Cousins Properties (CUZ) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		148,688,036
Entity Central Index Key	0000025232
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real estate assets:
Operating properties, net of accumulated depreciation of $791,431 and $803,073 in 2021 and 2020, respectively	$ 5,917,710	$ 6,232,546
Projects under development	113,841	57,389
Land	153,938	162,406
Total properties	6,185,489	6,452,341
Real estate assets and other assets held for sale, net	260,247	125,746
Cash and cash equivalents	9,792	4,290
Restricted cash	1,256	1,848
Accounts receivable	22,626	20,248
Deferred rents receivable	146,712	138,341
Investment in unconsolidated joint ventures	112,718	125,481
Intangible assets, net	155,918	189,164
Other assets	51,212	49,939
Total assets	6,945,970	7,107,398
Liabilities:
Notes payable	2,050,173	2,162,719
Accounts payable and accrued expenses	172,172	186,267
Deferred income	78,331	62,319
Intangible liabilities, net	55,313	69,846
Other liabilities	111,695	118,103
Liabilities of real estate assets held for sale, net	10,882	12,606
Total liabilities	2,478,566	2,611,860
Commitments and contingencies
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 151,272,969 and 151,149,289 shares issued and outstanding in 2021 and 2020, respectively	151,273	151,149
Additional paid-in capital	5,546,336	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	(1,113,273)	(1,078,304)
Total stockholders' investment	4,435,863	4,467,134
Nonredeemable noncontrolling interests	31,541	28,404
Total equity	4,467,404	4,495,538
Total liabilities and equity	$ 6,945,970	$ 7,107,398

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accumulated depreciation on operating properties	$ 791,431	$ 803,073
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)	151,272,969	151,149,289
Common stock, shares outstanding (in shares)	151,272,969	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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Total Revenues	$ 186,637	$ 179,915	$ 376,187	$ 373,813
Expenses:
Rental property operating expenses	63,716	61,621	130,111	126,159
Reimbursed expenses	398	322	766	843
General and administrative expenses	7,313	8,543	14,046	14,195
Interest expense	16,656	13,993	33,864	29,897
Depreciation and amortization	71,456	72,868	142,326	144,482
Transaction costs	0	63	0	428
Other	824	552	1,414	1,118
Total costs and expenses	160,363	157,962	322,527	317,122
Income from unconsolidated joint ventures	1,795	1,715	3,698	5,140
Gain (loss) on sales of investments in unconsolidated joint ventures	0	(231)	39	45,999
Gain (loss) on investment property transactions	(9)	(201)	(26)	90,715
Net income	28,060	23,236	57,371	198,545
Net loss (income) attributable to noncontrolling interests	93	(135)	(108)	(501)
Net income available to common stockholders	$ 28,153	$ 23,101	$ 57,263	$ 198,044
Net income per common share — basic (in usd per share)	$ 0.19	$ 0.16	$ 0.39	$ 1.34
Net income per common share — diluted (in usd per share)	$ 0.19	$ 0.16	$ 0.39	$ 1.34
Weighted average shares — basic (in shares)	148,665	148,548	148,644	147,986
Weighted average shares — diluted (in shares)	148,740	148,580	148,716	148,570
Rental property revenues
Revenues:
Total Revenues	$ 181,766	$ 175,099	$ 366,573	$ 364,228
Fee income
Revenues:
Total Revenues	4,803	4,690	9,332	9,422
Other
Revenues:
Total Revenues	$ 68	$ 126	$ 282	$ 163

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	198,545					198,044	198,044	501
Common stock issued pursuant to stock based compensation	(307)		90	(397)			(307)
Common stock issued pursuant to unitholder redemption	0	(1,717)	1,719	45,032			45,034	(45,034)
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures	2,424		(3)	2,427			2,424
Contributions from nonredeemable noncontrolling interests	1,816							1,816
Distributions to nonredeemable noncontrolling interests	(851)							(851)
Common dividends	(89,133)					(89,133)	(89,133)
Ending balance at Jun. 30, 2020	4,540,329	0	151,153	5,540,945	(148,473)	(1,028,289)	4,515,336	24,993
Beginning balance at Mar. 31, 2020	4,558,998		151,125	5,538,875	(148,473)	(1,006,820)	4,534,707	24,291
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,236					23,101	23,101	135
Common stock issued pursuant to stock based compensation	958		30	928			958
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures	1,140		(2)	1,142			1,140
Contributions from nonredeemable noncontrolling interests	780							780
Distributions to nonredeemable noncontrolling interests	(213)							(213)
Common dividends	(44,570)					(44,570)	(44,570)
Ending balance at Jun. 30, 2020	4,540,329	0	151,153	5,540,945	(148,473)	(1,028,289)	4,515,336	24,993
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	57,371					57,263	57,263	108
Common stock issued pursuant to stock based compensation	552		126	426			552
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures	3,146		(2)	3,148			3,146
Contributions from nonredeemable noncontrolling interests	3,382							3,382
Distributions to nonredeemable noncontrolling interests	(353)							(353)
Common dividends	(92,232)					(92,232)	(92,232)
Ending balance at Jun. 30, 2021	4,467,404	0	151,273	5,546,336	(148,473)	(1,113,273)	4,435,863	31,541
Beginning balance at Mar. 31, 2021	4,481,248		151,240	5,543,549	(148,473)	(1,095,361)	4,450,955	30,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,060					28,153	28,153	(93)
Common stock issued pursuant to stock based compensation	1,335		35	1,300			1,335
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures	1,485		(2)	1,487			1,485
Contributions from nonredeemable noncontrolling interests	1,687							1,687
Distributions to nonredeemable noncontrolling interests	(346)							(346)
Common dividends	(46,065)					(46,065)	(46,065)
Ending balance at Jun. 30, 2021	$ 4,467,404	$ 0	$ 151,273	$ 5,546,336	$ (148,473)	$ (1,113,273)	$ 4,435,863	$ 31,541

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Common dividends (in usd per share)	$ 0.31	$ 0.30	$ 0.62	$ 0.60

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 57,371	$ 198,545
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of investment in unconsolidated joint ventures	(39)	(45,999)
Gain (loss) on investment property transactions	26	(90,715)
Depreciation and amortization	142,326	144,482
Amortization and write-off of deferred financing costs and premium on notes payable	(272)	(446)
Equity-classified stock-based compensation expense, net of forfeitures	4,487	3,485
Effect of non-cash adjustments to rental revenues	(18,378)	(26,303)
Income from unconsolidated joint ventures	(3,698)	(5,140)
Operating distributions from unconsolidated joint ventures	7,677	3,351
Changes in other operating assets and liabilities:
Change in receivables and other assets, net	(3,383)	(20,243)
Change in operating liabilities, net	(18,427)	(27,429)
Net cash provided by operating activities	167,690	133,588
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from investment property sales, net	127,023	433,673
Proceeds from sale of interest in unconsolidated joint ventures, net	43	52,874
Property acquisition, development, and tenant asset expenditures	(116,009)	(235,466)
Return of capital distributions from unconsolidated joint venture	25,955	0
Contributions to unconsolidated joint ventures	(656)	(2,341)
Change in notes receivable and other assets	0	52
Net cash provided by investing activities	36,356	248,792
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility	192,000	280,500
Repayment of credit facility	(392,400)	(532,000)
Repayment of notes payable	(8,102)	(30,760)
Payment of deferred financing costs	(3,014)	0
Contributions from noncontrolling interests	3,382	1,816
Distributions to nonredeemable noncontrolling interests	(353)	(851)
Common dividends paid	(90,649)	(87,123)
Issuance of term loan	350,000	0
Repayment of term loan	(250,000)	0
Other	0	(1,368)
Net cash used in financing activities	(199,136)	(369,786)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	4,910	12,594
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	6,138	17,608
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 11,048	$ 30,202

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 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 June 30, 2021, the Company's portfolio of real estate assets consisted of interests in 19.0 million square feet of office space and 620,000 squa re 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 June 30, 2021 and the results of operations for the three and six months ended June 30, 2021 and 2020. The results of operations for the three and six months ended June 30, 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 and six months ended June 30, 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 June 30, 2021, the Company had no investments or interests in any VIEs.

Transactions with Norfolk South

Transactions with Norfolk Southern Railway Company	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [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 The Company determined that control of the services to be provided is being transferred over time and, thus, the Company must recognize the $52.3 million contract price in revenue as it satisfies the performance obligation. The Company determined that the inputs method of measuring progress of satisfying the performance obligation was the most appropriate method of recognizing revenue for the services component. Therefore, the Company began recognizing revenue in the quarter ended March 31, 2019, and will continue to recognize revenue based upon the time spent by the Company’s employees in providing these services as compared to the total estimated time required to satisfy the performance obligation. During the three months ended June 30, 2021 and 2020, respectively, t he Compan y recognized $4.2 million and $3.7 million in fe e income in its consolidated statements of operations related to the services provided to NS. During the six months ended June 30, 2021 and 2020, respectively, the Compan y recognized $7.9 million and $7.5 million in fe e income in its consolidated statements of operations related to the services provided to NS. As of June 30, 2021 and December 31, 2020 the Company had deferred income of $2.7 million and $5.7 million, respectively, related to NS included in the consolidated balance sheet. Through June 30, 2021, $44.2 million of the $52.3 million

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 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. Subsequent to June 30, 2021 , on July 28, 2021, the Company acquired 725 Ponce, a 372,000 square foot office building in Midtown Atlanta, for a gross purchase price of $300.2 million. Dispositions On April 7, 2021, the Company sold Burnett Plaza in Fort Worth for a gross sales price of $137.5 million and recorded a loss of $19,000. The Company had two dispositions of consolidated operating properties during the six months ended June 30, 2020. The Company sold the following properties in 2020 ($ 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 business strategy, using the proceeds from the dispositions to fund new investment activity. T he gain of $90.3 million fro m the sale of these two properties is net of $380,000 of estimated state income tax. Subsequent to June 30, 2021, on July 1, 2021, the Company sold 0.7 acres of land in Tempe adjacent to our 100 Mill development to a hotel developer for $6.4 million. Net proceeds approximated our book value. Held For Sale Buildings The Company's One South at the Plaza property in Charlotte was classified as held for sale as of June 30, 2021 as the result of the Company accepting an offer for the sale of the property in the second quarter of 2021, and the Company's Burnett Plaza property in Fort Worth was classified as held for sale as of December 31, 2020 as the result of the Company accepting an offer for the sale of the property in the fourth quarter of 2020. The major classes of assets and liabilities of those properties held for sale were as follows (in thousands): June 30, 2021 December 31, 2020 Real estate assets and other assets held for sale Operating property, net of accumulated depreciation of $25,902 and $8,123 in 2021 and 2020, respectively $ 247,034 $ 106,864 Notes and accounts receivable 398 439 Deferred rents receivable 3,359 2,480 Intangible assets, net of accumulated amortization of $12,326 and $6,065 in 2021 and 2020, respectively 9,228 15,830 Other assets 228 133 Total real estate assets and other assets held for sale $ 260,247 $ 125,746 Liabilities of real estate assets held for sale Accounts payable and accrued expenses $ 2,985 $ 7,399 Deferred income 110 44 Intangible liabilities, net of accumulated amortization of $4,512 and $1,205 in 2021 and 2020, respectively 6,527 3,014 Other liabilities 1,260 2,149 Total liabilities of real estate assets held for sale $ 10,882 $ 12,606 Subsequent to quarter end, on July 23, 2021, the Company sold One South at the Plaza for a gross sales price of $271.5 million and an estimated gain of $13 million. 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 held for investment buildings were impaired during any periods presented in the accompanying statement of operations while under the held for investment classification. The Company also reviews held for sale assets for impairments. If book value is in excess of estimated fair value less estimated selling costs, we impair those assets to fair value less estimated selling costs. There were no held for sale buildings impaired during any periods presented in the accompanying statements of operations.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020 (in thousands). The information included in the summary of operations table is for the six months ended June 30, 2021 and 2020 (in thousands): Total Assets Total Debt Total Equity (Deficit) Company’s Investment SUMMARY OF FINANCIAL POSITION: 2021 2020 2021 2020 2021 2020 2021 2020 DC Charlotte Plaza LLLP $ 170,290 $ 173,704 $ — $ — $ 90,666 $ 90,648 $ 47,000 $ 47,941 Austin 300 Colorado Project, LP 168,168 165,586 91,716 86,848 68,825 68,567 39,121 38,488 AMCO 120 WT Holdings, LLC 84,876 85,449 — — 84,233 84,311 15,712 15,735 HICO Victory Center LP 16,120 16,544 — — 15,895 15,709 10,681 10,595 Carolina Square Holdings LP 118,521 118,616 133,774 77,034 (28,799) 21,888 (15,487) (1) 12,430 Crawford Long - CPI, LLC 26,672 29,641 65,422 66,423 (40,225) (38,253) (19,316) (1) (18,289) (1) Other 270 1,313 — — 267 1,316 204 292 $ 584,917 $ 590,853 $ 290,912 $ 230,305 $ 190,862 $ 244,186 $ 77,915 $ 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 $ 10,218 $ 10,429 $ 3,679 $ 3,681 $ 1,712 $ 1,661 Crawford Long - CPI, LLC 6,369 6,453 2,028 1,787 935 852 Carolina Square Holdings LP 8,789 7,209 1,518 1,228 704 569 Charlotte Gateway Village, LLC 378 6,684 373 3,400 186 1,699 Austin 300 Colorado Project, LP 3,350 195 258 95 109 48 HICO Victory Center LP 164 197 164 197 84 98 AMCO 120 WT Holdings, LLC 4,140 584 (116) (1,310) (29) (272) Other — 244 (6) 198 (3) 485 $ 33,408 $ 31,995 $ 7,898 $ 9,276 $ 3,698 $ 5,140 (1) Negative bases are included in deferred income on the consolidated balance sheets. In June 2021, the Company's partner at DC Charlotte Plaza, LLLP ("DCCP") exercised their option to purchase the Company's 50% interest in DCCP at a value determined by appraisal and subject to a capitalization rate range of 6.5% to 8.0% per the joint venture agreement. The sale is expected to close at the end of the third quarter of 2021. 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 $44.7 million o n the sale of its interest in Gateway, net of $188,000 of estimated state income tax. In February 2020, 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. Subsequent to quarter end, on July 28, 2021, Neuhoff Holdings LLC ("Neuhoff"), a 50-50 joint venture, was formed for the purpose of developing a mixed-use property in Nashville. The Company made an initial contribution of $35.1 million for its interest in the land and development costs incurred to date. In addition to the existing assets of the joint venture, Neuhoff also has rights to adjacent parcels for future development. Subsequent to quarter end, on July 28, 2021, 715 Ponce Holdings LLC, a 50-50 joint venture, was formed for the purpose of developing a property in Midtown Atlanta. The Company made an initial contribution of $4.0 million for its interest in the land held by the joint venture.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND LIABILITIES	INTANGIBLE ASSETS AND LIABILITIES At June 30, 2021 and December 31, 2020, intangible assets included the following (in thousands): 2021 2020 In-place leases, net of accumulated amortization of $131,911 and $212,413 in 2021 and 2020, respectively $ 117,350 $ 145,290 Above-market rents, net of accumulated amortization of $23,845 and $33,548 in 2021 and 2020, respectively 19,792 24,960 Below-market ground lease, net of accumulated amortization of $1,311 and $1,173 in 2021 and 2020, respectively 17,102 17,240 Goodwill 1,674 1,674 $ 155,918 $ 189,164 At June 30, 2021 and December 31, 2020, intangible liabilities included the following (in thousands): 2021 2020 Below-market rents, net of accumulated amortization of $50,226 and $73,612 in 2021 and 2020, respectively $ 53,709 $ 68,219 Above-market ground lease, net of accumulated amortization of $378 and $354 in 2021 and 2020, respectively 1,604 1,627 $ 55,313 $ 69,846 Aggregate net amortization expense related to intangible assets and liabilities for the three and six months ended June 30, 2021 was $8.3 million and $16.3 million, respectively. Aggregate net amortization expense related to intangible assets and liabilities for three and six months ended June 30, 2020 was $11.4 million and $23.5 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 (six months) $ 19,519 $ 2,651 $ 138 $ (8,616) $ (23) 2022 25,432 4,393 276 (10,170) (46) 2023 20,591 3,564 276 (8,375) (46) 2024 16,079 2,787 276 (7,358) (46) 2025 12,258 1,791 276 (6,711) (46) Thereafter 23,471 4,606 15,860 (12,479) (1,397) $ 117,350 $ 19,792 $ 17,102 $ (53,709) $ (1,604) The carrying amount of goodwill did not change during the three and six months ended June 30, 2021 and 2020.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets on the consolidated balance sheets as of June 30, 2021 and December 31, 2020 included the following (in thousands): 2021 2020 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $18,519 and $32,582 in 2021 and 2020, respectively $ 15,233 $ 17,211 Predevelopment costs and earnest money 15,068 17,841 Prepaid expenses and other assets 12,357 6,095 Lease inducements, net of accumulated amortization of $3,421 and $3,316 in 2021 and 2020, respectively 6,287 5,771 Line of credit deferred financing costs, net of accumulated amortization of $5,219 and $4,461 in 2021 and 2020, respectively 2,267 3,021 $ 51,212 $ 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	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at June 30, 2021 and December 31, 2020 ($ in thousands): Description Interest Rate (1) Maturity (2) 2021 2020 Unsecured Notes: Credit Facility, Unsecured 1.15% 2023 $ 32,000 $ 232,400 Term Loan, Unsecured 1.15% 2024 350,000 — Term Loan, Unsecured 1.30% 2021 — 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 1,382,000 1,482,400 Secured Mortgage Notes: Fifth Third Center 3.37% 2026 135,378 137,057 Terminus 100 5.25% 2023 113,360 114,997 Colorado Tower 3.45% 2026 113,415 114,660 Promenade 4.27% 2022 90,841 92,593 Domain 10 (3) 3.75% 2024 77,331 78,232 Terminus 200 3.79% 2023 73,466 74,354 Legacy Union One 4.24% 2023 66,000 66,000 669,791 677,893 $ 2,051,791 $ 2,160,293 Unamortized premium 5,742 7,574 Unamortized loan costs (7,360) (5,148) Total Notes Payable $ 2,050,173 $ 2,162,719 (1) Interest rate as of June 30, 2021. (2) Weighted average maturity of notes payable outstanding at June 30, 2021 was 4.7 years. (3) At December 31, 2020, this mortgage note was secured by the Company's 816 Congress property. 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 June 30, 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 $968.0 million at June 30, 2021 . Term Loan On June 28 2021, the Company entered into an Amended and Restated Term Loan Agreement (the "New Term Loan") that amended the former term loan agreement. Under the New Term Loan, the Company has borrowed $350 million that matures on August 30, 2024 with an option to, on up to four successive occasions, extend the maturity date for an additional 180 days. The New Term Loan has financial covenants consistent with those of the Credit Facility. The interest rate applicable to the New 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 Eurodollar Rate Loans plus a spread of between 1.05% and 1.65%, (2) the current LIBOR Daily Floating plus a spread of between 1.05% and 1.65%, or (3) the interest rate applicable to Base Rate Loans plus a spread of between 0.05% and 0.65%. At June 30, 2021, the New Term Loan's spread over LIBOR was 1.05%. The Company is in compliance with all covenants of the New Term Loan. Prior to June 28, 2021, the Company had a $250 million unsecured term loan (the "Old Term Loan") that was scheduled to mature on December 2, 2021. The Old Term Loan had financial covenants consistent with those of the Credit Facility. The interest rate applicable to the Old Term Loan varied according to the Company’s leverage ratio and could have, at the election of the Company, been 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%, plus a spread of between 0.00% and 0.75%, based on leverage. 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 In June of 2021, the Company executed a collateral swap for the mortgage previously secured by the Company's 816 Congress property in Austin. The mortgage is now secured by the Company's Domain 10 property in Austin. All other terms of the note were unchanged. On February 3, 2020, the Company prepaid in full, without penalty, the $23 million Meridian Mark Plaza mortgage note. As of June 30, 2021 , the Company had $669.8 million outstanding on seven non-recourse mortgage notes. All interest rates on the secured mortgage notes are fixed. Assets with depreciated carrying values of $1.2 billion were pledged as security on these mortgage notes payable. Other Debt Information At June 30, 2021 and December 31, 2020, the estimated fair value of the Company’s notes payable w as $2.2 billion and $2.3 billion, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at June 30, 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 and six months ended June 30, 2021 and 2020, interest expense was recorded as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Total interest incurred $ 18,075 $ 17,952 $ 36,595 $ 39,165 Interest capitalized (1,419) (3,959) (2,731) (9,268) Total interest expense $ 16,656 $ 13,993 $ 33,864 $ 29,897

Other Liabilities

Other Liabilities	6 Months Ended
	Jun. 30, 2021
Other Liabilities Disclosure [Abstract]
OTHER LIABILITIES	OTHER LIABILITIES Other liabilities on the consolidated balance sheets as of June 30, 2021 and December 31, 2020 included the following (in thousands): 2021 2020 Ground lease liability $ 58,139 $ 58,619 Prepaid rent 30,442 30,479 Security deposits 12,521 13,098 Restricted stock unit liability 5,625 10,613 Other liabilities 4,968 5,294 $ 111,695 $ 118,103

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments The Company had outstanding performance bonds totaling $647,000 at June 30, 2021. As a lessor, the Company had $258.9 million in future obligations under leases to fund tenant improvements and other future construction obligations at June 30, 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 Events related to the COVID-19 pandemic and the actions taken to contain it have created substantial uncertainty for all businesses, including the Company. The Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2021 and June 30, 2020 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021, the Company recognized rental property revenues of $181.8 million and $366.6 million, respectively, of which $48.2 million and $96.0 million, respectively, represented variable rental revenue. For the three and six months ended June 30, 2020, the Company recognized rental property revenues of $175.1 million and $364.2 million, respectively, of which $44.2 million and $98.3 million, respectively, represented variable rental revenue. F or the three and six months ended June 30, 2021 , the Company recognized fee and other revenue of $4.9 million and $9.6 million, respectively. For the three and six months ended June 30, 2020 , the Company recognized fee and other revenue of $4.8 million and $9.6 million, respectively.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 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"). Employee Awards The Company's stock compensation expense for three and six months ended June 30, 2021 relates to restricted stock and RSUs awarded in 2021, 2020, 2019, and 2018. Stock compensation expense for three and six months ended June 30, 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 and six months ended June 30, 2021 and 2020, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Equity-classified awards: Restricted stock $ 682 $ 752 $ 1,314 $ 1,448 Market based RSUs 586 287 1,359 714 Performance based RSUs 218 102 474 263 Total equity-classified award expense, net of forfeitures 1,486 1,141 3,147 2,425 Liability-classified awards Market based RSUs 657 1,458 770 439 Performance based RSUs 151 99 257 (85) Time vested RSUs 211 130 373 279 Dividend equivalent units 26 93 52 127 Total liability-classified award expense, net of forfeitures 1,045 1,780 1,452 760 Total stock-based compensation expense, $ 2,531 $ 2,921 $ 4,599 $ 3,185 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. Director Awards

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021 and 2020 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Earnings per Common Share - basic: Numerator: Net income $ 28,060 $ 23,236 $ 57,371 $ 198,545 Net income attributable to noncontrolling interests in CPLP from continuing operations (5) (5) (11) (307) Net loss (income) attributable to other noncontrolling interests 98 (130) (97) (194) Net income available to common stockholders $ 28,153 $ 23,101 $ 57,263 $ 198,044 Denominator: Weighted average common shares - basic 148,665 148,548 148,644 147,986 Net income per common share - basic $ 0.19 $ 0.16 $ 0.39 $ 1.34 Earnings per common share - diluted: Numerator: Net income $ 28,060 $ 23,236 $ 57,371 $ 198,545 Net loss (income) attributable to other noncontrolling interests 98 (130) (97) (194) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 28,158 $ 23,106 $ 57,274 $ 198,351 Denominator: Weighted average common shares - basic 148,665 148,548 148,644 147,986 Add: Potential dilutive common shares - stock options — 5 2 10 Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 50 2 45 2 Weighted average units of CPLP convertible into common shares 25 25 25 572 Weighted average common shares - diluted 148,740 148,580 148,716 148,570 Net income per common share - diluted $ 0.19 $ 0.16 $ 0.39 $ 1.34

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - Supplemental Information	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2021 and 2020 is as follows (in thousands): 2021 2020 Interest paid $ 34,159 $ 31,800 Income taxes paid 155 — Non-Cash Activity: Transfer from operating properties and related assets and liabilities to assets and 249,365 — Common stock dividends declared and accrued 46,152 44,570 Transfers from projects under development to operating properties — 277,097 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): June 30, 2021 December 31, 2020 Cash and cash equivalents $ 9,792 $ 4,290 Restricted cash 1,256 1,848 Total cash, cash equivalents, and restricted cash $ 11,048 $ 6,138

Reportable Segments

Reportable Segments	6 Months Ended
	Jun. 30, 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 Other. Included in the Other property type are apartments, apartment retail, and the College Street Garage. The segments by geographical region are Atlanta, Austin, Charlotte, Dallas, Phoenix, Tampa, and Other. Included in the Other geographical region are properties located in Chapel Hill, Houston, Fort Worth (sold in April 2021), and Cherry Hill, New Jersey (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 three and six months ended June 30, 2021 and 2020 are as follows (in thousands): Three Months Ended June 30, 2021 Office Other Total Revenues: Atlanta $ 65,626 $ 396 $ 66,022 Austin 59,677 — 59,677 Charlotte 21,884 591 22,475 Dallas 4,531 — 4,531 Phoenix 12,482 — 12,482 Tampa 14,165 — 14,165 Other 9,026 1,530 10,556 Total segment revenues 187,391 2,517 189,908 Less: Company's share of rental property revenues from unconsolidated joint ventures (6,216) (1,926) (8,142) Total rental property revenues $ 181,175 $ 591 $ 181,766 Three Months Ended June 30, 2020 Office Other Total Revenues: Atlanta $ 62,497 $ 89 $ 62,586 Austin 52,455 — 52,455 Charlotte 19,954 551 20,505 Dallas 4,487 — 4,487 Phoenix 12,084 — 12,084 Tampa 12,912 — 12,912 Other 15,043 1,176 16,219 Total segment revenues 179,432 1,816 181,248 Less: Company's share of rental property revenues from unconsolidated joint ventures (4,884) (1,265) (6,149) Total rental property revenues $ 174,548 $ 551 $ 175,099 Six Months Ended June 30, 2021 Office Other Total Revenues Atlanta $ 130,502 $ 670 $ 131,172 Austin 117,710 — 117,710 Charlotte 43,051 1,152 44,203 Dallas 9,014 — 9,014 Phoenix 25,220 — 25,220 Tampa 28,736 — 28,736 Other 23,123 2,775 25,898 Total segment revenues 377,356 4,597 381,953 Less: Company's share of rental property revenues from unconsolidated joint ventures (11,935) (3,445) (15,380) Total rental property revenues $ 365,421 $ 1,152 $ 366,573 Six Months Ended June 30, 2020 Office Other Total Revenues Atlanta $ 128,375 $ 124 $ 128,499 Austin 101,202 — 101,202 Charlotte 54,490 551 55,041 Dallas 8,958 — 8,958 Phoenix 25,243 — 25,243 Tampa 27,024 — 27,024 Other 31,538 2,438 33,976 Total segment revenues 376,830 3,113 379,943 Less: Company's share of rental property revenues from unconsolidated joint ventures (13,153) (2,562) (15,715) Total rental property revenues $ 363,677 $ 551 $ 364,228 NOI by reportable segment for the three and six months ended June 30, 2021 and 2020 are as follows (in thousands): Three Months Ended June 30, 2021 Office Other Total Net Operating Income: Atlanta $ 43,115 $ 159 $ 43,274 Austin 35,955 — 35,955 Charlotte 15,688 175 15,863 Dallas 3,571 — 3,571 Phoenix 8,928 — 8,928 Tampa 8,919 — 8,919 Other 5,254 941 6,195 Total Net Operating Income $ 121,430 $ 1,275 $ 122,705 Three Months Ended June 30, 2020 Office Other Total Net Operating Income: Atlanta $ 41,738 $ (42) $ 41,696 Austin 31,229 — 31,229 Charlotte 14,103 377 14,480 Dallas 3,580 — 3,580 Phoenix 8,922 — 8,922 Tampa 7,998 — 7,998 Other 8,397 830 9,227 Total Net Operating Income $ 115,967 $ 1,165 $ 117,132 Six Months Ended June 30, 2021 Office Other Total Net Operating Income: Atlanta $ 86,218 $ 253 $ 86,471 Austin 70,232 — 70,232 Charlotte 30,685 435 31,120 Dallas 7,122 — 7,122 Phoenix 17,953 — 17,953 Tampa 18,321 — 18,321 Other 12,795 1,815 14,610 Total Net Operating Income $ 243,326 $ 2,503 $ 245,829 Six Months Ended June 30, 2020 Office Other Total Net Operating Income: Atlanta $ 86,593 $ (102) $ 86,491 Austin 60,523 — 60,523 Charlotte 36,216 377 36,593 Dallas 7,219 — 7,219 Phoenix 18,715 — 18,715 Tampa 16,142 — 16,142 Other 17,525 1,706 19,231 Total Net Operating Income $ 242,933 $ 1,981 $ 244,914 The following reconciles Net Operating Income to net income for each of the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net Operating Income $ 122,705 $ 117,132 $ 245,829 $ 244,914 Net operating income from unconsolidated joint ventures (5,437) (4,193) (10,191) (10,228) Fee income 4,803 4,690 9,332 9,422 Termination fee income 782 539 824 3,383 Other income 68 126 282 163 Reimbursed expenses (398) (322) (766) (843) General and administrative expenses (7,313) (8,543) (14,046) (14,195) Interest expense (16,656) (13,993) (33,864) (29,897) Depreciation and amortization (71,456) (72,868) (142,326) (144,482) Transaction costs — (63) — (428) Other expenses (824) (552) (1,414) (1,118) Income from unconsolidated joint ventures 1,795 1,715 3,698 5,140 Gain (loss) on sales of investments in unconsolidated joint ventures — (231) 39 45,999 Gain (loss) on investment property transactions (9) (201) (26) 90,715 Net income $ 28,060 $ 23,236 $ 57,371 $ 198,545

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2021 and the results of operations for the three and six months ended June 30, 2021 and 2020. The results of operations for the three and six months ended June 30, 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)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Properties sold that qualify as discontinued operations	The Company had two dispositions of consolidated operating properties during the six months ended June 30, 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 One South at the Plaza property in Charlotte was classified as held for sale as of June 30, 2021 as the result of the Company accepting an offer for the sale of the property in the second quarter of 2021, and the Company's Burnett Plaza property in Fort Worth was classified as held for sale as of December 31, 2020 as the result of the Company accepting an offer for the sale of the property in the fourth quarter of 2020. The major classes of assets and liabilities of those properties held for sale were as follows (in thousands): June 30, 2021 December 31, 2020 Real estate assets and other assets held for sale Operating property, net of accumulated depreciation of $25,902 and $8,123 in 2021 and 2020, respectively $ 247,034 $ 106,864 Notes and accounts receivable 398 439 Deferred rents receivable 3,359 2,480 Intangible assets, net of accumulated amortization of $12,326 and $6,065 in 2021 and 2020, respectively 9,228 15,830 Other assets 228 133 Total real estate assets and other assets held for sale $ 260,247 $ 125,746 Liabilities of real estate assets held for sale Accounts payable and accrued expenses $ 2,985 $ 7,399 Deferred income 110 44 Intangible liabilities, net of accumulated amortization of $4,512 and $1,205 in 2021 and 2020, respectively 6,527 3,014 Other liabilities 1,260 2,149 Total liabilities of real estate assets held for sale $ 10,882 $ 12,606

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020 (in thousands). The information included in the summary of operations table is for the six months ended June 30, 2021 and 2020 (in thousands): Total Assets Total Debt Total Equity (Deficit) Company’s Investment SUMMARY OF FINANCIAL POSITION: 2021 2020 2021 2020 2021 2020 2021 2020 DC Charlotte Plaza LLLP $ 170,290 $ 173,704 $ — $ — $ 90,666 $ 90,648 $ 47,000 $ 47,941 Austin 300 Colorado Project, LP 168,168 165,586 91,716 86,848 68,825 68,567 39,121 38,488 AMCO 120 WT Holdings, LLC 84,876 85,449 — — 84,233 84,311 15,712 15,735 HICO Victory Center LP 16,120 16,544 — — 15,895 15,709 10,681 10,595 Carolina Square Holdings LP 118,521 118,616 133,774 77,034 (28,799) 21,888 (15,487) (1) 12,430 Crawford Long - CPI, LLC 26,672 29,641 65,422 66,423 (40,225) (38,253) (19,316) (1) (18,289) (1) Other 270 1,313 — — 267 1,316 204 292 $ 584,917 $ 590,853 $ 290,912 $ 230,305 $ 190,862 $ 244,186 $ 77,915 $ 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 $ 10,218 $ 10,429 $ 3,679 $ 3,681 $ 1,712 $ 1,661 Crawford Long - CPI, LLC 6,369 6,453 2,028 1,787 935 852 Carolina Square Holdings LP 8,789 7,209 1,518 1,228 704 569 Charlotte Gateway Village, LLC 378 6,684 373 3,400 186 1,699 Austin 300 Colorado Project, LP 3,350 195 258 95 109 48 HICO Victory Center LP 164 197 164 197 84 98 AMCO 120 WT Holdings, LLC 4,140 584 (116) (1,310) (29) (272) Other — 244 (6) 198 (3) 485 $ 33,408 $ 31,995 $ 7,898 $ 9,276 $ 3,698 $ 5,140 (1) Negative bases are included in deferred income on the consolidated balance sheets.

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	At June 30, 2021 and December 31, 2020, intangible assets included the following (in thousands): 2021 2020 In-place leases, net of accumulated amortization of $131,911 and $212,413 in 2021 and 2020, respectively $ 117,350 $ 145,290 Above-market rents, net of accumulated amortization of $23,845 and $33,548 in 2021 and 2020, respectively 19,792 24,960 Below-market ground lease, net of accumulated amortization of $1,311 and $1,173 in 2021 and 2020, respectively 17,102 17,240 Goodwill 1,674 1,674 $ 155,918 $ 189,164
Schedule of Intangible Liabilities	At June 30, 2021 and December 31, 2020, intangible liabilities included the following (in thousands): 2021 2020 Below-market rents, net of accumulated amortization of $50,226 and $73,612 in 2021 and 2020, respectively $ 53,709 $ 68,219 Above-market ground lease, net of accumulated amortization of $378 and $354 in 2021 and 2020, respectively 1,604 1,627 $ 55,313 $ 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 (six months) $ 19,519 $ 2,651 $ 138 $ (8,616) $ (23) 2022 25,432 4,393 276 (10,170) (46) 2023 20,591 3,564 276 (8,375) (46) 2024 16,079 2,787 276 (7,358) (46) 2025 12,258 1,791 276 (6,711) (46) Thereafter 23,471 4,606 15,860 (12,479) (1,397) $ 117,350 $ 19,792 $ 17,102 $ (53,709) $ (1,604)

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets on the consolidated balance sheets as of June 30, 2021 and December 31, 2020 included the following (in thousands): 2021 2020 Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $18,519 and $32,582 in 2021 and 2020, respectively $ 15,233 $ 17,211 Predevelopment costs and earnest money 15,068 17,841 Prepaid expenses and other assets 12,357 6,095 Lease inducements, net of accumulated amortization of $3,421 and $3,316 in 2021 and 2020, respectively 6,287 5,771 Line of credit deferred financing costs, net of accumulated amortization of $5,219 and $4,461 in 2021 and 2020, respectively 2,267 3,021 $ 51,212 $ 49,939

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Terms of Notes Payable	The following table summarizes the terms of notes payable outstanding at June 30, 2021 and December 31, 2020 ($ in thousands): Description Interest Rate (1) Maturity (2) 2021 2020 Unsecured Notes: Credit Facility, Unsecured 1.15% 2023 $ 32,000 $ 232,400 Term Loan, Unsecured 1.15% 2024 350,000 — Term Loan, Unsecured 1.30% 2021 — 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 1,382,000 1,482,400 Secured Mortgage Notes: Fifth Third Center 3.37% 2026 135,378 137,057 Terminus 100 5.25% 2023 113,360 114,997 Colorado Tower 3.45% 2026 113,415 114,660 Promenade 4.27% 2022 90,841 92,593 Domain 10 (3) 3.75% 2024 77,331 78,232 Terminus 200 3.79% 2023 73,466 74,354 Legacy Union One 4.24% 2023 66,000 66,000 669,791 677,893 $ 2,051,791 $ 2,160,293 Unamortized premium 5,742 7,574 Unamortized loan costs (7,360) (5,148) Total Notes Payable $ 2,050,173 $ 2,162,719 (1) Interest rate as of June 30, 2021. (2) Weighted average maturity of notes payable outstanding at June 30, 2021 was 4.7 years.
Summary of Interest Recorded	For the three and six months ended June 30, 2021 and 2020, interest expense was recorded as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Total interest incurred $ 18,075 $ 17,952 $ 36,595 $ 39,165 Interest capitalized (1,419) (3,959) (2,731) (9,268) Total interest expense $ 16,656 $ 13,993 $ 33,864 $ 29,897

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Other Liabilities Disclosure [Abstract]
Summary of Other Liabilities	Other liabilities on the consolidated balance sheets as of June 30, 2021 and December 31, 2020 included the following (in thousands): 2021 2020 Ground lease liability $ 58,139 $ 58,619 Prepaid rent 30,442 30,479 Security deposits 12,521 13,098 Restricted stock unit liability 5,625 10,613 Other liabilities 4,968 5,294 $ 111,695 $ 118,103

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense, Net of Forfeitures	For the three and six months ended June 30, 2021 and 2020, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Equity-classified awards: Restricted stock $ 682 $ 752 $ 1,314 $ 1,448 Market based RSUs 586 287 1,359 714 Performance based RSUs 218 102 474 263 Total equity-classified award expense, net of forfeitures 1,486 1,141 3,147 2,425 Liability-classified awards Market based RSUs 657 1,458 770 439 Performance based RSUs 151 99 257 (85) Time vested RSUs 211 130 373 279 Dividend equivalent units 26 93 52 127 Total liability-classified award expense, net of forfeitures 1,045 1,780 1,452 760 Total stock-based compensation expense, $ 2,531 $ 2,921 $ 4,599 $ 3,185

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021 and 2020 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Earnings per Common Share - basic: Numerator: Net income $ 28,060 $ 23,236 $ 57,371 $ 198,545 Net income attributable to noncontrolling interests in CPLP from continuing operations (5) (5) (11) (307) Net loss (income) attributable to other noncontrolling interests 98 (130) (97) (194) Net income available to common stockholders $ 28,153 $ 23,101 $ 57,263 $ 198,044 Denominator: Weighted average common shares - basic 148,665 148,548 148,644 147,986 Net income per common share - basic $ 0.19 $ 0.16 $ 0.39 $ 1.34 Earnings per common share - diluted: Numerator: Net income $ 28,060 $ 23,236 $ 57,371 $ 198,545 Net loss (income) attributable to other noncontrolling interests 98 (130) (97) (194) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 28,158 $ 23,106 $ 57,274 $ 198,351 Denominator: Weighted average common shares - basic 148,665 148,548 148,644 147,986 Add: Potential dilutive common shares - stock options — 5 2 10 Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 50 2 45 2 Weighted average units of CPLP convertible into common shares 25 25 25 572 Weighted average common shares - diluted 148,740 148,580 148,716 148,570 Net income per common share - diluted $ 0.19 $ 0.16 $ 0.39 $ 1.34

Consolidated Statements of Ca_3

Consolidated Statements of Cash Flows - Supplemental Information (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2021 and 2020 is as follows (in thousands): 2021 2020 Interest paid $ 34,159 $ 31,800 Income taxes paid 155 — Non-Cash Activity: Transfer from operating properties and related assets and liabilities to assets and 249,365 — Common stock dividends declared and accrued 46,152 44,570 Transfers from projects under development to operating properties — 277,097 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): June 30, 2021 December 31, 2020 Cash and cash equivalents $ 9,792 $ 4,290 Restricted cash 1,256 1,848 Total cash, cash equivalents, and restricted cash $ 11,048 $ 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): June 30, 2021 December 31, 2020 Cash and cash equivalents $ 9,792 $ 4,290 Restricted cash 1,256 1,848 Total cash, cash equivalents, and restricted cash $ 11,048 $ 6,138

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 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 three and six months ended June 30, 2021 and 2020 are as follows (in thousands): Three Months Ended June 30, 2021 Office Other Total Revenues: Atlanta $ 65,626 $ 396 $ 66,022 Austin 59,677 — 59,677 Charlotte 21,884 591 22,475 Dallas 4,531 — 4,531 Phoenix 12,482 — 12,482 Tampa 14,165 — 14,165 Other 9,026 1,530 10,556 Total segment revenues 187,391 2,517 189,908 Less: Company's share of rental property revenues from unconsolidated joint ventures (6,216) (1,926) (8,142) Total rental property revenues $ 181,175 $ 591 $ 181,766 Three Months Ended June 30, 2020 Office Other Total Revenues: Atlanta $ 62,497 $ 89 $ 62,586 Austin 52,455 — 52,455 Charlotte 19,954 551 20,505 Dallas 4,487 — 4,487 Phoenix 12,084 — 12,084 Tampa 12,912 — 12,912 Other 15,043 1,176 16,219 Total segment revenues 179,432 1,816 181,248 Less: Company's share of rental property revenues from unconsolidated joint ventures (4,884) (1,265) (6,149) Total rental property revenues $ 174,548 $ 551 $ 175,099 Six Months Ended June 30, 2021 Office Other Total Revenues Atlanta $ 130,502 $ 670 $ 131,172 Austin 117,710 — 117,710 Charlotte 43,051 1,152 44,203 Dallas 9,014 — 9,014 Phoenix 25,220 — 25,220 Tampa 28,736 — 28,736 Other 23,123 2,775 25,898 Total segment revenues 377,356 4,597 381,953 Less: Company's share of rental property revenues from unconsolidated joint ventures (11,935) (3,445) (15,380) Total rental property revenues $ 365,421 $ 1,152 $ 366,573 Six Months Ended June 30, 2020 Office Other Total Revenues Atlanta $ 128,375 $ 124 $ 128,499 Austin 101,202 — 101,202 Charlotte 54,490 551 55,041 Dallas 8,958 — 8,958 Phoenix 25,243 — 25,243 Tampa 27,024 — 27,024 Other 31,538 2,438 33,976 Total segment revenues 376,830 3,113 379,943 Less: Company's share of rental property revenues from unconsolidated joint ventures (13,153) (2,562) (15,715) Total rental property revenues $ 363,677 $ 551 $ 364,228
Reconciliation of NOI to Net Income Available to Common Stockholders	NOI by reportable segment for the three and six months ended June 30, 2021 and 2020 are as follows (in thousands): Three Months Ended June 30, 2021 Office Other Total Net Operating Income: Atlanta $ 43,115 $ 159 $ 43,274 Austin 35,955 — 35,955 Charlotte 15,688 175 15,863 Dallas 3,571 — 3,571 Phoenix 8,928 — 8,928 Tampa 8,919 — 8,919 Other 5,254 941 6,195 Total Net Operating Income $ 121,430 $ 1,275 $ 122,705 Three Months Ended June 30, 2020 Office Other Total Net Operating Income: Atlanta $ 41,738 $ (42) $ 41,696 Austin 31,229 — 31,229 Charlotte 14,103 377 14,480 Dallas 3,580 — 3,580 Phoenix 8,922 — 8,922 Tampa 7,998 — 7,998 Other 8,397 830 9,227 Total Net Operating Income $ 115,967 $ 1,165 $ 117,132 Six Months Ended June 30, 2021 Office Other Total Net Operating Income: Atlanta $ 86,218 $ 253 $ 86,471 Austin 70,232 — 70,232 Charlotte 30,685 435 31,120 Dallas 7,122 — 7,122 Phoenix 17,953 — 17,953 Tampa 18,321 — 18,321 Other 12,795 1,815 14,610 Total Net Operating Income $ 243,326 $ 2,503 $ 245,829 Six Months Ended June 30, 2020 Office Other Total Net Operating Income: Atlanta $ 86,593 $ (102) $ 86,491 Austin 60,523 — 60,523 Charlotte 36,216 377 36,593 Dallas 7,219 — 7,219 Phoenix 18,715 — 18,715 Tampa 16,142 — 16,142 Other 17,525 1,706 19,231 Total Net Operating Income $ 242,933 $ 1,981 $ 244,914 The following reconciles Net Operating Income to net income for each of the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net Operating Income $ 122,705 $ 117,132 $ 245,829 $ 244,914 Net operating income from unconsolidated joint ventures (5,437) (4,193) (10,191) (10,228) Fee income 4,803 4,690 9,332 9,422 Termination fee income 782 539 824 3,383 Other income 68 126 282 163 Reimbursed expenses (398) (322) (766) (843) General and administrative expenses (7,313) (8,543) (14,046) (14,195) Interest expense (16,656) (13,993) (33,864) (29,897) Depreciation and amortization (71,456) (72,868) (142,326) (144,482) Transaction costs — (63) — (428) Other expenses (824) (552) (1,414) (1,118) Income from unconsolidated joint ventures 1,795 1,715 3,698 5,140 Gain (loss) on sales of investments in unconsolidated joint ventures — (231) 39 45,999 Gain (loss) on investment property transactions (9) (201) (26) 90,715 Net income $ 28,060 $ 23,236 $ 57,371 $ 198,545

Description of Business and B_3

Description of Business and Basis of Presentation - Description of Business (Details) ft² in Thousands	6 Months Ended
	Jun. 30, 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%
Portfolio of real estate assets, office space area	19,000
Portfolio of real estate assets, retail space area	620
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	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets		$ 6,945,970,000		$ 6,945,970,000				$ 6,945,970,000	$ 7,107,398,000
Deferred income		78,331,000		78,331,000				78,331,000	62,319,000
NS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract price that is expected to be recognized as revenue	$ 52,300,000
Revenue recognized		4,200,000	$ 3,700,000	7,900,000	$ 7,500,000
Deferred income		$ 2,700,000		$ 2,700,000				2,700,000	$ 5,700,000
Contract with customer, liability, revenue recognized								$ 44,200,000
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) $ in Millions	Jul. 28, 2021USD ($)ft²	Mar. 12, 2021USD ($)a
Subsequent Event | 725 Ponce
Business Acquisition [Line Items]
Square Feet | ft²	372,000
Payments to acquire businesses, gross	$ 300.2
Atlanta | Midtown Atlanta Land Purchase
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	Apr. 07, 2021USD ($)	Jun. 30, 2020USD ($)ft²property	Jul. 01, 2021USD ($)a
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property		2
Gain (loss) from sale of property		$ 90,300
Tax effect of discontinued operation		$ 380
Burnett Plaza
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	$ 137,500
Gain (loss) from sale of property	$ (19)
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
A100 Mill Adjacent Land | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet | a			0.7
Sales Price			$ 6,400

Real Estate - Assets and Liabil

Real Estate - Assets and Liabilities Held-for-sale (Details) - USD ($) $ in Thousands	Jul. 23, 2021	Apr. 07, 2021	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Held-for-sale | One South Plaza
Real estate assets and other assets held for sale
Operating property, net of accumulated depreciation of $25,902 and $8,123 in 2021 and 2020, respectively				$ 247,034
Notes and accounts receivable				398
Deferred rents receivable				3,359
Intangible assets, net of accumulated amortization of $12,326 and $6,065 in 2021 and 2020, respectively				9,228
Other assets				228
Total real estate assets and other assets held for sale				260,247
Liabilities of real estate assets held for sale
Accounts payable and accrued expenses				2,985
Deferred income				110
Intangible liabilities, net of accumulated amortization of $4,512 and $1,205 in 2021 and 2020, respectively				6,527
Other liabilities				1,260
Total liabilities of real estate assets held for sale				10,882
Operating properties, net of accumulated depreciation				25,902
Intangible assets, net of accumulated amortization				12,326
Intangible liabilities, net of accumulated amortization				$ 4,512
Held-for-sale | Burnett Plaza
Real estate assets and other assets held for sale
Operating property, net of accumulated depreciation of $25,902 and $8,123 in 2021 and 2020, respectively					$ 106,864
Notes and accounts receivable					439
Deferred rents receivable					2,480
Intangible assets, net of accumulated amortization of $12,326 and $6,065 in 2021 and 2020, respectively					15,830
Other assets					133
Total real estate assets and other assets held for sale					125,746
Liabilities of real estate assets held for sale
Accounts payable and accrued expenses					7,399
Deferred income					44
Intangible liabilities, net of accumulated amortization of $4,512 and $1,205 in 2021 and 2020, respectively					3,014
Other liabilities					2,149
Total liabilities of real estate assets held for sale					12,606
Operating properties, net of accumulated depreciation					8,123
Intangible assets, net of accumulated amortization					6,065
Intangible liabilities, net of accumulated amortization					$ 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 | One South Plaza | Subsequent Event
Liabilities of real estate assets held for sale
Sales Price	$ 271,500
Gain from sale of property	$ 13,000
Discontinued Operations, Disposed of by Sale | Burnett Plaza
Liabilities of real estate assets held for sale
Sales Price		$ 137,500
Gain from sale of property		$ (19)

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Summary of Financial Position and Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
SUMMARY OF FINANCIAL POSITION:
Total Assets	$ 6,945,970		$ 6,945,970		$ 7,107,398
Total Equity (Deficit)	4,435,863		4,435,863		4,467,134
SUMMARY OF OPERATIONS:
Total Revenues	186,637	$ 179,915	376,187	$ 373,813
Net Income (Loss)	28,153	$ 23,101	57,263	198,044
Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	584,917		584,917		590,853
Total Debt	290,912		290,912		230,305
Total Equity (Deficit)	190,862		190,862		244,186
Company’s Investment	77,915		77,915		107,192
SUMMARY OF OPERATIONS:
Total Revenues			33,408	31,995
Net Income (Loss)			7,898	9,276
Company's Share of Income (Loss)			3,698	5,140
DC Charlotte Plaza LLLP | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	170,290		170,290		173,704
Total Debt	0		0		0
Total Equity (Deficit)	90,666		90,666		90,648
Company’s Investment	47,000		47,000		47,941
SUMMARY OF OPERATIONS:
Total Revenues			10,218	10,429
Net Income (Loss)			3,679	3,681
Company's Share of Income (Loss)			1,712	1,661
Austin 300 Colorado Project, LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	168,168		168,168		165,586
Total Debt	91,716		91,716		86,848
Total Equity (Deficit)	68,825		68,825		68,567
Company’s Investment	39,121		39,121		38,488
SUMMARY OF OPERATIONS:
Total Revenues			3,350	195
Net Income (Loss)			258	95
Company's Share of Income (Loss)			109	48
AMCO 120 WT Holdings, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	84,876		84,876		85,449
Total Debt	0		0		0
Total Equity (Deficit)	84,233		84,233		84,311
Company’s Investment	15,712		15,712		15,735
SUMMARY OF OPERATIONS:
Total Revenues			4,140	584
Net Income (Loss)			(116)	(1,310)
Company's Share of Income (Loss)			(29)	(272)
HICO Victory Center LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	16,120		16,120		16,544
Total Debt	0		0		0
Total Equity (Deficit)	15,895		15,895		15,709
Company’s Investment	10,681		10,681		10,595
SUMMARY OF OPERATIONS:
Total Revenues			164	197
Net Income (Loss)			164	197
Company's Share of Income (Loss)			84	98
Charlotte Gateway Village, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF OPERATIONS:
Total Revenues			378	6,684
Net Income (Loss)			373	3,400
Company's Share of Income (Loss)			186	1,699
Carolina Square Holdings LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	118,521		118,521		118,616
Total Debt	133,774		133,774		77,034
Total Equity (Deficit)	(28,799)		(28,799)		21,888
Company’s Investment	(15,487)		(15,487)		12,430
SUMMARY OF OPERATIONS:
Total Revenues			8,789	7,209
Net Income (Loss)			1,518	1,228
Company's Share of Income (Loss)			704	569
Crawford Long - CPI, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	26,672		26,672		29,641
Total Debt	65,422		65,422		66,423
Total Equity (Deficit)	(40,225)		(40,225)		(38,253)
Company’s Investment	(19,316)		(19,316)		(18,289)
SUMMARY OF OPERATIONS:
Total Revenues			6,369	6,453
Net Income (Loss)			2,028	1,787
Company's Share of Income (Loss)			935	852
Other | Equity Method Investment, Nonconsolidated Investee or Group of Investees
SUMMARY OF FINANCIAL POSITION:
Total Assets	270		270		1,313
Total Debt	0		0		0
Total Equity (Deficit)	267		267		1,316
Company’s Investment	$ 204		204		$ 292
SUMMARY OF OPERATIONS:
Total Revenues			0	244
Net Income (Loss)			(6)	198
Company's Share of Income (Loss)			$ (3)	$ 485

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands, ft² in Millions	Jul. 28, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)ft²	Feb. 29, 2020USD ($)a	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Notes payable					$ 2,050,173		$ 2,050,173		$ 2,162,719
Repayments of notes payable							8,102	$ 30,760
Gain on sale of interest					$ 0	$ (231)	39	45,999
Contributions to unconsolidated joint ventures							$ 656	$ 2,341
DC Charlotte Plaza LLLP
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage					50.00%		50.00%
DC Charlotte Plaza LLLP | Minimum
Schedule of Equity Method Investments [Line Items]
Cap interest rate					6.50%		6.50%
DC Charlotte Plaza LLLP | Maximum
Schedule of Equity Method Investments [Line Items]
Cap interest rate					8.00%		8.00%
Carolina Square Holdings LP | Mortgages
Schedule of Equity Method Investments [Line Items]
Notes payable		$ 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
Carolina Square Holdings LP | NR 123 Franklin LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage of partner in joint venture		50.00%
Charlotte Gateway Village, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage of partner in joint venture			50.00%
Square footage of real estate property (square feet) | ft²			1.1
Gross purchase price			$ 52,200
Internal rate of return			17.00%
Gain on sale of interest			$ 44,700
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
Neuoff JV | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	50.00%
Contributions to unconsolidated joint ventures	$ 35,100
Neuoff JV | Neuhoff Holdings LLC | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Ownership percentage of partner in joint venture	50.00%
715 Ponce JV | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	50.00%
Contributions to unconsolidated joint ventures	$ 4,000
715 Ponce JV | 715 Ponce Holdings LLC | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Ownership percentage of partner in joint venture	50.00%

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,674	$ 1,674
Total intangible assets	155,918	189,164
In-Place  Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	131,911	212,413
Finite-lived intangible assets, net	117,350	145,290
Above-Market Rents
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	23,845	33,548
Finite-lived intangible assets, net	19,792	24,960
Below-Market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	1,311	1,173
Finite-lived intangible assets, net	$ 17,102	$ 17,240

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible liabilities, net	$ 55,313	$ 69,846
Below-Market Rents
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	(50,226)	(73,612)
Finite-lived intangible liabilities, net	53,709	68,219
Above-Market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	(378)	(354)
Finite-lived intangible liabilities, net	$ 1,604	$ 1,627

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortization expense of intangible assets and liabilities	$ 8.3	$ 11.4	$ 16.3	$ 23.5

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Intangibles - Future Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Future Amortization of Intangible Liabilities:
Finite-lived intangible liabilities, net	$ (55,313)	$ (69,846)
Below-Market Rents
Future Amortization of Intangible Liabilities:
2021 (six months)	(8,616)
2022	(10,170)
2023	(8,375)
2024	(7,358)
2025	(6,711)
Thereafter	(12,479)
Finite-lived intangible liabilities, net	(53,709)	(68,219)
Above-Market Ground Lease
Future Amortization of Intangible Liabilities:
2021 (six months)	(23)
2022	(46)
2023	(46)
2024	(46)
2025	(46)
Thereafter	(1,397)
Finite-lived intangible liabilities, net	(1,604)	(1,627)
In-Place  Leases
Future Amortization of Intangible Assets:
2021 (six months)	19,519
2022	25,432
2023	20,591
2024	16,079
2025	12,258
Thereafter	23,471
Finite-lived intangible assets, net	117,350	145,290
Above-Market Rents
Future Amortization of Intangible Assets:
2021 (six months)	2,651
2022	4,393
2023	3,564
2024	2,787
2025	1,791
Thereafter	4,606
Finite-lived intangible assets, net	19,792	24,960
Below-Market Ground Lease
Future Amortization of Intangible Assets:
2021 (six months)	138
2022	276
2023	276
2024	276
2025	276
Thereafter	15,860
Finite-lived intangible assets, net	$ 17,102	$ 17,240

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 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	$ 18,519	$ 32,582
Accumulated amortization of lease inducements	3,421	3,316
Accumulated amortization of line of credit deferred financing costs	5,219	4,461
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $18,519 and $32,582 in 2021 and 2020, respectively	15,233	17,211
Predevelopment costs and earnest money	15,068	17,841
Prepaid expenses and other assets	12,357	6,095
Lease inducements, net of accumulated amortization of $3,421 and $3,316 in 2021 and 2020, respectively	6,287	5,771
Line of credit deferred financing costs, net of accumulated amortization of $5,219 and $4,461 in 2021 and 2020, respectively	2,267	3,021
Total other assets	$ 51,212	$ 49,939

Notes Payable - Terms of Notes

Notes Payable - Terms of Notes Payable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Notes payable, gross	$ 2,051,791	$ 2,160,293
Unamortized premium	5,742	7,574
Unamortized loan costs	(7,360)	(5,148)
Total Notes Payable	$ 2,050,173	2,162,719
Weighted average maturity of notes payable	4 years 8 months 12 days
Unsecured Notes
Debt Instrument [Line Items]
Notes payable, gross	$ 1,382,000	1,482,400
Credit Facility, Unsecured
Debt Instrument [Line Items]
Interest Rate	1.15%
Notes payable, gross	$ 32,000	232,400
Term Loan, Unsecured
Debt Instrument [Line Items]
Interest Rate	1.15%
Notes payable, gross	$ 350,000	$ 0
Term Loan, Unsecured
Debt Instrument [Line Items]
Interest Rate		1.30%
Notes payable, gross	$ 0	$ 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	$ 669,791	677,893
Secured Mortgage Notes | Fifth Third Center
Debt Instrument [Line Items]
Interest Rate	3.37%
Notes payable, gross	$ 135,378	137,057
Secured Mortgage Notes | Terminus 100
Debt Instrument [Line Items]
Interest Rate	5.25%
Notes payable, gross	$ 113,360	114,997
Secured Mortgage Notes | Colorado Tower
Debt Instrument [Line Items]
Interest Rate	3.45%
Notes payable, gross	$ 113,415	114,660
Secured Mortgage Notes | Promenade
Debt Instrument [Line Items]
Interest Rate	4.27%
Notes payable, gross	$ 90,841	92,593
Secured Mortgage Notes | Domain 10
Debt Instrument [Line Items]
Interest Rate	3.75%
Notes payable, gross	$ 77,331	78,232
Secured Mortgage Notes | Terminus 200
Debt Instrument [Line Items]
Interest Rate	3.79%
Notes payable, gross	$ 73,466	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 $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000
Minimum fixed charge coverage ratio	1.50
Available borrowing capacity	$ 968
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 - Term Loan, Unsecured $ in Millions	Jun. 28, 2021USD ($)extension	Jun. 27, 2021USD ($)
Debt Instrument [Line Items]
Debt amount	$ 350
Number of extension options | extension	4
Extension term	180 days
Debt amount		$ 250
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%
LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%
LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%
LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
Eurodollar | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%
Eurodollar | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%
Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.05%
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	0.65%
Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
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%

Notes Payable - Unsecured Senio

Notes Payable - Unsecured Senior Notes (Details) - Unsecured Senior Notes $ in Millions	6 Months Ended
	Jun. 30, 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	Jun. 30, 2021USD ($)debt_instrument	Dec. 31, 2020USD ($)	Feb. 03, 2020USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 2,051,791	$ 2,160,293
Secured Mortgage Notes
Debt Instrument [Line Items]
Long-term debt	$ 669,791	$ 677,893
Number of non-recourse mortgage loans | debt_instrument	7
Assets pledged as security	$ 1,200,000
Meridian Mark Plaza Atlanta | 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Disclosure [Abstract]
Notes payable, fair value	$ 2,200,000		$ 2,200,000		$ 2,300,000
Total interest incurred	18,075	$ 17,952	36,595	$ 39,165
Interest capitalized	(1,419)	(3,959)	(2,731)	(9,268)
Total interest expense	$ 16,656	$ 13,993	$ 33,864	$ 29,897

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Ground lease liability	$ 58,139	$ 58,619
Prepaid rent	30,442	30,479
Security deposits	12,521	13,098
Restricted stock unit liability	5,625	10,613
Other liabilities	4,968	5,294
Total other liabilities	$ 111,695	$ 118,103

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit and performance bonds	$ 647
Future obligations under leases to fund tenant improvements and other future construction obligations	$ 258,900

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 186,637	$ 179,915	$ 376,187	$ 373,813
Rental property revenues
Disaggregation of Revenue [Line Items]
Revenues	181,766	175,099	366,573	364,228
Variable rental revenue	48,200	44,200	96,000	98,300
Fees and other
Disaggregation of Revenue [Line Items]
Revenues	$ 4,900	$ 4,800	$ 9,600	$ 9,600

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense, Net of Forfeitures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	$ 2,531	$ 2,921	$ 4,599	$ 3,185
Equity Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	1,486	1,141	3,147	2,425
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	682	752	1,314	1,448
Market based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	586	287	1,359	714
Performance based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	218	102	474	263
Liability-classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	1,045	1,780	1,452	760
Market based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	657	1,458	770	439
Performance based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	151	99	257	(85)
Time vested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	211	130	373	279
Dividend equivalent units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	$ 26	$ 93	$ 52	$ 127

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - Director Awards - Independent Board Of Directors $ in Millions	1 Months Ended
	Jun. 30, 2021USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares and targeted units granted (in shares) | shares	34,727
Shares and targeted units granted | $	$ 1.3
Service period	1 year

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income	$ 28,060	$ 23,236	$ 57,371	$ 198,545
Net income available to common stockholders	$ 28,153	$ 23,101	$ 57,263	$ 198,044
Denominator:
Weighted average common shares - basic (in shares)	148,665	148,548	148,644	147,986
Net income per common share — basic (in usd per share)	$ 0.19	$ 0.16	$ 0.39	$ 1.34
Numerator:
Net income	$ 28,060	$ 23,236	$ 57,371	$ 198,545
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP	$ 28,158	$ 23,106	$ 57,274	$ 198,351
Denominator:
Weighted average shares — basic (in shares)	148,665	148,548	148,644	147,986
Add:
Weighted average units of CPLP convertible into common shares (in shares)	25	25	25	572
Weighted average common shares - diluted (in shares)	148,740	148,580	148,716	148,570
Net income per common share — diluted (in usd per share)	$ 0.19	$ 0.16	$ 0.39	$ 1.34
Stock Options
Add:
Potential dilutive common shares - stock options (in shares)	0	5	2	10
RSU
Add:
Potential dilutive common shares - stock options (in shares)	50	2	45	2
CPLP
Numerator:
Net income attributable to other noncontrolling interests	$ (5)	$ (5)	$ (11)	$ (307)
Numerator:
Net income attributable to other noncontrolling interests	(5)	(5)	(11)	(307)
Other Noncontrolling Interests
Numerator:
Net income attributable to other noncontrolling interests	98	(130)	(97)	(194)
Numerator:
Net income attributable to other noncontrolling interests	$ 98	$ (130)	$ (97)	$ (194)

Consolidated Statements of Ca_4

Consolidated Statements of Cash Flows - Supplemental Information - Supplemental Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 34,159	$ 31,800
Income taxes paid	155	0
Non-Cash Activity:
Transfer from operating properties and related assets and liabilities to assets and liabilities of real estate assets held for sale	249,365	0
Common stock dividends declared and accrued	46,152	44,570
Transfers from projects under development to operating properties	0	277,097
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	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 9,792	$ 4,290
Restricted cash	1,256	1,848
Total cash, cash equivalents, and restricted cash	$ 11,048	$ 6,138	$ 30,202	$ 17,608

Reportable Segments - Segment R

Reportable Segments - Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Total Revenues	$ 186,637	$ 179,915	$ 376,187	$ 373,813
Rental property revenues
Segment Reporting Information [Line Items]
Total Revenues	181,766	175,099	366,573	364,228
Rental property revenues | Office
Segment Reporting Information [Line Items]
Total Revenues	181,175	174,548	365,421	363,677
Rental property revenues | Other
Segment Reporting Information [Line Items]
Total Revenues	591	551	1,152	551
Rental property revenues | Operating segments
Segment Reporting Information [Line Items]
Total Revenues	189,908	181,248	381,953	379,943
Rental property revenues | Operating segments | Atlanta
Segment Reporting Information [Line Items]
Total Revenues	66,022	62,586	131,172	128,499
Rental property revenues | Operating segments | Austin
Segment Reporting Information [Line Items]
Total Revenues	59,677	52,455	117,710	101,202
Rental property revenues | Operating segments | Charlotte
Segment Reporting Information [Line Items]
Total Revenues	22,475	20,505	44,203	55,041
Rental property revenues | Operating segments | Dallas
Segment Reporting Information [Line Items]
Total Revenues	4,531	4,487	9,014	8,958
Rental property revenues | Operating segments | Phoenix
Segment Reporting Information [Line Items]
Total Revenues	12,482	12,084	25,220	25,243
Rental property revenues | Operating segments | Tampa
Segment Reporting Information [Line Items]
Total Revenues	14,165	12,912	28,736	27,024
Rental property revenues | Operating segments | Other
Segment Reporting Information [Line Items]
Total Revenues	10,556	16,219	25,898	33,976
Rental property revenues | Operating segments | Office
Segment Reporting Information [Line Items]
Total Revenues	187,391	179,432	377,356	376,830
Rental property revenues | Operating segments | Office | Atlanta
Segment Reporting Information [Line Items]
Total Revenues	65,626	62,497	130,502	128,375
Rental property revenues | Operating segments | Office | Austin
Segment Reporting Information [Line Items]
Total Revenues	59,677	52,455	117,710	101,202
Rental property revenues | Operating segments | Office | Charlotte
Segment Reporting Information [Line Items]
Total Revenues	21,884	19,954	43,051	54,490
Rental property revenues | Operating segments | Office | Dallas
Segment Reporting Information [Line Items]
Total Revenues	4,531	4,487	9,014	8,958
Rental property revenues | Operating segments | Office | Phoenix
Segment Reporting Information [Line Items]
Total Revenues	12,482	12,084	25,220	25,243
Rental property revenues | Operating segments | Office | Tampa
Segment Reporting Information [Line Items]
Total Revenues	14,165	12,912	28,736	27,024
Rental property revenues | Operating segments | Office | Other
Segment Reporting Information [Line Items]
Total Revenues	9,026	15,043	23,123	31,538
Rental property revenues | Operating segments | Other
Segment Reporting Information [Line Items]
Total Revenues	2,517	1,816	4,597	3,113
Rental property revenues | Operating segments | Other | Atlanta
Segment Reporting Information [Line Items]
Total Revenues	396	89	670	124
Rental property revenues | Operating segments | Other | Austin
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Rental property revenues | Operating segments | Other | Charlotte
Segment Reporting Information [Line Items]
Total Revenues	591	551	1,152	551
Rental property revenues | Operating segments | Other | Dallas
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Rental property revenues | Operating segments | Other | Phoenix
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Rental property revenues | Operating segments | Other | Tampa
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Rental property revenues | Operating segments | Other | Other
Segment Reporting Information [Line Items]
Total Revenues	1,530	1,176	2,775	2,438
Rental property revenues | Segment reconciling items
Segment Reporting Information [Line Items]
Total Revenues	(8,142)	(6,149)	(15,380)	(15,715)
Rental property revenues | Segment reconciling items | Office
Segment Reporting Information [Line Items]
Total Revenues	(6,216)	(4,884)	(11,935)	(13,153)
Rental property revenues | Segment reconciling items | Other
Segment Reporting Information [Line Items]
Total Revenues	$ (1,926)	$ (1,265)	$ (3,445)	$ (2,562)

Reportable Segments - Net Opera

Reportable Segments - Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net Operating Income	$ 122,705	$ 117,132	$ 245,829	$ 244,914
Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	43,274	41,696	86,471	86,491
Austin
Segment Reporting Information [Line Items]
Net Operating Income	35,955	31,229	70,232	60,523
Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	15,863	14,480	31,120	36,593
Dallas
Segment Reporting Information [Line Items]
Net Operating Income	3,571	3,580	7,122	7,219
Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	8,928	8,922	17,953	18,715
Tampa
Segment Reporting Information [Line Items]
Net Operating Income	8,919	7,998	18,321	16,142
Other
Segment Reporting Information [Line Items]
Net Operating Income	6,195	9,227	14,610	19,231
Office
Segment Reporting Information [Line Items]
Net Operating Income	121,430	115,967	243,326	242,933
Office | Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	43,115	41,738	86,218	86,593
Office | Austin
Segment Reporting Information [Line Items]
Net Operating Income	35,955	31,229	70,232	60,523
Office | Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	15,688	14,103	30,685	36,216
Office | Dallas
Segment Reporting Information [Line Items]
Net Operating Income	3,571	3,580	7,122	7,219
Office | Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	8,928	8,922	17,953	18,715
Office | Tampa
Segment Reporting Information [Line Items]
Net Operating Income	8,919	7,998	18,321	16,142
Office | Other
Segment Reporting Information [Line Items]
Net Operating Income	5,254	8,397	12,795	17,525
Other
Segment Reporting Information [Line Items]
Net Operating Income	1,275	1,165	2,503	1,981
Other | Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	159	(42)	253	(102)
Other | Austin
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Other | Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	175	377	435	377
Other | Dallas
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Other | Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Other | Tampa
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Other | Other
Segment Reporting Information [Line Items]
Net Operating Income	$ 941	$ 830	$ 1,815	$ 1,706

Reportable Segments - Reconcili

Reportable Segments - Reconciliation of Net Income to Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net Operating Income	$ 122,705	$ 117,132	$ 245,829	$ 244,914
Net operating income from unconsolidated joint ventures	(5,437)	(4,193)	(10,191)	(10,228)
Total Revenues	186,637	179,915	376,187	373,813
Reimbursed expenses	(398)	(322)	(766)	(843)
General and administrative expenses	(7,313)	(8,543)	(14,046)	(14,195)
Interest expense	(16,656)	(13,993)	(33,864)	(29,897)
Depreciation and amortization	(71,456)	(72,868)	(142,326)	(144,482)
Transaction costs	0	(63)	0	(428)
Other expenses	(824)	(552)	(1,414)	(1,118)
Income from unconsolidated joint ventures	1,795	1,715	3,698	5,140
Gain (loss) on sales of investments in unconsolidated joint ventures	0	(231)	39	45,999
Gain (loss) on investment property transactions	(9)	(201)	(26)	90,715
Net income	28,060	23,236	57,371	198,545
Fee income
Segment Reporting Information [Line Items]
Total Revenues	4,803	4,690	9,332	9,422
Termination fee income
Segment Reporting Information [Line Items]
Total Revenues	782	539	824	3,383
Other
Segment Reporting Information [Line Items]
Total Revenues	$ 68	$ 126	$ 282	$ 163