Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

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, 2021

($ 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 2021 Statement of Operations is Computed (c)
OPERATING PROPERTIES
The Domain	$	—	$	65,236	$	755,143	$	6,006	$	242,768	$	71,242	$	997,911	$	1,069,153	$	68,954	—	2019	40 years
Austin, TX
Terminus	184,239		49,050		410,826		—		25,250		49,050		436,076		485,126		33,483		—	2019	40 years
Atlanta, GA
Northpark Town Center	—		22,350		295,825		—		66,401		22,350		362,226		384,576		88,605		—	2014	39 years
Atlanta, GA
Corporate Center (d)	—		2,468		272,148		17,004		59,322		19,472		331,470		350,942		57,377		—	2016	40 years
Tampa, FL
Spring & 8th	—		28,131		—		426		301,810		28,557		301,810		330,367		40,834		2015	2015	40 years
Atlanta, GA
Buckhead Plaza	—		35,064		234,111		—		35,679		35,064		269,790		304,854		38,155		—	2016	40 years
Atlanta, GA
300 Colorado (d)	—		18,354		278,905		—		240		18,354		279,145		297,499		613		—	2021	40 years
Austin, TX
Hayden Ferry	—		13,102		262,578		(252)		20,708		12,850		283,286		296,136		52,591		—	2016	40 years
Phoenix, AZ
725 Ponce	—		20,720		272,226		—		610		20,720		272,836		293,556		3,503		—	2021	40 years
Atlanta, GA
The Terrace	—		27,360		247,226		—		14,564		27,360		261,790		289,150		21,699		—	2019	40 years
Austin, TX
One Eleven Congress	—		33,841		201,707		—		47,481		33,841		249,188		283,029		36,455		—	2016	40 years
Austin, TX
Briarlake Plaza	—		33,486		196,915		—		3,397		33,486		200,312		233,798		20,030		—	2019	40 years
Houston, TX
San Jacinto Center	—		34,068		176,535		(579)		18,260		33,489		194,795		228,284		29,103		—	2016	40 years
Austin, TX
3344 Peachtree	—		16,110		176,153		—		35,532		16,110		211,685		227,795		34,110		—	2016	40 years
Atlanta, GA
Fifth Third Center	133,672		22,591		180,430		—		21,088		22,591		201,518		224,109		48,836		—	2014	40 years
Charlotte, NC
Continued on next page
The RailYard	$	—	$	22,831	$	178,323	$	—	$	216	$	22,831	$	178,539	$	201,370	$	6,518	—	2020	40 years
Charlotte, NC
Avalon	—		9,952		—		73		177,776		10,025		177,776		187,801		20,357		2016	2016	40 years
Atlanta, GA
Promenade Tower (fka Promenade)	89,052		13,439		102,790		—		49,093		13,439		151,883		165,322		58,622		—	2011	34 years
Atlanta, GA
Colorado Tower (d)	112,150		1,600		—		20,577		130,291		22,177		130,291		152,468		42,093		2013	2013	30 years
Austin, TX
3350 Peachtree	—		16,836		108,177		—		20,540		16,836		128,717		145,553		16,540		—	2016	40 years
Atlanta, GA
Legacy Union One	66,000		13,049		128,740		—		257		13,049		128,997		142,046		12,474		—	2019	40 years
Dallas, GA
Heights Union	—		9,545		123,944		—		5,036		9,545		128,980		138,525		873		—	2021	40 years
Tampa, FL
550 South (fka Nascar Plaza)	—		51		115,238		—		9,151		51		124,389		124,440		22,176		—	2016	40 years
Charlotte, NC
Tempe Gateway	—		5,893		95,130		—		3,768		5,893		98,898		104,791		15,863		—	2016	40 years
Phoenix, AZ
Domain Point	—		17,349		71,599		—		7,904		17,349		79,503		96,852		7,289		—	2019	40 years
Austin, TX
Promenade Central (fka 1200 Peachtree)	—		19,495		62,836		(1)		7,194		19,494		70,030		89,524		4,534		—	2019	40 years
Atlanta, GA
111 West Rio	—		6,076		56,647		(127)		18,612		5,949		75,259		81,208		13,698		—	2017	40 years
Phoenix, AZ
3348 Peachtree	—		6,707		69,723		—		1,809		6,707		71,532		78,239		14,222		—	2016	40 years
Atlanta, GA
5950 Sherry Lane	—		8,040		65,919		—		2,188		8,040		68,107		76,147		6,321		—	2019	40 years
Dallas, GA
The Pointe	—		9,404		54,694		—		7,802		9,404		62,496		71,900		12,172		—	2016	40 years
Tampa, FL
Harborview Plaza	—		10,800		39,136		—		9,853		10,800		48,989		59,789		8,038		—	2016	40 years
Tampa, FL
Research Park V	—		4,373		—		801		42,623		5,174		42,623		47,797		12,812		2014	1998	30 years
Austin, TX
Continued on next page
Meridian Mark Plaza	$	—	$	2,219	$	—	$	—	$	30,724	$	2,219	$	30,724	$	32,943	$	23,091	1997	1997	30 years
Atlanta, GA
Miscellaneous Investments	—		15,318		69,780		33		1,678		15,351		71,458		86,809		2,947
Total Operating Properties	585,113		614,908		5,303,404		43,961		1,419,625		658,869		6,723,029		7,381,898		874,988
PROJECTS UNDER DEVELOPMENT
100 Mill	—		13,156		—		—		112,909		13,156		112,909		126,065		—		—	2018
Phoenix, AZ
Domain 9	—		16,640		—		—		32,098		16,640		32,098		48,738		—		—	2018
Austin, TX
Total Projects Under Development	—		29,796		—		—		145,007		29,796		145,007		174,803		—
LAND
South End Station	—		28,134		—		—		—		28,134		—		28,134		—		—	2020
Charlotte, NC
887 West Peachtree (d) (fka 901 West Peachtree)	—		11,883		—		13,678		—		25,561		—		25,560		—		—	2019
Atlanta, GA
Legacy Union 2 & 3	—		22,724		—		—		—		22,724		—		22,724		—		—	2019
Dallas, GA
3354 Peachtree	—		13,410		—		8,099		—		21,509		—		21,509		—		—	2018
Atlanta, GA
Domain 14 & 15	—		21,000		—		—		—		21,000		—		21,000		—		—	2019
Austin, TX
Tremont	—		18,779		—		75		—		18,854		—		18,854		—		—	2020
Charlotte, NC
Domain Point 3	—		11,018		—		—		—		11,018		—		11,018		—		—	2020
Austin, TX
Corporate Center (d)	—		5,188		—		(6)		—		5,182		—		5,182		—		—	2019
Tampa, FL
The Avenue Forsyth -Adjacent Land	—		11,240		—		(7,540)		—		3,700		—		3,700		—		—	2007
Suburban Atlanta, GA
Total Commercial Land	—		143,376		—		14,306		—		157,682		—		157,681		—
Total Properties	$	585,113	$	788,080	$	5,303,404	$	58,267	$	1,564,632	$	846,347	$	6,868,036	$	7,714,382	$	874,988

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2021

(in thousands)

NOTES:

(a)Reconciliations of total real estate carrying value and accumulated depreciation for the three years ended December 31, 2021 are as follows:

	Real Estate						Accumulated Depreciation
	2021		2020		2019		2021		2020		2019
Balance at beginning of period	$	7,370,401	$	7,158,069	$	4,121,286	$	811,196	$	621,617	$	421,495
Additions during the period:
TIER merger	—		—		2,222,989		—		—		—
Acquisitions	723,694		286,252		542,502		—		—		—
Improvements and other capitalized costs	280,823		323,919		271,720		—		—		—
Depreciation expense	—		—		—		246,240		234,057		200,122
Total Additions	1,004,517		610,171		3,037,211		246,240		234,057		200,122
Deductions during the period:
Cost of real estate sold	(552,201)		(383,010)		(428)		(74,113)		(44,478)		—
Write Off of Fully Depreciated Assets	(108,335)		—		—		(108,335)		—		—
Total Deductions	(660,536)		(383,010)		(428)		(182,448)		(44,478)		—
Balance at end of period before impairment charges	7,714,382		7,385,230		7,158,069		874,988		811,196		621,617
Cumulative impairment charges on real estate assets owned at end of period	—		(14,829)		—		—		—		—
Balance at end of period	$	7,714,382	$	7,370,401	$	7,158,069	$	874,988	$	811,196	$	621,617

(b)The aggregate cost for federal income tax purposes, net of depreciation, was $5.4 billion (unaudited) at December 31, 2021.

(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.

(d)Some or all of the land at these properties is controlled under a ground lease.