Cousins Properties (CUZ) 10-Q27 Jul 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		151,774,468
Entity Central Index Key	0000025232
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real estate assets:
Operating properties, net of accumulated depreciation of $1,197,310 and $1,079,662 in 2023 and 2022, respectively	$ 6,740,557	$ 6,738,354
Projects under development	124,105	111,400
Land	158,429	158,430
Total properties	7,023,091	7,008,184
Cash and cash equivalents	8,031	5,145
Accounts receivable	12,466	8,653
Deferred rents receivable	196,349	184,043
Investment in unconsolidated joint ventures	138,992	112,839
Intangible assets, net	121,887	136,240
Other assets, net	94,969	81,912
Total assets	7,595,785	7,537,016
Liabilities:
Notes payable	2,423,761	2,334,606
Accounts payable and accrued expenses	241,563	271,103
Deferred income	172,552	128,636
Intangible liabilities, net	46,511	52,280
Other liabilities	107,100	103,442
Total liabilities	2,991,487	2,890,067
Commitments and contingencies
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 154,336,492 and 154,019,214 issued, and 151,774,468 and 151,457,190 outstanding in 2023 and 2022, respectively	154,336	154,019
Additional paid-in capital	5,634,996	5,630,327
Treasury stock at cost, 2,562,024 shares in 2023 and 2022	(147,157)	(147,157)
Distributions in excess of cumulative net income	(1,066,369)	(1,013,292)
Accumulated other comprehensive income	5,565	1,767
Total stockholders' investment	4,581,371	4,625,664
Nonredeemable noncontrolling interests	22,927	21,285
Total equity	4,604,298	4,646,949
Total liabilities and equity	$ 7,595,785	$ 7,537,016

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accumulated depreciation on operating properties	$ 1,197,310	$ 1,079,662
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)	154,336,492	154,019,214
Common stock, shares outstanding (in shares)	151,774,468	151,457,190
Treasury stock, shares (in shares)	2,562,024	2,562,024

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total Revenues	$ 204,320	$ 185,680	$ 407,048	$ 372,578
Expenses:
Rental property operating expenses	67,099	62,216	138,312	127,093
Reimbursed expenses	159	677	366	1,037
General and administrative expenses	8,021	6,996	16,459	15,059
Interest expense	25,972	16,549	51,002	32,074
Depreciation and amortization	80,269	69,861	156,039	140,605
Other	476	425	861	646
Total costs and expenses	181,996	156,724	363,039	316,514
Income from unconsolidated joint ventures	753	5,280	1,426	6,404
Gain (loss) on investment property transactions	0	28	(2)	(41)
Loss on extinguishment of debt	0	(100)	0	(100)
Net income	23,077	34,164	45,433	62,327
Net income attributable to noncontrolling interests	(456)	(112)	(616)	(291)
Net income available to common stockholders	$ 22,621	$ 34,052	$ 44,817	$ 62,036
Net income per common share — basic (in usd per share)	$ 0.15	$ 0.23	$ 0.30	$ 0.42
Net income per common share — diluted (in usd per share)	$ 0.15	$ 0.23	$ 0.29	$ 0.42
Weighted average shares — basic (in shares)	151,721	148,837	151,650	148,788
Weighted average shares — diluted (in shares)	152,126	149,142	152,003	149,090
Rental property revenues
Revenues:
Total Revenues	$ 203,954	$ 183,174	$ 404,030	$ 366,401
Fee income
Revenues:
Total Revenues	352	2,305	726	3,693
Other
Revenues:
Total Revenues	$ 14	$ 201	$ 2,292	$ 2,484

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Comprehensive Income:
Net income available to common stockholders	$ 22,621	$ 34,052	$ 44,817	$ 62,036
Other comprehensive income:
Unrealized gain on cash flow hedges	5,936	0	4,894	0
Amortization of cash flow hedges	(908)	0	(1,096)	0
Total other comprehensive income	5,028	0	3,798	0
Total comprehensive income	$ 27,649	$ 34,052	$ 48,615	$ 62,036

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 Income	Nonredeemable Noncontrolling Interests
Beginning balance at Dec. 31, 2021	$ 4,600,400	$ 4,566,770	$ 151,273	$ 5,549,308	$ (148,473)	$ (985,338)		$ 33,630
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	62,327	62,036				62,036		291
Other comprehensive income	0
Common stock issued under the ATM, net of issuance costs	103,107	103,107	2,632	100,475
Common stock issued pursuant to stock-based compensation, net of tax withholding	610	610	120	490
Amortization of stock-based compensation, net of forfeitures	4,502	4,502		4,498		4
Purchase of interest in consolidated joint venture	(43,387)	(27,638)		(27,638)				(15,749)
Contributions from noncontrolling interests	2,520							2,520
Distributions to noncontrolling interests	(92)							(92)
Common dividends	(97,292)	(97,292)				(97,292)
Ending balance at Jun. 30, 2022	4,632,695	4,612,095	154,025	5,627,133	(148,473)	(1,020,590)		20,600
Beginning balance at Mar. 31, 2022	4,582,645	4,547,643	151,349	5,550,718	(148,473)	(1,005,951)		35,002
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	34,164	34,052				34,052		112
Other comprehensive income	0
Common stock issued under the ATM, net of issuance costs	103,107	103,107	2,632	100,475
Common stock issued pursuant to stock-based compensation, net of tax withholding	1,540	1,540	44	1,496
Amortization of stock-based compensation, net of forfeitures	2,086	2,086		2,082		4
Purchase of interest in consolidated joint venture	(43,387)	(27,638)		(27,638)				(15,749)
Contributions from noncontrolling interests	1,241							1,241
Distributions to noncontrolling interests	(6)							(6)
Common dividends	(48,695)	(48,695)				(48,695)
Ending balance at Jun. 30, 2022	4,632,695	4,612,095	154,025	5,627,133	(148,473)	(1,020,590)		20,600
Beginning balance at Dec. 31, 2022	4,646,949	4,625,664	154,019	5,630,327	(147,157)	(1,013,292)	$ 1,767	21,285
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	45,433	44,817				44,817		616
Other comprehensive income	3,798	3,798					3,798
Common stock issued pursuant to stock-based compensation, net of tax withholding	(507)	(507)	320	(827)
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures	5,493	5,493	(3)	5,496
Contributions from noncontrolling interests	1,384							1,384
Distributions to noncontrolling interests	(358)							(358)
Common dividends	(97,894)	(97,894)				(97,894)
Ending balance at Jun. 30, 2023	4,604,298	4,581,371	154,336	5,634,996	(147,157)	(1,066,369)	5,565	22,927
Beginning balance at Mar. 31, 2023	4,621,036	4,599,018	154,256	5,631,076	(147,157)	(1,039,694)	537	22,018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,077	22,621				22,621		456
Other comprehensive income	5,028	5,028					5,028
Common stock issued pursuant to stock-based compensation, net of tax withholding	1,631	1,631	81	1,550
Amortization of stock-based compensation, net of forfeitures	2,369	2,369	(1)	2,370
Contributions from noncontrolling interests	646							646
Distributions to noncontrolling interests	(193)							(193)
Common dividends	(49,296)	(49,296)				(49,296)
Ending balance at Jun. 30, 2023	$ 4,604,298	$ 4,581,371	$ 154,336	$ 5,634,996	$ (147,157)	$ (1,066,369)	$ 5,565	$ 22,927

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common dividends (in usd per share)	$ 0.32	$ 0.32	$ 0.64	$ 0.64

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 45,433	$ 62,327
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on investment property transactions	2	41
Depreciation and amortization	156,039	140,605
Amortization of deferred financing costs and premium on notes payable	2,061	(130)
Equity-classified stock-based compensation expense, net of forfeitures	6,363	5,292
Effect of non-cash adjustments to rental revenues	(23,721)	(17,961)
Income from unconsolidated joint ventures	(1,426)	(6,404)
Operating distributions from unconsolidated joint ventures	2,033	3,161
Loss on extinguishment of debt	0	100
Changes in other operating assets and liabilities:
Change in receivables and other assets, net	(9,423)	(2,463)
Change in operating liabilities, net	(16,290)	(26,879)
Net cash provided by operating activities	161,071	157,689
CASH FLOWS FROM INVESTING ACTIVITIES:
Property acquisition, development, and tenant asset expenditures	(134,279)	(172,206)
Return of capital distributions from unconsolidated joint venture	10,907	10,752
Contributions to unconsolidated joint ventures	(26,299)	(31,892)
Net cash used in investing activities	(149,671)	(193,346)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility	210,700	269,500
Repayment of credit facility	(118,800)	(192,000)
Repayment of term loans	0	(8,436)
Repayment of mortgages	(4,100)	0
Common stock issued under the ATM	0	101,668
Payment of deferred financing costs	(71)	(5,299)
Purchase of partners' interest in consolidated joint venture	0	(43,387)
Common dividends paid	(97,269)	(93,697)
Contributions from noncontrolling interests	1,384	2,520
Distributions to noncontrolling interests	(358)	(92)
Net cash provided by (used in) financing activities	(8,514)	30,777
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	2,886	(4,880)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	5,145	10,168
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 8,031	$ 5,288

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Jun. 30, 2023
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 fully integrated, self-administered, and self-managed real estate investment trust (“REIT”). Cousins conducts substantially all of its business through Cousins Properties LP ("CPLP"). Cousins owns in excess of 99% of CPLP and consolidates CPLP. As of June 30, 2023 and 2022, limited partners owned the remaining 25,000 common units of CPLP. CPLP wholly owns Cousins TRS Services LLC ("CTRS"), a taxable entity which owns and manages its own real estate portfolio and performs certain real estate-related services for other parties. Cousins, CPLP, CTRS, and their subsidiaries (collectively, the “Company”) develop, acquire, lease, manage, and own primarily Class A office properties and opportunistic mixed-use developments in the Sun Belt markets of the United States with a focus on Atlanta, Austin, Tampa, Charlotte, Phoenix, 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 June 30, 2023, the Company's portfolio of real estate assets consisted of interests in 18.8 million square feet of office space and 310,000 square feet of multi-family space. Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of June 30, 2023 and the results of operations for the three and six months ended June 30, 2023 and 2022. The results of operations for the three and six months ended June 30, 2023 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 to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The accounting policies employed are substantially the same as those shown in note 2 of the notes to 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 June 30, 2023, the Company had no investments or interests in any VIEs.

Real Estate

Real Estate	6 Months Ended
Real Estate	Jun. 30, 2023
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE For the three and six months ended June 30, 2023, the Company had no real estate transactions. 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. In order to be considered a real estate asset held-for-sale, the Company must, among other things, have the authority to commit to a plan to sell the asset in its current condition, have commenced the plan to sell the asset, and have determined that it is probable that the asset will sell within one year. 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 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	6 Months Ended
Investment in Unconsolidated Joint Ventures	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	INVESTMENT IN UNCONSOLIDATED JOINT VENTURES The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of June 30, 2023 and December 31, 2022 ($ in thousands). SUMMARY OF FINANCIAL POSITION Total Assets Total Debt Total Equity (Deficit) Company's Investment 2023 2022 2023 2022 2023 2022 2023 2022 Operating Properties: AMCO 120 WT Holdings, LLC $ 80,258 $ 81,136 $ — $ — $ 79,464 $ 80,509 $ 14,647 $ 14,856 Crawford Long - CPI, LLC (1) 22,323 22,857 82,294 62,856 (62,353) (39,691) (30,545) (2) (19,173) (2) Under Development: Neuhoff Holdings LLC (3) 426,429 321,338 166,330 115,940 223,786 177,734 120,036 93,647 Land: 715 Ponce Holdings LLC 8,552 8,333 — — 8,433 8,332 4,289 4,261 Sold and Other: HICO Victory Center LP 42 158 — — 42 5,818 20 75 $ 537,604 $ 433,822 $ 248,624 $ 178,796 $ 249,372 $ 232,702 $ 108,447 $ 93,666 (1) In May 2023, Crawford Long - CPI, LLC refinanced the mortgage loan for the Medical Offices at Emory Hospital property. This $83.0 million interest-only mortgage loan has a fixed interest rate of 4.80% and matures in June 2032. (2) Negative investment basis included in deferred income on the consolidated balance sheets. (3) Neuhoff Holdings LLC has a construction loan with a borrowing capacity up to $312.7 million that matures September 2025. The interest rate applicable to the construction loan is based on the Secured Overnight Financing Rate ("SOFR") plus 3.45% with a minimum rate of 3.60%. Prior to April 2023, the loan beared interest at the London Interbank Offered Rate ("LIBOR") plus 3.45%. The information included in the summary of operations table is for the six months ended June 30, 2023 and 2022 ($ in thousands). SUMMARY OF OPERATIONS Total Revenues Net Income (Loss) Company's Income 2023 2022 2023 2022 2023 2022 Operating Properties: AMCO 120 WT Holdings, LLC $ 5,451 $ 5,160 $ 1,625 $ 1,397 $ 323 $ 271 Crawford Long - CPI, LLC 6,360 6,480 2,151 2,324 1,006 1,091 Under Development: Neuhoff Holdings LLC 70 69 42 58 21 29 Land: 715 Ponce Holdings LLC 141 138 100 99 51 49 Sold and Other: Carolina Square Holdings LP — 7,860 48 722 24 304 HICO Victory Center LP — 72 2 6,853 1 4,557 Other — 28 — (12) — 103 $ 12,022 $ 19,807 $ 3,968 $ 11,441 $ 1,426 $ 6,404 In May 2023, Crawford Long refinanced the mortgage loan for the Medical Offices at Emory Hospital property. Proceeds from the refinancing were used to repay in full its $62.4 million mortgage loan that was set to mature in June 2023. The new $83.0 million mortgage loan has a fixed interest rate of 4.80% and matures in June 2032.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	6 Months Ended
Intangible Assets and Liabilities	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND LIABILITIES	INTANGIBLE ASSETS AND LIABILITIES At June 30, 2023 and December 31, 2022, intangible assets included the following ($ in thousands): 2023 2022 In-place leases, net of accumulated amortization of $130,830 and $131,021 in 2023 and 2022, respectively $ 89,611 $ 102,080 Below-market ground leases, net of accumulated amortization of $2,060 and $1,860 in 2023 and 2022, respectively 17,193 17,393 Above-market leases, net of accumulated amortization of $25,240 and $25,085 in 2023 and 2022, respectively 13,409 15,093 Goodwill 1,674 1,674 $ 121,887 $ 136,240 At June 30, 2023 and December 31, 2022, intangible liabilities were the following ($ in thousands): 2023 2022 Below-market leases, net of accumulated amortization of $48,699 and $48,994 in 2023 and 2022, respectively $ 46,511 $ 52,280 The amortization of the above asset and liabilities are recorded as follows ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues: Rental property revenues, net (Below-market and Above-market leases) $ 2,526 $ 1,661 $ 4,084 $ 3,464 Expenses: Depreciation and amortization (In-place leases) 7,057 7,032 12,470 14,390 Rental property operating and other expenses (Below-market ground leases) 100 82 200 174 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 Leases Above-Market Leases Below-Market 2023 (six months) $ 9,438 $ 200 $ 1,495 $ (4,336) 2024 17,407 400 2,697 (8,292) 2025 14,803 400 2,114 (7,747) 2026 12,356 400 1,695 (6,509) 2027 9,757 400 1,273 (4,973) Thereafter 25,850 15,393 4,135 (14,654) $ 89,611 $ 17,193 $ 13,409 $ (46,511)

Other Assets

Other Assets	6 Months Ended
Other Assets	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets on the consolidated balance sheets as of June 30, 2023 and December 31, 2022 included the following ($ in thousands): 2023 2022 Predevelopment costs $ 54,501 $ 50,009 Prepaid expenses and other assets 16,633 6,438 Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $18,766 and $18,860 in 2023 and 2022, respectively 10,997 11,824 Lease inducements, net of accumulated amortization of $5,360 and $5,129 in 2023 and 2022, respectively 7,922 8,091 Credit Facility deferred financing costs, net of accumulated amortization of $1,488 and $135 in 2023 and 2022, respectively 4,916 5,550 $ 94,969 $ 81,912 Predevelopment costs represent amounts that are capitalized related to predevelopment projects that the Company determined are probable of future development. Lease inducements are incentives paid to tenants in conjunction with leasing space, such as moving costs, sublease arrangements of prior space, and other costs. These amounts are amortized into rental revenues over the individual underlying lease terms.

Notes Payable

Notes Payable	6 Months Ended
Notes Payable	Jun. 30, 2023
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at June 30, 2023 and December 31, 2022 ($ in thousands): Description Interest Rate (1) Maturity (2) 2023 2022 Unsecured Notes: Credit Facility 6.09% April 2027 $ 148,500 $ 56,600 Term Loan (3) March 2025 400,000 400,000 Term Loan 5.38% August 2024 350,000 350,000 Senior Note 3.95% July 2029 275,000 275,000 Senior Note 3.91% July 2025 250,000 250,000 Senior Note 3.86% July 2028 250,000 250,000 Senior Note 3.78% July 2027 125,000 125,000 Senior Note 4.09% July 2027 100,000 100,000 1,898,500 1,806,600 Secured Mortgage Notes: Terminus (4) 6.34% January 2031 221,000 221,000 Fifth Third Center 3.37% October 2026 128,373 130,168 Colorado Tower 3.45% September 2026 108,219 109,552 Domain 10 3.75% November 2024 73,549 74,521 531,141 535,241 $ 2,429,641 $ 2,341,841 Unamortized loan costs (5,880) (7,235) Total Notes Payable $ 2,423,761 $ 2,334,606 (1) Interest rate as of June 30, 2023. (2) Weighted average maturity of notes payable outstanding at June 30, 2023 was 3.5 years. (3) In April 2023, the Company entered into a floating-to-fixed interest rate swap with respect to $200 million of the $400 million Term Loan. As of June 30, 2023, the fixed interest rate was 5.45%, and the floating interest rate was 6.24%. (4) Represents $123.0 million and $98.0 million non-cross-collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively. Credit Facility 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 contains financial covenants that require, 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 50%; and an overall leverage ratio of no more than 60%. 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 (i) Bank of America's prime rate, (ii) the federal funds rate plus 0.50%, (iii) Term SOFR, plus a SOFR adjustment of 0.10% and 1.00%, or (iv) 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 June 30, 2023, 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 Credit Facility is a defined calculation based on the Company's unencumbered assets and other factors. The total available borrowing capacity under the Credit Facility was $851.5 million at June 30, 2023. The amounts outstanding under the Credit Facility may be accelerated upon the occurrence of any events of default. The Credit Facility replaced a $1 billion prior facility that was set to expire in January 2023. The rate paid under the prior facility from January 1, 2022 through May 1, 2022 was LIBOR plus 1.05%. Term Loans 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. On April 19, 2023, the Company entered into a floating-to-fixed rate swap with respect to $200 million of the $400 million 2022 Term Loan through the maturity date of March 3, 2025. This swap fixed the underlying SOFR rate at 4.298% (see note 7). 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 (i) Bank of America's prime rate, (ii) the federal funds rate plus 0.50%, (iii) Term SOFR, plus a SOFR adjustment of 0.10% and 1.00%, (iv) 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 4.234% (see note 7). At June 30, 2023, the Term Loans' spread over Adjusted SOFR rate was 1.05%. 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, with the exception of a secured leverage ratio of no more than 40%. The senior notes also contain customary representations and warranties and affirmative and negative covenants, as well as customary events of default. Secured Mortgage Notes In December 2022, the Company refinanced mortgages on the Company's two Terminus properties in Atlanta with the existing lender. Under the new mortgages, the maturities were extended from January 2023 to January 2031, the combined principal increased to $221.0 million, and the interest rate is now 6.34%. These mortgages are neither cross-collateralized nor cross-defaulted. In October 2022, the Company paid off, in full, its Legacy Union One and Promenade Tower mortgages. As of June 30, 2023, the Company had $531.1 million outstanding on five non-recourse mortgage notes. All interest rates on the secured mortgage notes are fixed. Assets with depreciated carrying values of $901.7 million are pledged as security on these mortgage notes payable. Other Debt Information The Company is in compliance with all of the covenants related to its unsecured and secured debt. At June 30, 2023 and December 31, 2022, the estimated fair value of the Company’s notes payable was $2.3 billion and $2.2 billion, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated current market rates at which similar loans could have been obtained at June 30, 2023 and December 31, 2022. The estimate of the current market rates, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. These fair value calculations are considered to be Level 2 under the guidelines as set forth in ASC 820, as the Company utilizes market rates for similar type loans from third party brokers. For the three and six months ended June 30, 2023 and 2022, interest expense was recorded as follows ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total interest incurred $ 30,977 $ 20,140 $ 61,098 $ 39,116 Interest capitalized (5,005) (3,591) (10,096) (7,042) Total interest expense $ 25,972 $ 16,549 $ 51,002 $ 32,074

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS On April 19, 2023, the Company entered into a floating-to-fixed interest rate swap with respect to $200 million of the $400 million 2022 Term Loan through the maturity date of March 3, 2025. This swap effectively fixed the underlying SOFR rate at 4.298%. 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 4.234%. The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2022 and 2023, such derivatives were used to hedge the variable cash flows associated with the 2021 and 2022 Term Loans (referred to as "cash flow hedges"). For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. The counterparties under these swaps are major financial institutions, and the swaps contain provisions whereby if the Company defaults on certain of its indebtedness, and such default results in repayment of such indebtedness being, or becoming capable of being, accelerated by the lender, then the Company could also be declared in default under the swaps. There are no collateral requirements related to these swaps. As of June 30, 2023, the fair value of the swap with respect to the 2022 Term Loan was $1.9 million and is included in other assets on the Company's consolidated balance sheets. As of June 30, 2023 and December 31, 2022, the fair value of the swap with respect to the 2021 Term Loan was $3.7 million and $1.8 million, respectively, and are included in other assets on the Company's consolidated balance sheets. The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, Cash Flow Hedges: 2023 2022 2023 2022 Amount of income recognized in accumulated other comprehensive income on interest rate derivatives $ 5,936 $ — $ 4,894 $ — Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense $ (908) $ — $ (1,096) $ — Total amount of interest expense presented in the consolidated statements of operations $ 25,972 $ 16,549 $ 51,002 $ 32,074

Other Liabilities

Other Liabilities	6 Months Ended
Other Liabilities	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
OTHER LIABILITIES	OTHER LIABILITIES Other liabilities on the consolidated balance sheets as of June 30, 2023 and December 31, 2022 included the following ($ in thousands): 2023 2022 Ground lease liability $ 53,322 $ 53,129 Prepaid rent 37,660 33,165 Security deposits 14,398 14,635 Restricted stock unit liability — 1,048 Other liabilities 1,720 1,465 $ 107,100 $ 103,442

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments The Company had outstanding performance bonds totaling $684,000 at June 30, 2023. As a lessor, the Company had $153.1 million in future obligations under leases to fund tenant improvements and other future construction obligations at June 30, 2023. 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	6 Months Ended
Stockholders' Equity	Jun. 30, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY In the third quarter of 2021, the Company entered into an E quity Distribution Agreement ("EDA") 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 February 17, 2023, the Company filed a Form S-3 to renew the registration of its authorized shares. In conjunction with that Form S-3 filing, the Company entered into an Amendment to the EDA to allow for the continued issuance of shares under this ATM Program. On April 21, 2022, the Company purchased its partner's 10% joint venture interest in HICO Avalon, LLC and HICO Avalon II, LLC, which consisted of the 8000 and 10000 Avalon office properties. This transaction did not result in a change in control and the difference between the $43.4 million purchase price of our partner's interest, which included a promote 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 was 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 June 29, 2022, the Company issued 2.6 million shares of common stock under Forward Sales contracts executed in December 2021 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 13. The Company did not issue any shares under the ATM Program during the six months ended June 30, 2023 and did not have any outstanding Forward Sales contracts for the sale of its common stock as of June 30, 2023.

Revenue Recognition

Revenue Recognition	6 Months Ended
Revenue Recognition	Jun. 30, 2023
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 six months ended June 30, 2023, the Company recognized rental property revenues of $204.0 million and $404.0 million, respectively , of which $62.2 million and $121.4 million, respectively, represented variable rental revenue. For the three and six months ended June 30, 2022, the Company recognized rental property revenues of $183.2 million and $366.4 million, respectively, of which $50.2 million and $103.0 million, respectively, represented variable rental revenue. For the three and six months ended June 30, 2023, the Company recognized fee and other revenue of $366,000 and $3.0 million, respectively . For the three and six months ended June 30, 2022, the Company recognized fee and other revenue of $2.5 million and $6.2 million, respectively. For the three and six months ended June 30, 2022, fee and other revenue includes $1.4 million and $2.2 million, respectively, related to the Company's consulting and development contracts with Norfolk Southern Railway Company, as discussed in note 3 of the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. For the three and six months ended June 30, 2023, none of the fee and other revenue related to Norfolk Southern Railway Company.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company currently has several types of employee stock-based compensation — restricted stock, restricted stock units ("RSUs"), and the Employee Stock Purchase Plan ("ESPP"). While the Company's plans also allow for the issuance of stock options, none were outstanding as of or during any of the periods presented. A portion of the Company's independent directors' compensation is also provided in the form of company stock. The Company's compensation expense for the three and six months ended June 30, 2023 relates to restricted stock and RSUs awarded in 2023, 2022, 2021, and 2020, and the ESPP. Compensation expense for the three and six months ended June 30, 2022 relates to restricted stock, RSUs awarded in 2022, 2021, 2020, and 2019, and the ESPP. Restricted stock, the 2023 RSUs, 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 RSUs were liability-classified awards (settled in cash) for which the expense fluctuated from period to period dependent, in part, on the Company's stock price. For the three and six months ended June 30, 2023 and 2022, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Equity-classified awards: Restricted stock $ 927 $ 789 $ 1,785 $ 1,569 Market-based RSUs 1,108 936 2,859 2,148 Performance-based RSUs 303 312 783 684 Director grants 400 369 785 701 Employee Stock Purchase Plan 33 42 70 94 Total equity-classified award expense, net of forfeitures 2,771 2,448 6,282 5,196 Liability-classified awards Time-vested RSUs — (152) 61 (20) Dividend equivalent units — 4 — 19 Total liability-classified award expense, net of forfeitures — (148) 61 (1) Total stock-based compensation expense, net of forfeitures $ 2,771 $ 2,300 $ 6,343 $ 5,195 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, 2022. Grants of Equity-Classified Awards Under the 2019 Plan, in June 2023, the Company granted 81,909 shares of stock with a grant date value of $1.6 million to independent members of the Company's board of directors (the "Board") for their service as members of the Board. These shares vested on the issuance date, and the Company records the related expense over the director's one year service period.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022 ($ in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Earnings per common share - basic: Numerator: Net income $ 23,077 $ 34,164 $ 45,433 $ 62,327 Net income attributable to noncontrolling interests in CPLP from continuing operations (3) (6) (7) (12) Net income attributable to other noncontrolling interests (453) (106) (609) (279) Net income available to common stockholders $ 22,621 $ 34,052 $ 44,817 $ 62,036 Denominator: Weighted average common shares - basic 151,721 148,837 151,650 148,788 Net income per common share - basic $ 0.15 $ 0.23 $ 0.30 $ 0.42 Earnings per common share - diluted: Numerator: Net income $ 23,077 $ 34,164 $ 45,433 $ 62,327 Net income attributable to other noncontrolling interests (453) (106) (609) (279) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 22,624 $ 34,058 $ 44,824 $ 62,048 Denominator: Weighted average common shares - basic 151,721 148,837 151,650 148,788 Add: Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 380 280 328 277 Weighted average units of CPLP convertible into common shares 25 25 25 25 Weighted average common shares - diluted 152,126 149,142 152,003 149,090 Net income per common share - diluted $ 0.15 $ 0.23 $ 0.29 $ 0.42 The treasury stock method resulted in no dilution from shares expected to be issued under the ESPP or forward contracts for the future sales of common stock under the Company's ATM Program during the respective periods presented.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - Supplemental Information	6 Months Ended
	Jun. 30, 2023
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 statements of cash flows, for the six months ended June 30, 2023 and 2022 is as follows ($ in thousands): 2023 2022 Interest paid, net of amounts capitalized $ 48,502 $ 29,456 Income taxes paid — — Non-Cash Activity: Common stock dividends declared and accrued 49,296 48,522 Tenant improvements funded by tenants 41,240 4,360 The following table provides a reconciliation of cash and cash equivalents recorded on the consolidated balance sheets to cash, cash equivalents, and restricted cash in the consolidated statements of cash flows ($ in thousands): June 30, 2023 December 31, 2022 Cash and cash equivalents $ 8,031 $ 5,145

Reportable Segments

Reportable Segments	6 Months Ended
Reportable Segments	Jun. 30, 2023
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, and Nashville. 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. 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/losses on sales of real estate, gains/losses 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 six months ended June 30, 2023 and 2022 are as follows ($ in thousands): Three Months Ended June 30, 2023 Office Non-Office Total Revenues: Atlanta $ 73,160 $ 469 $ 73,629 Austin 68,161 — 68,161 Charlotte 14,675 1,781 16,456 Dallas 4,225 — 4,225 Phoenix 18,220 — 18,220 Tampa 18,741 — 18,741 Other markets 6,735 — 6,735 Total segment revenues 203,917 2,250 206,167 Less: Company's share of rental property revenues from unconsolidated joint ventures (1,744) (469) (2,213) Total rental property revenues $ 202,173 $ 1,781 $ 203,954 Three Months Ended June 30, 2022 Office Non-Office Total Revenues: Atlanta $ 68,860 $ 439 $ 69,299 Austin 59,054 — 59,054 Charlotte 13,929 1,301 15,230 Dallas 4,132 — 4,132 Phoenix 13,533 — 13,533 Tampa 17,216 — 17,216 Other markets 7,622 1,180 8,802 Total segment revenues 184,346 2,920 187,266 Less: Company's share of rental property revenues from unconsolidated joint ventures (2,473) (1,619) (4,092) Total rental property revenues $ 181,873 $ 1,301 $ 183,174 Six Months Ended June 30, 2023 Office Non-Office Total Revenues: Atlanta $ 145,292 $ 926 $ 146,218 Austin 136,044 — 136,044 Charlotte 29,493 3,542 33,035 Dallas 8,412 — 8,412 Phoenix 33,803 — 33,803 Tampa 37,489 — 37,489 Other markets 13,358 — 13,358 Total segment revenues 403,891 4,468 408,359 Less: Company's share of rental property revenues from unconsolidated joint ventures (3,403) (926) (4,329) Total rental property revenues $ 400,488 $ 3,542 $ 404,030 Six Months Ended June 30, 2022 Office Non-Office Total Revenues: Atlanta $ 136,875 $ 861 $ 137,736 Austin 120,278 — 120,278 Charlotte 27,433 2,286 29,719 Dallas 8,328 — 8,328 Phoenix 26,963 — 26,963 Tampa 34,140 — 34,140 Other markets 14,949 2,539 17,488 Total segment revenues 368,966 5,686 374,652 Less: Company's share of rental property revenues from unconsolidated joint ventures (4,851) (3,400) (8,251) Total rental property revenues $ 364,115 $ 2,286 $ 366,401 NOI by reportable segment for the three and six months ended June 30, 2023 and 2022 are as follows ($ in thousands): Three Months Ended June 30, 2023 Office Non-Office Total Net Operating Income: Atlanta $ 48,368 $ 284 $ 48,652 Austin 42,530 — 42,530 Charlotte 10,764 1,163 11,927 Dallas 3,218 — 3,218 Phoenix 10,250 — 10,250 Tampa 11,661 — 11,661 Other markets 3,606 — 3,606 Total Net Operating Income $ 130,397 $ 1,447 $ 131,844 Three Months Ended June 30, 2022 Office Non-Office Total Net Operating Income: Atlanta $ 46,506 $ 250 $ 46,756 Austin 36,565 — 36,565 Charlotte 10,246 972 11,218 Dallas 3,191 — 3,191 Phoenix 9,868 — 9,868 Tampa 10,643 — 10,643 Other markets 4,145 665 4,810 Total Net Operating Income $ 121,164 $ 1,887 $ 123,051 Six Months Ended June 30, 2023 Office Non-Office Total Net Operating Income: Atlanta $ 95,758 $ 554 $ 96,312 Austin 82,803 — 82,803 Charlotte 21,526 2,325 23,851 Dallas 6,443 — 6,443 Phoenix 22,023 — 22,023 Tampa 23,372 — 23,372 Other markets 7,176 — 7,176 Total Net Operating Income $ 259,101 $ 2,879 $ 261,980 Six Months Ended June 30, 2022 Office Non-Office Total Net Operating Income: Atlanta $ 90,679 $ 485 $ 91,164 Austin 72,932 — 72,932 Charlotte 20,258 1,615 21,873 Dallas 6,498 — 6,498 Phoenix 18,843 — 18,843 Tampa 21,334 — 21,334 Other markets 8,440 1,574 10,014 Total Net Operating Income $ 238,984 $ 3,674 $ 242,658 The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net Income $ 23,077 $ 34,164 $ 45,433 $ 62,327 Fee income (352) (2,305) (726) (3,693) Termination fee income (6,570) (449) (6,706) (1,911) Other income (14) (201) (2,292) (2,484) General and administrative expenses 8,021 6,996 16,459 15,059 Interest expense 25,972 16,549 51,002 32,074 Depreciation and amortization 80,269 69,861 156,039 140,605 Reimbursed expenses 159 677 366 1,037 Other expenses 476 425 861 646 Income from unconsolidated joint ventures (753) (5,280) (1,426) (6,404) Net operating income from unconsolidated joint ventures 1,559 2,542 2,968 5,261 Loss (gain) on investment property transactions — (28) 2 41 Loss on extinguishment of debt — 100 — 100 Net Operating Income $ 131,844 $ 123,051 $ 261,980 $ 242,658

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of June 30, 2023 and the results of operations for the three and six months ended June 30, 2023 and 2022. The results of operations for the three and six months ended June 30, 2023 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 to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The accounting policies employed are substantially the same as those shown in note 2 of the notes to consolidated financial statements included therein.

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	6 Months Ended
Investment in Unconsolidated Joint Ventures (Tables)	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summary of Financial Data and Principal Activities of Unconsolidated Joint Ventures	The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of June 30, 2023 and December 31, 2022 ($ in thousands). SUMMARY OF FINANCIAL POSITION Total Assets Total Debt Total Equity (Deficit) Company's Investment 2023 2022 2023 2022 2023 2022 2023 2022 Operating Properties: AMCO 120 WT Holdings, LLC $ 80,258 $ 81,136 $ — $ — $ 79,464 $ 80,509 $ 14,647 $ 14,856 Crawford Long - CPI, LLC (1) 22,323 22,857 82,294 62,856 (62,353) (39,691) (30,545) (2) (19,173) (2) Under Development: Neuhoff Holdings LLC (3) 426,429 321,338 166,330 115,940 223,786 177,734 120,036 93,647 Land: 715 Ponce Holdings LLC 8,552 8,333 — — 8,433 8,332 4,289 4,261 Sold and Other: HICO Victory Center LP 42 158 — — 42 5,818 20 75 $ 537,604 $ 433,822 $ 248,624 $ 178,796 $ 249,372 $ 232,702 $ 108,447 $ 93,666 (1) In May 2023, Crawford Long - CPI, LLC refinanced the mortgage loan for the Medical Offices at Emory Hospital property. This $83.0 million interest-only mortgage loan has a fixed interest rate of 4.80% and matures in June 2032. (2) Negative investment basis included in deferred income on the consolidated balance sheets. (3) Neuhoff Holdings LLC has a construction loan with a borrowing capacity up to $312.7 million that matures September 2025. The interest rate applicable to the construction loan is based on the Secured Overnight Financing Rate ("SOFR") plus 3.45% with a minimum rate of 3.60%. Prior to April 2023, the loan beared interest at the London Interbank Offered Rate ("LIBOR") plus 3.45%. The information included in the summary of operations table is for the six months ended June 30, 2023 and 2022 ($ in thousands). SUMMARY OF OPERATIONS Total Revenues Net Income (Loss) Company's Income 2023 2022 2023 2022 2023 2022 Operating Properties: AMCO 120 WT Holdings, LLC $ 5,451 $ 5,160 $ 1,625 $ 1,397 $ 323 $ 271 Crawford Long - CPI, LLC 6,360 6,480 2,151 2,324 1,006 1,091 Under Development: Neuhoff Holdings LLC 70 69 42 58 21 29 Land: 715 Ponce Holdings LLC 141 138 100 99 51 49 Sold and Other: Carolina Square Holdings LP — 7,860 48 722 24 304 HICO Victory Center LP — 72 2 6,853 1 4,557 Other — 28 — (12) — 103 $ 12,022 $ 19,807 $ 3,968 $ 11,441 $ 1,426 $ 6,404

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	6 Months Ended
Intangible Assets and Liabilities (Tables)	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	At June 30, 2023 and December 31, 2022, intangible assets included the following ($ in thousands): 2023 2022 In-place leases, net of accumulated amortization of $130,830 and $131,021 in 2023 and 2022, respectively $ 89,611 $ 102,080 Below-market ground leases, net of accumulated amortization of $2,060 and $1,860 in 2023 and 2022, respectively 17,193 17,393 Above-market leases, net of accumulated amortization of $25,240 and $25,085 in 2023 and 2022, respectively 13,409 15,093 Goodwill 1,674 1,674 $ 121,887 $ 136,240
Schedule of Intangible Liabilities	At June 30, 2023 and December 31, 2022, intangible liabilities were the following ($ in thousands): 2023 2022 Below-market leases, net of accumulated amortization of $48,699 and $48,994 in 2023 and 2022, respectively $ 46,511 $ 52,280
Amortization of Intangible Asset and Liabilities	The amortization of the above asset and liabilities are recorded as follows ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues: Rental property revenues, net (Below-market and Above-market leases) $ 2,526 $ 1,661 $ 4,084 $ 3,464 Expenses: Depreciation and amortization (In-place leases) 7,057 7,032 12,470 14,390 Rental property operating and other expenses (Below-market ground leases) 100 82 200 174
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 Leases Above-Market Leases Below-Market 2023 (six months) $ 9,438 $ 200 $ 1,495 $ (4,336) 2024 17,407 400 2,697 (8,292) 2025 14,803 400 2,114 (7,747) 2026 12,356 400 1,695 (6,509) 2027 9,757 400 1,273 (4,973) Thereafter 25,850 15,393 4,135 (14,654) $ 89,611 $ 17,193 $ 13,409 $ (46,511)

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
Other Assets (Tables)	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets on the consolidated balance sheets as of June 30, 2023 and December 31, 2022 included the following ($ in thousands): 2023 2022 Predevelopment costs $ 54,501 $ 50,009 Prepaid expenses and other assets 16,633 6,438 Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $18,766 and $18,860 in 2023 and 2022, respectively 10,997 11,824 Lease inducements, net of accumulated amortization of $5,360 and $5,129 in 2023 and 2022, respectively 7,922 8,091 Credit Facility deferred financing costs, net of accumulated amortization of $1,488 and $135 in 2023 and 2022, respectively 4,916 5,550 $ 94,969 $ 81,912

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
Notes Payable (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Terms of Notes Payable	The following table summarizes the terms of notes payable outstanding at June 30, 2023 and December 31, 2022 ($ in thousands): Description Interest Rate (1) Maturity (2) 2023 2022 Unsecured Notes: Credit Facility 6.09% April 2027 $ 148,500 $ 56,600 Term Loan (3) March 2025 400,000 400,000 Term Loan 5.38% August 2024 350,000 350,000 Senior Note 3.95% July 2029 275,000 275,000 Senior Note 3.91% July 2025 250,000 250,000 Senior Note 3.86% July 2028 250,000 250,000 Senior Note 3.78% July 2027 125,000 125,000 Senior Note 4.09% July 2027 100,000 100,000 1,898,500 1,806,600 Secured Mortgage Notes: Terminus (4) 6.34% January 2031 221,000 221,000 Fifth Third Center 3.37% October 2026 128,373 130,168 Colorado Tower 3.45% September 2026 108,219 109,552 Domain 10 3.75% November 2024 73,549 74,521 531,141 535,241 $ 2,429,641 $ 2,341,841 Unamortized loan costs (5,880) (7,235) Total Notes Payable $ 2,423,761 $ 2,334,606 (1) Interest rate as of June 30, 2023. (2) Weighted average maturity of notes payable outstanding at June 30, 2023 was 3.5 years. (3) In April 2023, the Company entered into a floating-to-fixed interest rate swap with respect to $200 million of the $400 million Term Loan. As of June 30, 2023, the fixed interest rate was 5.45%, and the floating interest rate was 6.24%.
Summary of Interest Recorded	For the three and six months ended June 30, 2023 and 2022, interest expense was recorded as follows ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total interest incurred $ 30,977 $ 20,140 $ 61,098 $ 39,116 Interest capitalized (5,005) (3,591) (10,096) (7,042) Total interest expense $ 25,972 $ 16,549 $ 51,002 $ 32,074

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
Derivative Financial Instruments (Tables)	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Reclassification out of Accumulated Other Comprehensive Income	The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, Cash Flow Hedges: 2023 2022 2023 2022 Amount of income recognized in accumulated other comprehensive income on interest rate derivatives $ 5,936 $ — $ 4,894 $ — Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense $ (908) $ — $ (1,096) $ — Total amount of interest expense presented in the consolidated statements of operations $ 25,972 $ 16,549 $ 51,002 $ 32,074

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
Other Liabilities (Tables)	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Summary of Other Liabilities	Other liabilities on the consolidated balance sheets as of June 30, 2023 and December 31, 2022 included the following ($ in thousands): 2023 2022 Ground lease liability $ 53,322 $ 53,129 Prepaid rent 37,660 33,165 Security deposits 14,398 14,635 Restricted stock unit liability — 1,048 Other liabilities 1,720 1,465 $ 107,100 $ 103,442

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense, Net of Forfeitures	For the three and six months ended June 30, 2023 and 2022, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Equity-classified awards: Restricted stock $ 927 $ 789 $ 1,785 $ 1,569 Market-based RSUs 1,108 936 2,859 2,148 Performance-based RSUs 303 312 783 684 Director grants 400 369 785 701 Employee Stock Purchase Plan 33 42 70 94 Total equity-classified award expense, net of forfeitures 2,771 2,448 6,282 5,196 Liability-classified awards Time-vested RSUs — (152) 61 (20) Dividend equivalent units — 4 — 19 Total liability-classified award expense, net of forfeitures — (148) 61 (1) Total stock-based compensation expense, net of forfeitures $ 2,771 $ 2,300 $ 6,343 $ 5,195

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022 ($ in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Earnings per common share - basic: Numerator: Net income $ 23,077 $ 34,164 $ 45,433 $ 62,327 Net income attributable to noncontrolling interests in CPLP from continuing operations (3) (6) (7) (12) Net income attributable to other noncontrolling interests (453) (106) (609) (279) Net income available to common stockholders $ 22,621 $ 34,052 $ 44,817 $ 62,036 Denominator: Weighted average common shares - basic 151,721 148,837 151,650 148,788 Net income per common share - basic $ 0.15 $ 0.23 $ 0.30 $ 0.42 Earnings per common share - diluted: Numerator: Net income $ 23,077 $ 34,164 $ 45,433 $ 62,327 Net income attributable to other noncontrolling interests (453) (106) (609) (279) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 22,624 $ 34,058 $ 44,824 $ 62,048 Denominator: Weighted average common shares - basic 151,721 148,837 151,650 148,788 Add: Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 380 280 328 277 Weighted average units of CPLP convertible into common shares 25 25 25 25 Weighted average common shares - diluted 152,126 149,142 152,003 149,090 Net income per common share - diluted $ 0.15 $ 0.23 $ 0.29 $ 0.42

Consolidated Statements of Ca_3

Consolidated Statements of Cash Flows - Supplemental Information (Tables)	6 Months Ended
	Jun. 30, 2023
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 statements of cash flows, for the six months ended June 30, 2023 and 2022 is as follows ($ in thousands): 2023 2022 Interest paid, net of amounts capitalized $ 48,502 $ 29,456 Income taxes paid — — Non-Cash Activity: Common stock dividends declared and accrued 49,296 48,522 Tenant improvements funded by tenants 41,240 4,360
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash	The following table provides a reconciliation of cash and cash equivalents recorded on the consolidated balance sheets to cash, cash equivalents, and restricted cash in the consolidated statements of cash flows ($ in thousands): June 30, 2023 December 31, 2022 Cash and cash equivalents $ 8,031 $ 5,145
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash	The following table provides a reconciliation of cash and cash equivalents recorded on the consolidated balance sheets to cash, cash equivalents, and restricted cash in the consolidated statements of cash flows ($ in thousands): June 30, 2023 December 31, 2022 Cash and cash equivalents $ 8,031 $ 5,145

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
Reportable Segments (Tables)	Jun. 30, 2023
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 six months ended June 30, 2023 and 2022 are as follows ($ in thousands): Three Months Ended June 30, 2023 Office Non-Office Total Revenues: Atlanta $ 73,160 $ 469 $ 73,629 Austin 68,161 — 68,161 Charlotte 14,675 1,781 16,456 Dallas 4,225 — 4,225 Phoenix 18,220 — 18,220 Tampa 18,741 — 18,741 Other markets 6,735 — 6,735 Total segment revenues 203,917 2,250 206,167 Less: Company's share of rental property revenues from unconsolidated joint ventures (1,744) (469) (2,213) Total rental property revenues $ 202,173 $ 1,781 $ 203,954 Three Months Ended June 30, 2022 Office Non-Office Total Revenues: Atlanta $ 68,860 $ 439 $ 69,299 Austin 59,054 — 59,054 Charlotte 13,929 1,301 15,230 Dallas 4,132 — 4,132 Phoenix 13,533 — 13,533 Tampa 17,216 — 17,216 Other markets 7,622 1,180 8,802 Total segment revenues 184,346 2,920 187,266 Less: Company's share of rental property revenues from unconsolidated joint ventures (2,473) (1,619) (4,092) Total rental property revenues $ 181,873 $ 1,301 $ 183,174 Six Months Ended June 30, 2023 Office Non-Office Total Revenues: Atlanta $ 145,292 $ 926 $ 146,218 Austin 136,044 — 136,044 Charlotte 29,493 3,542 33,035 Dallas 8,412 — 8,412 Phoenix 33,803 — 33,803 Tampa 37,489 — 37,489 Other markets 13,358 — 13,358 Total segment revenues 403,891 4,468 408,359 Less: Company's share of rental property revenues from unconsolidated joint ventures (3,403) (926) (4,329) Total rental property revenues $ 400,488 $ 3,542 $ 404,030 Six Months Ended June 30, 2022 Office Non-Office Total Revenues: Atlanta $ 136,875 $ 861 $ 137,736 Austin 120,278 — 120,278 Charlotte 27,433 2,286 29,719 Dallas 8,328 — 8,328 Phoenix 26,963 — 26,963 Tampa 34,140 — 34,140 Other markets 14,949 2,539 17,488 Total segment revenues 368,966 5,686 374,652 Less: Company's share of rental property revenues from unconsolidated joint ventures (4,851) (3,400) (8,251) Total rental property revenues $ 364,115 $ 2,286 $ 366,401
Reconciliation of NOI to Net Income Available to Common Stockholders	NOI by reportable segment for the three and six months ended June 30, 2023 and 2022 are as follows ($ in thousands): Three Months Ended June 30, 2023 Office Non-Office Total Net Operating Income: Atlanta $ 48,368 $ 284 $ 48,652 Austin 42,530 — 42,530 Charlotte 10,764 1,163 11,927 Dallas 3,218 — 3,218 Phoenix 10,250 — 10,250 Tampa 11,661 — 11,661 Other markets 3,606 — 3,606 Total Net Operating Income $ 130,397 $ 1,447 $ 131,844 Three Months Ended June 30, 2022 Office Non-Office Total Net Operating Income: Atlanta $ 46,506 $ 250 $ 46,756 Austin 36,565 — 36,565 Charlotte 10,246 972 11,218 Dallas 3,191 — 3,191 Phoenix 9,868 — 9,868 Tampa 10,643 — 10,643 Other markets 4,145 665 4,810 Total Net Operating Income $ 121,164 $ 1,887 $ 123,051 Six Months Ended June 30, 2023 Office Non-Office Total Net Operating Income: Atlanta $ 95,758 $ 554 $ 96,312 Austin 82,803 — 82,803 Charlotte 21,526 2,325 23,851 Dallas 6,443 — 6,443 Phoenix 22,023 — 22,023 Tampa 23,372 — 23,372 Other markets 7,176 — 7,176 Total Net Operating Income $ 259,101 $ 2,879 $ 261,980 Six Months Ended June 30, 2022 Office Non-Office Total Net Operating Income: Atlanta $ 90,679 $ 485 $ 91,164 Austin 72,932 — 72,932 Charlotte 20,258 1,615 21,873 Dallas 6,498 — 6,498 Phoenix 18,843 — 18,843 Tampa 21,334 — 21,334 Other markets 8,440 1,574 10,014 Total Net Operating Income $ 238,984 $ 3,674 $ 242,658 The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net Income $ 23,077 $ 34,164 $ 45,433 $ 62,327 Fee income (352) (2,305) (726) (3,693) Termination fee income (6,570) (449) (6,706) (1,911) Other income (14) (201) (2,292) (2,484) General and administrative expenses 8,021 6,996 16,459 15,059 Interest expense 25,972 16,549 51,002 32,074 Depreciation and amortization 80,269 69,861 156,039 140,605 Reimbursed expenses 159 677 366 1,037 Other expenses 476 425 861 646 Income from unconsolidated joint ventures (753) (5,280) (1,426) (6,404) Net operating income from unconsolidated joint ventures 1,559 2,542 2,968 5,261 Loss (gain) on investment property transactions — (28) 2 41 Loss on extinguishment of debt — 100 — 100 Net Operating Income $ 131,844 $ 123,051 $ 261,980 $ 242,658

Description of Business and B_3

Description of Business and Basis of Presentation (Details) shares in Thousands, ft² in Thousands	6 Months Ended
	Jun. 30, 2023 ft² shares	Jun. 30, 2022 shares
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	18,800
Portfolio of real estate assets, retail space area	310
Variable Interest Entity, Primary Beneficiary \| CPLP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common units (in shares) \| shares	25	25
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%

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Summary of Financial Position and Operations (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	May 31, 2023	Dec. 31, 2022
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets		$ 7,595,785		$ 7,595,785			$ 7,537,016
Total Equity (Deficit)		4,581,371		4,581,371			4,625,664
Income Statement [Abstract]
Total Revenues		204,320	$ 185,680	407,048	$ 372,578
Net Income (Loss)		22,621	$ 34,052	44,817	62,036
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets		537,604		537,604			433,822
Total Debt		248,624		248,624			178,796
Total Equity (Deficit)		249,372		249,372			232,702
Company's Investment		108,447		108,447			93,666
Income Statement [Abstract]
Total Revenues				12,022	19,807
Net Income (Loss)				3,968	11,441
Company's Income from Investment				1,426	6,404
AMCO 120 WT Holdings, LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets		80,258		80,258			81,136
Total Debt		0		0			0
Total Equity (Deficit)		79,464		79,464			80,509
Company's Investment		14,647		14,647			14,856
Income Statement [Abstract]
Total Revenues				5,451	5,160
Net Income (Loss)				1,625	1,397
Company's Income from Investment				323	271
Crawford Long - CPI, LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets		22,323		22,323			22,857
Total Debt		82,294		82,294		$ 83,000	62,856
Total Equity (Deficit)		(62,353)		(62,353)			(39,691)
Company's Investment		(30,545)		(30,545)			(19,173)
Interest rate						4.80%
Income Statement [Abstract]
Total Revenues				6,360	6,480
Net Income (Loss)				2,151	2,324
Company's Income from Investment				1,006	1,091
Neuhoff Holdings LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets		426,429		426,429			321,338
Total Debt		166,330		166,330			115,940
Total Equity (Deficit)		223,786		223,786			177,734
Company's Investment		$ 120,036		120,036			93,647
Income Statement [Abstract]
Total Revenues				70	69
Net Income (Loss)				42	58
Company's Income from Investment				$ 21	29
Neuhoff Holdings LLC \| Minimum
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Interest rate		3.60%		3.60%
Neuhoff Holdings LLC \| SOFR
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Basis spread on variable rate				3.45%
Neuhoff Holdings LLC \| LIBOR
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Basis spread on variable rate	3.45%
Neuhoff Holdings LLC \| Construction Loan
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Maximum borrowing capacity		$ 312,700		$ 312,700
715 Ponce Holdings LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets		8,552		8,552			8,333
Total Debt		0		0			0
Total Equity (Deficit)		8,433		8,433			8,332
Company's Investment		4,289		4,289			4,261
Income Statement [Abstract]
Total Revenues				141	138
Net Income (Loss)				100	99
Company's Income from Investment				51	49
Carolina Square Holdings LP
Income Statement [Abstract]
Total Revenues				0	7,860
Net Income (Loss)				48	722
Company's Income from Investment				24	304
HICO Victory Center LP
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets		42		42			158
Total Debt		0		0			0
Total Equity (Deficit)		42		42			5,818
Company's Investment		$ 20		20			$ 75
Income Statement [Abstract]
Total Revenues				0	72
Net Income (Loss)				2	6,853
Company's Income from Investment				1	4,557
Other
Income Statement [Abstract]
Total Revenues				0	28
Net Income (Loss)				0	(12)
Company's Income from Investment				$ 0	$ 103

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands		1 Months Ended
	Jun. 30, 2022 USD ($) a	May 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Uptown Dallas Land
Schedule of Equity Method Investments [Line Items]
Area of property \| a	3
Sales price	$ 23,100
Gain (loss) from sale of property	$ 4,500
Crawford Long - CPI, LLC
Schedule of Equity Method Investments [Line Items]
Amount repay in full		$ 62,400
Debt		$ 83,000	$ 82,294	$ 62,856
Interest Rate		4.80%

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,674	$ 1,674
Total intangible assets	121,887	136,240
In-Place Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	130,830	131,021
Finite-lived intangible assets, net	89,611	102,080
Below-Market Ground Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	2,060	1,860
Finite-lived intangible assets, net	17,193	17,393
Above-Market Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	25,240	25,085
Finite-lived intangible assets, net	$ 13,409	$ 15,093

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Liabilities (Details) - Below-Market Leases - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (48,699)	$ (48,994)
Finite-lived intangible liabilities, net	$ 46,511	$ 52,280

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Amortization of Asset and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Below-Market Leases, Above-Market Leases
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below market leases	$ 2,526	$ 1,661	$ 4,084	$ 3,464
In-Place Leases
Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization (In-place leases)	7,057	7,032	12,470	14,390
Below-Market Ground Leases
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below market leases	$ 100	$ 82	$ 200	$ 174

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Intangibles - Future Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Below-Market Leases
Future Amortization of Intangible Liabilities:
2023 (six months)	$ (4,336)
2024	(8,292)
2025	(7,747)
2026	(6,509)
2027	(4,973)
Thereafter	(14,654)
Finite-lived intangible liabilities, net	(46,511)	$ (52,280)
In-Place Leases
Future Amortization of Intangible Assets:
2023 (six months)	9,438
2024	17,407
2025	14,803
2026	12,356
2027	9,757
Thereafter	25,850
Finite-lived intangible assets, net	89,611	102,080
Below-Market Ground Leases
Future Amortization of Intangible Assets:
2023 (six months)	200
2024	400
2025	400
2026	400
2027	400
Thereafter	15,393
Finite-lived intangible assets, net	17,193	17,393
Above-Market Leases
Future Amortization of Intangible Assets:
2023 (six months)	1,495
2024	2,697
2025	2,114
2026	1,695
2027	1,273
Thereafter	4,135
Finite-lived intangible assets, net	$ 13,409	$ 15,093

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Predevelopment costs	$ 54,501	$ 50,009
Prepaid expenses and other assets	16,633	6,438
Accumulated depreciation of furniture, fixtures and equipment, leasehold improvements, and other deferred costs	18,766	18,860
Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $18,766 and $18,860 in 2023 and 2022, respectively	10,997	11,824
Accumulated amortization of lease inducements	5,360	5,129
Lease inducements, net of accumulated amortization of $5,360 and $5,129 in 2023 and 2022, respectively	7,922	8,091
Accumulated amortization of line of credit deferred financing costs	1,488	135
Credit Facility deferred financing costs, net of accumulated amortization of $1,488 and $135 in 2023 and 2022, respectively	4,916	5,550
Total other assets	$ 94,969	$ 81,912

Notes Payable - Terms of Notes

Notes Payable - Terms of Notes Payable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Apr. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes payable, gross	$ 2,429,641		$ 2,341,841
Unamortized loan costs	(5,880)		(7,235)
Total Notes Payable	$ 2,423,761		2,334,606
Weighted average maturity of notes payable	3 years 6 months
Unsecured Notes
Debt Instrument [Line Items]
Notes payable, gross	$ 1,898,500		1,806,600
Credit Facility
Debt Instrument [Line Items]
Interest Rate	6.09%
Notes payable, gross	$ 148,500		56,600
Term Loan \| Term Loan Unsecured Due 2025
Debt Instrument [Line Items]
Notes payable, gross	$ 400,000		400,000
Term Loan \| Term Loan Unsecured Due 2025
Debt Instrument [Line Items]
Interest Rate	5.45%
Term Loan \| Term Loan Unsecured Due 2025
Debt Instrument [Line Items]
Interest Rate	6.24%
Term Loan \| Term Loan Unsecured Due 2024
Debt Instrument [Line Items]
Interest Rate	5.38%
Notes payable, gross	$ 350,000		350,000
Senior Note
Debt Instrument [Line Items]
Debt amount	$ 1,000,000
Senior Note \| Senior Note, Unsecured Due 2029
Debt Instrument [Line Items]
Interest Rate	3.95%
Notes payable, gross	$ 275,000		275,000
Debt amount	$ 275,000
Senior Note \| Senior Note, Unsecured Due 2025
Debt Instrument [Line Items]
Interest Rate	3.91%
Notes payable, gross	$ 250,000		250,000
Debt amount	$ 250,000
Senior Note \| Senior Note, Unsecured Due 2028
Debt Instrument [Line Items]
Interest Rate	3.86%
Notes payable, gross	$ 250,000		250,000
Debt amount	$ 250,000
Senior Note \| Senior Note, Unsecured Due 2027
Debt Instrument [Line Items]
Interest Rate	3.78%
Notes payable, gross	$ 125,000		125,000
Debt amount	$ 125,000
Senior Note \| Senior Note, Unsecured Due 2027
Debt Instrument [Line Items]
Interest Rate	4.09%
Notes payable, gross	$ 100,000		100,000
Debt amount	100,000
Secured Mortgage Notes
Debt Instrument [Line Items]
Notes payable, gross	$ 531,141		535,241
Secured Mortgage Notes \| Terminus
Debt Instrument [Line Items]
Interest Rate	6.34%
Notes payable, gross	$ 221,000		221,000
Secured Mortgage Notes \| Terminus 100
Debt Instrument [Line Items]
Notes payable, gross	123,000
Secured Mortgage Notes \| Terminus 200
Debt Instrument [Line Items]
Notes payable, gross	$ 98,000
Secured Mortgage Notes \| Fifth Third Center
Debt Instrument [Line Items]
Interest Rate	3.37%
Notes payable, gross	$ 128,373		130,168
Secured Mortgage Notes \| Colorado Tower
Debt Instrument [Line Items]
Interest Rate	3.45%
Notes payable, gross	$ 108,219		109,552
Secured Mortgage Notes \| Domain 10
Debt Instrument [Line Items]
Interest Rate	3.75%
Notes payable, gross	$ 73,549		$ 74,521
Term Loan \| 2025 Term Loan
Debt Instrument [Line Items]
Debt amount		$ 400,000
Term Loan \| 2025 Term Loan \| Interest Rate Swap
Debt Instrument [Line Items]
Debt amount		$ 200,000

Notes Payable - Credit Facility

Notes Payable - Credit Facility (Details) - Credit Facility $ in Millions		4 Months Ended	6 Months Ended
	May 02, 2022 USD ($)	May 01, 2022 USD ($)	Jun. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000	$ 1,000
Variable rate	1%
Facility fee percentage			0.15%
Available borrowing capacity			$ 851.5
Minimum fixed charge coverage ratio		1.50
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%
Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Term SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1%
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.05%
Maximum
Line of Credit Facility [Line Items]
Secured leverage ratio		50%
Facility fee percentage	0.30%
Leverage ratio		60%
Maximum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.40%
Maximum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.40%
Minimum
Line of Credit Facility [Line Items]
Facility fee percentage	0.15%
Minimum unencumbered interest coverage ratio		1.75
Minimum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.90%
Minimum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0%

Notes Payable - Term Loan (Deta

Notes Payable - Term Loan (Details) - Term Loan $ in Millions				6 Months Ended
	Oct. 03, 2022 USD ($) extension	Sep. 19, 2022	Jun. 28, 2021 USD ($) extension	Jun. 30, 2023	Apr. 19, 2023 USD ($)	Sep. 27, 2022 USD ($)
2022 Term Loan
Debt Instrument [Line Items]
Debt amount	$ 400				$ 400
Number of extension options \| extension	4
Extension term	6 months
2022 Term Loan \| Interest Rate Swap
Debt Instrument [Line Items]
Debt amount					$ 200
2022 Term Loan \| Interest Rate Swap \| SOFR
Debt Instrument [Line Items]
Fixed swap rate					4.298%
Term Loan
Debt Instrument [Line Items]
Debt amount			$ 350
Number of extension options \| extension			4
Extension term			180 days
Variable rate		1%
Term Loan \| Adjusted SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%		1.05%
Term Loan \| Eurodollar \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.05%
Term Loan \| Eurodollar \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.65%
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 \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.05%
Term Loan \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.65%
Term Loan \| Interest Rate Swap
Debt Instrument [Line Items]
Debt amount						$ 350
Term Loan \| Interest Rate Swap \| SOFR
Debt Instrument [Line Items]
Fixed swap rate						4.234%

Notes Payable - Unsecured Senio

Notes Payable - Unsecured Senior Notes (Details) - Unsecured Senior Notes $ in Millions	Jun. 30, 2023 USD ($) tranche	May 01, 2022
Debt Instrument [Line Items]
Debt amount	$ 1,000
Number of tranches \| tranche	5
Maximum
Debt Instrument [Line Items]
Leverage ratio		40%
4.09% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 100
Interest rate	4.09%
3.91% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 250
Interest rate	3.91%
3.78% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 125
Interest rate	3.78%
3.86% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 250
Interest rate	3.86%
3.95% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 275
Interest rate	3.95%

Notes Payable - Secured Mortgag

Notes Payable - Secured Mortgage Notes (Details) $ in Thousands	Jun. 30, 2023 USD ($) debt_instrument	Dec. 31, 2022 USD ($) property
Debt Instrument [Line Items]
Long-term debt	$ 2,429,641	$ 2,341,841
Secured Mortgage Notes
Debt Instrument [Line Items]
Long-term debt	531,141	$ 535,241
Terminus Properties In Atlanta \| Secured Mortgage Notes
Debt Instrument [Line Items]
Number of real estate properties \| property		2
Long-term debt		$ 221,000
Interest Rate		6.34%
Properties, Excluding Terminus \| Secured Mortgage Notes
Debt Instrument [Line Items]
Long-term debt	$ 531,100
Number of non-recourse mortgage loans \| debt_instrument	5
Collateral amount	$ 901,700

Notes Payable - Other Debt Info

Notes Payable - Other Debt Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Disclosure [Abstract]
Notes payable, fair value	$ 2,300,000		$ 2,300,000		$ 2,200,000
Total interest incurred	30,977	$ 20,140	61,098	$ 39,116
Interest capitalized	(5,005)	(3,591)	(10,096)	(7,042)
Total interest expense	$ 25,972	$ 16,549	$ 51,002	$ 32,074

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Apr. 19, 2023	Dec. 31, 2022	Oct. 03, 2022	Sep. 27, 2022	Jun. 28, 2021
2022 Term Loan \| Term Loan
Derivative [Line Items]
Debt amount		$ 400		$ 400
2022 Term Loan \| Interest Rate Swap
Derivative [Line Items]
Fair value of derivative	$ 1.9
2022 Term Loan \| Interest Rate Swap \| Term Loan
Derivative [Line Items]
Debt amount		$ 200
2022 Term Loan \| Interest Rate Swap \| Term Loan \| SOFR
Derivative [Line Items]
Fixed swap rate		4.298%
Term Loan \| Term Loan
Derivative [Line Items]
Debt amount						$ 350
Term Loan \| Interest Rate Swap \| Term Loan
Derivative [Line Items]
Debt amount					$ 350
Term Loan \| Interest Rate Swap \| Term Loan \| SOFR
Derivative [Line Items]
Fixed swap rate					4.234%
2021 Term Loan \| Interest Rate Swap
Derivative [Line Items]
Fair value of derivative	$ 3.7		$ 1.8

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of income recognized in accumulated other comprehensive income on interest rate derivatives	$ 5,936	$ 0	$ 4,894	$ 0
Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense	(908)	0	(1,096)	0
Total amount of interest expense presented in the consolidated statements of operations	$ 25,972	$ 16,549	$ 51,002	$ 32,074

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Ground lease liability	$ 53,322	$ 53,129
Prepaid rent	37,660	33,165
Security deposits	14,398	14,635
Restricted stock unit liability	0	1,048
Other liabilities	1,720	1,465
Total other liabilities	$ 107,100	$ 103,442

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit and performance bonds	$ 684
Future obligations under leases to fund tenant improvements and other future construction obligations	$ 153,100

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands, shares in Millions			3 Months Ended	6 Months Ended		24 Months Ended
	Jun. 29, 2022 USD ($) $ / shares shares	Apr. 21, 2022 USD ($)	Sep. 30, 2021 USD ($) financial_institution	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of participating financial institutions \| financial_institution			6
Contributions to unconsolidated joint ventures				$ 26,299	$ 31,892
Issuance of common stock				0	101,668
Dividends owed				49,296	$ 48,522	$ 49,296
HICO Avalon, LLC And HICO Avalon II
Subsidiary, Sale of Stock [Line Items]
Ownership percentage of partner in joint venture		10%
Contributions to unconsolidated joint ventures		$ 43,400
Book value of non-controlling interest		$ 15,700
ATM Program
Subsidiary, Sale of Stock [Line Items]
Sale of stock, shares issued (in shares) \| shares						2.6
Issuance of common stock						$ 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
Maximum \| ATM Program
Subsidiary, Sale of Stock [Line Items]
Sale of stock, consideration received on transaction			$ 500,000

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenue Recognition (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 204,320,000	$ 185,680,000	$ 407,048,000	$ 372,578,000
Reduction of revenue related to write-down of net assets associated with lease	1,600,000		1,600,000
Rental property revenues
Disaggregation of Revenue [Line Items]
Revenues	203,954,000	183,174,000	404,030,000	366,401,000
Variable rental revenue	62,200,000	50,200,000	121,400,000	103,000,000
Fees and other
Disaggregation of Revenue [Line Items]
Revenues	366,000	2,500,000	3,000,000	6,200,000
Fees and other \| Norfolk Southern
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 1,400,000	$ 0	$ 2,200,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense, Net of Forfeitures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	$ 2,771	$ 2,300	$ 6,343	$ 5,195
Equity-classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	2,771	2,448	6,282	5,196
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	927	789	1,785	1,569
Market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	1,108	936	2,859	2,148
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	303	312	783	684
Director grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	400	369	785	701
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	33	42	70	94
Liability-classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	0	(148)	61	(1)
Time-vested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	0	(152)	61	(20)
Dividend equivalent units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	$ 0	$ 4	$ 0	$ 19

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - Independent Board of Directors - Equity-classified awards $ in Millions	1 Months Ended
	Jun. 30, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares and targeted units granted (in shares) \| shares	81,909
Shares and targeted units granted \| $	$ 1.6
Service period	1 year

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income	$ 23,077	$ 34,164	$ 45,433	$ 62,327
Net income available to common stockholders	$ 22,621	$ 34,052	$ 44,817	$ 62,036
Denominator:
Weighted average common shares - basic (in shares)	151,721	148,837	151,650	148,788
Net income per common share — basic (in usd per share)	$ 0.15	$ 0.23	$ 0.30	$ 0.42
Numerator:
Net income	$ 23,077	$ 34,164	$ 45,433	$ 62,327
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP	$ 22,624	$ 34,058	$ 44,824	$ 62,048
Denominator:
Weighted average shares — basic (in shares)	151,721	148,837	151,650	148,788
Add:
Weighted average units of CPLP convertible into common shares (in shares)	25	25	25	25
Weighted average common shares - diluted (in shares)	152,126	149,142	152,003	149,090
Net income per common share — diluted (in usd per share)	$ 0.15	$ 0.23	$ 0.29	$ 0.42
RSU
Add:
Potential dilutive common shares - stock options (in shares)	380	280	328	277
CPLP
Numerator:
Net income attributable to noncontrolling interests	$ (3)	$ (6)	$ (7)	$ (12)
Numerator:
Net income attributable to other noncontrolling interests	(3)	(6)	(7)	(12)
Other Noncontrolling Interests
Numerator:
Net income attributable to noncontrolling interests	(453)	(106)	(609)	(279)
Numerator:
Net income attributable to other noncontrolling interests	$ (453)	$ (106)	$ (609)	$ (279)

Consolidated Statements of Ca_4

Consolidated Statements of Cash Flows - Supplemental Information - Supplemental Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of amounts capitalized	$ 48,502	$ 29,456
Income taxes paid	0	0
Non-Cash Activity:
Common stock dividends declared and accrued	49,296	48,522
Tenant improvements funded by tenants	$ 41,240	$ 4,360

Consolidated Statements of Ca_5

Consolidated Statements of Cash Flows - Supplemental Information - Reconciliation of Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 8,031	$ 5,145

Reportable Segments - Segment R

Reportable Segments - Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total Revenues	$ 204,320	$ 185,680	$ 407,048	$ 372,578
Rental property revenues
Segment Reporting Information [Line Items]
Total Revenues	203,954	183,174	404,030	366,401
Rental property revenues \| Office
Segment Reporting Information [Line Items]
Total Revenues	202,173	181,873	400,488	364,115
Rental property revenues \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	1,781	1,301	3,542	2,286
Operating segments \| Rental property revenues
Segment Reporting Information [Line Items]
Total Revenues	206,167	187,266	408,359	374,652
Operating segments \| Rental property revenues \| Office
Segment Reporting Information [Line Items]
Total Revenues	203,917	184,346	403,891	368,966
Operating segments \| Rental property revenues \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	2,250	2,920	4,468	5,686
Operating segments \| Rental property revenues \| Atlanta
Segment Reporting Information [Line Items]
Total Revenues	73,629	69,299	146,218	137,736
Operating segments \| Rental property revenues \| Atlanta \| Office
Segment Reporting Information [Line Items]
Total Revenues	73,160	68,860	145,292	136,875
Operating segments \| Rental property revenues \| Atlanta \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	469	439	926	861
Operating segments \| Rental property revenues \| Austin
Segment Reporting Information [Line Items]
Total Revenues	68,161	59,054	136,044	120,278
Operating segments \| Rental property revenues \| Austin \| Office
Segment Reporting Information [Line Items]
Total Revenues	68,161	59,054	136,044	120,278
Operating segments \| Rental property revenues \| Austin \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Operating segments \| Rental property revenues \| Charlotte
Segment Reporting Information [Line Items]
Total Revenues	16,456	15,230	33,035	29,719
Operating segments \| Rental property revenues \| Charlotte \| Office
Segment Reporting Information [Line Items]
Total Revenues	14,675	13,929	29,493	27,433
Operating segments \| Rental property revenues \| Charlotte \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	1,781	1,301	3,542	2,286
Operating segments \| Rental property revenues \| Dallas
Segment Reporting Information [Line Items]
Total Revenues	4,225	4,132	8,412	8,328
Operating segments \| Rental property revenues \| Dallas \| Office
Segment Reporting Information [Line Items]
Total Revenues	4,225	4,132	8,412	8,328
Operating segments \| Rental property revenues \| Dallas \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Operating segments \| Rental property revenues \| Phoenix
Segment Reporting Information [Line Items]
Total Revenues	18,220	13,533	33,803	26,963
Operating segments \| Rental property revenues \| Phoenix \| Office
Segment Reporting Information [Line Items]
Total Revenues	18,220	13,533	33,803	26,963
Operating segments \| Rental property revenues \| Phoenix \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Operating segments \| Rental property revenues \| Tampa
Segment Reporting Information [Line Items]
Total Revenues	18,741	17,216	37,489	34,140
Operating segments \| Rental property revenues \| Tampa \| Office
Segment Reporting Information [Line Items]
Total Revenues	18,741	17,216	37,489	34,140
Operating segments \| Rental property revenues \| Tampa \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Operating segments \| Rental property revenues \| Other markets
Segment Reporting Information [Line Items]
Total Revenues	6,735	8,802	13,358	17,488
Operating segments \| Rental property revenues \| Other markets \| Office
Segment Reporting Information [Line Items]
Total Revenues	6,735	7,622	13,358	14,949
Operating segments \| Rental property revenues \| Other markets \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	1,180	0	2,539
Segment reconciling items \| Rental property revenues
Segment Reporting Information [Line Items]
Total Revenues	(2,213)	(4,092)	(4,329)	(8,251)
Segment reconciling items \| Rental property revenues \| Office
Segment Reporting Information [Line Items]
Total Revenues	(1,744)	(2,473)	(3,403)	(4,851)
Segment reconciling items \| Rental property revenues \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	$ (469)	$ (1,619)	$ (926)	$ (3,400)

Reportable Segments - Net Opera

Reportable Segments - Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net Operating Income	$ 131,844	$ 123,051	$ 261,980	$ 242,658
Office
Segment Reporting Information [Line Items]
Net Operating Income	130,397	121,164	259,101	238,984
Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	1,447	1,887	2,879	3,674
Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	48,652	46,756	96,312	91,164
Atlanta \| Office
Segment Reporting Information [Line Items]
Net Operating Income	48,368	46,506	95,758	90,679
Atlanta \| Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	284	250	554	485
Austin
Segment Reporting Information [Line Items]
Net Operating Income	42,530	36,565	82,803	72,932
Austin \| Office
Segment Reporting Information [Line Items]
Net Operating Income	42,530	36,565	82,803	72,932
Austin \| Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	11,927	11,218	23,851	21,873
Charlotte \| Office
Segment Reporting Information [Line Items]
Net Operating Income	10,764	10,246	21,526	20,258
Charlotte \| Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	1,163	972	2,325	1,615
Dallas
Segment Reporting Information [Line Items]
Net Operating Income	3,218	3,191	6,443	6,498
Dallas \| Office
Segment Reporting Information [Line Items]
Net Operating Income	3,218	3,191	6,443	6,498
Dallas \| Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	10,250	9,868	22,023	18,843
Phoenix \| Office
Segment Reporting Information [Line Items]
Net Operating Income	10,250	9,868	22,023	18,843
Phoenix \| Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Tampa
Segment Reporting Information [Line Items]
Net Operating Income	11,661	10,643	23,372	21,334
Tampa \| Office
Segment Reporting Information [Line Items]
Net Operating Income	11,661	10,643	23,372	21,334
Tampa \| Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Other markets
Segment Reporting Information [Line Items]
Net Operating Income	3,606	4,810	7,176	10,014
Other markets \| Office
Segment Reporting Information [Line Items]
Net Operating Income	3,606	4,145	7,176	8,440
Other markets \| Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	$ 0	$ 665	$ 0	$ 1,574

Reportable Segments - Reconcili

Reportable Segments - Reconciliation of Net Income to Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net income	$ 23,077	$ 34,164	$ 45,433	$ 62,327
Total Revenues	(204,320)	(185,680)	(407,048)	(372,578)
General and administrative expenses	8,021	6,996	16,459	15,059
Interest expense	25,972	16,549	51,002	32,074
Depreciation and amortization	80,269	69,861	156,039	140,605
Reimbursed expenses	159	677	366	1,037
Other expenses	476	425	861	646
Income from unconsolidated joint ventures	(753)	(5,280)	(1,426)	(6,404)
Net operating income from unconsolidated joint ventures	1,559	2,542	2,968	5,261
Loss (gain) on investment property transactions	0	(28)	2	41
Loss on extinguishment of debt	0	100	0	100
Net Operating Income	131,844	123,051	261,980	242,658
Fee income
Segment Reporting Information [Line Items]
Total Revenues	(352)	(2,305)	(726)	(3,693)
Termination fee income
Segment Reporting Information [Line Items]
Total Revenues	(6,570)	(449)	(6,706)	(1,911)
Other
Segment Reporting Information [Line Items]
Total Revenues	$ (14)	$ (201)	$ (2,292)	$ (2,484)