COUSINS PROPERTIES INC, 10-Q filed on 7/27/2023
Quarterly Report
v3.23.2
Cover - shares
 6 Months Ended
Jun. 30, 2023
Jul. 21, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2023  
Document Transition Report false  
Entity File Number 001-11312  
Entity Registrant Name COUSINS PROPERTIES INC  
Entity Incorporation, State or Country Code GA  
Entity Tax Identification Number 58-0869052  
Entity Address, Address Line One 3344 Peachtree Road NE  
Entity Address, Address Line Two Suite 1800  
Entity Address, City or Town Atlanta  
Entity Address, State or Province GA  
Entity Address, Postal Zip Code 30326-4802  
City Area Code 404  
Local Phone Number 407-1000  
Title of 12(b) Security Common Stock, $1 par value per share  
Trading Symbol CUZ  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   151,774,468
Entity Central Index Key 0000025232  
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
v3.23.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Real estate assets:    
Operating properties, net of accumulated depreciation of $1,197,310 and $1,079,662 in 2023 and 2022, respectively $ 6,740,557 $ 6,738,354
Projects under development 124,105 111,400
Land 158,429 158,430
Total properties 7,023,091 7,008,184
Cash and cash equivalents 8,031 5,145
Accounts receivable 12,466 8,653
Deferred rents receivable 196,349 184,043
Investment in unconsolidated joint ventures 138,992 112,839
Intangible assets, net 121,887 136,240
Other assets, net 94,969 81,912
Total assets 7,595,785 7,537,016
Liabilities:    
Notes payable 2,423,761 2,334,606
Accounts payable and accrued expenses 241,563 271,103
Deferred income 172,552 128,636
Intangible liabilities, net 46,511 52,280
Other liabilities 107,100 103,442
Total liabilities 2,991,487 2,890,067
Commitments and contingencies
Stockholders' investment:    
Common stock, $1 par value per share, 300,000,000 shares authorized, 154,336,492 and 154,019,214 issued, and 151,774,468 and 151,457,190 outstanding in 2023 and 2022, respectively 154,336 154,019
Additional paid-in capital 5,634,996 5,630,327
Treasury stock at cost, 2,562,024 shares in 2023 and 2022 (147,157) (147,157)
Distributions in excess of cumulative net income (1,066,369) (1,013,292)
Accumulated other comprehensive income 5,565 1,767
Total stockholders' investment 4,581,371 4,625,664
Nonredeemable noncontrolling interests 22,927 21,285
Total equity 4,604,298 4,646,949
Total liabilities and equity $ 7,595,785 $ 7,537,016
v3.23.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Accumulated depreciation on operating properties $ 1,197,310 $ 1,079,662
Common stock, par value (in usd per share) $ 1 $ 1
Common stock, shares authorized (in shares) 300,000,000 300,000,000
Common stock, shares issued (in shares) 154,336,492 154,019,214
Common stock, shares outstanding (in shares) 151,774,468 151,457,190
Treasury stock, shares (in shares) 2,562,024 2,562,024
v3.23.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Total Revenues $ 204,320 $ 185,680 $ 407,048 $ 372,578
Expenses:        
Rental property operating expenses 67,099 62,216 138,312 127,093
Reimbursed expenses 159 677 366 1,037
General and administrative expenses 8,021 6,996 16,459 15,059
Interest expense 25,972 16,549 51,002 32,074
Depreciation and amortization 80,269 69,861 156,039 140,605
Other 476 425 861 646
Total costs and expenses 181,996 156,724 363,039 316,514
Income from unconsolidated joint ventures 753 5,280 1,426 6,404
Gain (loss) on investment property transactions 0 28 (2) (41)
Loss on extinguishment of debt 0 (100) 0 (100)
Net income 23,077 34,164 45,433 62,327
Net income attributable to noncontrolling interests (456) (112) (616) (291)
Net income available to common stockholders $ 22,621 $ 34,052 $ 44,817 $ 62,036
Net income per common share — basic (in usd per share) $ 0.15 $ 0.23 $ 0.30 $ 0.42
Net income per common share — diluted (in usd per share) $ 0.15 $ 0.23 $ 0.29 $ 0.42
Weighted average shares — basic (in shares) 151,721 148,837 151,650 148,788
Weighted average shares — diluted (in shares) 152,126 149,142 152,003 149,090
Rental property revenues        
Revenues:        
Total Revenues $ 203,954 $ 183,174 $ 404,030 $ 366,401
Fee income        
Revenues:        
Total Revenues 352 2,305 726 3,693
Other        
Revenues:        
Total Revenues $ 14 $ 201 $ 2,292 $ 2,484
v3.23.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Comprehensive Income:        
Net income available to common stockholders $ 22,621 $ 34,052 $ 44,817 $ 62,036
Other comprehensive income:        
Unrealized gain on cash flow hedges 5,936 0 4,894 0
Amortization of cash flow hedges (908) 0 (1,096) 0
Total other comprehensive income 5,028 0 3,798 0
Total comprehensive income $ 27,649 $ 34,052 $ 48,615 $ 62,036
v3.23.2
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Stockholders' Investment
Common Stock
Additional Paid-In Capital
Treasury Stock
Distributions in Excess of Net Income
Accumulated Other Comprehensive Income
Nonredeemable Noncontrolling Interests
Beginning balance at Dec. 31, 2021 $ 4,600,400 $ 4,566,770 $ 151,273 $ 5,549,308 $ (148,473) $ (985,338)   $ 33,630
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 62,327 62,036       62,036   291
Other comprehensive income 0              
Common stock issued under the ATM, net of issuance costs 103,107 103,107 2,632 100,475        
Common stock issued pursuant to stock-based compensation, net of tax withholding 610 610 120 490        
Amortization of stock-based compensation, net of forfeitures 4,502 4,502   4,498   4    
Purchase of interest in consolidated joint venture (43,387) (27,638)   (27,638)       (15,749)
Contributions from noncontrolling interests 2,520             2,520
Distributions to noncontrolling interests (92)             (92)
Common dividends (97,292) (97,292)       (97,292)    
Ending balance at Jun. 30, 2022 4,632,695 4,612,095 154,025 5,627,133 (148,473) (1,020,590)   20,600
Beginning balance at Mar. 31, 2022 4,582,645 4,547,643 151,349 5,550,718 (148,473) (1,005,951)   35,002
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 34,164 34,052       34,052   112
Other comprehensive income 0              
Common stock issued under the ATM, net of issuance costs 103,107 103,107 2,632 100,475        
Common stock issued pursuant to stock-based compensation, net of tax withholding 1,540 1,540 44 1,496        
Amortization of stock-based compensation, net of forfeitures 2,086 2,086   2,082   4    
Purchase of interest in consolidated joint venture (43,387) (27,638)   (27,638)       (15,749)
Contributions from noncontrolling interests 1,241             1,241
Distributions to noncontrolling interests (6)             (6)
Common dividends (48,695) (48,695)       (48,695)    
Ending balance at Jun. 30, 2022 4,632,695 4,612,095 154,025 5,627,133 (148,473) (1,020,590)   20,600
Beginning balance at Dec. 31, 2022 4,646,949 4,625,664 154,019 5,630,327 (147,157) (1,013,292) $ 1,767 21,285
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 45,433 44,817       44,817   616
Other comprehensive income 3,798 3,798         3,798  
Common stock issued pursuant to stock-based compensation, net of tax withholding (507) (507) 320 (827)        
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures 5,493 5,493 (3) 5,496        
Contributions from noncontrolling interests 1,384             1,384
Distributions to noncontrolling interests (358)             (358)
Common dividends (97,894) (97,894)       (97,894)    
Ending balance at Jun. 30, 2023 4,604,298 4,581,371 154,336 5,634,996 (147,157) (1,066,369) 5,565 22,927
Beginning balance at Mar. 31, 2023 4,621,036 4,599,018 154,256 5,631,076 (147,157) (1,039,694) 537 22,018
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 23,077 22,621       22,621   456
Other comprehensive income 5,028 5,028         5,028  
Common stock issued pursuant to stock-based compensation, net of tax withholding 1,631 1,631 81 1,550        
Amortization of stock-based compensation, net of forfeitures 2,369 2,369 (1) 2,370        
Contributions from noncontrolling interests 646             646
Distributions to noncontrolling interests (193)             (193)
Common dividends (49,296) (49,296)       (49,296)    
Ending balance at Jun. 30, 2023 $ 4,604,298 $ 4,581,371 $ 154,336 $ 5,634,996 $ (147,157) $ (1,066,369) $ 5,565 $ 22,927
v3.23.2
Consolidated Statements of Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]        
Common dividends (in usd per share) $ 0.32 $ 0.32 $ 0.64 $ 0.64
v3.23.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 45,433 $ 62,327
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss on investment property transactions 2 41
Depreciation and amortization 156,039 140,605
Amortization of deferred financing costs and premium on notes payable 2,061 (130)
Equity-classified stock-based compensation expense, net of forfeitures 6,363 5,292
Effect of non-cash adjustments to rental revenues (23,721) (17,961)
Income from unconsolidated joint ventures (1,426) (6,404)
Operating distributions from unconsolidated joint ventures 2,033 3,161
Loss on extinguishment of debt 0 100
Changes in other operating assets and liabilities:    
Change in receivables and other assets, net (9,423) (2,463)
Change in operating liabilities, net (16,290) (26,879)
Net cash provided by operating activities 161,071 157,689
CASH FLOWS FROM INVESTING ACTIVITIES:    
Property acquisition, development, and tenant asset expenditures (134,279) (172,206)
Return of capital distributions from unconsolidated joint venture 10,907 10,752
Contributions to unconsolidated joint ventures (26,299) (31,892)
Net cash used in investing activities (149,671) (193,346)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from credit facility 210,700 269,500
Repayment of credit facility (118,800) (192,000)
Repayment of term loans 0 (8,436)
Repayment of mortgages (4,100) 0
Common stock issued under the ATM 0 101,668
Payment of deferred financing costs (71) (5,299)
Purchase of partners' interest in consolidated joint venture 0 (43,387)
Common dividends paid (97,269) (93,697)
Contributions from noncontrolling interests 1,384 2,520
Distributions to noncontrolling interests (358) (92)
Net cash provided by (used in) financing activities (8,514) 30,777
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 2,886 (4,880)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 5,145 10,168
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD $ 8,031 $ 5,288
v3.23.2
Description of Business and Basis of Presentation
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business: Cousins Properties Incorporated (“Cousins”), a Georgia corporation, is a fully integrated, self-administered, and self-managed real estate investment trust (“REIT”). Cousins conducts substantially all of its business through Cousins Properties LP ("CPLP"). Cousins owns in excess of 99% of CPLP and consolidates CPLP. As of June 30, 2023 and 2022, limited partners owned the remaining 25,000 common units of CPLP. CPLP wholly owns Cousins TRS Services LLC ("CTRS"), a taxable entity which owns and manages its own real estate portfolio and performs certain real estate-related services for other parties.
Cousins, CPLP, CTRS, and their subsidiaries (collectively, the “Company”) develop, acquire, lease, manage, and own primarily Class A office properties and opportunistic mixed-use developments in the Sun Belt markets of the United States with a focus on Atlanta, Austin, Tampa, Charlotte, Phoenix, Dallas, and Nashville. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute at least 100% of its net taxable income to stockholders, thereby eliminating any liability for federal income taxes under current law. Therefore, the results included herein do not include a federal income tax provision for Cousins. As of June 30, 2023, the Company's portfolio of real estate assets consisted of interests in 18.8 million square feet of office space and 310,000 square feet of multi-family space.
Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of June 30, 2023 and the results of operations for the three and six months ended June 30, 2023 and 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The accounting policies employed are substantially the same as those shown in note 2 of the notes to consolidated financial statements included therein.
The Company evaluates all partnerships, joint ventures, and other arrangements with variable interests to determine if the entity or arrangement qualifies as a variable interest entity ("VIE"), as defined in the Financial Accounting Standard Board's ("FASB") Accounting Standards Codification ("ASC"). If the entity or arrangement qualifies as a VIE and the Company is determined to be the primary beneficiary, the Company is required to consolidate the assets, liabilities, and results of operations of the VIE. At June 30, 2023, the Company had no investments or interests in any VIEs.
v3.23.2
Real Estate
 6 Months Ended
Jun. 30, 2023
Real Estate [Abstract]  
REAL ESTATE REAL ESTATE
For the three and six months ended June 30, 2023, the Company had no real estate transactions.
Impairment
The Company tests buildings held for investment, by disposal groups, for impairment whenever changes in circumstances indicate a disposal group’s carrying value may not be recoverable. The test is conducted using undiscounted cash flows for the shorter of the building’s estimated hold period or its remaining useful life. When testing for recoverability of value of buildings held for investment, projected cash flows are used over its expected hold period. If the expected hold period includes some likelihood of shorter-term hold period from a potential sale, the probability of a sale is layered into the analysis. If any building's held-for-investment analysis were to fail the impairment test, its book value would be written down to its then current estimated fair value, before any selling expense, and that building would continue to depreciate over its remaining useful life. None of the Company’s held-for-investment buildings were impaired during any periods presented in the accompanying statement of operations while under the held-for-investment classification.
The Company also reviews held-for-sale buildings, if any, for impairments. In order to be considered a real estate asset held-for-sale, the Company must, among other things, have the authority to commit to a plan to sell the asset in its current condition, have commenced the plan to sell the asset, and have determined that it is probable that the asset will sell within one year. If book value is in excess of estimated fair value less estimated selling costs, we impair those assets to fair value less estimated selling costs. There were no held-for-sale buildings during any periods presented in the accompanying statements of operations.
The Company also reviews land and projects under development for impairment whenever changes in circumstances indicate the assets' carrying value may not be recoverable. None of the Company's investments in land or projects under development were impaired during any periods presented in the accompanying statement of operations.
The Company may record impairment charges in future periods if the economy and the office industry weakens, the operating results of individual buildings are materially different from our forecasts, or we shorten our contemplated hold period for any operating buildings.
v3.23.2
Investment in Unconsolidated Joint Ventures
 6 Months Ended
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of June 30, 2023 and December 31, 2022 ($ in thousands).
SUMMARY OF FINANCIAL POSITION
Total AssetsTotal DebtTotal Equity (Deficit)Company's Investment 
2023202220232022202320222023 2022 
Operating Properties:
AMCO 120 WT Holdings, LLC$80,258 $81,136 $— $— $79,464 $80,509 $14,647 $14,856 
Crawford Long - CPI, LLC (1)22,323 22,857 82,294 62,856 (62,353)(39,691)(30,545)(2)(19,173)(2)
Under Development:
Neuhoff Holdings LLC (3)426,429 321,338 166,330 115,940 223,786 177,734 120,036 93,647 
Land:
715 Ponce Holdings LLC8,552 8,333 — — 8,433 8,332 4,289 4,261 
Sold and Other:
HICO Victory Center LP42 158 — — 42 5,818 20 75 
$537,604 $433,822 $248,624 $178,796 $249,372 $232,702 $108,447 $93,666 

(1) In May 2023, Crawford Long - CPI, LLC refinanced the mortgage loan for the Medical Offices at Emory Hospital property. This $83.0 million interest-only mortgage loan has a fixed interest rate of 4.80% and matures in June 2032.
(2) Negative investment basis included in deferred income on the consolidated balance sheets.
(3) Neuhoff Holdings LLC has a construction loan with a borrowing capacity up to $312.7 million that matures September 2025. The interest rate applicable to the construction loan is based on the Secured Overnight Financing Rate ("SOFR") plus 3.45% with a minimum rate of 3.60%. Prior to April 2023, the loan beared interest at the London Interbank Offered Rate ("LIBOR") plus 3.45%.
The information included in the summary of operations table is for the six months ended June 30, 2023 and 2022 ($ in thousands).
SUMMARY OF OPERATIONS
Total RevenuesNet Income (Loss)Company's Income
from Investment
202320222023202220232022
Operating Properties:
AMCO 120 WT Holdings, LLC$5,451 $5,160 $1,625 $1,397 $323 $271 
Crawford Long - CPI, LLC 6,360 6,480 2,151 2,324 1,006 1,091 
Under Development:
Neuhoff Holdings LLC70 69 42 58 21 29 
Land:
715 Ponce Holdings LLC141 138 100 99 51 49 
Sold and Other:
Carolina Square Holdings LP— 7,860 48 722 24 304 
HICO Victory Center LP— 72 2 6,853 1 4,557 
Other — 28 — (12)— 103 
$12,022 $19,807 $3,968 $11,441 $1,426 $6,404 

In May 2023, Crawford Long refinanced the mortgage loan for the Medical Offices at Emory Hospital property. Proceeds from the refinancing were used to repay in full its $62.4 million mortgage loan that was set to mature in June 2023. The new $83.0 million mortgage loan has a fixed interest rate of 4.80% and matures in June 2032.
On June 30, 2022, HICO Victory Center LP sold a 3.0 acre land parcel, in Uptown Dallas, held in an unconsolidated joint venture for a gross price of $23.1 million. The Company's share of the gain from the transaction was $4.5 million and is included in income from unconsolidated joint ventures on the statements of operations.
v3.23.2
Intangible Assets and Liabilities
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND LIABILITIES INTANGIBLE ASSETS AND LIABILITIES
At June 30, 2023 and December 31, 2022, intangible assets included the following ($ in thousands):
20232022
In-place leases, net of accumulated amortization of $130,830 and $131,021
in 2023 and 2022, respectively
$89,611 $102,080 
Below-market ground leases, net of accumulated amortization of $2,060 and
$1,860 in 2023 and 2022, respectively
17,193 17,393 
Above-market leases, net of accumulated amortization of $25,240 and $25,085
in 2023 and 2022, respectively
13,409 15,093 
      Goodwill1,674 1,674 
$121,887 $136,240 

At June 30, 2023 and December 31, 2022, intangible liabilities were the following ($ in thousands):
20232022
Below-market leases, net of accumulated amortization of $48,699 and $48,994 in 2023 and 2022, respectively
$46,511 $52,280 
The amortization of the above asset and liabilities are recorded as follows ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Revenues:
Rental property revenues, net (Below-market and Above-market leases)$2,526 $1,661 $4,084 $3,464 
Expenses:
Depreciation and amortization (In-place leases)7,057 7,032 12,470 14,390 
Rental property operating and other expenses (Below-market ground leases)100 82 200 174 

Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows ($ in thousands):
In-Place 
Leases		Below-Market Ground LeasesAbove-Market LeasesBelow-Market
Leases
2023 (six months)$9,438 $200 $1,495 $(4,336)
202417,407 400 2,697 (8,292)
202514,803 400 2,114 (7,747)
202612,356 400 1,695 (6,509)
20279,757 400 1,273 (4,973)
Thereafter25,850 15,393 4,135 (14,654)
$89,611 $17,193 $13,409 $(46,511)
v3.23.2
Other Assets
 6 Months Ended
Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS OTHER ASSETS
Other assets on the consolidated balance sheets as of June 30, 2023 and December 31, 2022 included the following ($ in thousands):
20232022
Predevelopment costs $54,501 $50,009 
Prepaid expenses and other assets16,633 6,438 
Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $18,766 and $18,860 in 2023 and 2022, respectively
10,997 11,824 
Lease inducements, net of accumulated amortization of $5,360 and $5,129 in 2023 and 2022, respectively
7,922 8,091 
Credit Facility deferred financing costs, net of accumulated amortization of $1,488 and $135 in 2023 and 2022, respectively
4,916 5,550 
$94,969 $81,912 
Predevelopment costs represent amounts that are capitalized related to predevelopment projects that the Company determined are probable of future development.
Lease inducements are incentives paid to tenants in conjunction with leasing space, such as moving costs, sublease arrangements of prior space, and other costs. These amounts are amortized into rental revenues over the individual underlying lease terms.
v3.23.2
Notes Payable
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
NOTES PAYABLE NOTES PAYABLE
The following table summarizes the terms of notes payable outstanding at June 30, 2023 and December 31, 2022 ($ in thousands):
DescriptionInterest Rate (1)Maturity (2)20232022
Unsecured Notes:
Credit Facility6.09%April 2027$148,500 $56,600 
Term Loan(3)March 2025400,000 400,000 
Term Loan5.38%August 2024350,000 350,000 
Senior Note3.95%July 2029275,000 275,000 
Senior Note3.91%July 2025250,000 250,000 
Senior Note3.86%July 2028250,000 250,000 
Senior Note3.78%July 2027125,000 125,000 
Senior Note4.09%July 2027100,000 100,000 
1,898,500 1,806,600 
Secured Mortgage Notes:
Terminus (4)6.34%January 2031221,000 221,000 
Fifth Third Center 3.37%October 2026128,373 130,168 
Colorado Tower3.45%September 2026108,219 109,552 
Domain 103.75%November 202473,549 74,521 
531,141 535,241 
   $2,429,641 $2,341,841 
Unamortized loan costs(5,880)(7,235)
Total Notes Payable$2,423,761 $2,334,606 

(1) Interest rate as of June 30, 2023.
(2) Weighted average maturity of notes payable outstanding at June 30, 2023 was 3.5 years.
(3) In April 2023, the Company entered into a floating-to-fixed interest rate swap with respect to $200 million of the $400 million Term Loan. As of June 30, 2023, the fixed interest rate was 5.45%, and the floating interest rate was 6.24%.
(4) Represents $123.0 million and $98.0 million non-cross-collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
Credit Facility
On May 2, 2022, the Company entered into a Fifth Amended and Restated Credit Agreement (the "Credit Facility") under which the Company may borrow up to $1 billion if certain conditions are satisfied. The Credit Facility contains financial covenants that require, among other things, the maintenance of unencumbered interest coverage ratio of at least 1.75x; a fixed charge coverage ratio of at least 1.50x; a secured leverage ratio of no more than 50%; and an overall leverage ratio of no more than 60%.
The interest rate applicable to the Credit Facility varies according to the Company's leverage ratio and may, at the election of the Company, be determined based on either (1) the Daily SOFR or Term SOFR, plus a SOFR adjustment of 0.10% ("Adjusted SOFR") and a spread of between 0.90% and 1.40%, or (2) the greater of (i) Bank of America's prime rate, (ii) the federal funds rate plus 0.50%, (iii) Term SOFR, plus a SOFR adjustment of 0.10% and 1.00%, or (iv) 1.00%, plus a spread of between 0.00% and 0.40%, based on leverage. In addition to the interest rate, the Credit Facility is also subject to a facility fee of 0.15% to 0.30%, depending on leverage, on the entire $1 billion capacity.
At June 30, 2023, the Credit Facility's interest rate spread over Adjusted SOFR was 0.90%, and the facility fee spread was 0.15%. The amount that the Company may draw under the Credit Facility is a defined calculation based on the Company's unencumbered assets and other factors. The total available borrowing capacity under the Credit Facility was $851.5 million at June 30, 2023. The amounts outstanding under the Credit Facility may be accelerated upon the occurrence of any events of default.
The Credit Facility replaced a $1 billion prior facility that was set to expire in January 2023. The rate paid under the prior facility from January 1, 2022 through May 1, 2022 was LIBOR plus 1.05%.
Term Loans
On October 3, 2022, the Company entered into a Delayed Draw Term Loan Agreement (the "2022 Term Loan") and borrowed the full $400 million available under the loan. The loan matures on March 3, 2025 with four consecutive options to extend the maturity date for an additional six months. The interest rate provisions are the same as the 2021 Term Loan, and the covenants are the same as the Credit Facility. On April 19, 2023, the Company entered into a floating-to-fixed rate swap with respect to $200 million of the $400 million 2022 Term Loan through the maturity date of March 3, 2025. This swap fixed the underlying SOFR rate at 4.298% (see note 7).
On June 28, 2021, the Company entered into an Amended and Restated Term Loan Agreement (the "2021 Term Loan") that amended the former term loan agreement. Under the 2021 Term Loan, the Company has borrowed $350 million that matures on August 30, 2024 with four consecutive options to extend the maturity date for an additional 180 days. On September 19, 2022, the Company entered into the First Amendment to the 2021 Term Loan. This amendment aligns covenants and available interest rates, including the addition of SOFR, to that of the Credit Facility. Under the terms of this First Amendment the interest rate applicable to the 2021 Term Loan varies according to the Company's leverage ratio and may, at the election of the Company, be determined based on either (1) the Daily SOFR or Term SOFR, plus a SOFR adjustment of 0.10% ("Adjusted SOFR") and a spread of between 1.05% and 1.65%, or (2) the greater of (i) Bank of America's prime rate, (ii) the federal funds rate plus 0.50%, (iii) Term SOFR, plus a SOFR adjustment of 0.10% and 1.00%, (iv) or 1.00%, plus a spread of between 0.05% and 0.65%, based on leverage. On September 19, 2022, the Company provided notice of our election of the Daily SOFR Rate Loan provisions. On September 27, 2022, the Company entered into a floating-to-fixed interest rate swap with respect to the $350 million 2021 Term Loan through the maturity date of August 30, 2024. This swap effectively fixed the underlying SOFR rate at 4.234% (see note 7).
At June 30, 2023, the Term Loans' spread over Adjusted SOFR rate was 1.05%.
Unsecured Senior Notes
The Company has unsecured senior notes of $1.0 billion that were funded in five tranches. The first tranche of $100 million is due in 2027 and has a fixed annual interest rate of 4.09%. The second tranche of $250 million is due in 2025 and has a fixed annual interest rate of 3.91%. The third tranche of $125 million is due in 2027 and has a fixed annual interest rate of 3.78%. The fourth tranche of $250 million is due in 2028 and has a fixed annual interest rate of 3.86%. The fifth tranche of $275 million is due in 2029 and has a fixed annual interest rate of 3.95%.
The unsecured senior notes contain financial covenants that are consistent with those of our Credit Facility, with the exception of a secured leverage ratio of no more than 40%. The senior notes also contain customary representations and warranties and affirmative and negative covenants, as well as customary events of default.
Secured Mortgage Notes
In December 2022, the Company refinanced mortgages on the Company's two Terminus properties in Atlanta with the existing lender. Under the new mortgages, the maturities were extended from January 2023 to January 2031, the combined principal increased to $221.0 million, and the interest rate is now 6.34%. These mortgages are neither cross-collateralized nor cross-defaulted.
In October 2022, the Company paid off, in full, its Legacy Union One and Promenade Tower mortgages.
As of June 30, 2023, the Company had $531.1 million outstanding on five non-recourse mortgage notes. All interest rates on the secured mortgage notes are fixed. Assets with depreciated carrying values of $901.7 million are pledged as security on these mortgage notes payable.
Other Debt Information
The Company is in compliance with all of the covenants related to its unsecured and secured debt.
At June 30, 2023 and December 31, 2022, the estimated fair value of the Company’s notes payable was $2.3 billion and $2.2 billion, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated current market rates at which similar loans could have been obtained at June 30, 2023 and December 31, 2022. The estimate of the current market rates, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. These fair value calculations are considered to be Level 2 under the guidelines as set forth in ASC 820, as the Company utilizes market rates for similar type loans from third party brokers.
For the three and six months ended June 30, 2023 and 2022, interest expense was recorded as follows ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Total interest incurred$30,977 $20,140 $61,098 $39,116 
Interest capitalized(5,005)(3,591)(10,096)(7,042)
Total interest expense$25,972 $16,549 $51,002 $32,074 
v3.23.2
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
On April 19, 2023, the Company entered into a floating-to-fixed interest rate swap with respect to $200 million of the $400 million 2022 Term Loan through the maturity date of March 3, 2025. This swap effectively fixed the underlying SOFR rate at 4.298%.
On September 27, 2022, the Company entered into a floating-to-fixed interest rate swap with respect to the $350 million 2021 Term Loan through the maturity date of August 30, 2024. This swap effectively fixed the underlying SOFR rate at 4.234%.
The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2022 and 2023, such derivatives were used to hedge the variable cash flows associated with the 2021 and 2022 Term Loans (referred to as "cash flow hedges").
For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings.
The counterparties under these swaps are major financial institutions, and the swaps contain provisions whereby if the Company defaults on certain of its indebtedness, and such default results in repayment of such indebtedness being, or becoming capable of being, accelerated by the lender, then the Company could also be declared in default under the swaps. There are no collateral requirements related to these swaps.
As of June 30, 2023, the fair value of the swap with respect to the 2022 Term Loan was $1.9 million and is included in other assets on the Company's consolidated balance sheets.
As of June 30, 2023 and December 31, 2022, the fair value of the swap with respect to the 2021 Term Loan was $3.7 million and $1.8 million, respectively, and are included in other assets on the Company's consolidated balance sheets.
The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Cash Flow Hedges:2023202220232022
Amount of income recognized in accumulated other comprehensive income on interest rate derivatives$5,936 $— $4,894 $— 
Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense$(908)$— $(1,096)$— 
Total amount of interest expense presented in the consolidated statements of operations$25,972 $16,549 $51,002 $32,074 
The fair value of these hedges is determined using observable inputs other than quoted prices in active markets, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. These inputs are considered Level 2 inputs in the fair value hierarchy, and the Company engages a third-party expert to determine these inputs. The fair value of the cash flow hedges is determined using the conventional industry methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts made between the Company and its counterparties to the cash flow hedges. These variable cash receipts are based on the expectation of future interest rates which are derived from observed market interest rate curves. In addition, any credit valuation adjustments are considered in the fair values to account for potential nonperformance risk to the extent they would be significant inputs to the calculations. For the periods presented, credit valuation adjustments were not considered to be significant inputs.
v3.23.2
Other Liabilities
 6 Months Ended
Jun. 30, 2023
Other Liabilities Disclosure [Abstract]  
OTHER LIABILITIES OTHER LIABILITIES
Other liabilities on the consolidated balance sheets as of June 30, 2023 and December 31, 2022 included the following ($ in thousands):
20232022
Ground lease liability$53,322 $53,129 
Prepaid rent37,660 33,165 
Security deposits14,398 14,635 
Restricted stock unit liability— 1,048 
Other liabilities1,720 1,465 
$107,100 $103,442 
v3.23.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Commitments
The Company had outstanding performance bonds totaling $684,000 at June 30, 2023. As a lessor, the Company had $153.1 million in future obligations under leases to fund tenant improvements and other future construction obligations at June 30, 2023.
Litigation
The Company is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of the Company.
v3.23.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2023
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 February 17, 2023, the Company filed a Form S-3 to renew the registration of its authorized shares. In conjunction with that Form S-3 filing, the Company entered into an Amendment to the EDA to allow for the continued issuance of shares under this ATM Program.
On April 21, 2022, the Company purchased its partner's 10% joint venture interest in HICO Avalon, LLC and HICO Avalon II, LLC, which consisted of the 8000 and 10000 Avalon office properties. This transaction did not result in a change in control and the difference between the $43.4 million purchase price of our partner's interest, which included a promote related to increases in fair value in excess of cost, and the $15.7 million book value of the outside partner's non-controlling interest was recorded as additional paid-in capital in the equity section of the Company's consolidated balance sheet. The Company's consolidated basis in Avalon's assets and liabilities was unchanged by this transaction.
On June 29, 2022, the Company issued 2.6 million shares of common stock under Forward Sales contracts executed in December 2021 at an average price of $39.92 per share, for gross proceeds of $105.1 million. To date, the Company has issued 2.6 million shares under the ATM Program and has generated cash proceeds of $101.4 million, net of $1.1 million of compensation to be paid with respect to such Forward Sales, $1.7 million of dividends owed during the period the Forward Sales were outstanding, and $900,000 of other transaction related costs. To the extent, prior to settlement, shares sold under Forward Sales were potentially dilutive during the period under the treasury stock method, the impact of such dilution is disclosed in the calculation included in note 13. The Company did not issue any shares under the ATM Program during the six months ended June 30, 2023 and did not have any outstanding Forward Sales contracts for the sale of its common stock as of June 30, 2023.
v3.23.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
The Company categorizes its primary sources of revenue into revenue from contracts with customers and other revenue accounted for as leases under ASC 842 as follows:
•Rental property revenues consist of (1) contractual revenues from leases recognized on a straight-line basis over the term of the respective lease; (2) percentage rents recognized once a specified sales target is achieved; (3) parking revenues; (4) termination fees; and (5) the reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses. The Company's leases typically include renewal options and are classified and accounted for as operating leases. Rental property revenues are accounted for in accordance with the guidance set forth in ASC 842.
•Fee income consists of development fees, management fees, and leasing fees earned from unconsolidated joint ventures and from third parties. Fee income is accounted for in accordance with the guidance set forth in ASC 606.
For the three and six months ended June 30, 2023, the Company recognized rental property revenues of $204.0 million and $404.0 million, respectively, of which $62.2 million and $121.4 million, respectively, represented variable rental revenue. For the three and six months ended June 30, 2022, the Company recognized rental property revenues of $183.2 million and $366.4 million, respectively, of which $50.2 million and $103.0 million, respectively, represented variable rental revenue.
For the three and six months ended June 30, 2023, the Company recognized fee and other revenue of $366,000 and $3.0 million, respectively. For the three and six months ended June 30, 2022, the Company recognized fee and other revenue of $2.5 million and $6.2 million, respectively. For the three and six months ended June 30, 2022, fee and other revenue includes $1.4 million and $2.2 million, respectively, related to the Company's consulting and development contracts with Norfolk Southern Railway Company, as discussed in note 3 of the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. For the three and six months ended June 30, 2023, none of the fee and other revenue related to Norfolk Southern Railway Company.
The Company has a lease with SVB Financial Group ("SVB Financial") at its Hayden Ferry property in Phoenix, Arizona. SVB Financial’s primary subsidiary, Silicon Valley Bank ("SVB"), was placed in receivership by the Federal Deposit Insurance Corporation ("FDIC") on March 10, 2023; and on March 17, 2023, SVB Financial filed a voluntary petition for a court-supervised reorganization under Chapter 11 of the US Bankruptcy Code. On March 27, 2023, First Citizen's BancShares, Inc. ("FCB") announced it had purchased SVB Financial's subsidiary, SVB, the primary user of the leased space. SVB Financial is current on its financial obligations under the lease through August 2023. In June 2023, the Bankruptcy court approved SVB Financial's request for an order rejecting the lease, with an effective date no later than September 30, 2023. Because collection of rents for the term of the lease no longer remains probable, a reduction of revenue of $1.6 million related to write-down of net assets associated with this lease is included in the Company's results for the three and six months ended June 30, 2023. The Company will recognize rental revenue on a cash basis through the effective date of the lease rejection
v3.23.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company currently has several types of employee stock-based compensation — restricted stock, restricted stock units ("RSUs"), and the Employee Stock Purchase Plan ("ESPP"). While the Company's plans also allow for the issuance of stock options, none were outstanding as of or during any of the periods presented. A portion of the Company's independent directors' compensation is also provided in the form of company stock.
The Company's compensation expense for the three and six months ended June 30, 2023 relates to restricted stock and RSUs awarded in 2023, 2022, 2021, and 2020, and the ESPP. Compensation expense for the three and six months ended June 30, 2022 relates to restricted stock, RSUs awarded in 2022, 2021, 2020, and 2019, and the ESPP. Restricted stock, the 2023 RSUs, 2022 RSUs, 2021 RSUs, and the 2020 RSUs are equity-classified awards (settled in shares of the Company) for which compensation expense per share is fixed. The 2019 RSUs were liability-classified awards (settled in cash) for which the expense fluctuated from period to period dependent, in part, on the Company's stock price. For the three and six months ended June 30, 2023 and 2022, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Equity-classified awards:
Restricted stock$927 $789 $1,785 $1,569 
Market-based RSUs1,108 936 2,859 2,148 
Performance-based RSUs303 312 783 684 
Director grants400 369 785 701 
Employee Stock Purchase Plan33 42 70 94 
Total equity-classified award expense, net of forfeitures2,771 2,448 6,282 5,196 
Liability-classified awards
Time-vested RSUs— (152)61 (20)
Dividend equivalent units— 4 — 19 
Total liability-classified award expense, net of forfeitures— (148)61 (1)
Total stock-based compensation expense, net of forfeitures$2,771 $2,300 $6,343 $5,195 
Information on the Company's stock compensation plan, including information on the Company's equity-classified and liability-classified awards is discussed in note 15 of the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
Grants of Equity-Classified Awards
Under the 2019 Plan, in June 2023, the Company granted 81,909 shares of stock with a grant date value of $1.6 million to independent members of the Company's board of directors (the "Board") for their service as members of the Board. These shares vested on the issuance date, and the Company records the related expense over the director's one year service period.
v3.23.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022 ($ in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Earnings per common share - basic:
Numerator:
      Net income$23,077 $34,164 $45,433 $62,327 
Net income attributable to noncontrolling interests in
CPLP from continuing operations
(3)(6)(7)(12)
      Net income attributable to other noncontrolling interests (453)(106)(609)(279)
Net income available to common stockholders$22,621 $34,052 $44,817 $62,036 
Denominator:
Weighted average common shares - basic151,721 148,837 151,650 148,788 
Net income per common share - basic$0.15 $0.23 $0.30 $0.42 
Earnings per common share - diluted:
Numerator:
      Net income$23,077 $34,164 $45,433 $62,327 
Net income attributable to other noncontrolling interests(453)(106)(609)(279)
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP$22,624 $34,058 $44,824 $62,048 
Denominator:
Weighted average common shares - basic151,721 148,837 151,650 148,788 
     Add:
Potential dilutive common shares - restricted stock units,
    less shares assumed purchased at market price
380 280 328 277 
Weighted average units of CPLP convertible into
    common shares
25 25 25 25 
Weighted average common shares - diluted152,126 149,142 152,003 149,090 
Net income per common share - diluted$0.15 $0.23 $0.29 $0.42 
The treasury stock method resulted in no dilution from shares expected to be issued under the ESPP or forward contracts for the future sales of common stock under the Company's ATM Program during the respective periods presented.
v3.23.2
Consolidated Statements of Cash Flows - Supplemental Information
 6 Months Ended
Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]  
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION
Supplemental information related to the cash flows, including significant non-cash activity affecting the consolidated statements of cash flows, for the six months ended June 30, 2023 and 2022 is as follows ($ in thousands):
20232022
Interest paid, net of amounts capitalized $48,502 $29,456 
Income taxes paid— — 
Non-Cash Activity:
  Common stock dividends declared and accrued 49,296 48,522 
Tenant improvements funded by tenants41,240 4,360 
The following table provides a reconciliation of cash and cash equivalents recorded on the consolidated balance sheets to cash, cash equivalents, and restricted cash in the consolidated statements of cash flows ($ in thousands):

June 30, 2023December 31, 2022
Cash and cash equivalents$8,031 $5,145 
v3.23.2
Reportable Segments
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS REPORTABLE SEGMENTS
The Company's segments are based on the method of internal reporting, which classifies operations by property type and geographical region. The segments by property type are Office and Non-Office. The segments by geographical region are Atlanta, Austin, Charlotte, Dallas, Phoenix, Tampa, and other markets. Included in other markets are properties located in Chapel Hill (sold in September 2022), Houston, and Nashville. Included in Non-Office are retail and apartments in Chapel Hill (sold in September 2022) and Atlanta, as well as the College Street Garage in Charlotte. These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker based on similar economic characteristics that include the type of property and the geographical location. Each segment includes both consolidated operations and the Company's share of joint venture operations.
Company management evaluates the performance of its reportable segments based in part on net operating income (“NOI”). NOI represents rental property revenues, less termination fees, less rental property operating expenses. NOI is not a measure of cash flows or operating results as measured by GAAP, is not indicative of cash available to fund cash needs, and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income as it helps both management and investors understand the core operations of the Company's operating assets. NOI excludes fee income, other revenue, corporate general and administrative expenses, reimbursed expenses, interest expense, depreciation and amortization, impairments, gains/losses on sales of real estate, gains/losses on extinguishment of debt, transaction costs, and other non-operating items.
Segment net income, amount of capital expenditures, and total assets are not presented in the following tables because management does not utilize these measures when analyzing its segments or when making resource allocation decisions. Information on the Company's segments along with a reconciliation of NOI to net income for the three and six months ended June 30, 2023 and 2022 are as follows ($ in thousands):
Three Months Ended June 30, 2023OfficeNon-OfficeTotal
Revenues:
Atlanta$73,160 $469 $73,629 
Austin68,161 — 68,161 
Charlotte14,675 1,781 16,456 
Dallas4,225 — 4,225 
Phoenix18,220 — 18,220 
Tampa18,741 — 18,741 
Other markets6,735 — 6,735 
Total segment revenues203,917 2,250 206,167 
Less: Company's share of rental property revenues from unconsolidated joint ventures(1,744)(469)(2,213)
Total rental property revenues$202,173 $1,781 $203,954 

Three Months Ended June 30, 2022OfficeNon-OfficeTotal
Revenues:
Atlanta$68,860 $439 $69,299 
Austin59,054 — 59,054 
Charlotte13,929 1,301 15,230 
Dallas4,132 — 4,132 
Phoenix13,533 — 13,533 
Tampa17,216 — 17,216 
Other markets7,622 1,180 8,802 
Total segment revenues184,346 2,920 187,266 
Less: Company's share of rental property revenues from unconsolidated joint ventures(2,473)(1,619)(4,092)
Total rental property revenues$181,873 $1,301 $183,174 

Six Months Ended June 30, 2023OfficeNon-OfficeTotal
Revenues:
Atlanta$145,292 $926 $146,218 
Austin136,044 — 136,044 
Charlotte29,493 3,542 33,035 
Dallas8,412 — 8,412 
Phoenix33,803 — 33,803 
Tampa37,489 — 37,489 
Other markets13,358 — 13,358 
Total segment revenues403,891 4,468 408,359 
Less: Company's share of rental property revenues from unconsolidated joint ventures(3,403)(926)(4,329)
Total rental property revenues$400,488 $3,542 $404,030 
Six Months Ended June 30, 2022OfficeNon-OfficeTotal
Revenues:
Atlanta$136,875 $861 $137,736 
Austin120,278 — 120,278 
Charlotte27,433 2,286 29,719 
Dallas8,328 — 8,328 
Phoenix26,963 — 26,963 
Tampa34,140 — 34,140 
Other markets14,949 2,539 17,488 
Total segment revenues368,966 5,686 374,652 
Less: Company's share of rental property revenues from unconsolidated joint ventures(4,851)(3,400)(8,251)
Total rental property revenues$364,115 $2,286 $366,401 

NOI by reportable segment for the three and six months ended June 30, 2023 and 2022 are as follows ($ in thousands):
Three Months Ended June 30, 2023OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$48,368 $284 $48,652 
Austin42,530 — 42,530 
Charlotte10,764 1,163 11,927 
Dallas3,218 — 3,218 
Phoenix10,250 — 10,250 
Tampa11,661 — 11,661 
Other markets3,606 — 3,606 
Total Net Operating Income$130,397 $1,447 $131,844 

Three Months Ended June 30, 2022OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$46,506 $250 $46,756 
Austin36,565 — 36,565 
Charlotte10,246 972 11,218 
Dallas3,191 — 3,191 
Phoenix9,868 — 9,868 
Tampa10,643 — 10,643 
Other markets4,145 665 4,810 
Total Net Operating Income$121,164 $1,887 $123,051 
Six Months Ended June 30, 2023OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$95,758 $554 $96,312 
Austin82,803 — 82,803 
Charlotte21,526 2,325 23,851 
Dallas6,443 — 6,443 
Phoenix22,023 — 22,023 
Tampa23,372 — 23,372 
Other markets7,176 — 7,176 
Total Net Operating Income$259,101 $2,879 $261,980 
Six Months Ended June 30, 2022OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$90,679 $485 $91,164 
Austin72,932 — 72,932 
Charlotte20,258 1,615 21,873 
Dallas6,498 — 6,498 
Phoenix18,843 — 18,843 
Tampa21,334 — 21,334 
Other markets8,440 1,574 10,014 
Total Net Operating Income$238,984 $3,674 $242,658 
The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Net Income$23,077 $34,164 $45,433 $62,327 
Fee income(352)(2,305)(726)(3,693)
Termination fee income(6,570)(449)(6,706)(1,911)
Other income(14)(201)(2,292)(2,484)
General and administrative expenses8,021 6,996 16,459 15,059 
Interest expense25,972 16,549 51,002 32,074 
Depreciation and amortization80,269 69,861 156,039 140,605 
Reimbursed expenses159 677 366 1,037 
Other expenses476 425 861 646 
Income from unconsolidated joint ventures(753)(5,280)(1,426)(6,404)
Net operating income from unconsolidated joint ventures1,559 2,542 2,968 5,261 
Loss (gain) on investment property transactions— (28)2 41 
Loss on extinguishment of debt— 100 — 100 
Net Operating Income$131,844 $123,051 $261,980 $242,658 
v3.23.2
Description of Business and Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of June 30, 2023 and the results of operations for the three and six months ended June 30, 2023 and 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The accounting policies employed are substantially the same as those shown in note 2 of the notes to consolidated financial statements included therein.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.
v3.23.2
Investment in Unconsolidated Joint Ventures (Tables)
 6 Months Ended
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Financial Data and Principal Activities of Unconsolidated Joint Ventures
The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of June 30, 2023 and December 31, 2022 ($ in thousands).
SUMMARY OF FINANCIAL POSITION
Total AssetsTotal DebtTotal Equity (Deficit)Company's Investment 
2023202220232022202320222023 2022 
Operating Properties:
AMCO 120 WT Holdings, LLC$80,258 $81,136 $— $— $79,464 $80,509 $14,647 $14,856 
Crawford Long - CPI, LLC (1)22,323 22,857 82,294 62,856 (62,353)(39,691)(30,545)(2)(19,173)(2)
Under Development:
Neuhoff Holdings LLC (3)426,429 321,338 166,330 115,940 223,786 177,734 120,036 93,647 
Land:
715 Ponce Holdings LLC8,552 8,333 — — 8,433 8,332 4,289 4,261 
Sold and Other:
HICO Victory Center LP42 158 — — 42 5,818 20 75 
$537,604 $433,822 $248,624 $178,796 $249,372 $232,702 $108,447 $93,666 

(1) In May 2023, Crawford Long - CPI, LLC refinanced the mortgage loan for the Medical Offices at Emory Hospital property. This $83.0 million interest-only mortgage loan has a fixed interest rate of 4.80% and matures in June 2032.
(2) Negative investment basis included in deferred income on the consolidated balance sheets.
(3) Neuhoff Holdings LLC has a construction loan with a borrowing capacity up to $312.7 million that matures September 2025. The interest rate applicable to the construction loan is based on the Secured Overnight Financing Rate ("SOFR") plus 3.45% with a minimum rate of 3.60%. Prior to April 2023, the loan beared interest at the London Interbank Offered Rate ("LIBOR") plus 3.45%.
The information included in the summary of operations table is for the six months ended June 30, 2023 and 2022 ($ in thousands).
SUMMARY OF OPERATIONS
Total RevenuesNet Income (Loss)Company's Income
from Investment
202320222023202220232022
Operating Properties:
AMCO 120 WT Holdings, LLC$5,451 $5,160 $1,625 $1,397 $323 $271 
Crawford Long - CPI, LLC 6,360 6,480 2,151 2,324 1,006 1,091 
Under Development:
Neuhoff Holdings LLC70 69 42 58 21 29 
Land:
715 Ponce Holdings LLC141 138 100 99 51 49 
Sold and Other:
Carolina Square Holdings LP— 7,860 48 722 24 304 
HICO Victory Center LP— 72 2 6,853 1 4,557 
Other — 28 — (12)— 103 
$12,022 $19,807 $3,968 $11,441 $1,426 $6,404 
v3.23.2
Intangible Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets At June 30, 2023 and December 31, 2022, intangible assets included the following ($ in thousands):
20232022
In-place leases, net of accumulated amortization of $130,830 and $131,021
in 2023 and 2022, respectively
$89,611 $102,080 
Below-market ground leases, net of accumulated amortization of $2,060 and
$1,860 in 2023 and 2022, respectively
17,193 17,393 
Above-market leases, net of accumulated amortization of $25,240 and $25,085
in 2023 and 2022, respectively
13,409 15,093 
      Goodwill1,674 1,674 
$121,887 $136,240 
Schedule of Intangible Liabilities At June 30, 2023 and December 31, 2022, intangible liabilities were the following ($ in thousands):
20232022
Below-market leases, net of accumulated amortization of $48,699 and $48,994 in 2023 and 2022, respectively
$46,511 $52,280 
Amortization of Intangible Asset and Liabilities
The amortization of the above asset and liabilities are recorded as follows ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Revenues:
Rental property revenues, net (Below-market and Above-market leases)$2,526 $1,661 $4,084 $3,464 
Expenses:
Depreciation and amortization (In-place leases)7,057 7,032 12,470 14,390 
Rental property operating and other expenses (Below-market ground leases)100 82 200 174 
Aggregate amortization of intangible assets and liabilities
Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows ($ in thousands):
In-Place 
Leases		Below-Market Ground LeasesAbove-Market LeasesBelow-Market
Leases
2023 (six months)$9,438 $200 $1,495 $(4,336)
202417,407 400 2,697 (8,292)
202514,803 400 2,114 (7,747)
202612,356 400 1,695 (6,509)
20279,757 400 1,273 (4,973)
Thereafter25,850 15,393 4,135 (14,654)
$89,611 $17,193 $13,409 $(46,511)
v3.23.2
Other Assets (Tables)
 6 Months Ended
Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
Other assets on the consolidated balance sheets as of June 30, 2023 and December 31, 2022 included the following ($ in thousands):
20232022
Predevelopment costs $54,501 $50,009 
Prepaid expenses and other assets16,633 6,438 
Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $18,766 and $18,860 in 2023 and 2022, respectively
10,997 11,824 
Lease inducements, net of accumulated amortization of $5,360 and $5,129 in 2023 and 2022, respectively
7,922 8,091 
Credit Facility deferred financing costs, net of accumulated amortization of $1,488 and $135 in 2023 and 2022, respectively
4,916 5,550 
$94,969 $81,912 
v3.23.2
Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Summary of Terms of Notes Payable
The following table summarizes the terms of notes payable outstanding at June 30, 2023 and December 31, 2022 ($ in thousands):
DescriptionInterest Rate (1)Maturity (2)20232022
Unsecured Notes:
Credit Facility6.09%April 2027$148,500 $56,600 
Term Loan(3)March 2025400,000 400,000 
Term Loan5.38%August 2024350,000 350,000 
Senior Note3.95%July 2029275,000 275,000 
Senior Note3.91%July 2025250,000 250,000 
Senior Note3.86%July 2028250,000 250,000 
Senior Note3.78%July 2027125,000 125,000 
Senior Note4.09%July 2027100,000 100,000 
1,898,500 1,806,600 
Secured Mortgage Notes:
Terminus (4)6.34%January 2031221,000 221,000 
Fifth Third Center 3.37%October 2026128,373 130,168 
Colorado Tower3.45%September 2026108,219 109,552 
Domain 103.75%November 202473,549 74,521 
531,141 535,241 
   $2,429,641 $2,341,841 
Unamortized loan costs(5,880)(7,235)
Total Notes Payable$2,423,761 $2,334,606 

(1) Interest rate as of June 30, 2023.
(2) Weighted average maturity of notes payable outstanding at June 30, 2023 was 3.5 years.
(3) In April 2023, the Company entered into a floating-to-fixed interest rate swap with respect to $200 million of the $400 million Term Loan. As of June 30, 2023, the fixed interest rate was 5.45%, and the floating interest rate was 6.24%.
(4) Represents $123.0 million and $98.0 million non-cross-collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
Summary of Interest Recorded
For the three and six months ended June 30, 2023 and 2022, interest expense was recorded as follows ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Total interest incurred$30,977 $20,140 $61,098 $39,116 
Interest capitalized(5,005)(3,591)(10,096)(7,042)
Total interest expense$25,972 $16,549 $51,002 $32,074 
v3.23.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Reclassification out of Accumulated Other Comprehensive Income
The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Cash Flow Hedges:2023202220232022
Amount of income recognized in accumulated other comprehensive income on interest rate derivatives$5,936 $— $4,894 $— 
Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense$(908)$— $(1,096)$— 
Total amount of interest expense presented in the consolidated statements of operations$25,972 $16,549 $51,002 $32,074 
v3.23.2
Other Liabilities (Tables)
 6 Months Ended
Jun. 30, 2023
Other Liabilities Disclosure [Abstract]  
Summary of Other Liabilities
Other liabilities on the consolidated balance sheets as of June 30, 2023 and December 31, 2022 included the following ($ in thousands):
20232022
Ground lease liability$53,322 $53,129 
Prepaid rent37,660 33,165 
Security deposits14,398 14,635 
Restricted stock unit liability— 1,048 
Other liabilities1,720 1,465 
$107,100 $103,442 
v3.23.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense, Net of Forfeitures For the three and six months ended June 30, 2023 and 2022, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Equity-classified awards:
Restricted stock$927 $789 $1,785 $1,569 
Market-based RSUs1,108 936 2,859 2,148 
Performance-based RSUs303 312 783 684 
Director grants400 369 785 701 
Employee Stock Purchase Plan33 42 70 94 
Total equity-classified award expense, net of forfeitures2,771 2,448 6,282 5,196 
Liability-classified awards
Time-vested RSUs— (152)61 (20)
Dividend equivalent units— 4 — 19 
Total liability-classified award expense, net of forfeitures— (148)61 (1)
Total stock-based compensation expense, net of forfeitures$2,771 $2,300 $6,343 $5,195 
v3.23.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022 ($ in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Earnings per common share - basic:
Numerator:
      Net income$23,077 $34,164 $45,433 $62,327 
Net income attributable to noncontrolling interests in
CPLP from continuing operations
(3)(6)(7)(12)
      Net income attributable to other noncontrolling interests (453)(106)(609)(279)
Net income available to common stockholders$22,621 $34,052 $44,817 $62,036 
Denominator:
Weighted average common shares - basic151,721 148,837 151,650 148,788 
Net income per common share - basic$0.15 $0.23 $0.30 $0.42 
Earnings per common share - diluted:
Numerator:
      Net income$23,077 $34,164 $45,433 $62,327 
Net income attributable to other noncontrolling interests(453)(106)(609)(279)
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP$22,624 $34,058 $44,824 $62,048 
Denominator:
Weighted average common shares - basic151,721 148,837 151,650 148,788 
     Add:
Potential dilutive common shares - restricted stock units,
    less shares assumed purchased at market price
380 280 328 277 
Weighted average units of CPLP convertible into
    common shares
25 25 25 25 
Weighted average common shares - diluted152,126 149,142 152,003 149,090 
Net income per common share - diluted$0.15 $0.23 $0.29 $0.42 
v3.23.2
Consolidated Statements of Cash Flows - Supplemental Information (Tables)
 6 Months Ended
Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]  
Supplemental Information Related to Cash Flows
Supplemental information related to the cash flows, including significant non-cash activity affecting the consolidated statements of cash flows, for the six months ended June 30, 2023 and 2022 is as follows ($ in thousands):
20232022
Interest paid, net of amounts capitalized $48,502 $29,456 
Income taxes paid— — 
Non-Cash Activity:
  Common stock dividends declared and accrued 49,296 48,522 
Tenant improvements funded by tenants41,240 4,360 
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of cash and cash equivalents recorded on the consolidated balance sheets to cash, cash equivalents, and restricted cash in the consolidated statements of cash flows ($ in thousands):

June 30, 2023December 31, 2022
Cash and cash equivalents$8,031 $5,145 
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of cash and cash equivalents recorded on the consolidated balance sheets to cash, cash equivalents, and restricted cash in the consolidated statements of cash flows ($ in thousands):

June 30, 2023December 31, 2022
Cash and cash equivalents$8,031 $5,145 
v3.23.2
Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Reconciliation of Revenue from Segments to Consolidated
Segment net income, amount of capital expenditures, and total assets are not presented in the following tables because management does not utilize these measures when analyzing its segments or when making resource allocation decisions. Information on the Company's segments along with a reconciliation of NOI to net income for the three and six months ended June 30, 2023 and 2022 are as follows ($ in thousands):
Three Months Ended June 30, 2023OfficeNon-OfficeTotal
Revenues:
Atlanta$73,160 $469 $73,629 
Austin68,161 — 68,161 
Charlotte14,675 1,781 16,456 
Dallas4,225 — 4,225 
Phoenix18,220 — 18,220 
Tampa18,741 — 18,741 
Other markets6,735 — 6,735 
Total segment revenues203,917 2,250 206,167 
Less: Company's share of rental property revenues from unconsolidated joint ventures(1,744)(469)(2,213)
Total rental property revenues$202,173 $1,781 $203,954 

Three Months Ended June 30, 2022OfficeNon-OfficeTotal
Revenues:
Atlanta$68,860 $439 $69,299 
Austin59,054 — 59,054 
Charlotte13,929 1,301 15,230 
Dallas4,132 — 4,132 
Phoenix13,533 — 13,533 
Tampa17,216 — 17,216 
Other markets7,622 1,180 8,802 
Total segment revenues184,346 2,920 187,266 
Less: Company's share of rental property revenues from unconsolidated joint ventures(2,473)(1,619)(4,092)
Total rental property revenues$181,873 $1,301 $183,174 

Six Months Ended June 30, 2023OfficeNon-OfficeTotal
Revenues:
Atlanta$145,292 $926 $146,218 
Austin136,044 — 136,044 
Charlotte29,493 3,542 33,035 
Dallas8,412 — 8,412 
Phoenix33,803 — 33,803 
Tampa37,489 — 37,489 
Other markets13,358 — 13,358 
Total segment revenues403,891 4,468 408,359 
Less: Company's share of rental property revenues from unconsolidated joint ventures(3,403)(926)(4,329)
Total rental property revenues$400,488 $3,542 $404,030 
Six Months Ended June 30, 2022OfficeNon-OfficeTotal
Revenues:
Atlanta$136,875 $861 $137,736 
Austin120,278 — 120,278 
Charlotte27,433 2,286 29,719 
Dallas8,328 — 8,328 
Phoenix26,963 — 26,963 
Tampa34,140 — 34,140 
Other markets14,949 2,539 17,488 
Total segment revenues368,966 5,686 374,652 
Less: Company's share of rental property revenues from unconsolidated joint ventures(4,851)(3,400)(8,251)
Total rental property revenues$364,115 $2,286 $366,401 
Reconciliation of NOI to Net Income Available to Common Stockholders
NOI by reportable segment for the three and six months ended June 30, 2023 and 2022 are as follows ($ in thousands):
Three Months Ended June 30, 2023OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$48,368 $284 $48,652 
Austin42,530 — 42,530 
Charlotte10,764 1,163 11,927 
Dallas3,218 — 3,218 
Phoenix10,250 — 10,250 
Tampa11,661 — 11,661 
Other markets3,606 — 3,606 
Total Net Operating Income$130,397 $1,447 $131,844 

Three Months Ended June 30, 2022OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$46,506 $250 $46,756 
Austin36,565 — 36,565 
Charlotte10,246 972 11,218 
Dallas3,191 — 3,191 
Phoenix9,868 — 9,868 
Tampa10,643 — 10,643 
Other markets4,145 665 4,810 
Total Net Operating Income$121,164 $1,887 $123,051 
Six Months Ended June 30, 2023OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$95,758 $554 $96,312 
Austin82,803 — 82,803 
Charlotte21,526 2,325 23,851 
Dallas6,443 — 6,443 
Phoenix22,023 — 22,023 
Tampa23,372 — 23,372 
Other markets7,176 — 7,176 
Total Net Operating Income$259,101 $2,879 $261,980 
Six Months Ended June 30, 2022OfficeNon-OfficeTotal
Net Operating Income:
Atlanta$90,679 $485 $91,164 
Austin72,932 — 72,932 
Charlotte20,258 1,615 21,873 
Dallas6,498 — 6,498 
Phoenix18,843 — 18,843 
Tampa21,334 — 21,334 
Other markets8,440 1,574 10,014 
Total Net Operating Income$238,984 $3,674 $242,658 
The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Net Income$23,077 $34,164 $45,433 $62,327 
Fee income(352)(2,305)(726)(3,693)
Termination fee income(6,570)(449)(6,706)(1,911)
Other income(14)(201)(2,292)(2,484)
General and administrative expenses8,021 6,996 16,459 15,059 
Interest expense25,972 16,549 51,002 32,074 
Depreciation and amortization80,269 69,861 156,039 140,605 
Reimbursed expenses159 677 366 1,037 
Other expenses476 425 861 646 
Income from unconsolidated joint ventures(753)(5,280)(1,426)(6,404)
Net operating income from unconsolidated joint ventures1,559 2,542 2,968 5,261 
Loss (gain) on investment property transactions— (28)2 41 
Loss on extinguishment of debt— 100 — 100 
Net Operating Income$131,844 $123,051 $261,980 $242,658 
v3.23.2
Description of Business and Basis of Presentation (Details)
shares in Thousands, ft² in Thousands
 6 Months Ended
Jun. 30, 2023
ft²
shares
Jun. 30, 2022
shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]    
Distribution of taxable income to qualify as REIT, percentage 100.00%  
Portfolio of real estate assets, office space area 18,800  
Portfolio of real estate assets, retail space area 310  
Variable Interest Entity, Primary Beneficiary | CPLP    
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]    
Common units (in shares) | shares 25 25
CPLP    
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]    
Percentage of partnership units owned by the company (more than) 99.00%  
v3.23.2
Investment in Unconsolidated Joint Ventures - Summary of Financial Position and Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2023
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
May 31, 2023
Dec. 31, 2022
Equity Method Investment Summarized Financial Information Financial Position [Abstract]              
Total Assets   $ 7,595,785   $ 7,595,785     $ 7,537,016
Total Equity (Deficit)   4,581,371   4,581,371     4,625,664
Income Statement [Abstract]              
Total Revenues   204,320 $ 185,680 407,048 $ 372,578    
Net Income (Loss)   22,621 $ 34,052 44,817 62,036    
Equity Method Investment, Nonconsolidated Investee or Group of Investees              
Equity Method Investment Summarized Financial Information Financial Position [Abstract]              
Total Assets   537,604   537,604     433,822
Total Debt   248,624   248,624     178,796
Total Equity (Deficit)   249,372   249,372     232,702
Company's Investment   108,447   108,447     93,666
Income Statement [Abstract]              
Total Revenues       12,022 19,807    
Net Income (Loss)       3,968 11,441    
Company's Income from Investment       1,426 6,404    
AMCO 120 WT Holdings, LLC              
Equity Method Investment Summarized Financial Information Financial Position [Abstract]              
Total Assets   80,258   80,258     81,136
Total Debt   0   0     0
Total Equity (Deficit)   79,464   79,464     80,509
Company's Investment   14,647   14,647     14,856
Income Statement [Abstract]              
Total Revenues       5,451 5,160    
Net Income (Loss)       1,625 1,397    
Company's Income from Investment       323 271    
Crawford Long - CPI, LLC              
Equity Method Investment Summarized Financial Information Financial Position [Abstract]              
Total Assets   22,323   22,323     22,857
Total Debt   82,294   82,294   $ 83,000 62,856
Total Equity (Deficit)   (62,353)   (62,353)     (39,691)
Company's Investment   (30,545)   (30,545)     (19,173)
Interest rate           4.80%  
Income Statement [Abstract]              
Total Revenues       6,360 6,480    
Net Income (Loss)       2,151 2,324    
Company's Income from Investment       1,006 1,091    
Neuhoff Holdings LLC              
Equity Method Investment Summarized Financial Information Financial Position [Abstract]              
Total Assets   426,429   426,429     321,338
Total Debt   166,330   166,330     115,940
Total Equity (Deficit)   223,786   223,786     177,734
Company's Investment   $ 120,036   120,036     93,647
Income Statement [Abstract]              
Total Revenues       70 69    
Net Income (Loss)       42 58    
Company's Income from Investment       $ 21 29    
Neuhoff Holdings LLC | Minimum              
Equity Method Investment Summarized Financial Information Financial Position [Abstract]              
Interest rate   3.60%   3.60%      
Neuhoff Holdings LLC | SOFR              
Equity Method Investment Summarized Financial Information Financial Position [Abstract]              
Basis spread on variable rate       3.45%      
Neuhoff Holdings LLC | LIBOR              
Equity Method Investment Summarized Financial Information Financial Position [Abstract]              
Basis spread on variable rate 3.45%            
Neuhoff Holdings LLC | Construction Loan              
Equity Method Investment Summarized Financial Information Financial Position [Abstract]              
Maximum borrowing capacity   $ 312,700   $ 312,700      
715 Ponce Holdings LLC              
Equity Method Investment Summarized Financial Information Financial Position [Abstract]              
Total Assets   8,552   8,552     8,333
Total Debt   0   0     0
Total Equity (Deficit)   8,433   8,433     8,332
Company's Investment   4,289   4,289     4,261
Income Statement [Abstract]              
Total Revenues       141 138    
Net Income (Loss)       100 99    
Company's Income from Investment       51 49    
Carolina Square Holdings LP              
Income Statement [Abstract]              
Total Revenues       0 7,860    
Net Income (Loss)       48 722    
Company's Income from Investment       24 304    
HICO Victory Center LP              
Equity Method Investment Summarized Financial Information Financial Position [Abstract]              
Total Assets   42   42     158
Total Debt   0   0     0
Total Equity (Deficit)   42   42     5,818
Company's Investment   $ 20   20     $ 75
Income Statement [Abstract]              
Total Revenues       0 72    
Net Income (Loss)       2 6,853    
Company's Income from Investment       1 4,557    
Other              
Income Statement [Abstract]              
Total Revenues       0 28    
Net Income (Loss)       0 (12)    
Company's Income from Investment       $ 0 $ 103    
v3.23.2
Investment in Unconsolidated Joint Ventures - Narrative (Details)
$ in Thousands
 1 Months Ended
Jun. 30, 2022
USD ($)
a
May 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Uptown Dallas Land        
Schedule of Equity Method Investments [Line Items]        
Area of property | a 3.0      
Sales price $ 23,100      
Gain (loss) from sale of property $ 4,500      
Crawford Long - CPI, LLC        
Schedule of Equity Method Investments [Line Items]        
Amount repay in full   $ 62,400    
Debt   $ 83,000 $ 82,294 $ 62,856
Interest Rate   4.80%    
v3.23.2
Intangible Assets and Liabilities - Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Goodwill $ 1,674 $ 1,674
Total intangible assets 121,887 136,240
In-Place  Leases    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization 130,830 131,021
Finite-lived intangible assets, net 89,611 102,080
Below-Market Ground Leases    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization 2,060 1,860
Finite-lived intangible assets, net 17,193 17,393
Above-Market Leases    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization 25,240 25,085
Finite-lived intangible assets, net $ 13,409 $ 15,093
v3.23.2
Intangible Assets and Liabilities - Intangible Liabilities (Details) - Below-Market Leases - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization $ (48,699) $ (48,994)
Finite-lived intangible liabilities, net $ 46,511 $ 52,280
v3.23.2
Intangible Assets and Liabilities - Amortization of Asset and Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Below-Market Leases, Above-Market Leases        
Finite-Lived Intangible Assets [Line Items]        
Amortization of above and below market leases $ 2,526 $ 1,661 $ 4,084 $ 3,464
In-Place  Leases        
Finite-Lived Intangible Assets [Line Items]        
Depreciation and amortization (In-place leases) 7,057 7,032 12,470 14,390
Below-Market Ground Leases        
Finite-Lived Intangible Assets [Line Items]        
Amortization of above and below market leases $ 100 $ 82 $ 200 $ 174
v3.23.2
Intangible Assets and Liabilities - Intangibles - Future Amortization (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Below-Market Leases    
Future Amortization of Intangible Liabilities:    
2023 (six months) $ (4,336)  
2024 (8,292)  
2025 (7,747)  
2026 (6,509)  
2027 (4,973)  
Thereafter (14,654)  
Finite-lived intangible liabilities, net (46,511) $ (52,280)
In-Place  Leases    
Future Amortization of Intangible Assets:    
2023 (six months) 9,438  
2024 17,407  
2025 14,803  
2026 12,356  
2027 9,757  
Thereafter 25,850  
Finite-lived intangible assets, net 89,611 102,080
Below-Market Ground Leases    
Future Amortization of Intangible Assets:    
2023 (six months) 200  
2024 400  
2025 400  
2026 400  
2027 400  
Thereafter 15,393  
Finite-lived intangible assets, net 17,193 17,393
Above-Market Leases    
Future Amortization of Intangible Assets:    
2023 (six months) 1,495  
2024 2,697  
2025 2,114  
2026 1,695  
2027 1,273  
Thereafter 4,135  
Finite-lived intangible assets, net $ 13,409 $ 15,093
v3.23.2
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Predevelopment costs $ 54,501 $ 50,009
Prepaid expenses and other assets 16,633 6,438
Accumulated depreciation of furniture, fixtures and equipment, leasehold improvements, and other deferred costs 18,766 18,860
Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $18,766 and $18,860 in 2023 and 2022, respectively 10,997 11,824
Accumulated amortization of lease inducements 5,360 5,129
Lease inducements, net of accumulated amortization of $5,360 and $5,129 in 2023 and 2022, respectively 7,922 8,091
Accumulated amortization of line of credit deferred financing costs 1,488 135
Credit Facility deferred financing costs, net of accumulated amortization of $1,488 and $135 in 2023 and 2022, respectively 4,916 5,550
Total other assets $ 94,969 $ 81,912
v3.23.2
Notes Payable - Terms of Notes Payable (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Apr. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Notes payable, gross $ 2,429,641   $ 2,341,841
Unamortized loan costs (5,880)   (7,235)
Total Notes Payable $ 2,423,761   2,334,606
Weighted average maturity of notes payable 3 years 6 months    
Unsecured Notes      
Debt Instrument [Line Items]      
Notes payable, gross $ 1,898,500   1,806,600
Credit Facility      
Debt Instrument [Line Items]      
Interest Rate 6.09%    
Notes payable, gross $ 148,500   56,600
Term Loan | Term Loan Unsecured Due 2025      
Debt Instrument [Line Items]      
Notes payable, gross $ 400,000   400,000
Term Loan | Term Loan Unsecured Due 2025      
Debt Instrument [Line Items]      
Interest Rate 5.45%    
Term Loan | Term Loan Unsecured Due 2025      
Debt Instrument [Line Items]      
Interest Rate 6.24%    
Term Loan | Term Loan Unsecured Due 2024      
Debt Instrument [Line Items]      
Interest Rate 5.38%    
Notes payable, gross $ 350,000   350,000
Senior Note      
Debt Instrument [Line Items]      
Debt amount $ 1,000,000    
Senior Note | Senior Note, Unsecured Due 2029      
Debt Instrument [Line Items]      
Interest Rate 3.95%    
Notes payable, gross $ 275,000   275,000
Debt amount $ 275,000    
Senior Note | Senior Note, Unsecured Due 2025      
Debt Instrument [Line Items]      
Interest Rate 3.91%    
Notes payable, gross $ 250,000   250,000
Debt amount $ 250,000    
Senior Note | Senior Note, Unsecured Due 2028      
Debt Instrument [Line Items]      
Interest Rate 3.86%    
Notes payable, gross $ 250,000   250,000
Debt amount $ 250,000    
Senior Note | Senior Note, Unsecured Due 2027      
Debt Instrument [Line Items]      
Interest Rate 3.78%    
Notes payable, gross $ 125,000   125,000
Debt amount $ 125,000    
Senior Note | Senior Note, Unsecured Due 2027      
Debt Instrument [Line Items]      
Interest Rate 4.09%    
Notes payable, gross $ 100,000   100,000
Debt amount 100,000    
Secured Mortgage Notes      
Debt Instrument [Line Items]      
Notes payable, gross $ 531,141   535,241
Secured Mortgage Notes | Terminus      
Debt Instrument [Line Items]      
Interest Rate 6.34%    
Notes payable, gross $ 221,000   221,000
Secured Mortgage Notes | Terminus 100      
Debt Instrument [Line Items]      
Notes payable, gross 123,000    
Secured Mortgage Notes | Terminus 200      
Debt Instrument [Line Items]      
Notes payable, gross $ 98,000    
Secured Mortgage Notes | Fifth Third Center      
Debt Instrument [Line Items]      
Interest Rate 3.37%    
Notes payable, gross $ 128,373   130,168
Secured Mortgage Notes | Colorado Tower      
Debt Instrument [Line Items]      
Interest Rate 3.45%    
Notes payable, gross $ 108,219   109,552
Secured Mortgage Notes | Domain 10      
Debt Instrument [Line Items]      
Interest Rate 3.75%    
Notes payable, gross $ 73,549   $ 74,521
Term Loan | 2025 Term Loan      
Debt Instrument [Line Items]      
Debt amount   $ 400,000  
Term Loan | 2025 Term Loan | Interest Rate Swap      
Debt Instrument [Line Items]      
Debt amount   $ 200,000  
v3.23.2
Notes Payable - Credit Facility (Details) - Credit Facility
$ in Millions
 4 Months Ended 6 Months Ended
May 02, 2022
USD ($)
May 01, 2022
USD ($)
Jun. 30, 2023
USD ($)
Line of Credit Facility [Line Items]      
Maximum borrowing capacity $ 1,000.0 $ 1,000.0  
Variable rate 1.00%    
Facility fee percentage     0.15%
Available borrowing capacity     $ 851.5
Minimum fixed charge coverage ratio   1.50  
Adjusted SOFR      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.10%    
SOFR      
Line of Credit Facility [Line Items]      
Basis spread on variable rate     0.90%
Federal Funds Rate      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.50%    
Term SOFR      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 1.00%    
LIBOR      
Line of Credit Facility [Line Items]      
Basis spread on variable rate   1.05%  
Maximum      
Line of Credit Facility [Line Items]      
Secured leverage ratio   50.00%  
Facility fee percentage 0.30%    
Leverage ratio   60.00%  
Maximum | SOFR      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 1.40%    
Maximum | Base Rate      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.40%    
Minimum      
Line of Credit Facility [Line Items]      
Facility fee percentage 0.15%    
Minimum unencumbered interest coverage ratio   1.75  
Minimum | SOFR      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.90%    
Minimum | Base Rate      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.00%    
v3.23.2
Notes Payable - Term Loan (Details) - Term Loan
$ in Millions
 6 Months Ended
Oct. 03, 2022
USD ($)
extension
Sep. 19, 2022
Jun. 28, 2021
USD ($)
extension
Jun. 30, 2023
Apr. 19, 2023
USD ($)
Sep. 27, 2022
USD ($)
2022 Term Loan            
Debt Instrument [Line Items]            
Debt amount $ 400       $ 400  
Number of extension options | extension 4          
Extension term 6 months          
2022 Term Loan | Interest Rate Swap            
Debt Instrument [Line Items]            
Debt amount         $ 200  
2022 Term Loan | Interest Rate Swap | SOFR            
Debt Instrument [Line Items]            
Fixed swap rate         4.298%  
Term Loan            
Debt Instrument [Line Items]            
Debt amount     $ 350      
Number of extension options | extension     4      
Extension term     180 days      
Variable rate   1.00%        
Term Loan | Adjusted SOFR            
Debt Instrument [Line Items]            
Basis spread on variable rate   0.10%   1.05%    
Term Loan | Eurodollar | Minimum            
Debt Instrument [Line Items]            
Basis spread on variable rate   1.05%        
Term Loan | Eurodollar | Maximum            
Debt Instrument [Line Items]            
Basis spread on variable rate   1.65%        
Term Loan | Federal Funds Rate            
Debt Instrument [Line Items]            
Basis spread on variable rate   0.50%        
Term Loan | Term SOFR            
Debt Instrument [Line Items]            
Basis spread on variable rate   1.00%        
Term Loan | Base Rate | Minimum            
Debt Instrument [Line Items]            
Basis spread on variable rate   0.05%        
Term Loan | Base Rate | Maximum            
Debt Instrument [Line Items]            
Basis spread on variable rate   0.65%        
Term Loan | Interest Rate Swap            
Debt Instrument [Line Items]            
Debt amount           $ 350
Term Loan | Interest Rate Swap | SOFR            
Debt Instrument [Line Items]            
Fixed swap rate           4.234%
v3.23.2
Notes Payable - Unsecured Senior Notes (Details) - Unsecured Senior Notes
$ in Millions
Jun. 30, 2023
USD ($)
tranche
May 01, 2022
Debt Instrument [Line Items]    
Debt amount $ 1,000  
Number of tranches | tranche 5  
Maximum    
Debt Instrument [Line Items]    
Leverage ratio   40.00%
4.09% Senior Notes, Unsecured    
Debt Instrument [Line Items]    
Debt amount $ 100  
Interest rate 4.09%  
3.91% Senior Notes, Unsecured    
Debt Instrument [Line Items]    
Debt amount $ 250  
Interest rate 3.91%  
3.78% Senior Notes, Unsecured    
Debt Instrument [Line Items]    
Debt amount $ 125  
Interest rate 3.78%  
3.86% Senior Notes, Unsecured    
Debt Instrument [Line Items]    
Debt amount $ 250  
Interest rate 3.86%  
3.95% Senior Notes, Unsecured    
Debt Instrument [Line Items]    
Debt amount $ 275  
Interest rate 3.95%  
v3.23.2
Notes Payable - Secured Mortgage Notes (Details)
$ in Thousands
Jun. 30, 2023
USD ($)
debt_instrument
Dec. 31, 2022
USD ($)
property
Debt Instrument [Line Items]    
Long-term debt $ 2,429,641 $ 2,341,841
Secured Mortgage Notes    
Debt Instrument [Line Items]    
Long-term debt 531,141 $ 535,241
Terminus Properties In Atlanta | Secured Mortgage Notes    
Debt Instrument [Line Items]    
Number of real estate properties | property   2
Long-term debt   $ 221,000
Interest Rate   6.34%
Properties, Excluding Terminus | Secured Mortgage Notes    
Debt Instrument [Line Items]    
Long-term debt $ 531,100  
Number of non-recourse mortgage loans | debt_instrument 5  
Collateral amount $ 901,700  
v3.23.2
Notes Payable - Other Debt Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Debt Disclosure [Abstract]          
Notes payable, fair value $ 2,300,000   $ 2,300,000   $ 2,200,000
Total interest incurred 30,977 $ 20,140 61,098 $ 39,116  
Interest capitalized (5,005) (3,591) (10,096) (7,042)  
Total interest expense $ 25,972 $ 16,549 $ 51,002 $ 32,074  
v3.23.2
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Apr. 19, 2023
Dec. 31, 2022
Oct. 03, 2022
Sep. 27, 2022
Jun. 28, 2021
2022 Term Loan | Term Loan            
Derivative [Line Items]            
Debt amount   $ 400.0   $ 400.0    
2022 Term Loan | Interest Rate Swap            
Derivative [Line Items]            
Fair value of derivative $ 1.9          
2022 Term Loan | Interest Rate Swap | Term Loan            
Derivative [Line Items]            
Debt amount   $ 200.0        
2022 Term Loan | Interest Rate Swap | Term Loan | SOFR            
Derivative [Line Items]            
Fixed swap rate   4.298%        
Term Loan | Term Loan            
Derivative [Line Items]            
Debt amount           $ 350.0
Term Loan | Interest Rate Swap | Term Loan            
Derivative [Line Items]            
Debt amount         $ 350.0  
Term Loan | Interest Rate Swap | Term Loan | SOFR            
Derivative [Line Items]            
Fixed swap rate         4.234%  
2021 Term Loan | Interest Rate Swap            
Derivative [Line Items]            
Fair value of derivative $ 3.7   $ 1.8      
v3.23.2
Derivative Financial Instruments - Schedule of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Amount of income recognized in accumulated other comprehensive income on interest rate derivatives $ 5,936 $ 0 $ 4,894 $ 0
Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense (908) 0 (1,096) 0
Total amount of interest expense presented in the consolidated statements of operations $ 25,972 $ 16,549 $ 51,002 $ 32,074
v3.23.2
Other Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Other Liabilities Disclosure [Abstract]    
Ground lease liability $ 53,322 $ 53,129
Prepaid rent 37,660 33,165
Security deposits 14,398 14,635
Restricted stock unit liability 0 1,048
Other liabilities 1,720 1,465
Total other liabilities $ 107,100 $ 103,442
v3.23.2
Commitments and Contingencies (Details)
$ in Thousands
Jun. 30, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Outstanding letters of credit and performance bonds $ 684
Future obligations under leases to fund tenant improvements and other future construction obligations $ 153,100
v3.23.2
Stockholders' Equity (Details)
$ / shares in Units, $ in Thousands, shares in Millions
 3 Months Ended 6 Months Ended 24 Months Ended
Jun. 29, 2022
USD ($)
$ / shares
shares
Apr. 21, 2022
USD ($)
Sep. 30, 2021
USD ($)
financial_institution
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
shares
Subsidiary, Sale of Stock [Line Items]            
Sale of stock, number of participating financial institutions | financial_institution     6      
Contributions to unconsolidated joint ventures       $ 26,299 $ 31,892  
Issuance of common stock       0 101,668  
Dividends owed       49,296 $ 48,522 $ 49,296
HICO Avalon, LLC And HICO Avalon II            
Subsidiary, Sale of Stock [Line Items]            
Ownership percentage of partner in joint venture   10.00%        
Contributions to unconsolidated joint ventures   $ 43,400        
Book value of non-controlling interest   $ 15,700        
ATM Program            
Subsidiary, Sale of Stock [Line Items]            
Sale of stock, shares issued (in shares) | shares           2.6
Issuance of common stock           $ 101,400
Payments of stock issuance costs           1,100
Dividends owed       $ 1,700   1,700
Other transaction related costs           $ 900
ATM Program | Common Stock            
Subsidiary, Sale of Stock [Line Items]            
Sale of stock, consideration received on transaction $ 105,100          
Sale of stock, shares issued (in shares) | shares 2.6          
Average price (in dollars per share) | $ / shares $ 39.92          
Maximum | ATM Program            
Subsidiary, Sale of Stock [Line Items]            
Sale of stock, consideration received on transaction     $ 500,000      
v3.23.2
Revenue Recognition (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Disaggregation of Revenue [Line Items]        
Revenues $ 204,320,000 $ 185,680,000 $ 407,048,000 $ 372,578,000
Reduction of revenue related to write-down of net assets associated with lease 1,600,000   1,600,000  
Rental property revenues        
Disaggregation of Revenue [Line Items]        
Revenues 203,954,000 183,174,000 404,030,000 366,401,000
Variable rental revenue 62,200,000 50,200,000 121,400,000 103,000,000
Fees and other        
Disaggregation of Revenue [Line Items]        
Revenues 366,000 2,500,000 3,000,000 6,200,000
Fees and other | Norfolk Southern        
Disaggregation of Revenue [Line Items]        
Revenues $ 0 $ 1,400,000 $ 0 $ 2,200,000
v3.23.2
Stock-Based Compensation - Stock-Based Compensation Expense, Net of Forfeitures (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense, net of forfeitures $ 2,771 $ 2,300 $ 6,343 $ 5,195
Equity-classified awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense, net of forfeitures 2,771 2,448 6,282 5,196
Restricted stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense, net of forfeitures 927 789 1,785 1,569
Market-based RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense, net of forfeitures 1,108 936 2,859 2,148
Performance-based RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense, net of forfeitures 303 312 783 684
Director grants        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense, net of forfeitures 400 369 785 701
Employee Stock Purchase Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense, net of forfeitures 33 42 70 94
Liability-classified awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense, net of forfeitures 0 (148) 61 (1)
Time-vested RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense, net of forfeitures 0 (152) 61 (20)
Dividend equivalent units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense, net of forfeitures $ 0 $ 4 $ 0 $ 19
v3.23.2
Stock-Based Compensation - Narrative (Details) - Independent Board of Directors - Equity-classified awards
$ in Millions
 1 Months Ended
Jun. 30, 2023
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares and targeted units granted (in shares) | shares 81,909
Shares and targeted units granted | $ $ 1.6
Service period 1 year
v3.23.2
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Numerator:        
Net income $ 23,077 $ 34,164 $ 45,433 $ 62,327
Net income available to common stockholders $ 22,621 $ 34,052 $ 44,817 $ 62,036
Denominator:        
Weighted average common shares - basic (in shares) 151,721 148,837 151,650 148,788
Net income per common share — basic (in usd per share) $ 0.15 $ 0.23 $ 0.30 $ 0.42
Numerator:        
Net income $ 23,077 $ 34,164 $ 45,433 $ 62,327
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 22,624 $ 34,058 $ 44,824 $ 62,048
Denominator:        
Weighted average shares — basic (in shares) 151,721 148,837 151,650 148,788
Add:        
Weighted average units of CPLP convertible into common shares (in shares) 25 25 25 25
Weighted average common shares - diluted (in shares) 152,126 149,142 152,003 149,090
Net income per common share — diluted (in usd per share) $ 0.15 $ 0.23 $ 0.29 $ 0.42
RSU        
Add:        
Potential dilutive common shares - stock options (in shares) 380 280 328 277
CPLP        
Numerator:        
Net income attributable to noncontrolling interests $ (3) $ (6) $ (7) $ (12)
Numerator:        
Net income attributable to other noncontrolling interests (3) (6) (7) (12)
Other Noncontrolling Interests        
Numerator:        
Net income attributable to noncontrolling interests (453) (106) (609) (279)
Numerator:        
Net income attributable to other noncontrolling interests $ (453) $ (106) $ (609) $ (279)
v3.23.2
Consolidated Statements of Cash Flows - Supplemental Information - Supplemental Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]    
Interest paid, net of amounts capitalized $ 48,502 $ 29,456
Income taxes paid 0 0
Non-Cash Activity:    
Common stock dividends declared and accrued 49,296 48,522
Tenant improvements funded by tenants $ 41,240 $ 4,360
v3.23.2
Consolidated Statements of Cash Flows - Supplemental Information - Reconciliation of Cash (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents $ 8,031 $ 5,145
v3.23.2
Reportable Segments - Segment Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]        
Total Revenues $ 204,320 $ 185,680 $ 407,048 $ 372,578
Rental property revenues        
Segment Reporting Information [Line Items]        
Total Revenues 203,954 183,174 404,030 366,401
Rental property revenues | Office        
Segment Reporting Information [Line Items]        
Total Revenues 202,173 181,873 400,488 364,115
Rental property revenues | Non-Office        
Segment Reporting Information [Line Items]        
Total Revenues 1,781 1,301 3,542 2,286
Operating segments | Rental property revenues        
Segment Reporting Information [Line Items]        
Total Revenues 206,167 187,266 408,359 374,652
Operating segments | Rental property revenues | Office        
Segment Reporting Information [Line Items]        
Total Revenues 203,917 184,346 403,891 368,966
Operating segments | Rental property revenues | Non-Office        
Segment Reporting Information [Line Items]        
Total Revenues 2,250 2,920 4,468 5,686
Operating segments | Rental property revenues | Atlanta        
Segment Reporting Information [Line Items]        
Total Revenues 73,629 69,299 146,218 137,736
Operating segments | Rental property revenues | Atlanta | Office        
Segment Reporting Information [Line Items]        
Total Revenues 73,160 68,860 145,292 136,875
Operating segments | Rental property revenues | Atlanta | Non-Office        
Segment Reporting Information [Line Items]        
Total Revenues 469 439 926 861
Operating segments | Rental property revenues | Austin        
Segment Reporting Information [Line Items]        
Total Revenues 68,161 59,054 136,044 120,278
Operating segments | Rental property revenues | Austin | Office        
Segment Reporting Information [Line Items]        
Total Revenues 68,161 59,054 136,044 120,278
Operating segments | Rental property revenues | Austin | Non-Office        
Segment Reporting Information [Line Items]        
Total Revenues 0 0 0 0
Operating segments | Rental property revenues | Charlotte        
Segment Reporting Information [Line Items]        
Total Revenues 16,456 15,230 33,035 29,719
Operating segments | Rental property revenues | Charlotte | Office        
Segment Reporting Information [Line Items]        
Total Revenues 14,675 13,929 29,493 27,433
Operating segments | Rental property revenues | Charlotte | Non-Office        
Segment Reporting Information [Line Items]        
Total Revenues 1,781 1,301 3,542 2,286
Operating segments | Rental property revenues | Dallas        
Segment Reporting Information [Line Items]        
Total Revenues 4,225 4,132 8,412 8,328
Operating segments | Rental property revenues | Dallas | Office        
Segment Reporting Information [Line Items]        
Total Revenues 4,225 4,132 8,412 8,328
Operating segments | Rental property revenues | Dallas | Non-Office        
Segment Reporting Information [Line Items]        
Total Revenues 0 0 0 0
Operating segments | Rental property revenues | Phoenix        
Segment Reporting Information [Line Items]        
Total Revenues 18,220 13,533 33,803 26,963
Operating segments | Rental property revenues | Phoenix | Office        
Segment Reporting Information [Line Items]        
Total Revenues 18,220 13,533 33,803 26,963
Operating segments | Rental property revenues | Phoenix | Non-Office        
Segment Reporting Information [Line Items]        
Total Revenues 0 0 0 0
Operating segments | Rental property revenues | Tampa        
Segment Reporting Information [Line Items]        
Total Revenues 18,741 17,216 37,489 34,140
Operating segments | Rental property revenues | Tampa | Office        
Segment Reporting Information [Line Items]        
Total Revenues 18,741 17,216 37,489 34,140
Operating segments | Rental property revenues | Tampa | Non-Office        
Segment Reporting Information [Line Items]        
Total Revenues 0 0 0 0
Operating segments | Rental property revenues | Other markets        
Segment Reporting Information [Line Items]        
Total Revenues 6,735 8,802 13,358 17,488
Operating segments | Rental property revenues | Other markets | Office        
Segment Reporting Information [Line Items]        
Total Revenues 6,735 7,622 13,358 14,949
Operating segments | Rental property revenues | Other markets | Non-Office        
Segment Reporting Information [Line Items]        
Total Revenues 0 1,180 0 2,539
Segment reconciling items | Rental property revenues        
Segment Reporting Information [Line Items]        
Total Revenues (2,213) (4,092) (4,329) (8,251)
Segment reconciling items | Rental property revenues | Office        
Segment Reporting Information [Line Items]        
Total Revenues (1,744) (2,473) (3,403) (4,851)
Segment reconciling items | Rental property revenues | Non-Office        
Segment Reporting Information [Line Items]        
Total Revenues $ (469) $ (1,619) $ (926) $ (3,400)
v3.23.2
Reportable Segments - Net Operating Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]        
Net Operating Income $ 131,844 $ 123,051 $ 261,980 $ 242,658
Office        
Segment Reporting Information [Line Items]        
Net Operating Income 130,397 121,164 259,101 238,984
Non-Office        
Segment Reporting Information [Line Items]        
Net Operating Income 1,447 1,887 2,879 3,674
Atlanta        
Segment Reporting Information [Line Items]        
Net Operating Income 48,652 46,756 96,312 91,164
Atlanta | Office        
Segment Reporting Information [Line Items]        
Net Operating Income 48,368 46,506 95,758 90,679
Atlanta | Non-Office        
Segment Reporting Information [Line Items]        
Net Operating Income 284 250 554 485
Austin        
Segment Reporting Information [Line Items]        
Net Operating Income 42,530 36,565 82,803 72,932
Austin | Office        
Segment Reporting Information [Line Items]        
Net Operating Income 42,530 36,565 82,803 72,932
Austin | Non-Office        
Segment Reporting Information [Line Items]        
Net Operating Income 0 0 0 0
Charlotte        
Segment Reporting Information [Line Items]        
Net Operating Income 11,927 11,218 23,851 21,873
Charlotte | Office        
Segment Reporting Information [Line Items]        
Net Operating Income 10,764 10,246 21,526 20,258
Charlotte | Non-Office        
Segment Reporting Information [Line Items]        
Net Operating Income 1,163 972 2,325 1,615
Dallas        
Segment Reporting Information [Line Items]        
Net Operating Income 3,218 3,191 6,443 6,498
Dallas | Office        
Segment Reporting Information [Line Items]        
Net Operating Income 3,218 3,191 6,443 6,498
Dallas | Non-Office        
Segment Reporting Information [Line Items]        
Net Operating Income 0 0 0 0
Phoenix        
Segment Reporting Information [Line Items]        
Net Operating Income 10,250 9,868 22,023 18,843
Phoenix | Office        
Segment Reporting Information [Line Items]        
Net Operating Income 10,250 9,868 22,023 18,843
Phoenix | Non-Office        
Segment Reporting Information [Line Items]        
Net Operating Income 0 0 0 0
Tampa        
Segment Reporting Information [Line Items]        
Net Operating Income 11,661 10,643 23,372 21,334
Tampa | Office        
Segment Reporting Information [Line Items]        
Net Operating Income 11,661 10,643 23,372 21,334
Tampa | Non-Office        
Segment Reporting Information [Line Items]        
Net Operating Income 0 0 0 0
Other markets        
Segment Reporting Information [Line Items]        
Net Operating Income 3,606 4,810 7,176 10,014
Other markets | Office        
Segment Reporting Information [Line Items]        
Net Operating Income 3,606 4,145 7,176 8,440
Other markets | Non-Office        
Segment Reporting Information [Line Items]        
Net Operating Income $ 0 $ 665 $ 0 $ 1,574
v3.23.2
Reportable Segments - Reconciliation of Net Income to Net Operating Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]        
Net income $ 23,077 $ 34,164 $ 45,433 $ 62,327
Total Revenues (204,320) (185,680) (407,048) (372,578)
General and administrative expenses 8,021 6,996 16,459 15,059
Interest expense 25,972 16,549 51,002 32,074
Depreciation and amortization 80,269 69,861 156,039 140,605
Reimbursed expenses 159 677 366 1,037
Other expenses 476 425 861 646
Income from unconsolidated joint ventures (753) (5,280) (1,426) (6,404)
Net operating income from unconsolidated joint ventures 1,559 2,542 2,968 5,261
Loss (gain) on investment property transactions 0 (28) 2 41
Loss on extinguishment of debt 0 100 0 100
Net Operating Income 131,844 123,051 261,980 242,658
Fee income        
Segment Reporting Information [Line Items]        
Total Revenues (352) (2,305) (726) (3,693)
Termination fee income        
Segment Reporting Information [Line Items]        
Total Revenues (6,570) (449) (6,706) (1,911)
Other        
Segment Reporting Information [Line Items]        
Total Revenues $ (14) $ (201) $ (2,292) $ (2,484)