Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 21, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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, $1 par value per share | |
Trading Symbol | CUZ | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 148,564,356 | |
Entity Central Index Key | 0000025232 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Real estate assets: | ||
Operating properties, net of accumulated depreciation of $750,662 and $577,139 in 2020 and 2019, respectively | $ 6,144,004 | $ 5,669,324 |
Projects under development | 52,759 | 410,097 |
Land | 108,213 | 116,860 |
Total real estate assets | 6,304,976 | 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 | 36,872 | 15,603 |
Restricted cash | 1,847 | 2,005 |
Notes and accounts receivable | 18,561 | 23,680 |
Deferred rents receivable | 132,689 | 102,314 |
Investment in unconsolidated joint ventures | 129,814 | 133,884 |
Intangible assets, net | 209,434 | 257,649 |
Other assets | 52,403 | 59,449 |
Total assets | 6,886,596 | 7,151,447 |
Liabilities: | ||
Notes payable | 1,934,905 | 2,222,975 |
Accounts payable and accrued expenses | 183,023 | 209,904 |
Deferred income | 58,404 | 52,269 |
Intangible liabilities, net of accumulated amortization of $70,894 and $55,798 in 2020 and 2019, respectively | 68,009 | 83,105 |
Other liabilities | 115,162 | 134,128 |
Liabilities of real estate assets held for sale, net of accumulated amortization of $7,771 in 2019 | 0 | 21,231 |
Total liabilities | 2,359,503 | 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, 151,149,289 and 149,347,382 shares issued, and 148,564,356 and 146,762,449 shares outstanding in 2020 and 2019, respectively | 151,149 | 149,347 |
Additional paid-in capital | 5,541,879 | 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 | (1,044,743) | (1,137,200) |
Total stockholders' investment | 4,499,812 | 4,359,274 |
Nonredeemable noncontrolling interests | 27,281 | 68,561 |
Total equity | 4,527,093 | 4,427,835 |
Total liabilities and equity | $ 6,886,596 | $ 7,151,447 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation on operating properties | $ 750,662 | $ 577,139 |
Real estate assets and other assets held for sale, accumulated depreciation and amortization | 61,093 | |
Accumulated amortization on intangible liabilities | $ 70,894 | 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) | 151,149,289 | 149,347,382 |
Common stock, shares outstanding (in shares) | 148,564,356 | 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues: | ||||
Total Revenues | $ 183,380 | $ 188,323 | $ 557,193 | $ 463,076 |
Expenses: | ||||
Rental property operating expenses | 62,844 | 65,646 | 189,003 | 155,838 |
Reimbursed expenses | 373 | 1,290 | 1,216 | 3,269 |
General and administrative expenses | 5,658 | 5,852 | 19,853 | 25,686 |
Interest expense | 15,058 | 14,700 | 44,955 | 37,579 |
Depreciation and amortization | 71,498 | 82,012 | 215,980 | 178,777 |
Transaction costs | 0 | 1,048 | 428 | 50,878 |
Other | 723 | 297 | 1,841 | 1,101 |
Total costs and expenses | 156,154 | 170,845 | 473,276 | 453,128 |
Income from unconsolidated joint ventures | 1,611 | 3,241 | 6,751 | 9,779 |
Gain (loss) on sales of investments in unconsolidated joint ventures | (59) | 0 | 45,940 | 0 |
Gain (loss) on investment property transactions | (523) | (27) | 90,192 | 14,388 |
Net income | 28,255 | 20,692 | 226,800 | 34,115 |
Net income attributable to noncontrolling interests | (140) | (318) | (641) | (809) |
Net income available to common stockholders | $ 28,115 | $ 20,374 | $ 226,159 | $ 33,306 |
Net income per common share - basic (in usd per share) | $ 0.19 | $ 0.14 | $ 1.53 | $ 0.27 |
Net income per common share - diluted (in usd per share) | $ 0.19 | $ 0.14 | $ 1.52 | $ 0.27 |
Weighted average shares — basic (in shares) | 148,566 | 146,762 | 148,181 | 121,758 |
Weighted average shares — diluted (in shares) | 148,606 | 148,530 | 148,586 | 123,529 |
Rental property revenues | ||||
Revenues: | ||||
Total Revenues | $ 179,024 | $ 180,826 | $ 543,252 | $ 439,624 |
Fee income | ||||
Revenues: | ||||
Total Revenues | 4,350 | 7,494 | 13,772 | 23,298 |
Other | ||||
Revenues: | ||||
Total Revenues | $ 6 | $ 3 | $ 169 | $ 154 |
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 | 34,115 | 33,306 | 33,306 | 809 | ||||
Common stock issued in merger | 1,598,189 | 41,576 | 1,556,613 | 1,598,189 | ||||
Common stock issued pursuant to stock based compensation | 510 | 91 | 419 | 510 | ||||
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures | 1,847 | (1) | 1,848 | 1,847 | ||||
Nonredeemable noncontrolling interests acquired in merger | 5,348 | 5,348 | ||||||
Contributions from nonredeemable noncontrolling interests | 5,271 | 5,271 | ||||||
Distributions to nonredeemable noncontrolling interests | (1,745) | (1,745) | ||||||
Common dividends | (115,613) | (115,613) | (115,613) | |||||
Ending balance at Sep. 30, 2019 | 4,349,078 | 1,717 | 149,347 | 5,493,265 | (148,473) | (1,211,752) | 4,284,104 | 64,974 |
Beginning 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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 20,692 | 20,374 | 20,374 | 318 | ||||
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures | 616 | (1) | 617 | 616 | ||||
Contributions from nonredeemable noncontrolling interests | 1,191 | 1,191 | ||||||
Distributions to nonredeemable noncontrolling interests | (480) | (480) | ||||||
Common dividends | (42,559) | (42,559) | (42,559) | |||||
Ending balance at Sep. 30, 2019 | 4,349,078 | 1,717 | 149,347 | 5,493,265 | (148,473) | (1,211,752) | 4,284,104 | 64,974 |
Beginning balance at Dec. 31, 2019 | 4,427,835 | 1,717 | 149,347 | 5,493,883 | (148,473) | (1,137,200) | 4,359,274 | 68,561 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 226,800 | 226,159 | 226,159 | 641 | ||||
Common stock issued pursuant to stock based compensation | (307) | 90 | (397) | (307) | ||||
Common stock issued pursuant to unitholder redemption | 0 | (1,717) | 1,719 | 45,032 | 45,034 | (45,034) | ||
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures | 3,354 | (7) | 3,361 | 3,354 | ||||
Contributions from nonredeemable noncontrolling interests | 4,133 | 4,133 | ||||||
Distributions to nonredeemable noncontrolling interests | (1,020) | (1,020) | ||||||
Common dividends | (133,702) | (133,702) | (133,702) | |||||
Ending balance at Sep. 30, 2020 | 4,527,093 | 0 | 151,149 | 5,541,879 | (148,473) | (1,044,743) | 4,499,812 | 27,281 |
Beginning balance at Jun. 30, 2020 | 4,540,329 | 0 | 151,153 | 5,540,945 | (148,473) | (1,028,289) | 4,515,336 | 24,993 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 28,255 | 28,115 | 28,115 | 140 | ||||
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures | 930 | (4) | 934 | 930 | ||||
Contributions from nonredeemable noncontrolling interests | 2,317 | 2,317 | ||||||
Distributions to nonredeemable noncontrolling interests | (169) | (169) | ||||||
Common dividends | (44,569) | (44,569) | (44,569) | |||||
Ending balance at Sep. 30, 2020 | $ 4,527,093 | $ 0 | $ 151,149 | $ 5,541,879 | $ (148,473) | $ (1,044,743) | $ 4,499,812 | $ 27,281 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends per common share (in usd per share) | $ 0.30 | $ 0.29 | $ 0.90 | $ 0.87 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 226,800 | $ 34,115 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on sales of investments in unconsolidated joint ventures | (45,940) | 0 |
Gain on investment properties transactions | (90,192) | (14,388) |
Depreciation and amortization | 215,980 | 178,777 |
Amortization of deferred financing costs and premium/discount on notes payable | (671) | 1,723 |
Stock-based compensation expense, net of forfeitures | 4,415 | 3,209 |
Effect of non-cash adjustments to revenues | (41,614) | (31,166) |
Income from unconsolidated joint ventures | (6,751) | (9,779) |
Operating distributions from unconsolidated joint ventures | 5,940 | 6,125 |
Changes in other operating assets and liabilities: | ||
Change in other receivables and other assets, net | (715) | (13,638) |
Change in operating liabilities, net | (8,245) | 43,387 |
Net cash provided by operating activities | 259,007 | 198,365 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from investment property sales | 435,539 | 58,968 |
Proceeds from sales of investments in unconsolidated joint ventures | 52,815 | 0 |
Property acquisition, development, and tenant asset expenditures | (306,102) | (252,034) |
Investment in unconsolidated joint ventures | (3,752) | (21,476) |
Distributions from unconsolidated joint ventures | 0 | 11 |
Cash and restricted cash acquired in merger | 0 | 85,989 |
Change in notes receivable and other assets | (167) | (71) |
Net cash provided by (used in) investing activities | 178,333 | (128,613) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from credit facility | 319,500 | 904,000 |
Repayment of credit facility | (571,000) | (824,000) |
Repayment of notes payable | (34,710) | (687,207) |
Issuance of unsecured senior notes | 0 | 650,000 |
Payment of deferred financing costs | (70) | (2,866) |
Contributions from nonredeemable noncontrolling interests | 4,133 | 5,271 |
Distributions to nonredeemable noncontrolling interests | (1,020) | (1,745) |
Common dividends paid | (131,694) | (100,372) |
Other | (1,368) | (864) |
Net cash used in financing activities | (416,229) | (57,783) |
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 21,111 | 11,969 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 17,608 | 2,695 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ 38,719 | $ 14,664 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 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 in come tax provision for Cousins. As of September 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 September 30, 2020 and the results of operations for the three and nine months ended September 30, 2020 and 2019. The results of operations for the three and nine months ended September 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 nine months ended September 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 September 30, 2020, the Company had no investments or interests in any VIEs. |
Merger With Tier REIT, Inc.
Merger With Tier REIT, Inc. | 9 Months Ended |
Sep. 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. The Company incurred no expenses related to the Merger for the three months ended September 30, 2020 and $428,000 for the nine months ended September 30, 2020. For the three and nine months ended September 30, 2019, the Company incurred expenses related to the Merg er of $1.0 million and $50.9 million, respectively. 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 nine months ended September 30, 2020, the Company recorded revenues related to assets acquired in the Merge r of $51.5 million and $154.1 million, respectively. During the three and nine months ended September 30, 2019, the Company recorded revenues related to assets acquired in the Merger of $52.1 million and $61.7 million, respectively. The following unaudited supplemental pro forma information is based upon the Company's historical condensed consolidated statements o f 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 Nine Months Ended Revenues $ 188,323 $ 555,324 Net income 21,740 110,188 Net income available to common stockholders 21,410 108,724 Supplemental pro forma earnings were adjusted to exclude $1.0 million and $50.9 million of transaction costs incurred in the three and nine months ended September 30, 2019. |
Transactions with Norfolk South
Transactions with Norfolk Southern Railway Company | 9 Months Ended |
Sep. 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 September 30, 2020 and 2019, the Company recognized $3.7 million and $5.6 million, respectively, in fee income in its condensed consolidated statements of operations related to the services provided to NS. During the nine months ended September 30, 2020 and 2019, the Company recognized $11.2 million and $17.2 million, respectively, in fee income in its condensed consolidated statements of operations related to the services provided to NS. As of September 30, 2020 and December 31, 2019, the Company had deferred income included in the consolidated balance sheet of $4.4 million an d $11.3 million, respectively, related to NS. |
Real Estate Transactions
Real Estate Transactions | 9 Months Ended |
Sep. 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 $90.4 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 | 9 Months Ended |
Sep. 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 September 30, 2020 and December 31, 2019 (in thousands). The information included in the summary of operations table is for the nine months ended September 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 $ 175,827 $ 179,694 $ — $ — $ 90,767 $ 90,373 $ 48,040 $ 48,058 Austin 300 Colorado Project, LP 165,704 112,630 71,681 21,430 68,191 68,101 37,929 36,846 AMCO 120 WT Holdings, LLC 86,151 77,377 — — 83,467 70,696 15,769 13,362 Carolina Square Holdings LP 111,240 114,483 76,108 75,662 22,606 25,184 13,514 14,414 HICO Victory Center LP 15,835 16,045 — — 15,835 15,353 10,541 10,373 Charlotte Gateway Village, LLC — 109,675 — — — 106,651 — 6,718 Wildwood Associates — 11,061 — — — 10,978 — (521) (1) Crawford Long - CPI, LLC 30,820 28,459 66,725 67,947 (37,483) (40,250) (17,877) (1) (19,205) (1) Other 6,952 8,879 — — 6,760 7,318 4,021 4,113 $ 592,529 $ 658,303 $ 214,514 $ 165,039 $ 250,143 $ 354,404 $ 111,937 $ 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 $ 6,692 $ 20,368 $ 3,352 $ 7,510 $ 1,674 $ 3,755 DC Charlotte Plaza LLLP 15,476 10,716 5,597 4,196 2,583 2,098 Crawford Long - CPI, LLC 9,784 9,412 2,767 2,821 1,329 1,349 Carolina Square Holdings LP 10,792 8,757 1,936 191 950 5 HICO Victory Center LP 241 356 241 356 121 197 Austin 300 Colorado Project, LP 264 319 90 152 45 76 Terminus Office Holdings LLC — 34,964 — 4,962 — 2,381 AMCO 120 WT Holdings, LLC 1,564 5 (2,106) (81) (383) — Other 228 132 125 (148) 432 (82) $ 45,041 $ 85,029 $ 12,002 $ 19,959 $ 6,751 $ 9,779 (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 ga in of $44.6 million o n 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 | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Intangible assets on the balance sheets as of September 30, 2020 and December 31, 2019 included the following (in thousands): 2020 2019 In-place leases, net of accumulated amortization of $205,497 and $163,867 in 2020 and 2019, respectively $ 161,129 $ 202,760 Above-market tenant leases, net of accumulated amortization of $32,865 and $26,487 in 2020 and 2019, respectively 29,322 35,699 Below-market ground lease, net of accumulated amortization of $1,104 and $897 in 2020 and 2019, respectively 17,309 17,516 Goodwill 1,674 1,674 $ 209,434 $ 257,649 The carrying amount of goodwill did not change during the nine months ended September 30, 2020 and 2019. Aggregate net amortization expense related to intangible assets and liabilities for the three and nine months ended September 30, 2020 w as $10.2 million and $33.7 million, respectiv ely. Aggregate net amortization expense related to intangible assets and liabilities for the three and nine months ended September 30, 2019 was $17.6 million and $30.7 million, respectively. Over the next five years and thereafter aggregate amortization of these intangible assets and liabilities is anticipated to be as follows (in thousands): Below Market Above Market Below Market Ground Lease Above Market In Place Leases 2020 (three months) $ (4,193) $ (12) $ 69 $ 1,791 $ 11,939 2021 (14,148) (46) 276 6,578 39,902 2022 (11,076) (46) 276 5,209 28,017 2023 (9,388) (46) 276 4,160 22,858 2024 (8,172) (46) 276 3,280 17,969 Thereafter (19,394) (1,442) 16,136 8,304 40,444 $ (66,371) $ (1,638) $ 17,309 $ 29,322 $ 161,129 |
Other Assets
Other Assets | 9 Months Ended |
Sep. 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 September 30, 2020 and December 31, 2019 included the following (in thousands): 2020 2019 Predevelopment costs and earnest money $ 18,479 $ 25,586 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $31,714 and $29,131 in 2020 and 2019, respectively 17,427 17,791 Prepaid expenses and other assets 7,713 5,924 Lease inducements, net of accumulated amortization of $3,051 and $2,333 in 2020 and 2019, respectively 5,387 5,632 Line of credit deferred financing costs, net of accumulated amortization of $4,082 and $2,952 in 2020 and 2019, respectively 3,397 4,516 $ 52,403 $ 59,449 |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at September 30, 2020 and December 31, 2019 ($ in thousands): Description Interest Rate (1) Maturity (2) 2020 2019 Unsecured Notes: Credit Facility, Unsecured 1.20% 2023 $ — $ 251,500 Term Loan, Unsecured 1.35% 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 137,886 140,332 Terminus 100 5.25% 2023 115,800 118,146 Colorado Tower 3.45% 2026 115,273 117,085 Promenade 4.27% 2022 93,455 95,986 816 Congress 3.75% 2024 78,678 79,987 Terminus 200 3.79% 2023 74,791 76,079 Legacy Union One 4.24% 2023 66,000 66,000 Meridian Mark Plaza 6.00% 2020 — 22,978 681,883 716,593 $ 1,931,883 $ 2,218,093 Unamortized premium 8,491 11,239 Unamortized loan costs (5,469) (6,357) Total Notes Payable $ 1,934,905 $ 2,222,975 (1) Interest rate as of September 30, 2020. (2) Weighted average maturity of notes payable outstanding at September 30, 2020 was 5.2 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 September 30, 2020, the Credit Facility's spread over LIBOR was 1.05%. The amount th at 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 Fac ility was $1.0 billion at September 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 September 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 September 30, 2020 and December 31, 2019, the estimated fair value of the Company’s notes payable w as $2.1 billion and $2.3 billion, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at September 30, 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 nine months ended September 30, 2020 and 2019, interest expense was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total interest incurred $ 17,780 $ 18,918 $ 56,944 $ 43,928 Interest capitalized (2,722) (4,218) (11,989) (6,349) Total interest expense $ 15,058 $ 14,700 $ 44,955 $ 37,579 |
Other Liabilities
Other Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES Other liabilities on the condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019 included the following (in thousands): 2020 2019 Ground lease liability $ 58,958 $ 59,379 Prepaid rent 29,242 33,428 Security deposits 13,257 13,545 Restricted stock unit liability 8,393 16,592 Other liabilities 5,312 11,184 $ 115,162 $ 134,128 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments At September 30, 2020, the Company had outstanding performance bonds totaling $1.2 million. As a lessor, the Company had $174.6 million in future obligations under leases to fund tenant improvements and other future construction obligations at September 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 condensed consolidated financial statements as of and for the three and nine months ended September 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 September 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 | 9 Months Ended |
Sep. 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 September 30, 2020, the Company had no preferred stock outstanding. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 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 nine months ended September 30, 2020 relates to restricted stock and RSUs awarded in 2018, 2019, and 2020. Compensation expense for the nine months ended September 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 nine months ended September 30, 2020 and 2019, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Equity-classified awards $ 930 $ 616 $ 3,354 $ 1,847 Liability-classified awards 603 (549) 1,363 4,868 Total stock-based compensation expense, net of forfeitures $ 1,533 $ 67 $ 4,717 $ 6,715 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 nine m onths ended September 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 nine months ended September 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 quarter 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 plan, including information on 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 | 9 Months Ended |
Sep. 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 nine months ended September 30, 2020, the Company recognized rental property revenues of $179.0 million and $543.3 million, respec tively, of wh ich $47.1 million and $145.4 million, respectiv ely, represented variable rental revenue. For the three and nine months ended September 30, 2019, the Company recognized rental property revenues of $180.8 million and $439.6 million, respectively, of which $53.9 million and $122.8 million, respectively, represented variable rental revenue. F or the three and nine months ended September 30, 2020, the Company recognized fee and other revenue of $4.4 million and $13.9 million, respectively. For the three and nine months ended September 30, 2019, the Company recognized fee and other revenue of $7.5 million and $23.5 million, respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 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 nine months ended September 30, 2020 and 2019 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Earnings per Common Share - basic: Numerator: Net income $ 28,255 $ 20,692 $ 226,800 $ 34,115 Net income attributable to noncontrolling interests in CPLP from continuing operations (5) (241) (312) (564) Net income attributable to other noncontrolling interests (135) (77) (329) (245) Net income available to common stockholders $ 28,115 $ 20,374 $ 226,159 $ 33,306 Denominator: Weighted average common shares - basic 148,566 146,762 148,181 121,758 Net income per common share - basic $ 0.19 $ 0.14 $ 1.53 $ 0.27 Earnings per common share - diluted: Numerator: Net income $ 28,255 $ 20,692 $ 226,800 $ 34,115 Net income attributable to other noncontrolling interests (135) (77) (329) (245) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 28,120 $ 20,615 $ 226,471 $ 33,870 Denominator: Weighted average common shares - basic 148,566 146,762 148,181 121,758 Add: Potential dilutive common shares - stock options 3 24 5 27 Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 12 — 12 — Weighted average units of CPLP convertible into common shares 25 1,744 388 1,744 Weighted average common shares - diluted 148,606 148,530 148,586 123,529 Net income per common share - diluted $ 0.19 $ 0.14 $ 1.52 $ 0.27 Antidilutive restricted stock units, less share assumed purchased at market price, and antidilutive stock options outstanding 1 — — — For the three months ended September 30, 2020, 1,000 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. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - Supplemental Information | 9 Months Ended |
Sep. 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 nine months ended September 30, 2020 and 2019 is as follows (in thousands): 2020 2019 Interest paid $ 56,761 $ 39,592 Non-Cash Activity: Transfers from projects under development to operating properties 443,932 — Common stock dividends declared and accrued 44,569 42,567 Transfer from land held and other assets to projects under development 29,121 — Change in accrued property, acquisition, development, and tenant expenditures 35,707 22,599 Non-cash assets and liabilities assumed in TIER transaction — 1,512,373 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): September 30, 2020 December 31, 2019 Cash and cash equivalents $ 36,872 $ 15,603 Restricted cash 1,847 2,005 Total cash, cash equivalents, and restricted cash $ 38,719 $ 17,608 |
Reportable Segments
Reportable Segments | 9 Months Ended |
Sep. 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 nine months ended September 30, 2020 and 2019 are as follows (in thousands): Three Months Ended September 30, 2020 Office Mixed-Use Total Revenues: Atlanta $ 64,677 $ 175 $ 64,852 Austin 52,008 — 52,008 Charlotte 20,370 — 20,370 Dallas 4,601 — 4,601 Phoenix 12,689 — 12,689 Tampa 13,179 — 13,179 Other 16,354 1,193 17,547 Total segment revenues 183,878 1,368 185,246 Less: Company's share of rental property revenues from unconsolidated joint ventures (4,854) (1,368) (6,222) Total rental property revenues $ 179,024 $ — $ 179,024 Three Months Ended September 30, 2019 Office Mixed-Use Total Revenues: Atlanta $ 60,486 $ — $ 60,486 Austin 50,614 — 50,614 Charlotte 34,762 — 34,762 Dallas 4,274 — 4,274 Phoenix 12,754 — 12,754 Tampa 14,335 — 14,335 Other 17,290 1,101 18,391 Total segment revenues 194,515 1,101 195,616 Less: Company's share of rental property revenues from unconsolidated joint ventures (13,689) (1,101) (14,790) Total rental property revenues $ 180,826 $ — $ 180,826 Nine Months Ended September 30, 2020 Office Mixed-Use Total Revenues Atlanta $ 193,012 $ 339 $ 193,351 Austin 155,009 — 155,009 Charlotte 75,411 — 75,411 Dallas 13,559 — 13,559 Phoenix 37,932 — 37,932 Tampa 40,203 — 40,203 Other 46,092 3,631 49,723 Total segment revenues 561,218 3,970 565,188 Less: Company's share of rental property revenues from unconsolidated joint ventures (17,966) (3,970) (21,936) Total rental property revenues $ 543,252 $ — $ 543,252 Nine Months Ended September 30, 2019 Office Mixed-Use Total Revenues: Atlanta $ 177,455 $ — $ 177,455 Austin 110,521 — 110,521 Charlotte 85,258 — 85,258 Dallas 5,078 5,078 Phoenix 38,562 — 38,562 Tampa 40,776 — 40,776 Other 21,416 3,378 24,794 Total segment revenues 479,066 3,378 482,444 Less: Company's share of rental property revenues from unconsolidated joint ventures (39,442) (3,378) (42,820) Total rental property revenues $ 439,624 $ — $ 439,624 NOI by reportable segment for the three and nine months ended September 30, 2020 and 2019 are as follows (in thousands): Three Months Ended September 30, 2020 Office Mixed-Use Total Net Operating Income: Atlanta $ 43,360 $ 28 $ 43,388 Austin 31,639 — 31,639 Charlotte 14,621 — 14,621 Dallas 3,688 — 3,688 Phoenix 9,205 — 9,205 Tampa 8,230 — 8,230 Other 8,483 762 9,245 Total Net Operating Income $ 119,226 $ 790 $ 120,016 Three Months Ended September 30, 2019 Office Mixed-Use Total Net Operating Income: Atlanta $ 38,926 $ — $ 38,926 Austin 29,452 — 29,452 Charlotte 21,692 — 21,692 Dallas 3,416 — 3,416 Phoenix 8,913 — 8,913 Tampa 8,309 — 8,309 Other 9,266 668 9,934 Total Net Operating Income $ 119,974 $ 668 $ 120,642 Nine Months Ended September 30, 2020 Office Mixed-Use Total Net Operating Income: Atlanta $ 129,924 $ (45) $ 129,879 Austin 92,161 — 92,161 Charlotte 51,214 — 51,214 Dallas 10,907 — 10,907 Phoenix 27,920 — 27,920 Tampa 24,372 — 24,372 Other 26,008 2,469 28,477 Total Net Operating Income $ 362,506 $ 2,424 $ 364,930 Nine Months Ended September 30, 2019 Office Mixed-Use Total Net Operating Income: Atlanta $ 115,692 $ — $ 115,692 Austin 63,977 — 63,977 Charlotte 55,550 — 55,550 Dallas 4,086 — 4,086 Phoenix 27,694 — 27,694 Tampa 24,869 — 24,869 Other 11,678 2,244 13,922 Total Net Operating Income $ 303,546 $ 2,244 $ 305,790 The following reconciles Net Operating Income to net income for each of the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net Operating Income $ 120,016 $ 120,642 $ 364,930 $ 305,790 Net operating income from unconsolidated joint ventures (4,208) (9,037) (14,436) (26,289) Fee income 4,350 7,494 13,772 23,298 Termination fee income 372 3,575 3,755 4,285 Other income 6 3 169 154 Reimbursed expenses (373) (1,290) (1,216) (3,269) General and administrative expenses (5,658) (5,852) (19,853) (25,686) Interest expense (15,058) (14,700) (44,955) (37,579) Depreciation and amortization (71,498) (82,012) (215,980) (178,777) Acquisition and transaction costs — (1,048) (428) (50,878) Other expenses (723) (297) (1,841) (1,101) Income from unconsolidated joint ventures 1,611 3,241 6,751 9,779 Gain (loss) on sales of investments in unconsolidated joint ventures (59) — 45,940 — Gain (loss) on investment property transactions (523) (27) 90,192 14,388 Net income $ 28,255 $ 20,692 $ 226,800 $ 34,115 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation : The condensed consolidated financial statements |
Merger With Tier REIT, Inc. (Ta
Merger With Tier REIT, Inc. (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended Revenues $ 188,323 $ 555,324 Net income 21,740 110,188 Net income available to common stockholders 21,410 108,724 |
Investment in Unconsolidated _2
Investment in Unconsolidated Joint Ventures (Tables) | 9 Months Ended |
Sep. 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 September 30, 2020 and December 31, 2019 (in thousands). The information included in the summary of operations table is for the nine months ended September 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 $ 175,827 $ 179,694 $ — $ — $ 90,767 $ 90,373 $ 48,040 $ 48,058 Austin 300 Colorado Project, LP 165,704 112,630 71,681 21,430 68,191 68,101 37,929 36,846 AMCO 120 WT Holdings, LLC 86,151 77,377 — — 83,467 70,696 15,769 13,362 Carolina Square Holdings LP 111,240 114,483 76,108 75,662 22,606 25,184 13,514 14,414 HICO Victory Center LP 15,835 16,045 — — 15,835 15,353 10,541 10,373 Charlotte Gateway Village, LLC — 109,675 — — — 106,651 — 6,718 Wildwood Associates — 11,061 — — — 10,978 — (521) (1) Crawford Long - CPI, LLC 30,820 28,459 66,725 67,947 (37,483) (40,250) (17,877) (1) (19,205) (1) Other 6,952 8,879 — — 6,760 7,318 4,021 4,113 $ 592,529 $ 658,303 $ 214,514 $ 165,039 $ 250,143 $ 354,404 $ 111,937 $ 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 $ 6,692 $ 20,368 $ 3,352 $ 7,510 $ 1,674 $ 3,755 DC Charlotte Plaza LLLP 15,476 10,716 5,597 4,196 2,583 2,098 Crawford Long - CPI, LLC 9,784 9,412 2,767 2,821 1,329 1,349 Carolina Square Holdings LP 10,792 8,757 1,936 191 950 5 HICO Victory Center LP 241 356 241 356 121 197 Austin 300 Colorado Project, LP 264 319 90 152 45 76 Terminus Office Holdings LLC — 34,964 — 4,962 — 2,381 AMCO 120 WT Holdings, LLC 1,564 5 (2,106) (81) (383) — Other 228 132 125 (148) 432 (82) $ 45,041 $ 85,029 $ 12,002 $ 19,959 $ 6,751 $ 9,779 (1) Negative bases are included in deferred income on the condensed consolidated balance sheets. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets on the balance sheets as of September 30, 2020 and December 31, 2019 included the following (in thousands): 2020 2019 In-place leases, net of accumulated amortization of $205,497 and $163,867 in 2020 and 2019, respectively $ 161,129 $ 202,760 Above-market tenant leases, net of accumulated amortization of $32,865 and $26,487 in 2020 and 2019, respectively 29,322 35,699 Below-market ground lease, net of accumulated amortization of $1,104 and $897 in 2020 and 2019, respectively 17,309 17,516 Goodwill 1,674 1,674 $ 209,434 $ 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 (three months) $ (4,193) $ (12) $ 69 $ 1,791 $ 11,939 2021 (14,148) (46) 276 6,578 39,902 2022 (11,076) (46) 276 5,209 28,017 2023 (9,388) (46) 276 4,160 22,858 2024 (8,172) (46) 276 3,280 17,969 Thereafter (19,394) (1,442) 16,136 8,304 40,444 $ (66,371) $ (1,638) $ 17,309 $ 29,322 $ 161,129 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 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 September 30, 2020 and December 31, 2019 included the following (in thousands): 2020 2019 Predevelopment costs and earnest money $ 18,479 $ 25,586 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $31,714 and $29,131 in 2020 and 2019, respectively 17,427 17,791 Prepaid expenses and other assets 7,713 5,924 Lease inducements, net of accumulated amortization of $3,051 and $2,333 in 2020 and 2019, respectively 5,387 5,632 Line of credit deferred financing costs, net of accumulated amortization of $4,082 and $2,952 in 2020 and 2019, respectively 3,397 4,516 $ 52,403 $ 59,449 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Terms of Notes Payable | The following table summarizes the terms of notes payable outstanding at September 30, 2020 and December 31, 2019 ($ in thousands): Description Interest Rate (1) Maturity (2) 2020 2019 Unsecured Notes: Credit Facility, Unsecured 1.20% 2023 $ — $ 251,500 Term Loan, Unsecured 1.35% 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 137,886 140,332 Terminus 100 5.25% 2023 115,800 118,146 Colorado Tower 3.45% 2026 115,273 117,085 Promenade 4.27% 2022 93,455 95,986 816 Congress 3.75% 2024 78,678 79,987 Terminus 200 3.79% 2023 74,791 76,079 Legacy Union One 4.24% 2023 66,000 66,000 Meridian Mark Plaza 6.00% 2020 — 22,978 681,883 716,593 $ 1,931,883 $ 2,218,093 Unamortized premium 8,491 11,239 Unamortized loan costs (5,469) (6,357) Total Notes Payable $ 1,934,905 $ 2,222,975 (1) Interest rate as of September 30, 2020. (2) Weighted average maturity of notes payable outstanding at September 30, 2020 was 5.2 years. |
Summary of Interest Recorded | For the three and nine months ended September 30, 2020 and 2019, interest expense was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total interest incurred $ 17,780 $ 18,918 $ 56,944 $ 43,928 Interest capitalized (2,722) (4,218) (11,989) (6,349) Total interest expense $ 15,058 $ 14,700 $ 44,955 $ 37,579 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Liabilities | Other liabilities on the condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019 included the following (in thousands): 2020 2019 Ground lease liability $ 58,958 $ 59,379 Prepaid rent 29,242 33,428 Security deposits 13,257 13,545 Restricted stock unit liability 8,393 16,592 Other liabilities 5,312 11,184 $ 115,162 $ 134,128 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense, Net of Forfeitures | For the three and nine months ended September 30, 2020 and 2019, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Equity-classified awards $ 930 $ 616 $ 3,354 $ 1,847 Liability-classified awards 603 (549) 1,363 4,868 Total stock-based compensation expense, net of forfeitures $ 1,533 $ 67 $ 4,717 $ 6,715 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2020 and 2019 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Earnings per Common Share - basic: Numerator: Net income $ 28,255 $ 20,692 $ 226,800 $ 34,115 Net income attributable to noncontrolling interests in CPLP from continuing operations (5) (241) (312) (564) Net income attributable to other noncontrolling interests (135) (77) (329) (245) Net income available to common stockholders $ 28,115 $ 20,374 $ 226,159 $ 33,306 Denominator: Weighted average common shares - basic 148,566 146,762 148,181 121,758 Net income per common share - basic $ 0.19 $ 0.14 $ 1.53 $ 0.27 Earnings per common share - diluted: Numerator: Net income $ 28,255 $ 20,692 $ 226,800 $ 34,115 Net income attributable to other noncontrolling interests (135) (77) (329) (245) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 28,120 $ 20,615 $ 226,471 $ 33,870 Denominator: Weighted average common shares - basic 148,566 146,762 148,181 121,758 Add: Potential dilutive common shares - stock options 3 24 5 27 Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 12 — 12 — Weighted average units of CPLP convertible into common shares 25 1,744 388 1,744 Weighted average common shares - diluted 148,606 148,530 148,586 123,529 Net income per common share - diluted $ 0.19 $ 0.14 $ 1.52 $ 0.27 Antidilutive restricted stock units, less share assumed purchased at market price, and antidilutive stock options outstanding 1 — — — |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - Supplemental Information (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2020 and 2019 is as follows (in thousands): 2020 2019 Interest paid $ 56,761 $ 39,592 Non-Cash Activity: Transfers from projects under development to operating properties 443,932 — Common stock dividends declared and accrued 44,569 42,567 Transfer from land held and other assets to projects under development 29,121 — Change in accrued property, acquisition, development, and tenant expenditures 35,707 22,599 Non-cash assets and liabilities assumed in TIER transaction — 1,512,373 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): September 30, 2020 December 31, 2019 Cash and cash equivalents $ 36,872 $ 15,603 Restricted cash 1,847 2,005 Total cash, cash equivalents, and restricted cash $ 38,719 $ 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): September 30, 2020 December 31, 2019 Cash and cash equivalents $ 36,872 $ 15,603 Restricted cash 1,847 2,005 Total cash, cash equivalents, and restricted cash $ 38,719 $ 17,608 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2020 and 2019 are as follows (in thousands): Three Months Ended September 30, 2020 Office Mixed-Use Total Revenues: Atlanta $ 64,677 $ 175 $ 64,852 Austin 52,008 — 52,008 Charlotte 20,370 — 20,370 Dallas 4,601 — 4,601 Phoenix 12,689 — 12,689 Tampa 13,179 — 13,179 Other 16,354 1,193 17,547 Total segment revenues 183,878 1,368 185,246 Less: Company's share of rental property revenues from unconsolidated joint ventures (4,854) (1,368) (6,222) Total rental property revenues $ 179,024 $ — $ 179,024 Three Months Ended September 30, 2019 Office Mixed-Use Total Revenues: Atlanta $ 60,486 $ — $ 60,486 Austin 50,614 — 50,614 Charlotte 34,762 — 34,762 Dallas 4,274 — 4,274 Phoenix 12,754 — 12,754 Tampa 14,335 — 14,335 Other 17,290 1,101 18,391 Total segment revenues 194,515 1,101 195,616 Less: Company's share of rental property revenues from unconsolidated joint ventures (13,689) (1,101) (14,790) Total rental property revenues $ 180,826 $ — $ 180,826 Nine Months Ended September 30, 2020 Office Mixed-Use Total Revenues Atlanta $ 193,012 $ 339 $ 193,351 Austin 155,009 — 155,009 Charlotte 75,411 — 75,411 Dallas 13,559 — 13,559 Phoenix 37,932 — 37,932 Tampa 40,203 — 40,203 Other 46,092 3,631 49,723 Total segment revenues 561,218 3,970 565,188 Less: Company's share of rental property revenues from unconsolidated joint ventures (17,966) (3,970) (21,936) Total rental property revenues $ 543,252 $ — $ 543,252 Nine Months Ended September 30, 2019 Office Mixed-Use Total Revenues: Atlanta $ 177,455 $ — $ 177,455 Austin 110,521 — 110,521 Charlotte 85,258 — 85,258 Dallas 5,078 5,078 Phoenix 38,562 — 38,562 Tampa 40,776 — 40,776 Other 21,416 3,378 24,794 Total segment revenues 479,066 3,378 482,444 Less: Company's share of rental property revenues from unconsolidated joint ventures (39,442) (3,378) (42,820) Total rental property revenues $ 439,624 $ — $ 439,624 |
Reconciliation of NOI to Net Income Available to Common Stockholders | NOI by reportable segment for the three and nine months ended September 30, 2020 and 2019 are as follows (in thousands): Three Months Ended September 30, 2020 Office Mixed-Use Total Net Operating Income: Atlanta $ 43,360 $ 28 $ 43,388 Austin 31,639 — 31,639 Charlotte 14,621 — 14,621 Dallas 3,688 — 3,688 Phoenix 9,205 — 9,205 Tampa 8,230 — 8,230 Other 8,483 762 9,245 Total Net Operating Income $ 119,226 $ 790 $ 120,016 Three Months Ended September 30, 2019 Office Mixed-Use Total Net Operating Income: Atlanta $ 38,926 $ — $ 38,926 Austin 29,452 — 29,452 Charlotte 21,692 — 21,692 Dallas 3,416 — 3,416 Phoenix 8,913 — 8,913 Tampa 8,309 — 8,309 Other 9,266 668 9,934 Total Net Operating Income $ 119,974 $ 668 $ 120,642 Nine Months Ended September 30, 2020 Office Mixed-Use Total Net Operating Income: Atlanta $ 129,924 $ (45) $ 129,879 Austin 92,161 — 92,161 Charlotte 51,214 — 51,214 Dallas 10,907 — 10,907 Phoenix 27,920 — 27,920 Tampa 24,372 — 24,372 Other 26,008 2,469 28,477 Total Net Operating Income $ 362,506 $ 2,424 $ 364,930 Nine Months Ended September 30, 2019 Office Mixed-Use Total Net Operating Income: Atlanta $ 115,692 $ — $ 115,692 Austin 63,977 — 63,977 Charlotte 55,550 — 55,550 Dallas 4,086 — 4,086 Phoenix 27,694 — 27,694 Tampa 24,869 — 24,869 Other 11,678 2,244 13,922 Total Net Operating Income $ 303,546 $ 2,244 $ 305,790 The following reconciles Net Operating Income to net income for each of the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net Operating Income $ 120,016 $ 120,642 $ 364,930 $ 305,790 Net operating income from unconsolidated joint ventures (4,208) (9,037) (14,436) (26,289) Fee income 4,350 7,494 13,772 23,298 Termination fee income 372 3,575 3,755 4,285 Other income 6 3 169 154 Reimbursed expenses (373) (1,290) (1,216) (3,269) General and administrative expenses (5,658) (5,852) (19,853) (25,686) Interest expense (15,058) (14,700) (44,955) (37,579) Depreciation and amortization (71,498) (82,012) (215,980) (178,777) Acquisition and transaction costs — (1,048) (428) (50,878) Other expenses (723) (297) (1,841) (1,101) Income from unconsolidated joint ventures 1,611 3,241 6,751 9,779 Gain (loss) on sales of investments in unconsolidated joint ventures (59) — 45,940 — Gain (loss) on investment property transactions (523) (27) 90,192 14,388 Net income $ 28,255 $ 20,692 $ 226,800 $ 34,115 |
Description of Business and B_3
Description of Business and Basis of Presentation - (Description of Business) (Details) ft² in Thousands | 9 Months Ended |
Sep. 30, 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 | Sep. 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) shares in Millions | Jun. 14, 2019USD ($)shares | Mar. 25, 2019 | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 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 | $ 1,600,000,000 | |||||
Acquisition expenses | $ 0 | $ 1,000,000 | $ 428,000 | $ 50,900,000 | ||
TIER | Rental Property Revenues | ||||||
Business Acquisition [Line Items] | ||||||
Amount reported in consolidated revenue | $ 51,500,000 | $ 52,100,000 | $ 154,100,000 | $ 61,700,000 | ||
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 | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Business Combinations [Abstract] | ||
Revenues | $ 188,323 | $ 555,324 |
Net income | 21,740 | 110,188 |
Net income available to common stockholders | $ 21,410 | $ 108,724 |
Transactions with Norfolk Sou_2
Transactions with Norfolk Southern Railway Company - Narrative (Details) - USD ($) | Mar. 01, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 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 | $ 435,539,000 | $ 58,968,000 | |||||
Assets | $ 6,886,596,000 | 6,886,596,000 | $ 7,151,447,000 | ||||
Contract price that is expected to be recognized as revenue | $ 52,300,000 | ||||||
Deferred income | 58,404,000 | 58,404,000 | 52,269,000 | ||||
NS | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Revenue recognized | 3,700,000 | $ 5,600,000 | 11,200,000 | $ 17,200,000 | |||
Deferred income | $ 4,400,000 | $ 4,400,000 | 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 | $ 90.4 | |||
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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | $ 6,886,596 | $ 6,886,596 | $ 7,151,447 | ||
Total Equity | 4,499,812 | 4,499,812 | 4,359,274 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 183,380 | $ 188,323 | 557,193 | $ 463,076 | |
Net Income (Loss) | 28,115 | $ 20,374 | 226,159 | 33,306 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 592,529 | 592,529 | 658,303 | ||
Total Debt | 214,514 | 214,514 | 165,039 | ||
Total Equity | 250,143 | 250,143 | 354,404 | ||
Company’s Investment | 111,937 | 111,937 | 114,158 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 45,041 | 85,029 | |||
Net Income (Loss) | 12,002 | 19,959 | |||
Company's Share of Income (Loss) | 6,751 | 9,779 | |||
DC Charlotte Plaza LLLP | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 175,827 | 175,827 | 179,694 | ||
Total Debt | 0 | 0 | 0 | ||
Total Equity | 90,767 | 90,767 | 90,373 | ||
Company’s Investment | 48,040 | 48,040 | 48,058 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 15,476 | 10,716 | |||
Net Income (Loss) | 5,597 | 4,196 | |||
Company's Share of Income (Loss) | 2,583 | 2,098 | |||
Austin 300 Colorado Project, LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 165,704 | 165,704 | 112,630 | ||
Total Debt | 71,681 | 71,681 | 21,430 | ||
Total Equity | 68,191 | 68,191 | 68,101 | ||
Company’s Investment | 37,929 | 37,929 | 36,846 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 264 | 319 | |||
Net Income (Loss) | 90 | 152 | |||
Company's Share of Income (Loss) | 45 | 76 | |||
AMCO 120 WT Holdings, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 86,151 | 86,151 | 77,377 | ||
Total Debt | 0 | 0 | 0 | ||
Total Equity | 83,467 | 83,467 | 70,696 | ||
Company’s Investment | 15,769 | 15,769 | 13,362 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 1,564 | 5 | |||
Net Income (Loss) | (2,106) | (81) | |||
Company's Share of Income (Loss) | (383) | 0 | |||
Carolina Square Holdings LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 111,240 | 111,240 | 114,483 | ||
Total Debt | 76,108 | 76,108 | 75,662 | ||
Total Equity | 22,606 | 22,606 | 25,184 | ||
Company’s Investment | 13,514 | 13,514 | 14,414 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 10,792 | 8,757 | |||
Net Income (Loss) | 1,936 | 191 | |||
Company's Share of Income (Loss) | 950 | 5 | |||
HICO Victory Center LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 15,835 | 15,835 | 16,045 | ||
Total Debt | 0 | 0 | 0 | ||
Total Equity | 15,835 | 15,835 | 15,353 | ||
Company’s Investment | 10,541 | 10,541 | 10,373 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 241 | 356 | |||
Net Income (Loss) | 241 | 356 | |||
Company's Share of Income (Loss) | 121 | 197 | |||
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 | 6,692 | 20,368 | |||
Net Income (Loss) | 3,352 | 7,510 | |||
Company's Share of Income (Loss) | 1,674 | 3,755 | |||
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 | 30,820 | 30,820 | 28,459 | ||
Total Debt | 66,725 | 66,725 | 67,947 | ||
Total Equity | (37,483) | (37,483) | (40,250) | ||
Company’s Investment | (17,877) | (17,877) | (19,205) | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 9,784 | 9,412 | |||
Net Income (Loss) | 2,767 | 2,821 | |||
Company's Share of Income (Loss) | 1,329 | 1,349 | |||
Terminus Office Holdings LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 0 | 34,964 | |||
Net Income (Loss) | 0 | 4,962 | |||
Company's Share of Income (Loss) | 0 | 2,381 | |||
Other | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
SUMMARY OF FINANCIAL POSITION: | |||||
Total Assets | 6,952 | 6,952 | 8,879 | ||
Total Debt | 0 | 0 | 0 | ||
Total Equity | 6,760 | 6,760 | 7,318 | ||
Company’s Investment | $ 4,021 | 4,021 | $ 4,113 | ||
SUMMARY OF OPERATIONS: | |||||
Total Revenues | 228 | 132 | |||
Net Income (Loss) | 125 | (148) | |||
Company's Share of Income (Loss) | $ 432 | $ (82) |
Investment in Unconsolidated _4
Investment in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands, ft² in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2020 | Mar. 31, 2020USD ($)ft² | Feb. 29, 2020USD ($)a | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||
Gross purchase price | $ 435,539 | $ 58,968 | |||||
Gain on sale of interest | $ (59) | $ 0 | $ 45,940 | $ 0 | |||
Gateway | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Area of property | ft² | 1.1 | ||||||
Gross purchase price | $ 52,200 | ||||||
Internal rate of return | 17.00% | ||||||
Gain on sale of interest | $ 44,600 | ||||||
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 1,674 | $ 1,674 |
Total intangible assets | 209,434 | 257,649 |
In Place Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, net | 161,129 | 202,760 |
Accumulated amortization | 205,497 | 163,867 |
Above Market Rents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, net | 29,322 | 35,699 |
Accumulated amortization | 32,865 | 26,487 |
Below Market Ground Lease | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, net | 17,309 | 17,516 |
Accumulated amortization | $ 1,104 | $ 897 |
Intangible Assets - (Narrative)
Intangible Assets - (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Net amortization expense of intangible assets and liabilities | $ 10.2 | $ 17.6 | $ 33.7 | $ 30.7 |
Intangible Assets - (Intangib_2
Intangible Assets - (Intangibles - Future Amortization) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Below Market Ground Lease | ||
Future Amortization of Intangible Assets: | ||
2020 (three months) | $ 69 | |
2021 | 276 | |
2022 | 276 | |
2023 | 276 | |
2024 | 276 | |
Thereafter | 16,136 | |
Finite-lived intangible assets, net | 17,309 | $ 17,516 |
Above Market Rents | ||
Future Amortization of Intangible Assets: | ||
2020 (three months) | 1,791 | |
2021 | 6,578 | |
2022 | 5,209 | |
2023 | 4,160 | |
2024 | 3,280 | |
Thereafter | 8,304 | |
Finite-lived intangible assets, net | 29,322 | 35,699 |
In Place Leases | ||
Future Amortization of Intangible Assets: | ||
2020 (three months) | 11,939 | |
2021 | 39,902 | |
2022 | 28,017 | |
2023 | 22,858 | |
2024 | 17,969 | |
Thereafter | 40,444 | |
Finite-lived intangible assets, net | 161,129 | $ 202,760 |
Below Market Rents | ||
Future Amortization of Intangible Liabilities: | ||
2020 (three months) | (4,193) | |
2021 | (14,148) | |
2022 | (11,076) | |
2023 | (9,388) | |
2024 | (8,172) | |
Thereafter | (19,394) | |
Finite-lived intangible liabilities, net | (66,371) | |
Above Market Ground Lease | ||
Future Amortization of Intangible Liabilities: | ||
2020 (three months) | (12) | |
2021 | (46) | |
2022 | (46) | |
2023 | (46) | |
2024 | (46) | |
Thereafter | (1,442) | |
Finite-lived intangible liabilities, net | $ (1,638) |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Predevelopment costs and earnest money | $ 18,479 | $ 25,586 |
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $31,714 and $29,131 in 2020 and 2019, respectively | 17,427 | 17,791 |
Prepaid expenses and other assets | 7,713 | 5,924 |
Lease inducements, net of accumulated amortization of $3,051 and $2,333 in 2020 and 2019, respectively | 5,387 | 5,632 |
Line of credit deferred financing costs, net of accumulated amortization of $4,082 and $2,952 in 2020 and 2019, respectively | 3,397 | 4,516 |
Total other assets | 52,403 | 59,449 |
Accumulated depreciation of furniture, fixtures and equipment, leasehold improvements, and other deferred costs | 31,714 | 29,131 |
Accumulated amortization of lease inducements | 3,051 | 2,333 |
Accumulated amortization of line of credit deferred financing costs | $ 4,082 | $ 2,952 |
Notes Payable - (Terms of Notes
Notes Payable - (Terms of Notes Payable) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Feb. 03, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Notes Payable, Gross | $ 1,931,883 | $ 2,218,093 | |
Unamortized premium | 8,491 | 11,239 | |
Unamortized loan costs | (5,469) | (6,357) | |
Total Notes Payable | $ 1,934,905 | 2,222,975 | |
Weighted average maturity of notes payable | 5 years 2 months 12 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 | 1.20% | ||
Notes Payable, Gross | $ 0 | $ 251,500 | |
Term Loan, Unsecured | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.35% | ||
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 | $ 681,883 | 716,593 | |
Secured Mortgage Notes | Fifth Third Center | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.37% | ||
Notes Payable, Gross | $ 137,886 | 140,332 | |
Secured Mortgage Notes | Terminus 100 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.25% | ||
Notes Payable, Gross | $ 115,800 | 118,146 | |
Secured Mortgage Notes | Colorado Tower | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.45% | ||
Notes Payable, Gross | $ 115,273 | 117,085 | |
Secured Mortgage Notes | Promenade | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.27% | ||
Notes Payable, Gross | $ 93,455 | 95,986 | |
Secured Mortgage Notes | 816 Congress | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.75% | ||
Notes Payable, Gross | $ 78,678 | 79,987 | |
Secured Mortgage Notes | Terminus 200 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.79% | ||
Notes Payable, Gross | $ 74,791 | 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 | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 | Sep. 30, 2020 | Feb. 03, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,931,883 | $ 2,218,093 | |
Secured Mortgage Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | 681,883 | 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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |||||
Notes payable, fair value | $ 2,100,000 | $ 2,100,000 | $ 2,300,000 | ||
Total interest incurred | 17,780 | $ 18,918 | 56,944 | $ 43,928 | |
Interest capitalized | (2,722) | (4,218) | (11,989) | (6,349) | |
Total interest expense | $ 15,058 | $ 14,700 | $ 44,955 | $ 37,579 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Other Liabilities Disclosure [Abstract] | ||
Ground lease liability | $ 58,958 | $ 59,379 |
Prepaid rent | 29,242 | 33,428 |
Security deposits | 13,257 | 13,545 |
Restricted stock unit liability | 8,393 | 16,592 |
Other liabilities | 5,312 | 11,184 |
Total other liabilities | $ 115,162 | $ 134,128 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | Sep. 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 | $ 174.6 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 3 Months Ended | ||
Mar. 31, 2020shares | Sep. 30, 2020vote$ / sharesshares | Dec. 31, 2019$ / sharesshares | |
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) | $ / shares | $ 1 | $ 1 | |
Number of votes entitled from each stock held of preferred stock | vote | 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense, net of forfeitures | $ 1,533 | $ 67 | $ 4,717 | $ 6,715 |
Equity-classified awards | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense, net of forfeitures | 930 | 616 | 3,354 | 1,847 |
Liability-classified awards | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense, net of forfeitures | $ 603 | $ (549) | $ 1,363 | $ 4,868 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)award | Jun. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)awardshares | Sep. 30, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ | $ 1,533 | $ 67 | $ 4,717 | $ 6,715 | |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 183,380 | $ 188,323 | $ 557,193 | $ 463,076 |
Rental property revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 179,024 | 180,826 | 543,252 | 439,624 |
Variable rental revenue | 47,100 | 53,900 | 145,400 | 122,800 |
Fees and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 4,400 | $ 7,500 | $ 13,900 | $ 23,500 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||||
Net income | $ 28,255 | $ 20,692 | $ 226,800 | $ 34,115 |
Net income available to common stockholders | $ 28,115 | $ 20,374 | $ 226,159 | $ 33,306 |
Denominator: | ||||
Weighted average common shares - basic (in shares) | 148,566 | 146,762 | 148,181 | 121,758 |
Net income per common share - basic (in usd per share) | $ 0.19 | $ 0.14 | $ 1.53 | $ 0.27 |
Numerator: | ||||
Net income | $ 28,255 | $ 20,692 | $ 226,800 | $ 34,115 |
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP | $ 28,120 | $ 20,615 | $ 226,471 | $ 33,870 |
Denominator: | ||||
Weighted average shares — basic (in shares) | 148,566 | 146,762 | 148,181 | 121,758 |
Add: | ||||
Weighted average units of CPLP convertible into common shares (in shares) | 25 | 1,744 | 388 | 1,744 |
Weighted average common shares - diluted (in shares) | 148,606 | 148,530 | 148,586 | 123,529 |
Net income per common share - diluted (in usd per share) | $ 0.19 | $ 0.14 | $ 1.52 | $ 0.27 |
Stock Options | ||||
Add: | ||||
Antidilutive restricted stock units, less share assumed purchased at market price, and antidilutive stock options outstanding (in shares) | 1 | 0 | 0 | 0 |
Stock Options | ||||
Add: | ||||
Potential dilutive common shares - stock options (in shares) | 3 | 24 | 5 | 27 |
RSU | ||||
Add: | ||||
Potential dilutive common shares - stock options (in shares) | 12 | 0 | 12 | 0 |
CPLP | ||||
Numerator: | ||||
Net income attributable to other noncontrolling interests | $ (5) | $ (241) | $ (312) | $ (564) |
Numerator: | ||||
Net income attributable to other noncontrolling interests | (5) | (241) | (312) | (564) |
Other Noncontrolling Interests | ||||
Numerator: | ||||
Net income attributable to other noncontrolling interests | (135) | (77) | (329) | (245) |
Numerator: | ||||
Net income attributable to other noncontrolling interests | $ (135) | $ (77) | $ (329) | $ (245) |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows - Supplemental Information - (Supplemental Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ 56,761 | $ 39,592 |
Non-Cash Activity: | ||
Transfers from projects under development to operating properties | 443,932 | 0 |
Common stock dividends declared and accrued | 44,569 | 42,567 |
Transfer from land held and other assets to projects under development | 29,121 | 0 |
Change in accrued property, acquisition, development, and tenant expenditures | 35,707 | 22,599 |
Non-cash assets and liabilities assumed in TIER transaction | 0 | 1,512,373 |
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 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 36,872 | $ 15,603 | ||
Restricted cash | 1,847 | 2,005 | ||
Total cash, cash equivalents, and restricted cash | $ 38,719 | $ 17,608 | $ 14,664 | $ 2,695 |
Reportable Segments - (Segment
Reportable Segments - (Segment Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ 183,380 | $ 188,323 | $ 557,193 | $ 463,076 |
Rental property revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 179,024 | 180,826 | 543,252 | 439,624 |
Rental property revenues | Office | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 179,024 | 180,826 | 543,252 | 439,624 |
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 | 185,246 | 195,616 | 565,188 | 482,444 |
Rental property revenues | Operating segments | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 64,852 | 60,486 | 193,351 | 177,455 |
Rental property revenues | Operating segments | Austin | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 52,008 | 50,614 | 155,009 | 110,521 |
Rental property revenues | Operating segments | Charlotte | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 20,370 | 34,762 | 75,411 | 85,258 |
Rental property revenues | Operating segments | Dallas | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 4,601 | 4,274 | 13,559 | 5,078 |
Rental property revenues | Operating segments | Phoenix | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 12,689 | 12,754 | 37,932 | 38,562 |
Rental property revenues | Operating segments | Tampa | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 13,179 | 14,335 | 40,203 | 40,776 |
Rental property revenues | Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 17,547 | 18,391 | 49,723 | 24,794 |
Rental property revenues | Operating segments | Office | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 183,878 | 194,515 | 561,218 | 479,066 |
Rental property revenues | Operating segments | Office | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 64,677 | 60,486 | 193,012 | 177,455 |
Rental property revenues | Operating segments | Office | Austin | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 52,008 | 50,614 | 155,009 | 110,521 |
Rental property revenues | Operating segments | Office | Charlotte | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 20,370 | 34,762 | 75,411 | 85,258 |
Rental property revenues | Operating segments | Office | Dallas | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 4,601 | 4,274 | 13,559 | 5,078 |
Rental property revenues | Operating segments | Office | Phoenix | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 12,689 | 12,754 | 37,932 | 38,562 |
Rental property revenues | Operating segments | Office | Tampa | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 13,179 | 14,335 | 40,203 | 40,776 |
Rental property revenues | Operating segments | Office | Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 16,354 | 17,290 | 46,092 | 21,416 |
Rental property revenues | Operating segments | Mixed-Use | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 1,368 | 1,101 | 3,970 | 3,378 |
Rental property revenues | Operating segments | Mixed-Use | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 175 | 0 | 339 | 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 | 1,193 | 1,101 | 3,631 | 3,378 |
Rental property revenues | Segment reconciling items | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (6,222) | (14,790) | (21,936) | (42,820) |
Rental property revenues | Segment reconciling items | Office | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | (4,854) | (13,689) | (17,966) | (39,442) |
Rental property revenues | Segment reconciling items | Mixed-Use | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ (1,368) | $ (1,101) | $ (3,970) | $ (3,378) |
Reportable Segments - (Net Oper
Reportable Segments - (Net Operating Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net Operating Income | $ 120,016 | $ 120,642 | $ 364,930 | $ 305,790 |
Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 43,388 | 38,926 | 129,879 | 115,692 |
Austin | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 31,639 | 29,452 | 92,161 | 63,977 |
Charlotte | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 14,621 | 21,692 | 51,214 | 55,550 |
Dallas | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 3,688 | 3,416 | 10,907 | 4,086 |
Phoenix | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 9,205 | 8,913 | 27,920 | 27,694 |
Tampa | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 8,230 | 8,309 | 24,372 | 24,869 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 9,245 | 9,934 | 28,477 | 13,922 |
Office | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 119,226 | 119,974 | 362,506 | 303,546 |
Office | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 43,360 | 38,926 | 129,924 | 115,692 |
Office | Austin | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 31,639 | 29,452 | 92,161 | 63,977 |
Office | Charlotte | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 14,621 | 21,692 | 51,214 | 55,550 |
Office | Dallas | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 3,688 | 3,416 | 10,907 | 4,086 |
Office | Phoenix | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 9,205 | 8,913 | 27,920 | 27,694 |
Office | Tampa | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 8,230 | 8,309 | 24,372 | 24,869 |
Office | Other | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 8,483 | 9,266 | 26,008 | 11,678 |
Mixed-Use | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 790 | 668 | 2,424 | 2,244 |
Mixed-Use | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | 28 | 0 | (45) | 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 | $ 762 | $ 668 | $ 2,469 | $ 2,244 |
Reportable Segments - (Reconcil
Reportable Segments - (Reconciliation of Net Income to Net Operating Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net Operating Income | $ 120,016 | $ 120,642 | $ 364,930 | $ 305,790 |
Net operating income from unconsolidated joint ventures | (4,208) | (9,037) | (14,436) | (26,289) |
Total Revenues | 183,380 | 188,323 | 557,193 | 463,076 |
Reimbursed expenses | (373) | (1,290) | (1,216) | (3,269) |
General and administrative expenses | (5,658) | (5,852) | (19,853) | (25,686) |
Interest expense | (15,058) | (14,700) | (44,955) | (37,579) |
Depreciation and amortization | (71,498) | (82,012) | (215,980) | (178,777) |
Acquisition and transaction costs | 0 | (1,048) | (428) | (50,878) |
Other expenses | (723) | (297) | (1,841) | (1,101) |
Income from unconsolidated joint ventures | 1,611 | 3,241 | 6,751 | 9,779 |
Gain (loss) on sales of investments in unconsolidated joint ventures | (59) | 0 | 45,940 | 0 |
Gain (loss) on investment property transactions | (523) | (27) | 90,192 | 14,388 |
Net income | 28,255 | 20,692 | 226,800 | 34,115 |
Fee income | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 4,350 | 7,494 | 13,772 | 23,298 |
Termination fee income | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 372 | 3,575 | 3,755 | 4,285 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | $ 6 | $ 3 | $ 169 | $ 154 |