Cousins Properties (CUZ) 10-Q 24 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Real estate assets:
Operating properties, net of accumulated depreciation of $1,551,232 and $1,329,406 in 2024 and 2023, respectively	$ 6,905,956,000	$ 6,775,093,000
Projects under development	0	132,884,000
Land	154,727,000	154,728,000
Total properties	7,060,683,000	7,062,705,000
Cash and cash equivalents	76,143,000	6,047,000
Investments in real estate debt, at fair value	28,636,000	0
Accounts receivable	11,788,000	11,109,000
Deferred rents receivable	226,299,000	209,370,000
Investment in unconsolidated joint ventures	182,130,000	143,831,000
Intangible assets, net	93,712,000	110,667,000
Other assets, net	91,140,000	90,745,000
Total assets	7,770,531,000	7,634,474,000
Liabilities:
Notes payable	2,661,292,000	2,457,627,000
Accounts payable and accrued expenses	269,661,000	299,767,000
Deferred income	263,192,000	181,744,000
Intangible liabilities, net	35,984,000	42,193,000
Other liabilities	100,804,000	104,830,000
Total liabilities	3,330,933,000	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	5,504,035,000	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	(1,240,104,000)	(1,125,390,000)
Accumulated other comprehensive income (loss)	(102,000)	2,192,000
Total stockholders' investment	4,415,969,000	4,524,151,000
Nonredeemable noncontrolling interests	23,629,000	24,162,000
Total equity	4,439,598,000	4,548,313,000
Total liabilities and equity	$ 7,770,531,000	$ 7,634,474,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Real estate assets, accumulated depreciation	$ 1,551,232	$ 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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total Revenues	$ 209,212	$ 198,848	$ 631,431	$ 605,896
Expenses:
Rental property operating expenses	66,005	64,838	207,714	203,150
Reimbursed expenses	188	149	479	515
General and administrative expenses	9,204	8,336	27,325	24,795
Interest expense	30,773	27,008	89,424	78,010
Depreciation and amortization	89,784	79,492	271,429	235,531
Other	327	623	1,602	1,484
Total costs and expenses	196,281	180,446	597,973	543,485
Income (loss) from unconsolidated joint ventures	(1,575)	582	(788)	2,008
Gain on investment property transactions	0	507	98	505
Net income	11,356	19,491	32,768	64,924
Net income attributable to noncontrolling interests	(158)	(130)	(442)	(746)
Net income available to common stockholders	$ 11,198	$ 19,361	$ 32,326	$ 64,178
Net income per common share — basic (in usd per share)	$ 0.07	$ 0.13	$ 0.21	$ 0.42
Net income per common share — diluted (in usd per share)	$ 0.07	$ 0.13	$ 0.21	$ 0.42
Weighted average shares — basic (in shares)	152,140	151,774	152,060	151,692
Weighted average shares — diluted (in shares)	152,812	152,048	152,604	152,018
Rental property revenues
Revenues:
Total Revenues	$ 207,260	$ 198,429	$ 627,552	$ 602,459
Fee income
Revenues:
Total Revenues	495	318	1,280	1,044
Other
Revenues:
Total Revenues	$ 1,457	$ 101	$ 2,599	$ 2,393

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Comprehensive Income:
Net income available to common stockholders	$ 11,198	$ 19,361	$ 32,326	$ 64,178
Other comprehensive income (loss):
Unrealized gain (loss) on cash flow hedges	(1,380)	1,503	2,708	6,397
Amortization of cash flow hedges	(1,489)	(1,345)	(5,002)	(2,441)
Total other comprehensive income (loss)	(2,869)	158	(2,294)	3,956
Total comprehensive income	$ 8,329	$ 19,519	$ 30,032	$ 68,134

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	64,924	64,178				64,178		746
Other comprehensive income (loss)	3,956	3,956					3,956
Common stock issued pursuant to stock-based compensation, net of tax withholding	(507)	(507)	320	(827)
Amortization of stock-based compensation, net of forfeitures	7,903	7,903	(3)	7,906
Contributions from noncontrolling interests	1,440							1,440
Distributions to noncontrolling interests	(876)							(876)
Common dividends	(146,483)	(146,483)				(146,483)
Ending balance at Sep. 30, 2023	$ 4,577,306	4,554,711	154,336	5,637,406	(147,157)	(1,095,597)	5,723	22,595
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.96
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,491	19,361				19,361		130
Other comprehensive income (loss)	158	158					158
Amortization of stock-based compensation, net of forfeitures	2,410	2,410		2,410
Contributions from noncontrolling interests	56							56
Distributions to noncontrolling interests	(518)							(518)
Common dividends	(48,589)	(48,589)				(48,589)
Ending balance at Sep. 30, 2023	$ 4,577,306	4,554,711	154,336	5,637,406	(147,157)	(1,095,597)	5,723	22,595
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.32
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	32,768	32,326				32,326		442
Other comprehensive income (loss)	(2,294)	(2,294)					(2,294)
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	10,074	10,074	(5)	10,079
Retirement of Treasury Stock	0		(2,537)	(143,159)	145,696
Contributions from noncontrolling interests	22							22
Distributions to noncontrolling interests	(997)							(997)
Common dividends	(147,040)	(147,040)				(147,040)
Ending balance at Sep. 30, 2024	$ 4,439,598	4,415,969	152,140	5,504,035	0	(1,240,104)	(102)	23,629
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.96
Beginning balance at Jun. 30, 2024	$ 4,477,504	4,453,622	152,140	5,500,937	0	(1,202,222)	2,767	23,882
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,356	11,198				11,198		158
Other comprehensive income (loss)	(2,869)	(2,869)					(2,869)
Amortization of stock-based compensation, net of forfeitures	3,102	3,102		3,098		4
Distributions to noncontrolling interests	(411)							(411)
Common dividends	(49,084)	(49,084)				(49,084)
Ending balance at Sep. 30, 2024	$ 4,439,598	$ 4,415,969	$ 152,140	$ 5,504,035	$ 0	$ (1,240,104)	$ (102)	$ 23,629
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.32

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common dividends (in usd per share)	$ 0.32	$ 0.32	$ 0.96	$ 0.96

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 32,768	$ 64,924
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on investment property transactions	(98)	(505)
Depreciation and amortization	271,429	235,531
Amortization of deferred financing costs and discount on notes payable	3,024	3,102
Equity-classified stock-based compensation expense, net of forfeitures	11,272	9,209
Effect of non-cash adjustments to rental revenues	(42,258)	(36,679)
Loss (income) from unconsolidated joint ventures	788	(2,008)
Operating distributions from unconsolidated joint ventures	2,451	2,869
Changes in other operating assets and liabilities:
Change in receivables and other assets, net	(5,730)	(6,979)
Change in operating liabilities, net	(2,451)	8,054
Net cash provided by operating activities	271,195	277,518
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from investment property sales, net	(3)	3,917
Property acquisition, development, and tenant asset expenditures	(184,121)	(198,254)
Investments in real estate debt	(28,636)	0
Return of capital distributions from unconsolidated joint ventures	0	10,924
Contributions to unconsolidated joint ventures	(41,119)	(28,681)
Net cash used in investing activities	(253,879)	(212,094)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility	396,800	291,300
Repayment of credit facility	(581,900)	(203,400)
Repayment of term loans	100,000	0
Repayment of mortgages	(6,395)	(6,178)
Bond issuance, net of original discount	498,540	0
Payment of deferred financing costs	(5,446)	(71)
Repurchase of shares withheld for taxes on restricted stock vestings	(1,111)	0
Common dividends paid	(146,733)	(145,858)
Contributions from noncontrolling interests	22	1,440
Distributions to noncontrolling interests	(997)	(876)
Net cash provided by (used in) financing activities	52,780	(63,643)
NET INCREASE IN CASH AND CASH EQUIVALENTS	70,096	1,781
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	6,047	5,145
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 76,143	$ 6,926

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 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. 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 September 30, 2024, the Company's operating portfolio of real estate assets consisted of interests in 19.2 million square feet of office space and 467,000 square feet of multi-family and other space. Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of September 30, 2024 and December 31, 2023, and the results of operations for the three and nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 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 September 30, 2024 or December 31, 2023.

REAL ESTATE

REAL ESTATE	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE For the nine months ended September 30, 2024 the Company had no real estate transactions. In September 2023, the Company sold a 10.4 acre land parcel in Atlanta for a gross sales price of $4.25 million and recorded a gain of $507,000. 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 September 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 September 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	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
INVESTMENTS IN REAL ESTATE DEBT	INVESTMENTS IN REAL ESTATE DEBT In the three months ended June 30, 2024, the Company acquired two mezzanine real estate loans for $27.2 million, which are subordinated to the first priority mortgage loans. The borrowers have additional borrowing capacity under these loans, for which the Company funded $1.1 million and $1.4 million during the three and nine months ended September 30, 2024, respectively. The Company's unfunded share of additional borrowing capacity is $8.4 million as of September 30, 2024. The details of these real estate debt investments as of September 30, 2024 are as follows ($ in thousands): Collateral Carrying Value as of September 30, 2024 Variable Rate as of September 30, 2024 Maturity Date 110 East - Pledge of equity interests Charlotte, NC, Office Building $ 16,068 14.10% February 2026 Radius - Pledge of equity interests Nashville, TN, Office Building 12,568 13.35% June 2025 $ 28,636 The first priority mortgage loans had a balance of $149.7 million as of September 30, 2024. The above rates reflect a weighted spread in excess of Term Secured Overnight Financing Rate ("SOFR") (5.10% as of September 30, 2024) of 8.67%. 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. Subsequent to the end of the third quarter, on October 1, 2024, the Company acquired a mortgage loan, secured by the Saint Ann Court office building, at par for $138.0 million. The mortgage loan has an initial maturity date of December 7, 2024 and an interest rate of SOFR plus 3.66%. Saint Ann Court, built in 2009, is 320,000 square feet and located in Uptown Dallas, Texas. Consistent with the Company's existing investments in real estate debt, the Company has elected the fair value option in accounting for this mortgage loan. This acquisition was funded with cash on hand and an October 1, 2024 draw on our Credit Facility of $58.5 million. The Company has elected the fair value option in accounting for its investments 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 nine months ended September 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	9 Months Ended
	Sep. 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 September 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 $ 76,887 $ 80,694 $ — $ — $ 75,025 $ 78,642 $ 13,762 $ 14,506 Crawford Long - CPI, LLC (1) 20,372 22,001 82,376 82,316 (64,022) (62,562) (31,485) (2) (31,066) (2) Neuhoff Holdings LLC (3) 566,456 477,780 264,958 219,780 261,062 226,303 146,787 124,543 TL CO Proscenium JV, LLC 89,334 — — — 83,334 — 16,763 — Land: 715 Ponce Holdings LLC 9,446 9,325 — — 9,380 9,324 4,818 4,782 $ 762,495 $ 589,800 $ 347,334 $ 302,096 $ 364,779 $ 251,707 $ 150,645 $ 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 $156.4 million, that matures on September 30, 2025. The interest rate applicable to the construction loan is based on SOFR plus 3.45% with a minimum rate of 3.60%. The joint venture has one option, subject to certain conditions, to extend the maturity date for an additional 12 months from the initial maturity date. The information included in the summary of operations table is for the nine months ended September 30, 2024 and 2023 ($ in thousands). SUMMARY OF OPERATIONS Total Revenues Net Income (Loss) Company's Income (Loss) from Investment 2024 2023 2024 2023 2024 2023 Operating Properties: AMCO 120 WT Holdings, LLC $ 8,312 $ 8,337 $ 1,452 $ 2,698 $ 276 $ 537 Crawford Long - CPI, LLC 9,984 9,754 2,290 2,911 1,046 1,352 Neuhoff Holdings LLC (1) 1,538 105 (3,769) 59 (2,078) 30 TL CO Proscenium JV, LLC 3,141 — (187) — (60) — Land: 715 Ponce Holdings LLC 148 210 56 145 28 72 Sold: Other — — — 34 — 17 $ 23,123 $ 18,406 $ (158) $ 5,847 $ (788) $ 2,008 (1) The Neuhoff Holdings LLC properties have commenced initial operations but are not yet stabilized. In August 2024, the Company entered into a joint venture as a 20% partner, forming TL CO Proscenium JV, LLC ("Proscenium"). With the 80% partner, the Proscenium joint venture was formed to own and operate an office property in Midtown Atlanta, Georgia. In August 2024, concurrently with its formation, the venture acquired the 525,000 square foot office property for a gross purchase price of $83.3 million, of which the Company funded $16.7 million. The Company recognizes development, leasing, and management fees, including salary and expense reimbursements, from unconsolidated joint ventures. For the three and nine months ended September 30, 2024, the Company recognized $259,000 and $620,000 of management fees, respectively. For the three and nine months ended September 30, 2023, the Company recognized $121,000 and $358,000 of management fees, respectively.

INTANGIBLE ASSETS AND LIABILITI

INTANGIBLE ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND LIABILITIES	INTANGIBLE ASSETS AND LIABILITIES At September 30, 2024 and December 31, 2023, intangible assets included the following ($ in thousands): 2024 2023 In-place leases, net of accumulated amortization of $132,679 and $135,433 in 2024 and 2023, respectively $ 65,646 $ 80,117 Below-market ground leases, net of accumulated amortization of $2,502 and $2,260 in 2024 and 2023, respectively 16,751 16,992 Above-market leases, net of accumulated amortization of $24,123 and $24,918 in 2024 and 2023, respectively 9,641 11,884 Goodwill 1,674 1,674 $ 93,712 $ 110,667 At September 30, 2024 and December 31, 2023, intangible liabilities were the following ($ in thousands): 2024 2023 Below-market leases, net of accumulated amortization of $54,896 and $50,475 in 2024 and 2023, respectively $ 35,984 $ 42,193 The amortization of the above asset and liabilities are recorded as follows ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Rental property revenues, net (Below-market and Above-market leases) $ 1,476 $ 1,371 $ 4,495 $ 5,455 Expenses: Depreciation and amortization (In-place leases) 4,107 4,849 14,471 17,319 Rental property operating and other expenses (Below-market ground leases) 69 100 240 300 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 (three months) $ 3,994 $ 71 $ 559 $ (2,009) 2025 14,628 282 2,070 (7,743) 2026 12,252 282 1,687 (6,524) 2027 9,667 282 1,266 (4,989) 2028 6,851 282 1,158 (3,852) Thereafter 18,254 15,552 2,901 (10,867) $ 65,646 $ 16,751 $ 9,641 $ (35,984)

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 included the following ($ in thousands): 2024 2023 Predevelopment costs $ 57,995 $ 56,600 Prepaid expenses and other assets 8,550 8,704 Lease inducements, net of accumulated amortization of $7,656 and $5,860 in 2024 and 2023, respectively 11,555 10,537 Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $19,568 and $18,564 in 2024 and 2023, respectively 9,731 10,631 Credit Facility deferred financing costs, net of accumulated amortization of $3,094 and $2,131 in 2024 and 2023, respectively 3,309 4,273 $ 91,140 $ 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 as a reduction of rental revenues over the individual underlying lease terms.

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at September 30, 2024 and December 31, 2023 ($ in thousands): Description Interest Rate (1) Maturity (2) 2024 2023 Unsecured Notes: Credit Facility 5.705% April 2027 $ — $ 185,100 Public Senior Notes 5.875% October 2034 500,000 — Term Loan 5.433% March 2025 400,000 400,000 Privately Placed Senior Note 3.95% July 2029 275,000 275,000 Term Loan 5.93% February 2025 250,000 350,000 Privately Placed Senior Note 3.91% July 2025 250,000 250,000 Privately Placed Senior Note 3.86% July 2028 250,000 250,000 Privately Placed Senior Note 3.78% July 2027 125,000 125,000 Privately Placed Senior Note 4.09% July 2027 100,000 100,000 2,150,000 1,935,100 Secured Mortgage Notes: Terminus (3) 6.34% January 2031 221,000 221,000 Fifth Third Center 3.37% October 2026 123,750 126,548 Colorado Tower 3.45% September 2026 104,785 106,862 Domain 10 3.75% November 2024 71,037 72,558 520,572 526,968 $ 2,670,572 $ 2,462,068 Unamortized original issue discount (1,447) — Unamortized loan costs (7,833) (4,441) Total Notes Payable $ 2,661,292 $ 2,457,627 (1) Interest rate as of September 30, 2024. (2) Weighted average maturity of notes payable outstanding at September 30, 2024 was 3.8 years. Unexercised extension options are not included. (3) Represents $123.0 million and $98.0 million non-cross-collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively. Credit Facility On May 2, 2022, the Company entered into a Fifth Amended and Restated Credit Agreement (the "Credit Facility") under which the Company may borrow up to $1 billion if certain conditions are satisfied. The Credit Facility contains financial covenants that require, among other things, the maintenance of unencumbered interest coverage ratio of at least 1.75x; a fixed charge coverage ratio of at least 1.50x; a secured leverage ratio of no more than 50%; and an overall leverage ratio of no more than 60%. The Credit Facility matures on April 30, 2027. The interest rate applicable to the Credit Facility varies according to the Company's credit rating and 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 the Company's credit rating and leverage ratio, 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 September 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 $1.0 billion at September 30, 2024. Any 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 credit rating and 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 September 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 initial 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 initial 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 4.483%. 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 August 2024, the Company paid down $100 million of the $350 million outstanding and exercised the first of our four 180 day extension options, extending the maturity date on the remaining $250 million 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 credit rating and 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 September 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). This Swap matured, and the loan has reverted to the underlying variable SOFR rate. In April 2024, the Company notified the administrative agent of the 2022 Term Loan and 2021 Term Loan of the Company's receipt 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 In August 2024, CPLP issued $500.0 million in aggregate principal amount of 5.875% Senior Notes (the "Public Senior Notes"), which mature on October 1, 2034. Upon issuance of the Public Senior Notes, CPLP received net proceeds of $498.5 million dollars after an original issue discount of $1.5 million. The effective interest rate is 5.912%. The Public Senior Notes are fully and unconditionally guaranteed by the Company. The proceeds were used to repay $373.8 million outstanding on the Credit Facility and repay $100 million of the $350 million outstanding on the 2021 Term Loan. The Company holds the remaining funds in an interest-bearing cash account as of September 30, 2024 for general corporate purposes. The Public Senior Notes mature on October 1, 2034. The Public Senior Notes are subject to certain typical covenants that, subject to certain exceptions, include (a) a limitation on the ability of the Company and CPLP to, among other things, incur additional secured and unsecured indebtedness; (b) a limitation on the ability of the Company and CPLP to merge, consolidate, sell, lease or otherwise dispose of their properties and assets substantially as an entirety; and (c) a requirement that the Company maintain a pool of unencumbered assets. To avoid any such limitations, these covenants require, among other things, maintaining the following financial metrics as defined in the agreement: unencumbered debt ratio of at least 150%; an EBITDA to debt service ratio of at least 1.50x; a secured leverage ratio of no more than 40%; and an overall leverage ratio of no more than 60%. The Company also has privately placed 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 privately placed senior notes contain financial covenants that are same as 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 September 30, 2024, the Company had $520.6 million outstanding on five non-recourse mortgage notes with a weighted average interest rate of 4.70%. All interest rates on the secured mortgage notes are fixed. Assets with depreciated carrying values of $870.7 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 covenants related to its unsecured and secured debt. At September 30, 2024 and December 31, 2023, the estimated fair value of the Company’s notes payable was $2.7 billion and $2.4 billion, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated current market rates at which similar loans could have been obtained at September 30, 2024 and December 31, 2023. The estimate of the current market rates, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. These fair value calculations are considered to be Level 2 under the guidelines as set forth in ASC 820, as the Company utilizes market rates for similar type loans from third party brokers. For the three and nine months ended September 30, 2024 and 2023, interest expense was recorded as follows ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total interest incurred $ 33,687 $ 31,180 $ 99,242 $ 92,278 Interest capitalized (2,914) (4,172) (9,818) (14,268) Total interest expense $ 30,773 $ 27,008 $ 89,424 $ 78,010

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS On April 19, 2023, the Company entered into a floating-to-fixed interest rate swap ("2023 Swap") with respect to $200 million of the $400 million 2022 Term Loan through the initial loan maturity date of March 3, 2025, fixing the underlying SOFR rate for this portion of the loan at 4.298%. On January 26, 2024, the Company entered into a floating-to-fixed interest rate swap ("2024 Swap") with respect to the remaining $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%. These swaps effectively fix the underlying SOFR rate at a weighted average of 4.483% for the entire $400 million through the initial maturity. As of September 30, 2024, the fair values of the 2023 Swap and 2024 Swap on the 2022 Term Loan resulted in a $104,000 asset and a $206,000 liability, respectively. As of December 31, 2023, the fair value of the 2023 Swap on the 2022 Term Loan resulted in a $555,000 asset. These assets and liabilities are included in other assets and other liabilities, respectively, on the Company's condensed consolidated balance sheets. On September 27, 2022, the Company entered into a floating-to-fixed interest rate swap ("2022 Swap") with respect to the $350 million 2021 Term Loan through the initial loan maturity date of August 30, 2024. This swap effectively fixed the underlying SOFR rate at 4.234%. The 2022 Swap expired upon its August 30, 2024 maturity and there were no amounts recorded on the Company's balance sheet related to this swap as of September 30, 2024. As of December 31, 2023, the fair value this swap on the 2021 Term Loan resulted in a $1.7 million asset and is included in other assets on the Company's condensed consolidated balance sheets. The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Such derivatives are used to hedge the variable cash flows associated with the 2021 and 2022 Term Loans (referred to as "cash flow hedges"). For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. The counterparties under these swaps are major financial institutions, and the swaps contain provisions whereby if the Company defaults on certain of its indebtedness, and such default results in repayment of such indebtedness being, or becoming capable of being, accelerated by the lender, then the Company could also be declared in default under the swaps. There are no collateral requirements related to these swaps. The table below presents the effect of the Company's derivative financial instruments on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, Cash Flow Hedges: 2024 2023 2024 2023 Amount of income (loss) recognized in accumulated other comprehensive income on interest rate derivatives $ (1,380) $ 1,503 $ 2,708 $ 6,397 Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense $ (1,489) $ (1,345) $ (5,002) $ (2,441) Total amount of interest expense presented in the condensed consolidated statements of operations $ 30,773 $ 27,008 $ 89,424 $ 78,010 The Company estimates that $102,000 will be reclassified out of accumulated other comprehensive income as an increase of interest expense related to the 2023 and 2024 Swaps through their maturity on March 3, 2025.

OTHER LIABILITIES

OTHER LIABILITIES	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
OTHER LIABILITIES	OTHER LIABILITIES Other liabilities on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 included the following ($ in thousands): 2024 2023 Ground lease liability $ 49,951 $ 53,348 Prepaid rent 33,101 34,872 Security deposits 16,045 15,050 Other liabilities 1,707 1,560 $ 100,804 $ 104,830

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments The Company had outstanding performance bonds totaling $414,000 at September 30, 2024. As a lessor, the Company had $114.8 million in future obligations under leases to fund tenant improvements and other future construction obligations at September 30, 2024. Additionally, the Company had $8.4 million of future funding commitments related to investments in real estate debt at September 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	9 Months Ended
	Sep. 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 for a gross sales price of $105.1 million under the ATM Program which 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 nine months ended September 30, 2024 or 2023 and did not have any outstanding Forward Sales contracts for the sale of its common stock as of September 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2024, the Company recognized rental property revenues of $207.3 million and $627.6 million, respectively, of which $56.2 million and $178.2 million, respectively, represented variable rental revenue. For the three and nine months ended September 30, 2023, the Company recognized rental property revenues of $198.4 million and $602.5 million, respectively, of which $52.9 million and $174.3 million, respectively, represented variable rental revenue. For the three and nine months ended September 30, 2024, the Company recognized fee and other revenue of $2.0 million and $3.9 million, respectively

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 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"), issued under the Cousins Properties Incorporated 2019 Ominbus Incentive Stock Plan (the "2019 Plan"), and the Employee Stock Purchase Plan ("ESPP"). While the Company's 2019 Plan also allows for the issuance of stock options, none had been issued or 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 nine months ended September 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 nine months ended September 30, 2024 and 2023, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Equity-classified awards: Restricted stock $ 1,047 $ 930 $ 3,088 $ 2,715 Market-based RSUs 1,521 1,095 5,373 3,954 Performance-based RSUs 510 350 1,543 1,133 Director grants 391 408 1,196 1,193 Employee Stock Purchase Plan 24 34 72 104 Total equity-classified award expense, net of forfeitures 3,493 2,817 11,272 9,099 Liability-classified awards Time-vested RSUs — — — 61 Total liability-classified award expense, net of forfeitures — — — 61 Total stock-based compensation expense, net of forfeitures $ 3,493 $ 2,817 $ 11,272 $ 9,160 In 2024 and 2023, the Company granted three types of equity-classified awards to key employees under the 2019 Plan: (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	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 ($ in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Earnings per common share - basic: Numerator: Net income $ 11,356 $ 19,491 $ 32,768 $ 64,924 Net income attributable to noncontrolling interests in CPLP from continuing operations (1) (4) (5) (11) Net income attributable to other noncontrolling interests (157) (126) (437) (735) Net income available to common stockholders $ 11,198 $ 19,361 $ 32,326 $ 64,178 Denominator: Weighted average common shares - basic 152,140 151,774 152,060 151,692 Net income per common share - basic $ 0.07 $ 0.13 $ 0.21 $ 0.42 Earnings per common share - diluted: Numerator: Net income $ 11,356 $ 19,491 $ 32,768 $ 64,924 Net income attributable to other noncontrolling interests (157) (126) (437) (735) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 11,199 $ 19,365 $ 32,331 $ 64,189 Denominator: Weighted average common shares - basic 152,140 151,774 152,060 151,692 Add: Potential dilutive common shares - ESPP 5 — 2 — Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 642 249 517 301 Weighted average units of CPLP convertible into common shares 25 25 25 25 Weighted average common shares - diluted 152,812 152,048 152,604 152,018 Net income per common share - diluted $ 0.07 $ 0.13 $ 0.21 $ 0.42

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 is as follows ($ in thousands): 2024 2023 Interest paid, net of amounts capitalized $ 93,742 $ 84,205 Income taxes paid — — Non-Cash Activity: Retirement of treasury stock 145,696 — Tenant improvements funded by tenants 92,001 48,120 Common stock dividends declared and accrued 49,687 49,296 Accrued capital expenditures included in accounts payable and accrued expenses 94,780 81,707

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 are as follows ($ in thousands): Three Months Ended September 30, 2024 Office Non-Office Total Revenues: Atlanta $ 78,142 $ 487 $ 78,629 Austin 69,080 — 69,080 Charlotte 13,879 1,890 15,769 Dallas 4,422 — 4,422 Phoenix 15,179 — 15,179 Tampa 18,715 — 18,715 Other markets 8,763 117 8,880 Total segment revenues 208,180 2,494 210,674 Less: Company's share of rental property revenues from unconsolidated joint ventures (2,810) (604) (3,414) Total rental property revenues $ 205,370 $ 1,890 $ 207,260 Three Months Ended September 30, 2023 Office Non-Office Total Revenues: Atlanta $ 75,857 $ 479 $ 76,336 Austin 62,250 — 62,250 Charlotte 14,338 1,711 16,049 Dallas 4,280 — 4,280 Phoenix 16,339 — 16,339 Tampa 18,797 — 18,797 Other markets 6,669 — 6,669 Total segment revenues 198,530 2,190 200,720 Less: Company's share of rental property revenues from unconsolidated joint ventures (1,812) (479) (2,291) Total rental property revenues $ 196,718 $ 1,711 $ 198,429 Nine Months Ended September 30, 2024 Office Non-Office Total Revenues: Atlanta $ 231,598 $ 1,471 $ 233,069 Austin 213,688 — 213,688 Charlotte 42,247 5,286 47,533 Dallas 13,191 — 13,191 Phoenix 44,677 — 44,677 Tampa 57,821 — 57,821 Other markets 25,454 128 25,582 Total segment revenues 628,676 6,885 635,561 Less: Company's share of rental property revenues from unconsolidated joint ventures (6,410) (1,599) (8,009) Total rental property revenues $ 622,266 $ 5,286 $ 627,552 Nine Months Ended September 30, 2023 Office Non-Office Total Revenues: Atlanta $ 221,149 $ 1,405 $ 222,554 Austin 198,294 — 198,294 Charlotte 43,831 5,253 49,084 Dallas 12,692 — 12,692 Phoenix 50,142 — 50,142 Tampa 56,286 — 56,286 Other markets 20,027 — 20,027 Total segment revenues 602,421 6,658 609,079 Less: Company's share of rental property revenues from unconsolidated joint ventures (5,215) (1,405) (6,620) Total rental property revenues $ 597,206 $ 5,253 $ 602,459 NOI by reportable segme nt for the three and nine months ended September 30, 2024 and 2023 are as follows ($ in thousands): Three Months Ended September 30, 2024 Office Non-Office Total Net Operating Income: Atlanta $ 49,869 $ 237 $ 50,106 Austin 48,261 — 48,261 Charlotte 9,684 1,271 10,955 Dallas 3,563 — 3,563 Phoenix 10,867 — 10,867 Tampa 12,657 — 12,657 Other markets 5,995 (328) 5,667 Total Net Operating Income $ 140,896 $ 1,180 $ 142,076 Three Months Ended September 30, 2023 Office Non-Office Total Net Operating Income: Atlanta $ 48,806 $ 316 $ 49,122 Austin 43,376 — 43,376 Charlotte 10,947 1,150 12,097 Dallas 3,235 — 3,235 Phoenix 11,950 — 11,950 Tampa 11,444 — 11,444 Other markets 3,660 — 3,660 Total Net Operating Income $ 133,418 $ 1,466 $ 134,884 Nine Months Ended September 30, 2024 Office Non-Office Total Net Operating Income: Atlanta $ 148,742 $ 826 $ 149,568 Austin 142,065 — 142,065 Charlotte 29,833 3,524 33,357 Dallas 10,432 — 10,432 Phoenix 32,852 — 32,852 Tampa 36,939 — 36,939 Other markets 17,175 (372) 16,803 Total Net Operating Income 418,038 3,978 422,016 Nine Months Ended September 30, 2023 Office Non-Office Total Net Operating Income: Atlanta $ 144,564 $ 870 $ 145,434 Austin 126,179 — 126,179 Charlotte 32,473 3,475 35,948 Dallas 9,678 — 9,678 Phoenix 33,973 — 33,973 Tampa 34,816 — 34,816 Other markets 10,836 — 10,836 Total Net Operating Income 392,519 4,345 396,864 The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net Income $ 11,356 $ 19,491 $ 32,768 $ 64,924 Fee income (495) (318) (1,280) (1,044) Termination fee income (895) (271) (2,451) (6,977) Other income (1,457) (101) (2,599) (2,393) General and administrative expenses 9,204 8,336 27,325 24,795 Interest expense 30,773 27,008 89,424 78,010 Depreciation and amortization 89,784 79,492 271,429 235,531 Reimbursed expenses 188 149 479 515 Other expenses 327 623 1,602 1,484 Loss (income) from unconsolidated joint ventures 1,575 (582) 788 (2,008) Net operating income from unconsolidated joint ventures 1,716 1,564 4,629 4,532 Gain on investment property transactions — (507) (98) (505) Net Operating Income $ 142,076 $ 134,884 $ 422,016 $ 396,864

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023, and the results of operations for the three and nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 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)	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Investments In Real Estate Debt	The details of these real estate debt investments as of September 30, 2024 are as follows ($ in thousands): Collateral Carrying Value as of September 30, 2024 Variable Rate as of September 30, 2024 Maturity Date 110 East - Pledge of equity interests Charlotte, NC, Office Building $ 16,068 14.10% February 2026 Radius - Pledge of equity interests Nashville, TN, Office Building 12,568 13.35% June 2025 $ 28,636

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	9 Months Ended
	Sep. 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 September 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 $ 76,887 $ 80,694 $ — $ — $ 75,025 $ 78,642 $ 13,762 $ 14,506 Crawford Long - CPI, LLC (1) 20,372 22,001 82,376 82,316 (64,022) (62,562) (31,485) (2) (31,066) (2) Neuhoff Holdings LLC (3) 566,456 477,780 264,958 219,780 261,062 226,303 146,787 124,543 TL CO Proscenium JV, LLC 89,334 — — — 83,334 — 16,763 — Land: 715 Ponce Holdings LLC 9,446 9,325 — — 9,380 9,324 4,818 4,782 $ 762,495 $ 589,800 $ 347,334 $ 302,096 $ 364,779 $ 251,707 $ 150,645 $ 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 $156.4 million, that matures on September 30, 2025. The interest rate applicable to the construction loan is based on SOFR plus 3.45% with a minimum rate of 3.60%. The joint venture has one option, subject to certain conditions, to extend the maturity date for an additional 12 months from the initial maturity date. The information included in the summary of operations table is for the nine months ended September 30, 2024 and 2023 ($ in thousands). SUMMARY OF OPERATIONS Total Revenues Net Income (Loss) Company's Income (Loss) from Investment 2024 2023 2024 2023 2024 2023 Operating Properties: AMCO 120 WT Holdings, LLC $ 8,312 $ 8,337 $ 1,452 $ 2,698 $ 276 $ 537 Crawford Long - CPI, LLC 9,984 9,754 2,290 2,911 1,046 1,352 Neuhoff Holdings LLC (1) 1,538 105 (3,769) 59 (2,078) 30 TL CO Proscenium JV, LLC 3,141 — (187) — (60) — Land: 715 Ponce Holdings LLC 148 210 56 145 28 72 Sold: Other — — — 34 — 17 $ 23,123 $ 18,406 $ (158) $ 5,847 $ (788) $ 2,008

INTANGIBLE ASSETS AND LIABILI_2

INTANGIBLE ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	At September 30, 2024 and December 31, 2023, intangible assets included the following ($ in thousands): 2024 2023 In-place leases, net of accumulated amortization of $132,679 and $135,433 in 2024 and 2023, respectively $ 65,646 $ 80,117 Below-market ground leases, net of accumulated amortization of $2,502 and $2,260 in 2024 and 2023, respectively 16,751 16,992 Above-market leases, net of accumulated amortization of $24,123 and $24,918 in 2024 and 2023, respectively 9,641 11,884 Goodwill 1,674 1,674 $ 93,712 $ 110,667
Schedule of Intangible Liabilities	At September 30, 2024 and December 31, 2023, intangible liabilities were the following ($ in thousands): 2024 2023 Below-market leases, net of accumulated amortization of $54,896 and $50,475 in 2024 and 2023, respectively $ 35,984 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Rental property revenues, net (Below-market and Above-market leases) $ 1,476 $ 1,371 $ 4,495 $ 5,455 Expenses: Depreciation and amortization (In-place leases) 4,107 4,849 14,471 17,319 Rental property operating and other expenses (Below-market ground leases) 69 100 240 300
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 (three months) $ 3,994 $ 71 $ 559 $ (2,009) 2025 14,628 282 2,070 (7,743) 2026 12,252 282 1,687 (6,524) 2027 9,667 282 1,266 (4,989) 2028 6,851 282 1,158 (3,852) Thereafter 18,254 15,552 2,901 (10,867) $ 65,646 $ 16,751 $ 9,641 $ (35,984)

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 included the following ($ in thousands): 2024 2023 Predevelopment costs $ 57,995 $ 56,600 Prepaid expenses and other assets 8,550 8,704 Lease inducements, net of accumulated amortization of $7,656 and $5,860 in 2024 and 2023, respectively 11,555 10,537 Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $19,568 and $18,564 in 2024 and 2023, respectively 9,731 10,631 Credit Facility deferred financing costs, net of accumulated amortization of $3,094 and $2,131 in 2024 and 2023, respectively 3,309 4,273 $ 91,140 $ 90,745

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Terms of Notes Payable	The following table summarizes the terms of notes payable outstanding at September 30, 2024 and December 31, 2023 ($ in thousands): Description Interest Rate (1) Maturity (2) 2024 2023 Unsecured Notes: Credit Facility 5.705% April 2027 $ — $ 185,100 Public Senior Notes 5.875% October 2034 500,000 — Term Loan 5.433% March 2025 400,000 400,000 Privately Placed Senior Note 3.95% July 2029 275,000 275,000 Term Loan 5.93% February 2025 250,000 350,000 Privately Placed Senior Note 3.91% July 2025 250,000 250,000 Privately Placed Senior Note 3.86% July 2028 250,000 250,000 Privately Placed Senior Note 3.78% July 2027 125,000 125,000 Privately Placed Senior Note 4.09% July 2027 100,000 100,000 2,150,000 1,935,100 Secured Mortgage Notes: Terminus (3) 6.34% January 2031 221,000 221,000 Fifth Third Center 3.37% October 2026 123,750 126,548 Colorado Tower 3.45% September 2026 104,785 106,862 Domain 10 3.75% November 2024 71,037 72,558 520,572 526,968 $ 2,670,572 $ 2,462,068 Unamortized original issue discount (1,447) — Unamortized loan costs (7,833) (4,441) Total Notes Payable $ 2,661,292 $ 2,457,627 (1) Interest rate as of September 30, 2024. (2) Weighted average maturity of notes payable outstanding at September 30, 2024 was 3.8 years. Unexercised extension options are not included.
Schedule of Interest Recorded	For the three and nine months ended September 30, 2024 and 2023, interest expense was recorded as follows ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total interest incurred $ 33,687 $ 31,180 $ 99,242 $ 92,278 Interest capitalized (2,914) (4,172) (9,818) (14,268) Total interest expense $ 30,773 $ 27,008 $ 89,424 $ 78,010

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, Cash Flow Hedges: 2024 2023 2024 2023 Amount of income (loss) recognized in accumulated other comprehensive income on interest rate derivatives $ (1,380) $ 1,503 $ 2,708 $ 6,397 Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense $ (1,489) $ (1,345) $ (5,002) $ (2,441) Total amount of interest expense presented in the condensed consolidated statements of operations $ 30,773 $ 27,008 $ 89,424 $ 78,010

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities	Other liabilities on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 included the following ($ in thousands): 2024 2023 Ground lease liability $ 49,951 $ 53,348 Prepaid rent 33,101 34,872 Security deposits 16,045 15,050 Other liabilities 1,707 1,560 $ 100,804 $ 104,830

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense, Net of Forfeitures	For the three and nine months ended September 30, 2024 and 2023, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Equity-classified awards: Restricted stock $ 1,047 $ 930 $ 3,088 $ 2,715 Market-based RSUs 1,521 1,095 5,373 3,954 Performance-based RSUs 510 350 1,543 1,133 Director grants 391 408 1,196 1,193 Employee Stock Purchase Plan 24 34 72 104 Total equity-classified award expense, net of forfeitures 3,493 2,817 11,272 9,099 Liability-classified awards Time-vested RSUs — — — 61 Total liability-classified award expense, net of forfeitures — — — 61 Total stock-based compensation expense, net of forfeitures $ 3,493 $ 2,817 $ 11,272 $ 9,160
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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 ($ in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Earnings per common share - basic: Numerator: Net income $ 11,356 $ 19,491 $ 32,768 $ 64,924 Net income attributable to noncontrolling interests in CPLP from continuing operations (1) (4) (5) (11) Net income attributable to other noncontrolling interests (157) (126) (437) (735) Net income available to common stockholders $ 11,198 $ 19,361 $ 32,326 $ 64,178 Denominator: Weighted average common shares - basic 152,140 151,774 152,060 151,692 Net income per common share - basic $ 0.07 $ 0.13 $ 0.21 $ 0.42 Earnings per common share - diluted: Numerator: Net income $ 11,356 $ 19,491 $ 32,768 $ 64,924 Net income attributable to other noncontrolling interests (157) (126) (437) (735) Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 11,199 $ 19,365 $ 32,331 $ 64,189 Denominator: Weighted average common shares - basic 152,140 151,774 152,060 151,692 Add: Potential dilutive common shares - ESPP 5 — 2 — Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price 642 249 517 301 Weighted average units of CPLP convertible into common shares 25 25 25 25 Weighted average common shares - diluted 152,812 152,048 152,604 152,018 Net income per common share - diluted $ 0.07 $ 0.13 $ 0.21 $ 0.42

CONSOLIDATED STATEMENTS OF CA_3

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION - Supplemental Information (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 is as follows ($ in thousands): 2024 2023 Interest paid, net of amounts capitalized $ 93,742 $ 84,205 Income taxes paid — — Non-Cash Activity: Retirement of treasury stock 145,696 — Tenant improvements funded by tenants 92,001 48,120 Common stock dividends declared and accrued 49,687 49,296 Accrued capital expenditures included in accounts payable and accrued expenses 94,780 81,707

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 are as follows ($ in thousands): Three Months Ended September 30, 2024 Office Non-Office Total Revenues: Atlanta $ 78,142 $ 487 $ 78,629 Austin 69,080 — 69,080 Charlotte 13,879 1,890 15,769 Dallas 4,422 — 4,422 Phoenix 15,179 — 15,179 Tampa 18,715 — 18,715 Other markets 8,763 117 8,880 Total segment revenues 208,180 2,494 210,674 Less: Company's share of rental property revenues from unconsolidated joint ventures (2,810) (604) (3,414) Total rental property revenues $ 205,370 $ 1,890 $ 207,260 Three Months Ended September 30, 2023 Office Non-Office Total Revenues: Atlanta $ 75,857 $ 479 $ 76,336 Austin 62,250 — 62,250 Charlotte 14,338 1,711 16,049 Dallas 4,280 — 4,280 Phoenix 16,339 — 16,339 Tampa 18,797 — 18,797 Other markets 6,669 — 6,669 Total segment revenues 198,530 2,190 200,720 Less: Company's share of rental property revenues from unconsolidated joint ventures (1,812) (479) (2,291) Total rental property revenues $ 196,718 $ 1,711 $ 198,429 Nine Months Ended September 30, 2024 Office Non-Office Total Revenues: Atlanta $ 231,598 $ 1,471 $ 233,069 Austin 213,688 — 213,688 Charlotte 42,247 5,286 47,533 Dallas 13,191 — 13,191 Phoenix 44,677 — 44,677 Tampa 57,821 — 57,821 Other markets 25,454 128 25,582 Total segment revenues 628,676 6,885 635,561 Less: Company's share of rental property revenues from unconsolidated joint ventures (6,410) (1,599) (8,009) Total rental property revenues $ 622,266 $ 5,286 $ 627,552 Nine Months Ended September 30, 2023 Office Non-Office Total Revenues: Atlanta $ 221,149 $ 1,405 $ 222,554 Austin 198,294 — 198,294 Charlotte 43,831 5,253 49,084 Dallas 12,692 — 12,692 Phoenix 50,142 — 50,142 Tampa 56,286 — 56,286 Other markets 20,027 — 20,027 Total segment revenues 602,421 6,658 609,079 Less: Company's share of rental property revenues from unconsolidated joint ventures (5,215) (1,405) (6,620) Total rental property revenues $ 597,206 $ 5,253 $ 602,459
Schedule of Reconciliation of NOI to Net Income Available to Common Stockholders	NOI by reportable segme nt for the three and nine months ended September 30, 2024 and 2023 are as follows ($ in thousands): Three Months Ended September 30, 2024 Office Non-Office Total Net Operating Income: Atlanta $ 49,869 $ 237 $ 50,106 Austin 48,261 — 48,261 Charlotte 9,684 1,271 10,955 Dallas 3,563 — 3,563 Phoenix 10,867 — 10,867 Tampa 12,657 — 12,657 Other markets 5,995 (328) 5,667 Total Net Operating Income $ 140,896 $ 1,180 $ 142,076 Three Months Ended September 30, 2023 Office Non-Office Total Net Operating Income: Atlanta $ 48,806 $ 316 $ 49,122 Austin 43,376 — 43,376 Charlotte 10,947 1,150 12,097 Dallas 3,235 — 3,235 Phoenix 11,950 — 11,950 Tampa 11,444 — 11,444 Other markets 3,660 — 3,660 Total Net Operating Income $ 133,418 $ 1,466 $ 134,884 Nine Months Ended September 30, 2024 Office Non-Office Total Net Operating Income: Atlanta $ 148,742 $ 826 $ 149,568 Austin 142,065 — 142,065 Charlotte 29,833 3,524 33,357 Dallas 10,432 — 10,432 Phoenix 32,852 — 32,852 Tampa 36,939 — 36,939 Other markets 17,175 (372) 16,803 Total Net Operating Income 418,038 3,978 422,016 Nine Months Ended September 30, 2023 Office Non-Office Total Net Operating Income: Atlanta $ 144,564 $ 870 $ 145,434 Austin 126,179 — 126,179 Charlotte 32,473 3,475 35,948 Dallas 9,678 — 9,678 Phoenix 33,973 — 33,973 Tampa 34,816 — 34,816 Other markets 10,836 — 10,836 Total Net Operating Income 392,519 4,345 396,864 The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net Income $ 11,356 $ 19,491 $ 32,768 $ 64,924 Fee income (495) (318) (1,280) (1,044) Termination fee income (895) (271) (2,451) (6,977) Other income (1,457) (101) (2,599) (2,393) General and administrative expenses 9,204 8,336 27,325 24,795 Interest expense 30,773 27,008 89,424 78,010 Depreciation and amortization 89,784 79,492 271,429 235,531 Reimbursed expenses 188 149 479 515 Other expenses 327 623 1,602 1,484 Loss (income) from unconsolidated joint ventures 1,575 (582) 788 (2,008) Net operating income from unconsolidated joint ventures 1,716 1,564 4,629 4,532 Gain on investment property transactions — (507) (98) (505) Net Operating Income $ 142,076 $ 134,884 $ 422,016 $ 396,864

DESCRIPTION OF BUSINESS AND B_3

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)	9 Months Ended
	Sep. 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	19,200,000
Portfolio of real estate assets, retail space area	467,000
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%

REAL ESTATE (Details)

REAL ESTATE (Details) - Sold - Atlanta Land $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) a
Business Acquisition [Line Items]
Area of property | a	10.4
Sales price	$ 4,250
Gain (loss) from sale of property	$ 507

INVESTMENTS IN REAL ESTATE DE_3

INVESTMENTS IN REAL ESTATE DEBT (Details)		3 Months Ended		9 Months Ended
	Oct. 01, 2024 USD ($) ft²	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) Loan	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Investments [Line Items]
Investments in real estate debt, at fair value		$ 28,636,000	$ 27,200,000	$ 28,636,000		$ 0
Commitments related to investments in real estate debt		8,400,000		8,400,000
Credit facility funded amount				396,800,000	$ 291,300,000
Subsequent Event
Schedule of Investments [Line Items]
Credit facility funded amount	$ 58,500,000
First Priority Mortgage Loan
Schedule of Investments [Line Items]
Debt amount		$ 149,700,000		$ 149,700,000
Performing Mortgage Loan | Subsequent Event
Schedule of Investments [Line Items]
Debt amount	$ 138,000,000
Weighted spread	3.66%
Area of land | ft²	320,000
Mezzanine Loan
Schedule of Investments [Line Items]
Number of loans | Loan			2
Variable rate		5.10%		5.10%
Weighted spread		8.67%		8.67%
Mezzanine Loan | Mortgages
Schedule of Investments [Line Items]
Additional borrowing capacity		$ 1,100,000		$ 1,400,000

INVESTMENTS IN REAL ESTATE DE_4

INVESTMENTS IN REAL ESTATE DEBT - Schedule of Investments In Real Estate Debt (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Investments in real estate debt, at fair value	$ 28,636,000	$ 27,200,000	$ 0
110 East - Pledge of equity interests Charlotte, NC, Office Building
Schedule of Investments [Line Items]
Investments in real estate debt, at fair value	$ 16,068,000
Variable rate	14.10%
Radius - Pledge of equity interests Nashville, TN, Office Building
Schedule of Investments [Line Items]
Investments in real estate debt, at fair value	$ 12,568,000
Variable rate	13.35%

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Financial Data and Principal Activities of Unconsolidated Joint Ventures (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) option	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	$ 7,770,531		$ 7,770,531		$ 7,634,474
Total Equity (Deficit)	4,415,969		4,415,969		4,524,151
Income Statement [Abstract]
Total Revenues	209,212	$ 198,848	631,431	$ 605,896
Net Income (Loss)	11,198	$ 19,361	32,326	64,178
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	762,495		762,495		589,800
Total Debt	347,334		347,334		302,096
Total Equity (Deficit)	364,779		364,779		251,707
Company's Investment	150,645		150,645		112,765
Income Statement [Abstract]
Total Revenues			23,123	18,406
Net Income (Loss)			(158)	5,847
Company's Income (Loss) from Investment			(788)	2,008
AMCO 120 WT Holdings, LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	76,887		76,887		80,694
Total Debt	0		0		0
Total Equity (Deficit)	75,025		75,025		78,642
Company's Investment	13,762		13,762		14,506
Income Statement [Abstract]
Total Revenues			8,312	8,337
Net Income (Loss)			1,452	2,698
Company's Income (Loss) from Investment			276	537
Crawford Long - CPI, LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	20,372		20,372		22,001
Total Debt	82,376		82,376		82,316
Total Equity (Deficit)	(64,022)		(64,022)		(62,562)
Company's Investment	(31,485)		(31,485)		(31,066)
Income Statement [Abstract]
Total Revenues			9,984	9,754
Net Income (Loss)			2,290	2,911
Company's Income (Loss) from Investment			1,046	1,352
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	$ 566,456		$ 566,456		477,780
Total Debt	264,958		264,958		219,780
Total Equity (Deficit)	261,062		261,062		226,303
Company's Investment	$ 146,787		$ 146,787		124,543
Basis spread on variable rate			3.45%
Income Statement [Abstract]
Total Revenues			$ 1,538	105
Net Income (Loss)			(3,769)	59
Company's Income (Loss) from Investment			$ (2,078)	30
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
TL CO Proscenium LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	89,334		$ 89,334		0
Total Debt	0		0		0
Total Equity (Deficit)	83,334		83,334		0
Company's Investment	16,763		16,763		0
Income Statement [Abstract]
Total Revenues			3,141	0
Net Income (Loss)			(187)	0
Company's Income (Loss) from Investment			(60)	0
715 Ponce Holdings LLC
Equity Method Investment Summarized Financial Information Financial Position [Abstract]
Total Assets	9,446		9,446		9,325
Total Debt	0		0		0
Total Equity (Deficit)	9,380		9,380		9,324
Company's Investment	$ 4,818		4,818		$ 4,782
Income Statement [Abstract]
Total Revenues			148	210
Net Income (Loss)			56	145
Company's Income (Loss) from Investment			28	72
Other
Income Statement [Abstract]
Total Revenues			0	0
Net Income (Loss)			0	34
Company's Income (Loss) from Investment			$ 0	$ 17

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2024 USD ($) ft²	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Fees earned from unconsolidated joint ventures		$ 259	$ 121	$ 620	$ 358
Proscenium JV LLC
Schedule of Equity Method Investments [Line Items]
Gross purchase price	$ 16,700
TL CO Proscenium LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20%
TL CO Proscenium LLC | Proscenium JV LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	80%
Area of property | ft²	525,000
Gross purchase price	$ 83,300

INTANGIBLE ASSETS AND LIABILI_3

INTANGIBLE ASSETS AND LIABILITIES - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,674	$ 1,674
Total intangible assets	93,712	110,667
In-Place  Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	132,679	135,433
Finite-lived intangible assets, net	65,646	80,117
Below-Market Ground Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	2,502	2,260
Finite-lived intangible assets, net	16,751	16,992
Above-Market Leases
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	24,123	24,918
Finite-lived intangible assets, net	$ 9,641	$ 11,884

INTANGIBLE ASSETS AND LIABILI_4

INTANGIBLE ASSETS AND LIABILITIES - Intangible Liabilities (Details) - Below-Market Leases - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 54,896	$ 50,475
Finite-lived intangible liabilities, net	$ 35,984	$ 42,193

INTANGIBLE ASSETS AND LIABILI_5

INTANGIBLE ASSETS AND LIABILITIES - Amortization of Intangible Asset and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Below-Market Leases, Above-Market Leases
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below market leases	$ 1,476	$ 1,371	$ 4,495	$ 5,455
In-Place  Leases
Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization (In-place leases)	4,107	4,849	14,471	17,319
Below-Market Ground Leases
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below market leases	$ 69	$ 100	$ 240	$ 300

INTANGIBLE ASSETS AND LIABILI_6

INTANGIBLE ASSETS AND LIABILITIES - Aggregate Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Below-Market Leases
Future Amortization of Intangible Liabilities:
2024 (three months)	$ (2,009)
2025	(7,743)
2026	(6,524)
2027	(4,989)
2028	(3,852)
Thereafter	(10,867)
Finite-lived intangible liabilities, net	(35,984)	$ (42,193)
In-Place  Leases
Future Amortization of Intangible Assets:
2024 (three months)	3,994
2025	14,628
2026	12,252
2027	9,667
2028	6,851
Thereafter	18,254
Finite-lived intangible assets, net	65,646	80,117
Below-Market Ground Leases
Future Amortization of Intangible Assets:
2024 (three months)	71
2025	282
2026	282
2027	282
2028	282
Thereafter	15,552
Finite-lived intangible assets, net	16,751	16,992
Above-Market Leases
Future Amortization of Intangible Assets:
2024 (three months)	559
2025	2,070
2026	1,687
2027	1,266
2028	1,158
Thereafter	2,901
Finite-lived intangible assets, net	$ 9,641	$ 11,884

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Predevelopment costs	$ 57,995	$ 56,600
Prepaid expenses and other assets	8,550	8,704
Accumulated amortization of lease inducements	7,656	5,860
Lease inducements, net of accumulated amortization of $7,656 and $5,860 in 2024 and 2023, respectively	11,555	10,537
Accumulated depreciation of furniture, fixtures and equipment, leasehold improvements, and other deferred costs	19,568	18,564
Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $19,568 and $18,564 in 2024 and 2023, respectively	9,731	10,631
Accumulated amortization of line of credit deferred financing costs	3,094	2,131
Credit Facility deferred financing costs, net of accumulated amortization of $3,094 and $2,131 in 2024 and 2023, respectively	3,309	4,273
Total other assets	$ 91,140	$ 90,745

NOTES PAYABLE - Terms of Notes

NOTES PAYABLE - Terms of Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Notes payable, gross	$ 2,670,572	$ 2,462,068
Unamortized original issue discount	(1,447)	0
Unamortized loan costs	(7,833)	(4,441)
Total Notes Payable	$ 2,661,292	2,457,627
Weighted average maturity of notes payable	3 years 9 months 18 days
Unsecured Notes
Debt Instrument [Line Items]
Notes payable, gross	$ 2,150,000	1,935,100
Unsecured Credit Facility
Debt Instrument [Line Items]
Interest rate	5.705%
Notes payable, gross	$ 0	185,100
Senior Unsecured Debt | Senior Note, Unsecured Due 2034
Debt Instrument [Line Items]
Interest rate	5.875%
Notes payable, gross	$ 500,000	0
Senior Unsecured Debt | Senior Note, Unsecured Due 2029
Debt Instrument [Line Items]
Interest rate	3.95%
Notes payable, gross	$ 275,000	275,000
Senior Unsecured Debt | Senior Note, Unsecured Due 2025
Debt Instrument [Line Items]
Interest rate	3.91%
Notes payable, gross	$ 250,000	250,000
Senior Unsecured Debt | Senior Note, Unsecured Due 2028
Debt Instrument [Line Items]
Interest rate	3.86%
Notes payable, gross	$ 250,000	250,000
Senior Unsecured Debt | Senior Note, Unsecured Due 2027
Debt Instrument [Line Items]
Interest rate	3.78%
Notes payable, gross	$ 125,000	125,000
Senior Unsecured Debt | Senior Note, Unsecured Due 2027
Debt Instrument [Line Items]
Interest rate	4.09%
Notes payable, gross	$ 100,000	100,000
Term Loan, Unsecured Due In March 2025 | Term Loan Unsecured Due 2025
Debt Instrument [Line Items]
Interest rate	5.433%
Notes payable, gross	$ 400,000	400,000
Term Loan, Unsecured Due In February 2025 | Term Loan Unsecured Due 2025
Debt Instrument [Line Items]
Interest rate	5.93%
Notes payable, gross	$ 250,000	350,000
Secured Mortgage Notes
Debt Instrument [Line Items]
Notes payable, gross	520,572	526,968
Total Notes Payable	$ 520,600
Secured Mortgage Notes | Terminus
Debt Instrument [Line Items]
Interest rate	6.34%
Notes payable, gross	$ 221,000	221,000
Secured Mortgage Notes | Terminus 100
Debt Instrument [Line Items]
Notes payable, gross	123,000
Secured Mortgage Notes | Terminus 200
Debt Instrument [Line Items]
Notes payable, gross	$ 98,000
Secured Mortgage Notes | Fifth Third Center
Debt Instrument [Line Items]
Interest rate	3.37%
Notes payable, gross	$ 123,750	126,548
Secured Mortgage Notes | Colorado Tower
Debt Instrument [Line Items]
Interest rate	3.45%
Notes payable, gross	$ 104,785	106,862
Secured Mortgage Notes | Domain 10
Debt Instrument [Line Items]
Interest rate	3.75%
Notes payable, gross	$ 71,037	$ 72,558

NOTES PAYABLE - Credit Facility

NOTES PAYABLE - Credit Facility (Details) - Credit Facility $ in Billions			9 Months Ended
	Apr. 16, 2024	May 02, 2022 USD ($)	Sep. 30, 2024 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 1
Minimum fixed charge coverage ratio		1.50
Variable rate		1%
Facility fee percentage			0.15%
Available borrowing capacity			$ 1
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) $ in Thousands					1 Months Ended		9 Months Ended
	Oct. 03, 2022 USD ($) extension	Sep. 27, 2022 USD ($)	Sep. 19, 2022	Jun. 28, 2021 USD ($) extension	Aug. 31, 2024 USD ($)	Apr. 30, 2024	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Aug. 30, 2024 USD ($)	Jan. 26, 2024 USD ($)	Apr. 19, 2023 USD ($)
Debt Instrument [Line Items]
Repayment of term loans							$ 100,000	$ 0
2022 Term Loan | Term Loan
Debt Instrument [Line Items]
Debt amount	$ 400,000						$ 400,000			$ 400,000	$ 400,000
Number of extension options | extension	4
Extension term	6 months
Basis spread on variable rate	1%						0.85%
Weighted average rate							4.483%
2022 Term Loan | Term Loan | Adjusted SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
2022 Term Loan | Term Loan | Eurodollar | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.80%
2022 Term Loan | Term Loan | Eurodollar | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
2022 Term Loan | Term Loan | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
2022 Term Loan | Term Loan | Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1%
2022 Term Loan | Term Loan | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0%					1.05%
2022 Term Loan | Term Loan | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.65%					1.65%
2022 Term Loan | Term Loan | Interest Rate Swap
Debt Instrument [Line Items]
Debt amount										$ 200,000	$ 200,000
Fixed swap rate										4.6675%	4.298%
2022 Term Loan | Term Loan | Interest Rate Swap | SOFR
Debt Instrument [Line Items]
Fixed swap rate										4.6675%	4.298%
2021 Term Loan | Term Loan
Debt Instrument [Line Items]
Debt amount				$ 350,000	$ 350,000
Number of extension options | extension				4
Extension term				180 days
Basis spread on variable rate							1%
Repayment of term loans					$ 100,000
Remaining amount to be paid									$ 250,000
Variable rate			1%
2021 Term Loan | Term Loan | Adjusted SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
2021 Term Loan | Term Loan | Eurodollar | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.85%
2021 Term Loan | Term Loan | Eurodollar | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.65%
2021 Term Loan | Term Loan | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
2021 Term Loan | Term Loan | Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1%
2021 Term Loan | Term Loan | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0%			1.05%
2021 Term Loan | Term Loan | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			0.65%			1.65%
2021 Term Loan | Term Loan | Interest Rate Swap
Debt Instrument [Line Items]
Debt amount		$ 350,000
Basis spread on variable rate		4.234%

NOTES PAYABLE - Unsecured Senio

NOTES PAYABLE - Unsecured Senior Notes (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Aug. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) tranche	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Bond issuance, net of original discount		$ 498,540	$ 0
Mortgage loans		2,661,292		$ 2,457,627
Unsecured Senior Notes
Debt Instrument [Line Items]
Debt amount		$ 1,000,000
Number of tranches | tranche		5
Unsecured Senior Notes | 4.09% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount		$ 100,000
Interest rate		4.09%
Unsecured Senior Notes | 3.91% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount		$ 250,000
Interest rate		3.91%
Unsecured Senior Notes | 3.78% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount		$ 125,000
Interest rate		3.78%
Unsecured Senior Notes | 3.86% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount		$ 250,000
Interest rate		3.86%
Unsecured Senior Notes | 3.95% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount		$ 275,000
Interest rate		3.95%
Unsecured Senior Notes | 5.875% Senior Notes
Debt Instrument [Line Items]
Debt amount	$ 500,000
Interest rate	5.875%
Bond issuance, net of original discount	$ 498,500
Original issue of discount	$ 1,500
Unsecured Senior Notes | 5.912% Senior Notes
Debt Instrument [Line Items]
Debt instrument effective percentage	5.912%
Repayments of unsecured debt	$ 373,800
Unsecured Senior Notes | 2021 Term Loan
Debt Instrument [Line Items]
Repayments of unsecured debt	100,000
Mortgage loans	$ 350,000
Unsecured Senior Notes | Public Senior Note
Debt Instrument [Line Items]
Unencumbered debt instrument ratio	150%
EBITDA to debt service ratio	1.50
Unsecured Senior Notes | Public Senior Note | Maximum
Debt Instrument [Line Items]
Secured leverage ratio	40%
Leverage ratio	60%

NOTES PAYABLE - Secured Mortgag

NOTES PAYABLE - Secured Mortgage Notes (Details) $ in Thousands	Sep. 30, 2024 USD ($) debt_instrument	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Notes payable	$ 2,661,292	$ 2,457,627
Mortgages
Debt Instrument [Line Items]
Notes payable	$ 520,600
Number of non-recourse mortgage loans | debt_instrument	5
Collateral amount	$ 870,700
Weighted average rate	4.70%

NOTES PAYABLE - Other Debt Info

NOTES PAYABLE - Other Debt Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Disclosure [Abstract]
Notes payable, fair value	$ 2,700,000		$ 2,700,000		$ 2,400,000
Total interest incurred	33,687	$ 31,180	99,242	$ 92,278
Interest capitalized	(2,914)	(4,172)	(9,818)	(14,268)
Total interest expense	$ 30,773	$ 27,008	$ 89,424	$ 78,010

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands			9 Months Ended
	Oct. 03, 2022	Sep. 27, 2022	Sep. 30, 2024	Aug. 31, 2024	Jan. 26, 2024	Dec. 31, 2023	Apr. 19, 2023	Jun. 28, 2021
Derivative [Line Items]
Net increase of interest expense			$ 102
2022 Term Loan | Term Loan
Derivative [Line Items]
Debt amount	$ 400,000		$ 400,000		$ 400,000		$ 400,000
Weighted average rate			4.483%
Basis spread on variable rate	1%		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 | 2023 Swap
Derivative [Line Items]
Derivative asset						$ 555
2022 Term Loan | 2024 Swap
Derivative [Line Items]
Derivative asset			$ 104
Fair value of derivative			$ 206
2021 Term Loan | Term Loan
Derivative [Line Items]
Debt amount				$ 350,000				$ 350,000
Basis spread on variable rate			1%
2021 Term Loan | Interest Rate Swap
Derivative [Line Items]
Derivative asset						$ 1,700
2021 Term Loan | Interest Rate Swap | Term Loan
Derivative [Line Items]
Debt amount		$ 350,000
Basis spread on variable rate		4.234%

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of income (loss) recognized in accumulated other comprehensive income on interest rate derivatives	$ (1,380)	$ 1,503	$ 2,708	$ 6,397
Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense	(1,489)	(1,345)	(5,002)	(2,441)
Total amount of interest expense presented in the condensed consolidated statements of operations	$ 30,773	$ 27,008	$ 89,424	$ 78,010

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Ground lease liability	$ 49,951	$ 53,348
Prepaid rent	33,101	34,872
Security deposits	16,045	15,050
Other liabilities	1,707	1,560
Total other liabilities	$ 100,804	$ 104,830

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding performance bonds	$ 414
Future obligations under leases	114,800
Commitments related to investments in real estate debt	$ 8,400

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands		3 Months Ended	27 Months Ended
	Feb. 06, 2024 $ / shares shares	Sep. 30, 2021 USD ($) financial_institution	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of participating financial institutions | financial_institution		6
Dividends owed			$ 49,687	$ 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]
Gross sales price			$ 105,100
Sale of stock, shares issued (in shares) | shares			2,600,000
Issuance of common stock			$ 101,400
Bond issuance, net of original discount			1,100
Dividends owed			1,700
Other transaction related costs			$ 900
Maximum | ATM Program
Subsidiary, Sale of Stock [Line Items]
Gross sales price		$ 500,000

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 209,212	$ 198,848	$ 631,431	$ 605,896
Rental Property Revenues
Disaggregation of Revenue [Line Items]
Total Revenues	207,260	198,429	627,552	602,459
Variable Rental Revenue
Disaggregation of Revenue [Line Items]
Total Revenues	56,200	52,900	178,200	174,300
Fees and Other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 2,000	$ 419	$ 3,900	$ 3,400

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-based Compensation Expense, Net of Forfeitures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	$ 3,493	$ 2,817	$ 11,272	$ 9,160
Equity-Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	3,493	2,817	11,272	9,099
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	1,047	930	3,088	2,715
Market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	1,521	1,095	5,373	3,954
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	510	350	1,543	1,133
Director grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	391	408	1,196	1,193
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, net of forfeitures	24	34	72	104
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	9 Months Ended
	Sep. 30, 2024 award
Key Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of award types	3
Vesting period (in years)	3 years
Payout range minimum (as a percent)	0%
Payout range maximum (as a percent)	200%
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years

STOCK-BASED COMPENSATION - Gran

STOCK-BASED COMPENSATION - Grants of Equity Classified Awards (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 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	9 Months Ended
	Sep. 30, 2024	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 11,356	$ 19,491	$ 32,768	$ 64,924
Net income available to common stockholders	$ 11,198	$ 19,361	$ 32,326	$ 64,178
Denominator:
Weighted average common shares - basic (in shares)	152,140	151,774	152,060	151,692
Net income per common share — basic (in usd per share)	$ 0.07	$ 0.13	$ 0.21	$ 0.42
Numerator:
Net income	$ 11,356	$ 19,491	$ 32,768	$ 64,924
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP	$ 11,199	$ 19,365	$ 32,331	$ 64,189
Denominator:
Weighted average common shares - basic (in shares)	152,140	151,774	152,060	151,692
Add:
Weighted average units of CPLP convertible into common shares (in shares)	25	25	25	25
Weighted average common shares - diluted (in shares)	152,812	152,048	152,604	152,018
Net income per common share — diluted (in usd per share)	$ 0.07	$ 0.13	$ 0.21	$ 0.42
ESPP
Add:
Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price (in shares)	5	0	2	0
RSU
Add:
Potential dilutive common shares - restricted stock units, less shares assumed purchased at market price (in shares)	642	249	517	301
CPLP
Numerator:
Net income attributable to noncontrolling interests	$ (1)	$ (4)	$ (5)	$ (11)
Numerator:
Net income attributable to noncontrolling interests	(1)	(4)	(5)	(11)
Other Noncontrolling Interests
Numerator:
Net income attributable to noncontrolling interests	(157)	(126)	(437)	(735)
Numerator:
Net income attributable to noncontrolling interests	$ (157)	$ (126)	$ (437)	$ (735)

CONSOLIDATED STATEMENTS OF CA_4

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION - Supplemental Information - Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of amounts capitalized	$ 93,742	$ 84,205	$ 93,742	$ 84,205
Income taxes paid	0	0	0	0
Non-Cash Activity:
Retirement of treasury stock	145,696	0	145,696	0
Tenant improvements funded by tenants	92,001	48,120	92,001	48,120
Common stock dividends declared and accrued	49,687	49,296	49,687	49,296
Accrued capital expenditures included in accounts payable and accrued expenses	$ 94,780	$ 81,707	$ 94,780	$ 81,707

REPORTABLE SEGMENTS - Segment R

REPORTABLE SEGMENTS - Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total Revenues	$ 209,212	$ 198,848	$ 631,431	$ 605,896
Rental Property Revenues
Segment Reporting Information [Line Items]
Total Revenues	207,260	198,429	627,552	602,459
Rental Property Revenues | Office
Segment Reporting Information [Line Items]
Total Revenues	205,370	196,718	622,266	597,206
Rental Property Revenues | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	1,890	1,711	5,286	5,253
Operating Segments | Rental Property Revenues
Segment Reporting Information [Line Items]
Total Revenues	210,674	200,720	635,561	609,079
Operating Segments | Rental Property Revenues | Office
Segment Reporting Information [Line Items]
Total Revenues	208,180	198,530	628,676	602,421
Operating Segments | Rental Property Revenues | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	2,494	2,190	6,885	6,658
Operating Segments | Rental Property Revenues | Atlanta
Segment Reporting Information [Line Items]
Total Revenues	78,629	76,336	233,069	222,554
Operating Segments | Rental Property Revenues | Atlanta | Office
Segment Reporting Information [Line Items]
Total Revenues	78,142	75,857	231,598	221,149
Operating Segments | Rental Property Revenues | Atlanta | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	487	479	1,471	1,405
Operating Segments | Rental Property Revenues | Austin
Segment Reporting Information [Line Items]
Total Revenues	69,080	62,250	213,688	198,294
Operating Segments | Rental Property Revenues | Austin | Office
Segment Reporting Information [Line Items]
Total Revenues	69,080	62,250	213,688	198,294
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	15,769	16,049	47,533	49,084
Operating Segments | Rental Property Revenues | Charlotte | Office
Segment Reporting Information [Line Items]
Total Revenues	13,879	14,338	42,247	43,831
Operating Segments | Rental Property Revenues | Charlotte | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	1,890	1,711	5,286	5,253
Operating Segments | Rental Property Revenues | Dallas
Segment Reporting Information [Line Items]
Total Revenues	4,422	4,280	13,191	12,692
Operating Segments | Rental Property Revenues | Dallas | Office
Segment Reporting Information [Line Items]
Total Revenues	4,422	4,280	13,191	12,692
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	15,179	16,339	44,677	50,142
Operating Segments | Rental Property Revenues | Phoenix | Office
Segment Reporting Information [Line Items]
Total Revenues	15,179	16,339	44,677	50,142
Operating Segments | Rental Property Revenues | Phoenix | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Operating Segments | Rental Property Revenues | Tampa
Segment Reporting Information [Line Items]
Total Revenues	18,715	18,797	57,821	56,286
Operating Segments | Rental Property Revenues | Tampa | Office
Segment Reporting Information [Line Items]
Total Revenues	18,715	18,797	57,821	56,286
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	8,880	6,669	25,582	20,027
Operating Segments | Rental Property Revenues | Other markets | Office
Segment Reporting Information [Line Items]
Total Revenues	8,763	6,669	25,454	20,027
Operating Segments | Rental Property Revenues | Other markets | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	117	0	128	0
Segment Reconciling Items | Rental Property Revenues
Segment Reporting Information [Line Items]
Total Revenues	(3,414)	(2,291)	(8,009)	(6,620)
Segment Reconciling Items | Rental Property Revenues | Office
Segment Reporting Information [Line Items]
Total Revenues	(2,810)	(1,812)	(6,410)	(5,215)
Segment Reconciling Items | Rental Property Revenues | Non-Office
Segment Reporting Information [Line Items]
Total Revenues	$ (604)	$ (479)	$ (1,599)	$ (1,405)

REPORTABLE SEGMENTS - Net Opera

REPORTABLE SEGMENTS - Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net Operating Income	$ 142,076	$ 134,884	$ 422,016	$ 396,864
Office
Segment Reporting Information [Line Items]
Net Operating Income	140,896	133,418	418,038	392,519
Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	1,180	1,466	3,978	4,345
Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	50,106	49,122	149,568	145,434
Atlanta | Office
Segment Reporting Information [Line Items]
Net Operating Income	49,869	48,806	148,742	144,564
Atlanta | Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	237	316	826	870
Austin
Segment Reporting Information [Line Items]
Net Operating Income	48,261	43,376	142,065	126,179
Austin | Office
Segment Reporting Information [Line Items]
Net Operating Income	48,261	43,376	142,065	126,179
Austin | Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	10,955	12,097	33,357	35,948
Charlotte | Office
Segment Reporting Information [Line Items]
Net Operating Income	9,684	10,947	29,833	32,473
Charlotte | Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	1,271	1,150	3,524	3,475
Dallas
Segment Reporting Information [Line Items]
Net Operating Income	3,563	3,235	10,432	9,678
Dallas | Office
Segment Reporting Information [Line Items]
Net Operating Income	3,563	3,235	10,432	9,678
Dallas | Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	10,867	11,950	32,852	33,973
Phoenix | Office
Segment Reporting Information [Line Items]
Net Operating Income	10,867	11,950	32,852	33,973
Phoenix | Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	0	0	0	0
Tampa
Segment Reporting Information [Line Items]
Net Operating Income	12,657	11,444	36,939	34,816
Tampa | Office
Segment Reporting Information [Line Items]
Net Operating Income	12,657	11,444	36,939	34,816
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	5,667	3,660	16,803	10,836
Other markets | Office
Segment Reporting Information [Line Items]
Net Operating Income	5,995	3,660	17,175	10,836
Other markets | Non-Office
Segment Reporting Information [Line Items]
Net Operating Income	$ (328)	$ 0	$ (372)	$ 0

REPORTABLE SEGMENTS - Reconcili

REPORTABLE SEGMENTS - Reconciliation of Net Income to Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net income	$ 11,356	$ 19,491	$ 32,768	$ 64,924
Revenues	(209,212)	(198,848)	(631,431)	(605,896)
General and administrative expenses	9,204	8,336	27,325	24,795
Interest expense	30,773	27,008	89,424	78,010
Depreciation and amortization	89,784	79,492	271,429	235,531
Reimbursed expenses	188	149	479	515
Other expenses	327	623	1,602	1,484
Loss (income) from unconsolidated joint ventures	1,575	(582)	788	(2,008)
Net operating income from unconsolidated joint ventures	1,716	1,564	4,629	4,532
Gain on investment property transactions	0	(507)	(98)	(505)
Net Operating Income	142,076	134,884	422,016	396,864
Fee income
Segment Reporting Information [Line Items]
Revenues	(495)	(318)	(1,280)	(1,044)
Termination fee income
Segment Reporting Information [Line Items]
Revenues	(895)	(271)	(2,451)	(6,977)
Other income
Segment Reporting Information [Line Items]
Revenues	$ (1,457)	$ (101)	$ (2,599)	$ (2,393)