allocates income and loss from an unconsolidated joint venture based on the venture's distribution priorities, which may be different from its stated ownership percentage. The Company evaluates the recoverability of its investment in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, the Company estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) the Company’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," the Company reduces the investment to its estimated fair value. |
Noncontrolling Interest | Noncontrolling Interest The Company consolidates CPLP and certain joint ventures in which it owns a controlling interest. In cases where the entity’s documents do not contain a required redemption clause, the Company records the partner’s share of the entity in the equity section of the balance sheets in nonredeemable noncontrolling interests. In cases where the entity’s documents contain a provision requiring the Company to purchase the partner’s share of the venture at a certain value upon demand or at a future date, the Company records the partner’s share of the entity in redeemable noncontrolling interests on the balance sheets. The outside partners' interests in CPLP are redeemable into shares of cash or common stock of the Company in the Company's sole discretion. Therefore, noncontrolling interests associated with CPLP are considered nonredeemable noncontrolling interests. The noncontrolling partners' share of all consolidated entities' income is reflected in net income attributable to noncontrolling interest on the statements of operations. |
Revenue Recognition | Revenue Recognition Rental Property Revenues: The Company recognizes contractual revenues from leases on a straight-line basis over the term of the respective lease. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. Percentage rents are recognized once the specified sales target is achieved. In addition, leases typically provide for reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses to the Company. Operating expense reimbursements are recognized as the related expenses are incurred. During 2016 , 2015 , and 2014 , the Company recognized $90.2 million , $93.3 million , and $86.0 million , respectively, in revenues, including discontinued operations, from tenants related to operating expenses. The Company makes valuation adjustments to all tenant-related accounts receivable based upon its estimate of the likelihood of collectibility of amounts due from the tenant. The amount of any valuation adjustment is based on the tenant’s credit and business risk, history of payment, and other factors considered by management. Fee Income: The Company recognizes development, management and leasing fees when earned. The Company recognizes development and leasing fees received from unconsolidated joint ventures and related salaries and other direct costs incurred by the Company as income and expense based on the percentage of the joint venture which the Company does not own. Correspondingly, the Company adjusts the investment in unconsolidated joint ventures asset when fees are paid to the Company by a joint venture in which the Company has an ownership interest. See note 6 for more information related to fee income recognized from unconsolidated joint ventures. Gain on Sale of Investment Properties : The Company recognizes a gain on sale of investment property when the sale of a property is consummated, the buyer’s initial and continuing investment is adequate to demonstrate commitment to pay, any receivable obtained is not subject to future subordination, the usual risks and rewards of ownership are transferred, and the Company has no substantial continuing involvement with the property. If the Company has a commitment to the buyer and that commitment is a specific dollar amount, this commitment is accrued and the gain on sale that the Company recognizes is reduced. If the Company has a construction commitment to the buyer, management makes an estimate of this commitment, defers a portion of the profit from the sale, and recognizes the deferred profit as or when the commitment is fulfilled. |
Receivables | The Company makes valuation adjustments to all tenant-related accounts receivable based upon its estimate of the likelihood of collectibility of amounts due from the tenant. The amount of any valuation adjustment is based on the tenant’s credit and business risk, history of payment, and other factors considered by management. |
Income Taxes | Income Taxes Cousins has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, Cousins must distribute annually at least 90% of its adjusted taxable income, as defined in the Code, to its stockholders and satisfy certain other organizational and operating requirements. It is management’s current intention to adhere to these requirements and maintain Cousins’ REIT status. As a REIT, Cousins generally will not be subject to federal income tax at the corporate level on the taxable income it distributes to its stockholders. If Cousins fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Cousins may be subject to certain state and local taxes on its income and property, and to federal income taxes on its undistributed taxable income. CTRS is a C-Corporation for federal income tax purposes and uses the liability method for accounting for income taxes. Tax return positions are recognized in the financial statements when they are “more-likely-than-not” to be sustained upon examination by the taxing authority. Deferred income tax assets and liabilities result from temporary differences. Temporary differences are differences between the tax bases of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future periods. A valuation allowance may be placed on deferred income tax assets, if it is determined that it is more likely than not that a deferred tax asset may not be realized. |
Stock-Based Compensation | Stock-Based Compensation The Company has several types of stock-based compensation plans. These plans are described in note 13, as are the accounting policies by type of award. The Company recognizes compensation expense, net of forfeitures, arising from share-based payment arrangements granted to employees and directors in general and administrative expense in the statements of operations over the related awards’ vesting period, which may be accelerated under the Company’s retirement feature. |
Earnings per Share (EPS) | Earnings per Share (“EPS”) Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period, including nonvested restricted stock which has nonforfeitable dividend rights. Net income per share-diluted is calculated as net income available to common stockholders plus noncontrolling interests in CPLP divided by the diluted weighted average number of common shares outstanding during the period. Diluted weighted average number of common shares uses the same weighted average share number as in the basic calculation and adds the potential dilution that would occur if the outside units in CPLP were converted into the Company's common stock and stock options (or any other contracts to issue common stock) were exercised and resulted in additional common shares outstanding, calculated using the treasury stock method. The numerator is reduced for the effect of preferred dividends in both the basic and diluted net income per share calculations. Stock options are dilutive when the average market price of the Company’s stock during the period exceeds the option exercise price. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and highly-liquid money market instruments. Highly-liquid money market instruments include securities and repurchase agreements with original maturities of three months or less , money market mutual funds, and United States Treasury Bills with maturities of 30 days or less . Restricted cash primarily represents amounts restricted under debt agreements for future capital expenditures or for specific future operating costs. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Reportable Segments | The Company's segments are based on the method of internal reporting which classifies operations by property type and geographical area. The segments by property type are: Office, Mixed-Use, and Other. The segments by geographical region are: Atlanta, Austin, Charlotte, Orlando, Tampa, Phoenix, and Other. These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker based on similar economic characteristics that include the type of product and the geographical location. Each segment includes both consolidated operations and the Company's share of joint venture operations. Company management evaluates the performance of its reportable segments in part based on net operating income (“NOI”). NOI represents rental property expenses less rental property operating expenses. NOI is not a measure of cash flows or operating results as measured by GAAP, is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income as it helps both management and investors understand the core operations of the Company's operating assets. NOI excludes corporate general and administrative expenses, interest expense, depreciation and amortization, impairments, gains/loss on sales of real estate, and other non-operating items. Segment net income, amount of capital expenditures, and total assets are not presented in the following tables because management does not utilize these measures when analyzing its segments or when making resource allocation decisions. |
Transactions With Parkway Pro28
Transactions With Parkway Properties, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of purchase price allocation | The purchase price was allocated as follows (in thousands): Real estate assets $ 3,441,859 Cash 63,193 Restricted cash 30,560 Notes and other receivables 36,388 Investment in unconsolidated joint ventures 58,875 Intangible assets 330,221 Other assets 10,549 $ 3,971,645 Notes payable $ 1,473,810 Accounts payable and accrued expenses 136,934 Intangible liabilities 106,480 Other liabilities 12,076 Nonredeemable noncontrolling interests (excluding CPLP) 292,337 $ 2,021,637 Total purchase price $ 1,950,008 The following tables summarize allocations of the estimated fair values of the assets and liabilities of the operating property acquisitions discussed above (in thousands): 2014 Northpark Town Center Fifth Third Center Tangible assets: Land and improvements $ 24,577 $ 22,863 Building 274,151 163,649 Tenant improvements 21,674 16,781 Other assets — 1,014 Tangible assets 320,402 204,307 Intangible assets: Above-market leases 2,846 632 In-place leases 30,159 17,096 Below-market ground leases — 338 Total intangible assets 33,005 18,066 Tangible liabilities: Accounts payable and accrued expenses — (1,026 ) Total tangible liabilities — (1,026 ) Intangible liabilities: Below-market leases (8,018 ) (9,374 ) Total intangible liabilities (8,018 ) (9,374 ) Total net assets acquired $ 345,389 $ 211,973 |
Unaudited supplemental pro forma information | The following unaudited supplemental pro forma information presented is based upon the Company's historical consolidated statements of operations, adjusted as if the Merger had occurred on January 1, 2015. This supplemental pro forma information is not necessarily indicative of future results, or of actual results, that would have been achieved had the transactions been consummated at the beginning of each period. 2016 2015 (unaudited, in thousands, except per share amounts) Revenues $ 732,117 $ 855,318 Income from continuing operations 179,625 237,909 Net income 174,117 237,323 Net income available to common stockholders 166,375 208,574 Per share information: Basic $ 0.42 $ 0.53 Diluted $ 0.41 $ 0.53 The following unaudited supplemental pro forma information is presented for the acquisitions of Northpark Town Center and Fifth Third Center for the year ended December 31, 2014. This pro forma information is based on the Company's historical consolidated statement of operations, as adjusted, as if the acquisitions had occurred at the beginning of 2013. The supplemental pro forma information is not necessarily indicative of future results or of actual results that would have been achieved had the transactions been consummated at the beginning of 2014 (in thousands, except per share amounts). Revenues $ 388,791 Income from continuing operations 31,695 Net income 52,853 Net income available to common stockholders 45,364 Per share information: Basic $ 0.22 Diluted $ 0.22 |
Summary of discontinued operations | The following is a summary of the assets and liabilities transferred to New Parkway as part of the Spin-Off (in thousands): Real estate assets $ 1,696,080 Cash 192,755 Notes and other receivables 43,752 Intangible assets 143,294 Other assets 6,669 $ 2,082,550 Notes payable $ 803,769 Accounts payable and accrued expenses 56,055 Intangible liabilities 59,424 Other liabilities 22,241 $ 941,489 Noncontrolling interest 22,821 Net assets in Spin-off to New Parkway $ 1,118,240 The following table includes a summary of discontinued operations of the Company for the years ended December 31, 2016, 2015, and 2014. In addition to the discontinued operations associated with the Spin-Off, this table includes the discontinued operations of Lakeshore Park Plaza and 600 University Park Place that were sold in 2014. There were no dispositions that met this criteria in 2015. See note 4 for a detail of dispositions during the periods. 2016 2015 2014 Rental property revenues $ 136,927 $ 176,828 $ 182,714 Rental property operating expenses (58,336 ) (73,630 ) (80,099 ) Other revenues 288 450 4,064 Interest expense (6,022 ) (7,988 ) (8,127 ) Depreciation and amortization (47,345 ) (63,791 ) (77,760 ) Other expenses (6,349 ) (21 ) (28 ) Income from discontinued operations $ 19,163 $ 31,848 $ 20,764 Gain (loss) on sale of discontinued operations, net $ — $ (551 ) $ 19,358 Cash provided by operating activities $ 42,604 $ 76,395 $ 81,946 Cash used in investing activities $ (30,067 ) $ (55,085 ) $ 6,001 The major classes of assets and liabilities of the property held for sale as of December 31, 2015 were as follows (in thousands): Real estate assets and related assets held for sale Operating Properties, net of accumulated depreciation of $7,072 $ 6,421 Notes and accounts receivable 210 Deferred rents receivable 496 Other assets, net of accumulated amortization of $128 119 $ 7,246 Liabilities of real estate assets held for sale Accounts payable and accrued expenses $ 140 Deferred Income 200 Other liabilities 1,007 $ 1,347 |
Real Estate Transactions (Table
Real Estate Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Properties sold that qualify as discontinued operations | The Company sold the following properties in 2016 , 2015 , and 2014 ($ in thousands): Property Property Type Location Square Feet Sales Price 2016 100 North Point Center East Office Atlanta 129,000 $ 22,000 Post Oak Central Office Houston 1,280,000 (1 ) Greenway Plaza Office Houston 4,348,000 (1 ) Two Liberty Place Office Philadelphia 941,000 $ 219,000 191 Peachtree Office Atlanta 1,225,000 $ 267,500 Lincoln Place Office Miami 140,000 $ 80,000 The Forum Office Atlanta 220,000 $ 70,000 2015 2100 Ross Office Dallas, TX 844,000 $ 131,000 200, 333, and 555 North Point Center East Office Atlanta, GA 411,000 $ 70,300 The Points at Waterview Office Dallas, TX 203,000 $ 26,800 2014 777 Main Office Ft. Worth, TX 980,000 $ 167,000 Lakeshore Park Plaza Office Birmingham, AL 197,000 $ 25,000 Mahan Village Retail Tallahassee, FL 147,000 $ 29,500 600 University Park Place Office Birmingham, AL 123,000 $ 19,700 (1) Represents properties distributed to New Parkway in the Spin-Off. |
Asses and liabilities of property held-for-sale | The following is a summary of the assets and liabilities transferred to New Parkway as part of the Spin-Off (in thousands): Real estate assets $ 1,696,080 Cash 192,755 Notes and other receivables 43,752 Intangible assets 143,294 Other assets 6,669 $ 2,082,550 Notes payable $ 803,769 Accounts payable and accrued expenses 56,055 Intangible liabilities 59,424 Other liabilities 22,241 $ 941,489 Noncontrolling interest 22,821 Net assets in Spin-off to New Parkway $ 1,118,240 The following table includes a summary of discontinued operations of the Company for the years ended December 31, 2016, 2015, and 2014. In addition to the discontinued operations associated with the Spin-Off, this table includes the discontinued operations of Lakeshore Park Plaza and 600 University Park Place that were sold in 2014. There were no dispositions that met this criteria in 2015. See note 4 for a detail of dispositions during the periods. 2016 2015 2014 Rental property revenues $ 136,927 $ 176,828 $ 182,714 Rental property operating expenses (58,336 ) (73,630 ) (80,099 ) Other revenues 288 450 4,064 Interest expense (6,022 ) (7,988 ) (8,127 ) Depreciation and amortization (47,345 ) (63,791 ) (77,760 ) Other expenses (6,349 ) (21 ) (28 ) Income from discontinued operations $ 19,163 $ 31,848 $ 20,764 Gain (loss) on sale of discontinued operations, net $ — $ (551 ) $ 19,358 Cash provided by operating activities $ 42,604 $ 76,395 $ 81,946 Cash used in investing activities $ (30,067 ) $ (55,085 ) $ 6,001 The major classes of assets and liabilities of the property held for sale as of December 31, 2015 were as follows (in thousands): Real estate assets and related assets held for sale Operating Properties, net of accumulated depreciation of $7,072 $ 6,421 Notes and accounts receivable 210 Deferred rents receivable 496 Other assets, net of accumulated amortization of $128 119 $ 7,246 Liabilities of real estate assets held for sale Accounts payable and accrued expenses $ 140 Deferred Income 200 Other liabilities 1,007 $ 1,347 |
Fair value of the assets and liabilities acquired | The purchase price was allocated as follows (in thousands): Real estate assets $ 3,441,859 Cash 63,193 Restricted cash 30,560 Notes and other receivables 36,388 Investment in unconsolidated joint ventures 58,875 Intangible assets 330,221 Other assets 10,549 $ 3,971,645 Notes payable $ 1,473,810 Accounts payable and accrued expenses 136,934 Intangible liabilities 106,480 Other liabilities 12,076 Nonredeemable noncontrolling interests (excluding CPLP) 292,337 $ 2,021,637 Total purchase price $ 1,950,008 The following tables summarize allocations of the estimated fair values of the assets and liabilities of the operating property acquisitions discussed above (in thousands): 2014 Northpark Town Center Fifth Third Center Tangible assets: Land and improvements $ 24,577 $ 22,863 Building 274,151 163,649 Tenant improvements 21,674 16,781 Other assets — 1,014 Tangible assets 320,402 204,307 Intangible assets: Above-market leases 2,846 632 In-place leases 30,159 17,096 Below-market ground leases — 338 Total intangible assets 33,005 18,066 Tangible liabilities: Accounts payable and accrued expenses — (1,026 ) Total tangible liabilities — (1,026 ) Intangible liabilities: Below-market leases (8,018 ) (9,374 ) Total intangible liabilities (8,018 ) (9,374 ) Total net assets acquired $ 345,389 $ 211,973 |
Unaudited supplemental pro forma information | The following unaudited supplemental pro forma information presented is based upon the Company's historical consolidated statements of operations, adjusted as if the Merger had occurred on January 1, 2015. This supplemental pro forma information is not necessarily indicative of future results, or of actual results, that would have been achieved had the transactions been consummated at the beginning of each period. 2016 2015 (unaudited, in thousands, except per share amounts) Revenues $ 732,117 $ 855,318 Income from continuing operations 179,625 237,909 Net income 174,117 237,323 Net income available to common stockholders 166,375 208,574 Per share information: Basic $ 0.42 $ 0.53 Diluted $ 0.41 $ 0.53 The following unaudited supplemental pro forma information is presented for the acquisitions of Northpark Town Center and Fifth Third Center for the year ended December 31, 2014. This pro forma information is based on the Company's historical consolidated statement of operations, as adjusted, as if the acquisitions had occurred at the beginning of 2013. The supplemental pro forma information is not necessarily indicative of future results or of actual results that would have been achieved had the transactions been consummated at the beginning of 2014 (in thousands, except per share amounts). Revenues $ 388,791 Income from continuing operations 31,695 Net income 52,853 Net income available to common stockholders 45,364 Per share information: Basic $ 0.22 Diluted $ 0.22 |
Notes and Accounts Receivable (
Notes and Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Components of notes and accounts receivables | At December 31, 2016 and 2015 , notes and accounts receivables included the following (in thousands): 2016 2015 Notes receivable $ 3,921 $ 414 Allowance for doubtful accounts related to notes receivable (414 ) (414 ) Tenant and other receivables 24,929 11,767 Allowance for doubtful accounts related to tenant and other receivables (753 ) (939 ) $ 27,683 $ 10,828 |
Investment in Unconsolidated 31
Investment in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of financial data and principal activities of unconsolidated joint ventures | The information included in the following table entitled summary of financial position is as of December 31, 2016 and 2015 . The information included in the summary of operations table is for the years ended December 31, 2016 , 2015 , and 2014 (in thousands). Total Assets Total Debt Total Equity (Deficit) Company's Investment SUMMARY OF FINANCIAL POSITION: 2016 2015 2016 2015 2016 2015 2016 2015 Terminus Office Holdings $ 268,242 $ 277,444 $ 207,545 $ 211,216 $ 49,476 $ 56,369 $ 25,686 $ 29,110 EP I LLC 78,537 83,115 58,029 58,029 18,962 24,172 18,551 21,502 EP II LLC 67,754 70,704 44,969 40,910 21,743 24,331 17,606 19,118 Charlotte Gateway Village, LLC 119,054 123,531 — 17,536 116,809 104,336 11,796 11,190 HICO Victory Center LP 14,124 13,532 — — 13,869 13,229 9,506 9,138 Carolina Square Holdings LP 66,922 15,729 23,741 — 34,173 12,085 18,325 6,782 CL Realty, L.L.C. 8,047 7,872 — — 7,899 7,662 3,644 3,515 DC Charlotte Plaza LLLP 17,940 — — — 17,073 — 8,937 — Temco Associates, LLC 4,368 5,284 — — 4,253 5,133 829 977 Wildwood Associates 16,351 16,419 — — 16,314 16,354 (1,143 ) (1) (1,122 ) (1) Crawford Long - CPI, LLC 27,523 29,143 72,822 74,286 (45,928 ) (46,238 ) (21,866 ) (1) (22,021 ) (1) Cousins W. Rio Salado, LLC 59,399 — 12,852 — 32,855 — 52,206 — Courvoisier Centre JV, LLC 172,197 — 106,500 — 69,479 — 11,782 — AMCO 120 WT Holdings, LLC 10,446 — — — 9,136 — 184 — Other — 2,107 — — — 1,646 345 1,245 $ 930,904 $ 644,880 $ 526,458 $ 401,977 $ 366,113 $ 219,079 $ 156,388 $ 79,434 Total Revenues Net Income (Loss) Company's Share of Net Income (Loss) SUMMARY OF OPERATIONS: 2016 2015 2014 2016 2015 2014 2016 2015 2014 Terminus Office Holdings $ 42,386 $ 40,250 39,531 $ 4,608 $ 2,789 663 $ 2,303 $ 1,395 $ 308 EP I LLC 12,239 12,558 12,049 2,294 3,177 2,583 1,684 2,197 1,937 EP II LLC 5,376 1,264 — (1,187 ) (638 ) — (878 ) (466 ) — Charlotte Gateway Village, LLC 34,156 33,724 33,903 14,536 12,737 11,645 2,194 1,183 1,176 HICO Victory Center LP 383 262 — 376 204 — 187 102 — Carolina Square Holdings LP 58 — — 9 — — — — — CL Realty, L.L.C. 567 855 1,573 237 424 1,069 128 220 542 DC Charlotte Plaza LLLP 47 — — 45 — — 24 — — Temco Associates, LLC 1,343 9,485 2,155 440 2,358 495 502 2,351 (6 ) Wildwood Associates — — 3,329 (140 ) (120 ) (1,704 ) (70 ) (59 ) 2,097 Crawford Long - CPI, LLC 12,113 12,291 11,945 2,743 2,820 2,775 1,372 1,416 1,407 Cousins W Rio Salado, LLC 4,219 — — 3,926 — — 2,906 — — Courvoisier Centre JV, LLC 3,968 — — (489 ) — — (93 ) — — Other — — 4,841 — (40 ) 7,831 303 (37 ) 3,807 $ 116,855 $ 110,689 $ 109,326 $ 27,398 $ 23,711 $ 25,357 $ 10,562 $ 8,302 $ 11,268 (1) Negative balances are included in deferred income on the consolidated balance sheets. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of intangible assets | At December 31, 2016 and 2015 , intangible assets included the following (in thousands): 2016 2015 In-place leases, net of accumulated amortization of $46,899 and $88,035 in 2016 and 2015, respectively $ 185,251 $ 112,937 Above-market tenant leases, net of accumulated amortization of $6,515 and $15,423 in 2016 and 2015, respectively 40,260 8,031 Below-market ground lease, net of accumulated amortization of $69 in 2016 18,344 — Goodwill 1,674 3,647 $ 245,529 $ 124,615 |
Aggregate amortization of intangible assets and liabilities | Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows (in thousands): Below Market Above Market Below Market Ground Lease Above Market In Place Leases Total 2017 $ (15,591 ) $ (46 ) $ 487 $ 9,169 $ 47,877 $ 41,896 2018 (14,460 ) (46 ) 470 8,225 36,574 30,763 2019 (12,754 ) (46 ) 454 6,316 27,993 21,963 2020 (11,532 ) (46 ) 439 5,043 22,000 15,904 2021 (9,634 ) (46 ) 425 3,805 16,879 11,429 Thereafter (23,999 ) (1,581 ) 16,069 7,702 33,928 32,119 $ (87,970 ) $ (1,811 ) $ 18,344 $ 40,260 $ 185,251 $ 154,074 Weighted average remaining lease term 7 years 39 years 67 years 6 years 6 years 10 years |
Summary of goodwill activity | The following is a summary of goodwill activity for the years ended December 31, 2016 and 2015 (in thousands): 2016 2015 Beginning Balance $ 3,647 $ 3,867 Allocated to property sales and Spin-Off (1,973 ) (220 ) Ending Balance $ 1,674 $ 3,647 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of other assets | At December 31, 2016 and 2015 , other assets included the following (in thousands): 2016 2015 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $23,135 and $22,572 in 2016 and 2015, respectively $ 15,773 $ 13,523 Lease inducements, net of accumulated amortization of $1,278 and $6,865 in 2016 and 2015, respectively 2,517 13,306 Prepaid expenses and other assets 8,432 4,408 Predevelopment costs and earnest money 179 1,780 Line of credit deferred financing costs, net of accumulated amortization of $2,264 and $1,380 in 2016 and 2015, respectively 2,182 2,972 $ 29,083 $ 35,989 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of terms of notes payable | The following table summarizes the terms of notes payable outstanding at December 31, 2016 and 2015 (in thousands): Description Interest Rate Maturity 2016 2015 Term Loan, unsecured 1.97% 2021 $ 250,000 $ — Fifth Third Center 3.37% 2026 149,516 — Credit Facility, unsecured 1.87% 2019 134,000 92,000 One Eleven Congress 6.08% 2017 128,000 — The American Cancer Society Center 6.45% 2017 127,508 129,342 Colorado Tower 3.45% 2026 120,000 — Promenade 4.27% 2022 105,342 108,203 San Jacinto 6.05% 2017 101,000 — 816 Congress 3.75% 2024 84,872 85,000 3344 Peachtree 4.75% 2017 78,971 — Two Buckhead Plaza 6.43% 2017 52,000 — Meridian Mark Plaza 6.00% 2020 24,522 24,978 The Pointe 4.01% 2019 22,945 — Post Oak Central 4.26% 2020 — 181,770 191 Peachtree Tower 3.35% 2018 — 100,000 $ 1,378,676 $ 721,293 Unamortized premium, net 6,792 — Unamortized loan costs (4,548 ) (2,483 ) Total Notes Payable $ 1,380,920 $ 718,810 |
Summary of interest recorded | For the years ended December 31, 2016 , 2015 , and 2014 , interest was recorded as follows (in thousands): 2016 2015 2014 Total interest incurred $ 31,347 $ 26,314 $ 23,735 Interest capitalized (4,697 ) (3,579 ) (2,752 ) Total interest expense $ 26,650 $ 22,735 $ 20,983 |
Schedule of future principal payments due | Future principal payments due (including scheduled amortization payments and payments due upon maturity) on the Company's notes payable at December 31, 2016 are as follows (in thousands): 2017 $ 495,916 2018 9,348 2019 167,047 2020 33,826 2021 261,256 Thereafter 411,283 $ 1,378,676 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of amounts due under lease commitments | Amounts due under these lease commitments are as follows (in thousands): 2017 $ 2,795 2018 2,718 2019 2,613 2020 2,492 2021 2,373 Thereafter 198,161 $ 211,152 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Summary of distribution of taxable income | The following reconciles dividends paid and dividends applied in 2016 , 2015 , and 2014 to meet REIT distribution requirements (in thousands): 2016 2015 2014 Common and preferred dividends paid $ 1,077,179 $ 69,162 63,364 Dividends treated as taxable compensation (92 ) (94 ) (110 ) Portion of dividends declared in current year, and paid in current year, which was applied to the prior year distribution requirements — (731 ) (2,182 ) Portion of dividends declared in subsequent year, and paid in subsequent year, which apply to current year distribution requirements — — 731 Dividends in excess of current year REIT distribution requirements (827,005 ) — — Dividends applied to meet current year REIT distribution requirements $ 250,082 $ 68,337 61,803 |
Summary of components of the taxability of the Company's dividends | The following summarizes the components of the taxability of the Company’s distributions for the years ended December 31, 2016 , 2015 , and 2014 : Total Ordinary Long-Term Unrecaptured Nondividend Distributions Cash Liquidation Distributions Common: 2016 $ 2.853075 $ 0.079661 $ 0.582778 $ 0.100934 $ 2.190636 $ — 2015 $ 0.320000 $ 0.161738 $ 0.158262 $ 0.097271 $ — $ — 2014 $ 0.300000 $ 0.281564 $ 0.018436 $ 0.018436 $ — $ — Series B Preferred: 2014 $ 25.776040 $ 0.467750 $ 0.001000 $ 0.001000 $ — $ 25.307290 (A) Represents a portion of the dividend allocated to long-term capital gain. |
Future Minimum Rents (Tables)
Future Minimum Rents (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Future minimum rentals to be received under existing non-cancelable leases | At December 31, 2016 future minimum rents to be received by consolidated entities under existing non-cancelable leases are as follows (in thousands): 2017 $ 307,262 2018 311,442 2019 289,132 2020 267,135 2021 237,500 Thereafter 677,943 $ 2,090,414 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Assumptions used to estimate the fair value of the stock options and their results | The weighted average fair value of options granted was $0.84 per option, and the Company computed the fair value of options granted using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 1.37 % Assumed dividend yield 3.60 % Assumed lives of option awards (in years) 6.4 Assumed volatility 23.23 % |
Stock options activity | The following is a summary of stock option activity for the years ended December 31, 2016 , 2015 , and 2014 : Number of Options (000s) Weighted Average Exercise Price Per Option Outstanding at December 31, 2013 3,078 $ 22.90 Exercised (206 ) 8.26 Forfeited/Expired (661 ) 28.18 Outstanding at December 31, 2014 2,211 22.69 Exercised (23 ) 8.02 Forfeited/Expired (425 ) 21.98 Outstanding at December 31, 2015 1,763 22.05 Granted as a result of the Spin-Off 1,222 11.78 Exercised (2 ) 8.35 Forfeited/Expired (721 ) 27.24 Outstanding at December 31, 2016 2,262 $ 10.82 Options Exercisable at December 31, 2016 2,262 $ 10.82 |
Summary of restricted stock activity | The following table summarizes restricted stock activity for the years ended December 31, 2016 , 2015 , and 2014 : Number of Shares (000s) Weighted-Average Grant Date Fair Value Non-vested restricted stock at December 31, 2013 450 $ 8.00 Granted 138 10.75 Vested (236 ) 8.00 Forfeited (10 ) 9.48 Non-vested restricted stock at December 31, 2014 342 9.08 Granted 166 11.06 Vested (210 ) 8.41 Forfeited (5 ) 10.68 Non-vested restricted stock at December 31, 2015 293 10.65 Granted 235 8.62 Granted as a result of the Spin-Off 114 7.57 Vested (141 ) 8.54 Forfeited (30 ) 9.77 Non-vested restricted stock at December 31, 2016 471 $ 7.57 |
Summary of all performance-based RSU activity | The following table summarizes the performance-based RSU activity as of December 31, 2016 , 2015 , and 2014 (in thousands): Outstanding at December 31, 2013 755 Granted 205 Vested (150 ) Forfeited (14 ) Outstanding at December 31, 2014 796 Granted 244 Vested (191 ) Forfeited (6 ) Outstanding at December 31, 2015 843 Granted 312 Granted as a result of the Spin-Off 308 Vested (160 ) Forfeited (30 ) Outstanding at December 31, 2016 1,273 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Difference between income tax benefit (provision) and the amount computed by applying the statutory federal income tax rate to income before taxes | The net income tax benefit differs from the amount computed by applying the statutory federal income tax rate to CTRS' income before taxes for the year ended December 31, 2016 , and to CREC’s income before taxes for the years ended 2015 and 2014 as follows ($ in thousands): 2016 2015 2014 Amount Rate Amount Rate Amount Rate Federal income tax benefit (expense) $ (1,159 ) (35 )% $ 778 35 % $ (1,124 ) (35 )% State income tax benefit (expense), net of federal income tax effect (132 ) (4 )% 90 4 % (125 ) (4 )% Valuation allowance 1,282 39 % (833 ) (37 )% 1,644 50 % State deferred tax adjustment 9 — % (35 ) (2 )% (375 ) (11 )% Benefit applicable to income (loss) from continuing operations $ — — % $ — — % $ 20 — % |
Tax effect of significant temporary differences representing deferred tax assets and liabilities | The tax effect of significant temporary differences representing deferred tax assets and liabilities of CTRS as of December 31, 2016 and 2015 are as follows (in thousands): 2016 2015 Income from unconsolidated joint ventures $ (188 ) $ 928 Federal and state tax carryforwards 514 680 Total deferred tax assets 326 1,608 Valuation allowance (326 ) (1,608 ) Net deferred tax asset $ — $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of the basic and diluted earnings per share of the Company's consolidated statements of operations for the years ended December 31, 2016 , 2015 , and 2014 (in thousands): Year Ended December 31 2016 2015 2014 Earnings per Common Share - basic: Numerator: Income from continuing operations $ 60,941 $ 94,332 $ 12,886 Net (income) attributable to noncontrolling interests in the CPLP from continuing operations (784 ) — — Net (income) attributable to other noncontrolling interests from continuing operations (211 ) (111 ) (1,004 ) Dividends to preferred stockholders — — (2,955 ) Preferred Share original issue costs — — (3,530 ) Income from continuing operations available for common stockholders 59,946 94,221 5,397 Income from discontinued operations 19,163 31,297 40,122 Net income available for common stockholders $ 79,109 $ 125,518 $ 45,519 Denominator: Weighted average common shares - basic 253,895 215,827 204,216 Earnings per common share - basic: Income from continuing operations available for common stockholders $ 0.24 $ 0.44 $ 0.02 Income from discontinued operations available for common stockholders 0.07 0.14 0.20 Net income available for common stockholders $ 0.31 $ 0.58 $ 0.22 Earnings per common share - diluted: Numerator: Income from continuing operations $ 60,941 $ 94,332 $ 12,886 Net (income) attributable to other noncontrolling interests from continuing operations (211 ) (111 ) (1,004 ) Dividends to preferred stockholders — — (2,955 ) Preferred Share original issue costs — — (3,530 ) Income from continuing operations available for common stockholders before net income attributable to noncontrolling interests in CPLP 60,730 94,221 5,397 Income from discontinued operations available for common stockholders 19,163 31,297 40,122 Net income available for common stockholders before net income attributable to noncontrolling interests in CPLP $ 79,893 $ 125,518 $ 45,519 Denominator: Weighted average common shares - basic 253,895 215,827 204,216 Add: Stock options using treasury method 178 152 244 Noncontrolling interests CPLP 1,950 — — Weighted average common shares - diluted 256,023 215,979 204,460 Earnings per common share - diluted: Income from continuing operations available for common stockholders $ 0.24 $ 0.44 $ 0.02 Income from discontinued operations available for common stockholders 0.07 0.14 0.20 Net income available for common stockholders $ 0.31 $ 0.58 $ 0.22 |
Consolidated Statements of Ca41
Consolidated Statements of Cash Flows - Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental information related to cash flows | Supplemental information related to cash flows, including significant non-cash activity affecting the consolidated statements of cash flows, for the years ended December 31, 2016 , 2015 , and 2014 is as follows (in thousands): 2016 2015 2014 Interest paid, net of amounts capitalized $ 32,215 $ 29,337 $ 28,840 Income taxes paid — 2 4 Non-Cash Transactions: Non-cash assets and liabilities assumed in Merger 1,886,815 — — Non-cash assets and liabilities distributed in Spin-Off (948,306 ) — — Mortgage note payable legally defeased 20,170 — — Transfer from land held to projects under development 8,099 — 5,185 Change in accrued property acquisition, development, and tenant asset expenditures 7,918 (2,483 ) (531 ) Transfer from investment in unconsolidated joint ventures to projects under development 5,880 — — Transfer from projects under development to operating properties — 121,709 — Transfer from operating properties and related assets to real estate assets and other assets held for sale — 7,246 — Transfer from operating properties and related liabilities to liabilities of real estate assets held for sale — 1,347 — |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Reconciliation of NOI to net income available to common stockholders | Information on the Company's segments along with a reconciliation of NOI to net income available to common stockholders is as follows (in thousands): Year ended December 31, 2016 Office Mixed-Use Other Total Net Operating Income: Houston $ 78,590 $ — $ — $ 78,590 Atlanta 98,032 7,411 — 105,443 Austin 29,865 — — 29,865 Charlotte 28,418 — — 28,418 Orlando 3,265 — — 3,265 Tampa 7,130 — — 7,130 Tempe 6,067 — — 6,067 Other 1,504 — — 1,504 Total Net Operating Income $ 252,871 $ 7,411 $ — $ 260,282 Year ended December 31, 2015 Office Mixed-Use Other Total Net Operating Income: Houston $ 103,210 $ — $ — $ 103,210 Atlanta 93,438 5,854 — 99,292 Austin 15,294 — — 15,294 Charlotte 16,164 — — 16,164 Other 7,104 — 168 7,272 Total Net Operating Income $ 235,210 $ 5,854 $ 168 $ 241,232 Year ended December 31, 2014 Office Mixed-Use Other Total Net Operating Income: Houston $ 100,816 $ — $ — $ 100,816 Atlanta 73,434 5,727 — 79,161 Austin 6,992 — — 6,992 Charlotte 6,839 — — 6,839 Other 18,470 — 3,395 21,865 Total Net Operating Income $ 206,551 $ 5,727 $ 3,395 $ 215,673 The following reconciles Net Income to Net Operating Income for each of the periods presented (in thousands): Year Ended December 31, 2016 2015 2014 Net Income $ 80,104 $ 125,629 $ 53,008 Net operating income from unconsolidated joint ventures 28,785 24,335 25,897 Net operating income from discontinued operations 78,591 103,198 102,616 Fee income (8,347 ) (7,297 ) (12,519 ) Other income (1,050 ) (828 ) (919 ) Reimbursed expenses 3,259 3,430 3,652 General and administrative expenses 25,592 16,918 19,784 Interest expense 26,650 22,735 20,983 Depreciation and amortization 97,948 71,625 62,258 Acquisition and merger costs 24,521 299 1,130 Other expenses 5,888 1,181 3,729 Loss on extinguishment of debt 5,180 — — Benefit for income taxes from operations — — (20 ) Income from unconsolidated joint ventures (10,562 ) (8,302 ) (11,268 ) Gain on sale of investment properties (77,114 ) (80,394 ) (12,536 ) Income (loss) from discontinued operations (19,163 ) (31,297 ) (40,122 ) Net Operating Income $ 260,282 $ 241,232 $ 215,673 |
Reconciliation of revenue from segments to consolidated | Revenues by reportable segment, including a reconciliation to total revenues on the consolidated statements of operations for years ended December 31, 2016, 2015 and 2014 are as follows (in thousands): Year ended December 31, 2016 Office Mixed-Use Other Total Revenues: Atlanta $ 160,540 $ 13,043 $ — $ 173,583 Austin 52,769 — — 52,769 Charlotte 39,448 — — 39,448 Houston 136,926 — — 136,926 Orlando 5,896 — — 5,896 Tampa 10,994 — — 10,994 Tempe 8,902 — — 8,902 Other 2,443 — — 2,443 Total segment revenues 417,918 13,043 — 430,961 Company's share of rental property revenues from unconsolidated joint ventures 31,177 13,043 — 44,220 Revenues included in discontinued operations 136,927 — — 136,927 Total rental property revenues $ 249,814 $ — $ — $ 249,814 Year ended December 31, 2015 Office Mixed-Use Other Total Revenues: Houston $ 176,823 $ — $ — $ 176,823 Atlanta 164,712 9,975 — 174,687 Austin 26,581 — — 26,581 Charlotte 22,964 — — 22,964 Other 9,216 — 192 9,408 Total segment revenues 400,296 9,975 192 410,463 Company's share of rental property revenues from unconsolidated joint ventures 27,416 9,975 — 37,391 Revenues included in discontinued operations 176,828 — — 176,828 Total rental property revenues $ 196,052 $ — $ 192 $ 196,244 Year ended December 31, 2014 Office Mixed-Use Other Total Revenues: Houston $ 179,788 $ — $ — $ 179,788 Atlanta 125,884 9,037 — 134,921 Austin 14,062 — — 14,062 Charlotte 9,404 — — 9,404 Other 42,576 — 3,886 46,462 Total segment revenues 371,714 9,037 3,886 384,637 Company's share of rental property revenues from unconsolidated joint ventures 26,766 9,037 1,997 37,800 Revenues included in discontinued operations 182,714 — — 182,714 Total rental property revenues $ 162,234 $ — $ 1,889 $ 164,123 |
Description of Business and B43
Description of Business and Basis of Presentation (Details) ft² in Thousands | Oct. 06, 2016Rate | Oct. 06, 2016 | Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Percentage of partnership units owned by the Company | 98.00% | 98.00% | |||
Company's portfolio of real estate assets - Office space (square feet) | ft² | 16,200 | ||||
Company's portfolio of real estate assets - Retail space (square feet) | ft² | 786 | ||||
Variable Interest Entity [Line Items] | |||||
Reclassification of deferred financing costs | $ 4,548,000 | $ 2,483,000 | |||
Accounting Standards Update 2015-03 | Other Assets | |||||
Variable Interest Entity [Line Items] | |||||
Reclassification of deferred financing costs | (2,500,000) | ||||
Accounting Standards Update 2015-03 | Long-term Debt | |||||
Variable Interest Entity [Line Items] | |||||
Reclassification of deferred financing costs | 2,500,000 | ||||
Callaway | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | $ 0 | $ 4,600,000 | |||
Callaway | Subsequent Event | |||||
Variable Interest Entity [Line Items] | |||||
Impairment loss on joint venture | $ 4,500,000 |
Significant Accounting Polici44
Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Period in which the company capitalizes interest, real estate taxes and certain operating expenses on the unoccupied portion of recently completed properties, beginning with the date it is substantially complete (percent) | 90.00% | ||
Period in which the company capitalizes interest, real estate taxes and certain operating expenses on the unoccupied portion of recently completed properties, beginning with the date it is substantially complete (in years) | 1 year | ||
Property, Plant and Equipment [Line Items] | |||
Reimbursement of rental revenue from tenants | $ 90.2 | $ 93.3 | $ 86 |
Buildings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 24 years | ||
Buildings | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 42 years | ||
Furniture, Fixtures and Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 3 years | ||
Furniture, Fixtures and Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 5 years |
Transactions With Parkway Pro45
Transactions With Parkway Properties, Inc. (Textual) (Details) $ / shares in Units, $ in Thousands, shares in Millions | Oct. 07, 2016USD ($)Rate | Oct. 06, 2016USD ($)shares | Oct. 06, 2016USD ($)Rate | Oct. 06, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Oct. 05, 2016$ / shares |
Business Acquisition [Line Items] | |||||||
Stock conversion ratio | Rate | 12.50% | ||||||
Percentage of partnership units owned by the Company | 98.00% | 98.00% | |||||
Payment to acquire outside partner's interest in the joint venture | $ 279,000 | ||||||
Revenue contributed from the merger | $ 68,700 | ||||||
Net income contributed from the merger | 9,000 | ||||||
Spin-off | |||||||
Business Acquisition [Line Items] | |||||||
Transaction costs included in discontinued operations | $ 6,300 | ||||||
Outside Unit Holders | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of partnership units owned by legacy outside unit holders | Rate | 2.00% | ||||||
Limited Partner | |||||||
Business Acquisition [Line Items] | |||||||
Redemption of partnership units in shares of common stock, ratio | 1 | ||||||
CPLP | |||||||
Business Acquisition [Line Items] | |||||||
Closing stock price (in usd per share) | $ / shares | $ 10.19 | ||||||
Fair value of assets and liabilities assumed | $ 1,950,008 | $ 1,950,008 | $ 1,950,008 | ||||
Acquisition and merger costs | $ 24,500 | ||||||
Parkway | |||||||
Business Acquisition [Line Items] | |||||||
Stock conversion ratio | Rate | 163.00% | ||||||
Parkway | Common Stock | |||||||
Business Acquisition [Line Items] | |||||||
Number of shares issued in merger | shares | 183 | ||||||
Parkway | Preferred Stock | |||||||
Business Acquisition [Line Items] | |||||||
Number of shares issued in merger | shares | 7 |
Transactions With Parkway Pro46
Transactions With Parkway Properties, Inc. (Purchase Price Allocation) (Details) - CPLP $ in Thousands | Oct. 06, 2016USD ($) |
Business Acquisition [Line Items] | |
Real estate assets | $ 3,441,859 |
Cash | 63,193 |
Restricted cash | 30,560 |
Notes and other receivables | 36,388 |
Investment in unconsolidated joint ventures | 58,875 |
Intangible assets | 330,221 |
Other assets | 10,549 |
Total assets acquired | 3,971,645 |
Notes payable | 1,473,810 |
Accounts payable and accrued expenses | 136,934 |
Intangible liabilities | 106,480 |
Other liabilities | 12,076 |
Nonredeemable noncontrolling interests (excluding CPLP) | 292,337 |
Total liabilities acquired | 2,021,637 |
Total purchase price | $ 1,950,008 |
Transactions With Parkway Pro47
Transactions With Parkway Properties, Inc. (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | |||
Revenues | $ 732,117 | $ 855,318 | $ 388,791 |
Income from continuing operations | 179,625 | 237,909 | 31,695 |
Net income | 174,117 | 237,323 | 52,853 |
Net income available to common stockholders | $ 166,375 | $ 208,574 | $ 45,364 |
Per share information: | |||
Basic (in usd per share) | $ 0.42 | $ 0.53 | $ 0.22 |
Diluted (in usd per share) | $ 0.41 | $ 0.53 | $ 0.22 |
Transactions With Parkway Pro48
Transactions With Parkway Properties, Inc. (Assets and Liabilities Transferred) (Details) - Spin-off $ in Thousands | Oct. 07, 2016USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Real estate assets | $ 1,696,080 |
Cash | 192,755 |
Notes and other receivables | 43,752 |
Intangible assets | 143,294 |
Other assets | 6,669 |
Total assets of discontinued operation | 2,082,550 |
Notes payable | 803,769 |
Accounts payable and accrued expenses | 56,055 |
Intangible liabilities | 59,424 |
Other liabilities | 22,241 |
Total liabilities of discontinued operation | 941,489 |
Noncontrolling interest | 22,821 |
Net assets in Spin-off to New Parkway | $ 1,118,240 |
Transactions With Parkway Pro49
Transactions With Parkway Properties, Inc. (Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income from discontinued operations | $ 19,163 | $ 31,848 | $ 20,764 |
Gain (loss) on sale of discontinued operations, net | 0 | (551) | 19,358 |
Spin-off | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rental property revenues | 136,927 | 176,828 | 182,714 |
Rental property operating expenses | (58,336) | (73,630) | (80,099) |
Other revenues | 288 | 450 | 4,064 |
Interest expense | (6,022) | (7,988) | (8,127) |
Depreciation and amortization | (47,345) | (63,791) | (77,760) |
Other expenses | (6,349) | (21) | (28) |
Income from discontinued operations | 19,163 | 31,848 | 20,764 |
Gain (loss) on sale of discontinued operations, net | 0 | (551) | 19,358 |
Cash provided by operating activities | 42,604 | 76,395 | 81,946 |
Cash used in investing activities | $ (30,067) | $ (55,085) | $ 6,001 |
Real Estate Transactions (Prope
Real Estate Transactions (Properties Held for Sale) (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($)ft² | |
Atlanta, GA | 100 North Point Center East | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 129 | ||
Sales Price | $ | $ 22,000 | ||
Atlanta, GA | 191 Peachtree | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 1,225 | ||
Sales Price | $ | $ 267,500 | ||
Atlanta, GA | The Forum | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 220 | ||
Sales Price | $ | $ 70,000 | ||
Atlanta, GA | 200, 333, and 555 North Point Center East | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 411 | ||
Sales Price | $ | $ 70,300 | ||
Houston | Post Oak Central | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 1,280 | ||
Sales Price | $ | $ (1) | ||
Houston | Greenway Plaza | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 4,348 | ||
Sales Price | $ | $ (1) | ||
Philadelphia | Two Liberty Place | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 941 | ||
Sales Price | $ | $ 219,000 | ||
Miami | Lincoln Place | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 140 | ||
Sales Price | $ | $ 80,000 | ||
Dallas, TX | 2100 Ross | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 844 | ||
Sales Price | $ | $ 131,000 | ||
Dallas, TX | The Points at Waterview | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 203 | ||
Sales Price | $ | $ 26,800 | ||
Ft. Worth, TX | 777 Main | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 980 | ||
Sales Price | $ | $ 167,000 | ||
Birmingham, AL | Lakeshore Park Plaza | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 197 | ||
Sales Price | $ | $ 25,000 | ||
Birmingham, AL | 600 University Park Place | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 123 | ||
Sales Price | $ | $ 19,700 | ||
Tallahassee, FL | Mahan Village | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 147 | ||
Sales Price | $ | $ 29,500 |
Real Estate Transactions (Asset
Real Estate Transactions (Assets and Liabilities Held-for-sale) (Details) - 100 North Point Center $ in Thousands | Dec. 31, 2015USD ($) |
Real estate assets and related assets held for sale | |
Operating Properties, net of accumulated depreciation of $7,072 | $ 6,421 |
Notes and accounts receivable | 210 |
Deferred rents receivable | 496 |
Other assets, net of accumulated amortization of $128 | 119 |
Total assets of discontinued operation | 7,246 |
Liabilities of real estate assets held for sale | |
Accounts payable and accrued expenses | 140 |
Deferred Income | 200 |
Other liabilities | 1,007 |
Total liabilities of discontinued operation | 1,347 |
Accumulated depreciation | 7,072 |
Accumulated amortization | $ 128 |
Real Estate Transactions (Textu
Real Estate Transactions (Textual) (Details) ft² in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($)ft² | |
Northpark Town Center | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Square footage of real estate property (square feet) | ft² | 1,500 |
Gross purchase price | $ 348,000 |
Acquisition and related costs | $ 643 |
Fifth Third Center | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Square footage of real estate property (square feet) | ft² | 698 |
Gross purchase price | $ 215,000 |
Acquisition and related costs | $ 328 |
Real Estate Transactions (Fair
Real Estate Transactions (Fair Value of Assets and Liabilities Acquired) (Details) $ in Thousands | Dec. 31, 2014USD ($) |
Northpark Town Center | |
Tangible assets: | |
Land and improvements | $ 24,577 |
Building | 274,151 |
Tenant improvements | 21,674 |
Other assets | 0 |
Tangible assets | 320,402 |
Intangible assets: | |
Total intangible assets | 33,005 |
Tangible liabilities: | |
Accounts payable and accrued expenses | 0 |
Total tangible liabilities | 0 |
Intangible liabilities: | |
Total intangible liabilities | (8,018) |
Total purchase price | 345,389 |
Northpark Town Center | Above-market leases | |
Intangible assets: | |
Total intangible assets | 2,846 |
Northpark Town Center | In-place leases | |
Intangible assets: | |
Total intangible assets | 30,159 |
Northpark Town Center | Below-market ground leases | |
Intangible assets: | |
Total intangible assets | 0 |
Fifth Third Center | |
Tangible assets: | |
Land and improvements | 22,863 |
Building | 163,649 |
Tenant improvements | 16,781 |
Other assets | 1,014 |
Tangible assets | 204,307 |
Intangible assets: | |
Total intangible assets | 18,066 |
Tangible liabilities: | |
Accounts payable and accrued expenses | (1,026) |
Total tangible liabilities | (1,026) |
Intangible liabilities: | |
Total intangible liabilities | (9,374) |
Total purchase price | 211,973 |
Fifth Third Center | Above-market leases | |
Intangible assets: | |
Total intangible assets | 632 |
Fifth Third Center | In-place leases | |
Intangible assets: | |
Total intangible assets | 17,096 |
Fifth Third Center | Below-market ground leases | |
Intangible assets: | |
Total intangible assets | $ 338 |
Real Estate Transactions (Acqui
Real Estate Transactions (Acquisition Pro Forma) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate [Abstract] | |||
Revenues | $ 732,117 | $ 855,318 | $ 388,791 |
Income from continuing operations | 179,625 | 237,909 | 31,695 |
Net income | 174,117 | 237,323 | 52,853 |
Net income available to common stockholders | $ 166,375 | $ 208,574 | $ 45,364 |
Per share information: | |||
Basic (in usd per share) | $ 0.42 | $ 0.53 | $ 0.22 |
Diluted (in usd per share) | $ 0.41 | $ 0.53 | $ 0.22 |
Notes and Accounts Receivable55
Notes and Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Notes receivable | $ 3,921 | $ 414 |
Allowance for doubtful accounts related to notes receivable | (414) | (414) |
Tenant and other receivables | 24,929 | 11,767 |
Allowance for doubtful accounts related to tenant and other receivables | (753) | (939) |
Total notes and accounts receivable | $ 27,683 | $ 10,828 |
Investment in Unconsolidated 56
Investment in Unconsolidated Joint Ventures (Summary of Financial Data and Principal Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | $ 930,904 | $ 644,880 | |
Total Debt | 526,458 | 401,977 | |
Total Equity (Deficit) | 366,113 | 219,079 | |
Company's Investment | 156,388 | 79,434 | |
SUMMARY OF OPERATIONS: | |||
Total Revenues | 116,855 | 110,689 | $ 109,326 |
Net Income (Loss) | 27,398 | 23,711 | 25,357 |
Company's Share of Net Income (Loss) | 10,562 | 8,302 | 11,268 |
Terminus Office Holdings | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 268,242 | 277,444 | |
Total Debt | 207,545 | 211,216 | |
Total Equity (Deficit) | 49,476 | 56,369 | |
Company's Investment | 25,686 | 29,110 | |
SUMMARY OF OPERATIONS: | |||
Total Revenues | 42,386 | 40,250 | 39,531 |
Net Income (Loss) | 4,608 | 2,789 | 663 |
Company's Share of Net Income (Loss) | 2,303 | 1,395 | 308 |
EP I LLC | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 78,537 | 83,115 | |
Total Debt | 58,029 | 58,029 | |
Total Equity (Deficit) | 18,962 | 24,172 | |
Company's Investment | 18,551 | 21,502 | |
SUMMARY OF OPERATIONS: | |||
Total Revenues | 12,239 | 12,558 | 12,049 |
Net Income (Loss) | 2,294 | 3,177 | 2,583 |
Company's Share of Net Income (Loss) | 1,684 | 2,197 | 1,937 |
EP II LLC | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 67,754 | 70,704 | |
Total Debt | 44,969 | 40,910 | |
Total Equity (Deficit) | 21,743 | 24,331 | |
Company's Investment | 17,606 | 19,118 | |
SUMMARY OF OPERATIONS: | |||
Total Revenues | 5,376 | 1,264 | 0 |
Net Income (Loss) | (1,187) | (638) | 0 |
Company's Share of Net Income (Loss) | (878) | (466) | 0 |
Charlotte Gateway Village, LLC | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 119,054 | 123,531 | |
Total Debt | 0 | 17,536 | |
Total Equity (Deficit) | 116,809 | 104,336 | |
Company's Investment | 11,796 | 11,190 | |
SUMMARY OF OPERATIONS: | |||
Total Revenues | 34,156 | 33,724 | 33,903 |
Net Income (Loss) | 14,536 | 12,737 | 11,645 |
Company's Share of Net Income (Loss) | 2,194 | 1,183 | 1,176 |
HICO Victory Center LP | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 14,124 | 13,532 | |
Total Debt | 0 | 0 | |
Total Equity (Deficit) | 13,869 | 13,229 | |
Company's Investment | 9,506 | 9,138 | |
SUMMARY OF OPERATIONS: | |||
Total Revenues | 383 | 262 | 0 |
Net Income (Loss) | 376 | 204 | 0 |
Company's Share of Net Income (Loss) | 187 | 102 | 0 |
Carolina Square Holdings LP | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 66,922 | 15,729 | |
Total Debt | 23,741 | 0 | |
Total Equity (Deficit) | 34,173 | 12,085 | |
Company's Investment | 18,325 | 6,782 | |
SUMMARY OF OPERATIONS: | |||
Total Revenues | 58 | 0 | 0 |
Net Income (Loss) | 9 | 0 | 0 |
Company's Share of Net Income (Loss) | 0 | 0 | 0 |
CL Realty, L.L.C. | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 8,047 | 7,872 | |
Total Debt | 0 | 0 | |
Total Equity (Deficit) | 7,899 | 7,662 | |
Company's Investment | 3,644 | 3,515 | |
SUMMARY OF OPERATIONS: | |||
Total Revenues | 567 | 855 | 1,573 |
Net Income (Loss) | 237 | 424 | 1,069 |
Company's Share of Net Income (Loss) | 128 | 220 | 542 |
DC Charlotte Plaza LLLP | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 17,940 | 0 | |
Total Debt | 0 | 0 | |
Total Equity (Deficit) | 17,073 | 0 | |
Company's Investment | 8,937 | 0 | |
SUMMARY OF OPERATIONS: | |||
Total Revenues | 47 | 0 | 0 |
Net Income (Loss) | 45 | 0 | 0 |
Company's Share of Net Income (Loss) | 24 | 0 | 0 |
Temco Associates, LLC | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 4,368 | 5,284 | |
Total Debt | 0 | 0 | |
Total Equity (Deficit) | 4,253 | 5,133 | |
Company's Investment | 829 | 977 | |
SUMMARY OF OPERATIONS: | |||
Total Revenues | 1,343 | 9,485 | 2,155 |
Net Income (Loss) | 440 | 2,358 | 495 |
Company's Share of Net Income (Loss) | 502 | 2,351 | (6) |
Wildwood Associates | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 16,351 | 16,419 | |
Total Debt | 0 | 0 | |
Total Equity (Deficit) | 16,314 | 16,354 | |
Company's Investment | (1,143) | (1,122) | |
SUMMARY OF OPERATIONS: | |||
Total Revenues | 0 | 0 | 3,329 |
Net Income (Loss) | (140) | (120) | (1,704) |
Company's Share of Net Income (Loss) | (70) | (59) | 2,097 |
Crawford Long - CPI, LLC | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 27,523 | 29,143 | |
Total Debt | 72,822 | 74,286 | |
Total Equity (Deficit) | (45,928) | (46,238) | |
Company's Investment | (21,866) | (22,021) | |
SUMMARY OF OPERATIONS: | |||
Total Revenues | 12,113 | 12,291 | 11,945 |
Net Income (Loss) | 2,743 | 2,820 | 2,775 |
Company's Share of Net Income (Loss) | 1,372 | 1,416 | 1,407 |
Cousins W. Rio Salado, LLC | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 59,399 | 0 | |
Total Debt | 12,852 | 0 | |
Total Equity (Deficit) | 32,855 | 0 | |
Company's Investment | 52,206 | 0 | |
SUMMARY OF OPERATIONS: | |||
Total Revenues | 4,219 | 0 | 0 |
Net Income (Loss) | 3,926 | 0 | 0 |
Company's Share of Net Income (Loss) | 2,906 | 0 | 0 |
Courvoisier Centre JV, LLC | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 172,197 | 0 | |
Total Debt | 106,500 | 0 | |
Total Equity (Deficit) | 69,479 | 0 | |
Company's Investment | 11,782 | 0 | |
AMCO 120 WT Holdings, LLC | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 10,446 | 0 | |
Total Debt | 0 | 0 | |
Total Equity (Deficit) | 9,136 | 0 | |
Company's Investment | 184 | 0 | |
Courvoisier Centre JV, LLC | |||
SUMMARY OF OPERATIONS: | |||
Total Revenues | 3,968 | 0 | 0 |
Net Income (Loss) | (489) | 0 | 0 |
Company's Share of Net Income (Loss) | (93) | 0 | 0 |
Other | |||
SUMMARY OF FINANCIAL POSITION: | |||
Total Assets | 0 | 2,107 | |
Total Debt | 0 | 0 | |
Total Equity (Deficit) | 0 | 1,646 | |
Company's Investment | 345 | 1,245 | |
SUMMARY OF OPERATIONS: | |||
Total Revenues | 0 | 0 | 4,841 |
Net Income (Loss) | 0 | (40) | 7,831 |
Company's Share of Net Income (Loss) | $ 303 | $ (37) | $ 3,807 |
Investment in Unconsolidated 57
Investment in Unconsolidated Joint Ventures (Terminus Office Holdings LLC) (Details) - Terminus Office Holdings $ in Millions | Dec. 31, 2016USD ($)propertydebt_instrument |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Cash balance of joint venture | $ 3.6 |
Secured Mortgage Note Payable | |
Schedule of Equity Method Investments [Line Items] | |
Number of non-recourse mortgage loans | debt_instrument | 2 |
Principal amount | $ 207.5 |
Weighted average interest rate | 4.69% |
Office Buildings | |
Schedule of Equity Method Investments [Line Items] | |
Number of properties owned | property | 2 |
JPM | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated 58
Investment in Unconsolidated Joint Ventures (EP I LLC) (Details) - EP I LLC $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest percentage | 75.00% |
Maximum amount available under construction facility | $ 59,000 |
Cash balance of joint venture | $ 234 |
LIBOR | |
Schedule of Equity Method Investments [Line Items] | |
Basis spread on variable rate (percent) | 1.75% |
Gables | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest percentage | 25.00% |
Investment in Unconsolidated 59
Investment in Unconsolidated Joint Ventures (EP II LLC) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Amount of loans guaranteed (up to) | $ 3,400 |
Gables | |
Schedule of Equity Method Investments [Line Items] | |
Amount of loans guaranteed (up to) | $ 1,100 |
EP II LLC | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest percentage | 75.00% |
Outstanding balance of mortgage loan | $ 45,000 |
Cash balance of joint venture | $ 794 |
EP II LLC | LIBOR | |
Schedule of Equity Method Investments [Line Items] | |
Basis spread on variable rate (percent) | 1.85% |
EP II LLC | Gables | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest percentage | 25.00% |
Investment in Unconsolidated 60
Investment in Unconsolidated Joint Ventures (Charlotte Gateway Village, LLC) (Details) - Charlotte Gateway Village, LLC ft² in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)ft² | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Square footage of real estate property (square feet) | ft² | 1.1 |
Compounded rate of return received by Company (percent) | 11.46% |
Percentage of Company's income (loss) received in final step of distribution | 0.5 |
Allocation of net income and cash flows, percentage | 50.00% |
Allocation of proceeds from capital transactions, percentage, second priority | 50.00% |
Maximum internal rate of return to be achieved | 17.00% |
Allocation of proceeds from capital transactions, percentage, third priority | 20.00% |
Maximum IRR on project (percent) | 17.00% |
Cash balance of joint venture | $ 3,700,000 |
BOA | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Percentage of Company's income (loss) received in final step of distribution | 0.5 |
Allocation of net income and cash flows, percentage | 50.00% |
Allocation of proceeds from capital transactions, percentage, second priority | 50.00% |
Allocation of proceeds from capital transactions, percentage, third priority | 80.00% |
BOA | Maximum | |
Schedule of Equity Method Investments [Line Items] | |
Allocation of proceeds from capital transactions, first priority | $ 80,900,000 |
Investment in Unconsolidated 61
Investment in Unconsolidated Joint Ventures (HICO Victory Center LP) (Details) - Hines Victory $ in Thousands | Dec. 31, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Land funding requirement (percent) | 75.00% |
Cash balance of joint venture | $ 237 |
Minimum | |
Schedule of Equity Method Investments [Line Items] | |
Future ownership percentage of partner in joint venture | 90.00% |
Hines | |
Schedule of Equity Method Investments [Line Items] | |
Land funding requirement (percent) | 25.00% |
Hines | Maximum | |
Schedule of Equity Method Investments [Line Items] | |
Future ownership percentage of partner in joint venture | 10.00% |
Investment in Unconsolidated 62
Investment in Unconsolidated Joint Ventures (Carolina Square Holdings LP) (Details) - Carolina Square Holdings LP - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of partner in joint venture | 50.00% | |
Maximum amount available under construction facility | $ 79,800 | |
Maximum percentage guaranteed under construction loan | 12.50% | |
Outstanding balance of mortgage loan | $ 23,700 | |
Cash balance of joint venture | $ 70 | |
LIBOR | ||
Schedule of Equity Method Investments [Line Items] | ||
Basis spread on variable rate (percent) | 1.90% | |
Northwood Ravin | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated 63
Investment in Unconsolidated Joint Ventures (CL Realty, L.L.C.) (Details) - CL Realty, L.L.C. $ in Thousands | Dec. 31, 2016USD ($)parcel |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Cash balance of joint venture | $ | $ 502 |
Land | |
Schedule of Equity Method Investments [Line Items] | |
Number of parcel of land | parcel | 1 |
Forestar | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated 64
Investment in Unconsolidated Joint Ventures (DC Charlotte Plaza LLLP) (Details) - DC Charlotte Plaza LLLP ft² in Thousands | Dec. 31, 2016USD ($)ft² |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Square footage of real estate property (square feet) | ft² | 282 |
Cash balance of joint venture | $ | $ 0 |
DFA | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated 65
Investment in Unconsolidated Joint Ventures (Temco Associates, LLC) (Details) - Temco Associates, LLC $ in Thousands | Dec. 31, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Cash balance of joint venture | $ 125 |
Forestar | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated 66
Investment in Unconsolidated Joint Ventures (Wildwood Associates) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Operating distributions from unconsolidated joint ventures | $ 7,764 | $ 8,760 | $ 10,296 |
Company's investment balance | $ 156,388 | 79,434 | |
Wildwood Associates | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of partner in joint venture | 50.00% | ||
Operating distributions from unconsolidated joint ventures | 2,100 | ||
Recognition of deferred income | $ 582 | ||
Company's investment balance | $ (1,143) | $ (1,122) | |
Wildwood Associates | IBM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of partner in joint venture | 50.00% | ||
Acres of land available for development or sale (acres) | a | 22 |
Investment in Unconsolidated 67
Investment in Unconsolidated Joint Ventures (Crawford Long—CPI, LLC) (Details) - Crawford Long - CPI, LLC ft² in Thousands, $ in Millions | Dec. 31, 2016USD ($)ft² |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Square footage of real estate property (square feet) | ft² | 358 |
Outstanding balance of mortgage loan | $ 72.8 |
Cash balance of joint venture | $ 1.2 |
Secured Mortgage Note Payable | |
Schedule of Equity Method Investments [Line Items] | |
Interest rate on mortgage loan (percent) | 3.50% |
Emory University | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated 68
Investment in Unconsolidated Joint Ventures (Courvoisier Centre JV, LLC (Details) - Courvoisier Centre JV, LLC ft² in Thousands, $ in Millions | Dec. 31, 2016USD ($)ft² |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest percentage | 20.00% |
Square footage of real estate property (square feet) | ft² | 343 |
Outstanding balance of mortgage loan | $ 106.5 |
Cash balance of joint venture | $ 1.7 |
Secured Mortgage Note Payable | |
Schedule of Equity Method Investments [Line Items] | |
Interest rate on mortgage loan (percent) | 4.60% |
Spanish Key LLC | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest percentage | 80.00% |
Investment in Unconsolidated 69
Investment in Unconsolidated Joint Ventures (Cousins W Rio Salado, LLC) (Details) - Cousins W. Rio Salado, LLC ft² in Thousands, $ in Millions | Dec. 31, 2016ft² | Oct. 31, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest percentage | 74.60% | |
Square footage of real estate property (square feet) | ft² | 225 | |
American Airlines | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest percentage | 25.40% | |
Percentage of building under lease | 100.00% | |
Purchase of interest in the building | $ | $ 19.6 | |
ADP | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of building under lease | 100.00% |
Investment in Unconsolidated 70
Investment in Unconsolidated Joint Ventures (AMCO 120 WT Holdings, LLC) (Details) - AMCO 120 WT Holdings, LLC ft² in Thousands, $ in Millions | Dec. 31, 2016USD ($)ft²apartment_unit |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest percentage | 20.00% |
Cash balance of joint venture | $ | $ 1.5 |
Office Space | |
Schedule of Equity Method Investments [Line Items] | |
Square footage of real estate property (square feet) | 30 |
Retail Space | |
Schedule of Equity Method Investments [Line Items] | |
Square footage of real estate property (square feet) | 10 |
Number of apartment units | apartment_unit | 330 |
AMLI Residential | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest percentage | 80.00% |
Investment in Unconsolidated 71
Investment in Unconsolidated Joint Ventures (Other Data) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Fees earned from unconsolidated joint ventures | $ 7.4 | $ 6 | $ 5.4 |
Unconsolidated Joint Ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Outstanding balance of mortgage loan | $ 513.6 |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | $ 53,483 | $ 103,458 | |
Goodwill | 1,674 | 3,647 | $ 3,867 |
Total intangible assets | 245,529 | 124,615 | |
In-place leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, net | 185,251 | 112,937 | |
Accumulated amortization | 46,899 | 88,035 | |
Above Market Rents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, net | 40,260 | 8,031 | |
Accumulated amortization | 6,515 | 15,423 | |
Below-market ground leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, net | 18,344 | $ 0 | |
Accumulated amortization | $ 69 |
Intangible Assets (Textual) (De
Intangible Assets (Textual) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Net amortization expense of intangible assets and liabilities | $ 24 | $ 23.7 | $ 32.7 |
Intangible Assets (Intangibles
Intangible Assets (Intangibles - Future Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Future Amortization of Intangible Assets: | ||
Weighted average remaining lease term | 10 years | |
2,017 | $ 41,896 | |
2,018 | 30,763 | |
2,019 | 21,963 | |
2,020 | 15,904 | |
2,021 | 11,429 | |
Thereafter | 32,119 | |
Finite-lived intangibles, net | 154,074 | |
Below Market Rents | ||
Future Amortization of Intangible Liabilities: | ||
2,017 | (15,591) | |
2,018 | (14,460) | |
2,019 | (12,754) | |
2,020 | (11,532) | |
2,021 | (9,634) | |
Thereafter | (23,999) | |
Finite-lived intangible liabilities, net | $ (87,970) | |
Weighted average remaining lease term (in years) | 7 years | |
Above Market Ground Lease | ||
Future Amortization of Intangible Liabilities: | ||
2,017 | $ (46) | |
2,018 | (46) | |
2,019 | (46) | |
2,020 | (46) | |
2,021 | (46) | |
Thereafter | (1,581) | |
Finite-lived intangible liabilities, net | $ (1,811) | |
Weighted average remaining lease term (in years) | 39 years | |
Below Market Ground Lease | ||
Future Amortization of Intangible Assets: | ||
2,017 | $ 487 | |
2,018 | 470 | |
2,019 | 454 | |
2,020 | 439 | |
2,021 | 425 | |
Thereafter | 16,069 | |
Finite-lived intangible assets, net | $ 18,344 | $ 0 |
Weighted average remaining lease term | 67 years | |
Above Market Rents | ||
Future Amortization of Intangible Assets: | ||
2,017 | $ 9,169 | |
2,018 | 8,225 | |
2,019 | 6,316 | |
2,020 | 5,043 | |
2,021 | 3,805 | |
Thereafter | 7,702 | |
Finite-lived intangible assets, net | $ 40,260 | 8,031 |
Weighted average remaining lease term | 6 years | |
In Place Leases | ||
Future Amortization of Intangible Assets: | ||
2,017 | $ 47,877 | |
2,018 | 36,574 | |
2,019 | 27,993 | |
2,020 | 22,000 | |
2,021 | 16,879 | |
Thereafter | 33,928 | |
Finite-lived intangible assets, net | $ 185,251 | $ 112,937 |
Weighted average remaining lease term | 6 years |
Intangible Assets (Goodwill Rol
Intangible Assets (Goodwill Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 3,647 | $ 3,867 |
Allocated to property sales and Spin-Off | (1,973) | (220) |
Ending Balance | $ 1,674 | $ 3,647 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $23,135 and $22,572 in 2016 and 2015, respectively | $ 15,773 | $ 13,523 |
Lease inducements, net of accumulated amortization of $1,278 and $6,865 in 2016 and 2015, respectively | 2,517 | 13,306 |
Prepaid expenses and other assets | 8,432 | 4,408 |
Predevelopment costs and earnest money | 179 | 1,780 |
Line of credit deferred financing costs, net of accumulated amortization of $2,264 and $1,380 in 2016 and 2015, respectively | 2,182 | 2,972 |
Total other assets | 29,083 | 35,989 |
Lease inducements, accumulated amortization | 1,278 | 6,865 |
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, accumulated depreciation | 23,135 | 22,572 |
Line of credit deferred financing costs, accumulated amortization | $ 2,264 | $ 1,380 |
Notes Payable (Terms of Notes P
Notes Payable (Terms of Notes Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total Notes Payable, Gross | $ 1,378,676 | $ 721,293 |
Unamortized premium, net | 6,792 | 0 |
Unamortized loan costs | (4,548) | (2,483) |
Total Notes Payable | $ 1,380,920 | 718,810 |
Fifth Third Center | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 3.37% | |
Total Notes Payable, Gross | $ 149,516 | 0 |
One Eleven Congress | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 6.08% | |
Total Notes Payable, Gross | $ 128,000 | 0 |
The American Cancer Society Center | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 6.45% | |
Total Notes Payable, Gross | $ 127,508 | 129,342 |
Colorado Tower | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 3.45% | |
Total Notes Payable, Gross | $ 120,000 | 0 |
Promenade | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 4.27% | |
Total Notes Payable, Gross | $ 105,342 | 108,203 |
San Jacinto | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 6.048% | |
Total Notes Payable, Gross | $ 101,000 | 0 |
816 Congress | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 3.75% | |
Total Notes Payable, Gross | $ 84,872 | 85,000 |
3344 Peachtree | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 4.75% | |
Total Notes Payable, Gross | $ 78,971 | 0 |
Two Buckhead Plaza | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 6.43% | |
Total Notes Payable, Gross | $ 52,000 | 0 |
Meridian Mark Plaza | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 6.00% | |
Total Notes Payable, Gross | $ 24,522 | 24,978 |
The Pointe | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 4.01% | |
Total Notes Payable, Gross | $ 22,945 | $ 0 |
Post Oak Central | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 4.26% | |
Total Notes Payable, Gross | 0 | $ 181,770 |
191 Peachtree Tower | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 3.35% | |
Total Notes Payable, Gross | $ 0 | $ 100,000 |
Term Loan, unsecured | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 1.97% | |
Total Notes Payable, Gross | $ 250,000 | 0 |
Credit Facility, unsecured | ||
Debt Instrument [Line Items] | ||
Interest Rate (percent) | 1.87% | |
Total Notes Payable, Gross | $ 134,000 | $ 92,000 |
Notes Payable (Credit Facility)
Notes Payable (Credit Facility) (Details) - Credit Facility | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | |
Senior unsecured line of credit | $ 500,000,000 |
Maximum borrowing capacity | $ 750,000,000 |
Minimum fixed charge coverage ratio | 1.50 |
Overall leverage ratio (no more than) | 60.00% |
Minimum shareholders' equity | $ 1,000,000,000 |
Available borrowing capacity | $ 365,000,000 |
Minimum | |
Line of Credit Facility [Line Items] | |
Unencumbered interest coverage ratio | 2 |
Commitment fee percentage | 0.15% |
Maximum | |
Line of Credit Facility [Line Items] | |
Commitment fee percentage | 0.30% |
LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 1.10% |
LIBOR | Minimum | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 1.10% |
LIBOR | Maximum | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 1.45% |
One-month LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 1.00% |
Base Rate | Minimum | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 0.10% |
Base Rate | Maximum | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 0.45% |
Federal Funds Rate | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 0.50% |
Notes Payable (Term Loan) (Deta
Notes Payable (Term Loan) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Unsecured term loan | $ 1,378,676 | $ 721,293 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Unsecured term loan | $ 250,000 | $ 0 |
Term Loan | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.20% | |
Term Loan | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.20% | |
Term Loan | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.70% | |
Term Loan | Federal Funds Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 0.50% | |
Term Loan | One-month LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.00% | |
Term Loan | Base Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 0.00% | |
Term Loan | Base Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 0.75% |
Notes Payable (Debt Associated
Notes Payable (Debt Associated with the Merger and Spin-Off) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2016 | Dec. 30, 2016 | Oct. 06, 2016 | |
Mortgage Debt | |||
Debt Instrument [Line Items] | |||
Debt assumed that was repaid | $ 251.9 | ||
Provision for legal defeasance | $ 20.2 | ||
Mortgage Debt | Spin-off | |||
Debt Instrument [Line Items] | |||
Term loan distributed as a result of spin-off | $ 272.4 | ||
Mortgage Debt | Parkway | |||
Debt Instrument [Line Items] | |||
Notes payable | $ 635.2 | ||
Weighted average stated interest rate | 5.20% | ||
Unsecured Term Debt | Parkway | |||
Debt Instrument [Line Items] | |||
Notes payable | $ 550 | ||
Repayment of unsecured debt | 550 | ||
Senior Secured Term Loan | New Parkway | |||
Debt Instrument [Line Items] | |||
Term loan distributed as a result of spin-off | 350 | ||
Senior Secured Term Loan | Parkway | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of debt | $ 350 |
Notes Payable (Other Mortgage L
Notes Payable (Other Mortgage Loan Information) (Details) ft² in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 30, 2016USD ($) | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Non-recourse mortgage loan | $ 127,500,000 | ||
Mortgage Debt | |||
Debt Instrument [Line Items] | |||
Debt assumed that was repaid | $ 251,900,000 | ||
Colorado Tower | |||
Debt Instrument [Line Items] | |||
Non-recourse mortgage loan | $ 120,000,000 | ||
Square footage of real estate property (square feet) | ft² | 373 | ||
Interest rate on mortgage loan (percent) | 3.45% | ||
Fifth Third Center | |||
Debt Instrument [Line Items] | |||
Non-recourse mortgage loan | $ 150,000,000 | ||
Square footage of real estate property (square feet) | ft² | 698 | ||
Interest rate on mortgage loan (percent) | 3.37% | ||
191 Peachtree Tower | |||
Debt Instrument [Line Items] | |||
Interest rate on mortgage loan (percent) | 3.35% | ||
Notes payable prepayment penalty | $ 3,700,000 | ||
191 Peachtree Tower | Mortgage Debt | |||
Debt Instrument [Line Items] | |||
Debt assumed that was repaid | $ 98,100,000 | ||
The Points at Waterview | |||
Debt Instrument [Line Items] | |||
Debt assumed that was repaid | $ 14,200,000 |
Notes Payable (Other Debt Infor
Notes Payable (Other Debt Information) (Details) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016USD ($)loan | Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Weighted average maturity period on consolidated debt | 4 years 3 months | ||
Number of non-recourse mortgage loans | loan | 1 | ||
Non-recourse mortgage loan, principal amount | $ 127,500,000 | $ 127,500,000 | |
Notes payable, fair value | $ 1,400,000,000 | 1,400,000,000 | $ 738,100,000 |
Parkway | |||
Debt Instrument [Line Items] | |||
Number of non-recourse mortgage loans | loan | 4 | ||
Non-recourse mortgage loan, principal amount | $ 360,000,000 | 360,000,000 | |
Mortgage Debt | |||
Debt Instrument [Line Items] | |||
Assets pledged as security | 1,400,000,000 | 1,400,000,000 | |
Notes payable | $ 995,000,000 | $ 995,000,000 |
Notes Payable (Interest Expense
Notes Payable (Interest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |||
Total interest incurred | $ 31,347 | $ 26,314 | $ 23,735 |
Interest capitalized | (4,697) | (3,579) | (2,752) |
Total interest expense | $ 26,650 | $ 22,735 | $ 20,983 |
Notes Payable (Debt Maturities)
Notes Payable (Debt Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Maturities | ||
2,017 | $ 495,916 | |
2,018 | 9,348 | |
2,019 | 167,047 | |
2,020 | 33,826 | |
2,021 | 261,256 | |
Thereafter | 411,283 | |
Total Notes Payable | $ 1,378,676 | $ 721,293 |
Commitments and Contingencies85
Commitments and Contingencies (Textual) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Future obligations under leases | $ 135.7 | ||
Outstanding letters of credit and performance bonds | 3.8 | ||
Lease operating expenses | $ 2.4 | $ 2 | $ 1.3 |
Other Commitments [Line Items] | |||
Weighted average remaining term (in years) | 3 years | ||
Ground Leases | |||
Other Commitments [Line Items] | |||
Weighted average remaining term (in years) | 78 years | ||
Ground and Operating Lease Commitments | |||
Other Commitments [Line Items] | |||
Future lease commitments | $ 211.2 |
Commitments and Contingencies86
Commitments and Contingencies (Lease Commitments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 2,795 |
2,018 | 2,718 |
2,019 | 2,613 |
2,020 | 2,492 |
2,021 | 2,373 |
Thereafter | 198,161 |
Total | $ 211,152 |
Stockholders' Equity (Textual)
Stockholders' Equity (Textual) (Details) $ / shares in Units, shares in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)offering$ / sharesRateshares | |
Class of Stock [Line Items] | |||
Preferred stock, par value (in usd per share) | $ / shares | $ 1 | $ 1 | $ 1 |
Authorized repurchased amount (up to) | $ 100,000,000 | ||
Number of shares repurchased | shares | 6.8 | ||
Total cost of common stock repurchases, including broker commissions | $ 61,500,000 | ||
Number of shares issued during period | shares | 26.7 | ||
Number of stock offerings | offering | 2 | ||
Proceeds from issuance of stock | $ 321,900,000 | ||
Redemption price per share (in usd per share) | $ / shares | $ 25 | ||
Redemption amount | $ 94,800,000 | ||
Original issuance costs applicable to shares redeemed | $ 0 | $ 0 | $ 3,530,000 |
Restriction on ownership, percentage (more than) | Rate | 3.90% | ||
Preferred Stock | |||
Class of Stock [Line Items] | |||
Number of shares issued in merger | shares | 6.9 | ||
Series B Cumulative Redeemable Preferred Stock | |||
Class of Stock [Line Items] | |||
Dividend rate (percent) | 7.50% |
Stockholders' Equity (Distribut
Stockholders' Equity (Distribution of REIT Taxable Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||
Common and preferred dividends paid | $ 1,077,179 | $ 69,162 | $ 63,364 |
Dividends treated as taxable compensation | (92) | (94) | (110) |
Portion of dividends declared in current year, and paid in current year, which was applied to the prior year distribution requirements | 0 | (731) | (2,182) |
Portion of dividends declared in subsequent year, and paid in subsequent year, which apply to current year distribution requirements | 0 | 0 | 731 |
Dividends in excess of current year REIT distribution requirements | (827,005) | 0 | 0 |
Dividends applied to meet current year REIT distribution requirements | $ 250,082 | $ 68,337 | $ 61,803 |
Stockholders' Equity (Tax Statu
Stockholders' Equity (Tax Status of Distributions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock | |||
Class of Stock [Line Items] | |||
Tax Status of Common Stock Dividends Per Share Declared (in usd per share) | $ 2.853075 | $ 0.320000 | $ 0.300000 |
Nondividend Distribution Per Share (in usd per share) | 2.190636 | 0 | 0 |
Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Tax Status of Preferred Stock Dividends Per Share Declared (in usd per share) | 25.776040 | ||
Nondividend Distribution Per Share (in usd per share) | 0 | ||
Ordinary Dividends | Common Stock | |||
Class of Stock [Line Items] | |||
Tax Status of Common Stock Dividends Per Share Declared (in usd per share) | 0.079661 | 0.161738 | 0.281564 |
Ordinary Dividends | Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Tax Status of Preferred Stock Dividends Per Share Declared (in usd per share) | 0.467750 | ||
Long-Term Capital Gain | Common Stock | |||
Class of Stock [Line Items] | |||
Tax Status of Common Stock Dividends Per Share Declared (in usd per share) | 0.582778 | 0.158262 | 0.018436 |
Unrecaptured Section 1250 Gain (in usd per share) | 0.100934 | 0.097271 | 0.018436 |
Cash Liquidation Distributions (in usd per share) | $ 0 | $ 0 | 0 |
Long-Term Capital Gain | Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Tax Status of Preferred Stock Dividends Per Share Declared (in usd per share) | 0.001000 | ||
Unrecaptured Section 1250 Gain (in usd per share) | 0.001000 | ||
Cash Liquidation Distributions (in usd per share) | $ 25.307290 |
Future Minimum Rents (Details)
Future Minimum Rents (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,017 | $ 307,262 |
2,018 | 311,442 |
2,019 | 289,132 |
2,020 | 267,135 |
2,021 | 237,500 |
Thereafter | 677,943 |
Future minimum rents to be received | $ 2,090,414 |
Stock-Based Compensation (Textu
Stock-Based Compensation (Textual) (Details) | Dec. 31, 2016shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares authorized under stock option plan | 2,293,403 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding (in shares) | 2,262,000 | 1,763,000 | 2,211,000 | 3,078,000 |
Granted (in shares) | 1,222,000 | |||
Weighted average fair value of options granted (in usd per share) | $ 11.78 | |||
Adjustments to additional paid-in capital for fair value of options granted | $ 565 | |||
Fair value of options exercisable | $ 2,500 | |||
Weighted average contractual life of outstanding options (in years) | 3 years 2 months | |||
Weighted average contractual life of exercisable options (in years) | 2 years 3 months | |||
Parkway Key Executives | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 672,375 | |||
Weighted average fair value of options granted (in usd per share) | $ 0.84 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding (in shares) | 2,262,249 | |||
Term life of stock options (years) | 10 years | |||
Vesting period | 4 years | |||
Compensation expense | $ 0 | $ 15 | $ 140 | |
Cash proceeds from the exercise of stock options | $ 13,000 | |||
Stock Options | Parkway Key Executives | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 10 years |
Stock-Based Compensation (Fair
Stock-Based Compensation (Fair Value Assumptions) (Details) - Stock Options | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 1.37% |
Assumed dividend yield | 3.60% |
Assumed lives of option awards (in years) | 6 years 4 months 24 days |
Assumed volatility | 23.23% |
Stock-Based Compensation (Sto94
Stock-Based Compensation (Stock Option Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Options | |||
Outstanding at beginning of period (in shares) | 1,763 | 2,211 | 3,078 |
Granted as a result of the Spin-Off (in shares) | 1,222 | ||
Exercised (in shares) | (2) | (23) | (206) |
Forfeited/Expired (in shares) | (721) | (425) | (661) |
Outstanding at end of period (in shares) | 2,262 | 1,763 | 2,211 |
Options Exercisable at end of period (in shares) | 2,262 | ||
Weighted Average Exercise Price Per Option | |||
Outstanding at beginning of period (in usd per share) | $ 22.05 | $ 22.69 | $ 22.90 |
Granted as a result of the Spin-Off (in usd per share) | 11.78 | ||
Exercised (in usd per share) | 8.35 | 8.02 | 8.26 |
Forfeited/Expired (in usd per share) | 27.24 | 21.98 | 28.18 |
Outstanding at end of period (in usd per share) | 10.82 | $ 22.05 | $ 22.69 |
Options Exercisable at end of period (in usd per share) | $ 10.82 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)awardshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2012shares | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock units granted (in shares) | 235,000 | 166,000 | 138,000 | |
Compensation expense, restricted stock | $ | $ 1,600 | $ 1,500 | $ 1,800 | |
Unrecognized compensation cost | $ | $ 1,900 | |||
Unrecognized compensation cost, period for recognition (in years) | 1 year 7 months | |||
Fair value of restricted stock that vested | $ | $ 1,200 | |||
Restricted Stock | Immediately on grant date | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock units granted (in shares) | 72,771 | 78,985 | 55,293 | |
Restricted Stock | Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock units granted (in shares) | 234,965 | 165,922 | 137,591 | |
Vesting period | 3 years | |||
Performance-based RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock units granted (in shares) | 312,000 | 244,000 | 205,000 | |
Vesting period | 3 years | |||
Types of performance-based RSUs | award | 2 | |||
Payout range minimum | 0.00% | |||
Payout range maximum | 200.00% | |||
Targeted number of units outstanding (in shares) | 396,872 | 299,821 | 204,690 | |
Performance-based RSUs | Chief Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock units granted (in shares) | 281,532 | |||
Payout range minimum | 0.00% | |||
Payout range maximum | 150.00% | |||
Time-vested RSUs | Key Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock units granted (in shares) | 28,938 | |||
Vesting period | 3 years | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, period for recognition (in years) | 11 months | |||
Estimate of future expense for all types of RSUs outstanding | $ | $ 3,200 | |||
Total cash paid for vesting and dividend payments | $ | 1,600 | |||
Recognized compensation expense related to RSUs for employees and directors, before capitalization or income tax benefit, if any | $ | $ 6,400 | $ 67 | $ 5,400 |
Stock-Based Compensation (Res96
Stock-Based Compensation (Restricted Stock Activity) (Details) - Restricted Stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Shares | |||
Outstanding at beginning of period (in shares) | 293 | 342 | 450 |
Granted (in shares) | 235 | 166 | 138 |
Vested (in shares) | (141) | (210) | (236) |
Forfeited (in shares) | (30) | (5) | (10) |
Outstanding at end of period (in shares) | 471 | 293 | 342 |
Weighted-Average Grant Date Fair Value | |||
Outstanding at beginning of period (in usd per share) | $ 10.65 | $ 9.08 | $ 8 |
Granted (in usd per share) | 8.62 | 11.06 | 10.75 |
Vested (in usd per share) | 8.54 | 8.41 | 8 |
Forfeited (in usd per share) | 9.77 | 10.68 | 9.48 |
Outstanding at end of period (in usd per share) | $ 7.57 | $ 10.65 | $ 9.08 |
At Spin-off | |||
Number of Shares | |||
Granted (in shares) | 114 | ||
Weighted-Average Grant Date Fair Value | |||
Granted (in usd per share) | $ 7.57 |
Stock-Based Compensation (Perfo
Stock-Based Compensation (Performance-Based RSU Activity) (Details) - Performance-based RSUs - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of all performance-based RSU activity | |||
Outstanding at beginning of period (in shares) | 843 | 796 | 755 |
Granted (in shares) | 312 | 244 | 205 |
Vested (in shares) | (160) | (191) | (150) |
Forfeited (in shares) | (30) | (6) | (14) |
Outstanding at end of period (in shares) | 1,273 | 843 | 796 |
At Spin-off | |||
Summary of all performance-based RSU activity | |||
Granted (in shares) | 308 |
Retirement Savings Plan (Detail
Retirement Savings Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Employer contribution matching percentage | 3.00% | ||
Employee vesting period in the retirement saving plan | 3 years | ||
Company defined contribution plan | $ 682 | $ 639 | $ 592 |
Income Taxes (Textual) (Details
Income Taxes (Textual) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Benefit for income taxes from operations | $ 0 | $ 0 | $ (20,000) |
CTRS | |||
Income Tax Contingency [Line Items] | |||
Benefit for income taxes from operations | $ 0 | $ 0 | $ (20,000) |
Income Taxes (Statutory Federal
Income Taxes (Statutory Federal Income Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amount | |||
Federal income tax benefit (expense) | $ (1,159) | $ 778 | $ (1,124) |
State income tax benefit (expense), net of federal income tax effect | (132) | 90 | (125) |
Valuation allowance | 1,282 | (833) | 1,644 |
State deferred tax adjustment | 9 | (35) | (375) |
Benefit for income taxes from operations | $ 0 | $ 0 | $ 20 |
Rate | |||
Federal income tax benefit (expense) (percent) | 35.00% | 35.00% | 35.00% |
State income tax benefit (expense), net of federal income tax effect (percent) | 4.00% | 4.00% | 4.00% |
Valuation allowance (percent) | (39.00%) | (37.00%) | (50.00%) |
State deferred tax adjustment (percent) | 0.00% | (2.00%) | 11.00% |
Benefit applicable to income (loss) from continuing operations (percent) | 0.00% | 0.00% | 0.00% |
Income Taxes (Tax Effect of Sig
Income Taxes (Tax Effect of Significant Temporary Differences) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Income from unconsolidated joint ventures | $ (188) | $ 928 |
Federal and state tax carryforwards | 514 | 680 |
Total deferred tax assets | 326 | 1,608 |
Valuation allowance | (326) | (1,608) |
Net deferred tax asset | $ 0 | $ 0 |
Earnings Per Share (Computation
Earnings Per Share (Computation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||
Income from continuing operations | $ 60,941 | $ 94,332 | $ 12,886 |
Dividends to preferred stockholders | 0 | 0 | (2,955) |
Preferred Share original issue costs | 0 | 0 | (3,530) |
Income from continuing operations available for common stockholders | 59,946 | 94,221 | 5,397 |
Income from discontinued operations | 19,163 | 31,297 | 40,122 |
Net income available for common stockholders | $ 79,109 | $ 125,518 | $ 45,519 |
Denominator: | |||
Weighted average common shares - basic | 253,895 | 215,827 | 204,216 |
Income from continuing operations available for common stockholders (in usd per share) | $ 0.24 | $ 0.44 | $ 0.02 |
Income from discontinued operations available for common stockholders (in usd per share) | 0.07 | 0.14 | 0.20 |
Net income available to common stockholders (in usd per share) | $ 0.31 | $ 0.58 | $ 0.22 |
Numerator: | |||
Income from continuing operations | $ 60,941 | $ 94,332 | $ 12,886 |
Dividends to preferred stockholders | 0 | 0 | (2,955) |
Preferred Share original issue costs | 0 | 0 | (3,530) |
Income from continuing operations available for common stockholders before net income attributable to noncontrolling interests in CPLP | 60,730 | 94,221 | 5,397 |
Income from discontinued operations | 19,163 | 31,297 | 40,122 |
Net income available for common stockholders before net income attributable to noncontrolling interests in CPLP | $ 79,893 | $ 125,518 | $ 45,519 |
Denominator: | |||
Weighted average shares — basic | 253,895 | 215,827 | 204,216 |
Add: | |||
Stock options using treasury method | 178 | 152 | 244 |
Noncontrolling interests CPLP | 1,950 | 0 | 0 |
Weighted average common shares - diluted | 256,023 | 215,979 | 204,460 |
Income from continuing operations available for common stockholders (in usd per share) | $ 0.24 | $ 0.44 | $ 0.02 |
Income from discontinued operations available for common stockholders (in usd per share) | 0.07 | 0.14 | 0.20 |
Net income available to common stockholders (in usd per share) | $ 0.31 | $ 0.58 | $ 0.22 |
Subsidiaries | |||
Numerator: | |||
Net (income) attributable to other noncontrolling interests from continuing operations | $ (784) | $ 0 | $ 0 |
Numerator: | |||
Net (income) attributable to other noncontrolling interests from continuing operations | (784) | 0 | 0 |
Other Noncontrolling Interests | |||
Numerator: | |||
Net (income) attributable to other noncontrolling interests from continuing operations | (211) | (111) | (1,004) |
Numerator: | |||
Net (income) attributable to other noncontrolling interests from continuing operations | $ (211) | $ (111) | $ (1,004) |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive stock options (in shares) | 762 | 1,128 | 1,553 |
Consolidated Statements of C104
Consolidated Statements of Cash Flows - Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid, net of amounts capitalized | $ 32,215 | $ 29,337 | $ 28,840 |
Income taxes paid | 0 | 2 | 4 |
Non-Cash Transactions: | |||
Non-cash assets and liabilities assumed in Merger | 1,886,815 | 0 | 0 |
Non-cash assets and liabilities distributed in Spin-Off | (948,306) | 0 | 0 |
Mortgage note payable legally defeased | 20,170 | 0 | 0 |
Transfer from land held to projects under development | 8,099 | 0 | 5,185 |
Change in accrued property acquisition, development, and tenant asset expenditures | 7,918 | (2,483) | (531) |
Transfer from investment in unconsolidated joint ventures to projects under development | 5,880 | 0 | 0 |
Transfer from projects under development to operating properties | 0 | 121,709 | 0 |
Transfer from operating properties and related assets to real estate assets and other assets held for sale | 0 | 7,246 | 0 |
Transfer from operating properties and related liabilities to liabilities of real estate assets held for sale | $ 0 | $ 1,347 | $ 0 |
Reportable Segments (Segment Ne
Reportable Segments (Segment Net Operating Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | $ 260,282 | $ 241,232 | $ 215,673 |
Houston | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 78,590 | 103,210 | 100,816 |
Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 105,443 | 99,292 | 79,161 |
Austin | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 29,865 | 15,294 | 6,992 |
Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 28,418 | 16,164 | 6,839 |
Orlando | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 3,265 | ||
Tampa | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 7,130 | ||
Tempe | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 6,067 | ||
Other | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 1,504 | 7,272 | 21,865 |
Office | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 252,871 | 235,210 | 206,551 |
Office | Houston | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 78,590 | 103,210 | 100,816 |
Office | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 98,032 | 93,438 | 73,434 |
Office | Austin | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 29,865 | 15,294 | 6,992 |
Office | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 28,418 | 16,164 | 6,839 |
Office | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 3,265 | ||
Office | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 7,130 | ||
Office | Tempe | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 6,067 | ||
Office | Other | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 1,504 | 7,104 | 18,470 |
Mixed-Use | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 7,411 | 5,854 | 5,727 |
Mixed-Use | Houston | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Mixed-Use | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 7,411 | 5,854 | 5,727 |
Mixed-Use | Austin | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Mixed-Use | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Mixed-Use | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | ||
Mixed-Use | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | ||
Mixed-Use | Tempe | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | ||
Mixed-Use | Other | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Other | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 168 | 3,395 |
Other | Houston | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Other | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Other | Austin | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Other | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Other | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | ||
Other | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | ||
Other | Tempe | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | ||
Other | Other | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | $ 0 | $ 168 | $ 3,395 |
Reportable Segments (Reconcilia
Reportable Segments (Reconciliation of Net Income to Net Operating Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | |||
Net Income | $ 80,104 | $ 125,629 | $ 53,008 |
Net operating income from unconsolidated joint ventures | 28,785 | 24,335 | 25,897 |
Net operating income from discontinued operations | 78,591 | 103,198 | 102,616 |
Fee income | (8,347) | (7,297) | (12,519) |
Other income | (1,050) | (828) | (919) |
Reimbursed expenses | 3,259 | 3,430 | 3,652 |
General and administrative expenses | 25,592 | 16,918 | 19,784 |
Total interest expense | 26,650 | 22,735 | 20,983 |
Depreciation and amortization | 97,948 | 71,625 | 62,258 |
Acquisition and merger costs | 24,521 | 299 | 1,130 |
Other | 5,888 | 1,181 | 3,729 |
Loss on extinguishment of debt | 5,180 | 0 | 0 |
Benefit for income taxes from operations | 0 | 0 | (20) |
Income from unconsolidated joint ventures | (10,562) | (8,302) | (11,268) |
Gain on sale of investment properties | (77,114) | (80,394) | (12,536) |
Income (loss) from discontinued operations | (19,163) | (31,297) | (40,122) |
Net Operating Income | $ 260,282 | $ 241,232 | $ 215,673 |
Reportable Segments (Segment Re
Reportable Segments (Segment Revenues) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Total rental property revenues | $ 249,814 | $ 196,244 | $ 164,123 |
Office | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 249,814 | 196,052 | 162,234 |
Mixed-Use | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Other | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 192 | 1,889 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 430,961 | 410,463 | 384,637 |
Operating Segments | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 173,583 | 174,687 | 134,921 |
Operating Segments | Austin | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 52,769 | 26,581 | 14,062 |
Operating Segments | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 39,448 | 22,964 | 9,404 |
Operating Segments | Houston | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 136,926 | 176,823 | 179,788 |
Operating Segments | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 5,896 | ||
Operating Segments | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 10,994 | ||
Operating Segments | Tempe | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 8,902 | ||
Operating Segments | Other | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 2,443 | 9,408 | 46,462 |
Operating Segments | Office | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 417,918 | 400,296 | 371,714 |
Operating Segments | Office | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 160,540 | 164,712 | 125,884 |
Operating Segments | Office | Austin | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 52,769 | 26,581 | 14,062 |
Operating Segments | Office | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 39,448 | 22,964 | 9,404 |
Operating Segments | Office | Houston | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 136,926 | 176,823 | 179,788 |
Operating Segments | Office | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 5,896 | ||
Operating Segments | Office | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 10,994 | ||
Operating Segments | Office | Tempe | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 8,902 | ||
Operating Segments | Office | Other | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 2,443 | 9,216 | 42,576 |
Operating Segments | Mixed-Use | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 13,043 | 9,975 | 9,037 |
Operating Segments | Mixed-Use | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 13,043 | 9,975 | 9,037 |
Operating Segments | Mixed-Use | Austin | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Operating Segments | Mixed-Use | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Operating Segments | Mixed-Use | Houston | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Operating Segments | Mixed-Use | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | ||
Operating Segments | Mixed-Use | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | ||
Operating Segments | Mixed-Use | Tempe | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | ||
Operating Segments | Mixed-Use | Other | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Operating Segments | Other | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 192 | 3,886 |
Operating Segments | Other | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Operating Segments | Other | Austin | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Operating Segments | Other | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Operating Segments | Other | Houston | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 0 | 0 |
Operating Segments | Other | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | ||
Operating Segments | Other | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | ||
Operating Segments | Other | Tempe | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | ||
Operating Segments | Other | Other | |||
Segment Reporting Information [Line Items] | |||
Total rental property revenues | 0 | 192 | 3,886 |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Company's share of rental property revenues from unconsolidated joint ventures | 44,220 | 37,391 | 37,800 |
Revenues included in discontinued operations | 136,927 | 176,828 | 182,714 |
Segment Reconciling Items | Office | |||
Segment Reporting Information [Line Items] | |||
Company's share of rental property revenues from unconsolidated joint ventures | 31,177 | 27,416 | 26,766 |
Revenues included in discontinued operations | 136,927 | 176,828 | 182,714 |
Segment Reconciling Items | Mixed-Use | |||
Segment Reporting Information [Line Items] | |||
Company's share of rental property revenues from unconsolidated joint ventures | 13,043 | 9,975 | 9,037 |
Revenues included in discontinued operations | 0 | 0 | 0 |
Segment Reconciling Items | Other | |||
Segment Reporting Information [Line Items] | |||
Company's share of rental property revenues from unconsolidated joint ventures | 0 | 0 | 1,997 |
Revenues included in discontinued operations | $ 0 | $ 0 | $ 0 |
Real Estate and Accumulated 108
Real Estate and Accumulated Depreciation (Schedule of Properties) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 998,748 | |||
Initial Cost to Company | ||||
Land and Improvements | 355,598 | |||
Buildings and Improvements | 3,030,115 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (13,142) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 442,415 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 342,456 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 3,472,530 | |||
Total | 3,814,986 | $ 2,606,343 | $ 2,619,488 | $ 2,164,815 |
Accumulated Depreciation | 215,856 | $ 359,422 | $ 324,543 | $ 257,151 |
OPERATING PROPERTIES | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 998,748 | |||
Initial Cost to Company | ||||
Land and Improvements | 300,219 | |||
Buildings and Improvements | 3,030,115 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 5,683 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 312,361 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 305,902 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 3,342,476 | |||
Total | 3,648,378 | |||
Accumulated Depreciation | 215,856 | |||
OPERATING PROPERTIES | Austin, TX | Colorado Tower | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 119,069 | |||
Initial Cost to Company | ||||
Land and Improvements | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 1,600 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 118,455 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 1,600 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 118,455 | |||
Total | 120,055 | |||
Accumulated Depreciation | $ 9,669 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 30 years | |||
OPERATING PROPERTIES | Austin, TX | 816 Congress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 84,231 | |||
Initial Cost to Company | ||||
Land and Improvements | 6,817 | |||
Buildings and Improvements | 89,891 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 3,282 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 16,170 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 10,099 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 106,061 | |||
Total | 116,160 | |||
Accumulated Depreciation | $ 14,767 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 42 years | |||
OPERATING PROPERTIES | Austin, TX | Research Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 4,373 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 801 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 36,766 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 5,174 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 36,766 | |||
Total | 41,940 | |||
Accumulated Depreciation | $ 549 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 30 years | |||
OPERATING PROPERTIES | Austin, TX | One Eleven Congress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 130,002 | |||
Initial Cost to Company | ||||
Land and Improvements | 33,841 | |||
Buildings and Improvements | 201,707 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 4,029 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 33,841 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 205,736 | |||
Total | 239,577 | |||
Accumulated Depreciation | $ 1,839 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Austin, TX | San Jacinto Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 102,562 | |||
Initial Cost to Company | ||||
Land and Improvements | 34,068 | |||
Buildings and Improvements | 176,535 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 144 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 34,068 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 176,679 | |||
Total | 210,747 | |||
Accumulated Depreciation | $ 1,500 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | ||||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | ||||
OPERATING PROPERTIES | Atlanta, GA | Northpark Town Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 22,350 | |||
Buildings and Improvements | 295,825 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 22,101 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 22,350 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 317,926 | |||
Total | 340,276 | |||
Accumulated Depreciation | $ 27,266 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 39 years | |||
OPERATING PROPERTIES | Atlanta, GA | Promenade | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 104,997 | |||
Initial Cost to Company | ||||
Land and Improvements | 13,439 | |||
Buildings and Improvements | 102,790 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 35,664 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 13,439 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 138,454 | |||
Total | 151,893 | |||
Accumulated Depreciation | $ 33,382 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 34 years | |||
OPERATING PROPERTIES | Atlanta, GA | The American Cancer Society Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 127,451 | |||
Initial Cost to Company | ||||
Land and Improvements | 5,226 | |||
Buildings and Improvements | 67,370 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 34,165 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 5,226 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 101,535 | |||
Total | 106,761 | |||
Accumulated Depreciation | $ 72,422 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 25 years | |||
OPERATING PROPERTIES | Atlanta, GA | Meridian Mark Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 24,427 | |||
Initial Cost to Company | ||||
Land and Improvements | 2,219 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 30,024 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 2,219 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 30,024 | |||
Total | 32,243 | |||
Accumulated Depreciation | $ 18,726 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 30 years | |||
OPERATING PROPERTIES | Atlanta, GA | 3344 Peachtree | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 80,258 | |||
Initial Cost to Company | ||||
Land and Improvements | 16,110 | |||
Buildings and Improvements | 176,153 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | (57) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 16,110 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 176,096 | |||
Total | 192,206 | |||
Accumulated Depreciation | $ 1,673 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | One Buckhead Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 17,011 | |||
Buildings and Improvements | 171,930 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 41 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 17,011 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 171,971 | |||
Total | 188,982 | |||
Accumulated Depreciation | $ 1,651 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | 3350 Peachtree | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 16,836 | |||
Buildings and Improvements | 109,166 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | (988) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 16,836 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 108,178 | |||
Total | 125,014 | |||
Accumulated Depreciation | $ 1,038 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | 3348 Peachtree | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 6,707 | |||
Buildings and Improvements | 69,723 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | (30) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 6,707 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 69,693 | |||
Total | 76,400 | |||
Accumulated Depreciation | $ 749 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | Two Buckhead Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 53,515 | |||
Initial Cost to Company | ||||
Land and Improvements | 18,053 | |||
Buildings and Improvements | 74,547 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 204 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 18,053 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 74,751 | |||
Total | 92,804 | |||
Accumulated Depreciation | $ 760 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Charlotte, NC | Fifth Third Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 148,867 | |||
Initial Cost to Company | ||||
Land and Improvements | 22,591 | |||
Buildings and Improvements | 180,430 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 11,414 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 22,591 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 191,844 | |||
Total | 214,435 | |||
Accumulated Depreciation | $ 15,891 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Charlotte, NC | Hearst Tower | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 9,977 | |||
Buildings and Improvements | 323,299 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 1,510 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 9,977 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 324,809 | |||
Total | 334,786 | |||
Accumulated Depreciation | $ 2,937 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Charlotte, NC | NASCAR Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 51 | |||
Buildings and Improvements | 115,238 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 562 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 51 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 115,800 | |||
Total | 115,851 | |||
Accumulated Depreciation | $ 1,109 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Tampa, FL | Corporate Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 7,298 | |||
Buildings and Improvements | 272,148 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 1,705 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 7,298 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 273,853 | |||
Total | 281,151 | |||
Accumulated Depreciation | $ 2,827 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Tampa, FL | The Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 23,369 | |||
Initial Cost to Company | ||||
Land and Improvements | 9,404 | |||
Buildings and Improvements | 54,694 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 41 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 9,404 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 54,735 | |||
Total | 64,139 | |||
Accumulated Depreciation | $ 738 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Tampa, FL | Harborview Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 10,800 | |||
Buildings and Improvements | 39,136 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 436 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 10,800 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 39,572 | |||
Total | 50,372 | |||
Accumulated Depreciation | $ 515 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Orlando, FL | Bank of America Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 7,121 | |||
Buildings and Improvements | 66,129 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 266 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 7,121 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 66,395 | |||
Total | 73,516 | |||
Accumulated Depreciation | $ 985 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Orlando, FL | One Orlando Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 12,625 | |||
Buildings and Improvements | 44,088 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | (2,635) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 12,625 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 41,453 | |||
Total | 54,078 | |||
Accumulated Depreciation | $ 706 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Orlando, FL | Citrus Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 4,307 | |||
Buildings and Improvements | 41,608 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | (71) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 4,307 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 41,537 | |||
Total | 45,844 | |||
Accumulated Depreciation | $ 797 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Phoenix, AZ | Hayden Ferry | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 13,102 | |||
Buildings and Improvements | 262,578 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 2,068 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 13,102 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 264,646 | |||
Total | 277,748 | |||
Accumulated Depreciation | $ 2,620 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Phoenix, AZ | Tempe Gateway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 5,893 | |||
Buildings and Improvements | 95,130 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 377 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 5,893 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 95,507 | |||
Total | 101,400 | |||
Accumulated Depreciation | $ 740 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
PROJECTS UNDER DEVELOPMENT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 32,261 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 72 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 130,054 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 32,333 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 130,054 | |||
Total | 162,387 | |||
Accumulated Depreciation | 0 | |||
PROJECTS UNDER DEVELOPMENT | Atlanta, GA | NCR Phase 1 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 20,032 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 83,962 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 20,032 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 83,962 | |||
Total | 103,994 | |||
Accumulated Depreciation | 0 | |||
PROJECTS UNDER DEVELOPMENT | Atlanta, GA | NCR Phase II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 8,099 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 8,142 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 8,099 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 8,142 | |||
Total | 16,241 | |||
Accumulated Depreciation | 0 | |||
PROJECTS UNDER DEVELOPMENT | Atlanta, GA | Avalon | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 4,130 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 72 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 37,950 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 4,202 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 37,950 | |||
Total | 42,152 | |||
Accumulated Depreciation | 0 | |||
LAND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 23,118 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (18,897) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 4,221 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 4,221 | |||
Accumulated Depreciation | 0 | |||
Commercial Land | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 21,534 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (17,313) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 4,221 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 4,221 | |||
Accumulated Depreciation | 0 | |||
Commercial Land | Suburban Atlanta, GA | Land Adjacent to The Avenue Forsyth | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 11,240 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (7,540) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 3,700 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 3,700 | |||
Accumulated Depreciation | 0 | |||
Commercial Land | Suburban Atlanta, GA | North Point | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 10,294 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (9,773) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 521 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 521 | |||
Accumulated Depreciation | 0 | |||
Residential Land | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 1,584 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (1,584) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 0 | |||
Accumulated Depreciation | 0 | |||
Residential Land | Pine Mountain, GA | Callaway Gardens | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 1,584 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (1,584) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 0 | |||
Accumulated Depreciation | $ 0 |
Real Estate and Accumulated 109
Real Estate and Accumulated Depreciation (Notes to Schedule III) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate | |||
Balance at beginning of period | $ 2,606,343 | $ 2,619,488 | $ 2,164,815 |
Additions during the period: | |||
Acquisitions | 0 | 28,131 | 523,695 |
Improvements and other capitalized costs | 208,016 | 139,676 | 109,959 |
Transfers | 5,306 | 0 | 0 |
Real estate additions, total | 3,046,052 | 167,807 | 633,654 |
Deductions during the period: | |||
Parkway spin-off | (1,230,235) | 0 | 0 |
Cost of real estate sold | (602,648) | (180,952) | (178,981) |
Impairment loss | (4,526) | 0 | 0 |
Real estate deductions, total | (1,837,409) | (180,952) | (178,981) |
Balance at end of period | 3,814,986 | 2,606,343 | 2,619,488 |
Accumulated Depreciation | |||
Balance at beginning of period | 359,422 | 324,543 | 257,151 |
Additions during the period: | |||
Acquisitions | 0 | 0 | 0 |
Improvements and other capitalized costs | 0 | 0 | 0 |
Transfers | 0 | 0 | 0 |
Depreciation expense | 112,277 | 99,067 | 86,824 |
Real estate accumulated depreciation additions, total | 112,277 | 99,067 | 86,824 |
Deductions during the period: | |||
Parkway spin-off | (148,523) | 0 | 0 |
Cost of real estate sold | (107,320) | (64,188) | (19,432) |
Impairment loss | 0 | 0 | 0 |
Real estate accumulated depreciation deductions, total | (255,843) | (64,188) | (19,432) |
Balance at end of period | 215,856 | 359,422 | 324,543 |
Aggregate cost for federal income tax, net of depreciation | $ 2,900,000 | ||
Buildings and Improvements | Minimum | |||
Deductions during the period: | |||
Useful life | 25 years | ||
Buildings and Improvements | Maximum | |||
Deductions during the period: | |||
Useful life | 42 years | ||
Parkway | |||
Additions during the period: | |||
Acquisitions | $ 2,832,730 | 0 | 0 |
Additions during the period: | |||
Acquisitions | $ 0 | $ 0 | $ 0 |