Cousins Properties (CUZ) 10-Q 29 Apr 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		148,653,309
Entity Central Index Key	0000025232
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real estate assets:
Operating properties, net of accumulated depreciation of $863,365 and $803,073 in 2021 and 2020, respectively	$ 6,197,447	$ 6,232,546
Projects under development	74,485	57,389
Land	170,579	162,406
Total properties	6,442,511	6,452,341
Real estate assets and other assets held for sale, net	134,184	125,746
Cash and cash equivalents	14,576	4,290
Restricted cash	1,256	1,848
Accounts receivable	21,679	20,248
Deferred rents receivable	145,433	138,341
Investment in unconsolidated joint ventures	113,353	125,481
Intangible assets, net	177,146	189,164
Other assets	56,044	49,939
Total assets	7,106,182	7,107,398
Liabilities:
Notes payable	2,214,692	2,162,719
Accounts payable and accrued expenses	141,948	186,267
Deferred income	76,033	62,319
Intangible liabilities, net of accumulated amortization of $77,891 and $73,967 in 2021 and 2020, respectively	65,922	69,846
Other liabilities	115,895	118,103
Liabilities of real estate assets held for sale, net	10,444	12,606
Total liabilities	2,624,934	2,611,860
Commitments and contingencies
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 151,239,770 and 151,149,289 shares issued and outstanding in 2021 and 2020, respectively	151,240	151,149
Additional paid-in capital	5,543,549	5,542,762
Treasury stock at cost, 2,584,933 shares in 2021 and 2020	(148,473)	(148,473)
Distributions in excess of cumulative net income	(1,095,361)	(1,078,304)
Total stockholders' investment	4,450,955	4,467,134
Nonredeemable noncontrolling interests	30,293	28,404
Total equity	4,481,248	4,495,538
Total liabilities and equity	$ 7,106,182	$ 7,107,398

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accumulated depreciation on operating properties	$ 863,365	$ 803,073
Accumulated amortization on intangible liabilities	$ 77,891	$ 73,967
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)	151,239,770	151,149,289
Common stock, shares outstanding (in shares)	151,239,770	151,149,289
Treasury stock, shares (in shares)	2,584,933	2,584,933

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total Revenues	$ 189,550	$ 193,898
Expenses:
Rental property operating expenses	66,395	64,538
Reimbursed expenses	368	521
General and administrative expenses	6,733	5,652
Interest expense	17,208	15,904
Depreciation and amortization	70,870	71,614
Transaction costs	0	365
Other	590	566
Total costs and expenses	162,164	159,160
Income from unconsolidated joint ventures	1,903	3,425
Gain on sales of investments in unconsolidated joint ventures	39	46,230
Gain (loss) on investment property transactions	(17)	90,916
Net income	29,311	175,309
Net income attributable to noncontrolling interests	(201)	(366)
Net income available to common stockholders	$ 29,110	$ 174,943
Net income per common share — basic (in usd per share)	$ 0.20	$ 1.19
Net income per common share — diluted (in usd per share)	$ 0.20	$ 1.18
Weighted average shares — basic (in shares)	148,624	147,424
Weighted average shares — diluted (in shares)	148,725	148,561
Rental property revenues
Revenues:
Total Revenues	$ 184,807	$ 189,129
Fee income
Revenues:
Total Revenues	4,529	4,732
Other
Revenues:
Total Revenues	$ 214	$ 37

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Treasury Stock	Distributions in Excess of Net Income	Stockholders’ Investment	Nonredeemable Noncontrolling Interests
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	175,309					174,943	174,943	366
Common stock issued pursuant to stock based compensation	(1,265)		60	(1,325)			(1,265)
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	1,284		(1)	1,285			1,284
Contributions from nonredeemable noncontrolling interests	1,036							1,036
Distributions to nonredeemable noncontrolling interests	(638)							(638)
Common dividends	(44,563)					(44,563)	(44,563)
Ending balance at Mar. 31, 2020	4,558,998	0	151,125	5,538,875	(148,473)	(1,006,820)	4,534,707	24,291
Beginning balance at Dec. 31, 2020	4,495,538	0	151,149	5,542,762	(148,473)	(1,078,304)	4,467,134	28,404
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,311					29,110	29,110	201
Common stock issued pursuant to stock based compensation	(783)		91	(874)			(783)
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures	1,661			1,661			1,661
Contributions from nonredeemable noncontrolling interests	1,695							1,695
Distributions to nonredeemable noncontrolling interests	(7)							(7)
Common dividends	(46,167)					(46,167)	(46,167)
Ending balance at Mar. 31, 2021	$ 4,481,248	$ 0	$ 151,240	$ 5,543,549	$ (148,473)	$ (1,095,361)	$ 4,450,955	$ 30,293

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in usd per share)	$ 0.31	$ 0.30

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 29,311	$ 175,309
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of investment in unconsolidated joint ventures	(39)	(46,230)
Gain (loss) on investment property transactions	17	(90,916)
Depreciation and amortization	70,870	71,614
Amortization of deferred financing costs and premium on notes payable	(218)	(216)
Equity-classified stock-based compensation expense, net of forfeitures	1,667	1,284
Effect of non-cash adjustments to rental revenues	(11,777)	(13,602)
Income from unconsolidated joint ventures	(1,903)	(3,425)
Operating distributions from unconsolidated joint ventures	2,449	1,829
Changes in other operating assets and liabilities:
Change in receivables and other assets, net	(8,010)	(13,661)
Change in operating liabilities, net	(46,590)	(69,022)
Net cash provided by operating activities	35,777	12,964
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from investment property sales, net	(7)	433,875
Proceeds from sale of interest in unconsolidated joint ventures, net	0	53,104
Property acquisition, development, and tenant asset expenditures	(61,369)	(67,983)
Return of capital distributions from unconsolidated joint venture	25,955	0
Contributions to unconsolidated joint ventures	(351)	(1,238)
Change in notes receivable and other assets	0	26
Net cash provided by (used in) investing activities	(35,772)	417,784
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility	134,000	280,500
Repayment of credit facility	(77,400)	(532,000)
Repayment of notes payable	(4,030)	(26,849)
Contributions from noncontrolling interests	1,695	1,036
Distributions to nonredeemable noncontrolling interests	(7)	(638)
Common dividends paid	(44,569)	(42,561)
Other	0	(1,265)
Net cash provided by (used in) financing activities	9,689	(321,777)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	9,694	108,971
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	6,138	17,608
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 15,832	$ 126,579

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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 in excess of 99% of CPLP, and CPLP is consolidated with Cousins for financial reporting purposes. CPLP also owns Cousins TRS Services LLC ("CTRS"), a taxable entity that owns and manages its own real estate portfolio and performs certain real estate-related services for other parties. Cousins, CPLP, CTRS, and their subsidiaries (collectively, the “Company”) develop, acquire, lease, manage, and own primarily Class A office properties and opportunistic mixed-use developments in the Sun Belt markets of the United States with a focus on Atlanta, Austin, Charlotte, Phoenix, Tampa, and Dallas. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute 100% of its net taxable income to stockholders, thereby eliminating any liability for federal income taxes under current law. Therefore, the results included herein do not include a federal income tax provision for Cousins. As of March 31, 2021, the Company's portfolio of real estate assets consisted of interests in 18.9 million square feet of office space and 1.3 million square feet of other 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 March 31, 2021 and the results of operations for the three months ended March 31, 2021 and 2020. The results of operations for the three months ended March 31, 2021 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 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, 2020. The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included therein. For the three months ended March 31, 2021 and 2020, there were no items of other comprehensive income. Therefore, the Company did not present comprehensive income. 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 March 31, 2021, the Company had no investments or interests in any VIEs.

Transactions with Norfolk South

Transactions with Norfolk Southern Railway Company	3 Months Ended
	Mar. 31, 2021
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 million above its carrying amount, which included $37 million of land purchased in 2018, $6.5 million of land purchased in 2019, and $4 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. The Company recognized $3.7 million in fee income in its consolidated statements of operations related to the services provided to NS during both the three months ended March 31, 2021 and 2020 . As of March 31, 2021 and December 31, 2020, the Company had deferred income included in the consolidated balance sheet of $4.3 million and $5.7 million, respectively, related to NS.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE Acquisitions On March 12, 2021, the Company acquired a 0.24 acre land parcel in Atlanta for a gross purchase price of $8 million which is held in a 95% owned consolidated joint venture. Dispositions The Company had two dispositions of consolidated operating properties during the quarter ended March 31, 2020. The Company sold the following properties in 2020 ($ in thousands): Property Property Type Location Square Feet Sales Price Hearst Tower Office Charlotte, NC 966,000 $ 455,500 Woodcrest Office Cherry Hill, NJ 386,000 $ 25,300 The Company sold the properties noted above as part of its ongoing investment strategy, using the proceeds from the dispositions to fund new investment activity. The gain of $90.3 million from the sale of these properties is net of $380,000 of estimated state income tax. The Company's Burnett Plaza property was classified as held for sale as of March 31, 2021 and December 31, 2020. The major classes of assets and liabilities of this property held for sale were as follows (in thousands): March 31, 2021 December 31, 2020 Real estate assets and other assets held for sale Operating property, net of accumulated depreciation of $8,123 in 2021 and 2020 $ 114,603 $ 106,864 Notes and accounts receivable 696 439 Deferred rents receivable 2,742 2,480 Intangible assets, net of accumulated amortization of $5,912 and $6,065 in 2021 and 2020, respectively 15,978 15,830 Other assets 165 133 Total real estate assets and other assets held for sale $ 134,184 $ 125,746 Liabilities of real estate assets held for sale Accounts payable and accrued expenses $ 4,895 $ 7,399 Deferred income 54 44 Intangible liabilities, net of accumulated amortization of $1,106 and $1,205 in 2021 and 2020, respectively 3,114 3,014 Other liabilities 2,381 2,149 Total liabilities of real estate assets held for sale $ 10,444 $ 12,606 Subsequent to quarter end, on April 7, 2021, the Company sold Burnett Plaza for a gross purchase price of $137.5 million and recorded a gain of $364,000. Impairment The Company tests buildings held for investment for impairment whenever changes in circumstances indicate a building’s carrying value may not be recoverable. The test is conducted using undiscounted cash flows for the shorter of the building’s estimated hold period or its remaining useful life. When testing for recoverability of buildings held for investment, projected cash flows are used over its expected hold period. If the expected hold period includes some likelihood of shorter-term hold period from a potential sale, the probability of a sale is layered into the analysis. If any building's held for investment analysis were to fail the impairment test, its book value would be written down to its then current estimated fair value, before any selling expense, and that building would continue to depreciate over its remaining useful life. None of the Company’s buildings were impaired during any periods presented while under the held for investments classification.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 (in thousands). The information included in the summary of operations table is for the three months ended March 31, 2021 and 2020 (in thousands): Total Assets Total Debt Total Equity Company’s Investment SUMMARY OF FINANCIAL POSITION: 2021 2020 2021 2020 2021 2020 2021 2020 DC Charlotte Plaza LLLP $ 172,479 $ 173,704 $ — $ — $ 90,542 $ 90,648 $ 47,853 $ 47,941 Austin 300 Colorado Project, LP 166,909 165,586 88,159 86,848 68,760 68,567 38,855 38,488 AMCO 120 WT Holdings, LLC 85,688 85,449 — — 84,176 84,311 15,716 15,735 HICO Victory Center LP 15,923 16,544 — — 15,813 15,709 10,638 10,595 Carolina Square Holdings LP 117,694 118,616 134,284 77,034 (35,227) 21,888 (12,988) (1) 12,430 Crawford Long - CPI, LLC 27,349 29,641 65,892 66,423 (40,280) (38,253) (19,323) (1) (18,289) (1) Other 1,313 1,313 — — 1,316 1,316 291 292 $ 587,355 $ 590,853 $ 288,335 $ 230,305 $ 185,100 $ 244,186 $ 81,042 $ 107,192 Total Revenues Net Income (Loss) Company's Share of Income (Loss) SUMMARY OF OPERATIONS: 2021 2020 2021 2020 2021 2020 DC Charlotte Plaza LLLP $ 5,059 $ 5,276 $ 1,795 $ 1,789 $ 836 $ 750 Austin 300 Colorado Project, LP 1,672 98 193 44 84 22 AMCO 120 WT Holdings, LLC 1,607 138 (135) (509) (21) (141) Carolina Square Holdings LP 3,977 3,706 1,088 530 520 254 HICO Victory Center LP 83 126 83 126 42 63 Charlotte Gateway Village, LLC — 6,572 (4) 3,296 (2) 1,647 Crawford Long - CPI, LLC 3,117 3,343 973 1,035 444 497 Other — 196 — 61 — 333 $ 15,515 $ 19,455 $ 3,993 $ 6,372 $ 1,903 $ 3,425 (1) Negative bases are included in deferred income on the consolidated balance sheets. In March 2021, Carolina Square Holdings LP ("Carolina Square"), a 50% owned joint venture with NR 123 Franklin LLC ("Northwood Ravin"), issued a non-recourse mortgage note with a principal balance of $135.7 million. Proceeds from the issuance of this mortgage note were used to repay in full its $77.5 million construction loan that was set to mature May 1, 2021 and to make a pro-rata distribution of $26.0 million to each partner. The mortgage loan bears interest at the London Interbank Offering Rate ("LIBOR") plus 1.80% and matures on March 18, 2026. In March 2020, the Company sold its 50% owned joint venture interest in Charlotte Gateway Village, LLC ("Gateway"), which owned a 1.1 million square foot office building in Charlotte, to its partner for a gross sales 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, net of $188,000 of estimated state income tax. In February 2020, as part of its strategy to dispose 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 sales 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 and Liabiliti

Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND LIABILITIES	INTANGIBLE ASSETS AND LIABILITIES At March 31, 2021 and December 31, 2020, intangible assets included the following (in thousands): 2021 2020 In-place leases, net of accumulated amortization of $222,779 and $212,413 in 2021 and 2020, respectively $ 134,924 $ 145,290 Above-market rents, net of accumulated amortization of $35,131 and $33,548 in 2021 and 2020, respectively 23,377 24,960 Below-market ground lease, net of accumulated amortization of $1,242 and $1,173 in 2021 and 2020, respectively 17,171 17,240 Goodwill 1,674 1,674 $ 177,146 $ 189,164 At March 31, 2021 and December 31, 2020, intangible liabilities included the following (in thousands): 2021 2020 Below-market rents, net of accumulated amortization of $77,525 and $73,612 in 2021 and 2020, respectively $ 64,307 $ 68,219 Above-market ground lease, net of accumulated amortization of $366 and $354 in 2021 and 2020, respectively 1,615 1,627 $ 65,922 $ 69,846 Aggregate net amortization expense related to intangible assets and liabilities for the three months ended March 31, 2021 and March 31, 2020 was $8.0 million and $12.1 million, respectively. Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows (in thousands): In-Place Above-Market Below-Market Ground Lease Below-Market Above-Market 2021 (nine months) $ 27,964 $ 4,340 $ 207 $ (10,623) $ (35) 2022 27,431 4,806 276 (11,755) (46) 2023 22,527 3,915 276 (10,040) (46) 2024 17,683 3,061 276 (8,929) (46) 2025 13,702 2,014 276 (8,197) (46) Thereafter 25,617 5,241 15,860 (14,763) (1,396) $ 134,924 $ 23,377 $ 17,171 $ (64,307) $ (1,615) The carrying amount of goodwill did not change during the three months ended March 31, 2021 and 2020.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets on the consolidated balance sheets as of March 31, 2021 and December 31, 2020 included the following (in thousands): 2021 2020 Predevelopment costs and earnest money $ 18,519 $ 17,841 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $33,482 and $32,582 in 2021 and 2020, respectively 16,724 17,211 Prepaid expenses and other assets 12,180 6,095 Lease inducements, net of accumulated amortization of $3,588 and $3,316 in 2021 and 2020, respectively 5,979 5,771 Line of credit deferred financing costs, net of accumulated amortization of $4,840 and $4,461 in 2021 and 2020, respectively 2,642 3,021 $ 56,044 $ 49,939 Predevelopment costs represent amounts that are capitalized related to predevelopment projects that the Company determined are probable of future development. Lease inducements are incentives paid to tenants in conjunction with leasing space, such as moving costs, sublease arrangements of prior space, and other costs. These amounts are amortized into rental revenues over the individual underlying lease terms.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at March 31, 2021 and December 31, 2020 ($ in thousands): Description Interest Rate (1) Maturity (2) 2021 2020 Unsecured Notes: Credit Facility, Unsecured 1.16% 2023 $ 289,000 $ 232,400 Term Loan, Unsecured 1.31% 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 1,539,000 1,482,400 Secured Mortgage Notes: Fifth Third Center 3.37% 2026 136,222 137,057 Terminus 100 5.25% 2023 114,183 114,997 Colorado Tower 3.45% 2026 114,040 114,660 Promenade 4.27% 2022 91,722 92,593 816 Congress 3.75% 2024 77,784 78,232 Terminus 200 3.79% 2023 73,912 74,354 Legacy Union One 4.24% 2023 66,000 66,000 673,863 677,893 $ 2,212,863 $ 2,160,293 Unamortized premium 6,658 7,574 Unamortized loan costs (4,829) (5,148) Total Notes Payable $ 2,214,692 $ 2,162,719 (1) Interest rate as of March 31, 2021. (2) Weighted average maturity of notes payable outstanding at March 31, 2021 was 4.3 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 1.75x; a fixed charge coverage ratio of at least 1.50x; 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 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 March 31, 2021, 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 $711.0 million at March 31, 2021 . 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 March 31, 2021, 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 1.75x; a fixed charge coverage ratio of at least 1.50x; a secured leverage ratio of no more than 40%; and an overall leverage ratio of no more than 60%. The senior notes also contain customary representations and warranties and affirmative and negative covenants, as well as customary events of default. The amounts outstanding under the senior notes may be accelerated upon the occurrence of any events of default. The Company is in compliance with all covenants of the unsecured senior notes. Secured Mortgage Notes On February 3, 2020, the Company prepaid in full, without penalty, the $23 million Meridian Mark Plaza mortgage note. As of March 31, 2021 , the Company had $673.9 million outstanding on seven non-recourse mortgage notes. All interest rates on the secured mortgage notes are fixed. Assets with depreciated carrying values of $1.1 billion were pledged as security on these mortgage notes payable. Other Debt Information At March 31, 2021 and December 31, 2020, the estimated fair value of the Company’s notes payable w as $2.3 billion calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at March 31, 2021 and December 31, 2020. 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 months ended March 31, 2021 and 2020, interest expense was recorded as follows (in thousands): 2021 2020 Total interest incurred $ 18,520 $ 21,213 Interest capitalized (1,312) (5,309) Total interest expense $ 17,208 $ 15,904

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
OTHER LIABILITIES	OTHER LIABILITIES Other liabilities on the consolidated balance sheets as of March 31, 2021 and December 31, 2020 included the following (in thousands): 2021 2020 Ground lease liability $ 58,284 $ 58,619 Prepaid rent 34,466 30,479 Security deposits 13,088 13,098 Restricted stock unit liability 4,607 10,613 Other liabilities 5,450 5,294 $ 115,895 $ 118,103

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments The Company had no letters of credit outstanding and had outstanding performance bonds totaling $577,000 at March 31, 2021. As a lessor, the Company had $144.0 million in future obligations under leases to fund tenant improvements and other future construction obligations at March 31, 2021 . 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 months ended March 31, 2021 have been prepared in light of these circumstances without any impairments on held for use long-lived investments or significant valuation adjustments to amounts due from tenants. However, circumstances related to the COVID-19 pandemic may result in recording impairments or material valuation adjustments to amounts due from tenants in future periods.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITYIn 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. After this redemption the Company no longer has any preferred stock outstanding.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 , the Company recognized rental property revenues of $184.8 million , of wh ich $47.8 million represented variable rental revenue. For the three months ended March 31, 2020, the Company recognized rental property revenues of $189.1 million, of which $54.1 million represented variable rental revenue. F or the three months ended March 31, 2021 , the Company recognized fee and other revenue of $4.7 million. For the three months ended March 31, 2020 , the Company recognized fee and other revenue of $4.8 million.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company maintains the Cousins Properties Incorporated 2019 Omnibus Incentive Stock Plan (the "2019 Plan") under which 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 months ended March 31, 2021 relates to restricted stock and RSUs awarded in 2021, 2020, 2019, and 2018. Compensation expense for the three months ended March 31, 2020 relates to restricted stock and RSUs awarded in 2020, 2019, 2018, and 2017. Restricted stock, the 2021 RSUs, and the 2020 RSUs are equity-classified awards (settled in shares of the Company) for which compensation expense per share is fixed. The 2019, 2018, and 2017 RSUs are liability-classified awards (settled in cash) for which the expense fluctuates from period to period dependent, in part, on the Company's stock price. For the three months ended March 31, 2021 and 2020, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands): 2021 2020 Equity-classified awards: Restricted stock $ 632 $ 696 Market based RSUs 773 427 Performance based RSUs 256 161 Director grants 6 — Total equity-classified award expense, net of forfeitures 1,667 1,284 Liability-classified awards Market based RSUs 113 (1,019) Performance based RSUs 106 (184) Time vested RSUs 162 149 Dividend equivalent units 26 34 Total liability-classified award expense, net of forfeitures 407 (1,020) Total stock-based compensation expense, net of forfeitures $ 2,074 $ 264 Information on the Company's stock compensation plan, including information on the Company's equity-classified and liability-classified awards is discussed in note 16 of the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. Grants of Equity-Classified Awards Under the 2019 Plan, in February 2021 the Company granted three types of equity-classified awards to key employees: (1) RSUs based on the Total Stockholder Return ("TSR") of the Company, as defined in the award documents, relative to that of office peers included in the SNL US Office REIT Index (the "Market-based RSUs"), (2) RSUs based on the ratio of cumulative funds from operations per share to targeted cumulative funds from operations per share (the “Performance-based RSUs”), and (3) restricted stock. The RSU awards are equity-classified awards to be settled in stock with issuance dependent upon the attainment of required service, market, and performance criteria. For the Market-based RSUs the Company expenses an estimate of the fair value of the awards on the grant date, calculated using a Monte Carlo valuation at grant date, ratably over the vesting period, adjusting only for forfeitures when they occur. The expense of these Market-based RSUs is not adjusted for the number of awards that actually vest. For the Performance-based RSUs, the Company expenses the awards over the vesting period using the grant date fair market value of the Company's stock 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. The performance period for the Performance-based RSUs and TSR measurement period for the Market-based RSUs awarded is three years starting on January 1 of the year of issuance and ending on December 31. 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. The restricted stock vests ratably over three years from the grant date. In February 2021, the Company also issued 185 shares of stock to an independent member of the board of directors reflecting the exercise by a director to receive common stock in lieu of prorated cash compensation for service as committee chair, which vested immediately on the issuance date. The Company records restricted stock in common stock and additional paid-in capital at fair value on the grant date, with the offsetting deferred compensation also recorded in additional paid-in capital. The Company records compensation expense over the vesting period. The following table summarizes the grants of equity-classified awards made by the Company in February 2021. Shares and Targeted Units Granted Market-based RSUs 101,791 Performance-based RSUs 43,622 Restricted stock 102,262 Director grants 185 The Monte Carlo valuation used to determine the grant date fair value of the equity-classified Market-based RSUs included the following assumptions for those RSUs granted in February 2021: Assumptions for RSUs Granted Volatility (1) 37.50 % Risk-free rate (2) 0.17 % Stock beta (3) 1.04 % (1) Based on historical volatility over three years using daily stock price. (2) Reflects the yield on three-year Treasury bonds as reported by the Federal Reserve in the H.15 release. (3) Betas are calculated with up to three years of daily stock price data.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020 (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Earnings per Common Share - basic: Numerator: Net income $ 29,311 $ 175,309 Net income attributable to noncontrolling interests in CPLP from continuing operations (6) (302) Net income attributable to other noncontrolling interests (195) (64) Net income available to common stockholders $ 29,110 $ 174,943 Denominator: Weighted average common shares - basic 148,624 147,424 Net income per common share - basic $ 0.20 $ 1.19 Earnings per common share - diluted: Numerator: Net income $ 29,311 $ 175,309 Net income attributable to other noncontrolling interests (195) (64) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 29,116 $ 175,245 Denominator: Weighted average common shares - basic 148,624 147,424 Add: Potential dilutive common shares - stock options 4 15 Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 72 2 Weighted average units of CPLP convertible into common shares 25 1,120 Weighted average common shares - diluted 148,725 148,561 Net income per common share - diluted $ 0.20 $ 1.18 Anti-dilutive stock options represent stock options whose exercise price exceeds the average market value of the Company’s stock. As of March 31, 2021 and December 31, 2020, there were no anti-dilutive stock options included in the calculation of dilutive weighted average shares. As of March 31, 2021, the Company has no stock options outstanding.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - Supplemental Information	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION	CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION Supplemental information related to the cash flows, including significant non-cash activity affecting the consolidated statement of cash flows, for the three months ended March 31, 2021 and 2020 is as follows (in thousands): 2021 2020 Interest paid $ 26,634 $ 27,288 Income taxes paid 155 — Non-Cash Activity: Common stock dividends declared and accrued 46,167 44,563 Change in accrued property, acquisition, development, and tenant expenditures 3,481 13,845 Transfers from projects under development to operating properties — 95,185 Transfer from land held and other assets to projects under development — 29,121 The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the consolidated balance sheets to cash, cash equivalents, and restricted cash in the consolidated statements of cash flows (in thousands): March 31, 2021 December 31, 2020 Cash and cash equivalents $ 14,576 $ 4,290 Restricted cash 1,256 1,848 Total cash, cash equivalents, and restricted cash $ 15,832 $ 6,138

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	REPORTABLE SEGMENTS The Company's segments are based on the method of internal reporting, which classifies operations by property type and geographical area. The segments by property type are Office and Mixed-Use. The segments by geographical region are Atlanta, Austin, Charlotte, Dallas, Phoenix, Tampa, and Other. Included in Other are properties located in Chapel Hill, Fort Worth, Houston, and a property in Cherry Hill, New Jersey, which was sold in February 2020. These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker (our Chief Executive Officer) 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 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 fee income, other revenue, corporate general and administrative expenses, reimbursed expenses, interest expense, depreciation and amortization, impairments, gains/loss on sales of real estate, gain/loss on extinguishment of debt, transaction costs 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 years ended three months ended March 31, 2021 and 2020 are as follows (in thousands): Three Months Ended March 31, 2021 Office Mixed-Use Total Revenues: Atlanta $ 64,792 $ 359 $ 65,151 Austin 58,033 — 58,033 Charlotte 21,727 — 21,727 Dallas 4,484 — 4,484 Phoenix 12,738 — 12,738 Tampa 14,571 — 14,571 Other 14,095 1,245 15,340 Total segment revenues 190,440 1,604 192,044 Less: Company's share of rental property revenues from unconsolidated joint ventures (5,633) (1,604) (7,237) Total rental property revenues $ 184,807 $ — $ 184,807 Three Months Ended March 31, 2020 Office Mixed-Use Total Revenues: Atlanta $ 65,877 $ 35 $ 65,912 Austin 48,747 — 48,747 Charlotte 34,537 — 34,537 Dallas 4,471 — 4,471 Phoenix 13,159 — 13,159 Tampa 14,112 — 14,112 Other 16,494 1,262 17,756 Total segment revenues 197,397 1,297 198,694 Less: Company's share of rental property revenues from unconsolidated joint ventures (8,268) (1,297) (9,565) Total rental property revenues $ 189,129 $ — $ 189,129 NOI by reportable segment for the three months ended March 31, 2021 and 2020 are as follows (in thousands): Three Months Ended March 31, 2021 Office Mixed-Use Total Net Operating Income: Atlanta $ 43,045 $ 151 $ 43,196 Austin 34,278 — 34,278 Charlotte 15,257 — 15,257 Dallas 3,551 — 3,551 Phoenix 9,025 — 9,025 Tampa 9,402 — 9,402 Other 7,541 874 8,415 Total Net Operating Income $ 122,099 $ 1,025 $ 123,124 Three Months Ended March 31, 2020 Office Mixed-Use Total Net Operating Income: Atlanta $ 44,855 $ (60) $ 44,795 Austin 29,294 — 29,294 Charlotte 22,113 — 22,113 Dallas 3,639 — 3,639 Phoenix 9,793 — 9,793 Tampa 8,144 — 8,144 Other 9,128 876 10,004 Total Net Operating Income $ 126,966 $ 816 $ 127,782 The following reconciles Net Operating Income to net income for each of the periods presented (in thousands): Three Months Ended March 31, 2021 2020 Net Operating Income $ 123,124 $ 127,782 Net operating income from unconsolidated joint ventures (4,754) (6,035) Fee income 4,529 4,732 Termination fee income 42 2,844 Other income 214 37 Reimbursed expenses (368) (521) General and administrative expenses (6,733) (5,652) Interest expense (17,208) (15,904) Depreciation and amortization (70,870) (71,614) Transaction costs — (365) Other expenses (590) (566) Income from unconsolidated joint ventures 1,903 3,425 Gain on sales of investments in unconsolidated joint ventures 39 46,230 Gain (loss) on investment property transactions (17) 90,916 Net income $ 29,311 $ 175,309

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 March 31, 2021 and the results of operations for the three months ended March 31, 2021 and 2020. The results of operations for the three months ended March 31, 2021 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 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, 2020. The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included therein.

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Properties sold that qualify as discontinued operations	The Company had two dispositions of consolidated operating properties during the quarter ended March 31, 2020. The Company sold the following properties in 2020 ($ in thousands): Property Property Type Location Square Feet Sales Price Hearst Tower Office Charlotte, NC 966,000 $ 455,500 Woodcrest Office Cherry Hill, NJ 386,000 $ 25,300
Schedule of assets and liabilities of properties held for sale	The Company's Burnett Plaza property was classified as held for sale as of March 31, 2021 and December 31, 2020. The major classes of assets and liabilities of this property held for sale were as follows (in thousands): March 31, 2021 December 31, 2020 Real estate assets and other assets held for sale Operating property, net of accumulated depreciation of $8,123 in 2021 and 2020 $ 114,603 $ 106,864 Notes and accounts receivable 696 439 Deferred rents receivable 2,742 2,480 Intangible assets, net of accumulated amortization of $5,912 and $6,065 in 2021 and 2020, respectively 15,978 15,830 Other assets 165 133 Total real estate assets and other assets held for sale $ 134,184 $ 125,746 Liabilities of real estate assets held for sale Accounts payable and accrued expenses $ 4,895 $ 7,399 Deferred income 54 44 Intangible liabilities, net of accumulated amortization of $1,106 and $1,205 in 2021 and 2020, respectively 3,114 3,014 Other liabilities 2,381 2,149 Total liabilities of real estate assets held for sale $ 10,444 $ 12,606

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 (in thousands). The information included in the summary of operations table is for the three months ended March 31, 2021 and 2020 (in thousands): Total Assets Total Debt Total Equity Company’s Investment SUMMARY OF FINANCIAL POSITION: 2021 2020 2021 2020 2021 2020 2021 2020 DC Charlotte Plaza LLLP $ 172,479 $ 173,704 $ — $ — $ 90,542 $ 90,648 $ 47,853 $ 47,941 Austin 300 Colorado Project, LP 166,909 165,586 88,159 86,848 68,760 68,567 38,855 38,488 AMCO 120 WT Holdings, LLC 85,688 85,449 — — 84,176 84,311 15,716 15,735 HICO Victory Center LP 15,923 16,544 — — 15,813 15,709 10,638 10,595 Carolina Square Holdings LP 117,694 118,616 134,284 77,034 (35,227) 21,888 (12,988) (1) 12,430 Crawford Long - CPI, LLC 27,349 29,641 65,892 66,423 (40,280) (38,253) (19,323) (1) (18,289) (1) Other 1,313 1,313 — — 1,316 1,316 291 292 $ 587,355 $ 590,853 $ 288,335 $ 230,305 $ 185,100 $ 244,186 $ 81,042 $ 107,192 Total Revenues Net Income (Loss) Company's Share of Income (Loss) SUMMARY OF OPERATIONS: 2021 2020 2021 2020 2021 2020 DC Charlotte Plaza LLLP $ 5,059 $ 5,276 $ 1,795 $ 1,789 $ 836 $ 750 Austin 300 Colorado Project, LP 1,672 98 193 44 84 22 AMCO 120 WT Holdings, LLC 1,607 138 (135) (509) (21) (141) Carolina Square Holdings LP 3,977 3,706 1,088 530 520 254 HICO Victory Center LP 83 126 83 126 42 63 Charlotte Gateway Village, LLC — 6,572 (4) 3,296 (2) 1,647 Crawford Long - CPI, LLC 3,117 3,343 973 1,035 444 497 Other — 196 — 61 — 333 $ 15,515 $ 19,455 $ 3,993 $ 6,372 $ 1,903 $ 3,425 (1) Negative bases are included in deferred income on the consolidated balance sheets.

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	At March 31, 2021 and December 31, 2020, intangible assets included the following (in thousands): 2021 2020 In-place leases, net of accumulated amortization of $222,779 and $212,413 in 2021 and 2020, respectively $ 134,924 $ 145,290 Above-market rents, net of accumulated amortization of $35,131 and $33,548 in 2021 and 2020, respectively 23,377 24,960 Below-market ground lease, net of accumulated amortization of $1,242 and $1,173 in 2021 and 2020, respectively 17,171 17,240 Goodwill 1,674 1,674 $ 177,146 $ 189,164
Schedule of Intangible Liabilities	At March 31, 2021 and December 31, 2020, intangible liabilities included the following (in thousands): 2021 2020 Below-market rents, net of accumulated amortization of $77,525 and $73,612 in 2021 and 2020, respectively $ 64,307 $ 68,219 Above-market ground lease, net of accumulated amortization of $366 and $354 in 2021 and 2020, respectively 1,615 1,627 $ 65,922 $ 69,846
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): In-Place Above-Market Below-Market Ground Lease Below-Market Above-Market 2021 (nine months) $ 27,964 $ 4,340 $ 207 $ (10,623) $ (35) 2022 27,431 4,806 276 (11,755) (46) 2023 22,527 3,915 276 (10,040) (46) 2024 17,683 3,061 276 (8,929) (46) 2025 13,702 2,014 276 (8,197) (46) Thereafter 25,617 5,241 15,860 (14,763) (1,396) $ 134,924 $ 23,377 $ 17,171 $ (64,307) $ (1,615)

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets on the consolidated balance sheets as of March 31, 2021 and December 31, 2020 included the following (in thousands): 2021 2020 Predevelopment costs and earnest money $ 18,519 $ 17,841 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $33,482 and $32,582 in 2021 and 2020, respectively 16,724 17,211 Prepaid expenses and other assets 12,180 6,095 Lease inducements, net of accumulated amortization of $3,588 and $3,316 in 2021 and 2020, respectively 5,979 5,771 Line of credit deferred financing costs, net of accumulated amortization of $4,840 and $4,461 in 2021 and 2020, respectively 2,642 3,021 $ 56,044 $ 49,939

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Terms of Notes Payable	The following table summarizes the terms of notes payable outstanding at March 31, 2021 and December 31, 2020 ($ in thousands): Description Interest Rate (1) Maturity (2) 2021 2020 Unsecured Notes: Credit Facility, Unsecured 1.16% 2023 $ 289,000 $ 232,400 Term Loan, Unsecured 1.31% 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 1,539,000 1,482,400 Secured Mortgage Notes: Fifth Third Center 3.37% 2026 136,222 137,057 Terminus 100 5.25% 2023 114,183 114,997 Colorado Tower 3.45% 2026 114,040 114,660 Promenade 4.27% 2022 91,722 92,593 816 Congress 3.75% 2024 77,784 78,232 Terminus 200 3.79% 2023 73,912 74,354 Legacy Union One 4.24% 2023 66,000 66,000 673,863 677,893 $ 2,212,863 $ 2,160,293 Unamortized premium 6,658 7,574 Unamortized loan costs (4,829) (5,148) Total Notes Payable $ 2,214,692 $ 2,162,719 (1) Interest rate as of March 31, 2021. (2) Weighted average maturity of notes payable outstanding at March 31, 2021 was 4.3 years.
Summary of Interest Recorded	For the three months ended March 31, 2021 and 2020, interest expense was recorded as follows (in thousands): 2021 2020 Total interest incurred $ 18,520 $ 21,213 Interest capitalized (1,312) (5,309) Total interest expense $ 17,208 $ 15,904

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Summary of Other Liabilities	Other liabilities on the consolidated balance sheets as of March 31, 2021 and December 31, 2020 included the following (in thousands): 2021 2020 Ground lease liability $ 58,284 $ 58,619 Prepaid rent 34,466 30,479 Security deposits 13,088 13,098 Restricted stock unit liability 4,607 10,613 Other liabilities 5,450 5,294 $ 115,895 $ 118,103

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense, Net of Forfeitures	For the three months ended March 31, 2021 and 2020, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands): 2021 2020 Equity-classified awards: Restricted stock $ 632 $ 696 Market based RSUs 773 427 Performance based RSUs 256 161 Director grants 6 — Total equity-classified award expense, net of forfeitures 1,667 1,284 Liability-classified awards Market based RSUs 113 (1,019) Performance based RSUs 106 (184) Time vested RSUs 162 149 Dividend equivalent units 26 34 Total liability-classified award expense, net of forfeitures 407 (1,020) Total stock-based compensation expense, net of forfeitures $ 2,074 $ 264
Summary of grants of equity and liability classified award activity	The following table summarizes the grants of equity-classified awards made by the Company in February 2021. Shares and Targeted Units Granted Market-based RSUs 101,791 Performance-based RSUs 43,622 Restricted stock 102,262 Director grants 185
Summary of valuation assumptions	The Monte Carlo valuation used to determine the grant date fair value of the equity-classified Market-based RSUs included the following assumptions for those RSUs granted in February 2021: Assumptions for RSUs Granted Volatility (1) 37.50 % Risk-free rate (2) 0.17 % Stock beta (3) 1.04 % (1) Based on historical volatility over three years using daily stock price. (2) Reflects the yield on three-year Treasury bonds as reported by the Federal Reserve in the H.15 release. (3) Betas are calculated with up to three years of daily stock price data.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020 (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Earnings per Common Share - basic: Numerator: Net income $ 29,311 $ 175,309 Net income attributable to noncontrolling interests in CPLP from continuing operations (6) (302) Net income attributable to other noncontrolling interests (195) (64) Net income available to common stockholders $ 29,110 $ 174,943 Denominator: Weighted average common shares - basic 148,624 147,424 Net income per common share - basic $ 0.20 $ 1.19 Earnings per common share - diluted: Numerator: Net income $ 29,311 $ 175,309 Net income attributable to other noncontrolling interests (195) (64) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 29,116 $ 175,245 Denominator: Weighted average common shares - basic 148,624 147,424 Add: Potential dilutive common shares - stock options 4 15 Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 72 2 Weighted average units of CPLP convertible into common shares 25 1,120 Weighted average common shares - diluted 148,725 148,561 Net income per common share - diluted $ 0.20 $ 1.18

Consolidated Statements of Ca_3

Consolidated Statements of Cash Flows - Supplemental Information (Tables)	3 Months Ended
	Mar. 31, 2021
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 consolidated statement of cash flows, for the three months ended March 31, 2021 and 2020 is as follows (in thousands): 2021 2020 Interest paid $ 26,634 $ 27,288 Income taxes paid 155 — Non-Cash Activity: Common stock dividends declared and accrued 46,167 44,563 Change in accrued property, acquisition, development, and tenant expenditures 3,481 13,845 Transfers from projects under development to operating properties — 95,185 Transfer from land held and other assets to projects under development — 29,121
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 consolidated balance sheets to cash, cash equivalents, and restricted cash in the consolidated statements of cash flows (in thousands): March 31, 2021 December 31, 2020 Cash and cash equivalents $ 14,576 $ 4,290 Restricted cash 1,256 1,848 Total cash, cash equivalents, and restricted cash $ 15,832 $ 6,138
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 consolidated balance sheets to cash, cash equivalents, and restricted cash in the consolidated statements of cash flows (in thousands): March 31, 2021 December 31, 2020 Cash and cash equivalents $ 14,576 $ 4,290 Restricted cash 1,256 1,848 Total cash, cash equivalents, and restricted cash $ 15,832 $ 6,138

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	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 years ended three months ended March 31, 2021 and 2020 are as follows (in thousands): Three Months Ended March 31, 2021 Office Mixed-Use Total Revenues: Atlanta $ 64,792 $ 359 $ 65,151 Austin 58,033 — 58,033 Charlotte 21,727 — 21,727 Dallas 4,484 — 4,484 Phoenix 12,738 — 12,738 Tampa 14,571 — 14,571 Other 14,095 1,245 15,340 Total segment revenues 190,440 1,604 192,044 Less: Company's share of rental property revenues from unconsolidated joint ventures (5,633) (1,604) (7,237) Total rental property revenues $ 184,807 $ — $ 184,807 Three Months Ended March 31, 2020 Office Mixed-Use Total Revenues: Atlanta $ 65,877 $ 35 $ 65,912 Austin 48,747 — 48,747 Charlotte 34,537 — 34,537 Dallas 4,471 — 4,471 Phoenix 13,159 — 13,159 Tampa 14,112 — 14,112 Other 16,494 1,262 17,756 Total segment revenues 197,397 1,297 198,694 Less: Company's share of rental property revenues from unconsolidated joint ventures (8,268) (1,297) (9,565) Total rental property revenues $ 189,129 $ — $ 189,129
Reconciliation of NOI to Net Income Available to Common Stockholders	NOI by reportable segment for the three months ended March 31, 2021 and 2020 are as follows (in thousands): Three Months Ended March 31, 2021 Office Mixed-Use Total Net Operating Income: Atlanta $ 43,045 $ 151 $ 43,196 Austin 34,278 — 34,278 Charlotte 15,257 — 15,257 Dallas 3,551 — 3,551 Phoenix 9,025 — 9,025 Tampa 9,402 — 9,402 Other 7,541 874 8,415 Total Net Operating Income $ 122,099 $ 1,025 $ 123,124 Three Months Ended March 31, 2020 Office Mixed-Use Total Net Operating Income: Atlanta $ 44,855 $ (60) $ 44,795 Austin 29,294 — 29,294 Charlotte 22,113 — 22,113 Dallas 3,639 — 3,639 Phoenix 9,793 — 9,793 Tampa 8,144 — 8,144 Other 9,128 876 10,004 Total Net Operating Income $ 126,966 $ 816 $ 127,782 The following reconciles Net Operating Income to net income for each of the periods presented (in thousands): Three Months Ended March 31, 2021 2020 Net Operating Income $ 123,124 $ 127,782 Net operating income from unconsolidated joint ventures (4,754) (6,035) Fee income 4,529 4,732 Termination fee income 42 2,844 Other income 214 37 Reimbursed expenses (368) (521) General and administrative expenses (6,733) (5,652) Interest expense (17,208) (15,904) Depreciation and amortization (70,870) (71,614) Transaction costs — (365) Other expenses (590) (566) Income from unconsolidated joint ventures 1,903 3,425 Gain on sales of investments in unconsolidated joint ventures 39 46,230 Gain (loss) on investment property transactions (17) 90,916 Net income $ 29,311 $ 175,309

Description of Business and B_3

Description of Business and Basis of Presentation - Description of Business (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2021ft²
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	18.9
Portfolio of real estate assets (sqft)	1.3
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%

Transactions with Norfolk Sou_2

Transactions with Norfolk Southern Railway Company (Details) - USD ($)	Mar. 01, 2019	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets		$ 7,106,182,000				$ 7,107,398,000
Contract price that is expected to be recognized as revenue	$ 52,300,000
Deferred income		76,033,000				62,319,000
NS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue recognized		3,700,000	$ 3,700,000
Deferred income		$ 4,300,000				$ 5,700,000
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 - Acquisitions (Det

Real Estate - Acquisitions (Details) - Atlanta $ in Millions	Mar. 12, 2021USD ($)a
Business Acquisition [Line Items]
Square Feet | a	0.24
Payments to acquire businesses, gross | $	$ 8
Ownership percentage of partner in joint venture	95.00%

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) - Discontinued Operations, Disposed of by Sale ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)ft²property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property		2
Gain from sale of property	$ 90,300
Tax effect of discontinued operation	$ 380
Hearst Tower
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet | ft²		966
Sales Price		$ 455,500
Woodcrest
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet | ft²		386
Sales Price		$ 25,300

Real Estate - Assets and Liabil

Real Estate - Assets and Liabilities Held-for-sale (Details) - USD ($) $ in Thousands	Apr. 07, 2021	Mar. 31, 2021	Dec. 31, 2020
Held-for-sale | Burnett Plaza
Real estate assets and other assets held for sale
Operating property, net of accumulated depreciation of $8,123 in 2021 and 2020		$ 114,603	$ 106,864
Notes and accounts receivable		696	439
Deferred rents receivable		2,742	2,480
Intangible assets, net of accumulated amortization of $5,912 and $6,065 in 2021 and 2020, respectively		15,978	15,830
Other assets		165	133
Total real estate assets and other assets held for sale		134,184	125,746
Liabilities of real estate assets held for sale
Accounts payable and accrued expenses		4,895	7,399
Deferred income		54	44
Intangible liabilities, net of accumulated amortization of $1,106 and $1,205 in 2021 and 2020, respectively		3,114	3,014
Other liabilities		2,381	2,149
Total liabilities of real estate assets held for sale		10,444	12,606
Operating properties, net of accumulated depreciation		8,123	8,123
Intangible assets, net of accumulated amortization		5,912	6,065
Intangible liabilities, net of accumulated amortization		1,106	$ 1,205
Discontinued Operations, Disposed of by Sale
Liabilities of real estate assets held for sale
Gain from sale of property		$ 90,300
Discontinued Operations, Disposed of by Sale | Burnett Plaza | Subsequent Event
Liabilities of real estate assets held for sale
Sales Price	$ 137,500
Gain from sale of property	$ 364

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Summary of Financial Position and Operations (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
SUMMARY OF FINANCIAL POSITION:
Total Assets	$ 7,106,182		$ 7,107,398
Total Equity	4,450,955		4,467,134
SUMMARY OF OPERATIONS:
Total Revenues	189,550	$ 193,898
Net Income (Loss)	29,110	$ 174,943
Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	587,355		590,853
Total Debt	288,335		230,305
Total Equity	185,100		244,186
Company’s Investment	81,042		107,192
SUMMARY OF OPERATIONS:
Total Revenues	15,515		19,455
Net Income (Loss)	3,993		6,372
Company's Share of Income (Loss)	1,903		3,425
DC Charlotte Plaza LLLP | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	172,479		173,704
Total Debt	0		0
Total Equity	90,542		90,648
Company’s Investment	47,853		47,941
SUMMARY OF OPERATIONS:
Total Revenues	5,059		5,276
Net Income (Loss)	1,795		1,789
Company's Share of Income (Loss)	836		750
Austin 300 Colorado Project, LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	166,909		165,586
Total Debt	88,159		86,848
Total Equity	68,760		68,567
Company’s Investment	38,855		38,488
SUMMARY OF OPERATIONS:
Total Revenues	1,672		98
Net Income (Loss)	193		44
Company's Share of Income (Loss)	84		22
AMCO 120 WT Holdings, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	85,688		85,449
Total Debt	0		0
Total Equity	84,176		84,311
Company’s Investment	15,716		15,735
SUMMARY OF OPERATIONS:
Total Revenues	1,607		138
Net Income (Loss)	(135)		(509)
Company's Share of Income (Loss)	(21)		(141)
HICO Victory Center LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	15,923		16,544
Total Debt	0		0
Total Equity	15,813		15,709
Company’s Investment	10,638		10,595
SUMMARY OF OPERATIONS:
Total Revenues	83		126
Net Income (Loss)	83		126
Company's Share of Income (Loss)	42		63
Carolina Square Holdings LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	117,694		118,616
Total Debt	134,284		77,034
Total Equity	(35,227)		21,888
Company’s Investment	(12,988)		12,430
SUMMARY OF OPERATIONS:
Total Revenues	3,977		3,706
Net Income (Loss)	1,088		530
Company's Share of Income (Loss)	520		254
Charlotte Gateway Village, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF OPERATIONS:
Total Revenues	0		6,572
Net Income (Loss)	(4)		3,296
Company's Share of Income (Loss)	(2)		1,647
Crawford Long - CPI, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	27,349		29,641
Total Debt	65,892		66,423
Total Equity	(40,280)		(38,253)
Company’s Investment	(19,323)		(18,289)
SUMMARY OF OPERATIONS:
Total Revenues	3,117		3,343
Net Income (Loss)	973		1,035
Company's Share of Income (Loss)	444		497
Other | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	1,313		1,313
Total Debt	0		0
Total Equity	1,316		1,316
Company’s Investment	291		292
SUMMARY OF OPERATIONS:
Total Revenues	0		196
Net Income (Loss)	0		61
Company's Share of Income (Loss)	$ 0		$ 333

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands, ft² in Millions	1 Months Ended			3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)ft²	Feb. 29, 2020USD ($)a	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)ft²	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Notes payable	$ 2,214,692			$ 2,214,692		$ 2,162,719
Repayments of notes payable				4,030	$ 26,849
Gain on sale of interest				$ 39	$ 46,230
Carolina Square Holdings LP | NR 123 Franklin LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage of partner in joint venture	50.00%			50.00%
Carolina Square Holdings LP | Mortgages
Schedule of Equity Method Investments [Line Items]
Notes payable	$ 135,700			$ 135,700
Carolina Square Holdings LP | Mortgages | LIBOR
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate	1.80%
Carolina Square Holdings LP | Construction Loan
Schedule of Equity Method Investments [Line Items]
Repayments of notes payable	$ 77,500
Pro-rata distribution	$ 26,000
Charlotte Gateway Village, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage of partner in joint venture		50.00%			50.00%
Square footage of real estate property (square feet) | ft²		1.1			1.1
Gross purchase price		$ 52,200
Internal rate of return		17.00%
Gain on sale of interest		$ 44,600
Estimated state income tax		$ 188
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

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,674	$ 1,674
Total intangible assets	177,146	189,164
In-Place  Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	222,779	212,413
Finite-lived intangible assets, net	134,924	145,290
Above-Market Rents
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	35,131	33,548
Finite-lived intangible assets, net	23,377	24,960
Below-Market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	1,242	1,173
Finite-lived intangible assets, net	$ 17,171	$ 17,240

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible liabilities, net	$ 65,922	$ 69,846
Below-Market Rents
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	(77,525)	(73,612)
Finite-lived intangible liabilities, net	64,307	68,219
Above-Market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	(366)	(354)
Finite-lived intangible liabilities, net	$ 1,615	$ 1,627

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortization expense of intangible assets and liabilities	$ 8	$ 12.1

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Intangibles - Future Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Future Amortization of Intangible Liabilities:
Finite-lived intangible liabilities, net	$ (65,922)	$ (69,846)
Below-Market Rents
Future Amortization of Intangible Liabilities:
2021 (nine months)	(10,623)
2022	(11,755)
2023	(10,040)
2024	(8,929)
2025	(8,197)
Thereafter	(14,763)
Finite-lived intangible liabilities, net	(64,307)	(68,219)
Above-Market Ground Lease
Future Amortization of Intangible Liabilities:
2021 (nine months)	(35)
2022	(46)
2023	(46)
2024	(46)
2025	(46)
Thereafter	(1,396)
Finite-lived intangible liabilities, net	(1,615)	(1,627)
In-Place  Leases
Future Amortization of Intangible Assets:
2021 (nine months)	27,964
2022	27,431
2023	22,527
2024	17,683
2025	13,702
Thereafter	25,617
Finite-lived intangible assets, net	134,924	145,290
Above-Market Rents
Future Amortization of Intangible Assets:
2021 (nine months)	4,340
2022	4,806
2023	3,915
2024	3,061
2025	2,014
Thereafter	5,241
Finite-lived intangible assets, net	23,377	24,960
Below-Market Ground Lease
Future Amortization of Intangible Assets:
2021 (nine months)	207
2022	276
2023	276
2024	276
2025	276
Thereafter	15,860
Finite-lived intangible assets, net	$ 17,171	$ 17,240

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accumulated depreciation of furniture, fixtures and equipment, leasehold improvements, and other deferred costs	$ 33,482	$ 32,582
Accumulated amortization of lease inducements	3,588	3,316
Accumulated amortization of line of credit deferred financing costs	4,840	4,461
Predevelopment costs and earnest money	18,519	17,841
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $33,482 and $32,582 in 2021 and 2020, respectively	16,724	17,211
Prepaid expenses and other assets	12,180	6,095
Lease inducements, net of accumulated amortization of $3,588 and $3,316 in 2021 and 2020, respectively	5,979	5,771
Line of credit deferred financing costs, net of accumulated amortization of $4,840 and $4,461 in 2021 and 2020, respectively	2,642	3,021
Total other assets	$ 56,044	$ 49,939

Notes Payable - Terms of Notes

Notes Payable - Terms of Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Notes payable, gross	$ 2,212,863	$ 2,160,293
Unamortized premium	6,658	7,574
Unamortized loan costs	(4,829)	(5,148)
Total Notes Payable	$ 2,214,692	2,162,719
Weighted average maturity of notes payable	4 years 3 months 18 days
Unsecured Notes
Debt Instrument [Line Items]
Notes payable, gross	$ 1,539,000	1,482,400
Credit Facility, Unsecured
Debt Instrument [Line Items]
Interest Rate	1.16%
Notes payable, gross	$ 289,000	232,400
Term Loan, Unsecured
Debt Instrument [Line Items]
Interest Rate	1.31%
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	$ 673,863	677,893
Secured Mortgage Notes | Fifth Third Center
Debt Instrument [Line Items]
Interest Rate	3.37%
Notes payable, gross	$ 136,222	137,057
Secured Mortgage Notes | Terminus 100
Debt Instrument [Line Items]
Interest Rate	5.25%
Notes payable, gross	$ 114,183	114,997
Secured Mortgage Notes | Colorado Tower
Debt Instrument [Line Items]
Interest Rate	3.45%
Notes payable, gross	$ 114,040	114,660
Secured Mortgage Notes | Promenade
Debt Instrument [Line Items]
Interest Rate	4.27%
Notes payable, gross	$ 91,722	92,593
Secured Mortgage Notes | 816 Congress
Debt Instrument [Line Items]
Interest Rate	3.75%
Notes payable, gross	$ 77,784	78,232
Secured Mortgage Notes | Terminus 200
Debt Instrument [Line Items]
Interest Rate	3.79%
Notes payable, gross	$ 73,912	74,354
Secured Mortgage Notes | Legacy Union One
Debt Instrument [Line Items]
Interest Rate	4.24%
Notes payable, gross	$ 66,000	$ 66,000

Notes Payable - Credit Facility

Notes Payable - Credit Facility (Details) - Credit Facility	3 Months Ended
	Mar. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000,000
Minimum fixed charge coverage ratio	1.50
Available borrowing capacity	$ 711,000,000
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.05%
Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
One-month LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	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	1.05%
Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.10%
Maximum
Line of Credit Facility [Line Items]
Secured leverage ratio	40.00%
Leverage ratio	60.00%
Maximum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.45%
Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.45%

Notes Payable - Term Loan (Deta

Notes Payable - Term Loan (Details) - Term Loan $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Debt amount	$ 250
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%

Notes Payable - Unsecured Senio

Notes Payable - Unsecured Senior Notes (Details) - Unsecured Senior Notes $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)tranch
Debt Instrument [Line Items]
Debt amount	$ 1,000
Number of tranches | tranch	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]
Secured leverage ratio	40.00%
Leverage ratio	60.00%
4.09% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 100
Interest rate	4.09%
3.91% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 250
Interest rate	3.91%
3.78% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 125
Interest rate	3.78%
3.86% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 250
Interest rate	3.86%
3.95% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 275
Interest rate	3.95%

Notes Payable - Secured Mortgag

Notes Payable - Secured Mortgage Notes (Details) $ in Thousands	Mar. 31, 2021USD ($)debt_instrument	Dec. 31, 2020USD ($)	Feb. 03, 2020USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 2,212,863	$ 2,160,293
Secured Mortgage Notes
Debt Instrument [Line Items]
Long-term debt	$ 673,863	$ 677,893
Number of non-recourse mortgage loans | debt_instrument	7
Assets pledged as security	$ 1,100,000
Meridian Mark Plaza | Secured Mortgage Notes
Debt Instrument [Line Items]
Long-term debt			$ 23,000

Notes Payable - Other Debt Info

Notes Payable - Other Debt Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Disclosure [Abstract]
Notes payable, fair value	$ 2,300,000		$ 2,300,000
Total interest incurred	18,520	$ 21,213
Interest capitalized	(1,312)	(5,309)
Total interest expense	$ 17,208	$ 15,904

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Ground lease liability	$ 58,284	$ 58,619
Prepaid rent	34,466	30,479
Security deposits	13,088	13,098
Restricted stock unit liability	4,607	10,613
Other liabilities	5,450	5,294
Total other liabilities	$ 115,895	$ 118,103

Commitments and Contingencies (

Commitments and Contingencies (Details)	Mar. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 0
Outstanding letters of credit and performance bonds	577,000
Future obligations under leases to fund tenant improvements and other future construction obligations	$ 144,000,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) shares in Millions	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Equity [Abstract]
Stock issued during period (in shares)	1.7
Stock redeemed during period (in shares)	1.7
Preferred stock, par value (in usd per share) | $ / shares	$ 1

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 189,550	$ 193,898
Rental property revenues
Disaggregation of Revenue [Line Items]
Revenues	184,807	189,129
Variable rental revenue	47,800	54,100
Fees and other
Disaggregation of Revenue [Line Items]
Revenues	$ 4,700	$ 4,800

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense, Net of Forfeitures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	$ 2,074	$ 264
Equity Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	1,667	1,284
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	632	696
Market based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	773	427
Performance based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	256	161
Director grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	6	0
Liability-classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	407	(1,020)
Market based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	113	(1,019)
Performance based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	106	(184)
Time vested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	162	149
Dividend equivalent units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	$ 26	$ 34

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details)	1 Months Ended
	Feb. 28, 2021awardshares
Equity Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of award types | award	3
Vesting period	3 years
Ultimate payout, minimum (as a percent)	0.00%
Ultimate payout, maximum (as a percent)	200.00%
Director grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares and targeted units granted (in shares) | shares	185

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Grants of Equity and Liability Classified Award Activity (Details)	1 Months Ended
	Feb. 28, 2021shares
Market based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares and targeted units granted (in shares)	101,791
Performance based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares and targeted units granted (in shares)	43,622
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares and targeted units granted (in shares)	102,262
Director grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares and targeted units granted (in shares)	185

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity-Classified Market-based RSUs (Details) - Market based RSUs	1 Months Ended
	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	37.50%
Risk-free rate	0.17%
Stock beta	0.0104

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Numerator:
Net income	$ 29,311	$ 175,309
Net income available to common stockholders	$ 29,110	$ 174,943
Denominator:
Weighted average common shares - basic (in shares)	148,624,000	147,424,000
Net income per common share — basic (in usd per share)	$ 0.20	$ 1.19
Numerator:
Net income	$ 29,311	$ 175,309
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP	$ 29,116	$ 175,245
Denominator:
Weighted average shares — basic (in shares)	148,624,000	147,424,000
Add:
Weighted average units of CPLP convertible into common shares (in shares)	25,000	1,120,000
Weighted average common shares - diluted (in shares)	148,725,000	148,561,000
Net income per common share — diluted (in usd per share)	$ 0.20	$ 1.18
Stock options outstanding (in shares)	0
Stock Options
Add:
Antidilutive securities (in shares)	0		0
Stock Options
Add:
Potential dilutive common shares - stock options (in shares)	4,000	15,000
RSU
Add:
Potential dilutive common shares - stock options (in shares)	72,000	2,000
CPLP
Numerator:
Net income attributable to other noncontrolling interests	$ (6)	$ (302)
Numerator:
Net income attributable to other noncontrolling interests	(6)	(302)
Other Noncontrolling Interests
Numerator:
Net income attributable to other noncontrolling interests	(195)	(64)
Numerator:
Net income attributable to other noncontrolling interests	$ (195)	$ (64)

Consolidated Statements of Ca_4

Consolidated Statements of Cash Flows - Supplemental Information - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 26,634	$ 27,288
Income taxes paid	155	0
Non-Cash Activity:
Common stock dividends declared and accrued	46,167	44,563
Change in accrued property, acquisition, development, and tenant expenditures	3,481	13,845
Transfers from projects under development to operating properties	0	95,185
Transfer from land held and other assets to projects under development	$ 0	$ 29,121

Consolidated Statements of Ca_5

Consolidated Statements of Cash Flows - Supplemental Information - Reconciliation of Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 14,576	$ 4,290
Restricted cash	1,256	1,848
Total cash, cash equivalents, and restricted cash	$ 15,832	$ 6,138	$ 126,579	$ 17,608

Reportable Segments - Segment R

Reportable Segments - Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total Revenues	$ 189,550	$ 193,898
Rental property revenues
Segment Reporting Information [Line Items]
Total Revenues	184,807	189,129
Rental property revenues | Office
Segment Reporting Information [Line Items]
Total Revenues	184,807	189,129
Rental property revenues | Mixed-Use
Segment Reporting Information [Line Items]
Total Revenues	0	0
Rental property revenues | Operating segments
Segment Reporting Information [Line Items]
Total Revenues	192,044	198,694
Rental property revenues | Operating segments | Atlanta
Segment Reporting Information [Line Items]
Total Revenues	65,151	65,912
Rental property revenues | Operating segments | Austin
Segment Reporting Information [Line Items]
Total Revenues	58,033	48,747
Rental property revenues | Operating segments | Charlotte
Segment Reporting Information [Line Items]
Total Revenues	21,727	34,537
Rental property revenues | Operating segments | Dallas
Segment Reporting Information [Line Items]
Total Revenues	4,484	4,471
Rental property revenues | Operating segments | Phoenix
Segment Reporting Information [Line Items]
Total Revenues	12,738	13,159
Rental property revenues | Operating segments | Tampa
Segment Reporting Information [Line Items]
Total Revenues	14,571	14,112
Rental property revenues | Operating segments | Other
Segment Reporting Information [Line Items]
Total Revenues	15,340	17,756
Rental property revenues | Operating segments | Office
Segment Reporting Information [Line Items]
Total Revenues	190,440	197,397
Rental property revenues | Operating segments | Office | Atlanta
Segment Reporting Information [Line Items]
Total Revenues	64,792	65,877
Rental property revenues | Operating segments | Office | Austin
Segment Reporting Information [Line Items]
Total Revenues	58,033	48,747
Rental property revenues | Operating segments | Office | Charlotte
Segment Reporting Information [Line Items]
Total Revenues	21,727	34,537
Rental property revenues | Operating segments | Office | Dallas
Segment Reporting Information [Line Items]
Total Revenues	4,484	4,471
Rental property revenues | Operating segments | Office | Phoenix
Segment Reporting Information [Line Items]
Total Revenues	12,738	13,159
Rental property revenues | Operating segments | Office | Tampa
Segment Reporting Information [Line Items]
Total Revenues	14,571	14,112
Rental property revenues | Operating segments | Office | Other
Segment Reporting Information [Line Items]
Total Revenues	14,095	16,494
Rental property revenues | Operating segments | Mixed-Use
Segment Reporting Information [Line Items]
Total Revenues	1,604	1,297
Rental property revenues | Operating segments | Mixed-Use | Atlanta
Segment Reporting Information [Line Items]
Total Revenues	359	35
Rental property revenues | Operating segments | Mixed-Use | Austin
Segment Reporting Information [Line Items]
Total Revenues	0	0
Rental property revenues | Operating segments | Mixed-Use | Charlotte
Segment Reporting Information [Line Items]
Total Revenues	0	0
Rental property revenues | Operating segments | Mixed-Use | Dallas
Segment Reporting Information [Line Items]
Total Revenues	0	0
Rental property revenues | Operating segments | Mixed-Use | Phoenix
Segment Reporting Information [Line Items]
Total Revenues	0	0
Rental property revenues | Operating segments | Mixed-Use | Tampa
Segment Reporting Information [Line Items]
Total Revenues	0	0
Rental property revenues | Operating segments | Mixed-Use | Other
Segment Reporting Information [Line Items]
Total Revenues	1,245	1,262
Rental property revenues | Segment reconciling items
Segment Reporting Information [Line Items]
Total Revenues	(7,237)	(9,565)
Rental property revenues | Segment reconciling items | Office
Segment Reporting Information [Line Items]
Total Revenues	(5,633)	(8,268)
Rental property revenues | Segment reconciling items | Mixed-Use
Segment Reporting Information [Line Items]
Total Revenues	$ (1,604)	$ (1,297)

Reportable Segments - Net Opera

Reportable Segments - Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net Operating Income	$ 123,124	$ 127,782
Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	43,196	44,795
Austin
Segment Reporting Information [Line Items]
Net Operating Income	34,278	29,294
Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	15,257	22,113
Dallas
Segment Reporting Information [Line Items]
Net Operating Income	3,551	3,639
Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	9,025	9,793
Tampa
Segment Reporting Information [Line Items]
Net Operating Income	9,402	8,144
Other
Segment Reporting Information [Line Items]
Net Operating Income	8,415	10,004
Office
Segment Reporting Information [Line Items]
Net Operating Income	122,099	126,966
Office | Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	43,045	44,855
Office | Austin
Segment Reporting Information [Line Items]
Net Operating Income	34,278	29,294
Office | Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	15,257	22,113
Office | Dallas
Segment Reporting Information [Line Items]
Net Operating Income	3,551	3,639
Office | Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	9,025	9,793
Office | Tampa
Segment Reporting Information [Line Items]
Net Operating Income	9,402	8,144
Office | Other
Segment Reporting Information [Line Items]
Net Operating Income	7,541	9,128
Mixed-Use
Segment Reporting Information [Line Items]
Net Operating Income	1,025	816
Mixed-Use | Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	151	(60)
Mixed-Use | Austin
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Mixed-Use | Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Mixed-Use | Dallas
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Mixed-Use | Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Mixed-Use | Tampa
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Mixed-Use | Other
Segment Reporting Information [Line Items]
Net Operating Income	$ 874	$ 876

Reportable Segments - Reconcili

Reportable Segments - Reconciliation of Net Income to Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net Operating Income	$ 123,124	$ 127,782
Net operating income from unconsolidated joint ventures	(4,754)	(6,035)
Total Revenues	189,550	193,898
Reimbursed expenses	(368)	(521)
General and administrative expenses	(6,733)	(5,652)
Interest expense	(17,208)	(15,904)
Depreciation and amortization	(70,870)	(71,614)
Transaction costs	0	(365)
Other expenses	(590)	(566)
Income from unconsolidated joint ventures	1,903	3,425
Gain on sales of investments in unconsolidated joint ventures	39	46,230
Gain (loss) on investment property transactions	(17)	90,916
Net income	29,311	175,309
Fee income
Segment Reporting Information [Line Items]
Total Revenues	4,529	4,732
Termination fee income
Segment Reporting Information [Line Items]
Total Revenues	42	2,844
Other
Segment Reporting Information [Line Items]
Total Revenues	$ 214	$ 37