Cousins Properties (CUZ) 10-Q27 Oct 222022 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Oct. 21, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		151,434,281
Entity Central Index Key	0000025232
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate assets:
Operating properties, net of accumulated depreciation of $1,030,125 and $874,988 in 2022 and 2021, respectively	$ 6,731,159	$ 6,506,910
Projects under development	102,007	174,803
Land	158,431	157,681
Total properties	6,991,597	6,839,394
Cash and cash equivalents	5,507	8,937
Restricted cash	1,231	1,231
Accounts receivable	7,195	12,553
Deferred rents receivable	175,511	154,866
Investment in unconsolidated joint ventures	106,389	77,811
Intangible assets, net	143,121	168,553
Other assets, net	65,521	48,689
Total assets	7,496,072	7,312,034
Liabilities:
Notes payable	2,295,989	2,237,509
Accounts payable and accrued expenses	268,153	224,523
Deferred income	108,316	74,515
Intangible liabilities, net	54,734	63,223
Other liabilities	103,164	111,864
Total liabilities	2,830,356	2,711,634
Commitments and contingencies
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 154,019,214 and 151,272,969 shares issued and outstanding in 2022 and 2021, respectively	154,019	151,273
Additional paid-in capital	5,628,951	5,549,308
Treasury stock at cost, 2,584,933 shares in 2022 and 2021	(148,473)	(148,473)
Distributions in excess of cumulative net income	(988,488)	(985,338)
Accumulated other comprehensive loss	(652)	0
Total stockholders' investment	4,645,357	4,566,770
Nonredeemable noncontrolling interests	20,359	33,630
Total equity	4,665,716	4,600,400
Total liabilities and equity	$ 7,496,072	$ 7,312,034

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accumulated depreciation on operating properties	$ 1,030,125	$ 874,988
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)	154,019,214	151,272,969
Common stock, shares outstanding (in shares)	154,019,214	151,272,969
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Total Revenues	$ 195,170	$ 188,732	$ 567,748	$ 564,919
Expenses:
Rental property operating expenses	66,632	65,354	193,725	195,465
Reimbursed expenses	418	383	1,455	1,149
General and administrative expenses	6,498	7,968	21,557	22,014
Interest expense	18,380	16,709	50,454	50,573
Depreciation and amortization	79,116	72,073	219,721	214,399
Other	231	421	877	1,835
Total costs and expenses	171,275	162,908	487,789	485,435
Income from unconsolidated joint ventures	634	2,128	7,038	5,826
Gain on sales of investments in unconsolidated joint ventures	56,260	13,121	56,260	13,160
Gain (loss) on investment property transactions	(20)	13,063	(61)	13,037
Loss on extinguishment of debt	0	0	(100)	0
Net income	80,769	54,136	143,096	111,507
Net income attributable to noncontrolling interests	(130)	(118)	(421)	(226)
Net income available to common stockholders	$ 80,639	$ 54,018	$ 142,675	$ 111,281
Net income per common share — basic (in usd per share)	$ 0.53	$ 0.36	$ 0.95	$ 0.75
Net income per common share — diluted (in usd per share)	$ 0.53	$ 0.36	$ 0.95	$ 0.75
Weighted average shares — basic (in shares)	151,435	148,688	149,670	148,659
Weighted average shares — diluted (in shares)	151,695	148,772	149,946	148,743
Rental property revenues
Revenues:
Total Revenues	$ 193,455	$ 185,515	$ 559,856	$ 552,088
Fee income
Revenues:
Total Revenues	1,677	3,094	5,370	12,426
Other
Revenues:
Total Revenues	$ 38	$ 123	$ 2,522	$ 405

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Comprehensive Income:
Net income available to common stockholders	$ 80,639	$ 54,018	$ 142,675	$ 111,281
Other comprehensive loss:
Unrealized loss on cash flow hedge	(715)	0	(715)	0
Accumulated other comprehensive loss reclassified to interest expense	63	0	63	0
Total other comprehensive loss	(652)	0	(652)	0
Total comprehensive income	$ 79,987	$ 54,018	$ 142,023	$ 111,281

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Stockholders’ Investment	Common Stock	Additional Paid-In Capital	Treasury Stock	Distributions in Excess of Net Income	Accumulated Other Comprehensive Loss	Nonredeemable Noncontrolling Interests
Beginning balance at Dec. 31, 2020	$ 4,495,538	$ 4,467,134	$ 151,149	$ 5,542,762	$ (148,473)	$ (1,078,304)		$ 28,404
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	111,507	111,281				111,281		226
Other comprehensive loss	0
Common stock issued pursuant to stock based compensation	552	552	126	426
Amortization of stock-based compensation, net of forfeitures	4,618	4,618	(2)	4,620
Contributions from nonredeemable noncontrolling interests	5,017							5,017
Distributions to nonredeemable noncontrolling interests	(1,197)							(1,197)
Common dividends	(138,493)	(138,493)				(138,493)
Ending balance at Sep. 30, 2021	4,477,542	4,445,092	151,273	5,547,808	(148,473)	(1,105,516)		32,450
Beginning balance at Jun. 30, 2021	4,467,404	4,435,863	151,273	5,546,336	(148,473)	(1,113,273)		31,541
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	54,136	54,018				54,018		118
Other comprehensive loss	0
Amortization of stock-based compensation, net of forfeitures	1,472	1,472		1,472
Contributions from nonredeemable noncontrolling interests	1,635							1,635
Distributions to nonredeemable noncontrolling interests	(844)							(844)
Common dividends	(46,261)	(46,261)				(46,261)
Ending balance at Sep. 30, 2021	4,477,542	4,445,092	151,273	5,547,808	(148,473)	(1,105,516)		32,450
Beginning balance at Dec. 31, 2021	4,600,400	4,566,770	151,273	5,549,308	(148,473)	(985,338)	$ 0	33,630
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	143,096	142,675				142,675		421
Other comprehensive loss	(652)	(652)					(652)
Common stock issued under the ATM, net of issuance costs	103,120	103,120	2,632	100,488
Common stock issued pursuant to stock based compensation	610	610	120	490
Amortization of stock-based compensation, net of forfeitures	6,305	6,305	(6)	6,303		8
Purchase of interest in consolidated joint venture	(43,387)	(27,638)		(27,638)				(15,749)
Contributions from nonredeemable noncontrolling interests	2,164							2,164
Distributions to nonredeemable noncontrolling interests	(107)							(107)
Common dividends	(145,833)	(145,833)				(145,833)
Ending balance at Sep. 30, 2022	4,665,716	4,645,357	154,019	5,628,951	(148,473)	(988,488)	(652)	20,359
Beginning balance at Jun. 30, 2022	4,632,695	4,612,095	154,025	5,627,133	(148,473)	(1,020,590)	0	20,600
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	80,769	80,639				80,639		130
Other comprehensive loss	(652)	(652)					(652)
Common stock issued under the ATM, net of issuance costs	13	13		13
Amortization of stock-based compensation, net of forfeitures	1,803	1,803	(6)	1,805		4
Contributions from nonredeemable noncontrolling interests	(356)							(356)
Distributions to nonredeemable noncontrolling interests	(15)							(15)
Common dividends	(48,541)	(48,541)				(48,541)
Ending balance at Sep. 30, 2022	$ 4,665,716	$ 4,645,357	$ 154,019	$ 5,628,951	$ (148,473)	$ (988,488)	$ (652)	$ 20,359

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Common dividends (in usd per share)	$ 0.32	$ 0.31	$ 0.96	$ 0.93

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 143,096	$ 111,507
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of investment in unconsolidated joint ventures	(56,260)	(13,160)
Loss (gain) on investment property transactions	61	(13,037)
Depreciation and amortization	219,721	214,399
Amortization of deferred financing costs and premium on notes payable	(317)	(356)
Equity-classified stock-based compensation expense, net of forfeitures	7,526	5,959
Effect of non-cash adjustments to rental revenues	(29,524)	(27,838)
Income from unconsolidated joint ventures	(7,038)	(5,826)
Operating distributions from unconsolidated joint ventures	4,584	9,085
Loss on extinguishment of debt	100	0
Changes in other operating assets and liabilities:
Change in receivables and other assets, net	487	3,178
Change in operating liabilities, net	(10,088)	14,676
Net cash provided by operating activities	272,348	298,587
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from investment property sales, net	0	389,777
Proceeds from sale of interest in unconsolidated joint ventures, net	38,831	67,143
Property acquisition, development, and tenant asset expenditures	(262,822)	(488,243)
Return of capital distributions from unconsolidated joint venture	10,752	25,955
Contributions to unconsolidated joint ventures	(35,193)	(46,038)
Net cash used in investing activities	(248,432)	(51,406)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility	340,000	329,000
Repayment of credit facility	(267,300)	(527,400)
Repayment of notes payable	(12,719)	(12,214)
Common stock issued under the ATM	103,120	0
Payment of deferred financing costs	(5,299)	(3,014)
Contributions from nonredeemable noncontrolling interests	2,164	5,017
Distributions to nonredeemable noncontrolling interests	(107)	(1,197)
Common dividends paid	(143,818)	(136,743)
Acquisition of partner's noncontrolling interest	(43,387)	0
Issuance of term loans	0	350,000
Repayment of term loans	0	(250,000)
Net cash used in financing activities	(27,346)	(246,551)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(3,430)	630
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	10,168	6,138
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 6,738	$ 6,768

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2022
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 mixed-use developments in the Sun Belt markets of the United States with a focus on Atlanta, Austin, Charlotte, Phoenix, Tampa, Dallas, and Nashville. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute at least 100% of its net taxable income to stockholders, thereby eliminating any liability for federal income taxes under current law. Therefore, the results included herein do not include a federal income tax provision for Cousins. As of September 30, 2022, the Company's portfolio of real estate assets consisted of interests in 18.5 million square feet of office space and 310,000 square feet of other space. Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of September 30, 2022 and the results of operations for the three and nine months ended September 30, 2022 and 2021. The results of operations for the three and nine months ended September 30, 2022 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, 2021. The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included therein. The Company evaluates all partnerships, joint ventures, and other arrangements with variable interests to determine if the entity or arrangement qualifies as a variable interest entity ("VIE"), as defined in the Financial Accounting Standard Board's ("FASB") Accounting Standards Codification ("ASC"). If the entity or arrangement qualifies as a VIE and the Company is determined to be the primary beneficiary, the Company is required to consolidate the assets, liabilities, and results of operations of the VIE. At September 30, 2022, the Company had no investments or interests in any VIEs.

Transactions with Norfolk South

Transactions with Norfolk Southern Railway Company	9 Months Ended
Transactions with Norfolk Southern Railway Company	Sep. 30, 2022
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 received fees totaling $5.0 million in consideration for development services for NS’s corporate headquarters that has been constructed on the land sold to NS. • Executed a Consulting Agreement with NS whereby the Company received fees totaling $32.0 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 (“Promenade Central”) for $82.0 million subject to a three-year market rate lease with NS that covered the entire building and expired December 31, 2021. The Company sold the land to NS for $5.0 million above its carrying amount, which included $37.0 million of land purchased in 2018, $6.5 million of land purchased in 2019, and $4.0 million of site preparation work. The Company purchased Promenade Central from NS for an amount it determined to be $10.3 million below the building’s fair value. The Company determined that all contracts and transactions associated with NS should be combined for accounting purposes, and the amounts exchanged under the combined contracts should be allocated to the various components of the overall transaction at fair value or market value as discussed below. The Company determined that the purchase of Promenade Central should be recorded at fair value of $92.3 million. The Company determined that the lease with NS at the Promenade Central building was at market value under ASC 842. The land sale was accounted for under ASC 610-20, and no gain or loss was recorded on the derecognition of this

Real Estate

Real Estate	9 Months Ended
Real Estate	Sep. 30, 2022
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE Acquisitions On April 21, 2022, the Company purchased its partner's 10% joint venture interest in HICO Avalon, LLC and HICO Avalon II, LLC, which own the 8000 and 10000 Avalon office properties. This transaction did not result in a change in control and any difference between the purchase price of $43.4 million, which included a promote to our partner related to increases in fair value in excess of cost, and the $15.7 million book value of the outside partner's non-controlling interest is recorded as additional paid in capital in the equity section of the Company's consolidated balance sheet. The Company's consolidated basis in Avalon's assets and liabilities was unchanged by this transaction. On September 27, 2021, the Company acquired a 0.15 acre land parcel in Atlanta for a gross purchase price of $3.1 million related to a potential future development in Midtown Atlanta. On July 28, 2021, the Company acquired 725 Ponce, a 372,000 square foot office building in Midtown Atlanta, for $300.8 million, including acquisition costs. The Company accounted for this transaction as an acquisition of an asset, and the following table summarizes the allocation of the purchase price of this property (in thousands): 725 Ponce Tangible assets: Operating properties $ 292,946 Tangible assets 292,946 Intangible assets: In-place leases 12,788 Above market leases 1,770 Intangible assets 14,558 Intangible liabilities: Above market leases (6,739) Intangible liabilities (6,739) Total net assets acquired $ 300,765 On March 12, 2021, a 95% owned consolidated joint venture acquired a 0.24 acre land parcel in Atlanta for a gross purchase price of $8.0 million. Dispositions On July 23, 2021, the Company sold One South at the Plaza in Charlotte for a gross sales price of $271.5 million and recorded a gain of $12.7 million. On July 1, 2021, the Company sold 0.7 acres of land in Phoenix, adjacent to our 100 Mill development, to a hotel developer for $6.4 million. Net proceeds approximated our book value. On April 7, 2021, the Company sold Burnett Plaza in Fort Worth for a gross sales price of $137.5 million and recorded a gain of $80,000. Impairment The Company tests buildings held for investment, by disposal groups, for impairment whenever changes in circumstances indicate a disposal group’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 value 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 buildings, if any, 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. The Company also reviews land and projects under development for impairment whenever changes in circumstances indicate the assets' carrying value may not be recoverable. None of the Company's investments in land or projects under development were impaired during any periods presented in the accompanying statement of operations. The Company may record impairment charges in future periods if the economy and the office industry weakens, the operating results of individual buildings are materially different from our forecasts, or we shorten our contemplated hold period for any operating buildings.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	9 Months Ended
Investment in Unconsolidated Joint Ventures	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	INVESTMENT IN UNCONSOLIDATED JOINT VENTURES The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of September 30, 2022 and December 31, 2021 (in thousands). SUMMARY OF FINANCIAL POSITION Total Assets Total Debt Total Equity (Deficit) Company's Investment 2022 2021 2022 2021 2022 2021 2022 2021 Operating Properties: AMCO 120 WT Holdings, LLC $ 82,207 $ 83,546 $ — $ — $ 81,254 $ 82,739 $ 14,987 $ 15,347 Carolina Square Holdings LP — 113,011 — 132,654 — (34,066) — (15,786) (1) Crawford Long - CPI, LLC 25,932 24,709 63,302 64,566 (39,802) (40,221) (19,208) (1) (19,356) (1) Under Development: Neuhoff Holdings LLC 297,800 133,691 90,582 28,390 166,877 93,218 87,080 47,529 Land: 715 Ponce Holdings LLC 8,402 8,150 — — 8,306 8,150 4,247 4,165 HICO Victory Center LP 161 16,421 — — 136 15,962 75 10,723 Other: Other — 518 — — — 11 — 47 $ 414,502 $ 380,046 $ 153,884 $ 225,610 $ 216,771 $ 125,793 $ 87,181 $ 42,669 (1) Negative bases are included in deferred income on the consolidated balance sheets. The information included in the summary of operations table is for the nine months ended September 30, 2022 and 2021 (in thousands). SUMMARY OF OPERATIONS Total Revenues Net Income (Loss) Company's Income (Loss) 2022 2021 2022 2021 2022 2021 Operating Properties: AMCO 120 WT Holdings, LLC $ 8,005 $ 6,385 $ 2,335 $ 234 $ 454 $ 38 Carolina Square Holdings LP 12,140 12,478 600 1,713 215 776 Crawford Long - CPI, LLC 9,811 9,743 3,419 3,049 1,603 1,412 Under Development: Neuhoff Holdings LLC 107 — 79 — 39 — Land: 715 Ponce Holdings LLC 220 25 156 11 78 7 HICO Victory Center LP 6,873 199 6,871 199 4,546 111 Other: Other 28 21,975 (12) 7,365 103 3,482 $ 37,184 $ 50,805 $ 13,448 $ 12,571 $ 7,038 $ 5,826 On September 29, 2022, the Company sold its 50% joint venture interest in Carolina Square Holdings LP ("Carolina Square"), which owned a mixed-use property in Chapel Hill, to its partner for a gross sales price of $105.0 million. The Company recognized a gain of $56.3 million on the sale of its interest in Carolina Square. On June 30, 2022, HICO Victory Center LP sold a 3.0 acre land parcel in Uptown Dallas for a gross price of $23.1 million. The Company's share of the gain from the transaction was $4.5 million and is included in income from unconsolidated joint ventures on the statements of operations. On September 30, 2021, the Company sold its 50% joint venture interest in DC Charlotte Plaza, LLLP ("DCCP"), which owned a 281,000 square foot office building in Charlotte, to its partner for a gross sales price of $60.8 million. The sale was triggered by the exercise of the partners' purchase option as stipulated in the partnership agreement. The Company recognized a gain of $13.1 million on the sale of its interest in DCCP. 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. On September 30, 2021, the joint venture closed on a construction loan with a borrowing capacity up to $312.7 million. The mortgage loan bears interest at the London Interbank Offering Rate ("LIBOR") plus 3.45% and matures on September 30, 2025. The mortgage loan provides for use of alternative interest rates should LIBOR not be available to us. There can be no assurances as to what alternative rates may be and whether such interest rates will be more or less favorable than LIBOR. On July 28, 2021, 715 Ponce Holdings LLC ("715 Ponce"), a 50-50 joint venture, was formed for the purpose of developing a property in Midtown Atlanta in the future. 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	9 Months Ended
Intangible Assets and Liabilities	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND LIABILITIES	INTANGIBLE ASSETS AND LIABILITIES At September 30, 2022 and December 31, 2021, intangible assets included the following (in thousands): 2022 2021 In-place leases, net of accumulated amortization of $129,771 and $134,930 in 2022 and 2021, respectively $ 107,874 $ 129,538 Below-market ground lease, net of accumulated amortization of $1,760 and $1,449 in 2022 and 2021, respectively 17,493 17,804 Above-market rents, net of accumulated amortization of $24,644 and $25,423 in 2022 and 2021, respectively 16,080 19,537 Goodwill 1,674 1,674 $ 143,121 $ 168,553 At September 30, 2022 and December 31, 2021, intangible liabilities included the following (in thousands): 2022 2021 Below-market rents, net of accumulated amortization of $47,468 and $55,079 in 2022 and 2021, respectively $ 54,734 $ 63,223 Aggregate net amortization expense related to intangible assets and liabilities for the three and nine months ended September 30, 2022 was $5.8 million and $16.9 million, respectively. Aggregate net amortization expense related to intangible assets and liabilities for the three and nine months ended September 30, 2021 was $8.2 million and $24.6 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 Below-Market Ground Lease Above-Market Rents Below-Market 2022 (three months) $ 5,813 $ 100 $ 1,025 $ (2,435) 2023 21,652 400 3,742 (9,355) 2024 19,203 400 3,045 (8,947) 2025 15,499 400 2,050 (8,393) 2026 12,212 400 1,626 (6,640) Thereafter 33,495 15,793 4,592 (18,964) $ 107,874 $ 17,493 $ 16,080 $ (54,734)

Other Assets

Other Assets	9 Months Ended
Other Assets	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets on the consolidated balance sheets as of September 30, 2022 and December 31, 2021 included the following (in thousands): 2022 2021 Predevelopment costs $ 31,510 $ 20,677 Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $20,815 and $18,560 in 2022 and 2021, respectively 12,158 13,772 Lease inducements, net of accumulated amortization of $4,770 and $3,721 in 2022 and 2021, respectively 8,183 5,735 Prepaid expenses and other assets 7,970 6,998 Credit Facility deferred financing costs, net of accumulated amortization of $7,112 and $5,976 in 2022 and 2021, respectively 5,700 1,507 $ 65,521 $ 48,689 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	9 Months Ended
Notes Payable	Sep. 30, 2022
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at September 30, 2022 and December 31, 2021 ($ in thousands): Description Interest Rate (1) Maturity (2) 2022 2021 Unsecured Notes: Term Loan 5.38% 2024 $ 350,000 $ 350,000 Credit Facility 3.98% 2027 301,200 228,500 Senior Note 3.95% 2029 275,000 275,000 Senior Note 3.91% 2025 250,000 250,000 Senior Note 3.86% 2028 250,000 250,000 Senior Note 3.78% 2027 125,000 125,000 Senior Note 4.09% 2027 100,000 100,000 1,651,200 1,578,500 Secured Mortgage Notes: Fifth Third Center 3.37% 2026 131,055 133,672 Colorado Tower 3.45% 2026 110,210 112,150 Terminus 100 5.25% 2023 109,073 111,678 Promenade Tower 4.27% 2022 86,295 89,052 Domain 10 3.75% 2024 75,000 76,412 Terminus 200 3.79% 2023 71,172 72,561 Legacy Union One 4.24% 2023 66,000 66,000 648,805 661,525 $ 2,300,005 $ 2,240,025 Unamortized premium 998 3,910 Unamortized loan costs (5,014) (6,426) Total Notes Payable $ 2,295,989 $ 2,237,509 (1) Interest rate as of September 30, 2022. (2) Weighted average maturity of notes payable outstanding at September 30, 2022 was 3.6 years. Credit Facility Through May 2, 2022, the Company had a $1 billion senior unsecured line of credit (the "Prior Facility") that was scheduled to mature on January 3, 2023. The Prior Facility contained financial covenants that required, among other things, the maintenance of 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 Prior Facility also contained customary representations and warranties and affirmative and negative covenants, as well as customary events of default. The interest rate applicable to the Prior Facility varied according to the Company's leverage ratio and was, at the election of the Company, determined based on either (1) 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% and 0.45%, based on leverage. On May 2, 2022, the Company entered into a Fifth Amended and Restated Credit Agreement (the "Credit Facility") under which the Company may borrow up to $1 billion if certain conditions are satisfied. The Credit Facility recasts the Prior Facility by, among other things, extending the maturity date from January 3, 2023, to April 30, 2027, and reducing certain per annum variable interest rate spreads and other fees. The Credit Facility contains financial covenants consistent with those of the Prior Facility, with the exception of an increase in the secured leverage ratio to no more than 50%. 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 Daily SOFR or Term SOFR, plus a SOFR adjustment of 0.10% ("Adjusted SOFR") and a spread of between 0.90% and 1.40%, or (2) the greater of Bank of America's prime rate, the federal funds rate plus 0.50%, Term SOFR, plus a SOFR adjustment of 0.10% and 1.00%, or 1.00%, plus a spread of between 0.00% and 0.40%, based on leverage. In addition to the interest rate, the Credit Facility is also subject to a facility fee of 0.15% to 0.30%, depending on leverage, on the entire $1 billion capacity. At September 30, 2022, the Credit Facility's interest rate spread over Adjusted SOFR was 0.90% and the facility fee spread was 0.15%. The amount that the Company may draw under the New Facility is a defined calculation based on the Company's unencumbered assets and other factors. The total available borrowing capacity under the Credit Facility was $698.8 million at September 30, 2022. The amounts outstanding under the Credit Facility may be accelerated upon the occurrence of any events of default. 2021 Term Loan On June 28, 2021, the Company entered into an Amended and Restated Term Loan Agreement (the "2021 Term Loan") that amended the former term loan agreement. Under the 2021 Term Loan, the Company has borrowed $350 million that matures on August 30, 2024 with four consecutive options to extend the maturity date for an additional 180 days. On September 19, 2022, the Company entered into the First Amendment to the 2021 Term Loan. This amendment aligns covenants and available interest rates, including the addition of SOFR, to that of the Credit Facility. Under the terms of this First Amendment the interest rate applicable to the 2021 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 Daily SOFR or Term SOFR, plus a SOFR adjustment of 0.10% ("Adjusted SOFR") and a spread of between 1.05% and 1.65%, or (2) the greater of Bank of America's prime rate, the federal funds rate plus 0.50%, Term SOFR, plus a SOFR adjustment of 0.10% and 1.00%, or 1.00%, plus a spread of between 0.05% and 0.65%, based on leverage. On September 19, 2022, the Company provided notice of our election of the Daily SOFR Rate Loan provisions. On September 27, 2022, the Company entered into a floating-to-fixed interest rate swap with respect to the $350 million 2021 Term Loan through the maturity date of August 30, 2024. This swap effectively fixed the underlying SOFR rate at 4.23%. Please see Note 8 for more information on this cash flow hedge. At September 30, 2022, the 2021 Term Loan's spread over the Adjusted SOFR rate was 1.05%. 2022 Term Loan Subsequent to quarter end, on October 3, 2022, the Company entered into a Delayed Draw Term Loan Agreement (the "2022 Term Loan") and borrowed the full $400 million available under the loan. The loan matures on March 3, 2025 with four consecutive options to extend the maturity date for an additional six months. The interest rate provisions are the same as the 2021 Term Loan, and the covenants are the same as the Credit Facility. 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 are consistent with those of our Credit Facility. The senior notes also contain customary representations and warranties and affirmative and negative covenants, as well as customary events of default. Secured Mortgage Notes As of September 30, 2022, the Company had $648.8 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, respectively, on these mortgage notes payable. Subsequent to quarter end, the Company paid off in full its Legacy Union One and Promenade Tower mortgages, without penalty. Subsequent to quarter end, the Company completed the application process, including paying a deposit to the lender, to extend the existing mortgages on the Company's two Terminus properties in Atlanta with the current lender. The maturities will be extended from January 2023 to January 2031, the combined principal will increase to $221.0 million, and the interest rate is 6.34%. This extension is expected to close before December 31, 2022. Other Debt Information The Company is in compliance with all of the covenants related to its unsecured and secured debt. At September 30, 2022 and December 31, 2021, the estimated fair value of the Company’s notes payable was $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 September 30, 2022 and December 31, 2021. The estimate of the current market rate, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. These fair value calculations are considered to be Level 2 under the guidelines as set forth in ASC 820, as the Company utilizes market rates for similar type loans from third party brokers. For the three and nine months ended September 30, 2022 and 2021, interest expense was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total interest incurred $ 22,406 $ 18,181 $ 61,522 $ 54,775 Interest capitalized (4,026) (1,472) (11,068) (4,202) Total interest expense $ 18,380 $ 16,709 $ 50,454 $ 50,573

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS On September 27, 2022, the Company entered into a floating-to-fixed interest rate swap with respect to the $350 million 2021 Term Loan through the maturity date of August 30, 2024. This swap effectively fixed the underlying SOFR rate at 4.23%. On the date the Company entered into this derivative contract, the Company designated the derivative as a hedge to the exposure to variable cash flows of a forecasted transaction (referred to as a "cash flow hedge"). For a cash flow hedge determined to be highly effective, the derivative's gain or loss is initially reported as a component of other comprehensive income or loss and subsequently reclassified into net income when the forecasted transaction affects earnings. The cash flow hedge is measured at fair value using observable inputs other than quoted prices in active markets, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. These inputs are considered Level 2 inputs in the Fair Value Hierarchy and the Company engages a third party expert to determine these inputs. The fair value of the cash flow hedge is determined using the conventional industry methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts made between the Company and its counterparty to the cash flow hedge. These variable cash receipts are based on the expectation of future interest rates which are derived from observed market interest rate curves. In addition, any credit valuation adjustments are considered in the fair values to account for potential nonperformance risk to the extent they would be significant inputs to the calculation. For the period presented, it was determined that credit valuation adjustments were not considered to be significant inputs. As of September 30, 2022, the fair value of this swap was $652,000, which approximates the amount the Company would owe the counter-party under the swap in the event of early termination. This $652,000 is included in other liabilities in the Company's consolidated balance sheet and it is entirely offset in accumulated other comprehensive loss within equity. For the three and nine months ended September 30, 2022, $63,000 of incremental interest expense is included in the Company's consolidated statement of operations related to current net cash settlements under the swap. We estimate an additional expense of $375,000 will be reclassified to interest expense over the next twelve months, due to expected settlements on this cash flow hedge.

Other Liabilities

Other Liabilities	9 Months Ended
Other Liabilities	Sep. 30, 2022
Other Liabilities Disclosure [Abstract]
OTHER LIABILITIES	OTHER LIABILITIES Other liabilities on the consolidated balance sheets as of September 30, 2022 and December 31, 2021 included the following (in thousands): 2022 2021 Ground lease liability $ 49,431 $ 49,470 Prepaid rent 32,288 37,174 Security deposits 14,432 12,875 Restricted stock unit liability 1,058 7,314 Other liabilities 5,955 5,031 $ 103,164 $ 111,864

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments The Company had outstanding performance bonds totaling $692,000 at September 30, 2022. As a lessor, the Company had $161.7 million in future obligations under leases to fund tenant improvements and other future construction obligations at September 30, 2022. Litigation The Company is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of the Company.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2022
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITYIn the third quarter of 2021, the Company entered into an Equity Distribution Agreement with six financial institutions known as an at-the-market stock offering program ("ATM program"), under which the Company may offer and sell shares of its common stock from time to time in "at-the-market" offerings with an aggregate gross sales price of up to $500 million. In connection with the ATM program, Cousins may, at its discretion, enter into forward equity sale agreements. The use of a forward equity sale agreement ("Forward Sales") would allow the Company to lock in a share price on the sale of shares of its common stock at the time the agreement is executed, but defer receiving the proceeds from the sale of shares until a later date, allowing the Company to better align such funding with its capital needs. Sales of shares of Cousins' stock through its banking relationships, if any, are made in amounts and at times to be determined by Cousins from time to time, but the Company has no obligation to sell any of the shares in the offering and may suspend sales in connection with the offering at any time. Sales of Cousins' common stock under Forward Sales, if undertaken, meet the derivatives and hedging guidance scope exception as the contracts are related to the Company's own stock. On June 29, 2022, the Company issued 2.6 million shares of common stock that had been executed under Forward Sales at an average price of $39.92 per share for gross proceeds of $105.1 million. To date the Company has issued 2.6 million shares under the ATM program and has generated cash proceeds of $101.4 million, net of $1.1 million of compensation to be paid with respect to such Forward Sales, $1.7 million of dividends owed during the period the Forward Sales were outstanding, and $900,000 of other transaction related costs. To the extent, prior to settlement, shares sold under Forward Sales were potentially dilutive during the period under the treasury stock method, the impact of such dilution is disclosed in the calculation included in Note 14. The Company did not have any outstanding Forward Sales for the sale of its common stock as of September 30, 2022.

Revenue Recognition

Revenue Recognition	9 Months Ended
Revenue Recognition	Sep. 30, 2022
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 revenues; (4) termination fees; and (5) the reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses. The Company's leases typically include renewal options and are classified and accounted for as operating leases. Rental property revenues are accounted for in accordance with the guidance set forth in ASC 842. • Fee income consists of development fees, management fees, and leasing fees earned from unconsolidated joint ventures and from third parties. Fee income is accounted for in accordance with the guidance set forth in ASC 606. For the three and nine months ended September 30, 2022, the Company recognized rental property revenues of $193.5 million and $559.9 million, respectively, of which $54.7 million and $157.7 million, respectively, represented variable rental revenue. For the three and nine months ended September 30, 2021, the Company recognized rental property revenues of $185.5 million and $552.1 million, respectively, of which $52.3 million and $148.3 million, respectively, represented variable rental revenue. For the three and nine months ended September 30, 2022, the Company recognized fee and other revenue of $1.7 million and $7.9 million, respectively. For the three and nine months ended September 30, 2021, the Company recognized fee and other revenue of $3.2 million and $12.8 million, respectively.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2022
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") and the 2021 Employee Stock Purchase Plan ("ESPP") under which the Company has several types of stock-based compensation — restricted stock and restricted stock units ("RSUs") for key employees, and the opportunity for all employees to purchase Company stock through the ESPP. The Company's compensation expense for the three and nine months ended September 30, 2022 relates to restricted stock and RSUs awarded in 2022, 2021, 2020, and 2019 and the ESPP. Compensation expense for the three and nine months ended September 30, 2021 relates to restricted stock and RSUs awarded in 2021, 2020, 2019, and 2018. Restricted stock, the 2022 RSUs, 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 and 2018 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 nine months ended September 30, 2022 and 2021, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Equity-classified awards: Restricted stock $ 779 $ 682 $ 2,348 $ 1,995 Market-based RSUs 917 587 3,065 1,946 Performance-based RSUs 179 203 863 677 Director grants 385 334 1,086 890 Employee Stock Purchase Plan 39 — 133 — Total equity-classified award expense, net of forfeitures 2,299 1,806 7,495 5,508 Liability-classified awards Time-vested RSUs (116) 149 (136) 522 Dividend equivalent units 34 24 53 76 Market-based RSUs — 827 — 1,597 Performance-based RSUs — 83 — 340 Total liability-classified award expense, net of forfeitures (82) 1,083 (83) 2,535 Total stock-based compensation expense, net of forfeitures $ 2,217 $ 2,889 $ 7,412 $ 8,043 Information on the Company's stock compensation plan, including information on the Company's equity-classified and liability-classified awards is discussed in note 15 of the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Earnings per common share - basic: Numerator: Net income $ 80,769 $ 54,136 $ 143,096 $ 111,507 Net income attributable to noncontrolling interests in CPLP from continuing operations (26) (9) (38) (20) Net income attributable to other noncontrolling interests (104) (109) (383) (206) Net income available to common stockholders $ 80,639 $ 54,018 $ 142,675 $ 111,281 Denominator: Weighted average common shares - basic 151,435 148,688 149,670 148,659 Net income per common share - basic $ 0.53 $ 0.36 $ 0.95 $ 0.75 Earnings per common share - diluted: Numerator: Net income $ 80,769 $ 54,136 $ 143,096 $ 111,507 Net income attributable to other noncontrolling interests (104) (109) (383) (206) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 80,665 $ 54,027 $ 142,713 $ 111,301 Denominator: Weighted average common shares - basic 151,435 148,688 149,670 148,659 Add: Potential dilutive common shares - stock options — — — 1 Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 235 59 251 58 Weighted average units of CPLP convertible into common shares 25 25 25 25 Weighted average common shares - diluted 151,695 148,772 149,946 148,743 Net income per common share - diluted $ 0.53 $ 0.36 $ 0.95 $ 0.75 Anti-dilutive stock options represent stock options whose exercise price exceeds the average market value of the Company's stock and are excluded from the calculation of diluted earnings per share. There were no anti-dilutive stock options for the three and nine months ended September 30, 2022 and 2021. The treasury stock method resulted in no dilution related to the Forward Sales outstanding during the three and nine months ended September 30, 2022 under the Company's ATM program or from shares expected to be issued under the ESPP.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - Supplemental Information	9 Months Ended
	Sep. 30, 2022
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 nine months ended September 30, 2022 and 2021 is as follows (in thousands): 2022 2021 Interest paid $ 58,865 $ 61,235 Income taxes paid (1) — 155 Non-Cash Activity: Transfers from projects under development to operating properties 141,349 — Transfer from operating properties and related assets and liabilities to assets and — 249,365 Tenant improvements recorded in deferred income 56,727 2,247 Common stock dividends declared and accrued 48,459 46,319 (1) This represents state income taxes paid in conjunction with gains from sales transactions. 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): September 30, 2022 December 31, 2021 Cash and cash equivalents $ 5,507 $ 8,937 Restricted cash 1,231 1,231 Total cash, cash equivalents, and restricted cash $ 6,738 $ 10,168

Reportable Segments

Reportable Segments	9 Months Ended
Reportable Segments	Sep. 30, 2022
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 region. The segments by property type are Office and Non-Office. The segments by geographical region are Atlanta, Austin, Charlotte, Dallas, Phoenix, Tampa, and other markets. Included in other markets are properties located in Chapel Hill (sold in September 2022), Houston, Nashville, and Fort Worth (sold in April 2021). Included in Non-Office are retail and apartments in Chapel Hill (sold in September 2022) and Atlanta, as well as the College Street Garage in Charlotte. In the third quarter of 2021, with the sale of the Company's One South at the Plaza office property, the Company reassessed the segment for the College Street Garage and began to treat it as Non-Office for all periods presented. These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker based on similar economic characteristics that include the type of property and the geographical location. Each segment includes both consolidated operations and the Company's share of joint venture operations. Company management evaluates the performance of its reportable segments based in part 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 the three and nine months ended September 30, 2022 and 2021 are as follows (in thousands): Three Months Ended September 30, 2022 Office Non-Office Total Revenues: Atlanta $ 70,708 $ 461 $ 71,169 Austin 64,522 — 64,522 Charlotte 14,343 1,316 15,659 Dallas 4,240 — 4,240 Phoenix 15,135 — 15,135 Tampa 18,229 — 18,229 Other markets 7,476 1,419 8,895 Total segment revenues 194,653 3,196 197,849 Less: Company's share of rental property revenues from unconsolidated joint ventures (2,514) (1,880) (4,394) Total rental property revenues $ 192,139 $ 1,316 $ 193,455 Three Months Ended September 30, 2021 Office Non-Office Total Revenues: Atlanta $ 67,959 $ 369 $ 68,328 Austin 65,448 — 65,448 Charlotte 17,527 721 18,248 Dallas 4,337 — 4,337 Phoenix 12,847 — 12,847 Tampa 14,444 — 14,444 Other markets 8,702 1,155 9,857 Total segment revenues 191,264 2,245 193,509 Less: Company's share of rental property revenues from unconsolidated joint ventures (6,470) (1,524) (7,994) Total rental property revenues $ 184,794 $ 721 $ 185,515 Nine Months Ended September 30, 2022 Office Non-Office Total Revenues: Atlanta $ 207,582 $ 1,323 $ 208,905 Austin 184,800 — 184,800 Charlotte 41,776 3,604 45,380 Dallas 12,568 — 12,568 Phoenix 42,098 — 42,098 Tampa 52,369 — 52,369 Other markets 22,423 3,957 26,380 Total segment revenues 563,616 8,884 572,500 Less: Company's share of rental property revenues from unconsolidated joint ventures (7,364) (5,280) (12,644) Total rental property revenues $ 556,252 $ 3,604 $ 559,856 Nine Months Ended September 30, 2021 Office Non-Office Total Revenues: Atlanta $ 198,461 $ 1,039 $ 199,500 Austin 183,158 — 183,158 Charlotte 60,578 1,873 62,451 Dallas 13,351 — 13,351 Phoenix 38,067 — 38,067 Tampa 43,180 — 43,180 Other markets 31,825 3,930 35,755 Total segment revenues 568,620 6,842 575,462 Less: Company's share of rental property revenues from unconsolidated joint ventures (18,405) (4,969) (23,374) Total rental property revenues $ 550,215 $ 1,873 $ 552,088 NOI by reportable segment for the three and nine months ended September 30, 2022 and 2021 are as follows (in thousands): Three Months Ended September 30, 2022 Office Non-Office Total Net Operating Income: Atlanta $ 46,678 $ 280 $ 46,958 Austin 39,564 — 39,564 Charlotte 10,587 935 11,522 Dallas 3,197 — 3,197 Phoenix 11,145 — 11,145 Tampa 11,254 — 11,254 Other markets 4,879 881 5,760 Total Net Operating Income $ 127,304 $ 2,096 $ 129,400 Three Months Ended September 30, 2021 Office Non-Office Total Net Operating Income: Atlanta $ 44,333 $ 180 $ 44,513 Austin 38,532 — 38,532 Charlotte 12,491 361 12,852 Dallas 3,424 — 3,424 Phoenix 9,299 — 9,299 Tampa 9,434 — 9,434 Other markets 5,347 747 6,094 Total Net Operating Income $ 122,860 $ 1,288 $ 124,148 Nine Months Ended September 30, 2022 Office Non-Office Total Net Operating Income: Atlanta $ 137,357 $ 765 $ 138,122 Austin 112,496 — 112,496 Charlotte 30,845 2,549 33,394 Dallas 9,696 — 9,696 Phoenix 29,988 — 29,988 Tampa 32,588 — 32,588 Other markets 13,319 2,455 15,774 Total Net Operating Income $ 366,289 $ 5,769 $ 372,058 Nine Months Ended September 30, 2021 Office Non-Office Total Net Operating Income: Atlanta $ 130,551 $ 433 $ 130,984 Austin 108,764 — 108,764 Charlotte 43,176 796 43,972 Dallas 10,546 — 10,546 Phoenix 27,252 — 27,252 Tampa 27,755 — 27,755 Other markets 18,142 2,562 20,704 Total Net Operating Income $ 366,186 $ 3,791 $ 369,977 The following reconciles Net Operating Income to net income for each of the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net Operating Income $ 129,400 $ 124,148 $ 372,058 $ 369,977 Net operating income from unconsolidated joint ventures (2,819) (5,762) (8,080) (15,953) Fee income 1,677 3,094 5,370 12,426 Termination fees 242 1,775 2,153 2,599 Other income 38 123 2,522 405 Reimbursed expenses (418) (383) (1,455) (1,149) General and administrative expenses (6,498) (7,968) (21,557) (22,014) Interest expense (18,380) (16,709) (50,454) (50,573) Depreciation and amortization (79,116) (72,073) (219,721) (214,399) Other expenses (231) (421) (877) (1,835) Income from unconsolidated joint ventures 634 2,128 7,038 5,826 Gain on sales of investments in unconsolidated joint ventures 56,260 13,121 56,260 13,160 Gain (loss) on investment property transactions (20) 13,063 (61) 13,037 Loss on extinguishment of debt — — (100) — Net income $ 80,769 $ 54,136 $ 143,096 $ 111,507

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and the results of operations for the three and nine months ended September 30, 2022 and 2021. The results of operations for the three and nine months ended September 30, 2022 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, 2021. 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)	9 Months Ended
Real Estate (Tables)	Sep. 30, 2022
Real Estate [Abstract]
Schedule of property acquired	The Company accounted for this transaction as an acquisition of an asset, and the following table summarizes the allocation of the purchase price of this property (in thousands): 725 Ponce Tangible assets: Operating properties $ 292,946 Tangible assets 292,946 Intangible assets: In-place leases 12,788 Above market leases 1,770 Intangible assets 14,558 Intangible liabilities: Above market leases (6,739) Intangible liabilities (6,739) Total net assets acquired $ 300,765

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	9 Months Ended
Investment in Unconsolidated Joint Ventures (Tables)	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Summary of Financial Data and Principal Activities of Unconsolidated Joint Ventures	The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of September 30, 2022 and December 31, 2021 (in thousands). SUMMARY OF FINANCIAL POSITION Total Assets Total Debt Total Equity (Deficit) Company's Investment 2022 2021 2022 2021 2022 2021 2022 2021 Operating Properties: AMCO 120 WT Holdings, LLC $ 82,207 $ 83,546 $ — $ — $ 81,254 $ 82,739 $ 14,987 $ 15,347 Carolina Square Holdings LP — 113,011 — 132,654 — (34,066) — (15,786) (1) Crawford Long - CPI, LLC 25,932 24,709 63,302 64,566 (39,802) (40,221) (19,208) (1) (19,356) (1) Under Development: Neuhoff Holdings LLC 297,800 133,691 90,582 28,390 166,877 93,218 87,080 47,529 Land: 715 Ponce Holdings LLC 8,402 8,150 — — 8,306 8,150 4,247 4,165 HICO Victory Center LP 161 16,421 — — 136 15,962 75 10,723 Other: Other — 518 — — — 11 — 47 $ 414,502 $ 380,046 $ 153,884 $ 225,610 $ 216,771 $ 125,793 $ 87,181 $ 42,669 (1) Negative bases are included in deferred income on the consolidated balance sheets. The information included in the summary of operations table is for the nine months ended September 30, 2022 and 2021 (in thousands). SUMMARY OF OPERATIONS Total Revenues Net Income (Loss) Company's Income (Loss) 2022 2021 2022 2021 2022 2021 Operating Properties: AMCO 120 WT Holdings, LLC $ 8,005 $ 6,385 $ 2,335 $ 234 $ 454 $ 38 Carolina Square Holdings LP 12,140 12,478 600 1,713 215 776 Crawford Long - CPI, LLC 9,811 9,743 3,419 3,049 1,603 1,412 Under Development: Neuhoff Holdings LLC 107 — 79 — 39 — Land: 715 Ponce Holdings LLC 220 25 156 11 78 7 HICO Victory Center LP 6,873 199 6,871 199 4,546 111 Other: Other 28 21,975 (12) 7,365 103 3,482 $ 37,184 $ 50,805 $ 13,448 $ 12,571 $ 7,038 $ 5,826

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	9 Months Ended
Intangible Assets and Liabilities (Tables)	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	At September 30, 2022 and December 31, 2021, intangible assets included the following (in thousands): 2022 2021 In-place leases, net of accumulated amortization of $129,771 and $134,930 in 2022 and 2021, respectively $ 107,874 $ 129,538 Below-market ground lease, net of accumulated amortization of $1,760 and $1,449 in 2022 and 2021, respectively 17,493 17,804 Above-market rents, net of accumulated amortization of $24,644 and $25,423 in 2022 and 2021, respectively 16,080 19,537 Goodwill 1,674 1,674 $ 143,121 $ 168,553
Schedule of Intangible Liabilities	At September 30, 2022 and December 31, 2021, intangible liabilities included the following (in thousands): 2022 2021 Below-market rents, net of accumulated amortization of $47,468 and $55,079 in 2022 and 2021, respectively $ 54,734 $ 63,223
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 Below-Market Ground Lease Above-Market Rents Below-Market 2022 (three months) $ 5,813 $ 100 $ 1,025 $ (2,435) 2023 21,652 400 3,742 (9,355) 2024 19,203 400 3,045 (8,947) 2025 15,499 400 2,050 (8,393) 2026 12,212 400 1,626 (6,640) Thereafter 33,495 15,793 4,592 (18,964) $ 107,874 $ 17,493 $ 16,080 $ (54,734)

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
Other Assets (Tables)	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets on the consolidated balance sheets as of September 30, 2022 and December 31, 2021 included the following (in thousands): 2022 2021 Predevelopment costs $ 31,510 $ 20,677 Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $20,815 and $18,560 in 2022 and 2021, respectively 12,158 13,772 Lease inducements, net of accumulated amortization of $4,770 and $3,721 in 2022 and 2021, respectively 8,183 5,735 Prepaid expenses and other assets 7,970 6,998 Credit Facility deferred financing costs, net of accumulated amortization of $7,112 and $5,976 in 2022 and 2021, respectively 5,700 1,507 $ 65,521 $ 48,689

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
Notes Payable (Tables)	Sep. 30, 2022
Debt Disclosure [Abstract]
Summary of Terms of Notes Payable	The following table summarizes the terms of notes payable outstanding at September 30, 2022 and December 31, 2021 ($ in thousands): Description Interest Rate (1) Maturity (2) 2022 2021 Unsecured Notes: Term Loan 5.38% 2024 $ 350,000 $ 350,000 Credit Facility 3.98% 2027 301,200 228,500 Senior Note 3.95% 2029 275,000 275,000 Senior Note 3.91% 2025 250,000 250,000 Senior Note 3.86% 2028 250,000 250,000 Senior Note 3.78% 2027 125,000 125,000 Senior Note 4.09% 2027 100,000 100,000 1,651,200 1,578,500 Secured Mortgage Notes: Fifth Third Center 3.37% 2026 131,055 133,672 Colorado Tower 3.45% 2026 110,210 112,150 Terminus 100 5.25% 2023 109,073 111,678 Promenade Tower 4.27% 2022 86,295 89,052 Domain 10 3.75% 2024 75,000 76,412 Terminus 200 3.79% 2023 71,172 72,561 Legacy Union One 4.24% 2023 66,000 66,000 648,805 661,525 $ 2,300,005 $ 2,240,025 Unamortized premium 998 3,910 Unamortized loan costs (5,014) (6,426) Total Notes Payable $ 2,295,989 $ 2,237,509 (1) Interest rate as of September 30, 2022. (2) Weighted average maturity of notes payable outstanding at September 30, 2022 was 3.6 years.
Summary of Interest Recorded	For the three and nine months ended September 30, 2022 and 2021, interest expense was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total interest incurred $ 22,406 $ 18,181 $ 61,522 $ 54,775 Interest capitalized (4,026) (1,472) (11,068) (4,202) Total interest expense $ 18,380 $ 16,709 $ 50,454 $ 50,573

Other Liabilities (Tables)

Other Liabilities (Tables)	9 Months Ended
Other Liabilities (Tables)	Sep. 30, 2022
Other Liabilities Disclosure [Abstract]
Summary of Other Liabilities	Other liabilities on the consolidated balance sheets as of September 30, 2022 and December 31, 2021 included the following (in thousands): 2022 2021 Ground lease liability $ 49,431 $ 49,470 Prepaid rent 32,288 37,174 Security deposits 14,432 12,875 Restricted stock unit liability 1,058 7,314 Other liabilities 5,955 5,031 $ 103,164 $ 111,864

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense, Net of Forfeitures	For the three and nine months ended September 30, 2022 and 2021, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Equity-classified awards: Restricted stock $ 779 $ 682 $ 2,348 $ 1,995 Market-based RSUs 917 587 3,065 1,946 Performance-based RSUs 179 203 863 677 Director grants 385 334 1,086 890 Employee Stock Purchase Plan 39 — 133 — Total equity-classified award expense, net of forfeitures 2,299 1,806 7,495 5,508 Liability-classified awards Time-vested RSUs (116) 149 (136) 522 Dividend equivalent units 34 24 53 76 Market-based RSUs — 827 — 1,597 Performance-based RSUs — 83 — 340 Total liability-classified award expense, net of forfeitures (82) 1,083 (83) 2,535 Total stock-based compensation expense, net of forfeitures $ 2,217 $ 2,889 $ 7,412 $ 8,043

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Earnings per common share - basic: Numerator: Net income $ 80,769 $ 54,136 $ 143,096 $ 111,507 Net income attributable to noncontrolling interests in CPLP from continuing operations (26) (9) (38) (20) Net income attributable to other noncontrolling interests (104) (109) (383) (206) Net income available to common stockholders $ 80,639 $ 54,018 $ 142,675 $ 111,281 Denominator: Weighted average common shares - basic 151,435 148,688 149,670 148,659 Net income per common share - basic $ 0.53 $ 0.36 $ 0.95 $ 0.75 Earnings per common share - diluted: Numerator: Net income $ 80,769 $ 54,136 $ 143,096 $ 111,507 Net income attributable to other noncontrolling interests (104) (109) (383) (206) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 80,665 $ 54,027 $ 142,713 $ 111,301 Denominator: Weighted average common shares - basic 151,435 148,688 149,670 148,659 Add: Potential dilutive common shares - stock options — — — 1 Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 235 59 251 58 Weighted average units of CPLP convertible into common shares 25 25 25 25 Weighted average common shares - diluted 151,695 148,772 149,946 148,743 Net income per common share - diluted $ 0.53 $ 0.36 $ 0.95 $ 0.75

Consolidated Statements of Ca_3

Consolidated Statements of Cash Flows - Supplemental Information (Tables)	9 Months Ended
	Sep. 30, 2022
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 nine months ended September 30, 2022 and 2021 is as follows (in thousands): 2022 2021 Interest paid $ 58,865 $ 61,235 Income taxes paid (1) — 155 Non-Cash Activity: Transfers from projects under development to operating properties 141,349 — Transfer from operating properties and related assets and liabilities to assets and — 249,365 Tenant improvements recorded in deferred income 56,727 2,247 Common stock dividends declared and accrued 48,459 46,319 (1) This represents state income taxes paid in conjunction with gains from sales transactions.
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): September 30, 2022 December 31, 2021 Cash and cash equivalents $ 5,507 $ 8,937 Restricted cash 1,231 1,231 Total cash, cash equivalents, and restricted cash $ 6,738 $ 10,168
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): September 30, 2022 December 31, 2021 Cash and cash equivalents $ 5,507 $ 8,937 Restricted cash 1,231 1,231 Total cash, cash equivalents, and restricted cash $ 6,738 $ 10,168

Reportable Segments (Tables)

Reportable Segments (Tables)	9 Months Ended
Reportable Segments (Tables)	Sep. 30, 2022
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 the three and nine months ended September 30, 2022 and 2021 are as follows (in thousands): Three Months Ended September 30, 2022 Office Non-Office Total Revenues: Atlanta $ 70,708 $ 461 $ 71,169 Austin 64,522 — 64,522 Charlotte 14,343 1,316 15,659 Dallas 4,240 — 4,240 Phoenix 15,135 — 15,135 Tampa 18,229 — 18,229 Other markets 7,476 1,419 8,895 Total segment revenues 194,653 3,196 197,849 Less: Company's share of rental property revenues from unconsolidated joint ventures (2,514) (1,880) (4,394) Total rental property revenues $ 192,139 $ 1,316 $ 193,455 Three Months Ended September 30, 2021 Office Non-Office Total Revenues: Atlanta $ 67,959 $ 369 $ 68,328 Austin 65,448 — 65,448 Charlotte 17,527 721 18,248 Dallas 4,337 — 4,337 Phoenix 12,847 — 12,847 Tampa 14,444 — 14,444 Other markets 8,702 1,155 9,857 Total segment revenues 191,264 2,245 193,509 Less: Company's share of rental property revenues from unconsolidated joint ventures (6,470) (1,524) (7,994) Total rental property revenues $ 184,794 $ 721 $ 185,515 Nine Months Ended September 30, 2022 Office Non-Office Total Revenues: Atlanta $ 207,582 $ 1,323 $ 208,905 Austin 184,800 — 184,800 Charlotte 41,776 3,604 45,380 Dallas 12,568 — 12,568 Phoenix 42,098 — 42,098 Tampa 52,369 — 52,369 Other markets 22,423 3,957 26,380 Total segment revenues 563,616 8,884 572,500 Less: Company's share of rental property revenues from unconsolidated joint ventures (7,364) (5,280) (12,644) Total rental property revenues $ 556,252 $ 3,604 $ 559,856 Nine Months Ended September 30, 2021 Office Non-Office Total Revenues: Atlanta $ 198,461 $ 1,039 $ 199,500 Austin 183,158 — 183,158 Charlotte 60,578 1,873 62,451 Dallas 13,351 — 13,351 Phoenix 38,067 — 38,067 Tampa 43,180 — 43,180 Other markets 31,825 3,930 35,755 Total segment revenues 568,620 6,842 575,462 Less: Company's share of rental property revenues from unconsolidated joint ventures (18,405) (4,969) (23,374) Total rental property revenues $ 550,215 $ 1,873 $ 552,088
Reconciliation of NOI to Net Income Available to Common Stockholders	NOI by reportable segment for the three and nine months ended September 30, 2022 and 2021 are as follows (in thousands): Three Months Ended September 30, 2022 Office Non-Office Total Net Operating Income: Atlanta $ 46,678 $ 280 $ 46,958 Austin 39,564 — 39,564 Charlotte 10,587 935 11,522 Dallas 3,197 — 3,197 Phoenix 11,145 — 11,145 Tampa 11,254 — 11,254 Other markets 4,879 881 5,760 Total Net Operating Income $ 127,304 $ 2,096 $ 129,400 Three Months Ended September 30, 2021 Office Non-Office Total Net Operating Income: Atlanta $ 44,333 $ 180 $ 44,513 Austin 38,532 — 38,532 Charlotte 12,491 361 12,852 Dallas 3,424 — 3,424 Phoenix 9,299 — 9,299 Tampa 9,434 — 9,434 Other markets 5,347 747 6,094 Total Net Operating Income $ 122,860 $ 1,288 $ 124,148 Nine Months Ended September 30, 2022 Office Non-Office Total Net Operating Income: Atlanta $ 137,357 $ 765 $ 138,122 Austin 112,496 — 112,496 Charlotte 30,845 2,549 33,394 Dallas 9,696 — 9,696 Phoenix 29,988 — 29,988 Tampa 32,588 — 32,588 Other markets 13,319 2,455 15,774 Total Net Operating Income $ 366,289 $ 5,769 $ 372,058 Nine Months Ended September 30, 2021 Office Non-Office Total Net Operating Income: Atlanta $ 130,551 $ 433 $ 130,984 Austin 108,764 — 108,764 Charlotte 43,176 796 43,972 Dallas 10,546 — 10,546 Phoenix 27,252 — 27,252 Tampa 27,755 — 27,755 Other markets 18,142 2,562 20,704 Total Net Operating Income $ 366,186 $ 3,791 $ 369,977 The following reconciles Net Operating Income to net income for each of the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net Operating Income $ 129,400 $ 124,148 $ 372,058 $ 369,977 Net operating income from unconsolidated joint ventures (2,819) (5,762) (8,080) (15,953) Fee income 1,677 3,094 5,370 12,426 Termination fees 242 1,775 2,153 2,599 Other income 38 123 2,522 405 Reimbursed expenses (418) (383) (1,455) (1,149) General and administrative expenses (6,498) (7,968) (21,557) (22,014) Interest expense (18,380) (16,709) (50,454) (50,573) Depreciation and amortization (79,116) (72,073) (219,721) (214,399) Other expenses (231) (421) (877) (1,835) Income from unconsolidated joint ventures 634 2,128 7,038 5,826 Gain on sales of investments in unconsolidated joint ventures 56,260 13,121 56,260 13,160 Gain (loss) on investment property transactions (20) 13,063 (61) 13,037 Loss on extinguishment of debt — — (100) — Net income $ 80,769 $ 54,136 $ 143,096 $ 111,507

Description of Business and B_3

Description of Business and Basis of Presentation - Description of Business (Details) ft² in Thousands	9 Months Ended
	Sep. 30, 2022 ft²
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%
Portfolio of real estate assets, office space area	18,500
Portfolio of real estate assets, retail space area	310
CPLP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of partnership units owned by the company (more than)	99%

Transactions with Norfolk Sou_2

Transactions with Norfolk Southern Railway Company (Details) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
	Mar. 01, 2019	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets		$ 7,496,072				$ 7,496,072		$ 7,312,034
Deferred income		108,316				108,316		74,515
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
Revenue recognized		$ 1,000	$ 2,500			$ 3,200	$ 10,400
Deferred income								$ 1,800
Promenade Central
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets	92,300
Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property purchased				$ 6,500	$ 37,000
Site Preparation Work
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property purchased	4,000
NS \| Promenade Central
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase of a building	$ 82,000
Lease term	3 years
Discount on service contract price	$ 10,300
Gain or loss on derecognition of non financial asset fair value	0
Consideration for the various services component	52,300
NS \| Fees for development services
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract fees	5,000
NS \| Fees for consulting services
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract fees	32,000
NS \| Development agreement \| Promenade Central
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration for various services contract	5,000
NS \| Consulting agreement \| Promenade Central
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration for various services contract	32,000
NS \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of property	52,500
Gain from sale of property	5,000
NS \| Land \| Promenade Central
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration for various services contract	$ 5,000

Real Estate - Acquisitions (Det

Real Estate - Acquisitions (Details) $ in Thousands					9 Months Ended
Real Estate - Acquisitions (Details) $ in Thousands	Apr. 21, 2022 USD ($)	Sep. 27, 2021 USD ($) a	Jul. 28, 2021 USD ($) a	Mar. 12, 2021 USD ($) a	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Intangible liabilities:
Contributions to unconsolidated joint ventures					$ 35,193	$ 46,038
Atlanta Land Parcel
Business Acquisition [Line Items]
Ownership percentage of partner in joint venture				95%
Area of property \| a				0.24
Payments to acquire businesses, gross				$ 8,000
725 Ponce
Business Acquisition [Line Items]
Area of property \| a			372,000
Payments to acquire businesses, gross			$ 300,800
Tangible assets:
Operating properties			292,946
Tangible assets			292,946
Intangible assets:
Intangible assets			14,558
Intangible liabilities:
Intangible liabilities			(6,739)
Total net assets acquired			300,765
725 Ponce \| In-Place Leases
Intangible assets:
Intangible assets			12,788
725 Ponce \| Above-Market Rents
Intangible assets:
Intangible assets			1,770
Intangible liabilities:
Intangible liabilities			$ (6,739)
Midtown Atlanta Land Parcel
Business Acquisition [Line Items]
Area of property \| a		0.15
Payments to acquire businesses, gross		$ 3,100
HICO Avalon, LLC And HICO Avalon II
Business Acquisition [Line Items]
Ownership percentage of partner in joint venture	10%
Intangible liabilities:
Contributions to unconsolidated joint ventures	$ 43,400
Book value of non-controlling interest	$ 15,700

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Thousands	Jul. 23, 2021 USD ($)	Apr. 07, 2021 USD ($)	Jul. 01, 2021 USD ($) a
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		$ 80
A100 Mill Adjacent Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price			$ 6,400
Area of property \| a			0.7
One South Plaza
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price	$ 271,500
Gain (loss) from sale of property	$ 12,700

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Summary of Financial Position and Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	$ 7,496,072		$ 7,496,072		$ 7,312,034
Total Equity (Deficit)	4,645,357		4,645,357		4,566,770
Income Statement [Abstract]
Total Revenues	195,170	$ 188,732	567,748	$ 564,919
Net Income (Loss)	80,639	$ 54,018	142,675	111,281
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	414,502		414,502		380,046
Total Debt	153,884		153,884		225,610
Total Equity (Deficit)	216,771		216,771		125,793
Company's Investment	87,181		87,181		42,669
Income Statement [Abstract]
Total Revenues			37,184	50,805
Net Income (Loss)			13,448	12,571
Company's Income (Loss) from Investment			7,038	5,826
AMCO 120 WT Holdings, LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	82,207		82,207		83,546
Total Debt	0		0		0
Total Equity (Deficit)	81,254		81,254		82,739
Company's Investment	14,987		14,987		15,347
Income Statement [Abstract]
Total Revenues			8,005	6,385
Net Income (Loss)			2,335	234
Company's Income (Loss) from Investment			454	38
Carolina Square Holdings LP
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	0		0		113,011
Total Debt	0		0		132,654
Total Equity (Deficit)	0		0		(34,066)
Company's Investment	0		0		(15,786)
Income Statement [Abstract]
Total Revenues			12,140	12,478
Net Income (Loss)			600	1,713
Company's Income (Loss) from Investment			215	776
Crawford Long - CPI, LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	25,932		25,932		24,709
Total Debt	63,302		63,302		64,566
Total Equity (Deficit)	(39,802)		(39,802)		(40,221)
Company's Investment	(19,208)		(19,208)		(19,356)
Income Statement [Abstract]
Total Revenues			9,811	9,743
Net Income (Loss)			3,419	3,049
Company's Income (Loss) from Investment			1,603	1,412
Neuhoff Holdings LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	297,800		297,800		133,691
Total Debt	90,582		90,582		28,390
Total Equity (Deficit)	166,877		166,877		93,218
Company's Investment	87,080		87,080		47,529
Income Statement [Abstract]
Total Revenues			107	0
Net Income (Loss)			79	0
Company's Income (Loss) from Investment			39	0
715 Ponce Holdings LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	8,402		8,402		8,150
Total Debt	0		0		0
Total Equity (Deficit)	8,306		8,306		8,150
Company's Investment	4,247		4,247		4,165
Income Statement [Abstract]
Total Revenues			220	25
Net Income (Loss)			156	11
Company's Income (Loss) from Investment			78	7
HICO Victory Center LP
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	161		161		16,421
Total Debt	0		0		0
Total Equity (Deficit)	136		136		15,962
Company's Investment	75		75		10,723
Income Statement [Abstract]
Total Revenues			6,873	199
Net Income (Loss)			6,871	199
Company's Income (Loss) from Investment			4,546	111
Other
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	0		0		518
Total Debt	0		0		0
Total Equity (Deficit)	0		0		11
Company's Investment	$ 0		0		$ 47
Income Statement [Abstract]
Total Revenues			28	21,975
Net Income (Loss)			(12)	7,365
Company's Income (Loss) from Investment			$ 103	$ 3,482

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Ventures - Narrative (Details) ft² in Thousands, $ in Thousands				1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 29, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jul. 28, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) a	Sep. 30, 2021 USD ($) ft²	Sep. 30, 2022 USD ($) a	Sep. 30, 2021 USD ($) ft²
Schedule of Equity Method Investments [Line Items]
Gain on sale of interest					$ 56,260	$ 13,121	$ 56,260	$ 13,160
Contributions to unconsolidated joint ventures							$ 35,193	$ 46,038
Carolina Square Holdings LP
Schedule of Equity Method Investments [Line Items]
Ownership percentage of partner in joint venture	50%
Gross purchase price	$ 105,000
Gain on sale of interest	$ 56,300
Charlotte Gateway Village, LLC (sold March 2020)
Schedule of Equity Method Investments [Line Items]
Ownership percentage of partner in joint venture						50%		50%
Gross purchase price								$ 60,800
Gain on sale of interest								$ 13,100
Area of property \| ft²						281		281
Neuoff JV
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage			50%
Contributions to unconsolidated joint ventures			$ 35,100
Pro-rata distribution				$ 312,700
Neuoff JV \| Mortgages \| LIBOR
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate				3.45%
Neuoff JV \| Neuhoff Holdings LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage of partner in joint venture			50%
715 Ponce JV
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage			50%
Contributions to unconsolidated joint ventures			$ 4,000
715 Ponce JV \| 715 Ponce Holdings LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage of partner in joint venture			50%
Uptown Dallas Land \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Schedule of Equity Method Investments [Line Items]
Area of property \| a					3		3
Sales price					$ 23,100		$ 23,100
Gain from sale of property		$ 4,500

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,674	$ 1,674
Total intangible assets	143,121	168,553
In-Place Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	129,771	134,930
Finite-lived intangible assets, net	107,874	129,538
Below-Market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	1,760	1,449
Finite-lived intangible assets, net	17,493	17,804
Above-Market Rents
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	24,644	25,423
Finite-lived intangible assets, net	$ 16,080	$ 19,537

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Liabilities (Details) - Below-Market Rents - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (47,468)	$ (55,079)
Finite-lived intangible liabilities, net	$ 54,734	$ 63,223

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortization expense of intangible assets and liabilities	$ 5.8	$ 16.9	$ 8.2	$ 24.6

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Intangibles - Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Below-Market Rents
Future Amortization of Intangible Liabilities:
2022 (three months)	$ (2,435)
2023	(9,355)
2024	(8,947)
2025	(8,393)
2026	(6,640)
Thereafter	(18,964)
Finite-lived intangible liabilities, net	(54,734)	$ (63,223)
In-Place Leases
Future Amortization of Intangible Assets:
2022 (three months)	5,813
2023	21,652
2024	19,203
2025	15,499
2026	12,212
Thereafter	33,495
Finite-lived intangible assets, net	107,874	129,538
Below-Market Ground Lease
Future Amortization of Intangible Assets:
2022 (three months)	100
2023	400
2024	400
2025	400
2026	400
Thereafter	15,793
Finite-lived intangible assets, net	17,493	17,804
Above-Market Rents
Future Amortization of Intangible Assets:
2022 (three months)	1,025
2023	3,742
2024	3,045
2025	2,050
2026	1,626
Thereafter	4,592
Finite-lived intangible assets, net	$ 16,080	$ 19,537

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Predevelopment costs	$ 31,510	$ 20,677
Accumulated depreciation of furniture, fixtures and equipment, leasehold improvements, and other deferred costs	20,815	18,560
Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $20,815 and $18,560 in 2022 and 2021, respectively	12,158	13,772
Accumulated amortization of lease inducements	4,770	3,721
Lease inducements, net of accumulated amortization of $4,770 and $3,721 in 2022 and 2021, respectively	8,183	5,735
Prepaid expenses and other assets	7,970	6,998
Accumulated amortization of line of credit deferred financing costs	7,112	5,976
Credit Facility deferred financing costs, net of accumulated amortization of $7,112 and $5,976 in 2022 and 2021, respectively	5,700	1,507
Total other assets	$ 65,521	$ 48,689

Notes Payable - Terms of Notes

Notes Payable - Terms of Notes Payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Notes payable, gross	$ 2,300,005	$ 2,240,025
Unamortized premium	998	3,910
Unamortized loan costs	(5,014)	(6,426)
Total Notes Payable	$ 2,295,989	2,237,509
Weighted average maturity of notes payable	3 years 7 months 6 days
Unsecured Notes
Debt Instrument [Line Items]
Notes payable, gross	$ 1,651,200	1,578,500
Term Loan
Debt Instrument [Line Items]
Interest Rate	5.38%
Notes payable, gross	$ 350,000	350,000
Credit Facility
Debt Instrument [Line Items]
Interest Rate	3.98%
Notes payable, gross	$ 301,200	228,500
Senior Notes, Unsecured \| Senior Note, Unsecured Due 2029
Debt Instrument [Line Items]
Interest Rate	3.95%
Notes payable, gross	$ 275,000	275,000
Senior Notes, Unsecured \| Senior Note, Unsecured Due 2025
Debt Instrument [Line Items]
Interest Rate	3.91%
Notes payable, gross	$ 250,000	250,000
Senior Notes, Unsecured \| Senior Note, Unsecured Due 2028
Debt Instrument [Line Items]
Interest Rate	3.86%
Notes payable, gross	$ 250,000	250,000
Senior Notes, Unsecured \| Senior Note, Unsecured Due 2027
Debt Instrument [Line Items]
Interest Rate	3.78%
Notes payable, gross	$ 125,000	125,000
Senior Notes, Unsecured \| Senior Note, Unsecured Due 2027
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	$ 648,805	661,525
Secured Mortgage Notes \| Fifth Third Center
Debt Instrument [Line Items]
Interest Rate	3.37%
Notes payable, gross	$ 131,055	133,672
Secured Mortgage Notes \| Colorado Tower
Debt Instrument [Line Items]
Interest Rate	3.45%
Notes payable, gross	$ 110,210	112,150
Secured Mortgage Notes \| Terminus 100
Debt Instrument [Line Items]
Interest Rate	5.25%
Notes payable, gross	$ 109,073	111,678
Secured Mortgage Notes \| Promenade Tower
Debt Instrument [Line Items]
Interest Rate	4.27%
Notes payable, gross	$ 86,295	89,052
Secured Mortgage Notes \| Domain 10
Debt Instrument [Line Items]
Interest Rate	3.75%
Notes payable, gross	$ 75,000	76,412
Secured Mortgage Notes \| Terminus 200
Debt Instrument [Line Items]
Interest Rate	3.79%
Notes payable, gross	$ 71,172	72,561
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			4 Months Ended
Notes Payable - Credit Facility (Details) - Credit Facility	Sep. 30, 2022 USD ($)	May 02, 2022 USD ($)	May 01, 2022 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 1,000,000,000	$ 1,000,000,000
Minimum fixed charge coverage ratio			1.50
Variable rate		1%
Facility fee percentage	0.15%
Available borrowing capacity	$ 698,800,000
Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%	0.50%
One-month LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate			1%
Adjusted SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.10%
SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.90%
Term SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1%
Minimum
Line of Credit Facility [Line Items]
Minimum unencumbered interest coverage ratio			1.75
Facility fee percentage		0.15%
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%	0.10%
Minimum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.90%
Maximum
Line of Credit Facility [Line Items]
Secured leverage ratio		50%	40%
Leverage ratio			60%
Facility fee percentage		0.30%
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		0.40%	0.45%
Maximum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.40%

Notes Payable - Term Loan (Deta

Notes Payable - Term Loan (Details) - Term Loan $ in Millions	Oct. 03, 2022 USD ($) extension	Sep. 27, 2022 USD ($)	May 02, 2022	Jun. 28, 2021 USD ($) extension
Term Loan
Debt Instrument [Line Items]
Debt amount				$ 350
Number of extension options \| extension				4
Extension term				180 days
Variable rate			1%
Term Loan \| Interest Rate Swap
Debt Instrument [Line Items]
Debt amount		$ 350
Term Loan \| Adjusted SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%	1.05%
Term Loan \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Term Loan \| Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1%
Term Loan \| SOFR \| Interest Rate Swap
Debt Instrument [Line Items]
Basis spread on variable rate		4.23%
Term Loan \| Minimum \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate				1.05%
Term Loan \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.05%
Term Loan \| Maximum \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate				1.65%
Term Loan \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.65%
2022 Term Loan \| Subsequent Event
Debt Instrument [Line Items]
Debt amount	$ 400
Number of extension options \| extension	4
Extension term	6 months

Notes Payable - Unsecured Senio

Notes Payable - Unsecured Senior Notes (Details) - Unsecured Senior Notes $ in Millions	Sep. 30, 2022 USD ($) tranche
Debt Instrument [Line Items]
Debt amount	$ 1,000
Number of tranches \| tranche	5
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	Oct. 27, 2022 USD ($) property	Sep. 30, 2022 USD ($) debt_instrument	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt		$ 2,300,005	$ 2,240,025
Secured Mortgage Notes
Debt Instrument [Line Items]
Long-term debt		$ 648,805	$ 661,525
Number of non-recourse mortgage loans \| debt_instrument		7
Collateral amount		$ 1,200,000
Secured Mortgage Notes \| Terminus Properties In Atlanta \| Subsequent Event
Debt Instrument [Line Items]
Long-term debt	$ 221,000
Number of real estate properties \| property	2
Interest Rate	6.34%

Notes Payable - Other Debt Info

Notes Payable - Other Debt Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Disclosure [Abstract]
Notes payable, fair value	$ 2,200,000		$ 2,200,000		$ 2,300,000
Total interest incurred	22,406	$ 18,181	61,522	$ 54,775
Interest capitalized	(4,026)	(1,472)	(11,068)	(4,202)
Total interest expense	$ 18,380	$ 16,709	$ 50,454	$ 50,573

Derivative Financial Instrume_2

Derivative Financial Instruments - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Derivative [Line Items]
Net increase of interest expense	$ 63	$ 63
Interest Rate Swap
Derivative [Line Items]
Fair value of derivative	652	652
Reclassified interest expenses during Next twelve months	$ 375	$ 375

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Ground lease liability	$ 49,431	$ 49,470
Prepaid rent	32,288	37,174
Security deposits	14,432	12,875
Restricted stock unit liability	1,058	7,314
Other liabilities	5,955	5,031
Total other liabilities	$ 103,164	$ 111,864

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit and performance bonds	$ 692
Future obligations under leases to fund tenant improvements and other future construction obligations	$ 161,700

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended	9 Months Ended		15 Months Ended
	Jun. 29, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) financial_institution	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of participating financial institutions \| financial_institution		6
Common stock issued under the ATM			$ 103,120	$ 0
Dividends owed		$ 46,319	48,459	$ 46,319	$ 48,459
ATM Program
Subsidiary, Sale of Stock [Line Items]
Sale of stock, shares issued (in shares) \| shares					2.6
Common stock issued under the ATM					$ 101,400
Payments of stock issuance costs					1,100
Dividends owed			$ 1,700		1,700
Other transaction related costs					$ 900
ATM Program \| Common Stock
Subsidiary, Sale of Stock [Line Items]
Sale of stock, consideration received on transaction	$ 105,100
Sale of stock, shares issued (in shares) \| shares	2.6
Average price (in dollars per share) \| $ / shares	$ 39.92
ATM Program \| Maximum
Subsidiary, Sale of Stock [Line Items]
Sale of stock, consideration received on transaction		$ 500,000

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 195,170	$ 188,732	$ 567,748	$ 564,919
Rental property revenues
Disaggregation of Revenue [Line Items]
Revenues	193,455	185,515	559,856	552,088
Variable rental revenue	54,700	52,300	157,700	148,300
Fees and other
Disaggregation of Revenue [Line Items]
Revenues	$ 1,700	$ 3,200	$ 7,900	$ 12,800

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense, Net of Forfeitures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of forfeitures	$ 2,217	$ 2,889	$ 7,412	$ 8,043
Equity-classified awards:
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of forfeitures	2,299	1,806	7,495	5,508
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of forfeitures	779	682	2,348	1,995
Market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of forfeitures	917	587	3,065	1,946
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of forfeitures	179	203	863	677
Director grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of forfeitures	385	334	1,086	890
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of forfeitures	39	0	133	0
Liability-classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of forfeitures	(82)	1,083	(83)	2,535
Time-vested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of forfeitures	(116)	149	(136)	522
Dividend equivalent units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of forfeitures	34	24	53	76
Market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of forfeitures	0	827	0	1,597
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of forfeitures	$ 0	$ 83	$ 0	$ 340

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income	$ 80,769	$ 54,136	$ 143,096	$ 111,507
Net income available to common stockholders	$ 80,639	$ 54,018	$ 142,675	$ 111,281
Denominator:
Weighted average common shares - basic (in shares)	151,435,000	148,688,000	149,670,000	148,659,000
Net income per common share — basic (in usd per share)	$ 0.53	$ 0.36	$ 0.95	$ 0.75
Numerator:
Net income	$ 80,769	$ 54,136	$ 143,096	$ 111,507
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP	$ 80,665	$ 54,027	$ 142,713	$ 111,301
Denominator:
Weighted average shares — basic (in shares)	151,435,000	148,688,000	149,670,000	148,659,000
Add:
Weighted average units of CPLP convertible into common shares (in shares)	25,000	25,000	25,000	25,000
Weighted average common shares - diluted (in shares)	151,695,000	148,772,000	149,946,000	148,743,000
Net income per common share — diluted (in usd per share)	$ 0.53	$ 0.36	$ 0.95	$ 0.75
Stock Options
Add:
Potential dilutive common shares - stock options (in shares)	0	0	0	1,000
Antidilutive securities (in shares)	0	0	0	0
RSU
Add:
Potential dilutive common shares - stock options (in shares)	235,000	59,000	251,000	58,000
CPLP
Numerator:
Net income attributable to other noncontrolling interests	$ (26)	$ (9)	$ (38)	$ (20)
Numerator:
Net income attributable to other noncontrolling interests	(26)	(9)	(38)	(20)
Other Noncontrolling Interests
Numerator:
Net income attributable to other noncontrolling interests	(104)	(109)	(383)	(206)
Numerator:
Net income attributable to other noncontrolling interests	$ (104)	$ (109)	$ (383)	$ (206)

Consolidated Statements of Ca_4

Consolidated Statements of Cash Flows - Supplemental Information - Supplemental Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 58,865	$ 61,235
Income taxes paid	0	155
Non-Cash Activity:
Transfers from projects under development to operating properties	141,349	0
Transfer from operating properties and related assets and liabilities to assets and liabilities of real estate assets held for sale	0	249,365
Tenant improvements recorded in deferred income	56,727	2,247
Common stock dividends declared and accrued	$ 48,459	$ 46,319

Consolidated Statements of Ca_5

Consolidated Statements of Cash Flows - Supplemental Information - Reconciliation of Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 5,507	$ 8,937
Restricted cash	1,231	1,231
Total cash, cash equivalents, and restricted cash	$ 6,738	$ 10,168	$ 6,768	$ 6,138

Reportable Segments - Segment R

Reportable Segments - Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total Revenues	$ 195,170	$ 188,732	$ 567,748	$ 564,919
Rental property revenues
Segment Reporting Information [Line Items]
Total Revenues	193,455	185,515	559,856	552,088
Rental property revenues \| Office
Segment Reporting Information [Line Items]
Total Revenues	192,139	184,794	556,252	550,215
Rental property revenues \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	1,316	721	3,604	1,873
Rental property revenues \| Operating segments
Segment Reporting Information [Line Items]
Total Revenues	197,849	193,509	572,500	575,462
Rental property revenues \| Operating segments \| Atlanta
Segment Reporting Information [Line Items]
Total Revenues	71,169	68,328	208,905	199,500
Rental property revenues \| Operating segments \| Austin
Segment Reporting Information [Line Items]
Total Revenues	64,522	65,448	184,800	183,158
Rental property revenues \| Operating segments \| Charlotte
Segment Reporting Information [Line Items]
Total Revenues	15,659	18,248	45,380	62,451
Rental property revenues \| Operating segments \| Dallas
Segment Reporting Information [Line Items]
Total Revenues	4,240	4,337	12,568	13,351
Rental property revenues \| Operating segments \| Phoenix
Segment Reporting Information [Line Items]
Total Revenues	15,135	12,847	42,098	38,067
Rental property revenues \| Operating segments \| Tampa
Segment Reporting Information [Line Items]
Total Revenues	18,229	14,444	52,369	43,180
Rental property revenues \| Operating segments \| Other markets
Segment Reporting Information [Line Items]
Total Revenues	8,895	9,857	26,380	35,755
Rental property revenues \| Operating segments \| Office
Segment Reporting Information [Line Items]
Total Revenues	194,653	191,264	563,616	568,620
Rental property revenues \| Operating segments \| Office \| Atlanta
Segment Reporting Information [Line Items]
Total Revenues	70,708	67,959	207,582	198,461
Rental property revenues \| Operating segments \| Office \| Austin
Segment Reporting Information [Line Items]
Total Revenues	64,522	65,448	184,800	183,158
Rental property revenues \| Operating segments \| Office \| Charlotte
Segment Reporting Information [Line Items]
Total Revenues	14,343	17,527	41,776	60,578
Rental property revenues \| Operating segments \| Office \| Dallas
Segment Reporting Information [Line Items]
Total Revenues	4,240	4,337	12,568	13,351
Rental property revenues \| Operating segments \| Office \| Phoenix
Segment Reporting Information [Line Items]
Total Revenues	15,135	12,847	42,098	38,067
Rental property revenues \| Operating segments \| Office \| Tampa
Segment Reporting Information [Line Items]
Total Revenues	18,229	14,444	52,369	43,180
Rental property revenues \| Operating segments \| Office \| Other markets
Segment Reporting Information [Line Items]
Total Revenues	7,476	8,702	22,423	31,825
Rental property revenues \| Operating segments \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	3,196	2,245	8,884	6,842
Rental property revenues \| Operating segments \| Non-Office \| Atlanta
Segment Reporting Information [Line Items]
Total Revenues	461	369	1,323	1,039
Rental property revenues \| Operating segments \| Non-Office \| Austin
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Rental property revenues \| Operating segments \| Non-Office \| Charlotte
Segment Reporting Information [Line Items]
Total Revenues	1,316	721	3,604	1,873
Rental property revenues \| Operating segments \| Non-Office \| Dallas
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Rental property revenues \| Operating segments \| Non-Office \| Phoenix
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Rental property revenues \| Operating segments \| Non-Office \| Tampa
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Rental property revenues \| Operating segments \| Non-Office \| Other markets
Segment Reporting Information [Line Items]
Total Revenues	1,419	1,155	3,957	3,930
Rental property revenues \| Segment reconciling items
Segment Reporting Information [Line Items]
Total Revenues	(4,394)	(7,994)	(12,644)	(23,374)
Rental property revenues \| Segment reconciling items \| Office
Segment Reporting Information [Line Items]
Total Revenues	(2,514)	(6,470)	(7,364)	(18,405)
Rental property revenues \| Segment reconciling items \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	$ (1,880)	$ (1,524)	$ (5,280)	$ (4,969)

Reportable Segments - Net Opera

Reportable Segments - Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Net Operating Income	$ 129,400	$ 124,148	$ 372,058	$ 369,977
Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	46,958	44,513	138,122	130,984
Austin
Segment Reporting Information [Line Items]
Net Operating Income	39,564	38,532	112,496	108,764
Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	11,522	12,852	33,394	43,972
Dallas
Segment Reporting Information [Line Items]
Net Operating Income	3,197	3,424	9,696	10,546
Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	11,145	9,299	29,988	27,252
Tampa
Segment Reporting Information [Line Items]
Net Operating Income	11,254	9,434	32,588	27,755
Other markets
Segment Reporting Information [Line Items]
Net Operating Income	5,760	6,094	15,774	20,704
Office
Segment Reporting Information [Line Items]
Net Operating Income	127,304	122,860	366,289	366,186
Office \| Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	46,678	44,333	137,357	130,551
Office \| Austin
Segment Reporting Information [Line Items]
Net Operating Income	39,564	38,532	112,496	108,764
Office \| Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	10,587	12,491	30,845	43,176
Office \| Dallas
Segment Reporting Information [Line Items]
Net Operating Income	3,197	3,424	9,696	10,546
Office \| Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	11,145	9,299	29,988	27,252
Office \| Tampa
Segment Reporting Information [Line Items]
Net Operating Income	11,254	9,434	32,588	27,755
Office \| Other markets
Segment Reporting Information [Line Items]
Net Operating Income	4,879	5,347	13,319	18,142
Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	2,096	1,288	5,769	3,791
Non-Office \| Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	280	180	765	433
Non-Office \| Austin
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Non-Office \| Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	935	361	2,549	796
Non-Office \| Dallas
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Non-Office \| Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Non-Office \| Tampa
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Non-Office \| Other markets
Segment Reporting Information [Line Items]
Net Operating Income	$ 881	$ 747	$ 2,455	$ 2,562

Reportable Segments - Reconcili

Reportable Segments - Reconciliation of Net Income to Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Net Operating Income	$ 129,400	$ 124,148	$ 372,058	$ 369,977
Net operating income from unconsolidated joint ventures	(2,819)	(5,762)	(8,080)	(15,953)
Total Revenues	195,170	188,732	567,748	564,919
Reimbursed expenses	(418)	(383)	(1,455)	(1,149)
General and administrative expenses	(6,498)	(7,968)	(21,557)	(22,014)
Interest expense	(18,380)	(16,709)	(50,454)	(50,573)
Depreciation and amortization	(79,116)	(72,073)	(219,721)	(214,399)
Other expenses	(231)	(421)	(877)	(1,835)
Income from unconsolidated joint ventures	634	2,128	7,038	5,826
Gain on sales of investments in unconsolidated joint ventures	56,260	13,121	56,260	13,160
Gain (loss) on investment property transactions	(20)	13,063	(61)	13,037
Loss on extinguishment of debt	0	0	(100)	0
Net income	80,769	54,136	143,096	111,507
Fee income
Segment Reporting Information [Line Items]
Total Revenues	1,677	3,094	5,370	12,426
Termination fees
Segment Reporting Information [Line Items]
Total Revenues	242	1,775	2,153	2,599
Other
Segment Reporting Information [Line Items]
Total Revenues	$ 38	$ 123	$ 2,522	$ 405