Cousins Properties (CUZ) 10-Q 25 Apr 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		152,071,718
Entity Central Index Key	0000025232
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate assets:
Operating properties, net of accumulated depreciation of $1,404,568 and $1,329,406 in 2024 and 2023, respectively	$ 6,937,210	$ 6,775,093
Projects under development	0	132,884
Land	154,728	154,728
Total properties	7,091,938	7,062,705
Cash and cash equivalents	5,452	6,047
Accounts receivable	8,135	11,109
Deferred rents receivable	217,926	209,370
Investment in unconsolidated joint ventures	155,210	143,831
Intangible assets, net	105,559	110,667
Other assets, net	98,761	90,745
Total assets	7,682,981	7,634,474
Liabilities:
Notes payable	2,563,332	2,457,627
Accounts payable and accrued expenses	216,790	299,767
Deferred income	245,739	181,744
Intangible liabilities, net	40,115	42,193
Other liabilities	102,045	104,830
Total liabilities	3,168,021	3,086,161
Commitments and contingencies
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 152,071,718 and 154,335,798 issued, and 152,071,718 and 151,799,215 outstanding in 2024 and 2023, respectively	152,072	154,336
Additional paid-in capital	5,496,371	5,638,709
Treasury stock at cost, $2,536,583 shares in 2023	0	(145,696)
Distributions in excess of cumulative net income	(1,160,759)	(1,125,390)
Accumulated other comprehensive income	3,187	2,192
Total stockholders' investment	4,490,871	4,524,151
Nonredeemable noncontrolling interests	24,089	24,162
Total equity	4,514,960	4,548,313
Total liabilities and equity	$ 7,682,981	$ 7,634,474

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Real estate assets, accumulated depreciation	$ 1,404,568	$ 1,329,406
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)	152,071,718	154,335,798
Common stock, shares outstanding (in shares)	152,071,718	151,799,215
Treasury stock, shares (in shares)		2,536,583

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total Revenues	$ 209,241	$ 202,728
Expenses:
Rental property operating expenses	71,075	71,213
Reimbursed expenses	140	207
General and administrative expenses	9,214	8,438
Interest expense	28,908	25,030
Depreciation and amortization	86,230	75,770
Other	672	385
Total costs and expenses	196,239	181,043
Income from unconsolidated joint ventures	348	673
Gain (loss) on investment property transactions	101	(2)
Net income	13,451	22,356
Net income attributable to noncontrolling interests	(163)	(160)
Net income available to common stockholders	$ 13,288	$ 22,196
Net income per common share — basic (in usd per share)	$ 0.09	$ 0.15
Net income per common share — diluted (in usd per share)	$ 0.09	$ 0.15
Weighted average shares — basic (in shares)	151,945	151,579
Weighted average shares — diluted (in shares)	152,385	151,880
Rental property revenues
Revenues:
Total Revenues	$ 208,818	$ 200,076
Fee income
Revenues:
Total Revenues	379	374
Other
Revenues:
Total Revenues	$ 44	$ 2,278

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Comprehensive Income:
Net income available to common stockholders	$ 13,288	$ 22,196
Other comprehensive income (loss):
Unrealized gain (loss) on cash flow hedges	2,705	(1,041)
Amortization of cash flow hedges	(1,710)	(189)
Total other comprehensive income (loss)	995	(1,230)
Total comprehensive income	$ 14,283	$ 20,966

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, 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	22,356	22,196				22,196		160
Other comprehensive income (loss)	(1,230)	(1,230)					(1,230)
Common stock issued pursuant to stock-based compensation, net of tax withholding	(2,138)	(2,138)	239	(2,377)
Amortization of stock-based compensation, net of forfeitures	3,124	3,124	(2)	3,126
Contributions from noncontrolling interests	738							738
Distributions to noncontrolling interests	(165)							(165)
Common dividends	(48,598)	(48,598)				(48,598)
Ending balance at Mar. 31, 2023	4,621,036	4,599,018	154,256	5,631,076	(147,157)	(1,039,694)	537	22,018
Beginning balance at Dec. 31, 2023	4,548,313	4,524,151	154,336	5,638,709	(145,696)	(1,125,390)	2,192	24,162
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,451	13,288				13,288		163
Other comprehensive income (loss)	995	995					995
Common stock issued pursuant to stock-based compensation, net of tax withholding	(2,812)	(2,812)	278	(3,090)
Amortization of stock-based compensation, net of forfeitures	3,902	3,902	(5)	3,911		(4)
Retirement of Treasury Stock	0		(2,537)	(143,159)	145,696
Distributions to noncontrolling interests	(236)							(236)
Common dividends	(48,653)	(48,653)				(48,653)
Ending balance at Mar. 31, 2024	$ 4,514,960	$ 4,490,871	$ 152,072	$ 5,496,371	$ 0	$ (1,160,759)	$ 3,187	$ 24,089

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common dividends (in usd per share)	$ 0.32	$ 0.32

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 13,451	$ 22,356
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) on investment property transactions	(101)	2
Depreciation and amortization	86,230	75,770
Amortization of deferred financing costs and premium on notes payable	1,039	1,021
Equity-classified stock-based compensation expense, net of forfeitures	4,338	3,559
Effect of non-cash adjustments to rental revenues	(15,984)	(11,193)
Income from unconsolidated joint ventures	(348)	(673)
Operating distributions from unconsolidated joint ventures	787	1,299
Changes in other operating assets and liabilities:
Change in receivables and other assets, net	(5,614)	(8,407)
Change in operating liabilities, net	(55,506)	(57,240)
Net cash provided by operating activities	28,292	26,494
CASH FLOWS FROM INVESTING ACTIVITIES:
Property acquisition, development, and tenant asset expenditures	(72,317)	(69,863)
Contributions to unconsolidated joint ventures	(11,634)	(23,984)
Net cash used in investing activities	(83,951)	(93,847)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility	171,200	165,000
Repayment of credit facility	(64,100)	(49,300)
Repayment of mortgages	(2,113)	(2,041)
Payment of deferred financing costs	0	(32)
Repurchase of shares withheld for taxes on restricted stock vestings	(1,111)	0
Common dividends paid	(48,576)	(48,407)
Contributions from noncontrolling interests	0	738
Distributions to noncontrolling interests	(236)	(165)
Net cash provided by financing activities	55,064	65,793
NET DECREASE IN CASH AND CASH EQUIVALENTS	(595)	(1,560)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	6,047	5,145
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 5,452	$ 3,585

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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. 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, Phoenix, Charlotte, 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 March 31, 2024, the Company's operating 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 March 31, 2024 and December 31, 2023, and the results of operations for the three months ended March 31, 2024 and 2023. The results of operations for the three months ended March 31, 2024 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, 2023. 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. The Company had no investments or interests in any VIEs as of March 31, 2024 or December 31, 2023.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE For the three months ended March 31, 2024 and March 31, 2023, the Company had no real estate transactions. Impairment The Company tests buildings held for investment, by asset groups, for impairment whenever changes in circumstances indicate an asset 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 condensed consolidated statement of operations. 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 as of March 31, 2024 or December 31, 2023 or during any periods presented in the accompanying condensed consolidated 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, including accumulated predevelopment costs, or projects under development were impaired as of March 31, 2024 or December 31, 2023 or during any periods presented in the accompanying condensed consolidated 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	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	INVESTMENT IN UNCONSOLIDATED JOINT VENTURES The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of March 31, 2024 and December 31, 2023 ($ in thousands). SUMMARY OF FINANCIAL POSITION Total Assets Total Debt Total Equity (Deficit) Company's Investment 2024 2023 2024 2023 2024 2023 2024 2023 Operating Properties: AMCO 120 WT Holdings, LLC $ 80,995 $ 80,694 $ — $ — $ 79,227 $ 78,642 $ 14,407 $ 14,506 Crawford Long - CPI, LLC (1) 20,639 22,001 82,336 82,316 (63,638) (62,562) (31,250) (2) (31,066) (2) Under Development: Neuhoff Holdings LLC (3) 508,992 477,780 238,956 219,780 245,300 226,303 136,020 124,543 Land: 715 Ponce Holdings LLC 9,349 9,325 — — 9,323 9,324 4,783 4,782 $ 619,975 $ 589,800 $ 321,292 $ 302,096 $ 270,212 $ 251,707 $ 123,960 $ 112,765 (1) Crawford Long - CPI, LLC has a 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 condensed consolidated balance sheets. (3) Neuhoff Holdings LLC has a construction loan with a borrowing capacity up to $312.7 million, of which the Company's share is $156.4 million, that matures on September 30, 2025. The interest rate applicable to the construction loan is based on the Secured Overnight Financing Rate ("SOFR") plus 3.45% with a minimum rate of 3.60%. The Joint Venture has one option, subject to certain conditions, to extend the maturity date for an additional 12 months from the initial maturity date. The information included in the summary of operations table is for the three months ended March 31, 2024 and 2023 ($ in thousands). SUMMARY OF OPERATIONS Total Revenues Net Income (Loss) Company's Income 2024 2023 2024 2023 2024 2023 Operating Properties: AMCO 120 WT Holdings, LLC $ 2,894 $ 2,701 $ 961 $ 780 $ 187 $ 155 Crawford Long - CPI, LLC 3,267 3,079 674 994 304 462 Under Development: Neuhoff Holdings LLC 113 24 (288) 10 (142) 5 Land: 715 Ponce Holdings LLC 27 67 (1) 45 (1) 23 Sold: Other — 92 — 56 — 28 $ 6,301 $ 5,963 $ 1,346 $ 1,885 $ 348 $ 673

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND LIABILITIES	INTANGIBLE ASSETS AND LIABILITIES At March 31, 2024 and December 31, 2023, intangible assets included the following ($ in thousands): 2024 2023 In-place leases, net of accumulated amortization of $136,067 and $135,433 in 2024 and 2023, respectively $ 75,715 $ 80,117 Below-market ground leases, net of accumulated amortization of $2,360 and $2,260 in 2024 and 2023, respectively 16,892 16,992 Above-market leases, net of accumulated amortization of $25,272 and $24,918 in 2024 and 2023, respectively 11,278 11,884 Goodwill 1,674 1,674 $ 105,559 $ 110,667 At March 31, 2024 and December 31, 2023, intangible liabilities were the following ($ in thousands): 2024 2023 Below-market leases, net of accumulated amortization of $52,345 and $50,475 in 2024 and 2023, respectively $ 40,115 $ 42,193 The amortization of the above asset and liabilities are recorded as follows ($ in thousands): Three Months Ended March 31, 2024 2023 Revenues: Rental property revenues, net (Below-market and Above-market leases) $ 1,461 $ 1,559 Expenses: Depreciation and amortization (In-place leases) 4,401 5,412 Rental property operating and other expenses (Below-market ground leases) 100 100 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 2024 (9 months) $ 12,420 $ 212 $ 1,721 $ (6,135) 2025 14,785 282 2,099 (7,743) 2026 12,418 282 1,720 (6,524) 2027 9,833 282 1,310 (4,989) 2028 7,016 282 1,201 (3,853) Thereafter 19,243 15,552 3,227 (10,871) $ 75,715 $ 16,892 $ 11,278 $ (40,115)

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets on the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 included the following ($ in thousands): 2024 2023 Predevelopment costs $ 57,394 $ 56,600 Prepaid expenses and other assets 14,818 8,704 Lease inducements, net of accumulated amortization of $6,460 and $5,860 in 2024 and 2023, respectively 12,254 10,537 Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $18,937 and $18,564 in 2024 and 2023, respectively 10,331 10,631 Credit Facility deferred financing costs, net of accumulated amortization of $2,452 and $2,131 in 2024 and 2023, respectively 3,964 4,273 $ 98,761 $ 90,745 Predevelopment costs represent amounts that are capitalized related to predevelopment projects on land owned by the Company that has been determined to be probable of future development. Lease inducements are incentives paid to tenants in conjunction with leasing space, such as moving costs, sublease arrangements of prior space, and other costs. These amounts are amortized into rental revenues over the individual underlying lease terms.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at March 31, 2024 and December 31, 2023 ($ in thousands): Description Interest Rate (1) Maturity (2) 2024 2023 Unsecured Notes: Credit Facility 6.31% April 2027 $ 292,200 $ 185,100 Term Loan 5.63% 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 2,042,200 1,935,100 Secured Mortgage Notes: Terminus (3) 6.34% January 2031 221,000 221,000 Fifth Third Center 3.37% October 2026 125,623 126,548 Colorado Tower 3.45% September 2026 106,176 106,862 Domain 10 3.75% November 2024 72,056 72,558 524,855 526,968 $ 2,567,055 $ 2,462,068 Unamortized loan costs (3,723) (4,441) Total Notes Payable $ 2,563,332 $ 2,457,627 (1) Interest rate as of March 31, 2024. (2) Weighted average maturity of notes payable outstanding at March 31, 2024 was 2.8 years. Extension options are not included. (3) 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 Credit Facility matures on April 30, 2027. 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 March 31, 2024, 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 $707.8 million at March 31, 2024. The amounts outstanding under the Credit Facility may be accelerated upon the occurrence of any events of default. Subsequent to quarter end, the Company noticed the administrative agent of the Credit Facility of corporate investment grade ratings received. In accordance with the terms of the Credit Facility, these ratings reduce the Credit Facility's current applicable Adjusted SOFR spread to 0.775%. Changes in the Company's investment grade ratings may result in additional adjustments to the applicable spread which will now range from 0.725% to 1.40%. While our current facility fee remains at 0.15% under the received rating, it will now be subject to a range of 0.125% to 0.30%. 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 each. 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%. On January 26, 2024, the Company entered into a floating-to-fixed rate swap with respect to remaining $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 4.6675% (see note 7). These two swaps fix the underlying SOFR rate for the full $400 million at a weighted average of 4.48%. 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 March 31, 2024, the Term Loans' spread over the underlying SOFR rates was 1.05%. Subsequent to quarter end, the Company noticed the administrative agent of the 2022 and 2021 Term Loans of corporate investment grade ratings received. In accordance with the terms of the Term Loans, these ratings reduce the 2022 and 2021 Term Loans' current applicable Adjusted SOFR spreads to 0.85% and 1.00%, respectively. Changes in the Company's investment grade ratings may result in additional adjustments to the applicable spread which will now range from 0.80% to 1.60% for the 2022 Term Loan and 0.85% to 1.65% for the 2021 Term Loan. Unsecured Senior Notes The Company has unsecured senior notes of $1.0 billion that were funded in five tranches. The first tranche of $100 million is due in 2027 and has a fixed annual interest rate of 4.09%. The second tranche of $250 million is due in 2025 and has a fixed annual interest rate of 3.91%. The third tranche of $125 million is due in 2027 and has a fixed annual interest rate of 3.78%. The fourth tranche of $250 million is due in 2028 and has a fixed annual interest rate of 3.86%. The fifth tranche of $275 million is due in 2029 and has a fixed annual interest rate of 3.95%. The unsecured senior notes contain financial covenants that 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 As of March 31, 2024, the Company had $524.9 million outstanding on five non-recourse mortgage notes with a weighted average interest rate of 4.69%. All interest rates on the secured mortgage notes are fixed. Assets with depreciated carrying values of $883.8 million are pledged as security on these mortgage notes payable. For each non-recourse mortgage loan, the Company provides a customary "non-recourse carve-out guaranty." Additional guarantees related to re-leasing costs may also apply. Other Debt Information The Company is in compliance with all of the covenants related to its unsecured and secured debt. At March 31, 2024 and December 31, 2023, the estimated fair value of the Company’s notes payable was $2.5 billion and $2.4 billion, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated current market rates at which similar loans could have been obtained at March 31, 2024 and December 31, 2023. The estimate of the current market rates, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. These fair value calculations are considered to be Level 2 under the guidelines as set forth in ASC 820, as the Company utilizes market rates for similar type loans from third party brokers. For the three months ended March 31, 2024 and 2023, interest expense was recorded as follows ($ in thousands): Three Months Ended March 31, 2024 2023 Total interest incurred $ 32,614 $ 30,121 Interest capitalized (3,706) (5,091) Total interest expense $ 28,908 $ 25,030

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS On January 26, 2024, the Company entered into a floating-to-fixed interest rate swap ("2024 Swap") with respect to the unhedged $200 million of the $400 million 2022 Term Loan through the maturity date of March 3, 2025, fixing the underlying SOFR rate for this portion of the loan at 4.6675%. Previously, on April 19, 2023, the Company entered into a floating-to-fixed interest rate swap ("2023 Swap") with respect to $200 million of the $400 million 2022 Term Loan through the maturity date of March 3, 2025, fixing the underlying SOFR rate for this portion of the loan at 4.298%. These swaps effectively fix the underlying SOFR rate at a weighted average of 4.48% for the entire $400 million through the initial maturity. On September 27, 2022, the Company entered into a floating-to-fixed interest rate swap ("2022 Swap") with respect to the $350 million 2021 Term Loan through the initial 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. Such derivatives are 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 March 31, 2024, the fair values of the 2023 Swap and 2024 Swap with respect to the 2022 Term Loan were $1.2 million and $544,000, respectively, and are included in other assets on the Company's condensed consolidated balance sheets. As of December 31, 2023, the fair value of the 2023 Swap with respect to the 2022 Term Loan was $555,000 and is included in other assets on the Company's condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, the fair value of the 2022 Swap with respect to the 2021 Term Loan was $1.4 million and $1.7 million, respectively, and is included in other assets on the Company's condensed consolidated balance sheets. The table below presents the effect of the Company's derivative financial instruments on the condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 ($ in thousands): Three Months Ended March 31, Cash Flow Hedges: 2024 2023 Amount of income (loss) recognized in accumulated other comprehensive income on interest rate derivatives $ 2,705 $ (1,041) Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense $ (1,710) $ (189) Total amount of interest expense presented in the condensed consolidated statements of operations $ 28,908 $ 25,030 Over the next twelve months, the Company estimates that $3.2 million will be reclassified out of accumulated other comprehensive income as a reduction of interest expense.

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2024
Other Liabilities Disclosure [Abstract]
OTHER LIABILITIES	OTHER LIABILITIES Other liabilities on the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 included the following ($ in thousands): 2024 2023 Ground lease liability $ 49,846 $ 53,348 Prepaid rent 34,566 34,872 Security deposits 15,804 15,050 Other liabilities 1,829 1,560 $ 102,045 $ 104,830

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments The Company had outstanding performance bonds totaling $1.1 million at March 31, 2024. As a lessor, the Company had $111.3 million in future obligations under leases to fund tenant improvements and other future construction obligations at March 31, 2024. 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	3 Months Ended
	Mar. 31, 2024
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. 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 Forward Sales, $1.7 million of dividends owed during the period the Forward Sales were outstanding, and $900,000 of other transaction related costs. The Company did not issue any shares under the ATM Program during the t hree months ended March 31, 2024 and did not have any outstanding Forward Sales contracts for the sale of its common stock as of March 31, 2024 or December 31, 2023. On February 6, 2024, the Company retired all 2,536,583 shares of Treasury Stock outstanding. These treasury shares had an average cost basis of $57.44 per share.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024, the Company recognized rental property revenues of $208.8 million, of which $60.7 million represented variable rental revenue. For the three months ended March 31, 2023, the Company recognized rental property revenues of $200.1 million, of which $59.1 million represented variable rental revenue. For the three months ended March 31, 2024, the Company recognized fee and other revenue of $423,000

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
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 had been exercised or 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 months ended March 31, 2024 relates to restricted stock, stock-settled RSUs, and the ESPP. Restricted stock and the stock-settled RSUs are equity-classified awards for which compensation expense per share is fixed. Cash-settled RSUs are liability-classified awards for which the expense fluctuates from period to period dependent, in part, on the Company's stock price. Cash-settled RSUs were last awarded in 2019 and were fully expensed as of March 31, 2023. For the three months ended March 31, 2024 and 2023, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands): Three Months Ended March 31, 2024 2023 Equity-classified awards: Restricted stock $ 971 $ 858 Market-based RSUs 2,342 1,751 Performance-based RSUs 573 480 Director grants 408 385 Employee Stock Purchase Plan 24 37 Total equity-classified award expense, net of forfeitures 4,318 3,511 Liability-classified awards Time-vested RSUs — 61 Total liability-classified award expense, net of forfeitures — 61 Total stock-based compensation expense, net of forfeitures $ 4,318 $ 3,572 Information on the Company's stock compensation plan, including information on the Company's equity-classified and liability-classified awards is discussed in note 14 of the notes to condensed consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Grants of Equity-Classified Awards Under the 2019 Plan, in February 2024, the Company granted three types of equity-classified awards to key employees: (1) RSUs based on the Total Stockholder Return ("TSR") of the Company, as defined in the award documents, relative to that of office peers included in the Nareit Office Index (the "Market-based RSUs"), (2) RSUs based on the ratio of cumulative funds from operations per share to targeted cumulative funds from operations per share (the “Performance-based RSUs”), and (3) restricted stock. The RSU awards are equity-classified awards to be settled in common stock with issuance dependent upon the attainment of required service, market, and performance criteria. For the Market-based RSUs the Company expenses an estimate of the fair value of the awards on the grant date, calculated using a Monte Carlo valuation at grant date, ratably over the vesting period, adjusting only for forfeitures when they occur. The expense of these Market-based RSUs is not adjusted for the number of awards that actually vest. For the Performance-based RSUs, the Company expenses the awards over the vesting period using the fair market value of the Company's stock on the grant date. The expense is recognized ratably over the vesting period and adjusted each quarter based on the number of shares expected to vest and for forfeitures when they occur. The performance period for the Performance-based RSUs and TSR measurement period for the Market-based RSUs awarded is three years starting on January 1 of the year of issuance and ending on December 31. The ultimate settlement of these awards can range from zero percent to 200% of the targeted number of units depending on the achievement of the market and performance metrics described above. The restricted stock vests ratably over three years from the grant date. The Company records restricted stock in common stock and additional paid-in capital at fair value on the grant date, with the offsetting deferred compensation also recorded in additional paid-in capital. The Company records compensation expense over the vesting period. The following table summarizes the grants of equity-classified awards made by the Company in the first quarter of 2024 and 2023: Shares and Targeted Units Granted in 2024 2023 Market-based RSUs 205,129 164,430 Performance-based RSUs 87,912 70,472 Restricted stock 203,158 164,221 The Monte Carlo valuation used to determine the grant date fair value of the equity-classified Market-based RSUs included the following assumptions for those RSUs granted in the first quarter of 2024 and 2023: Assumptions for RSUs Granted in 2024 2023 Volatility (1) 30.5 % 40.5 % Risk-free rate (2) 4.43 % 4.35 % Stock beta (3) 0.96 % 1.03 % (1) Based on historical volatility over three years using daily stock price. (2) Reflects the yield on three-year Treasury bonds. (3) Betas are calculated with up to three years of daily stock price data.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 ($ in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Earnings per common share - basic: Numerator: Net income $ 13,451 $ 22,356 Net income attributable to noncontrolling interests in CPLP from continuing operations (2) (4) Net income attributable to other noncontrolling interests (161) (156) Net income available to common stockholders $ 13,288 $ 22,196 Denominator: Weighted average common shares - basic 151,945 151,579 Net income per common share - basic $ 0.09 $ 0.15 Earnings per common share - diluted: Numerator: Net income $ 13,451 $ 22,356 Net income attributable to other noncontrolling interests (161) (156) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 13,290 $ 22,200 Denominator: Weighted average common shares - basic 151,945 151,579 Add: Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 415 276 Weighted average units of CPLP convertible into common shares 25 25 Weighted average common shares - diluted 152,385 151,880 Net income per common share - diluted $ 0.09 $ 0.15 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	3 Months Ended
	Mar. 31, 2024
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 condensed consolidated statements of cash flows, for the three months ended March 31, 2024 and 2023 is as follows ($ in thousands): 2024 2023 Interest paid, net of amounts capitalized $ 37,331 $ 33,219 Income taxes paid — — Non-Cash Activity: Retirement of treasury stock 145,696 — Tenant improvements funded by tenants 66,427 26,943 Common stock dividends declared and accrued 48,653 48,600 Accrued capital expenditures included in accounts payable and accrued expenses 87,254 85,399

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2024
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 Houston and Nashville. Included in Non-Office are retail and apartments 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. On November 27, 2023 the Financial Accounting Standards Board issued Accounting Standards Update 2023-07 "ASU 2023-07", "Segment Reporting" which amends the existing standard's disclosure requirements. Among other things, ASU 2023-07 will require companies to disclose significant segment expenses by reportable segment if they are regularly provided to the Chief Operating Decision Maker ("CODM") and disclosures of the CODM's title and position as well as details of how the CODM uses the reported measures. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The adoption of ASU 2023-07 will not have any material impact on the Company's financial statements. 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, termination fee income, other income, corporate general and administrative expenses, interest expense, depreciation and amortization, reimbursed expenses, other expenses, 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 months ended March 31, 2024 and 2023 are as follows ($ in thousands): Three Months Ended March 31, 2024 Office Non-Office Total Revenues: Atlanta $ 76,856 $ 477 $ 77,333 Austin 71,005 — 71,005 Charlotte 14,383 1,645 16,028 Dallas 4,440 — 4,440 Phoenix 14,602 — 14,602 Tampa 19,385 — 19,385 Other markets 8,292 — 8,292 Total segment revenues 208,963 2,122 211,085 Less: Company's share of rental property revenues from unconsolidated joint ventures (1,790) (477) (2,267) Total rental property revenues $ 207,173 $ 1,645 $ 208,818 Three Months Ended March 31, 2023 Office Non-Office Total Revenues: Atlanta $ 72,132 $ 457 $ 72,589 Austin 67,883 — 67,883 Charlotte 14,818 1,761 16,579 Dallas 4,187 — 4,187 Phoenix 15,583 — 15,583 Tampa 18,748 — 18,748 Other markets 6,623 — 6,623 Total segment revenues 199,974 2,218 202,192 Less: Company's share of rental property revenues from unconsolidated joint ventures (1,659) (457) (2,116) Total rental property revenues $ 198,315 $ 1,761 $ 200,076 NOI by reportable segment for the three months ended March 31, 2024 and 2023 are as follows ($ in thousands): Three Months Ended March 31, 2024 Office Non-Office Total Net Operating Income: Atlanta $ 49,158 $ 253 $ 49,411 Austin 45,770 — 45,770 Charlotte 10,366 1,068 11,434 Dallas 3,459 — 3,459 Phoenix 11,111 — 11,111 Tampa 11,945 — 11,945 Other markets 5,495 — 5,495 Total Net Operating Income $ 137,304 $ 1,321 $ 138,625 Three Months Ended March 31, 2023 Office Non-Office Total Net Operating Income: Atlanta $ 47,389 $ 270 $ 47,659 Austin 40,273 — 40,273 Charlotte 10,762 1,162 11,924 Dallas 3,225 — 3,225 Phoenix 11,773 — 11,773 Tampa 11,711 — 11,711 Other markets 3,571 — 3,571 Total Net Operating Income $ 128,704 $ 1,432 $ 130,136 The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands): Three Months Ended March 31, 2024 2023 Net Income $ 13,451 $ 22,356 Fee income (379) (374) Termination fee income (470) (136) Other income (44) (2,278) General and administrative expenses 9,214 8,438 Interest expense 28,908 25,030 Depreciation and amortization 86,230 75,770 Reimbursed expenses 140 207 Other expenses 672 385 Income from unconsolidated joint ventures (348) (673) Net operating income from unconsolidated joint ventures 1,352 1,409 Loss on investment property transactions (101) 2 Net Operating Income $ 138,625 $ 130,136

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events [On April 24 2024, we acquired $48.6 million of three subordinated notes receivable secured by office buildings in Charlotte, Dallas, and Nashville, respectively. These loans have additional commitments that could bring our total investment up to $59 million. Our interest income on the $48.6 million outstanding will be based on SOFR plus a weighted average spread of 8.22%.]

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of March 31, 2024 and December 31, 2023, and the results of operations for the three months ended March 31, 2024 and 2023. The results of operations for the three months ended March 31, 2024 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, 2023. 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)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Financial Data and Principal Activities of Unconsolidated Joint Ventures	The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of March 31, 2024 and December 31, 2023 ($ in thousands). SUMMARY OF FINANCIAL POSITION Total Assets Total Debt Total Equity (Deficit) Company's Investment 2024 2023 2024 2023 2024 2023 2024 2023 Operating Properties: AMCO 120 WT Holdings, LLC $ 80,995 $ 80,694 $ — $ — $ 79,227 $ 78,642 $ 14,407 $ 14,506 Crawford Long - CPI, LLC (1) 20,639 22,001 82,336 82,316 (63,638) (62,562) (31,250) (2) (31,066) (2) Under Development: Neuhoff Holdings LLC (3) 508,992 477,780 238,956 219,780 245,300 226,303 136,020 124,543 Land: 715 Ponce Holdings LLC 9,349 9,325 — — 9,323 9,324 4,783 4,782 $ 619,975 $ 589,800 $ 321,292 $ 302,096 $ 270,212 $ 251,707 $ 123,960 $ 112,765 (1) Crawford Long - CPI, LLC has a 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 condensed consolidated balance sheets. (3) Neuhoff Holdings LLC has a construction loan with a borrowing capacity up to $312.7 million, of which the Company's share is $156.4 million, that matures on September 30, 2025. The interest rate applicable to the construction loan is based on the Secured Overnight Financing Rate ("SOFR") plus 3.45% with a minimum rate of 3.60%. The Joint Venture has one option, subject to certain conditions, to extend the maturity date for an additional 12 months from the initial maturity date. The information included in the summary of operations table is for the three months ended March 31, 2024 and 2023 ($ in thousands). SUMMARY OF OPERATIONS Total Revenues Net Income (Loss) Company's Income 2024 2023 2024 2023 2024 2023 Operating Properties: AMCO 120 WT Holdings, LLC $ 2,894 $ 2,701 $ 961 $ 780 $ 187 $ 155 Crawford Long - CPI, LLC 3,267 3,079 674 994 304 462 Under Development: Neuhoff Holdings LLC 113 24 (288) 10 (142) 5 Land: 715 Ponce Holdings LLC 27 67 (1) 45 (1) 23 Sold: Other — 92 — 56 — 28 $ 6,301 $ 5,963 $ 1,346 $ 1,885 $ 348 $ 673

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	At March 31, 2024 and December 31, 2023, intangible assets included the following ($ in thousands): 2024 2023 In-place leases, net of accumulated amortization of $136,067 and $135,433 in 2024 and 2023, respectively $ 75,715 $ 80,117 Below-market ground leases, net of accumulated amortization of $2,360 and $2,260 in 2024 and 2023, respectively 16,892 16,992 Above-market leases, net of accumulated amortization of $25,272 and $24,918 in 2024 and 2023, respectively 11,278 11,884 Goodwill 1,674 1,674 $ 105,559 $ 110,667
Schedule of Intangible Liabilities	At March 31, 2024 and December 31, 2023, intangible liabilities were the following ($ in thousands): 2024 2023 Below-market leases, net of accumulated amortization of $52,345 and $50,475 in 2024 and 2023, respectively $ 40,115 $ 42,193
Schedule of Amortization of Intangible Asset and Liabilities	The amortization of the above asset and liabilities are recorded as follows ($ in thousands): Three Months Ended March 31, 2024 2023 Revenues: Rental property revenues, net (Below-market and Above-market leases) $ 1,461 $ 1,559 Expenses: Depreciation and amortization (In-place leases) 4,401 5,412 Rental property operating and other expenses (Below-market ground leases) 100 100
Schedule of 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 2024 (9 months) $ 12,420 $ 212 $ 1,721 $ (6,135) 2025 14,785 282 2,099 (7,743) 2026 12,418 282 1,720 (6,524) 2027 9,833 282 1,310 (4,989) 2028 7,016 282 1,201 (3,853) Thereafter 19,243 15,552 3,227 (10,871) $ 75,715 $ 16,892 $ 11,278 $ (40,115)

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets on the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 included the following ($ in thousands): 2024 2023 Predevelopment costs $ 57,394 $ 56,600 Prepaid expenses and other assets 14,818 8,704 Lease inducements, net of accumulated amortization of $6,460 and $5,860 in 2024 and 2023, respectively 12,254 10,537 Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $18,937 and $18,564 in 2024 and 2023, respectively 10,331 10,631 Credit Facility deferred financing costs, net of accumulated amortization of $2,452 and $2,131 in 2024 and 2023, respectively 3,964 4,273 $ 98,761 $ 90,745

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Terms of Notes Payable	The following table summarizes the terms of notes payable outstanding at March 31, 2024 and December 31, 2023 ($ in thousands): Description Interest Rate (1) Maturity (2) 2024 2023 Unsecured Notes: Credit Facility 6.31% April 2027 $ 292,200 $ 185,100 Term Loan 5.63% 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 2,042,200 1,935,100 Secured Mortgage Notes: Terminus (3) 6.34% January 2031 221,000 221,000 Fifth Third Center 3.37% October 2026 125,623 126,548 Colorado Tower 3.45% September 2026 106,176 106,862 Domain 10 3.75% November 2024 72,056 72,558 524,855 526,968 $ 2,567,055 $ 2,462,068 Unamortized loan costs (3,723) (4,441) Total Notes Payable $ 2,563,332 $ 2,457,627 (1) Interest rate as of March 31, 2024. (2) Weighted average maturity of notes payable outstanding at March 31, 2024 was 2.8 years. Extension options are not included.
Schedule of Interest Recorded	For the three months ended March 31, 2024 and 2023, interest expense was recorded as follows ($ in thousands): Three Months Ended March 31, 2024 2023 Total interest incurred $ 32,614 $ 30,121 Interest capitalized (3,706) (5,091) Total interest expense $ 28,908 $ 25,030

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
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 condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 ($ in thousands): Three Months Ended March 31, Cash Flow Hedges: 2024 2023 Amount of income (loss) recognized in accumulated other comprehensive income on interest rate derivatives $ 2,705 $ (1,041) Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense $ (1,710) $ (189) Total amount of interest expense presented in the condensed consolidated statements of operations $ 28,908 $ 25,030 Over the next twelve months, the Company estimates that $3.2 million will be reclassified out of accumulated other comprehensive income as a reduction of interest expense.

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities	Other liabilities on the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 included the following ($ in thousands): 2024 2023 Ground lease liability $ 49,846 $ 53,348 Prepaid rent 34,566 34,872 Security deposits 15,804 15,050 Other liabilities 1,829 1,560 $ 102,045 $ 104,830

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense, Net of Forfeitures	For the three months ended March 31, 2024 and 2023, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands): Three Months Ended March 31, 2024 2023 Equity-classified awards: Restricted stock $ 971 $ 858 Market-based RSUs 2,342 1,751 Performance-based RSUs 573 480 Director grants 408 385 Employee Stock Purchase Plan 24 37 Total equity-classified award expense, net of forfeitures 4,318 3,511 Liability-classified awards Time-vested RSUs — 61 Total liability-classified award expense, net of forfeitures — 61 Total stock-based compensation expense, net of forfeitures $ 4,318 $ 3,572
Schedule of Equity and Liability Classified Award Activity	The following table summarizes the grants of equity-classified awards made by the Company in the first quarter of 2024 and 2023: Shares and Targeted Units Granted in 2024 2023 Market-based RSUs 205,129 164,430 Performance-based RSUs 87,912 70,472 Restricted stock 203,158 164,221
Schedule of Valuation Assumptions	The Monte Carlo valuation used to determine the grant date fair value of the equity-classified Market-based RSUs included the following assumptions for those RSUs granted in the first quarter of 2024 and 2023: Assumptions for RSUs Granted in 2024 2023 Volatility (1) 30.5 % 40.5 % Risk-free rate (2) 4.43 % 4.35 % Stock beta (3) 0.96 % 1.03 % (1) Based on historical volatility over three years using daily stock price. (2) Reflects the yield on three-year Treasury bonds. (3) Betas are calculated with up to three years of daily stock price data.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 ($ in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Earnings per common share - basic: Numerator: Net income $ 13,451 $ 22,356 Net income attributable to noncontrolling interests in CPLP from continuing operations (2) (4) Net income attributable to other noncontrolling interests (161) (156) Net income available to common stockholders $ 13,288 $ 22,196 Denominator: Weighted average common shares - basic 151,945 151,579 Net income per common share - basic $ 0.09 $ 0.15 Earnings per common share - diluted: Numerator: Net income $ 13,451 $ 22,356 Net income attributable to other noncontrolling interests (161) (156) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 13,290 $ 22,200 Denominator: Weighted average common shares - basic 151,945 151,579 Add: Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 415 276 Weighted average units of CPLP convertible into common shares 25 25 Weighted average common shares - diluted 152,385 151,880 Net income per common share - diluted $ 0.09 $ 0.15

Consolidated Statements of Ca_3

Consolidated Statements of Cash Flows - Supplemental Information (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Information Related to Cash Flows	Supplemental information related to the cash flows, including significant non-cash activity affecting the condensed consolidated statements of cash flows, for the three months ended March 31, 2024 and 2023 is as follows ($ in thousands): 2024 2023 Interest paid, net of amounts capitalized $ 37,331 $ 33,219 Income taxes paid — — Non-Cash Activity: Retirement of treasury stock 145,696 — Tenant improvements funded by tenants 66,427 26,943 Common stock dividends declared and accrued 48,653 48,600 Accrued capital expenditures included in accounts payable and accrued expenses 87,254 85,399

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of 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 months ended March 31, 2024 and 2023 are as follows ($ in thousands): Three Months Ended March 31, 2024 Office Non-Office Total Revenues: Atlanta $ 76,856 $ 477 $ 77,333 Austin 71,005 — 71,005 Charlotte 14,383 1,645 16,028 Dallas 4,440 — 4,440 Phoenix 14,602 — 14,602 Tampa 19,385 — 19,385 Other markets 8,292 — 8,292 Total segment revenues 208,963 2,122 211,085 Less: Company's share of rental property revenues from unconsolidated joint ventures (1,790) (477) (2,267) Total rental property revenues $ 207,173 $ 1,645 $ 208,818 Three Months Ended March 31, 2023 Office Non-Office Total Revenues: Atlanta $ 72,132 $ 457 $ 72,589 Austin 67,883 — 67,883 Charlotte 14,818 1,761 16,579 Dallas 4,187 — 4,187 Phoenix 15,583 — 15,583 Tampa 18,748 — 18,748 Other markets 6,623 — 6,623 Total segment revenues 199,974 2,218 202,192 Less: Company's share of rental property revenues from unconsolidated joint ventures (1,659) (457) (2,116) Total rental property revenues $ 198,315 $ 1,761 $ 200,076
Schedule of Reconciliation of NOI to Net Income Available to Common Stockholders	NOI by reportable segment for the three months ended March 31, 2024 and 2023 are as follows ($ in thousands): Three Months Ended March 31, 2024 Office Non-Office Total Net Operating Income: Atlanta $ 49,158 $ 253 $ 49,411 Austin 45,770 — 45,770 Charlotte 10,366 1,068 11,434 Dallas 3,459 — 3,459 Phoenix 11,111 — 11,111 Tampa 11,945 — 11,945 Other markets 5,495 — 5,495 Total Net Operating Income $ 137,304 $ 1,321 $ 138,625 Three Months Ended March 31, 2023 Office Non-Office Total Net Operating Income: Atlanta $ 47,389 $ 270 $ 47,659 Austin 40,273 — 40,273 Charlotte 10,762 1,162 11,924 Dallas 3,225 — 3,225 Phoenix 11,773 — 11,773 Tampa 11,711 — 11,711 Other markets 3,571 — 3,571 Total Net Operating Income $ 128,704 $ 1,432 $ 130,136 The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands): Three Months Ended March 31, 2024 2023 Net Income $ 13,451 $ 22,356 Fee income (379) (374) Termination fee income (470) (136) Other income (44) (2,278) General and administrative expenses 9,214 8,438 Interest expense 28,908 25,030 Depreciation and amortization 86,230 75,770 Reimbursed expenses 140 207 Other expenses 672 385 Income from unconsolidated joint ventures (348) (673) Net operating income from unconsolidated joint ventures 1,352 1,409 Loss on investment property transactions (101) 2 Net Operating Income $ 138,625 $ 130,136

Description of Business and B_3

Description of Business and Basis of Presentation (Details) ft² in Thousands	3 Months Ended
	Mar. 31, 2024 ft²
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Distribution of taxable income to qualify as REIT, percentage	100%
Portfolio of real estate assets, office space area	18,800
Portfolio of real estate assets, retail space area	310
CPLP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of partnership units owned by the company (more than)	99%

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Financial Data and Principal Activities of Unconsolidated Joint Ventures (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) option	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	$ 7,682,981		$ 7,634,474
Total Equity (Deficit)	4,490,871		4,524,151
Income Statement [Abstract]
Total Revenues	209,241	$ 202,728
Net Income (Loss)	13,288	22,196
Construction Loan
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Maximum borrowing capacity	156,400
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	619,975		589,800
Total Debt	321,292		302,096
Total Equity (Deficit)	270,212		251,707
Company's Investment	123,960		112,765
Income Statement [Abstract]
Total Revenues	6,301	5,963
Net Income (Loss)	1,346	1,885
Company's Income from Investment	348	673
AMCO 120 WT Holdings, LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	80,995		80,694
Total Debt	0		0
Total Equity (Deficit)	79,227		78,642
Company's Investment	14,407		14,506
Income Statement [Abstract]
Total Revenues	2,894	2,701
Net Income (Loss)	961	780
Company's Income from Investment	187	155
Crawford Long - CPI, LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	20,639		22,001
Total Debt	82,336		82,316
Total Equity (Deficit)	(63,638)		(62,562)
Company's Investment	(31,250)		(31,066)
Income Statement [Abstract]
Total Revenues	3,267	3,079
Net Income (Loss)	674	994
Company's Income from Investment	304	462
Crawford Long - CPI, LLC | Mortgages
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Debt	$ 83,000
Interest rate	4.80%
Neuhoff Holdings LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	$ 508,992		477,780
Total Debt	238,956		219,780
Total Equity (Deficit)	245,300		226,303
Company's Investment	136,020		124,543
Income Statement [Abstract]
Total Revenues	113	24
Net Income (Loss)	(288)	10
Company's Income from Investment	$ (142)	5
Neuhoff Holdings LLC | Minimum
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Interest rate	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 | Construction Loan
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Maximum borrowing capacity	$ 312,700
Number of extension options | option	1
Extension term	12 months
715 Ponce Holdings LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	$ 9,349		9,325
Total Debt	0		0
Total Equity (Deficit)	9,323		9,324
Company's Investment	4,783		$ 4,782
Income Statement [Abstract]
Total Revenues	27	67
Net Income (Loss)	(1)	45
Company's Income from Investment	(1)	23
Other
Income Statement [Abstract]
Total Revenues	0	92
Net Income (Loss)	0	56
Company's Income from Investment	$ 0	$ 28

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,674	$ 1,674
Total intangible assets	105,559	110,667
In-Place  Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	136,067	135,433
Finite-lived intangible assets, net	75,715	80,117
Below-Market Ground Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	2,360	2,260
Finite-lived intangible assets, net	16,892	16,992
Above-Market Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	25,272	24,918
Finite-lived intangible assets, net	$ 11,278	$ 11,884

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Liabilities (Details) - Below-Market Leases - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (52,345)	$ (50,475)
Finite-lived intangible liabilities, net	$ 40,115	$ 42,193

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Amortization of Intangible Asset and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Below-Market Leases, Above-Market Leases
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below market leases	$ 1,461	$ 1,559
In-Place  Leases
Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization (In-place leases)	4,401	5,412
Below-Market Ground Leases
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below market leases	$ 100	$ 100

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Aggregate Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Below-Market Leases
Future Amortization of Intangible Liabilities:
2024 (9 months)	$ (6,135)
2025	(7,743)
2026	(6,524)
2027	(4,989)
2028	(3,853)
Thereafter	(10,871)
Finite-lived intangible liabilities, net	(40,115)	$ (42,193)
In-Place  Leases
Future Amortization of Intangible Assets:
2024 (9 months)	12,420
2025	14,785
2026	12,418
2027	9,833
2028	7,016
Thereafter	19,243
Finite-lived intangible assets, net	75,715	80,117
Below-Market Ground Leases
Future Amortization of Intangible Assets:
2024 (9 months)	212
2025	282
2026	282
2027	282
2028	282
Thereafter	15,552
Finite-lived intangible assets, net	16,892	16,992
Above-Market Leases
Future Amortization of Intangible Assets:
2024 (9 months)	1,721
2025	2,099
2026	1,720
2027	1,310
2028	1,201
Thereafter	3,227
Finite-lived intangible assets, net	$ 11,278	$ 11,884

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Predevelopment costs	$ 57,394	$ 56,600
Prepaid expenses and other assets	14,818	8,704
Accumulated amortization of lease inducements	6,460	5,860
Lease inducements, net of accumulated amortization of $6,460 and $5,860 in 2024 and 2023, respectively	12,254	10,537
Accumulated depreciation of furniture, fixtures and equipment, leasehold improvements, and other deferred costs	18,937	18,564
Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $18,937 and $18,564 in 2024 and 2023, respectively	10,331	10,631
Accumulated amortization of line of credit deferred financing costs	2,452	2,131
Credit Facility deferred financing costs, net of accumulated amortization of $2,452 and $2,131 in 2024 and 2023, respectively	3,964	4,273
Total other assets	$ 98,761	$ 90,745

Notes Payable - Terms of Notes

Notes Payable - Terms of Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Notes payable, gross	$ 2,567,055	$ 2,462,068
Unamortized loan costs	(3,723)	(4,441)
Total Notes Payable	$ 2,563,332	2,457,627
Weighted average maturity of notes payable	2 years 9 months 18 days
Unsecured Notes
Debt Instrument [Line Items]
Notes payable, gross	$ 2,042,200	1,935,100
Credit Facility
Debt Instrument [Line Items]
Interest rate	6.31%
Notes payable, gross	$ 292,200	185,100
Term Loan, Unsecured Due In 2025 | Term Loan Unsecured Due 2025
Debt Instrument [Line Items]
Interest rate	5.63%
Notes payable, gross	$ 400,000	400,000
Term Loan, Unsecured Due In 2024 | Term Loan Unsecured Due 2024
Debt Instrument [Line Items]
Interest rate	5.38%
Notes payable, gross	$ 350,000	350,000
Senior Note | Senior Note, Unsecured Due 2029
Debt Instrument [Line Items]
Interest rate	3.95%
Notes payable, gross	$ 275,000	275,000
Senior Note | Senior Note, Unsecured Due 2025
Debt Instrument [Line Items]
Interest rate	3.91%
Notes payable, gross	$ 250,000	250,000
Senior Note | Senior Note, Unsecured Due 2028
Debt Instrument [Line Items]
Interest rate	3.86%
Notes payable, gross	$ 250,000	250,000
Senior Note | Senior Note, Unsecured Due 2027
Debt Instrument [Line Items]
Interest rate	3.78%
Notes payable, gross	$ 125,000	125,000
Senior Note | Senior Note, Unsecured Due 2027
Debt Instrument [Line Items]
Interest rate	4.09%
Notes payable, gross	$ 100,000	100,000
Secured Mortgage Notes
Debt Instrument [Line Items]
Notes payable, gross	524,855	526,968
Total Notes Payable	$ 524,900
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	$ 125,623	126,548
Secured Mortgage Notes | Colorado Tower
Debt Instrument [Line Items]
Interest rate	3.45%
Notes payable, gross	$ 106,176	106,862
Secured Mortgage Notes | Domain 10
Debt Instrument [Line Items]
Interest rate	3.75%
Notes payable, gross	$ 72,056	$ 72,558

Notes Payable - Credit Facility

Notes Payable - Credit Facility (Details) - Credit Facility $ in Millions		1 Months Ended	3 Months Ended
	May 02, 2022 USD ($)	Apr. 25, 2024	Mar. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000
Minimum fixed charge coverage ratio	1.50
Variable rate	1%
Facility fee percentage			0.15%
Available borrowing capacity			$ 707.8
Subsequent Event
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.775%
Adjusted SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.10%		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%
Minimum
Line of Credit Facility [Line Items]
Minimum unencumbered interest coverage ratio	1.75
Facility fee percentage	0.15%
Minimum | Subsequent Event
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.725%
Facility fee percentage		0.125%
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%
Maximum
Line of Credit Facility [Line Items]
Secured leverage ratio	50%
Leverage ratio	60%
Facility fee percentage	0.30%
Maximum | Subsequent Event
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.40%
Facility fee percentage		0.30%
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%

Notes Payable - Term Loans (Det

Notes Payable - Term Loans (Details) $ in Millions					1 Months Ended	3 Months Ended
	Oct. 03, 2022 USD ($) extension	Sep. 27, 2022 USD ($)	Sep. 19, 2022	Jun. 28, 2021 USD ($) extension	Apr. 25, 2024	Mar. 31, 2024 USD ($)	Apr. 24, 2024	Jan. 26, 2024 USD ($)	Apr. 19, 2023 USD ($)
Subsequent Event
Debt Instrument [Line Items]
Weighted average rate							8.22%
2022 Term Loan | Term Loan
Debt Instrument [Line Items]
Debt amount	$ 400					$ 400		$ 400	$ 400
Number of extension options | extension	4
Extension term	6 months
Weighted average rate						4.48%
2022 Term Loan | Term Loan | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate					0.85%
2022 Term Loan | Term Loan | Minimum | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate					0.80%
2022 Term Loan | Term Loan | Maximum | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate					1.60%
2022 Term Loan | Term Loan | Interest Rate Swap
Debt Instrument [Line Items]
Debt amount								$ 200	$ 200
2022 Term Loan | Term Loan | Interest Rate Swap | SOFR
Debt Instrument [Line Items]
Fixed swap rate								4.6675%	4.298%
Term Loan, Unsecured Due In 2024 | Term Loan
Debt Instrument [Line Items]
Debt amount				$ 350
Number of extension options | extension				4
Extension term				180 days
Variable rate			1%
Term Loan, Unsecured Due In 2024 | Term Loan | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate					1%
Term Loan, Unsecured Due In 2024 | Term Loan | Minimum | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate					0.85%
Term Loan, Unsecured Due In 2024 | Term Loan | Maximum | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate					1.65%
Term Loan, Unsecured Due In 2024 | Term Loan | Adjusted SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Term Loan, Unsecured Due In 2024 | Term Loan | Eurodollar | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.05%
Term Loan, Unsecured Due In 2024 | Term Loan | Eurodollar | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.65%
Term Loan, Unsecured Due In 2024 | Term Loan | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Term Loan, Unsecured Due In 2024 | Term Loan | Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1%			1.05%
Term Loan, Unsecured Due In 2024 | Term Loan | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.05%
Term Loan, Unsecured Due In 2024 | Term Loan | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			0.65%
Term Loan, Unsecured Due In 2024 | Term Loan | Interest Rate Swap
Debt Instrument [Line Items]
Debt amount		$ 350
Term Loan, Unsecured Due In 2024 | Term Loan | Interest Rate Swap | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		4.234%

Notes Payable - Unsecured Senio

Notes Payable - Unsecured Senior Notes (Details) - Unsecured Senior Notes $ in Millions	Mar. 31, 2024 USD ($) tranche	May 02, 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	Mar. 31, 2024 USD ($) debt_instrument	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Notes payable	$ 2,563,332	$ 2,457,627
Mortgages
Debt Instrument [Line Items]
Notes payable	$ 524,900
Number of non-recourse mortgage loans | debt_instrument	5
Collateral amount	$ 883,800
Weighted average rate	4.69%

Notes Payable - Other Debt Info

Notes Payable - Other Debt Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Disclosure [Abstract]
Notes payable, fair value	$ 2,500,000		$ 2,400,000
Total interest incurred	32,614	$ 30,121
Interest capitalized	(3,706)	(5,091)
Total interest expense	$ 28,908	$ 25,030

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Sep. 27, 2022	Apr. 25, 2024	Mar. 31, 2024	Apr. 24, 2024	Jan. 26, 2024	Dec. 31, 2023	Apr. 19, 2023	Oct. 03, 2022	Jun. 28, 2021
Derivative [Line Items]
Net increase of interest expense			$ 3,200
Subsequent Event
Derivative [Line Items]
Weighted average rate				8.22%
2022 Term Loan | Term Loan
Derivative [Line Items]
Debt amount			$ 400,000		$ 400,000		$ 400,000	$ 400,000
Weighted average rate			4.48%
2022 Term Loan | Term Loan | Subsequent Event
Derivative [Line Items]
Basis spread on variable rate		0.85%
2022 Term Loan | Interest Rate Swap | Term Loan
Derivative [Line Items]
Debt amount					$ 200,000		$ 200,000
2022 Term Loan | Interest Rate Swap | Term Loan | SOFR
Derivative [Line Items]
Fixed swap rate					4.6675%		4.298%
2022 Term Loan | 2023 Swap
Derivative [Line Items]
Fair value of derivative			$ 1,200			$ 555
2022 Term Loan | 2024 Swap
Derivative [Line Items]
Fair value of derivative			544
Term Loan, Unsecured Due In 2024 | Term Loan
Derivative [Line Items]
Debt amount									$ 350,000
Term Loan, Unsecured Due In 2024 | Term Loan | Subsequent Event
Derivative [Line Items]
Basis spread on variable rate		1%
Term Loan, Unsecured Due In 2024 | Interest Rate Swap | Term Loan
Derivative [Line Items]
Debt amount	$ 350,000
Term Loan, Unsecured Due In 2024 | Interest Rate Swap | Term Loan | SOFR
Derivative [Line Items]
Basis spread on variable rate	4.234%
2021 Term Loan | Interest Rate Swap
Derivative [Line Items]
Fair value of derivative			$ 1,400			$ 1,700

Derivative Financial Instrume_4

Derivative Financial Instruments - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of income (loss) recognized in accumulated other comprehensive income on interest rate derivatives	$ 2,705	$ (1,041)
Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense	(1,710)	(189)
Total amount of interest expense presented in the condensed consolidated statements of operations	$ 28,908	$ 25,030

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Ground lease liability	$ 49,846	$ 53,348
Prepaid rent	34,566	34,872
Security deposits	15,804	15,050
Other liabilities	1,829	1,560
Total other liabilities	$ 102,045	$ 104,830

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding performance bonds	$ 1.1
Future obligations under leases	$ 111.3

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands		3 Months Ended	21 Months Ended
	Feb. 06, 2024 $ / shares shares	Sep. 30, 2021 USD ($) financial_institution	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of participating financial institutions | financial_institution		6
Dividends owed			$ 48,653	$ 48,600
Treasury stock shares, retired (in shares) | shares	2,536,583
Average cost per share (in usd per share) | $ / shares	$ 57.44
ATM Program
Subsidiary, Sale of Stock [Line Items]
Sale of stock, shares issued (in shares) | shares			2,600,000
Issuance of common stock			$ 101,400
Payments of stock issuance costs			1,100
Dividends owed			1,700
Other transaction related costs			$ 900
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 ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 209,241	$ 202,728
Rental Property Revenues
Disaggregation of Revenue [Line Items]
Total Revenues	208,818	200,076
Variable Rental Revenue
Disaggregation of Revenue [Line Items]
Total Revenues	60,700	59,100
Fees and Other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 423	$ 2,700

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based Compensation Expense, Net of Forfeitures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	$ 4,318	$ 3,572
Equity-Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	4,318	3,511
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	971	858
Market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	2,342	1,751
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	573	480
Director grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	408	385
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	24	37
Liability-classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	0	61
Time-vested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	$ 0	$ 61

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - Equity-Classified Awards - award	1 Months Ended	3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024
Key Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of award types	3
Vesting period (in years)		3 years
Payout range minimum (as a percent)		0%
Payout range maximum (as a percent)		200%
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years

Stock-Based Compensation - Gran

Stock-Based Compensation - Grants of Equity Classified Awards (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares and targeted units granted (in shares)	205,129	164,430
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares and targeted units granted (in shares)	87,912	70,472
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares and targeted units granted (in shares)	203,158	164,221

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity-Classified Market-based RSUs (Details) - Equity-Classified Awards	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	30.50%	40.50%
Risk-free rate	4.43%	4.35%
Stock beta	0.0096	0.0103

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income	$ 13,451	$ 22,356
Net income available to common stockholders	$ 13,288	$ 22,196
Denominator:
Weighted average common shares - basic (in shares)	151,945	151,579
Net income per common share — basic (in usd per share)	$ 0.09	$ 0.15
Numerator:
Net income	$ 13,451	$ 22,356
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP	$ 13,290	$ 22,200
Denominator:
Weighted average shares — basic (in shares)	151,945	151,579
Add:
Weighted average units of CPLP convertible into common shares (in shares)	25	25
Weighted average common shares - diluted (in shares)	152,385	151,880
Net income per common share — diluted (in usd per share)	$ 0.09	$ 0.15
RSU
Add:
Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price (in shares)	415	276
CPLP
Numerator:
Net income attributable to noncontrolling interests	$ (2)	$ (4)
Numerator:
Net income attributable to noncontrolling interests	(2)	(4)
Other Noncontrolling Interests
Numerator:
Net income attributable to noncontrolling interests	(161)	(156)
Numerator:
Net income attributable to noncontrolling interests	$ (161)	$ (156)

Consolidated Statements of Ca_4

Consolidated Statements of Cash Flows - Supplemental Information - Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of amounts capitalized	$ 37,331	$ 33,219
Income taxes paid	0	0
Non-Cash Activity:
Retirement of treasury stock	145,696	0
Tenant improvements funded by tenants	66,427	26,943
Common stock dividends declared and accrued	48,653	48,600
Accrued capital expenditures included in accounts payable and accrued expenses	$ 87,254	$ 85,399

Reportable Segments - Segment R

Reportable Segments - Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total Revenues	$ 209,241	$ 202,728
Rental Property Revenues
Segment Reporting Information [Line Items]
Total Revenues	208,818	200,076
Rental Property Revenues | Office
Segment Reporting Information [Line Items]
Total Revenues	207,173	198,315
Rental Property Revenues | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	1,645	1,761
Operating Segments | Rental Property Revenues
Segment Reporting Information [Line Items]
Total Revenues	211,085	202,192
Operating Segments | Rental Property Revenues | Office
Segment Reporting Information [Line Items]
Total Revenues	208,963	199,974
Operating Segments | Rental Property Revenues | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	2,122	2,218
Operating Segments | Rental Property Revenues | Atlanta
Segment Reporting Information [Line Items]
Total Revenues	77,333	72,589
Operating Segments | Rental Property Revenues | Atlanta | Office
Segment Reporting Information [Line Items]
Total Revenues	76,856	72,132
Operating Segments | Rental Property Revenues | Atlanta | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	477	457
Operating Segments | Rental Property Revenues | Austin
Segment Reporting Information [Line Items]
Total Revenues	71,005	67,883
Operating Segments | Rental Property Revenues | Austin | Office
Segment Reporting Information [Line Items]
Total Revenues	71,005	67,883
Operating Segments | Rental Property Revenues | Austin | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	0
Operating Segments | Rental Property Revenues | Charlotte
Segment Reporting Information [Line Items]
Total Revenues	16,028	16,579
Operating Segments | Rental Property Revenues | Charlotte | Office
Segment Reporting Information [Line Items]
Total Revenues	14,383	14,818
Operating Segments | Rental Property Revenues | Charlotte | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	1,645	1,761
Operating Segments | Rental Property Revenues | Dallas
Segment Reporting Information [Line Items]
Total Revenues	4,440	4,187
Operating Segments | Rental Property Revenues | Dallas | Office
Segment Reporting Information [Line Items]
Total Revenues	4,440	4,187
Operating Segments | Rental Property Revenues | Dallas | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	0
Operating Segments | Rental Property Revenues | Phoenix
Segment Reporting Information [Line Items]
Total Revenues	14,602	15,583
Operating Segments | Rental Property Revenues | Phoenix | Office
Segment Reporting Information [Line Items]
Total Revenues	14,602	15,583
Operating Segments | Rental Property Revenues | Phoenix | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	0
Operating Segments | Rental Property Revenues | Tampa
Segment Reporting Information [Line Items]
Total Revenues	19,385	18,748
Operating Segments | Rental Property Revenues | Tampa | Office
Segment Reporting Information [Line Items]
Total Revenues	19,385	18,748
Operating Segments | Rental Property Revenues | Tampa | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	0
Operating Segments | Rental Property Revenues | Other markets
Segment Reporting Information [Line Items]
Total Revenues	8,292	6,623
Operating Segments | Rental Property Revenues | Other markets | Office
Segment Reporting Information [Line Items]
Total Revenues	8,292	6,623
Operating Segments | Rental Property Revenues | Other markets | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	0
Segment Reconciling Items | Rental Property Revenues
Segment Reporting Information [Line Items]
Total Revenues	(2,267)	(2,116)
Segment Reconciling Items | Rental Property Revenues | Office
Segment Reporting Information [Line Items]
Total Revenues	(1,790)	(1,659)
Segment Reconciling Items | Rental Property Revenues | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	$ (477)	$ (457)

Reportable Segments - Net Opera

Reportable Segments - Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net Operating Income	$ 138,625	$ 130,136
Office
Segment Reporting Information [Line Items]
Net Operating Income	137,304	128,704
Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	1,321	1,432
Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	49,411	47,659
Atlanta | Office
Segment Reporting Information [Line Items]
Net Operating Income	49,158	47,389
Atlanta | Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	253	270
Austin
Segment Reporting Information [Line Items]
Net Operating Income	45,770	40,273
Austin | Office
Segment Reporting Information [Line Items]
Net Operating Income	45,770	40,273
Austin | Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	11,434	11,924
Charlotte | Office
Segment Reporting Information [Line Items]
Net Operating Income	10,366	10,762
Charlotte | Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	1,068	1,162
Dallas
Segment Reporting Information [Line Items]
Net Operating Income	3,459	3,225
Dallas | Office
Segment Reporting Information [Line Items]
Net Operating Income	3,459	3,225
Dallas | Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	11,111	11,773
Phoenix | Office
Segment Reporting Information [Line Items]
Net Operating Income	11,111	11,773
Phoenix | Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Tampa
Segment Reporting Information [Line Items]
Net Operating Income	11,945	11,711
Tampa | Office
Segment Reporting Information [Line Items]
Net Operating Income	11,945	11,711
Tampa | Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Other markets
Segment Reporting Information [Line Items]
Net Operating Income	5,495	3,571
Other markets | Office
Segment Reporting Information [Line Items]
Net Operating Income	5,495	3,571
Other markets | Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	$ 0	$ 0

Reportable Segments - Reconcili

Reportable Segments - Reconciliation of Net Income to Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net income	$ 13,451	$ 22,356
Total Revenues	(209,241)	(202,728)
General and administrative expenses	9,214	8,438
Interest expense	28,908	25,030
Depreciation and amortization	86,230	75,770
Reimbursed expenses	140	207
Other expenses	672	385
Income from unconsolidated joint ventures	(348)	(673)
Net operating income from unconsolidated joint ventures	1,352	1,409
Loss on investment property transactions	(101)	2
Net Operating Income	138,625	130,136
Fee income
Segment Reporting Information [Line Items]
Total Revenues	(379)	(374)
Termination fee income
Segment Reporting Information [Line Items]
Total Revenues	(470)	(136)
Other income
Segment Reporting Information [Line Items]
Total Revenues	$ (44)	$ (2,278)

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	Apr. 24, 2024 USD ($) subordinatedNote
Subsequent Event [Line Items]
Subordinated notes receivable	$ 48.6
Number of subordinated notes | subordinatedNote	3
Total investments	$ 59
Weighted average rate	8.22%