Cousins Properties (CUZ) 10-Q25 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		152,140,188
Entity Central Index Key	0000025232
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Real estate assets:
Operating properties, net of accumulated depreciation of $1,476,681 and $1,329,406 in 2024 and 2023, respectively	$ 6,917,570,000	$ 6,775,093,000
Projects under development	0	132,884,000
Land	154,727,000	154,728,000
Total properties	7,072,297,000	7,062,705,000
Cash and cash equivalents	5,954,000	6,047,000
Investments in real estate debt, at fair value	27,585,000	0
Accounts receivable	16,348,000	11,109,000
Deferred rents receivable	221,268,000	209,370,000
Investment in unconsolidated joint ventures	160,873,000	143,831,000
Intangible assets, net	98,472,000	110,667,000
Other assets, net	97,731,000	90,745,000
Total assets	7,700,528,000	7,634,474,000
Liabilities:
Notes payable	2,586,732,000	2,457,627,000
Accounts payable and accrued expenses	236,786,000	299,767,000
Deferred income	263,420,000	181,744,000
Intangible liabilities, net	38,044,000	42,193,000
Other liabilities	98,042,000	104,830,000
Total liabilities	3,223,024,000	3,086,161,000
Commitments and contingencies
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 152,140,188 and 154,335,798 issued, and 152,140,188 and 151,799,215 outstanding in 2024 and 2023, respectively	152,140,000	154,336,000
Additional paid-in capital	5,500,937,000	5,638,709,000
Treasury stock at cost, 2,536,583 shares in 2023	0	(145,696,000)
Distributions in excess of cumulative net income	(1,202,222,000)	(1,125,390,000)
Accumulated other comprehensive income	2,767,000	2,192,000
Total stockholders' investment	4,453,622,000	4,524,151,000
Nonredeemable noncontrolling interests	23,882,000	24,162,000
Total equity	4,477,504,000	4,548,313,000
Total liabilities and equity	$ 7,700,528,000	$ 7,634,474,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Real estate assets, accumulated depreciation	$ 1,476,681	$ 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)	152,140,188	154,335,798
Common stock, shares outstanding (in shares)	152,140,188	151,799,215
Treasury stock, shares (in shares)	2,536,583	2,536,583

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total Revenues	$ 212,978	$ 204,320	$ 422,219	$ 407,048
Expenses:
Rental property operating expenses	70,634	67,099	141,709	138,312
Reimbursed expenses	151	159	291	366
General and administrative expenses	8,907	8,021	18,121	16,459
Interest expense	29,743	25,972	58,651	51,002
Depreciation and amortization	95,415	80,269	181,645	156,039
Other	603	476	1,275	861
Total costs and expenses	205,453	181,996	401,692	363,039
Income from unconsolidated joint ventures	439	753	787	1,426
Gain (loss) on investment property transactions	(3)	0	98	(2)
Net income	7,961	23,077	21,412	45,433
Net income attributable to noncontrolling interests	(121)	(456)	(284)	(616)
Net income available to common stockholders	$ 7,840	$ 22,621	$ 21,128	$ 44,817
Net income per common share — basic (in usd per share)	$ 0.05	$ 0.15	$ 0.14	$ 0.30
Net income per common share — diluted (in usd per share)	$ 0.05	$ 0.15	$ 0.14	$ 0.29
Weighted average shares — basic (in shares)	152,095	151,721	152,020	151,650
Weighted average shares — diluted (in shares)	152,614	152,126	152,500	152,003
Rental property revenues
Revenues:
Total Revenues	$ 211,474	$ 203,954	$ 420,292	$ 404,030
Fee income
Revenues:
Total Revenues	406	352	785	726
Other
Revenues:
Total Revenues	$ 1,098	$ 14	$ 1,142	$ 2,292

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Comprehensive Income:
Net income available to common stockholders	$ 7,840	$ 22,621	$ 21,128	$ 44,817
Other comprehensive income (loss):
Unrealized gain on cash flow hedges	1,383	5,936	4,088	4,894
Amortization of cash flow hedges	(1,803)	(908)	(3,513)	(1,096)
Total other comprehensive income (loss)	(420)	5,028	575	3,798
Total comprehensive income	$ 7,420	$ 27,649	$ 21,703	$ 48,615

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	45,433	44,817				44,817		616
Other comprehensive income (loss)	3,798
Common stock issued under the ATM, net of issuance costs	3,798	3,798					3,798
Common stock issued pursuant to stock-based compensation, net of tax withholding	(507)	(507)	320	(827)
Amortization of stock-based compensation, net of forfeitures	5,493	5,493	(3)	5,496
Contributions from noncontrolling interests	1,384							1,384
Distributions to noncontrolling interests	(358)							(358)
Common dividends	(97,894)	(97,894)				(97,894)
Ending balance at Jun. 30, 2023	4,604,298	4,581,371	154,336	5,634,996	(147,157)	(1,066,369)	5,565	22,927
Beginning balance at Mar. 31, 2023	4,621,036	4,599,018	154,256	5,631,076	(147,157)	(1,039,694)	537	22,018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,077	22,621				22,621		456
Other comprehensive income (loss)	5,028	5,028					5,028
Common stock issued pursuant to stock-based compensation, net of tax withholding	1,631	1,631	81	1,550
Amortization of stock-based compensation, net of forfeitures	2,369	2,369	(1)	2,370
Contributions from noncontrolling interests	646							646
Distributions to noncontrolling interests	(193)							(193)
Common dividends	(49,296)	(49,296)				(49,296)
Ending balance at Jun. 30, 2023	4,604,298	4,581,371	154,336	5,634,996	(147,157)	(1,066,369)	5,565	22,927
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	21,412	21,128				21,128		284
Other comprehensive income (loss)	575	575					575
Common stock issued pursuant to stock-based compensation, net of tax withholding	(1,248)	(1,248)	346	(1,594)
Amortization of stock-based compensation, net of forfeitures	6,972	6,972	(5)	6,981		(4)
Retirement of Treasury Stock	0		(2,537)	(143,159)	145,696
Contributions from noncontrolling interests	22							22
Distributions to noncontrolling interests	(586)							(586)
Common dividends	(97,956)	(97,956)				(97,956)
Ending balance at Jun. 30, 2024	4,477,504	4,453,622	152,140	5,500,937	0	(1,202,222)	2,767	23,882
Beginning balance at Mar. 31, 2024	4,514,960	4,490,871	152,072	5,496,371	0	(1,160,759)	3,187	24,089
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,961	7,840				7,840		121
Other comprehensive income (loss)	(420)	(420)					(420)
Common stock issued pursuant to stock-based compensation, net of tax withholding	1,564	1,564	68	1,496
Amortization of stock-based compensation, net of forfeitures	3,070	3,070		3,070
Contributions from noncontrolling interests	22							22
Distributions to noncontrolling interests	(350)							(350)
Common dividends	(49,303)	(49,303)				(49,303)
Ending balance at Jun. 30, 2024	$ 4,477,504	$ 4,453,622	$ 152,140	$ 5,500,937	$ 0	$ (1,202,222)	$ 2,767	$ 23,882

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common dividends (in usd per share)	$ 0.32	$ 0.32	$ 0.64	$ 0.64

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 21,412	$ 45,433
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) on investment property transactions	(98)	2
Acquisition costs of investments in real estate debt	468	0
Depreciation and amortization	181,645	156,039
Amortization of deferred financing costs and premium on notes payable	2,014	2,061
Equity-classified stock-based compensation expense, net of forfeitures	7,868	6,363
Effect of non-cash adjustments to rental revenues	(27,786)	(23,721)
Income from unconsolidated joint ventures	(787)	(1,426)
Operating distributions from unconsolidated joint ventures	1,542	2,033
Changes in other operating assets and liabilities:
Change in receivables and other assets, net	(12,034)	(9,423)
Change in operating liabilities, net	(20,437)	(16,290)
Net cash provided by operating activities	153,807	161,071
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from investment property sales, net	(3)	0
Property acquisition, development, and tenant asset expenditures	(136,106)	(134,279)
Purchase of investments in real estate debt	(27,653)	0
Return of capital distributions from unconsolidated joint ventures	0	10,907
Contributions to unconsolidated joint ventures	(17,513)	(26,299)
Net cash used in investing activities	(181,275)	(149,671)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility	279,000	210,700
Repayment of credit facility	(147,000)	(118,800)
Repayment of mortgages	(4,244)	(4,100)
Payment of deferred financing costs	0	(71)
Repurchase of shares withheld for taxes on restricted stock vestings	(1,111)	0
Common dividends paid	(98,044)	(97,269)
Contributions from noncontrolling interests	22	1,384
Distributions to noncontrolling interests	(586)	(358)
Other	(662)	0
Net cash provided by (used in) financing activities	27,375	(8,514)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(93)	2,886
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	6,047	5,145
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 5,954	$ 8,031

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Jun. 30, 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 June 30, 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 June 30, 2024 and December 31, 2023, and the results of operations for the three and six months ended June 30, 2024 and 2023. The results of operations for the three and six months ended June 30, 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 with the exception of an additional accounting policy related to the Company's new investments in real estate debt described in note 3 to these condensed consolidated financial statements. 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 June 30, 2024 or December 31, 2023.

Real Estate

Real Estate	6 Months Ended
Real Estate	Jun. 30, 2024
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE For the six months ended June 30, 2024 and June 30, 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 June 30, 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 June 30, 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.

Investments In Real Estate Debt

Investments In Real Estate Debt	6 Months Ended
Investments In Real Estate Debt	Jun. 30, 2024
Investments, All Other Investments [Abstract]
INVESTMENTS IN REAL ESTATE DEBT	INVESTMENTS IN REAL ESTATE DEBT During the three months ended June 30, 2024, the Company invested $27.6 million in two mezzanine real estate loans. These investments are subordinated to the first priority mortgage loans of $144.2 million as of June 30, 2024. The borrowers have additional borrowing capacity under these loans, of which the senior loan unfunded share is $49.9 million and the Company's unfunded share is $9.6 million as of June 30, 2024. The details of these real estate debt investments as of June 30, 2024, are as follows ($ in thousands): Collateral Carrying Value as of June 30, 2024 Variable Rate as of June 30, 2024 Maturity Date 110 East - Pledge of equity interests Charlotte, NC, Office Building $ 15,079 14.33% February 2026 Radius - Pledge of equity interests Nashville, TN, Office Building 12,506 13.58% June 2025 $ 27,585 The above rates reflect a weighted spread in excess of the Secured Overnight Financing Rate ("SOFR") (5.33% as of June 30, 2024) of 8.66%. The Company did not have any investment in real estate debt as of December 31, 2023. Each loan provides the borrower with an opportunity to extend the maturity date, subject to certain conditions. The extended maturity dates are February 2027 on the 110 East loan and June 2026 on the Radius loan. The Company has elected the fair value option in accounting for its investment in real estate debt. As such, any unrealized gain or loss associated with holding these investments at fair value will be recorded as a component of income from investments in real estate debt on the Company's consolidated statement of operations. For the three and six months ended June 30, 2024, the Company believes the fair value of the investments in real estate debt approximates its invested carrying value and, therefore, did not record any unrealized gain or loss on its investments in real estate debt based on these recent executed market transactions (Level 2). In subsequent periods, the Company may make adjustments to the carrying values of these loan investments if any are required through application of the fair value hierarchy provided for under GAAP. Acquisition costs associated with these loans are expensed as incurred.

Investment In Unconsolidated Jo

Investment In Unconsolidated Joint Ventures	6 Months Ended
Investment In Unconsolidated Joint Ventures	Jun. 30, 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 June 30, 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 $ 78,990 $ 80,694 $ — $ — $ 77,727 $ 78,642 $ 14,263 $ 14,506 Crawford Long - CPI, LLC (1) 20,372 22,001 82,356 82,316 (63,799) (62,562) (31,350) (2) (31,066) (2) Neuhoff Holdings LLC (3) 536,720 477,780 252,898 219,780 253,188 226,303 141,796 124,543 Land: 715 Ponce Holdings LLC 9,419 9,325 — — 9,373 9,324 4,814 4,782 $ 645,501 $ 589,800 $ 335,254 $ 302,096 $ 276,489 $ 251,707 $ 129,523 $ 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 on June 1, 2032. (2) Negative investment basis included in deferred income on the condensed consolidated balance sheets. (3) The Neuhoff Holdings LLC properties have commenced initial operations but are not yet stabilized. The joint venture has a construction loan with a borrowing capacity up to $312.7 million, of which the Company's share is $156.4 million, that matures on September 30, 2025. The interest rate applicable to the construction loan is based on SOFR plus 3.45% with a minimum rate of 3.60%. The joint venture has one option, subject to certain conditions, to extend the maturity date for an additional 12 months from the initial maturity date. The information included in the summary of operations table is for the six months ended June 30, 2024 and 2023 ($ 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 $ 5,786 $ 5,451 $ 1,882 $ 1,625 $ 367 $ 323 Crawford Long - CPI, LLC 6,618 6,360 1,513 2,151 691 1,006 Neuhoff Holdings LLC (1) 258 70 (606) 42 (296) 21 Land: 715 Ponce Holdings LLC 108 141 49 100 25 51 Sold: Other — — — 50 — 25 $ 12,770 $ 12,022 $ 2,838 $ 3,968 $ 787 $ 1,426

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	6 Months Ended
Intangible Assets and Liabilities	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND LIABILITIES	INTANGIBLE ASSETS AND LIABILITIES At June 30, 2024 and December 31, 2023, intangible assets included the following ($ in thousands): 2024 2023 In-place leases, net of accumulated amortization of $132,703 and $135,433 in 2024 and 2023, respectively $ 69,753 $ 80,117 Below-market ground leases, net of accumulated amortization of $2,431 and $2,260 in 2024 and 2023, respectively 16,822 16,992 Above-market leases, net of accumulated amortization of $23,963 and $24,918 in 2024 and 2023, respectively 10,223 11,884 Goodwill 1,674 1,674 $ 98,472 $ 110,667 At June 30, 2024 and December 31, 2023, intangible liabilities were the following ($ in thousands): 2024 2023 Below-market leases, net of accumulated amortization of $54,121 and $50,475 in 2024 and 2023, respectively $ 38,044 $ 42,193 The amortization of the above asset and liabilities are recorded as follows ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Rental property revenues, net (Below-market and Above-market leases) $ 1,558 $ 2,526 $ 3,019 $ 4,084 Expenses: Depreciation and amortization (In-place leases) 5,963 7,057 10,364 12,470 Rental property operating and other expenses (Below-market ground leases) 71 100 171 200 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 (six months) $ 8,113 $ 141 $ 1,142 $ (4,063) 2025 14,612 282 2,062 (7,743) 2026 12,252 282 1,683 (6,524) 2027 9,667 282 1,274 (4,989) 2028 6,851 282 1,161 (3,852) Thereafter 18,258 15,553 2,901 (10,873) $ 69,753 $ 16,822 $ 10,223 $ (38,044)

Other Assets

Other Assets	6 Months Ended
Other Assets	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 included the following ($ in thousands): 2024 2023 Predevelopment costs $ 57,748 $ 56,600 Prepaid expenses and other assets 14,355 8,704 Lease inducements, net of accumulated amortization of $7,047 and $5,860 in 2024 and 2023, respectively 11,839 10,537 Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $19,351 and $18,564 in 2024 and 2023, respectively 10,158 10,631 Credit Facility deferred financing costs, net of accumulated amortization of $2,773 and $2,131 in 2024 and 2023, respectively 3,631 4,273 $ 97,731 $ 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	6 Months Ended
Notes Payable	Jun. 30, 2024
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at June 30, 2024 and December 31, 2023 ($ in thousands): Description Interest Rate (1) Maturity (2) 2024 2023 Unsecured Notes: Credit Facility 6.19% April 2027 $ 317,100 $ 185,100 Term Loan 5.43% March 2025 400,000 400,000 Term Loan (3) 5.33% February 2025 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 2,067,100 1,935,100 Secured Mortgage Notes: Terminus (4) 6.34% January 2031 221,000 221,000 Fifth Third Center 3.37% October 2026 124,691 126,548 Colorado Tower 3.45% September 2026 105,484 106,862 Domain 10 3.75% November 2024 71,549 72,558 522,724 526,968 $ 2,589,824 $ 2,462,068 Unamortized loan costs (3,092) (4,441) Total Notes Payable $ 2,586,732 $ 2,457,627 (1) Interest rate as of June 30, 2024. (2) Weighted average maturity of notes payable outstanding at June 30, 2024 was 2.6 years. Extension options are not included. (3) In June 2024, the Company delivered notice to the administrative agent of the Term Loan notice of its execution of the first of four available 180 day extension options. The extension will be effective August 30, 2024. (4) Represents $123.0 million and $98.0 million non-cross-collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively. Credit Facility On May 2, 2022, the Company entered into a Fifth Amended and Restated Credit Agreement (the "Credit Facility") under which the Company may borrow up to $1 billion if certain conditions are satisfied. The Credit Facility contains financial covenants that require, among other things, the maintenance of unencumbered interest coverage ratio of at least 1.75x; a fixed charge coverage ratio of at least 1.50x; a secured leverage ratio of no more than 50%; and an overall leverage ratio of no more than 60%. The 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 0.725% 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 0.125% to 0.30%, depending on leverage, on the entire $1 billion capacity. In April 2024, the Company notified the administrative agent of the Credit Facility of the Company's receipt of corporate investment grade ratings. These ratings reduced the Credit Facility's Adjusted SOFR spread and facility fee range effective April 17, 2024. Changes in the Company's investment grade ratings may result in additional adjustments to the applicable spread and facility fee. Prior to April 17, 2024, the applicable spread was between 0.90% and 1.40% and the facility fee range was 0.15% to 0.30%, depending on leverage. At June 30, 2024, the Credit Facility's interest rate spread over Adjusted SOFR was 0.775%, 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 $682.9 million at June 30, 2024. The amounts outstanding under the Credit Facility may be accelerated upon the occurrence of any events of default. 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. Under the 2022 Term Loan the interest rate applicable 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 0.80% and 1.60%, 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 0.00% and 0.65%, based on leverage. The covenants under the 2022 Term Loan are the same as the Credit Facility. At June 30, 2024, the spread over the underlying SOFR rates was 0.85% for the 2022 Term Loan. 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 8). 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 with an initial maturity of August 30, 2024 with four consecutive options to extend the maturity date for an additional 180 days each. In June 2024, the Company provided to the administrative agent of the Term Loan notice of its election to use the first of four 180 day extension options available. This extension is effective August 30, 2024 and extends the maturity date to February 26, 2025. 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 0.85% 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 0.00% and 0.65%, based on leverage. At June 30, 2024, the spread over the underlying SOFR rates was 1.00% for the 2021 Term Loan. 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 8). In April 2024, the Company notified the administrative agent of the 2022 Term Loan and 2021 Term Loan of corporate investment grade ratings received. These ratings reduced the Adjusted SOFR spread range, effective April 17, 2024. Changes in the Company's investment grade ratings may result in additional adjustments to the applicable spread in the future. Prior to April 17, 2024, the applicable spread was between 1.05% and 1.65% for both the 2022 Term Loan and 2021 Term Loan, depending on leverage. Unsecured Senior Notes The Company has unsecured senior notes of $1.0 billion that were funded in five tranches. The first tranche of $100 million is due in 2027 and has a fixed annual interest rate of 4.09%. The second tranche of $250 million is due in 2025 and has a fixed annual interest rate of 3.91%. The third tranche of $125 million is due in 2027 and has a fixed annual interest rate of 3.78%. The fourth tranche of $250 million is due in 2028 and has a fixed annual interest rate of 3.86%. The fifth tranche of $275 million is due in 2029 and has a fixed annual interest rate of 3.95%. The unsecured senior notes contain financial covenants that 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 June 30, 2024, the Company had $522.7 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 $876.4 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 June 30, 2024 and December 31, 2023, the estimated fair value of the Company’s notes payable was $2.5 billion and $2.4 billion, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated current market rates at which similar loans could have been obtained at June 30, 2024 and December 31, 2023. The estimate of the current market rates, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. These fair value calculations are considered to be Level 2 under the guidelines as set forth in ASC 820, as the Company utilizes market rates for similar type loans from third party brokers. For the three and six months ended June 30, 2024 and 2023, interest expense was recorded as follows ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Total interest incurred $ 32,941 $ 30,977 $ 65,555 $ 61,098 Interest capitalized (3,198) (5,005) (6,904) (10,096) Total interest expense $ 29,743 $ 25,972 $ 58,651 $ 51,002

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 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 $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 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 June 30, 2024, the fair values of the 2023 Swap and 2024 Swap with respect to the 2022 Term Loan were $1.2 million and $659,000, 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 June 30, 2024 and December 31, 2023, the fair value of the 2022 Swap with respect to the 2021 Term Loan was $903,000 and $1.7 million, respectively, and is included in other assets on the Company's condensed consolidated balance sheets. The table below presents the effect of the Company's derivative financial instruments on the condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, Cash Flow Hedges: 2024 2023 2024 2023 Amount of income recognized in accumulated other comprehensive income on interest rate derivatives $ 1,383 $ 5,936 $ 4,088 $ 4,894 Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense $ (1,803) $ (908) $ (3,513) $ (1,096) Total amount of interest expense presented in the condensed consolidated statements of operations $ 29,743 $ 25,972 $ 58,651 $ 51,002 Over the next twelve months, the Company estimates that $2.2 million will be reclassified out of accumulated other comprehensive income as a reduction of interest expense.

Other Liabilities

Other Liabilities	6 Months Ended
Other Liabilities	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
OTHER LIABILITIES	OTHER LIABILITIES Other liabilities on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 included the following ($ in thousands): 2024 2023 Ground lease liability $ 49,898 $ 53,348 Prepaid rent 30,929 34,872 Security deposits 15,782 15,050 Other liabilities 1,433 1,560 $ 98,042 $ 104,830

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments The Company had outstanding performance bonds totaling $1.1 million at June 30, 2024. As a lessor, the Company had $104.0 million in future obligations under leases to fund tenant improvements and other future construction obligations at June 30, 2024. Additionally, the Company had $9.6 million of future funding commitments related to investments in real estate debt at June 30, 2024 as discussed in note 3. Litigation The Company is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of the Company.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 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 May 8, 2024, the Company filed a Form S-3 and, in conjunction with that Form S-3 filing, the Company entered into a Second 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 June 30, 2024 and did not have any outstanding Forward Sales contracts for the sale of its common stock as of June 30, 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	6 Months Ended
Revenue Recognition	Jun. 30, 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 and six months ended June 30, 2024, the Company recognized rental property revenues of $211.5 million and $420.3 million, respectively, of which $61.3 million and $122.0 million, respectively, represented variable rental revenue. For the three and six months ended June 30, 2023, the Company recognized rental property revenues of $204.0 million and $404.0 million, respectively, of which $62.2 million and $121.4 million, respectively, represented variable rental revenue. For the three and six months ended June 30, 2024, the Company recognized fee and other revenue of $1.5 million and $1.9 million, respectively

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 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 and six months ended June 30, 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 and six months ended June 30, 2024 and 2023, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Equity-classified awards: Restricted stock $ 1,070 $ 927 $ 2,041 $ 1,785 Market-based RSUs 1,510 1,108 3,852 2,859 Performance-based RSUs 460 303 1,033 783 Director grants 397 400 805 785 Employee Stock Purchase Plan 24 33 48 70 Total equity-classified award expense, net of forfeitures 3,461 2,771 7,779 6,282 Liability-classified awards Time-vested RSUs — — — 61 Total liability-classified award expense, net of forfeitures — — — 61 Total stock-based compensation expense, net of forfeitures $ 3,461 $ 2,771 $ 7,779 $ 6,343 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 June 2024, the Company granted 67,624 shares of stock with a grant date value of $1.6 million to independent members of the Company's board of directors (the "Board") for their service as members of the Board. These shares vested on the issuance date, and the Company records the related expense over the director's one year service period. Under the 2019 Plan, in 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 to employees by the Company in 2024 and 2023 (in thousands): Shares and Targeted Units Granted in 2024 2023 Market-based RSUs 206 164 Performance-based RSUs 88 70 Restricted stock 204 164 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 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	6 Months Ended
Earnings Per Share	Jun. 30, 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 and six months ended June 30, 2024 and 2023 ($ in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Earnings per common share - basic: Numerator: Net income $ 7,961 $ 23,077 $ 21,412 $ 45,433 Net income attributable to noncontrolling interests in CPLP from continuing operations (2) (3) (4) (7) Net income attributable to other noncontrolling interests (119) (453) (280) (609) Net income available to common stockholders $ 7,840 $ 22,621 $ 21,128 $ 44,817 Denominator: Weighted average common shares - basic 152,095 151,721 152,020 151,650 Net income per common share - basic $ 0.05 $ 0.15 $ 0.14 $ 0.30 Earnings per common share - diluted: Numerator: Net income $ 7,961 $ 23,077 $ 21,412 $ 45,433 Net income attributable to other noncontrolling interests (119) (453) (280) (609) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 7,842 $ 22,624 $ 21,132 $ 44,824 Denominator: Weighted average common shares - basic 152,095 151,721 152,020 151,650 Add: Potential dilutive common shares - ESPP 2 — 1 — Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 492 380 454 328 Weighted average units of CPLP convertible into common shares 25 25 25 25 Weighted average common shares - diluted 152,614 152,126 152,500 152,003 Net income per common share - diluted $ 0.05 $ 0.15 $ 0.14 $ 0.29

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - Supplemental Information	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023 is as follows ($ in thousands): 2024 2023 Interest paid, net of amounts capitalized $ 55,800 $ 48,502 Income taxes paid — — Non-Cash Activity: Retirement of treasury stock 145,696 — Tenant improvements funded by tenants 90,725 41,240 Common stock dividends declared and accrued 49,292 49,296 Accrued capital expenditures included in accounts payable and accrued expenses 69,812 83,605

Reportable Segments

Reportable Segments	6 Months Ended
Reportable Segments	Jun. 30, 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 apartments in Atlanta and Nashville, 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 and six months ended June 30, 2024 and 2023 are as follows ($ in thousands): Three Months Ended June 30, 2024 Office Non-Office Total Revenues: Atlanta $ 76,600 $ 507 $ 77,107 Austin 73,603 — 73,603 Charlotte 13,985 1,751 15,736 Dallas 4,329 — 4,329 Phoenix 14,896 — 14,896 Tampa 19,721 — 19,721 Other markets 8,399 11 8,410 Total segment revenues 211,533 2,269 213,802 Less: Company's share of rental property revenues from unconsolidated joint ventures (1,810) (518) (2,328) Total rental property revenues $ 209,723 $ 1,751 $ 211,474 Three Months Ended June 30, 2023 Office Non-Office Total Revenues: Atlanta $ 73,160 $ 469 $ 73,629 Austin 68,161 — 68,161 Charlotte 14,675 1,781 16,456 Dallas 4,225 — 4,225 Phoenix 18,220 — 18,220 Tampa 18,741 — 18,741 Other markets 6,735 — 6,735 Total segment revenues 203,917 2,250 206,167 Less: Company's share of rental property revenues from unconsolidated joint ventures (1,744) (469) (2,213) Total rental property revenues $ 202,173 $ 1,781 $ 203,954 Six Months Ended June 30, 2024 Office Non-Office Total Revenues: Atlanta $ 153,456 $ 984 $ 154,440 Austin 144,608 — 144,608 Charlotte 28,368 3,396 31,764 Dallas 8,769 — 8,769 Phoenix 29,498 — 29,498 Tampa 39,106 — 39,106 Other markets 16,691 11 16,702 Total segment revenues 420,496 4,391 424,887 Less: Company's share of rental property revenues from unconsolidated joint ventures (3,600) (995) (4,595) Total rental property revenues $ 416,896 $ 3,396 $ 420,292 Six Months Ended June 30, 2023 Office Non-Office Total Revenues: Atlanta $ 145,292 $ 926 $ 146,218 Austin 136,044 — 136,044 Charlotte 29,493 3,542 33,035 Dallas 8,412 — 8,412 Phoenix 33,803 — 33,803 Tampa 37,489 — 37,489 Other markets 13,358 — 13,358 Total segment revenues 403,891 4,468 408,359 Less: Company's share of rental property revenues from unconsolidated joint ventures (3,403) (926) (4,329) Total rental property revenues $ 400,488 $ 3,542 $ 404,030 NOI by reportable segme nt for the three and six months ended June 30, 2024 and 2023 are as follows ($ in thousands): Three Months Ended June 30, 2024 Office Non-Office Total Net Operating Income: Atlanta $ 49,715 $ 336 $ 50,051 Austin 48,034 — 48,034 Charlotte 9,783 1,185 10,968 Dallas 3,410 — 3,410 Phoenix 10,874 — 10,874 Tampa 12,337 — 12,337 Other markets 5,685 (44) 5,641 Total Net Operating Income $ 139,838 $ 1,477 $ 141,315 Three Months Ended June 30, 2023 Office Non-Office Total Net Operating Income: Atlanta $ 48,368 $ 284 $ 48,652 Austin 42,530 — 42,530 Charlotte 10,764 1,163 11,927 Dallas 3,218 — 3,218 Phoenix 10,250 — 10,250 Tampa 11,661 — 11,661 Other markets 3,606 — 3,606 Total Net Operating Income $ 130,397 $ 1,447 $ 131,844 Six Months Ended June 30, 2024 Office Non-Office Total Net Operating Income: Atlanta $ 98,873 $ 589 $ 99,462 Austin 93,804 — 93,804 Charlotte 20,149 2,253 22,402 Dallas 6,869 — 6,869 Phoenix 21,985 — 21,985 Tampa 24,282 — 24,282 Other markets 11,180 (44) 11,136 Total Net Operating Income 277,142 2,798 279,940 Six Months Ended June 30, 2023 Office Non-Office Total Net Operating Income: Atlanta $ 95,758 $ 554 $ 96,312 Austin 82,803 — 82,803 Charlotte 21,526 2,325 23,851 Dallas 6,443 — 6,443 Phoenix 22,023 — 22,023 Tampa 23,372 — 23,372 Other markets 7,176 — 7,176 Total Net Operating Income 259,101 2,879 261,980 The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net Income $ 7,961 $ 23,077 $ 21,412 $ 45,433 Fee income (406) (352) (785) (726) Termination fee income (1,086) (6,570) (1,556) (6,706) Other income (1,098) (14) (1,142) (2,292) General and administrative expenses 8,907 8,021 18,121 16,459 Interest expense 29,743 25,972 58,651 51,002 Depreciation and amortization 95,415 80,269 181,645 156,039 Reimbursed expenses 151 159 291 366 Other expenses 603 476 1,275 861 Income from unconsolidated joint ventures (439) (753) (787) (1,426) Net operating income from unconsolidated joint ventures 1,561 1,559 2,913 2,968 Loss (gain) on investment property transactions 3 — (98) 2 Net Operating Income $ 141,315 $ 131,844 $ 279,940 $ 261,980

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023, and the results of operations for the three and six months ended June 30, 2024 and 2023. The results of operations for the three and six months ended June 30, 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 with the exception of an additional accounting policy related to the Company's new investments in real estate debt described in note 3 to these condensed consolidated financial statements.

Investments In Real Estate De_2

Investments In Real Estate Debt (Tables)	6 Months Ended
Investments In Real Estate Debt (Tables)	Jun. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Investments In Real Estate Debt	The details of these real estate debt investments as of June 30, 2024, are as follows ($ in thousands): Collateral Carrying Value as of June 30, 2024 Variable Rate as of June 30, 2024 Maturity Date 110 East - Pledge of equity interests Charlotte, NC, Office Building $ 15,079 14.33% February 2026 Radius - Pledge of equity interests Nashville, TN, Office Building 12,506 13.58% June 2025 $ 27,585

Investment In Unconsolidated _2

Investment In Unconsolidated Joint Ventures (Tables)	6 Months Ended
Investment In Unconsolidated Joint Ventures (Tables)	Jun. 30, 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 June 30, 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 $ 78,990 $ 80,694 $ — $ — $ 77,727 $ 78,642 $ 14,263 $ 14,506 Crawford Long - CPI, LLC (1) 20,372 22,001 82,356 82,316 (63,799) (62,562) (31,350) (2) (31,066) (2) Neuhoff Holdings LLC (3) 536,720 477,780 252,898 219,780 253,188 226,303 141,796 124,543 Land: 715 Ponce Holdings LLC 9,419 9,325 — — 9,373 9,324 4,814 4,782 $ 645,501 $ 589,800 $ 335,254 $ 302,096 $ 276,489 $ 251,707 $ 129,523 $ 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 on June 1, 2032. (2) Negative investment basis included in deferred income on the condensed consolidated balance sheets. (3) The Neuhoff Holdings LLC properties have commenced initial operations but are not yet stabilized. The joint venture has a construction loan with a borrowing capacity up to $312.7 million, of which the Company's share is $156.4 million, that matures on September 30, 2025. The interest rate applicable to the construction loan is based on SOFR plus 3.45% with a minimum rate of 3.60%. The joint venture has one option, subject to certain conditions, to extend the maturity date for an additional 12 months from the initial maturity date. The information included in the summary of operations table is for the six months ended June 30, 2024 and 2023 ($ 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 $ 5,786 $ 5,451 $ 1,882 $ 1,625 $ 367 $ 323 Crawford Long - CPI, LLC 6,618 6,360 1,513 2,151 691 1,006 Neuhoff Holdings LLC (1) 258 70 (606) 42 (296) 21 Land: 715 Ponce Holdings LLC 108 141 49 100 25 51 Sold: Other — — — 50 — 25 $ 12,770 $ 12,022 $ 2,838 $ 3,968 $ 787 $ 1,426

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	6 Months Ended
Intangible Assets and Liabilities (Tables)	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	At June 30, 2024 and December 31, 2023, intangible assets included the following ($ in thousands): 2024 2023 In-place leases, net of accumulated amortization of $132,703 and $135,433 in 2024 and 2023, respectively $ 69,753 $ 80,117 Below-market ground leases, net of accumulated amortization of $2,431 and $2,260 in 2024 and 2023, respectively 16,822 16,992 Above-market leases, net of accumulated amortization of $23,963 and $24,918 in 2024 and 2023, respectively 10,223 11,884 Goodwill 1,674 1,674 $ 98,472 $ 110,667
Schedule of Intangible Liabilities	At June 30, 2024 and December 31, 2023, intangible liabilities were the following ($ in thousands): 2024 2023 Below-market leases, net of accumulated amortization of $54,121 and $50,475 in 2024 and 2023, respectively $ 38,044 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Rental property revenues, net (Below-market and Above-market leases) $ 1,558 $ 2,526 $ 3,019 $ 4,084 Expenses: Depreciation and amortization (In-place leases) 5,963 7,057 10,364 12,470 Rental property operating and other expenses (Below-market ground leases) 71 100 171 200
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 (six months) $ 8,113 $ 141 $ 1,142 $ (4,063) 2025 14,612 282 2,062 (7,743) 2026 12,252 282 1,683 (6,524) 2027 9,667 282 1,274 (4,989) 2028 6,851 282 1,161 (3,852) Thereafter 18,258 15,553 2,901 (10,873) $ 69,753 $ 16,822 $ 10,223 $ (38,044)

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
Other Assets (Tables)	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 included the following ($ in thousands): 2024 2023 Predevelopment costs $ 57,748 $ 56,600 Prepaid expenses and other assets 14,355 8,704 Lease inducements, net of accumulated amortization of $7,047 and $5,860 in 2024 and 2023, respectively 11,839 10,537 Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $19,351 and $18,564 in 2024 and 2023, respectively 10,158 10,631 Credit Facility deferred financing costs, net of accumulated amortization of $2,773 and $2,131 in 2024 and 2023, respectively 3,631 4,273 $ 97,731 $ 90,745

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
Notes Payable (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Terms of Notes Payable	The following table summarizes the terms of notes payable outstanding at June 30, 2024 and December 31, 2023 ($ in thousands): Description Interest Rate (1) Maturity (2) 2024 2023 Unsecured Notes: Credit Facility 6.19% April 2027 $ 317,100 $ 185,100 Term Loan 5.43% March 2025 400,000 400,000 Term Loan (3) 5.33% February 2025 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 2,067,100 1,935,100 Secured Mortgage Notes: Terminus (4) 6.34% January 2031 221,000 221,000 Fifth Third Center 3.37% October 2026 124,691 126,548 Colorado Tower 3.45% September 2026 105,484 106,862 Domain 10 3.75% November 2024 71,549 72,558 522,724 526,968 $ 2,589,824 $ 2,462,068 Unamortized loan costs (3,092) (4,441) Total Notes Payable $ 2,586,732 $ 2,457,627 (1) Interest rate as of June 30, 2024. (2) Weighted average maturity of notes payable outstanding at June 30, 2024 was 2.6 years. Extension options are not included. (3) In June 2024, the Company delivered notice to the administrative agent of the Term Loan notice of its execution of the first of four available 180 day extension options. The extension will be effective August 30, 2024.
Schedule of Interest Recorded	For the three and six months ended June 30, 2024 and 2023, interest expense was recorded as follows ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Total interest incurred $ 32,941 $ 30,977 $ 65,555 $ 61,098 Interest capitalized (3,198) (5,005) (6,904) (10,096) Total interest expense $ 29,743 $ 25,972 $ 58,651 $ 51,002

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
Derivative Financial Instruments (Tables)	Jun. 30, 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 and six months ended June 30, 2024 and 2023 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, Cash Flow Hedges: 2024 2023 2024 2023 Amount of income recognized in accumulated other comprehensive income on interest rate derivatives $ 1,383 $ 5,936 $ 4,088 $ 4,894 Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense $ (1,803) $ (908) $ (3,513) $ (1,096) Total amount of interest expense presented in the condensed consolidated statements of operations $ 29,743 $ 25,972 $ 58,651 $ 51,002

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
Other Liabilities (Tables)	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities	Other liabilities on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 included the following ($ in thousands): 2024 2023 Ground lease liability $ 49,898 $ 53,348 Prepaid rent 30,929 34,872 Security deposits 15,782 15,050 Other liabilities 1,433 1,560 $ 98,042 $ 104,830

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense, Net of Forfeitures	For the three and six months ended June 30, 2024 and 2023, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Equity-classified awards: Restricted stock $ 1,070 $ 927 $ 2,041 $ 1,785 Market-based RSUs 1,510 1,108 3,852 2,859 Performance-based RSUs 460 303 1,033 783 Director grants 397 400 805 785 Employee Stock Purchase Plan 24 33 48 70 Total equity-classified award expense, net of forfeitures 3,461 2,771 7,779 6,282 Liability-classified awards Time-vested RSUs — — — 61 Total liability-classified award expense, net of forfeitures — — — 61 Total stock-based compensation expense, net of forfeitures $ 3,461 $ 2,771 $ 7,779 $ 6,343
Schedule of Equity and Liability Classified Award Activity	The following table summarizes the grants of equity-classified awards made to employees by the Company in 2024 and 2023 (in thousands): Shares and Targeted Units Granted in 2024 2023 Market-based RSUs 206 164 Performance-based RSUs 88 70 Restricted stock 204 164
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 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)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 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 and six months ended June 30, 2024 and 2023 ($ in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Earnings per common share - basic: Numerator: Net income $ 7,961 $ 23,077 $ 21,412 $ 45,433 Net income attributable to noncontrolling interests in CPLP from continuing operations (2) (3) (4) (7) Net income attributable to other noncontrolling interests (119) (453) (280) (609) Net income available to common stockholders $ 7,840 $ 22,621 $ 21,128 $ 44,817 Denominator: Weighted average common shares - basic 152,095 151,721 152,020 151,650 Net income per common share - basic $ 0.05 $ 0.15 $ 0.14 $ 0.30 Earnings per common share - diluted: Numerator: Net income $ 7,961 $ 23,077 $ 21,412 $ 45,433 Net income attributable to other noncontrolling interests (119) (453) (280) (609) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 7,842 $ 22,624 $ 21,132 $ 44,824 Denominator: Weighted average common shares - basic 152,095 151,721 152,020 151,650 Add: Potential dilutive common shares - ESPP 2 — 1 — Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 492 380 454 328 Weighted average units of CPLP convertible into common shares 25 25 25 25 Weighted average common shares - diluted 152,614 152,126 152,500 152,003 Net income per common share - diluted $ 0.05 $ 0.15 $ 0.14 $ 0.29

Consolidated Statements of Ca_3

Consolidated Statements of Cash Flows - Supplemental Information (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023 is as follows ($ in thousands): 2024 2023 Interest paid, net of amounts capitalized $ 55,800 $ 48,502 Income taxes paid — — Non-Cash Activity: Retirement of treasury stock 145,696 — Tenant improvements funded by tenants 90,725 41,240 Common stock dividends declared and accrued 49,292 49,296 Accrued capital expenditures included in accounts payable and accrued expenses 69,812 83,605

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
Reportable Segments (Tables)	Jun. 30, 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 and six months ended June 30, 2024 and 2023 are as follows ($ in thousands): Three Months Ended June 30, 2024 Office Non-Office Total Revenues: Atlanta $ 76,600 $ 507 $ 77,107 Austin 73,603 — 73,603 Charlotte 13,985 1,751 15,736 Dallas 4,329 — 4,329 Phoenix 14,896 — 14,896 Tampa 19,721 — 19,721 Other markets 8,399 11 8,410 Total segment revenues 211,533 2,269 213,802 Less: Company's share of rental property revenues from unconsolidated joint ventures (1,810) (518) (2,328) Total rental property revenues $ 209,723 $ 1,751 $ 211,474 Three Months Ended June 30, 2023 Office Non-Office Total Revenues: Atlanta $ 73,160 $ 469 $ 73,629 Austin 68,161 — 68,161 Charlotte 14,675 1,781 16,456 Dallas 4,225 — 4,225 Phoenix 18,220 — 18,220 Tampa 18,741 — 18,741 Other markets 6,735 — 6,735 Total segment revenues 203,917 2,250 206,167 Less: Company's share of rental property revenues from unconsolidated joint ventures (1,744) (469) (2,213) Total rental property revenues $ 202,173 $ 1,781 $ 203,954 Six Months Ended June 30, 2024 Office Non-Office Total Revenues: Atlanta $ 153,456 $ 984 $ 154,440 Austin 144,608 — 144,608 Charlotte 28,368 3,396 31,764 Dallas 8,769 — 8,769 Phoenix 29,498 — 29,498 Tampa 39,106 — 39,106 Other markets 16,691 11 16,702 Total segment revenues 420,496 4,391 424,887 Less: Company's share of rental property revenues from unconsolidated joint ventures (3,600) (995) (4,595) Total rental property revenues $ 416,896 $ 3,396 $ 420,292 Six Months Ended June 30, 2023 Office Non-Office Total Revenues: Atlanta $ 145,292 $ 926 $ 146,218 Austin 136,044 — 136,044 Charlotte 29,493 3,542 33,035 Dallas 8,412 — 8,412 Phoenix 33,803 — 33,803 Tampa 37,489 — 37,489 Other markets 13,358 — 13,358 Total segment revenues 403,891 4,468 408,359 Less: Company's share of rental property revenues from unconsolidated joint ventures (3,403) (926) (4,329) Total rental property revenues $ 400,488 $ 3,542 $ 404,030
Schedule of Reconciliation of NOI to Net Income Available to Common Stockholders	NOI by reportable segme nt for the three and six months ended June 30, 2024 and 2023 are as follows ($ in thousands): Three Months Ended June 30, 2024 Office Non-Office Total Net Operating Income: Atlanta $ 49,715 $ 336 $ 50,051 Austin 48,034 — 48,034 Charlotte 9,783 1,185 10,968 Dallas 3,410 — 3,410 Phoenix 10,874 — 10,874 Tampa 12,337 — 12,337 Other markets 5,685 (44) 5,641 Total Net Operating Income $ 139,838 $ 1,477 $ 141,315 Three Months Ended June 30, 2023 Office Non-Office Total Net Operating Income: Atlanta $ 48,368 $ 284 $ 48,652 Austin 42,530 — 42,530 Charlotte 10,764 1,163 11,927 Dallas 3,218 — 3,218 Phoenix 10,250 — 10,250 Tampa 11,661 — 11,661 Other markets 3,606 — 3,606 Total Net Operating Income $ 130,397 $ 1,447 $ 131,844 Six Months Ended June 30, 2024 Office Non-Office Total Net Operating Income: Atlanta $ 98,873 $ 589 $ 99,462 Austin 93,804 — 93,804 Charlotte 20,149 2,253 22,402 Dallas 6,869 — 6,869 Phoenix 21,985 — 21,985 Tampa 24,282 — 24,282 Other markets 11,180 (44) 11,136 Total Net Operating Income 277,142 2,798 279,940 Six Months Ended June 30, 2023 Office Non-Office Total Net Operating Income: Atlanta $ 95,758 $ 554 $ 96,312 Austin 82,803 — 82,803 Charlotte 21,526 2,325 23,851 Dallas 6,443 — 6,443 Phoenix 22,023 — 22,023 Tampa 23,372 — 23,372 Other markets 7,176 — 7,176 Total Net Operating Income 259,101 2,879 261,980 The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net Income $ 7,961 $ 23,077 $ 21,412 $ 45,433 Fee income (406) (352) (785) (726) Termination fee income (1,086) (6,570) (1,556) (6,706) Other income (1,098) (14) (1,142) (2,292) General and administrative expenses 8,907 8,021 18,121 16,459 Interest expense 29,743 25,972 58,651 51,002 Depreciation and amortization 95,415 80,269 181,645 156,039 Reimbursed expenses 151 159 291 366 Other expenses 603 476 1,275 861 Income from unconsolidated joint ventures (439) (753) (787) (1,426) Net operating income from unconsolidated joint ventures 1,561 1,559 2,913 2,968 Loss (gain) on investment property transactions 3 — (98) 2 Net Operating Income $ 141,315 $ 131,844 $ 279,940 $ 261,980

Description of Business and B_3

Description of Business and Basis of Presentation (Details) ft² in Thousands	3 Months Ended
	Jun. 30, 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%

Investments In Real Estate De_3

Investments In Real Estate Debt (Details)	3 Months Ended
Investments In Real Estate Debt (Details)	Jun. 30, 2024 USD ($) Loan	Dec. 31, 2023 USD ($)
Schedule of Investments [Line Items]
Investments in real estate debt, at fair value	$ 27,585,000	$ 0
Mortgage loans	2,586,732,000	$ 2,457,627,000
Additional commitments related to investments in real estate debt	49,900,000
Commitments related to investments in real estate debt	9,600,000
Mortgages
Schedule of Investments [Line Items]
Mortgage loans	$ 522,700,000
Mezzanine Loan
Schedule of Investments [Line Items]
Number of loans \| Loan	2
Variable rate	5.33%
Weighted spread	8.66%
Mezzanine Loan \| Mortgages
Schedule of Investments [Line Items]
Mortgage loans	$ 144,200,000

Investments In Real Estate De_4

Investments In Real Estate Debt - Schedule of Investments In Real Estate Debt (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Investments in real estate debt, at fair value	$ 27,585,000	$ 0
110 East - Pledge of equity interests Charlotte, NC, Office Building
Schedule of Investments [Line Items]
Investments in real estate debt, at fair value	$ 15,079,000
Variable rate	14.33%
Radius - Pledge of equity interests Nashville, TN, Office Building
Schedule of Investments [Line Items]
Investments in real estate debt, at fair value	$ 12,506,000
Variable rate	13.58%

Investment In Unconsolidated _3

Investment In Unconsolidated Joint Ventures - Financial Data and Principal Activities of Unconsolidated Joint Ventures (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) option	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	$ 7,700,528		$ 7,700,528		$ 7,634,474
Total Equity (Deficit)	4,453,622		4,453,622		4,524,151
Income Statement [Abstract]
Total Revenues	212,978	$ 204,320	422,219	$ 407,048
Net Income (Loss)	7,840	$ 22,621	21,128	44,817
Construction Loan
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Maximum borrowing capacity	156,400		156,400
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	645,501		645,501		589,800
Total Debt	335,254		335,254		302,096
Total Equity (Deficit)	276,489		276,489		251,707
Company's Investment	129,523		129,523		112,765
Income Statement [Abstract]
Total Revenues			12,770	12,022
Net Income (Loss)			2,838	3,968
Company's Income from Investment			787	1,426
AMCO 120 WT Holdings, LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	78,990		78,990		80,694
Total Debt	0		0		0
Total Equity (Deficit)	77,727		77,727		78,642
Company's Investment	14,263		14,263		14,506
Income Statement [Abstract]
Total Revenues			5,786	5,451
Net Income (Loss)			1,882	1,625
Company's Income from Investment			367	323
Crawford Long - CPI, LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	20,372		20,372		22,001
Total Debt	82,356		82,356		82,316
Total Equity (Deficit)	(63,799)		(63,799)		(62,562)
Company's Investment	(31,350)		(31,350)		(31,066)
Income Statement [Abstract]
Total Revenues			6,618	6,360
Net Income (Loss)			1,513	2,151
Company's Income from Investment			691	1,006
Crawford Long - CPI, LLC \| Mortgages
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Debt	$ 83,000		$ 83,000
Interest rate	4.80%		4.80%
Neuhoff Holdings LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	$ 536,720		$ 536,720		477,780
Total Debt	252,898		252,898		219,780
Total Equity (Deficit)	253,188		253,188		226,303
Company's Investment	$ 141,796		$ 141,796		124,543
Basis spread on variable rate			3.45%
Income Statement [Abstract]
Total Revenues			$ 258	70
Net Income (Loss)			(606)	42
Company's Income from Investment			$ (296)	21
Neuhoff Holdings LLC \| Minimum
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Interest rate	3.60%		3.60%
Neuhoff Holdings LLC \| Construction Loan
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Maximum borrowing capacity	$ 312,700		$ 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	9,419		$ 9,419		9,325
Total Debt	0		0		0
Total Equity (Deficit)	9,373		9,373		9,324
Company's Investment	$ 4,814		4,814		$ 4,782
Income Statement [Abstract]
Total Revenues			108	141
Net Income (Loss)			49	100
Company's Income from Investment			25	51
Other
Income Statement [Abstract]
Total Revenues			0	0
Net Income (Loss)			0	50
Company's Income from Investment			$ 0	$ 25

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,674	$ 1,674
Total intangible assets	98,472	110,667
In-Place Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	132,703	135,433
Finite-lived intangible assets, net	69,753	80,117
Below-Market Ground Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	2,431	2,260
Finite-lived intangible assets, net	16,822	16,992
Above-Market Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	23,963	24,918
Finite-lived intangible assets, net	$ 10,223	$ 11,884

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Liabilities (Details) - Below-Market Leases - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 54,121	$ 50,475
Finite-lived intangible liabilities, net	$ 38,044	$ 42,193

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Amortization of Intangible Asset and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Below-Market Leases, Above-Market Leases
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below market leases	$ 1,558	$ 2,526	$ 3,019	$ 4,084
In-Place Leases
Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization (In-place leases)	5,963	7,057	10,364	12,470
Below-Market Ground Leases
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below market leases	$ 71	$ 100	$ 171	$ 200

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Aggregate Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Below-Market Leases
Future Amortization of Intangible Liabilities:
2024 (six months)	$ (4,063)
2025	(7,743)
2026	(6,524)
2027	(4,989)
2028	(3,852)
Thereafter	(10,873)
Finite-lived intangible liabilities, net	(38,044)	$ (42,193)
In-Place Leases
Future Amortization of Intangible Assets:
2024 (six months)	8,113
2025	14,612
2026	12,252
2027	9,667
2028	6,851
Thereafter	18,258
Finite-lived intangible assets, net	69,753	80,117
Below-Market Ground Leases
Future Amortization of Intangible Assets:
2024 (six months)	141
2025	282
2026	282
2027	282
2028	282
Thereafter	15,553
Finite-lived intangible assets, net	16,822	16,992
Above-Market Leases
Future Amortization of Intangible Assets:
2024 (six months)	1,142
2025	2,062
2026	1,683
2027	1,274
2028	1,161
Thereafter	2,901
Finite-lived intangible assets, net	$ 10,223	$ 11,884

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Predevelopment costs	$ 57,748	$ 56,600
Prepaid expenses and other assets	14,355	8,704
Accumulated amortization of lease inducements	7,047	5,860
Lease inducements, net of accumulated amortization of $7,047 and $5,860 in 2024 and 2023, respectively	11,839	10,537
Accumulated depreciation of furniture, fixtures and equipment, leasehold improvements, and other deferred costs	19,351	18,564
Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $19,351 and $18,564 in 2024 and 2023, respectively	10,158	10,631
Accumulated amortization of line of credit deferred financing costs	2,773	2,131
Credit Facility deferred financing costs, net of accumulated amortization of $2,773 and $2,131 in 2024 and 2023, respectively	3,631	4,273
Total other assets	$ 97,731	$ 90,745

Notes Payable - Terms of Notes

Notes Payable - Terms of Notes Payable (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2024 USD ($) option	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Notes payable, gross	$ 2,589,824	$ 2,589,824	$ 2,462,068
Unamortized loan costs	(3,092)	(3,092)	(4,441)
Total Notes Payable	2,586,732	$ 2,586,732	2,457,627
Weighted average maturity of notes payable		2 years 7 months 6 days
Unsecured Notes
Debt Instrument [Line Items]
Notes payable, gross	$ 2,067,100	$ 2,067,100	1,935,100
Credit Facility
Debt Instrument [Line Items]
Interest rate	6.19%	6.19%
Notes payable, gross	$ 317,100	$ 317,100	185,100
Term Loan, Unsecured Due In 2025 \| Term Loan Unsecured Due 2025
Debt Instrument [Line Items]
Interest rate	5.43%	5.43%
Notes payable, gross	$ 400,000	$ 400,000	400,000
Term Loan, Unsecured Due In 2024 \| Term Loan Unsecured Due 2024
Debt Instrument [Line Items]
Interest rate	5.33%	5.33%
Notes payable, gross	$ 350,000	$ 350,000	350,000
Number of extension options \| option	4
Extension term	180 days
Senior Note \| Senior Note, Unsecured Due 2029
Debt Instrument [Line Items]
Interest rate	3.95%	3.95%
Notes payable, gross	$ 275,000	$ 275,000	275,000
Senior Note \| Senior Note, Unsecured Due 2025
Debt Instrument [Line Items]
Interest rate	3.91%	3.91%
Notes payable, gross	$ 250,000	$ 250,000	250,000
Senior Note \| Senior Note, Unsecured Due 2028
Debt Instrument [Line Items]
Interest rate	3.86%	3.86%
Notes payable, gross	$ 250,000	$ 250,000	250,000
Senior Note \| Senior Note, Unsecured Due 2027
Debt Instrument [Line Items]
Interest rate	3.78%	3.78%
Notes payable, gross	$ 125,000	$ 125,000	125,000
Senior Note \| Senior Note, Unsecured Due 2027
Debt Instrument [Line Items]
Interest rate	4.09%	4.09%
Notes payable, gross	$ 100,000	$ 100,000	100,000
Secured Mortgage Notes
Debt Instrument [Line Items]
Notes payable, gross	522,724	522,724	526,968
Total Notes Payable	$ 522,700	$ 522,700
Secured Mortgage Notes \| Terminus
Debt Instrument [Line Items]
Interest rate	6.34%	6.34%
Notes payable, gross	$ 221,000	$ 221,000	221,000
Secured Mortgage Notes \| Terminus 100
Debt Instrument [Line Items]
Notes payable, gross	123,000	123,000
Secured Mortgage Notes \| Terminus 200
Debt Instrument [Line Items]
Notes payable, gross	$ 98,000	$ 98,000
Secured Mortgage Notes \| Fifth Third Center
Debt Instrument [Line Items]
Interest rate	3.37%	3.37%
Notes payable, gross	$ 124,691	$ 124,691	126,548
Secured Mortgage Notes \| Colorado Tower
Debt Instrument [Line Items]
Interest rate	3.45%	3.45%
Notes payable, gross	$ 105,484	$ 105,484	106,862
Secured Mortgage Notes \| Domain 10
Debt Instrument [Line Items]
Interest rate	3.75%	3.75%
Notes payable, gross	$ 71,549	$ 71,549	$ 72,558

Notes Payable - Credit Facility

Notes Payable - Credit Facility (Details) - Credit Facility $ in Millions			6 Months Ended
	Apr. 16, 2024	May 02, 2022 USD ($)	Jun. 30, 2024 USD ($)
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			$ 682.9
Adjusted SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.10%	0.775%
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
Basis spread on variable rate		0.125%
Facility fee percentage	0.15%
Minimum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.90%	0.725%
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%
Basis spread on variable rate		0.30%
Facility fee percentage	0.30%
Maximum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.40%	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) - Term Loan $ in Millions					1 Months Ended		6 Months Ended
	Oct. 03, 2022 USD ($) extension	Sep. 27, 2022 USD ($)	Sep. 19, 2022	Jun. 28, 2021 USD ($) extension	Jun. 30, 2024 USD ($) extension	Apr. 30, 2024	Jun. 30, 2024 USD ($)	Jan. 26, 2024 USD ($)	Apr. 19, 2023 USD ($)
2022 Term Loan
Debt Instrument [Line Items]
Debt amount	$ 400				$ 400		$ 400	$ 400	$ 400
Number of extension options \| extension	4
Extension term	6 months
Basis spread on variable rate							0.85%
Weighted average rate					4.48%		4.48%
2022 Term Loan \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.80%			1.05%
2022 Term Loan \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.60%			1.65%
2022 Term Loan \| Interest Rate Swap
Debt Instrument [Line Items]
Debt amount								$ 200	$ 200
Fixed swap rate								4.6675%	4.298%
2022 Term Loan \| Interest Rate Swap \| SOFR
Debt Instrument [Line Items]
Fixed swap rate								4.6675%	4.298%
Term Loan, Unsecured Due In 2024
Debt Instrument [Line Items]
Debt amount				$ 350
Number of extension options \| extension				4	4
Extension term				180 days	180 days
Basis spread on variable rate							1%
Variable rate			1%
Term Loan, Unsecured Due In 2024 \| Adjusted SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Term Loan, Unsecured Due In 2024 \| Eurodollar \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.85%
Term Loan, Unsecured Due In 2024 \| Eurodollar \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.65%
Term Loan, Unsecured Due In 2024 \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Term Loan, Unsecured Due In 2024 \| Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1%
Term Loan, Unsecured Due In 2024 \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0%			1.05%
Term Loan, Unsecured Due In 2024 \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			0.65%			1.65%
Term Loan, Unsecured Due In 2024 \| Interest Rate Swap
Debt Instrument [Line Items]
Debt amount		$ 350
Basis spread on variable rate		4.234%

Notes Payable - Unsecured Senio

Notes Payable - Unsecured Senior Notes (Details) - Unsecured Senior Notes $ in Millions	Jun. 30, 2024 USD ($) tranche
Debt Instrument [Line Items]
Debt amount	$ 1,000
Number of tranches \| tranche	5
Maximum
Debt Instrument [Line Items]
Leverage ratio	40%
4.09% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 100
Interest rate	4.09%
3.91% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 250
Interest rate	3.91%
3.78% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 125
Interest rate	3.78%
3.86% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 250
Interest rate	3.86%
3.95% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 275
Interest rate	3.95%

Notes Payable - Secured Mortgag

Notes Payable - Secured Mortgage Notes (Details) $ in Thousands	Jun. 30, 2024 USD ($) debt_instrument	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Notes payable	$ 2,586,732	$ 2,457,627
Mortgages
Debt Instrument [Line Items]
Notes payable	$ 522,700
Number of non-recourse mortgage loans \| debt_instrument	5
Collateral amount	$ 876,400
Weighted average rate	4.69%

Notes Payable - Other Debt Info

Notes Payable - Other Debt Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Disclosure [Abstract]
Notes payable, fair value	$ 2,500,000		$ 2,500,000		$ 2,400,000
Total interest incurred	32,941	$ 30,977	65,555	$ 61,098
Interest capitalized	(3,198)	(5,005)	(6,904)	(10,096)
Total interest expense	$ 29,743	$ 25,972	$ 58,651	$ 51,002

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Sep. 27, 2022	Jun. 30, 2024	Jun. 30, 2024	Jan. 26, 2024	Dec. 31, 2023	Apr. 19, 2023	Oct. 03, 2022	Jun. 28, 2021
Derivative [Line Items]
Net increase of interest expense		$ 2,200
2022 Term Loan \| Term Loan
Derivative [Line Items]
Debt amount		$ 400,000	$ 400,000	$ 400,000		$ 400,000	$ 400,000
Weighted average rate		4.48%	4.48%
Basis spread on variable rate			0.85%
2022 Term Loan \| Interest Rate Swap \| Term Loan
Derivative [Line Items]
Debt amount				$ 200,000		$ 200,000
Fixed swap rate				4.6675%		4.298%
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	$ 1,200		$ 555
2022 Term Loan \| 2024 Swap
Derivative [Line Items]
Fair value of derivative		659	$ 659
Term Loan, Unsecured Due In 2024 \| Term Loan
Derivative [Line Items]
Debt amount								$ 350,000
Basis spread on variable rate			1%
Term Loan, Unsecured Due In 2024 \| Interest Rate Swap \| Term Loan
Derivative [Line Items]
Debt amount	$ 350,000
Basis spread on variable rate	4.234%
2021 Term Loan \| Interest Rate Swap
Derivative [Line Items]
Fair value of derivative		$ 903	$ 903		$ 1,700

Derivative Financial Instrume_4

Derivative Financial Instruments - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of income recognized in accumulated other comprehensive income on interest rate derivatives	$ 1,383	$ 5,936	$ 4,088	$ 4,894
Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense	(1,803)	(908)	(3,513)	(1,096)
Total amount of interest expense presented in the condensed consolidated statements of operations	$ 29,743	$ 25,972	$ 58,651	$ 51,002

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Ground lease liability	$ 49,898	$ 53,348
Prepaid rent	30,929	34,872
Security deposits	15,782	15,050
Other liabilities	1,433	1,560
Total other liabilities	$ 98,042	$ 104,830

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding performance bonds	$ 1.1
Future obligations under leases	104
Commitments related to investments in real estate debt	$ 9.6

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands		3 Months Ended	24 Months Ended
	Feb. 06, 2024 $ / shares shares	Sep. 30, 2021 USD ($) financial_institution	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of participating financial institutions \| financial_institution		6
Dividends owed			$ 49,292	$ 49,296
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		6 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 212,978	$ 204,320	$ 422,219	$ 407,048
Rental Property Revenues
Disaggregation of Revenue [Line Items]
Total Revenues	211,474	203,954	420,292	404,030
Variable Rental Revenue
Disaggregation of Revenue [Line Items]
Total Revenues	61,300	62,200	122,000	121,400
Fees and Other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,500	$ 400	$ 1,900	$ 3,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based Compensation Expense, Net of Forfeitures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	$ 3,461	$ 2,771	$ 7,779	$ 6,343
Equity-Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	3,461	2,771	7,779	6,282
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	1,070	927	2,041	1,785
Market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	1,510	1,108	3,852	2,859
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	460	303	1,033	783
Director grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	397	400	805	785
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	24	33	48	70
Liability-classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	0	0	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	$ 0	$ 0	$ 61

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - Equity-Classified Awards $ in Millions	1 Months Ended		3 Months Ended
	Jun. 30, 2024 USD ($) shares	Feb. 29, 2024 award	Jun. 30, 2024
Independent Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares and targeted units granted (in shares) \| shares	67,624
Shares and targeted units granted \| $	$ 1.6
Service period	1 year
Key Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of award types \| award		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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares and targeted units granted (in shares)	206	164
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares and targeted units granted (in shares)	88	70
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares and targeted units granted (in shares)	204	164

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity-Classified Market-based RSUs (Details) - Equity-Classified Awards	6 Months Ended
	Jun. 30, 2024	Jun. 30, 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 7,961	$ 23,077	$ 21,412	$ 45,433
Net income available to common stockholders	$ 7,840	$ 22,621	$ 21,128	$ 44,817
Denominator:
Weighted average common shares - basic (in shares)	152,095	151,721	152,020	151,650
Net income per common share — basic (in usd per share)	$ 0.05	$ 0.15	$ 0.14	$ 0.30
Numerator:
Net income	$ 7,961	$ 23,077	$ 21,412	$ 45,433
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP	$ 7,842	$ 22,624	$ 21,132	$ 44,824
Denominator:
Weighted average common shares - basic (in shares)	152,095	151,721	152,020	151,650
Add:
Weighted average units of CPLP convertible into common shares (in shares)	25	25	25	25
Weighted average common shares - diluted (in shares)	152,614	152,126	152,500	152,003
Net income per common share — diluted (in usd per share)	$ 0.05	$ 0.15	$ 0.14	$ 0.29
RSU
Add:
Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price (in shares)	492	380	454	328
Share-based Payment Arrangement, Option [Member]
Add:
Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price (in shares)	2	0	1	0
CPLP
Numerator:
Net income attributable to noncontrolling interests	$ (2)	$ (3)	$ (4)	$ (7)
Numerator:
Net income attributable to noncontrolling interests	(2)	(3)	(4)	(7)
Other Noncontrolling Interests
Numerator:
Net income attributable to noncontrolling interests	(119)	(453)	(280)	(609)
Numerator:
Net income attributable to noncontrolling interests	$ (119)	$ (453)	$ (280)	$ (609)

Consolidated Statements of Ca_4

Consolidated Statements of Cash Flows - Supplemental Information - Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of amounts capitalized	$ 55,800	$ 48,502
Income taxes paid	0	0
Non-Cash Activity:
Retirement of treasury stock	145,696	0
Tenant improvements funded by tenants	90,725	41,240
Common stock dividends declared and accrued	49,292	49,296
Accrued capital expenditures included in accounts payable and accrued expenses	$ 69,812	$ 83,605

Reportable Segments - Segment R

Reportable Segments - Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total Revenues	$ 212,978	$ 204,320	$ 422,219	$ 407,048
Rental Property Revenues
Segment Reporting Information [Line Items]
Total Revenues	211,474	203,954	420,292	404,030
Rental Property Revenues \| Office
Segment Reporting Information [Line Items]
Total Revenues	209,723	202,173	416,896	400,488
Rental Property Revenues \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	1,751	1,781	3,396	3,542
Operating Segments \| Rental Property Revenues
Segment Reporting Information [Line Items]
Total Revenues	213,802	206,167	424,887	408,359
Operating Segments \| Rental Property Revenues \| Office
Segment Reporting Information [Line Items]
Total Revenues	211,533	203,917	420,496	403,891
Operating Segments \| Rental Property Revenues \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	2,269	2,250	4,391	4,468
Operating Segments \| Rental Property Revenues \| Atlanta
Segment Reporting Information [Line Items]
Total Revenues	77,107	73,629	154,440	146,218
Operating Segments \| Rental Property Revenues \| Atlanta \| Office
Segment Reporting Information [Line Items]
Total Revenues	76,600	73,160	153,456	145,292
Operating Segments \| Rental Property Revenues \| Atlanta \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	507	469	984	926
Operating Segments \| Rental Property Revenues \| Austin
Segment Reporting Information [Line Items]
Total Revenues	73,603	68,161	144,608	136,044
Operating Segments \| Rental Property Revenues \| Austin \| Office
Segment Reporting Information [Line Items]
Total Revenues	73,603	68,161	144,608	136,044
Operating Segments \| Rental Property Revenues \| Austin \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Operating Segments \| Rental Property Revenues \| Charlotte
Segment Reporting Information [Line Items]
Total Revenues	15,736	16,456	31,764	33,035
Operating Segments \| Rental Property Revenues \| Charlotte \| Office
Segment Reporting Information [Line Items]
Total Revenues	13,985	14,675	28,368	29,493
Operating Segments \| Rental Property Revenues \| Charlotte \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	1,751	1,781	3,396	3,542
Operating Segments \| Rental Property Revenues \| Dallas
Segment Reporting Information [Line Items]
Total Revenues	4,329	4,225	8,769	8,412
Operating Segments \| Rental Property Revenues \| Dallas \| Office
Segment Reporting Information [Line Items]
Total Revenues	4,329	4,225	8,769	8,412
Operating Segments \| Rental Property Revenues \| Dallas \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Operating Segments \| Rental Property Revenues \| Phoenix
Segment Reporting Information [Line Items]
Total Revenues	14,896	18,220	29,498	33,803
Operating Segments \| Rental Property Revenues \| Phoenix \| Office
Segment Reporting Information [Line Items]
Total Revenues	14,896	18,220	29,498	33,803
Operating Segments \| Rental Property Revenues \| Phoenix \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Operating Segments \| Rental Property Revenues \| Tampa
Segment Reporting Information [Line Items]
Total Revenues	19,721	18,741	39,106	37,489
Operating Segments \| Rental Property Revenues \| Tampa \| Office
Segment Reporting Information [Line Items]
Total Revenues	19,721	18,741	39,106	37,489
Operating Segments \| Rental Property Revenues \| Tampa \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Operating Segments \| Rental Property Revenues \| Other markets
Segment Reporting Information [Line Items]
Total Revenues	8,410	6,735	16,702	13,358
Operating Segments \| Rental Property Revenues \| Other markets \| Office
Segment Reporting Information [Line Items]
Total Revenues	8,399	6,735	16,691	13,358
Operating Segments \| Rental Property Revenues \| Other markets \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	11	0	11	0
Segment Reconciling Items \| Rental Property Revenues
Segment Reporting Information [Line Items]
Total Revenues	(2,328)	(2,213)	(4,595)	(4,329)
Segment Reconciling Items \| Rental Property Revenues \| Office
Segment Reporting Information [Line Items]
Total Revenues	(1,810)	(1,744)	(3,600)	(3,403)
Segment Reconciling Items \| Rental Property Revenues \| Non-Office
Segment Reporting Information [Line Items]
Total Revenues	$ (518)	$ (469)	$ (995)	$ (926)

Reportable Segments - Net Opera

Reportable Segments - Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net Operating Income	$ 141,315	$ 131,844	$ 279,940	$ 261,980
Office
Segment Reporting Information [Line Items]
Net Operating Income	139,838	130,397	277,142	259,101
Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	1,477	1,447	2,798	2,879
Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	50,051	48,652	99,462	96,312
Atlanta \| Office
Segment Reporting Information [Line Items]
Net Operating Income	49,715	48,368	98,873	95,758
Atlanta \| Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	336	284	589	554
Austin
Segment Reporting Information [Line Items]
Net Operating Income	48,034	42,530	93,804	82,803
Austin \| Office
Segment Reporting Information [Line Items]
Net Operating Income	48,034	42,530	93,804	82,803
Austin \| Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	10,968	11,927	22,402	23,851
Charlotte \| Office
Segment Reporting Information [Line Items]
Net Operating Income	9,783	10,764	20,149	21,526
Charlotte \| Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	1,185	1,163	2,253	2,325
Dallas
Segment Reporting Information [Line Items]
Net Operating Income	3,410	3,218	6,869	6,443
Dallas \| Office
Segment Reporting Information [Line Items]
Net Operating Income	3,410	3,218	6,869	6,443
Dallas \| Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	10,874	10,250	21,985	22,023
Phoenix \| Office
Segment Reporting Information [Line Items]
Net Operating Income	10,874	10,250	21,985	22,023
Phoenix \| Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Tampa
Segment Reporting Information [Line Items]
Net Operating Income	12,337	11,661	24,282	23,372
Tampa \| Office
Segment Reporting Information [Line Items]
Net Operating Income	12,337	11,661	24,282	23,372
Tampa \| Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Other markets
Segment Reporting Information [Line Items]
Net Operating Income	5,641	3,606	11,136	7,176
Other markets \| Office
Segment Reporting Information [Line Items]
Net Operating Income	5,685	3,606	11,180	7,176
Other markets \| Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	$ (44)	$ 0	$ (44)	$ 0

Reportable Segments - Reconcili

Reportable Segments - Reconciliation of Net Income to Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net income	$ 7,961	$ 23,077	$ 21,412	$ 45,433
Revenues	(212,978)	(204,320)	(422,219)	(407,048)
General and administrative expenses	8,907	8,021	18,121	16,459
Interest expense	29,743	25,972	58,651	51,002
Depreciation and amortization	95,415	80,269	181,645	156,039
Reimbursed expenses	151	159	291	366
Other expenses	603	476	1,275	861
Income from unconsolidated joint ventures	(439)	(753)	(787)	(1,426)
Net operating income from unconsolidated joint ventures	1,561	1,559	2,913	2,968
Loss (gain) on investment property transactions	3	0	(98)	2
Net Operating Income	141,315	131,844	279,940	261,980
Fee income
Segment Reporting Information [Line Items]
Revenues	(406)	(352)	(785)	(726)
Termination fee income
Segment Reporting Information [Line Items]
Revenues	(1,086)	(6,570)	(1,556)	(6,706)
Other income
Segment Reporting Information [Line Items]
Revenues	$ (1,098)	$ (14)	$ (1,142)	$ (2,292)