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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cousins Properties Inc | NYSE:CUZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.15 | -0.64% | 23.44 | 24.28 | 23.23 | 24.02 | 1,161,626 | 01:00:00 |
þ
|
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
GEORGIA
(State or other jurisdiction of
incorporation or organization)
|
58-0869052
(I.R.S. Employer
Identification No.)
|
3344 Peachtree Road NE, Suite 1800, Atlanta, Georgia
(Address of principal executive offices)
|
30326-4802
(Zip Code)
|
|
|
Large accelerated filer
þ
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
|
|
(Do not check if a smaller reporting company)
|
Emerging growth company
o
|
Class
|
|
Outstanding at October 20, 2017
|
Common Stock, $1 par value per share
|
|
420,020,538 shares
|
|
Page No.
|
|
|
•
|
our business and financial strategy;
|
•
|
the impact of the transaction involving us, Parkway Properties, Inc. ("Parkway"), and Parkway, Inc. ("New Parkway"), including future financial and operating results, plans, objectives, expectations, and intentions;
|
•
|
all statements that address operating performance, events, or developments that we expect or anticipate will occur in the future — including statements relating to creating value for stockholders;
|
•
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impact of the transactions with Parkway and New Parkway on tenants, employees, stockholders, and other constituents of the combined companies; and
|
•
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integrating Parkway with us.
|
•
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the availability and terms of capital;
|
•
|
the ability to refinance or repay indebtedness as it matures;
|
•
|
the failure of purchase, sale, or other contracts to ultimately close;
|
•
|
the failure to achieve anticipated benefits from acquisitions, investments, or dispositions;
|
•
|
the potential dilutive effect of common stock or operating partnership unit issuances;
|
•
|
the availability of buyers and pricing with respect to the disposition of assets;
|
•
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risks and uncertainties related to national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate, particularly in Atlanta, Charlotte, Austin, and Phoenix where we have high concentrations of our annualized lease revenue;
|
•
|
changes to our strategy with regard to land and other non-core holdings that may require impairment losses to be recognized;
|
•
|
leasing risks, including the ability to obtain new tenants or renew expiring tenants, the ability to lease newly developed and/or recently acquired space, and the risk of declining leasing rates;
|
•
|
the adverse change in the financial condition of one or more of our major tenants;
|
•
|
volatility in interest rates and insurance rates;
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•
|
competition from other developers or investors;
|
•
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the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk);
|
•
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the loss of key personnel;
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•
|
the potential liability for uninsured losses, condemnation, or environmental issues;
|
•
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the potential liability for a failure to meet regulatory requirements;
|
•
|
the financial condition and liquidity of, or disputes with, joint venture partners;
|
•
|
any failure to comply with debt covenants under credit agreements;
|
•
|
any failure to continue to qualify for taxation as a real estate investment trust and to meet regulatory requirements;
|
•
|
risks associated with litigation resulting from the transactions with Parkway and from liabilities or contingent liabilities assumed in the transactions with Parkway;
|
•
|
risks associated with any errors or omissions in financial or other information of Parkway that has been previously provided to the public;
|
•
|
the ability to successfully integrate our operations and employees in connection with the transactions with Parkway and New Parkway;
|
•
|
the ability to realize anticipated benefits and synergies of the transactions with Parkway and New Parkway;
|
•
|
potential changes to state, local, or federal regulations applicable to our business;
|
•
|
material changes in the dividend rates on securities or the ability to pay dividends on common shares or other securities;
|
•
|
potential changes to the tax laws impacting REITs and real estate in general;
|
•
|
significant costs related to uninsured losses, condemnation, or environmental issues; and
|
•
|
those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by the Company.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Rental property revenues
|
$
|
109,569
|
|
|
$
|
46,575
|
|
|
$
|
336,093
|
|
|
$
|
138,382
|
|
Fee income
|
2,597
|
|
|
1,945
|
|
|
6,387
|
|
|
5,968
|
|
||||
Other
|
993
|
|
|
153
|
|
|
9,593
|
|
|
570
|
|
||||
|
113,159
|
|
|
48,673
|
|
|
352,073
|
|
|
144,920
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Rental property operating expenses
|
40,688
|
|
|
18,122
|
|
|
123,715
|
|
|
55,451
|
|
||||
Reimbursed expenses
|
895
|
|
|
795
|
|
|
2,667
|
|
|
2,463
|
|
||||
General and administrative expenses
|
7,193
|
|
|
4,368
|
|
|
21,993
|
|
|
17,301
|
|
||||
Interest expense
|
7,587
|
|
|
5,754
|
|
|
25,851
|
|
|
16,562
|
|
||||
Depreciation and amortization
|
47,622
|
|
|
16,622
|
|
|
152,546
|
|
|
49,804
|
|
||||
Acquisition and transaction costs
|
(677
|
)
|
|
1,446
|
|
|
1,499
|
|
|
3,889
|
|
||||
Other
|
423
|
|
|
173
|
|
|
1,063
|
|
|
681
|
|
||||
|
103,731
|
|
|
47,280
|
|
|
329,334
|
|
|
146,151
|
|
||||
Gain on extinguishment of debt
|
429
|
|
|
—
|
|
|
2,258
|
|
|
—
|
|
||||
Income (loss) from continuing operations before unconsolidated joint ventures and gain (loss) on sale of investment properties
|
9,857
|
|
|
1,393
|
|
|
24,997
|
|
|
(1,231
|
)
|
||||
Income from unconsolidated joint ventures
|
2,461
|
|
|
1,527
|
|
|
43,362
|
|
|
5,144
|
|
||||
Income from continuing operations before gain (loss) on sale of investment properties
|
12,318
|
|
|
2,920
|
|
|
68,359
|
|
|
3,913
|
|
||||
Gain (loss) on sale of investment properties
|
(33
|
)
|
|
—
|
|
|
119,729
|
|
|
13,944
|
|
||||
Income from continuing operations
|
12,285
|
|
|
2,920
|
|
|
188,088
|
|
|
17,857
|
|
||||
Income from discontinued operations
|
—
|
|
|
8,737
|
|
|
—
|
|
|
24,361
|
|
||||
Net income
|
12,285
|
|
|
11,657
|
|
|
188,088
|
|
|
42,218
|
|
||||
Net income attributable to noncontrolling interests
|
(218
|
)
|
|
—
|
|
|
(3,181
|
)
|
|
—
|
|
||||
Net income available to common stockholders
|
$
|
12,067
|
|
|
$
|
11,657
|
|
|
$
|
184,907
|
|
|
$
|
42,218
|
|
Per common share information — basic and diluted:
|
|
|
|
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
$
|
0.45
|
|
|
$
|
0.08
|
|
Income from discontinued operations
|
—
|
|
|
0.05
|
|
|
—
|
|
|
0.12
|
|
||||
Net income
|
$
|
0.03
|
|
|
$
|
0.06
|
|
|
$
|
0.45
|
|
|
$
|
0.20
|
|
Weighted average shares — basic
|
419,998
|
|
|
210,170
|
|
|
414,123
|
|
|
210,400
|
|
||||
Weighted average shares — diluted
|
427,300
|
|
|
210,326
|
|
|
421,954
|
|
|
210,528
|
|
||||
Dividends declared per common share
|
$
|
0.06
|
|
|
$
|
0.08
|
|
|
$
|
0.24
|
|
|
$
|
0.24
|
|
|
|
Preferred
Stock |
|
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Treasury
Stock
|
|
Distributions in
Excess of
Net Income
|
|
Stockholders’
Investment
|
|
Nonredeemable
Noncontrolling
Interests
|
|
Total
Equity
|
||||||||||||||||
Balance December 31, 2016
|
|
$
|
6,867
|
|
|
$
|
403,747
|
|
|
$
|
3,407,430
|
|
|
$
|
(148,373
|
)
|
|
$
|
(1,214,114
|
)
|
|
$
|
2,455,557
|
|
|
$
|
58,683
|
|
|
$
|
2,514,240
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
184,907
|
|
|
184,907
|
|
|
3,181
|
|
|
188,088
|
|
||||||||
Common stock issued pursuant to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock offering, net of
issuance costs |
|
—
|
|
|
25,000
|
|
|
186,774
|
|
|
—
|
|
|
—
|
|
|
211,774
|
|
|
—
|
|
|
211,774
|
|
||||||||
Director stock grants
|
|
—
|
|
|
121
|
|
|
889
|
|
|
—
|
|
|
—
|
|
|
1,010
|
|
|
—
|
|
|
1,010
|
|
||||||||
Stock based compensation
|
|
—
|
|
|
282
|
|
|
(1,168
|
)
|
|
—
|
|
|
—
|
|
|
(886
|
)
|
|
—
|
|
|
(886
|
)
|
||||||||
Spin-off of Parkway, Inc.
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
545
|
|
|
545
|
|
|
—
|
|
|
545
|
|
||||||||
Common stock redemption by unit holders
|
|
—
|
|
|
1,203
|
|
|
8,865
|
|
|
—
|
|
|
—
|
|
|
10,068
|
|
|
(10,068
|
)
|
|
—
|
|
||||||||
Amortization of stock options and restricted stock, net of forfeitures
|
|
—
|
|
|
(3
|
)
|
|
1,479
|
|
|
—
|
|
|
—
|
|
|
1,476
|
|
|
—
|
|
|
1,476
|
|
||||||||
Contributions from nonredeemable noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,588
|
|
|
1,588
|
|
||||||||
Distributions to nonredeemable noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,364
|
)
|
|
(1,364
|
)
|
||||||||
Common dividends ($0.24 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(99,151
|
)
|
|
(99,151
|
)
|
|
—
|
|
|
(99,151
|
)
|
||||||||
Balance September 30, 2017
|
|
$
|
6,867
|
|
|
$
|
430,350
|
|
|
$
|
3,604,269
|
|
|
$
|
(148,373
|
)
|
|
$
|
(1,127,813
|
)
|
|
$
|
2,765,300
|
|
|
$
|
52,020
|
|
|
$
|
2,817,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance December 31, 2015
|
|
$
|
—
|
|
|
$
|
220,256
|
|
|
$
|
1,722,224
|
|
|
$
|
(134,630
|
)
|
|
$
|
(124,435
|
)
|
|
$
|
1,683,415
|
|
|
$
|
—
|
|
|
$
|
1,683,415
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,218
|
|
|
42,218
|
|
|
—
|
|
|
42,218
|
|
||||||||
Common stock issued pursuant to stock based compensation
|
|
—
|
|
|
257
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
333
|
|
|
—
|
|
|
333
|
|
||||||||
Amortization of stock options and restricted stock, net of forfeitures
|
|
—
|
|
|
(14
|
)
|
|
1,252
|
|
|
—
|
|
|
—
|
|
|
1,238
|
|
|
—
|
|
|
1,238
|
|
||||||||
Contributions from nonredeemable noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,525
|
|
|
2,525
|
|
||||||||
Repurchase of common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,743
|
)
|
|
—
|
|
|
(13,743
|
)
|
|
—
|
|
|
(13,743
|
)
|
||||||||
Common dividends ($0.24 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50,549
|
)
|
|
(50,549
|
)
|
|
—
|
|
|
(50,549
|
)
|
||||||||
Balance September 30, 2016
|
|
$
|
—
|
|
|
$
|
220,499
|
|
|
$
|
1,723,552
|
|
|
$
|
(148,373
|
)
|
|
$
|
(132,766
|
)
|
|
$
|
1,662,912
|
|
|
$
|
2,525
|
|
|
$
|
1,665,437
|
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
188,088
|
|
|
$
|
42,218
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Gain on sale of investment properties
|
(119,729
|
)
|
|
(13,944
|
)
|
||
Depreciation and amortization, including discontinued operations
|
152,546
|
|
|
96,192
|
|
||
Amortization of deferred financing costs and premium/discount on notes payable
|
(2,543
|
)
|
|
1,063
|
|
||
Stock-based compensation expense, net of forfeitures
|
2,486
|
|
|
1,571
|
|
||
Effect of certain non-cash adjustments to rental revenues
|
(33,379
|
)
|
|
(15,966
|
)
|
||
Income from unconsolidated joint ventures
|
(43,362
|
)
|
|
(5,144
|
)
|
||
Operating distributions from unconsolidated joint ventures
|
40,207
|
|
|
5,893
|
|
||
Gain on extinguishment of debt
|
(2,258
|
)
|
|
—
|
|
||
Changes in other operating assets and liabilities:
|
|
|
|
||||
Change in other receivables and other assets, net
|
9,707
|
|
|
1,824
|
|
||
Change in operating liabilities
|
3,150
|
|
|
5,544
|
|
||
Net cash provided by operating activities
|
194,913
|
|
|
119,251
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Proceeds from investment property sales
|
171,316
|
|
|
21,088
|
|
||
Property acquisition, development, and tenant asset expenditures
|
(229,811
|
)
|
|
(122,357
|
)
|
||
Purchase of tenant in common interest
|
(13,382
|
)
|
|
—
|
|
||
Collection of notes receivable
|
5,161
|
|
|
—
|
|
||
Investment in unconsolidated joint ventures
|
(13,862
|
)
|
|
(24,918
|
)
|
||
Distributions from unconsolidated joint ventures
|
40,939
|
|
|
4,150
|
|
||
Change in notes receivable and other assets
|
(1,348
|
)
|
|
(5,699
|
)
|
||
Change in restricted cash
|
15,105
|
|
|
(3,667
|
)
|
||
Net cash used in investing activities
|
(25,882
|
)
|
|
(131,403
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Proceeds from credit facility
|
589,300
|
|
|
182,800
|
|
||
Repayment of credit facility
|
(723,300
|
)
|
|
(274,800
|
)
|
||
Proceeds from issuance of notes payable
|
350,000
|
|
|
270,000
|
|
||
Repayment of notes payable
|
(493,774
|
)
|
|
(7,239
|
)
|
||
Payment of deferred financing costs
|
(2,048
|
)
|
|
(1,604
|
)
|
||
Shares withheld for payment of taxes on restricted stock vesting
|
(701
|
)
|
|
—
|
|
||
Common stock issued, net of expenses
|
211,598
|
|
|
—
|
|
||
Contributions from noncontrolling interests
|
1,588
|
|
|
2,525
|
|
||
Distributions to nonredeemable noncontrolling interests
|
(1,364
|
)
|
|
—
|
|
||
Repurchase of common stock
|
—
|
|
|
(13,743
|
)
|
||
Common dividends paid
|
(73,950
|
)
|
|
(50,549
|
)
|
||
Other
|
100
|
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
(142,551
|
)
|
|
107,390
|
|
||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
26,480
|
|
|
95,238
|
|
||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
35,687
|
|
|
2,003
|
|
||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
62,167
|
|
|
$
|
97,241
|
|
|
|
|
|
|
|||
Interest paid, net of amounts capitalized
|
$
|
26,927
|
|
|
$
|
20,792
|
|
|
|
|
|
||||
Significant non-cash transactions:
|
|
|
|
|
|||
Transfer from operating properties to real estate assets and other assets held for sale
|
$
|
—
|
|
|
$
|
203,735
|
|
Transfer from operating properties to liabilities of real estate assets held for sale
|
—
|
|
|
106,135
|
|
||
Transfer from investment in unconsolidated joint ventures to operating properties
|
68,390
|
|
|
—
|
|
||
Transfer from projects under development to operating properties
|
58,928
|
|
|
—
|
|
||
Common stock dividends declared
|
25,201
|
|
|
—
|
|
||
Transfer from investment in unconsolidated joint ventures to projects under development
|
—
|
|
|
5,880
|
|
||
Transfer from land held to projects under development
|
—
|
|
|
8,099
|
|
||
Change in accrued property acquisition, development, and tenant asset expenditures
|
(18,081
|
)
|
|
(11,384
|
)
|
|
|
Three Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2016
|
||||
|
|
|
||||||
Rental property revenues
|
|
$
|
46,046
|
|
|
$
|
133,450
|
|
Rental property operating expenses
|
|
(19,638
|
)
|
|
(56,598
|
)
|
||
Other revenues
|
|
—
|
|
|
288
|
|
||
Interest expense
|
|
(1,956
|
)
|
|
(5,896
|
)
|
||
Depreciation and amortization
|
|
(15,221
|
)
|
|
(46,389
|
)
|
||
Acquisition and transaction costs
|
|
(494
|
)
|
|
(494
|
)
|
||
Income from discontinued operations
|
|
$
|
8,737
|
|
|
$
|
24,361
|
|
|
|
|
|
|
||||
Cash provided by operating activities
|
|
$
|
26,589
|
|
|
$
|
43,601
|
|
Cash used in investing activities
|
|
$
|
(11,130
|
)
|
|
$
|
(29,242
|
)
|
|
Total Assets
|
|
Total Debt
|
|
Total Equity
|
|
Company’s Investment
|
|
||||||||||||||||||||||||
SUMMARY OF FINANCIAL POSITION:
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
||||||||||||||||
Terminus Office Holdings
|
$
|
268,531
|
|
|
$
|
268,242
|
|
|
$
|
204,390
|
|
|
$
|
207,545
|
|
|
$
|
50,633
|
|
|
$
|
49,476
|
|
|
$
|
26,204
|
|
|
$
|
25,686
|
|
|
EP I LLC
|
1,517
|
|
|
78,537
|
|
|
—
|
|
|
58,029
|
|
|
1,269
|
|
|
18,962
|
|
|
738
|
|
|
18,551
|
|
|
||||||||
EP II LLC
|
392
|
|
|
67,754
|
|
|
—
|
|
|
44,969
|
|
|
296
|
|
|
21,743
|
|
|
130
|
|
|
17,606
|
|
|
||||||||
Charlotte Gateway Village, LLC
|
129,109
|
|
|
119,054
|
|
|
—
|
|
|
—
|
|
|
124,012
|
|
|
116,809
|
|
|
15,397
|
|
|
11,796
|
|
|
||||||||
HICO Victory Center LP
|
14,294
|
|
|
14,124
|
|
|
—
|
|
|
—
|
|
|
14,290
|
|
|
13,869
|
|
|
9,695
|
|
|
9,506
|
|
|
||||||||
Carolina Square Holdings LP
|
102,370
|
|
|
66,922
|
|
|
62,180
|
|
|
23,741
|
|
|
34,080
|
|
|
34,173
|
|
|
18,843
|
|
|
18,325
|
|
|
||||||||
CL Realty, L.L.C.
|
8,287
|
|
|
8,047
|
|
|
—
|
|
|
—
|
|
|
8,156
|
|
|
7,899
|
|
|
2,852
|
|
|
3,644
|
|
|
||||||||
DC Charlotte Plaza LLLP
|
39,156
|
|
|
17,940
|
|
|
—
|
|
|
—
|
|
|
34,255
|
|
|
17,073
|
|
|
17,475
|
|
|
8,937
|
|
|
||||||||
Temco Associates, LLC
|
4,426
|
|
|
4,368
|
|
|
—
|
|
|
—
|
|
|
4,323
|
|
|
4,253
|
|
|
864
|
|
|
829
|
|
|
||||||||
Wildwood Associates
|
16,368
|
|
|
16,351
|
|
|
—
|
|
|
—
|
|
|
16,227
|
|
|
16,314
|
|
|
(1,186
|
)
|
(1)
|
(1,143
|
)
|
(1)
|
||||||||
Crawford Long - CPI, LLC
|
28,621
|
|
|
27,523
|
|
|
71,690
|
|
|
72,822
|
|
|
(44,787
|
)
|
|
(45,928
|
)
|
|
(21,296
|
)
|
(1)
|
(21,866
|
)
|
(1)
|
||||||||
111 West Rio Building
|
—
|
|
|
59,399
|
|
|
—
|
|
|
12,852
|
|
|
—
|
|
|
32,855
|
|
|
—
|
|
|
52,206
|
|
|
||||||||
Courvoisier Centre JV, LLC
|
182,262
|
|
|
172,197
|
|
|
106,500
|
|
|
106,500
|
|
|
68,480
|
|
|
69,479
|
|
|
11,719
|
|
|
11,782
|
|
|
||||||||
HICO Avalon II, LLC
|
987
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
532
|
|
|
—
|
|
|
4,366
|
|
|
—
|
|
|
||||||||
AMCO 120 WT Holdings, LLC
|
13,286
|
|
|
10,446
|
|
|
—
|
|
|
—
|
|
|
12,678
|
|
|
9,136
|
|
|
939
|
|
|
184
|
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
345
|
|
|
||||||||
|
$
|
809,606
|
|
|
$
|
930,904
|
|
|
$
|
444,760
|
|
|
$
|
526,458
|
|
|
$
|
324,444
|
|
|
$
|
366,113
|
|
|
$
|
86,740
|
|
|
$
|
156,388
|
|
|
|
Total Revenues
|
|
Net Income (Loss)
|
|
Company's Share of Income (Loss)
|
|
||||||||||||||||||
SUMMARY OF OPERATIONS:
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
||||||||||||
Terminus Office Holdings
|
$
|
33,503
|
|
|
$
|
31,630
|
|
|
$
|
4,907
|
|
|
$
|
3,874
|
|
|
$
|
2,453
|
|
|
$
|
1,937
|
|
|
EP I LLC
|
4,094
|
|
|
7,919
|
|
|
44,865
|
|
|
1,417
|
|
|
28,479
|
|
|
1,206
|
|
|
||||||
EP II LLC
|
2,644
|
|
|
3,605
|
|
|
13,023
|
|
|
(1,194
|
)
|
|
9,768
|
|
|
(1,043
|
)
|
|
||||||
Charlotte Gateway Village, LLC
|
20,125
|
|
|
26,245
|
|
|
7,202
|
|
|
11,077
|
|
|
3,601
|
|
|
1,447
|
|
|
||||||
HICO Victory Center LP
|
320
|
|
|
307
|
|
|
320
|
|
|
300
|
|
|
171
|
|
|
131
|
|
|
||||||
Carolina Square Holdings LP
|
640
|
|
|
—
|
|
|
(100
|
)
|
|
—
|
|
|
19
|
|
|
—
|
|
|
||||||
CL Realty, L.L.C.
|
2,899
|
|
|
327
|
|
|
2,657
|
|
|
105
|
|
|
408
|
|
|
70
|
|
|
||||||
DC Charlotte Plaza LLLP
|
2
|
|
|
47
|
|
|
2
|
|
|
45
|
|
|
1
|
|
|
24
|
|
|
||||||
Temco Associates, LLC
|
144
|
|
|
180
|
|
|
70
|
|
|
83
|
|
|
35
|
|
|
122
|
|
|
||||||
Wildwood Associates
|
—
|
|
|
—
|
|
|
(86
|
)
|
|
(106
|
)
|
|
(43
|
)
|
|
(53
|
)
|
|
||||||
Crawford Long - CPI, LLC
|
9,017
|
|
|
9,101
|
|
|
2,285
|
|
|
2,005
|
|
|
1,142
|
|
|
1,003
|
|
|
||||||
111 West Rio Building
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,592
|
)
|
|
—
|
|
|
||||||
Courvoisier Centre JV, LLC
|
12,701
|
|
|
—
|
|
|
(1,000
|
)
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
|
||||||
HICO Avalon II, LLC
|
—
|
|
|
—
|
|
|
(68
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||
AMCO 120 WT Holdings, LLC
|
—
|
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
300
|
|
|
||||||
|
$
|
86,089
|
|
|
$
|
79,361
|
|
|
$
|
74,055
|
|
|
$
|
17,606
|
|
|
$
|
43,362
|
|
|
$
|
5,144
|
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
In-place leases, net of accumulated amortization of $85,806 and $46,899 in 2017 and 2016, respectively
|
|
$
|
158,395
|
|
|
$
|
185,251
|
|
Above-market tenant leases, net of accumulated amortization of $12,981 and $6,515 in 2017 and 2016, respectively
|
|
33,580
|
|
|
40,260
|
|
||
Below-market ground lease, net of accumulated amortization of $276 and $69 in 2017 and 2016, respectively
|
|
18,137
|
|
|
18,344
|
|
||
Goodwill
|
|
1,674
|
|
|
1,674
|
|
||
|
|
$
|
211,786
|
|
|
$
|
245,529
|
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Beginning balance
|
$
|
1,674
|
|
|
$
|
3,647
|
|
Allocated to property sales
|
—
|
|
|
(21
|
)
|
||
Ending balance
|
$
|
1,674
|
|
|
$
|
3,626
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $24,008 and $23,135 in 2017 and 2016, respectively
|
|
$
|
14,849
|
|
|
$
|
15,773
|
|
Lease inducements, net of accumulated amortization of $892 and $1,278 in 2017 and 2016, respectively
|
|
2,049
|
|
|
2,517
|
|
||
Prepaid expenses and other assets
|
|
9,764
|
|
|
8,432
|
|
||
Line of credit deferred financing costs, net of accumulated amortization of $2,905 and $2,264 in 2017 and 2016, respectively
|
|
1,428
|
|
|
2,182
|
|
||
Predevelopment costs and earnest money
|
|
80
|
|
|
179
|
|
||
|
|
$
|
28,170
|
|
|
$
|
29,083
|
|
Description
|
|
Interest Rate
|
|
Maturity
|
|
September 30, 2017
|
|
December 31, 2016
|
|||||
Term Loan, Unsecured
|
|
2.43
|
%
|
|
2021
|
|
$
|
250,000
|
|
|
$
|
250,000
|
|
Senior Notes, Unsecured
|
|
3.91
|
%
|
|
2025
|
|
250,000
|
|
|
—
|
|
||
Fifth Third Center
|
|
3.37
|
%
|
|
2026
|
|
147,306
|
|
|
149,516
|
|
||
Colorado Tower
|
|
3.45
|
%
|
|
2026
|
|
120,000
|
|
|
120,000
|
|
||
Promenade
|
|
4.27
|
%
|
|
2022
|
|
103,113
|
|
|
105,342
|
|
||
Senior Notes, Unsecured
|
|
4.09
|
%
|
|
2027
|
|
100,000
|
|
|
—
|
|
||
816 Congress
|
|
3.75
|
%
|
|
2024
|
|
83,702
|
|
|
84,872
|
|
||
Meridian Mark Plaza
|
|
6.00
|
%
|
|
2020
|
|
24,162
|
|
|
24,522
|
|
||
The Pointe
|
|
4.01
|
%
|
|
2019
|
|
22,620
|
|
|
22,945
|
|
||
Credit Facility, Unsecured
|
|
2.33
|
%
|
|
2019
|
|
—
|
|
|
134,000
|
|
||
3344 Peachtree
|
|
4.75
|
%
|
|
2017
|
|
—
|
|
|
78,971
|
|
||
One Eleven Congress
|
|
6.08
|
%
|
|
2017
|
|
—
|
|
|
128,000
|
|
||
The ACS Center
|
|
6.45
|
%
|
|
2017
|
|
—
|
|
|
127,508
|
|
||
San Jacinto Center
|
|
6.05
|
%
|
|
2017
|
|
—
|
|
|
101,000
|
|
||
Two Buckhead Plaza
|
|
6.43
|
%
|
|
2017
|
|
—
|
|
|
52,000
|
|
||
|
|
|
|
|
|
1,100,903
|
|
|
1,378,676
|
|
|||
Unamortized premium, net
|
|
|
|
|
|
270
|
|
|
6,792
|
|
|||
Unamortized loan costs
|
|
|
|
|
|
(5,996
|
)
|
|
(4,548
|
)
|
|||
Total Notes Payable
|
|
|
|
|
|
$
|
1,095,177
|
|
|
$
|
1,380,920
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Total interest incurred
|
$
|
10,288
|
|
|
$
|
8,939
|
|
|
$
|
32,360
|
|
|
$
|
25,446
|
|
Less interest - discontinued operations
|
—
|
|
|
(1,956
|
)
|
|
—
|
|
|
(5,896
|
)
|
||||
Interest capitalized
|
(2,701
|
)
|
|
(1,229
|
)
|
|
(6,509
|
)
|
|
(2,988
|
)
|
||||
Total interest expense
|
$
|
7,587
|
|
|
$
|
5,754
|
|
|
$
|
25,851
|
|
|
$
|
16,562
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
||||||||
Earnings per Common Share - basic:
|
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
12,285
|
|
|
$
|
2,920
|
|
|
$
|
188,088
|
|
|
$
|
17,857
|
|
|
Net income attributable to noncontrolling interests in CPLP
from continuing operations |
(213
|
)
|
|
—
|
|
|
(3,170
|
)
|
|
—
|
|
|
||||
Net income attributable to other noncontrolling interests
|
(5
|
)
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
||||
Income from continuing operations available for common stockholders
|
12,067
|
|
|
2,920
|
|
|
184,907
|
|
|
17,857
|
|
|
||||
Income from discontinued operations
|
—
|
|
|
8,737
|
|
|
—
|
|
|
24,361
|
|
|
||||
Net income available for common stockholders
|
$
|
12,067
|
|
|
$
|
11,657
|
|
|
$
|
184,907
|
|
|
$
|
42,218
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares - basic
|
419,998
|
|
|
210,170
|
|
|
414,123
|
|
|
210,400
|
|
|
||||
Earnings per common share - basic:
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations available for common
stockholders
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
$
|
0.45
|
|
|
$
|
0.08
|
|
|
Income from discontinued operations available for common
stockholders
|
—
|
|
|
0.05
|
|
|
—
|
|
|
0.12
|
|
|
||||
Earnings per common share - basic
|
$
|
0.03
|
|
|
$
|
0.06
|
|
|
$
|
0.45
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share - diluted:
|
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
12,285
|
|
|
$
|
2,920
|
|
|
$
|
188,088
|
|
|
$
|
17,857
|
|
|
Net income attributable to other noncontrolling interests
from continuing operations
|
(5
|
)
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
||||
Income from continuing operations available for common stockholders before net income attributable to noncontrolling interests in CPLP
|
12,280
|
|
|
2,920
|
|
|
188,077
|
|
|
17,857
|
|
|
||||
Income from discontinued operations available for common stockholders
|
—
|
|
|
8,737
|
|
|
—
|
|
|
24,361
|
|
|
||||
Net income available for common stockholders before
net income attributable to noncontrolling interests in
CPLP
|
$
|
12,280
|
|
|
$
|
11,657
|
|
|
$
|
188,077
|
|
|
$
|
42,218
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares - basic
|
419,998
|
|
|
210,170
|
|
|
414,123
|
|
|
210,400
|
|
|
||||
Add:
|
|
|
|
|
|
|
|
|
||||||||
Potential dilutive common shares - stock options
|
328
|
|
|
156
|
|
|
320
|
|
|
128
|
|
|
||||
Weighted average units of CPLP convertible into
common shares
|
6,974
|
|
|
—
|
|
|
7,511
|
|
|
—
|
|
|
||||
Weighted average common shares - diluted
|
427,300
|
|
|
210,326
|
|
|
421,954
|
|
|
210,528
|
|
|
||||
Earnings per common share - diluted:
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations available for common stockholders before net income attributable to noncontrolling interests in CPLP
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
$
|
0.45
|
|
|
$
|
0.08
|
|
|
Income from discontinued operations available for common
stockholders
|
—
|
|
|
0.05
|
|
|
—
|
|
|
0.12
|
|
|
||||
Earnings per common share - diluted
|
$
|
0.03
|
|
|
$
|
0.06
|
|
|
$
|
0.45
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average anti-dilutive stock options outstanding
|
731
|
|
|
1,103
|
|
|
740
|
|
|
1,110
|
|
|
Three Months Ended September 30, 2017
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Net Operating Income:
|
|
|
|
|
|
|
||||||
Atlanta
|
|
$
|
25,247
|
|
|
$
|
—
|
|
|
$
|
25,247
|
|
Austin
|
|
15,074
|
|
|
—
|
|
|
15,074
|
|
|||
Charlotte
|
|
15,489
|
|
|
—
|
|
|
15,489
|
|
|||
Orlando
|
|
3,356
|
|
|
—
|
|
|
3,356
|
|
|||
Tampa
|
|
7,412
|
|
|
—
|
|
|
7,412
|
|
|||
Phoenix
|
|
8,667
|
|
|
—
|
|
|
8,667
|
|
|||
Other
|
|
525
|
|
|
45
|
|
|
570
|
|
|||
Total Net Operating Income
|
|
$
|
75,770
|
|
|
$
|
45
|
|
|
$
|
75,815
|
|
Three Months Ended September 30, 2016
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Net Operating Income:
|
|
|
|
|
|
|
||||||
Houston
|
|
$
|
26,408
|
|
|
$
|
—
|
|
|
$
|
26,408
|
|
Atlanta
|
|
22,593
|
|
|
1,753
|
|
|
24,346
|
|
|||
Austin
|
|
6,023
|
|
|
—
|
|
|
6,023
|
|
|||
Charlotte
|
|
4,905
|
|
|
—
|
|
|
4,905
|
|
|||
Other
|
|
(61
|
)
|
|
—
|
|
|
(61
|
)
|
|||
Total Net Operating Income
|
|
$
|
59,868
|
|
|
$
|
1,753
|
|
|
$
|
61,621
|
|
Nine Months Ended September 30, 2017
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Net Operating Income:
|
|
|
|
|
|
|
||||||
Atlanta
|
|
$
|
84,437
|
|
|
$
|
3,125
|
|
|
$
|
87,562
|
|
Austin
|
|
44,113
|
|
|
—
|
|
|
44,113
|
|
|||
Charlotte
|
|
46,117
|
|
|
—
|
|
|
46,117
|
|
|||
Orlando
|
|
10,464
|
|
|
—
|
|
|
10,464
|
|
|||
Tampa
|
|
21,700
|
|
|
—
|
|
|
21,700
|
|
|||
Phoenix
|
|
24,722
|
|
|
—
|
|
|
24,722
|
|
|||
Other
|
|
1,374
|
|
|
45
|
|
|
1,419
|
|
|||
Total Net Operating Income
|
|
$
|
232,927
|
|
|
$
|
3,170
|
|
|
$
|
236,097
|
|
Nine Months Ended September 30, 2016
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Net Operating Income:
|
|
|
|
|
|
|
||||||
Houston
|
|
$
|
76,851
|
|
|
$
|
—
|
|
|
$
|
76,851
|
|
Atlanta
|
|
66,763
|
|
|
5,101
|
|
|
71,864
|
|
|||
Austin
|
|
16,978
|
|
|
—
|
|
|
16,978
|
|
|||
Charlotte
|
|
14,485
|
|
|
—
|
|
|
14,485
|
|
|||
Other
|
|
(36
|
)
|
|
—
|
|
|
(36
|
)
|
|||
Total Net Operating Income
|
|
$
|
175,041
|
|
|
$
|
5,101
|
|
|
$
|
180,142
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Operating Income
|
$
|
75,815
|
|
|
$
|
61,621
|
|
|
$
|
236,097
|
|
|
$
|
180,142
|
|
Net operating income from unconsolidated joint
ventures |
(6,934
|
)
|
|
(6,760
|
)
|
|
(23,719
|
)
|
|
(20,359
|
)
|
||||
Net operating income from discontinued operations
|
—
|
|
|
(26,408
|
)
|
|
—
|
|
|
(76,852
|
)
|
||||
Fee income
|
2,597
|
|
|
1,945
|
|
|
6,387
|
|
|
5,968
|
|
||||
Other income
|
993
|
|
|
153
|
|
|
9,593
|
|
|
570
|
|
||||
Reimbursed expenses
|
(895
|
)
|
|
(795
|
)
|
|
(2,667
|
)
|
|
(2,463
|
)
|
||||
General and administrative expenses
|
(7,193
|
)
|
|
(4,368
|
)
|
|
(21,993
|
)
|
|
(17,301
|
)
|
||||
Interest expense
|
(7,587
|
)
|
|
(5,754
|
)
|
|
(25,851
|
)
|
|
(16,562
|
)
|
||||
Depreciation and amortization
|
(47,622
|
)
|
|
(16,622
|
)
|
|
(152,546
|
)
|
|
(49,804
|
)
|
||||
Acquisition and transaction costs
|
677
|
|
|
(1,446
|
)
|
|
(1,499
|
)
|
|
(3,889
|
)
|
||||
Gain on extinguishment of debt
|
429
|
|
|
—
|
|
|
2,258
|
|
|
—
|
|
||||
Other expenses
|
(423
|
)
|
|
(173
|
)
|
|
(1,063
|
)
|
|
(681
|
)
|
||||
Income from unconsolidated joint ventures
|
2,461
|
|
|
1,527
|
|
|
43,362
|
|
|
5,144
|
|
||||
Gain (loss) on sale of investment properties
|
(33
|
)
|
|
—
|
|
|
119,729
|
|
|
13,944
|
|
||||
Income from discontinued operations
|
—
|
|
|
8,737
|
|
|
—
|
|
|
24,361
|
|
||||
Net Income
|
$
|
12,285
|
|
|
$
|
11,657
|
|
|
$
|
188,088
|
|
|
$
|
42,218
|
|
Three Months Ended September 30, 2017
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Atlanta
|
|
$
|
41,507
|
|
|
$
|
—
|
|
|
$
|
41,507
|
|
Austin
|
|
25,385
|
|
|
—
|
|
|
25,385
|
|
|||
Charlotte
|
|
23,153
|
|
|
143
|
|
|
23,296
|
|
|||
Orlando
|
|
6,408
|
|
|
—
|
|
|
6,408
|
|
|||
Tampa
|
|
11,815
|
|
|
—
|
|
|
11,815
|
|
|||
Phoenix
|
|
11,692
|
|
|
—
|
|
|
11,692
|
|
|||
Other
|
|
915
|
|
|
—
|
|
|
915
|
|
|||
Total segment revenues
|
|
120,875
|
|
|
143
|
|
|
121,018
|
|
|||
Less Company's share of rental property revenues from unconsolidated joint ventures
|
|
(11,306
|
)
|
|
(143
|
)
|
|
(11,449
|
)
|
|||
Total rental property revenues
|
|
$
|
109,569
|
|
|
$
|
—
|
|
|
$
|
109,569
|
|
Three Months Ended September 30, 2016
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Houston
|
|
$
|
46,046
|
|
|
$
|
—
|
|
|
$
|
46,046
|
|
Atlanta
|
|
36,693
|
|
|
3,197
|
|
|
39,890
|
|
|||
Austin
|
|
10,469
|
|
|
—
|
|
|
10,469
|
|
|||
Charlotte
|
|
6,799
|
|
|
—
|
|
|
6,799
|
|
|||
Other
|
|
(57
|
)
|
|
—
|
|
|
(57
|
)
|
|||
Total segment revenues
|
|
99,950
|
|
|
3,197
|
|
|
103,147
|
|
|||
Less discontinued operations
|
|
(46,046
|
)
|
|
—
|
|
|
(46,046
|
)
|
|||
Less Company's share of rental property revenues from unconsolidated joint ventures
|
|
(7,329
|
)
|
|
(3,197
|
)
|
|
(10,526
|
)
|
|||
Total rental property revenues
|
|
$
|
46,575
|
|
|
$
|
—
|
|
|
$
|
46,575
|
|
Nine Months Ended September 30, 2017
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Revenues
|
|
|
|
|
|
|
||||||
Atlanta
|
|
$
|
135,319
|
|
|
$
|
5,049
|
|
|
$
|
140,368
|
|
Austin
|
|
75,348
|
|
|
—
|
|
|
75,348
|
|
|||
Charlotte
|
|
68,495
|
|
|
143
|
|
|
68,638
|
|
|||
Orlando
|
|
19,380
|
|
|
—
|
|
|
19,380
|
|
|||
Tampa
|
|
34,913
|
|
|
—
|
|
|
34,913
|
|
|||
Phoenix
|
|
33,689
|
|
|
—
|
|
|
33,689
|
|
|||
Other
|
|
2,492
|
|
|
—
|
|
|
2,492
|
|
|||
Total segment revenues
|
|
$
|
369,636
|
|
|
$
|
5,192
|
|
|
$
|
374,828
|
|
Less Company's share of rental property revenues from unconsolidated joint ventures
|
|
(33,543
|
)
|
|
(5,192
|
)
|
|
(38,735
|
)
|
|||
Total rental property revenues
|
|
$
|
336,093
|
|
|
$
|
—
|
|
|
$
|
336,093
|
|
Nine Months Ended September 30, 2016
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Houston
|
|
$
|
133,450
|
|
|
$
|
—
|
|
|
$
|
133,450
|
|
Atlanta
|
|
110,915
|
|
|
9,200
|
|
|
120,115
|
|
|||
Austin
|
|
29,825
|
|
|
—
|
|
|
29,825
|
|
|||
Charlotte
|
|
19,533
|
|
|
—
|
|
|
19,533
|
|
|||
Other
|
|
(54
|
)
|
|
—
|
|
|
(54
|
)
|
|||
Total segment revenues
|
|
293,669
|
|
|
9,200
|
|
|
302,869
|
|
|||
Less discontinued operations
|
|
(133,450
|
)
|
|
—
|
|
|
(133,450
|
)
|
|||
Less Company's share of rental property revenues from unconsolidated joint ventures
|
|
(21,837
|
)
|
|
(9,200
|
)
|
|
(31,037
|
)
|
|||
Total rental property revenues
|
|
$
|
138,382
|
|
|
$
|
—
|
|
|
$
|
138,382
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
Rental Property Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Same Property
|
$
|
35,691
|
|
|
$
|
33,404
|
|
|
$
|
2,287
|
|
|
6.8
|
%
|
|
$
|
106,918
|
|
|
$
|
100,608
|
|
|
$
|
6,310
|
|
|
6.3
|
%
|
Non-Same Property
|
73,878
|
|
|
13,171
|
|
|
60,707
|
|
|
460.9
|
%
|
|
229,175
|
|
|
37,774
|
|
|
191,401
|
|
|
506.7
|
%
|
||||||
Total Rental Property Revenues
|
$
|
109,569
|
|
|
$
|
46,575
|
|
|
$
|
62,994
|
|
|
135.3
|
%
|
|
$
|
336,093
|
|
|
$
|
138,382
|
|
|
$
|
197,711
|
|
|
142.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Rental Property Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Same Property
|
$
|
13,486
|
|
|
$
|
11,494
|
|
|
$
|
1,992
|
|
|
17.3
|
%
|
|
$
|
39,449
|
|
|
$
|
36,194
|
|
|
$
|
3,255
|
|
|
9.0
|
%
|
Non-Same Property
|
27,202
|
|
|
6,628
|
|
|
20,574
|
|
|
310.4
|
%
|
|
84,266
|
|
|
19,257
|
|
|
65,009
|
|
|
337.6
|
%
|
||||||
Total Rental Property Operating Expenses
|
$
|
40,688
|
|
|
$
|
18,122
|
|
|
$
|
22,566
|
|
|
124.5
|
%
|
|
$
|
123,715
|
|
|
$
|
55,451
|
|
|
$
|
68,264
|
|
|
123.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Same Property NOI
|
$
|
22,205
|
|
|
$
|
21,910
|
|
|
$
|
295
|
|
|
1.3
|
%
|
|
$
|
67,469
|
|
|
$
|
64,414
|
|
|
$
|
3,055
|
|
|
4.7
|
%
|
Non-Same Property NOI
|
46,676
|
|
|
6,543
|
|
|
40,133
|
|
|
613.4
|
%
|
|
144,909
|
|
|
18,517
|
|
|
126,392
|
|
|
682.6
|
%
|
||||||
Total NOI
|
$
|
68,881
|
|
|
$
|
28,453
|
|
|
$
|
40,428
|
|
|
142.1
|
%
|
|
$
|
212,378
|
|
|
$
|
82,931
|
|
|
$
|
129,447
|
|
|
156.1
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
$ Change
|
|
2017
|
|
2016
|
|
$ Change
|
||||||||||||
Net operating income
|
$
|
6,934
|
|
|
$
|
6,760
|
|
|
$
|
174
|
|
|
$
|
23,719
|
|
|
$
|
20,359
|
|
|
$
|
3,360
|
|
Other income, net
|
165
|
|
|
72
|
|
|
93
|
|
|
1,868
|
|
|
614
|
|
|
1,254
|
|
||||||
Depreciation and amortization
|
(2,862
|
)
|
|
(3,267
|
)
|
|
405
|
|
|
(10,535
|
)
|
|
(9,758
|
)
|
|
(777
|
)
|
||||||
Interest expense
|
(1,776
|
)
|
|
(2,038
|
)
|
|
262
|
|
|
(6,022
|
)
|
|
(6,071
|
)
|
|
49
|
|
||||||
Net gain on sale of investment property
|
—
|
|
|
—
|
|
|
—
|
|
|
34,332
|
|
|
—
|
|
|
34,332
|
|
||||||
Income from unconsolidated joint ventures
|
$
|
2,461
|
|
|
$
|
1,527
|
|
|
$
|
934
|
|
|
$
|
43,362
|
|
|
$
|
5,144
|
|
|
$
|
38,218
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Income Available to Common Stockholders
|
$
|
12,067
|
|
|
$
|
11,657
|
|
|
$
|
184,907
|
|
|
$
|
42,218
|
|
Depreciation and amortization of real estate assets:
|
|
|
|
|
|
|
|
||||||||
Consolidated properties
|
47,161
|
|
|
16,293
|
|
|
151,169
|
|
|
48,763
|
|
||||
Share of unconsolidated joint ventures
|
2,862
|
|
|
3,268
|
|
|
10,535
|
|
|
9,758
|
|
||||
Discontinued Operations
|
—
|
|
|
15,221
|
|
|
—
|
|
|
46,389
|
|
||||
Partners' share of real estate depreciation
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
||||
(Gain) loss on sale of depreciated properties:
|
|
|
|
|
|
|
|
||||||||
Consolidated properties
|
36
|
|
|
—
|
|
|
(119,713
|
)
|
|
(13,944
|
)
|
||||
Share of unconsolidated joint ventures
|
—
|
|
|
—
|
|
|
(34,332
|
)
|
|
—
|
|
||||
Non-controlling Interests related to unit holders
|
212
|
|
|
—
|
|
|
3,169
|
|
|
—
|
|
||||
Funds From Operations
|
$
|
62,334
|
|
|
$
|
46,439
|
|
|
$
|
195,731
|
|
|
$
|
133,184
|
|
Per Common Share — Diluted:
|
|
|
|
|
|
|
|
||||||||
Net Income Available Available to Common
Shareholders |
$
|
0.03
|
|
|
$
|
0.06
|
|
|
$
|
0.45
|
|
|
$
|
0.20
|
|
Funds from Operations
|
$
|
0.15
|
|
|
$
|
0.22
|
|
|
$
|
0.46
|
|
|
$
|
0.63
|
|
Weighted Average Shares — Diluted
|
427,300
|
|
|
210,326
|
|
|
421,954
|
|
|
210,528
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Income
|
$
|
12,285
|
|
|
$
|
11,657
|
|
|
$
|
188,088
|
|
|
$
|
42,218
|
|
Fee income
|
(2,597
|
)
|
|
(1,945
|
)
|
|
(6,387
|
)
|
|
(5,968
|
)
|
||||
Other income
|
(993
|
)
|
|
(153
|
)
|
|
(9,593
|
)
|
|
(570
|
)
|
||||
Reimbursed expenses
|
895
|
|
|
795
|
|
|
2,667
|
|
|
2,463
|
|
||||
General and administrative expenses
|
7,193
|
|
|
4,368
|
|
|
21,993
|
|
|
17,301
|
|
||||
Interest expense
|
7,587
|
|
|
5,754
|
|
|
25,851
|
|
|
16,562
|
|
||||
Depreciation and amortization
|
47,622
|
|
|
16,622
|
|
|
152,546
|
|
|
49,804
|
|
||||
Acquisition and transaction costs
|
(677
|
)
|
|
1,446
|
|
|
1,499
|
|
|
3,889
|
|
||||
Other expenses
|
423
|
|
|
173
|
|
|
1,063
|
|
|
681
|
|
||||
Income from unconsolidated joint ventures
|
(2,461
|
)
|
|
(1,527
|
)
|
|
(43,362
|
)
|
|
(5,144
|
)
|
||||
Gain (loss) on sale of investment properties
|
33
|
|
|
—
|
|
|
(119,729
|
)
|
|
(13,944
|
)
|
||||
Gain on extinguishment of debt
|
(429
|
)
|
|
—
|
|
|
(2,258
|
)
|
|
—
|
|
||||
Income from discontinued operations
|
—
|
|
|
(8,737
|
)
|
|
—
|
|
|
(24,361
|
)
|
||||
Net Operating Income
|
$
|
68,881
|
|
|
$
|
28,453
|
|
|
$
|
212,378
|
|
|
$
|
82,931
|
|
•
|
property and land acquisitions;
|
•
|
expenditures on development projects;
|
•
|
building improvements, tenant improvements, and leasing costs;
|
•
|
principal and interest payments on indebtedness; and
|
•
|
operating partnership distributions and common stock dividends.
|
•
|
net cash from operations;
|
•
|
proceeds from the sale of assets;
|
•
|
borrowings under our Credit Facility;
|
•
|
proceeds from mortgage notes payable;
|
•
|
proceeds from construction loans;
|
•
|
proceeds from unsecured loans;
|
•
|
proceeds from offerings of debt or equity securities; and
|
•
|
joint venture formations.
|
|
|
Total
|
|
Less than 1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More than 5 years
|
||||||||||
Contractual Obligations:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Company debt:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Term Loan
|
|
$
|
250,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250,000
|
|
|
$
|
—
|
|
Unsecured Senior Notes
|
|
350,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
350,000
|
|
|||||
Unsecured Credit Facility
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage notes payable
|
|
500,903
|
|
|
8,688
|
|
|
66,925
|
|
|
22,730
|
|
|
402,560
|
|
|||||
Interest commitments (1)
|
|
274,381
|
|
|
40,243
|
|
|
78,207
|
|
|
68,437
|
|
|
87,494
|
|
|||||
Ground leases
|
|
208,030
|
|
|
2,321
|
|
|
4,642
|
|
|
4,713
|
|
|
196,354
|
|
|||||
Other operating leases
|
|
1,429
|
|
|
515
|
|
|
696
|
|
|
218
|
|
|
—
|
|
|||||
Total contractual obligations
|
|
$
|
1,584,743
|
|
|
$
|
51,767
|
|
|
$
|
150,470
|
|
|
$
|
346,098
|
|
|
$
|
1,036,408
|
|
Commitments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unfunded tenant improvements and construction obligations
|
|
$
|
188,339
|
|
|
$
|
171,731
|
|
|
$
|
16,608
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Letters of credit
|
|
1,000
|
|
|
1,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Performance bonds
|
|
2,747
|
|
|
314
|
|
|
1,650
|
|
|
—
|
|
|
783
|
|
|||||
Total commitments
|
|
$
|
192,086
|
|
|
$
|
173,045
|
|
|
$
|
18,258
|
|
|
$
|
—
|
|
|
$
|
783
|
|
(1)
|
Interest on variable rate obligations is based on rates effective as of
September 30, 2017
.
|
|
Nine Months Ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Net cash provided by operating activities
|
$
|
194,913
|
|
|
$
|
119,251
|
|
|
$
|
75,662
|
|
Net cash used in investing activities
|
(25,882
|
)
|
|
(131,403
|
)
|
|
105,521
|
|
|||
Net cash provided by (used in) financing activities
|
(142,551
|
)
|
|
107,390
|
|
|
(249,941
|
)
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Development
|
$
|
144,116
|
|
|
$
|
69,899
|
|
Operating — leasing costs
|
53,809
|
|
|
53,425
|
|
||
Operating — building improvements
|
38,097
|
|
|
2,063
|
|
||
Capitalized interest
|
6,509
|
|
|
2,988
|
|
||
Capitalized personnel costs
|
5,361
|
|
|
5,366
|
|
||
Change in accrued capital expenditures
|
(18,081
|
)
|
|
(11,384
|
)
|
||
Total property acquisition and development expenditures
|
$
|
229,811
|
|
|
$
|
122,357
|
|
|
Twelve Months Ended September 30,
|
|
|
|
|
|
|
||||||||||||||||||||||||
($ in thousands)
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
|
Estimated Fair Value
|
||||||||||||||||
Notes Payable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed Rate
|
$
|
8,688
|
|
|
$
|
33,062
|
|
|
$
|
33,863
|
|
|
$
|
11,154
|
|
|
$
|
11,576
|
|
|
$
|
752,560
|
|
|
$
|
850,903
|
|
|
$
|
855,103
|
|
Average Interest Rate
|
3.95
|
%
|
|
3.95
|
%
|
|
5.28
|
%
|
|
3.73
|
%
|
|
3.73
|
%
|
|
3.80
|
%
|
|
3.86
|
%
|
|
|
|||||||||
Variable Rate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250,000
|
|
|
$
|
—
|
|
|
$
|
250,000
|
|
|
$
|
250,000
|
|
Average Interest Rate (1)
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
2.43
|
%
|
|
—
|
|
|
2.43
|
%
|
|
|
|
Total Number of Shares Purchased*
|
|
Average Price Paid per Share*
|
|||
July 1 - 31
|
274,852
|
|
|
$
|
8.84
|
|
August 1 - 31
|
—
|
|
|
—
|
|
|
September 1 - 30
|
220,389
|
|
|
9.35
|
|
|
|
495,241
|
|
|
$
|
9.07
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
11.0
|
*
|
Computation of Per Share Earnings.
|
|
|
|
†
|
||
|
|
|
†
|
||
|
|
|
†
|
||
|
|
|
†
|
||
|
|
|
101
|
†
|
The following financial information for the Registrant, formatted in XBRL (Extensible Business Reporting Language): (i) the condensed consolidated balance sheets, (ii) the condensed consolidated statements of operations, (iii) the condensed consolidated statements of equity, (iv) the condensed consolidated statements of cash flows, and (v) the notes to condensed consolidated financial statements.
|
*
|
|
Data required by ASC 260, “Earnings per Share,” is provided in note 11 to the condensed consolidated financial statements included in this report.
|
†
|
|
Filed herewith.
|
|
COUSINS PROPERTIES INCORPORATED
|
||
|
/s/ Gregg D. Adzema
|
||
|
Gregg D. Adzema
|
||
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Executive Vice President and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)
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1 Year Cousins Properties Chart |
1 Month Cousins Properties Chart |
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