Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

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, 2020

($ 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 2020 Statement of Operations is Computed (c)
OPERATING PROPERTIES
The Domain	$	—	$	65,236	$	755,143	$	6,008	$	230,349	$	71,244	$	985,492	$	1,056,736	$	35,842	—	2019	40 years
Austin, TX
Terminus	189,352		49,050		410,826		—		23,451		49,050		434,277		483,327		19,471		—	2019	40 years
Atlanta, GA
Northpark Town Center	—		22,350		295,825		—		77,198		22,350		373,023		395,373		85,760		—	2014	39 years
Atlanta, GA
Corporate Center	—		2,468		272,148		17,282		64,426		19,750		336,574		356,324		51,978		—	2016	40 years
Tampa, FL
Spring & 8th	—		28,131		—		426		301,774		28,557		301,774		330,331		29,922		2015	2015	40 years
Atlanta, GA
Hayden Ferry	—		13,102		262,578		(252)		26,676		12,850		289,254		302,104		49,929		—	2016	40 years
Phoenix, AZ
Buckhead Plaza	—		35,064		234,111		—		23,652		35,064		257,763		292,827		38,761		—	2016	40 years
Atlanta, GA
The Terrace	—		27,360		247,226		—		7,558		27,360		254,784		282,144		14,028		—	2019	40 years
Austin, TX
One Eleven Congress	—		33,841		201,707		—		47,221		33,841		248,928		282,769		34,609		—	2016	40 years
Austin, TX
One South at The Plaza (fka Bank of America Plaza)	—		32,091		229,840		(417)		8,620		31,674		238,460		270,134		21,849		—	2019	40 years
Charlotte, NC
Briarlake Plaza	—		33,486		196,915		—		4,250		33,486		201,165		234,651		13,126		—	2019	40 years
Houston, TX
Fifth Third Center	137,057		22,591		180,430		—		27,122		22,591		207,552		230,143		47,212		—	2014	40 years
Charlotte, NC
San Jacinto Center	—		34,068		176,535		(579)		18,908		33,489		195,443		228,932		27,446		—	2016	40 years
Austin, TX
3344 Peachtree	—		16,110		176,153		—		29,835		16,110		205,988		222,098		29,947		—	2016	40 years
Atlanta, GA
The RailYard	—		22,831		178,323		—		44		22,831		178,367		201,198		391		—	2020	40 years
Charlotte, NC
Avalon	$	—	$	9,952	$	—	$	73	$	168,102	$	10,025	$	168,102	$	178,127	$	13,323	2016	2016	40 years
Atlanta, GA
Promenade	92,593		13,439		102,790		—		51,239		13,439		154,029		167,468		62,724		—	2011	34 years
Atlanta, GA
Colorado Tower	114,659		1,600		—		20,592		127,434		22,192		127,434		149,626		41,443		2013	2013	30 years
Austin, TX
816 Congress	78,232		6,817		89,891		20,625		31,626		27,442		121,517		148,959		35,373		—	2013	42 years
Austin, TX
Legacy Union One	66,000		13,049		128,740		—		59		13,049		128,799		141,848		7,576		—	2019	40 years
Dallas, GA
3350 Peachtree	—		16,836		108,177		—		11,450		16,836		119,627		136,463		18,294		—	2016	40 years
Atlanta, GA
NASCAR Plaza	—		51		115,238		—		7,505		51		122,743		122,794		19,656		—	2016	40 years
Charlotte, NC
Tempe Gateway	—		5,893		95,130		—		6,912		5,893		102,042		107,935		15,867		—	2016	40 years
Phoenix, AZ
Domain Point	—		17,349		71,599		—		4,949		17,349		76,548		93,897		4,580		—	2019	40 years
Austin, TX
BBT Parking Garage	—		15,318		69,780		33		1,007		15,351		70,787		86,138		1,166		—	2020	40 years
Charlotte, NC
1200 Peachtree	—		19,495		62,836		(1)		977		19,494		63,813		83,307		2,934		—	2019	40 years
Atlanta, GA
111 West Rio	—		6,076		56,647		(127)		17,761		5,949		74,408		80,357		10,478		—	2017	40 years
Phoenix, AZ
3348 Peachtree	—		6,707		69,723		—		2,884		6,707		72,607		79,314		12,540		—	2016	40 years
Atlanta, GA
5950 Sherry Lane	—		8,040		65,919		—		2,283		8,040		68,202		76,242		4,451		—	2019	40 years
Dallas, GA
The Pointe	—		9,404		54,694		—		8,360		9,404		63,054		72,458		11,631		—	2016	40 years
Tampa, FL
Harborview Plaza	—		10,800		39,136		—		10,175		10,800		49,311		60,111		7,487		—	2016	40 years
Tampa, FL
Research Park V	—		4,373		—		801		42,393		5,174		42,393		47,567		10,300		2014	1998	30 years
Austin, TX
Meridian Mark Plaza	—		2,219		—		—		31,698		2,219		31,698		33,917		22,979		1997	1997	30 years
Atlanta, GA
Total Operating Properties	677,893		605,197		4,948,060		64,464		1,417,898		669,661		6,365,958		7,035,619		803,073

			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 2020 Statement of Operations is Computed (c)
HELD FOR SALE
Burnett Plaza	$	—	$	32,656	$	90,104	$	(566)	$	7,622	$	32,090	$	97,726	$	129,816	$	8,123	—	2019	40 years
Fort Worth, TX
Total Properties Held for Sale	—		32,656		90,104		(566)		7,622		32,090		97,726		129,816		8,123		—
PROJECTS UNDER DEVELOPMENT
100 Mill	—		13,156		—		—		44,233		13,156		44,233		57,389		—		2020	2018
Phoenix, AZ
Total Projects Under Development	—		13,156		—		—		44,233		13,156		44,233		57,389		—		—
LAND
South End Station	—		28,134		—		—		—		28,134		—		28,134		—		—	2020
Charlotte, NC
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
303 Tremont	—		18,779		—		—		—		18,779		—		18,779		—		—	2020
Charlotte, NC
Domain 9	—		16,640		—		—		—		16,640		—		16,640		—		—	2018
Austin, TX
901 West Peachtree	—		11,883		—		3,584		—		15,467		—		15,467		—		—	2019
Atlanta, GA
3354 Peachtree	—		13,410		—		—		—		13,410		—		13,410		—		—	2018
Atlanta, GA
100 Mill - Adjacent Land	—		6,350		—		—		—		6,350		—		6,350		—		—	2018
Phoenix, AZ
Domain Point 3	—		11,018		—		—		—		11,018		—		11,018		—		—	2020
Austin, TX
The Avenue Forsyth -Adjacent Land	—		11,240		—		(7,540)		—		3,700		—		3,700		—		—	2007
Suburban Atlanta, GA
Corporate Center 5	—		5,188		—		(4)		—		5,184		—		5,184		—		—	2019
Total Commercial Land	—		166,366		—		(3,960)		—		162,406		—		162,406		—
Total Properties	$	677,893	$	817,375	$	5,038,164	$	59,938	$	1,469,753	$	877,313	$	6,507,917	$	7,385,230	$	811,196

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2020

(in thousands)

NOTES:

(a)Reconciliations of total real estate carrying value and accumulated depreciation for the three years ended December 31, 2020 are as follows:

	Real Estate						Accumulated Depreciation
	2020		2019		2018		2020		2019		2018
Balance at beginning of period	$	7,158,069	$	4,121,286	$	3,893,799	$	621,617	$	421,495	$	275,977
Additions during the period:
TIER merger	—		2,222,989		—		—		—		—
Acquisitions	286,252		542,502		48,920		—		—		—
Improvements and other capitalized costs	323,919		271,720		178,567		—		—		—
Depreciation expense	—		—		—		234,057		200,122		145,518
Total Additions	610,171		3,037,211		227,487		234,057		200,122		145,518
Deductions during the period:
Cost of real estate sold	(383,010)		(428)		—		(44,478)		—		—
Total Deductions	(383,010)		(428)		—		(44,478)		—		—
Balance at end of period before impairment charges	7,385,230		7,158,069		4,121,286		811,196		621,617		421,495
Cumulative impairment charges on real estate assets owned at end of period	(14,829)		—		—		—		—		—
Balance at end of period	$	7,370,401	$	7,158,069	$	4,121,286	$	811,196	$	621,617	$	421,495

(b)The aggregate cost for federal income tax purposes, net of depreciation, was $5.2 billion (unaudited) at December 31, 2020.

(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.