Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

REAL ESTATE AND ACCUMULATED DEPRECIATION

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2019

($ in thousands)

			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)(b)		Accumulated Depreciation (a)(b)		Date of Construction/ Renovation	Date Acquired	Life on Which Depreciation in 2018 Statement of Operations is Computed (c)
OPERATING PROPERTIES
The Domain	$	—	$	52,511	$	617,001	$	—		$	3,958	$	52,511	$	620,959	$	673,470	$	10,996	—	2019	40 years
Austin, TX
Terminus	194,225		49,345		410,826		—			6,592		49,345		417,418		466,763		4,028		—	2019	40 years
Atlanta, GA
Northpark	—		22,350		295,825		—			66,375		22,350		362,200		384,550		70,498		—	2014	39 years
Atlanta, GA
Corporate Center	—		7,298		272,148		17,566			47,407		24,864		319,555		344,419		39,254		—	2016	40 years
Tampa, FL
Spring & 8th	—		28,131		—		426			301,596		28,557		301,596		330,153		19,008		2015	2015	40 years
Atlanta, GA
Hayden Ferry	—		13,102		262,578		(252		)	24,476		12,850		287,054		299,904		38,320		—	2016	40 years
Phoenix, AZ
Buckhead Plaza	—		35,064		234,111		—			10,070		35,064		244,181		279,245		30,028		—	2016	40 years
Atlanta, GA
The Terrace	—		27,360		247,226		—			2,571		27,360		249,797		277,157		4,992		—	2019	40 years
Austin, TX
One Eleven Congress	—		33,841		201,707		—			30,938		33,841		232,645		266,486		26,574		—	2016	40 years
Austin, TX
Bank of America Plaza	—		32,091		229,840		(147		)	4,059		31,944		233,899		265,843		8,030		—	2019	40 years
Charlotte, NC
Briarlake Plaza	—		33,486		196,915		—			2,855		33,486		199,770		233,256		4,692		—	2019	40 years
Houston, TX
Fifth Third Center	140,332		22,591		180,430		—			21,404		22,591		201,834		224,425		39,706		—	2014	40 years
Charlotte, NC
San Jacinto Center	—		34,068		176,535		(579		)	14,237		33,489		190,772		224,261		20,507		—	2016	40 years
Austin, TX
3344 Peachtree	—		16,110		176,153		—			20,425		16,110		196,578		212,688		23,418		—	2016	40 years
Atlanta, GA
Promenade	95,986		13,439		102,790		—			47,224		13,439		150,014		163,453		55,183		—	2011	34 years
Atlanta, GA
816 Congress	$	79,987	$	6,817	$	89,891	$	20,682		$	27,198	$	27,499	$	117,089	$	144,588	$	30,234	—	2013	42 years
Austin, TX
Colorado Tower	117,085		1,600		—		20,607			120,902		22,207		120,902		143,109		31,909		2013	2013	30 years
Austin, TX
Legacy Union One	66,000		13,049		128,740		—			—		13,049		128,740		141,789		2,679		—	2019	40 years
Dallas, GA
3350 Peachtree	—		16,836		108,177		—			9,276		16,836		117,453		134,289		14,086		—	2016	40 years
Atlanta, GA
Burnett Plaza	—		28,756		90,104		(281		)	1,611		28,475		91,715		120,190		2,633		—	2019	40 years
Fort Worth, TX
NASCAR Plaza	—		51		115,238		—			3,213		51		118,451		118,502		15,325		—	2016	40 years
Charlotte, NC
Tempe Gateway	—		5,893		95,130		—			6,542		5,893		101,672		107,565		12,089		—	2016	40 years
Phoenix, AZ
Domain Point	—		17,349		71,599		—			236		17,349		71,835		89,184		1,725		—	2019	40 years
Austin, TX
1200 Peachtree	—		19,495		62,836		—			—		19,495		62,836		82,331		1,333		—	2019	40 years
Atlanta, GA
111 West Rio	—		6,076		56,647		(127		)	16,964		5,949		73,611		79,560		7,271		—	2017	40 years
Phoenix, AZ
3348 Peachtree	—		6,707		69,723		—			2,412		6,707		72,135		78,842		9,584		—	2016	40 years
Atlanta, GA
8000 Avalon	—		4,130		—		72			72,953		4,202		72,953		77,155		7,177		2016	2016	40 years
Atlanta, GA
5950 Sherry Lane	—		8,040		65,919		—			1,077		8,040		66,996		75,036		1,481		—	2019	40 years
Dallas, GA
The Pointe	—		9,404		54,694		—			5,954		9,404		60,648		70,052		8,881		—	2016	40 years
Tampa, FL
Harborview Plaza	—		10,800		39,136		—			7,979		10,800		47,115		57,915		5,767		—	2016	40 years
Tampa, FL
Research Park V	—		4,373		—		801			42,390		5,174		42,390		47,564		7,798		2014	1998	30 years
Austin, TX
Meridian Mark Plaza	22,978		2,219		—		—			30,500		2,219		30,500		32,719		21,933		1997	1997	30 years
Atlanta, GA
Total Operating Properties	716,593		582,382		4,651,919		58,768			953,394		641,150		5,605,313		6,246,463		577,139

			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)(b)		Accumulated Depreciation (a)(b)		Date of Construction/ Renovation	Date Acquired	Life on Which Depreciation in 2018 Statement of Operations is Computed (c)
HELD FOR SALE
Hearst Tower	$	—	$	9,977	$	323,299	$	—		$	28,455	$	9,977	$	351,754	$	361,731	$	44,478	2013	2013
Charlotte, NC
Woodcrest	—		2,280		18,636		—			2,002		2,280		20,638		22,918		—		—	2019
Cherry Hill, NJ
Total Properties Held for Sale	—		12,257		341,935		—			30,457		12,257		372,392		384,649		44,478
PROJECTS UNDER DEVELOPMENT
Domain 12	—		12,725		138,148		—			21,100		12,725		159,248		171,973		—		2019	2019
Austin, TX
Domain 10	—		11,975		101,565		—			35,012		11,975		136,577		148,552		—		2019	2019
Austin, TX
10000 Avalon	—		5,819		—		3			83,750		5,822		83,750		89,572		—		2018	2016
Suburban Atlanta, GA
Total Projects Under Development	—		30,519		239,713		3			139,862		30,522		379,575		410,097		—
LAND
Legacy Union 2 & 3	—		22,724		—		—			—		22,724		—		22,724		—		—	2019
Dallas, GA
Domain 14 & 15	—		21,000		—		—			—		21,000		—		21,000		—		—	2019
Austin, TX
100 Mill	—		19,506		—		—			—		19,506		—		19,506		—		—	2018
Phoenix, AZ
Domain 9	—		16,640		—		—			—		16,640		—		16,640		—		—	2019
Austin, TX
901 West Peachtree	—		11,883		—		3,741			—		15,624		—		15,624		—		—	2018
Atlanta, GA
3354 Peachtree	—		13,410		—		—			—		13,410		—		13,410		—		—	2019
Atlanta, GA
Burnett Plaza - Adjacent Land	—		3,900		—		—			—		3,900		—		3,900		—		—	2019
Fort Worth, TX
The Avenue Forsyth - Adjacent Land	—		11,240		—		(7,540		)	—		3,700		—		3,700		—		—	2007
Suburban Atlanta, GA
Corporate Center 5	—		—		—		356			—		356		—		356		—		—	2019
Tampa, FL
Total Commercial Land	—		120,303		—		(3,443		)	—		116,860		—		116,860		—
Total Properties	$	716,593	$	745,461	$	5,233,567	$	55,328		$	1,123,713	$	800,789	$	6,357,280	$	7,158,069	$	621,617

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2019

(in thousands)

NOTES:

(a) Reconciliations of total real estate carrying value and accumulated depreciation for the three years ended December 31, 2019 are as follows:

	Real Estate								Accumulated Depreciation
	2019			2018		2017			2019		2018		2017
Balance at beginning of period	$	4,121,286		$	3,893,799	$	3,814,986		$	421,495	$	275,977	$	215,856
Additions during the period:
TIER merger	2,222,989			—		—			—		—		—
Acquisitions	542,502			48,920		62,723			—		—		—
Improvements and other capitalized costs	271,720			178,567		303,940			—		—		—
Depreciation expense	—			—		—			200,122		145,518		101,720
Total Additions	3,037,211			227,487		366,663			200,122		145,518		101,720
Deductions during the period:
Cost of real estate sold	(428		)	—		(287,850		)	—		—		(41,599		)
Total Deductions	(428		)	—		(287,850		)	—		—		(41,599		)
Balance at end of period	$	7,158,069		$	4,121,286	$	3,893,799		$	621,617	$	421,495	$	275,977

(b) The aggregate cost for federal income tax purposes, net of depreciation, was $4.9 billion (unaudited) at December 31, 2019.

(c)

Buildings and improvements are depreciated over 30 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.