ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Georgia | 58-0869052 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
191 Peachtree Street NE, Suite 500, Atlanta, Georgia | 30303-1740 |
(Address of principal executive offices) | (Zip Code) |
(404) 407-1000 | |
(Registrant’s telephone number, including area code) |
Title of each class | Name of Exchange on which registered |
Common Stock ($1 par value) | New York Stock Exchange |
Large accelerated filer | ý | Accelerated filer | ¨ |
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
PART I | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item X. | ||
PART II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
PART III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
PART IV | ||
Item 15. | ||
• | our business and financial strategy; |
• | our ability to obtain future financing arrangements; |
• | future acquisitions and future dispositions of operating assets; |
• | future acquisitions of land; |
• | future development and redevelopment opportunities; |
• | future dispositions of land and other non-core assets; |
• | future repurchases of our common stock; |
• | projected operating results; |
• | market and industry trends; |
• | future distributions; |
• | projected capital expenditures; and |
• | interest rates. |
• | the availability and terms of capital and financing; |
• | 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 and investments or from dispositions; |
• | the potential dilutive effect of any common stock offerings; |
• | the failure to achieve benefits from the repurchase of our common stock; |
• | the availability of buyers and adequate pricing with respect to the disposition of assets; |
• | risks related to the geographic concentration of our portfolio, including, but not limited to, metropolitan Houston and |
• | risks related to industry concentration of our portfolio including, but, not limited to, the energy industry; |
• | risks and uncertainties related to national and local economic conditions, the real estate industry in general, and the |
• | changes to our strategy with regard to land and other non-core holdings that require impairment losses to be recognized; |
• | leasing risks, including the ability to obtain new tenants or renew expiring tenants, and the ability to lease newly developed |
• | the adverse change in the financial condition of one or more of our major tenants; |
• | volatility in interest rates and insurance rates; |
• | the availability of sufficient investment opportunities; |
• | competition from other developers or investors; |
• | the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction |
• | 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; and |
• | any failure to continue to qualify for taxation as a real estate investment trust. |
Item 1. | Business |
• | Commenced construction on NCR Corporation's corporate headquarters building in midtown Atlanta, Georgia. The project is expected to contain 485,000 square feet of space with a total projected cost of $200.0 million. |
• | Formed a joint venture to potentially develop HICO Avalon, an office building in Alpharetta, Georgia. |
• | Formed a joint venture to develop Carolina Square, a mixed-use property in Chapel Hill, North Carolina, which is expected to have 159,000 square feet of office space, 246 apartment units, and 43,000 square feet of retail space. Total project costs are expected to be $123.0 million. |
• | Opened Research Park V, a Class-A office tower in Austin, Texas, containing 173,000 square feet of space. |
• | Opened Colorado Tower, a Class-A office tower in downtown Austin, Texas, containing 373,000 square feet of space. |
• | Opened the second phase of Emory Point in Atlanta, Georgia, a mixed-use property which consists of 307 apartments and 45,000 square feet of retail space. |
• | Initiated a $100.0 million share repurchase program. Through year-end, we repurchased 5.2 million shares for $47.8 million. |
• | Sold 200, 333, and 555 North Point Center East, office buildings located in Atlanta, Georgia, containing 411,000 square feet, for $70.3 million. |
• | Sold The Points at Waterview, a 203,000 square foot office tower in Dallas, Texas, for $26.8 million |
• | Sold 2100 Ross, an 844,000 square foot office tower in Dallas, Texas, for $131.0 million. |
• | Sold 8,643 acres of residential land for total gross proceeds of $20.9 million. |
• | Repaid without recourse, the $14.2 million The Points at Waterview mortgage loan. |
• | Reduced total consolidated indebtedness by $71.1 million and maintained strong leverage ratios. |
• | Leased or renewed 3.0 million square feet of office space. |
• | Increased second generation net rent per square foot by 36.7% in accordance with accounting principles generally accepted in the United States ("GAAP") and 19.8% on a cash basis. |
• | Increased same property net operating income by 3.3% on a GAAP basis and 7.3% on a cash basis. |
• | In the first quarter of 2015, increased the quarterly common stock dividend from $0.075 per share to $0.080 per share. |
Item 1A. | Risk Factors |
• | changes in the national, regional, and local economic climate; |
• | local real estate conditions such as an oversupply of rentable space or a reduction in demand for rentable space; |
• | the attractiveness of our properties to tenants or buyers; |
• | competition from other available properties; |
• | changes in market rental rates and related concessions granted to tenants including, but not limited to, free rent, tenant allowances, and tenant improvement allowances; and |
• | the need to periodically repair, renovate, and re-lease buildings. |
• | Credit facilities. Terms and conditions available in the marketplace for credit facilities vary over time. We can provide no assurance that the amount we need from our Credit Facility will be available at any given time, or at all, or that the rates and fees charged by the lenders will be reasonable. We incur interest under our Credit Facility at a variable rate. Variable rate debt creates higher debt service requirements if market interest rates increase, which would adversely affect our cash flow and results of operations. Our Credit Facility contains customary restrictions, requirements and other limitations on our ability to incur indebtedness, including restrictions on unsecured debt outstanding, restrictions on secured recourse debt outstanding, and requirements to maintain minimum fixed charge coverage ratios. Our continued ability to borrow under our Credit Facility is subject to compliance with these covenants. |
• | Non-recourse mortgages. The availability of financing is dependent upon various conditions, including the willingness of mortgage lenders to lend at any given point in time. Interest rates and loan-to-value ratios may also be volatile, and we may from time to time elect not to proceed with mortgage financing due to unfavorable terms offered by lenders. Inability to access the mortgage market could adversely affect our ability to finance acquisition or development activities. In addition, if a property is mortgaged to secure payment of indebtedness and we are unable to make the mortgage payments, the lender may foreclose, resulting in loss of income and asset value. We may not be able to refinance debt secured by our properties at the same levels or on the same terms, which could adversely affect our business, financial condition and results of operations. Further, at the time a mortgage matures, the property may be worth less than the mortgage amount and, as a result, we may determine not to refinance the mortgage and permit foreclosure, generating a loss to us and defaults on other mortgages. |
• | Property sales. Real estate markets tend to experience market cycles. Because of such cycles, the potential terms and conditions of sales, including prices, may be unfavorable for extended periods of time. In addition, our status as a REIT limits our ability to sell properties, which may affect our ability to liquidate an investment. As a result, our ability to raise capital through property sales in order to fund our acquisition and development projects or other cash needs could be limited. In addition, mortgage financing on a property may prohibit prepayment and/or impose a prepayment penalty upon the sale of that property, which may decrease the proceeds from a sale or refinancing or make the sale or refinancing impractical. |
• | Construction loans. Construction loans generally relate to specific assets under construction and fund costs above an initial equity amount deemed acceptable to the lender. Terms and conditions of construction facilities vary, but they generally carry a term of two to five years, charge interest at variable rates, require the lender to be satisfied with the nature and amount of construction costs prior to funding, and require the lender to be satisfied with the level of pre-leasing prior to closing. Construction loans frequently require a portion of the loan to be recourse to us in addition to being recourse to the equity in the asset. In addition, construction loans generally require a completion guarantee by the borrower. While construction lending is generally competitive and offered by many financial institutions, there may be times when these facilities are not available or are only available upon |
• | Joint ventures. Joint ventures, including partnerships or limited liability companies, tend to be complex arrangements, and there are only a limited number of parties willing to undertake such investment structures. There is no guarantee that we will be able to undertake these ventures at the times we need capital. |
• | Common stock. Common stock offerings may have a dilutive effect on our earnings per share and funds from operations per share. The actual amount of dilution, if any, from any future offering of common stock will be based on numerous factors, particularly the use of proceeds and any return generated thereby, and cannot be determined at this time. The per share trading price of our common stock could decline as a result of sales of a large number of shares of our common stock in the market in connection with an offering, or otherwise, or as a result of the perception or expectation that such sales could occur. We can also provide no assurance that conditions will be favorable for future issuances of common stock when we need the capital, which could have an adverse effect on our ability to fund acquisition and development activities. |
• | requiring us to use a substantial portion of our cash flow from operations to service our indebtedness, which would reduce the available cash flow to fund working capital, capital expenditures, development projects, and other general corporate purposes and reduce cash for distributions; |
• | limiting our ability to obtain additional financing to fund our working capital needs, acquisitions, capital expenditures, or other debt service requirements or for other purposes; |
• | increasing the costs of incurring additional debt; |
• | increasing our exposure to floating interest rates; |
• | limiting our ability to compete with other companies who are not as highly leveraged, as we may be less capable of responding to adverse economic and industry conditions; |
• | restricting us from making strategic acquisitions, developing properties, or exploiting business opportunities; |
• | restricting the way in which we conduct our business because of financial and operating covenants in the agreements governing our existing and future indebtedness; |
• | exposing us to potential events of default (if not cured or waived) under covenants contained in our debt instruments that could have a material adverse effect on our business, financial condition, and operating results; |
• | increasing our vulnerability to a downturn in general economic conditions; and |
• | limiting our ability to react to changing market conditions in our industry. |
• | The availability of sufficient development opportunities. Absence of sufficient development opportunities could result in our experiencing slower growth in earnings and cash flows. Development opportunities are dependent upon a wide variety of factors. Availability of these opportunities can be volatile as a result of, among other things, economic conditions and product supply/demand characteristics in a particular market. |
• | Abandoned predevelopment costs. The development process inherently requires that a large number of opportunities be pursued with only a few actually being developed. We may incur significant costs for predevelopment activity for projects that are later abandoned, which would directly affect our results of operations. For projects that are later abandoned, we must expense certain costs, such as salaries, that would have otherwise been capitalized. We have procedures and controls in place that are intended to minimize this risk, but it is likely that we will incur predevelopment expense on subsequently abandoned projects on an ongoing basis. |
• | Project costs. Construction and leasing of a project involves a variety of costs that cannot always be identified at the beginning of a project. Costs may arise that have not been anticipated or actual costs may exceed estimated costs. These additional costs can be significant and could adversely impact our return on a project and the expected results of operations upon completion of the project. Also, construction costs vary over time based upon many factors, including the demand for building materials. We attempt to mitigate the risk of unanticipated increases in construction costs on our development projects through guaranteed maximum price contracts and pre-ordering of certain materials, but we may be adversely affected by increased construction costs on our current and future projects. |
• | Construction delays. Real estate development carries the risk that the project could be delayed due to a number of issues that may arise including, but not limited to, weather and other forces of nature, availability of materials, availability of skilled labor, and the financial health of general contractors or sub-contractors. Construction delays could cause adverse financial impacts to us which could include higher interest and other carrying costs than originally budgeted, monetary penalties from tenants pursuant to their leases, and higher construction costs. Delays could also result in a violation of terms of construction loans that could increase fees, interest, or trigger additional recourse of the loan to us. |
• | Leasing risk. The success of a commercial real estate development project is heavily dependent upon entering into leases with acceptable terms within a predefined lease-up period. Although our policy is to achieve pre-leasing goals (which vary by market, product type, and circumstances) before committing to a project, it is expected that not all the space in a project will be leased at the time we commit to the project. If the additional space is not leased on schedule and upon the expected terms and conditions, our returns, future earnings, and results of operations |
• | general business conditions in the local or broader economy or in the prospective tenants’ industries; |
• | supply and demand conditions for space in the marketplace; and |
• | level of competition in the marketplace. |
• | Reputation risks. We have historically developed and managed a significant portion of our real estate portfolio and believe that we have built a positive reputation for quality and service with our lenders, joint venture partners, and tenants. If we were viewed as developing underperforming properties, suffered sustained losses on our investments, defaulted on a significant level of loans or experienced significant foreclosure or deed in lieu of foreclosure of our properties, our reputation could be damaged. Damage to our reputation could make it more difficult to successfully develop or acquire properties in the future and to continue to grow and expand our relationships with our lenders, joint venture partners and tenants, which could adversely affect our business, financial condition, and results of operations. |
• | Governmental approvals. All necessary zoning, land-use, building, occupancy, and other required governmental permits and authorization may not be obtained, may only be obtained subject to onerous conditions or may not be obtained on a timely basis resulting in possible delays, decreased profitability, and increased management time and attention. |
• | difficulty finding properties that are consistent with our strategy and that meet our standards; |
• | difficulty negotiating with new or existing tenants; |
• | the extent of competition in a particular market for attractive acquisitions may hinder our desired level of property acquisitions or redevelopment projects; |
• | the costs and timing of repositioning or redeveloping acquired properties may be greater than our estimates; |
• | the occupancy levels, lease-up timing, and rental rates may not meet our expectations; |
• | the acquired properties may fail to meet internal projections or otherwise fail to perform as expected; |
• | the acquired property may be in a market that is unfamiliar to us and could present additional unforeseen business challenges; |
• | the timing of property acquisitions may not match the timing of property dispositions, leading to periods of time where projects' proceeds are not invested as profitably as we desire or where we increase short-term borrowings until sales proceeds become available; |
• | the inability to obtain financing for acquisitions on favorable terms or at all; |
• | the inability to successfully integrate the operations, maintain consistent standards, controls, policies and procedures, or realize the anticipated benefits of acquisitions within the anticipated time frames or at all; |
• | the inability to effectively monitor and manage our expanded portfolio of properties, retain key employees or attract highly qualified new employees; |
• | the possible decline in value of the acquired assets; |
• | the diversion of our management’s attention away from other business concerns; and |
• | the exposure to any undisclosed or unknown issues, expenses, or potential liabilities relating to acquisitions. |
• | actual or anticipated variations in our operating results, funds from operations, or liquidity; |
• | the general reputation of real estate as an attractive investment in comparison to other equity securities and/or the reputation of the product types of our assets compared to other sectors of the real estate industry; |
• | material changes in the energy industry or other significant tenant industry concentration; |
• | the general stock and bond market conditions, including changes in interest rates or fixed income securities; |
• | changes in tax laws; |
• | changes to our dividend policy; |
• | changes in market valuations of our properties; |
• | adverse market reaction to the amount of our outstanding debt at any time, the amount of our maturing debt, and our ability to refinance such debt on favorable terms; |
• | any failure to comply with existing debt covenants; |
• | any foreclosure or deed in lieu of foreclosure of our properties; |
• | additions or departures of key executives and other employees; |
• | actions by institutional stockholders; |
• | uncertainties in world financial markets; |
• | the realization of any of the other risk factors described in this report; and |
• | general market and economic conditions, in particular, market and economic conditions of Atlanta, Georgia and Houston, Texas. |
• | 85% of our ordinary income; |
• | 95% of our net capital gain income for that year; and |
• | 100% of our undistributed taxable income (including any net capital gains) from prior years. |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Company's Share | |||||||||||||||||||||||||
Property Description | Metropolitan Area | Rentable Square Feet | Financial Statement Presentation | Company's Ownership Interest | End of Period Leased | Weighted Average Occupancy (1) | % of Total Net Operating Income (2) | Property Level Debt ($000) | Annualized Base Rents (7) | ||||||||||||||||
I. | OFFICE PROPERTIES | ||||||||||||||||||||||||
Greenway Plaza (3) | Houston | 4,348,000 | Consolidated | 100% | 89.8% | 88.7% | 33% | $ | — | ||||||||||||||||
Post Oak Central (3) | Houston | 1,280,000 | Consolidated | 100% | 95.4% | 95.7% | 12% | 181,770 | |||||||||||||||||
816 Congress | Austin | 435,000 | Consolidated | 100% | 93.4% | 91.6% | 4% | 85,000 | |||||||||||||||||
Colorado Tower | Austin | 373,000 | Consolidated | 100% | 100.0% | 76.8% | 4% | — | |||||||||||||||||
Research Park V (4) | Austin | 173,000 | Consolidated | 100% | 29.9% | —% | —% | — | |||||||||||||||||
TEXAS | 6,609,000 | 53% | 266,770 | ||||||||||||||||||||||
Northpark Town Center (3) | Atlanta | 1,528,000 | Consolidated | 100% | 84.5% | 85.2% | 10% | — | |||||||||||||||||
191 Peachtree Tower | Atlanta | 1,225,000 | Consolidated | 100% | 91.5% | 89.4% | 8% | 100,000 | |||||||||||||||||
Promenade | Atlanta | 777,000 | Consolidated | 100% | 93.0% | 91.0% | 5% | 108,203 | |||||||||||||||||
The American Cancer Society Center | Atlanta | 996,000 | Consolidated | 100% | 86.6% | 86.6% | 5% | 129,342 | |||||||||||||||||
Terminus 100 | Atlanta | 659,000 | Unconsolidated | 50% | 92.3% | 90.5% | 3% | 64,608 | |||||||||||||||||
Terminus 200 | Atlanta | 566,000 | Unconsolidated | 50% | 92.2% | 90.4% | 3% | 41,000 | |||||||||||||||||
Meridian Mark Plaza | Atlanta | 160,000 | Consolidated | 100% | 98.2% | 97.7% | 2% | 24,978 | |||||||||||||||||
Emory University Hospital Midtown Medical Office Tower | Atlanta | 358,000 | Unconsolidated | 50% | 98.8% | 99.7% | 2% | 37,143 | |||||||||||||||||
100 North Point Center East (5) | Atlanta | 129,000 | Consolidated | 100% | 99.9% | 99.9% | 1% | — | |||||||||||||||||
GEORGIA | 6,398,000 | 39% | 505,274 | ||||||||||||||||||||||
Fifth Third Center | Charlotte | 698,000 | Consolidated | 100% | 94.6% | 84.5% | 6% | — | |||||||||||||||||
Gateway Village | Charlotte | 1,065,000 | Unconsolidated | 50% | 100.0% | 100% | —% | 8,768 | |||||||||||||||||
NORTH CAROLINA | 1,763,000 | 6% | 8,768 | ||||||||||||||||||||||
TOTAL OFFICE PROPERTIES | 14,770,000 | 98% | $ | 780,812 | $ | 241,719 | (8) | ||||||||||||||||||
II. | OTHER PROPERTIES | ||||||||||||||||||||||||
Emory Point Apartments (Phase I) (6) | Atlanta | 404,000 | Unconsolidated | 75% | 95.7% | 96.0% | 2% | $ | 36,123 | ||||||||||||||||
Emory Point Retail (Phase I) | Atlanta | 80,000 | Unconsolidated | 75% | 84.7% | 76.8% | —% | 7,399 | |||||||||||||||||
Emory Point Retail (Phase II) | Atlanta | 45,000 | Unconsolidated | 75% | 69.1% | 64.7% | —% | 4,602 | |||||||||||||||||
Emory Point Apartments (Phase II) (6) | Atlanta | 257,000 | Unconsolidated | 75% | 42.7% | 36.4% | —% | 26,081 | |||||||||||||||||
TOTAL OTHER PROPERTIES | 786,000 | 2% | 74,205 | $ | 8,717 | ||||||||||||||||||||
TOTAL PORTFOLIO | 15,556,000 | 100% | $ | 855,017 | |||||||||||||||||||||
(1) | Weighted average economic occupancy represents an average of the square footage occupied at the property during the year. If the property was purchased during the year, average economic occupancy is calculated from the date of purchase forward. |
(2) | Net operating income represents rental property revenues less rental property operating expenses for the three months ended December 31, 2015. |
(3) | Contains multiple buildings that are grouped together for reporting purposes. |
(4) | Research Park V became operational on December 1, 2015. |
(5) | 100 North Point Center East was sold in January 2016. |
(6) | Phase I consists of 443 units and Phase II consists of 307 units. |
(7) | Annualized base rents represents the sum of the annualized rent each tenant is paying as of the end of the reporting period. If a tenant is not paying rent due to a free rent concession, annualized base rent is calculated based on the annualized base rent the tenant will pay in the first period it is required to pay rent. |
(8) | Included in this amount is $9.6 million of Annualized Base Rent for tenants in a free rent period. |
Year of Expiration | Number of Tenants | Square Feet Expiring (1) | % of Leased Space | Annual Contractual Rents ($000's) (1)(2) | % of Total Annual Contractual Rents | Annual Contractual Rent/Sq. Ft. (2) | ||||||||||||||
2016 | 123 | 657,081 | 5.3 | % | $ | 12,454 | 4.2 | % | $ | 18.95 | ||||||||||
2017 | 112 | 877,583 | 7.2 | % | 18,904 | 6.5 | % | 21.54 | ||||||||||||
2018 | 90 | 602,005 | 4.9 | % | 13,882 | 4.8 | % | 23.06 | ||||||||||||
2019 | 96 | 1,576,714 | 13.0 | % | 35,505 | 12.2 | % | 22.52 | ||||||||||||
2020 | 74 | 761,835 | 6.3 | % | 17,501 | 6.0 | % | 22.97 | ||||||||||||
2021 | 68 | 1,204,654 | 9.9 | % | 30,115 | 10.3 | % | 25.00 | ||||||||||||
2022 | 43 | 1,309,819 | 10.8 | % | 31,009 | 10.6 | % | 23.67 | ||||||||||||
2023 | 44 | 1,497,307 | 12.3 | % | 34,083 | 11.7 | % | 22.76 | ||||||||||||
2024 | 21 | 731,773 | 6.0 | % | 20,878 | 7.2 | % | 28.53 | ||||||||||||
2025 &Thereafter | 59 | 2,954,394 | 24.3 | % | 77,377 | 26.5 | % | 26.19 | ||||||||||||
Total | 730 | 12,173,165 | 100.0 | % | $ | 291,708 | 100.0 | % | $ | 23.96 |
(1) Company's share. | |||
(2) Annual Contractual Rent shown is the rate in the year of expiration. It includes the minimum contractual rent paid by the tenant which may or may not include a base year of operating expenses depending upon the terms of the lease. |
Project | Type | Metropolitan Area | Company's Ownership Interest | Project Start Date | Number of Square Feet /Apartment Units | Estimated Project Cost (2) ($ in thousands) | Project Cost Incurred to Date (2) ($ in thousands) | Percent Leased | Initial Occupancy (3) | Estimated Stabilization (4) | |||||||||||||||||
Carolina Square | Mixed | Chapel Hill, NC | 50 | % | 2Q15 | $ | 123,000 | $ | 14,698 | ||||||||||||||||||
Office | 159,000 | 67 | % | 2Q17 | 2Q18 | ||||||||||||||||||||||
Retail | 43,000 | — | % | 2Q17 | 2Q18 | ||||||||||||||||||||||
Apartments | 246 | — | % | 2Q17 | 2Q18 | ||||||||||||||||||||||
NCR Phase I | Office | Atlanta, GA | 100 | % | 3Q15 | 485,000 | 200,000 | 27,890 | 100 | % | 1Q18 | 1Q18 | |||||||||||||||
Total | $ | 323,000 | $ | 42,588 |
(1) | This schedule shows projects currently under active development through the substantial completion of construction. Amounts included in the estimated project cost column represent the estimated costs of the project through stabilization. Significant estimation is required to derive these costs, and the final costs may differ from these estimates. The projected stabilization dates are also estimates and are subject to change as the project proceeds through the development process. | ||||
(2) | Amount represents 100% of the estimated project cost. Carolina Square is expected to be funded with a combination of equity from the partners and up to $80.0 million from a construction loan, which has no outstanding balance as of December 31, 2015. | ||||
(3) | Represents the quarter which the Company estimates the first tenant occupies space. | ||||
(4) | Stabilization represents the earlier of the quarter in which the Company estimates it will achieve 90% economic occupancy or one year from initial occupancy. |
Metropolitan Area | Company's Ownership Interest | Total Developable Land (Acres) | Company's Share | |||||||||
Commercial | ||||||||||||
North Point | Atlanta | 100.00% | 32 | |||||||||
Wildwood Office Park | Atlanta | 50.00% | 22 | |||||||||
The Avenue Forsyth-Adjacent Land | Atlanta | 100.00% | 10 | |||||||||
NCR Phase II (1) | Atlanta | 100.00% | 1 | |||||||||
Georgia | 65 | |||||||||||
Victory Center | Dallas | 75.0% | 3 | |||||||||
Texas | 3 | |||||||||||
Commercial Land Held (Acres) | 68 | 56 | ||||||||||
Cost Basis of Commercial Land Held | $ | 39,364 | $ | 20,577 | ||||||||
Residential (2) | ||||||||||||
Paulding County | Atlanta | 50.00% | 478 | |||||||||
Callaway Gardens (3) | Atlanta | 100.00% | 218 | |||||||||
Georgia | 696 | |||||||||||
Padre Island | Corpus Christi | 50.00% | 15 | |||||||||
Texas | 15 | |||||||||||
Residential Land Held (Acres) | 711 | 465 | ||||||||||
Cost Basis of Residential Land Held | $ | 11,899 | $ | 8,363 | ||||||||
Grand Total Land Held (Acres) | 779 | 521 | ||||||||||
Grand Total Cost Basis of Land Held | $ | 51,263 | $ | 28,940 | ||||||||
(1) | Represents land adjacent to NCR Development project. Upon completion of the NCR development project, NCR is required to pay rent on this land. | ||||
(2) | Residential represents land that may be sold to third parties as lots or in large tracts for residential development. | ||||
(3) | Company's ownership interest is shown at 100% as Callaway Gardens is owned in a joint venture which is consolidated with the Company. |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Item X. | Executive Officers of the Registrant |
Name | Age | Office Held | ||
Lawrence L. Gellerstedt III | 59 | President, Chief Executive Officer | ||
Gregg D. Adzema | 51 | Executive Vice President, Chief Financial Officer | ||
M. Colin Connolly | 39 | Executive Vice President, Chief Investment Officer | ||
John S. McColl | 53 | Executive Vice President | ||
John D. Harris, Jr. | 56 | Senior Vice President, Chief Accounting Officer, Treasurer and Assistant Secretary | ||
Pamela F. Roper | 42 | Senior Vice President, General Counsel and Corporate Secretary |
2015 Quarters | 2014 Quarters | ||||||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||||||
High | $ | 11.63 | $ | 10.96 | $ | 10.89 | $ | 10.37 | $ | 11.77 | $ | 12.50 | $ | 13.30 | $ | 13.20 | |||||||||||||||
Low | $ | 10.01 | $ | 9.40 | $ | 8.68 | $ | 8.87 | $ | 10.10 | $ | 11.23 | $ | 11.95 | $ | 10.69 | |||||||||||||||
Dividends | $ | 0.080 | $ | 0.080 | $ | 0.080 | $ | 0.080 | $ | 0.075 | $ | 0.075 | $ | 0.075 | $ | 0.075 | |||||||||||||||
Payment Date | 2/23/2015 | 5/28/2015 | 8/24/2015 | 12/18/2015 | 2/24/2014 | 5/28/2014 | 8/25/2014 | 12/19/2014 |
Total Number of Shares Purchased (1) | Average Price Paid per Share (1) | |||||
October 1 - 31 | 1,351 | $ | 10.25 | |||
November 1 - 30 | — | $ | — | |||
December 1 - 31 | 3,157,438 | $ | 9.20 | |||
3,158,789 | $ | 9.20 |
(1) | All activity for the fourth quarter of 2015 is related to the remittances of shares for option exercises and share repurchases. Share repurchases were made under our $100 million share repurchase program initiated in September 2015. Share repurchases may be executed in the open market, through private negotiations, or other transactions permitted by law. |
Fiscal Year Ended | |||||||||||||||||
Index | 12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | |||||||||||
Cousins Properties Incorporated | 100.00 | 78.77 | 105.01 | 131.86 | 150.06 | 127.92 | |||||||||||
NYSE Composite Index | 100.00 | 96.33 | 111.89 | 141.41 | 151.12 | 145.12 | |||||||||||
FTSE NAREIT Equity Index | 100.00 | 108.29 | 127.85 | 131.01 | 170.49 | 175.94 | |||||||||||
SNL US REIT Office Index | 100.00 | 99.10 | 113.54 | 120.99 | 152.53 | 153.87 |
Item 6. | Selected Financial Data |
For the Years Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||
Rental property revenues | $ | 373,068 | $ | 343,910 | $ | 194,420 | $ | 114,208 | $ | 94,704 | |||||||||
Fee income | 7,297 | 12,519 | 10,891 | 17,797 | 13,821 | ||||||||||||||
Other | 1,278 | 4,954 | 5,430 | 4,841 | 9,600 | ||||||||||||||
Total revenues | 381,643 | 361,383 | 210,741 | 136,846 | 118,125 | ||||||||||||||
Rental property operating expenses | 156,157 | 155,934 | 90,498 | 50,329 | 40,817 | ||||||||||||||
Reimbursed expenses | 3,430 | 3,652 | 5,215 | 7,063 | 6,208 | ||||||||||||||
General and administrative expenses | 17,099 | 19,969 | 22,460 | 23,208 | 24,166 | ||||||||||||||
Interest expense | 30,723 | 29,110 | 21,709 | 23,933 | 26,677 | ||||||||||||||
Depreciation and amortization | 135,416 | 140,018 | 76,277 | 39,424 | 30,666 | ||||||||||||||
Impairment losses | — | — | — | 488 | 96,818 | ||||||||||||||
Other | 1,299 | 4,674 | 11,177 | 7,922 | 9,951 | ||||||||||||||
Total expenses | 344,124 | 353,357 | 227,336 | 152,367 | 235,303 | ||||||||||||||
Loss on extinguishment of debt and interest rate swaps | — | — | — | (94 | ) | — | |||||||||||||
Benefit (provision) for income taxes from operations | — | 20 | 23 | (91 | ) | 186 | |||||||||||||
Income (loss) from unconsolidated joint ventures | 8,302 | 11,268 | 67,325 | 39,258 | (18,299 | ) | |||||||||||||
Gain on sale of investment properties | 80,394 | 12,536 | 61,288 | 4,053 | 3,494 | ||||||||||||||
Income (loss) from continuing operations | 126,215 | 31,850 | 112,041 | 27,605 | (131,797 | ) | |||||||||||||
Income (loss) from discontinued operations | (586 | ) | 21,158 | 14,788 | 20,314 | 8,330 | |||||||||||||
Net income (loss) | 125,629 | 53,008 | 126,829 | 47,919 | (123,467 | ) | |||||||||||||
Net income attributable to noncontrolling interests | (111 | ) | (1,004 | ) | (5,068 | ) | (2,191 | ) | (4,958 | ) | |||||||||
Preferred share original issuance costs | — | (3,530 | ) | (2,656 | ) | — | — | ||||||||||||
Preferred dividends | — | (2,955 | ) | (10,008 | ) | (12,907 | ) | (12,907 | ) | ||||||||||
Net income (loss) available to common stockholders | $ | 125,518 | $ | 45,519 | $ | 109,097 | $ | 32,821 | $ | (141,332 | ) | ||||||||
Net income (loss) from continuing operations attributable to controlling interest per common share—basic and diluted | $ | 0.58 | $ | 0.12 | $ | 0.66 | $ | 0.12 | $ | (1.44 | ) | ||||||||
Net income (loss) per common share—basic and diluted | $ | 0.58 | $ | 0.22 | $ | 0.76 | $ | 0.32 | $ | (1.36 | ) | ||||||||
Dividends declared per common share | $ | 0.32 | $ | 0.30 | $ | 0.18 | $ | 0.18 | $ | 0.18 | |||||||||
Total assets (at year-end) | $ | 2,597,803 | $ | 2,667,330 | $ | 2,273,206 | $ | 1,124,242 | $ | 1,235,535 | |||||||||
Notes payable (at year-end) | $ | 721,293 | $ | 792,344 | $ | 630,094 | $ | 425,410 | $ | 5,394,423 | |||||||||
Stockholders’ investment (at year-end) | $ | 1,683,415 | $ | 1,673,458 | $ | 1,457,401 | $ | 620,342 | $ | 603,692 | |||||||||
Common shares outstanding (at year-end) | 211,513 | 216,513 | 189,666 | 104,090 | 103,702 |
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
Year Ended December 31, | ||||||||||||||
2015 | 2014 | $ Change | % Change | |||||||||||
Rental Property Revenues | ||||||||||||||
Same Property | $ | 260,634 | $ | 260,055 | $ | 579 | 0.2 | % | ||||||
Non-Same Property | 112,434 | 83,855 | 28,579 | 34.1 | % | |||||||||
$ | 373,068 | $ | 343,910 | $ | 29,158 | 8.5 | % | |||||||
Rental Property Operating Expenses | ||||||||||||||
Same Property | $ | 110,209 | $ | 114,691 | $ | (4,482 | ) | (3.9 | )% | |||||
Non-Same Property | 45,948 | 41,243 | 4,705 | 11.4 | % | |||||||||
$ | 156,157 | $ | 155,934 | $ | 223 | 0.1 | % | |||||||
Same Property NOI | $ | 150,425 | $ | 145,364 | $ | 5,061 | 3.5 | % | ||||||
Non-Same Property NOI | $ | 66,486 | $ | 42,612 | $ | 23,874 | 56.0 | % | ||||||
Total NOI | $ | 216,911 | $ | 187,976 | $ | 28,935 | 59.5 | % |
Year Ended December 31, | ||||||||||||||
2014 | 2013 | $ Change | % Change | |||||||||||
Rental Property Revenues | ||||||||||||||
Same Property | $ | 73,558 | $ | 72,584 | $ | 974 | 1.3 | % | ||||||
Non-Same Property | 270,352 | 121,836 | 148,516 | 121.9 | % | |||||||||
$ | 343,910 | $ | 194,420 | $ | 149,490 | 76.9 | % | |||||||
Rental Property Operating Expenses | ||||||||||||||
Same Property | $ | 32,925 | $ | 33,109 | $ | (184 | ) | (0.6 | )% | |||||
Non-Same Property | 123,009 | 57,389 | 65,620 | 114.3 | % | |||||||||
$ | 155,934 | $ | 90,498 | $ | 65,436 | 72.3 | % | |||||||
Same Property NOI | $ | 40,633 | $ | 39,475 | $ | 1,158 | 2.9 | % | ||||||
Non-Same Property NOI | $ | 147,343 | $ | 64,447 | $ | 82,896 | 128.6 | % | ||||||
Total NOI | $ | 187,976 | $ | 103,922 | $ | 84,054 | 131.5 | % |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net operating income | $ | 24,335 | $ | 25,896 | $ | 27,763 | |||||
Other income | 787 | 717 | 501 | ||||||||
Depreciation and amortization | (11,645 | ) | (11,913 | ) | (13,435 | ) | |||||
Interest expense | (7,455 | ) | (7,364 | ) | (7,963 | ) | |||||
Land sales gain | 2,280 | 2,165 | 115 | ||||||||
Other gains | — | 1,767 | 60,344 | ||||||||
Income from unconsolidated joint ventures | $ | 8,302 | $ | 11,268 | $ | 67,325 | |||||
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Net Income Available to Common Stockholders | $ | 125,518 | $ | 45,519 | $ | 109,097 | ||||||
Depreciation and amortization: | ||||||||||||
Consolidated properties | 133,796 | — | 139,151 | 78,607 | ||||||||
Share of unconsolidated joint ventures | 11,645 | 11,915 | 13,434 | |||||||||
Gain on sale of depreciated properties: | ||||||||||||
Consolidated properties | (78,210 | ) | (30,188 | ) | (67,056 | ) | ||||||
Share of unconsolidated joint ventures | — | (1,767 | ) | (60,345 | ) | |||||||
Noncontrolling interest related to the sale of depreciated properties | — | 574 | 3,397 | |||||||||
Funds From Operations Available to Common Stockholders | $ | 192,749 | $ | 165,204 | $ | 77,134 | ||||||
Per Common Share—Basic and Diluted: | ||||||||||||
Net Income Available | $ | 0.58 | $ | 0.22 | $ | 0.76 | ||||||
Funds From Operations | $ | 0.89 | $ | 0.81 | $ | 0.53 | ||||||
Weighted Average Shares—Basic | 215,827 | 204,216 | 144,255 | |||||||||
Weighted Average Shares—Diluted | 215,979 | 204,460 | 144,420 |
• | property acquisitions; |
• | expenditures on development projects; |
• | building improvements, tenant improvements, and leasing costs; |
• | principal and interest payments on indebtedness; |
• | repurchase of our common stock; and |
• | common stock dividends. |
• | net cash from operations; |
• | sales of assets; |
• | borrowings under our Credit Facility; |
• | proceeds from mortgage notes payable; |
• | proceeds from equity offerings; 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 | $ | 92,000 | $ | — | $ | — | $ | 92,000 | $ | — | |||||||||
Mortgage notes payable | 629,293 | 10,070 | 243,929 | 204,469 | 170,825 | ||||||||||||||
Interest commitments (1) | 149,988 | 53,373 | 47,893 | 33,174 | 15,548 | ||||||||||||||
Ground leases | 144,674 | 1,648 | 3,306 | 3,316 | 136,404 | ||||||||||||||
Other operating leases | 262 | 136 | 126 | — | — | ||||||||||||||
Total contractual obligations | $ | 1,016,217 | $ | 65,227 | $ | 295,254 | $ | 332,959 | $ | 322,777 | |||||||||
Commitments: | |||||||||||||||||||
Unfunded tenant improvements and other | 82,400 | 48,943 | 17,299 | 16,158 | — | ||||||||||||||
Letters of credit | 1,000 | 1,000 | — | — | — | ||||||||||||||
Performance bonds | 946 | 113 | — | — | 833 | ||||||||||||||
Total commitments | $ | 84,346 | $ | 50,056 | $ | 17,299 | $ | 16,158 | $ | 833 |
(1) | Interest on variable rate obligations is based on rates effective as of December 31, 2015. |
Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2015 to 2014 Change | 2014 to 2013 Change | |||||||||||||||
Net cash provided by operating activities | $ | 151,661 | $ | 142,400 | $ | 137,340 | $ | 9,261 | $ | 5,060 | |||||||||
Net cash provided by (used in) investing activities | 38,482 | (461,615 | ) | (1,266,193 | ) | 500,097 | 804,578 | ||||||||||||
Net cash provided by (used in) financing activities | (188,140 | ) | 318,240 | 952,936 | (506,380 | ) | (634,696 | ) |
2015 | 2014 | 2013 | |||||||||
Acquisition of property | $ | — | $ | 551,153 | $ | 1,470,147 | |||||
Projects under development | 52,015 | 63,911 | 16,829 | ||||||||
Operating properties—leasing costs | 28,052 | 10,431 | 14,594 | ||||||||
Operating properties—building improvements | 83,615 | 76,296 | 20,726 | ||||||||
Land held for investment | 8,098 | — | — | ||||||||
Capitalized interest | 3,579 | 2,535 | 518 | ||||||||
Capitalized salaries | 7,146 | 6,821 | 5,230 | ||||||||
Accrued capital expenditures adjustment | 2,483 | (404 | ) | (1,781 | ) | ||||||
Total property acquisition, development and tenant asset expenditures | $ | 184,988 | $ | 710,743 | $ | 1,526,263 |
New leases | $5.90 | |
Renewal leases | $2.15 | |
Expansion leases | $6.32 |
Item 7A. | Quantitative and Qualitative Disclosure about Market Risk |
($ in thousands) | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | Estimated Fair Value | |||||||||||||||||||||||
Notes Payable: | |||||||||||||||||||||||||||||||
Fixed Rate | $ | 10,070 | $ | 138,195 | $ | 105,734 | $ | 9,447 | $ | 195,022 | $ | 170,825 | $ | 629,293 | $ | 646,136 | |||||||||||||||
Average Interest Rate | 4.87 | % | 6.27 | % | 3.43 | % | 4.27 | % | 4.46 | % | 4.03 | % | 4.57 | % | — | % | |||||||||||||||
Variable Rate | $ | — | $ | — | $ | — | $ | 92,000 | $ | — | $ | — | $ | 92,000 | $ | 92,000 | |||||||||||||||
Average Interest Rate (1) | — | — | — | 1.53 | % | — | % | — | 1.53 | % | — | % |
(1) | Interest rates on variable rate notes payable are equal to the variable rates in effect on December 31, 2015. |
Item 8. | Financial Statements and Supplementary Data |
Quarters | |||||||||||||||
First | Second | Third | Fourth | ||||||||||||
2015 | (Unaudited) | ||||||||||||||
Revenues | $ | 91,976 | $ | 97,903 | $ | 98,146 | $ | 93,618 | |||||||
Income from unconsolidated joint ventures | 1,611 | 1,761 | 3,716 | 1,214 | |||||||||||
Gain (loss) on sale of investment properties | 1,105 | (576 | ) | 37,145 | 42,720 | ||||||||||
Income from continuing operations | 7,768 | 7,957 | 53,614 | 56,876 | |||||||||||
Income (loss) from discontinued operations | (565 | ) | (6 | ) | 6 | (21 | ) | ||||||||
Net income | 7,203 | 7,951 | 53,620 | 56,855 | |||||||||||
Net income attributable to controlling interest | 7,203 | 7,951 | 53,620 | 56,744 | |||||||||||
Net income available to common stockholders | 7,203 | 7,951 | 53,620 | 56,744 | |||||||||||
Basic and diluted net income per common share | 0.03 | 0.04 | 0.25 | 0.27 |
Quarters | |||||||||||||||
First | Second | Third | Fourth | ||||||||||||
2014 | (Unaudited) | ||||||||||||||
Revenues | $ | 81,725 | $ | 84,505 | $ | 89,098 | $ | 106,055 | |||||||
Income from unconsolidated joint ventures | 1,287 | 2,027 | 2,030 | 5,924 | |||||||||||
Gain on sale of investment properties | 161 | 1,327 | 81 | 10,967 | |||||||||||
Income (loss) from continuing operations | (121 | ) | 2,034 | 6,073 | 23,864 | ||||||||||
Income (loss) from discontinued operations | 7,255 | 580 | 13,341 | (18 | ) | ||||||||||
Net income | 7,134 | 2,614 | 19,414 | 23,846 | |||||||||||
Net income attributable to controlling interest | 6,979 | 2,485 | 19,322 | 23,218 | |||||||||||
Net income (loss) available to common stockholders | 5,202 | (2,223 | ) | 19,322 | 23,218 | ||||||||||
Basic and diluted net income (loss) per common share | 0.03 | (0.01 | ) | 0.09 | 0.11 |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accountant Fees and Services |
(a) | 1. Financial Statements |
A. | The following consolidated financial statements of the Registrant, together with the applicable report of independent registered public accounting firm, are filed as a part of this report: |
Page Number | ||
Report of Independent Registered Public Accounting Firm | F-2 | |
Consolidated Balance Sheets—December 31, 2015 and 2014 | F-3 | |
Consolidated Statements of Operations for the Years Ended December 31, 2015, 2014, and 2013 | F-4 | |
Consolidated Statements of Equity for the Years Ended December 31, 2015, 2014, and 2013 | F-5 | |
Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014, and 2013 | F-6 | |
Notes to Consolidated Financial Statements | F-7 |
2. | Financial Statement Schedule |
Page Number | ||
A. Schedule III—Real Estate and Accumulated Depreciation—December 31, 2015 | S-1 through S-3 |
(b) | Exhibits |
2.1 | First Amendment to Membership Interest Purchase Agreement between 3280 Peachtree III LLC and MSREF VII Global U.S. Holdings (FRC), L.L.C., dated January 30, 2013, filed as Exhibit 2.2 to the Registrant's Form 8-K/A filed on March 26, 2013, and incorporated herein by reference. (Schedules and exhibits omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of any omitted exhibit or schedule to the Securities and Exchange Commission upon request.) | |
2.2 | Sale and Contribution Agreement between Cousins Properties Incorporated, 3280 Peachtree I LLC, 3280 Peachtree III LLC and Terminus Acquisition Company LLC, dated February 4, 2013, filed as Exhibit 2.3 to the Registrant's Form 8-K/A filed on March 26, 2013, and incorporated herein by reference. (Schedules and exhibits omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of any omitted exhibit or schedule to the Securities and Exchange Commission upon request.) | |
2.3 | Purchase and Sale Agreement (Post Oak Central) between Crescent POC Investors, L.P. and Cousins POC I LLC, dated February 4, 2013, filed as Exhibit 2.4 to the Registrant's Form 8-K/A filed on March 26, 2013, and incorporated herein by reference. (Schedules and exhibits omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of any omitted exhibit or schedule to the Securities and Exchange Commission upon request.) | |
2.4 | Purchase and Sale Contract, dated as of July 19, 2013, by and between Crescent Crown Greenway Plaza SPV, LLC, Crescent Crown Seven Greenway SPV, LLC, Crescent Crown Nine Greenway SPV, LLC, and Crescent Crown Edloe Garage SPV, LLC and Cousins Properties Incorporated, filed as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed July 29, 2013 and incorporated herein by reference. (Schedules and exhibits omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of any omitted exhibit or schedule to the Securities and Exchange Commission upon request.) | |
2.5 | Purchase and Sale Contract, dated as of July 19, 2013, by and between Crescent One SPV, LLC and Cousins Properties Incorporated, filed as Exhibit 2.2 to the Registrant’s Current Report on Form 8-K filed July 29, 2013 and incorporated herein by reference. (Schedules and exhibits omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of any omitted exhibit or schedule to the Securities and Exchange Commission upon request.) | |
2.6 | Purchase and Sale Contract for Northpark Town Center, dated as of August 1, 2014, by and between FulcoProp400LLC and FulcoProp56 LLC and Cousins Acquisitions Entity, LLC, a wholly owned subsidiary of the Registrant, filed as Exhibit 2.1 to the Registrant’s Form 10-Q for the quarter ended September 30, 2014 and incorporated herein by reference. (Schedules and exhibits omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of any omitted exhibit or schedule to the Securities and Exchange Commission upon request.) | |
3.1 | Restated and Amended Articles of Incorporation of the Registrant, as amended August 9, 1999, filed as Exhibit 3.1 to the Registrant’s Form 10-Q for the quarter ended June 30, 2002, and incorporated herein by reference. | |
3.1.1 | Articles of Amendment to Restated and Amended Articles of Incorporation of the Registrant, as amended July 22, 2003, filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on July 23, 2003, and incorporated herein by reference. | |
3.1.2 | Articles of Amendment to Restated and Amended Articles of Incorporation of the Registrant, as amended December 15, 2004, filed as Exhibit 3(a)(i) to the Registrant’s Form 10-K for the year ended December 31, 2004, and incorporated herein by reference. | |
3.1.3 | Articles of Amendment to Restated and Amended Articles of Incorporation of the Registrant, dated May 4, 2010, filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on May 10, 2010, and incorporated herein by reference. | |
3.1.4 | Articles of Amendment to Restated and Amended Articles of Incorporation of the Registrant, as amended May 9, 2014, filed as Exhibit 3.1.4 to the Registrant’s Form 10-Q for the quarter ended June 30, 2014, and incorporated herein by reference. | |
3.2 | Bylaws of the Registrant, as amended and restated December 4, 2012, filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on December 7, 2012, and incorporated herein by reference. | |
4(a) | Dividend Reinvestment Plan as restated as of March 27, 1995, filed in the Registrant’s Form S-3 dated March 27, 1995, and incorporated herein by reference. | |
10(a)(i)* | Cousins Properties Incorporated 1999 Incentive Stock Plan, as amended and restated, approved by the Stockholders on May 6, 2008, filed as Annex B to the Registrant’s Proxy Statement dated April 13, 2008, and incorporated herein by reference. | |
10(a)(ii)* | Cousins Properties Incorporated 2005 Restricted Stock Unit Plan, filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated December 9, 2005, and incorporated herein by reference. | |
10(a)(iii)* | Amendment No. 1 to Cousins Properties Incorporated 2005 Restricted Stock Unit Plan, filed as Exhibit 10(a)(iii) to the Registrant’s Form 10-Q for the quarter ended March 31, 2006, and incorporated herein by reference. | |
10(a)(iv)* | Cousins Properties Incorporated 1999 Incentive Stock Plan – Form of Key Employee Non-Incentive Stock Option and Stock Appreciation Right Certificate, amended effective December 6, 2007, filed as Exhibit 10(a)(vi) to the Registrant’s Form 10-K for the year ended December 31, 2007, and incorporated herein by reference. | |
10(a)(v)* | Cousins Properties Incorporated 1999 Incentive Stock Plan – Form of Key Employee Incentive Stock Option and Stock Appreciation Right Certificate, amended effective December 6, 2007, filed as Exhibit 10(a)(vii) to the Registrant’s Form 10-K for the year ended December 31, 2007, and incorporated herein by reference. | |
10(a)(vi)* | Cousins Properties Incorporated 2005 Restricted Stock Unit Plan – Form of Restricted Stock Unit Certificate, filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K dated December 11, 2006, and incorporated herein by reference. | |
10(a)(vii)* | Amendment No. 2 to the Cousins Properties Incorporated 2005 Restricted Stock Unit Plan, filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on August 18, 2006, and incorporated herein by reference. | |
10(a)(viii)* | Cousins Properties Incorporated 2005 Restricted Stock Unit Plan – Form of Restricted Stock Unit Certificate for Directors, filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on August 18, 2006, and incorporated herein by reference. | |
10(a)(ix)* | Form of Change in Control Severance Agreement, filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on August 31, 2007, and incorporated herein by reference. | |
10(a)(x)* | Amendment No. 1 to the Cousins Properties Incorporated 1999 Incentive Stock Plan, filed as Exhibit 10(a)(ii) to the Registrant’s Form 10-Q for the quarter ended March 31, 2008, and incorporated herein by reference. | |
10(a)(xi)* | Amendment No. 4 to the Cousins Properties Incorporated 2005 Restricted Stock Unit Plan dated September 8, 2008, filed as Exhibit 10(a)(xiii) to the Registrant’s Form 10-K for the year ended December 31, 2008, and incorporated herein by reference. | |
10(a)(xii)* | Amendment No. 5 to the Cousins Properties Incorporated 2005 Restricted Stock Unit Plan dated February 16, 2009, filed as Exhibit 10(a)(xiv) to the Registrant’s Form 10-K for the year ended December 31, 2008, and incorporated herein by reference. | |
10(a)(xiii)* | Form of Amendment Number One to Change in Control Severance Agreement filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K dated May 12, 2009, and incorporated herein by reference. | |
10(a)(xiv)* | Amendment Number 6 to the Cousins Properties Incorporated 2005 Restricted Stock Unit Plan filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K dated May 12, 2009, and incorporated herein by reference. | |
10(a)(xv)* | Form of Cousins Properties Incorporated Cash Long Term Incentive Award Certificate filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K dated May 12, 2009, and incorporated herein by reference. | |
10(a)(xvi)* | Cousins Properties Incorporated 2009 Incentive Stock Plan, as approved by the Stockholders on May 12, 2009, filed as Annex B to the Registrant’s Proxy Statement dated April 3, 2009, and incorporated herein by reference. | |
10(a)(xvii)* | Cousins Properties Incorporated Director Non-Incentive Stock Option and Stock Appreciation Right Certificate under the Cousins Properties Incorporated 2009 Incentive Stock Plan, filed as Exhibit 10.2 to the Registrant’s Form 10-Q for the quarter ended June 30, 2009, and incorporated herein by reference. | |
10(a)(xviii)* | Cousins Properties Incorporated 2005 Restricted Stock Unit Plan – Form of Restricted Stock Unit Certificate for 2010-2012 Performance Period filed as Exhibit 10(a)(xx) to the Registrant’s Form 10-K for the year ended December 31, 2009, and incorporated herein by reference. | |
10(a)(xix)* | Cousins Properties Incorporated 2009 Incentive Stock Plan – Form of Key Employee Non-Incentive Stock Option Certificate filed as Exhibit 10(a)(xxi) to the Registrant’s Form 10-K for the year ended December 31, 2009, and incorporated herein by reference. | |
10(a)(xx)* | Cousins Properties Incorporated 2009 Incentive Stock Plan – Form of Stock Grant Certificate filed as Exhibit 10(a)(xxii) to the Registrant’s Form 10-K for the year ended December 31, 2009, and incorporated herein by reference. | |
10(a)(xxi)* | Form of New Change in Control Severance Agreement, filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on January 7, 2011, and incorporated herein by reference. | |
10(a)(xxii)* | Form of Amendment Number Two to Change in Control Severance Agreement, filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on January 7, 2011, and incorporated herein by reference. | |
10(a)(xxiii)* | Cousins Properties Incorporated 2009 Incentive Stock Plan – Form of Stock Grant Certificate filed as Exhibit 10(a)(xxv) to the Registrant’s Form 10-K for the year ended December 31, 2010, and incorporated herein by reference. | |
10(a)(xxiv)* | Cousins Properties Incorporated 2009 Incentive Stock Plan – Form of Key Employee Non-Incentive Stock Option Certificate filed as Exhibit 10(a)(xxvi) to the Registrant’s Form 10-K for the year ended December 31, 2010, and incorporated herein by reference. | |
10(a)(xxv)* | Cousins Properties Incorporated 2009 Incentive Stock Plan – Form of Key Employee Incentive Stock Option Certificate filed as Exhibit 10(a)(xxvii) to the Registrant’s Form 10-K for the year ended December 31, 2010, and incorporated herein by reference. | |
10(a)(xxvi)* | Cousins Properties Incorporated 2005 Restricted Stock Unit Plan – Form of Restricted Stock Unit Certificate for 2011-2013 Performance Period filed as Exhibit 10(a)(xxviii) to the Registrant’s Form 10-K for the year ended December 31, 2010, and incorporated herein by reference. | |
10(a)(xxvii)* | Cousins Properties Incorporated 2005 Restricted Stock Unit Plan – Form of Restricted Stock Unit Certificate for 2012-2016 Performance Period filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on February 3, 2012, and incorporated herein by reference. | |
10(a)(xxviii)* | Cousins Properties Incorporated 2009 Incentive Stock Plan – Form of Key Employee Incentive Stock Option Certificate filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on February 3, 2012, and incorporated herein by reference. | |
10(a)(xxix)* | Cousins Properties Incorporated 2005 Restricted Stock Unit Plan – Form of Restricted Stock Unit Certificate for 2012-2016 Performance Period, filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on February 3, 2012 and incorporated herein by reference. | |
10(a)(xxx)* | Cousins Properties Incorporated 2009 Incentive Stock Plan – Form of Stock Grant Certificate, filed as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on February 3, 2012 and incorporated herein by reference. | |
10(a)(xxxi)* | Cousins Properties Incorporated 2005 Restricted Stock Unit Plan — Form of Restricted Stock Unit Certificate for 2014-2016 Performance Period, filed as Exhibit 10(a)(xxxi) to the Registrant's Form 10-K for the year ended December 31, 2013, and incorporated herein by reference. | |
10(a)(xxxii)* | Cousins Properties Incorporated 2009 Incentive Stock Plan – Form of Stock Grant Certificate, filed as Exhibit 10(a)(xxxii) to the Registrant's Form 10-K for the year ended December 31, 2013, and incorporated herein by reference. | |
10(a)(xxxiii)* | Cousins Properties Incorporated 2005 Restricted Stock Unit Plan — Form of Restricted Stock Unit Certificate for 2015-2017 Performance Period, filed as Exhibit 10(a)(xxxiii) to the Registrant's Form 10-K for the year ended December 31, 2014, and incorporated herein by reference. | |
10(a)(xxxiv)*† | Cousins Properties Incorporated 2005 Restricted Stock Unit Plan — Form of Restricted Stock Unit Certificate for 2016-2018 Performance Period. | |
10(a)(xxxv)*† | Cousins Properties Incorporated 2009 Incentive Stock Plan – Form of Stock Grant Certificate. | |
10(a)(xxxvi)*† | Form of Amendment Number One to Change in Control Severance Agreement. | |
10(d) | Loan Agreement dated as of August 31, 2007, between Cousins Properties Incorporated, a Georgia corporation, as Borrower and JP Morgan Chase Bank, N.A., a banking association chartered under the laws of the United States of America, as Lender, filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on September 7, 2007, and incorporated herein by reference. | |
10(e) | Loan Agreement dated as of October 16, 2007, between 3280 Peachtree I LLC, a Georgia limited liability corporation, as Borrower and The Northwestern Mutual Life Insurance Company, as Lender, filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed October 17, 2007, and incorporated herein by reference. | |
10(f) | Contribution and Formation Agreement between Cousins Properties Incorporated, CP Venture Three LLC and The Prudential Insurance Company of America, including Exhibit U thereto, filed as Exhibit 10.1 to the Registrant’s Form 8-K filed on May 4, 2006, and incorporated herein by reference. | |
10(g) | Form of Indemnification Agreement, filed as Exhibit 10.1 to the Registrant’s Form 8-K dated June 18, 2007, and incorporated herein by reference. | |
10(h) | Third Amended and Restated Credit Agreement, dated as of May 28, 2014, among Cousins Properties Incorporated as the Borrower (and the Borrower Parties, as defined, and the Guarantors, as defined); JPMorgan Chase Bank, N.A., as Syndication Agent and an L/C Issuer; Bank of America, N.A., as Administrative Agent, Swing Line Lender and an L/C Issuer; SunTrust Bank as Documentation Agent and an L/C Issuer; Wells Fargo Bank, N.A., PNC Bank, N. A., U.S. Bank National, N. A., Citizens Bank, N.A. and Morgan Stanley Senior Funding, Inc. as Co-Documentation Agents; The Northern Trust Company, First Tennessee Bank N.A. and Atlantic Capital Bank as Other Lender Parties; J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc. and SunTrust Robinson Humphrey, Inc. as Joint Lead Arrangers and Joint Bookrunners, filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on May 28, 2014, and incorporated herein by reference. | |
10(i) | Loan Agreement dated as of July 29, 2013 among Cousins Properties Incorporated, as the Borrower, certain consolidated entities of the Borrower from time to time party thereto, as the Guarantors, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., as Syndication Agent, and the other Lenders party thereto, filed as Exhibit 10.1 to the Registrant’s Amendment No. 1 to Current Report on Form 8-K filed July 29, 2013 and incorporated herein by reference. | |
11 | Computation of Per Share Earnings. Data required by SFAS No. 128, “Earnings Per Share,” is provided in note 15 of notes to consolidated financial statements included in this Annual Report on Form 10-K, and incorporated herein by reference. | |
21† | Subsidiaries of the Registrant. | |
23† | Consent of Independent Registered Public Accounting Firm. | |
31.1† | Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2† | Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1† | Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2† | Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
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. |
* | Indicates a management contract or compensatory plan or arrangement. |
† | Filed herewith. |
Cousins Properties Incorporated (Registrant) | ||||
Dated: | February 10, 2016 | |||
BY: | /s/ Gregg D. Adzema | |||
Gregg D. Adzema | ||||
Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) |
Signature | Capacity | Date | ||
/s/ Lawrence L. Gellerstedt III | Chief Executive Officer, | February 10, 2016 | ||
Lawrence L. Gellerstedt III | President and Director (Principal Executive Officer) | |||
/s/ Gregg D. Adzema | Executive Vice President and | February 10, 2016 | ||
Gregg D. Adzema | Chief Financial Officer (Principal Financial Officer) | |||
/s/ John D. Harris, Jr. | Senior Vice President, Chief | February 10, 2016 | ||
John D. Harris, Jr. | Accounting Officer, Treasurer and Assistant Secretary (Principal Accounting Officer) | |||
/s/ Robert M. Chapman | Director | February 10, 2016 | ||
Robert M. Chapman | ||||
/s/ Tom G. Charlesworth | Director | February 10, 2016 | ||
Tom G. Charlesworth | ||||
/s/ Lillian C. Giornelli | Director | February 10, 2016 | ||
Lillian C. Giornelli | ||||
/s/ S. Taylor Glover | Chairman of the Board of Directors | February 10, 2016 | ||
S. Taylor Glover | ||||
/s/ James H. Hance, Jr. | Director | February 10, 2016 | ||
James H. Hance, Jr. | ||||
/s/ Donna W. Hyland | Director | February 10, 2016 | ||
Donna W. Hyland | ||||
/s/ R. Dary Stone | Director | February 10, 2016 | ||
R. Dary Stone |
Cousins Properties Incorporated | Page |
Report of Independent Registered Public Accounting Firm | |
Consolidated Balance Sheets—December 31, 2015 and 2014 | |
Consolidated Statements of Operations for the Years Ended December 31, 2015, 2014, and 2013 | |
Consolidated Statements of Equity for the Years Ended December 31, 2015, 2014, and 2013 | |
Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014, and 2013 | |
Notes to Consolidated Financial Statements |
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) | |||||||
December 31, | |||||||
2015 | 2014 | ||||||
Assets: | |||||||
Real estate assets: | |||||||
Operating properties, net of accumulated depreciation of $352,350 and $324,543 in 2015 and 2014, respectively | $ | 2,194,781 | $ | 2,181,684 | |||
Projects under development | 27,890 | 91,615 | |||||
Land | 17,829 | 21,646 | |||||
2,240,500 | 2,294,945 | ||||||
Real estate assets and other assets held for sale, net of accumulated depreciation and amortization of $7,200 in 2015 | 7,246 | — | |||||
Cash and cash equivalents | 2,003 | — | |||||
Restricted cash | 4,304 | 5,042 | |||||
Notes and accounts receivable, net of allowance for doubtful accounts of $1,353 and $1,643 in 2015 and 2014, respectively | 10,828 | 10,732 | |||||
Deferred rents receivable | 67,258 | 57,939 | |||||
Investment in unconsolidated joint ventures | 102,577 | 100,498 | |||||
Intangible assets, net of accumulated amortization of $103,458 and $76,050 in 2015 and 2014, respectively | 124,615 | 163,244 | |||||
Other assets | 38,472 | 34,930 | |||||
Total assets | $ | 2,597,803 | $ | 2,667,330 | |||
Liabilities: | |||||||
Notes payable | $ | 721,293 | $ | 792,344 | |||
Accounts payable and accrued expenses | 71,739 | 76,240 | |||||
Deferred income | 29,788 | 23,277 | |||||
Intangible liabilities, net of accumulated amortization of $26,890 and $16,897 in 2015 and 2014, respectively | 59,592 | 70,020 | |||||
Other liabilities | 30,629 | 31,991 | |||||
Liabilities of real estate assets held for sale | 1,347 | — | |||||
Total liabilities | 914,388 | 993,872 | |||||
Commitments and contingencies | — | — | |||||
Equity: | |||||||
Stockholders' investment: | |||||||
Preferred stock, $1 par value, 20,000,000 shares authorized, -0- shares issued and outstanding in 2015 and 2014 | — | — | |||||
Common stock, $1 par value, 350,000,000 shares authorized, 220,255,676 and 220,082,610 shares issued in 2015 and 2014, respectively | 220,256 | 220,083 | |||||
Additional paid-in capital | 1,722,224 | 1,720,972 | |||||
Treasury stock at cost, 8,742,181 and 3,570,082 shares in 2015 and 2014, respectively | (134,630 | ) | (86,840 | ) | |||
Distributions in excess of cumulative net income | (124,435 | ) | (180,757 | ) | |||
Total equity | 1,683,415 | 1,673,458 | |||||
Total liabilities and equity | $ | 2,597,803 | $ | 2,667,330 |
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) | |||||||||||
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenues: | |||||||||||
Rental property revenues | $ | 373,068 | $ | 343,910 | $ | 194,420 | |||||
Fee income | 7,297 | 12,519 | 10,891 | ||||||||
Other | 1,278 | 4,954 | 5,430 | ||||||||
381,643 | 361,383 | 210,741 | |||||||||
Costs and expenses: | |||||||||||
Rental property operating expenses | 156,157 | 155,934 | 90,498 | ||||||||
Reimbursed expenses | 3,430 | 3,652 | 5,215 | ||||||||
General and administrative expenses | 17,099 | 19,969 | 22,460 | ||||||||
Interest expense | 30,723 | 29,110 | 21,709 | ||||||||
Depreciation and amortization | 135,416 | 140,018 | 76,277 | ||||||||
Acquisition and related costs | 299 | 1,130 | 7,484 | ||||||||
Other | 1,000 | 3,544 | 3,693 | ||||||||
344,124 | 353,357 | 227,336 | |||||||||
Income (loss) from continuing operations before taxes, unconsolidated joint ventures, and sale of investment properties | 37,519 | 8,026 | (16,595 | ) | |||||||
Benefit for income taxes from operations | — | 20 | 23 | ||||||||
Income from unconsolidated joint ventures | 8,302 | 11,268 | 67,325 | ||||||||
Income from continuing operations before gain on sale of investment properties | 45,821 | 19,314 | 50,753 | ||||||||
Gain on sale of investment properties | 80,394 | 12,536 | 61,288 | ||||||||
Income from continuing operations | 126,215 | 31,850 | 112,041 | ||||||||
Income (loss) from discontinued operations: | |||||||||||
Income (loss) from discontinued operations | (35 | ) | 1,800 | 3,299 | |||||||
Gain (loss) on sale from discontinued operations | (551 | ) | 19,358 | 11,489 | |||||||
(586 | ) | 21,158 | 14,788 | ||||||||
Net income | 125,629 | 53,008 | 126,829 | ||||||||
Net income attributable to noncontrolling interests | (111 | ) | (1,004 | ) | (5,068 | ) | |||||
Net income attributable to controlling interests | 125,518 | 52,004 | 121,761 | ||||||||
Preferred share original issuance costs | — | (3,530 | ) | (2,656 | ) | ||||||
Dividends to preferred stockholders | — | (2,955 | ) | (10,008 | ) | ||||||
Net income available to common stockholders | $ | 125,518 | $ | 45,519 | $ | 109,097 | |||||
Per common share information — basic and diluted: | |||||||||||
Income from continuing operations attributable to controlling interest | $ | 0.58 | $ | 0.12 | $ | 0.66 | |||||
Income from discontinued operations | — | 0.10 | 0.10 | ||||||||
Net income available to common stockholders | $ | 0.58 | $ | 0.22 | $ | 0.76 | |||||
Weighted average shares — basic | 215,827 | 204,216 | 144,255 | ||||||||
Weighted average shares — diluted | 215,979 | 204,460 | 144,420 |
(In thousands) | Preferred Stock | Common Stock | Additional Paid-In Capital | Treasury Stock | Distributions in Excess of Cumulative Net Income | Stockholders’ Investment | Nonredeemable Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||
Balance December 31, 2012 | $ | 169,602 | $ | 107,660 | $ | 690,024 | $ | (86,840 | ) | $ | (260,104 | ) | $ | 620,342 | $ | 22,611 | $ | 642,953 | ||||||||||||||
Net income (loss) | — | — | — | — | 121,761 | 121,761 | 5,000 | 126,761 | ||||||||||||||||||||||||
Common stock issued pursuant to: | ||||||||||||||||||||||||||||||||
Common stock offering, net of issuance costs | — | 85,507 | 740,726 | — | — | 826,233 | — | 826,233 | ||||||||||||||||||||||||
Stock based compensation | — | 111 | (917 | ) | — | — | (806 | ) | — | (806 | ) | |||||||||||||||||||||
Amortization of stock options and restricted stock, net of forfeitures | — | (42 | ) | 1,940 | — | — | 1,898 | — | 1,898 | |||||||||||||||||||||||
Distribution to nonredeemable noncontrolling interests | — | — | — | — | — | — | (26,040 | ) | (26,040 | ) | ||||||||||||||||||||||
Redemption of preferred shares | (74,827 | ) | — | (10,822 | ) | — | 10,822 | (74,827 | ) | — | (74,827 | ) | ||||||||||||||||||||
Preferred dividends | — | — | — | — | (10,008 | ) | (10,008 | ) | — | (10,008 | ) | |||||||||||||||||||||
Common dividends ($0.18 per share) | — | — | — | — | (27,192 | ) | (27,192 | ) | — | (27,192 | ) | |||||||||||||||||||||
Balance December 31, 2013 | $ | 94,775 | $ | 193,236 | $ | 1,420,951 | $ | (86,840 | ) | $ | (164,721 | ) | $ | 1,457,401 | $ | 1,571 | $ | 1,458,972 | ||||||||||||||
Net income | 52,004 | 52,004 | 1,004 | 53,008 | ||||||||||||||||||||||||||||
Common stock issued pursuant to: | ||||||||||||||||||||||||||||||||
Common stock offering, net of issuance costs | — | 26,700 | 295,196 | — | — | 321,896 | — | 321,896 | ||||||||||||||||||||||||
Stock based compensation | — | 156 | (706 | ) | — | — | (550 | ) | — | (550 | ) | |||||||||||||||||||||
Amortization of stock options and restricted stock, net of forfeitures | — | (9 | ) | 2,001 | — | — | 1,992 | — | 1,992 | |||||||||||||||||||||||
Distributions to nonredeemable noncontrolling interests | — | — | — | — | — | — | (2,575 | ) | (2,575 | ) | ||||||||||||||||||||||
Redemption of preferred shares | (94,775 | ) | — | 3,530 | — | (3,530 | ) | (94,775 | ) | — | (94,775 | ) | ||||||||||||||||||||
Preferred dividends | — | — | — | — | (2,955 | ) | (2,955 | ) | — | (2,955 | ) | |||||||||||||||||||||
Common dividends ($0.30 per share) | — | — | — | — | (61,555 | ) | (61,555 | ) | — | (61,555 | ) | |||||||||||||||||||||
Balance December 31, 2014 | $ | — | $ | 220,083 | $ | 1,720,972 | $ | (86,840 | ) | $ | (180,757 | ) | $ | 1,673,458 | $ | — | $ | 1,673,458 | ||||||||||||||
Net income | — | 125,518 | 125,518 | 111 | 125,629 | |||||||||||||||||||||||||||
Common stock issued pursuant to stock based compensation | — | 173 | (245 | ) | — | — | (72 | ) | — | (72 | ) | |||||||||||||||||||||
Amortization of stock options and restricted stock, net of forfeitures | — | — | 1,473 | — | — | 1,473 | — | 1,473 | ||||||||||||||||||||||||
Distributions to nonredeemable noncontrolling interests | — | — | — | — | — | — | (111 | ) | (111 | ) | ||||||||||||||||||||||
Repurchase of common stock | — | — | — | (47,790 | ) | — | (47,790 | ) | — | (47,790 | ) | |||||||||||||||||||||
Common dividends ($0.32 per share) | — | — | — | — | (69,196 | ) | (69,196 | ) | — | (69,196 | ) | |||||||||||||||||||||
Other | — | — | 24 | — | — | 24 | — | 24 | ||||||||||||||||||||||||
Balance December 31, 2015 | $ | — | $ | 220,256 | $ | 1,722,224 | $ | (134,630 | ) | $ | (124,435 | ) | $ | 1,683,415 | $ | — | $ | 1,683,415 |
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | |||||||||||
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 125,629 | $ | 53,008 | $ | 126,829 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Gain on sale of investment properties, including discontinued operations | (79,843 | ) | (31,894 | ) | (68,200 | ) | |||||
Gain on sale of third party management and leasing business | — | — | (4,577 | ) | |||||||
Depreciation and amortization, including discontinued operations | 135,462 | 141,022 | 76,478 | ||||||||
Amortization of deferred financing costs | 1,423 | 604 | 615 | ||||||||
Amortization of stock options and restricted stock, net of forfeitures | 1,473 | 1,992 | 1,898 | ||||||||
Effect of certain non-cash adjustments to rental revenues | (26,475 | ) | (30,039 | ) | (11,660 | ) | |||||
Income from unconsolidated joint ventures | (8,302 | ) | (11,268 | ) | (67,325 | ) | |||||
Operating distributions from unconsolidated joint ventures | 8,760 | 10,296 | 67,101 | ||||||||
Land and multi-family cost of sales, net of closing costs paid | — | 302 | 967 | ||||||||
Changes in other operating assets and liabilities: | |||||||||||
Change in other receivables and other assets, net | (10,937 | ) | (644 | ) | (9,619 | ) | |||||
Change in operating liabilities | 4,471 | 9,021 | 24,833 | ||||||||
Net cash provided by operating activities | 151,661 | 142,400 | 137,340 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from investment property sales | 225,307 | 244,471 | 178,966 | ||||||||
Proceeds from sale of third party management and leasing business | — | — | 4,577 | ||||||||
Property acquisition, development and tenant asset expenditures | (184,988 | ) | (710,743 | ) | (1,526,263 | ) | |||||
Investment in unconsolidated joint ventures | (9,985 | ) | (18,342 | ) | (11,922 | ) | |||||
Distributions from unconsolidated joint ventures | 7,555 | 26,179 | 88,635 | ||||||||
Change in notes receivable and other assets | 118 | (1,819 | ) | (75 | ) | ||||||
Change in restricted cash | 475 | (1,361 | ) | (111 | ) | ||||||
Net cash provided by (used in) investing activities | 38,482 | (461,615 | ) | (1,266,193 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from credit facility | 355,900 | 764,575 | 365,075 | ||||||||
Repayment of credit facility | (404,100 | ) | (664,450 | ) | (325,000 | ) | |||||
Proceeds from notes payable | — | 85,068 | 304,275 | ||||||||
Repayment of notes payable | (22,851 | ) | (22,943 | ) | (77,887 | ) | |||||
Payment of loan issuance costs | — | (3,995 | ) | (1,693 | ) | ||||||
Common stock issued, net of expenses | 8 | 321,845 | 826,233 | ||||||||
Repurchase of common stock | (47,790 | ) | — | — | |||||||
Redemption of preferred shares | — | (94,775 | ) | (74,827 | ) | ||||||
Common dividends paid | (69,196 | ) | (61,555 | ) | (27,192 | ) | |||||
Preferred dividends paid | — | (2,955 | ) | (10,008 | ) | ||||||
Distributions to nonredeemable noncontrolling interests | (111 | ) | (2,575 | ) | (26,040 | ) | |||||
Net cash provided by (used in) financing activities | (188,140 | ) | 318,240 | 952,936 | |||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,003 | (975 | ) | (175,917 | ) | ||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | — | 975 | 176,892 | ||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 2,003 | $ | — | $ | 975 |
1. | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION |
2. | SIGNIFICANT ACCOUNTING POLICIES |
Property | Property Type | Location | Square Feet | Sales Price | Discontinued Operations | ||||||||
2015 | |||||||||||||
2100 Ross | Office | Dallas, Texas | 844,000 | $ | 131,000 | No | |||||||
200, 333, and 555 North Point Center East | Office | Atlanta, Georgia | 411,000 | $ | 70,300 | No | |||||||
The Points at Waterview | Office | Dallas, Texas | 203,000 | $ | 26,800 | No | |||||||
2014 | |||||||||||||
777 Main | Office | Ft. Worth, TX | 980,000 | $ | 167,000 | No | |||||||
Lakeshore Park Plaza | Office | Birmingham, AL | 197,000 | $ | 25,000 | Yes | |||||||
Mahan Village | Retail | Tallahassee, FL | 147,000 | $ | 29,500 | No | |||||||
600 University Park Place | Office | Birmingham, AL | 123,000 | $ | 19,700 | Yes | |||||||
2013 | |||||||||||||
Tiffany Springs MarketCenter | Retail | Kansas City, MO | 238,000 | $ | 53,500 | Yes | |||||||
Inhibitex | Office | Atlanta, GA | 51,000 | $ | 8,300 | Yes |
2015 | 2014 | 2013 | ||||||||||
Rental property revenues | $ | 4 | $ | 2,927 | $ | 10,552 | ||||||
Other revenues | 6 | 29 | 40 | |||||||||
Third party management and leasing revenues | — | — | 76 | |||||||||
Third party management and leasing expenses | — | — | (99 | ) | ||||||||
Depreciation and amortization | — | — | (3,083 | ) | ||||||||
Other expenses | (27 | ) | (28 | ) | (25 | ) | ||||||
Rental property operating expenses | (18 | ) | (1,128 | ) | (4,162 | ) | ||||||
Income (loss) from discontinued operations | $ | (35 | ) | $ | 1,800 | $ | 3,299 | |||||
Gain (loss) on sale of discontinued operations, net | $ | (551 | ) | $ | 19,358 | $ | 11,489 |
Real estate assets and related assets held for sale | ||||
Operating Properties, net of accumulated depreciation of $7,072 | $ | 6,421 | ||
Notes and accounts receivable | 210 | |||
Deferred rents receivable | 496 | |||
Other assets, net of accumulated amortization of $128 | 119 | |||
$ | 7,246 | |||
Liabilities of real estate assets held for sale | ||||
Accounts payable and accrued expenses | $ | 140 | ||
Deferred Income | 200 | |||
Other liabilities | 1,007 | |||
$ | 1,347 |
2014 | 2013 | |||||||||||||||||||||||
Northpark Town Center | Fifth Third Center | Post Oak Central | Terminus 200 | 816 Congress Avenue | Texas Acquisition | |||||||||||||||||||
Tangible assets: | ||||||||||||||||||||||||
Land and improvements | $ | 24,577 | $ | 22,863 | $ | 88,406 | $ | 25,040 | $ | 6,817 | $ | 306,563 | ||||||||||||
Building | 274,151 | 163,649 | 118,470 | 101,472 | 86,391 | 586,150 | ||||||||||||||||||
Tenant improvements | 21,674 | 16,781 | 10,877 | 17,600 | 3,500 | 114,220 | ||||||||||||||||||
Other assets | — | 1,014 | — | 101 | — | — | ||||||||||||||||||
Deferred rents receivable | — | — | — | 44 | — | — | ||||||||||||||||||
Tangible assets | 320,402 | 204,307 | 217,753 | 144,257 | 96,708 | 1,006,933 | ||||||||||||||||||
Intangible assets: | ||||||||||||||||||||||||
Above-market leases | 2,846 | 632 | 995 | 1,512 | 89 | 4,959 | ||||||||||||||||||
In-place leases | 30,159 | 17,096 | 26,968 | 14,355 | 8,222 | 117,630 | ||||||||||||||||||
Below-market ground leases | — | 338 | — | — | — | 2,958 | ||||||||||||||||||
Ground lease purchase option | — | — | — | — | 2,403 | — | ||||||||||||||||||
Total intangible assets | 33,005 | 18,066 | 27,963 | 15,867 | 10,714 | 125,547 | ||||||||||||||||||
Tangible liabilities: | ||||||||||||||||||||||||
Accounts payable and accrued expenses | — | (1,026 | ) | — | — | — | — | |||||||||||||||||
Total tangible liabilities | — | (1,026 | ) | — | — | — | — | |||||||||||||||||
Intangible liabilities: | ||||||||||||||||||||||||
Below-market leases | (8,018 | ) | (9,374 | ) | (14,792 | ) | (9,273 | ) | (2,820 | ) | (47,170 | ) | ||||||||||||
Above-market ground lease | — | — | — | — | (1,981 | ) | (2,508 | ) | ||||||||||||||||
Total intangible liabilities | (8,018 | ) | (9,374 | ) | (14,792 | ) | (9,273 | ) | (4,801 | ) | (49,678 | ) | ||||||||||||
Total net assets acquired | $ | 345,389 | $ | 211,973 | $ | 230,924 | $ | 150,851 | $ | 102,621 | $ | 1,082,802 |
2014 | 2013 | |||||||
(unaudited, in thousands, except per share amounts) | ||||||||
Revenues | $ | 388,791 | $ | 354,047 | ||||
Income from continuing operations | 31,695 | 119,825 | ||||||
Net income | 52,853 | 134,613 | ||||||
Net income available to common stockholders | 45,364 | 116,881 | ||||||
Per share information: | ||||||||
Basic | $ | 0.22 | $ | 0.62 | ||||
Diluted | $ | 0.22 | $ | 0.62 |
2015 | 2014 | ||||||
Notes receivable | $ | 414 | $ | 414 | |||
Allowance for doubtful accounts related to notes receivable | (414 | ) | (414 | ) | |||
Tenant and other receivables | 11,767 | 11,961 | |||||
Allowance for doubtful accounts related to tenant and other receivables | (939 | ) | (1,229 | ) | |||
$ | 10,828 | $ | 10,732 |
Total Assets | Total Debt | Total Equity (Deficit) | Company's Investment | |||||||||||||||||||||||||||||
SUMMARY OF FINANCIAL POSITION: | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||
Terminus Office Holdings | $ | 277,444 | $ | 288,415 | $ | 211,216 | $ | 213,640 | $ | 56,369 | $ | 62,830 | $ | 29,110 | $ | 32,323 | ||||||||||||||||
EP I LLC | 83,115 | 85,228 | 58,029 | 58,029 | 24,172 | 26,671 | 21,502 | 22,905 | ||||||||||||||||||||||||
EP II LLC | 70,704 | 42,772 | 40,910 | 12,735 | 24,331 | 24,969 | 19,118 | 19,905 | ||||||||||||||||||||||||
Charlotte Gateway Village, LLC | 123,531 | 130,272 | 17,536 | 35,530 | 104,336 | 92,808 | 11,190 | 11,218 | ||||||||||||||||||||||||
HICO Victory Center LP | 13,532 | 10,450 | — | — | 13,229 | 10,450 | 9,138 | 7,572 | ||||||||||||||||||||||||
Carolina Square Holdings LP | 15,729 | — | — | — | 12,085 | — | 6,782 | — | ||||||||||||||||||||||||
CL Realty, L.L.C. | 7,872 | 7,264 | — | — | 7,662 | 7,042 | 3,515 | 3,546 | ||||||||||||||||||||||||
HICO Avalon LLC | 2,107 | — | — | — | 1,646 | — | 1,245 | — | ||||||||||||||||||||||||
Temco Associates, LLC | 5,284 | 6,910 | — | — | 5,133 | 6,709 | 977 | 3,027 | ||||||||||||||||||||||||
Wildwood Associates | 16,419 | 16,400 | — | — | 16,354 | 16,389 | (1,122 | ) | (1) | (1,106 | ) | (1) | ||||||||||||||||||||
Crawford Long - CPI, LLC | 29,143 | 29,946 | 74,286 | 75,000 | (46,238 | ) | (45,762 | ) | (22,021 | ) | (1) | (21,931 | ) | (1) | ||||||||||||||||||
Other | — | 1,411 | — | — | — | 979 | — | 2 | ||||||||||||||||||||||||
$ | 644,880 | $ | 619,068 | $ | 401,977 | $ | 394,934 | $ | 219,079 | $ | 203,085 | $ | 79,434 | $ | 77,461 |
Total Revenues | Net Income (Loss) | Company's Share of Net Income (Loss) | |||||||||||||||||||||||||||||||||
SUMMARY OF OPERATIONS: | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||
Terminus Office Holdings | $ | 40,250 | $ | 39,531 | $ | 33,109 | $ | 2,789 | $ | 663 | $ | (408 | ) | $ | 1,395 | $ | 308 | $ | (182 | ) | |||||||||||||||
EP I LLC | 12,558 | 12,049 | 8,261 | 3,177 | 2,583 | 100 | 2,197 | 1,937 | 75 | ||||||||||||||||||||||||||
EP II LLC | 1,264 | — | — | (638 | ) | — | — | (466 | ) | — | — | ||||||||||||||||||||||||
Charlotte Gateway Village, LLC | 33,724 | 33,903 | 33,281 | 12,737 | 11,645 | 10,693 | 1,183 | 1,176 | 1,176 | ||||||||||||||||||||||||||
HICO Victory Center LP | 262 | — | — | 204 | — | — | 102 | — | — | ||||||||||||||||||||||||||
CL Realty, L.L.C. | 855 | 1,573 | 1,603 | 424 | 1,069 | 1,027 | 220 | 542 | 524 | ||||||||||||||||||||||||||
HICO Avalon LLC | — | — | — | (40 | ) | — | — | (23 | ) | — | — | ||||||||||||||||||||||||
Temco Associates, LLC | 9,485 | 2,155 | 630 | 2,358 | 495 | 96 | 2,351 | (6 | ) | (12 | ) | ||||||||||||||||||||||||
Wildwood Associates | — | 3,329 | — | (120 | ) | (1,704 | ) | (151 | ) | (59 | ) | 2,097 | (75 | ) | |||||||||||||||||||||
Crawford Long - CPI, LLC | 12,291 | 11,945 | 11,829 | 2,820 | 2,775 | 2,827 | 1,416 | 1,407 | 1,372 | ||||||||||||||||||||||||||
Other | — | 4,841 | 48,394 | — | 7,831 | 58,710 | (14 | ) | 3,807 | 64,447 | |||||||||||||||||||||||||
$ | 110,689 | $ | 109,326 | $ | 137,107 | $ | 23,711 | $ | 25,357 | $ | 72,894 | $ | 8,302 | $ | 11,268 | $ | 67,325 |
2015 | 2014 | |||||||
In-place leases, net of accumulated amortization of $88,035 and $62,302 in 2015 and 2014, respectively | $ | 112,937 | $ | 147,360 | ||||
Above-market tenant leases, net of accumulated amortization of $15,423 and $13,748 in 2015 and 2014, respectively | 8,031 | 12,017 | ||||||
Goodwill | 3,647 | 3,867 | ||||||
$ | 124,615 | $ | 163,244 |
Below Market Rents | Above Market Ground Lease | Above Market Rents | In Place Leases | Total | |||||||||||||||
2016 | $ | (9,020 | ) | $ | (55 | ) | $ | 1,843 | $ | 23,510 | $ | 16,278 | |||||||
2017 | (8,569 | ) | (55 | ) | 1,384 | 19,893 | 12,653 | ||||||||||||
2018 | (7,793 | ) | (55 | ) | 1,305 | 16,763 | 10,220 | ||||||||||||
2019 | (7,314 | ) | (55 | ) | 883 | 13,644 | 7,158 | ||||||||||||
2020 | (5,427 | ) | (55 | ) | 734 | 10,289 | 5,541 | ||||||||||||
Thereafter | (18,969 | ) | (2,225 | ) | 1,882 | 28,838 | 9,526 | ||||||||||||
$ | (57,092 | ) | $ | (2,500 | ) | $ | 8,031 | $ | 112,937 | $ | 61,376 | ||||||||
Weighted average remaining lease term | 9 years | 48 years | 7 years | 7 years |
2015 | 2014 | ||||||
Beginning Balance | $ | 3,867 | $ | 4,131 | |||
Allocated to property sales | (220 | ) | (264 | ) | |||
Ending Balance | $ | 3,647 | $ | 3,867 |
2015 | 2014 | |||||||
FF&E and leasehold improvements, net of accumulated depreciation of $22,572 and $19,137 in 2015 and 2014, respectively | $ | 13,523 | $ | 10,590 | ||||
Lease inducements, net of accumulated amortization of $6,865 and $5,475 in 2015 and 2014, respectively | 13,306 | 12,245 | ||||||
Prepaid expenses and other assets | 4,408 | 3,428 | ||||||
Predevelopment costs and earnest money | 1,780 | 1,789 | ||||||
Loan closing costs, net of accumulated amortization of $3,388 and $2,286 in 2015 and 2014, respectively | 5,455 | 6,878 | ||||||
$ | 38,472 | $ | 34,930 |
Description | Interest Rate | Maturity | 2015 | 2014 | |||||||||
Post Oak Central mortgage note | 4.26% | 2020 | $ | 181,770 | $ | 185,109 | |||||||
The American Cancer Society Center mortgage note | 6.45% | 2017 | 129,342 | 131,083 | |||||||||
Promenade mortgage note | 4.27% | 2022 | 108,203 | 110,946 | |||||||||
191 Peachtree Tower mortgage note | 3.35% | 2018 | 100,000 | 100,000 | |||||||||
Credit Facility, unsecured | 1.53% | 2019 | 92,000 | 140,200 | |||||||||
816 Congress mortgage note | 3.75% | 2024 | 85,000 | 85,000 | |||||||||
Meridian Mark Plaza mortgage note | 6.00% | 2020 | 24,978 | 25,408 | |||||||||
The Points at Waterview | 5.66% | — | — | 14,598 | |||||||||
$ | 721,293 | $ | 792,344 |
Leverage Ratio | Applicable % Spread for LIBOR | Applicable % Spread for Base Rate | Annual Facility Fee % | |||
≤ 30% | 1.10% | 0.10% | 0.15% | |||
>30% but ≤ 35% | 1.10% | 0.10% | 0.20% | |||
>35% but ≤ 40% | 1.15% | 0.15% | 0.20% | |||
>40% but ≤ 45% | 1.20% | 0.20% | 0.20% | |||
>45% but ≤ 50% | 1.20% | 0.20% | 0.25% | |||
>50% | 1.45% | 0.45% | 0.30% |
2015 | 2014 | 2013 | |||||||||
Total interest incurred | $ | 34,302 | $ | 31,862 | $ | 22,227 | |||||
Interest capitalized | (3,579 | ) | (2,752 | ) | (518 | ) | |||||
Total interest expense | $ | 30,723 | $ | 29,110 | $ | 21,709 |
2016 | $ | 10,070 | |
2017 | 138,195 | ||
2018 | 105,734 | ||
2019 | 101,447 | ||
2020 | 195,022 | ||
Thereafter | 170,825 | ||
$ | 721,293 |
2016 | $ | 1,784 | |
2017 | 1,736 | ||
2018 | 1,696 | ||
2019 | 1,657 | ||
2020 | 1,659 | ||
Thereafter | 136,404 | ||
$ | 144,936 |
2015 | 2014 | 2013 | |||||||||
Common and preferred dividends paid | $ | 69,196 | $ | 64,510 | $ | 37,200 | |||||
Dividends treated as taxable compensation | (94 | ) | (110 | ) | (98 | ) | |||||
Portion of dividends declared in current year, and paid in current year, which was applied to the prior year distribution requirements | (731 | ) | (2,182 | ) | (470 | ) | |||||
Portion of dividends declared in subsequent year, and paid in subsequent year, which apply to current year distribution requirements | 34 | 731 | 2,182 | ||||||||
Dividends applied to meet current year REIT distribution requirements | $ | 68,405 | $ | 62,949 | $ | 38,814 |
Total Distributions Per Share | Ordinary Dividends | Long-Term Capital Gain | Unrecaptured Section 1250 Gain (A) | Cash Liquidation Distributions | |||||||||||||||
Common: | |||||||||||||||||||
2015 | $ | 0.320000 | $ | 0.161738 | $ | 0.158262 | $ | 0.097271 | $ | — | |||||||||
2014 | $ | 0.300000 | $ | 0.281564 | $ | 0.018436 | $ | 0.018436 | $ | — | |||||||||
2013 | $ | 0.180000 | $ | 0.170355 | $ | 0.009645 | $ | 0.009457 | $ | — | |||||||||
Series A Preferred: | |||||||||||||||||||
2013 | $ | 25.968750 | $ | 0.966882 | $ | 0.001868 | $ | — | $ | 25.000000 | |||||||||
Series B Preferred: | |||||||||||||||||||
2014 | $ | 25.776040 | $ | 0.467750 | $ | 0.001000 | $ | 0.001000 | $ | 25.307290 | |||||||||
2013 | $ | 1.875000 | $ | 1.774673 | $ | 0.100327 | $ | 0.098519 | $ | — |
(A) | Represents a portion of the dividend allocated to long-term capital gain. |
2016 | $ | 217,863 | ||
2017 | 219,458 | |||
2018 | 217,711 | |||
2019 | 202,868 | |||
2020 | 174,144 | |||
Thereafter | 639,051 | |||
$ | 1,671,095 |
• | The risk-free interest rate utilized is the interest rate on U.S. Treasury Strips or Bonds having a term equal to the estimated life of the Company’s option awards. |
• | Expected life of the options granted is estimated based on historical data reflecting actual hold periods plus an estimated hold period for unexercised options outstanding. |
• | Expected volatility is based on the historical volatility of the Company’s stock over a period equal to the estimated option life. |
• | The assumed dividend yield is based on the Company’s expectation of an annual dividend rate for regular dividends over the estimated life of the option. |
Number of Options (000s) | Weighted Average Exercise Price Per Option | |||||
Outstanding at December 31, 2012 | 4,437 | $ | 21.74 | |||
Exercised | (283 | ) | 8.12 | |||
Forfeited/Expired | (1,076 | ) | 21.98 | |||
Outstanding at December 31, 2013 | 3,078 | 22.90 | ||||
Exercised | (206 | ) | 8.26 | |||
Forfeited/Expired | (661 | ) | 28.18 | |||
Outstanding at December 31, 2014 | 2,211 | 22.69 | ||||
Exercised | (23 | ) | 8.02 | |||
Forfeited/Expired | (425 | ) | 26.13 | |||
Outstanding at December 31, 2015 | 1,763 | 22.05 | ||||
Options Exercisable at December 31, 2015 | 1,763 | $ | 22.05 | |||
Number of Shares (000s) | Weighted-Average Grant Date Fair Value | |||||
Non-vested restricted stock at December 31, 2012 | 703 | $ | 7.55 | |||
Granted | 160 | 8.91 | ||||
Vested | (361 | ) | 7.50 | |||
Forfeited | (52 | ) | 8.24 | |||
Non-vested restricted stock at December 31, 2013 | 450 | 8.00 | ||||
Granted | 138 | 10.75 | ||||
Vested | (236 | ) | 8.00 | |||
Forfeited | (10 | ) | 9.48 | |||
Non-vested restricted stock at December 31, 2014 | 342 | 9.08 | ||||
Granted | 166 | 11.06 | ||||
Vested | (210 | ) | 8.41 | |||
Forfeited | (5 | ) | 10.68 | |||
Non-vested restricted stock at December 31, 2015 | 293 | $ | 10.65 |
Outstanding at December 31, 2012 | 782 | |
Granted | 196 | |
Exercised | (94 | ) |
Forfeited | (129 | ) |
Outstanding at December 31, 2013 | 755 | |
Granted | 205 | |
Exercised | (150 | ) |
Forfeited | (14 | ) |
Outstanding at December 31, 2014 | 796 | |
Granted | 244 | |
Exercised | (191 | ) |
Forfeited | (6 | ) |
Outstanding at December 31, 2015 | 843 |
2015 | 2014 | 2013 | |||||||||
Current tax benefit: | |||||||||||
Federal | $ | — | $ | — | $ | — | |||||
State | 20 | 23 | |||||||||
— | 20 | 23 | |||||||||
Deferred tax benefit: | |||||||||||
Federal | — | — | — | ||||||||
State | — | — | — | ||||||||
— | — | — | |||||||||
Benefit for income taxes from operations | $ | — | $ | 20 | $ | 23 |
2015 | 2014 | 2013 | ||||||||||||||||||
Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||
Federal income tax benefit (expense) | $ | 778 | 35 | % | $ | (1,124 | ) | (35 | )% | $ | (1,287 | ) | (35 | )% | ||||||
State income tax benefit (expense), net of federal income tax effect | 90 | 4 | % | (125 | ) | (4 | )% | (147 | ) | (4 | )% | |||||||||
Valuation allowance | (833 | ) | (37 | )% | 1,644 | 50 | % | (361 | ) | (10 | )% | |||||||||
State deferred tax adjustment | (35 | ) | (2 | )% | (375 | ) | (11 | )% | 1,818 | 49 | % | |||||||||
Benefit applicable to income (loss) from continuing operations | $ | — | — | % | $ | 20 | — | % | $ | 23 | — | % |
2015 | 2014 | ||||||
Income from unconsolidated joint ventures | $ | 928 | $ | 2,441 | |||
Federal and state tax carryforwards | 680 | — | |||||
Total deferred tax assets | 1,608 | 2,441 | |||||
Valuation allowance | (1,608 | ) | (2,441 | ) | |||
Net deferred tax asset | $ | — | $ | — |
2015 | 2014 | 2013 | ||||||
Weighted average shares—basic | 215,827 | 204,216 | 144,255 | |||||
Dilutive potential common shares—stock options | 152 | 244 | 165 | |||||
Weighted average shares—diluted | 215,979 | 204,460 | 144,420 | |||||
Weighted average anti-dilutive stock options | 1,128 | 1,553 | 2,208 |
2015 | 2014 | 2013 | |||||||||
Interest paid, net of amounts capitalized | $ | 29,337 | $ | 28,840 | $ | 21,216 | |||||
Income taxes paid | 2 | 4 | 90 | ||||||||
Non-Cash Transactions: | |||||||||||
Transfer from projects under development to operating properties | 121,709 | — | 25,629 | ||||||||
Transfer from operating properties and related assets to real estate assets and other assets held for sale | 7,246 | — | 24,554 | ||||||||
Transfer from operating properties and related liabilities to liabilities of real estate assets held for sale | 1,347 | — | — | ||||||||
Change in accrued property acquisition, development, and tenant asset expenditures | (2,483 | ) | (531 | ) | 1,559 | ||||||
Transfer from other assets to projects under development | — | — | 3,062 | ||||||||
Transfer from land to projects under development | — | 5,185 | — |
Year ended December 31, 2015 | Office | Mixed-Use | Other | Total | ||||||||||||
Net Operating Income: | ||||||||||||||||
Houston | $ | 103,210 | $ | — | $ | — | $ | 103,210 | ||||||||
Atlanta | 93,438 | 5,854 | — | 99,292 | ||||||||||||
Austin | 15,294 | — | — | 15,294 | ||||||||||||
Charlotte | 16,164 | — | — | 16,164 | ||||||||||||
Other | 7,104 | — | 168 | 7,272 | ||||||||||||
Total Net Operating Income | $ | 235,210 | $ | 5,854 | $ | 168 | 241,232 | |||||||||
Net operating income from unconsolidated joint ventures | (24,335 | ) | ||||||||||||||
Net operating loss from discontinued operations | 14 | |||||||||||||||
Fee income | 7,297 | |||||||||||||||
Other income | 1,278 | |||||||||||||||
General and administrative expenses | (17,099 | ) | ||||||||||||||
Reimbursed expenses | (3,430 | ) | ||||||||||||||
Interest expense | (30,723 | ) | ||||||||||||||
Depreciation and amortization | (135,416 | ) | ||||||||||||||
Other expenses | (1,299 | ) | ||||||||||||||
Income from unconsolidated joint ventures | 8,302 | |||||||||||||||
Loss from discontinued operations | (586 | ) | ||||||||||||||
Gain on sale of investment properties | 80,394 | |||||||||||||||
Net income attributable to noncontrolling interests | (111 | ) | ||||||||||||||
Net income available to common stockholders | $ | 125,518 |
Year ended December 31, 2014 | Office | Mixed-Use | Other | Total | ||||||||||||
Net Operating Income: | ||||||||||||||||
Houston | $ | 100,816 | $ | — | $ | — | $ | 100,816 | ||||||||
Atlanta | 73,434 | 5,727 | — | 79,161 | ||||||||||||
Austin | 6,992 | — | — | 6,992 | ||||||||||||
Charlotte | 6,839 | — | — | 6,839 | ||||||||||||
Other | 18,470 | — | 3,395 | 18,470 | ||||||||||||
Total Net Operating Income | $ | 206,551 | $ | 5,727 | $ | 3,395 | 215,673 | |||||||||
Net operating income from unconsolidated joint ventures | (25,897 | ) | ||||||||||||||
Net operating income from discontinued operations | (1,800 | ) | ||||||||||||||
Fee income | 12,519 | |||||||||||||||
Other income | 4,954 | |||||||||||||||
General and administrative expenses | (19,969 | ) | ||||||||||||||
Reimbursed expenses | (3,652 | ) | ||||||||||||||
Interest expense | (29,110 | ) | ||||||||||||||
Depreciation and amortization | (140,018 | ) | ||||||||||||||
Other expenses | (4,654 | ) | ||||||||||||||
Preferred share original issuance costs | (3,530 | ) | ||||||||||||||
Dividends to preferred stockholders | (2,955 | ) | ||||||||||||||
Income from unconsolidated joint ventures | 11,268 | |||||||||||||||
Income from discontinued operations | 21,158 | |||||||||||||||
Gain on sale of investment properties | 12,536 | |||||||||||||||
Net income attributable to noncontrolling interests | (1,004 | ) | ||||||||||||||
Net income available to common stockholders | $ | 45,519 | ||||||||||||||
Year ended December 31, 2013 | Office | Mixed-Use | Other | Total | ||||||||||||
Net Operating Income: | ||||||||||||||||
Houston | $ | 40,199 | $ | — | $ | — | $ | 40,199 | ||||||||
Atlanta | 62,211 | 3,511 | — | 65,722 | ||||||||||||
Austin | 4,029 | — | — | 4,029 | ||||||||||||
Charlotte | 1,208 | — | — | 1,208 | ||||||||||||
Other | 14,856 | — | 12,066 | 26,922 | ||||||||||||
Total Net Operating Income | $ | 122,503 | $ | 3,511 | $ | 12,066 | 138,080 | |||||||||
Net operating income from unconsolidated joint ventures | (27,768 | ) | ||||||||||||||
Net operating income from discontinued operations | (6,390 | ) | ||||||||||||||
Fee income | 10,891 | |||||||||||||||
Other income | 5,430 | |||||||||||||||
General and administrative expenses | (22,460 | ) | ||||||||||||||
Reimbursed expenses | (5,215 | ) | ||||||||||||||
Interest expense | (21,709 | ) | ||||||||||||||
Depreciation and amortization | (76,277 | ) | ||||||||||||||
Other expenses | (11,154 | ) | ||||||||||||||
Preferred share original issuance costs | (2,656 | ) | ||||||||||||||
Dividends to preferred stockholders | (10,008 | ) | ||||||||||||||
Income from unconsolidated joint ventures | 67,325 | |||||||||||||||
Income from discontinued operations | 14,788 | |||||||||||||||
Gain on sale of investment properties | 61,288 | |||||||||||||||
Net income attributable to noncontrolling interests | (5,068 | ) | ||||||||||||||
Net income available to common stockholders | $ | 109,097 | ||||||||||||||
Initial Cost to Company | Costs Capitalized Subsequent to Acquisition | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||
Description/Metropolitan Area | Encumbrances | Land and Improvements | Buildings and Improvements | Land and Improvements less Cost of Sales, Transfers and Other | Building and Improvements less Cost of Sales, Transfers and Other | Land and Improvements less Cost of Sales, Transfers and Other | Building and Improvements less Cost of Sales, Transfers and Other | Total (a) | Accumulated Depreciation (a) | Date of Construction/ Renovation | Date Acquired | Life on Which Depreciation in 2015 Statement of Operations is Computed (b) | |||||||||||||||||||||||||||||
OPERATING PROPERTIES | |||||||||||||||||||||||||||||||||||||||||
Greenway Plaza | $ | — | $ | 273,651 | $ | 595,547 | $ | — | $ | 76,561 | $ | 273,651 | $ | 672,108 | $ | 945,759 | $ | 85,617 | — | 2013 | 30 years | ||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||||||||
Northpark Town Center | — | 24,577 | 295,825 | — | 10,741 | 24,577 | 306,566 | 331,143 | 15,006 | — | 2014 | 39 years | |||||||||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||||||||||||||||||||
Fifth Third Center | — | 22,863 | 180,430 | — | 5,701 | 22,863 | 186,131 | 208,994 | 8,671 | — | 2014 | 40 years | |||||||||||||||||||||||||||||
Charlotte, NC | |||||||||||||||||||||||||||||||||||||||||
191 Peachtree Tower | 100,000 | 5,355 | 141,012 | 4,034 | 98,643 | 9,389 | 239,655 | 249,044 | 88,637 | — | 2006 | 40 years | |||||||||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||||||||||||||||||||
Post Oak Central | 181,770 | 87,264 | 129,347 | — | 36,047 | 87,264 | 165,394 | 252,658 | 26,333 | — | 2013 | 42 years | |||||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||||||||
Promenade | 108,203 | 13,439 | 102,790 | — | 33,987 | 13,439 | 136,777 | 150,216 | 25,841 | — | 2011 | 34 years | |||||||||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||||||||||||||||||||
The American Cancer Society Center | 129,342 | 5,226 | 67,370 | — | 31,953 | 5,226 | 99,323 | 104,549 | 68,082 | — | 1999 | 25 years | |||||||||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||||||||||||||||||||
816 Congress | 85,000 | 6,817 | 89,891 | 3,282 | 10,712 | 10,099 | 100,603 | 110,702 | 10,096 | — | 2013 | 42 years | |||||||||||||||||||||||||||||
Austin, TX | |||||||||||||||||||||||||||||||||||||||||
Meridian Mark Plaza | 24,978 | 2,219 | — | — | 28,142 | 2,219 | 28,142 | 30,361 | 17,656 | 1997 | 1997 | 30 years | |||||||||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||||||||||||||||||||
221 Peachtree Center Avenue Parking Garage | — | 4,217 | 13,337 | 1 | 347 | 4,218 | 13,684 | 17,902 | 3,127 | — | 2007 | 39 years | |||||||||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||||||||||||||||||||
Colorado Tower | — | — | — | 4,014 | 110,906 | 4,014 | 110,906 | 114,920 | 3,284 | 2013 | 2013 | 30 years | |||||||||||||||||||||||||||||
Austin, TX | |||||||||||||||||||||||||||||||||||||||||
Research Park | — | 4,373 | — | — | 26,510 | 4,373 | 26,510 | 30,883 | — | 2014 | 1998 | 0 years | |||||||||||||||||||||||||||||
Austin, TX | |||||||||||||||||||||||||||||||||||||||||
Total Operating Properties | $ | 629,293 | $ | 450,001 | $ | 1,615,549 | $ | 11,331 | $ | 470,250 | $ | 461,332 | $ | 2,085,799 | $ | 2,547,131 | $ | 352,350 |
Initial Cost to Company | Costs Capitalized Subsequent to Acquisition | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||
Description/Metropolitan Area | Encumbrances | Land and Improvements | Buildings and Improvements | Land and Improvements less Cost of Sales, Transfers and Other | Building and Improvements less Cost of Sales, Transfers and Other | Land and Improvements less Cost of Sales, Transfers and Other | Building and Improvements less Cost of Sales, Transfers and Other | Total (a) | Accumulated Depreciation (a) | Date of Construction/ Renovation | Date Acquired | Life on Which Depreciation in 2015 Statement of Operations is Computed (b) | |||||||||||||||||||||||||||||
PROJECTS UNDER DEVELOPMENT | |||||||||||||||||||||||||||||||||||||||||
NCR Phase 1 | — | 20,032 | — | — | 7,858 | 20,032 | 7,858 | 27,890 | — | 2015 | 2015 | 0 years | |||||||||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||||||||||||||||||||
Total Projects Under Development | $ | — | $ | 20,032 | $ | — | $ | — | $ | 7,858 | $ | 20,032 | $ | 7,858 | $ | 27,890 | $ | — | |||||||||||||||||||||||
LAND | |||||||||||||||||||||||||||||||||||||||||
Commercial Land | |||||||||||||||||||||||||||||||||||||||||
Land Adjacent to The Avenue Forsyth | — | 11,240 | — | (7,540 | ) | — | 3,700 | — | 3,700 | — | — | 2007 | 0 years | ||||||||||||||||||||||||||||
Suburban Atlanta, GA | |||||||||||||||||||||||||||||||||||||||||
NCR Phase II | — | 8,099 | — | — | — | 8,099 | — | 8,099 | — | — | 2015 | 0 years | |||||||||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||||||||||||||||||||
North Point | — | 10,294 | — | (8,851 | ) | — | 1,443 | — | 1,443 | — | — | 1970-1985 | 0 years | ||||||||||||||||||||||||||||
Suburban Atlanta, GA | |||||||||||||||||||||||||||||||||||||||||
Total Commercial Land | $ | — | $ | 29,633 | $ | — | $ | (16,391 | ) | $ | — | $ | 13,242 | $ | — | $ | 13,242 | $ | — | ||||||||||||||||||||||
Residential Land | |||||||||||||||||||||||||||||||||||||||||
Callaway Gardens | — | 1,584 | — | 3,003 | — | 4,587 | — | 4,587 | — | 2006 | 2006 | 0 years | |||||||||||||||||||||||||||||
Pine Mountain, GA | |||||||||||||||||||||||||||||||||||||||||
Total Residential Land | $ | — | $ | 1,584 | $ | — | $ | 3,003 | $ | — | $ | 4,587 | $ | — | $ | 4,587 | $ | — | |||||||||||||||||||||||
Total Land | $ | — | $ | 31,217 | $ | — | $ | (13,388 | ) | $ | — | $ | 17,829 | $ | — | $ | 17,829 | $ | — | ||||||||||||||||||||||
Operating properties held for sale | |||||||||||||||||||||||||||||||||||||||||
100 North Point Center East | — | 1,475 | 9,625 | (11 | ) | 2,404 | 1,464 | 12,029 | 13,493 | 7,072 | — | 2003 | 25 years | ||||||||||||||||||||||||||||
Suburban Atlanta, GA | |||||||||||||||||||||||||||||||||||||||||
Total Operating Properties held for sale | $ | — | $ | 1,475 | $ | 9,625 | $ | (11 | ) | $ | 2,404 | $ | 1,464 | $ | 12,029 | $ | 13,493 | $ | 7,072 | ||||||||||||||||||||||
Total Properties | $ | 629,293 | $ | 502,725 | $ | 1,625,174 | $ | (2,068 | ) | $ | 480,512 | $ | 500,657 | $ | 2,105,686 | $ | 2,606,343 | $ | 359,422 |
(a) | Reconciliations of total real estate carrying value and accumulated depreciation for the three years ended December 31, 2015 are as follows: |
Real Estate | Accumulated Depreciation | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||
Balance at beginning of period | $ | 2,619,488 | $ | 2,164,815 | $ | 997,323 | $ | 324,543 | $ | 257,151 | $ | 258,258 | |||||||||||
Additions during the period: | |||||||||||||||||||||||
Acquisition | 28,131 | 523,695 | 1,321,394 | — | — | — | |||||||||||||||||
Improvements and other capitalized costs | 139,676 | 109,959 | 86,376 | — | — | — | |||||||||||||||||
Depreciation expense | — | — | — | 99,067 | 86,824 | 56,234 | |||||||||||||||||
167,807 | 633,654 | 1,407,770 | 99,067 | 86,824 | 56,234 | ||||||||||||||||||
Deductions during the period: | |||||||||||||||||||||||
Cost of real estate sold or foreclosed | (180,952 | ) | (178,981 | ) | (240,278 | ) | (64,188 | ) | (19,432 | ) | (57,341 | ) | |||||||||||
Write-off of fully depreciated assets | — | — | — | — | — | — | |||||||||||||||||
(180,952 | ) | (178,981 | ) | (240,278 | ) | (64,188 | ) | (19,432 | ) | (57,341 | ) | ||||||||||||
Balance at end of period | $ | 2,606,343 | $ | 2,619,488 | $ | 2,164,815 | $ | 359,422 | $ | 324,543 | $ | 257,151 |
(b) | Buildings and improvements are depreciated over 24 to 42 years. Leasehold improvements and other capitalized leasing costs are depreciated over the life of the asset or the term of the lease, whichever is shorter. |
1. | Name of Key Employee: ______________________________. |
2. | Target Number of RSUs. Key Employee’s target number of RSUs payable based on CPI’s attainment of the performance goals set forth on Exhibit A (“Exhibit A RSUs”) is ____. Key Employee’s target number RSUs payable based on CPI’s attainment of the performance goals set forth on Exhibit B (“Exhibit B RSUs) is ____. Key Employee will be paid based on a percentage of the target number (ranging from 0% to 200%) as set forth on Exhibit A and/or Exhibit B, whichever is applicable. |
3. | Performance Period. The Performance Period is January 1, 2016 through December 31, 2018. |
4. | Service Vesting Condition and Forfeiture. Except as set forth in § 8 of the Plan if a Change in Control is consummated or as set forth in this § 4, Key Employee will vest in the RSUs only if Key Employee remains continuously employed by CPI through the completion of the Performance Period. A transfer between or among CPI or any Subsidiary, Parent or Affiliate of CPI shall not be treated as a termination of employment with CPI. If Key Employee’s employment is terminated for any reason except Retirement or death before the completion of the Performance Period, Key Employee shall automatically forfeit the RSUs in full regardless of whether the performance goals on Exhibit A and/or Exhibit B are met. If Key Employee’s employment terminates due to Retirement or death, Key Employee will be deemed to have satisfied this service vesting condition but not the performance goals set forth on Exhibit A and Exhibit B. For this purpose, “Retirement” shall mean Key Employee’s termination of employment with CPI on or after the date (a) Key Employee has attained age 60 and (b) Key Employee’s age (in whole years) plus Key Employee’s whole years of employment measured since Key Employee’s most recent date of hire (disregarding any partial year of employment) equal at least 65. |
5. | Cash Dividends. If Key Employee becomes entitled to a payment for vested RSUs under § 6 and a cash dividend (whether ordinary or extraordinary) has been paid on a share of Stock during the Performance Period, CPI shall pay Key Employee a dividend equivalent payment. The dividend equivalent payment will equal (a) the total amount of cash dividends that would have been paid to Key Employee if the vested RSUs payable under § 6 were |
6. | Distribution of Payment Represented by RSUs. As soon as practical after the end of the Performance Period, the Committee will determine the extent to which the performance goals and the service vesting condition have been met and the number of vested RSUs payable under this § 6 to Key Employee. The number of vested RSUs shall equal the sum of the Exhibit A RSUs payable pursuant to Exhibit A plus the Exhibit B RSUs payable pursuant to Exhibit B. Payment of vested RSUs shall be made in a single payment in cash to Key Employee (or if Key Employee dies after the RSUs vest and before payment is made, his Beneficiary) as soon as practical (and no later than 90 calendar days) after the date the service vesting condition is met. Notwithstanding the preceding sentence, for a Key Employee who terminates employment due to Retirement or death, payment of vested RSUs shall be paid no later than March 15, 2019. Any fractional RSUs shall be rounded down. The value of each RSU for purposes of determining the cash payment is equal to the Fair Market Value of one share of Stock on December 31, 2018. Although set forth in more detail in the Plan, Fair Market Value generally means the average of the closing price of a share of Stock on each trading day during the 30 calendar day period ending on the applicable valuation date. Any portion of the RSUs that is not payable because the performance goals are not met shall automatically be forfeited as of December 31, 2018 or, if earlier, the date Key Employee’s employment terminates for reasons other than Retirement or death. |
7. | Withholding. CPI shall have the right to take whatever action the Committee directs to satisfy applicable federal, state and other withholding requirements. |
8. | Non-transferability and Status as Unsecured Creditor. Key Employee shall have no right to transfer or otherwise assign Key Employee’s interest in any opportunity to receive RSUs or the RSUs themselves. All payments pursuant to this Certificate shall be made from the general assets of CPI, and any claim for payment shall be the same as a claim of any general and unsecured creditor of CPI. |
9. | Employment and Termination. Nothing in this Certificate shall give Key Employee the right to continue in employment with CPI or limit the right of CPI to terminate Key Employee’s employment with or without cause at any time. |
10. | No Shareholder Rights. Key Employee shall have no rights as a shareholder of CPI as a result of any opportunity or any payment arising under this Certificate. |
11. | Amendment and Termination. The Plan and this Certificate may be modified and/or terminated as set forth in the Plan. |
12. | Miscellaneous. This Certificate shall be governed by the laws of the State of Georgia. |
13. | Coordination with Plan. During the Performance Period, the RSUs subject to this Certificate shall be treated the same as (a) outstanding Restricted Stock Units solely for purposes of the adjustment provisions in § 7 of the Plan and (b) outstanding Awards solely for purposes of the change in control provisions in § 8 of the Plan and the amendment provisions in § 9 of the Plan. |
14. | Change in Control. For purposes of § 8 of the Plan, the target for the performance goals (as used in such section) shall mean the performance goal that results in 100% of the target number of RSUs being payable under § 6. |
15. | Short-Term Deferral. Any payments under this Certificate are intended to comply with the short-term deferral rule set forth in Treasury Regulation §1.409A-(b)(4), and this Certificate shall be interpreted to effect such intent. |
16. | Clawback. CPI has the right to take any action which the Committee reasonably determines is required for CPI to comply with the clawback provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. |
Subsidiary | State of Incorporation | |
1230 Peachtree Associates LLC | Georgia | |
191 Peachtree Project LLC | Georgia | |
250 Williams Street LLC | Georgia | |
250 Williams Street Manager, Inc. | Georgia | |
3280 Peachtree I, LLC | Georgia | |
3280 Peachtree III LLC | Georgia | |
Blalock Lakes, LLC | Georgia | |
CCD 10 Terminus Place LLC | Georgia | |
Cedar Grove Lakes, LLC | Georgia | |
CF Murfreesboro Associates | Delaware | |
Cousins 3rd & Colorado LLC | Georgia | |
Cousins 777 Main Street LLC | Georgia | |
Cousins 816 Congress LLC | Georgia | |
Cousins Acquisitions Entity LLC | Georgia | |
Cousins Aircraft Associates, LLC | Georgia | |
Cousins Avalon LLC | Georgia | |
Cousins CH Holding LLC | Georgia | |
Cousins CH Investment LLC | Georgia | |
Cousins Decatur Development LLC | Georgia | |
Cousins FTC Charlotte LP | Georgia | |
Cousins FTC Holding LLC | Georgia | |
Cousins FTC Manager LLC | Georgia | |
Cousins Greenway Central Plant LLC | Georgia | |
Cousins Greenway East Parent LLC | Georgia | |
Cousins Greenway Edloe Parking LLC | Georgia | |
Cousins Greenway Eight-Twelve LLC | Georgia | |
Cousins Greenway Nine LLC | Georgia | |
Cousins Greenway Outparcel West LLC | Georgia | |
Cousins Greenway West First Parent LLC | Georgia | |
Cousins Greenway West Parent LLC | Georgia | |
Cousins Greenway West Parking LLC | Georgia | |
Cousins Jefferson Mill, LLC | Georgia | |
Cousins King Mill, LLC | Georgia | |
Cousins La Frontera LLC | Texas | |
Cousins Murfreesboro LLC | Georgia | |
Cousins Northpark 400 LLC | Georgia | |
Cousins Northpark 500/600 LLC | Georgia | |
Cousins POC I LLC | Georgia | |
Cousins Properties Palisades LLC | Texas | |
Cousins Properties Services LLC | Texas | |
Cousins Properties Waterview LLC | Texas | |
Cousins Research Park V LLC | Georgia | |
Cousins San Jose MarketCenter, LLC | Georgia | |
Cousins Spring & 8th Streets LLC | Georgia | |
Cousins Terminus LLC | Delaware | |
Cousins Tiffany Springs MarketCenter LLC | Georgia | |
Cousins TRS Services LLC | Georgia | |
Cousins Victory Investment LLC | Georgia |
Cousins, Inc. | Alabama | |
Cousins/Daniel, LLC | Georgia | |
CP - Forsyth Investments LLC | Georgia | |
CP - Tiffany Springs Investments LLC | Georgia | |
CP 2100 Ross LLC | Georgia | |
CP Lakeside 20 GP, LLC | Georgia | |
CP Lakeside Land GP, LLC | Georgia | |
CP Texas Industrial LLC | Georgia | |
CP Venture IV Holdings LLC | Delaware | |
CP Venture Three LLC | Delaware | |
CPI 191 LLC | Georgia | |
CPI Development Inc. | Georgia | |
CREC Property Holdings, LLC | Delaware | |
CUZWAT Investments, LLC | Georgia | |
DC Charlotte Plaza Investment LLC | Georgia | |
FIC Development LLC | Georgia | |
Handy Road Associates, LLC | Georgia | |
IPC Investments LLC | Georgia | |
Meridian Mark Plaza, LLC | Georgia | |
New Land Realty, LLC d/b/a Blalock Lakes Realty | Georgia | |
One Ninety One Peachtree Associates LLC | Georgia | |
Pine Mountain Ventures, LLC | Georgia | |
SONO Renaissance, LLC | Georgia | |
At December 31, 2015, the financial statements of the following entities were consolidated with those of the Registrant in the consolidated financial statements incorporated herein: | ||
Subsidiary | State of Incorporation | |
50 Biscayne Venture, LLC* | Delaware | |
C/W King Mill I, LLC (75% owned by Registrant) | Georgia | |
Callaway Gardens Realty, LLC (100% owned by Cousins/Callaway, LLC) | Georgia | |
Cousins/Callaway, LLC* | Georgia | |
Cousins/Myers II, LLC* | Delaware | |
CPI Services LLC | Georgia | |
CS Lakeside 20 Limited, LLLP (70% owned by Registrant) | Texas | |
CS Lakeside Land Limited, LLLP (70% owned by Registrant) | Texas | |
CS Lancaster LLC (70% owned by Registrant) | Georgia | |
King Mill Project I LLC (75% owned by Registrant) | Georgia | |
Mahan Village LLC (88% owned by Registrant) | Delaware | |
*Minority member may receive a portion of cash flow and capital proceeds. | ||
1. | I have reviewed this Annual Report on Form 10-K of Cousins Properties Incorporated (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
/s/ Lawrence L. Gellerstedt III |
1. | I have reviewed this Annual Report on Form 10-K of Cousins Properties Incorporated (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
/s/ Gregg D. Adzema |
/s/ Lawrence L. Gellerstedt III |
/s/ Gregg D. Adzema |
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Document and Entity Information - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Feb. 05, 2016 |
Jun. 30, 2015 |
|
Document Information [Line Items] | |||||
Entity Registrant Name | COUSINS PROPERTIES INC | ||||
Entity Central Index Key | 0000025232 | ||||
Document Type | 10-K | ||||
Document Period End Date | Dec. 31, 2015 | ||||
Amendment Flag | false | ||||
Document Fiscal Year Focus | 2015 | 2014 | 2013 | ||
Document Fiscal Period Focus | Q4 | ||||
Current Fiscal Year End Date | --12-31 | ||||
Entity Well-known Seasoned Issuer | Yes | ||||
Entity Voluntary Filers | No | ||||
Entity Current Reporting Status | Yes | ||||
Entity Filer Category | Large Accelerated Filer | ||||
Entity Public Float | $ 2,128,680,591 | ||||
Entity Common Stock, Shares Outstanding | 211,441,397 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Real estate assets: | ||
Accumulated depreciation on operating properties | $ 352,350 | $ 324,543 |
Development in Process, Accumulated Depreciation | 0 | 0 |
Real Estate Held for Sale, Accumulated Depreciation | 7,200 | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | 103,458 | 76,050 |
Allowance for doubtful accounts for notes and other receivables | 1,353 | 1,643 |
Intangible Liabilities, Accumulated Amortization | $ 26,890 | $ 16,897 |
Preferred stock, 20,000,000 shares authorized, $1 par value: | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 350,000,000 | 250,000,000 |
Treasury stock, shares | 5,584,743 | 3,570,082 |
Description of Business and Basis of Presentation |
12 Months Ended |
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Dec. 31, 2015 | |
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 self-administered and self-managed real estate investment trust (“REIT”). Through December 31, 2014, Cousins Real Estate Corporation (“CREC”) was a taxable entity wholly-owned by and consolidated within Cousins. CREC owned, developed, and managed its own real estate portfolio and performed certain real estate related services for other parties. On December 31, 2014, CREC merged into Cousins and coincident with this merger, Cousins formed Cousins TRS Services LLC ("CTRS"), a new taxable entity wholly-owned by Cousins. Upon formation, CTRS received a capital contribution of some of the real estate assets and contracts that were previously owned by CREC. CTRS owns and manages its own real estate portfolio and performs certain real estate related services for other parties beginning in 2015. Cousins, CREC, CTRS and their subsidiaries (collectively, the “Company”) develop, acquire, lease, manage, and own primarily Class A office properties and opportunistic mixed-use developments in Sunbelt markets with a focus on Georgia, Texas, and North Carolina. As of December 31, 2015, the Company’s portfolio of real estate assets consisted of interests in 14.8 million square feet of office space, 786,000 square feet of mixed use space. Basis of Presentation: The consolidated financial statements include the accounts of the Company and its consolidated partnerships and wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The Company presents its financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) as outlined in the Financial Accounting Standard Board’s Accounting Standards Codification (the “Codification” or “ASC”). The Codification is the single source of authoritative accounting principles applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. For the three years ended December 31, 2015, there were no items of other comprehensive income. Therefore, no presentation of comprehensive income is required. 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 Codification. If the entity or arrangement qualifies as a VIE and the Company is determined to be the primary beneficiary, the Company is required to consolidate the assets, liabilities, and results of operations of the VIE. The Company has a joint venture with Callaway Gardens Resort, Inc. (“Callaway”) for the development of residential lots, which is anticipated to be funded fully through Company contributions. Callaway has the right to receive returns, but no obligation to fund any costs or absorb any losses. The Company is the sole decision maker for the venture and the development manager. The Company has determined that Callaway is a VIE, and the Company is the primary beneficiary. Therefore, the Company consolidates this joint venture. As of December 31, 2015 and 2014, Callaway had total assets of $4.6 million, and no significant liabilities. Certain prior year amounts have been reclassified for consistency with the current period presentation. In 2015, the Company concluded that certain liabilities associated with variable stock-based compensation should be classified as other liabilities. Previously, these items had been classified as accounts payable and accrued expenses. This change in classification does not affect the previously reported consolidated statement of cash flows or consolidated statement of operations for any period. Recently Issued Accounting Standards: In 2015, the FASB issued ASC 2015-02 "Consolidation (Topic 810): Amendments to the Consolidation Analysis." All legal entities are subject to reevaluation under the revised consolidation model. The amendment modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities. It also eliminates the presumption that a general partner should consolidate a limited partnership. The guidance is effective for public entities with periods beginning after December 15, 2015 with early adoption permitted. The Company adopted this guidance effective January 1, 2016, and expects no material impact to the financial statements. In 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which will require companies to present debt issuance costs as a direct deduction from the related debt rather than as an asset. These costs will continue to be amortized into interest expense. The guidance is effective for periods beginning after December 15, 2015 with early adoption permitted. ASU 2015-15 was issued further clarifying that entities may defer and present debt costs as an asset and amortize the deferred debt issuance costs ratably over the term for line of credit arrangements, regardless of the outstanding balance. The Company adopted the guidance in ASU 2015-03 effective January 1, 2016 for mortgage debt and has elected to defer adoption for costs related to line of credit arrangements. The Company expects no material impact to the financial statements. In 2015, the FASB voted to defer ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." Under the new guidance, companies will recognize revenue when the seller satisfies a performance obligation, which would be when the buyer takes control of the good or service. This new guidance could result in different amounts of revenue being recognized and could result in revenue being recognized in different reporting periods than under the current guidance. The standard specifically excludes revenue associated with lease contracts. The guidance is effective for periods beginning after December 15, 2017, with early adoption permitted for periods beginning after December 15, 2016. The Company expects to adopt this guidance effective January 1, 2018 and is currently assessing the potential impact of adopting the new guidance. |
Significant Accounting Policies |
12 Months Ended |
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Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Real Estate Assets Cost Capitalization: Costs related to planning, developing, leasing, and constructing a property, including costs of development personnel working directly on projects under development, are capitalized. In addition, the Company capitalizes interest to qualifying assets under development based on average accumulated expenditures outstanding during the period. In capitalizing interest to qualifying assets, the Company first uses the interest incurred on specific project debt, if any, and next uses the Company’s weighted average interest rate for non-project specific debt. The Company also capitalizes interest to investments accounted for under the equity method when the investee has property under development with a carrying value in excess of the investee’s borrowings. To the extent debt exists within an unconsolidated joint venture during the construction period, the venture capitalizes interest on that venture-specific debt. The Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of recently completed development properties from the date a project is substantially complete to the earlier of (1) the date on which the project achieves 90% economic occupancy or (2) one year after it is substantially complete. The Company capitalizes direct leasing costs related to leases that are probable of being executed. These costs include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement, and internal costs that are based on time spent by leasing personnel on successful leases. The Company allocates these costs to individual tenant leases and amortizes them over the related lease term. Impairment: For real estate assets that are considered to be held for sale according to accounting guidance, the Company records impairment losses if the fair value of the asset net of estimated selling costs is less than the carrying amount. For those long-lived assets that are held and used according to accounting guidance, management reviews each asset for the existence of any indicators of impairment. If indicators of impairment are present, the Company calculates the expected undiscounted future cash flows to be derived from such assets. If the undiscounted cash flows are less than the carrying amount of the asset, the Company reduces the asset to its fair value. Acquisition of Operating Properties: The Company records the acquired tangible and intangible assets and assumed liabilities of operating property acquisitions at fair value at the acquisition date. The acquired assets and assumed liabilities for an operating property acquisition generally include but are not limited to: land, buildings and improvements, and identified tangible and intangible assets and liabilities associated with in-place leases, including leasing costs, value of above-market and below-market tenant leases, value of above-market and below-market ground leases, acquired in-place lease values, and tenant relationships, if any. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, and leasing costs are based upon current market replacement costs and other relevant market rate information. The fair value of the above-market or below-market component of an acquired in-place lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term and (ii) management’s estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition over the remaining term of the lease. The amounts recorded for above-market and below-market ground leases are included in intangible liabilities and intangible assets, respectively, and are amortized on a straight-line basis into rental property operating expenses over the remaining terms of the applicable leases. The fair value of acquired in-place leases is derived based on management’s assessment of lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. The amount recorded for acquired in-place leases is included in intangible assets and amortized as an increase to depreciation and amortization expense over the remaining term of the applicable leases. Depreciation and Amortization: Real estate assets are stated at depreciated cost less impairment losses, if any. Buildings are depreciated over their estimated useful lives, which range generally from 24 to 42 years. The life of a particular building depends upon a number of factors including whether the building was developed or acquired and the condition of the building upon acquisition. Furniture, fixtures and equipment are depreciated over their estimated useful lives of three to five years. Tenant improvements, leasing costs and leasehold improvements are amortized over the term of the applicable leases or the estimated useful life of the assets, whichever is shorter. The Company accelerates the depreciation of tenant assets if it estimates that the lease term will end prior to the termination date. This acceleration may occur if a tenant files for bankruptcy, vacates its premises or defaults in another manner on its lease. Deferred expenses are amortized over the period of estimated benefit. The Company uses the straight-line method for all depreciation and amortization. Discontinued Operations: Beginning in the second quarter 2014, only assets held for sale and disposals representing strategic shifts in operations are reflected in discontinued operations. Prior to 2014, the Company classified the results of operations of all properties that were sold or otherwise qualified as held for sale as discontinued operations if the property's operations were expected to be eliminated from ongoing operations and the Company would not have any significant continuing involvement in the operations of the property after the sale. During 2015, there were no held for sale assets or disposals that represented a strategic shift in operations. The Company ceases depreciation of a property when it is categorized as held for sale. Investment in Joint Ventures For joint ventures that the Company does not control, but exercises significant influence, the Company uses the equity method of accounting. The Company's judgment with regard to its level of influence or control of an entity involves consideration of various factors including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace the Company as manager, and/or to liquidate the venture. These ventures are recorded at cost and adjusted for equity in earnings (losses) and cash contributions and distributions. Any difference between the carrying amount of these investments on the Company’s balance sheet and the underlying equity in net assets on the joint venture’s balance sheet is adjusted as the related underlying assets are depreciated, amortized, or sold. The Company generally allocates income and loss from an unconsolidated joint venture based on the venture's distribution priorities, which may be different from its stated ownership percentage. The Company evaluates the recoverability of its investment in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, the Company estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) the Company’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," the Company reduces the investment to its estimated fair value. The Company consolidates certain joint ventures that it controls. In cases where the entity’s documents do not contain a required redemption clause, the Company records the partner’s share of the entity in the equity section of the balance sheets in nonredeemable noncontrolling interests. In cases where the entity’s documents contain a provision requiring the Company to purchase the partner’s share of the venture at a certain value upon demand or at a future date, the Company records the partner’s share of the entity in redeemable noncontrolling interests on the balance sheets. Amounts recorded in redeemable noncontrolling interests are adjusted to the higher of fair value or the partner’s cost basis each reporting period. The effect of these adjustments is recorded in additional paid-in capital within total stockholders’ investment. The noncontrolling partners' share of all consolidated joint ventures' income is reflected in net income attributable to noncontrolling interest on the statements of operations. Revenue Recognition Rental Property Revenues: The Company recognizes contractual revenues from leases on a straight-line basis over the term of the respective lease. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. Percentage rents are recognized once the specified sales target is achieved. In addition, leases typically provide for reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses to the Company. Operating expense reimbursements are recognized as the related expenses are incurred. During 2015, 2014, and 2013, the Company recognized $93.3 million, $86.0 million, and $43.9 million, respectively, in revenues, including discontinued operations, from tenants related to operating expenses. The Company makes valuation adjustments to all tenant-related accounts receivable based upon its estimate of the likelihood of collectibility of amounts due from the tenant. The amount of any valuation adjustment is based on the tenant’s credit and business risk, history of payment, and other factors considered by management. Fee Income: The Company recognizes development, management and leasing fees when earned. The Company recognizes development and leasing fees received from unconsolidated joint ventures and related salaries and other direct costs incurred by the Company as income and expense based on the percentage of the joint venture which the Company does not own. Correspondingly, the Company adjusts the investment in unconsolidated joint ventures asset when fees are paid to the Company by a joint venture in which the Company has an ownership interest. See note 5 for more information related to fee income received by unconsolidated joint ventures. Gain on Sale of Investment Properties: The Company recognizes a gain on sale of investment property when the sale of a property is consummated, the buyer’s initial and continuing investment is adequate to demonstrate commitment to pay, any receivable obtained is not subject to future subordination, the usual risks and rewards of ownership are transferred, and the Company has no substantial continuing involvement with the property. If the Company has a commitment to the buyer and that commitment is a specific dollar amount, this commitment is accrued and the gain on sale that the Company recognizes is reduced. If the Company has a construction commitment to the buyer, management makes an estimate of this commitment, defers a portion of the profit from the sale, and recognizes the deferred profit as or when the commitment is fulfilled. Income Taxes Cousins has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, Cousins must distribute annually at least 90% of its adjusted taxable income, as defined in the Code, to its stockholders and satisfy certain other organizational and operating requirements. It is management’s current intention to adhere to these requirements and maintain Cousins’ REIT status. As a REIT, Cousins generally will not be subject to federal income tax at the corporate level on the taxable income it distributes to its stockholders. If Cousins fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Cousins may be subject to certain state and local taxes on its income and property, and to federal income taxes on its undistributed taxable income. CTRS is a C-Corporation for federal income tax purposes and uses the liability method for accounting for income taxes. Tax return positions are recognized in the financial statements when they are “more-likely-than-not” to be sustained upon examination by the taxing authority. Deferred income tax assets and liabilities result from temporary differences. Temporary differences are differences between the tax bases of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future periods. A valuation allowance may be placed on deferred income tax assets, if it is determined that it is more likely than not that a deferred tax asset may not be realized. Stock-Based Compensation The Company has several types of stock-based compensation plans. These plans are described in note 12, as are the accounting policies by type of award. The Company recognizes compensation expense, net of forfeitures, arising from share-based payment arrangements granted to employees and directors in general and administrative expense in the statements of operations over the related awards’ vesting period, which may be accelerated under the Company’s retirement feature. Earnings per Share (“EPS”) Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period, including nonvested restricted stock which has nonforfeitable dividend rights. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period. Diluted weighted average number of common shares uses the same weighted average share number as in the basic calculation and adds the potential dilution that would occur if stock options (or any other contracts to issue common stock) were exercised and resulted in additional common shares outstanding, calculated using the treasury stock method. The numerator is reduced for the effect of preferred dividends in both the basic and diluted net income per share calculations. Stock options are dilutive when the average market price of the Company’s stock during the period exceeds the option exercise price. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and highly-liquid money market instruments. Highly-liquid money market instruments include securities and repurchase agreements with original maturities of three months or less, money market mutual funds, and United States Treasury Bills with maturities of 30 days or less. Restricted cash primarily represents amounts restricted under debt agreements for future capital expenditures or for specific future operating costs. Software Cost Capitalization Internal and external costs to develop computer software for internal use are capitalized during the development stage in accordance with GAAP. These capitalized costs include the costs to obtain the software, internal and external development costs, and automated data conversion. Training and manual data conversion costs are expensed as incurred. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Property Transactions |
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Property Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY TRANSACTIONS | Dispositions The Company sold the following properties in 2015, 2014, and 2013 ($ in thousands):
None of the dispositions during the year ended December 31, 2015 represented a strategic shift in operations and, therefore, did not qualify for discontinued operations. The following table details the components of income from discontinued operations, and gains (losses) related on the sales of discontinued operations for the years ended December 31, 2015, 2014, and 2013 (in thousands):
Held for sale As of December 31, 2015, 100 North Point Center East, an 129,000 square foot office building in Atlanta, Georgia was classified as held for sale. The sale does not represent a strategic shift in operations and, therefore, will be presented in continuing operations on the consolidated statements of operations. The major classes of assets and liabilities of the property held for sale as of December 31, 2015 are as follows (in thousands):
In January 2016, the Company sold this property for a gross sales price of $22.0 million. Acquisitions In 2015, the Company acquired a 4.16 acre land site located in Atlanta, Georgia for $27.0 million for the development of NCR's corporate headquarters, a 485,000 square foot office building. The site also includes an additional parcel for a second office building development. In 2014, the Company acquired Northpark Town Center, a 1.5 million square foot office asset located in Atlanta, Georgia. The gross purchase price for this property was $348.0 million, before adjustments for customary closing costs and other closing credits. The Company incurred $643,000 in acquisition and related costs associated with this acquisition. In 2014, the Company acquired Fifth Third Center, a 698,000 square foot Class A office tower located in the Charlotte, North Carolina central business district. The gross purchase price for this property was $215.0 million, before adjustments for customary closing costs and other closing credits. The Company incurred $328,000 in acquisition and related costs associated with this acquisition. In 2013, the Company acquired Greenway Plaza, a 10-building, 4.3 million square foot office complex in Houston, Texas, and 777 Main, a 980,000 square foot Class A office building in the central business district of Fort Worth, Texas (collectively the “Texas Acquisition”). The aggregate purchase price for the Texas Acquisition was $1.1 billion, before adjustment for brokers fees, transfer taxes and other customary closing costs. In conjunction with the Texas Acquisition, the Company entered into a $950 million Loan Agreement with JPMorgan Chase Bank, N.A. and Bank of America, N.A. (the "Term Loan") to assist, if necessary, in the funding of the Texas Acquisition. The Term Loan was not used to finance the Texas Acquisition and, pursuant to the agreement, terminated on the acquisition date. The Company incurred fees and other costs associated with the Term Loan of $2.6 million. In addition, the Company incurred $4.2 million in other acquisition costs related to the Texas Acquisition. The term loan costs and other acquisition costs are included in acquisition and related costs on the statement of operations. In 2013, the Company acquired 816 Congress Avenue, a 435,000 square foot Class-A office property located in the central business district of Austin, Texas. The purchase price for this property, net of rent credits, was $102.4 million. The Company incurred $342,000 in acquisition and related costs associated with this acquisition. In 2013, the Company purchased the remaining 80% interest in MSREF/ Cousins Terminus 200 LLC for $53.8 million and simultaneously repaid the mortgage loan secured by the Terminus 200 property in the amount of $74.6 million. The Company recognized a gain of $19.7 million on this acquisition achieved in stages. Immediately thereafter, the Company contributed its interest in the Terminus 200 property and its interest in the Terminus 100 property, together with the existing mortgage loan secured by the Terminus 100 property, to a newly-formed entity, Terminus Office Holdings LLC (“TOH”), and sold 50% of TOH to institutional investors advised by J.P. Morgan Asset Management for $112.2 million. The Company recognized a gain of $37.1 million on this transaction. The Company incurred $122,000 in acquisition and related costs associated with these transactions. TOH closed a new mortgage loan on the Terminus 200 property in the amount of $82.0 million, and the Company received a distribution of $39.2 million from TOH as a result. TOH is an unconsolidated joint venture of the Company (see note 5). In 2013, the Company purchased Post Oak Central, a 1.3 million square foot, Class-A office complex in the Galleria district of Houston, Texas for $230.9 million, net of rent credits, from an affiliate of J.P. Morgan Asset Management. The Company incurred $231,000 in acquisition and related costs associated with this acquisition. The following tables summarize allocations of the estimated fair values of the assets and liabilities of the operating property acquisitions discussed above (in thousands):
See note 6 for a schedule of the timing of amortization of the intangible assets and liabilities and the weighted average amortization periods. The following unaudited supplemental pro forma information is presented for acquisitions for the years ended December 31, 2014 and 2013, respectively. The pro forma information is based upon the Company's historical consolidated statements of operations, adjusted as if the Northpark Town Center, Post Oak Central, Terminus, 816 Congress Avenue, and the Texas Acquisition transactions discussed above had occurred at the beginning of each of the periods presented below. The supplemental pro forma information is not necessarily indicative of future results or of actual results that would have been achieved had the transactions been consummated at the beginning of each period.
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Notes and Accounts Receivables |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOTES AND ACCOUNTS RECEIVABLES | NOTES AND ACCOUNTS RECEIVABLE At December 31, 2015 and 2014, notes and accounts receivables included the following (in thousands):
At December 31, 2015 and 2014, the fair value of the Company’s notes receivable approximated the cost basis. Fair value was calculated by discounting future cash flows from the notes receivable at estimated rates in which similar loans would have been made at December 31, 2015 and 2014. The estimate of the rate, which is the most significant input in the discounted cash flow calculation, is intended to replicate notes of similar type and maturity. This fair value calculation is considered to be a Level 3 calculation under the accounting guidelines, as the Company utilizes internally generated assumptions regarding current interest rates at which similar instruments would be executed. |
Investment in Unconsolidated Joint Ventures |
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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 December 31, 2015 and 2014. The information included in the summary of operations table is for the years ended December 31, 2015, 2014, and 2013 (in thousands).
(1) Negative balances are included in deferred income on the consolidated balance sheets. Terminus Office Holdings LLC ("TOH") – TOH is a 50-50 joint venture between the Company and institutional investors advised by J.P. Morgan Asset Management ("JPM"), which owns and operates two office buildings in Atlanta, Georgia. TOH has two non-recourse mortgage loans totaling $211.2 million that mature on January 1, 2023. The weighted average interest rate on these fixed rate loans is 4.69%. The Company does not consolidate TOH because the Company and its partner share decision making abilities and have joint control over the venture. Operating cash flows and proceeds from capital transactions of TOH are allocated to the partners equally until JPM receives an agreed upon return, after which the Company may receive an additional promoted interest. The assets of the venture in the above table include a cash balance of $5.2 million at December 31, 2015. EP I LLC ("EP I") – EP I is a joint venture between the Company, with a 75% ownership interest, and Lion Gables Realty Limited Partnership (“Gables”), with a 25% ownership interest, which owns the first phase of Emory Point, a mixed-use property in Atlanta, Georgia. The Company does not consolidate EP I because the Company and Gables share decision making abilities and have joint control over the venture. Operating cash flows and proceeds from capital transactions of EP I are allocated to the partners pro rata based on their percentage ownership interests. EP I has a non-recourse construction loan with an outstanding balance $58.0 million at December 31, 2015, and the loan bears interest at LIBOR plus 1.75%. The assets of the venture in the above table include a cash balance of $1.5 million at December 31, 2015. EP II LLC ("EP II") – EP II is a joint venture between the Company, with a 75% ownership interest, and Lion Gables Realty Limited Partnership (“Gables”), with a 25% ownership interest. The venture owns the second phase of Emory Point. The Company does not consolidate EP II because the Company and Gables share decision making abilities and have joint control over the venture. Operating cash flows and proceeds from capital transactions of EP II are allocated to the partners pro rata based on their percentage ownership interests. EP II has a construction loan to provide for up to $46.0 million to fund construction, $40.9 million of which was outstanding at December 31, 2015. The loan bears interest at LIBOR plus 1.85%. The loan matures October 9, 2016 and may be extended for two, one-year periods if certain conditions are met. The Company and Gables guarantee up to $8.6 million and $2.9 million of the construction loan, respectively. These guarantees may be eliminated after project completion, based on certain conditions. The assets of the venture in the above table include a cash balance of $1.3 million at December 31, 2015. Charlotte Gateway Village, LLC ("Gateway") – Gateway is a 50-50 joint venture between the Company and Bank of America Corporation (“BOA”), which owns and operates Gateway Village, a 1.1 million square foot office building in Charlotte, North Carolina. The project is 100% leased to BOA through December 31, 2026. Through December 1, 2016, Gateway’s net income or loss and cash distributions are allocated to the members as follows: first to the Company so that it receives a cumulative compounded return equal to 11.46% on its capital contributions, second to BOA until it receives an amount equal to the aggregate amount distributed to the Company, and then 50% to each member. After December 1, 2016, net income and cash flows are allocated 50% to each member. Proceeds from capital transactions are allocated first, to BOA in an amount not to exceed $80.9 million, second 50% to each member until the Company receives a 17% internal rate of return, and third, 80% to BOA and 20% to the Company. The Company’s total project return on Gateway is ultimately limited to an internal rate of return of 17% on its invested capital. Gateway has a non-recourse mortgage loan with an outstanding balance at December 31, 2015 of $17.5 million which will amortize through the maturity date of December 1, 2016. The loan has an interest rate of 6.41%. The assets of the venture in the above table include a cash balance of $2.3 million at December 31, 2015. HICO Victory Center LP ("HICO") – In 2014, HICO, a joint venture between the Company and Hines Victory Center Associates Limited Partnership ("Hines Victory"), was formed for the purpose of acquiring and subsequently developing an office parcel in Dallas, Texas. Pursuant to the joint venture agreement, all pre-development expenditures, other than land, are funded equally by the partners. The Company is required to fund 75% of the cost of land while Hines Victory is required to fund 25%. If the partners decide to commence construction of an office building, the capital accounts and economics of the venture will be adjusted such that the Company will effectively own at least 90% of the venture and Hines will own up to 10%. As of December 31, 2015 the Company accounted for its investment in HICO under the equity method because it does not control the activities of the venture. If the partners decide to construct an office building within the venture, the Company expects to consolidate the venture. The Company's investment in HICO at December 31, 2015 includes its share of pre-development expenditures and its share of land purchased by the venture. The assets of the venture in the table above include a cash balance of $35,000 at December 31, 2015. Carolina Square Holdings LP ("Carolina Square") - In 2015, Carolina Square, a 50-50 joint venture between the Company and NR 123 Franklin LLC ("Northwood Ravin") was formed for the purpose of developing and constructing a mixed-use property in Chapel Hill, North Carolina pursuant to a ground lease. Upon formation, each partner contributed $1.7 million in cash towards pre-development costs. Carolina Square also entered into a construction loan agreement, secured by the project, which is expected to provide up to $79.8 million to fund future construction costs. The loan bears interest at LIBOR plus 1.90% and matures on May 1, 2018. The Company and Northwood Ravin will each guarantee 12.5% of the outstanding loan amount and guarantee completion of the project. As of December 31, 2015, there is no outstanding balance on this construction loan. The assets of the venture in the table above include a cash balance of $103,000 at December 31, 2015. CL Realty, L.L.C. ("CL Realty") – CL Realty is a 50-50 joint venture between the Company and Forestar Realty Inc. ("Forestar"), that owns one parcel of land in Texas and mineral rights associated with one project in Texas. The assets of the venture in the above table include a cash balance of $326,000 at December 31, 2015. HICO Avalon LLC ("HICO Avalon") – In 2015, HICO Avalon, a joint venture between the Company and Hines Avalon Investor LLC ("Hines Avalon") was formed for the purpose of acquiring and potentially developing an office building in Alpharetta, Georgia. Pursuant to the joint venture agreement, all pre-development expenditures, other than land, are funded 75% by Cousins and 25% by Hines. If the project moves forward and HICO Avalon acquires land and commences construction, the acquisition of land and subsequent development expenditures will be funded 90% by Cousins and 10% by Hines. As of December 31, 2015, the Company accounted for its investment in HICO Avalon under the equity method as it does not currently control the activities of the venture. If the project moves to commence construction, the capital accounts and economics of the venture will be adjusted such that the Company will effectively own at least 90% of the venture, and Hines Avalon will own up to 10%. Additionally, Cousins will have unilateral control over the operational aspects of the venture, and the Company expects to consolidate the venture at that time. The Company's investment in HICO Avalon at December 31, 2015 includes only its share of pre-development expenditures. The assets of the venture in the table above include a cash balance of $5,000 at December 31, 2015. Temco Associates, LLC ("Temco") – Temco is a 50-50 joint venture between the Company and Forestar, that owns various parcels of land and a golf course. The assets of the venture in the above table include a cash balance of $205,000 at December 31, 2015. Wildwood Associates ("Wildwood") – Wildwood is a 50-50 joint venture between the Company and IBM which owns 27 acres of undeveloped land in the Wildwood Office Park in Atlanta, Georgia. In 2014, Wildwood sold a tract of land resulting in the Company recognizing income from unconsolidated joint ventures of $2.1 million. Of this income, $582,000 represents recognition of deferred income associated with Wildwood's negative investment. At December 31, 2015, the Company’s investment in Wildwood was a credit balance of $1.1 million. This credit balance resulted from cumulative distributions from Wildwood over time that exceeded the Company’s basis in its contributions, and essentially represents deferred gain not recognized at venture formation. This credit balance will decline as the venture’s remaining land is sold. The Company does not have any obligation to fund Wildwood’s working capital needs. Crawford Long—CPI, LLC ("Crawford Long") – Crawford Long is a 50-50 joint venture between the Company and Emory University and owns the Emory University Hospital Midtown Medical Office Tower, a 358,000 square foot medical office building located in Atlanta, Georgia. Crawford Long has a $74.3 million 3.5% fixed rate mortgage note, which matures on June 1, 2023. The assets of the venture in the above table include a cash balance of $762,000 at December 31, 2015. Other – In 2013, the Company sold its interests in CP Venture Five LLC, CP Venture Two LLC, and CF Murfreesboro Associates. In 2014, the Company sold its interests in Cousins Watkins LLC. Results of operations of these investments, including the gains recognized upon disposition, are included in Other in the table above. At December 31, 2015, the Company's unconsolidated joint ventures had aggregate outstanding indebtedness to third parties of $402.0 million. These loans are generally mortgage or construction loans, most of which are non-recourse to the Company, except as described above. In addition, in certain instances, the Company provides “non-recourse carve-out guarantees” on these non-recourse loans. The Company recognized $6.0 million, $5.4 million, and $8.0 million of development, leasing, and management fees, including salary and expense reimbursements, from unconsolidated joint ventures in 2015, 2014 and 2013, respectively. See note 2, fee income, for a discussion of the accounting treatment for fees and reimbursements from unconsolidated joint ventures. |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | ASSETS At December 31, 2015 and 2014, intangible assets included the following (in thousands):
Intangible assets, other than goodwill, mainly relate to the acquisitions in 2015, 2014, and 2013 (see note 3). Aggregate net amortization expense related to intangible assets and liabilities was $23.7 million, $32.7 million, and $16.9 million for the years ended December 31, 2015, 2014, and 2013, respectively. Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows (in thousands):
Goodwill relates entirely to the Company's office assets. As office assets are sold, either by the Company or by joint ventures in which the Company has an interest, goodwill is allocated to the cost of each sale. The following is a summary of goodwill activity for the years ended December 31, 2015 and 2014 (in thousands):
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOTES PAYABLE | OTES PAYABLE The following table summarizes the terms of notes payable outstanding at December 31, 2015 and 2014 (in thousands):
Credit Facility The Company has a $500 million senior unsecured line of credit (the "Credit Facility") that matures on May 28, 2019. The Credit Facility may be expanded to $750 million at the election of the Company, subject to the receipt of additional commitments from the lenders and other customary conditions. The Credit Facility contains financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 2.00; a fixed charge coverage ratio of at least 1.50; an overall leverage ratio of no more than 60%; and a minimum shareholders' equity in an amount equal to $1.0 billion, plus a portion of the net cash proceeds from certain equity issuances. The Credit Facility also contains customary representations and warranties and affirmative and negative covenants, as well as customary events of default. The amounts outstanding under the Credit Facility may be accelerated upon the occurrence of any events of default. 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 current London Interbank Offered Rate ("LIBOR") plus the applicable spread as detailed below or (2) the greater of Bank of America's prime rate, the federal funds rate plus 0.50% or the one-month LIBOR plus 1.0% (the “Base Rate”), plus the applicable spread as detailed below. Fees on letters of credit issued under the Credit Facility are payable at an annual rate equal to the spread applicable to loans bearing interest based on LIBOR. The Company also pays an annual facility fee on the total commitments under the Credit Facility. The pricing spreads and the facility fee under the Credit Facility are as follows:
At December 31, 2015, the Credit Facility's spread over LIBOR was 1.1%. 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 $407.0 million at December 31, 2015, and the Credit Facility is recourse to the Company. Other Debt Information In 2015, the Company prepaid, without penalty, the $14.2 million The Points at Waterview mortgage note. The note was scheduled to mature on January 1, 2016. The real estate and other assets of The American Cancer Society Center (the “ACS Center”) are restricted under the ACS Center loan agreement in that they are not available to settle debts of the Company. However, provided that the ACS Center loan has not incurred any uncured event of default, as defined in the loan agreement, the cash flows from the ACS Center, after payments of debt service, operating expenses and reserves, are available for distribution to the Company. The majority of the Company’s consolidated debt is fixed-rate long-term non-recourse mortgage notes payable. Assets with depreciated carrying values of $675.7 million were pledged as security on the $629.3 million mortgage notes payable. As of December 31, 2015, the weighted average maturity of the Company’s consolidated debt was 4.5 years. At December 31, 2015 and 2014, the estimated fair value of the Company’s notes payable was $738.1 million and $835.4 million, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at December 31, 2015 and 2014. The estimate of the current market rate, 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 years ended December 31, 2015, 2014, and 2013, interest was recorded as follows (in thousands):
Debt Maturities Future principal payments due on the Company's notes payable at December 31, 2015 are as follows (in thousands):
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments The Company had a total of $82.4 million in future obligations under leases to fund tenant improvements and in other future construction obligations at December 31, 2015. The Company had outstanding letters of credit and performance bonds totaling $1.9 million at December 31, 2015. The Company recorded lease expense of $2.0 million, $1.3 million, and $1.1 million in 2015, 2014, and 2013, respectively. The Company has future lease commitments under ground leases and operating leases totaling $144.9 million over weighted average remaining terms of 85.6 and 2.2 years, respectively. Amounts due under these lease commitments are as follows (in thousands):
Litigation The Company is subject to various legal proceedings, claims and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company. |
Stockholders' Equity (Notes) |
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Stockholders' Equity Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY In 2015, the Board of Directors of the Company authorized the repurchase of up to $100 million of its outstanding common shares. The plan expires on September 8, 2017. The repurchases may be executed in the open market, through private negotiations, or in other transactions permitted under applicable law. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The share repurchase program may be suspended or discontinued at any time. Under this plan, through December 31, 2015, the Company has repurchased 5.2 million shares of its common stock for a total cost of $47.8 million, including broker commissions. The share repurchases were funded from cash on hand, borrowings under the Company's Credit Facility, and proceeds from the sale of assets. The repurchased shares were recorded as treasury shares on the consolidated balance sheet. Subsequent to year-end, through January 31, 2016, the Company has repurchased 193,000 shares of its common stock for a total cost of $1.6 million. In 2014, the Company issued 26.7 million shares of common stock, in two offerings, resulting in net proceeds to the Company of $321.9 million, which includes customary legal, accounting, and other expenses. In 2013, the Company issued 85.6 million shares of common stock, in two offerings, resulting in net proceeds to the Company of $826.2 million. In 2014, the Company redeemed all outstanding shares of its 7.5% Series B Cumulative Redeemable Preferred Stock, par value $1 per share, for $25 per share or $94.8 million, excluding accrued dividends. In connection with this redemption, the Company decreased net income available for common stockholders by $3.5 million (non-cash), which represents the original issuance costs applicable to the shares redeemed. Ownership Limitations — In order to minimize the risk that the Company will not meet one of the requirements for qualification as a REIT, the Company's Articles of Incorporation include certain restrictions on the ownership of more than 3.9% of the Company’s total common and preferred stock, subject to waiver by Board of Directors. Distribution of REIT Taxable Income — The following reconciles dividends paid and dividends applied in 2015, 2014, and 2013 to meet REIT distribution requirements (in thousands):
Tax Status of Distributions — The following summarizes the components of the taxability of the Company’s distributions for the years ended December 31, 2015, 2014, and 2013:
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Rental Property Revenues |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
RENTAL PROPERTY REVENUES | The Company’s leases typically contain escalation provisions and provisions requiring tenants to pay a pro rata share of operating expenses. The leases typically include renewal options and are classified and accounted for as operating leases. At December 31, 2015 future minimum rents to be received by consolidated entities under existing non-cancelable leases are as follows (in thousands):
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Equity and Stock-Based Compensation |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY AND STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company maintains the 2009 Incentive Stock Plan (the “2009 Plan”), which allows the Company to issue awards of stock options, stock grants, or stock appreciation rights to employees and directors. As of December 31, 2015, 2,426,451 shares were authorized to be awarded pursuant to the 2009 Plan. The Company also maintains the 2005 Restricted Stock Unit ("RSU")Plan, as amended, which allows the Company to issue awards to employees that are paid in cash on the vesting date in an amount equal to the fair market value, as defined, of one share of the Company’s stock. The Company has granted stock options, restricted stock, and restricted stock units to employees as discussed below. Stock Options At December 31, 2015, the Company had 1,763,316 stock options outstanding to key employees and outside directors pursuant to the 2009 Plan. The Company typically uses authorized, unissued shares to provide shares for option exercises. The stock options have a term of ten years from the date of grant and have a vesting period of four years, except director stock options, which vest immediately. The Company calculates the fair value of each option grant on the grant date using the Black-Scholes option-pricing model, which requires the Company to provide certain inputs as follows:
In 2015, 2014, and 2013, there were no stock option grants. The Company recognizes compensation expense using the straight-line method over the vesting period of the options, with the offset recognized in additional paid-in capital. During 2015, 2014, and 2013, $15,000, $140,000 and $226,000, respectively, was recognized as compensation expense. The Company does not anticipate recognizing any future compensation expense related to stock options outstanding at December 31, 2015. During 2015, total cash proceeds from the exercise of options equaled $185,000. As of December 31, 2015, the intrinsic value of the options outstanding and exercisable was $888,000. The intrinsic value is calculated using the exercise prices of the options compared to the market value of the Company’s stock. At December 31, 2015 and 2014, the weighted-average contractual lives for the options outstanding and exercisable were 2.3 years and 2.8 years, respectively. The following is a summary of stock option activity for the years ended December 31, 2015, 2014, and 2013:
Restricted Stock In 2015, 2014, and 2013, the Company issued 165,922, 137,591, and 159,782 shares of restricted stock to employees, which vest ratably over three years from the issuance date. In 2015, 2014, and 2013, the Company also issued 78,985, 55,293, and 50,085 shares of stock to independent members of the board of directors which vested immediately on the issuance date. All shares of restricted stock receive dividends and have voting rights during the vesting period. The Company records restricted stock in common stock and additional paid-in capital at fair value on the grant date, with the offsetting deferred compensation also recorded in additional paid-in capital. The Company records compensation expense over the vesting period. Compensation expense related to restricted stock was $1.5 million, $1.8 million, and $1.8 million in 2015, 2014, and 2013, respectively. As of December 31, 2015, the Company had recorded $1.8 million of unrecognized compensation cost included in additional paid-in capital related to restricted stock, which will be recognized over a weighted average period of 1.8 years. The total fair value of the restricted stock which vested during 2015 was $2.0 million. The following table summarizes restricted stock activity for the years ended December 31, 2015, 2014, and 2013:
Restricted Stock Units During 2015, 2014, and 2013, the Company awarded two types of performance-based RSUs to key employees: one based on the total stockholder return of the Company, as defined, relative to that of office peers included in the SNL US Office REIT Index (the "TSR RSUs") and the other based on the ratio of cumulative funds from operations per share to targeted cumulative funds from operations per share (the “FFO RSUs”). The performance period for these awards is three years and the ultimate payout of these awards can range from 0% to 200% of the targeted number of units depending on the achievement of the performance metrics described above. Both of these RSUs are to be settled in cash with payment dependent upon the attainment of required service, market, and performance criteria. The Company expenses an estimate of the fair value of the TSR RSUs over the performance period using a quarterly Monte Carlo valuation. The Company expenses the FFO RSUs over the vesting period using the fair market value of the Company’s stock at the reporting date multiplied by the anticipated number of units to be paid based on the current estimate of what the ratio is expected to be upon vesting. Dividend equivalents on the TSR RSUs and FFO RSUs will also be paid based upon the percentage vested. The targeted number of performance-based RSUs outstanding at December 31, 2015 are 241,370, 159,745, and 160,107 related to the 2015, 2014, and 2013 grants, respectively. In 2012, the Company also issued 281,532 performance-based RSUs to the Chief Executive Officer. The payout of these awards can range from 0% to 150% of the targeted number of units depending on the total stockholder return of the Company, as defined, as compared to that of a peer group of companies. The performance period of the awards is five years with interim performance measurement dates at each of the third, fourth and fifth anniversaries. To the extent that the Company has attained the defined performance goals at the end each of these periods, one-third of the units may be credited after each of the third and fourth anniversaries, with the balance credited at the end of the fifth anniversary, and to be awarded in cash subject to continuous employment on the fifth anniversary. This award is expensed using a quarterly Monte Carlo valuation over the vesting period. The following table summarizes the performance-based RSU activity as of December 31, 2015, 2014, and 2013 (in thousands):
The Company estimates future expense for all types of RSUs outstanding at December 31, 2015 to be $2.0 million (using stock prices and estimated target percentages as of December 31, 2015), which will be recognized over a weighted-average period of 1.2 years. During 2015, total cash paid for all types of RSUs and related dividend payments was $4.4 million. During 2015, 2014, and 2013, $67,000, $5.4 million, and $5.3 million, respectively, was recognized as compensation expense related to RSUs for employees and directors. Other Long-Term Compensation In 2009, the Company granted a long-term incentive compensation award to key employees to be settled in cash if the Company’s stock price achieved a specified level of growth at the testing dates and a service requirement is met. This award was valued using the Monte Carlo method. The Company reversed $28,000 and $286,000 in compensation expense related to this plan in 2014 and 2013, respectively. This award expired in 2014 with no amounts paid to key employees thereunder. |
Retirement Savings Plan |
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Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
RETIREMENT SAVINGS PLAN | RETIREMENT SAVINGS PLAN The Company maintains a defined contribution plan (the “Retirement Savings Plan”) pursuant to Section 401 of the Internal Revenue Code (the “Code”) which covers active regular employees. Employees are eligible under the Retirement Savings Plan immediately upon hire, and pre-tax contributions are allowed up to the limits set by the Code. The Company has a match program of up to 3% of an employee’s eligible pre-tax Retirement Savings Plan contributions up to certain Code limits. Employees vest in Company contributions over a three-year period. The Company may change this percentage at its discretion, and, in addition, the Company could decide to make discretionary contributions in the future. The Company contributed $639,000, $592,000, and $422,000 to the Retirement Savings Plan for the 2015, 2014, and 2013 plan years, respectively. |
Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES On December 31, 2014, CREC merged into Cousins and Cousins formed CTRS. Amounts included in the following table for 2015 reflect the benefit (provision) of CTRS and the amounts for 2014 and 2013 reflect the benefit (provision) for CREC.
The net income tax benefit differs from the amount computed by applying the statutory federal income tax rate to CTRS' income before taxes for the year ended December 31, 2015, and to CREC’s income before taxes for the years ended 2014 and 2013 as follows ($ in thousands):
On December 31, 2014, CREC merged into Cousins and Cousins contributed some of the assets and contracts that were previously owned by CREC to CTRS, a newly formed taxable REIT subsidiary of Cousins. Cousins retained many of CREC's tax benefits, including the significant portion of CREC's Federal and state tax carryforwards. Some of CREC's tax benefits were assumed by CTRS upon the contributions Cousins made to CTRS immediately following CREC's merger into Cousins. The tax effect of significant temporary differences representing deferred tax assets and liabilities of CTRS as of December 31, 2015 and 2014 are as follows (in thousands):
A valuation allowance is required to be recorded against deferred tax assets if, based on the available evidence, it is more likely than not that such assets will not be realized. When assessing the need for a valuation allowance, appropriate consideration should be given to all positive and negative evidence related to this realization. This evidence includes, among other things, the existence of current and recent cumulative losses, forecasts of future profitability, the length of statutory carryforward periods, the Company’s history with loss carryforwards and available tax planning strategies. As of December 31, 2015 and 2014 the deferred tax asset of CTRS equaled $1.6 million and $2.4 million, respectively, with a valuation allowance placed against the full amount of each. The conclusion that a valuation allowance should be recorded as of December 31, 2015 and 2014 was based the lack of evidence that CTRS, could generate future taxable income to realize the benefit of the deferred tax assets. |
Consolidated Statements of Cash Flows Supplemental Information |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION | CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION Supplemental information related to cash flows, including significant non-cash activity affecting the consolidated statements of cash flows, for the years ended December 31, 2015, 2014, and 2013 is as follows (in thousands):
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Reportable Segments |
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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 area. The segments by property type are: Office, Mixed Use, and Other. The segments by geographical region are: Atlanta, Houston, Austin, Charlotte, and Other. In 2014 and 2013, the Company's reportable segments were Office, Retail, Land and Other. In 2014, the Company sold the remaining stand-alone retail properties, completing a strategic shift to focus on office properties. In conjunction, segment reporting has been adjusted to reflect the current Company profile and internal reporting. 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 product and the geographical location. Prior period information has been revised to reflect the change in segment reporting. Each segment includes both consolidated operations and the Company's share of joint venture operations. Company management evaluates the performance of its reportable segments in part based on net operating income (“NOI”). NOI represents rental property expenses 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 corporate general and administrative expenses, interest expense, depreciation and amortization, impairments, gains/loss on sales of real estate, 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 available to common stockholders is as follows (in thousands):
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Real Estate and Accumulated Depreciation |
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SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 (in thousands)
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NOTES:
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Other Assets Other Assets (Notes) |
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Other Assets Disclosure [Text Block] | OTHER ASSETS At December 31, 2015 and 2014, other assets included the following (in thousands):
Lease inducements represent 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. Predevelopment costs represent amounts that are capitalized related to predevelopment projects that the Company determines are probable of future development. |
Significant Accounting Policies (Policies) |
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Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business: Cousins Properties Incorporated (“Cousins”), a Georgia corporation, is a self-administered and self-managed real estate investment trust (“REIT”). Through December 31, 2014, Cousins Real Estate Corporation (“CREC”) was a taxable entity wholly-owned by and consolidated within Cousins. CREC owned, developed, and managed its own real estate portfolio and performed certain real estate related services for other parties. On December 31, 2014, CREC merged into Cousins and coincident with this merger, Cousins formed Cousins TRS Services LLC ("CTRS"), a new taxable entity wholly-owned by Cousins. Upon formation, CTRS received a capital contribution of some of the real estate assets and contracts that were previously owned by CREC. CTRS owns and manages its own real estate portfolio and performs certain real estate related services for other parties beginning in 2015. Cousins, CREC, CTRS and their subsidiaries (collectively, the “Company”) develop, acquire, lease, manage, and own primarily Class A office properties and opportunistic mixed-use developments in Sunbelt markets with a focus on Georgia, Texas, and North Carolina. As of December 31, 2015, the Company’s portfolio of real estate assets consisted of interests in 14.8 million square feet of office space, 786,000 |
Basis of Presentation | Basis of Presentation: The consolidated financial statements include the accounts of the Company and its consolidated partnerships and wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The Company presents its financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) as outlined in the Financial Accounting Standard Board’s Accounting Standards Codification (the “Codification” or “ASC”). The Codification is the single source of authoritative accounting principles applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. For the three years ended December 31, 2015, there were no items of other comprehensive income. Therefore, no presentation of comprehensive income is required. 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 Codification. If the entity or arrangement qualifies as a VIE and the Company is determined to be the primary beneficiary, the Company is required to consolidate the assets, liabilities, and results of operations of the VIE. The Company has a joint venture with Callaway Gardens Resort, Inc. (“Callaway”) for the development of residential lots, which is anticipated to be funded fully through Company contributions. Callaway has the right to receive returns, but no obligation to fund any costs or absorb any losses. The Company is the sole decision maker for the venture and the development manager. The Company has determined that Callaway is a VIE, and the Company is the primary beneficiary. Therefore, the Company consolidates this joint venture. As of December 31, 2015 and 2014, Callaway had total assets of $4.6 million |
Cost capitalization | Cost Capitalization: Costs related to planning, developing, leasing, and constructing a property, including costs of development personnel working directly on projects under development, are capitalized. In addition, the Company capitalizes interest to qualifying assets under development based on average accumulated expenditures outstanding during the period. In capitalizing interest to qualifying assets, the Company first uses the interest incurred on specific project debt, if any, and next uses the Company’s weighted average interest rate for non-project specific debt. The Company also capitalizes interest to investments accounted for under the equity method when the investee has property under development with a carrying value in excess of the investee’s borrowings. To the extent debt exists within an unconsolidated joint venture during the construction period, the venture capitalizes interest on that venture-specific debt. The Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of recently completed development properties from the date a project is substantially complete to the earlier of (1) the date on which the project achieves 90% economic occupancy or (2) one year after it is substantially complete. The Company capitalizes direct leasing costs related to leases that are probable of being executed. These costs include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement, and internal costs that are based on time spent by leasing personnel on successful leases. The Company allocates these costs to individual tenant leases and amortizes them over the related lease term. |
Impairment | Impairment: For real estate assets that are considered to be held for sale according to accounting guidance, the Company records impairment losses if the fair value of the asset net of estimated selling costs is less than the carrying amount. For those long-lived assets that are held and used according to accounting guidance, management reviews each asset for the existence of any indicators of impairment. If indicators of impairment are present, the Company calculates the expected undiscounted future cash flows to be derived from such assets. If the undiscounted cash flows are less than the carrying amount of the asset, the Company reduces the asset to its fair value. |
Acquisition of Operating Properties | Acquisition of Operating Properties: The Company records the acquired tangible and intangible assets and assumed liabilities of operating property acquisitions at fair value at the acquisition date. The acquired assets and assumed liabilities for an operating property acquisition generally include but are not limited to: land, buildings and improvements, and identified tangible and intangible assets and liabilities associated with in-place leases, including leasing costs, value of above-market and below-market tenant leases, value of above-market and below-market ground leases, acquired in-place lease values, and tenant relationships, if any. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, and leasing costs are based upon current market replacement costs and other relevant market rate information. The fair value of the above-market or below-market component of an acquired in-place lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term and (ii) management’s estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition over the remaining term of the lease. The amounts recorded for above-market and below-market ground leases are included in intangible liabilities and intangible assets, respectively, and are amortized on a straight-line basis into rental property operating expenses over the remaining terms of the applicable leases. The fair value of acquired in-place leases is derived based on management’s assessment of lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. The amount recorded for acquired in-place leases is included in intangible assets and amortized as an increase to depreciation and amortization expense over the remaining term of the applicable leases. |
Depreciation and Amortization | Depreciation and Amortization: Real estate assets are stated at depreciated cost less impairment losses, if any. Buildings are depreciated over their estimated useful lives, which range generally from 24 to 42 years. The life of a particular building depends upon a number of factors including whether the building was developed or acquired and the condition of the building upon acquisition. Furniture, fixtures and equipment are depreciated over their estimated useful lives of three to five years. Tenant improvements, leasing costs and leasehold improvements are amortized over the term of the applicable leases or the estimated useful life of the assets, whichever is shorter. The Company accelerates the depreciation of tenant assets if it estimates that the lease term will end prior to the termination date. This acceleration may occur if a tenant files for bankruptcy, vacates its premises or defaults in another manner on its lease. Deferred expenses are amortized over the period of estimated benefit. The Company uses the straight-line method for all depreciation and amortization. |
Discontinued Operation | Discontinued Operations: Beginning in the second quarter 2014, only assets held for sale and disposals representing strategic shifts in operations are reflected in discontinued operations. Prior to 2014, the Company classified the results of operations of all properties that were sold or otherwise qualified as held for sale as discontinued operations if the property's operations were expected to be eliminated from ongoing operations and the Company would not have any significant continuing involvement in the operations of the property after the sale. During 2015, there were no held for sale assets or disposals that represented a strategic shift in operations. The Company ceases depreciation of a property when it is categorized as held for sale. |
Investments in Joint Ventures | Investment in Joint Ventures For joint ventures that the Company does not control, but exercises significant influence, the Company uses the equity method of accounting. The Company's judgment with regard to its level of influence or control of an entity involves consideration of various factors including the form of its ownership interest; its representation in the entity's governance; its ability to participate in policy-making decisions; and the rights of other investors to participate in the decision-making process, to replace the Company as manager, and/or to liquidate the venture. These ventures are recorded at cost and adjusted for equity in earnings (losses) and cash contributions and distributions. Any difference between the carrying amount of these investments on the Company’s balance sheet and the underlying equity in net assets on the joint venture’s balance sheet is adjusted as the related underlying assets are depreciated, amortized, or sold. The Company generally allocates income and loss from an unconsolidated joint venture based on the venture's distribution priorities, which may be different from its stated ownership percentage. The Company evaluates the recoverability of its investment in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing each investment for any indicators of impairment. If indicators are present, the Company estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is “temporary” or “other-than-temporary.” In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) the financial condition and near-term prospects of the entity, and (3) the Company’s intent and ability to retain its interest long enough for a recovery in market value. If management concludes that the impairment is "other than temporary," the Company reduces the investment to its estimated fair value. The Company consolidates certain joint ventures that it controls. In cases where the entity’s documents do not contain a required redemption clause, the Company records the partner’s share of the entity in the equity section of the balance sheets in nonredeemable noncontrolling interests. In cases where the entity’s documents contain a provision requiring the Company to purchase the partner’s share of the venture at a certain value upon demand or at a future date, the Company records the partner’s share of the entity in redeemable noncontrolling interests on the balance sheets. Amounts recorded in redeemable noncontrolling interests are adjusted to the higher of fair value or the partner’s cost basis each reporting period. The effect of these adjustments is recorded in additional paid-in capital within total stockholders’ investment. The noncontrolling partners' share of all consolidated joint ventures' income is reflected in net income attributable to noncontrolling interest on the statements of operations. |
Revenue Recognition | Revenue Recognition Rental Property Revenues: The Company recognizes contractual revenues from leases on a straight-line basis over the term of the respective lease. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. Percentage rents are recognized once the specified sales target is achieved. In addition, leases typically provide for reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses to the Company. Operating expense reimbursements are recognized as the related expenses are incurred. During 2015, 2014, and 2013, the Company recognized $93.3 million, $86.0 million, and $43.9 million, respectively, in revenues, including discontinued operations, from tenants related to operating expenses. The Company makes valuation adjustments to all tenant-related accounts receivable based upon its estimate of the likelihood of collectibility of amounts due from the tenant. The amount of any valuation adjustment is based on the tenant’s credit and business risk, history of payment, and other factors considered by management. Fee Income: The Company recognizes development, management and leasing fees when earned. The Company recognizes development and leasing fees received from unconsolidated joint ventures and related salaries and other direct costs incurred by the Company as income and expense based on the percentage of the joint venture which the Company does not own. Correspondingly, the Company adjusts the investment in unconsolidated joint ventures asset when fees are paid to the Company by a joint venture in which the Company has an ownership interest. See note 5 for more information related to fee income received by unconsolidated joint ventures. Gain on Sale of Investment Properties: The Company recognizes a gain on sale of investment property when the sale of a property is consummated, the buyer’s initial and continuing investment is adequate to demonstrate commitment to pay, any receivable obtained is not subject to future subordination, the usual risks and rewards of ownership are transferred, and the Company has no substantial continuing involvement with the property. If the Company has a commitment to the buyer and that commitment is a specific dollar amount, this commitment is accrued and the gain on sale that the Company recognizes is reduced. If the Company has a construction commitment to the buyer, management makes an estimate of this commitment, defers a portion of the profit from the sale, and recognizes the deferred profit as or when the commitment is fulfilled. |
Receivable Policy | The Company makes valuation adjustments to all tenant-related accounts receivable based upon its estimate of the likelihood of collectibility of amounts due from the tenant. The amount of any valuation adjustment is based on the tenant’s credit and business risk, history of payment, and other factors considered by management. |
Income Taxes | Income Taxes Cousins has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, Cousins must distribute annually at least 90% of its adjusted taxable income, as defined in the Code, to its stockholders and satisfy certain other organizational and operating requirements. It is management’s current intention to adhere to these requirements and maintain Cousins’ REIT status. As a REIT, Cousins generally will not be subject to federal income tax at the corporate level on the taxable income it distributes to its stockholders. If Cousins fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Cousins may be subject to certain state and local taxes on its income and property, and to federal income taxes on its undistributed taxable income. CTRS is a C-Corporation for federal income tax purposes and uses the liability method for accounting for income taxes. Tax return positions are recognized in the financial statements when they are “more-likely-than-not” to be sustained upon examination by the taxing authority. Deferred income tax assets and liabilities result from temporary differences. Temporary differences are differences between the tax bases of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future periods. A valuation allowance may be placed on deferred income tax assets, if it is determined that it is more likely than not that a deferred tax asset may not be realized. |
Stock-Based Compensation | Stock-Based Compensation The Company has several types of stock-based compensation plans. These plans are described in note 12, as are the accounting policies by type of award. The Company recognizes compensation expense, net of forfeitures, arising from share-based payment arrangements granted to employees and directors in general and administrative expense in the statements of operations over the related awards’ vesting period, which may be accelerated under the Company’s retirement feature. |
Earnings per Share (EPS) | Earnings per Share (“EPS”) Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period, including nonvested restricted stock which has nonforfeitable dividend rights. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period. Diluted weighted average number of common shares uses the same weighted average share number as in the basic calculation and adds the potential dilution that would occur if stock options (or any other contracts to issue common stock) were exercised and resulted in additional common shares outstanding, calculated using the treasury stock method. The numerator is reduced for the effect of preferred dividends in both the basic and diluted net income per share calculations. Stock options are dilutive when the average market price of the Company’s stock during the period exceeds the option exercise price. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and highly-liquid money market instruments. Highly-liquid money market instruments include securities and repurchase agreements with original maturities of three months or less, money market mutual funds, and United States Treasury Bills with maturities of 30 days or less. Restricted cash primarily represents amounts restricted under debt agreements for future capital expenditures or for specific future operating costs. |
New Accounting Pronouncement Adoption | Recently Issued Accounting Standards: |
Use of Estimates | Use of Estimates |
Segment Reporting | The Company's segments are based on the method of internal reporting which classifies operations by property type and geographical area. The segments by property type are: Office, Mixed Use, and Other. The segments by geographical region are: Atlanta, Houston, Austin, Charlotte, and Other. In 2014 and 2013, the Company's reportable segments were Office, Retail, Land and Other. In 2014, the Company sold the remaining stand-alone retail properties, completing a strategic shift to focus on office properties. In conjunction, segment reporting has been adjusted to reflect the current Company profile and internal reporting. 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 product and the geographical location. Prior period information has been revised to reflect the change in segment reporting. Each segment includes both consolidated operations and the Company's share of joint venture operations. Company management evaluates the performance of its reportable segments in part based on net operating income (“NOI”). NOI represents rental property expenses 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 corporate general and administrative expenses, interest expense, depreciation and amortization, impairments, gains/loss on sales of real estate, 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. |
Significant Accounting Policies (Tables) |
12 Months Ended |
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Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Weighted average shares basic and diluted |
Property Transactions (Tables) |
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Property Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties sold that qualify as discontinued operations | The Company sold the following properties in 2015, 2014, and 2013 ($ in thousands):
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Components of Income (Loss) from Discontinued Operations | The following table details the components of income from discontinued operations, and gains (losses) related on the sales of discontinued operations for the years ended December 31, 2015, 2014, and 2013 (in thousands):
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Fair value of the assets and liabilities acquired |
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Notes and Accounts Receivables (Tables) |
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Components of Notes and Accounts Receivables | At December 31, 2015 and 2014, notes and accounts receivables included the following (in thousands):
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Investment in Unconsolidated Joint Ventures (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of financial data and principal activities of Company's Unconsolidated Joint Ventures | The information included in the following table entitled summary of financial position is as of December 31, 2015 and 2014. The information included in the summary of operations table is for the years ended December 31, 2015, 2014, and 2013 (in thousands).
(1) Negative balances are included in deferred income on the consolidated balance sheets. |
Intangible Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 |
Dec. 31, 2014 |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | At December 31, 2015 and 2014, intangible assets included the following (in thousands):
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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):
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Summary of Goodwill Activity | The following is a summary of goodwill activity for the years ended December 31, 2015 and 2014 (in thousands):
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Notes Payable (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of terms of notes payable | The following table summarizes the terms of notes payable outstanding at December 31, 2015 and 2014 (in thousands):
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Summary of the credit facility pricing spreads and the facility fees | The pricing spreads and the facility fee under the Credit Facility are as follows:
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Summary of interest recorded | For the years ended December 31, 2015, 2014, and 2013, interest was recorded as follows (in thousands):
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Aggregate debt maturities | Future principal payments due on the Company's notes payable at December 31, 2015 are as follows (in thousands):
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of amounts due under lease commitments | Amounts due under these lease commitments are as follows (in thousands):
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Reconciling Dividends Paid and Dividends Applied to Meet REIT Distribution Requirements [Table Text Block] | The following reconciles dividends paid and dividends applied in 2015, 2014, and 2013 to meet REIT distribution requirements (in thousands):
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Schedule of Components of Taxability of Company Dividends [Table Text Block] | The following summarizes the components of the taxability of the Company’s distributions for the years ended December 31, 2015, 2014, and 2013:
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Rental Property Revenues (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Future minimum rentals to be received under existing non-cancelable leases | At December 31, 2015 future minimum rents to be received by consolidated entities under existing non-cancelable leases are as follows (in thousands):
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Equity and Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumptions used to estimate the fair value of the stock options and their results | In 2015, 2014, and 2013, there were no stock option grants. |
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Stock options activity | The following is a summary of stock option activity for the years ended December 31, 2015, 2014, and 2013:
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Summary of restricted stock activity | The following table summarizes restricted stock activity for the years ended December 31, 2015, 2014, and 2013:
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Summary of regular RSU activity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of all performance-based RSU activity | The following table summarizes the performance-based RSU activity as of December 31, 2015, 2014, and 2013 (in thousands):
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Summary of distribution of taxable income | The following reconciles dividends paid and dividends applied in 2015, 2014, and 2013 to meet REIT distribution requirements (in thousands):
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Summary of components of the taxability of the Company's dividends | The following summarizes the components of the taxability of the Company’s distributions for the years ended December 31, 2015, 2014, and 2013:
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Income Taxes (Tables) |
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated benefit (provision) for income taxes from operations | CREC merged into Cousins and Cousins formed CTRS. Amounts included in the following table for 2015 reflect the benefit (provision) of CTRS and the amounts for 2014 and 2013 reflect the benefit (provision) for CREC.
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Difference between income tax benefit (provision) and the amount computed by applying the statutory federal income tax rate to income before taxes | The net income tax benefit differs from the amount computed by applying the statutory federal income tax rate to CTRS' income before taxes for the year ended December 31, 2015, and to CREC’s income before taxes for the years ended 2014 and 2013 as follows ($ in thousands):
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Tax effect of significant temporary differences representing deferred tax assets and liabilities | The tax effect of significant temporary differences representing deferred tax assets and liabilities of CTRS as of December 31, 2015 and 2014 are as follows (in thousands):
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Consolidated Statements of Cash Flows Supplemental Information (Tables) |
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Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information Related to Cash Flows | Supplemental information related to cash flows, including significant non-cash activity affecting the consolidated statements of cash flows, for the years ended December 31, 2015, 2014, and 2013 is as follows (in thousands):
|
Reportable Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Operating Income (Loss) by Reportable Segment and Reconciliation to Net Income | Information on the Company's segments along with a reconciliation of NOI to net income available to common stockholders is as follows (in thousands):
|
Other Assets Other Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets [Table Text Block] | At December 31, 2015 and 2014, other assets included the following (in thousands):
|
Description of Business and Basis of Presentation (Details Textual) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
ft²
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013 |
|
Organization Consolidation And Presentation of Financial Statements | |||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Company's portfolio of real estate assets - Office space (square feet) | ft² | 14,770,000 | ||
Company's portfolio of real estate assets - Retail space (square feet) | ft² | 786,000 | ||
Total Assets | $ | $ 2,597,803 | $ 2,667,330 | |
Callaway [Member] | |||
Organization Consolidation And Presentation of Financial Statements | |||
Total Assets | $ | $ 4,600 |
Significant Accounting Policies (Earnings per Share) (Details) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Weighted average shares basic and diluted | |||
WEIGHTED AVERAGE SHARES—BASIC (shares) | 215,827 | 204,216 | 144,255 |
Dilutive potential common shares-stock options (shares) | 152 | 244 | 165 |
Weighted average shares-diluted (shares) | 215,979 | 204,460 | 144,420 |
Weighted average anti-dilutive stock options (shares) | 1,128 | 1,553 | 2,208 |
Property Transactions (Gain (Loss) on Sales of Discontinued Operations) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Gain on sale of investment properties included in discontinued operations | |||
Gain (loss) on sale from discontinued operations | $ (551) | $ 19,358 | $ 11,489 |
Property Transactions Acquisition Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 125,518 | $ 45,519 | $ 109,097 |
Acquisition Pro Forma [Member] | |||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Revenues | 388,791 | 354,047 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 31,695 | 119,825 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 52,853 | 134,613 | |
Net Income (Loss) Available to Common Stockholders, Basic | $ 45,364 | $ 116,881 | |
Earnings Per Share, Basic | $ 0.22 | $ 0.62 | |
Earnings Per Share, Diluted | $ 0.22 | $ 0.62 |
Notes and Accounts Receivables (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Components of Notes and Accounts Receivables | |||
Notes receivable | $ 414 | $ 414 | |
Allowance for doubtful accounts related to notes receivable | (414) | (414) | |
Tenant and other receivables | 11,767 | 11,961 | |
Allowance for doubtful accounts related to tenant and other receivables | (939) | (1,229) | |
Total notes and other receivables | $ 10,828 | $ 10,732 |
Investment in Unconsolidated Joint Ventures (Terminus Office Holdings LLC) (Details) - Terminus Office Holdings [Member] $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
USD ($)
Property
|
Feb. 28, 2013
USD ($)
|
|
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage of Partner in Joint Venture | 50.00% | |
Debt Instrument, Face Amount | $ 82,000 | |
Equity Method Investments Summarized Financial Information Cash | $ 5,200 | |
Secured Mortgage Note Payable [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Debt Instrument, Face Amount | $ 211,200 | |
Mortgage Loans on Real Estate, Final Maturity Date | Jan. 01, 2023 | |
Long-term Debt, Weighted Average Interest Rate | 4.69% | |
Office Building [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Real Estate Properties Owned by Equity Investee | Property | 2 | |
Institutional investors advised by J.P. Morgan Asset Management [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage of Partner in Joint Venture | 50.00% |
Investment in Unconsolidated Joint Ventures (EP I LLC) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
Loan
| |
EP I LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 75.00% |
Maximum amount available under construction facility, revised | $ 58,000,000 |
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Cash balance of joint venture | $ 1,500,000 |
EP II LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of possible loan extensions | Loan | 2 |
Period of loan extension | 1 year |
Equity Method Investment, Ownership Percentage | 75.00% |
Maximum amount available under construction facility, revised | $ 46,000,000 |
Outstanding balance of mortgage loan | $ 40,900,000 |
Debt Instrument, Basis Spread on Variable Rate | 1.85% |
Extension of mortgage loans maturity, conditions | two, one-year periods |
Approximate amount of loans guaranteed by Company | $ 8,600,000 |
Cash balance of joint venture | $ 1,300,000 |
LIBOR [Member] | EP I LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Debt Instrument, Description of Variable Rate Basis | LIBOR |
LIBOR [Member] | EP II LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Debt Instrument, Description of Variable Rate Basis | LIBOR |
Gables Realty Limited [Member] | EP I LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 25.00% |
Gables Realty Limited [Member] | EP II LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 25.00% |
Approximate amount of loans guaranteed by Company | $ 2,900,000 |
Investment in Unconsolidated Joint Ventures (Cousins Watkins LLC) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule of Equity Method Investments [Line Items] | |||
Operating distributions from unconsolidated joint ventures | $ 8,760 | $ 10,296 | $ 67,101 |
Investment in Unconsolidated Joint Ventures (Charlotte Gateway Village, LLC) (Details) ft² in Millions, $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
ft²
| |
Schedule of Equity Method Investments [Line Items] | |
Outstanding Amount of Mortgage Note Payable of Joint Venture | $ 402.0 |
Charlotte Gateway Village LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Square footage of real estate property (square feet) | ft² | 1.1 |
Percentage of real estate property leased (percent) | 100.00% |
Lease Expiration Date | Dec. 31, 2026 |
Compounded rate of return received by Company (percent) | 11.46% |
Percentage of Company's income (loss) received in final step of distribution | 0.5 |
Maximum IRR on project (percent) | 17.00% |
Cash balance of joint venture | $ 2.3 |
Charlotte Gateway Village LLC [Member] | Secured Mortgage Note Payable [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Outstanding Amount of Mortgage Note Payable of Joint Venture | $ 17.5 |
Maturity date of debt instrument | Dec. 01, 2016 |
Interest rate on mortgage loan (percent) | 6.41% |
Bank of America Corporation [Member] | Charlotte Gateway Village LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership Percentage of Partner in Joint Venture | 5000.00% |
Investment in Unconsolidated Joint Ventures (EP II LLC) (Details) - EP II LLC [Member] |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
USD ($)
Loan
|
Dec. 31, 2014 |
|
Schedule of Equity Method Investments [Line Items] | ||
Number of possible loan extensions | Loan | 2 | |
Period of loan extension | 1 year | |
Equity Method Investment, Ownership Percentage | 75.00% | |
Maximum Amount Available Under Construction Facility Revised | $ 46,000,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 40,900,000 | |
Debt Instrument, Basis Spread on Variable Rate | 1.85% | |
Extension of Mortgage Loans Maturity Conditions | two, one-year periods | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 8,600,000 | |
Equity Method Investments Summarized Financial Information Cash | $ 1,300,000 | |
LIBOR [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |
Gables Realty Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 25.00% | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2,900,000 | |
Secured Mortgage Note Payable [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Debt Instrument of Equity Investee Maturity Date | Oct. 09, 2016 |
Investment in Unconsolidated Joint Ventures (Temco Associates, LLC) (Details) - Temco Associates $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Schedule of Equity Method Investments [Line Items] | |
Cash balance of joint venture | $ 205 |
Forestar [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership Percentage of Partner in Joint Venture | 50.00% |
Investment in Unconsolidated Joint Ventures (CL Realty, L.L.C.) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
Venture
|
Dec. 31, 2014 |
---|---|---|
CL Realty, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash balance of joint venture | $ 326 | |
Temco Associates | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash balance of joint venture | $ 205 | |
Forestar [Member] | CL Realty, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage of Partner in Joint Venture | 5000.00% | 5000.00% |
Forestar [Member] | Temco Associates | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage of Partner in Joint Venture | 50.00% | |
Land | CL Realty, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Real Estate Properties | Venture | 1 |
Investment in Unconsolidated Joint Ventures (Wildwood Associates) (Details) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
a
|
Dec. 31, 2013
USD ($)
|
|||
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from Equity Method Investment, Dividends or Distributions | $ 8,760,000 | $ 10,296,000 | $ 67,101,000 | ||
Equity Method Investments Including those with Negative Balances | 79,434,000 | 77,461,000 | |||
Company's Investment | $ 102,577,000 | $ 100,498,000 | |||
Wildwood Associates [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Percentage of Partner in Joint Venture | 5000.00% | 5000.00% | |||
Acres of land available for development or sale (acres) | a | 27 | ||||
Proceeds from Equity Method Investment, Dividends or Distributions | $ 2,100,000 | ||||
Recognition of Deferred Revenue | 582,000 | ||||
Equity Method Investments Including those with Negative Balances | [1] | $ (1,122,000) | $ (1,106,000) | ||
|
Investment in Unconsolidated Joint Ventures (Crawford Long—CPI, LLC) (Details) ft² in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
USD ($)
ft²
|
Dec. 31, 2014 |
|
Schedule of Equity Method Investments [Line Items] | ||
Outstanding Amount of Mortgage Note Payable of Joint Venture | $ 402,000,000 | |
Crawford Long CPI LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Square footage of real estate property (square feet) | ft² | 0.4 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 74,300,000 | |
Cash balance of joint venture | $ 762,000 | |
Charlotte Gateway Village LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Square footage of real estate property (square feet) | ft² | 1.1 | |
Cash balance of joint venture | $ 2,300,000 | |
EP II LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 40,900,000 | |
Cash balance of joint venture | $ 1,300,000 | |
Secured Mortgage Note Payable [Member] | Crawford Long CPI LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest rate on mortgage loan (percent) | 3.50% | |
Debt Instrument of Equity Investee Maturity Date | Jun. 01, 2023 | |
Secured Mortgage Note Payable [Member] | Charlotte Gateway Village LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Outstanding Amount of Mortgage Note Payable of Joint Venture | $ 17,500,000 | |
Interest rate on mortgage loan (percent) | 6.41% | |
Debt Instrument of Equity Investee Maturity Date | Dec. 01, 2016 | |
Secured Mortgage Note Payable [Member] | EP II LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Debt Instrument of Equity Investee Maturity Date | Oct. 09, 2016 | |
Emory University [Member] | Crawford Long CPI LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage of Partner in Joint Venture | 5000.00% | 5000.00% |
Investment in Unconsolidated Joint Ventures (HICO Victory Center LP) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule of Equity Method Investments [Line Items] | |||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Equity Method Investment, Summarized Financial Information, Revenue | $ 110,689 | $ 109,326 | $ 137,107 |
HICO Victory Center LP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments Summarized Financial Information Cash | $ 0 | ||
Land Funding Requirement | 75.00% | ||
Future Ownership Percentage of Partner in Joint Venture | 90.00% | ||
Equity Method Investment, Summarized Financial Information, Revenue | $ 262 | $ 0 | $ 0 |
Hines [Member] | HICO Victory Center LP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Land Funding Requirement | 25.00% | ||
Future Ownership Percentage of Partner in Joint Venture | 10.00% |
Investment in Unconsolidated Joint Ventures Carolina Square (Details) - Carolina Square Holdings LP [Member] $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments Summarized Financial Information Cash | $ 0.1 |
General Partners' Contributed Capital | 1.7 |
Maximum Amount Available Under Construction Facility Revised | $ 79.8 |
Debt Instrument, Basis Spread on Variable Rate | 1.90% |
Mortgage Loans on Real Estate, Final Maturity Date | May 01, 2018 |
Maximum Percentage Guaranteed Under Construction Loan | 12.50% |
NR 123 Franklin LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership Percentage of Partner in Joint Venture | 5000.00% |
LIBOR [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Debt Instrument, Description of Variable Rate Basis | LIBOR |
Investment in Unconsolidated Joint Ventures (Hines Avalon LLC) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
HICO Avalon LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Funding percentage of joint venture (excluding land) | 75.00% |
Equity Method Investments Summarized Financial Information Cash | $ 5 |
Future Ownership Percentage of Partner in Joint Venture | 90.00% |
CL Realty, L.L.C. [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments Summarized Financial Information Cash | $ 326 |
Hines [Member] | HICO Avalon LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Funding percentage of joint venture (excluding land) | 25.00% |
Future Ownership Percentage of Partner in Joint Venture | 10.00% |
Investment in Unconsolidated Joint Ventures (Other Data) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule of Equity Method Investments [Line Items] | |||
Outstanding Amount of Mortgage Note Payable of Joint Venture | $ 402.0 | ||
Fees Earned from Unconsolidated Joint Ventures | $ 6.0 | $ 5.4 | $ 8.0 |
Intangible Assets Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Intangible Assets: | |||
In-place leases, net of accumulated amortization of $88,035 and $62,302 in 2015 and 2014, respectively | $ 112,937 | $ 147,360 | |
Above-market tenant leases, net of accumulated amortization of $15,423 and $13,748 in 2015 and 2014, respectively | 8,031 | 12,017 | |
Goodwill | 3,647 | 3,867 | $ 4,131 |
Total Other Assets | 124,615 | 163,244 | |
Accumulated Amortization of Finite Lived Intangible Asset Acquired in Place Leases | 88,035 | 62,302 | |
Accumulated Amortization of Finite Lived Intangible Assets Above Market Leases | $ 15,423 | $ 13,748 |
Intangible Assets (Intangibles - Future Amortization) (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Finite-Lived Intangible Assets [Line Items] | |
2013 | $ 16,278 |
2014 | 12,653 |
2015 | 10,220 |
2016 | 7,158 |
2017 | 5,541 |
Thereafter | 9,526 |
Total aggregate amortization of intangible assets and liabilities | 61,376 |
Below Market Rents [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2013 | (9,020) |
2014 | (8,569) |
2015 | (7,793) |
2016 | (7,314) |
2017 | (5,427) |
Thereafter | (18,969) |
Total aggregate amortization of intangible assets and liabilities | $ (57,092) |
Weighted average remaining lease term (in years) | 9 years |
Above Market Ground Lease [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2013 | $ (55) |
2014 | (55) |
2015 | (55) |
2016 | (55) |
2017 | (55) |
Thereafter | (2,225) |
Total aggregate amortization of intangible assets and liabilities | $ (2,500) |
Weighted average remaining lease term (in years) | 48 years |
Above Market Rents [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2013 | $ 1,843 |
2014 | 1,384 |
2015 | 1,305 |
2016 | 883 |
2017 | 734 |
Thereafter | 1,882 |
Total aggregate amortization of intangible assets and liabilities | $ 8,031 |
Weighted average remaining lease term (in years) | 7 years |
In Place Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2013 | $ 23,510 |
2014 | 19,893 |
2015 | 16,763 |
2016 | 13,644 |
2017 | 10,289 |
Thereafter | 28,838 |
Total aggregate amortization of intangible assets and liabilities | $ 112,937 |
Weighted average remaining lease term (in years) | 7 years |
Intangible Assets (Goodwill Rollforward) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Other Assets [Abstract] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Goodwill [Roll Forward] | |||
Beginning Balance | $ 3,867 | $ 4,131 | |
Allocated to property sales | (220) | (264) | |
Ending Balance | $ 3,647 | $ 3,867 | $ 4,131 |
Intangible Assets (Textual) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Net amortization expense of intangible assets and liabilities | $ 23,700,000 | $ 32,700,000 | $ 16,900,000 |
Notes Payable (Debt Table) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Oct. 01, 2015 |
|
Debt Instrument [Line Items] | ||||
Document Fiscal Year Focus | 2015 | 2014 | 2013 | |
Notes Payable | $ 721,293 | $ 792,344 | ||
Post Oak Central mortgage note | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 4.26% | |||
Notes Payable | $ 181,770 | 185,109 | ||
Credit Facility, unsecured | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 1.53% | |||
Notes Payable | $ 92,000 | 140,200 | ||
The American Cancer Society Center mortgage note | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 6.45% | |||
Notes Payable | $ 129,342 | 131,083 | ||
Promenade mortgage note | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 4.27% | |||
Notes Payable | $ 108,203 | 110,946 | ||
191 Peachtree Tower mortgage note | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 3.35% | |||
Notes Payable | $ 100,000 | 100,000 | ||
816 Congress mortgage note | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 3.75% | |||
Notes Payable | $ 85,000 | 85,000 | ||
Meridian Mark Plaza mortgage note | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 6.00% | |||
Notes Payable | $ 24,978 | 25,408 | ||
The Points at Waterview mortgage note | ||||
Debt Instrument [Line Items] | ||||
Interest Rate (percent) | 5.66% | |||
Notes Payable | $ 0 | $ 14,598 | $ 14,200 |
Notes Payable (Credit Facility Table) (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Less than or equal to 30% [Member] | |
Line of Credit Facility [Line Items] | |
Annual Facility Fee (percent) | 0.15% |
Greater than 30% but less than or equal to 35% [Member] | |
Line of Credit Facility [Line Items] | |
Annual Facility Fee (percent) | 0.20% |
Greater than 35% but less than or equal to 40% [Member] | |
Line of Credit Facility [Line Items] | |
Annual Facility Fee (percent) | 0.20% |
Greater than 40% but less than or equal to 45% [Member] | |
Line of Credit Facility [Line Items] | |
Annual Facility Fee (percent) | 0.20% |
Greater than 45% but less than or equal to 50% [Member] | |
Line of Credit Facility [Line Items] | |
Annual Facility Fee (percent) | 0.25% |
Greater than 50% [Member] | |
Line of Credit Facility [Line Items] | |
Annual Facility Fee (percent) | 0.30% |
Base rate [Member] | Less than or equal to 30% [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.10% |
Base rate [Member] | Greater than 30% but less than or equal to 35% [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.10% |
Base rate [Member] | Greater than 35% but less than or equal to 40% [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.15% |
Base rate [Member] | Greater than 40% but less than or equal to 45% [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.20% |
Base rate [Member] | Greater than 45% but less than or equal to 50% [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.20% |
Base rate [Member] | Greater than 50% [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.45% |
LIBOR [Member] | Less than or equal to 30% [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.10% |
LIBOR [Member] | Greater than 30% but less than or equal to 35% [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.10% |
LIBOR [Member] | Greater than 35% but less than or equal to 40% [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.15% |
LIBOR [Member] | Greater than 40% but less than or equal to 45% [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.20% |
LIBOR [Member] | Greater than 45% but less than or equal to 50% [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.20% |
LIBOR [Member] | Greater than 50% [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.45% |
Line of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | $ 500 |
Leverage ratio, upper limit (percent) | 60.00% |
Line of Credit [Member] | LIBOR [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.10% |
Notes Payable (Interest Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Debt Disclosure [Abstract] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Total interest incurred | $ 34,302 | $ 31,862 | $ 22,227 |
Interest capitalized | (3,579) | (2,752) | (518) |
Total interest expense | $ 30,723 | $ 29,110 | $ 21,709 |
Notes Payable (Debt Maturities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Debt Maturities | ||
2014 | $ 10,070 | |
2015 | 138,195 | |
2016 | 105,734 | |
2017 | 101,447 | |
2018 | 195,022 | |
Thereafter | 170,825 | |
Notes Payable | $ 721,293 | $ 792,344 |
Notes Payable (Credit Facility and Construction Loan Textuals) (Details) - Line of Credit [Member] |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | $ 500,000,000 |
Debt Instrument, Maturity Date | May 28, 2019 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 750,000,000 |
Line of credit maximum borrowing capacity | $ 407,000,000 |
Unencumbered interest coverage ratio | 2.00 |
Minimum consolidated fixed charge coverage ratio | 1.50 |
Leverage ratio, upper limit (percent) | 60.00% |
Shareholders' Equity, Minimum | $ 1,000,000,000.00 |
Prime rate [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Description of Variable Rate Basis | prime rate |
Federal funds rate [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Description of Variable Rate Basis | federal funds rate |
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
LIBOR [Member] | |
Line of Credit Facility [Line Items] | |
Adjusted interest rate for construction loan | LIBOR |
Debt Instrument, Description of Variable Rate Basis | LIBOR |
Debt Instrument, Basis Spread on Variable Rate | 1.10% |
Debt Instrument, Base Rate Spread on Variable Rate | 1.00% |
Notes Payable (Other Debt Information Textuals) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Oct. 01, 2015 |
Feb. 28, 2013 |
|
Debt Instrument [Line Items] | |||||
Document Period End Date | Dec. 31, 2015 | ||||
Document Fiscal Year Focus | 2015 | 2014 | 2013 | ||
Notes payable | $ 721,293 | $ 792,344 | |||
Mortgage Notes Payable | 629,300 | ||||
Notes Payable, Fair Value Disclosure | 738,100 | 835,400 | |||
Long Term Debt Nonrecourse | |||||
Debt Instrument [Line Items] | |||||
Carrying value of assets pledged as collateral for debt | $ 675,700 | ||||
Weighted average maturity of consolidated debt | 4 years 6 months | ||||
Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable | $ 92,000 | 140,200 | |||
Interest rate on mortgage loan (percent) | 1.53% | ||||
Debt Instrument, Maturity Date | May 28, 2019 | ||||
Post Oak Central Mortgage Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable | $ 181,770 | 185,109 | |||
Interest rate on mortgage loan (percent) | 4.26% | ||||
Promenade mortgage note | |||||
Debt Instrument [Line Items] | |||||
Notes payable | $ 108,203 | 110,946 | |||
Interest rate on mortgage loan (percent) | 4.27% | ||||
191 Peachtree Tower mortgage note | |||||
Debt Instrument [Line Items] | |||||
Notes payable | $ 100,000 | 100,000 | |||
Interest rate on mortgage loan (percent) | 3.35% | ||||
816 Congress mortgage note | |||||
Debt Instrument [Line Items] | |||||
Notes payable | $ 85,000 | 85,000 | |||
Interest rate on mortgage loan (percent) | 3.75% | ||||
Points at Waterview Mortgage Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable | $ 0 | $ 14,598 | $ 14,200 | ||
Mortgage note maturity date | Jan. 01, 2016 | ||||
Interest rate on mortgage loan (percent) | 5.66% | ||||
Terminus Office Holdings [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument original principal amount | $ 82,000 | ||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Institutional investors advised by J.P. Morgan Asset Management [Member] | Terminus Office Holdings [Member] | |||||
Debt Instrument [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% |
Commitments and Contingencies (Lease Commitments) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Lease operating expenses | $ 2,000 | $ 1,300 | $ 1,100 |
Lease commitments | |||
2014 | 1,784 | ||
2015 | 1,736 | ||
2016 | 1,696 | ||
2017 | 1,657 | ||
2018 | 1,659 | ||
Theraefter | 136,404 | ||
Total | 144,900 | ||
Outstanding Commitments to Fund Real Estate Projects | $ 82,400 | ||
Weighted average remaining terms of ground leases (in years) | 85 years 7 months | ||
Weighted average remaining terms of operating leases (in years) | 2 years 2 months |
Commitments and Contingencies (Textual) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Outstanding commitments to fund real estate projects | $ 82,400 | ||
Outstanding Performance Bonds and Letters of Credit | 1,900 | ||
Lease operating expenses | 2,000 | $ 1,300 | $ 1,100 |
Future lease commitments | $ 144,900 | ||
Weighted average remaining terms of ground leases (in years) | 85 years 7 months | ||
Weighted average remaining terms of operating leases (in years) | 2 years 2 months |
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Apr. 14, 2014 |
|
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued during a Period | 26,700,000 | 85,600,000 | |||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | ||
Common Stock, Shares, Issued | 220,082,610 | 220,255,502 | 220,082,610 | ||
Proceeds from Issuance of Common Stock | $ 321,900 | $ 826,200 | |||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | $ 1 | $ 1.00 | |
Preferred Stock, Redemption Price Per Share | $ 25.00 | ||||
Preferred Stock, Redemption Amount | $ 94,800 | ||||
Preferred Share Original Issuance Costs | $ (3,500) | $ 0 | $ 3,530 | $ 2,656 | |
Percentage of Restrictions on Ownership of Company Common and Preferred Stock | 3.90% | ||||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Stockholders' Equity Distribution of REIT Taxable Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Equity [Abstract] | |||
Dividends Preferred and Common Stock | $ 69,196 | $ 64,510 | $ 37,200 |
Dividends Treated as Taxable Compensation | (94) | (110) | (98) |
Portion Of Dividends Declared in Current Year and Paid in Current Year which was Applied to the Prior Year Distribution Requirements | (731) | (2,182) | (470) |
Portion Of Dividends Declared in Subsequent Year and Paid in Subsequent Year which Apply to Current Year Distribution Requirements | 34 | 731 | 2,182 |
Dividends Applied to Meet Current Year REIT Distribution Requirements | $ 68,405 | $ 62,949 | $ 38,814 |
Stockholders' Equity Tax Status of Distributions (Details) - USD ($) |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Class of Stock [Line Items] | ||||||
Document Fiscal Year Focus | 2015 | 2014 | 2013 | |||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Tax status of common stock dividends per share declared | $ 0.320000 | $ 0.300000 | $ 0.180000 | |||
Series A Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Tax status of preferred stock dividends per share declared | 25.968750 | |||||
Series B Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Tax status of preferred stock dividends per share declared | 25.776040 | 1.875000 | ||||
Ordinary Dividends [Member] | Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Tax status of common stock dividends per share declared | 0.161738 | 0.281564 | 0.170355 | |||
Ordinary Dividends [Member] | Series A Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Tax status of preferred stock dividends per share declared | 0.966882 | |||||
Ordinary Dividends [Member] | Series B Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Tax status of preferred stock dividends per share declared | 0.467750 | 1.774673 | ||||
Long Term Capital Gain [Member] | Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Tax status of common stock dividends per share declared | 0.158262 | 0.018436 | 0.009645 | |||
Unrecaptured Section One Thousand Two Hundred Fifty Gain | [1] | $ 0.097271 | $ 0.018436 | $ 0.009457 | ||
Cash Liquidation Distributions | $ 0.000000 | $ 0.000000 | $ 0.000000 | |||
Long Term Capital Gain [Member] | Series A Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Tax status of preferred stock dividends per share declared | $ 0.001868 | |||||
Unrecaptured Section One Thousand Two Hundred Fifty Gain | [1] | $ 0.000000 | ||||
Cash Liquidation Distributions | $ 25.000000 | |||||
Long Term Capital Gain [Member] | Series B Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Tax status of preferred stock dividends per share declared | $ 0.001000 | $ 0.100327 | ||||
Unrecaptured Section One Thousand Two Hundred Fifty Gain | [1] | $ 0.001000 | $ 0.098519 | |||
Cash Liquidation Distributions | $ 25.307290 | $ 0.000000 | ||||
|
Stockholders' Equity Repurchase of Outstanding Common Shares (Details) - USD ($) shares in Millions, $ in Millions |
1 Months Ended | 12 Months Ended |
---|---|---|
Jan. 31, 2016 |
Dec. 31, 2015 |
|
Equity [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 100.0 | |
Stock Repurchase Program Expiration Date | Sep. 08, 2017 | |
Stock Repurchased During Period, Shares | 0.2 | 5.2 |
Payments for Repurchase of Equity | $ 1.6 | $ 47.8 |
Rental Property Revenues (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Leases [Abstract] | |
Operating Leases, Future Minimum Payments Receivable, Current | $ 217,863 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 219,458 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 217,711 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 202,868 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 174,144 |
Thereafter | 639,051 |
Total Rentals | $ 1,671,095 |
Stock-Based Compensation (Stock Options Granted) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Equity [Abstract] | |||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Stock-Based Compensation (Stock Option Activity) (Details) - $ / shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Equity [Abstract] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,763 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, beginning of year, (number of options) | 2,211 | 3,078 | 4,437 |
Exercised (number of options) | (23) | (206) | 283 |
Forfeited/Expired (number of options) | (425) | (661) | 1,076 |
Outstanding, end of year, (number of options) | 1,763 | 2,211 | 3,078 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding, beginning of year, weighted average exercise price per option (dollars per option) | $ 22.69 | $ 22.90 | $ 21.74 |
Exercised, weighted average exercise price per option (dollars per option) | 8.02 | 8.26 | 8.12 |
Forfeited/Expired, weighted average exercise price per option (dollars per option) | 26.13 | 28.18 | 21.98 |
Outstanding, end of year, weighted average exercise price per option (dollars per option) | $ 22.05 | 22.69 | $ 22.90 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 22.05 |
Stock-Based Compensation (Restricted Stock Activity) (Details) - Restricted Stock [Member] - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Summary of Regular RSU activity | |||
Outstanding at beginning of year (number of shares) | 342,000 | 450,000 | 703,000 |
Granted, (number of shares) | 165,922 | 137,591 | 159,782 |
Vested, (number of shares) | (210,000) | (236,000) | (361,000) |
Forfeited, (number of shares) | (5,000) | (10,000) | (52,000) |
Outstanding at end of year (number of shares) | 293,000 | 342,000 | 450,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Non-vested restricted stock at beginning of year, weighted-average grant date fair value (dollars per share) | $ 9.08 | $ 8.00 | $ 7.55 |
Granted, weighted-average grant date fair value (dollars per share) | 11.06 | 10.75 | 8.91 |
Vested, weighted-average grant date fair value (dollars per share) | 8.41 | 8.00 | 7.50 |
Forfeited, weighted-average grant date fair value (dollars per share) | 10.68 | 9.48 | 8.24 |
Non-vested restricted stock at en of year, weighted-average grant date fair value (dollars per share) | $ 10.65 | $ 9.08 | $ 8.00 |
Immediately on grant date [Member] | |||
Summary of Regular RSU activity | |||
Granted, (number of shares) | 78,985 | 55,293 | 50,085 |
Stock-Based Compensation (Peformance-Based RSU Activity) (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
shares
|
Dec. 31, 2013
shares
|
Dec. 31, 2012
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Current Fiscal Year End Date | --12-31 | |||
Performance-based RSU [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Targeted Number of Units Outstanding | 241,370 | 159,745 | 160,107 | |
Types of performance-based RSUs | 2 | |||
Summary of all performance-based RSU activity | ||||
Outstanding at beginning of year (number of shares) | 796,000 | 755,000 | 782,000 | |
Granted, (number of shares) | 244,000 | 205,000 | 196,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (191,000) | (150,000) | (94,000) | |
Forfeited, (number of shares) | (6,000) | (14,000) | (129,000) | |
Outstanding at end of year (number of shares) | 843,000 | 796,000 | 755,000 | 782,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash Paid for RSU Vesting and Dividend Payments | $ | $ 4,400 | |||
Chief Executive Officer [Member] | Performance-based RSU [Member] | ||||
Summary of all performance-based RSU activity | ||||
Granted, (number of shares) | 281,532 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Interim measurement dates | each of the third, fourth and fifth anniversaries |
Stock-Based Compensation (Stock-Based Compensation Textuals) (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized under stock option plan (shares) | 2,426,451 | |||
Stock options outstanding (number of options) | 1,763,000 | 2,211,000 | 3,078,000 | 4,437,000 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding (number of options) | 1,763,316 | |||
Term life of stock options (years) | P10Y | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Allocated Share-based Compensation Expense | $ 15,000 | $ 140,000 | $ 200,000 | |
Cash proceeds from the exercise of stock options | 185,000,000 | |||
Fair value of options exercisable | $ 888,000,000 | |||
Weighted average contractual life of outstanding options (in years) | 2 years 3 months | |||
Weighted average contractual life of exercisable options (in years) | 2 years 9 months | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Unrecognized compensation cost | $ 1,800,000 | |||
Number of restricted stock units granted | 165,922 | 137,591 | 159,782 | |
Compensation expense, restricted stock | $ 1,500,000 | $ 1,800,000 | $ 1,800,000 | |
Unrecognized compensation cost, period for recognition (in years) | 1 year 9 months | |||
Total fair value of the restricted stock which vested | $ 2,000,000 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, period for recognition (in years) | 1 year 2 months | |||
Total cash paid for vesting and dividend payments | $ 4,400,000 | |||
Estimate of future expense for all types of RSUs outstanding | 2,000,000 | |||
Recognized compensation expense related to RSUs for employees and directors, before capitalization or income tax benefit, if any | $ 100,000 | $ 5,400,000 | $ 5,300,000 | |
Performance-based RSU [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Number of restricted stock units granted | 244,000 | 205,000 | 196,000 | |
Payout range minimum | 0.00% | |||
Payout range maximum | 200.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Targeted Number of Units Outstanding | 241,370 | 159,745 | 160,107 | |
Long-term incentive compensation [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ (28,000) | $ (286,000) | ||
Chief Executive Officer [Member] | Performance-based RSU [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Number of restricted stock units granted | 281,532 | |||
Payout range minimum | 0.00% | |||
Payout range maximum | 150.00% |
Stock-Based Compensation (Other Stockholder Investment Information Textual) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Class of Stock [Line Items] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Preferred Stock, Shares Outstanding | 0 | 0 | |
Repurchase of common stock | 5,584,743 | 3,570,082 | |
Aggregate price of repurchase stock | $ 134,630 | $ 86,840 | |
Percentage of Restrictions on Ownership of Company Common and Preferred Stock | 3.90% | ||
Long term incentive compensation [Member] | |||
Class of Stock [Line Items] | |||
Allocated Share-based Compensation Expense | $ (28) | $ (286) |
Retirement Savings Plan (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Retirement Savings Plan (Textual) [Abstract] | |||
Employer contribution matching percentage | 3.00% | ||
Employee vesting period in the retirement saving plan | 3 years | ||
Company defined contribution plan | $ 639 | $ 592 | $ 400 |
Income Taxes (Tax Benefit (Provision) From Operations) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Current tax benefit (provision): | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 20 | 23 | |
Current tax benefit (provision) | $ 0 | 20 | 23 |
Deferred tax benefit (provision): | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Deferred tax benefit (provision) | 0 | 0 | 0 |
Benefit (provision) applicable to income (loss) from continuing operations | $ 0 | $ 20 | $ 23 |
Income Taxes (Statutory Federal Income Tax Rate) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Difference between income tax benefit and statutory federal income tax rate | |||
Federal income tax benefit | $ 778 | $ (1,124) | $ (1,287) |
Federal income tax benefit, rate (percent) | (35.00%) | 35.00% | 35.00% |
State income tax benefit, net of federal income tax effect | $ 90 | $ (125) | $ (147) |
State income tax benefit, net of federal income tax effect, rate (percent) | 4.00% | (4.00%) | (4.00%) |
Valuation allowance | $ (833) | $ 1,644 | $ (361) |
Valuation allowance, rate (percent) | (37.00%) | 50.00% | (10.00%) |
State deferred tax adjustment | $ (35) | $ (375) | $ 1,818 |
State deferred tax adjustment (percent) | (2.00%) | (11.00%) | 49.00% |
Benefit (provision) applicable to income (loss) from continuing operations | $ 0 | $ 20 | $ 23 |
Benefit (provision) applicable to income (loss) from continuing operations, rate (percent) | 0.00% | 0.00% | 0.00% |
Income Taxes (Tax Effect of Significant Temporary Differences) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Tax effect of significant temporary differences representing deferred tax assets and liabilities | |||
Income from unconsolidated joint ventures | $ 928 | $ 2,441 | |
Federal and state tax carryforwards | 680 | 0 | |
Total deferred tax assets | 1,608 | 2,441 | |
Valuation allowance | (1,608) | (2,441) | |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes (Textual) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Operating Loss Carryforwards [Line Items] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Income Taxes (Textual) [Abstract] | |||
Deferred tax asset of the company's taxable REIT subsidiary, CREC | $ 1,608 | $ 2,441 |
Earnings Per Share (Details) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Earnings Per Share [Abstract] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
WEIGHTED AVERAGE SHARES—BASIC (shares) | 215,827 | 204,216 | 144,255 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 152 | 244 | 165 |
WEIGHTED AVERAGE SHARES—DILUTED (shares) | 215,979 | 204,460 | 144,420 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,128 | 1,553 | 2,208 |
Consolidated Statements of Cash Flows Supplemental Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Supplemental Cash Flow Elements [Abstract] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Interest paid, net of amounts capitalized | $ 29,337 | $ 28,840 | $ 21,216 |
Income taxes paid | 2 | 4 | 90 |
Non-Cash Transactions: | |||
Transfer from projects under development to operating properties | 121,709 | 0 | 25,629 |
Transfer from operating properties to operating properties and related assets held for sale | 7,246 | 0 | 24,554 |
Transfer from operating properties and related liabilities to liabilities of real estate assets held for sale | 1,347 | 0 | 0 |
Change in accrued property acquisition, development, and tenant asset expenditures | (2,483) | (531) | 1,559 |
Transfer from other assets to projects under development | 0 | 0 | 3,062 |
Transfer from land to projects under development | $ 0 | $ 5,185 | $ 0 |
Reportable Segments (Net Income (Loss) Reconciliation) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | $ 241,232 | $ 215,673 | $ 138,080 | |
Reconciliation from Segment Totals to Consolidated | ||||
Net operating income from unconsolidated joint ventures | 24,335 | (25,897) | (27,768) | |
Net operating income from discontinued operations | 14 | (1,800) | (6,390) | |
Fee Income | 7,297 | 12,519 | 10,891 | |
Other Revenue from Continuing Operations | 1,278 | 4,954 | 5,430 | |
Other General and Administrative Expense | (17,099) | (19,969) | (22,460) | |
Reimbursed Expenses | 3,430 | 3,652 | 5,215 | |
Interest expense | (30,723) | (29,110) | (21,709) | |
Depreciation and amortization | (135,416) | (140,018) | (76,277) | |
Other General Expense | (1,299) | (4,654) | (11,154) | |
Preferred Share Original Issuance Costs | $ 3,500 | 0 | (3,530) | (2,656) |
Dividends, Preferred Stock | 0 | 2,955 | 10,008 | |
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES | 8,302 | 11,268 | 67,325 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (586) | 21,158 | 14,788 | |
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 80,394 | 12,536 | 61,288 | |
Net Income (Loss) Attributable to Noncontrolling Interest | (111) | (1,004) | (5,068) | |
Net Income (Loss) Available to Common Stockholders, Basic | 125,518 | 45,519 | 109,097 | |
Houston, TX [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 103,210 | 100,816 | 40,199 | |
Atlanta, GA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 99,292 | 79,161 | 65,722 | |
Austin TX [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 15,294 | 6,992 | 4,029 | |
Charlotte, NC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 16,164 | 6,839 | 1,208 | |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 7,272 | 18,470 | 26,922 | |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 168 | 3,395 | 12,066 | |
Other [Member] | Houston, TX [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 0 | 0 | 0 | |
Other [Member] | Atlanta, GA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 0 | 0 | 0 | |
Other [Member] | Austin TX [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 0 | 0 | 0 | |
Other [Member] | Charlotte, NC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 0 | 0 | 0 | |
Other [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 168 | 3,395 | 12,066 | |
Mixed-Use [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 5,854 | 5,727 | 3,511 | |
Mixed-Use [Member] | Houston, TX [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 0 | 0 | 0 | |
Mixed-Use [Member] | Atlanta, GA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 5,854 | 5,727 | 3,511 | |
Mixed-Use [Member] | Austin TX [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 0 | 0 | 0 | |
Mixed-Use [Member] | Charlotte, NC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 0 | 0 | 0 | |
Mixed-Use [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 0 | 0 | 0 | |
Office Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 235,210 | 206,551 | 122,503 | |
Office Segment [Member] | Houston, TX [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 103,210 | 100,816 | 40,199 | |
Office Segment [Member] | Atlanta, GA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 93,438 | 73,434 | 62,211 | |
Office Segment [Member] | Austin TX [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 15,294 | 6,992 | 4,029 | |
Office Segment [Member] | Charlotte, NC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 16,164 | 6,839 | 1,208 | |
Office Segment [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | $ 7,104 | $ 18,470 | $ 14,856 |
Real Estate and Accumulated Depreciation (Schedule of Properties) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Real Estate and Accumulated Depreciation [Line Items] | ||||
Document Period End Date | Dec. 31, 2015 | |||
Real Estate and Accumulated Depreciation | ||||
Gross amount at which carried at close of period, total | $ 2,606,343 | $ 2,619,488 | $ 2,164,815 | $ 997,323 |
Accumulated depreciation | 359,422 | $ 324,543 | $ 257,151 | $ 258,258 |
Commercial Real Estate [Member] | Impairment moved to discontinued operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company, land and improvements | 29,633 | |||
Initial cost to company, building and improvements | 0 | |||
Costs capitalized subsequent to acquisition, land and improvements | (16,391) | |||
Costs capitalized subsequent to acquisition, building and improvements | 0 | |||
Gross amount at which carried at close of period, land and improvements | 13,242 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 0 | |||
Gross amount at which carried at close of period, total | 13,242 | |||
Accumulated depreciation | 0 | |||
Residential Lots [Member] | Impairment moved to discontinued operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company, land and improvements | 1,584 | |||
Initial cost to company, building and improvements | 0 | |||
Costs capitalized subsequent to acquisition, land and improvements | 3,003 | |||
Costs capitalized subsequent to acquisition, building and improvements | 0 | |||
Gross amount at which carried at close of period, land and improvements | 4,587 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 0 | |||
Gross amount at which carried at close of period, total | 4,587 | |||
Accumulated depreciation | 0 | |||
Greenway Plaza Houston, TX [Member] | Operating Properties Office [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company, land and improvements | 273,651 | |||
Initial cost to company, building and improvements | 595,547 | |||
Costs capitalized subsequent to acquisition, land and improvements | 0 | |||
Costs capitalized subsequent to acquisition, building and improvements | 76,561 | |||
Gross amount at which carried at close of period, land and improvements | 273,651 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 672,108 | |||
Gross amount at which carried at close of period, total | 945,759 | |||
Accumulated depreciation | $ 85,617 | |||
Life on which depreciation in statement of operations is computed (b) | 30 years | |||
One Ninety One Peachtree Tower Atlanta [Member] | Operating Properties Office [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 100,000 | |||
Initial cost to company, land and improvements | 5,355 | |||
Initial cost to company, building and improvements | 141,012 | |||
Costs capitalized subsequent to acquisition, land and improvements | 4,034 | |||
Costs capitalized subsequent to acquisition, building and improvements | 98,643 | |||
Gross amount at which carried at close of period, land and improvements | 9,389 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 239,655 | |||
Gross amount at which carried at close of period, total | 249,044 | |||
Accumulated depreciation | $ 88,637 | |||
Life on which depreciation in statement of operations is computed (b) | 40 years | |||
Terminus 100 Atlanta, GA [Member] | Operating Properties Office [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 181,770 | |||
Initial cost to company, land and improvements | 87,264 | |||
Initial cost to company, building and improvements | 129,347 | |||
Costs capitalized subsequent to acquisition, land and improvements | 0 | |||
Costs capitalized subsequent to acquisition, building and improvements | 36,047 | |||
Gross amount at which carried at close of period, land and improvements | 87,264 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 165,394 | |||
Gross amount at which carried at close of period, total | 252,658 | |||
Accumulated depreciation | $ 26,333 | |||
Life on which depreciation in statement of operations is computed (b) | 42 years | |||
Promenade Atlanta, GA [Member] | Operating Properties Office [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 108,203 | |||
Initial cost to company, land and improvements | 13,439 | |||
Initial cost to company, building and improvements | 102,790 | |||
Costs capitalized subsequent to acquisition, land and improvements | 0 | |||
Costs capitalized subsequent to acquisition, building and improvements | 33,987 | |||
Gross amount at which carried at close of period, land and improvements | 13,439 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 136,777 | |||
Gross amount at which carried at close of period, total | 150,216 | |||
Accumulated depreciation | $ 25,841 | |||
Life on which depreciation in statement of operations is computed (b) | 34 years | |||
The American Cancer Society Center Atlanta, GA [Member] | Operating Properties Office [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 129,342 | |||
Initial cost to company, land and improvements | 5,226 | |||
Initial cost to company, building and improvements | 67,370 | |||
Costs capitalized subsequent to acquisition, land and improvements | 0 | |||
Costs capitalized subsequent to acquisition, building and improvements | 31,953 | |||
Gross amount at which carried at close of period, land and improvements | 5,226 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 99,323 | |||
Gross amount at which carried at close of period, total | 104,549 | |||
Accumulated depreciation | $ 68,082 | |||
Life on which depreciation in statement of operations is computed (b) | 25 years | |||
816 Congress Austin, TX [Member] | Operating Properties Office [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 85,000 | |||
Initial cost to company, land and improvements | 6,817 | |||
Initial cost to company, building and improvements | 89,891 | |||
Costs capitalized subsequent to acquisition, land and improvements | 3,282 | |||
Costs capitalized subsequent to acquisition, building and improvements | 10,712 | |||
Gross amount at which carried at close of period, land and improvements | 10,099 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 100,603 | |||
Gross amount at which carried at close of period, total | 110,702 | |||
Accumulated depreciation | $ 10,096 | |||
Life on which depreciation in statement of operations is computed (b) | 42 years | |||
Meridian Mark Plaza Atlanta, GA [Member] | Operating Properties Office [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 24,978 | |||
Initial cost to company, land and improvements | 2,219 | |||
Initial cost to company, building and improvements | 0 | |||
Costs capitalized subsequent to acquisition, land and improvements | 0 | |||
Costs capitalized subsequent to acquisition, building and improvements | 28,142 | |||
Gross amount at which carried at close of period, land and improvements | 2,219 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 28,142 | |||
Gross amount at which carried at close of period, total | 30,361 | |||
Accumulated depreciation | $ 17,656 | |||
Life on which depreciation in statement of operations is computed (b) | 30 years | |||
221 Peachtree Center Avenue Parking Garage Atlanta, GA [Member] | Operating Properties Office [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company, land and improvements | 4,217 | |||
Initial cost to company, building and improvements | 13,337 | |||
Costs capitalized subsequent to acquisition, land and improvements | 1 | |||
Costs capitalized subsequent to acquisition, building and improvements | 347 | |||
Gross amount at which carried at close of period, land and improvements | 4,218 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 13,684 | |||
Gross amount at which carried at close of period, total | 17,902 | |||
Accumulated depreciation | $ 3,127 | |||
Life on which depreciation in statement of operations is computed (b) | 39 years | |||
100 North Point Center East Suburban Atlanta, GA [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company, land and improvements | 1,475 | |||
Initial cost to company, building and improvements | 9,625 | |||
Costs capitalized subsequent to acquisition, land and improvements | (11) | |||
Costs capitalized subsequent to acquisition, building and improvements | 2,404 | |||
Gross amount at which carried at close of period, land and improvements | 1,464 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 12,029 | |||
Gross amount at which carried at close of period, total | 13,493 | |||
Accumulated depreciation | $ 7,072 | |||
Life on which depreciation in statement of operations is computed (b) | 25 years | |||
Research Park Austin [Member] | Operating Properties Office [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company, land and improvements | 4,373 | |||
Initial cost to company, building and improvements | 0 | |||
Costs capitalized subsequent to acquisition, land and improvements | 0 | |||
Costs capitalized subsequent to acquisition, building and improvements | 26,510 | |||
Gross amount at which carried at close of period, land and improvements | 4,373 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 26,510 | |||
Gross amount at which carried at close of period, total | 30,883 | |||
Accumulated depreciation | $ 0 | |||
Life on which depreciation in statement of operations is computed (b) | 0 years | |||
Land Adjacent to The Avenue Forsyth Suburban Atlanta [Member] | Commercial Real Estate [Member] | Impairment moved to discontinued operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company, land and improvements | 11,240 | |||
Initial cost to company, building and improvements | 0 | |||
Costs capitalized subsequent to acquisition, land and improvements | (7,540) | |||
Costs capitalized subsequent to acquisition, building and improvements | 0 | |||
Gross amount at which carried at close of period, land and improvements | 3,700 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 0 | |||
Gross amount at which carried at close of period, total | 3,700 | |||
Accumulated depreciation | $ 0 | |||
Life on which depreciation in statement of operations is computed (b) | 0 years | |||
Colorado Tower [Member] | Commercial Real Estate [Member] | Impairment moved to discontinued operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company, land and improvements | 8,099 | |||
Initial cost to company, building and improvements | 0 | |||
Costs capitalized subsequent to acquisition, land and improvements | 0 | |||
Costs capitalized subsequent to acquisition, building and improvements | 0 | |||
Gross amount at which carried at close of period, land and improvements | 8,099 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 0 | |||
Gross amount at which carried at close of period, total | 8,099 | |||
Accumulated depreciation | $ 0 | |||
Life on which depreciation in statement of operations is computed (b) | 0 years | |||
North Point Suburban Atlanta, GA [Member] | Commercial Real Estate [Member] | Impairment moved to discontinued operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company, land and improvements | 10,294 | |||
Initial cost to company, building and improvements | 0 | |||
Costs capitalized subsequent to acquisition, land and improvements | (8,851) | |||
Costs capitalized subsequent to acquisition, building and improvements | 0 | |||
Gross amount at which carried at close of period, land and improvements | 1,443 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 0 | |||
Gross amount at which carried at close of period, total | 1,443 | |||
Accumulated depreciation | $ 0 | |||
Life on which depreciation in statement of operations is computed (b) | 0 years | |||
Callaway Gardens Pine Mountain [Member] | Residential Lots [Member] | Impairment moved to discontinued operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company, land and improvements | 1,584 | |||
Initial cost to company, building and improvements | 0 | |||
Costs capitalized subsequent to acquisition, land and improvements | 3,003 | |||
Costs capitalized subsequent to acquisition, building and improvements | 0 | |||
Gross amount at which carried at close of period, land and improvements | 4,587 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 0 | |||
Gross amount at which carried at close of period, total | 4,587 | |||
Accumulated depreciation | $ 0 | |||
Life on which depreciation in statement of operations is computed (b) | 0 years | |||
Northpark Town Center [Member] | Operating Properties Office [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company, land and improvements | 24,577 | |||
Initial cost to company, building and improvements | 295,825 | |||
Costs capitalized subsequent to acquisition, land and improvements | 0 | |||
Costs capitalized subsequent to acquisition, building and improvements | 10,741 | |||
Gross amount at which carried at close of period, land and improvements | 24,577 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 306,566 | |||
Gross amount at which carried at close of period, total | 331,143 | |||
Accumulated depreciation | $ 15,006 | |||
Life on which depreciation in statement of operations is computed (b) | 39 years | |||
Fifth Third Center [Member] | Operating Properties Office [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company, land and improvements | 22,863 | |||
Initial cost to company, building and improvements | 180,430 | |||
Costs capitalized subsequent to acquisition, land and improvements | 0 | |||
Costs capitalized subsequent to acquisition, building and improvements | 5,701 | |||
Gross amount at which carried at close of period, land and improvements | 22,863 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 186,131 | |||
Gross amount at which carried at close of period, total | 208,994 | |||
Accumulated depreciation | $ 8,671 | |||
Life on which depreciation in statement of operations is computed (b) | 40 years | |||
Colorado Tower [Member] | Operating Properties Office [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company, land and improvements | 0 | |||
Initial cost to company, building and improvements | 0 | |||
Costs capitalized subsequent to acquisition, land and improvements | 4,014 | |||
Costs capitalized subsequent to acquisition, building and improvements | 110,906 | |||
Gross amount at which carried at close of period, land and improvements | 4,014 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 110,906 | |||
Gross amount at which carried at close of period, total | 114,920 | |||
Accumulated depreciation | $ 3,284 | |||
Life on which depreciation in statement of operations is computed (b) | 30 years | |||
Projects under Development [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial cost to company, land and improvements | 20,032 | |||
Initial cost to company, building and improvements | 0 | |||
Costs capitalized subsequent to acquisition, land and improvements | 0 | |||
Costs capitalized subsequent to acquisition, building and improvements | 7,858 | |||
Gross amount at which carried at close of period, land and improvements | 20,032 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 7,858 | |||
Gross amount at which carried at close of period, total | 27,890 | |||
Accumulated depreciation | 0 | |||
Projects under Development [Member] | Colorado Tower [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial cost to company, land and improvements | 20,032 | |||
Initial cost to company, building and improvements | 0 | |||
Costs capitalized subsequent to acquisition, land and improvements | 0 | |||
Costs capitalized subsequent to acquisition, building and improvements | 7,858 | |||
Gross amount at which carried at close of period, land and improvements | 20,032 | |||
Gross amount at which carried at close of period, building and Improvements less cost of sales, transfers and other | 7,858 | |||
Gross amount at which carried at close of period, total | 27,890 | |||
Accumulated depreciation | $ 0 | |||
Life on which depreciation in statement of operations is computed (b) | 0 years |
(Notes to Schedule III) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Property, Plant and Equipment [Line Items] | |||
Document Fiscal Year Focus | 2015 | 2014 | 2013 |
Real Estate | |||
Real estate, beginning balance | $ 2,619,488 | $ 2,164,815 | $ 997,323 |
Additions during the period: | |||
Cost of real property acquired | 28,131 | 523,695 | 1,321,394 |
Improvements and other capitalized costs | 139,676 | 109,959 | 86,376 |
Depreciation expense | 0 | 0 | 0 |
Real estate additions, total | 167,807 | 633,654 | 1,407,770 |
Deductions during the period: | |||
Cost of real estate sold or foreclosed | 180,952 | 178,981 | 240,278 |
Write-off of fully depreciated assets | 0 | 0 | 0 |
Real estate deductions, total | 180,952 | 178,981 | 240,278 |
Real estate, ending balance | 2,606,343 | 2,619,488 | 2,164,815 |
Accumulated Depreciation | |||
Real estate accumulated depreciation, beginning balance | 324,543 | 257,151 | 258,258 |
Additions during the period: | |||
Acquisition | 0 | 0 | 0 |
Improvements and other capitalized costs | 0 | 0 | 0 |
Depreciation expense | 99,067 | 86,824 | 56,234 |
Real estate accumulated depreciation additions, total | 99,067 | 86,824 | 56,234 |
Deductions during the period: | |||
Cost of real estate sold or foreclosed | (64,188) | (19,432) | (57,341) |
Write-off of fully depreciated assets | 0 | 0 | 0 |
Real estate accumulated depreciation deductions, total | (64,188) | (19,432) | (57,341) |
Real estate accumulated depreciation, ending balance | $ 359,422 | $ 324,543 | $ 257,151 |
Minimum [Member] | Buildings and Improvements [Member] | |||
Deductions during the period: | |||
Useful life | 24 years | ||
Maximum [Member] | Buildings and Improvements [Member] | |||
Deductions during the period: | |||
Useful life | 42 years |
Other Assets Other Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Other Assets [Abstract] | ||
Incentive to Lessee | $ 13,306 | $ 12,245 |
Furniture, Fixture and Equipments and Leasehold Improvements | 13,523 | 10,590 |
Prepaid Expense and Other Assets, Current | 4,408 | 3,428 |
Predevelopment Costs and Earnest Money | 1,780 | 1,789 |
Deferred Finance Costs, Net | 5,455 | 6,878 |
Other Assets | 38,472 | 34,930 |
Accumulated Amortization Incentives to Lessees | 6,865 | 5,475 |
Furniture, Fixture and Equipments and Leasehold Improvements Accumulated Depreciation | 22,572 | 19,137 |
Accumulated Amortization, Deferred Finance Costs | $ 3,388 | $ 2,286 |
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