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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.06 | 0 | 12:00:00 |
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
|
ý
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
Emerging growth company
|
¨
|
Class
|
|
Outstanding at July 18, 2018
|
Common Stock, $1 par value per share
|
|
420,384,785 shares
|
|
Page No.
|
|
|
•
|
our 2018 guidance and underlying assumptions;
|
•
|
business and financial strategy;
|
•
|
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.
|
•
|
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;
|
•
|
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, Phoenix, and Tampa where we have high concentrations of our lease revenue;
|
•
|
changes to our strategy with regard to non-core holdings that 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;
|
•
|
competition from other developers or investors;
|
•
|
the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk);
|
•
|
the loss of key personnel;
|
•
|
the potential liability for uninsured losses, condemnation, or environmental issues;
|
•
|
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 meet regulatory requirements;
|
•
|
potential changes to state, local, or federal regulations applicable to our business;
|
•
|
material changes in the dividend rates or the ability to pay dividends on common shares or other securities;
|
•
|
potential changes to the tax laws and accounting standards impacting REITs and real estate in general; and
|
•
|
those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by the Company.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Rental property revenues
|
$
|
113,698
|
|
|
$
|
114,007
|
|
|
$
|
227,046
|
|
|
$
|
226,524
|
|
Fee income
|
1,798
|
|
|
1,854
|
|
|
4,692
|
|
|
3,791
|
|
||||
Other
|
1,132
|
|
|
3,174
|
|
|
2,092
|
|
|
8,600
|
|
||||
|
116,628
|
|
|
119,035
|
|
|
233,830
|
|
|
238,915
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Rental property operating expenses
|
40,731
|
|
|
41,501
|
|
|
80,922
|
|
|
83,026
|
|
||||
Reimbursed expenses
|
860
|
|
|
907
|
|
|
1,802
|
|
|
1,772
|
|
||||
General and administrative expenses
|
8,071
|
|
|
8,618
|
|
|
14,880
|
|
|
14,828
|
|
||||
Interest expense
|
9,714
|
|
|
8,523
|
|
|
19,492
|
|
|
18,264
|
|
||||
Depreciation and amortization
|
45,675
|
|
|
50,040
|
|
|
90,768
|
|
|
104,924
|
|
||||
Acquisition and transaction costs
|
137
|
|
|
246
|
|
|
228
|
|
|
2,177
|
|
||||
Other
|
44
|
|
|
236
|
|
|
364
|
|
|
612
|
|
||||
|
105,232
|
|
|
110,071
|
|
|
208,456
|
|
|
225,603
|
|
||||
Gain (loss) on extinguishment of debt
|
—
|
|
|
1,829
|
|
|
(85
|
)
|
|
1,829
|
|
||||
Income from continuing operations before unconsolidated joint ventures and loss on sale of investment properties
|
11,396
|
|
|
10,793
|
|
|
25,289
|
|
|
15,141
|
|
||||
Income from unconsolidated joint ventures
|
5,036
|
|
|
40,320
|
|
|
7,921
|
|
|
40,901
|
|
||||
Income from continuing operations before gain on sale of investment properties
|
16,432
|
|
|
51,113
|
|
|
33,210
|
|
|
56,042
|
|
||||
Gain on sale of investment properties
|
5,317
|
|
|
119,832
|
|
|
4,945
|
|
|
119,761
|
|
||||
Net income
|
21,749
|
|
|
170,945
|
|
|
38,155
|
|
|
175,803
|
|
||||
Net income attributable to noncontrolling interests
|
(473
|
)
|
|
(2,856
|
)
|
|
(836
|
)
|
|
(2,963
|
)
|
||||
Net income available to common stockholders
|
$
|
21,276
|
|
|
$
|
168,089
|
|
|
$
|
37,319
|
|
|
$
|
172,840
|
|
Net income per common share — basic and diluted
|
$
|
0.05
|
|
|
$
|
0.40
|
|
|
$
|
0.09
|
|
|
$
|
0.42
|
|
Weighted average shares — basic
|
420,294
|
|
|
419,402
|
|
|
420,225
|
|
|
411,137
|
|
||||
Weighted average shares — diluted
|
427,501
|
|
|
427,180
|
|
|
427,444
|
|
|
419,227
|
|
||||
Dividends declared per common share
|
$
|
0.065
|
|
|
$
|
0.060
|
|
|
$
|
0.130
|
|
|
$
|
0.180
|
|
|
|
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, 2017
|
|
$
|
6,867
|
|
|
$
|
430,350
|
|
|
$
|
3,604,776
|
|
|
$
|
(148,373
|
)
|
|
$
|
(1,121,647
|
)
|
|
$
|
2,771,973
|
|
|
$
|
53,138
|
|
|
$
|
2,825,111
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,319
|
|
|
37,319
|
|
|
836
|
|
|
38,155
|
|
||||||||
Common stock issued pursuant to stock-based compensation
|
|
—
|
|
|
397
|
|
|
(864
|
)
|
|
(100
|
)
|
|
—
|
|
|
(567
|
)
|
|
—
|
|
|
(567
|
)
|
||||||||
Cumulative effect of change in accounting principle
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,329
|
|
|
22,329
|
|
|
—
|
|
|
22,329
|
|
||||||||
Amortization of stock options and restricted stock, net of forfeitures
|
|
—
|
|
|
(13
|
)
|
|
1,135
|
|
|
—
|
|
|
—
|
|
|
1,122
|
|
|
—
|
|
|
1,122
|
|
||||||||
Contributions from nonredeemable noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,708
|
|
|
1,708
|
|
||||||||
Distributions to nonredeemable noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(873
|
)
|
|
(873
|
)
|
||||||||
Common dividends ($0.13 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(54,641
|
)
|
|
(54,641
|
)
|
|
—
|
|
|
(54,641
|
)
|
||||||||
Balance June 30, 2018
|
|
$
|
6,867
|
|
|
$
|
430,734
|
|
|
$
|
3,605,047
|
|
|
$
|
(148,473
|
)
|
|
$
|
(1,116,640
|
)
|
|
$
|
2,777,535
|
|
|
$
|
54,809
|
|
|
$
|
2,832,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
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
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
172,840
|
|
|
172,840
|
|
|
2,963
|
|
|
175,803
|
|
||||||||
Common stock issued pursuant to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock offering, net of issuance costs
|
|
—
|
|
|
25,000
|
|
|
186,820
|
|
|
—
|
|
|
—
|
|
|
211,820
|
|
|
—
|
|
|
211,820
|
|
||||||||
Stock-based compensation
|
|
—
|
|
|
353
|
|
|
(54
|
)
|
|
—
|
|
|
—
|
|
|
299
|
|
|
—
|
|
|
299
|
|
||||||||
Spin-off of Parkway, Inc.
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
562
|
|
|
562
|
|
|
—
|
|
|
562
|
|
||||||||
Common stock redemption by unit holders
|
|
—
|
|
|
1,203
|
|
|
8,865
|
|
|
—
|
|
|
—
|
|
|
10,068
|
|
|
(10,068
|
)
|
|
—
|
|
||||||||
Amortization of stock options and restricted stock, net of forfeitures
|
|
—
|
|
|
(6
|
)
|
|
975
|
|
|
—
|
|
|
—
|
|
|
969
|
|
|
—
|
|
|
969
|
|
||||||||
Contributions from nonredeemable noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
900
|
|
|
900
|
|
||||||||
Distributions to nonredeemable noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(966
|
)
|
|
(966
|
)
|
||||||||
Common dividends ($0.18 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(73,950
|
)
|
|
(73,950
|
)
|
|
—
|
|
|
(73,950
|
)
|
||||||||
Balance June 30, 2017
|
|
$
|
6,867
|
|
|
$
|
430,297
|
|
|
$
|
3,604,036
|
|
|
$
|
(148,373
|
)
|
|
$
|
(1,114,662
|
)
|
|
$
|
2,778,165
|
|
|
$
|
51,512
|
|
|
$
|
2,829,677
|
|
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
38,155
|
|
|
$
|
175,803
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Gain on sale of investment properties
|
(4,945
|
)
|
|
(119,761
|
)
|
||
Depreciation and amortization
|
90,768
|
|
|
104,924
|
|
||
Amortization of deferred financing costs and premium/discount on notes payable
|
1,203
|
|
|
(2,948
|
)
|
||
Stock-based compensation expense, net of forfeitures
|
2,264
|
|
|
1,979
|
|
||
Effect of non-cash adjustments to rental revenues
|
(17,691
|
)
|
|
(24,057
|
)
|
||
Income from unconsolidated joint ventures
|
(7,921
|
)
|
|
(40,901
|
)
|
||
Operating distributions from unconsolidated joint ventures
|
10,896
|
|
|
6,389
|
|
||
(Gain) loss on extinguishment of debt
|
85
|
|
|
(1,829
|
)
|
||
Changes in other operating assets and liabilities:
|
|
|
|
||||
Change in other receivables and other assets, net
|
(2,508
|
)
|
|
3,108
|
|
||
Change in operating liabilities, net
|
(5,590
|
)
|
|
(10,063
|
)
|
||
Net cash provided by operating activities
|
104,716
|
|
|
92,644
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Proceeds from investment property sales
|
—
|
|
|
167,118
|
|
||
Property acquisition, development, and tenant asset expenditures
|
(99,767
|
)
|
|
(151,150
|
)
|
||
Purchase of tenant-in-common interest
|
—
|
|
|
(13,382
|
)
|
||
Collection of notes receivable
|
—
|
|
|
5,161
|
|
||
Investment in unconsolidated joint ventures
|
(30,423
|
)
|
|
(8,266
|
)
|
||
Distributions from unconsolidated joint ventures
|
2,032
|
|
|
74,532
|
|
||
Change in notes receivable and other assets
|
(1,954
|
)
|
|
—
|
|
||
Other
|
(4,264
|
)
|
|
—
|
|
||
Net cash provided by (used in) investing activities
|
(134,376
|
)
|
|
74,013
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Proceeds from credit facility
|
—
|
|
|
457,000
|
|
||
Repayment of credit facility
|
—
|
|
|
(497,000
|
)
|
||
Proceeds from issuance of notes payable
|
—
|
|
|
100,000
|
|
||
Repayment of notes payable
|
(4,344
|
)
|
|
(413,726
|
)
|
||
Payment of deferred financing costs
|
(6,081
|
)
|
|
(2,030
|
)
|
||
Common stock issued, net of expenses
|
—
|
|
|
211,820
|
|
||
Contributions from noncontrolling interests
|
—
|
|
|
900
|
|
||
Distributions to nonredeemable noncontrolling interests
|
(873
|
)
|
|
(966
|
)
|
||
Common dividends paid
|
(52,518
|
)
|
|
(48,815
|
)
|
||
Other
|
(1,709
|
)
|
|
(602
|
)
|
||
Net cash used in financing activities
|
(65,525
|
)
|
|
(193,419
|
)
|
||
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
|
(95,185
|
)
|
|
(26,762
|
)
|
||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD
|
205,745
|
|
|
51,321
|
|
||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD
|
$
|
110,560
|
|
|
$
|
24,559
|
|
|
|
|
|
•
|
Rental property revenue consists 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 revenue; and (4) the reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses. Rental property revenue is accounted for in accordance with the guidance set forth in ASC 840.
|
•
|
Fee revenue consists of development fees, management fees, and leasing fees earned from unconsolidated joint ventures and from third parties. Fee revenue is revenue from contracts with customers and is accounted for in accordance with the guidance set forth in ASC 606.
|
•
|
Other revenue consists primarily of termination fees, which are accounted for in accordance with the guidance set forth in ASC 840.
|
|
Total Assets
|
|
Total Debt
|
|
Total Equity
|
|
Company’s Investment
|
|
||||||||||||||||||||||||||
SUMMARY OF FINANCIAL POSITION:
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||||||||||||
Terminus Office Holdings
|
$
|
259,619
|
|
|
$
|
261,999
|
|
|
$
|
200,957
|
|
|
$
|
203,131
|
|
|
$
|
48,103
|
|
|
$
|
48,033
|
|
|
$
|
47,349
|
|
|
$
|
24,898
|
|
|
||
DC Charlotte Plaza LLLP
|
98,068
|
|
|
53,791
|
|
|
—
|
|
|
—
|
|
|
72,225
|
|
|
42,853
|
|
|
35,647
|
|
|
22,293
|
|
|
||||||||||
Carolina Square Holdings LP
|
108,915
|
|
|
106,580
|
|
|
73,140
|
|
|
64,412
|
|
|
34,093
|
|
|
33,648
|
|
|
19,450
|
|
|
19,384
|
|
|
||||||||||
Charlotte Gateway Village, LLC
|
115,244
|
|
|
124,691
|
|
|
—
|
|
|
—
|
|
|
110,570
|
|
|
121,386
|
|
|
8,677
|
|
|
14,568
|
|
|
||||||||||
Austin 300 Colorado Project, LP
|
33,630
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,569
|
|
|
—
|
|
|
15,483
|
|
|
—
|
|
|
||||||||||
HICO Victory Center LP
|
14,734
|
|
|
14,403
|
|
|
—
|
|
|
—
|
|
|
14,603
|
|
|
14,401
|
|
|
9,865
|
|
|
9,752
|
|
|
||||||||||
CL Realty, L.L.C.
|
8,098
|
|
|
8,287
|
|
|
—
|
|
|
—
|
|
|
8,029
|
|
|
8,127
|
|
|
2,932
|
|
|
2,980
|
|
|
||||||||||
AMCO 120 WT Holdings, LLC
|
24,384
|
|
|
18,066
|
|
|
—
|
|
|
—
|
|
|
24,407
|
|
|
16,354
|
|
|
2,853
|
|
|
1,664
|
|
|
||||||||||
Temco Associates, LLC
|
4,485
|
|
|
4,441
|
|
|
—
|
|
|
—
|
|
|
4,380
|
|
|
4,337
|
|
|
896
|
|
|
875
|
|
|
||||||||||
EP II LLC
|
260
|
|
|
277
|
|
|
—
|
|
|
—
|
|
|
160
|
|
|
180
|
|
|
28
|
|
|
44
|
|
|
||||||||||
EP I LLC
|
501
|
|
|
521
|
|
|
—
|
|
|
—
|
|
|
315
|
|
|
319
|
|
|
21
|
|
|
25
|
|
|
||||||||||
HICO Avalon II, LLC
|
—
|
|
|
6,379
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,303
|
|
|
—
|
|
|
4,931
|
|
|
||||||||||
Wildwood Associates
|
11,228
|
|
|
16,337
|
|
|
—
|
|
|
—
|
|
|
11,162
|
|
|
16,297
|
|
|
(433
|
)
|
(1
|
)
|
(1,151
|
)
|
(1
|
)
|
||||||||
Crawford Long - CPI, LLC
|
27,867
|
|
|
27,362
|
|
|
70,293
|
|
|
71,047
|
|
|
(44,777
|
)
|
|
(44,815
|
)
|
|
(21,345
|
)
|
(1
|
)
|
(21,323
|
)
|
(1
|
)
|
||||||||
|
$
|
707,033
|
|
|
$
|
643,134
|
|
|
$
|
344,390
|
|
|
$
|
338,590
|
|
|
$
|
316,839
|
|
|
$
|
267,423
|
|
|
$
|
121,423
|
|
|
$
|
78,940
|
|
|
|
Total Revenues
|
|
Net Income (Loss)
|
|
Company's Share of Income (Loss)
|
|
||||||||||||||||||
SUMMARY OF OPERATIONS:
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||||||
Wildwood Associates
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,086
|
)
|
|
$
|
(51
|
)
|
|
$
|
2,750
|
|
|
$
|
(26
|
)
|
|
Charlotte Gateway Village, LLC
|
13,477
|
|
|
13,380
|
|
|
5,189
|
|
|
4,734
|
|
|
2,594
|
|
|
2,367
|
|
|
||||||
Terminus Office Holdings
|
22,318
|
|
|
21,908
|
|
|
3,070
|
|
|
3,178
|
|
|
1,597
|
|
|
1,769
|
|
|
||||||
Crawford Long - CPI, LLC
|
6,259
|
|
|
6,033
|
|
|
1,730
|
|
|
1,516
|
|
|
824
|
|
|
758
|
|
|
||||||
HICO Victory Center LP
|
202
|
|
|
171
|
|
|
202
|
|
|
171
|
|
|
106
|
|
|
114
|
|
|
||||||
Austin 300 Colorado Project, LP
|
285
|
|
|
—
|
|
|
172
|
|
|
—
|
|
|
86
|
|
|
—
|
|
|
||||||
Temco Associates, LLC
|
80
|
|
|
80
|
|
|
36
|
|
|
41
|
|
|
21
|
|
|
25
|
|
|
||||||
Carolina Square Holdings LP
|
5,361
|
|
|
40
|
|
|
445
|
|
|
(94
|
)
|
|
17
|
|
|
—
|
|
|
||||||
Courvoisier Centre JV, LLC
|
—
|
|
|
6,554
|
|
|
—
|
|
|
(1,083
|
)
|
|
5
|
|
|
(195
|
)
|
|
||||||
EP I LLC
|
19
|
|
|
4,103
|
|
|
(4
|
)
|
|
44,929
|
|
|
(5
|
)
|
|
28,525
|
|
|
||||||
HICO Avalon II, LLC
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
||||||
EP II LLC
|
—
|
|
|
2,643
|
|
|
(21
|
)
|
|
12,967
|
|
|
(15
|
)
|
|
9,725
|
|
|
||||||
CL Realty, L.L.C.
|
—
|
|
|
2,599
|
|
|
(71
|
)
|
|
2,415
|
|
|
(49
|
)
|
|
430
|
|
|
||||||
DC Charlotte Plaza LLLP
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
||||||
111 West Rio Building
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,593
|
)
|
|
||||||
AMCO 120 WT Holdings, LLC
|
—
|
|
|
—
|
|
|
(24
|
)
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
||||||
|
$
|
48,001
|
|
|
$
|
57,513
|
|
|
$
|
9,624
|
|
|
$
|
68,713
|
|
|
$
|
7,921
|
|
|
$
|
40,901
|
|
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
In-place leases, net of accumulated amortization of $109,477 and $91,548 at June 30, 2018 and December 31, 2017, respectively
|
|
$
|
121,619
|
|
|
$
|
139,548
|
|
Above-market tenant leases, net of accumulated amortization of $16,424 and $13,038 at June 30, 2018 and December 31, 2017, respectively
|
|
23,531
|
|
|
26,917
|
|
||
Below-market ground lease, net of accumulated amortization of $483 and $345 at June 30, 2018 and December 31, 2017, respectively
|
|
17,929
|
|
|
18,067
|
|
||
Goodwill
|
|
1,674
|
|
|
1,674
|
|
||
|
|
$
|
164,753
|
|
|
$
|
186,206
|
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $23,542 and $21,925 at June 30, 2018 and December 31, 2017, respectively
|
|
$
|
12,952
|
|
|
$
|
12,241
|
|
Prepaid expenses and other assets
|
|
6,854
|
|
|
3,902
|
|
||
Line of credit deferred financing costs, net of accumulated amortization of $721 and $3,119 at June 30, 2018 and December 31, 2017, respectively
|
|
6,574
|
|
|
1,213
|
|
||
Lease inducements, net of accumulated amortization of $1,218 and $978 at June 30, 2018 and December 31, 2017, respectively
|
|
3,273
|
|
|
3,126
|
|
||
Predevelopment costs and earnest money
|
|
1,563
|
|
|
372
|
|
||
|
|
$
|
31,216
|
|
|
$
|
20,854
|
|
Description
|
|
Interest Rate
|
|
Maturity*
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||
Term Loan, Unsecured
|
|
3.29
|
%
|
|
2021
|
|
$
|
250,000
|
|
|
$
|
250,000
|
|
|
Senior Notes, Unsecured
|
|
3.91
|
%
|
|
2025
|
|
250,000
|
|
|
250,000
|
|
|||
Fifth Third Center
|
|
3.37
|
%
|
|
2026
|
|
145,039
|
|
|
146,557
|
|
|||
Colorado Tower
|
|
3.45
|
%
|
|
2026
|
|
120,000
|
|
|
120,000
|
|
|||
Promenade
|
|
4.27
|
%
|
|
2022
|
|
100,813
|
|
|
102,355
|
|
|||
Senior Notes, Unsecured
|
|
4.09
|
%
|
|
2027
|
|
100,000
|
|
|
100,000
|
|
|||
816 Congress
|
|
3.75
|
%
|
|
2024
|
|
82,498
|
|
|
83,304
|
|
|||
Meridian Mark Plaza
|
|
6.00
|
%
|
|
2020
|
|
23,785
|
|
|
24,038
|
|
|||
The Pointe
|
|
4.01
|
%
|
|
2019
|
|
22,285
|
|
|
22,510
|
|
|||
Credit Facility, Unsecured
|
|
3.14
|
%
|
|
2023
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
1,094,420
|
|
—
|
|
1,098,764
|
|
|||
Unamortized premium, net
|
|
|
|
|
|
118
|
|
|
219
|
|
||||
Unamortized loan costs
|
|
|
|
|
|
(5,274
|
)
|
|
(5,755
|
)
|
||||
Total Notes Payable
|
|
|
|
|
|
$
|
1,089,264
|
|
|
$
|
1,093,228
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Total interest incurred
|
$
|
11,103
|
|
|
$
|
10,741
|
|
|
$
|
21,977
|
|
|
$
|
22,072
|
|
Interest capitalized
|
(1,389
|
)
|
|
(2,218
|
)
|
|
(2,485
|
)
|
|
(3,808
|
)
|
||||
Total interest expense
|
$
|
9,714
|
|
|
$
|
8,523
|
|
|
$
|
19,492
|
|
|
$
|
18,264
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||
Earnings per common share - basic:
|
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
21,749
|
|
|
$
|
170,945
|
|
|
$
|
38,155
|
|
|
$
|
175,803
|
|
|
Net income attributable to noncontrolling interests in CPLP
from continuing operations |
(410
|
)
|
|
(2,856
|
)
|
|
(697
|
)
|
|
(2,957
|
)
|
|
||||
Net income attributable to other noncontrolling interests
|
(63
|
)
|
|
—
|
|
|
(139
|
)
|
|
(6
|
)
|
|
||||
Net income available for common stockholders
|
$
|
21,276
|
|
|
$
|
168,089
|
|
|
$
|
37,319
|
|
|
$
|
172,840
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares - basic
|
420,294
|
|
|
419,402
|
|
|
420,225
|
|
|
411,137
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share - basic
|
$
|
0.05
|
|
|
$
|
0.40
|
|
|
$
|
0.09
|
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share - diluted:
|
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
21,749
|
|
|
$
|
170,945
|
|
|
$
|
38,155
|
|
|
$
|
175,803
|
|
|
Net income attributable to other noncontrolling interests
from continuing operations
|
(63
|
)
|
|
—
|
|
|
(139
|
)
|
|
(6
|
)
|
|
||||
Net income available for common stockholders before
net income attributable to noncontrolling interests in
CPLP
|
$
|
21,686
|
|
|
$
|
170,945
|
|
|
$
|
38,016
|
|
|
$
|
175,797
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares - basic
|
420,294
|
|
|
419,402
|
|
|
420,225
|
|
|
411,137
|
|
|
||||
Add:
|
|
|
|
|
|
|
|
|
||||||||
Potential dilutive common shares - stock options
|
233
|
|
|
320
|
|
|
245
|
|
|
306
|
|
|
||||
Weighted average units of CPLP convertible into
common shares
|
6,974
|
|
|
7,458
|
|
|
6,974
|
|
|
7,784
|
|
|
||||
Weighted average common shares - diluted
|
427,501
|
|
|
427,180
|
|
|
427,444
|
|
|
419,227
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share - diluted
|
$
|
0.05
|
|
|
$
|
0.40
|
|
|
$
|
0.09
|
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average anti-dilutive stock options outstanding
|
—
|
|
|
731
|
|
|
12
|
|
|
744
|
|
|
|
|
June 30, 2018
|
|
June 30, 2017
|
||||
Interest paid, net of amounts capitalized
|
$
|
19,283
|
|
|
$
|
22,721
|
|
|
Non-Cash Transactions:
|
|
|
|
|||||
|
Transfer from projects under development to operating properties
|
212,628
|
|
|
58,928
|
|
||
|
Common stock dividends declared and accrued
|
27,326
|
|
|
25,212
|
|
||
|
Change in accrued property acquisition, development, and tenant expenditures
|
24,121
|
|
|
(1,110
|
)
|
||
|
Cumulative effect of change in accounting principle
|
22,329
|
|
|
—
|
|
||
|
Transfer from investment in unconsolidated joint ventures to projects under development
|
7,025
|
|
|
—
|
|
||
|
Transfer from investment in unconsolidated joint ventures to operating properties
|
—
|
|
|
68,390
|
|
|
June 30,
|
|
December 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2017
|
|
2016
|
||||||||
Cash and cash equivalents
|
$
|
110,232
|
|
|
$
|
16,420
|
|
|
$
|
148,929
|
|
|
$
|
35,687
|
|
Restricted cash
|
328
|
|
|
8,139
|
|
|
56,816
|
|
|
15,634
|
|
||||
Total cash, cash equivalents, and restricted cash
|
$
|
110,560
|
|
|
$
|
24,559
|
|
|
$
|
205,745
|
|
|
$
|
51,321
|
|
Three Months Ended June 30, 2018
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Net Operating Income:
|
|
|
|
|
|
|
||||||
Atlanta
|
|
$
|
32,178
|
|
|
$
|
—
|
|
|
$
|
32,178
|
|
Charlotte
|
|
15,431
|
|
|
—
|
|
|
15,431
|
|
|||
Austin
|
|
15,088
|
|
|
—
|
|
|
15,088
|
|
|||
Phoenix
|
|
8,880
|
|
|
—
|
|
|
8,880
|
|
|||
Tampa
|
|
7,642
|
|
|
—
|
|
|
7,642
|
|
|||
Other
|
|
433
|
|
|
543
|
|
|
976
|
|
|||
Total Net Operating Income
|
|
$
|
79,652
|
|
|
$
|
543
|
|
|
$
|
80,195
|
|
Three Months Ended June 30, 2017
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Net Operating Income:
|
|
|
|
|
|
|
||||||
Atlanta
|
|
$
|
29,218
|
|
|
$
|
853
|
|
|
$
|
30,071
|
|
Charlotte
|
|
15,202
|
|
|
—
|
|
|
15,202
|
|
|||
Austin
|
|
14,852
|
|
|
—
|
|
|
14,852
|
|
|||
Phoenix
|
|
8,838
|
|
|
—
|
|
|
8,838
|
|
|||
Tampa
|
|
7,451
|
|
|
—
|
|
|
7,451
|
|
|||
Orlando
|
|
3,318
|
|
|
—
|
|
|
3,318
|
|
|||
Other
|
|
383
|
|
|
—
|
|
|
383
|
|
|||
Total Net Operating Income
|
|
$
|
79,262
|
|
|
$
|
853
|
|
|
$
|
80,115
|
|
Six Months Ended June 30, 2018
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Net Operating Income:
|
|
|
|
|
|
|
||||||
Atlanta
|
|
$
|
64,343
|
|
|
$
|
—
|
|
|
$
|
64,343
|
|
Charlotte
|
|
31,273
|
|
|
—
|
|
|
31,273
|
|
|||
Austin
|
|
30,029
|
|
|
—
|
|
|
30,029
|
|
|||
Phoenix
|
|
17,854
|
|
|
—
|
|
|
17,854
|
|
|||
Tampa
|
|
15,370
|
|
|
—
|
|
|
15,370
|
|
|||
Other
|
|
873
|
|
|
1,031
|
|
|
1,904
|
|
|||
Total Net Operating Income
|
|
$
|
159,742
|
|
|
$
|
1,031
|
|
|
$
|
160,773
|
|
Six Months Ended June 30, 2017
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Net Operating Income:
|
|
|
|
|
|
|
||||||
Atlanta
|
|
$
|
59,190
|
|
|
$
|
3,126
|
|
|
$
|
62,316
|
|
Charlotte
|
|
30,627
|
|
|
—
|
|
|
30,627
|
|
|||
Austin
|
|
29,039
|
|
|
—
|
|
|
29,039
|
|
|||
Phoenix
|
|
16,056
|
|
|
—
|
|
|
16,056
|
|
|||
Tampa
|
|
14,287
|
|
|
—
|
|
|
14,287
|
|
|||
Orlando
|
|
7,108
|
|
|
—
|
|
|
7,108
|
|
|||
Other
|
|
848
|
|
|
—
|
|
|
848
|
|
|||
Total Net Operating Income
|
|
$
|
157,155
|
|
|
$
|
3,126
|
|
|
$
|
160,281
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net Operating Income
|
$
|
80,195
|
|
|
$
|
80,115
|
|
|
$
|
160,773
|
|
|
$
|
160,281
|
|
Net operating income from unconsolidated joint
ventures
|
(7,228
|
)
|
|
(7,609
|
)
|
|
(14,649
|
)
|
|
(16,783
|
)
|
||||
Fee income
|
1,798
|
|
|
1,854
|
|
|
4,692
|
|
|
3,791
|
|
||||
Other income
|
1,132
|
|
|
3,174
|
|
|
2,092
|
|
|
8,600
|
|
||||
Reimbursed expenses
|
(860
|
)
|
|
(907
|
)
|
|
(1,802
|
)
|
|
(1,772
|
)
|
||||
General and administrative expenses
|
(8,071
|
)
|
|
(8,618
|
)
|
|
(14,880
|
)
|
|
(14,828
|
)
|
||||
Interest expense
|
(9,714
|
)
|
|
(8,523
|
)
|
|
(19,492
|
)
|
|
(18,264
|
)
|
||||
Depreciation and amortization
|
(45,675
|
)
|
|
(50,040
|
)
|
|
(90,768
|
)
|
|
(104,924
|
)
|
||||
Acquisition and transaction costs
|
(137
|
)
|
|
(246
|
)
|
|
(228
|
)
|
|
(2,177
|
)
|
||||
Gain (loss) on extinguishment of debt
|
—
|
|
|
1,829
|
|
|
(85
|
)
|
|
1,829
|
|
||||
Other expenses
|
(44
|
)
|
|
(236
|
)
|
|
(364
|
)
|
|
(612
|
)
|
||||
Income from unconsolidated joint ventures
|
5,036
|
|
|
40,320
|
|
|
7,921
|
|
|
40,901
|
|
||||
Gain on sale of investment properties
|
5,317
|
|
|
119,832
|
|
|
4,945
|
|
|
119,761
|
|
||||
Net Income
|
$
|
21,749
|
|
|
$
|
170,945
|
|
|
$
|
38,155
|
|
|
$
|
175,803
|
|
Three Months Ended June 30, 2018
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Atlanta
|
|
$
|
50,362
|
|
|
$
|
—
|
|
|
$
|
50,362
|
|
Austin
|
|
26,339
|
|
|
—
|
|
|
26,339
|
|
|||
Charlotte
|
|
23,037
|
|
|
—
|
|
|
23,037
|
|
|||
Tampa
|
|
12,251
|
|
|
—
|
|
|
12,251
|
|
|||
Phoenix
|
|
12,247
|
|
|
—
|
|
|
12,247
|
|
|||
Other
|
|
549
|
|
|
834
|
|
|
1,383
|
|
|||
Total segment revenues
|
|
124,785
|
|
|
834
|
|
|
125,619
|
|
|||
Less: Company's share of rental property revenues from unconsolidated joint ventures
|
|
(11,087
|
)
|
|
(834
|
)
|
|
(11,921
|
)
|
|||
Total rental property revenues
|
|
$
|
113,698
|
|
|
$
|
—
|
|
|
$
|
113,698
|
|
Three Months Ended June 30, 2017
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Atlanta
|
|
$
|
46,293
|
|
|
$
|
1,358
|
|
|
$
|
47,651
|
|
Austin
|
|
25,429
|
|
|
—
|
|
|
25,429
|
|
|||
Charlotte
|
|
22,599
|
|
|
—
|
|
|
22,599
|
|
|||
Phoenix
|
|
11,879
|
|
|
—
|
|
|
11,879
|
|
|||
Tampa
|
|
11,795
|
|
|
—
|
|
|
11,795
|
|
|||
Orlando
|
|
6,331
|
|
|
—
|
|
|
6,331
|
|
|||
Other
|
|
758
|
|
|
—
|
|
|
758
|
|
|||
Total segment revenues
|
|
125,084
|
|
|
1,358
|
|
|
126,442
|
|
|||
Less: Company's share of rental property revenues from unconsolidated joint ventures
|
|
(11,077
|
)
|
|
(1,358
|
)
|
|
(12,435
|
)
|
|||
Total rental property revenues
|
|
$
|
114,007
|
|
|
$
|
—
|
|
|
$
|
114,007
|
|
Six Months Ended June 30, 2018
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Atlanta
|
|
$
|
99,828
|
|
|
$
|
—
|
|
|
$
|
99,828
|
|
Austin
|
|
52,915
|
|
|
—
|
|
|
52,915
|
|
|||
Charlotte
|
|
46,078
|
|
|
—
|
|
|
46,078
|
|
|||
Tampa
|
|
24,787
|
|
|
—
|
|
|
24,787
|
|
|||
Phoenix
|
|
24,307
|
|
|
—
|
|
|
24,307
|
|
|||
Other
|
|
1,078
|
|
|
1,624
|
|
|
2,702
|
|
|||
Total segment revenues
|
|
248,993
|
|
|
1,624
|
|
|
250,617
|
|
|||
Less: Company's share of rental property revenues from unconsolidated joint ventures
|
|
(21,947
|
)
|
|
(1,624
|
)
|
|
(23,571
|
)
|
|||
Total rental property revenues
|
|
$
|
227,046
|
|
|
$
|
—
|
|
|
$
|
227,046
|
|
Six Months Ended June 30, 2017
|
|
Office
|
|
Mixed-Use
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Atlanta
|
|
$
|
93,814
|
|
|
$
|
5,049
|
|
|
$
|
98,863
|
|
Austin
|
|
49,963
|
|
|
—
|
|
|
49,963
|
|
|||
Charlotte
|
|
45,342
|
|
|
—
|
|
|
45,342
|
|
|||
Tampa
|
|
23,098
|
|
|
—
|
|
|
23,098
|
|
|||
Phoenix
|
|
21,997
|
|
|
—
|
|
|
21,997
|
|
|||
Orlando
|
|
12,972
|
|
|
—
|
|
|
12,972
|
|
|||
Other
|
|
1,575
|
|
|
—
|
|
|
1,575
|
|
|||
Total segment revenues
|
|
248,761
|
|
|
5,049
|
|
|
253,810
|
|
|||
Less: Company's share of rental property revenues from unconsolidated joint ventures
|
|
(22,237
|
)
|
|
(5,049
|
)
|
|
(27,286
|
)
|
|||
Total rental property revenues
|
|
$
|
226,524
|
|
|
$
|
—
|
|
|
$
|
226,524
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
||||||||||||||
Rental Property Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Same Property
|
$
|
103,866
|
|
|
$
|
100,589
|
|
|
$
|
3,277
|
|
|
3.3
|
%
|
|
$
|
207,856
|
|
|
$
|
200,242
|
|
|
$
|
7,614
|
|
|
3.8
|
%
|
Non-Same Property
|
9,832
|
|
|
13,418
|
|
|
(3,586
|
)
|
|
(26.7
|
)%
|
|
19,190
|
|
|
26,282
|
|
|
(7,092
|
)
|
|
(27.0
|
)%
|
||||||
Total Rental Property Revenues
|
$
|
113,698
|
|
|
$
|
114,007
|
|
|
$
|
(309
|
)
|
|
(0.3
|
)%
|
|
$
|
227,046
|
|
|
$
|
226,524
|
|
|
$
|
522
|
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Rental Property Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Same Property
|
$
|
38,278
|
|
|
$
|
36,060
|
|
|
$
|
2,218
|
|
|
6.2
|
%
|
|
$
|
76,508
|
|
|
$
|
71,821
|
|
|
$
|
4,687
|
|
|
6.5
|
%
|
Non-Same Property
|
2,453
|
|
|
5,441
|
|
|
(2,988
|
)
|
|
(54.9
|
)%
|
|
4,414
|
|
|
11,205
|
|
|
(6,791
|
)
|
|
(60.6
|
)%
|
||||||
Total Rental Property Operating Expenses
|
$
|
40,731
|
|
|
$
|
41,501
|
|
|
$
|
(770
|
)
|
|
(1.9
|
)%
|
|
$
|
80,922
|
|
|
$
|
83,026
|
|
|
$
|
(2,104
|
)
|
|
(2.5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Same Property NOI
|
$
|
65,588
|
|
|
$
|
64,529
|
|
|
$
|
1,059
|
|
|
1.6
|
%
|
|
$
|
131,348
|
|
|
$
|
128,421
|
|
|
$
|
2,927
|
|
|
2.3
|
%
|
Non-Same Property NOI
|
7,379
|
|
|
7,977
|
|
|
(598
|
)
|
|
(7.5
|
)%
|
|
14,776
|
|
|
15,077
|
|
|
(301
|
)
|
|
(2.0
|
)%
|
||||||
Total NOI
|
$
|
72,967
|
|
|
$
|
72,506
|
|
|
$
|
461
|
|
|
0.6
|
%
|
|
$
|
146,124
|
|
|
$
|
143,498
|
|
|
$
|
2,626
|
|
|
1.8
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||
|
2018
|
|
2017
|
|
$ Change
|
|
2018
|
|
2017
|
|
$ Change
|
||||||||||||
Net operating income
|
$
|
7,228
|
|
|
$
|
7,609
|
|
|
$
|
(381
|
)
|
|
$
|
14,649
|
|
|
$
|
16,783
|
|
|
$
|
(2,134
|
)
|
Other income, net
|
27
|
|
|
240
|
|
|
(213
|
)
|
|
47
|
|
|
1,706
|
|
|
(1,659
|
)
|
||||||
Depreciation and amortization
|
(3,016
|
)
|
|
(3,478
|
)
|
|
462
|
|
|
(6,435
|
)
|
|
(7,673
|
)
|
|
1,238
|
|
||||||
Interest expense
|
(1,591
|
)
|
|
(1,922
|
)
|
|
331
|
|
|
(3,106
|
)
|
|
(4,247
|
)
|
|
1,141
|
|
||||||
Net gain (loss) on sale of investment property
|
(61
|
)
|
|
37,871
|
|
|
(37,932
|
)
|
|
(13
|
)
|
|
34,332
|
|
|
(34,345
|
)
|
||||||
Gain on sale of undepreciated property
|
2,449
|
|
|
—
|
|
|
2,449
|
|
|
2,779
|
|
|
—
|
|
|
2,779
|
|
||||||
Income from unconsolidated joint ventures
|
$
|
5,036
|
|
|
$
|
40,320
|
|
|
$
|
(35,284
|
)
|
|
$
|
7,921
|
|
|
$
|
40,901
|
|
|
$
|
(32,980
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net Income Available to Common Stockholders
|
$
|
21,276
|
|
|
$
|
168,089
|
|
|
$
|
37,319
|
|
|
$
|
172,840
|
|
Depreciation and amortization of real estate assets:
|
|
|
|
|
|
|
|
||||||||
Consolidated properties
|
45,207
|
|
|
49,575
|
|
|
89,827
|
|
|
104,009
|
|
||||
Share of unconsolidated joint ventures
|
3,016
|
|
|
3,478
|
|
|
6,435
|
|
|
7,673
|
|
||||
Partners' share of real estate depreciation
|
(70
|
)
|
|
—
|
|
|
(139
|
)
|
|
—
|
|
||||
(Gain) loss on sale of depreciated properties:
|
|
|
|
|
|
|
|
||||||||
Consolidated properties
|
(5,317
|
)
|
|
(119,767
|
)
|
|
(4,945
|
)
|
|
(119,750
|
)
|
||||
Share of unconsolidated joint ventures
|
63
|
|
|
(37,871
|
)
|
|
15
|
|
|
(34,332
|
)
|
||||
Non-controlling interest related to unit holders
|
410
|
|
|
2,856
|
|
|
697
|
|
|
2,957
|
|
||||
Funds From Operations
|
$
|
64,585
|
|
|
$
|
66,360
|
|
|
$
|
129,209
|
|
|
$
|
133,397
|
|
Per Common Share — Diluted:
|
|
|
|
|
|
|
|
||||||||
Net Income Available to Common
Stockholders |
$
|
0.05
|
|
|
$
|
0.40
|
|
|
$
|
0.09
|
|
|
$
|
0.42
|
|
Funds from Operations
|
$
|
0.15
|
|
|
$
|
0.16
|
|
|
$
|
0.30
|
|
|
$
|
0.32
|
|
Weighted Average Shares — Diluted
|
427,501
|
|
|
427,180
|
|
|
427,444
|
|
|
419,227
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net Income
|
$
|
21,749
|
|
|
$
|
170,945
|
|
|
$
|
38,155
|
|
|
$
|
175,803
|
|
Fee income
|
(1,798
|
)
|
|
(1,854
|
)
|
|
(4,692
|
)
|
|
(3,791
|
)
|
||||
Other income
|
(1,132
|
)
|
|
(3,174
|
)
|
|
(2,092
|
)
|
|
(8,600
|
)
|
||||
Reimbursed expenses
|
860
|
|
|
907
|
|
|
1,802
|
|
|
1,772
|
|
||||
General and administrative expenses
|
8,071
|
|
|
8,618
|
|
|
14,880
|
|
|
14,828
|
|
||||
Interest expense
|
9,714
|
|
|
8,523
|
|
|
19,492
|
|
|
18,264
|
|
||||
Depreciation and amortization
|
45,675
|
|
|
50,040
|
|
|
90,768
|
|
|
104,924
|
|
||||
Acquisition and transaction costs
|
137
|
|
|
246
|
|
|
228
|
|
|
2,177
|
|
||||
Other expenses
|
44
|
|
|
236
|
|
|
364
|
|
|
612
|
|
||||
(Gain)/loss on extinguishment of debt
|
—
|
|
|
(1,829
|
)
|
|
85
|
|
|
(1,829
|
)
|
||||
Income from unconsolidated joint ventures
|
(5,036
|
)
|
|
(40,320
|
)
|
|
(7,921
|
)
|
|
(40,901
|
)
|
||||
Gain on sale of investment properties
|
(5,317
|
)
|
|
(119,832
|
)
|
|
(4,945
|
)
|
|
(119,761
|
)
|
||||
Net Operating Income
|
$
|
72,967
|
|
|
$
|
72,506
|
|
|
$
|
146,124
|
|
|
$
|
143,498
|
|
•
|
property and land acquisitions;
|
•
|
expenditures on development projects;
|
•
|
building improvements, tenant improvements, and leasing costs;
|
•
|
principal and interest payments on indebtedness; and
|
•
|
common stock dividends and distributions to outside unitholders of CPLP.
|
•
|
cash and cash equivalents on hand;
|
•
|
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:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unsecured Credit Facility
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Unsecured Senior Notes
|
|
350,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
350,000
|
|
|||||
Unsecured Term Loan
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|
250,000
|
|
|
—
|
|
|||||
Mortgage notes payable
|
|
494,420
|
|
|
5,004
|
|
|
66,874
|
|
|
108,300
|
|
|
314,242
|
|
|||||
Interest commitments (1)
|
|
254,135
|
|
|
41,171
|
|
|
81,107
|
|
|
59,805
|
|
|
72,052
|
|
|||||
Ground leases
|
|
206,289
|
|
|
2,321
|
|
|
4,660
|
|
|
4,748
|
|
|
194,560
|
|
|||||
Other operating leases
|
|
665
|
|
|
298
|
|
|
299
|
|
|
68
|
|
|
—
|
|
|||||
Total contractual obligations
|
|
$
|
1,555,509
|
|
|
$
|
48,794
|
|
|
$
|
152,940
|
|
|
$
|
422,921
|
|
|
$
|
930,854
|
|
Commitments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unfunded tenant improvements and construction obligations
|
|
$
|
102,883
|
|
|
$
|
64,253
|
|
|
$
|
38,630
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Letters of credit
|
|
2,000
|
|
|
2,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Performance bonds
|
|
665
|
|
|
665
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total commitments
|
|
$
|
105,548
|
|
|
$
|
66,918
|
|
|
$
|
38,630
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
Interest on variable rate obligations is based on rates effective as of
June 30, 2018
.
|
|
Six Months Ended June 30,
|
||||||||||
|
2018
|
|
2017
|
|
Change
|
||||||
Net cash provided by operating activities
|
$
|
104,716
|
|
|
$
|
92,644
|
|
|
$
|
12,072
|
|
Net cash provided by (used in) investing activities
|
(134,376
|
)
|
|
74,013
|
|
|
(208,389
|
)
|
|||
Net cash used in financing activities
|
(65,525
|
)
|
|
(193,419
|
)
|
|
127,894
|
|
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Development
|
$
|
36,017
|
|
|
$
|
102,544
|
|
Operating — leasing costs
|
17,276
|
|
|
24,224
|
|
||
Operating — building improvements
|
15,774
|
|
|
17,957
|
|
||
Capitalized interest
|
2,485
|
|
|
3,808
|
|
||
Capitalized personnel costs
|
4,094
|
|
|
3,727
|
|
||
Change in accrued capital expenditures
|
24,121
|
|
|
(1,110
|
)
|
||
Total property acquisition and development expenditures
|
$
|
99,767
|
|
|
$
|
151,150
|
|
|
Total Number of Shares Purchased*
|
|
Average Price Paid per Share*
|
|||
April 1 - 30
|
547
|
|
|
$
|
8.89
|
|
May 1 - 31
|
—
|
|
|
—
|
|
|
June 1 - 30
|
—
|
|
|
—
|
|
|
|
547
|
|
|
$
|
8.89
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
11
|
*
|
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 8 to the condensed consolidated financial statements included in this report.
|
†
|
|
Filed herewith.
|
|
COUSINS PROPERTIES INCORPORATED
|
||
|
/s/ Gregg D. Adzema
|
||
|
Gregg D. Adzema
|
||
|
Executive Vice President and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)
|
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