Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 29, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-11312 | ||
Entity Registrant Name | COUSINS PROPERTIES INC | ||
Entity Central Index Key | 0000025232 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | GA | ||
Entity Tax Identification Number | 58-0869052 | ||
Entity Address, Address Line One | 3344 Peachtree Road NE | ||
Entity Address, Address Line Two | Suite 1800 | ||
Entity Address, City or Town | Atlanta | ||
Entity Address, State or Province | GA | ||
Entity Address, Postal Zip Code | 30326-4802 | ||
City Area Code | (404) | ||
Local Phone Number | 407-1000 | ||
Title of 12(b) Security | Common Stock ($1 par value) | ||
Trading Symbol | CUZ | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,333,335,006 | ||
Entity Common Stock, Shares Outstanding | 146,766,272 | ||
Documents Incorporated by Reference | Portions of the Registrant’s proxy statement for the annual stockholders meeting to be held on April 21, 2020 are incorporated by reference into Part III of this Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real estate assets: | ||
Operating properties, net of accumulated depreciation of $577,139 and $421,495 in 2019 and 2018, respectively | $ 5,669,324 | $ 3,603,011 |
Projects under development | 410,097 | 24,217 |
Land | 116,860 | 72,563 |
Total properties | 6,196,281 | 3,699,791 |
Real estate assets and other assets held for sale, net of accumulated depreciation and amortization of $61,093 in 2019 | 360,582 | 0 |
Cash and cash equivalents | 15,603 | 2,547 |
Restricted cash | 2,005 | 148 |
Notes and accounts receivable | 23,680 | 13,821 |
Deferred rents receivable | 102,314 | 83,116 |
Investment in unconsolidated joint ventures | 133,884 | 161,907 |
Intangible assets, net | 257,649 | 145,883 |
Other assets | 59,449 | 39,083 |
Total assets | 7,151,447 | 4,146,296 |
Liabilities: | ||
Notes payable | 2,222,975 | 1,062,570 |
Accounts payable and accrued expenses | 209,904 | 110,159 |
Deferred income | 52,269 | 41,266 |
Intangible liabilities, net of accumulated amortization of $55,798 and $42,473 in 2019 and 2018, respectively | 83,105 | 56,941 |
Other liabilities | 134,128 | 54,204 |
Liabilities of real estate assets held for sale, net of accumulated amortization of $7,771 in 2019 | 21,231 | 0 |
Total liabilities | 2,723,612 | 1,325,140 |
Commitments and contingencies | ||
Stockholders' investment: | ||
Preferred stock, $1 par value, 20,000,000 shares authorized, 1,716,837 shares issued and outstanding in 2019 and 2018 | 1,717 | 1,717 |
Common stock, $1 par value, 300,000,000 and 175,000,000 shares authorized in 2019 and 2018, respectively, and 149,347,382 and 107,681,130 shares issued in 2019 and 2018, respectively | 149,347 | 107,681 |
Additional paid-in capital | 5,493,883 | 3,934,385 |
Treasury stock at cost, 2,584,933 shares in 2019 and 2018 | (148,473) | (148,473) |
Distributions in excess of cumulative net income | (1,137,200) | (1,129,445) |
Total stockholders' investment | 4,359,274 | 2,765,865 |
Nonredeemable noncontrolling interests | 68,561 | 55,291 |
Total equity | 4,427,835 | 2,821,156 |
Total liabilities and equity | $ 7,151,447 | $ 4,146,296 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Operating properties, accumulated depreciation | $ 577,139 | $ 421,495 |
Real estate assets and other assets held for sale, accumulated depreciation | 61,093 | |
Intangible liabilities, accumulated amortization | 55,798 | $ 42,473 |
Liabilities of real estate assets held for sale, net of accumulated amortization | $ 7,771 | |
Preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 1,716,837 | 1,716,837 |
Preferred stock, shares outstanding | 1,716,837 | 1,716,837 |
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Common stock, shares authorized | 300,000,000 | 175,000,000 |
Common stock, shares issued | 149,347,382 | 107,681,130 |
Treasury stock, shares | 2,584,933 | 2,584,933 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Total rental property revenues | $ 657,515 | $ 475,212 | $ 466,185 |
Expenses: | |||
Rental property operating expenses | 222,146 | 164,678 | 163,882 |
Reimbursed expenses | 4,004 | 3,782 | 3,527 |
General and administrative expenses | 37,007 | 22,040 | 27,523 |
Interest expense | 53,963 | 39,430 | 33,524 |
Depreciation and amortization | 257,149 | 181,382 | 196,745 |
Transaction costs | 52,881 | 248 | 1,661 |
Other | 1,109 | 556 | 1,796 |
Total costs and expenses | 628,259 | 412,116 | 428,658 |
Income from unconsolidated joint ventures | 12,666 | 12,224 | 47,115 |
Gain on investment property transactions | 110,761 | 5,437 | 133,059 |
Gain on extinguishment of debt | 0 | 8 | 2,258 |
Net income | 152,683 | 80,765 | 219,959 |
Net income attributable to noncontrolling interests | (2,265) | (1,601) | (3,684) |
Net income available to common stockholders | $ 150,418 | $ 79,164 | $ 216,275 |
Net income per common share — basic and diluted (in usd per share) | $ 1.17 | $ 0.75 | $ 2.08 |
Weighted average shares — basic (in shares) | 128,060 | 105,076 | 103,902 |
Weighted average shares — diluted (in shares) | 129,831 | 106,868 | 105,824 |
Dividends declared per common share (in usd per share) | $ 1.16 | $ 1.04 | $ 1.20 |
Rental property revenues | |||
Revenues: | |||
Total rental property revenues | $ 628,751 | $ 463,401 | $ 455,305 |
Fee income | |||
Revenues: | |||
Total rental property revenues | 28,518 | 10,089 | 8,632 |
Other | |||
Revenues: | |||
Total rental property revenues | $ 246 | $ 1,722 | $ 2,248 |
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, 2016 | $ 2,514,240 | $ 1,717 | $ 100,936 | $ 3,715,391 | $ (148,373) | $ (1,214,114) | $ 2,455,557 | $ 58,683 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 219,959 | 216,275 | 216,275 | 3,684 | ||||
Common stock offering, net of issuance costs | 211,774 | 6,250 | 205,524 | 211,774 | ||||
Common stock issuance pursuant to stock based compensation | 124 | 100 | 24 | 124 | ||||
Spin-off of Parkway, Inc. | 545 | 545 | 545 | |||||
Common stock redemption by unit holders | 0 | 301 | 9,767 | 10,068 | (10,068) | |||
Amortization of stock options and restricted stock, net of forfeitures | 1,983 | 1,983 | 1,983 | |||||
Contributions from nonredeemable noncontrolling interests | 2,646 | 2,646 | ||||||
Distributions to nonredeemable noncontrolling interests | (1,807) | (1,807) | ||||||
Common dividends | (124,353) | (124,353) | (124,353) | |||||
Ending balance at Dec. 31, 2017 | 2,825,111 | 1,717 | 107,587 | 3,932,689 | (148,373) | (1,121,647) | 2,771,973 | 53,138 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 80,765 | 79,164 | 79,164 | 1,601 | ||||
Common stock issuance pursuant to stock based compensation | (567) | 99 | (566) | (100) | (567) | |||
Amortization of stock options and restricted stock, net of forfeitures | 2,257 | (5) | 2,262 | 2,257 | ||||
Contributions from nonredeemable noncontrolling interests | 3,205 | 3,205 | ||||||
Distributions to nonredeemable noncontrolling interests | (2,653) | (2,653) | ||||||
Common dividends | (109,291) | (109,291) | (109,291) | |||||
Ending balance at Dec. 31, 2018 | 2,821,156 | 1,717 | 107,681 | 3,934,385 | (148,473) | (1,129,445) | 2,765,865 | 55,291 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 152,683 | 150,418 | 150,418 | 2,265 | ||||
Common stock issued in merger | 1,598,189 | 41,576 | 1,556,613 | 1,598,189 | ||||
Common stock issuance pursuant to stock based compensation | 507 | 91 | 416 | 507 | ||||
Amortization of stock options and restricted stock, net of forfeitures | 2,468 | (1) | 2,469 | 2,468 | ||||
Nonredeemable noncontrolling interests acquired in merger | 5,329 | 5,329 | ||||||
Contributions from nonredeemable noncontrolling interests | 8,087 | 8,087 | ||||||
Distributions to nonredeemable noncontrolling interests | (2,411) | (2,411) | ||||||
Common dividends | (158,173) | (158,173) | (158,173) | |||||
Ending balance at Dec. 31, 2019 | $ 4,427,835 | $ 1,717 | $ 149,347 | $ 5,493,883 | $ (148,473) | $ (1,137,200) | $ 4,359,274 | $ 68,561 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Common dividends per share (in usd per share) | $ 1.16 | $ 1.04 | $ 1.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 152,683 | $ 80,765 | $ 219,959 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on investment property transactions | (110,761) | (5,437) | (133,059) |
Depreciation and amortization | 257,149 | 181,382 | 196,745 |
Amortization of deferred financing costs and premium on notes payable | 1,500 | 2,417 | (2,139) |
Stock-based compensation expense, net of forfeitures | 3,830 | 3,399 | 2,994 |
Effect of non-cash adjustments to rental revenues | (44,839) | (32,401) | (40,410) |
Income from unconsolidated joint ventures | (12,666) | (12,224) | (47,115) |
Operating distributions from unconsolidated joint ventures | 11,792 | 16,756 | 11,065 |
Gain on extinguishment of debt | 0 | (8) | (2,258) |
Changes in other operating assets and liabilities: | |||
Change in other receivables and other assets, net | (10,079) | (6,049) | 11,456 |
Change in operating liabilities, net | 54,568 | 434 | (5,589) |
Net cash provided by operating activities | 303,177 | 229,034 | 211,649 |
Proceeds from investment property sales | |||
Proceeds from investment property sales | 62,667 | 372 | 370,944 |
Proceeds from sale of interest in unconsolidated joint venture | 0 | 0 | 12,514 |
Property acquisition, development, and tenant asset expenditures | (482,633) | (223,636) | (319,975) |
Cash and restricted cash acquired in merger | 85,989 | 0 | 0 |
Purchase of tenant-in-common interest | 0 | 0 | (13,382) |
Investment in unconsolidated joint ventures | (23,361) | (50,933) | (20,080) |
Distributions from unconsolidated joint ventures | 10 | 2,032 | 75,506 |
Change in notes receivable and other assets | (96) | (8,317) | 6,583 |
Other | 0 | (4,002) | 0 |
Net cash provided by (used in) investing activities | (357,424) | (284,484) | 112,110 |
Proceeds from credit facility | |||
Proceeds from credit facility | 1,212,000 | 8,000 | 589,300 |
Repayment of credit facility | (960,500) | (8,000) | (723,300) |
Repayment of notes payable | (691,179) | (31,402) | (495,913) |
Issuance of unsecured senior notes | 650,000 | 0 | 350,000 |
Payment of deferred financing costs | (2,868) | (6,166) | (2,074) |
Common stock issued, net of expenses | 0 | 0 | 211,521 |
Contributions from noncontrolling interests | 8,087 | 1,497 | 2,646 |
Distributions to nonredeemable noncontrolling interests | (2,411) | (2,653) | (1,807) |
Common dividends paid | (142,941) | (107,167) | (99,151) |
Other | (1,028) | (1,709) | (557) |
Net cash provided by (used in) financing activities | 69,160 | (147,600) | (169,335) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 14,913 | (203,050) | 154,424 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 2,695 | 205,745 | 51,321 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ 17,608 | $ 2,695 | $ 205,745 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business: Cousins Properties Incorporated (“Cousins”), a Georgia corporation, is a self-administered and self-managed real estate investment trust (“REIT”). Cousins conducts substantially all of its business through Cousins Properties, LP ("CPLP"). Cousins owns approximately 99% of CPLP and consolidates CPLP. CPLP owns Cousins TRS Services LLC ("CTRS") a taxable entity which owns and manages its own real estate portfolio and performs certain real estate related services for other parties. Cousins, CPLP, CTRS, and their subsidiaries (collectively, the “Company”) develop, acquire, lease, manage, and own primarily Class A office properties and opportunistic mixed-use developments in the Sunbelt markets of the United States with a focus on Georgia, Texas, North Carolina, Arizona, and Florida. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute at least 100% of its net taxable income to stockholders, thereby eliminating any liability for federal income taxes under current law. Therefore, the results included herein do not include a federal income tax provision for Cousins. As of December 31, 2019 , the Company’s portfolio of real estate assets consisted of interests in 21.5 million square feet of office space and 310,000 square feet of mixed-use space. Basis of Presentation: The consolidated financial statements include the accounts of the Company and its consolidated partnerships and wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The Company presents its financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) as outlined in the Financial Accounting Standard Board’s Accounting Standards Codification (the “Codification” or “ASC”). The Codification is the single source of authoritative accounting principles applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. On June 14, 2019, the Company restated and amended its articles of incorporation to effect a reverse stock split of the issued and outstanding shares of its common and preferred stock pursuant to which (1) each four shares of the Company's issued and outstanding common stock were combined into one share of the Company's common or preferred stock, respectively, and (2) the authorized number of the Company's common stock was proportionally reduced to 175 million shares. Fractional shares of common stock resulting from the reverse stock split were settled in cash. Preferred stock was redeemed with each four shares combined into one share; fractional shares of preferred stock were redeemed without payout. Immediately thereafter, the Company further amended its articles of incorporation to increase the number of authorized shares of its common stock from 175 million to 300 million shares. All shares of common stock, stock options, restricted stock units, and per share information presented in the consolidated financial statements have been adjusted to reflect the reverse stock split on a retroactive basis for all periods presented. For the three years ended December 31, 2019 , there were no items of other comprehensive income. Therefore, the Company did not present comprehensive income. Additionally, certain subtotals within the consolidated statements of operations for the years ended December 31, 2018 and 2017 were removed to conform to the current period presentation. On January 1, 2019, the Company began recording lease termination fees in rental property revenues on the consolidated statements of operations as a result of the adoption of Accounting Standards Update ("ASU") 2016-02, "Leases," ("ASC 842"). The prior period amounts, which were included in other revenues, were reclassified to conform to the current period presentation. 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. As of December 31, 2019 the Company did not have any partnerships, joint ventures, or other arrangements with variable interests that qualified as a VIE. Recently Issued Accounting Standards : On January 1, 2019, the Company adopted ASC 842, which amended the previous standard for lease accounting by requiring lessees to record most leases on their balance sheets and by making targeted changes to lessor accounting and reporting. The new standard requires lessees to record a right-of-use asset and a lease liability for leases and classify such leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase of the leased asset by the lessee. The classification of the leases determines 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). The new standard also revised the treatment of indirect leasing costs and permits the capitalization and amortization of direct leasing costs only. For the years ended December 31, 2018 and 2017, the Company capitalized $3.8 million and $3.0 million of indirect leasing costs, respectively. The Company adopted the following optional practical expedients provided in ASC 842: • no reassessment of any expired or existing contracts to determine if they contain a lease; • no reassessment of initial direct costs for any existing leases; • no recognition of right-of-use assets and lease liabilities for leases with a term of one year or less; • no separate classification and disclosure of non-lease components of revenue in lease contracts from the related lease components provided certain conditions are met; and • no reassessment of the lease classification. For those leases where the Company was the lessee, specifically ground leases, the adoption of ASC 842 required the Company to record a right-of-use asset and a lease liability in the amount of $56.3 million on the condensed consolidated balance sheet. In calculating the right of use asset and lease liability, the Company used a weighted average discount rate of 4.49% , which represented the Company's incremental borrowing rate related to the ground lease assets as of January 1, 2019. Ground leases executed before the adoption of ASC 842 are accounted for as operating leases and did not result in a materially different ground lease expense. However, most ground leases executed after the adoption of ASC 842 are expected to be accounted for as finance leases, which will result in ground lease expense being recorded using the effective interest method instead of the straight-line method over the term of the lease, resulting in higher expense associated with the ground lease in the earlier years of a ground lease when compared to the straight line method. The Company used the "modified retrospective" method upon adoption of ASC 842, which permitted application of the new standard on the adoption date as opposed to the earliest comparative period presented in its financial statements. For additional disclosures, see note 6 "Leases" and note 14 "Revenue Recognition" On January 1, 2018, the Company adopted ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05"). As a result of the adoption of ASU 2017-05, the Company recorded a cumulative effect from change in accounting principle, which credited distributions in excess of cumulative net income by $22.3 million . This cumulative effect adjustment resulted from the 2013 transfer of a wholly-owned property to an entity in which it had a noncontrolling interest. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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. Through December 31, 2018, the Company capitalized direct and indirect leasing costs related to leases that are probable of being executed. These costs included 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 allocated these costs to individual tenant leases and amortized them over the related lease term. Beginning January 1, 2019, in connection with the implementation of ASC 842, the Company only capitalizes direct costs of a lease, which would not have been incurred if the lease had not been obtained. These costs generally would include commissions paid to employees or third parties and any other costs incremental to executing a lease that would not have otherwise been incurred. Impairment: For real estate assets that are considered to be held for sale according to accounting guidance, 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 evaluates all real estate acquisitions to determine if the transactions qualify as an acquisition of assets or of a business within the framework of ASU 2017-01 and guidance in ASC 805. If the Company determines that substantially all of the fair value is concentrated in a single identifiable asset or group of similar assets, the Company will account for the acquisition as an acquisition of assets and not a business. If the Company determines that there is no single or group of assets that make up substantially all of the fair value of assets acquired, the Company must determine whether the acquired set of assets includes an input and substantial processes which create an output. Based on the facts of the transactions and guidance in ASC 805, if the Company determines that an input and substantial processes that create an output are present, the Company will account for the acquisition as an acquisition of a business. For acquisitions that are accounted for as an acquisition of an asset, the Company records the acquired tangible and intangible assets and assumed liabilities based on each asset and liability's relative fair value at the acquisition date to the total purchase price plus capitalized acquisition costs. For acquisitions that are accounted for as an acquisition of a business, the Company records the acquired tangible and intangible assets and assumed liabilities 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 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 30 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. 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, if any, 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 at 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. The Company records the costs of the tenant improvements, including costs paid for or reimbursed by the tenants, as an asset. The Company records deferred revenue for the portion of tenant improvements funded or reimbursed by tenants and amortizes this amount on a straight-line basis into rental income over the term of the related lease. As of December 31, 2019 and 2018, the Company had unamortized deferred income related to tenant funded tenant improvements of $17.8 million and $16.2 million, respectively, included in deferred income on the consolidated balance sheets. Certain 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 2019 , 2018 , and 2017 , the Company recognized $122.4 million , $79.8 million , and $67.2 million , respectively, in revenues 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 as it satisfies the related performance obligations under the respective contracts. The Company recognizes development and leasing fees received from unconsolidated joint ventures and related salaries and other direct costs incurred by the Company as income and expense based on the percentage of the joint venture which the Company does not own. Correspondingly, the Company adjusts its investment in unconsolidated joint ventures when fees are paid to the Company by a joint venture in which the Company has an ownership interest. Gain on Investment Property Transactions : Through December 31, 2017, the Company recognized gains or losses on sale of investment property when the sale of a property was consummated, the buyer’s initial and continuing investment was adequate to demonstrate commitment to pay, any receivable obtained was not subject to future subordination, the usual risks and rewards of ownership were transferred, and the Company had no substantial continuing involvement with the property. If the Company had a commitment to the buyer and that commitment was a specific dollar amount, this commitment was accrued and the gain on sale that the Company recognized was reduced. If the Company had a construction commitment to the buyer, management made an estimate of this commitment, deferred a portion of the profit from the sale, and recognized the deferred profit when the commitment was fulfilled. Beginning January 1, 2018, in connection with the adoption of ASC 606, the Company recognizes a gain on the sale of investment property at the time the buyer obtains control of the investment property. If the Company maintains any continuing involvement with the investment property, that continuing involvement is considered to be one or more additional performance obligations and additional gains or losses will be recognized as these performance obligations are satisfied. Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company 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 the Company's REIT status. As a REIT, the Company generally will not be subject to federal income tax at the corporate level on the taxable income it distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. The Company 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. Earnings per Share Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period, including nonvested restricted stock which has nonforfeitable dividend rights. Net income per share-diluted is calculated as net income available to common stockholders plus noncontrolling interests in CPLP divided by the diluted weighted average number of common shares outstanding during the period. Diluted weighted average number of common shares uses the same weighted average share number as in the basic calculation and adds the potential dilution that would occur if the outside units in CPLP were converted into the Company's common stock and stock options (or any other contracts to issue common stock) were exercised and resulted in additional common shares outstanding, calculated using the treasury stock method. Stock options are dilutive when the average market price of the Company’s stock during the period exceeds the option exercise price. Cash and Cash Equivalents Cash and cash equivalents include unrestricted cash and highly-liquid money market instruments. Highly-liquid money market instruments include securities and repurchase agreements with original maturities of three months or less , money market mutual funds, and United States Treasury Bills with maturities of 30 days or less . Restricted Cash Restricted Cash includes escrow accounts held by lenders to pay real estate taxes, earnest money paid in connection with future acquisitions, and proceeds from property sales held by qualified intermediaries for potential like-kind exchanges in accordance with Section 1031 of the Code, if any. 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 Tier Reit, In
Transactions With Tier Reit, Inc. | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
TRANSACTIONS WITH TIER REIT, INC. | TRANSACTIONS WITH TIER REIT, INC. On June 14, 2019, pursuant to the Agreement and Plan of Merger dated March 25, 2019 (the “Merger Agreement”), by and among the Company and TIER REIT, Inc. (“TIER”), TIER merged with and into a subsidiary of the Company (the “Merger”) with this subsidiary continuing as the surviving corporation of the Merger. The Merger has enhanced the Company's position in its existing markets of Austin and Charlotte, provided a strategic entry into Dallas, and rebalanced the Company's portfolio across its markets. In accordance with the terms and conditions of the Merger Agreement, each share of TIER common stock issued and outstanding immediately prior to the Merger, was converted into 2.98 newly issued, pre-reverse split shares of the Company’s common stock with fractional shares being settled in cash. In the Merger, former TIER common stockholders received approximately 166 million pre-reverse split shares of common stock of the Company. As discussed in note 1 to the consolidated financial statements, immediately following the Merger, the Company completed a 1-for- 4 reverse stock split. The Merger has been accounted for as a business combination 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 June 13, 2019, the day immediately prior to the closing of the Merger. Based on the shares issued in the transaction, the total fair value of the assets acquired net of liabilities assumed in the Merger was $1.6 billion . During the year ended December 31, 2019 , the Company incurred expenses related to the Merger of $52.9 million . Management engaged a third party valuation specialist to assist with valuing the real estate assets acquired and liabilities assumed in the Merger. The third party used cash flow analyses, as well as a market approach, an income approach, and a cost approach to determine the fair value of real estate assets acquired. Based on additional information that may become available, subsequent adjustments may be made to the purchase price allocation within the measurement period, which typically does not exceed one year. The purchase price was allocated as follows (in thousands): Real estate assets $ 2,202,073 Real estate assets held for sale 20,835 Cash and cash equivalents 84,042 Restricted cash 1,947 Notes and other receivables 8,278 Investment in unconsolidated joint ventures 331 Intangible assets 141,184 Other assets 10,040 2,468,730 Notes payable 747,549 Accounts payable and accrued expenses 53,321 Deferred income 8,388 Intangible liabilities 47,988 Other liabilities 7,793 Nonredeemable noncontrolling interests 5,329 870,368 Total purchase price $ 1,598,362 During the year ended December 31, 2019 , the Company recorded revenues and net income of $113.1 million and $291,000 , respectively, from the operations of the assets acquired in the Merger. The following unaudited supplemental pro forma information is based upon the Company's historical consolidated statements of operations, adjusted as if the Merger had occurred on January 1, 2018 . The supplemental pro forma information is not necessarily indicative of future results, or of actual results, that would have been achieved had the Merger been consummated at the beginning of the period. Year ended December 31, 2019 2018 (unaudited, in thousands) Revenues $ 750,080 $ 702,463 Net income 232,136 28,064 Net income available to common stockholders 229,503 27,742 2019 supplemental pro forma earnings were adjusted to exclude the $52.9 million of transaction costs incurred in the year ended December 31, 2019. Supplemental pro forma earnings for the year ended December 31, 2018 were adjusted to include this charge. On March 1, 2019, the Company entered into a series of agreements and executed related transactions with Norfolk Southern Railway Company (“NS”) as follows: • Sold land to NS for $52.5 million . • Executed a Development Agreement with NS whereby the Company will receive fees totaling $5 million in consideration for development services for NS’s corporate headquarters that is being constructed on the land sold to NS. • Executed a Consulting Agreement with NS whereby the Company will receive fees totaling $32 million in consideration for consulting services for NS’s corporate headquarters. The Development Agreement and Consulting Agreement are collectively referred to below as the “Fee Agreements.” • Purchased a building from NS (“1200 Peachtree”) for $82 million subject to a three-year market rate lease with NS that covers the entire building. The Company sold the land to NS for $5.0 million above its carrying amount, which included $37.0 million of land purchased in 2018, $6.5 million of land purchased in 2019, and $4.0 million of site preparation work. The Company purchased 1200 Peachtree from NS for an amount it determined to be $10.3 million below the building’s fair value. The Company determined that all contracts and transactions associated with NS should be combined for accounting purposes, and the amounts exchanged under the combined contracts should be allocated to the various components of the overall transaction at fair value or market value as discussed below. The Company determined that the purchase of 1200 Peachtree should be recorded at fair value of $92.3 million (see note 5 for allocation of the purchase price). The Company determined that the lease with NS at the 1200 Peachtree building was at market value under ASC 842. The land sale was accounted for under ASC 610-20, and no gain or loss was recorded on the derecognition of this non-financial asset as the fair value was determined to equal the carrying amount. Consideration related to various services provided to NS, and accounted for under ASC 606, was determined to be $52.3 million and represents the negotiated market value for the services agreed to by the Company and NS in the contracts. This amount included non-cash consideration of the $10.3 million discount on the purchase of 1200 Peachtree as well as cash consideration of $5 million from the land sale contract (difference between fair value and contract amount), $5 million from the Development Agreement, and $32 million from the Consulting Agreement. Since all of the agreements and contracts above were executed for the purpose of delivering and constructing a corporate headquarters for NS and all of the services and deliverables are highly interdependent, the Company determined that the services represent a single performance obligation under ASC 606. The Company determined that control of the services to be provided is being transferred over time and, thus, the Company must recognize the $52.3 million contract price in revenue as it satisfies the performance obligation. The Company determined that the inputs method of measuring progress of satisfying the performance obligation was the most appropriate method of recognizing revenue for the services component. Therefore, the Company began recognizing revenue on March 1, 2019 , based upon the time spent by the Company’s employees in providing these services as compared to the total estimated time required to satisfy the performance obligation. During the year ended December 31, 2019 , the Company recognized $21.4 million in fee income in the statement of operations related to the services provided to NS. As of December 31, 2019, the Company had deferred income included in the consolidated balance sheet of $11.3 million related to NS. |
Transactions with Norfolk South
Transactions with Norfolk Southern Railway Company (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
TRANSACTIONS WITH NORFOLK SOUTHERN RAILWAY COMPANY | TRANSACTIONS WITH TIER REIT, INC. On June 14, 2019, pursuant to the Agreement and Plan of Merger dated March 25, 2019 (the “Merger Agreement”), by and among the Company and TIER REIT, Inc. (“TIER”), TIER merged with and into a subsidiary of the Company (the “Merger”) with this subsidiary continuing as the surviving corporation of the Merger. The Merger has enhanced the Company's position in its existing markets of Austin and Charlotte, provided a strategic entry into Dallas, and rebalanced the Company's portfolio across its markets. In accordance with the terms and conditions of the Merger Agreement, each share of TIER common stock issued and outstanding immediately prior to the Merger, was converted into 2.98 newly issued, pre-reverse split shares of the Company’s common stock with fractional shares being settled in cash. In the Merger, former TIER common stockholders received approximately 166 million pre-reverse split shares of common stock of the Company. As discussed in note 1 to the consolidated financial statements, immediately following the Merger, the Company completed a 1-for- 4 reverse stock split. The Merger has been accounted for as a business combination 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 June 13, 2019, the day immediately prior to the closing of the Merger. Based on the shares issued in the transaction, the total fair value of the assets acquired net of liabilities assumed in the Merger was $1.6 billion . During the year ended December 31, 2019 , the Company incurred expenses related to the Merger of $52.9 million . Management engaged a third party valuation specialist to assist with valuing the real estate assets acquired and liabilities assumed in the Merger. The third party used cash flow analyses, as well as a market approach, an income approach, and a cost approach to determine the fair value of real estate assets acquired. Based on additional information that may become available, subsequent adjustments may be made to the purchase price allocation within the measurement period, which typically does not exceed one year. The purchase price was allocated as follows (in thousands): Real estate assets $ 2,202,073 Real estate assets held for sale 20,835 Cash and cash equivalents 84,042 Restricted cash 1,947 Notes and other receivables 8,278 Investment in unconsolidated joint ventures 331 Intangible assets 141,184 Other assets 10,040 2,468,730 Notes payable 747,549 Accounts payable and accrued expenses 53,321 Deferred income 8,388 Intangible liabilities 47,988 Other liabilities 7,793 Nonredeemable noncontrolling interests 5,329 870,368 Total purchase price $ 1,598,362 During the year ended December 31, 2019 , the Company recorded revenues and net income of $113.1 million and $291,000 , respectively, from the operations of the assets acquired in the Merger. The following unaudited supplemental pro forma information is based upon the Company's historical consolidated statements of operations, adjusted as if the Merger had occurred on January 1, 2018 . The supplemental pro forma information is not necessarily indicative of future results, or of actual results, that would have been achieved had the Merger been consummated at the beginning of the period. Year ended December 31, 2019 2018 (unaudited, in thousands) Revenues $ 750,080 $ 702,463 Net income 232,136 28,064 Net income available to common stockholders 229,503 27,742 2019 supplemental pro forma earnings were adjusted to exclude the $52.9 million of transaction costs incurred in the year ended December 31, 2019. Supplemental pro forma earnings for the year ended December 31, 2018 were adjusted to include this charge. On March 1, 2019, the Company entered into a series of agreements and executed related transactions with Norfolk Southern Railway Company (“NS”) as follows: • Sold land to NS for $52.5 million . • Executed a Development Agreement with NS whereby the Company will receive fees totaling $5 million in consideration for development services for NS’s corporate headquarters that is being constructed on the land sold to NS. • Executed a Consulting Agreement with NS whereby the Company will receive fees totaling $32 million in consideration for consulting services for NS’s corporate headquarters. The Development Agreement and Consulting Agreement are collectively referred to below as the “Fee Agreements.” • Purchased a building from NS (“1200 Peachtree”) for $82 million subject to a three-year market rate lease with NS that covers the entire building. The Company sold the land to NS for $5.0 million above its carrying amount, which included $37.0 million of land purchased in 2018, $6.5 million of land purchased in 2019, and $4.0 million of site preparation work. The Company purchased 1200 Peachtree from NS for an amount it determined to be $10.3 million below the building’s fair value. The Company determined that all contracts and transactions associated with NS should be combined for accounting purposes, and the amounts exchanged under the combined contracts should be allocated to the various components of the overall transaction at fair value or market value as discussed below. The Company determined that the purchase of 1200 Peachtree should be recorded at fair value of $92.3 million (see note 5 for allocation of the purchase price). The Company determined that the lease with NS at the 1200 Peachtree building was at market value under ASC 842. The land sale was accounted for under ASC 610-20, and no gain or loss was recorded on the derecognition of this non-financial asset as the fair value was determined to equal the carrying amount. Consideration related to various services provided to NS, and accounted for under ASC 606, was determined to be $52.3 million and represents the negotiated market value for the services agreed to by the Company and NS in the contracts. This amount included non-cash consideration of the $10.3 million discount on the purchase of 1200 Peachtree as well as cash consideration of $5 million from the land sale contract (difference between fair value and contract amount), $5 million from the Development Agreement, and $32 million from the Consulting Agreement. Since all of the agreements and contracts above were executed for the purpose of delivering and constructing a corporate headquarters for NS and all of the services and deliverables are highly interdependent, the Company determined that the services represent a single performance obligation under ASC 606. The Company determined that control of the services to be provided is being transferred over time and, thus, the Company must recognize the $52.3 million contract price in revenue as it satisfies the performance obligation. The Company determined that the inputs method of measuring progress of satisfying the performance obligation was the most appropriate method of recognizing revenue for the services component. Therefore, the Company began recognizing revenue on March 1, 2019 , based upon the time spent by the Company’s employees in providing these services as compared to the total estimated time required to satisfy the performance obligation. During the year ended December 31, 2019 , the Company recognized $21.4 million in fee income in the statement of operations related to the services provided to NS. As of December 31, 2019, the Company had deferred income included in the consolidated balance sheet of $11.3 million related to NS. |
Real Estate Transactions
Real Estate Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
REAL ESTATE TRANSACTIONS | REAL ESTATE TRANSACTIONS Dispositions The Company had no dispositions of operating properties in 2019 or 2018 . The Company sold the following properties in 2017 ($ in thousands): Property Property Type Location Square Feet Sales Price American Cancer Society Center Office Atlanta, GA 996,000 $ 166,000 Bank of America Center, One Orlando Centre, -- and Citrus Center Office Orlando, FL 1,038,000 $ 208,100 The Company sold the properties noted above as part of its ongoing investment strategy of exiting non-core markets and selling non-core assets, using these proceeds to fund new investment activity. During February 2019, the Company sold air rights that cover eight acres in Downtown Atlanta for a gross sales price of $13.25 million and recorded a gain of $13.1 million . As of December 31, 2019, the Company's Woodcrest and Hearst Tower properties were classified as held for sale. The major classes of assets and liabilities of these properties held for sale were as follows (in thousands): Real estate assets and other assets held for sale Operating properties, net of accumulated depreciation of $44,478 $ 340,171 Notes and accounts receivable 5,520 Deferred rents receivable 5,745 Intangible assets, net of accumulated amortization of $16,615 8,657 Other assets 489 $ 360,582 Liabilities of real estate assets held for sale Accounts payable and accrued expenses $ 12,497 Deferred income 2,638 Intangible liabilities, net of accumulated amortization of $7,771 5,471 Other liabilities 625 $ 21,231 Acquisitions During 2019, the Company acquired 1200 Peachtree as discussed in note 4 and acquired its partner's interest in Terminus Office Holdings LLC as discussed in note 8. The Company accounted for these transactions as an acquisition of assets and the following table summarizes the allocation of the purchase price of these properties (in thousands): 1200 Peachtree Terminus Tangible assets: Building and improvements $ 62,836 $ 410,826 Land and improvements 19,495 49,345 Tangible assets 82,331 460,171 Intangible assets: In-place leases 9,969 24,674 Above market leases — 7,193 Intangible assets 9,969 31,867 Intangible liabilities: Below market leases — 4,745 Intangible liabilities — 4,745 Total net assets acquired $ 92,300 $ 487,293 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | LEASES At December 31, 2019 , the Company had five properties subject to operating ground leases with a weighted average remaining term of 72 years and two finance ground leases with a weighted average remaining term of four years . At December 31, 2019 , the Company had right-of-use assets from operating ground leases of $57.3 million included in operating properties, projects under development, or land on the consolidated balance sheet and right-of-use assets from finance ground leases of $11.9 million included in land on the consolidated balance sheet. At December 31, 2019 , the Company had lease liabilities for operating and finance ground leases of $59.4 million and $9.7 million, respectively, included in other liabilities on the consolidated balance sheet. The weighted average discount rate on these ground leases at December 31, 2019 was 4.5% . Rental payments on these ground leases are adjusted periodically based on either the Consumer Price Index, changes in developed square feet on the underlying leased asset, or on a pre-determined schedule. The monthly payments on a pre-determined schedule are recognized on a straight-line basis over the terms of the respective leases while payments resulting from changes in the Consumer Price Index or future development are reflected in the statement of operations at the time of the change. For the years ended December 31, 2019 , 2018 , and 2017 , the Company recognized operating ground lease expense of $3.9 million, $3.5 million , and $3.2 million , respectively. For the year ended December 31, 2019 the Company had no variable lease expenses related to ground lease expense, and recognized interest expense related to finance ground leases of $462,000 . For the year ended December 31, 2019 , the Company paid $2.6 million in cash related to operating ground leases and made $462,000 in cash payments related to financing ground leases. The following table represents the undiscounted cash flows of our scheduled obligations for future minimum payments for ground leases as of December 31, 2019 , with a reconciliation of these cash flows to the related ground lease liabilities in accordance with ASC 842 (in thousands): Operating Ground Leases Finance Ground Leases 2020 $ 3,175 $ 462 2021 2,959 6,562 2022 2,672 162 2023 2,614 162 2024 2,497 162 Thereafter 200,107 3,676 $ 214,024 $ 11,186 Discount (154,645 ) (1,456 ) Lease liability $ 59,379 $ 9,730 The following table represents undiscounted cash flows of our scheduled obligations for future minimum payments on ground leases as of December 31, 2018, in accordance with ASC 840 (in thousands): Operating Ground Leases Finance Ground Leases 2019 $ 2,441 $ 462 2020 2,460 462 2021 2,497 6,562 2022 2,497 162 2023 2,497 162 Thereafter 202,603 3,838 $ 214,995 $ 11,648 |
Leases | LEASES At December 31, 2019 , the Company had five properties subject to operating ground leases with a weighted average remaining term of 72 years and two finance ground leases with a weighted average remaining term of four years . At December 31, 2019 , the Company had right-of-use assets from operating ground leases of $57.3 million included in operating properties, projects under development, or land on the consolidated balance sheet and right-of-use assets from finance ground leases of $11.9 million included in land on the consolidated balance sheet. At December 31, 2019 , the Company had lease liabilities for operating and finance ground leases of $59.4 million and $9.7 million, respectively, included in other liabilities on the consolidated balance sheet. The weighted average discount rate on these ground leases at December 31, 2019 was 4.5% . Rental payments on these ground leases are adjusted periodically based on either the Consumer Price Index, changes in developed square feet on the underlying leased asset, or on a pre-determined schedule. The monthly payments on a pre-determined schedule are recognized on a straight-line basis over the terms of the respective leases while payments resulting from changes in the Consumer Price Index or future development are reflected in the statement of operations at the time of the change. For the years ended December 31, 2019 , 2018 , and 2017 , the Company recognized operating ground lease expense of $3.9 million, $3.5 million , and $3.2 million , respectively. For the year ended December 31, 2019 the Company had no variable lease expenses related to ground lease expense, and recognized interest expense related to finance ground leases of $462,000 . For the year ended December 31, 2019 , the Company paid $2.6 million in cash related to operating ground leases and made $462,000 in cash payments related to financing ground leases. The following table represents the undiscounted cash flows of our scheduled obligations for future minimum payments for ground leases as of December 31, 2019 , with a reconciliation of these cash flows to the related ground lease liabilities in accordance with ASC 842 (in thousands): Operating Ground Leases Finance Ground Leases 2020 $ 3,175 $ 462 2021 2,959 6,562 2022 2,672 162 2023 2,614 162 2024 2,497 162 Thereafter 200,107 3,676 $ 214,024 $ 11,186 Discount (154,645 ) (1,456 ) Lease liability $ 59,379 $ 9,730 The following table represents undiscounted cash flows of our scheduled obligations for future minimum payments on ground leases as of December 31, 2018, in accordance with ASC 840 (in thousands): Operating Ground Leases Finance Ground Leases 2019 $ 2,441 $ 462 2020 2,460 462 2021 2,497 6,562 2022 2,497 162 2023 2,497 162 Thereafter 202,603 3,838 $ 214,995 $ 11,648 |
Notes and Accounts Receivable
Notes and Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
NOTES AND ACCOUNTS RECEIVABLE | NOTES AND ACCOUNTS RECEIVABLE At December 31, 2019 and 2018 , notes and accounts receivables included the following (in thousands): 2019 2018 Notes receivable $ 356 $ 453 Tenant and other receivables 23,324 13,368 $ 23,680 $ 13,821 At December 31, 2019 and 2018 , 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, 2019 and 2018 . 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 Level 3 under the guidelines as set forth in ASC 820, 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, 2019 | |
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, 2019 and 2018 (in thousands). The information included in the summary of operations table is for the years ended December 31, 2019 , 2018 , and 2017 (in thousands). Total Assets Total Debt Total Equity (Deficit) Company's Investment SUMMARY OF FINANCIAL POSITION 2019 2018 2019 2018 2019 2018 2019 2018 DC Charlotte Plaza LLLP $ 179,694 $ 155,530 $ — $ — $ 90,373 $ 88,922 $ 48,058 $ 46,554 Austin 300 Colorado Project, LP 112,630 51,180 21,430 — 68,101 41,298 36,846 22,335 Carolina Square Holdings LP 114,483 106,187 75,662 74,638 25,184 28,844 14,414 16,840 AMCO 120 WT Holdings, LLC 77,377 36,680 — — 70,696 31,372 13,362 5,538 HICO Victory Center LP 16,045 15,069 — — 15,353 14,801 10,373 10,003 Charlotte Gateway Village, LLC 109,675 112,553 — — 106,651 109,666 6,718 8,225 Terminus Office Holdings LLC — 258,060 — 198,732 — 50,539 — 48,571 Wildwood Associates 11,061 11,157 — — 10,978 11,108 (521 ) (1) (460 ) (1) Crawford Long - CPI, LLC 28,459 26,429 67,947 69,522 (40,250 ) (44,146 ) (19,205 ) (1) (21,071 ) (1) Other 8,879 6,359 — — 7,318 6,023 4,113 3,841 $ 658,303 $ 779,204 $ 165,039 $ 342,892 $ 354,404 $ 338,427 $ 114,158 $ 140,376 Total Revenues Net Income (Loss) Company's Share of Net Income (Loss) SUMMARY OF OPERATIONS 2019 2018 2017 2019 2018 2017 2019 2018 2017 Charlotte Gateway Village, LLC $ 27,708 $ 26,932 $ 26,465 $ 10,285 $ 10,285 $ 9,528 $ 5,143 $ 5,143 $ 4,764 DC Charlotte Plaza LLLP 15,636 — 2 5,894 — 2 2,947 (1 ) 1 Terminus Office Holdings LLC 34,964 44,429 43,959 4,962 5,506 6,307 2,381 2,755 3,153 Crawford Long - CPI, LLC 12,664 12,383 12,079 3,897 3,446 3,171 1,866 1,641 1,572 HICO Victory Center LP 513 400 429 513 400 431 276 219 225 Carolina Square Holdings LP 12,344 10,686 2,701 470 (169 ) (532 ) 133 (275 ) 522 Austin 300 Colorado Project, LP 422 487 — 199 220 — 100 110 — Wildwood Associates — — — (100 ) (1,140 ) (116 ) (50 ) 2,723 (58 ) AMCO 120 WT Holdings, LLC 40 — — (341 ) 38 58 (68 ) — — Other (2) 180 198 25,029 (94 ) (3,234 ) 59,095 (62 ) (91 ) 36,936 $ 104,471 $ 95,515 $ 110,664 $ 25,685 $ 15,352 $ 77,944 $ 12,666 $ 12,224 $ 47,115 (1) Negative balances are included in deferred income on the consolidated balance sheets. (2) Revenues in 2017 primarily relate to a joint venture acquired in the transactions with Parkway Properties, Inc. and sold during the year. Net income and Company's share of net income in 2017 primarily relate to the sale of the Emory Point properties. 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 281,000 square foot regional headquarters building in Charlotte, North Carolina. Capital contributions and distributions of cash flow are made equally in accordance with each partner's partnership interest. The Company's required capital contribution is limited to a maximum of $46 million . The assets of the venture in the above table include a cash balance of $1.7 million at December 31, 2019 . Austin 300 Colorado Project, LP ("300 Colorado") – 300 Colorado is a joint venture between the Company, 3C Block 28 Partners, LP ("3CB"), and 3C RR Xylem, LP ("3CRR"), formed for the purpose of developing a 358,000 square foot office building in Austin, Texas. The Company owns a 50% interest in the venture, 3CB owns a 34.5% interest, and 3CRR owns a 15.5% interest. 300 Colorado has a construction loan, secured by the project, whereby it may borrow up to $126 million to fund the construction of the building. The loan had an outstanding balance of $21.4 million at December 31, 2019 . The loan bears interest at LIBOR plus 2.25% and matures on January 17, 2022 . The assets of the venture in the above table include a cash balance of $593,000 at December 31, 2019 . Carolina Square Holdings LP ("Carolina Square") – Carolina Square is a 50 - 50 joint venture between the Company and NR 123 Franklin LLC ("Northwood Ravin"), which owns and operates a mixed-use property in Chapel Hill, North Carolina. This property contains 158,000 square feet of office space, 44,000 square feet of retail space, and 246 apartment units. Carolina Square has a construction loan, secured by the project, with an outstanding balance of $75.7 million. The loan bears interest at LIBOR plus 1.90% and matures on May 1, 2020 . The Company and Northwood Ravin each guarantee 12.5% of the outstanding loan amount and guarantee completion of the project. The assets of the venture in the table above include a cash balance of $4.7 million at December 31, 2019 . AMCO 120 WT Holdings, LLC ("AMCO") – AMCO is a joint venture between the Company, with a 20% interest, and affiliates of AMLI Residential (“AMLI”), with an 80% interest, formed to develop 120 West Trinity, a mixed-use property in Decatur, Georgia. The property is expected to contain 33,000 square feet of office space, 19,000 square feet of retail space, and 330 apartment units. Initial contributions to the joint venture for the purchase of land were funded entirely by AMLI. Subsequent contributions are funded in proportion to the members' percentage interests. The assets of the venture in the above table include a cash balance of $49,000 at December 31, 2019 . HICO Victory Center LP ("HICO") – HICO is a joint venture between the Company and Hines Victory Center Associates Limited Partnership ("Hines Victory"), formed for the purpose of acquiring and subsequently developing an office parcel in Dallas, Texas. Pursuant to the joint venture agreement, all pre-development expenditures, other than land, are funded equally by the partners. The Company funded 75% of the cost of land while Hines Victory funded 25% . If the partners decide to commence construction of an office building, the capital accounts and economics of the venture will be adjusted such that the Company will own at least 90% of the venture and Hines will own up to 10% . As of December 31, 2019 , 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 $775,000 at December 31, 2019 . 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. Net income and cash flows are allocated 50% to each partner until the Company receives a 17% internal rate of return; thereafter, cash flows are allocated 80% to BOA and 20% to the Company. In January 2020, the Company entered into an agreement to sell its interest in Gateway to BOA for $52.2 million and is expected to close the sale in the first quarter of 2020. The assets of the venture in the above table include a cash balance of $3.8 million at December 31, 2019 . Terminus Office Holdings LLC ("TOH") – TOH was a 50 - 50 joint venture between the Company and institutional investors advised by J.P. Morgan Asset Management ("JPM"), which owned and operated two office buildings in Atlanta, Georgia. On October 1, 2019 the Company purchased JPM's 50% interest in TOH for $148 million in a transaction that valued Terminus 100 and Terminus 200 at $503 million . As a result, the Company consolidated TOH and recorded the assets and liabilities at fair value. Upon consolidation, the Company recognized a $92.8 million gain on this acquisition achieved in stages and recorded this amount in gain on investment property transactions. Wildwood Associates ("Wildwood") – Wildwood is a 50 - 50 joint venture between the Company and IBM which owns undeveloped land in the Wildwood Office Park in Atlanta, Georgia. At December 31, 2019 , the Company’s investment in Wildwood was a credit balance of $521,000 . This credit balance resulted from cumulative distributions from Wildwood over time that exceeded the Company’s basis in its contributions, and represents deferred gain not recognized at venture formation. The assets of the venture in the above table include a cash balance of $38,000 at December 31, 2019 . In January 2020, the Company sold substantially all of its remaining interest in Wildwood to IBM for $900,000 and recognized a gain on the sale of $1.4 million , which included recognition of the remaining credit balance of $521,000 . Crawford Long—CPI, LLC ("Crawford Long" ) – Crawford Long is a 50 - 50 joint venture between the Company and Emory University that owns Emory University Hospital Midtown, a 358,000 square foot medical office building located in Atlanta, Georgia. Crawford Long has a $67.9 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 $4.5 million at December 31, 2019 . At December 31, 2019 , the Company's unconsolidated joint ventures had aggregate outstanding indebtedness to third parties of $165.0 million . These loans are mortgage or construction loans, most of which are non-recourse to the Company, except as described above. In addition, in certain instances, the Company provides “non-recourse carve-out guarantees” on these non-recourse loans. The Company recognized $7.1 million , $9.3 million , and $7.2 million of development, leasing, and management fees, including salary and expense reimbursements, from unconsolidated joint ventures in 2019 , 2018 , and 2017 , respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS At December 31, 2019 and 2018 , intangible assets included the following (in thousands): 2019 2018 In-place leases, net of accumulated amortization of $163,867 and $125,130 in 2019 and 2018, respectively $ 202,760 $ 105,964 Above-market tenant leases, net of accumulated amortization of $26,487 and $19,502 in 2019 and 2018, respectively 35,699 20,453 Below-market ground lease, net of accumulated amortization of $897 and $621 in 2019 and 2018, respectively 17,516 17,792 Goodwill 1,674 1,674 $ 257,649 $ 145,883 Aggregate net amortization expense related to intangible assets and liabilities was $45.6 million , $27.0 million , and $42.4 million for the years ended December 31, 2019 , 2018 , and 2017 , 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 2020 $ (19,379 ) $ (46 ) $ 276 $ 8,036 $ 54,126 $ 43,013 2021 (14,201 ) (46 ) 276 6,660 40,134 32,823 2022 (11,065 ) (46 ) 276 5,267 27,944 22,376 2023 (9,365 ) (46 ) 276 4,222 22,724 17,811 2024 (8,080 ) (46 ) 276 3,339 17,827 13,316 Thereafter (19,342 ) (1,443 ) 16,136 8,175 40,005 43,531 $ (81,432 ) $ (1,673 ) $ 17,516 $ 35,699 $ 202,760 $ 172,870 Weighted average remaining lease term 7 years 36 years 65 years 7 years 7 years 10 years The carrying amount of goodwill did not change during the years ended December 31, 2019 and 2018 . |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER ASSETS | OTHER ASSETS At December 31, 2019 and 2018 , other assets included the following (in thousands): 2019 2018 Predevelopment costs and earnest money $ 25,586 $ 8,249 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $29,131 and $25,193 in 2019 and 2018, respectively 17,791 14,942 Prepaid expenses and other assets 5,924 5,087 Lease inducements, net of accumulated amortization of $2,333 and $1,545 in 2019 and 2018, respectively 5,632 4,961 Line of credit deferred financing costs, net of accumulated amortization of $2,952 and $1,451 in 2019 and 2018, respectively 4,516 5,844 $ 59,449 $ 39,083 Predevelopment costs represent amounts that are capitalized related to predevelopment projects that the Company determined are probable of future development. Lease inducements are incentives paid to tenants in conjunction with leasing space, such as moving costs, sublease arrangements of prior space, and other costs. These amounts are amortized into rental revenues over the individual underlying lease terms. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at December 31, 2019 and 2018 (in thousands): Description Interest Rate Maturity 2019 2018 2019 Senior Notes, Unsecured 3.95% 2029 $ 275,000 $ — Credit Facility, Unsecured 2.81% 2023 251,500 — Term Loan, Unsecured 2.96% 2021 250,000 250,000 2017 Senior Notes, Unsecured 3.91% 2025 250,000 250,000 2019 Senior Notes, Unsecured 3.86% 2028 250,000 — Fifth Third Center 3.37% 2026 140,332 143,497 2019 Senior Notes, Unsecured 3.78% 2027 125,000 — Terminus 100 5.25% 2023 118,146 — Colorado Tower 3.45% 2026 117,085 119,427 2017 Senior Notes, Unsecured 4.09% 2027 100,000 100,000 Promenade 4.27% 2022 95,986 99,238 816 Congress 3.75% 2024 79,987 81,676 Terminus 200 3.79% 2023 76,079 — Legacy Union One 4.24% 2023 66,000 — Meridian Mark Plaza 6.00% 2020 22,978 23,524 $ 2,218,093 $ 1,067,362 Unamortized premium 11,239 — Unamortized loan costs (6,357 ) (4,792 ) Total Notes Payable $ 2,222,975 $ 1,062,570 Weighted average maturity of notes payable outstanding at December 31, 2019 was 5.5 years. Credit Facility The Company has a $1 billion senior unsecured line of credit (the "Credit Facility") that matures on January 3, 2023 . The Credit Facility contains financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 1.75 ; a fixed charge coverage ratio of at least 1.50 ; a secured leverage ratio of no more than 40% ; and an overall leverage ratio of no more than 60% . The Credit Facility also contains customary representations and warranties and affirmative and negative covenants, as well as customary events of default. The amounts outstanding under the Credit Facility may be accelerated upon the occurrence of any events of default. The interest rate applicable to the Credit Facility varies according to the Company's leverage ratio, and may, at the election of the Company, be determined based on either (1) the current LIBOR plus a spread of between 1.05% and 1.45% , or (2) the greater of Bank of America's prime rate, the federal funds rate plus 0.50% , or the one-month LIBOR plus 1.0% (the "Base Rate"), plus a spread of between 0.10% or 0.45% , based on leverage. At December 31, 2019 , the Credit Facility's spread over LIBOR was 1.05% . The amount that the Company may draw under the Credit Facility is a defined calculation based on the Company's unencumbered assets and other factors. The total available borrowing capacity under the Credit Facility was $748.5 million at December 31, 2019 . Term Loan The Company has a $250 million unsecured term loan (the "Term Loan") that matures on December 2, 2021. Through January 21, 2018, the Term Loan contained financial covenants substantially consistent with those of the Credit Facility. On January 22, 2018, the Term Loan was amended to make the financial covenants consistent with those of the 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 LIBOR plus a spread of between 1.20% and 1.70% , based on leverage or (2) the greater of Bank of America's prime rate , the federal funds rate plus 0.50% or the one-month LIBOR plus 1.00% (the “Base Rate”), plus a spread of between 0.00% and 0.75% , based on leverage. At December 31, 2019 , the Term Loan's spread over LIBOR was 1.20% . Unsecured Senior Notes In June 2019, the Company closed a $650 million private placement of unsecured senior notes, which were issued in three tranches. The first tranche of $125 million has an 8-year maturity and a fixed annual interest rate of 3.78% . The second tranche of $250 million has a 9-year maturity and a fixed annual interest rate of 3.86% . The third tranche of $275 million has a 10-year maturity and a fixed annual interest rate of 3.95% . The Company has two existing tranches of unsecured senior notes, totaling $350 million , that were funded in two tranches. The first tranche of $100 million is due in 2027 and has a fixed annual interest rate of 4.09% . The second tranche of $250 million is due in 2025 and has a fixed annual interest rate of 3.91% . The unsecured senior notes contain financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 1.75 ; a fixed charge coverage ratio of at least 1.50 ; an overall leverage ratio of no more than 60% ; and a secured leverage ratio of no more than 40% . The senior notes also contain customary representations and warranties and affirmative and negative covenants, as well as customary events of default. Mortgage Loan Information In connection with the purchase of its partner's interest in TOH, the Company consolidated TOH and recorded the assets and liabilities as fair value, including the venture's mortgage notes. Terminus 100 has a $118.1 million mortgage note, which is due in 2023 and has a 5.25% fixed rate. Terminus 200 has a $76.1 million mortgage note, which is due in 2023 and has a 3.79% fixed rate. In 2018, the Company repaid in full the $22.2 million The Pointe mortgage note, without penalty. As of December 31, 2019 , the Company had $716.6 million outstanding on eight non-recourse mortgage notes. Assets with depreciated carrying values of $1.1 billion were pledged as security on these mortgage notes payable. In February 2020, the Company prepaid in full the $23.0 million Meridian Mark Plaza mortgage note, without penalty. Debt Associated with the Merger In connection with the Merger, the Company assumed and immediately repaid $679.0 million in unsecured variable rate debt of TIER with proceeds from its Credit Facility. The Company also assumed the Legacy Union One mortgage loan with a $66.0 million principal balance and a fixed interest rate of 4.24% . Subsequent to the Merger, the Company repaid the majority of the Credit Facility borrowings related to the Merger with proceeds from the $650 million private placement of unsecured senior notes discussed above. Other Debt Information At December 31, 2019 and 2018 , the estimated fair value of the Company’s notes payable was $2.3 billion and $1.1 billion , respectively, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at December 31, 2019 and 2018 . 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, 2019 , 2018 , and 2017 , interest was recorded as follows (in thousands): 2019 2018 2017 Total interest incurred $ 65,182 $ 44,332 $ 42,767 Interest capitalized (11,219 ) (4,902 ) (9,243 ) Total interest expense $ 53,963 $ 39,430 $ 33,524 Debt Maturities Future principal payments due (including scheduled amortization payments and payments due upon maturity) on the Company's notes payable at December 31, 2019 are as follows (in thousands): 2020 $ 38,699 2021 266,369 2022 102,401 2023 504,655 2024 79,087 Thereafter 1,226,882 $ 2,218,093 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments The Company had no letters of credit outstanding at year end and outstanding performance bonds totaling $1.1 million at December 31, 2019 . As a lessor, the Company had a total of $ 205.4 million in future obligations under leases to fund tenant improvements and other future construction obligations at December 31, 2019 . As a lessee, the Company had future obligations for operating leases other than ground leases of $404,000 at December 31, 2019 . 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, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY In 2019, the Company issued 41.6 million shares of common stock in connection with the Merger. In 2017, the Company issued 6.3 million shares of common stock, resulting in gross proceeds to the Company of $ 212.9 million . The Company recorded $ 1.1 million in legal, accounting, and other expenses associated with the issuance resulting in net proceeds of $ 211.8 million . The Company used the net proceeds from this offering to reduce indebtedness. During the year ended December 31, 2017, certain holders of CPLP units redeemed 300,821 units in exchange for shares of the Company's common stock. The aggregate value at the time of these transactions was $ 10.1 million based upon the value of the Company's common stock at the time of the transactions. As of December 31, 2019 , the Company had 1.7 million shares of limited voting preferred stock outstanding. Each share of limited voting preferred stock has a par value of $1 per share and 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. 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 the Board of Directors. Distribution of REIT Taxable Income — The following reconciles dividends paid and dividends applied in 2019 , 2018 , and 2017 to meet REIT distribution requirements (in thousands): 2019 2018 2017 Common and preferred dividends $ 142,940 $ 107,167 $ 99,138 Dividends treated as taxable compensation (161 ) (150 ) (129 ) Dividends applied to meet current year REIT distribution requirements $ 142,779 $ 107,017 $ 99,009 Tax Status of Distributions — The following summarizes the components of the taxability of the Company’s common stock distributions for the years ended December 31, 2019 , 2018 , and 2017 : Total Ordinary Long-Term Unrecaptured Nondividend Distributions AMT Adjustment (2) 2019 $ 1.130000 $ 0.983133 $ 0.146867 $ — $ — $ — 2018 $ 1.020000 $ 1.005584 $ 0.014416 $ — $ — $ — 2017 $ 0.960000 $ 0.373248 $ 0.586752 $ 0.282088 $ — $ 0.071024 (1) Represents a portion of the dividend allocated to long-term capital gain. (2) The Company apportioned certain 2017 alternative minimum tax adjustments to its shareholders. Individual taxpayers should refer to Internal Revenue Service Form 6251, Alternative Minimum Tax - Individuals. Corporate taxpayers should refer to Internal Revenue Service Form 4626, Alternative Minimum Tax - Corporations. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION The Company categorizes its primary sources of revenue into revenue from contracts with customers and other revenue accounted for as leases under ASC 842 as follows: • Rental property revenues consist of (1) contractual revenues from leases recognized on a straight-line basis over the term of the respective lease; (2) percentage rents recognized once a specified sales target is achieved; (3) parking revenue; (4) termination fees; and (5) the reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses. The Company's leases typically include renewal options and are classified and accounted for as operating leases. Rental property revenues are accounted for in accordance with the guidance set forth in ASC 842. • Fee income consists of development fees, management fees, and leasing fees earned from unconsolidated joint ventures and from third parties. Fee income is accounted for in accordance with the guidance set forth in ASC 606. For the years ended December 31, 2019 , 2018 , and 2017 , the Company recognized rental property revenues of $628.8 million, $463.4 million , and $455.3 million , respectively, of which $176.6 million, $119.3 million , and $115.9 million , respectively, represented variable rental revenue. For the years ended December 31, 2019 , 2018 , and 2017 , the Company recognized fee and other revenue of $28.8 million, $11.8 million , and $10.9 million , respectively. The following tables set forth the future minimum rents to be received by consolidated entities under existing non-cancellable leases as of December 31, 2019 , accounted for in accordance with ASC 842 and as of December 31, 2018 , accounted for in accordance with ASC 840, respectively (in thousands): December 31, 2019 2020 $ 502,147 2021 487,815 2022 438,624 2023 401,363 2024 365,024 Thereafter 1,358,674 $ 3,553,647 December 31, 2018 2019 $ 328,607 2020 330,477 2021 314,410 2022 280,959 2023 256,233 Thereafter 1,115,490 $ 2,626,176 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION On April 23, 2019, the Company's stockholders approved the Cousins Properties Incorporated 2019 Omnibus Incentive Stock Plan (the "2019 Plan") which allows the Company to issue awards of stock options, stock grants, or stock appreciation rights to employees and directors. The 2019 Plan also allows the Company to issue awards to employees that are paid in cash or stock on the vesting date in an amount equal to the fair market value, as defined, of one share of the Company’s stock. As of December 31, 2019 , 3,714,993 shares were authorized to be awarded pursuant to the 2019 Plan. The Company also maintains the Cousins Properties Incorporated 2009 Incentive Stock Plan (the "2009 Plan") and the Cousins Properties Incorporated 2005 Restricted Stock Unit Plan (the “RSU Plan”), as amended, although no further issuances are permitted under the 2009 Plan or RSU Plan. Information on stock options, restricted stock, and restricted stock units granted to employees and directors is discussed below. Stock Options At December 31, 2019 , the Company had 66,999 stock options outstanding to key employees and outside directors, which are exercisable for common stock, all of which are fully vested. In 2019 , 2018 , and 2017 , there were no stock option grants to employees or directors, and the Company recognized no compensation expense related to stock options. During 2019 , the Company issued 10,451 shares for option exercises. During 2018, the Company issued 11,827 shares and paid $945,000 for option exercises. As of December 31, 2019 , the intrinsic value of the options outstanding and exercisable was $1.2 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, 2019 and 2018 , the weighted-average contractual lives for the options outstanding and exercisable were 0.6 years and 1.1 years, respectively. The following is a summary of stock option activity for the years ended December 31, 2019 , 2018 , and 2017 (options in thousands): Number of Options Weighted Average Exercise Price Per Option Outstanding at December 31, 2016 565 $ 43.28 Exercised (144 ) 30.04 Forfeited/Expired (189 ) 73.88 Outstanding at December 31, 2017 232 26.36 Exercised (114 ) 26.40 Forfeited/Expired (4 ) 74.88 Outstanding at December 31, 2018 114 24.00 Exercised (42 ) 25.59 Forfeited/Expired (5 ) 25.32 Outstanding at December 31, 2019 67 $ 23.13 Options Exercisable at December 31, 2019 67 $ 23.13 Restricted Stock In 2019 , 2018 , and 2017 , the Company issued 65,824 , 78,799 , and 77,072 shares, respectively, of restricted stock to employees, which vest ratably over three years from the issuance date. In 2019 , 2018 , and 2017 , the Company also issued 37,166 , 29,638 , and 30,219 shares, respectively, of stock to independent members of the board of directors which vested immediately on the issuance date. All shares of restricted stock receive dividends and have voting rights during the vesting period. The Company records restricted stock in common stock and additional paid-in capital at fair value on the grant date, with the offsetting deferred compensation also recorded in additional paid-in capital. The Company records compensation expense over the vesting period. Compensation expense related to restricted stock was $2.5 million , $2.3 million , and $2.0 million in 2019 , 2018 , and 2017 , respectively. As of December 31, 2019 , the Company had $2.7 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 1.7 years. The total fair value of the restricted stock which vested during 2019 , 2018 , and 2017 was $2.6 million , $2.3 million , and $2.0 million , respectively. The following table summarizes restricted stock activity for the years ended December 31, 2019 , 2018 , and 2017 (shares in thousands): Number of Shares Weighted-Average Grant Date Fair Value Non-vested restricted stock at December 31, 2016 117 $ 30.28 Granted 77 34.52 Vested (53 ) 30.00 Forfeited (2 ) 26.12 Non-vested restricted stock at December 31, 2017 139 31.72 Granted 78 34.04 Vested (64 ) 31.32 Forfeited (5 ) 32.88 Non-vested restricted stock at December 31, 2018 148 33.08 Granted 66 35.64 Vested (72 ) 34.09 Forfeited (1 ) 34.46 Non-vested restricted stock at December 31, 2019 141 $ 34.81 Restricted Stock Units During 2019 , 2018 , and 2017 , 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, 2019 are 92,649 , 110,488 , and 94,845 related to the 2019 , 2018 , and 2017 grants, respectively. The following table summarizes the performance-based RSU activity for the years ended December 31, 2019 , 2018 , and 2017 (in thousands): Outstanding at December 31, 2016 318 Granted 100 Vested (144 ) Forfeited (3 ) Outstanding at December 31, 2017 271 Granted 113 Vested (75 ) Forfeited (9 ) Outstanding at December 31, 2018 300 Granted 93 Vested (94 ) Forfeited (1 ) Outstanding at December 31, 2019 298 During 2019 , 2018 , and 2017 , the Company granted 42,809 , 4,459 , and 66,181 time-vested RSUs, respectively, to key employees. The vesting period for these awards is three years . The value of each unit is equal to the fair market value of one share of common stock. These RSUs are to be settled in cash with payment dependent upon the attainment of the required service criteria. Dividend equivalent units will be paid based on the number of RSUs granted. For the 2018 and 2017 time-vested RSU grants, these dividend payments have been and will continue to be made concurrently with the payment of common dividends. For the 2019 time-vested RSU grants, dividend equivalent units will be paid out at the time of vesting. The Company estimates future expense for all types of RSUs outstanding at December 31, 2019 to be $6.5 million (using stock prices and estimated target percentages as of December 31, 2019 ), which will be recognized over a weighted-average period of 1.1 years. During 2019 , total cash paid for all types of RSUs and related dividend payments was $6.1 million . During 2019 , 2018 , and 2017 , $9.9 million , $4.6 million , and $7.0 million , respectively, was recognized as compensation expense related to RSUs. |
Retirement Savings Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
RETIREMENT SAVINGS PLAN | RETIREMENT SAVINGS PLAN The Company maintains a defined contribution plan (the “Retirement Savings Plan”) pursuant to Section 401 of the Internal Revenue Code (the “Code”) which covers active regular employees. Employees are eligible to participate in the Retirement Savings Plan immediately upon hire, and pre-tax contributions are allowed up to the limits set by the Code. Through December 31, 2018, the Company matched up to 3% of an employee’s eligible pre-tax Retirement Savings Plan contributions up to certain Code limits, and employees vested in Company contributions over a three -year period. On January 1, 2019, the Company began contributing 3% of an employee's eligible compensation to the plan, which is fully vested after the employee has been with the company for two years . 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 $ 913,000 , $647,000 , and $764,000 to the Retirement Savings Plan for the 2019 , 2018 , and 2017 plan years, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The net income tax benefit differs from the amount computed by applying the statutory federal income tax rate to CTRS' income before taxes follows ($ in thousands): 2019 2018 2017 Amount Rate Amount Rate Amount Rate Federal income tax benefit (expense) $ (65 ) (21 )% $ 143 21 % $ 47 35 % State income tax benefit (expense), net of federal income tax effect (12 ) (4 )% 27 4 % 5 4 % Deferred tax adjustment 127 41 % Change in deferred tax assets as a result of change in tax law — — % — — % (340 ) (254 )% Valuation allowance (45 ) (15 )% (174 ) (26 )% 283 211 % Other (5 ) (1 )% 4 1 % 5 4 % Benefit applicable to income (loss) from continuing operations $ — — % $ — — % $ — — % The tax effect of significant temporary differences representing deferred tax assets and liabilities of CTRS as of December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 Income from unconsolidated joint ventures $ 27 $ 18 Federal and state tax carryforwards 702 763 Other 99 2 Total deferred tax assets 828 783 Valuation allowance (828 ) (783 ) 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, 2019 and 2018 the deferred tax asset of CTRS equaled $828,000 and $783,000 , respectively, with a valuation allowance placed against the full amount of each. The conclusion that a valuation allowance should be recorded as of December 31, 2019 and 2018 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 and 2017 (in thousands, except per share amounts): Year Ended December 31 2019 2018 2017 Earnings per common share - basic: Numerator: Net income $ 152,683 $ 80,765 $ 219,959 Net income attributable to noncontrolling interests in CPLP (1,952 ) (1,345 ) (3,681 ) Net income attributable to other noncontrolling interests (313 ) (256 ) (3 ) Net income available for common stockholders $ 150,418 $ 79,164 $ 216,275 Denominator: Weighted average common shares - basic 128,060 105,076 103,902 Net income per common share - basic $ 1.17 $ 0.75 $ 2.08 Earnings per common share - diluted: Numerator: Net income $ 152,683 $ 80,765 $ 219,959 Net income attributable to other noncontrolling interests (313 ) (256 ) (3 ) Net income available for common stockholders before net income attributable to noncontrolling interests in CPLP $ 152,370 $ 80,509 $ 219,956 Denominator: Weighted average common shares - basic 128,060 105,076 103,902 Add: Potential dilutive common shares - stock options 27 48 78 Weighted average units of CPLP convertible into common shares 1,744 1,744 1,844 Weighted average common shares - diluted 129,831 106,868 105,824 Net income per common share - diluted $ 1.17 $ 0.75 $ 2.08 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. As of December 31, 2017 , the number of anti-dilutive stock options was 6,000 , respectively. There were no anti-dilutive stock options outstanding as of December 31, 2019 and 2018 . |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Supplemental Information | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 , and 2017 is as follows (in thousands): 2019 2018 2017 Interest paid, net of amounts capitalized $ 38,062 $ 43,166 $ 30,572 Income taxes paid — — — Non-Cash Transactions: Non-cash assets and liabilities assumed in TIER transaction 1,512,373 — — Transfer from operating properties and related liabilities to assets and liabilities of real estate assets held for sale 318,516 — — Ground lease right-of-use assets and associated liabilities 56,294 — — Transfer from investment in unconsolidated joint venture to operating properties 50,781 — 68,498 Common stock dividends declared and accrued 42,559 27,326 25,202 Change in accrued property acquisition, development, and tenant asset expenditures 4,891 (18,104 ) 5,965 Non-cash consideration for property acquisition 10,071 — — Transfer from projects under development to operating properties — 325,490 58,928 Cumulative effect of change in accounting principle — 22,329 — Transfer from investment in unconsolidated joint ventures to projects under development — 7,025 — The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the balance sheet to cash, cash equivalents, and restricted cash in the statements of cash flows (in thousands): Year Ended December 31, 2019 2018 2017 Cash and cash equivalents $ 15,603 $ 2,547 $ 148,929 Restricted cash 2,005 148 56,816 Total cash, cash equivalents, and restricted cash $ 17,608 $ 2,695 $ 205,745 |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS The Company's segments are based on the method of internal reporting which classifies operations by property type and geographical area. The segments by property type are: Office and Mixed-Use. The segments by geographical region are: Atlanta, Austin, Charlotte, Phoenix, Tampa, Dallas, Orlando, and Other. In 2017, the Company sold its Orlando Properties. These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker based on similar economic characteristics that include the type of product and the geographical location. Each segment includes both consolidated operations and the Company's share of joint venture operations. Company management evaluates the performance of its reportable segments in part based on net operating income (“NOI”). NOI represents rental property revenues, less termination fee income, 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 net income available to common stockholders to NOI is as follows (in thousands): Year Ended December 31, 2019 Office Mixed-Use Total Net Operating Income: Atlanta $ 158,093 $ (48 ) $ 158,045 Austin 93,311 — 93,311 Charlotte 77,082 — 77,082 Phoenix 37,247 — 37,247 Tampa 33,586 — 33,586 Dallas 7,473 — 7,473 Other 21,939 3,107 25,046 Total Net Operating Income $ 428,731 $ 3,059 $ 431,790 Year Ended December 31, 2018 Office Mixed-Use Total Net Operating Income: Atlanta $ 131,564 $ — $ 131,564 Charlotte 62,812 — 62,812 Austin 60,474 — 60,474 Phoenix 36,875 — 36,875 Tampa 30,514 — 30,514 Other 1,581 2,243 3,824 Total Net Operating Income $ 323,820 $ 2,243 $ 326,063 Year Ended December 31, 2017 Office Mixed-Use Total Net Operating Income: Atlanta $ 109,706 $ 3,278 $ 112,984 Charlotte 62,708 — 62,708 Austin 58,648 — 58,648 Phoenix 34,074 — 34,074 Tampa 29,426 — 29,426 Orlando 13,029 — 13,029 Other 1,632 705 2,337 Total Net Operating Income $ 309,223 $ 3,983 $ 313,206 The following reconciles Net Income to Net Operating Income for each of the periods presented (in thousands): Year Ended December 31, 2019 2018 2017 Net income $ 152,683 $ 80,765 $ 219,959 Net operating income from unconsolidated joint ventures 32,413 28,888 31,053 Fee income (28,518 ) (10,089 ) (8,632 ) Termination fee income (7,228 ) (1,548 ) (9,270 ) Other income (246 ) (1,722 ) (2,248 ) Reimbursed expenses 4,004 3,782 3,527 General and administrative expenses 37,007 22,040 27,523 Interest expense 53,963 39,430 33,524 Depreciation and amortization 257,149 181,382 196,745 Acquisition and transaction costs 52,881 248 1,661 Other expenses 1,109 556 1,796 Gain on extinguishment of debt — (8 ) (2,258 ) Income from unconsolidated joint ventures (12,666 ) (12,224 ) (47,115 ) Gain on sale of investment properties (110,761 ) (5,437 ) (133,059 ) Net Operating Income $ 431,790 $ 326,063 $ 313,206 Revenues by reportable segment, including a reconciliation to total rental property revenues on the consolidated statements of operations for years ended December 31, 2019 , 2018 , and 2017 are as follows (in thousands): Year Ended December 31, 2019 Office Mixed-Use Total Revenues: Atlanta $ 242,209 $ 8 $ 242,217 Austin 160,196 — 160,196 Charlotte 120,214 — 120,214 Tampa 54,216 — 54,216 Phoenix 51,586 — 51,586 Dallas 9,421 — 9,421 Other 38,732 4,630 43,362 Total segment revenues 676,574 4,638 681,212 Less: Company's share of rental property revenues from unconsolidated joint ventures (47,823 ) (4,638 ) (52,461 ) Total rental property revenues $ 628,751 $ — $ 628,751 Year Ended December 31, 2018 Office Mixed-Use Total Revenues: Atlanta $ 206,692 $ — $ 206,692 Austin 104,817 — 104,817 Charlotte 92,398 — 92,398 Phoenix 51,238 — 51,238 Tampa 49,822 — 49,822 Other 2,207 3,724 5,931 Total segment revenues 507,174 3,724 510,898 Less: Company's share of rental property revenues from unconsolidated joint ventures (43,773 ) (3,724 ) (47,497 ) Total rental property revenues $ 463,401 $ — $ 463,401 Year Ended December 31, 2017 Office Mixed-Use Total Revenues: Atlanta $ 180,497 $ 5,237 $ 185,734 Austin 101,222 — 101,222 Charlotte 92,242 — 92,242 Phoenix 51,209 — 51,209 Tampa 47,402 — 47,402 Orlando 24,973 — 24,973 Other 3,053 999 4,052 Total segment revenues 500,598 6,236 506,834 Less: Company's share of rental property revenues from unconsolidated joint ventures (45,293 ) (6,236 ) (51,529 ) Total rental property revenues $ 455,305 $ — $ 455,305 |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2019 ($ 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 2018 Statement of Operations is Computed (c) OPERATING PROPERTIES The Domain $ — $ 52,511 $ 617,001 $ — $ 3,958 $ 52,511 $ 620,959 $ 673,470 $ 10,996 — 2019 40 years Austin, TX Terminus 194,225 49,345 410,826 — 6,592 49,345 417,418 466,763 4,028 — 2019 40 years Atlanta, GA Northpark — 22,350 295,825 — 66,375 22,350 362,200 384,550 70,498 — 2014 39 years Atlanta, GA Corporate Center — 7,298 272,148 17,566 47,407 24,864 319,555 344,419 39,254 — 2016 40 years Tampa, FL Spring & 8th — 28,131 — 426 301,596 28,557 301,596 330,153 19,008 2015 2015 40 years Atlanta, GA Hayden Ferry — 13,102 262,578 (252 ) 24,476 12,850 287,054 299,904 38,320 — 2016 40 years Phoenix, AZ Buckhead Plaza — 35,064 234,111 — 10,070 35,064 244,181 279,245 30,028 — 2016 40 years Atlanta, GA The Terrace — 27,360 247,226 — 2,571 27,360 249,797 277,157 4,992 — 2019 40 years Austin, TX One Eleven Congress — 33,841 201,707 — 30,938 33,841 232,645 266,486 26,574 — 2016 40 years Austin, TX Bank of America Plaza — 32,091 229,840 (147 ) 4,059 31,944 233,899 265,843 8,030 — 2019 40 years Charlotte, NC Briarlake Plaza — 33,486 196,915 — 2,855 33,486 199,770 233,256 4,692 — 2019 40 years Houston, TX Fifth Third Center 140,332 22,591 180,430 — 21,404 22,591 201,834 224,425 39,706 — 2014 40 years Charlotte, NC San Jacinto Center — 34,068 176,535 (579 ) 14,237 33,489 190,772 224,261 20,507 — 2016 40 years Austin, TX 3344 Peachtree — 16,110 176,153 — 20,425 16,110 196,578 212,688 23,418 — 2016 40 years Atlanta, GA Promenade 95,986 13,439 102,790 — 47,224 13,439 150,014 163,453 55,183 — 2011 34 years Atlanta, GA 816 Congress $ 79,987 $ 6,817 $ 89,891 $ 20,682 $ 27,198 $ 27,499 $ 117,089 $ 144,588 $ 30,234 — 2013 42 years Austin, TX Colorado Tower 117,085 1,600 — 20,607 120,902 22,207 120,902 143,109 31,909 2013 2013 30 years Austin, TX Legacy Union One 66,000 13,049 128,740 — — 13,049 128,740 141,789 2,679 — 2019 40 years Dallas, GA 3350 Peachtree — 16,836 108,177 — 9,276 16,836 117,453 134,289 14,086 — 2016 40 years Atlanta, GA Burnett Plaza — 28,756 90,104 (281 ) 1,611 28,475 91,715 120,190 2,633 — 2019 40 years Fort Worth, TX NASCAR Plaza — 51 115,238 — 3,213 51 118,451 118,502 15,325 — 2016 40 years Charlotte, NC Tempe Gateway — 5,893 95,130 — 6,542 5,893 101,672 107,565 12,089 — 2016 40 years Phoenix, AZ Domain Point — 17,349 71,599 — 236 17,349 71,835 89,184 1,725 — 2019 40 years Austin, TX 1200 Peachtree — 19,495 62,836 — — 19,495 62,836 82,331 1,333 — 2019 40 years Atlanta, GA 111 West Rio — 6,076 56,647 (127 ) 16,964 5,949 73,611 79,560 7,271 — 2017 40 years Phoenix, AZ 3348 Peachtree — 6,707 69,723 — 2,412 6,707 72,135 78,842 9,584 — 2016 40 years Atlanta, GA 8000 Avalon — 4,130 — 72 72,953 4,202 72,953 77,155 7,177 2016 2016 40 years Atlanta, GA 5950 Sherry Lane — 8,040 65,919 — 1,077 8,040 66,996 75,036 1,481 — 2019 40 years Dallas, GA The Pointe — 9,404 54,694 — 5,954 9,404 60,648 70,052 8,881 — 2016 40 years Tampa, FL Harborview Plaza — 10,800 39,136 — 7,979 10,800 47,115 57,915 5,767 — 2016 40 years Tampa, FL Research Park V — 4,373 — 801 42,390 5,174 42,390 47,564 7,798 2014 1998 30 years Austin, TX Meridian Mark Plaza 22,978 2,219 — — 30,500 2,219 30,500 32,719 21,933 1997 1997 30 years Atlanta, GA Total Operating Properties 716,593 582,382 4,651,919 58,768 953,394 641,150 5,605,313 6,246,463 577,139 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 2018 Statement of Operations is Computed (c) HELD FOR SALE Hearst Tower $ — $ 9,977 $ 323,299 $ — $ 28,455 $ 9,977 $ 351,754 $ 361,731 $ 44,478 2013 2013 Charlotte, NC Woodcrest — 2,280 18,636 — 2,002 2,280 20,638 22,918 — — 2019 Cherry Hill, NJ Total Properties Held for Sale — 12,257 341,935 — 30,457 12,257 372,392 384,649 44,478 PROJECTS UNDER DEVELOPMENT Domain 12 — 12,725 138,148 — 21,100 12,725 159,248 171,973 — 2019 2019 Austin, TX Domain 10 — 11,975 101,565 — 35,012 11,975 136,577 148,552 — 2019 2019 Austin, TX 10000 Avalon — 5,819 — 3 83,750 5,822 83,750 89,572 — 2018 2016 Suburban Atlanta, GA Total Projects Under Development — 30,519 239,713 3 139,862 30,522 379,575 410,097 — LAND Legacy Union 2 & 3 — 22,724 — — — 22,724 — 22,724 — — 2019 Dallas, GA Domain 14 & 15 — 21,000 — — — 21,000 — 21,000 — — 2019 Austin, TX 100 Mill — 19,506 — — — 19,506 — 19,506 — — 2018 Phoenix, AZ Domain 9 — 16,640 — — — 16,640 — 16,640 — — 2019 Austin, TX 901 West Peachtree — 11,883 — 3,741 — 15,624 — 15,624 — — 2018 Atlanta, GA 3354 Peachtree — 13,410 — — — 13,410 — 13,410 — — 2019 Atlanta, GA Burnett Plaza - Adjacent Land — 3,900 — — — 3,900 — 3,900 — — 2019 Fort Worth, TX The Avenue Forsyth - Adjacent Land — 11,240 — (7,540 ) — 3,700 — 3,700 — — 2007 Suburban Atlanta, GA Corporate Center 5 — — — 356 — 356 — 356 — — 2019 Tampa, FL Total Commercial Land — 120,303 — (3,443 ) — 116,860 — 116,860 — Total Properties $ 716,593 $ 745,461 $ 5,233,567 $ 55,328 $ 1,123,713 $ 800,789 $ 6,357,280 $ 7,158,069 $ 621,617 COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2019 (in thousands) NOTES: (a) Reconciliations of total real estate carrying value and accumulated depreciation for the three years ended December 31, 2019 are as follows: Real Estate Accumulated Depreciation 2019 2018 2017 2019 2018 2017 Balance at beginning of period $ 4,121,286 $ 3,893,799 $ 3,814,986 $ 421,495 $ 275,977 $ 215,856 Additions during the period: TIER merger 2,222,989 — — — — — Acquisitions 542,502 48,920 62,723 — — — Improvements and other capitalized costs 271,720 178,567 303,940 — — — Depreciation expense — — — 200,122 145,518 101,720 Total Additions 3,037,211 227,487 366,663 200,122 145,518 101,720 Deductions during the period: Cost of real estate sold (428 ) — (287,850 ) — — (41,599 ) Total Deductions (428 ) — (287,850 ) — — (41,599 ) Balance at end of period $ 7,158,069 $ 4,121,286 $ 3,893,799 $ 621,617 $ 421,495 $ 275,977 (b) The aggregate cost for federal income tax purposes, net of depreciation, was $4.9 billion (unaudited) at December 31, 2019 . (c) Buildings and improvements are depreciated over 30 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 Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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. On June 14, 2019, the Company restated and amended its articles of incorporation to effect a reverse stock split of the issued and outstanding shares of its common and preferred stock pursuant to which (1) each four shares of the Company's issued and outstanding common stock were combined into one share of the Company's common or preferred stock, respectively, and (2) the authorized number of the Company's common stock was proportionally reduced to 175 million shares. Fractional shares of common stock resulting from the reverse stock split were settled in cash. Preferred stock was redeemed with each four shares combined into one share; fractional shares of preferred stock were redeemed without payout. Immediately thereafter, the Company further amended its articles of incorporation to increase the number of authorized shares of its common stock from 175 million to 300 million shares. All shares of common stock, stock options, restricted stock units, and per share information presented in the consolidated financial statements have been adjusted to reflect the reverse stock split on a retroactive basis for all periods presented. For the three years ended December 31, 2019 , there were no items of other comprehensive income. Therefore, the Company did not present comprehensive income. Additionally, certain subtotals within the consolidated statements of operations for the years ended December 31, 2018 and 2017 were removed to conform to the current period presentation. On January 1, 2019, the Company began recording lease termination fees in rental property revenues on the consolidated statements of operations as a result of the adoption of Accounting Standards Update ("ASU") 2016-02, "Leases," ("ASC 842"). The prior period amounts, which were included in other revenues, were reclassified to conform to the current period presentation. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards : On January 1, 2019, the Company adopted ASC 842, which amended the previous standard for lease accounting by requiring lessees to record most leases on their balance sheets and by making targeted changes to lessor accounting and reporting. The new standard requires lessees to record a right-of-use asset and a lease liability for leases and classify such leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase of the leased asset by the lessee. The classification of the leases determines 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). The new standard also revised the treatment of indirect leasing costs and permits the capitalization and amortization of direct leasing costs only. For the years ended December 31, 2018 and 2017, the Company capitalized $3.8 million and $3.0 million of indirect leasing costs, respectively. The Company adopted the following optional practical expedients provided in ASC 842: • no reassessment of any expired or existing contracts to determine if they contain a lease; • no reassessment of initial direct costs for any existing leases; • no recognition of right-of-use assets and lease liabilities for leases with a term of one year or less; • no separate classification and disclosure of non-lease components of revenue in lease contracts from the related lease components provided certain conditions are met; and • no reassessment of the lease classification. For those leases where the Company was the lessee, specifically ground leases, the adoption of ASC 842 required the Company to record a right-of-use asset and a lease liability in the amount of $56.3 million on the condensed consolidated balance sheet. In calculating the right of use asset and lease liability, the Company used a weighted average discount rate of 4.49% , which represented the Company's incremental borrowing rate related to the ground lease assets as of January 1, 2019. Ground leases executed before the adoption of ASC 842 are accounted for as operating leases and did not result in a materially different ground lease expense. However, most ground leases executed after the adoption of ASC 842 are expected to be accounted for as finance leases, which will result in ground lease expense being recorded using the effective interest method instead of the straight-line method over the term of the lease, resulting in higher expense associated with the ground lease in the earlier years of a ground lease when compared to the straight line method. The Company used the "modified retrospective" method upon adoption of ASC 842, which permitted application of the new standard on the adoption date as opposed to the earliest comparative period presented in its financial statements. For additional disclosures, see note 6 "Leases" and note 14 "Revenue Recognition" On January 1, 2018, the Company adopted ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05"). As a result of the adoption of ASU 2017-05, the Company recorded a cumulative effect from change in accounting principle, which credited distributions in excess of cumulative net income by $22.3 million . This cumulative effect adjustment resulted from the 2013 transfer of a wholly-owned property to an entity in which it had a noncontrolling interest. |
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. 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 30 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, 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 evaluates all real estate acquisitions to determine if the transactions qualify as an acquisition of assets or of a business within the framework of ASU 2017-01 and guidance in ASC 805. If the Company determines that substantially all of the fair value is concentrated in a single identifiable asset or group of similar assets, the Company will account for the acquisition as an acquisition of assets and not a business. If the Company determines that there is no single or group of assets that make up substantially all of the fair value of assets acquired, the Company must determine whether the acquired set of assets includes an input and substantial processes which create an output. Based on the facts of the transactions and guidance in ASC 805, if the Company determines that an input and substantial processes that create an output are present, the Company will account for the acquisition as an acquisition of a business. For acquisitions that are accounted for as an acquisition of an asset, the Company records the acquired tangible and intangible assets and assumed liabilities based on each asset and liability's relative fair value at the acquisition date to the total purchase price plus capitalized acquisition costs. For acquisitions that are accounted for as an acquisition of a business, the Company records the acquired tangible and intangible assets and assumed liabilities 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 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. |
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, if any, 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 at 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. The Company records the costs of the tenant improvements, including costs paid for or reimbursed by the tenants, as an asset. The Company records deferred revenue for the portion of tenant improvements funded or reimbursed by tenants and amortizes this amount on a straight-line basis into rental income over the term of the related lease. As of December 31, 2019 and 2018, the Company had unamortized deferred income related to tenant funded tenant improvements of $17.8 million and $16.2 million, respectively, included in deferred income on the consolidated balance sheets. Certain 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 2019 , 2018 , and 2017 , the Company recognized $122.4 million , $79.8 million , and $67.2 million , respectively, in revenues 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 as it satisfies the related performance obligations under the respective contracts. The Company recognizes development and leasing fees received from unconsolidated joint ventures and related salaries and other direct costs incurred by the Company as income and expense based on the percentage of the joint venture which the Company does not own. Correspondingly, the Company adjusts its investment in unconsolidated joint ventures when fees are paid to the Company by a joint venture in which the Company has an ownership interest. Gain on Investment Property Transactions : Through December 31, 2017, the Company recognized gains or losses on sale of investment property when the sale of a property was consummated, the buyer’s initial and continuing investment was adequate to demonstrate commitment to pay, any receivable obtained was not subject to future subordination, the usual risks and rewards of ownership were transferred, and the Company had no substantial continuing involvement with the property. If the Company had a commitment to the buyer and that commitment was a specific dollar amount, this commitment was accrued and the gain on sale that the Company recognized was reduced. If the Company had a construction commitment to the buyer, management made an estimate of this commitment, deferred a portion of the profit from the sale, and recognized the deferred profit when the commitment was fulfilled. Beginning January 1, 2018, in connection with the adoption of ASC 606, the Company recognizes a gain on the sale of investment property at the time the buyer obtains control of the investment property. If the Company maintains any continuing involvement with the investment property, that continuing involvement is considered to be one or more additional performance obligations and additional gains or losses will be recognized as these performance obligations are satisfied. |
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 The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company 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 the Company's REIT status. As a REIT, the Company generally will not be subject to federal income tax at the corporate level on the taxable income it distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. The Company 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. |
Earnings per Share | Earnings per Share Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period, including nonvested restricted stock which has nonforfeitable dividend rights. Net income per share-diluted is calculated as net income available to common stockholders plus noncontrolling interests in CPLP divided by the diluted weighted average number of common shares outstanding during the period. Diluted weighted average number of common shares uses the same weighted average share number as in the basic calculation and adds the potential dilution that would occur if the outside units in CPLP were converted into the Company's common stock and stock options (or any other contracts to issue common stock) were exercised and resulted in additional common shares outstanding, calculated using the treasury stock method. Stock options are dilutive when the average market price of the Company’s stock during the period exceeds the option exercise price. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include unrestricted cash and highly-liquid money market instruments. Highly-liquid money market instruments include securities and repurchase agreements with original maturities of three months or less , money market mutual funds, and United States Treasury Bills with maturities of 30 days or less |
Restricted Cash | Restricted Cash |
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 and Mixed-Use. The segments by geographical region are: Atlanta, Austin, Charlotte, Phoenix, Tampa, Dallas, Orlando, and Other. In 2017, the Company sold its Orlando Properties. These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker based on similar economic characteristics that include the type of product and the geographical location. Each segment includes both consolidated operations and the Company's share of joint venture operations. Company management evaluates the performance of its reportable segments in part based on net operating income (“NOI”). NOI represents rental property revenues, less termination fee income, 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. |
Transactions With Tier Reit, _2
Transactions With Tier Reit, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of purchase price allocation | The purchase price was allocated as follows (in thousands): Real estate assets $ 2,202,073 Real estate assets held for sale 20,835 Cash and cash equivalents 84,042 Restricted cash 1,947 Notes and other receivables 8,278 Investment in unconsolidated joint ventures 331 Intangible assets 141,184 Other assets 10,040 2,468,730 Notes payable 747,549 Accounts payable and accrued expenses 53,321 Deferred income 8,388 Intangible liabilities 47,988 Other liabilities 7,793 Nonredeemable noncontrolling interests 5,329 870,368 Total purchase price $ 1,598,362 |
Unaudited supplemental pro forma information | The supplemental pro forma information is not necessarily indicative of future results, or of actual results, that would have been achieved had the Merger been consummated at the beginning of the period. Year ended December 31, 2019 2018 (unaudited, in thousands) Revenues $ 750,080 $ 702,463 Net income 232,136 28,064 Net income available to common stockholders 229,503 27,742 |
Real Estate Transactions (Table
Real Estate Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Properties sold that qualify as discontinued operations | The Company had no dispositions of operating properties in 2019 or 2018 . The Company sold the following properties in 2017 ($ in thousands): Property Property Type Location Square Feet Sales Price American Cancer Society Center Office Atlanta, GA 996,000 $ 166,000 Bank of America Center, One Orlando Centre, -- and Citrus Center Office Orlando, FL 1,038,000 $ 208,100 |
Schedule of assets and liabilities of properties held for sale | The major classes of assets and liabilities of these properties held for sale were as follows (in thousands): Real estate assets and other assets held for sale Operating properties, net of accumulated depreciation of $44,478 $ 340,171 Notes and accounts receivable 5,520 Deferred rents receivable 5,745 Intangible assets, net of accumulated amortization of $16,615 8,657 Other assets 489 $ 360,582 Liabilities of real estate assets held for sale Accounts payable and accrued expenses $ 12,497 Deferred income 2,638 Intangible liabilities, net of accumulated amortization of $7,771 5,471 Other liabilities 625 $ 21,231 |
Schedule of property acquired | The Company accounted for these transactions as an acquisition of assets and the following table summarizes the allocation of the purchase price of these properties (in thousands): 1200 Peachtree Terminus Tangible assets: Building and improvements $ 62,836 $ 410,826 Land and improvements 19,495 49,345 Tangible assets 82,331 460,171 Intangible assets: In-place leases 9,969 24,674 Above market leases — 7,193 Intangible assets 9,969 31,867 Intangible liabilities: Below market leases — 4,745 Intangible liabilities — 4,745 Total net assets acquired $ 92,300 $ 487,293 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Payments on Operating Ground Leases, ASC 842 | The following table represents the undiscounted cash flows of our scheduled obligations for future minimum payments for ground leases as of December 31, 2019 , with a reconciliation of these cash flows to the related ground lease liabilities in accordance with ASC 842 (in thousands): Operating Ground Leases Finance Ground Leases 2020 $ 3,175 $ 462 2021 2,959 6,562 2022 2,672 162 2023 2,614 162 2024 2,497 162 Thereafter 200,107 3,676 $ 214,024 $ 11,186 Discount (154,645 ) (1,456 ) Lease liability $ 59,379 $ 9,730 |
Schedule of Future Minimum Payments on Finance Ground Leases, ASC 842 | The following table represents the undiscounted cash flows of our scheduled obligations for future minimum payments for ground leases as of December 31, 2019 , with a reconciliation of these cash flows to the related ground lease liabilities in accordance with ASC 842 (in thousands): Operating Ground Leases Finance Ground Leases 2020 $ 3,175 $ 462 2021 2,959 6,562 2022 2,672 162 2023 2,614 162 2024 2,497 162 Thereafter 200,107 3,676 $ 214,024 $ 11,186 Discount (154,645 ) (1,456 ) Lease liability $ 59,379 $ 9,730 |
Schedule of Future Minimum Payments on Operating Ground Leases, ASC 840 | The following table represents undiscounted cash flows of our scheduled obligations for future minimum payments on ground leases as of December 31, 2018, in accordance with ASC 840 (in thousands): Operating Ground Leases Finance Ground Leases 2019 $ 2,441 $ 462 2020 2,460 462 2021 2,497 6,562 2022 2,497 162 2023 2,497 162 Thereafter 202,603 3,838 $ 214,995 $ 11,648 |
Schedule of Future Minimum Payments on Finance Ground Leases, ASC 840 | The following table represents undiscounted cash flows of our scheduled obligations for future minimum payments on ground leases as of December 31, 2018, in accordance with ASC 840 (in thousands): Operating Ground Leases Finance Ground Leases 2019 $ 2,441 $ 462 2020 2,460 462 2021 2,497 6,562 2022 2,497 162 2023 2,497 162 Thereafter 202,603 3,838 $ 214,995 $ 11,648 |
Notes and Accounts Receivable (
Notes and Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Components of notes and accounts receivables | At December 31, 2019 and 2018 , notes and accounts receivables included the following (in thousands): 2019 2018 Notes receivable $ 356 $ 453 Tenant and other receivables 23,324 13,368 $ 23,680 $ 13,821 |
Investment in Unconsolidated _2
Investment in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 (in thousands). The information included in the summary of operations table is for the years ended December 31, 2019 , 2018 , and 2017 (in thousands). Total Assets Total Debt Total Equity (Deficit) Company's Investment SUMMARY OF FINANCIAL POSITION 2019 2018 2019 2018 2019 2018 2019 2018 DC Charlotte Plaza LLLP $ 179,694 $ 155,530 $ — $ — $ 90,373 $ 88,922 $ 48,058 $ 46,554 Austin 300 Colorado Project, LP 112,630 51,180 21,430 — 68,101 41,298 36,846 22,335 Carolina Square Holdings LP 114,483 106,187 75,662 74,638 25,184 28,844 14,414 16,840 AMCO 120 WT Holdings, LLC 77,377 36,680 — — 70,696 31,372 13,362 5,538 HICO Victory Center LP 16,045 15,069 — — 15,353 14,801 10,373 10,003 Charlotte Gateway Village, LLC 109,675 112,553 — — 106,651 109,666 6,718 8,225 Terminus Office Holdings LLC — 258,060 — 198,732 — 50,539 — 48,571 Wildwood Associates 11,061 11,157 — — 10,978 11,108 (521 ) (1) (460 ) (1) Crawford Long - CPI, LLC 28,459 26,429 67,947 69,522 (40,250 ) (44,146 ) (19,205 ) (1) (21,071 ) (1) Other 8,879 6,359 — — 7,318 6,023 4,113 3,841 $ 658,303 $ 779,204 $ 165,039 $ 342,892 $ 354,404 $ 338,427 $ 114,158 $ 140,376 Total Revenues Net Income (Loss) Company's Share of Net Income (Loss) SUMMARY OF OPERATIONS 2019 2018 2017 2019 2018 2017 2019 2018 2017 Charlotte Gateway Village, LLC $ 27,708 $ 26,932 $ 26,465 $ 10,285 $ 10,285 $ 9,528 $ 5,143 $ 5,143 $ 4,764 DC Charlotte Plaza LLLP 15,636 — 2 5,894 — 2 2,947 (1 ) 1 Terminus Office Holdings LLC 34,964 44,429 43,959 4,962 5,506 6,307 2,381 2,755 3,153 Crawford Long - CPI, LLC 12,664 12,383 12,079 3,897 3,446 3,171 1,866 1,641 1,572 HICO Victory Center LP 513 400 429 513 400 431 276 219 225 Carolina Square Holdings LP 12,344 10,686 2,701 470 (169 ) (532 ) 133 (275 ) 522 Austin 300 Colorado Project, LP 422 487 — 199 220 — 100 110 — Wildwood Associates — — — (100 ) (1,140 ) (116 ) (50 ) 2,723 (58 ) AMCO 120 WT Holdings, LLC 40 — — (341 ) 38 58 (68 ) — — Other (2) 180 198 25,029 (94 ) (3,234 ) 59,095 (62 ) (91 ) 36,936 $ 104,471 $ 95,515 $ 110,664 $ 25,685 $ 15,352 $ 77,944 $ 12,666 $ 12,224 $ 47,115 (1) Negative balances are included in deferred income on the consolidated balance sheets. (2) Revenues in 2017 primarily relate to a joint venture acquired in the transactions with Parkway Properties, Inc. and sold during the year. Net income and Company's share of net income in 2017 primarily relate to the sale of the Emory Point properties. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of intangible assets | At December 31, 2019 and 2018 , intangible assets included the following (in thousands): 2019 2018 In-place leases, net of accumulated amortization of $163,867 and $125,130 in 2019 and 2018, respectively $ 202,760 $ 105,964 Above-market tenant leases, net of accumulated amortization of $26,487 and $19,502 in 2019 and 2018, respectively 35,699 20,453 Below-market ground lease, net of accumulated amortization of $897 and $621 in 2019 and 2018, respectively 17,516 17,792 Goodwill 1,674 1,674 $ 257,649 $ 145,883 |
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 2020 $ (19,379 ) $ (46 ) $ 276 $ 8,036 $ 54,126 $ 43,013 2021 (14,201 ) (46 ) 276 6,660 40,134 32,823 2022 (11,065 ) (46 ) 276 5,267 27,944 22,376 2023 (9,365 ) (46 ) 276 4,222 22,724 17,811 2024 (8,080 ) (46 ) 276 3,339 17,827 13,316 Thereafter (19,342 ) (1,443 ) 16,136 8,175 40,005 43,531 $ (81,432 ) $ (1,673 ) $ 17,516 $ 35,699 $ 202,760 $ 172,870 Weighted average remaining lease term 7 years 36 years 65 years 7 years 7 years 10 years |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of other assets | At December 31, 2019 and 2018 , other assets included the following (in thousands): 2019 2018 Predevelopment costs and earnest money $ 25,586 $ 8,249 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $29,131 and $25,193 in 2019 and 2018, respectively 17,791 14,942 Prepaid expenses and other assets 5,924 5,087 Lease inducements, net of accumulated amortization of $2,333 and $1,545 in 2019 and 2018, respectively 5,632 4,961 Line of credit deferred financing costs, net of accumulated amortization of $2,952 and $1,451 in 2019 and 2018, respectively 4,516 5,844 $ 59,449 $ 39,083 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of terms of notes payable | The following table summarizes the terms of notes payable outstanding at December 31, 2019 and 2018 (in thousands): Description Interest Rate Maturity 2019 2018 2019 Senior Notes, Unsecured 3.95% 2029 $ 275,000 $ — Credit Facility, Unsecured 2.81% 2023 251,500 — Term Loan, Unsecured 2.96% 2021 250,000 250,000 2017 Senior Notes, Unsecured 3.91% 2025 250,000 250,000 2019 Senior Notes, Unsecured 3.86% 2028 250,000 — Fifth Third Center 3.37% 2026 140,332 143,497 2019 Senior Notes, Unsecured 3.78% 2027 125,000 — Terminus 100 5.25% 2023 118,146 — Colorado Tower 3.45% 2026 117,085 119,427 2017 Senior Notes, Unsecured 4.09% 2027 100,000 100,000 Promenade 4.27% 2022 95,986 99,238 816 Congress 3.75% 2024 79,987 81,676 Terminus 200 3.79% 2023 76,079 — Legacy Union One 4.24% 2023 66,000 — Meridian Mark Plaza 6.00% 2020 22,978 23,524 $ 2,218,093 $ 1,067,362 Unamortized premium 11,239 — Unamortized loan costs (6,357 ) (4,792 ) Total Notes Payable $ 2,222,975 $ 1,062,570 Weighted average maturity of notes payable outstanding at December 31, 2019 was 5.5 years. |
Summary of interest recorded | For the years ended December 31, 2019 , 2018 , and 2017 , interest was recorded as follows (in thousands): 2019 2018 2017 Total interest incurred $ 65,182 $ 44,332 $ 42,767 Interest capitalized (11,219 ) (4,902 ) (9,243 ) Total interest expense $ 53,963 $ 39,430 $ 33,524 |
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, 2019 are as follows (in thousands): 2020 $ 38,699 2021 266,369 2022 102,401 2023 504,655 2024 79,087 Thereafter 1,226,882 $ 2,218,093 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of distribution of taxable income | The following reconciles dividends paid and dividends applied in 2019 , 2018 , and 2017 to meet REIT distribution requirements (in thousands): 2019 2018 2017 Common and preferred dividends $ 142,940 $ 107,167 $ 99,138 Dividends treated as taxable compensation (161 ) (150 ) (129 ) Dividends applied to meet current year REIT distribution requirements $ 142,779 $ 107,017 $ 99,009 |
Summary of components of the taxability of the Company's dividends | The following summarizes the components of the taxability of the Company’s common stock distributions for the years ended December 31, 2019 , 2018 , and 2017 : Total Ordinary Long-Term Unrecaptured Nondividend Distributions AMT Adjustment (2) 2019 $ 1.130000 $ 0.983133 $ 0.146867 $ — $ — $ — 2018 $ 1.020000 $ 1.005584 $ 0.014416 $ — $ — $ — 2017 $ 0.960000 $ 0.373248 $ 0.586752 $ 0.282088 $ — $ 0.071024 (1) Represents a portion of the dividend allocated to long-term capital gain. (2) The Company apportioned certain 2017 alternative minimum tax adjustments to its shareholders. Individual taxpayers should refer to Internal Revenue Service Form 6251, Alternative Minimum Tax - Individuals. Corporate taxpayers should refer to Internal Revenue Service Form 4626, Alternative Minimum Tax - Corporations. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Future minimum rentals to be received under existing non-cancelable leases | he following tables set forth the future minimum rents to be received by consolidated entities under existing non-cancellable leases as of December 31, 2019 , accounted for in accordance with ASC 842 and as of December 31, 2018 , accounted for in accordance with ASC 840, respectively (in thousands): December 31, 2019 2020 $ 502,147 2021 487,815 2022 438,624 2023 401,363 2024 365,024 Thereafter 1,358,674 $ 3,553,647 December 31, 2018 2019 $ 328,607 2020 330,477 2021 314,410 2022 280,959 2023 256,233 Thereafter 1,115,490 $ 2,626,176 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock options activity | The following is a summary of stock option activity for the years ended December 31, 2019 , 2018 , and 2017 (options in thousands): Number of Options Weighted Average Exercise Price Per Option Outstanding at December 31, 2016 565 $ 43.28 Exercised (144 ) 30.04 Forfeited/Expired (189 ) 73.88 Outstanding at December 31, 2017 232 26.36 Exercised (114 ) 26.40 Forfeited/Expired (4 ) 74.88 Outstanding at December 31, 2018 114 24.00 Exercised (42 ) 25.59 Forfeited/Expired (5 ) 25.32 Outstanding at December 31, 2019 67 $ 23.13 Options Exercisable at December 31, 2019 67 $ 23.13 |
Summary of restricted stock activity | The following table summarizes restricted stock activity for the years ended December 31, 2019 , 2018 , and 2017 (shares in thousands): Number of Shares Weighted-Average Grant Date Fair Value Non-vested restricted stock at December 31, 2016 117 $ 30.28 Granted 77 34.52 Vested (53 ) 30.00 Forfeited (2 ) 26.12 Non-vested restricted stock at December 31, 2017 139 31.72 Granted 78 34.04 Vested (64 ) 31.32 Forfeited (5 ) 32.88 Non-vested restricted stock at December 31, 2018 148 33.08 Granted 66 35.64 Vested (72 ) 34.09 Forfeited (1 ) 34.46 Non-vested restricted stock at December 31, 2019 141 $ 34.81 |
Summary of all performance-based RSU activity | The following table summarizes the performance-based RSU activity for the years ended December 31, 2019 , 2018 , and 2017 (in thousands): Outstanding at December 31, 2016 318 Granted 100 Vested (144 ) Forfeited (3 ) Outstanding at December 31, 2017 271 Granted 113 Vested (75 ) Forfeited (9 ) Outstanding at December 31, 2018 300 Granted 93 Vested (94 ) Forfeited (1 ) Outstanding at December 31, 2019 298 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Difference between income tax benefit (provision) and the amount computed by applying the statutory federal income tax rate to income before taxes | The net income tax benefit differs from the amount computed by applying the statutory federal income tax rate to CTRS' income before taxes follows ($ in thousands): 2019 2018 2017 Amount Rate Amount Rate Amount Rate Federal income tax benefit (expense) $ (65 ) (21 )% $ 143 21 % $ 47 35 % State income tax benefit (expense), net of federal income tax effect (12 ) (4 )% 27 4 % 5 4 % Deferred tax adjustment 127 41 % Change in deferred tax assets as a result of change in tax law — — % — — % (340 ) (254 )% Valuation allowance (45 ) (15 )% (174 ) (26 )% 283 211 % Other (5 ) (1 )% 4 1 % 5 4 % Benefit applicable to income (loss) from continuing operations $ — — % $ — — % $ — — % |
Tax effect of significant temporary differences representing deferred tax assets and liabilities | The tax effect of significant temporary differences representing deferred tax assets and liabilities of CTRS as of December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 Income from unconsolidated joint ventures $ 27 $ 18 Federal and state tax carryforwards 702 763 Other 99 2 Total deferred tax assets 828 783 Valuation allowance (828 ) (783 ) Net deferred tax asset $ — $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 and 2017 (in thousands, except per share amounts): Year Ended December 31 2019 2018 2017 Earnings per common share - basic: Numerator: Net income $ 152,683 $ 80,765 $ 219,959 Net income attributable to noncontrolling interests in CPLP (1,952 ) (1,345 ) (3,681 ) Net income attributable to other noncontrolling interests (313 ) (256 ) (3 ) Net income available for common stockholders $ 150,418 $ 79,164 $ 216,275 Denominator: Weighted average common shares - basic 128,060 105,076 103,902 Net income per common share - basic $ 1.17 $ 0.75 $ 2.08 Earnings per common share - diluted: Numerator: Net income $ 152,683 $ 80,765 $ 219,959 Net income attributable to other noncontrolling interests (313 ) (256 ) (3 ) Net income available for common stockholders before net income attributable to noncontrolling interests in CPLP $ 152,370 $ 80,509 $ 219,956 Denominator: Weighted average common shares - basic 128,060 105,076 103,902 Add: Potential dilutive common shares - stock options 27 48 78 Weighted average units of CPLP convertible into common shares 1,744 1,744 1,844 Weighted average common shares - diluted 129,831 106,868 105,824 Net income per common share - diluted $ 1.17 $ 0.75 $ 2.08 |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows - Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 , and 2017 is as follows (in thousands): 2019 2018 2017 Interest paid, net of amounts capitalized $ 38,062 $ 43,166 $ 30,572 Income taxes paid — — — Non-Cash Transactions: Non-cash assets and liabilities assumed in TIER transaction 1,512,373 — — Transfer from operating properties and related liabilities to assets and liabilities of real estate assets held for sale 318,516 — — Ground lease right-of-use assets and associated liabilities 56,294 — — Transfer from investment in unconsolidated joint venture to operating properties 50,781 — 68,498 Common stock dividends declared and accrued 42,559 27,326 25,202 Change in accrued property acquisition, development, and tenant asset expenditures 4,891 (18,104 ) 5,965 Non-cash consideration for property acquisition 10,071 — — Transfer from projects under development to operating properties — 325,490 58,928 Cumulative effect of change in accounting principle — 22,329 — Transfer from investment in unconsolidated joint ventures to projects under development — 7,025 — |
Reconciliation of cash, cash equivalents, and restricted cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the balance sheet to cash, cash equivalents, and restricted cash in the statements of cash flows (in thousands): Year Ended December 31, 2019 2018 2017 Cash and cash equivalents $ 15,603 $ 2,547 $ 148,929 Restricted cash 2,005 148 56,816 Total cash, cash equivalents, and restricted cash $ 17,608 $ 2,695 $ 205,745 |
Reconciliation of cash, cash equivalents, and restricted cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the balance sheet to cash, cash equivalents, and restricted cash in the statements of cash flows (in thousands): Year Ended December 31, 2019 2018 2017 Cash and cash equivalents $ 15,603 $ 2,547 $ 148,929 Restricted cash 2,005 148 56,816 Total cash, cash equivalents, and restricted cash $ 17,608 $ 2,695 $ 205,745 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Reconciliation of NOI to net income available to common stockholders | Information on the Company's segments along with a reconciliation of net income available to common stockholders to NOI is as follows (in thousands): Year Ended December 31, 2019 Office Mixed-Use Total Net Operating Income: Atlanta $ 158,093 $ (48 ) $ 158,045 Austin 93,311 — 93,311 Charlotte 77,082 — 77,082 Phoenix 37,247 — 37,247 Tampa 33,586 — 33,586 Dallas 7,473 — 7,473 Other 21,939 3,107 25,046 Total Net Operating Income $ 428,731 $ 3,059 $ 431,790 Year Ended December 31, 2018 Office Mixed-Use Total Net Operating Income: Atlanta $ 131,564 $ — $ 131,564 Charlotte 62,812 — 62,812 Austin 60,474 — 60,474 Phoenix 36,875 — 36,875 Tampa 30,514 — 30,514 Other 1,581 2,243 3,824 Total Net Operating Income $ 323,820 $ 2,243 $ 326,063 Year Ended December 31, 2017 Office Mixed-Use Total Net Operating Income: Atlanta $ 109,706 $ 3,278 $ 112,984 Charlotte 62,708 — 62,708 Austin 58,648 — 58,648 Phoenix 34,074 — 34,074 Tampa 29,426 — 29,426 Orlando 13,029 — 13,029 Other 1,632 705 2,337 Total Net Operating Income $ 309,223 $ 3,983 $ 313,206 The following reconciles Net Income to Net Operating Income for each of the periods presented (in thousands): Year Ended December 31, 2019 2018 2017 Net income $ 152,683 $ 80,765 $ 219,959 Net operating income from unconsolidated joint ventures 32,413 28,888 31,053 Fee income (28,518 ) (10,089 ) (8,632 ) Termination fee income (7,228 ) (1,548 ) (9,270 ) Other income (246 ) (1,722 ) (2,248 ) Reimbursed expenses 4,004 3,782 3,527 General and administrative expenses 37,007 22,040 27,523 Interest expense 53,963 39,430 33,524 Depreciation and amortization 257,149 181,382 196,745 Acquisition and transaction costs 52,881 248 1,661 Other expenses 1,109 556 1,796 Gain on extinguishment of debt — (8 ) (2,258 ) Income from unconsolidated joint ventures (12,666 ) (12,224 ) (47,115 ) Gain on sale of investment properties (110,761 ) (5,437 ) (133,059 ) Net Operating Income $ 431,790 $ 326,063 $ 313,206 |
Reconciliation of revenue from segments to consolidated | Revenues by reportable segment, including a reconciliation to total rental property revenues on the consolidated statements of operations for years ended December 31, 2019 , 2018 , and 2017 are as follows (in thousands): Year Ended December 31, 2019 Office Mixed-Use Total Revenues: Atlanta $ 242,209 $ 8 $ 242,217 Austin 160,196 — 160,196 Charlotte 120,214 — 120,214 Tampa 54,216 — 54,216 Phoenix 51,586 — 51,586 Dallas 9,421 — 9,421 Other 38,732 4,630 43,362 Total segment revenues 676,574 4,638 681,212 Less: Company's share of rental property revenues from unconsolidated joint ventures (47,823 ) (4,638 ) (52,461 ) Total rental property revenues $ 628,751 $ — $ 628,751 Year Ended December 31, 2018 Office Mixed-Use Total Revenues: Atlanta $ 206,692 $ — $ 206,692 Austin 104,817 — 104,817 Charlotte 92,398 — 92,398 Phoenix 51,238 — 51,238 Tampa 49,822 — 49,822 Other 2,207 3,724 5,931 Total segment revenues 507,174 3,724 510,898 Less: Company's share of rental property revenues from unconsolidated joint ventures (43,773 ) (3,724 ) (47,497 ) Total rental property revenues $ 463,401 $ — $ 463,401 Year Ended December 31, 2017 Office Mixed-Use Total Revenues: Atlanta $ 180,497 $ 5,237 $ 185,734 Austin 101,222 — 101,222 Charlotte 92,242 — 92,242 Phoenix 51,209 — 51,209 Tampa 47,402 — 47,402 Orlando 24,973 — 24,973 Other 3,053 999 4,052 Total segment revenues 500,598 6,236 506,834 Less: Company's share of rental property revenues from unconsolidated joint ventures (45,293 ) (6,236 ) (51,529 ) Total rental property revenues $ 455,305 $ — $ 455,305 |
Description of Business and B_2
Description of Business and Basis of Presentation (Description of Business) (Details) - ft² ft² in Thousands | Oct. 06, 2016 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Percentage of partnership units owned by the Company | 99.00% | |
Distribution of taxable income to qualify as REIT, percentage | 100.00% | |
Company's portfolio of real estate assets - Office space (square feet) | 21,500 | |
Company's portfolio of real estate assets - Retail space (square feet) | 310 |
Description of Business and B_3
Description of Business and Basis of Presentation (Basis of Presentation) (Details) | Jun. 14, 2019shares | Dec. 31, 2019shares | Jun. 15, 2019shares | Dec. 31, 2018shares |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Reverse stock split ratio | 0.25 | |||
Common stock, shares authorized | 175,000,000 | 300,000,000 | 300,000,000 | 175,000,000 |
Description of Business and B_4
Description of Business and Basis of Presentation (Recently Issued Accounting Standards) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Jan. 01, 2019 | Jan. 01, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Capitalized indirect leasing costs | $ 3,800 | $ 3,000 | |||
Weighted average discount rate | 4.50% | 4.49% | |||
Cumulative effect of change in accounting principle | $ 22,329 | ||||
Distributions in Excess of Cumulative Net Income | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of change in accounting principle | 22,329 | ||||
Accounting Standards Update 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Right of use asset | $ 56,300 | ||||
Lease liability | $ 56,300 | ||||
Accounting Standards Update 2017-05 | Distributions in Excess of Cumulative Net Income | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of change in accounting principle | $ 22,300 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | ||
Revenue from External Customer [Line Items] | |||
Revenues | $ 657,515 | $ 475,212 | $ 466,185 |
Deferred income | $ 52,269 | 41,266 | |
Buildings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 30 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 | ||
Tenant Funded Improvements | |||
Revenue from External Customer [Line Items] | |||
Deferred income | $ 17,800 | 16,200 | |
Tenants Expenses | |||
Revenue from External Customer [Line Items] | |||
Revenues | $ 122,400 | $ 79,800 | $ 67,200 |
Transactions With Tier Reit, _3
Transactions With Tier Reit, Inc. (Additional Information) (Details) $ in Thousands, shares in Millions | Jun. 14, 2019USD ($)shares | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||
Reverse stock split ratio | 0.25 | |
TIER | ||
Business Acquisition [Line Items] | ||
Stock conversation ratio | 2.98 | |
Fair value of assets acquired and liabilities assumed | $ 1,600,000 | |
Acquisition expenses | $ 52,900 | |
TIER | Rental property revenues | ||
Business Acquisition [Line Items] | ||
Amount reported in consolidated revenue | 113,100 | |
Amount reported in consolidated net income | $ 291 | |
TIER REIT, Inc. | ||
Business Acquisition [Line Items] | ||
Number of shares issued | shares | 166 |
Transactions With Tier Reit, _4
Transactions With Tier Reit, Inc. (Purchase Price Allocation) (Details) - TIER $ in Thousands | Mar. 25, 2019USD ($) |
Business Acquisition [Line Items] | |
Real estate assets | $ 2,202,073 |
Real estate assets held for sale | 20,835 |
Cash | 84,042 |
Restricted cash | 1,947 |
Notes and other receivables | 8,278 |
Investment in unconsolidated joint ventures | 331 |
Intangible assets | 141,184 |
Other assets | 10,040 |
Total assets acquired | 2,468,730 |
Notes payable | 747,549 |
Accounts payable and accrued expenses | 53,321 |
Deferred income | 8,388 |
Intangible liabilities | 47,988 |
Other liabilities | 7,793 |
Nonredeemable noncontrolling interests (excluding CPLP) | 5,329 |
Total liabilities acquired | 870,368 |
Total purchase price | $ 1,598,362 |
Transactions With Tier Reit, _5
Transactions With Tier Reit, Inc. (Pro Forma Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | ||
Revenues | $ 750,080 | $ 702,463 |
Net income | 232,136 | 28,064 |
Net income available to common stockholders | $ 229,503 | $ 27,742 |
Transactions with Norfolk Sou_2
Transactions with Norfolk Southern Railway Company (Additional Information) (Details) - USD ($) | Mar. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of property | $ 62,667,000 | $ 372,000 | $ 370,944,000 | |
Assets | 7,151,447,000 | 4,146,296,000 | ||
Contract price that is expected to be recognized as revenue | $ 52,300,000 | |||
Deferred income | 52,269,000 | 41,266,000 | ||
1200 Peachtree | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets | 92,300,000 | |||
Land | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Property purchased | 6,500,000 | $ 37,000,000 | ||
Site Preparation Work | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Property purchased | 4,000,000 | |||
NS | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenue recognized | 21,400,000 | |||
Deferred income | $ 11,300,000 | |||
NS | 1200 Peachtree | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Purchase of a building | $ 82,000,000 | |||
Lease term | 3 years | |||
Discount on service contract price | $ 10,300,000 | |||
Gain or loss on derecognition of non financial asset fair value | 0 | |||
Consideration for the various services component | 52,300,000 | |||
NS | Fees for development services | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Contract fees | 5,000,000 | |||
NS | Fees for consulting services | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Contract fees | 32,000,000 | |||
NS | Development agreement | 1200 Peachtree | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash consideration for various services contract | 5,000,000 | |||
NS | Consulting agreement | 1200 Peachtree | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash consideration for various services contract | 32,000,000 | |||
NS | Land | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of property | 52,500,000 | |||
Gain on sale of property | 5,000,000 | |||
NS | Land | 1200 Peachtree | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash consideration for various services contract | $ 5,000,000 |
Real Estate Transactions (Dispo
Real Estate Transactions (Dispositions) (Details) ft² in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended |
Feb. 28, 2019USD ($)a | Dec. 31, 2017USD ($)ft² | |
Atlanta, GA | American Cancer Society Center | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Square Feet | ft² | 996 | |
Sales Price | $ 166,000 | |
Orlando, FL | Bank of America Center, One Orlando Centre, --and Citrus Center | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Square Feet | ft² | 1,038 | |
Sales Price | $ 208,100 | |
Downtown Atlanta | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Square Feet | a | 8 | |
Sales Price | $ 13,250 | |
Gain on sale of property | $ 13,100 |
Real Estate Transactions (Asset
Real Estate Transactions (Assets and Liabilities Held-for-sale) (Details) - Held-for-sale - Woodcrest and Hearst Tower $ in Thousands | Dec. 31, 2019USD ($) |
Real estate assets and other assets held for sale | |
Operating properties, net of accumulated depreciation of $44,478 | $ 340,171 |
Notes and accounts receivable | 5,520 |
Deferred rents receivable | 5,745 |
Intangible assets, net of accumulated amortization of $16,615 | 8,657 |
Other assets | 489 |
Total assets of discontinued operation | 360,582 |
Liabilities of real estate assets held for sale | |
Accounts payable and accrued expenses | 12,497 |
Deferred income | 2,638 |
Intangible liabilities, net of accumulated amortization of $7,771 | 5,471 |
Other liabilities | 625 |
Total liabilities of discontinued operation | 21,231 |
Operating properties, net of accumulated depreciation | 44,478 |
Intangible assets, net of accumulated amortization | 16,615 |
Intangible liabilities, net of accumulated amortization | $ 7,771 |
Real Estate Transactions (Acqui
Real Estate Transactions (Acquisitions) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
1200 Peachtree | |
Tangible assets: | |
Building and improvements | $ 62,836 |
Land and improvements | 19,495 |
Tangible assets | 82,331 |
Intangible assets: | |
Total intangible assets | 9,969 |
Intangible liabilities: | |
Total intangible liabilities | 0 |
Total net assets acquired | 92,300 |
1200 Peachtree | In-place leases | |
Intangible assets: | |
Total intangible assets | 9,969 |
1200 Peachtree | Above market leases | |
Intangible assets: | |
Total intangible assets | 0 |
Terminus | |
Tangible assets: | |
Building and improvements | 410,826 |
Land and improvements | 49,345 |
Tangible assets | 460,171 |
Intangible assets: | |
Total intangible assets | 31,867 |
Intangible liabilities: | |
Total intangible liabilities | 4,745 |
Total net assets acquired | 487,293 |
Terminus | In-place leases | |
Intangible assets: | |
Total intangible assets | 24,674 |
Terminus | Above market leases | |
Intangible assets: | |
Total intangible assets | $ 7,193 |
Leases (Additional Information)
Leases (Additional Information) (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019 | |
Leases [Abstract] | ||||
Number of properties subject to operating lease | property | 5 | |||
Operating lease, weighted average remaining term | 72 years | |||
Number of properties subject to finance lease | property | 2 | |||
Finance lease, weighted average remaining term | 4 years | |||
Operating ground leases, right-of-use asset | $ 57,300,000 | |||
Finance ground leases, right-of-use asset | 11,900,000 | |||
Operating ground leases, liability | 59,379,000 | |||
Finance ground leases, liability | $ 9,730,000 | |||
Weighted average discount rate | 4.50% | 4.49% | ||
Operating lease expense | $ 3,900,000 | |||
Operating lease expense | $ 3,500,000 | $ 3,200,000 | ||
Variable lease expense | 0 | |||
Interest expense related to finance lease | 462,000 | |||
Operating lease payments | 2,600,000 | |||
Finance lease payments | $ 462,000 |
Leases (Future Minimum Payments
Leases (Future Minimum Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Ground Leases | ||
2020 | $ 3,175 | |
2021 | 2,959 | |
2022 | 2,672 | |
2023 | 2,614 | |
2024 | 2,497 | |
Thereafter | 200,107 | |
Total minimum payments | 214,024 | |
Discount | (154,645) | |
Lease liability | 59,379 | |
2019 | $ 2,441 | |
2020 | 2,460 | |
2021 | 2,497 | |
2022 | 2,497 | |
2023 | 2,497 | |
Thereafter | 202,603 | |
Total minimum payments | 214,995 | |
Finance Ground Leases | ||
2020 | 462 | |
2021 | 6,562 | |
2022 | 162 | |
2023 | 162 | |
2024 | 162 | |
Thereafter | 3,676 | |
Total minimum payments | 11,186 | |
Discount | (1,456) | |
Lease liability | $ 9,730 | |
2019 | 462 | |
2020 | 462 | |
2021 | 6,562 | |
2022 | 162 | |
2023 | 162 | |
Thereafter | 3,838 | |
Total minimum payments | $ 11,648 |
Notes and Accounts Receivable_2
Notes and Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Notes receivable | $ 356 | $ 453 |
Tenant and other receivables | 23,324 | 13,368 |
Total notes and accounts receivable | $ 23,680 | $ 13,821 |
Investment in Unconsolidated _3
Investment in Unconsolidated Joint Ventures (Summary of Financial Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | $ 658,303 | $ 779,204 |
Total Debt | 165,039 | 342,892 |
Total Equity (Deficit) | 354,404 | 338,427 |
Company's Investment | 114,158 | 140,376 |
DC Charlotte Plaza LLLP | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 179,694 | 155,530 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 90,373 | 88,922 |
Company's Investment | 48,058 | 46,554 |
Austin 300 Colorado Project, LP | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 112,630 | 51,180 |
Total Debt | 21,430 | 0 |
Total Equity (Deficit) | 68,101 | 41,298 |
Company's Investment | 36,846 | 22,335 |
Carolina Square Holdings LP | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 114,483 | 106,187 |
Total Debt | 75,662 | 74,638 |
Total Equity (Deficit) | 25,184 | 28,844 |
Company's Investment | 14,414 | 16,840 |
AMCO 120 WT Holdings, LLC | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 77,377 | 36,680 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 70,696 | 31,372 |
Company's Investment | 13,362 | 5,538 |
HICO Victory Center LP | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 16,045 | 15,069 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 15,353 | 14,801 |
Company's Investment | 10,373 | 10,003 |
Charlotte Gateway Village, LLC | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 109,675 | 112,553 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 106,651 | 109,666 |
Company's Investment | 6,718 | 8,225 |
Terminus Office Holdings LLC | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 0 | 258,060 |
Total Debt | 0 | 198,732 |
Total Equity (Deficit) | 0 | 50,539 |
Company's Investment | 0 | 48,571 |
Wildwood Associates | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 11,061 | 11,157 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 10,978 | 11,108 |
Company's Investment | (521) | (460) |
Crawford Long - CPI, LLC | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 28,459 | 26,429 |
Total Debt | 67,947 | 69,522 |
Total Equity (Deficit) | (40,250) | (44,146) |
Company's Investment | (19,205) | (21,071) |
Other | ||
SUMMARY OF FINANCIAL POSITION | ||
Total Assets | 8,879 | 6,359 |
Total Debt | 0 | 0 |
Total Equity (Deficit) | 7,318 | 6,023 |
Company's Investment | $ 4,113 | $ 3,841 |
Investment in Unconsolidated _4
Investment in Unconsolidated Joint Ventures (Summary of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SUMMARY OF OPERATIONS | |||
Total Revenues | $ 104,471 | $ 95,515 | $ 110,664 |
Net Income (Loss) | 25,685 | 15,352 | 77,944 |
Company's Share of Net Income (Loss) | 12,666 | 12,224 | 47,115 |
Charlotte Gateway Village, LLC | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 27,708 | 26,932 | 26,465 |
Net Income (Loss) | 10,285 | 10,285 | 9,528 |
Company's Share of Net Income (Loss) | 5,143 | 5,143 | 4,764 |
DC Charlotte Plaza LLLP | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 15,636 | 0 | 2 |
Net Income (Loss) | 5,894 | 0 | 2 |
Company's Share of Net Income (Loss) | 2,947 | (1) | 1 |
Terminus Office Holdings LLC | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 34,964 | 44,429 | 43,959 |
Net Income (Loss) | 4,962 | 5,506 | 6,307 |
Company's Share of Net Income (Loss) | 2,381 | 2,755 | 3,153 |
Crawford Long - CPI, LLC | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 12,664 | 12,383 | 12,079 |
Net Income (Loss) | 3,897 | 3,446 | 3,171 |
Company's Share of Net Income (Loss) | 1,866 | 1,641 | 1,572 |
HICO Victory Center LP | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 513 | 400 | 429 |
Net Income (Loss) | 513 | 400 | 431 |
Company's Share of Net Income (Loss) | 276 | 219 | 225 |
Carolina Square Holdings LP | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 12,344 | 10,686 | 2,701 |
Net Income (Loss) | 470 | (169) | (532) |
Company's Share of Net Income (Loss) | 133 | (275) | 522 |
Austin 300 Colorado Project, LP | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 422 | 487 | 0 |
Net Income (Loss) | 199 | 220 | 0 |
Company's Share of Net Income (Loss) | 100 | 110 | 0 |
Wildwood Associates | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 0 | 0 | 0 |
Net Income (Loss) | (100) | (1,140) | (116) |
Company's Share of Net Income (Loss) | (50) | 2,723 | (58) |
AMCO 120 WT Holdings, LLC | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 40 | 0 | 0 |
Net Income (Loss) | (341) | 38 | 58 |
Company's Share of Net Income (Loss) | (68) | 0 | 0 |
Other | |||
SUMMARY OF OPERATIONS | |||
Total Revenues | 180 | 198 | 25,029 |
Net Income (Loss) | (94) | (3,234) | 59,095 |
Company's Share of Net Income (Loss) | $ (62) | $ (91) | $ 36,936 |
Investment in Unconsolidated _5
Investment in Unconsolidated Joint Ventures (DC Charlotte Plaza LLLP) (Details) - DC Charlotte Plaza LLLP ft² in Thousands, $ in Millions | Dec. 31, 2019USD ($)ft² |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 5000.00% |
Square footage of real estate property (square feet) | ft² | 281 |
Maximum required capital contribution | $ 46 |
Cash balance of joint venture | $ 1.7 |
DFA | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage of partner in joint venture | 5000.00% |
Investment in Unconsolidated _6
Investment in Unconsolidated Joint Ventures (Austin 300 Colorado Project, LP) (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Aggregate outstanding indebtedness to third parties | $ 165,039 | $ 342,892 |
Austin 300 Colorado Project, LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Square footage of real estate property (square feet) | ft² | 358 | |
Ownership interest percentage | 50.00% | |
Aggregate outstanding indebtedness to third parties | $ 21,430 | $ 0 |
Cash balance of joint venture | $ 593 | |
Austin 300 Colorado Project, LP | LIBOR | ||
Schedule of Equity Method Investments [Line Items] | ||
Basis spread on variable rate (percent) | 2.25% | |
Austin 300 Colorado Project, LP | 3CB | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest percentage | 34.50% | |
Austin 300 Colorado Project, LP | 3CRR | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest percentage | 15.50% | |
Construction Loans | Austin 300 Colorado Project, LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Maximum borrowing capacity | $ 126,000 |
Investment in Unconsolidated _7
Investment in Unconsolidated Joint Ventures (Carolina Square Holdings LP) (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)ft²apartment_unit | Dec. 31, 2018USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Aggregate outstanding indebtedness | $ 165,039 | $ 342,892 |
Carolina Square Holdings LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of partner in joint venture | 50.00% | |
Number of apartment units | apartment_unit | 246 | |
Aggregate outstanding indebtedness | $ 75,662 | $ 74,638 |
Maximum percentage guaranteed under construction loan | 12.50% | |
Cash balance of joint venture | $ 4,700 | |
Carolina Square Holdings LP | LIBOR | ||
Schedule of Equity Method Investments [Line Items] | ||
Basis spread on variable rate (percent) | 1.90% | |
Carolina Square Holdings LP | Office Space | ||
Schedule of Equity Method Investments [Line Items] | ||
Square footage of real estate property (square feet) | ft² | 158 | |
Carolina Square Holdings LP | Retail Space | ||
Schedule of Equity Method Investments [Line Items] | ||
Square footage of real estate property (square feet) | ft² | 44 | |
Carolina Square Holdings LP | Northwood Ravin | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated _8
Investment in Unconsolidated Joint Ventures (AMCO 120 WT Holdings, LLC) (Details) - AMCO 120 WT Holdings, LLC ft² in Thousands, $ in Thousands | Dec. 31, 2019USD ($)ft²apartment_unit |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest percentage | 20.00% |
Number of apartment units | apartment_unit | 330 |
Cash balance of joint venture | $ | $ 49 |
Office Space | |
Schedule of Equity Method Investments [Line Items] | |
Square footage of real estate property (square feet) | 33 |
Retail Space | |
Schedule of Equity Method Investments [Line Items] | |
Square footage of real estate property (square feet) | 19 |
AMLI Residential | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest percentage | 80.00% |
Investment in Unconsolidated _9
Investment in Unconsolidated Joint Ventures (HICO Victory Center LP) (Details) - HICO Victory Center LP $ in Thousands | Dec. 31, 2019USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Land funding requirement (percent) | 75.00% |
Cash balance of joint venture | $ 775 |
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_10
Investment in Unconsolidated Joint Ventures (Charlotte Gateway Village, LLC) (Details) $ in Thousands, ft² in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from investment property sales | $ 62,667 | $ 372 | $ 370,944 | |
Charlotte Gateway Village, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of partner in joint venture | 50.00% | |||
Square footage of real estate property (square feet) | ft² | 1.1 | |||
Allocation of net income and cash flows, percentage | 50.00% | |||
Maximum internal rate of return to be achieved | 17.00% | |||
Allocation of proceeds from capital transactions, percentage, third priority | 20.00% | |||
Cash balance of joint venture | $ 3,800 | |||
Charlotte Gateway Village, LLC | BOA | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of partner in joint venture | 50.00% | |||
Allocation of net income and cash flows, percentage | 50.00% | |||
Allocation of proceeds from capital transactions, percentage, third priority | 80.00% | |||
Scenario Forecast | Charlotte Gateway Village, LLC | BOA | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from investment property sales | $ 52,200 |
Investment in Unconsolidated_11
Investment in Unconsolidated Joint Ventures (Terminus Office Holdings LLC) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated joint ventures | $ 133,884 | $ 161,907 |
Terminus Office Holdings LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of partner in joint venture | 5000.00% | |
Value of interest in the property | $ 148,000 | |
Investment in unconsolidated joint ventures | 503,000 | |
Gain recorded in income from unconsolidated joint ventures | $ 92,800 | |
Terminus Office Holdings LLC | Secured Mortgage Note Payable | ||
Schedule of Equity Method Investments [Line Items] | ||
Weighted average interest rate | 50.00% | |
Terminus Office Holdings LLC | Office Buildings | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of properties owned | Property | 2 | |
Terminus Office Holdings LLC | JPM | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of partner in joint venture | 5000.00% |
Investment in Unconsolidated_12
Investment in Unconsolidated Joint Ventures (Wildwood Associates) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Company's investment balance | $ 114,158 | $ 140,376 | ||
Proceeds from investment property sales | 62,667 | 372 | $ 370,944 | |
Income from unconsolidated joint ventures | $ 12,666 | 12,224 | $ 47,115 | |
Wildwood Associates | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of partner in joint venture | 50.00% | |||
Company's investment balance | $ (521) | $ (460) | ||
Cash balance of joint venture | $ 38 | |||
Wildwood Associates | Subsequent Event | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from investment property sales | $ 900 | |||
Income from unconsolidated joint ventures | $ 1,400 | |||
Wildwood Associates | IBM | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated_13
Investment in Unconsolidated Joint Ventures (Crawford Long—CPI, LLC) (Details) ft² in Thousands, $ in Thousands | Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Aggregate outstanding indebtedness | $ 165,039 | $ 342,892 |
Crawford Long - CPI, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of partner in joint venture | 50.00% | |
Square footage of real estate property (square feet) | ft² | 358 | |
Aggregate outstanding indebtedness | $ 67,947 | $ 69,522 |
Cash balance of joint venture | $ 4,500 | |
Crawford Long - CPI, LLC | Secured Mortgage Note Payable | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest rate on mortgage loan (percent) | 3.50% | |
Crawford Long - CPI, LLC | Emory University | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of partner in joint venture | 50.00% |
Investment in Unconsolidated_14
Investment in Unconsolidated Joint Ventures (Other Data) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Aggregate outstanding indebtedness to third parties | $ 165,039 | $ 342,892 | |
Fees earned from unconsolidated joint ventures | $ 7,100 | $ 9,300 | $ 7,200 |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 1,674 | $ 1,674 |
Total intangible assets | 257,649 | 145,883 |
In-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, net | 202,760 | 105,964 |
Accumulated amortization | 163,867 | 125,130 |
Above market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, net | 35,699 | 20,453 |
Accumulated amortization | 26,487 | 19,502 |
Below-market ground leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, net | 17,516 | 17,792 |
Accumulated amortization | $ 897 | $ 621 |
Intangible Assets (Additional I
Intangible Assets (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Net amortization expense of intangible assets and liabilities | $ 45.6 | $ 27 | $ 42.4 |
Intangible Assets (Intangibles
Intangible Assets (Intangibles - Future Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Future Amortization of Intangible Assets: | ||
Weighted average remaining lease term | 10 years | |
2020 | $ 43,013 | |
2021 | 32,823 | |
2022 | 22,376 | |
2023 | 17,811 | |
2024 | 13,316 | |
Thereafter | 43,531 | |
Finite-lived intangibles, net | 172,870 | |
Below Market Rents | ||
Future Amortization of Intangible Liabilities: | ||
2020 | (19,379) | |
2021 | (14,201) | |
2022 | (11,065) | |
2023 | (9,365) | |
2024 | (8,080) | |
Thereafter | (19,342) | |
Finite-lived intangible liabilities, net | $ (81,432) | |
Weighted average remaining lease term | 7 years | |
Above Market Ground Lease | ||
Future Amortization of Intangible Liabilities: | ||
2020 | $ (46) | |
2021 | (46) | |
2022 | (46) | |
2023 | (46) | |
2024 | (46) | |
Thereafter | (1,443) | |
Finite-lived intangible liabilities, net | $ (1,673) | |
Weighted average remaining lease term | 36 years | |
Below Market Ground Lease | ||
Future Amortization of Intangible Assets: | ||
2020 | $ 276 | |
2021 | 276 | |
2022 | 276 | |
2023 | 276 | |
2024 | 276 | |
Thereafter | 16,136 | |
Finite-lived intangible assets, net | $ 17,516 | $ 17,792 |
Weighted average remaining lease term | 65 years | |
Above Market Rents | ||
Future Amortization of Intangible Assets: | ||
2020 | $ 8,036 | |
2021 | 6,660 | |
2022 | 5,267 | |
2023 | 4,222 | |
2024 | 3,339 | |
Thereafter | 8,175 | |
Finite-lived intangible assets, net | $ 35,699 | 20,453 |
Weighted average remaining lease term | 7 years | |
In Place Leases | ||
Future Amortization of Intangible Assets: | ||
2020 | $ 54,126 | |
2021 | 40,134 | |
2022 | 27,944 | |
2023 | 22,724 | |
2024 | 17,827 | |
Thereafter | 40,005 | |
Finite-lived intangible assets, net | $ 202,760 | $ 105,964 |
Weighted average remaining lease term | 7 years |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Predevelopment costs and earnest money | $ 25,586 | $ 8,249 |
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $29,131 and $25,193 in 2019 and 2018, respectively | 17,791 | 14,942 |
Prepaid expenses and other assets | 5,924 | 5,087 |
Lease inducements, net of accumulated amortization of $2,333 and $1,545 in 2019 and 2018, respectively | 5,632 | 4,961 |
Line of credit deferred financing costs, net of accumulated amortization of $2,952 and $1,451 in 2019 and 2018, respectively | 4,516 | 5,844 |
Total other assets | 59,449 | 39,083 |
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, accumulated depreciation | 29,131 | 25,193 |
Lease inducements, accumulated amortization | 2,333 | 1,545 |
Line of credit deferred financing costs, accumulated amortization | $ 2,952 | $ 1,451 |
Notes Payable (Terms of Notes P
Notes Payable (Terms of Notes Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Jun. 30, 2019 | Mar. 25, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 2,218,093 | $ 1,067,362 | ||
Unamortized premium | 11,239 | 0 | ||
Unamortized loan costs | (6,357) | (4,792) | ||
Total Notes Payable | $ 2,222,975 | 1,062,570 | ||
Weighted average maturity period of notes payable outstanding | 5 years 6 months | |||
Senior Notes, Unsecured | 3.95% Senior Notes, Unsecured | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3.95% | |||
Long-term debt | $ 275,000 | 0 | ||
Senior Notes, Unsecured | 3.91% Senior Notes, Unsecured | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3.91% | 3.91% | ||
Long-term debt | $ 250,000 | 250,000 | ||
Senior Notes, Unsecured | 3.86% Senior Notes, Unsecured | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3.86% | |||
Long-term debt | $ 250,000 | 0 | ||
Senior Notes, Unsecured | 3.78% Senior Notes, Unsecured | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3.78% | |||
Long-term debt | $ 125,000 | 0 | ||
Senior Notes, Unsecured | 4.09% Senior Notes, Unsecured | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.09% | 4.09% | ||
Long-term debt | $ 100,000 | 100,000 | ||
Credit Facility, Unsecured | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 2.81% | |||
Long-term debt | $ 251,500 | 0 | ||
Term Loan, unsecured | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 2.96% | |||
Long-term debt | $ 250,000 | 250,000 | ||
Mortgage Debt | ||||
Debt Instrument [Line Items] | ||||
Total Notes Payable | $ 716,600 | |||
Mortgage Debt | Fifth Third Center | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3.37% | |||
Long-term debt | $ 140,332 | 143,497 | ||
Mortgage Debt | Terminus 100 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5.25% | |||
Long-term debt | $ 118,146 | 0 | ||
Mortgage Debt | Colorado Tower | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3.45% | |||
Long-term debt | $ 117,085 | 119,427 | ||
Mortgage Debt | Promenade | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.27% | |||
Long-term debt | $ 95,986 | 99,238 | ||
Mortgage Debt | 816 Congress | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3.75% | |||
Long-term debt | $ 79,987 | 81,676 | ||
Mortgage Debt | Terminus 200 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3.79% | |||
Long-term debt | $ 76,079 | 0 | ||
Mortgage Debt | Legacy Union One | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.24% | |||
Long-term debt | $ 66,000 | 0 | ||
Mortgage Debt | Meridian Mark Plaza | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 6.00% | |||
Long-term debt | $ 22,978 | $ 23,524 |
Notes Payable (Credit Facility)
Notes Payable (Credit Facility) (Details) - Credit Facility | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 1,000,000,000 |
Fixed charge coverage ratio | 1.50 |
Remaining borrowing capacity | $ 748,500,000 |
Minimum | |
Line of Credit Facility [Line Items] | |
Unencumbered interest coverage ratio | 1.75 |
Maximum | |
Line of Credit Facility [Line Items] | |
Secured leverage ratio (percent) | 40.00% |
Leverage ratio (percent) | 60.00% |
LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 1.05% |
LIBOR | Minimum | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 1.05% |
LIBOR | Maximum | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 1.45% |
Federal Funds Rate | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 0.50% |
One-month LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate (percent) | 1.00% |
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% |
Notes Payable (Term Loan) (Deta
Notes Payable (Term Loan) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Unsecured term loan | $ 2,218,093 | $ 1,067,362 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Unsecured term loan | $ 250,000 | $ 250,000 |
Term Loan | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.20% | |
Term Loan | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.20% | |
Term Loan | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.70% | |
Term Loan | Federal Funds Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 0.50% | |
Term Loan | One-month LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.00% | |
Term Loan | Base Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 0.00% | |
Term Loan | Base Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 0.75% |
Notes Payable (Unsecured Senior
Notes Payable (Unsecured Senior Notes) (Details) - Senior Notes, Unsecured | 1 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)tranche | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Debt amount | $ 350,000,000 | |
Number of tranches | tranche | 2 | |
Fixed charge coverage ratio | 1.50 | |
Minimum | ||
Debt Instrument [Line Items] | ||
Unencumbered interest coverage ratio | 1.75 | |
Maximum | ||
Debt Instrument [Line Items] | ||
Leverage ratio (percent) | 60.00% | |
Secured leverage ratio (percent) | 40.00% | |
3.78% Senior Notes, Unsecured | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.78% | |
3.86% Senior Notes, Unsecured | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.86% | |
3.95% Senior Notes, Unsecured | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.95% | |
4.09% Senior Notes, Unsecured | ||
Debt Instrument [Line Items] | ||
Debt amount | $ 100,000,000 | |
Interest rate | 4.09% | 4.09% |
3.91% Senior Notes, Unsecured | ||
Debt Instrument [Line Items] | ||
Debt amount | $ 250,000,000 | |
Interest rate | 3.91% | 3.91% |
Private Placement | ||
Debt Instrument [Line Items] | ||
Debt amount | $ 650,000,000 | |
Number of tranches | tranche | 3 | |
Private Placement | 3.78% Senior Notes, Unsecured | ||
Debt Instrument [Line Items] | ||
Debt amount | $ 125,000,000 | |
Interest rate | 3.78% | |
Debt term | 8 years | |
Private Placement | 3.86% Senior Notes, Unsecured | ||
Debt Instrument [Line Items] | ||
Debt amount | $ 250,000,000 | |
Interest rate | 3.86% | |
Debt term | 9 years | |
Private Placement | 3.95% Senior Notes, Unsecured | ||
Debt Instrument [Line Items] | ||
Debt amount | $ 275,000,000 | |
Interest rate | 3.95% | |
Debt term | 10 years |
Notes Payable (Mortgage Loan In
Notes Payable (Mortgage Loan Information) (Details) $ in Thousands | Feb. 03, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)debt_instrument |
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,067,362 | $ 2,218,093 | |
Outstanding amount | 1,062,570 | 2,222,975 | |
Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term debt | 250,000 | $ 250,000 | |
Interest rate | 2.96% | ||
Mortgage Debt | |||
Debt Instrument [Line Items] | |||
Outstanding amount | $ 716,600 | ||
Number of non-recourse mortgage loans | debt_instrument | 8 | ||
Assets pledged as security | $ 1,100,000 | ||
Mortgage Debt | Terminus 100 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | $ 118,146 | |
Interest rate | 5.25% | ||
Mortgage Debt | Terminus 200 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | $ 76,079 | |
Interest rate | 3.79% | ||
Mortgage Debt | Meridian Mark Plaza | |||
Debt Instrument [Line Items] | |||
Long-term debt | 23,524 | $ 22,978 | |
Interest rate | 6.00% | ||
Mortgage Debt | The Pointe | |||
Debt Instrument [Line Items] | |||
Amount of debt paid | $ 22,200 | ||
Subsequent Event | Mortgage Debt | Meridian Mark Plaza | |||
Debt Instrument [Line Items] | |||
Amount of debt paid | $ 23,000 |
Notes Payable (Debt Associated
Notes Payable (Debt Associated with the Merger) (Details) - USD ($) | Mar. 25, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Line of Credit Facility [Line Items] | |||
Long-term debt | $ 2,218,093,000 | $ 1,067,362,000 | |
Term Loan | |||
Line of Credit Facility [Line Items] | |||
Long-term debt | $ 250,000,000 | $ 250,000,000 | |
Interest rate | 2.96% | ||
Unsecured Variable Rate Debt of TIER | Term Loan | TIER | |||
Line of Credit Facility [Line Items] | |||
Repayment of debt | $ 679,000,000 | ||
Debt amount | $ 679,000,000 |
Notes Payable (Other Debt Infor
Notes Payable (Other Debt Information) (Details) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Notes payable, fair value | $ 2.3 | $ 1.1 |
Notes Payable (Interest Expense
Notes Payable (Interest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Total interest incurred | $ 65,182 | $ 44,332 | $ 42,767 |
Interest capitalized | (11,219) | (4,902) | (9,243) |
Total interest expense | $ 53,963 | $ 39,430 | $ 33,524 |
Notes Payable (Debt Maturities)
Notes Payable (Debt Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 38,699 | |
2021 | 266,369 | |
2022 | 102,401 | |
2023 | 504,655 | |
2024 | 79,087 | |
Thereafter | 1,226,882 | |
Total Notes Payable | $ 2,218,093 | $ 1,067,362 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding letters of credit and performance bonds | $ 1,100,000 |
Future obligations under leases | 205,400,000 |
Lessee, Lease, Description [Line Items] | |
Letters of credit outstanding | 0 |
Operating leases | 214,024,000 |
Operating leases other than ground leases | |
Lessee, Lease, Description [Line Items] | |
Operating leases | $ 404,000 |
Stockholders' Equity (Additiona
Stockholders' Equity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Gross proceeds from issuance of common stock | $ 212,900 | ||
Net proceeds from issuance of stock | 211,774 | ||
Aggregate value of units redeemed | $ 0 | ||
Preferred stock, shares outstanding | 1,716,837 | 1,716,837 | |
Preferred stock, par value (in usd per share) | $ 1 | $ 1 | |
Percentage of restriction on ownership (more than) | 3.90% | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Number of shares issued during period | 6,300,000 | ||
Stock issuance costs | $ 1,100 | ||
Net proceeds from issuance of stock | $ 211,800 | ||
Number of units redeemed in exchange for common stock (in shares) | 300,821 | ||
Aggregate value of units redeemed | $ 10,100 | ||
TIER | Common Stock | |||
Class of Stock [Line Items] | |||
Number of shares issued in merger | 41,600,000 |
Stockholders' Equity (Distribut
Stockholders' Equity (Distribution of REIT Taxable Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Common and preferred dividends | $ 142,940 | $ 107,167 | $ 99,138 |
Dividends treated as taxable compensation | (161) | (150) | (129) |
Dividends applied to meet current year REIT distribution requirements | $ 142,779 | $ 107,017 | $ 99,009 |
Stockholders' Equity (Tax Statu
Stockholders' Equity (Tax Status of Distributions) (Details) - Common Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
Total Distributions Per Share (in usd per share) | $ 1.130000 | $ 1.020000 | $ 0.960000 |
Unrecaptured Section 1250 Gain (in usd per share) | 0 | 0 | 0.282088 |
Nondividend Distributions (in usd per share) | 0 | 0 | 0 |
AMT Adjustment (in usd per share) | 0 | 0 | 0.071024 |
Ordinary Dividends | |||
Class of Stock [Line Items] | |||
Total Distributions Per Share (in usd per share) | 0.983133 | 1.005584 | 0.373248 |
Long-Term Capital Gain | |||
Class of Stock [Line Items] | |||
Total Distributions Per Share (in usd per share) | $ 0.146867 | $ 0.014416 | $ 0.586752 |
Revenue Recognition (Additional
Revenue Recognition (Additional Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Total rental property revenues | $ 657,515 | $ 475,212 | $ 466,185 | |
Rental property revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total rental property revenues | $ 628,800 | 628,751 | 463,401 | 455,305 |
Variable rental revenue | $ 176,600 | |||
Variable rental revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total rental property revenues | 119,300 | 115,900 | ||
Fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total rental property revenues | $ 28,800 | $ 11,800 | $ 10,900 |
Revenue Recognition (Future Min
Revenue Recognition (Future Minimum Payments to be Received) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Future minimum rents to be received, after adoption | ||
2020 | $ 502,147 | |
2021 | 487,815 | |
2022 | 438,624 | |
2023 | 401,363 | |
2024 | 365,024 | |
Thereafter | 1,358,674 | |
Future minimum rents to be received | $ 3,553,647 | |
Future minimum rents to be received, after adoption | ||
2020 | $ 328,607 | |
2021 | 330,477 | |
2022 | 314,410 | |
2023 | 280,959 | |
2024 | 256,233 | |
Thereafter | 1,115,490 | |
Future minimum rents to be received | $ 2,626,176 |
Stock-Based Compensation (Addit
Stock-Based Compensation (Additional Information) (Details) | Dec. 31, 2019shares |
Share-based Payment Arrangement [Abstract] | |
Shares authorized under stock option plan (in shares) | 3,714,993 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding (in shares) | 67,000 | 114,000 | 232,000 | 565,000 |
Fair value of options exercisable | $ 1,200 | |||
Weighted average contractual life of outstanding options (in years) | 7 months 6 days | |||
Weighted average contractual life of exercisable options (in years) | 1 year 1 month 6 days | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding (in shares) | 66,999 | |||
Number of stock issued during period (in shares) | 10,451 | 11,827 | ||
Value of stock issued during period resulting from exercise of stock options | $ 945 |
Stock-Based Compensation (Sto_2
Stock-Based Compensation (Stock Option Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Options | |||
Outstanding at beginning of period (in shares) | 114 | 232 | 565 |
Exercised (in shares) | (42) | (114) | (144) |
Forfeited/Expired (in shares) | (5) | (4) | (189) |
Outstanding at end of period (in shares) | 67 | 114 | 232 |
Options Exercisable at end of period (in shares) | 67 | ||
Weighted Average Exercise Price Per Option | |||
Outstanding at beginning of period (in usd per share) | $ 24 | $ 26.36 | $ 43.28 |
Exercised (in usd per share) | 25.59 | 26.40 | 30.04 |
Forfeited/Expired (in usd per share) | 25.32 | 74.88 | 73.88 |
Outstanding at end of period (in usd per share) | 23.13 | $ 24 | $ 26.36 |
Options Exercisable at end of period (in usd per share) | $ 23.13 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)awardshares | Dec. 31, 2018USD ($)awardshares | Dec. 31, 2017USD ($)awardshares | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted stock units granted (in shares) | shares | 66,000 | 78,000 | 77,000 |
Compensation expense, restricted stock | $ | $ 2.5 | $ 2.3 | $ 2 |
Unrecognized compensation cost | $ | $ 2.7 | ||
Unrecognized compensation cost, period for recognition (in years) | 1 year 8 months 12 days | ||
Fair value of restricted stock that vested | $ | $ 2.6 | $ 2.3 | $ 2 |
Restricted Stock | Independent Board of Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted stock units granted (in shares) | shares | 37,166 | 29,638 | 30,219 |
Restricted Stock | Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted stock units granted (in shares) | shares | 65,824 | 78,799 | 77,072 |
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) | shares | 93,000 | 113,000 | 100,000 |
Types of performance-based RSUs | award | 2,000 | 2,000 | |
Targeted number of units outstanding (in shares) | shares | 92,649 | 110,488 | 94,845 |
Performance-based RSUs | Key Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Types of performance-based RSUs | award | 2 | ||
Payout range minimum (as a percent) | 0.00% | ||
Payout range maximum (as a percent) | 200.00% | ||
Time-vested RSUs | Key Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted stock units granted (in shares) | shares | 42,809 | 4,459 | 66,181 |
Vesting period | 3 years | ||
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost, period for recognition (in years) | 1 year 1 month 6 days | ||
Estimate of future expense for all types of RSUs outstanding | $ | $ 6.5 | ||
Total cash paid for vesting and dividend payments | $ | 6.1 | ||
Recognized compensation expense related to RSUs for employees and directors, before capitalization or income tax benefit, if any | $ | $ 9.9 | $ 4.6 | $ 7 |
Stock-Based Compensation (Res_2
Stock-Based Compensation (Restricted Stock Activity) (Details) - Restricted Stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Shares | |||
Outstanding at beginning of period (in shares) | 148 | 139 | 117 |
Granted (in shares) | 66 | 78 | 77 |
Vested (in shares) | (72) | (64) | (53) |
Forfeited (in shares) | (1) | (5) | (2) |
Outstanding at end of period (in shares) | 141 | 148 | 139 |
Weighted-Average Grant Date Fair Value | |||
Outstanding at beginning of period (in usd per share) | $ 33.08 | $ 31.72 | $ 30.28 |
Granted (in usd per share) | 35.64 | 34.04 | 34.52 |
Vested (in usd per share) | 34.09 | 31.32 | 30 |
Forfeited (in usd per share) | 34.46 | 32.88 | 26.12 |
Outstanding at end of period (in usd per share) | $ 34.81 | $ 33.08 | $ 31.72 |
Stock-Based Compensation (Perfo
Stock-Based Compensation (Performance-Based RSU Activity) (Details) - Performance-based RSUs - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of all performance-based RSU activity | |||
Outstanding at beginning of period (in shares) | 300 | 271 | 318 |
Granted (in shares) | 93 | 113 | 100 |
Vested (in shares) | (94) | (75) | (144) |
Forfeited (in shares) | (1) | (9) | (3) |
Outstanding at end of period (in shares) | 298 | 300 | 271 |
Retirement Savings Plan (Detail
Retirement Savings Plan (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Retirement Benefits [Abstract] | ||||
Employer contribution matching percentage | 3.00% | 3.00% | ||
Employee vesting period in the retirement saving plan | 2 years | 3 years | ||
Company defined contribution plan | $ 913 | $ 647 | $ 764 |
Income Taxes (Statutory Federal
Income Taxes (Statutory Federal Income Tax Rate) (Details) - CTRS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amount | |||
Federal income tax benefit (expense) | $ (65) | $ 143 | $ 47 |
State income tax benefit (expense), net of federal income tax effect | (12) | 27 | 5 |
Deferred tax adjustment | (127) | ||
Change in deferred tax assets as a result of change in tax law | 0 | 0 | (340) |
Valuation allowance | (45) | (174) | 283 |
Other | (5) | 4 | 5 |
Benefit applicable to income (loss) from continuing operations | $ 0 | $ 0 | $ 0 |
Rate | |||
Federal income tax benefit (expense) (percent) | 21.00% | 21.00% | 35.00% |
State income tax benefit (expense), net of federal income tax effect (percent) | 4.00% | 4.00% | 4.00% |
Deferred tax adjustment (percent) | (41.00%) | ||
Change in deferred tax assets as a result of change in tax law (percent) | 0.00% | 0.00% | (254.00%) |
Valuation allowance (percent) | 15.00% | (26.00%) | 211.00% |
Other (percent) | 1.00% | 1.00% | 4.00% |
Benefit applicable to income (loss) from continuing operations (percent) | 0.00% | 0.00% | 0.00% |
Income Taxes (Tax Effect of Sig
Income Taxes (Tax Effect of Significant Temporary Differences) (Details) - CTRS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes [Line Items] | ||
Income from unconsolidated joint ventures | $ 27 | $ 18 |
Federal and state tax carryforwards | 702 | 763 |
Other | 99 | 2 |
Total deferred tax assets | 828 | 783 |
Valuation allowance | (828) | (783) |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||
Net income | $ 152,683 | $ 80,765 | $ 219,959 |
Net income attributable to noncontrolling interests | (2,265) | (1,601) | (3,684) |
Net income available to common stockholders | $ 150,418 | $ 79,164 | $ 216,275 |
Denominator: | |||
Weighted average common shares - basic (in shares) | 128,060 | 105,076 | 103,902 |
Net income available to common stockholders (in usd per share) | $ 1.17 | $ 0.75 | $ 2.08 |
Numerator: | |||
Net income | $ 152,683 | $ 80,765 | $ 219,959 |
Net income attributable to noncontrolling interests | (2,265) | (1,601) | (3,684) |
Net income available for common stockholders before net income attributable to noncontrolling interests in CPLP | $ 152,370 | $ 80,509 | $ 219,956 |
Denominator: | |||
Weighted average common shares - basic (in shares) | 128,060 | 105,076 | 103,902 |
Add: | |||
Potential dilutive common shares - stock options (in shares) | 27 | 48 | 78 |
Weighted average units of CPLP convertible into common shares (in shares) | 1,744 | 1,744 | 1,844 |
Weighted average common shares - diluted (in shares) | 129,831 | 106,868 | 105,824 |
Net income available to common stockholders (in usd per share) | $ 1.17 | $ 0.75 | $ 2.08 |
CPLP | |||
Numerator: | |||
Net income attributable to noncontrolling interests | $ (1,952) | $ (1,345) | $ (3,681) |
Numerator: | |||
Net income attributable to noncontrolling interests | (1,952) | (1,345) | (3,681) |
Other Noncontrolling Interests | |||
Numerator: | |||
Net income attributable to noncontrolling interests | (313) | (256) | (3) |
Numerator: | |||
Net income attributable to noncontrolling interests | $ (313) | $ (256) | $ (3) |
Earnings Per Share (Additional
Earnings Per Share (Additional Information) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive stock options (in shares) | 0 | 0 | 6,000 |
Consolidated Statements of Ca_4
Consolidated Statements of Cash Flows - Supplemental Information (Supplemental Cash Flows Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid, net of amounts capitalized | $ 38,062 | $ 43,166 | $ 30,572 |
Income taxes paid | 0 | 0 | 0 |
Non-Cash Transactions: | |||
Non-cash assets and liabilities assumed in TIER transaction | 1,512,373 | 0 | 0 |
Transfer from operating properties and related liabilities to assets and liabilities of real estate assets held for sale | 318,516 | 0 | 0 |
Ground lease right-of-use assets and associated liabilities | 56,294 | 0 | 0 |
Transfer from investment in unconsolidated joint venture to operating properties | 50,781 | 0 | 68,498 |
Common stock dividends declared and accrued | 42,559 | 27,326 | 25,202 |
Change in accrued property acquisition, development, and tenant asset expenditures | 4,891 | (18,104) | 5,965 |
Non-cash consideration for property acquisition | 10,071 | 0 | 0 |
Transfer from projects under development to operating properties | 0 | 325,490 | 58,928 |
Cumulative effect of change in accounting principle | 0 | 22,329 | 0 |
Transfer from investment in unconsolidated joint ventures to projects under development | $ 0 | $ 7,025 | $ 0 |
Consolidated Statements of Ca_5
Consolidated Statements of Cash Flows - Supplemental Information (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 15,603 | $ 2,547 | $ 148,929 | |
Restricted cash | 2,005 | 148 | 56,816 | |
Total cash, cash equivalents, and restricted cash | $ 17,608 | $ 2,695 | $ 205,745 | $ 51,321 |
Reportable Segments (Segment Ne
Reportable Segments (Segment Net Operating Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | $ 431,790 | $ 326,063 | $ 313,206 |
Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 158,045 | 131,564 | 112,984 |
Austin | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 93,311 | 60,474 | 58,648 |
Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 77,082 | 62,812 | 62,708 |
Phoenix | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 37,247 | 36,875 | 34,074 |
Tampa | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 33,586 | 30,514 | 29,426 |
Dallas | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 7,473 | ||
Orlando | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 13,029 | ||
Other | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 25,046 | 3,824 | 2,337 |
Office | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 428,731 | 323,820 | 309,223 |
Office | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 158,093 | 131,564 | 109,706 |
Office | Austin | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 93,311 | 60,474 | 58,648 |
Office | Charlotte | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 77,082 | 62,812 | 62,708 |
Office | Phoenix | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 37,247 | 36,875 | 34,074 |
Office | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 33,586 | 30,514 | 29,426 |
Office | Dallas | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 7,473 | ||
Office | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 13,029 | ||
Office | Other | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 21,939 | 1,581 | 1,632 |
Mixed-Use | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 3,059 | 2,243 | 3,983 |
Mixed-Use | Atlanta | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | (48) | 0 | 3,278 |
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 | Phoenix | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Mixed-Use | Tampa | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | 0 | 0 |
Mixed-Use | Dallas | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | ||
Mixed-Use | Orlando | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | 0 | ||
Mixed-Use | Other | |||
Segment Reporting Information [Line Items] | |||
Total Net Operating Income | $ 3,107 | $ 2,243 | $ 705 |
Reportable Segments (Reconcilia
Reportable Segments (Reconciliation of Net Income to Net Operating Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting [Abstract] | |||
Net income | $ 152,683 | $ 80,765 | $ 219,959 |
Net operating income from unconsolidated joint ventures | 32,413 | 28,888 | 31,053 |
Fee income | (28,518) | (10,089) | (8,632) |
Termination fee income | (7,228) | (1,548) | (9,270) |
Other income | (246) | (1,722) | (2,248) |
Reimbursed expenses | 4,004 | 3,782 | 3,527 |
General and administrative expenses | 37,007 | 22,040 | 27,523 |
Interest expense | 53,963 | 39,430 | 33,524 |
Depreciation and amortization | 257,149 | 181,382 | 196,745 |
Acquisition and transaction costs | 52,881 | 248 | 1,661 |
Other expenses | 1,109 | 556 | 1,796 |
Gain on extinguishment of debt | 0 | (8) | (2,258) |
Income from unconsolidated joint ventures | (12,666) | (12,224) | (47,115) |
Gain on sale of investment properties | (110,761) | (5,437) | (133,059) |
Net Operating Income | $ 431,790 | $ 326,063 | $ 313,206 |
Reportable Segments (Segment Re
Reportable Segments (Segment Revenues) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | $ 657,515 | $ 475,212 | $ 466,185 | |
Rental property revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | $ 628,800 | 628,751 | 463,401 | 455,305 |
Rental property revenues | Office | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 628,751 | 463,401 | 455,305 | |
Rental property revenues | Mixed-Use | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 0 | 0 | 0 | |
Rental property revenues | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 681,212 | 510,898 | 506,834 | |
Rental property revenues | Operating Segments | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 242,217 | 206,692 | 185,734 | |
Rental property revenues | Operating Segments | Austin | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 160,196 | 104,817 | 101,222 | |
Rental property revenues | Operating Segments | Charlotte | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 120,214 | 92,398 | 92,242 | |
Rental property revenues | Operating Segments | Tampa | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 54,216 | 49,822 | 47,402 | |
Rental property revenues | Operating Segments | Phoenix | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 51,586 | 51,238 | 51,209 | |
Rental property revenues | Operating Segments | Dallas | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 9,421 | |||
Rental property revenues | Operating Segments | Orlando | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 24,973 | |||
Rental property revenues | Operating Segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 43,362 | 5,931 | 4,052 | |
Rental property revenues | Operating Segments | Office | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 676,574 | 507,174 | 500,598 | |
Rental property revenues | Operating Segments | Office | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 242,209 | 206,692 | 180,497 | |
Rental property revenues | Operating Segments | Office | Austin | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 160,196 | 104,817 | 101,222 | |
Rental property revenues | Operating Segments | Office | Charlotte | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 120,214 | 92,398 | 92,242 | |
Rental property revenues | Operating Segments | Office | Tampa | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 54,216 | 49,822 | 47,402 | |
Rental property revenues | Operating Segments | Office | Phoenix | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 51,586 | 51,238 | 51,209 | |
Rental property revenues | Operating Segments | Office | Dallas | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 9,421 | |||
Rental property revenues | Operating Segments | Office | Orlando | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 24,973 | |||
Rental property revenues | Operating Segments | Office | Other | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 38,732 | 2,207 | 3,053 | |
Rental property revenues | Operating Segments | Mixed-Use | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 4,638 | 3,724 | 6,236 | |
Rental property revenues | Operating Segments | Mixed-Use | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 8 | 0 | 5,237 | |
Rental property revenues | Operating Segments | Mixed-Use | Austin | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 0 | 0 | 0 | |
Rental property revenues | Operating Segments | Mixed-Use | Charlotte | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 0 | 0 | 0 | |
Rental property revenues | Operating Segments | Mixed-Use | Tampa | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 0 | 0 | 0 | |
Rental property revenues | Operating Segments | Mixed-Use | Phoenix | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 0 | 0 | 0 | |
Rental property revenues | Operating Segments | Mixed-Use | Dallas | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 0 | |||
Rental property revenues | Operating Segments | Mixed-Use | Orlando | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 0 | |||
Rental property revenues | Operating Segments | Mixed-Use | Other | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | 4,630 | 3,724 | 999 | |
Rental property revenues | Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | (52,461) | (47,497) | (51,529) | |
Rental property revenues | Segment Reconciling Items | Office | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | (47,823) | (43,773) | (45,293) | |
Rental property revenues | Segment Reconciling Items | Mixed-Use | ||||
Segment Reporting Information [Line Items] | ||||
Total rental property revenues | $ (4,638) | $ (3,724) | $ (6,236) |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation (Schedule of Properties) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 716,593 | |||
Initial Cost to Company | ||||
Land and Improvements | 745,461 | |||
Buildings and Improvements | 5,233,567 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 55,328 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 1,123,713 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 800,789 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 6,357,280 | |||
Total | 7,158,069 | $ 4,121,286 | $ 3,893,799 | $ 3,814,986 |
Accumulated Depreciation | 621,617 | $ 421,495 | $ 275,977 | $ 215,856 |
OPERATING PROPERTIES | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 716,593 | |||
Initial Cost to Company | ||||
Land and Improvements | 582,382 | |||
Buildings and Improvements | 4,651,919 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 58,768 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 953,394 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 641,150 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 5,605,313 | |||
Total | 6,246,463 | |||
Accumulated Depreciation | 577,139 | |||
OPERATING PROPERTIES | Austin, TX | The Domain | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 52,511 | |||
Buildings and Improvements | 617,001 | |||
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 | 3,958 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 52,511 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 620,959 | |||
Total | 673,470 | |||
Accumulated Depreciation | $ 10,996 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Austin, TX | The Terrace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 27,360 | |||
Buildings and Improvements | 247,226 | |||
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 | 2,571 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 27,360 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 249,797 | |||
Total | 277,157 | |||
Accumulated Depreciation | $ 4,992 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Austin, TX | Tempe Gateway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 33,841 | |||
Buildings and Improvements | 201,707 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 30,938 | |||
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 | 232,645 | |||
Total | 266,486 | |||
Accumulated Depreciation | $ 26,574 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Austin, TX | Domain Point | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 34,068 | |||
Buildings and Improvements | 176,535 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (579) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 14,237 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 33,489 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 190,772 | |||
Total | 224,261 | |||
Accumulated Depreciation | $ 20,507 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Austin, TX | 816 Congress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 79,987 | |||
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 | 20,682 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 27,198 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 27,499 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 117,089 | |||
Total | 144,588 | |||
Accumulated Depreciation | $ 30,234 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 42 years | |||
OPERATING PROPERTIES | Austin, TX | Colorado Tower | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 117,085 | |||
Initial Cost to Company | ||||
Land and Improvements | 1,600 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 20,607 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 120,902 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 22,207 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 120,902 | |||
Total | 143,109 | |||
Accumulated Depreciation | $ 31,909 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 30 years | |||
OPERATING PROPERTIES | Austin, TX | Domain Point | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 17,349 | |||
Buildings and Improvements | 71,599 | |||
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 | 236 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 17,349 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 71,835 | |||
Total | 89,184 | |||
Accumulated Depreciation | $ 1,725 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Austin, TX | Research Park V | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 4,373 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 801 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 42,390 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 5,174 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 42,390 | |||
Total | 47,564 | |||
Accumulated Depreciation | $ 7,798 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 30 years | |||
OPERATING PROPERTIES | Atlanta, GA | Terminus | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 194,225 | |||
Initial Cost to Company | ||||
Land and Improvements | 49,345 | |||
Buildings and Improvements | 410,826 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 6,592 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 49,345 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 417,418 | |||
Total | 466,763 | |||
Accumulated Depreciation | $ 4,028 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | Northpark | ||||
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 | 66,375 | |||
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 | 362,200 | |||
Total | 384,550 | |||
Accumulated Depreciation | $ 70,498 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 39 years | |||
OPERATING PROPERTIES | Atlanta, GA | Spring & 8th | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 28,131 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 426 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 301,596 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 28,557 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 301,596 | |||
Total | 330,153 | |||
Accumulated Depreciation | $ 19,008 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | Fifth Third Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 35,064 | |||
Buildings and Improvements | 234,111 | |||
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 | 10,070 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 35,064 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 244,181 | |||
Total | 279,245 | |||
Accumulated Depreciation | $ 30,028 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | 3344 Peachtree | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 16,110 | |||
Buildings and Improvements | 176,153 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 20,425 | |||
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 | 196,578 | |||
Total | 212,688 | |||
Accumulated Depreciation | $ 23,418 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | Promenade | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 95,986 | |||
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 | 47,224 | |||
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 | 150,014 | |||
Total | 163,453 | |||
Accumulated Depreciation | $ 55,183 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 34 years | |||
OPERATING PROPERTIES | Atlanta, GA | San Jacinto Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 16,836 | |||
Buildings and Improvements | 108,177 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 9,276 | |||
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 | 117,453 | |||
Total | 134,289 | |||
Accumulated Depreciation | $ 14,086 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | 1200 Peachtree | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 19,495 | |||
Buildings and Improvements | 62,836 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 19,495 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 62,836 | |||
Total | 82,331 | |||
Accumulated Depreciation | $ 1,333 | |||
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 | 2,412 | |||
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 | 72,135 | |||
Total | 78,842 | |||
Accumulated Depreciation | $ 9,584 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | 8000 Avalon | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 4,130 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 72 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 72,953 | |||
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 | 72,953 | |||
Total | 77,155 | |||
Accumulated Depreciation | $ 7,177 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Atlanta, GA | Meridian Mark Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 22,978 | |||
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 | 30,500 | |||
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 | 30,500 | |||
Total | 32,719 | |||
Accumulated Depreciation | $ 21,933 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 30 years | |||
OPERATING PROPERTIES | Fort Worth, TX | Burnett Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 28,756 | |||
Buildings and Improvements | 90,104 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (281) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 1,611 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 28,475 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 91,715 | |||
Total | 120,190 | |||
Accumulated Depreciation | $ 2,633 | |||
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 | 17,566 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 47,407 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 24,864 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 319,555 | |||
Total | 344,419 | |||
Accumulated Depreciation | $ 39,254 | |||
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 | $ 0 | |||
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 | 5,954 | |||
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 | 60,648 | |||
Total | 70,052 | |||
Accumulated Depreciation | $ 8,881 | |||
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 | 7,979 | |||
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 | 47,115 | |||
Total | 57,915 | |||
Accumulated Depreciation | $ 5,767 | |||
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 | (252) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 24,476 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 12,850 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 287,054 | |||
Total | 299,904 | |||
Accumulated Depreciation | $ 38,320 | |||
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 | 6,542 | |||
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 | 101,672 | |||
Total | 107,565 | |||
Accumulated Depreciation | $ 12,089 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Phoenix, AZ | 111 West Rio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 6,076 | |||
Buildings and Improvements | 56,647 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (127) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 16,964 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 5,949 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 73,611 | |||
Total | 79,560 | |||
Accumulated Depreciation | $ 7,271 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Charlotte, NC | Bank of America Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 32,091 | |||
Buildings and Improvements | 229,840 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (147) | |||
Building and Improvements less Cost of Sales, Transfers and Other | 4,059 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 31,944 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 233,899 | |||
Total | 265,843 | |||
Accumulated Depreciation | $ 8,030 | |||
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 | $ 140,332 | |||
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 | 21,404 | |||
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 | 201,834 | |||
Total | 224,425 | |||
Accumulated Depreciation | $ 39,706 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Charlotte, NC | Legacy Union One | ||||
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 | 3,213 | |||
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 | 118,451 | |||
Total | 118,502 | |||
Accumulated Depreciation | $ 15,325 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Houston, TX | Briarlake Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 33,486 | |||
Buildings and Improvements | 196,915 | |||
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 | 2,855 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 33,486 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 199,770 | |||
Total | 233,256 | |||
Accumulated Depreciation | $ 4,692 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Dallas, GA | Legacy Union One | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 66,000 | |||
Initial Cost to Company | ||||
Land and Improvements | 13,049 | |||
Buildings and Improvements | 128,740 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 13,049 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 128,740 | |||
Total | 141,789 | |||
Accumulated Depreciation | $ 2,679 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
OPERATING PROPERTIES | Dallas, GA | 5950 Sherry Lane | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 8,040 | |||
Buildings and Improvements | 65,919 | |||
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 | 1,077 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 8,040 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 66,996 | |||
Total | 75,036 | |||
Accumulated Depreciation | $ 1,481 | |||
Life on Which Depreciation in 2016 Statement of Operations is Computed | 40 years | |||
HELD FOR SALE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 12,257 | |||
Buildings and Improvements | 341,935 | |||
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 | 30,457 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 12,257 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 372,392 | |||
Total | 384,649 | |||
Accumulated Depreciation | 44,478 | |||
HELD FOR SALE | 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 | 28,455 | |||
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 | 351,754 | |||
Total | 361,731 | |||
Accumulated Depreciation | 44,478 | |||
HELD FOR SALE | Cherry Hill, NJ | Woodcrest | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 2,280 | |||
Buildings and Improvements | 18,636 | |||
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 | 2,002 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 2,280 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 20,638 | |||
Total | 22,918 | |||
Accumulated Depreciation | 0 | |||
PROJECTS UNDER DEVELOPMENT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 30,519 | |||
Buildings and Improvements | 239,713 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 3 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 139,862 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 30,522 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 379,575 | |||
Total | 410,097 | |||
Accumulated Depreciation | 0 | |||
PROJECTS UNDER DEVELOPMENT | Austin, TX | Domain 12 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 12,725 | |||
Buildings and Improvements | 138,148 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 21,100 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 12,725 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 159,248 | |||
Total | 171,973 | |||
Accumulated Depreciation | 0 | |||
PROJECTS UNDER DEVELOPMENT | Austin, TX | Domain 10 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 11,975 | |||
Buildings and Improvements | 101,565 | |||
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 | 35,012 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 11,975 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 136,577 | |||
Total | 148,552 | |||
Accumulated Depreciation | 0 | |||
PROJECTS UNDER DEVELOPMENT | Suburban Atlanta, GA | 10000 Avalon | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 5,819 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 3 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 83,750 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 5,822 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 83,750 | |||
Total | 89,572 | |||
Accumulated Depreciation | 0 | |||
LAND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 120,303 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | (3,443) | |||
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 | 116,860 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 116,860 | |||
Accumulated Depreciation | 0 | |||
LAND | Austin, TX | Domain 14 & 15 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 21,000 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 21,000 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 21,000 | |||
Accumulated Depreciation | 0 | |||
LAND | Austin, TX | Domain 9 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 16,640 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 16,640 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 16,640 | |||
Accumulated Depreciation | 0 | |||
LAND | Atlanta, GA | 901 West Peachtree | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 11,883 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 3,741 | |||
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 | 15,624 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 15,624 | |||
Accumulated Depreciation | 0 | |||
LAND | Atlanta, GA | 3354 Peachtree | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 13,410 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 13,410 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 13,410 | |||
Accumulated Depreciation | 0 | |||
LAND | Fort Worth, TX | Burnett Plaza - Adjacent Land | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 3,900 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 3,900 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 3,900 | |||
Accumulated Depreciation | 0 | |||
LAND | Tampa, FL | Corporate Center 5 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 356 | |||
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 | 356 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 356 | |||
Accumulated Depreciation | 0 | |||
LAND | Phoenix, AZ | 100 Mill | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 19,506 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 19,506 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 19,506 | |||
Accumulated Depreciation | 0 | |||
LAND | Dallas, GA | Legacy Union 2 & 3 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land and Improvements | 22,724 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land and Improvements less Cost of Sales, Transfers and Other | 22,724 | |||
Building and Improvements less Cost of Sales, Transfers and Other | 0 | |||
Total | 22,724 | |||
Accumulated Depreciation | 0 | |||
LAND | Suburban Atlanta, GA | The Avenue Forsyth - Adjacent Land | ||||
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 |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation (Notes to Schedule III) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate | |||
Balance at beginning of period | $ 4,121,286 | $ 3,893,799 | $ 3,814,986 |
Additions during the period: | |||
TIER merger | 2,222,989 | 0 | 0 |
Acquisitions | 542,502 | 48,920 | 62,723 |
Improvements and other capitalized costs | 271,720 | 178,567 | 303,940 |
Total Additions | 3,037,211 | 227,487 | 366,663 |
Deductions during the period: | |||
Cost of real estate sold | (428) | 0 | (287,850) |
Total Deductions | 428 | 0 | 287,850 |
Balance at end of period | 7,158,069 | 4,121,286 | 3,893,799 |
Accumulated Depreciation | |||
Balance at beginning of period | 421,495 | 275,977 | 215,856 |
Additions during the period: | |||
Depreciation expense | 200,122 | 145,518 | 101,720 |
Total Additions | 200,122 | 145,518 | 101,720 |
Deductions during the period: | |||
Cost of real estate sold | 0 | 0 | (41,599) |
Total Deductions | 0 | 0 | (41,599) |
Balance at end of period | 621,617 | $ 421,495 | $ 275,977 |
Aggregate cost for federal income tax, net of depreciation | $ 4,900,000 | ||
Buildings and Improvements | Minimum | |||
Deductions during the period: | |||
Useful life | 30 years | ||
Buildings and Improvements | Maximum | |||
Deductions during the period: | |||
Useful life | 42 years |
Uncategorized Items - form10-kd
Label | Element | Value |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 22,329,000 |