Cousins Properties (CUZ) 10-Q 30 Jul 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 24, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-11312
Entity Registrant Name	COUSINS PROPERTIES INC
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	58-0869052
Entity Address, Address Line One	3344 Peachtree Road NE
Entity Address, Address Line Two	Suite 1800
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30326-4802
City Area Code	404
Local Phone Number	407-1000
Title of 12(b) Security	Common Stock, $1 par value per share
Trading Symbol	CUZ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		148,568,109
Entity Central Index Key	0000025232
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real estate assets:
Operating properties, net of accumulated depreciation of $692,126 and $577,139 in 2020 and 2019, respectively	$ 6,011,375	$ 5,669,324
Projects under development	205,376	410,097
Land	97,196	116,860
Total real estate assets	6,313,947	6,196,281
Real estate assets and other assets held for sale, net of accumulated depreciation and amortization of $61,093 in 2019	0	360,582
Cash and cash equivalents	28,255	15,603
Restricted cash	1,947	2,005
Notes and accounts receivable	35,078	23,680
Deferred rents receivable	119,982	102,314
Investment in unconsolidated joint ventures	129,857	133,884
Intangible assets, net	224,066	257,649
Other assets	55,316	59,449
Total assets	6,908,448	7,151,447
Liabilities:
Notes payable	1,939,517	2,222,975
Accounts payable and accrued expenses	183,350	209,904
Deferred income	57,199	52,269
Intangible liabilities, net of accumulated amortization of $66,343 and $55,798 in 2020 and 2019, respectively	72,560	83,105
Other liabilities	115,493	134,128
Liabilities of real estate assets held for sale, net of accumulated amortization of $7,771 in 2019	0	21,231
Total liabilities	2,368,119	2,723,612
Commitments and contingencies
Stockholders' investment:
Preferred stock, $1 par value, 20,000,000 shares authorized, 1,716,837 shares issued and outstanding in 2019	0	1,717
Common stock, $1 par value, 300,000,000 shares authorized, 151,153,042 and 149,347,382 shares issued, and 148,568,109 and 146,762,449 shares outstanding in 2020 and 2019, respectively	151,153	149,347
Additional paid-in capital	5,540,945	5,493,883
Treasury stock at cost, 2,584,933 shares in 2020 and 2019	(148,473)	(148,473)
Distributions in excess of cumulative net income	(1,028,289)	(1,137,200)
Total stockholders' investment	4,515,336	4,359,274
Nonredeemable noncontrolling interests	24,993	68,561
Total equity	4,540,329	4,427,835
Total liabilities and equity	$ 6,908,448	$ 7,151,447

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accumulated depreciation on operating properties	$ 692,126	$ 577,139
Real estate assets and other assets held for sale, accumulated depreciation and amortization		61,093
Accumulated amortization on intangible liabilities	$ 66,343	55,798
Accumulated amortization on liabilities of real estate assets held for sale		$ 7,771
Preferred stock, par value (in usd per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)		1,716,837
Preferred stock, shares outstanding (in shares)	0	1,716,837
Common stock, par value (in usd per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	151,153,042	149,347,382
Common stock, shares outstanding (in shares)	148,568,109	146,762,449
Treasury stock, shares (in shares)	2,584,933	2,584,933

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total Revenues	$ 179,915	$ 142,020	$ 373,813	$ 274,753
Expenses:
Rental property operating expenses	61,621	46,705	126,159	90,192
Reimbursed expenses	322	1,047	843	1,979
General and administrative expenses	8,543	8,374	14,195	19,834
Interest expense	13,993	12,059	29,897	22,879
Depreciation and amortization	72,868	50,904	144,482	96,765
Transaction costs	63	49,827	428	49,830
Other	552	624	1,118	804
Total costs and expenses	157,962	169,540	317,122	282,283
Income from unconsolidated joint ventures	1,715	3,634	5,140	6,538
Gain (loss) on sales of investments in unconsolidated joint ventures	(231)	0	45,999	0
Gain (loss) on investment property transactions	(201)	1,304	90,715	14,415
Net income (loss)	23,236	(22,582)	198,545	13,423
Net (income) loss attributable to noncontrolling interests	(135)	173	(501)	(491)
Net income (loss) available to common stockholders	$ 23,101	$ (22,409)	$ 198,044	$ 12,932
Net income (loss) per common share — basic and diluted (in usd per share)	$ 0.16	$ (0.20)	$ 1.34	$ 0.12
Weighted average shares — basic (in shares)	148,548	112,926	147,986	109,049
Weighted average shares — diluted (in shares)	148,580	114,670	148,570	110,822
Rental property revenues
Revenues:
Total Revenues	$ 175,099	$ 134,933	$ 364,228	$ 258,798
Fee income
Revenues:
Total Revenues	4,690	7,076	9,422	15,804
Other
Revenues:
Total Revenues	$ 126	$ 11	$ 163	$ 151

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Treasury Stock	Distributions in Excess of Net Income	Stockholders’ Investment	Nonredeemable Noncontrolling Interests
Beginning balance at Dec. 31, 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 (loss)	13,423					12,932	12,932	491
Common stock issued in merger	1,598,189		41,576	1,556,613			1,598,189
Common stock issued pursuant to stock based compensation	509		91	418			509
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures	1,232			1,232			1,232
Nonredeemable noncontrolling interests acquired in merger	5,187							5,187
Contributions from nonredeemable noncontrolling interests	4,241							4,241
Distributions to nonredeemable noncontrolling interests	(1,265)							(1,265)
Common dividends	(73,054)					(73,054)	(73,054)
Ending balance at Jun. 30, 2019	4,369,618	1,717	149,348	5,492,648	(148,473)	(1,189,567)	4,305,673	63,945
Beginning balance at Mar. 31, 2019	2,828,229	1,717	107,731	3,934,038	(148,473)	(1,124,596)	2,770,417	57,812
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(22,582)					(22,409)	(22,409)	(173)
Common stock issued in merger	1,598,189		41,576	1,556,613			1,598,189
Common stock issued pursuant to stock based compensation	1,414		41	1,373			1,414
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures	624			624			624
Nonredeemable noncontrolling interests acquired in merger	5,187							5,187
Contributions from nonredeemable noncontrolling interests	1,660							1,660
Distributions to nonredeemable noncontrolling interests	(541)							(541)
Common dividends	(42,562)					(42,562)	(42,562)
Ending balance at Jun. 30, 2019	4,369,618	1,717	149,348	5,492,648	(148,473)	(1,189,567)	4,305,673	63,945
Beginning balance at Dec. 31, 2019	4,427,835	1,717	149,347	5,493,883	(148,473)	(1,137,200)	4,359,274	68,561
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	198,545					198,044	198,044	501
Common stock issued pursuant to stock based compensation	(307)		90	(397)			(307)
Common stock issued pursuant to unitholder redemption	0	(1,717)	1,719	45,032			45,034	(45,034)
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures	2,424		(3)	2,427			2,424
Contributions from nonredeemable noncontrolling interests	1,816							1,816
Distributions to nonredeemable noncontrolling interests	(851)							(851)
Common dividends	(89,133)					(89,133)	(89,133)
Ending balance at Jun. 30, 2020	4,540,329	0	151,153	5,540,945	(148,473)	(1,028,289)	4,515,336	24,993
Beginning balance at Mar. 31, 2020	4,558,998	0	151,125	5,538,875	(148,473)	(1,006,820)	4,534,707	24,291
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	23,236					23,101	23,101	135
Common stock issued pursuant to stock based compensation	958		30	928			958
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures	1,140		(2)	1,142			1,140
Contributions from nonredeemable noncontrolling interests	780							780
Distributions to nonredeemable noncontrolling interests	(213)							(213)
Common dividends	(44,570)					(44,570)	(44,570)
Ending balance at Jun. 30, 2020	$ 4,540,329	$ 0	$ 151,153	$ 5,540,945	$ (148,473)	$ (1,028,289)	$ 4,515,336	$ 24,993

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in usd per share)	$ 0.30	$ 0.29	$ 0.60	$ 0.58

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 198,545	$ 13,423
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of investments in unconsolidated joint ventures	(45,999)	0
Gain on investment properties transactions	(90,715)	(14,415)
Depreciation and amortization	144,482	96,765
Amortization of deferred financing costs and premium/discount on notes payable	(446)	1,211
Stock-based compensation expense, net of forfeitures	3,485	2,594
Effect of non-cash adjustments to revenues	(26,303)	(23,289)
Income from unconsolidated joint ventures	(5,140)	(6,538)
Operating distributions from unconsolidated joint ventures	3,351	4,036
Changes in other operating assets and liabilities:
Change in other receivables and other assets, net	(20,243)	(15,674)
Change in operating liabilities, net	(27,429)	19,678
Net cash provided by operating activities	133,588	77,791
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from investment property sales	433,673	57,772
Proceeds from sales of investments in unconsolidated joint ventures	52,874	0
Property acquisition, development, and tenant asset expenditures	(235,466)	(168,700)
Investment in unconsolidated joint ventures	(2,341)	(12,249)
Change in notes receivable and other assets	52	85,978
Other	0	(47)
Net cash provided by (used in) investing activities	248,792	(37,246)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility	280,500	837,000
Repayment of credit facility	(532,000)	(773,000)
Repayment of notes payable	(30,760)	(684,445)
Issuance of unsecured senior notes	0	650,000
Payment of deferred financing costs	0	(2,861)
Contributions from nonredeemable noncontrolling interests	1,816	4,241
Distributions to nonredeemable noncontrolling interests	(851)	(1,265)
Common dividends paid	(87,123)	(57,817)
Other	(1,368)	(1,026)
Net cash used in financing activities	(369,786)	(29,173)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	12,594	11,372
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	17,608	2,695
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 30,202	$ 14,067

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business : Cousins Properties Incorporated (“Cousins”), a Georgia corporation, is a self-administered and self-managed real estate investment trust (“REIT”). Cousins conducts substantially all of its operations through Cousins Properties LP ("CPLP"). Cousins owns over 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 Class A office and mixed-use properties in Sun Belt markets 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 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 June 30, 2020, the Company's portfolio of real estate assets consisted of interests in 19.0 million square feet of office space and 310,000 square feet of mixed-use space. Basis of Presentation : The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of June 30, 2020 and the results of operations for the three and six months ended June 30, 2020 and 2019. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included therein. 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 and preferred 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. Fractional shares of preferred stock resulting from the reverse stock split 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, preferred stock, stock options, restricted stock units, and per share information presented in the condensed consolidated financial statements have been adjusted to reflect the reverse stock split on a retroactive basis for all periods presented. For the three and six months ended June 30, 2020 and 2019, there were no items of other comprehensive income. Therefore, no presentation of comprehensive income is required. The Company evaluates all partnerships, joint ventures, and other arrangements with variable interests to determine if the entity or arrangement qualifies as a variable interest entity ("VIE"), as defined in the Financial Accounting Standard Board's ("FASB") Accounting Standards Codification ("ASC"). If the entity or arrangement qualifies as a VIE and the Company is determined to be the primary beneficiary, the Company is required to consolidate the assets, liabilities, and results of operations of the VIE. At June 30, 2020, the Company had no investments or interests in any VIEs.

Merger With Tier REIT, Inc.

Merger With Tier REIT, Inc.	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
MERGER WITH TIER REIT, INC.	MERGER 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. 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 condensed 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 and liabilities assumed in the Merger was $1.6 billion. For the three and six months ended June 30, 2020, the Company incurred expenses related to the Merger of $63,000 and $428,000, respectively. For the three and six months ended June 30, 2019, the Company incurred expenses related to the Merger of $49.8 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 an income approach and a cost approach to determine the fair value of real estate assets acquired. The purchase price was allocated as follows (in thousands): Real estate assets $ 2,201,773 Real estate assets held for sale 21,005 Cash and cash equivalents 84,042 Restricted cash 1,947 Notes and other receivables 6,586 Investment in unconsolidated joint ventures 292 Intangible assets 141,184 Other assets 9,954 2,466,783 Notes payable 747,549 Accounts payable and accrued expenses 51,748 Deferred income 8,131 Intangible liabilities 47,988 Other liabilities 7,676 Nonredeemable noncontrolling interests 5,329 868,421 Total purchase price $ 1,598,362 During the three and six months ended June 30, 2020, the Company recorded revenues related to assets acquired in the Merger of $51.7 million and $102.7 million, respectively. During the three and six months ended June 30, 2019, the Company recorded revenues related to assets acquired in the Merger of $9.7 million. The following unaudited supplemental pro forma information is based upon the Company's historical condensed 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 on January 1, 2018. Three Months Ended Six Months Ended Revenues $ 182,288 $ 367,319 Net income 62,092 87,744 Net income available to common stockholders 61,211 86,576 Supplemental pro forma earnings were adjusted to exclude $49.8 million of transaction costs incurred in the three and six months ended June 30, 2019.

Transactions with Norfolk South

Transactions with Norfolk Southern Railway Company	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
TRANSACTIONS WITH NORFOLK SOUTHERN RAILWAY COMPANY	TRANSACTIONS WITH NORFOLK SOUTHERN RAILWAY COMPANY On March 1, 2019, the Company entered into a series of agreements and executed related transactions with Norfolk Southern Railway Company (“NS”) as follows: • Sold land to NS for $52.5 million. • Executed a Development Agreement with NS whereby the Company will receive fees totaling $5 million in consideration for development services for NS’s corporate headquarters that is being constructed on the land sold to NS. • Executed a Consulting Agreement with NS whereby the Company will receive fees totaling $32 million in consideration for consulting services for NS’s corporate headquarters. The Development Agreement and Consulting Agreement are collectively referred to below as the “Fee Agreements.” • Purchased a building from NS (“1200 Peachtree”) for $82 million subject to a three-year market rate lease with NS that covers the entire building. The Company sold the land to NS for $5.0 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. The Company determined that the lease with NS at the 1200 Peachtree building was at market value under ASC 842. The land sale was accounted for under ASC 610-20 and no gain or loss was recorded on the derecognition of this non-financial asset as the fair value was determined to equal the carrying amount. Consideration related to various services provided to NS, and accounted for under ASC 606, was determined to be $52.3 million and represents the negotiated market value for the services agreed to by the Company and NS in the contracts. This amount included non-cash consideration of the $10.3 million discount on the purchase of 1200 Peachtree as well as cash consideration of $5 million from the land sale contract (difference between fair value and contract amount), $5 million from the Development Agreement, and $32 million from the Consulting Agreement. Since all of the agreements and contracts above were executed for the purpose of delivering and constructing a corporate headquarters for NS and all of the services and deliverables are highly interdependent, the Company determined that the services represent a single performance obligation under ASC 606. The Company determined that control of the services to be provided is being transferred over time and, thus, the Company must recognize the $52.3 million contract price in revenue as it satisfies the performance obligation. The Company determined that the inputs method of measuring progress of satisfying the performance obligation was the most appropriate method of recognizing revenue for the services component. Therefore, the Company began recognizing revenue in the quarter ended March 31, 2019, and will continue to recognize revenue based upon the time spent by the Company’s employees in providing these services as compared to the total estimated time required to satisfy the performance obligation. During the three months ended June 30, 2020 and 2019, the Company recognized $3.7 million and $5.0 million, respectively, in fee income in its condensed consolidated statements of operations related to the services provided to NS. During the six months ended June 30, 2020 and 2019, the Company recognized $7.5 million and $11.6 million, respectively, in fee income in its condensed consolidated statements of operations related to the services provided to NS. As of June 30, 2020 and December 31, 2019, the Company had deferred income included in the consolidated balance sheet of $8.5 million and $11.3 million, respectively, related to NS.

Real Estate Transactions

Real Estate Transactions	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
REAL ESTATE TRANSACTIONS	REAL ESTATE TRANSACTIONS During May 2020, the Company purchased a 1,550 space parking garage in Charlotte, North Carolina for a gross purchase price of $85.0 million. This property is included in real estate assets on the condensed consolidated balance sheet and in the Company's Charlotte/Office operating segment. During March 2020, the Company sold Hearst Tower, a 966,000 square foot office building in Charlotte, North Carolina, for a gross purchase price of $455.5 million. This property was included in the Company's Charlotte/Office operating segment. This transaction was triggered by the exercise of a purchase option by the building's primary lessee. The Company recognized a net gain of $90.7 million on the sale of Hearst Tower. During February 2020, as part of the Company's strategy in regards to disposal of non-core assets, the Company sold Woodcrest, a 386,000 square foot office property in Cherry Hill, New Jersey, for a gross purchase price of $25.3 million. This property was included in the Company's Other/Office operating segment. The Company acquired Woodcrest in the Merger with TIER and did not record any gain or loss on the sale of Woodcrest. During February 2019, the Company sold air rights that cover eight acres in Downtown Atlanta for a gross sales price of $13.3 million and recorded a gain of $13.1 million.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 (in thousands). The information included in the summary of operations table is for the six months ended June 30, 2020 and 2019 (in thousands): Total Assets Total Debt Total Equity Company’s Investment SUMMARY OF FINANCIAL POSITION: 2020 2019 2020 2019 2020 2019 2020 2019 DC Charlotte Plaza LLLP $ 177,003 $ 179,694 $ — $ — $ 91,115 $ 90,373 $ 48,249 $ 48,058 Austin 300 Colorado Project, LP 149,576 112,630 54,074 21,430 68,196 68,101 37,648 36,846 AMCO 120 WT Holdings, LLC 81,484 77,377 — — 78,304 70,696 14,753 13,362 Carolina Square Holdings LP 112,052 114,483 76,298 75,662 23,815 25,184 14,130 14,414 HICO Victory Center LP 15,696 16,045 — — 15,550 15,353 10,519 10,373 Charlotte Gateway Village, LLC — 109,675 — — — 106,651 — 6,718 Wildwood Associates — 11,061 — — — 10,978 — (521) (1) Crawford Long - CPI, LLC 30,130 28,459 67,136 67,947 (38,463) (40,250) (18,353) (1) (19,205) (1) Other 7,666 8,879 — — 7,472 7,318 4,558 4,113 $ 573,607 $ 658,303 $ 197,508 $ 165,039 $ 245,989 $ 354,404 $ 111,504 $ 114,158 Total Revenues Net Income (Loss) Company's Share of Income (Loss) SUMMARY OF OPERATIONS: 2020 2019 2020 2019 2020 2019 Charlotte Gateway Village, LLC $ 6,684 $ 13,611 $ 3,400 $ 5,049 $ 1,699 $ 2,524 DC Charlotte Plaza LLLP 10,429 5,410 3,681 2,201 1,661 1,101 Crawford Long - CPI, LLC 6,453 6,255 1,787 1,809 852 863 Carolina Square Holdings LP 7,209 6,491 1,228 158 569 110 HICO Victory Center LP 197 235 197 235 98 137 Austin 300 Colorado Project, LP 195 222 95 110 48 55 Terminus Office Holdings LLC — 24,050 — 3,819 — 1,800 AMCO 120 WT Holdings, LLC 584 — (1,310) (32) (272) — Other 244 64 198 (93) 485 (52) $ 31,995 $ 56,338 $ 9,276 $ 13,256 $ 5,140 $ 6,538 (1) Negative bases are included in deferred income on the condensed consolidated balance sheets. In April 2020, the Carolina Square Holdings LP joint venture executed an amendment for its associated construction loan, extending the maturity date from May 2020 to May 2021 and reducing the spread over the London Interbank Offering Rate ("LIBOR") from 1.90% to 1.25%. This amendment also eliminated the Company's repayment guaranty. In March 2020, the Company sold its interest in Charlotte Gateway Village, LLC ("Gateway"), which owned a 1.1 million square foot office building in Charlotte, North Carolina, to its partner for a gross purchase price of $52.2 million. The sale was triggered by the exercise of the partner's purchase option and the proceeds from this sale represent a 17% internal rate of return for the Company on its invested capital, as stipulated in the partnership agreement. The Company recognized a gain of $44.7 million on the sale of its interest in Gateway. In February 2020, as part of its strategy in regards to disposal of non-core assets, the Company sold its remaining interest in the Wildwood Associates joint venture, which owned a 6.3 acre parcel of land in Atlanta, to its venture partner for a gross purchase price of $900,000. The Company recognized a gain of $1.3 million on the sale of its interest in Wildwood Associates, which included elimination of the remaining negative basis in the joint venture of $520,000.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS Intangible assets on the balance sheets as of June 30, 2020 and December 31, 2019 included the following (in thousands): 2020 2019 In-place leases, net of accumulated amortization of $192,808 and $163,867 in 2020 and 2019, respectively $ 173,818 $ 202,760 Above-market tenant leases, net of accumulated amortization of $30,991 and $26,487 in 2020 and 2019, respectively 31,196 35,699 Below-market ground lease, net of accumulated amortization of $1,035 and $897 in 2020 and 2019, respectively 17,378 17,516 Goodwill 1,674 1,674 $ 224,066 $ 257,649 The carrying amount of goodwill did not change during the six months ended June 30, 2020 and 2019. Aggregate net amortization expense related to intangible assets and liabilities for the three and six months ended June 30, 2020 was $11.4 million and $23.5 million, respectively. Aggregate net amortization expense related to intangible assets and liabilities for the three and six months ended June 30, 2019 was $7.3 million and $13.1 million, respectively. Over the next five years and thereafter aggregate amortization of these intangible assets and liabilities is anticipated to be as follows (in thousands): Below Market Above Market Below Market Ground Lease Above Market In Place Leases 2020 (six months) $ (8,865) $ (23) $ 138 $ 3,673 $ 24,997 2021 (14,139) (46) 276 6,600 39,932 2022 (11,047) (46) 276 5,230 27,979 2023 (9,360) (46) 276 4,182 22,820 2024 (8,143) (46) 276 3,294 17,920 Thereafter (19,356) (1,443) 16,136 8,217 40,170 $ (70,910) $ (1,650) $ 17,378 $ 31,196 $ 173,818

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets on the condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019 included the following (in thousands): 2020 2019 Predevelopment costs and earnest money $ 17,403 $ 25,586 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $30,879 and $29,131 in 2020 and 2019, respectively 18,647 17,791 Prepaid expenses and other assets 10,092 5,924 Lease inducements, net of accumulated amortization of $2,807 and $2,333 in 2020 and 2019, respectively 5,408 5,632 Line of credit deferred financing costs, net of accumulated amortization of $3,705 and $2,952 in 2020 and 2019, respectively 3,766 4,516 $ 55,316 $ 59,449

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at June 30, 2020 and December 31, 2019 ($ in thousands): Description Interest Rate Maturity (1) 2020 2019 Unsecured Notes: Credit Facility, Unsecured 1.21% 2023 $ — $ 251,500 Term Loan, Unsecured 1.36% 2021 250,000 250,000 2019 Senior Notes, Unsecured 3.95% 2029 275,000 275,000 2017 Senior Notes, Unsecured 3.91% 2025 250,000 250,000 2019 Senior Notes, Unsecured 3.86% 2028 250,000 250,000 2019 Senior Notes, Unsecured 3.78% 2027 125,000 125,000 2017 Senior Notes, Unsecured 4.09% 2027 100,000 100,000 1,250,000 1,501,500 Secured Mortgage Notes: Fifth Third Center 3.37% 2026 138,709 140,332 Terminus 100 5.25% 2023 116,593 118,146 Colorado Tower 3.45% 2026 115,883 117,085 Promenade 4.27% 2022 94,308 95,986 816 Congress 3.75% 2024 79,118 79,987 Terminus 200 3.79% 2023 75,224 76,079 Legacy Union One 4.24% 2023 66,000 66,000 Meridian Mark Plaza 6.00% 2020 — 22,978 685,835 716,593 $ 1,935,835 $ 2,218,093 Unamortized premium 9,406 11,239 Unamortized loan costs (5,724) (6,357) Total Notes Payable $ 1,939,517 $ 2,222,975 (1) Weighted average maturity of notes payable outstanding at June 30, 2020 was 5.4 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 Company is in compliance with all covenants of the Credit Facility. The interest rate applicable to the Credit Facility varies according to the Company's leverage ratio, and may, at the election of the Company, be determined based on either (1) the current London Interbank Offering Rate ("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 June 30, 2020, 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 $1.0 billion at June 30, 2020. Term Loan The Company has a $250 million unsecured term loan (the "Term Loan") that matures on December 2, 2021. The Term Loan has 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 June 30, 2020, the Term Loan's spread over LIBOR was 1.20%. The Company is in compliance with all covenants of the Term Loan. Unsecured Senior Notes The Company has unsecured senior notes of $1.0 billion that were funded in five tranches. The first tranche of $100 million is due in 2027 and has a fixed annual interest rate of 4.09%. The second tranche of $250 million is due in 2025 and has a fixed annual interest rate of 3.91%. The third tranche of $125 million is due in 2027 and has a fixed annual interest rate of 3.78%. The fourth tranche of $250 million is due in 2028 and has a fixed annual interest rate of 3.86%. The fifth tranche of $275 million is due in 2029 and has a fixed annual interest rate of 3.95%. The unsecured senior notes contain financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 1.75; 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. The Company is in compliance with all covenants of the unsecured senior notes. Mortgage Notes On February 3, 2020, the Company prepaid in full, without penalty, the $23.0 million Meridian Mark Plaza mortgage note. Other Debt Information At June 30, 2020 and December 31, 2019, the estimated fair value of the Company’s notes payable was $2.0 billion and $2.3 billion, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at June 30, 2020 and December 31, 2019. The estimate of the current market rate, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. These fair value calculations are considered to be Level 2 under the guidelines as set forth in ASC 820 as the Company utilizes market rates for similar type loans from third party brokers. For the three and six months ended June 30, 2020 and 2019, interest expense was recorded as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Total interest incurred $ 17,952 $ 13,175 $ 39,165 $ 25,010 Interest capitalized (3,959) (1,116) (9,268) (2,131) Total interest expense $ 13,993 $ 12,059 $ 29,897 $ 22,879

Other Liabilities

Other Liabilities	6 Months Ended
	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
OTHER LIABILITIES	OTHER LIABILITIES Other liabilities on the condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019 included the following (in thousands): 2020 2019 Ground lease liability $ 59,123 $ 59,379 Prepaid rent 29,364 33,428 Security deposits 13,405 13,545 Restricted stock unit liability 7,856 16,592 Other liabilities 5,745 11,184 $ 115,493 $ 134,128

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments At June 30, 2020, the Company had outstanding performance bonds totaling $1.2 million. As a lessor, the Company had $193.8 million in future obligations under leases to fund tenant improvements and other future construction obligations at June 30, 2020. Litigation The Company is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of the Company. Contingencies Recent events related to the COVID-19 pandemic and the actions taken to contain it have created substantial uncertainty for all businesses, including the Company. The Company’s financial statements as of and for the three and six months ended June 30, 2020 have been prepared in light of these circumstances. We have continued to follow the policies described in our footnotes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, including those related to impairment and estimates of the likelihood of collectibility of amounts due from tenants. While our current analysis did not result in any impairments or material valuation adjustments to amounts due from tenants as of June 30, 2020, circumstances related to the COVID-19 pandemic may result in recording impairments or material valuation adjustments to amounts due from tenants in future periods. In limited circumstances to date, we have entered into lease amendments with certain tenants, a majority of which are small retail operators who have experienced disruptions in their business as a result of the pandemic. Some of these agreements forgive rents in 2020 and extend the lease term for the equivalent number of months at the end of the original lease. These rent forgiveness and extension agreements will be accounted for as lease modifications, and the Company will recognize the effects over time through straight-line rent. Other agreements provide for payment deferrals without extensions. The Company will also account for these deferral agreements as lease modifications and has included these deferred payments in deferred rents receivable on the accompanying condensed consolidated balance sheet.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY In the first quarter of 2020, the Company issued 1.7 million shares of common stock in connection with the redemption of 1.7 million limited partnership units in CPLP. Each of the redeemed limited partnership units in CPLP was "paired" with a share of limited voting preferred stock with a par value of $1 per share. The shares of limited voting preferred stock were automatically redeemed by Cousins without consideration when their paired limited partnership unit in CPLP was redeemed. Holders of 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. As of June 30, 2020, the Company had no preferred stock outstanding.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company has several types of stock-based compensation — stock options, restricted stock, and restricted stock units (“RSUs”). The Company's compensation expense for the three and six months ended June 30, 2020 relates to restricted stock and RSUs awarded in 2018, 2019, and 2020. Compensation expense for the six months ended June 30, 2020 also includes expenses related to restricted stock and RSUs awarded in 2017. Restricted stock and the 2020 RSUs are equity-classified awards for which the compensation expense per share is fixed. The 2018 and 2019 RSUs are liability-classified awards for which the expense fluctuates from period to period dependent, in part, on both the Company's stock price and on the Company's stock performance relative to its peers. For the three and six months ended June 30, 2020 and 2019, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Equity-classified awards $ 1,141 $ 624 $ 2,425 $ 1,232 Liability-classified awards 1,780 497 760 5,417 Total stock-based compensation expense, net of forfeitures $ 2,921 $ 1,121 $ 3,185 $ 6,649 On April 23, 2019, the Company's stockholders approved the Cousins Properties Incorporated 2019 Omnibus Incentive Stock Plan (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”), although no further awards are permitted under the 2009 plan or RSU Plan. Under the 2019 Plan, during the six months ended June 30, 2020, the Company made restricted stock grants of 71,421 shares to key employees, which vest ratably over a three-year period. Also under the 2019 Plan, during the six months ended June 30, 2020, the Company awarded two types of RSUs to key employees based on the following metrics: (1) Total Stockholder Return of the Company, as defined in the 2019 Plan, as compared to the companies in the SNL US REIT Office index (“Market-based RSUs”), and (2) the ratio of cumulative funds from operations (“FFO”) per share to targeted cumulative FFO per share (“Performance-based RSUs”), as defined in the 2019 Plan. The measurement period for both awards is January 1, 2020 to December 31, 2022, and the targeted units awarded of Market-based RSUs and Performance-based RSUs was 71,038 and 30,447, respectively. The ultimate settlement of these awards can range from 0% to 200% of the targeted number of units depending on the achievement of the market and performance metrics described above. These RSU awards cliff vest on December 31, 2022 and are to be settled in the Company’s common stock with settlement dependent on attainment of required service, market, and performance criteria. The number of RSUs vesting will be determined by the Compensation Committee. The Company expenses an estimate of the fair value of the Market-based RSUs, calculated using a Monte Carlo valuation at grant date, ratably over the vesting period, adjusting for forfeitures when they occur. The Performance-based RSUs are expensed over the vesting period based on the Company’s share price on the grant date. The expense is recognized ratably over the vesting period and adjusted each quarter based on the number of shares expected to vest and for forfeitures when they occur. Dividend equivalents on the Market-based RSUs and the Performance-based RSUs will also be settled in shares of the Company’s common stock based upon the number of units vested. Under the 2019 Plan, during the three months ended June 30, 2020, the Company issued 34,059 shares of common stock to members of its board of directors, reflecting the regular equity component of the non-executive director annual compensation, along with the exercise by some directors to receive common stock in lieu of all or a portion of the cash component of their annual compensation. The Company recorded $1.1 million in general and administrative expense related to these issuances. The Company’s stock compensation for stock options, restricted stock, and RSUs granted in 2018 and 2019 is described in note 15 of the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The Company categorizes its primary sources of revenue into revenue from contracts with customers and other revenue accounted for as leases under ASC 842 as follows: • Rental property revenues consist of (1) contractual revenues from leases recognized on a straight-line basis over the term of the respective lease; (2) percentage rents recognized once a specified sales target is achieved; (3) parking revenue; (4) termination fees; and (5) the reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses. The Company's leases typically include renewal options and are classified and accounted for as operating leases. Rental property revenues are accounted for in accordance with the guidance set forth in ASC 842. • Fee income consists of development fees, management fees, and leasing fees earned from unconsolidated joint ventures and from third parties. Fee income is accounted for in accordance with the guidance set forth in ASC 606. For the three and six months ended June 30, 2020, the Company recognized rental property revenues of $175.1 million and $364.2 million, respectively, of which $44.2 million and $98.3 million, respectively, represented variable rental revenue. For the three and six months ended June 30, 2019, the Company recognized rental property revenues of $134.9 million and $258.8 million, respectively, of which $35.8 million and $68.9 million, respectively, represented variable rental revenue. For the three and six months ended June 30, 2020, the Company recognized fee and other revenue of $4.8 million and $9.6 million, respectively. For the three and six months ended June 30, 2019, the Company recognized fee and other revenue of $7.1 million and $16.0 million, respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2020 and 2019 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Earnings per Common Share - basic: Numerator: Net income (loss) $ 23,236 $ (22,582) $ 198,545 $ 13,423 Net (income) loss attributable to noncontrolling interests in CPLP from continuing operations (5) 265 (307) (323) Net income attributable to other noncontrolling interests (130) (92) (194) (168) Net income (loss) available to common stockholders $ 23,101 $ (22,409) $ 198,044 $ 12,932 Denominator: Weighted average common shares - basic 148,548 112,926 147,986 109,049 Net income (loss) per common share - basic $ 0.16 $ (0.20) $ 1.34 $ 0.12 Earnings per common share - diluted: Numerator: Net income (loss) $ 23,236 $ (22,582) $ 198,545 $ 13,423 Net income attributable to other noncontrolling interests (130) (92) (194) (168) Net income (loss) available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 23,106 $ (22,674) $ 198,351 $ 13,255 Denominator: Weighted average common shares - basic 148,548 112,926 147,986 109,049 Add: Potential dilutive common shares - stock options 5 — 10 29 Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 2 — 2 — Weighted average units of CPLP convertible into common shares 25 1,744 572 1,744 Weighted average common shares - diluted 148,580 114,670 148,570 110,822 Net income (loss) per common share - diluted $ 0.16 $ (0.20) $ 1.34 $ 0.12 Antidilutive restricted stock units, less share assumed purchased at market price, and antidilutive stock options outstanding 18 27 7 — For the three and six months ended June 30, 2020, 18,000 and 7,000 restricted stock units, less shares assumed purchased at market price, respectively, were not included in the diluted weighted average common shares because they would have been antidilutive for the period presented. These restricted stock units could be dilutive in the future. For the three months ended June 30, 2019, 27,000 stock options had an exercise price that did not exceed the average market value of the Company's stock. They were not included in the diluted weighted average common shares due to the net loss during the period. These antidilutive stock options could be dilutive in the future.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - Supplemental Information	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION Supplemental information related to the cash flows, including significant non-cash activity affecting the condensed consolidated statement of cash flows, for the six months ended June 30, 2020 and 2019 is as follows (in thousands): 2020 2019 Interest paid $ 31,800 $ 22,130 Non-Cash Activity: Transfers from projects under development to operating properties 277,097 — Common stock dividends declared and accrued 44,570 42,563 Transfer from land held and other assets to projects under development 29,121 — Change in accrued property, acquisition, development, and tenant expenditures 16,569 8,973 Non-cash assets and liabilities assumed in TIER transaction — 1,512,384 Ground lease right-of-use assets and associated liabilities — 56,294 Non-cash consideration for property acquisition — 10,071 The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the condensed consolidated balance sheets to cash, cash equivalents, and restricted cash in the condensed consolidated statements of cash flows (in thousands): June 30, 2020 December 31, 2019 Cash and cash equivalents $ 28,255 $ 15,603 Restricted cash 1,947 2,005 Total cash, cash equivalents, and restricted cash $ 30,202 $ 17,608

Reportable Segments

Reportable Segments	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	REPORTABLE SEGMENTS The Company's segments are based on its 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, Dallas, Phoenix, Tampa, and Other. Included in Other is a property in Cherry Hill, New Jersey that was sold in February 2020 and properties located in Chapel Hill, Fort Worth, and Houston. These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker based on similar economic characteristics that include the type of property and the geographical location. Each segment includes both consolidated operations and the Company's share of unconsolidated joint venture operations. Company management evaluates the performance of its reportable segments in part based on net operating income (“NOI”). NOI represents rental property revenues, less termination fees, less rental property operating expenses. NOI is not a measure of cash flows or operating results as measured by GAAP, is not indicative of cash available to fund cash needs, and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income as it helps both management and investors understand the core operations of the Company's operating assets. NOI excludes corporate general and administrative expenses, interest expense, depreciation and amortization, impairments, gains/loss on sales of real estate, and other non-operating items. Segment net income, amount of capital expenditures, and total assets are not presented in the following tables because management does not utilize these measures when analyzing its segments or when making resource allocation decisions. Information on the Company's segments along with a reconciliation of NOI to net income for the three and six months ended June 30, 2020 and 2019 are as follows (in thousands): Three Months Ended June 30, 2020 Office Mixed-Use Total Revenues: Atlanta $ 62,457 $ 129 $ 62,586 Austin 52,455 — 52,455 Charlotte 20,505 — 20,505 Dallas 4,487 — 4,487 Phoenix 12,084 — 12,084 Tampa 12,912 — 12,912 Other 15,043 1,176 16,219 Total segment revenues 179,943 1,305 181,248 Less: Company's share of rental property revenues from unconsolidated joint ventures (4,844) (1,305) (6,149) Total rental property revenues $ 175,099 $ — $ 175,099 Three Months Ended June 30, 2019 Office Mixed-Use Total Revenues: Atlanta $ 59,499 $ — $ 59,499 Austin 31,815 — 31,815 Charlotte 27,110 — 27,110 Dallas 804 — 804 Phoenix 12,805 — 12,805 Tampa 13,471 — 13,471 Other 3,581 1,093 4,674 Total segment revenues 149,085 1,093 150,178 Less: Company's share of rental property revenues from unconsolidated joint ventures (14,152) (1,093) (15,245) Total rental property revenues $ 134,933 $ — $ 134,933 Six Months Ended June 30, 2020 Office Mixed-Use Total Revenues Atlanta $ 128,334 $ 165 $ 128,499 Austin 101,202 — 101,202 Charlotte 55,041 — 55,041 Dallas 8,958 — 8,958 Phoenix 25,243 — 25,243 Tampa 27,024 — 27,024 Other 31,538 2,438 33,976 Total segment revenues 377,340 2,603 379,943 Less: Company's share of rental property revenues from unconsolidated joint ventures (13,112) (2,603) (15,715) Total rental property revenues $ 364,228 $ — $ 364,228 Six Months Ended June 30, 2019 Office Mixed-Use Total Revenues: Atlanta $ 116,969 $ — $ 116,969 Austin 59,907 — 59,907 Charlotte 50,496 — 50,496 Dallas 804 804 Phoenix 25,808 — 25,808 Tampa 26,441 — 26,441 Other 4,126 2,277 6,403 Total segment revenues 284,551 2,277 286,828 Less: Company's share of rental property revenues from unconsolidated joint ventures (25,753) (2,277) (28,030) Total rental property revenues $ 258,798 $ — $ 258,798 NOI by reportable segment for the three and six months ended June 30, 2020 and 2019 are as follows (in thousands): Three Months Ended June 30, 2020 Office Mixed-Use Total Net Operating Income: Atlanta $ 41,709 $ (13) $ 41,696 Austin 31,229 — 31,229 Charlotte 14,480 — 14,480 Dallas 3,580 — 3,580 Phoenix 8,922 — 8,922 Tampa 7,998 — 7,998 Other 8,397 830 9,227 Total Net Operating Income $ 116,315 $ 817 $ 117,132 Three Months Ended June 30, 2019 Office Mixed-Use Total Net Operating Income: Atlanta $ 39,368 $ — $ 39,368 Austin 18,577 — 18,577 Charlotte 18,050 — 18,050 Dallas 669 — 669 Phoenix 9,290 — 9,290 Tampa 8,573 — 8,573 Other 2,182 708 2,890 Total Net Operating Income $ 96,709 $ 708 $ 97,417 Six Months Ended June 30, 2020 Office Mixed-Use Total Net Operating Income: Atlanta $ 86,564 $ (73) $ 86,491 Austin 60,523 — 60,523 Charlotte 36,593 — 36,593 Dallas 7,219 — 7,219 Phoenix 18,715 — 18,715 Tampa 16,142 — 16,142 Other $ 17,525 $ 1,706 $ 19,231 Total Net Operating Income $ 243,281 $ 1,633 $ 244,914 Six Months Ended June 30, 2019 Office Mixed-Use Total Net Operating Income: Atlanta $ 76,766 $ — $ 76,766 Austin 34,525 — 34,525 Charlotte 33,859 — 33,859 Dallas 670 — 670 Phoenix 18,781 — 18,781 Tampa 16,560 — 16,560 Other 2,411 1,576 3,987 Total Net Operating Income $ 183,572 $ 1,576 $ 185,148 The following reconciles Net Operating Income to net income (loss) for each of the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net Operating Income $ 117,132 $ 97,417 $ 244,914 $ 185,148 Net operating income from unconsolidated joint ventures (4,193) (9,379) (10,228) (17,252) Fee income 4,690 7,076 9,422 15,804 Termination fee income 539 190 3,383 710 Other income 126 11 163 151 Reimbursed expenses (322) (1,047) (843) (1,979) General and administrative expenses (8,543) (8,374) (14,195) (19,834) Interest expense (13,993) (12,059) (29,897) (22,879) Depreciation and amortization (72,868) (50,904) (144,482) (96,765) Transaction costs (63) (49,827) (428) (49,830) Other expenses (552) (624) (1,118) (804) Income from unconsolidated joint ventures 1,715 3,634 5,140 6,538 Gain (loss) on sales of investments in unconsolidated joint ventures (231) — 45,999 — Gain (loss) on investment property transactions (201) 1,304 90,715 14,415 Net income (loss) $ 23,236 $ (22,582) $ 198,545 $ 13,423

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation :

Merger With Tier REIT, Inc. (Ta

Merger With Tier REIT, Inc. (Tables)	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Schedule of Purchase Price Allocation	The purchase price was allocated as follows (in thousands): Real estate assets $ 2,201,773 Real estate assets held for sale 21,005 Cash and cash equivalents 84,042 Restricted cash 1,947 Notes and other receivables 6,586 Investment in unconsolidated joint ventures 292 Intangible assets 141,184 Other assets 9,954 2,466,783 Notes payable 747,549 Accounts payable and accrued expenses 51,748 Deferred income 8,131 Intangible liabilities 47,988 Other liabilities 7,676 Nonredeemable noncontrolling interests 5,329 868,421 Total purchase price $ 1,598,362
Schedule of Supplemental Pro Forma Information	The following unaudited supplemental pro forma information is based upon the Company's historical condensed 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 on January 1, 2018. Three Months Ended Six Months Ended Revenues $ 182,288 $ 367,319 Net income 62,092 87,744 Net income available to common stockholders 61,211 86,576

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Summary of Financial Data and Principal Activities of Unconsolidated Joint Ventures	The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of June 30, 2020 and December 31, 2019 (in thousands). The information included in the summary of operations table is for the six months ended June 30, 2020 and 2019 (in thousands): Total Assets Total Debt Total Equity Company’s Investment SUMMARY OF FINANCIAL POSITION: 2020 2019 2020 2019 2020 2019 2020 2019 DC Charlotte Plaza LLLP $ 177,003 $ 179,694 $ — $ — $ 91,115 $ 90,373 $ 48,249 $ 48,058 Austin 300 Colorado Project, LP 149,576 112,630 54,074 21,430 68,196 68,101 37,648 36,846 AMCO 120 WT Holdings, LLC 81,484 77,377 — — 78,304 70,696 14,753 13,362 Carolina Square Holdings LP 112,052 114,483 76,298 75,662 23,815 25,184 14,130 14,414 HICO Victory Center LP 15,696 16,045 — — 15,550 15,353 10,519 10,373 Charlotte Gateway Village, LLC — 109,675 — — — 106,651 — 6,718 Wildwood Associates — 11,061 — — — 10,978 — (521) (1) Crawford Long - CPI, LLC 30,130 28,459 67,136 67,947 (38,463) (40,250) (18,353) (1) (19,205) (1) Other 7,666 8,879 — — 7,472 7,318 4,558 4,113 $ 573,607 $ 658,303 $ 197,508 $ 165,039 $ 245,989 $ 354,404 $ 111,504 $ 114,158 Total Revenues Net Income (Loss) Company's Share of Income (Loss) SUMMARY OF OPERATIONS: 2020 2019 2020 2019 2020 2019 Charlotte Gateway Village, LLC $ 6,684 $ 13,611 $ 3,400 $ 5,049 $ 1,699 $ 2,524 DC Charlotte Plaza LLLP 10,429 5,410 3,681 2,201 1,661 1,101 Crawford Long - CPI, LLC 6,453 6,255 1,787 1,809 852 863 Carolina Square Holdings LP 7,209 6,491 1,228 158 569 110 HICO Victory Center LP 197 235 197 235 98 137 Austin 300 Colorado Project, LP 195 222 95 110 48 55 Terminus Office Holdings LLC — 24,050 — 3,819 — 1,800 AMCO 120 WT Holdings, LLC 584 — (1,310) (32) (272) — Other 244 64 198 (93) 485 (52) $ 31,995 $ 56,338 $ 9,276 $ 13,256 $ 5,140 $ 6,538 (1) Negative bases are included in deferred income on the condensed consolidated balance sheets.

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets on the balance sheets as of June 30, 2020 and December 31, 2019 included the following (in thousands): 2020 2019 In-place leases, net of accumulated amortization of $192,808 and $163,867 in 2020 and 2019, respectively $ 173,818 $ 202,760 Above-market tenant leases, net of accumulated amortization of $30,991 and $26,487 in 2020 and 2019, respectively 31,196 35,699 Below-market ground lease, net of accumulated amortization of $1,035 and $897 in 2020 and 2019, respectively 17,378 17,516 Goodwill 1,674 1,674 $ 224,066 $ 257,649
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 2020 (six months) $ (8,865) $ (23) $ 138 $ 3,673 $ 24,997 2021 (14,139) (46) 276 6,600 39,932 2022 (11,047) (46) 276 5,230 27,979 2023 (9,360) (46) 276 4,182 22,820 2024 (8,143) (46) 276 3,294 17,920 Thereafter (19,356) (1,443) 16,136 8,217 40,170 $ (70,910) $ (1,650) $ 17,378 $ 31,196 $ 173,818

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets on the condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019 included the following (in thousands): 2020 2019 Predevelopment costs and earnest money $ 17,403 $ 25,586 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $30,879 and $29,131 in 2020 and 2019, respectively 18,647 17,791 Prepaid expenses and other assets 10,092 5,924 Lease inducements, net of accumulated amortization of $2,807 and $2,333 in 2020 and 2019, respectively 5,408 5,632 Line of credit deferred financing costs, net of accumulated amortization of $3,705 and $2,952 in 2020 and 2019, respectively 3,766 4,516 $ 55,316 $ 59,449

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of Terms of Notes Payable	The following table summarizes the terms of notes payable outstanding at June 30, 2020 and December 31, 2019 ($ in thousands): Description Interest Rate Maturity (1) 2020 2019 Unsecured Notes: Credit Facility, Unsecured 1.21% 2023 $ — $ 251,500 Term Loan, Unsecured 1.36% 2021 250,000 250,000 2019 Senior Notes, Unsecured 3.95% 2029 275,000 275,000 2017 Senior Notes, Unsecured 3.91% 2025 250,000 250,000 2019 Senior Notes, Unsecured 3.86% 2028 250,000 250,000 2019 Senior Notes, Unsecured 3.78% 2027 125,000 125,000 2017 Senior Notes, Unsecured 4.09% 2027 100,000 100,000 1,250,000 1,501,500 Secured Mortgage Notes: Fifth Third Center 3.37% 2026 138,709 140,332 Terminus 100 5.25% 2023 116,593 118,146 Colorado Tower 3.45% 2026 115,883 117,085 Promenade 4.27% 2022 94,308 95,986 816 Congress 3.75% 2024 79,118 79,987 Terminus 200 3.79% 2023 75,224 76,079 Legacy Union One 4.24% 2023 66,000 66,000 Meridian Mark Plaza 6.00% 2020 — 22,978 685,835 716,593 $ 1,935,835 $ 2,218,093 Unamortized premium 9,406 11,239 Unamortized loan costs (5,724) (6,357) Total Notes Payable $ 1,939,517 $ 2,222,975 (1) Weighted average maturity of notes payable outstanding at June 30, 2020 was 5.4 years.
Summary of Interest Recorded	For the three and six months ended June 30, 2020 and 2019, interest expense was recorded as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Total interest incurred $ 17,952 $ 13,175 $ 39,165 $ 25,010 Interest capitalized (3,959) (1,116) (9,268) (2,131) Total interest expense $ 13,993 $ 12,059 $ 29,897 $ 22,879

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
Summary of Other Liabilities	Other liabilities on the condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019 included the following (in thousands): 2020 2019 Ground lease liability $ 59,123 $ 59,379 Prepaid rent 29,364 33,428 Security deposits 13,405 13,545 Restricted stock unit liability 7,856 16,592 Other liabilities 5,745 11,184 $ 115,493 $ 134,128

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense, Net of Forfeitures	For the three and six months ended June 30, 2020 and 2019, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Equity-classified awards $ 1,141 $ 624 $ 2,425 $ 1,232 Liability-classified awards 1,780 497 760 5,417 Total stock-based compensation expense, net of forfeitures $ 2,921 $ 1,121 $ 3,185 $ 6,649

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2020 and 2019 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Earnings per Common Share - basic: Numerator: Net income (loss) $ 23,236 $ (22,582) $ 198,545 $ 13,423 Net (income) loss attributable to noncontrolling interests in CPLP from continuing operations (5) 265 (307) (323) Net income attributable to other noncontrolling interests (130) (92) (194) (168) Net income (loss) available to common stockholders $ 23,101 $ (22,409) $ 198,044 $ 12,932 Denominator: Weighted average common shares - basic 148,548 112,926 147,986 109,049 Net income (loss) per common share - basic $ 0.16 $ (0.20) $ 1.34 $ 0.12 Earnings per common share - diluted: Numerator: Net income (loss) $ 23,236 $ (22,582) $ 198,545 $ 13,423 Net income attributable to other noncontrolling interests (130) (92) (194) (168) Net income (loss) available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 23,106 $ (22,674) $ 198,351 $ 13,255 Denominator: Weighted average common shares - basic 148,548 112,926 147,986 109,049 Add: Potential dilutive common shares - stock options 5 — 10 29 Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 2 — 2 — Weighted average units of CPLP convertible into common shares 25 1,744 572 1,744 Weighted average common shares - diluted 148,580 114,670 148,570 110,822 Net income (loss) per common share - diluted $ 0.16 $ (0.20) $ 1.34 $ 0.12 Antidilutive restricted stock units, less share assumed purchased at market price, and antidilutive stock options outstanding 18 27 7 —

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - Supplemental Information (Tables)	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Information Related to Cash Flows	Supplemental information related to the cash flows, including significant non-cash activity affecting the condensed consolidated statement of cash flows, for the six months ended June 30, 2020 and 2019 is as follows (in thousands): 2020 2019 Interest paid $ 31,800 $ 22,130 Non-Cash Activity: Transfers from projects under development to operating properties 277,097 — Common stock dividends declared and accrued 44,570 42,563 Transfer from land held and other assets to projects under development 29,121 — Change in accrued property, acquisition, development, and tenant expenditures 16,569 8,973 Non-cash assets and liabilities assumed in TIER transaction — 1,512,384 Ground lease right-of-use assets and associated liabilities — 56,294 Non-cash consideration for property acquisition — 10,071
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the condensed consolidated balance sheets to cash, cash equivalents, and restricted cash in the condensed consolidated statements of cash flows (in thousands): June 30, 2020 December 31, 2019 Cash and cash equivalents $ 28,255 $ 15,603 Restricted cash 1,947 2,005 Total cash, cash equivalents, and restricted cash $ 30,202 $ 17,608
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the condensed consolidated balance sheets to cash, cash equivalents, and restricted cash in the condensed consolidated statements of cash flows (in thousands): June 30, 2020 December 31, 2019 Cash and cash equivalents $ 28,255 $ 15,603 Restricted cash 1,947 2,005 Total cash, cash equivalents, and restricted cash $ 30,202 $ 17,608

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	Information on the Company's segments along with a reconciliation of NOI to net income for the three and six months ended June 30, 2020 and 2019 are as follows (in thousands): Three Months Ended June 30, 2020 Office Mixed-Use Total Revenues: Atlanta $ 62,457 $ 129 $ 62,586 Austin 52,455 — 52,455 Charlotte 20,505 — 20,505 Dallas 4,487 — 4,487 Phoenix 12,084 — 12,084 Tampa 12,912 — 12,912 Other 15,043 1,176 16,219 Total segment revenues 179,943 1,305 181,248 Less: Company's share of rental property revenues from unconsolidated joint ventures (4,844) (1,305) (6,149) Total rental property revenues $ 175,099 $ — $ 175,099 Three Months Ended June 30, 2019 Office Mixed-Use Total Revenues: Atlanta $ 59,499 $ — $ 59,499 Austin 31,815 — 31,815 Charlotte 27,110 — 27,110 Dallas 804 — 804 Phoenix 12,805 — 12,805 Tampa 13,471 — 13,471 Other 3,581 1,093 4,674 Total segment revenues 149,085 1,093 150,178 Less: Company's share of rental property revenues from unconsolidated joint ventures (14,152) (1,093) (15,245) Total rental property revenues $ 134,933 $ — $ 134,933 Six Months Ended June 30, 2020 Office Mixed-Use Total Revenues Atlanta $ 128,334 $ 165 $ 128,499 Austin 101,202 — 101,202 Charlotte 55,041 — 55,041 Dallas 8,958 — 8,958 Phoenix 25,243 — 25,243 Tampa 27,024 — 27,024 Other 31,538 2,438 33,976 Total segment revenues 377,340 2,603 379,943 Less: Company's share of rental property revenues from unconsolidated joint ventures (13,112) (2,603) (15,715) Total rental property revenues $ 364,228 $ — $ 364,228 Six Months Ended June 30, 2019 Office Mixed-Use Total Revenues: Atlanta $ 116,969 $ — $ 116,969 Austin 59,907 — 59,907 Charlotte 50,496 — 50,496 Dallas 804 804 Phoenix 25,808 — 25,808 Tampa 26,441 — 26,441 Other 4,126 2,277 6,403 Total segment revenues 284,551 2,277 286,828 Less: Company's share of rental property revenues from unconsolidated joint ventures (25,753) (2,277) (28,030) Total rental property revenues $ 258,798 $ — $ 258,798
Reconciliation of NOI to Net Income Available to Common Stockholders	NOI by reportable segment for the three and six months ended June 30, 2020 and 2019 are as follows (in thousands): Three Months Ended June 30, 2020 Office Mixed-Use Total Net Operating Income: Atlanta $ 41,709 $ (13) $ 41,696 Austin 31,229 — 31,229 Charlotte 14,480 — 14,480 Dallas 3,580 — 3,580 Phoenix 8,922 — 8,922 Tampa 7,998 — 7,998 Other 8,397 830 9,227 Total Net Operating Income $ 116,315 $ 817 $ 117,132 Three Months Ended June 30, 2019 Office Mixed-Use Total Net Operating Income: Atlanta $ 39,368 $ — $ 39,368 Austin 18,577 — 18,577 Charlotte 18,050 — 18,050 Dallas 669 — 669 Phoenix 9,290 — 9,290 Tampa 8,573 — 8,573 Other 2,182 708 2,890 Total Net Operating Income $ 96,709 $ 708 $ 97,417 Six Months Ended June 30, 2020 Office Mixed-Use Total Net Operating Income: Atlanta $ 86,564 $ (73) $ 86,491 Austin 60,523 — 60,523 Charlotte 36,593 — 36,593 Dallas 7,219 — 7,219 Phoenix 18,715 — 18,715 Tampa 16,142 — 16,142 Other $ 17,525 $ 1,706 $ 19,231 Total Net Operating Income $ 243,281 $ 1,633 $ 244,914 Six Months Ended June 30, 2019 Office Mixed-Use Total Net Operating Income: Atlanta $ 76,766 $ — $ 76,766 Austin 34,525 — 34,525 Charlotte 33,859 — 33,859 Dallas 670 — 670 Phoenix 18,781 — 18,781 Tampa 16,560 — 16,560 Other 2,411 1,576 3,987 Total Net Operating Income $ 183,572 $ 1,576 $ 185,148 The following reconciles Net Operating Income to net income (loss) for each of the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net Operating Income $ 117,132 $ 97,417 $ 244,914 $ 185,148 Net operating income from unconsolidated joint ventures (4,193) (9,379) (10,228) (17,252) Fee income 4,690 7,076 9,422 15,804 Termination fee income 539 190 3,383 710 Other income 126 11 163 151 Reimbursed expenses (322) (1,047) (843) (1,979) General and administrative expenses (8,543) (8,374) (14,195) (19,834) Interest expense (13,993) (12,059) (29,897) (22,879) Depreciation and amortization (72,868) (50,904) (144,482) (96,765) Transaction costs (63) (49,827) (428) (49,830) Other expenses (552) (624) (1,118) (804) Income from unconsolidated joint ventures 1,715 3,634 5,140 6,538 Gain (loss) on sales of investments in unconsolidated joint ventures (231) — 45,999 — Gain (loss) on investment property transactions (201) 1,304 90,715 14,415 Net income (loss) $ 23,236 $ (22,582) $ 198,545 $ 13,423

Description of Business and B_3

Description of Business and Basis of Presentation - (Description of Business) (Details) ft² in Thousands	6 Months Ended
	Jun. 30, 2020ft²
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Distribution of taxable income to qualify as REIT, percentage	100.00%
Interests in portfolio of real estate assets	19,000
Portfolio of real estate assets (sqft)	310
CPLP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of partnership units owned by the Company (more than)	99.00%

Description of Business and B_4

Description of Business and Basis of Presentation - (Basis of Presentation) (Details)	Jun. 14, 2019shares	Jun. 30, 2020shares	Dec. 31, 2019shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse stock split ratio	0.25
Common stock, shares authorized (in shares)	175,000,000	300,000,000	300,000,000

Merger With Tier REIT, Inc. - N

Merger With Tier REIT, Inc. - Narrative (Details) $ in Thousands, shares in Millions	Jun. 14, 2019USD ($)shares	Mar. 25, 2019	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Business Acquisition [Line Items]
Reverse stock split ratio	0.25
TIER
Business Acquisition [Line Items]
Stock conversion ratio		2.98
Fair value of assets acquired and liabilities assumed	$ 1,600,000
Acquisition expenses			$ 63	$ 49,800	$ 428	$ 49,800
TIER | Rental property revenues
Business Acquisition [Line Items]
Amount reported in consolidated revenue			$ 51,700	$ 9,700	$ 102,700	$ 9,700
Former TIER Common Stockholders
Business Acquisition [Line Items]
Number of shares issued | shares	166

Merger With Tier REIT, Inc. - (

Merger With Tier REIT, Inc. - (Purchase Price Allocation) (Details) - TIER $ in Thousands	Mar. 25, 2019USD ($)
Business Acquisition [Line Items]
Real estate assets	$ 2,201,773
Real estate assets held for sale	21,005
Cash and cash equivalents	84,042
Restricted cash	1,947
Notes and other receivables	6,586
Investment in unconsolidated joint ventures	292
Intangible assets	141,184
Other assets	9,954
Assets	2,466,783
Notes payable	747,549
Accounts payable and accrued expenses	51,748
Deferred income	8,131
Intangible liabilities	47,988
Other liabilities	7,676
Nonredeemable noncontrolling interests	5,329
Liabilities	868,421
Total purchase price	$ 1,598,362

Merger With Tier REIT, Inc. -_2

Merger With Tier REIT, Inc. - (Pro Forma Information) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Business Combinations [Abstract]
Revenues	$ 182,288	$ 367,319
Net income	62,092	87,744
Net income available to common stockholders	$ 61,211	$ 86,576

Transactions with Norfolk Sou_2

Transactions with Norfolk Southern Railway Company - Narrative (Details) - USD ($)	Mar. 01, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of property				$ 433,673,000	$ 57,772,000
Assets		$ 6,908,448,000		6,908,448,000		$ 7,151,447,000
Contract price that is expected to be recognized as revenue	$ 52,300,000
Deferred income		57,199,000		57,199,000		52,269,000
NS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue recognized		3,700,000	$ 5,000,000	7,500,000	$ 11,600,000
Deferred income		$ 8,500,000		$ 8,500,000		11,300,000
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 | 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 from 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 - Narr

Real Estate Transactions - Narrative (Details) - Discontinued Operations, Disposed of by Sale $ in Millions	1 Months Ended
	Mar. 31, 2020USD ($)ft²	Feb. 28, 2019USD ($)a	May 31, 2020USD ($)ft²	Feb. 29, 2020USD ($)ft²
Hearst Tower
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of property | ft²	966,000		1,550
Gross sales price of property sold	$ 455.5		$ 85
Gain from sale of property	$ 90.7
Woodcrest
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of property | ft²				386,000
Gross sales price of property sold				$ 25.3
Downtown Atlanta, Georgia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of property | a		8
Gross sales price of property sold		$ 13.3
Gain from sale of property		$ 13.1

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - (Summary of Financial Position and Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
SUMMARY OF FINANCIAL POSITION:
Total Assets	$ 6,908,448		$ 6,908,448		$ 7,151,447
Total Equity	4,515,336		4,515,336		4,359,274
SUMMARY OF OPERATIONS:
Total Revenues	179,915	$ 142,020	373,813	$ 274,753
Net Income (Loss)	23,101	$ (22,409)	198,044	12,932
Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	573,607		573,607		658,303
Total Debt	197,508		197,508		165,039
Total Equity	245,989		245,989		354,404
Company’s Investment	111,504		111,504		114,158
SUMMARY OF OPERATIONS:
Total Revenues			31,995	56,338
Net Income (Loss)			9,276	13,256
Company's Share of Income (Loss)			5,140	6,538
DC Charlotte Plaza LLLP | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	177,003		177,003		179,694
Total Debt	0		0		0
Total Equity	91,115		91,115		90,373
Company’s Investment	48,249		48,249		48,058
SUMMARY OF OPERATIONS:
Total Revenues			10,429	5,410
Net Income (Loss)			3,681	2,201
Company's Share of Income (Loss)			1,661	1,101
Austin 300 Colorado Project, LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	149,576		149,576		112,630
Total Debt	54,074		54,074		21,430
Total Equity	68,196		68,196		68,101
Company’s Investment	37,648		37,648		36,846
SUMMARY OF OPERATIONS:
Total Revenues			195	222
Net Income (Loss)			95	110
Company's Share of Income (Loss)			48	55
AMCO 120 WT Holdings, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	81,484		81,484		77,377
Total Debt	0		0		0
Total Equity	78,304		78,304		70,696
Company’s Investment	14,753		14,753		13,362
SUMMARY OF OPERATIONS:
Total Revenues			584	0
Net Income (Loss)			(1,310)	(32)
Company's Share of Income (Loss)			(272)	0
Carolina Square Holdings LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	112,052		112,052		114,483
Total Debt	76,298		76,298		75,662
Total Equity	23,815		23,815		25,184
Company’s Investment	14,130		14,130		14,414
SUMMARY OF OPERATIONS:
Total Revenues			7,209	6,491
Net Income (Loss)			1,228	158
Company's Share of Income (Loss)			569	110
HICO Victory Center LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	15,696		15,696		16,045
Total Debt	0		0		0
Total Equity	15,550		15,550		15,353
Company’s Investment	10,519		10,519		10,373
SUMMARY OF OPERATIONS:
Total Revenues			197	235
Net Income (Loss)			197	235
Company's Share of Income (Loss)			98	137
Charlotte Gateway Village, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	0		0		109,675
Total Debt	0		0		0
Total Equity	0		0		106,651
Company’s Investment	0		0		6,718
SUMMARY OF OPERATIONS:
Total Revenues			6,684	13,611
Net Income (Loss)			3,400	5,049
Company's Share of Income (Loss)			1,699	2,524
Wildwood Associates | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	0		0		11,061
Total Debt	0		0		0
Total Equity	0		0		10,978
Company’s Investment	0		0		(521)
Crawford Long - CPI, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	30,130		30,130		28,459
Total Debt	67,136		67,136		67,947
Total Equity	(38,463)		(38,463)		(40,250)
Company’s Investment	(18,353)		(18,353)		(19,205)
SUMMARY OF OPERATIONS:
Total Revenues			6,453	6,255
Net Income (Loss)			1,787	1,809
Company's Share of Income (Loss)			852	863
Terminus Office Holdings LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF OPERATIONS:
Total Revenues			0	24,050
Net Income (Loss)			0	3,819
Company's Share of Income (Loss)			0	1,800
Other | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	7,666		7,666		8,879
Total Debt	0		0		0
Total Equity	7,472		7,472		7,318
Company’s Investment	$ 4,558		4,558		$ 4,113
SUMMARY OF OPERATIONS:
Total Revenues			244	64
Net Income (Loss)			198	(93)
Company's Share of Income (Loss)			$ 485	$ (52)

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Apr. 30, 2020	Mar. 31, 2020USD ($)a	Feb. 29, 2020USD ($)a	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Gross purchase price						$ 433,673	$ 57,772
Gain on sale of interest				$ (231)	$ 0	$ 45,999	$ 0
Gateway
Schedule of Equity Method Investments [Line Items]
Area of property | a		1,100,000
Gross purchase price		$ 52,200
Internal rate of return		17.00%
Gain on sale of interest		$ 44,700
Wildwood Associates
Schedule of Equity Method Investments [Line Items]
Gross purchase price			$ 900
Gain on sale of interest			$ 1,300
Area of land | a			6.3
Elimination of the remaining negative basis in the joint venture			$ 520
Carolina Square Holdings LP | LIBOR
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate (percent)	1.25%	1.90%

Intangible Assets - (Intangible

Intangible Assets - (Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,674	$ 1,674
Total intangible assets	224,066	257,649
In Place Leases
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	173,818	202,760
Accumulated amortization	192,808	163,867
Above Market Rents
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	31,196	35,699
Accumulated amortization	30,991	26,487
Below Market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	17,378	17,516
Accumulated amortization	$ 1,035	$ 897

Intangible Assets - (Narrative)

Intangible Assets - (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortization expense of intangible assets and liabilities	$ 11.4	$ 7.3	$ 23.5	$ 13.1

Intangible Assets - (Intangib_2

Intangible Assets - (Intangibles - Future Amortization) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Below Market Ground Lease
Future Amortization of Intangible Assets:
2020 (six months)	$ 138
2021	276
2022	276
2023	276
2024	276
Thereafter	16,136
Finite-lived intangible assets, net	17,378	$ 17,516
Above Market Rents
Future Amortization of Intangible Assets:
2020 (six months)	3,673
2021	6,600
2022	5,230
2023	4,182
2024	3,294
Thereafter	8,217
Finite-lived intangible assets, net	31,196	35,699
In Place Leases
Future Amortization of Intangible Assets:
2020 (six months)	24,997
2021	39,932
2022	27,979
2023	22,820
2024	17,920
Thereafter	40,170
Finite-lived intangible assets, net	173,818	$ 202,760
Below Market Rents
Future Amortization of Intangible Liabilities:
2020 (six months)	(8,865)
2021	(14,139)
2022	(11,047)
2023	(9,360)
2024	(8,143)
Thereafter	(19,356)
Finite-lived intangible liabilities, net	(70,910)
Above Market Ground Lease
Future Amortization of Intangible Liabilities:
2020 (six months)	(23)
2021	(46)
2022	(46)
2023	(46)
2024	(46)
Thereafter	(1,443)
Finite-lived intangible liabilities, net	$ (1,650)

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Predevelopment costs and earnest money	$ 17,403	$ 25,586
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $30,879 and $29,131 in 2020 and 2019, respectively	18,647	17,791
Prepaid expenses and other assets	10,092	5,924
Lease inducements, net of accumulated amortization of $2,807 and $2,333 in 2020 and 2019, respectively	5,408	5,632
Line of credit deferred financing costs, net of accumulated amortization of $3,705 and $2,952 in 2020 and 2019, respectively	3,766	4,516
Total other assets	55,316	59,449
Accumulated depreciation of furniture, fixtures and equipment, leasehold improvements, and other deferred costs	30,879	29,131
Accumulated amortization of lease inducements	2,807	2,333
Accumulated amortization of line of credit deferred financing costs	$ 3,705	$ 2,952

Notes Payable - (Terms of Notes

Notes Payable - (Terms of Notes Payable) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Feb. 02, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Notes Payable, Gross	$ 1,935,835		$ 2,218,093
Unamortized premium	9,406		11,239
Unamortized loan costs	(5,724)		(6,357)
Total Notes Payable	$ 1,939,517		2,222,975
Weighted average maturity of notes payable	5 years 4 months 24 days
Unsecured Notes
Debt Instrument [Line Items]
Notes Payable, Gross	$ 1,250,000		1,501,500
Credit Facility, Unsecured
Debt Instrument [Line Items]
Interest Rate	1.21%
Notes Payable, Gross	$ 0		251,500
Term Loan, Unsecured
Debt Instrument [Line Items]
Interest Rate	1.36%
Notes Payable, Gross	$ 250,000		250,000
Senior Notes, Unsecured | 3.95% Senior Notes, Unsecured
Debt Instrument [Line Items]
Interest Rate	3.95%
Notes Payable, Gross	$ 275,000		275,000
Senior Notes, Unsecured | 3.91% Senior Notes, Unsecured
Debt Instrument [Line Items]
Interest Rate	3.91%
Notes Payable, Gross	$ 250,000		250,000
Senior Notes, Unsecured | 3.86% Senior Notes, Unsecured
Debt Instrument [Line Items]
Interest Rate	3.86%
Notes Payable, Gross	$ 250,000		250,000
Senior Notes, Unsecured | 3.78% Senior Notes, Unsecured
Debt Instrument [Line Items]
Interest Rate	3.78%
Notes Payable, Gross	$ 125,000		125,000
Senior Notes, Unsecured | 4.09% Senior Notes, Unsecured
Debt Instrument [Line Items]
Interest Rate	4.09%
Notes Payable, Gross	$ 100,000		100,000
Secured Mortgage Notes
Debt Instrument [Line Items]
Notes Payable, Gross	$ 685,835		716,593
Secured Mortgage Notes | Fifth Third Center
Debt Instrument [Line Items]
Interest Rate	3.37%
Notes Payable, Gross	$ 138,709		140,332
Secured Mortgage Notes | Terminus 100
Debt Instrument [Line Items]
Interest Rate	5.25%
Notes Payable, Gross	$ 116,593		118,146
Secured Mortgage Notes | Colorado Tower
Debt Instrument [Line Items]
Interest Rate	3.45%
Notes Payable, Gross	$ 115,883		117,085
Secured Mortgage Notes | Promenade
Debt Instrument [Line Items]
Interest Rate	4.27%
Notes Payable, Gross	$ 94,308		95,986
Secured Mortgage Notes | 816 Congress
Debt Instrument [Line Items]
Interest Rate	3.75%
Notes Payable, Gross	$ 79,118		79,987
Secured Mortgage Notes | Terminus 200
Debt Instrument [Line Items]
Interest Rate	3.79%
Notes Payable, Gross	$ 75,224		76,079
Secured Mortgage Notes | Legacy Union One
Debt Instrument [Line Items]
Interest Rate	4.24%
Notes Payable, Gross	$ 66,000		66,000
Secured Mortgage Notes | Meridian Mark Plaza
Debt Instrument [Line Items]
Interest Rate	6.00%
Notes Payable, Gross	$ 0	$ 23,000	$ 22,978

Notes Payable - (Credit Facilit

Notes Payable - (Credit Facility) (Details) - Credit Facility	6 Months Ended
	Jun. 30, 2020USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000,000
Minimum fixed charge coverage ratio	1.50
Available borrowing capacity	$ 1,000,000,000
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.05%
Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.50%
One-month LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.00%
Minimum
Line of Credit Facility [Line Items]
Minimum unencumbered interest coverage ratio	1.75
Minimum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.05%
Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.10%
Maximum
Line of Credit Facility [Line Items]
Secured leverage ratio (percent)	40.00%
Leverage ratio (percent)	60.00%
Maximum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.45%
Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.45%

Notes Payable - (Term Loan) (De

Notes Payable - (Term Loan) (Details) - Term Loan	6 Months Ended
	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Unsecured term loan	$ 250,000,000
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.20%
LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.20%
LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.70%
Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.50%
One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.00%
Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.00%
Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.75%

Notes Payable - (Unsecured Seni

Notes Payable - (Unsecured Senior Notes) (Details) - Unsecured Senior Notes	6 Months Ended
	Jun. 30, 2020USD ($)tranche
Debt Instrument [Line Items]
Debt amount	$ 1,000,000,000
Number of tranches | tranche	5
Minimum fixed charge coverage ratio	1.50
Minimum
Debt Instrument [Line Items]
Minimum unencumbered interest coverage ratio	1.75
Maximum
Debt Instrument [Line Items]
Leverage ratio (percent)	60.00%
Secured leverage ratio (percent)	40.00%
4.09% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 100,000,000
Interest rate	4.09%
3.91% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 250,000,000
Interest rate	3.91%
3.78% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 125,000,000
Interest rate	3.78%
3.86% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 250,000,000
Interest rate	3.86%
3.95% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 275,000,000
Interest rate	3.95%

Notes Payable (Mortgage Notes)

Notes Payable (Mortgage Notes) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Feb. 02, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 1,935,835		$ 2,218,093
Secured Mortgage Notes
Debt Instrument [Line Items]
Long-term debt	685,835		716,593
Meridian Mark Plaza | Secured Mortgage Notes
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 23,000	$ 22,978

Notes Payable - (Other Debt Inf

Notes Payable - (Other Debt Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Disclosure [Abstract]
Notes payable, fair value	$ 2,000,000		$ 2,000,000		$ 2,300,000
Total interest incurred	17,952	$ 13,175	39,165	$ 25,010
Interest capitalized	(3,959)	(1,116)	(9,268)	(2,131)
Total interest expense	$ 13,993	$ 12,059	$ 29,897	$ 22,879

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Ground lease liability	$ 59,123	$ 59,379
Prepaid rent	29,364	33,428
Security deposits	13,405	13,545
Restricted stock unit liability	7,856	16,592
Other liabilities	5,745	11,184
Total other liabilities	$ 115,493	$ 134,128

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Jun. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit and performance bonds	$ 1.2
Future obligations under leases to fund tenant improvements and other future construction obligations	$ 193.8

Stockholders' Equity (Details)

Stockholders' Equity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Equity [Abstract]
Stock issued during period (in shares)	1,700,000
Stock redeemed during period (in shares)	1,700,000
Preferred stock, par value (in usd per share)		$ 1	$ 1
Preferred stock, shares outstanding (in shares)		0	1,716,837

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense, Net of Forfeitures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense, net of forfeitures	$ 2,921	$ 1,121	$ 3,185	$ 6,649
Equity-classified awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense, net of forfeitures	1,141	624	2,425	1,232
Liability-classified awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense, net of forfeitures	$ 1,780	$ 497	$ 760	$ 5,417

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)awardshares	Jun. 30, 2019USD ($)shares	Jun. 30, 2020USD ($)awardshares	Jun. 30, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ 2,921	$ 1,121	$ 3,185	$ 6,649
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (in shares)		34,059
Stock-based compensation expense | $		$ 1,100
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	71,421
Vesting period			3 years
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			30,447
Types of performance-based RSUs | award	2		2
Ultimate payout, minimum (as a percent)			0.00%
Ultimate payout, maximum (as a percent)			200.00%
Market-based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			71,038

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 179,915	$ 142,020	$ 373,813	$ 274,753
Rental property revenues
Disaggregation of Revenue [Line Items]
Revenues	175,099	134,933	364,228	258,798
Variable rental revenue	44,200	35,800	98,300	68,900
Fees and other
Disaggregation of Revenue [Line Items]
Revenues	$ 4,800	$ 7,100	$ 9,600	$ 16,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income (loss)	$ 23,236	$ (22,582)	$ 198,545	$ 13,423
Net income (loss) available to common stockholders	$ 23,101	$ (22,409)	$ 198,044	$ 12,932
Denominator:
Weighted average common shares - basic (in shares)	148,548	112,926	147,986	109,049
Net income (loss) per common share - basic (in usd per share)	$ 0.16	$ (0.20)	$ 1.34	$ 0.12
Numerator:
Net income (loss)	$ 23,236	$ (22,582)	$ 198,545	$ 13,423
Net income (loss) available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP	$ 23,106	$ (22,674)	$ 198,351	$ 13,255
Denominator:
Weighted average shares — basic (in shares)	148,548	112,926	147,986	109,049
Add:
Weighted average units of CPLP convertible into common shares (in shares)	25	1,744	572	1,744
Weighted average common shares - diluted (in shares)	148,580	114,670	148,570	110,822
Net income (loss) per common share - diluted (in usd per share)	$ 0.16	$ (0.20)	$ 1.34	$ 0.12
Stock options exercise price exceed the average share (in shares)		27
Stock Options
Add:
Antidilutive restricted stock units, less share assumed purchased at market price, and antidilutive stock options outstanding (in shares)	18	27	7	0
Stock Options
Add:
Potential dilutive common shares - stock options (in shares)	5	0	10	29
RSU
Add:
Potential dilutive common shares - stock options (in shares)	2	0	2	0
CPLP
Numerator:
Net income (loss) attributable to other noncontrolling interests	$ (5)	$ 265	$ (307)	$ (323)
Numerator:
Net income attributable to other noncontrolling interests	(5)	265	(307)	(323)
Other Noncontrolling Interests
Numerator:
Net income (loss) attributable to other noncontrolling interests	(130)	(92)	(194)	(168)
Numerator:
Net income attributable to other noncontrolling interests	$ (130)	$ (92)	$ (194)	$ (168)

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - Supplemental Information - (Supplemental Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 31,800	$ 22,130
Non-Cash Activity:
Transfers from projects under development to operating properties	277,097	0
Common stock dividends declared and accrued	44,570	42,563
Transfer from land held and other assets to projects under development	29,121	0
Change in accrued property, acquisition, development, and tenant expenditures	16,569	8,973
Non-cash assets and liabilities assumed in TIER transaction	0	1,512,384
Ground lease right-of-use assets and associated liabilities	0	56,294
Non-cash consideration for property acquisition	$ 0	$ 10,071

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Cash Flows - Supplemental Information - (Reconciliation of Cash) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 28,255	$ 15,603
Restricted cash	1,947	2,005
Total cash, cash equivalents, and restricted cash	$ 30,202	$ 17,608	$ 14,067	$ 2,695

Reportable Segments - (Segment

Reportable Segments - (Segment Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Total Revenues	$ 179,915	$ 142,020	$ 373,813	$ 274,753
Rental property revenues
Segment Reporting Information [Line Items]
Total Revenues	175,099	134,933	364,228	258,798
Rental property revenues | Office
Segment Reporting Information [Line Items]
Total Revenues	175,099	134,933	364,228	258,798
Rental property revenues | Mixed-Use
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Rental property revenues | Operating segments
Segment Reporting Information [Line Items]
Total Revenues	181,248	150,178	379,943	286,828
Rental property revenues | Operating segments | Atlanta
Segment Reporting Information [Line Items]
Total Revenues	62,586	59,499	128,499	116,969
Rental property revenues | Operating segments | Austin
Segment Reporting Information [Line Items]
Total Revenues	52,455	31,815	101,202	59,907
Rental property revenues | Operating segments | Charlotte
Segment Reporting Information [Line Items]
Total Revenues	20,505	27,110	55,041	50,496
Rental property revenues | Operating segments | Dallas
Segment Reporting Information [Line Items]
Total Revenues	4,487	804	8,958	804
Rental property revenues | Operating segments | Phoenix
Segment Reporting Information [Line Items]
Total Revenues	12,084	12,805	25,243	25,808
Rental property revenues | Operating segments | Tampa
Segment Reporting Information [Line Items]
Total Revenues	12,912	13,471	27,024	26,441
Rental property revenues | Operating segments | Other
Segment Reporting Information [Line Items]
Total Revenues	16,219	4,674	33,976	6,403
Rental property revenues | Operating segments | Office
Segment Reporting Information [Line Items]
Total Revenues	179,943	149,085	377,340	284,551
Rental property revenues | Operating segments | Office | Atlanta
Segment Reporting Information [Line Items]
Total Revenues	62,457	59,499	128,334	116,969
Rental property revenues | Operating segments | Office | Austin
Segment Reporting Information [Line Items]
Total Revenues	52,455	31,815	101,202	59,907
Rental property revenues | Operating segments | Office | Charlotte
Segment Reporting Information [Line Items]
Total Revenues	20,505	27,110	55,041	50,496
Rental property revenues | Operating segments | Office | Dallas
Segment Reporting Information [Line Items]
Total Revenues	4,487	804	8,958	804
Rental property revenues | Operating segments | Office | Phoenix
Segment Reporting Information [Line Items]
Total Revenues	12,084	12,805	25,243	25,808
Rental property revenues | Operating segments | Office | Tampa
Segment Reporting Information [Line Items]
Total Revenues	12,912	13,471	27,024	26,441
Rental property revenues | Operating segments | Office | Other
Segment Reporting Information [Line Items]
Total Revenues	15,043	3,581	31,538	4,126
Rental property revenues | Operating segments | Mixed-Use
Segment Reporting Information [Line Items]
Total Revenues	1,305	1,093	2,603	2,277
Rental property revenues | Operating segments | Mixed-Use | Atlanta
Segment Reporting Information [Line Items]
Total Revenues	129	0	165	0
Rental property revenues | Operating segments | Mixed-Use | Austin
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Rental property revenues | Operating segments | Mixed-Use | Charlotte
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Rental property revenues | Operating segments | Mixed-Use | Dallas
Segment Reporting Information [Line Items]
Total Revenues	0	0	0
Rental property revenues | Operating segments | Mixed-Use | Phoenix
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Rental property revenues | Operating segments | Mixed-Use | Tampa
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Rental property revenues | Operating segments | Mixed-Use | Other
Segment Reporting Information [Line Items]
Total Revenues	1,176	1,093	2,438	2,277
Rental property revenues | Segment reconciling items
Segment Reporting Information [Line Items]
Total Revenues	(6,149)	(15,245)	(15,715)	(28,030)
Rental property revenues | Segment reconciling items | Office
Segment Reporting Information [Line Items]
Total Revenues	(4,844)	(14,152)	(13,112)	(25,753)
Rental property revenues | Segment reconciling items | Mixed-Use
Segment Reporting Information [Line Items]
Total Revenues	$ (1,305)	$ (1,093)	$ (2,603)	$ (2,277)

Reportable Segments - (Net Oper

Reportable Segments - (Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Net Operating Income	$ 117,132	$ 97,417	$ 244,914	$ 185,148
Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	41,696	39,368	86,491	76,766
Austin
Segment Reporting Information [Line Items]
Net Operating Income	31,229	18,577	60,523	34,525
Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	14,480	18,050	36,593	33,859
Dallas
Segment Reporting Information [Line Items]
Net Operating Income	3,580	669	7,219	670
Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	8,922	9,290	18,715	18,781
Tampa
Segment Reporting Information [Line Items]
Net Operating Income	7,998	8,573	16,142	16,560
Other
Segment Reporting Information [Line Items]
Net Operating Income	9,227	2,890	19,231	3,987
Office
Segment Reporting Information [Line Items]
Net Operating Income	116,315	96,709	243,281	183,572
Office | Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	41,709	39,368	86,564	76,766
Office | Austin
Segment Reporting Information [Line Items]
Net Operating Income	31,229	18,577	60,523	34,525
Office | Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	14,480	18,050	36,593	33,859
Office | Dallas
Segment Reporting Information [Line Items]
Net Operating Income	3,580	669	7,219	670
Office | Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	8,922	9,290	18,715	18,781
Office | Tampa
Segment Reporting Information [Line Items]
Net Operating Income	7,998	8,573	16,142	16,560
Office | Other
Segment Reporting Information [Line Items]
Net Operating Income	8,397	2,182	17,525	2,411
Mixed-Use
Segment Reporting Information [Line Items]
Net Operating Income	817	708	1,633	1,576
Mixed-Use | Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	(13)	0	(73)	0
Mixed-Use | Austin
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Mixed-Use | Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Mixed-Use | Dallas
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Mixed-Use | Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Mixed-Use | Tampa
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Mixed-Use | Other
Segment Reporting Information [Line Items]
Net Operating Income	$ 830	$ 708	$ 1,706	$ 1,576

Reportable Segments - (Reconcil

Reportable Segments - (Reconciliation of Net Income to Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Net Operating Income	$ 117,132	$ 97,417	$ 244,914	$ 185,148
Net operating income from unconsolidated joint ventures	(4,193)	(9,379)	(10,228)	(17,252)
Total Revenues	179,915	142,020	373,813	274,753
Reimbursed expenses	(322)	(1,047)	(843)	(1,979)
General and administrative expenses	(8,543)	(8,374)	(14,195)	(19,834)
Interest expense	(13,993)	(12,059)	(29,897)	(22,879)
Depreciation and amortization	(72,868)	(50,904)	(144,482)	(96,765)
Transaction costs	(63)	(49,827)	(428)	(49,830)
Other expenses	(552)	(624)	(1,118)	(804)
Income from unconsolidated joint ventures	1,715	3,634	5,140	6,538
Gain (loss) on sales of investments in unconsolidated joint ventures	(231)	0	45,999	0
Gain (loss) on investment property transactions	(201)	1,304	90,715	14,415
Net income (loss)	23,236	(22,582)	198,545	13,423
Fee income
Segment Reporting Information [Line Items]
Total Revenues	4,690	7,076	9,422	15,804
Termination fee income
Segment Reporting Information [Line Items]
Total Revenues	539	190	3,383	710
Other
Segment Reporting Information [Line Items]
Total Revenues	$ 126	$ 11	$ 163	$ 151