COUSINS PROPERTIES INC, 10-Q filed on 10/24/2024
Quarterly Report
v3.24.3
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, $1 par value per share  
Trading Symbol CUZ  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   152,140,188
Entity Central Index Key 0000025232  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
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
v3.24.3
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
v3.24.3
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
v3.24.3
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
v3.24.3
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              
v3.24.3
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
v3.24.3
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
v3.24.3
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.
v3.24.3
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.
v3.24.3
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):
CollateralCarrying Value as of September 30, 2024Variable Rate as of September 30, 2024Maturity 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 $58.5 million.
The Company has elected the fair value option in accounting for its investments in real estate debt. As such, any unrealized gain or loss associated with holding these investments at fair value will be recorded as a component of income from investments in real estate debt on the Company's consolidated statement of operations. For the three and nine months ended September 30, 2024, the Company believes the fair value of the investments in real estate debt approximates its invested carrying value and, therefore, did not record any unrealized gain or loss on its investments in real estate debt based on these recent executed market transactions (Level 2). In subsequent periods, the Company may make adjustments to the carrying values of these loan investments if any are required through application of the fair value hierarchy provided for under GAAP. Acquisition costs associated with these loans are expensed as incurred.
v3.24.3
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of September 30, 2024 and December 31, 2023 ($ in thousands).
SUMMARY OF FINANCIAL POSITION
Total AssetsTotal DebtTotal Equity (Deficit)Company's Investment 
2024202320242023202420232024 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, LLC89,334 — — — 83,334 — 16,763 — 
Land:
715 Ponce Holdings LLC9,446 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 RevenuesNet Income (Loss)Company's Income (Loss) from Investment
202420232024202320242023
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, LLC3,141 — (187)— (60)— 
Land:
715 Ponce Holdings LLC148 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 $358,000 of management fees, respectively.
v3.24.3
INTANGIBLE ASSETS AND LIABILITIES
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND LIABILITIES INTANGIBLE ASSETS AND LIABILITIES
At September 30, 2024 and December 31, 2023, intangible assets included the following ($ in thousands):
20242023
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 
      Goodwill1,674 1,674 
$93,712 $110,667 

At September 30, 2024 and December 31, 2023, intangible liabilities were the following ($ in thousands):
20242023
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,
2024202320242023
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 
Leases		Below-Market Ground LeasesAbove-Market LeasesBelow-Market
Leases
2024 (three months)$3,994 $71 $559 $(2,009)
202514,628 282 2,070 (7,743)
202612,252 282 1,687 (6,524)
20279,667 282 1,266 (4,989)
20286,851 282 1,158 (3,852)
Thereafter18,254 15,552 2,901 (10,867)
$65,646 $16,751 $9,641 $(35,984)
v3.24.3
OTHER ASSETS
 9 Months Ended
Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS OTHER ASSETS
Other assets on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 included the following ($ in thousands):
20242023
Predevelopment costs $57,995 $56,600 
Prepaid expenses and other assets8,550 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 $90,745 
Predevelopment costs represent amounts that are capitalized related to predevelopment projects on land owned by the Company that has been determined to be probable of future development.
Lease inducements are incentives paid to tenants in conjunction with leasing space, such as moving costs, sublease arrangements of prior space, and other costs. These amounts are amortized as a reduction of rental revenues over the individual underlying lease terms.
v3.24.3
NOTES PAYABLE
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
NOTES PAYABLE NOTES PAYABLE
The following table summarizes the terms of notes payable outstanding at September 30, 2024 and December 31, 2023 ($ in thousands):
DescriptionInterest Rate (1)Maturity (2)20242023
Unsecured Notes:
Credit Facility5.705%April 2027$— $185,100 
Public Senior Notes5.875%October 2034500,000 — 
Term Loan5.433%March 2025400,000 400,000 
Privately Placed Senior Note3.95%July 2029275,000 275,000 
Term Loan 5.93%February 2025250,000 350,000 
Privately Placed Senior Note3.91%July 2025250,000 250,000 
Privately Placed Senior Note3.86%July 2028250,000 250,000 
Privately Placed Senior Note3.78%July 2027125,000 125,000 
Privately Placed Senior Note4.09%July 2027100,000 100,000 
2,150,000 1,935,100 
Secured Mortgage Notes:
Terminus (3)6.34%January 2031221,000 221,000 
Fifth Third Center3.37%October 2026123,750 126,548 
Colorado Tower3.45%September 2026104,785 106,862 
Domain 103.75%November 202471,037 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,
2024202320242023
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 
v3.24.3
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:2024202320242023
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 $102,000 will be reclassified out of accumulated other comprehensive income as an increase of interest expense related to the 2023 and 2024 Swaps through their maturity on March 3, 2025.
The fair value of these hedges is determined using observable inputs other than quoted prices in active markets, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. These inputs are considered Level 2 inputs in the fair value hierarchy, and the Company engages a third-party expert to determine these inputs. The fair value of the cash flow hedges is determined using the conventional industry methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts made between the Company and its counterparties to the cash flow hedges. These variable cash receipts are based on the expectation of future interest rates which are derived from observed market interest rate curves. In addition, any credit valuation adjustments are considered in the fair values to account for potential nonperformance risk to the extent they would be significant inputs to the calculations. For the periods presented, credit valuation adjustments were not considered to be significant inputs.
v3.24.3
OTHER LIABILITIES
 9 Months Ended
Sep. 30, 2024
Other Liabilities Disclosure [Abstract]  
OTHER LIABILITIES OTHER LIABILITIES
Other liabilities on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 included the following ($ in thousands):
20242023
Ground lease liability$49,951 $53,348 
Prepaid rent33,101 34,872 
Security deposits16,045 15,050 
Other liabilities1,707 1,560 
$100,804 $104,830 
v3.24.3
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.
v3.24.3
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 Equity 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.
v3.24.3
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. Included in 2024 other revenue is interest income from investments in real estate debt (see note 3). For the three and nine months ended September 30, 2023, the Company recognized fee and other revenue of $419,000 and $3.4 million, respectively.
v3.24.3
STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company currently has several types of employee stock-based compensation — restricted stock, restricted stock units ("RSUs"), issued under the Cousins Properties Incorporated 2019 Ominbus Incentive Stock Plan (the "2019 Plan"), and the Employee Stock Purchase Plan ("ESPP"). While the Company's 2019 Plan also allows for the issuance of stock options, none had been issued or exercised or were outstanding as of or during any of the periods presented. A portion of the Company's independent directors' compensation is also provided in the form of company stock.
The Company's compensation expense for the three and nine months ended September 30, 2024 relates to restricted stock, stock-settled RSUs, and the ESPP. Restricted stock and the stock-settled RSUs are equity-classified awards for which compensation expense per share is fixed. Cash-settled RSUs are liability-classified awards for which the expense fluctuates from period to period dependent, in part, on the Company's stock price. Cash-settled RSUs were last awarded in 2019 and were fully expensed as of March 31, 2023. For the three and nine months ended September 30, 2024 and 2023, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Equity-classified awards:
Restricted stock$1,047 $930 $3,088 $2,715 
Market-based RSUs1,521 1,095 5,373 3,954 
Performance-based RSUs510 350 1,543 1,133 
Director grants391 408 1,196 1,193 
Employee Stock Purchase Plan24 34 72 104 
Total equity-classified award expense, net of forfeitures3,493 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
20242023
Market-based RSUs206 164 
Performance-based RSUs88 70 
Restricted stock204 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
20242023
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.
v3.24.3
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,
 2024202320242023
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 - basic152,140 151,774 152,060 151,692 
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 - basic152,140 151,774 152,060 151,692 
     Add:
Potential dilutive common shares - ESPP5 — 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 - diluted152,812 152,048 152,604 152,018 
Net income per common share - diluted$0.07 $0.13 $0.21 $0.42 
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION
 9 Months Ended
Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]  
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION
Supplemental information related to the cash flows, including significant non-cash activity affecting the condensed consolidated statements of cash flows, for the three and nine months ended September 30, 2024 and 2023 is as follows ($ in thousands):
20242023
Interest paid, net of amounts capitalized $93,742 $84,205 
Income taxes paid— — 
Non-Cash Activity:
Retirement of treasury stock145,696 — 
Tenant improvements funded by tenants92,001 48,120 
  Common stock dividends declared and accrued 49,687 49,296 
Accrued capital expenditures included in accounts payable and accrued expenses94,780 81,707 
v3.24.3
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, 2024OfficeNon-OfficeTotal
Revenues:
Atlanta$78,142 $487 $78,629 
Austin69,080 — 69,080 
Charlotte13,879 1,890 15,769 
Dallas4,422 — 4,422 
Phoenix15,179 — 15,179 
Tampa18,715 — 18,715 
Other markets8,763 117 8,880 
Total segment revenues208,180 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, 2023OfficeNon-OfficeTotal
Revenues:
Atlanta$75,857 $479 $76,336 
Austin62,250 — 62,250 
Charlotte14,338 1,711 16,049 
Dallas4,280 — 4,280 
Phoenix16,339 — 16,339 
Tampa18,797 — 18,797 
Other markets6,669 — 6,669 
Total segment revenues198,530 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, 2024OfficeNon-OfficeTotal
Revenues:
Atlanta$231,598 $1,471 $233,069 
Austin213,688 — 213,688 
Charlotte42,247 5,286 47,533 
Dallas13,191 — 13,191 
Phoenix44,677 — 44,677 
Tampa57,821 — 57,821 
Other markets25,454 128 25,582 
Total segment revenues628,676 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, 2023OfficeNon-OfficeTotal
Revenues:
Atlanta$221,149 $1,405 $222,554 
Austin198,294 — 198,294 
Charlotte43,831 5,253 49,084 
Dallas12,692 — 12,692 
Phoenix50,142 — 50,142 
Tampa56,286 — 56,286 
Other markets20,027 — 20,027 
Total segment revenues602,421 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 segment for the three and nine months ended September 30, 2024 and 2023 are as follows ($ in thousands):
Three Months Ended September 30, 2024OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$49,869 $237 $50,106 
Austin48,261 — 48,261 
Charlotte9,684 1,271 10,955 
Dallas3,563 — 3,563 
Phoenix10,867 — 10,867 
Tampa12,657 — 12,657 
Other markets5,995 (328)5,667 
Total Net Operating Income$140,896 $1,180 $142,076 

Three Months Ended September 30, 2023OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$48,806 $316 $49,122 
Austin43,376 — 43,376 
Charlotte10,947 1,150 12,097 
Dallas3,235 — 3,235 
Phoenix11,950 — 11,950 
Tampa11,444 — 11,444 
Other markets3,660 — 3,660 
Total Net Operating Income$133,418 $1,466 $134,884 
Nine Months Ended September 30, 2024OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$148,742 $826 $149,568 
Austin142,065 — 142,065 
Charlotte29,833 3,524 33,357 
Dallas10,432 — 10,432 
Phoenix32,852 — 32,852 
Tampa36,939 — 36,939 
Other markets17,175 (372)16,803 
Total Net Operating Income418,038 3,978 422,016 

Nine Months Ended September 30, 2023OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$144,564 $870 $145,434 
Austin126,179 — 126,179 
Charlotte32,473 3,475 35,948 
Dallas9,678 — 9,678 
Phoenix33,973 — 33,973 
Tampa34,816 — 34,816 
Other markets10,836 — 10,836 
Total Net Operating Income392,519 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,
 2024202320242023
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 expenses9,204 8,336 27,325 24,795 
Interest expense30,773 27,008 89,424 78,010 
Depreciation and amortization89,784 79,492 271,429 235,531 
Reimbursed expenses188 149 479 515 
Other expenses327 623 1,602 1,484 
Loss (income) from unconsolidated joint ventures1,575 (582)788 (2,008)
Net operating income from unconsolidated joint ventures1,716 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 
v3.24.3
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.
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.
v3.24.3
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):
CollateralCarrying Value as of September 30, 2024Variable Rate as of September 30, 2024Maturity 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
$28,636 
v3.24.3
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Financial Data and Principal Activities of Unconsolidated Joint Ventures
The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of September 30, 2024 and December 31, 2023 ($ in thousands).
SUMMARY OF FINANCIAL POSITION
Total AssetsTotal DebtTotal Equity (Deficit)Company's Investment 
2024202320242023202420232024 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, LLC89,334 — — — 83,334 — 16,763 — 
Land:
715 Ponce Holdings LLC9,446 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 RevenuesNet Income (Loss)Company's Income (Loss) from Investment
202420232024202320242023
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, LLC3,141 — (187)— (60)— 
Land:
715 Ponce Holdings LLC148 210 56 145 28 72 
Sold:
Other— — — 34 — 17 
$23,123 $18,406 $(158)$5,847 $(788)$2,008 
(1) The Neuhoff Holdings LLC properties have commenced initial operations but are not yet stabilized.
v3.24.3
INTANGIBLE ASSETS AND LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets At September 30, 2024 and December 31, 2023, intangible assets included the following ($ in thousands):
20242023
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 
      Goodwill1,674 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):
20242023
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,
2024202320242023
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 
Leases		Below-Market Ground LeasesAbove-Market LeasesBelow-Market
Leases
2024 (three months)$3,994 $71 $559 $(2,009)
202514,628 282 2,070 (7,743)
202612,252 282 1,687 (6,524)
20279,667 282 1,266 (4,989)
20286,851 282 1,158 (3,852)
Thereafter18,254 15,552 2,901 (10,867)
$65,646 $16,751 $9,641 $(35,984)
v3.24.3
OTHER ASSETS (Tables)
 9 Months Ended
Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
Other assets on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 included the following ($ in thousands):
20242023
Predevelopment costs $57,995 $56,600 
Prepaid expenses and other assets8,550 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 $90,745 
v3.24.3
NOTES PAYABLE (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Terms of Notes Payable
The following table summarizes the terms of notes payable outstanding at September 30, 2024 and December 31, 2023 ($ in thousands):
DescriptionInterest Rate (1)Maturity (2)20242023
Unsecured Notes:
Credit Facility5.705%April 2027$— $185,100 
Public Senior Notes5.875%October 2034500,000 — 
Term Loan5.433%March 2025400,000 400,000 
Privately Placed Senior Note3.95%July 2029275,000 275,000 
Term Loan 5.93%February 2025250,000 350,000 
Privately Placed Senior Note3.91%July 2025250,000 250,000 
Privately Placed Senior Note3.86%July 2028250,000 250,000 
Privately Placed Senior Note3.78%July 2027125,000 125,000 
Privately Placed Senior Note4.09%July 2027100,000 100,000 
2,150,000 1,935,100 
Secured Mortgage Notes:
Terminus (3)6.34%January 2031221,000 221,000 
Fifth Third Center3.37%October 2026123,750 126,548 
Colorado Tower3.45%September 2026104,785 106,862 
Domain 103.75%November 202471,037 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 $98.0 million non-cross-collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
Schedule of Interest Recorded
For the three and nine months ended September 30, 2024 and 2023, interest expense was recorded as follows ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
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 $78,010 
v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Reclassification out of Accumulated Other Comprehensive Income
The table below presents the effect of the Company's derivative financial instruments on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Cash Flow Hedges:2024202320242023
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 $78,010 
v3.24.3
OTHER LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2024
Other Liabilities Disclosure [Abstract]  
Schedule of Other Liabilities
Other liabilities on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 included the following ($ in thousands):
20242023
Ground lease liability$49,951 $53,348 
Prepaid rent33,101 34,872 
Security deposits16,045 15,050 
Other liabilities1,707 1,560 
$100,804 $104,830 
v3.24.3
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense, Net of Forfeitures For the three and nine months ended September 30, 2024 and 2023, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Equity-classified awards:
Restricted stock$1,047 $930 $3,088 $2,715 
Market-based RSUs1,521 1,095 5,373 3,954 
Performance-based RSUs510 350 1,543 1,133 
Director grants391 408 1,196 1,193 
Employee Stock Purchase Plan24 34 72 104 
Total equity-classified award expense, net of forfeitures3,493 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 $9,160 
Schedule of Equity and Liability Classified Award Activity
The following table summarizes the grants of equity-classified awards made to employees by the Company in 2024 and 2023 (in thousands):
Shares and Targeted Units Granted in
20242023
Market-based RSUs206 164 
Performance-based RSUs88 70 
Restricted stock204 164 
Schedule of Valuation Assumptions
The Monte Carlo valuation used to determine the grant date fair value of the equity-classified Market-based RSUs included the following assumptions for those RSUs granted in the 2024 and 2023:
Assumptions for RSUs Granted in
20242023
Volatility(1)30.5 %40.5 %
Risk-free rate(2)4.43 %4.35 %
Stock beta(3)0.96 %1.03 %
(1) Based on historical volatility over three years using daily stock price.
(2) Reflects the yield on three-year Treasury bonds.
(3) Betas are calculated with up to three years of daily stock price data.
v3.24.3
EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023 ($ in thousands, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
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 - basic152,140 151,774 152,060 151,692 
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 - basic152,140 151,774 152,060 151,692 
     Add:
Potential dilutive common shares - ESPP5 — 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 - diluted152,812 152,048 152,604 152,018 
Net income per common share - diluted$0.07 $0.13 $0.21 $0.42 
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION - Supplemental Information (Tables)
 9 Months Ended
Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Information Related to Cash Flows
Supplemental information related to the cash flows, including significant non-cash activity affecting the condensed consolidated statements of cash flows, for the three and nine months ended September 30, 2024 and 2023 is as follows ($ in thousands):
20242023
Interest paid, net of amounts capitalized $93,742 $84,205 
Income taxes paid— — 
Non-Cash Activity:
Retirement of treasury stock145,696 — 
Tenant improvements funded by tenants92,001 48,120 
  Common stock dividends declared and accrued 49,687 49,296 
Accrued capital expenditures included in accounts payable and accrued expenses94,780 81,707 
v3.24.3
REPORTABLE SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Reconciliation of Revenue from Segments to Consolidated
Segment net income, amount of capital expenditures, and total assets are not presented in the following tables because management does not utilize these measures when analyzing its segments or when making resource allocation decisions. Information on the Company's segments along with a reconciliation of NOI to net income for the three and nine months ended September 30, 2024 and 2023 are as follows ($ in thousands):
Three Months Ended September 30, 2024OfficeNon-OfficeTotal
Revenues:
Atlanta$78,142 $487 $78,629 
Austin69,080 — 69,080 
Charlotte13,879 1,890 15,769 
Dallas4,422 — 4,422 
Phoenix15,179 — 15,179 
Tampa18,715 — 18,715 
Other markets8,763 117 8,880 
Total segment revenues208,180 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, 2023OfficeNon-OfficeTotal
Revenues:
Atlanta$75,857 $479 $76,336 
Austin62,250 — 62,250 
Charlotte14,338 1,711 16,049 
Dallas4,280 — 4,280 
Phoenix16,339 — 16,339 
Tampa18,797 — 18,797 
Other markets6,669 — 6,669 
Total segment revenues198,530 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, 2024OfficeNon-OfficeTotal
Revenues:
Atlanta$231,598 $1,471 $233,069 
Austin213,688 — 213,688 
Charlotte42,247 5,286 47,533 
Dallas13,191 — 13,191 
Phoenix44,677 — 44,677 
Tampa57,821 — 57,821 
Other markets25,454 128 25,582 
Total segment revenues628,676 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, 2023OfficeNon-OfficeTotal
Revenues:
Atlanta$221,149 $1,405 $222,554 
Austin198,294 — 198,294 
Charlotte43,831 5,253 49,084 
Dallas12,692 — 12,692 
Phoenix50,142 — 50,142 
Tampa56,286 — 56,286 
Other markets20,027 — 20,027 
Total segment revenues602,421 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 $602,459 
Schedule of Reconciliation of NOI to Net Income Available to Common Stockholders
NOI by reportable segment for the three and nine months ended September 30, 2024 and 2023 are as follows ($ in thousands):
Three Months Ended September 30, 2024OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$49,869 $237 $50,106 
Austin48,261 — 48,261 
Charlotte9,684 1,271 10,955 
Dallas3,563 — 3,563 
Phoenix10,867 — 10,867 
Tampa12,657 — 12,657 
Other markets5,995 (328)5,667 
Total Net Operating Income$140,896 $1,180 $142,076 

Three Months Ended September 30, 2023OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$48,806 $316 $49,122 
Austin43,376 — 43,376 
Charlotte10,947 1,150 12,097 
Dallas3,235 — 3,235 
Phoenix11,950 — 11,950 
Tampa11,444 — 11,444 
Other markets3,660 — 3,660 
Total Net Operating Income$133,418 $1,466 $134,884 
Nine Months Ended September 30, 2024OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$148,742 $826 $149,568 
Austin142,065 — 142,065 
Charlotte29,833 3,524 33,357 
Dallas10,432 — 10,432 
Phoenix32,852 — 32,852 
Tampa36,939 — 36,939 
Other markets17,175 (372)16,803 
Total Net Operating Income418,038 3,978 422,016 

Nine Months Ended September 30, 2023OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$144,564 $870 $145,434 
Austin126,179 — 126,179 
Charlotte32,473 3,475 35,948 
Dallas9,678 — 9,678 
Phoenix33,973 — 33,973 
Tampa34,816 — 34,816 
Other markets10,836 — 10,836 
Total Net Operating Income392,519 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,
 2024202320242023
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 expenses9,204 8,336 27,325 24,795 
Interest expense30,773 27,008 89,424 78,010 
Depreciation and amortization89,784 79,492 271,429 235,531 
Reimbursed expenses188 149 479 515 
Other expenses327 623 1,602 1,484 
Loss (income) from unconsolidated joint ventures1,575 (582)788 (2,008)
Net operating income from unconsolidated joint ventures1,716 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 
v3.24.3
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 100.00%
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) 99.00%
v3.24.3
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
v3.24.3
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    
v3.24.3
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%    
v3.24.3
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  
v3.24.3
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 20.00%        
TL CO Proscenium LLC | Proscenium JV LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership percentage 80.00%        
Area of property | ft² 525,000        
Gross purchase price $ 83,300        
v3.24.3
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
v3.24.3
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
v3.24.3
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
v3.24.3
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
v3.24.3
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
v3.24.3
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
v3.24.3
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   $ 1.0  
Minimum fixed charge coverage ratio   1.50  
Variable rate   1.00%  
Facility fee percentage     0.15%
Available borrowing capacity     $ 1.0
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   1.00%  
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   0.00%  
Maximum      
Line of Credit Facility [Line Items]      
Secured leverage ratio   50.00%  
Leverage ratio   60.00%  
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%  
v3.24.3
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 1.00%           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 1.00%                    
2022 Term Loan | Term Loan | Base Rate | Minimum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate 0.00%         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             1.00%        
Repayment of term loans         $ 100,000            
Remaining amount to be paid                 $ 250,000    
Variable rate     1.00%                
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     1.00%                
2021 Term Loan | Term Loan | Base Rate | Minimum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate     0.00%     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%                  
v3.24.3
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 150.00%      
EBITDA to debt service ratio 1.50      
Unsecured Senior Notes | Public Senior Note | Maximum        
Debt Instrument [Line Items]        
Secured leverage ratio 40.00%      
Leverage ratio 60.00%      
v3.24.3
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%  
v3.24.3
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  
v3.24.3
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 1.00%   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     1.00%          
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%            
v3.24.3
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
v3.24.3
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
v3.24.3
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
v3.24.3
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    
v3.24.3
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
v3.24.3
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
v3.24.3
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) 0.00%
Payout range maximum (as a percent) 200.00%
Employees  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period (in years) 3 years
v3.24.3
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
v3.24.3
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
v3.24.3
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)
v3.24.3
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
v3.24.3
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)
v3.24.3
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
v3.24.3
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)