10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number: 001-11312

COUSINS PROPERTIES INCORPORATED

(Exact name of registrant as specified in its charter)

Georgia				58-0869052
(State or other jurisdiction of incorporation or organization)				(I.R.S. Employer Identification No.)
3344 Peachtree Road NE	Suite 1800	Atlanta	Georgia	30326-4802
(Address of principal executive offices)				(Zip Code)

(404) 407-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value per share	CUZ	New York Stock Exchange	("NYSE")

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at April 23, 2020
Common Stock, $1 par value per share	148,539,690 shares

	Page No.
PART I-FINANCIAL INFORMATION	4
Item 1. Financial Statements (Unaudited)	4
CONDENSED CONSOLIDATED BALANCE SHEETS	4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY	6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	7
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3. Quantitative and Qualitative Disclosures About Market Risk	28
Item 4. Controls and Procedures	28
PART II. OTHER INFORMATION	29
Item 1. Legal Proceedings	29
Item 1A. Risk Factors	29
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 6. Exhibits	31
SIGNATURES	32

FORWARD-LOOKING STATEMENTS

Certain matters contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized in Item 1A included in the Annual Report on Form 10-K for the year ended December 31, 2019, and as itemized herein. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as:

• guidance and underlying assumptions;

• business and financial strategy;

• future debt financings;

• future acquisitions and dispositions of operating assets or joint venture interests;

• future acquisitions and dispositions of land, including ground leases;

• future development and redevelopment opportunities, including fee development opportunities;

• future issuances and repurchases of common stock;

• future distributions;

• projected capital expenditures;

• market and industry trends;

• entry into new markets;

• future changes in interest rates; and

• all statements that address operating performance, events, or developments that we expect or anticipate will occur in the future — including statements relating to creating value for stockholders.

Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following:

• the availability and terms of capital;

• the ability to refinance or repay indebtedness as it matures;

• the failure of purchase, sale, or other contracts to ultimately close;

• the failure to achieve anticipated benefits from acquisitions, investments, or dispositions;

• the potential dilutive effect of common stock or operating partnership unit issuances;

• the availability of buyers and pricing with respect to the disposition of assets;

• changes in national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate, particularly in Atlanta, Austin, Charlotte, Phoenix, Tampa, and Dallas where we have high concentrations of our lease revenues, including the impact of high unemployment, volatility in the public equity and debt markets, and international economic and other conditions;

• the impact of a public health crisis, including the COVID-19 pandemic, and the governmental and third party response to such a crisis, which may affect our key personnel, our major tenants, and the costs of operating our assets;

• the impact of social distancing, shelter-in-place, border closings, travel restrictions, remote work requirements, and similar governmental and private measures taken to combat the spread of the COVID-19 pandemic on our operations and our tenants;

• 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, the ability to lease newly developed and/or recently acquired space, the failure of a tenant to commence or complete tenant improvements on schedule or to occupy leased space, and the risk of declining leasing rates;

• changes in the needs of our tenants brought about by the desire for co-working arrangements, trends toward utilizing less office space per employee, and the effect of telecommuting;

• any adverse change in the financial condition of one or more of our tenants;

• volatility in interest rates and insurance rates;

• competition from other developers or investors;

• the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk);

• cyber security breaches;

• changes in senior management, changes in the Board of Directors, and 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;

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• any failure to comply with debt covenants under credit agreements;

• any failure to continue to qualify for taxation as a real estate investment trust and meet regulatory requirements;

• potential changes to state, local, or federal regulations applicable to our business;

• material changes in the rates or the ability to pay dividends on common shares or other securities;

• potential changes to the tax laws impacting REITs and real estate in general; and

• those additional risks and factors discussed in reports filed with the Securities and Exchange Commission (“SEC”) by the Company, and those additional risks and factors discussed in reports filed with the SEC by the Company.

The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will,” or similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in any forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise, except as required under U.S. federal securities laws.

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PART I — FINANCIAL INFORMATION

Item 1.    Financial Statements.

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)
	March 31, 2020			December 31, 2019
	(unaudited)
Assets:
Real estate assets:
Operating properties, net of accumulated depreciation of $633,654 and $577,139 in 2020 and 2019, respectively	$	5,740,337		$	5,669,324
Projects under development	368,414			410,097
Land	97,354			116,860
	6,206,105			6,196,281
Real estate assets and other assets held for sale, net of accumulated depreciation and amortization of $61,093 in 2019	—			360,582
Cash and cash equivalents	124,632			15,603
Restricted cash	1,947			2,005
Notes and accounts receivable	28,533			23,680
Deferred rents receivable	109,458			102,314
Investment in unconsolidated joint ventures	128,916			133,884
Intangible assets, net	240,286			257,649
Other assets	62,057			59,449
Total assets	$	6,901,934		$	7,151,447
Liabilities:
Notes payable	$	1,944,034		$	2,222,975
Accounts payable and accrued expenses	144,984			209,904
Deferred income	55,290			52,269
Intangible liabilities, net of accumulated amortization of $61,084 and $55,798 in 2020 and 2019, respectively	77,819			83,105
Other liabilities	120,809			134,128
Liabilities of real estate assets held for sale, net of accumulated amortization of $7,771 in 2019	—			21,231
Total liabilities	2,342,936			2,723,612
Commitments and contingencies
Equity:
Stockholders' investment:
Preferred stock, $1 par value, 20,000,000 shares authorized, 1,716,837 shares issued and outstanding in 2019	—			1,717
Common stock, $1 par value, 300,000,000 shares authorized, 151,124,621 and 149,347,382 shares issued in 2020 and 2019, respectively	151,125			149,347
Additional paid-in capital	5,538,875			5,493,883
Treasury stock at cost, 2,584,933 shares in 2020 and 2019	(148,473		)	(148,473		)
Distributions in excess of cumulative net income	(1,006,820		)	(1,137,200		)
Total stockholders' investment	4,534,707			4,359,274
Nonredeemable noncontrolling interests	24,291			68,561
Total equity	4,558,998			4,427,835
Total liabilities and equity	$	6,901,934		$	7,151,447
See accompanying notes.

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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

	Three Months Ended
	March 31,
	2020			2019
Revenues:
Rental property revenues	$	189,129		$	123,865
Fee income	4,732			8,728
Other	37			140
	193,898			132,733
Expenses:
Rental property operating expenses	64,538			43,487
Reimbursed expenses	521			932
General and administrative expenses	5,652			11,460
Interest expense	15,904			10,820
Depreciation and amortization	71,614			45,861
Transaction costs	365			3
Other	566			180
	159,160			112,743
Income from unconsolidated joint ventures	3,425			2,904
Gain on sales of investments in unconsolidated joint ventures	46,230			—
Gain on investment property transactions	90,916			13,111
Net income	175,309			36,005
Net income attributable to noncontrolling interests	(366		)	(664		)
Net income available to common stockholders	$	174,943		$	35,341
Net income per common share — basic	$	1.19		$	0.34
Net income per common share — diluted	$	1.18		$	0.34
Weighted average shares — basic	147,424			105,127
Weighted average shares — diluted	148,561			106,901

See accompanying notes.

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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(unaudited; in thousands except per share amounts)

Three Months Ended March 31, 2020
	Preferred Stock			Common Stock			Additional Paid-In Capital			Treasury Stock			Distributions in Excess of Net Income			Stockholders’ Investment			Nonredeemable Noncontrolling Interests			Total Equity
Balance December 31, 2019	$	1,717		$	149,347		$	5,493,883		$	(148,473	)	$	(1,137,200	)	$	4,359,274		$	68,561		$	4,427,835
Net income (loss)	—			—			—			—			174,943			174,943			366			175,309
Common stock issued pursuant to stock based compensation	—			60			(1,325		)	—			—			(1,265		)	—			(1,265		)
Common stock issued pursuant to unitholder redemption	(1,717		)	1,719			45,032			—			—			45,034			(45,034		)	—
Amortization of stock options and restricted stock, net of forfeitures	—			(1		)	1,285			—			—			1,284			—			1,284
Contributions from nonredeemable noncontrolling interests	—			—			—			—			—			—			1,036			1,036
Distributions to nonredeemable noncontrolling interests	—			—			—			—			—			—			(638		)	(638		)
Common dividends ($0.30 per share)	—			—			—			—			(44,563		)	(44,563		)	—			(44,563		)
Balance March 31, 2020	$	—		$	151,125		$	5,538,875		$	(148,473	)	$	(1,006,820	)	$	4,534,707		$	24,291		$	4,558,998
Three Months Ended March 31, 2019
	Preferred Stock			Common Stock			Additional Paid-In Capital			Treasury Stock			Distributions in Excess of Net Income			Stockholders’ Investment			Nonredeemable Noncontrolling Interests			Total Equity
Balance December 31, 2018	$	1,717		$	107,681		$	3,934,385		$	(148,473	)	$	(1,129,445	)	$	2,765,865		$	55,291		$	2,821,156
Net income	—			—			—			—			35,341			35,341			664			36,005
Common stock issued pursuant to stock based compensation	—			50			(954		)	—			—			(904		)	—			(904		)
Amortization of stock options and restricted stock, net of forfeitures	—			—			607			—			—			607			—			607
Contributions from nonredeemable noncontrolling interests	—			—			—			—			—			—			2,581			2,581
Distributions to nonredeemable noncontrolling interests	—			—			—			—			—			—			(724		)	(724		)
Common dividends ($0.29 per share)	—			—			—			—			(30,492		)	(30,492		)	—			(30,492		)
Balance March 31, 2019	$	1,717		$	107,731		$	3,934,038		$	(148,473	)	$	(1,124,596	)	$	2,770,417		$	57,812		$	2,828,229

See accompanying notes.

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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; in thousands)

	Three Months Ended March 31,
	2020			2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	175,309		$	36,005
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of investments in unconsolidated joint ventures	(46,230		)	—
Gain on investment properties transactions	(90,916		)	(13,111		)
Depreciation and amortization	71,614			45,861
Amortization of deferred financing costs and premium/discount on notes payable	(216		)	615
Stock-based compensation expense, net of forfeitures	1,284			607
Effect of non-cash adjustments to revenues	(13,602		)	(11,933		)
Income from unconsolidated joint ventures	(3,425		)	(2,904		)
Operating distributions from unconsolidated joint ventures	1,829			2,536
Changes in other operating assets and liabilities:
Change in other receivables and other assets, net	(13,661		)	(1,720		)
Change in operating liabilities, net	(69,022		)	(11,455		)
Net cash provided by operating activities	12,964			44,501
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from investment property sales	433,875			57,676
Proceeds from sales of investments in unconsolidated joint ventures	53,104			—
Property acquisition, development, and tenant asset expenditures	(67,983		)	(122,785		)
Investment in unconsolidated joint ventures	(1,238		)	(5,566		)
Change in notes receivable and other assets	26			(23		)
Net cash provided by (used in) investing activities	417,784			(70,698		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility	280,500			160,000
Repayment of credit facility	(532,000		)	(103,600		)
Repayment of notes payable	(26,849		)	(2,710		)
Contributions from nonredeemable noncontrolling interests	1,036			2,581
Distributions to nonredeemable noncontrolling interests	(638		)	(724		)
Common dividends paid	(42,561		)	(27,326		)
Other	(1,265		)	(1,093		)
Net cash provided by (used in) financing activities	(321,777		)	27,128
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	108,971			931
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	17,608			2,695
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$	126,579		$	3,626

See accompanying notes.

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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2020

(Unaudited)

1. 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”). Cousins conducts substantially all of its operations through Cousins Properties LP ("CPLP"). Cousins owns over 99% of CPLP and consolidates CPLP. CPLP owns Cousins TRS Services LLC ("CTRS"), a taxable entity which owns and manages its own real estate portfolio and performs certain real estate related services for other parties.

Cousins, CPLP, CTRS, and their subsidiaries (collectively, the "Company") develop, acquire, lease, manage, and own Class A office and mixed-use properties in Sun Belt markets with a focus on Georgia, Texas, North Carolina, Arizona, and Florida. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute 100% of its net taxable income to stockholders, thereby eliminating any liability for federal income taxes under current law. Therefore, the results included herein do not include a federal income tax provision for Cousins. As of March 31, 2020, the Company's portfolio of real estate assets consisted of interests in 19.0 million square feet of office space and 310,000 square feet of mixed-use space.

Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of March 31, 2020 and the results of operations for the three months ended March 31, 2020 and 2019. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included therein.

On June 14, 2019, the Company restated and amended its articles of incorporation to effect a reverse stock split of the issued and outstanding shares of its common and preferred stock pursuant to which (1) each four shares of the Company's issued and outstanding common stock and preferred stock were combined into one share of the Company's common or preferred stock, respectively, and (2) the authorized number of the Company's common stock was proportionally reduced to 175 million shares. Fractional shares of common stock resulting from the reverse stock split were settled in cash. Fractional shares of preferred stock resulting from the reverse stock split were redeemed without payout. Immediately thereafter, the Company further amended its articles of incorporation to increase the number of authorized shares of its common stock from 175 million to 300 million shares. All shares of common stock, preferred stock, stock options, restricted stock units, and per share information presented in the condensed consolidated financial statements have been adjusted to reflect the reverse stock split on a retroactive basis for all periods presented.

For the three months ended March 31, 2020 and 2019, 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 Financial Accounting Standard Board's ("FASB") Accounting Standards Codification ("ASC"). 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. At March 31, 2020, the Company had no investments or interests in any VIEs.

2. MERGER WITH TIER REIT, INC.

On June 14, 2019, pursuant to the Agreement and Plan of Merger dated March 25, 2019 (the “Merger Agreement”), by and among the Company and TIER REIT, Inc. (“TIER”), TIER merged with and into a subsidiary of the Company (the “Merger”) with this subsidiary continuing as the surviving corporation of the Merger. In accordance with the terms and conditions of the Merger Agreement, each share of TIER common stock issued and outstanding immediately prior to the Merger, was converted into 2.98 newly issued pre-reverse split shares of the Company’s common stock with fractional shares being settled in cash. In the Merger, former TIER common stockholders received approximately 166 million pre-reverse split shares of common stock of the Company. As discussed in note 1 to the condensed consolidated financial statements, immediately following the Merger, the Company completed a 1-for-4 reverse stock split.

The Merger has been accounted for as a business combination with the Company as the accounting acquirer, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their acquisition date fair value. The total value of the

8

transaction is based on the closing stock price of the Company's common stock on June 13, 2019, the day immediately prior to the closing of the Merger. Based on the shares issued in the transaction, the total fair value of the assets acquired and liabilities assumed in the Merger was $1.6 billion. During the three months ended March 31, 2020 and 2019, the Company incurred expenses related to the Merger of $365,000 and $3,000, respectively.

Management engaged a third party valuation specialist to assist with valuing the real estate assets acquired and liabilities assumed in the Merger. The third party used cash flow analyses as well as an income approach and a cost approach to determine the fair value of real estate assets acquired. Based on additional information that may become available, subsequent adjustments may be made to the purchase price allocation within the allocation period, which typically does not exceed one year.

The purchase price was allocated as follows (in thousands):

Real estate assets	$	2,202,712
Real estate assets held for sale	21,395
Cash and cash equivalents	84,042
Restricted cash	1,947
Notes and other receivables	6,524
Investment in unconsolidated joint ventures	331
Intangible assets	141,184
Other assets	9,954
	2,468,089
Notes payable	747,549
Accounts payable and accrued expenses	53,054
Deferred income	8,131
Intangible liabilities	47,988
Other liabilities	7,676
Nonredeemable noncontrolling interests	5,329
	869,727
Total purchase price	$	1,598,362

During the three months ended March 31, 2020, the Company recorded revenues of $51.0 million related to assets acquired in the Merger. The following unaudited supplemental pro forma information is based upon the Company's historical condensed consolidated statements of operations, adjusted as if the Merger had occurred on January 1, 2018. The supplemental pro forma information is not necessarily indicative of future results, or of actual results, that would have been achieved had the Merger been consummated on January 1, 2018.

	Three Months Ended March 31, 2019
Revenues	$	185,765
Net income	26,165
Net income available to common stockholders	25,870

Supplemental pro forma earnings were adjusted to exclude $3,000 of transaction costs incurred in the three months ended March 31, 2019.

3. TRANSACTIONS WITH NORFOLK SOUTHERN RAILWAY COMPANY

On March 1, 2019, the Company entered into a series of agreements and executed related transactions with Norfolk Southern Railway Company (“NS”) as follows:

• Sold land to NS for $52.5 million.

• Executed a Development Agreement with NS whereby the Company will receive fees totaling $5 million in consideration for development services for NS’s corporate headquarters that is being constructed on the land sold to NS.

9

• Executed a Consulting Agreement with NS whereby the Company will receive fees totaling $32 million in consideration for consulting services for NS’s corporate headquarters. The Development Agreement and Consulting Agreement are collectively referred to below as the “Fee Agreements.”

• Purchased a building from NS (“1200 Peachtree”) for $82 million subject to a three-year market rate lease with NS that covers the entire building.

The Company sold the land to NS for $5.0 million above its carrying amount, which included $37.0 million of land purchased in 2018, $6.5 million of land purchased in 2019, and $4.0 million of site preparation work. The Company purchased 1200 Peachtree from NS for an amount it determined to be $10.3 million below the building’s fair value.

The Company determined that all contracts and transactions associated with NS should be combined for accounting purposes, and the amounts exchanged under the combined contracts should be allocated to the various components of the overall transaction at fair value or market value as discussed below. The Company determined that the purchase of 1200 Peachtree should be recorded at fair value of $92.3 million. The Company determined that the lease with NS at the 1200 Peachtree building was at market value under ASC 842. The land sale was accounted for under ASC 610-20 and no gain or loss was recorded on the derecognition of this non-financial asset as the fair value was determined to equal the carrying amount. Consideration related to various services provided to NS, and accounted for under ASC 606, was determined to be $52.3 million and represents the negotiated market value for the services agreed to by the Company and NS in the contracts. This amount included non-cash consideration of the $10.3 million discount on the purchase of 1200 Peachtree as well as cash consideration of $5 million from the land sale contract (difference between fair value and contract amount), $5 million from the Development Agreement, and $32 million from the Consulting Agreement. Since all of the agreements and contracts above were executed for the purpose of delivering and constructing a corporate headquarters for NS and all of the services and deliverables are highly interdependent, the Company determined that the services represent a single performance obligation under ASC 606.

The Company determined that control of the services to be provided is being transferred over time and, thus, the Company must recognize the $52.3 million contract price in revenue as it satisfies the performance obligation. The Company determined that the inputs method of measuring progress of satisfying the performance obligation was the most appropriate method of recognizing revenue for the services component. Therefore, the Company began recognizing revenue in the quarter ended March 31, 2019, and will recognize future revenue based upon the time spent by the Company’s employees in providing these services as compared to the total estimated time required to satisfy the performance obligation. During the three months ended March 31, 2020 and 2019, the Company recognized $3.7 million and $6.6 million, respectively, in fee income in its condensed consolidated statements of operations related to the services provided to NS. As of March 31, 2020 and December 31, 2019, the Company had deferred income included in the consolidated balance sheet of $9.9 million and $11.3 million, respectively, related to NS.

4. REAL ESTATE TRANSACTIONS

During March 2020, the Company sold Hearst Tower, a 966,000 square foot office building in Charlotte, North Carolina that was included in the Company's Charlotte/Office operating segment, for a gross purchase price of $455.5 million. This transaction was triggered by the exercise of a purchase option by the building's primary lessee. The Company recognized a gain of $90.9 million on the sale of Hearst Tower.

During February 2020, as part of the Company's strategy in regards to disposal of non-core assets, the Company sold Woodcrest, a 386,000 square foot office property in Cherry Hill, New Jersey that was included in the Company's Other/Office operating segment, for a gross purchase price of $25.3 million. The Company acquired Woodcrest in the Merger with TIER and did not record any gain or loss on the sale of Woodcrest.

During February 2019, the Company sold air rights that cover eight acres in Downtown Atlanta for a gross sales price of $13.3 million and recorded a gain of $13.1 million.

5. 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 March 31, 2020 and December 31, 2019 (in thousands). The information included in the summary of operations table is for the three months ended March 31, 2020 and 2019 (in thousands):

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	Total Assets				Total Debt				Total Equity						Company’s Investment
SUMMARY OF FINANCIAL POSITION:	2020		2019		2020		2019		2020			2019			2020				2019
DC Charlotte Plaza LLLP	$	179,082	$	179,694	$	—	$	—	$	92,162		$	90,373		$	48,807			$	48,058
Austin 300 Colorado Project, LP	140,520		112,630		42,226		21,430		68,145			68,101			37,239				36,846
AMCO 120 WT Holdings, LLC	79,703		77,377		—		—		74,908			70,696			14,146				13,362
Carolina Square Holdings LP	102,523		114,483		76,074		75,662		24,735			25,184			13,816				14,414
HICO Victory Center LP	15,543		16,045		—		—		15,479			15,353			10,460				10,373
Charlotte Gateway Village, LLC	—		109,675		—		—		—			106,651			—				6,718
Wildwood Associates	—		11,061		—		—		—			10,978			—				(521		)	(1)
Crawford Long - CPI, LLC	30,069		28,459		67,543		67,947		(39,215		)	(40,250		)	(18,708		)	(1)	(19,205		)	(1)
Other	8,899		8,879		—		—		7,353			7,318			4,448				4,113
	$	556,339	$	658,303	$	185,843	$	165,039	$	243,567		$	354,404		$	110,208			$	114,158

	Total Revenues				Net Income (Loss)						Company's Share of Income (Loss)
SUMMARY OF OPERATIONS:	2020		2019		2020			2019			2020			2019
Charlotte Gateway Village, LLC	$	6,572	$	6,743	$	3,296		$	2,524		$	1,647		$	1,262
DC Charlotte Plaza LLLP	5,276		410		1,789			410			750			205
Crawford Long - CPI, LLC	3,343		3,129		1,035			889			497			424
Carolina Square Holdings LP	3,706		3,294		530			170			254			58
HICO Victory Center LP	126		130		126			130			63			62
Austin 300 Colorado Project, LP	98		126		44			72			22			36
Terminus Office Holdings LLC	—		11,797		—			1,831			—			880
AMCO 120 WT Holdings, LLC	138		—		(509		)	(10		)	(141		)	—
Other	196		32		61			(39		)	333			(23		)
	$	19,455	$	25,661	$	6,372		$	5,977		$	3,425		$	2,904

(1) Negative bases are included in deferred income on the condensed consolidated balance sheets.

In March 2020, the Company sold its interest in Charlotte Gateway Village, LLC ("Gateway"), which owned a 1.1 million square foot office building in Charlotte, North Carolina, to its partner for a gross purchase price of $52.2 million. The sale was triggered by the exercise of the partner's purchase option and the proceeds from this sale represent a 17% internal rate of return for the Company on its invested capital, as stipulated in the partnership agreement. The Company recognized a gain of $44.9 million on the sale of its interest in Gateway.

In February 2020, as part of its strategy in regards to disposal of non-core assets, the Company sold its remaining interest in the Wildwood Associates joint venture, which owned a 6.3 acre parcel of land in Atlanta, to its venture partner for a gross purchase price of $900,000. The Company recognized a gain of $1.3 million on the sale of its interest in Wildwood Associates, which included elimination of the remaining negative basis in the joint venture of $520,000.

In April 2020, the Carolina Square Holdings LP joint venture executed an amendment for its associated construction loan, extending the maturity date from May 2020 to May 2021 and reducing the spread over LIBOR from 1.90% to 1.25%.

6. INTANGIBLE ASSETS

Intangible assets on the balance sheets as of March 31, 2020 and December 31, 2019 included the following (in thousands):

	2020		2019
In-place leases, net of accumulated amortization of $178,757 and $163,867 in 2020 and 2019, respectively	$	187,870	$	202,760
Above-market tenant leases, net of accumulated amortization of $28,892 and $26,487 in 2020 and 2019, respectively	33,295		35,699
Below-market ground lease, net of accumulated amortization of $966 and $897 in 2020 and 2019, respectively	17,447		17,516
Goodwill	1,674		1,674
	$	240,286	$	257,649

The carrying amount of goodwill did not change during the three months ended March 31, 2020 and 2019.

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7. OTHER ASSETS

Other assets on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 included the following (in thousands):

	2020		2019
Predevelopment costs and earnest money	$	19,491	$	25,586
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $30,039 and $29,131 in 2020 and 2019, respectively	17,890		17,791
Prepaid expenses and other assets	15,036		5,924
Lease inducements, net of accumulated amortization of $2,563 and $2,333 in 2020 and 2019, respectively	5,500		5,632
Line of credit deferred financing costs, net of accumulated amortization of $3,328 and $2,952 in 2020 and 2019, respectively	4,140		4,516
	$	62,057	$	59,449

8. NOTES PAYABLE

The following table summarizes the terms of notes payable outstanding at March 31, 2020 and December 31, 2019 ($ in thousands):

Description	Interest Rate	Maturity (1)	2020			2019
Unsecured Notes:
Credit Facility, Unsecured	2.04%	2023	$	—		$	251,500
Term Loan, Unsecured	2.19%	2021	250,000			250,000
2019 Senior Notes, Unsecured	3.95%	2029	275,000			275,000
2017 Senior Notes, Unsecured	3.91%	2025	250,000			250,000
2019 Senior Notes, Unsecured	3.86%	2028	250,000			250,000
2019 Senior Notes, Unsecured	3.78%	2027	125,000			125,000
2017 Senior Notes, Unsecured	4.09%	2027	100,000			100,000
			1,250,000			1,501,500
Secured Mortgage Notes:
Fifth Third Center	3.37%	2026	139,522			140,332
Terminus 100	5.25%	2023	117,375			118,146
Colorado Tower	3.45%	2026	116,486			117,085
Promenade	4.27%	2022	95,152			95,986
816 Congress	3.75%	2024	79,554			79,987
Terminus 200	3.79%	2023	75,654			76,079
Legacy Union One	4.24%	2023	66,000			66,000
Meridian Mark Plaza	6.00%	2020	—			22,978
			689,743			716,593
			$	1,939,743		$	2,218,093
Unamortized premium			10,323			11,239
Unamortized loan costs			(6,032		)	(6,357		)
Total Notes Payable			$	1,944,034		$	2,222,975

(1) Weighted average maturity of notes payable outstanding at March 31, 2020 was 5.7 years.

Credit Facility

The Company has a $1 billion senior unsecured line of credit (the "Credit Facility") that matures on January 3, 2023. The Credit Facility contains financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 1.75; a fixed charge coverage ratio of at least 1.50; a secured leverage ratio of no more than 40%; and an overall leverage ratio of no more than 60%. 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.

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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 Offering Rate ("LIBOR") plus a spread of between 1.05% and 1.45%, 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 a spread of between 0.10% or 0.45%, based on leverage.

At March 31, 2020, the Credit Facility's spread over LIBOR was 1.05%. 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 $1.0 billion at March 31, 2020.

Term Loan

The Company has a $250 million unsecured term loan (the "Term Loan") that matures on December 2, 2021. The Term Loan has financial covenants consistent with those of the Credit Facility. The interest rate applicable to the Term Loan varies according to the Company’s leverage ratio and may, at the election of the Company, be determined based on either (1) the current LIBOR plus a spread of between 1.20% and 1.70%, based on leverage or (2) the greater of Bank of America's prime rate, the federal funds rate plus 0.50%, or the one-month LIBOR plus 1.00% (the “Base Rate”), plus a spread of between 0.00% and 0.75%, based on leverage. At March 31, 2020, the Term Loan's spread over LIBOR was 1.20%.

Unsecured Senior Notes

The Company has unsecured senior notes of $1.0 billion that were funded in five tranches. The first tranche of $100 million is due in 2027 and has a fixed annual interest rate of 4.09%. The second tranche of $250 million is due in 2025 and has a fixed annual interest rate of 3.91%. The third tranche of $125 million is due in 2027 and has a fixed annual interest rate of 3.78%. The fourth tranche of $250 million is due in 2028 and has a fixed annual interest rate of 3.86%. The fifth tranche of $275 million is due in 2029 and has a fixed annual interest rate of 3.95%.

The unsecured senior notes contain financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 1.75; a fixed charge coverage ratio of at least 1.50; an overall leverage ratio of no more than 60%; and a secured leverage ratio of no more than 40%. The senior notes also contain customary representations and warranties and affirmative and negative covenants, as well as customary events of default.

Mortgage Notes

On February 3, 2020, the Company prepaid in full, without penalty, the $23.0 million Meridian Mark Plaza mortgage note.

Other Debt Information

At March 31, 2020 and December 31, 2019, the estimated fair value of the Company’s notes payable were $2.0 billion and $2.3 billion, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at March 31, 2020 and December 31, 2019. 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 three months ended March 31, 2020 and 2019, interest expense was recorded as follows (in thousands):

	2020			2019
Total interest incurred	$	21,213		$	11,835
Interest capitalized	(5,309		)	(1,015		)
Total interest expense	$	15,904		$	10,820

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9. OTHER LIABILITIES

Other liabilities on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 included the following (in thousands):

	2020		2019
Ground lease liability	$	59,277	$	59,379
Prepaid rent	30,841		33,428
Security deposits	12,900		13,545
Restricted stock unit liability	6,169		16,592
Other liabilities	11,622		11,184
	$	120,809	$	134,128

10. COMMITMENTS AND CONTINGENCIES

Commitments

At March 31, 2020, the Company had outstanding performance bonds totaling $1.1 million. As a lessor, the Company had $237.1 million in future obligations under leases to fund tenant improvements and other future construction obligations at March 31, 2020.

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.

Contingencies

Recent events related to the COVID-19 pandemic and the actions taken to contain it have created substantial uncertainty for all businesses, including the Company. The Company’s financial statements as of and for the three months ended March 31, 2020 have been prepared in light of these circumstances. We have continued to follow the policies described in our footnotes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, including those related to impairment and estimates of the likelihood of collectibility of amounts due from tenants. While the results of our current analysis did not result in any impairments or material valuation adjustments to amounts due from tenants as of March 31, 2020, circumstances related to the COVID-19 pandemic may result in recording impairments or material valuation adjustments to amounts due from tenants in future periods.

While the Company has not been obligated contractually or by law to provide its tenants with rent relief related to COVID-19, it will recognize any associated rent reductions in the period during which those obligations occur. Otherwise any COVID-19 related changes in negotiated rents or leasing terms will be accounted for as lease modifications and the Company will recognize the effects over time.

11.    STOCKHOLDERS' EQUITY

In the first quarter of 2020, the Company issued 1.7 million shares of common stock in connection with the redemption of 1.7 million limited partnership units in CPLP. Each of the redeemed limited partnership units in CPLP was "paired" with a share of limited voting preferred stock with a par value of $1 per share. The shares of limited voting preferred stock were automatically redeemed by Cousins without consideration when their paired limited partnership unit in CPLP was redeemed. Holders of limited voting preferred stock are entitled to one vote on the following matters only: the election of directors, any proposed amendment of the Company's Articles of Incorporation, any merger or other business combination of the Company, any sale of substantially all of the Company's assets, and any liquidation of the Company. Holders of limited voting preferred stock are not entitled to any dividends or distributions and the limited voting preferred stock is not convertible into or exchangeable for any other property or securities of the Company.

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As of March 31, 2020, the Company had no preferred stock outstanding.

12. STOCK-BASED COMPENSATION

The Company has several types of stock-based compensation — stock options, restricted stock, and restricted stock units (“RSUs”).

The Company's compensation expense for the three months ended March 31, 2020 relates to restricted stock and RSUs awarded in 2017, 2018, 2019, and 2020. Restricted stock and the 2020 RSUs are equity-classified awards for which the compensation expense per share is fixed. The 2018 and 2019 RSUs are liability-classified awards for which the expense fluctuates from period to period dependent, in part, on both the Company's stock price and on the Company's stock performance relative to its peers. For the three months ended March 31, 2020 and 2019, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands):

	2020			2019
Equity-classified awards	$	1,284		$	607
Liability-classified awards	(1,020		)	4,921
Total stock-based compensation expense, net of forfeitures	$	264		$	5,528

On April 23, 2019, the Company's stockholders approved the Cousins Properties Incorporated 2019 Omnibus Incentive Stock Plan (the "2019 Plan"). The Company also maintains the Cousins Properties Incorporated 2009 Incentive Stock Plan (the "2009 Plan") and the Cousins Properties Incorporated 2005 Restricted Stock Unit Plan (the “RSU Plan”), although no further issuances are permitted under the 2009 plan or RSU Plan.

Under the 2019 Plan, during the three months ended March 31, 2020, the Company made restricted stock grants of 71,421 shares to key employees, which vest ratably over a three-year period. Also under the 2019 Plan, during the three months ended March 31, 2020, the Company awarded two types of RSUs to key employees based on the following metrics: (1) Total Stockholder Return of the Company, as defined in the 2019 Plan, as compared to the companies in the SNL US REIT Office index (“Market-based RSUs”), and (2) the ratio of cumulative funds from operations (“FFO”) per share to targeted cumulative FFO per share (“Performance-based RSUs”), as defined in the 2019 Plan. The measurement period for both awards is January 1, 2020 to December 31, 2022, and the targeted units awarded of Market-based RSUs and Performance-based RSUs was 71,038 and 30,447, respectively. The ultimate settlement of these awards can range from 0% to 200% of the targeted number of units depending on the achievement of the market and performance metrics described above. These RSU awards cliff vest on December 31, 2022 and are to be settled in the Company’s common stock with settlement dependent on attainment of required service, market, and performance criteria. The number of RSUs vesting will be determined by the Compensation Committee. The Company expenses an estimate of the fair value of the Market-based RSUs, calculated using a Monte Carlo valuation at grant date, ratably over the vesting period, adjusting for forfeitures when they occur. The Performance-based RSUs are expensed over the vesting period based on the Company’s share price on the grant date. The expense is recognized ratably over the vesting period and adjusted each quarter based on the number of shares expected to vest and for forfeitures when they occur. Dividend equivalents on the Market-based RSUs and the Performance-based RSUs will also be settled in shares of the Company’s common stock based upon the number of units vested.

The company’s stock compensation for stock options, restricted stock, and RSUs granted in 2018 and 2019 is described in note 15 of the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

13. REVENUE RECOGNITION

The Company categorizes its primary sources of revenue into revenue from contracts with customers and other revenue accounted for as leases under ASC 842 as follows:

• Rental property revenues consist of (1) contractual revenues from leases recognized on a straight-line basis over the term of the respective lease; (2) percentage rents recognized once a specified sales target is achieved; (3) parking revenue; (4) termination fees; and (5) the reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses. The Company's leases typically include renewal options and are classified and accounted for as operating leases. Rental property revenues are accounted for in accordance with the guidance set forth in ASC 842.

• Fee income consists of development fees, management fees, and leasing fees earned from unconsolidated joint ventures and from third parties. Fee income is accounted for in accordance with the guidance set forth in ASC 606.

For the three months ended March 31, 2020 and 2019, the Company recognized rental property revenues of $189.1 million and $123.9 million, respectively, of which $54.1 million and $32.6 million, respectively, represented variable rental revenue. For the three months ended March 31, 2020 and 2019, the Company recognized fee and other revenue of $4.8 million and $8.9 million, respectively.

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14. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2020 and 2019 (in thousands):

	Three Months Ended March 31,
	2020			2019
Earnings per Common Share - basic:
Numerator:
Net income	$	175,309		$	36,005
Net income attributable to noncontrolling interests in CPLP from continuing operations	(302		)	(588		)
Net income attributable to other noncontrolling interests	(64		)	(76		)
Net income available to common stockholders	$	174,943		$	35,341
Denominator:
Weighted average common shares - basic	147,424			105,127
Net income per common share - basic	$	1.19		$	0.34
Earnings per common share - diluted:
Numerator:
Net income	$	175,309		$	36,005
Net income attributable to other noncontrolling interests	(64		)	(76		)
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP	$	175,245		$	35,929
Denominator:
Weighted average common shares - basic	147,424			105,127
Add:
Potential dilutive common shares - stock options	15			30
Potential dilutive common shares - restricted stock units,     less shares assumed purchased at market price	2			—
Weighted average units of CPLP convertible into     common shares	1,120			1,744
Weighted average common shares - diluted	148,561			106,901
Net income per common share - diluted	$	1.18		$	0.34
Antidilutive restricted stock units, less share assumed purchased at market price	3			—

For the three months ended March 31, 2020, 3,000 restricted stock units, less shares assumed purchased at market price, were not included in the diluted weighted average common shares because they would have been antidilutive for the period presented. These restricted stock units could be dilutive in the future.

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15. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION

Supplemental information related to the cash flows, including significant non-cash activity affecting the condensed consolidated statement of cash flows, for the three months ended March 31, 2020 and 2019 is as follows (in thousands):

	2020		2019
Interest paid	$	27,288	$	31,601
Non-Cash Activity:
Transfers from projects under development to operating properties	95,185		—
Common stock dividends declared and accrued	44,563		30,492
Transfer from land held and other assets to projects under development	29,121		—
Change in accrued property, acquisition, development, and tenant expenditures	13,845		11,085
Ground lease right-of-use assets and associated liabilities	—		56,294
Non-cash consideration for property acquisition	—		10,071

The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the condensed consolidated balance sheets to cash, cash equivalents, and restricted cash in the condensed consolidated statements of cash flows (in thousands):

	March 31, 2020		December 31, 2019
Cash and cash equivalents	$	124,632	$	15,603
Restricted cash	1,947		2,005
Total cash, cash equivalents, and restricted cash	$	126,579	$	17,608

16. REPORTABLE SEGMENTS

The Company's segments are based on its method of internal reporting, which classifies operations by property type and geographical area. The segments by property type are: Office and Mixed-Use. The segments by geographical region are: Atlanta, Austin, Charlotte, Dallas, Phoenix, Tampa, and Other. Included in Other is a property in Cherry Hill, New Jersey that was sold in February 2020 and properties located in Chapel Hill, Fort Worth, and Houston. 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 property and the geographical location. Each segment includes both consolidated operations and the Company's share of unconsolidated joint venture operations.

Company management evaluates the performance of its reportable segments in part based on net operating income (“NOI”). NOI represents rental property revenues, less termination fees, 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 for the three months ended March 31, 2020 and 2019 are as follows (in thousands):

Three Months Ended March 31, 2020	Office		Mixed-Use			Total
Net Operating Income:
Atlanta	$	44,855	$	(60	)	$	44,795
Austin	29,294		—			29,294
Charlotte	22,113		—			22,113
Dallas	3,639		—			3,639
Phoenix	9,793		—			9,793
Tampa	8,144		—			8,144
Other	9,128		876			10,004
Total Net Operating Income	$	126,966	$	816		$	127,782

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Three Months Ended March 31, 2019	Office		Mixed-Use		Total
Net Operating Income:
Atlanta	$	37,399	$	—	$	37,399
Austin	15,948		—		15,948
Charlotte	15,808		—		15,808
Phoenix	9,491		—		9,491
Tampa	7,988		—		7,988
Other	230		867		1,097
Total Net Operating Income	$	86,864	$	867	$	87,731

The following reconciles Net Operating Income to Net Income for each of the periods presented (in thousands):

	Three Months Ended March 31,
	2020			2019
Net Operating Income	$	127,782		$	87,731
Net operating income from unconsolidated joint ventures	(6,035		)	(7,873		)
Fee income	4,732			8,728
Termination fee income	2,844			520
Other income	37			140
Reimbursed expenses	(521		)	(932		)
General and administrative expenses	(5,652		)	(11,460		)
Interest expense	(15,904		)	(10,820		)
Depreciation and amortization	(71,614		)	(45,861		)
Transaction costs	(365		)	(3		)
Other expenses	(566		)	(180		)
Income from unconsolidated joint ventures	3,425			2,904
Gain on sales of investments in unconsolidated joint ventures	46,230			—
Gain on investment property transactions	90,916			13,111
Net Income	$	175,309		$	36,005

Revenues by reportable segment, including a reconciliation to total rental property revenues on the condensed consolidated statements of operations, for three months ended March 31, 2020 and 2019 are as follows (in thousands):

Three Months Ended March 31, 2020	Office			Mixed-Use			Total
Revenues:
Atlanta	$	65,877		$	35		$	65,912
Austin	48,747			—			48,747
Charlotte	34,537			—			34,537
Dallas	4,471			—			4,471
Phoenix	13,159			—			13,159
Tampa	14,112			—			14,112
Other	16,494			1,262			17,756
Total segment revenues	197,397			1,297			198,694
Less Company's share of rental property revenues from unconsolidated joint ventures	(8,268		)	(1,297		)	(9,565		)
Total rental property revenues	$	189,129		$	—		$	189,129

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Three Months Ended March 31, 2019	Office			Mixed-Use			Total
Revenues:
Atlanta	$	57,468		$	—		$	57,468
Austin	28,092			—			28,092
Charlotte	23,386			—			23,386
Tampa	12,971			—			12,971
Phoenix	13,003			—			13,003
Other	546			1,181			1,727
Total segment revenues	135,466			1,181			136,647
Less Company's share of rental property revenues from unconsolidated joint ventures	(11,601		)	(1,181		)	(12,782		)
Total rental property revenues	$	123,865		$	—		$	123,865

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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview:

Cousins Properties Incorporated ("Cousins") (and collectively, with its subsidiaries, the "Company," "we," "our," or "us") is a publicly traded (NYSE: CUZ), self-administered, and self-managed real estate investment trust, or REIT. Cousins conducts substantially all of its business through Cousins Properties, LP ("CPLP"). Cousins owns over 99% of CPLP and consolidates CPLP. CPLP owns Cousins TSR Services LLC, a taxable entity which owns and manages its own real estate portfolio and performs certain real estate related services for other parties. Our strategy is to create value for our stockholders through ownership of the premier urban office portfolio in the Sun Belt markets, with a particular focus on Georgia, Texas, North Carolina, Arizona, and Florida. This strategy is based on a disciplined approach to capital allocation that includes strategic acquisitions, selective development projects, and timely dispositions of non-core assets. This strategy is also based on a simple, flexible, and low-leveraged balance sheet that allows us to pursue investment opportunities at the most advantageous points in the cycle. To implement this strategy, we leverage our strong local operating platforms within each of our major markets.

Consistent with this strategy, on June 14, 2019, we merged with TIER REIT, Inc. ("TIER") in a stock-for-stock transaction (the "Merger"). As a result, we acquired interests in nine operating properties containing 5.8 million square feet of space, two office properties under development that are expected to add 620,000 square feet of space upon completion, and seven strategically located land parcels on which up to 2 million square feet of additional space may be developed. As a part of this transaction, we issued $650 million in senior unsecured debt at a weighted average interest rate of 3.88%, which effectively replaced the majority of the TIER debt assumed in the Merger. We believe that this merger creates a company with an attractive portfolio of trophy office assets balanced across the premier Sun Belt markets. We believe that the Merger will enhance our position in our existing markets of Austin and Charlotte, provide a strategic entry into Dallas, and balance our exposure in Atlanta. The Merger is also expected to enhance growth and to provide value-add opportunities as a result of TIER's active and attractive development portfolio and land bank. As of March 31, 2020, our portfolio of real estate assets consisted of interests in 35 operating properties (34 office and one mixed-use), containing 19.4 million square feet of space, and six projects (five office and one mixed-use) under active development.

During the first quarter of 2020 we completed sales of three operating office properties. We sold Hearst Tower, a 966,000 square foot office building in Charlotte, North Carolina for gross proceeds of $455.5 million, recognizing a gain of $90.9 million on the sale. We sold our interest in Charlotte Gateway Village, LLC, which owned a 1.1 million square foot office building in Charlotte, North Carolina, to our venture partner for a gross purchase price of $52.2 million, recognizing a gain of $44.9 million on the sale. We sold Woodcrest, a non-strategic asset in Cherry Hill, New Jersey, for $25.3 million. We acquired Woodcrest in the Merger with TIER and did not record any gain or loss on its sale.

During the quarter, we leased or renewed 476,000 square feet of office space. The weighted average net effective rent of these leases, representing base rent less operating expense reimbursements and leasing costs, was $25.01 per square foot. For those leases that were previously occupied within the past year, net effective rent increased 26.9%. Same property net operating income (defined below) for consolidated properties and our share of unconsolidated properties increased by 3.2% between the three months ended March 31, 2020 and 2019.

On June 14, 2019, we restated and amended our articles of incorporation to effect a reverse stock split of the issued and outstanding shares of its common stock pursuant to which, (1) each four shares of our issued and outstanding common stock and preferred stock were combined into one share of our common stock or preferred stock, as applicable, and (2) the authorized number of our common stock was proportionally reduced to 175 million shares. Fractional shares of common stock resulting from the reverse stock split were settled in cash. Fractional shares of preferred stock resulting from the reverse stock split were redeemed without payout. Immediately thereafter, we further amended our articles of incorporation to increase the number of authorized shares of our common stock from 175 million to 300 million shares.

On a regular basis we review and, as appropriate, revise our corporate contingency plan, which addresses the steps necessary to respond to an unexpected interruption of business, including the unavailability of our corporate office space. In light of the increasing reports regarding the threat presented by COVID-19, and in accordance with the advice of the CDC, we confirmed our readiness to adjust to teleworking if appropriate. Throughout the month of March, our tenants widely adopted teleworking for their office employees, as we increased our janitorial cleaning protocols in our buildings. The rental obligations under our space leases have not been materially affected by the COVID-19 pandemic to date, and any requests for rent adjustments are addressed on a case-by-case basis. We also have worked closely with essential vendors, including the contractors and others involved in our development projects, to assess potential impact of appropriate and necessary distancing measures upon our operations and our development delivery timelines.

Although the impact to our business of the COVID-19 pandemic has not been severe to date, the long-term impact of the pandemic on our tenants and the world-wide economy is uncertain and will depend on the scope, severity, and duration of the pandemic. A prolonged

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economic downturn resulting from the pandemic could adversely affect many of our tenants, which could, in turn, adversely impact our business, financial condition, and results of operations.

Results of Operations

General

Our financial results have been significantly affected by the Merger. In addition, our results have been affected by a series of transactions we entered into on March 1, 2019 with Norfolk Southern Railway Company ("NS") whereby we executed an agreement to develop NS's corporate headquarters in Midtown Atlanta and purchased 1200 Peachtree, a 370,000 square foot office building in Midtown Atlanta, from NS that is 100% leased by NS. Accordingly, our historical financial statements may not be indicative of future operating results.

Rental Property Revenue, Rental Property Operating Expenses, and Net Operating Income

The following table summarizes rental property revenues, rental property operating expenses, and net operating income ("NOI") for each of the periods presented, including our same property portfolio. NOI represents rental property revenue (excluding lease termination fees) less rental property operating expenses. Our same property portfolio is comprised of office properties that have been fully operational in each of the comparable reporting periods. A fully operational property is one that has achieved 90% economic occupancy or has been substantially completed and owned by us for each of the periods presented. This information is presented for consolidated properties only and does not include net operating income from our unconsolidated joint ventures.

	Three Months Ended March 31,
	2020		2019		$ Change			% Change
Rental Property Revenues
Same Property	$	114,383	$	113,468	$	915		0.8	%
Legacy TIER Properties	51,011		—		51,011			100.0	%
Other Non-Same Properties	23,735		10,397		13,338			128.3	%
Total Rental Property Revenues	$	189,129	$	123,865	$	65,264		52.7	%
Rental Property Operating Expenses
Same Property	$	38,233	$	40,342	$	(2,109	)	(5.2	)%
Legacy TIER Properties	18,980		—		18,980			100.0	%
Other Non-Same Properties	7,325		3,145		4,180			132.9	%
Total Rental Property Operating Expenses	$	64,538	$	43,487	$	21,051		48.4	%
Net Operating Income
Same Property NOI	$	74,722	$	72,593	$	2,129		2.9	%
Legacy TIER Properties	31,956		—		31,956			100.0	%
Other Non-Same Properties	15,069		7,265		7,804			107.4	%
Total NOI	$	121,747	$	79,858	$	41,889		52.5	%

Same property rental property operating expenses decreased in the three month period primarily due to a settlement that resulted in the recovery of previously incurred legal expenses at 3344 Peachtree.

Revenues and expenses for Legacy TIER properties represent amounts recorded for the properties acquired in the Merger.

Revenues and expenses of Other Non-Same Properties increased in the three month period primarily as a result of the addition of 1200 Peachtree in March 2019 and of Terminus, which was consolidated in October 2019 when we purchased our partner's interest in Terminus Office Holdings LLC ("TOH").

Fee Income

Fee income decreased $4.0 million (46%) between the 2020 and 2019 three month period. The decrease is primarily driven by fee income related to the transactions with NS.

General and Administrative Expenses

General and administrative expenses decreased $5.8 million (51%) between the 2020 and 2019 three month period. These decreases are primarily driven by long-term compensation expense decreases as a result of fluctuations in our common stock price for our liability-classified awards.

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Interest Expense

Interest expense, net of amounts capitalized, increased $5.1 million (47%) between the 2020 and 2019 three month periods. The increase in the three month periods is due to interest incurred on the unsecured senior notes that were issued on June 19, 2019 and an increase in the average outstanding balance on our credit facility.

Depreciation and Amortization

	Three Months Ended March 31,
	2020		2019		$ Change			% Change
Depreciation and Amortization
Same Property	$	40,353	$	41,209	$	(856	)	(2.1	)%
Legacy TIER Properties	24,483		—		24,483			100.0	%
Other Non-Same Properties	6,571		4,196		2,375			56.6	%
Non-Real Estate Assets	207		456		(249		)	(54.6	)%
Total Depreciation and Amortization	$	71,614	$	45,861	$	25,753		56.2	%

Depreciation and amortization for Legacy TIER properties represent amounts recorded on the properties acquired in the Merger.

Depreciation and amortization of Other Non-Same Properties increased in the three month periods primarily as a result of addition of 1200 Peachtree in March 2019 and of Terminus, which was consolidated in the October 2019 when we purchased our partner's interest in TOH.

Transaction Costs

Transaction costs for the three months ended March 31, 2020 and 2019 primarily relate to the Merger. These costs include financial advisory, legal, accounting, severance, and other costs of combining our operations with TIER.

Income from Unconsolidated Joint Ventures

Income from unconsolidated joint ventures consisted of the Company's share of the following (in thousands):

	Three Months Ended March 31,
	2020			2019			$ Change			% Change
Net operating income	$	6,035		$	7,873		$	(1,838	)	(23.3	)%
Termination fee income	1			3			(2		)	(66.7	)%
Other income, net	68			36			32			88.9	%
Depreciation and amortization	(2,347		)	(3,254		)	907			(27.9	)%
Interest expense	(650		)	(1,754		)	1,104			(62.9	)%
Net gain on sale of investment property	318			—			318			100.0	%
Income from unconsolidated joint ventures	$	3,425		$	2,904		$	521		17.9	%

Net operating income, depreciation and amortization, and interest expense from unconsolidated joint ventures decreased between the three month periods primarily due to the consolidation of Terminus in October 2019 when we purchased our partner's interest in TOH.

Gain on Sales of Investments in Unconsolidated Joint Ventures

The gain on sales of investments in unconsolidated joint ventures for the three months ended March 31, 2020 includes the sale of our interests in the Wildwood Associates and Gateway Village joint ventures. The capitalization rate of Gateway Village was not a determinant of the sales price as, per the joint venture agreement, our interest was valued at a 17% internal rate of return on our invested capital. There was no capitalization rate associated with the sale of our interest in the Wildwood Associates joint venture as the underlying asset was land.

Gain on Investment Property Transactions

The gain on investment property transactions for the three months ended March 31, 2020 includes the sale of Hearst Tower. The combined sales prices of the Hearst Tower and Woodcrest dispositions represented a weighted average capitalization rate of 5.1%. Capitalization rates are calculated by dividing projected annualized NOI by the sales price.

Funds From Operations

The table below shows Funds from Operations (“FFO”) and the related reconciliation to net income available to common stockholders. We calculate FFO in accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, which is net

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income available to common stockholders (computed in accordance with GAAP), excluding extraordinary items, cumulative effect of change in accounting principle, and gains on sale or impairment losses on depreciable property, plus depreciation and amortization of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

FFO is used by industry analysts and investors as a supplemental measure of a REIT’s operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. The use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial, improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Company management evaluates operating performance in part based on FFO. Additionally, we use FFO, along with other measures, to assess performance in connection with evaluating and granting incentive compensation to its officers and other key employees. The reconciliation of net income to FFO is as follows for the three months ended March 31, 2020 and 2019 (in thousands, except per share information):

	Three Months Ended March 31,
	2020							2019
	Dollars			Weighted Average Common Shares	Per Share Amount			Dollars			Weighted Average Common Shares	Per Share Amount
Net Income Available to Common Stockholders	$	174,943		147,424	$	1.19		$	35,341		105,127	$	0.34
Noncontrolling interest related to unitholders	302			1,120	(0.01		)	588			1,744	—
Conversion of stock options	—			15	—			—			30	—
Conversion of unvested restricted stock units	—			2	—			—			—	—
Net Income — Diluted	175,245			148,561	1.18			35,929			106,901	0.34
Depreciation and amortization of real estate assets:
Consolidated properties	71,406			—	0.48			45,405			—	0.42
Share of unconsolidated joint ventures	2,347			—	0.02			3,254			—	0.03
Partners' share of real estate depreciation	(149		)	—	—			(96		)	—	—
(Gain) loss on sale of depreciated properties:
Consolidated properties	(90,916		)	—	(0.61		)	21			—	—
Share of unconsolidated joint ventures	(318		)	—	—			—			—	—
Investments in unconsolidated joint ventures	(44,894		)	—	(0.31		)	—			—	—
Funds From Operations	$	112,721		148,561	$	0.76		$	84,513		106,901	$	0.79

Net Operating Income

Company management evaluates the performance of its property portfolio in part based on NOI. NOI represents rental property revenues, less termination fees, 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.

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The following table reconciles NOI for consolidated properties to net income for each of the periods presented (in thousands):

	Three Months Ended March 31,
	2020			2019
Net income	$	175,309		$	36,005
Fee income	(4,732		)	(8,728		)
Termination fee income	(2,844		)	(520		)
Other income	(37		)	(140		)
Reimbursed expenses	521			932
General and administrative expenses	5,652			11,460
Interest expense	15,904			10,820
Depreciation and amortization	71,614			45,861
Transaction costs	365			3
Other expenses	566			180
Income from unconsolidated joint ventures	(3,425		)	(2,904		)
Gain on sale of investments in unconsolidated joint ventures	(46,230		)	—
Gain on investment property transactions	(90,916		)	(13,111		)
Net Operating Income	$	121,747		$	79,858

Liquidity and Capital Resources

Our primary short-term and long-term liquidity needs include the following:

• property and land acquisitions;

• expenditures on development projects;

• building improvements, tenant improvements, and leasing costs;

• principal and interest payments on indebtedness; and

• common stock dividends.

We may satisfy these needs with one or more of the following:

• cash and cash equivalents on hand;

• net cash from operations;

• proceeds from the sale of assets;

• borrowings under our credit facility;

• proceeds from mortgage notes payable;

• proceeds from construction loans;

• proceeds from unsecured loans;

• proceeds from offerings of equity securities; and

• joint venture formations.

As of March 31, 2020, we had available to us the entire $1.0 billion borrowing capacity under our Credit Facility and $124.6 million of cash and cash equivalents. While we expect to have sufficient liquidity to meet our obligations for the foreseeable future, the COVID-19 outbreak and associated responses could adversely impact our future cash flows and financial condition.

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Contractual Obligations and Commitments

The following table sets forth information as of March 31, 2020 with respect to our outstanding contractual obligations and commitments (in thousands):

	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 years
Contractual Obligations:
Company debt:
Unsecured credit facility (1)	$	—	$	—	$	—	$	—	$	—
Unsecured senior notes	1,000,000		—		—		—		1,000,000
Term loan	250,000		—		250,000		—		—
Mortgage notes payable	689,743		11,850		118,769		332,242		226,882
Interest commitments (2)	417,824		61,740		114,325		98,543		143,216
Ground leases	224,400		3,567		12,283		5,391		203,159
Other operating leases	342		187		155		—		—
Total contractual obligations	$	2,582,309	$	77,344	$	495,532	$	436,176	$	1,573,257
Commitments:
Unfunded tenant improvements and construction obligations	$	237,100	$	192,464	$	44,636	$	—	$	—
Performance bonds	1,102		1,095		7		—		—
Total commitments	$	238,202	$	193,559	$	44,643	$	—	$	—

(1) As of March 31, 2020, the entire $1.0 billion borrowing capacity was available to us under our Credit Facility.

(2) Interest on variable rate obligations is based on rates effective as of March 31, 2020.

In addition, we have several standing or renewable service contracts mainly related to the operation of buildings. These contracts are in the ordinary course of business and are generally one year or less. These contracts are not included in the above table and are usually reimbursed in whole or in part by tenants.

Other Debt Information

Our existing mortgage debt is primarily non-recourse, fixed-rate mortgage notes secured by various real estate assets. Many of our non-recourse mortgages contain covenants which, if not satisfied, could result in acceleration of the maturity of the debt. We expect to either refinance the non-recourse mortgages at maturity or repay the mortgages with proceeds from asset sales, debt, or other capital sources.

85% of our debt bears interest at a fixed rate. Our variable-interest debt instruments, including our Credit Facility and $250 million term loan, may use London Interbank Offering Rate ("LIBOR") as a benchmark for establishing the rate. LIBOR is the subject of recent regulatory guidance and proposals for reform and in July 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. These reforms may cause LIBOR to no longer be provided or to perform differently than in the past. If LIBOR is no longer widely available, or otherwise at our option, our variable-interest debt instruments, including our Credit Facility and term loan facilities, provide for alternate interest rate calculations.

There can be no assurances as to what alternative interest rates may be and whether such interest rates will be more or less favorable than LIBOR and any other unforeseen impacts of the potential discontinuation of LIBOR. The Company intends to continue monitoring the developments with respect to the potential phasing out of LIBOR after 2021 and work with its lenders to ensure any transition away from LIBOR will have minimal impact on its financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR.

Future Capital Requirements

To meet capital requirements for future investment activities over the long term, we intend to actively manage our portfolio of properties, generating internal cash flows, and strategically sell assets. We expect to continue to utilize indebtedness to fund future commitments, if available and under appropriate terms. We may also seek equity capital and capital from joint venture partners to implement our strategy.

Our business model is dependent upon raising or recycling capital to meet obligations and to fund development and acquisition activity. If one or more sources of capital are not available when required, we may be forced to reduce the number of projects we acquire

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or develop and/or raise capital on potentially unfavorable terms, or we may be unable to raise capital, which could have an adverse effect on our financial position or results of operations.

Cash Flows Summary

We report and analyze our cash flows based on operating activities, investing activities, and financing activities. The following table sets forth the changes in cash flows (in thousands):

	Three Months Ended March 31,
	2020			2019			Change
Net cash provided by operating activities	$	12,964		$	44,501		$	(31,537	)
Net cash provided by (used in) investing activities	417,784			(70,698		)	488,482
Net cash provided by (used in) financing activities	(321,777		)	27,128			(348,905		)

The reasons for significant increases and decreases in cash flows between the periods are as follows:

Cash Flows from Operating Activities. Cash flows from operating activities decreased $31.5 million between the 2020 and 2019 three month periods primarily due to a larger decrease in operating liabilities, specifically accrued property taxes and accrued interest, in 2020. This is partially offset by an increase in net cash received from operations of properties acquired in the Merger in June 2019, of 1200 Peachtree, which was acquired in March 2019, and of Terminus, which was consolidated in the October 2019 when we purchased our partner's interest in TOH.

Cash Flows from Investing Activities. Cash flows from investing activities increased $488.5 million between the 2020 and 2019 three month periods primarily due to cash received from the sales of the Hearst Tower and Woodcrest operating properties, combined with the sales of our interests in the Gateway Village and Wildwood Associates joint ventures.

Cash Flows from Financing Activities. Cash flows from financing activities decreased $348.9 million between the 2020 and 2019 three month periods primarily due to a decrease in net borrowings on our Credit Facility in 2020, which has no outstanding balance as of March 31, 2020.

Capital Expenditures. We incur costs related to our real estate assets that include acquisition of properties, development of new properties, redevelopment of existing or newly purchased properties, leasing costs for new or replacement tenants, and ongoing property repairs and maintenance.

Capital expenditures for assets we develop or acquire and then hold and operate are included in the property acquisition, development, and tenant asset expenditures line item within investing activities on the condensed consolidated statements of cash flows. Amounts accrued are removed from the table below (accrued capital adjustment) to show the components of these costs on a cash basis. Components of costs included in this line item for the three months ended March 31, 2020 and 2019 are as follows (in thousands):

	Three Months Ended March 31,
	2020		2019
Acquisition of property	$	—	$	82,120
Development	22,037		11,983
Operating — leasing costs	2,801		6,647
Operating — building improvements	21,202		2,330
Purchase of land held for investment	—		6,512
Capitalized interest	5,309		1,015
Capitalized personnel costs	1,882		1,093
Change in accrued capital expenditures	13,811		11,085
Total property acquisition, development, and tenant asset expenditures	$	67,042	$	122,785

Capital expenditures decreased $55.7 million between the 2020 and 2019 three month periods primarily due to the purchase of 1200 Peachtree and the purchase of land in the first quarter of 2019. This is partially offset by increases in spending for projects under development, tenant improvements, and leasing commissions and by increased capitalized interest related to the Domain development projects. Tenant improvements and leasing costs, as well as related capitalized personnel costs, are a function of the number and size of newly executed leases or renewals of existing leases. The amounts of tenant improvement and leasing costs for our office portfolio on a per square foot basis for the three months ended March 31, 2020 and 2019 were as follows:

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	2020	2019
New leases	$12.33	$1.82
Renewal leases	$6.58	$4.74
Expansion leases	$8.28	$7.29

The amounts of tenant improvement and leasing costs on a per square foot basis vary by lease and by market. During the first quarter of 2019, the Company executed a new full-building lease at 1200 Peachtree with NS that had lower than average tenant improvement and leasing costs.

Dividends. We paid common dividends of $42.6 million and $27.3 million in the 2020 and 2019 three month periods, respectively. We expect to fund our future quarterly common dividends with cash provided by operating activities, also using proceeds from investment property sales, distributions from unconsolidated joint ventures, and indebtedness, if necessary.

On a quarterly basis, we review the amount of the common dividend in light of current and projected future cash flows from the sources noted above and also consider the requirements needed to maintain our REIT status. In addition, we have certain covenants under credit agreements which could limit the amount of common dividends paid. In general, common dividends of any amount can be paid as long as leverage, as defined in our credit agreements, is less than 60% and we are not in default. Certain conditions also apply in which we can still pay common dividends if leverage is above that amount. We routinely monitor the status of our common dividend payments in light of the covenants of our credit agreements.

Off Balance Sheet Arrangements

General. We have a number of off balance sheet joint ventures with varying structures, as described in note 8 of our 2019 Annual Report on Form 10-K and note 5 of this Form 10-Q. The joint ventures in which we have an interest are involved in the ownership, acquisition, and/or development of real estate. A venture will fund capital requirements or operational needs with cash from operations or financing proceeds, if possible. If additional capital is deemed necessary, a venture may request a contribution from the partners, and we will evaluate such request.

Debt. At March 31, 2020, our unconsolidated joint ventures had aggregate outstanding indebtedness to third parties of $185.8 million. These loans are generally mortgage or construction loans, most of which are non-recourse to us except as described in the paragraph below. In addition, in certain instances, we provide “non-recourse carve-out guarantees” on these non-recourse loans. Certain of these loans have variable interest rates, which creates exposure to the ventures in the form of market risk from interest rate changes.

We guarantee 12.5% of the loan amount related to the Carolina Square construction loan, which has a lending capacity of $79.8 million, and an outstanding balance of $76.1 million as of March 31, 2020. At March 31, 2020, we guaranteed $9.5 million of the amount outstanding.

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Critical Accounting Policies

There have been no material changes in the critical accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019.

Item 3.    Quantitative and Qualitative Disclosures About Market Risk.

There have been no material changes in the market risk associated with our notes payable at March 31, 2020 compared to that as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019.

Item 4.    Controls and Procedures.

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures, which, by their nature, can provide only reasonable assurance regarding management’s control objectives.

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer along with the Chief Financial Officer, of the effectiveness, design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)). Based upon the foregoing, the Chief Executive Officer along with the Chief Financial Officer concluded that our disclosure controls and procedures were effective. In addition, based on such evaluation we have identified no changes in our internal control over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1.    Legal Proceedings.

Information regarding legal proceedings is described under the subheading "Litigation" in note 10 to the unaudited condensed consolidated financial statements set forth in this Form 10-Q.

Item 1A. Risk Factors

Risk factors that affect our business and financial results are discussed in Part I, "Item 1A. Risk Factors," of our Annual Report on Form 10-K for the year ended December 31, 2019. There have been no material changes in our risk factors from those previously disclosed in our Annual Report and our Quarterly Reports other than as set forth below. You should carefully consider the risks described in our Annual Report and below, which could materially affect our business, financial condition or future results. The risks described in our Annual Report and below are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem immaterial also may materially adversely affect our business, financial condition, and/or operating results. If any of the risks actually occur, our business, financial condition, and/or results of operations could be negatively affected.

A pandemic, epidemic or outbreak of a contagious disease, such as the ongoing global pandemic of COVID-19, could adversely affect us.

Public health crises, pandemics, and epidemics, such as those caused by COVID-19, could have a material adverse effect on global, national, and local economies, as well as on our business and our tenants’ businesses. The potential impact of a pandemic, epidemic, or outbreak of a contagious disease on our tenants and our properties is difficult to predict or assess. The extent to which the ongoing COVID-19 pandemic, including the outbreaks in Atlanta, Austin, Charlotte, Phoenix, Tampa, and Dallas and actions taken to contain or slow them, impacts our operations and those of our tenants, will depend on future developments. These may include the scope, severity, and duration of the pandemic, and the actions taken to mitigate its impact, all of which are highly uncertain and unpredictable, but could be material. Considerable uncertainty surrounds the nature of COVID-19 and its potential effects, and the extent of and effectiveness of any responses taken on a national and local level to try to contain it. The long-term impact of COVID-19 on the U.S. and global economies is uncertain and could result in a world-wide economic downturn and recession that may lead to corporate bankruptcies among our tenants. Any of these developments, and other effects of the ongoing global pandemic of COVID-19 or any other pandemic, epidemic, or outbreak of contagious disease, could adversely affect us.

In addition to the general economic impact of a pandemic, epidemic, or outbreak of a contagious disease, if an outbreak of COVID-19 occurs within the workforce of our tenants or otherwise disrupts their management and other personnel, the business and operating results of our tenants could be negatively impacted. Large-scale “shelter in place” or “stay safe” executive orders in Atlanta, Austin, Charlotte, Phoenix, Tampa, or Dallas, where we have high concentrations of our lease revenues, could cause many of our tenants, including retailers and restaurants, to stay closed for an extended period of time. The negative impact upon our tenants may include an immediate reduction in cash flow available to pay rent under our leases, and although various governmental financial programs may mitigate this, governmental assistance may not be available to all affected tenants or may be significantly delayed. In turn, our tenants' inability to pay rent under our leases could adversely affect our own liquidity, and there can be no guarantee that additional liquidity will be readily available or available on favorable terms in the future. Large-scale executive orders and other measures taken to curb the spread of COVID-19 may also negatively impact the ability of our properties to continue to obtain necessary goods and services or provide adequate staffing, which may also adversely affect our operating results and reputation. Any increased costs or lost revenue as a result of tenant financial difficulty, or their need to comply with executive orders and other guidance from the Centers for Disease Control and Prevention, may not be fully recoverable under our leases or adequately covered by insurance, which could impact our profitability. In addition to the potential consequences listed above, these same factors may cause prospective tenants to delay their leasing decisions or to lease less space. Even after the pandemic has ceased to be active, the prevalence of work-from-home policies during the pandemic may alter tenant preferences in the long term with respect to the demand for leasing office space.

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Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.

For information on our equity compensation plans, see note 15 of our Annual Report on Form 10-K, and note 12 to the unaudited condensed consolidated financial statements set forth in this Form 10-Q. We did not make any sales of unregistered securities during the first quarter of 2020.

We purchased the following common shares during the first quarter of 2020:

	Total Number of Shares Purchased (1)	Average Price Paid per Share (1)
January 1 - 31	7,940	$	41.31
February 1 - 29	40,917	41.57
March 1 - 31	481	34.33
	49,338	$	41.46

(1) Activity for the first quarter of 2020 related to the remittance of shares for income taxes associated with restricted stock vesting and to the remittance of shares for income taxes and strike price associated with the exercise of fully vested stock options.

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Item 6. Exhibits.

2.1		Agreement and Plan of Merger, dated March 25, 2019, by and among the Registrant, Murphy Subsidiary Holdings Corporation, and TIER REIT, Inc., filed as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed on March 25, 2019, and incorporated herein by reference.
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, as amended May 4, 2010, filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed 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.
3.1.5		Articles of Amendment to Restated and Amended Articles of Incorporation of Cousins, as amended October 6, 2016 (incorporated by reference from Exhibit 3.1 and Exhibit 3.1.1 to the Registrant's Current Form 8-K filed on October 7, 2016).
3.1.6		Articles of Amendment to Restated and Amended Articles of Incorporation of the Registrant, filed as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on June 14, 2019, and incorporated herein by reference.
3.1.7		Articles of Amendment to Restated and Amended Articles of Incorporation of the Registrant, filed as Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed on June 14, 2019, 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.
4.1		Master Purchase Agreement, dated as of April 19, 2017, by and among the Registrant, Cousins Properties LP, and the purchasers of certain unsecured senior notes (the “Master Note Purchase Agreement”), incorporated herein by reference.
4.2		Cousins Properties Incorporated, Cousins Properties LP, First Supplement to Master Note Purchase Agreement, dated as of June 12, 2019, incorporated herein by reference.
4.3		Guaranty Agreement, dated as of April 19, 2017 (as amended, modified, or supplemented from time to time, the "Guaranty Agreement") incorporated by reference to Exhibit A of Exhibit 4.1 above, incorporated herein by reference.
4.4		Form of Senior Unsecured Notes incorporated by reference to Schedule 1-A and 1-B of Exhibit 4.1 above, incorporated herein by reference.
4.5		Form of Senior Unsecured Notes incorporated by reference to Schedule 1-A, 1-B, and 1-C of Exhibit 4.2 above, incorporated herein by reference.
10(a)(xl)	†	Cousins Properties Incorporated 2019 Omnibus Incentive Stock Plan — Director Stock Grant Certificate.
10(b)	†	Retirement Agreement and General Release for Lawrence L. Gellerstedt, Executive Chairman of the Board.
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 inline 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.
104	†	Cover page interactive data file (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibit 101).

 † Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

COUSINS PROPERTIES INCORPORATED

 /s/ Gregg D. Adzema

Gregg D. Adzema 

Executive Vice President and Chief Financial Officer

(Duly Authorized Officer and Principal Financial Officer) 

Date: April 30, 2020

32

EX-10.(A)(XL)

Exhibit 10(a)(xl)

COUSINS PROPERTIES INCORPORATED

2019 OMNIBUS INCENTIVE STOCK PLAN

DIRECTOR STOCK CERTIFICATE

GRANT

This Director Stock Certificate (the “Certificate”) evidences the grant by Cousins Properties Incorporated (“CPI”), in accordance with the Cousins Properties Incorporated2019 Omnibus Incentive Stock Plan (the “Plan”) and the terms and conditions below, of _____ Shares to _________(the “Director”), with the number of Shares determined as set forth below. This Share grant (the “Award”) is granted effective as of ________, which is referred to as the “Grant Date.”

In accordance the resolutions of CPI’s Board of Directors (the “Board”) dated ___________ (the “Director Compensation Resolutions”), the Shares granted pursuant to this Certificate are:

1. ________ Shares (the “Regular Shares”), comprising the equity component of the Director’s annual compensation for the term from the CPI’s Annual Meeting on April __, ___ through the next Annual Meeting (the “Service Term”). The number of Regular Shares granted pursuant to this Certificate shall be determined by dividing the Director’s annual equity compensation of $____________ by the Fair Market Value of a Share on May 31 (provided that if May 31 is not a regular trading day of the New York Stock Exchange, then the Fair Market Value of the next regular trading day shall be used). The grant of the Regular Shares is made in accordance with Section 17.1 of the Plan.

2. _______ Shares (the “In Lieu Shares”), comprising ____ % of the cash component of the Director’s annual compensation for the Service Term (including any fees for service as a Chair of a Committee or Board). The number of In Lieu Shares granted pursuant to this Certificate shall be determined by dividing such portion of the cash component (as to which the Director has confirmed his or her election to receive in the form of Shares) by 95% of the Fair Market Value (as defined in the Plan) of a share of Stock on May 31 (provided that if May 31 is not a regular trading day of the New York Stock Exchange, then the fair market value of the next regular trading day shall be used). The grant of the In Lieu Shares is made in accordance with Section 17.2 of the Plan.

COUSINS PROPERTIES INCORPORATED

By:                         

Title:                         

Exhibit 10(a)(xl)

TERMS AND CONDITIONS

1 Plan and Grant Certificate. This Award is subject to all of the terms and conditions in this Certificate and in the Plan. If a determination is made that any term or condition in this Certificate is inconsistent with the Plan, the Plan will control. All of the capitalized terms not otherwise defined in this Certificate will have the same meaning in this Certificate as in the Plan. A copy of the Plan will be available to the Director upon written request to the Secretary of CPI.

2 Shareholder Rights. The Director will have all the rights of a shareholder with respect to the Shares.

3 Vesting. The Director shall be immediately vested in all Shares on the Grant Date.

4 Delivery of Shares.CPI will issue a book entry account for the Shares in the Director’s name as soon as practicable following the Grant Date.

5 Rule 16b-3. CPI shall have the right to amend this Share grant to withhold or otherwise restrict the transfer of the Shares to the Director as CPI deems appropriate in order to satisfy any condition or requirement under Rule 16b-3 to the extent Section 16 of the 1934 Act is applicable to the grant or transfer.

6 Other Laws. CPI may refuse to transfer Shares to the Director if the transfer of such shares might violate any applicable law or regulation. Pending a final determination as to whether a transfer would violate any applicable law or regulation, CPI may refuse such transfer if it believes in good faith that such transfer might violate any applicable law or regulation.

7 No Right to Continue Service. Neither the Plan, this Certificate, nor any related material is intended to give the Director the right to continue to serve on the Board through the Service Term or otherwise.

8 Governing Law. The Plan and this Certificate are governed by the laws of the State of Georgia.

9 Binding Effect. This Certificate is binding upon CPI, its Subsidiaries and Affiliates, and the Director and their respective heirs, executors, administrators and successors.

10 Headings and Sections. The headings contained in this Certificate are for reference purposes only and shall not affect in any way the meaning or interpretation of this Certificate. Any references to sections (§) in this Certificate shall be to sections (§) of this Certificate unless otherwise expressly stated as part of such reference.

EX-10.(B)

Exhibit 10(b)

RETIREMENT AGREEMENT AND GENERAL RELEASE

This RETIREMENT AGREEMENT AND GENERAL RELEASE (“Agreement”) is made and entered into by and between Lawrence L. Gellerstedt III (“Gellerstedt”), an individual resident of Georgia, Cousins Employees LLC, a Georgia limited liability company (“CELLC”), Cousins Properties Incorporated (the “CPI”) and Cousins Properties LP, a Delaware limited partnership (“CPLP”), along with the subsidiaries, parents and affiliated entities of any of CELLC, CPI or CPLP, including the successors and assigns of CELLC, CPI, CPLP or any such related entities (collectively, “Company”).

WITNESSETH

WHEREAS, Gellerstedt is employed with the Company as its Executive Chairman of the Board;

WHEREAS, Gellerstedt will retire from his employment with the Company and all offices he holds with the Company and its subsidiaries and affiliates effective on April 21, 2020 (the “Retirement Date”);

WHEREAS, the Company has agreed to provide Gellerstedt with certain payments and benefits to which he would not otherwise be entitled, as provided in this Agreement; and

WHEREAS, Gellerstedt and the Releasees (as defined below) want to settle fully and finally all differences, disputes and potential disputes between them arising out of Gellerstedt’ employment and retirement from the Company as set forth below;

NOW, THEREFORE, in consideration of the premises and mutual promises herein contained, it is agreed as follows:

1. Retirement. Gellerstedt will retire and his employment with the Company and any of its subsidiaries and affiliates will cease effective as of the end of the business day on the Retirement Date.

2. Consideration. Provided that Gellerstedt satisfies the conditions of this Agreement (including, without limitation, Sections 6, 7, 8 and 9 below), the Company will provide Gellerstedt the following consideration (the “Consideration”):

A. Bonus. Provided that (i) Gellerstedt has not revoked the release provisions in Section 3 (as provided in Section 2(C) below), Gellerstedt will receive a cash bonus in the amount of $152,000, which will be paid on or about May 11, 2020.

B. Long-Term Incentive Compensation. So long as Gellerstedt has not revoked the release provisions in Section 3 (as provided in Section 2(C) below), the Company shall provide the following additional benefits with respect to certain long-term incentive compensation awards granted to Gellerstedt. Except as specifically changed in this Section 2(B), long-term incentive compensation awards shall be governed by the terms of the applicable award agreement.

(1)    The Company shall accelerate vesting with respect to all shares of restricted stock (“Restricted Stock”) issued to Gellerstedt under the Company’s 2009 Incentive Stock Plan (the “2009 Plan”), so that all such shares will vest on May 12, 2020 and will be promptly thereafter issued to Gellerstedt, less applicable tax withholding.

(2) With respect to restricted stock units (“Restricted Stock Units”) issued to Gellerstedt under the Company’s 2005 Restricted Stock Unit Plan (“RSU Plan”), because Gellerstedt has attained Retirement (as defined in the Restricted Stock Units award agreements), Gellerstedt will be deemed to have satisfied any requirement of continued employment, but such Restricted Stock Units will vest and/or become payable only if the Company meets the applicable performance goals. The number of vested Restricted Stock Units will be determined based upon the Company’s performance relative to the performance goals as set forth in the applicable award agreement, and will be paid to Gellerstedt, less applicable tax withholding, at the same time such Restricted Stock Units are paid to other executives.

(3) With respect to the Stock Options issued to Gellerstedt under the Company’s 2009 Plan, the strike price and the expiration of February 14, 2021 shall remain unaffected by this Agreement. The terms and conditions of the exercise of such Stock Options, if any, shall be governed by the terms of the award agreements.

This Section 2(B) will amend and supersede any terms of the agreements related to the Restricted Stock which conflict with this Section 2(B) and, except as provided in this Section 2(B), such agreements shall continue in full force and effect.

C. Release Revocation Right. Gellerstedt will have 21 days to consider the release provisions set forth in Section 3 below and 7 days following the execution of this Agreement to revoke such release. The parties agree that the Company will be relieved

Exhibit 10(b)

of its obligations under Sections 2(A) and 2(B)(1) if the release is revoked during any applicable revocation period. Notwithstanding anything to the contrary set forth herein, in no event will the Company’s obligations with respect to the Restricted Stock Units or Stock Options be affected by any such timely revocation.

D. Information Regarding Accrued Base Salary and PTO. Regular wages earned through the Retirement Date will be paid to Gellerstedt on the next regularly occurring payroll of Company. Any adjustments as well as accrued, unused Paid Time Off (“PTO”) will be paid not later than the third regularly occurring payroll of Company after the Retirement Date. Notwithstanding anything to the contrary set forth herein, the Company acknowledges and agrees that Gellerstedt’ eligibility for accrued but unpaid base salary and PTO described in this Section 2(D) shall in no way be conditioned upon the execution of this Agreement or the non-revocation of the release in Section 3.

E. Benefit Information. Gellerstedt’ Company-sponsored plan benefits will end on the last day of the month in which the Separation Date occurs. Under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), Gellerstedt may be eligible to continue his health insurance coverage at group rates for up to 18 months. The Company will reimburse Gellerstedt (subject to applicable tax withholding) for amounts expended by Gellerstedt to purchase (via COBRA) for himself and his spouse through the Company’s health plan for the period that begins on the Retirement Date and ends on the earlier of (i) the date Gellerstedt becomes employed with an employer with whom Gellerstedt is eligible for health insurance benefits provided through that employer, or (ii) March 31, 2021. Gellerstedt will tender reasonable and satisfactory proof of such expenditures, if any, to the Company within thirty (30) days of such expenditure, and the Company will reimburse Gellerstedt for such expenses within thirty (30) days of receipt of such proof. Gellerstedt also agrees to inform he Company of his becoming employed with an employer with whom Gellerstedt is eligible for health insurance benefits provided through that employer, promptly upon beginning such employment. Notwithstanding anything to the contrary set forth herein, the Company acknowledges and agrees that Gellerstedt’ eligibility for COBRA benefits shall in no way be conditioned upon the execution of this Agreement or the non-revocation of the release in Section 3; provided, however, that a timely revocation of such release shall also relieve the Company of the obligation to reimburse Gellerstedt for any COBRA payments actually made by him.

F. Acknowledgements. Gellerstedt acknowledges and agrees that the Consideration encompasses and is in lieu of and in full satisfaction of any and all other payments which Gellerstedt is owed, is potentially owed, or claims to be owed to him by the Company, regardless of where arising (except for any benefits owed, under the written terms of the Company’s benefit plans, through the Retirement Date or as otherwise specifically stated herein, base salary accrued through the Retirement Date, expenses incurred but unpaid up to the Retirement Date that are reimbursable in accordance with Company policy, rights under any outstanding Stock Option Agreements, rights to indemnification that Gellerstedt may have under the Company’s articles of incorporation, bylaws, and the Indemnification Agreement dated June 19, 2007, and any coverage that Gellerstedt may have under any liability policy covering officers and directors) as of the Retirement Date including, without limitation, any other salary, severance, benefits, bonuses, deferred compensation, incentive compensation or equity compensation. For the avoidance of doubt, there shall be no benefits paid by the Company of any sort with respect to any of the Consideration, except as noted in this Section 2.

3. Release and Covenant Not to Sue.

A. Gellerstedt General Release. As a material inducement of the Company to enter into this Agreement, Gellerstedt hereby irrevocably and unconditionally releases, acquits, and forever discharges the Company and the Company’s former and current employees, partners, members, managers, supervisors, attorneys, investors, agents, officers, directors, and affiliates, including parent companies, subsidiaries, benefit plans and divisions (collectively, with the Company, the “Releasees”), (except as to the Consideration and any benefits owed, under the written terms of the Company’s benefit plans, through the Retirement Date or as otherwise specifically stated herein, base salary accrued through the Retirement Date, expenses incurred but unpaid up to the Retirement Date that are reimbursable in accordance with Company policy, rights to indemnification that Gellerstedt may have under the Company’s articles of incorporation, bylaws, and the Indemnification Agreement dated June 19, 2007, and any coverage that Gellerstedt may have under any liability policy covering officers and directors) from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorneys’ fees and costs actually incurred) of any nature whatsoever, known or unknown, suspected or unsuspected, fixed or contingent, including, but not limited to, any claims for compensatory damages, special damages, punitive damages, or any other form of compensation from the Releasees or any of them, or based upon any contract, covenant of good faith and fair dealing, or any tort, or any federal, state, or other governmental statute, regulation, ordinance or common law, including, without limitation claims for unpaid wages, vacation pay, or other fringe benefits; breach of any covenant of good faith and fair dealing; breach of an express or implied contract; violation of any other legal, equitable or contractual duty arising under the laws of any state or locality, or the laws of the United States, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e, etseq.; 42 U.S.C. § 1981; Executive Order 11246, 30 Fed. Reg. 12319; 42 U.S.C. § 1985(3); the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701, etseq.; the Americans with Disabilities Act, 42 U.S.C.

Exhibit 10(b)

§ 12101, etseq.; the Family and Medical Leave Act, 29 U.S.C. § 2601, etseq.; the Employment Retirement Income Security Act of 1974, as amended, 29 U.S.C. § 1001, etseq.; and the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1514A, etseq., which Gellerstedt now has, owns or holds, or claims to have, own or hold, which Gellerstedt at any time heretofore had, owned or held, or claimed to have, against each or any of the Releasees, including claims arising under any other agreement or plan whatsoever, whether oral or written, with respect to matters up to the time Gellerstedt signs this Agreement; provided, however, that Gellerstedt does not release any claims for which releases are prohibited by law. Gellerstedt represents, acknowledges and agrees that he has been provided with all leave to which he may have been entitled under the Family and Medical Leave Act. Gellerstedt hereby covenants and agrees, to the fullest extent permitted by law, not to sue, file any grievance, complaint or arbitration, commence, or permit to be commenced or filed, any litigation, administrative charge, or other proceeding against any of the Releasees as described herein, with respect to any matter whatsoever, including, but not limited to, any matter arising from or relating to the terms and conditions of his employment with the Company, the termination of his employment with the Company, and any other actions taken by the Company concerning Gellerstedt up to the time of the Retirement Date, except as otherwise provided in this Section 3(A).

B. Release of Claims under the ADEA. In addition to the foregoing, Gellerstedt hereby knowingly and voluntarily releases and discharges the Releasees, collectively, separately and severally, from and for any and all liability, claims, allegations, and causes of action arising under the Age Discrimination in Employment Act of 1967, as amended (“ADEA”), which he and/or his heirs, administrators, executors, personal representatives, beneficiaries, and assigns may have or claim to have against the Releasees. Notwithstanding any other provision or section of this Agreement, Gellerstedt does not hereby waive any rights or claims under the ADEA that may arise after the date on which the Agreement is signed by him.

C. Protected Rights. Nothing contained in this Agreement limits Gellerstedt’ ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the National Labor Relations Board, the Department of Labor, the Occupational Safety and Health Administration, or any other self-regulatory organization or federal, state or local governmental agency or commission (collectively, “Government Agencies”), or prevents Gellerstedt from providing truthful testimony in response to a lawfully issued subpoena or court order or from making other disclosure that are protected under the whistleblower provisions of federal, state or local law or regulation. Gellerstedt understands and acknowledges that he does not need the prior authorization of the Company to make any such reports or disclosures and that he is not required to notify the Company that he has made such reports or disclosures. Further, this Agreement does not limit Gellerstedt’ ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. Notwithstanding the foregoing, the consideration provided to Gellerstedt under this Agreement shall be the sole relief provided directly by the Company to Gellerstedt for the claims released herein and Gellerstedt will not be entitled to recover, and hereby waives, any monetary recovery directly from the Company in connection with any such charge or proceeding. Further notwithstanding the foregoing, this Agreement does not limit Gellerstedt’ right to receive an award from any Government Agency in connection with information provided to any Government Agencies.

D. Company General Release. In consideration of this Agreement, the Company hereby forever waives, releases and discharges Gellerstedt from any and all liability, actions, claims demands of lawsuits in law or in equity which the Company may have had, presently has , or in the future may have, against Gellerstedt by reason of any act, omission, transaction or event from the beginning of time, including but not limited to those arising out of or relating to Gellerstedt’ employment with the Company, provided, however, that the Company is not releasing Gellerstedt from any claims arising from the facts or circumstances which Gellerstedt has concealed from the Company or from any claims arising from any criminal or fraudulent acts or omissions by Gellerstedt (collectively, the “Unreleased Company Claims”). Further, Gellerstedt acknowledges and agrees that the Company has not released and is not releasing any claims under the Company’s incentive-based compensation recoupment policy (sometimes commonly referred to as a “clawback” policy, as described in the Company’s various Proxy filings); provided, however, that the Company shall only enforce such policy against Gellerstedt in a non-discriminatory manner, reasonably taking into account the circumstances giving rise to the financial restatement triggering the enforcement of such policy. This release, waiver and discharge applies to any and all claims against Gellerstedt, known or unknown, arising under contract or under federal, state or local statutory or common (including civil tort) law, which have been asserted or which could have been asserted to the maximum extent permitted by law, without limitation or exception, other than for the Unreleased Company Claims, for breach of this Agreement, and for implementation of the clawback policy. It is expressly understood and agreed by the parties that this Agreement is in full accord, satisfaction, and discharge of any and all doubtful or disputed claims by the Company against Gellerstedt (expressly excluding the Unreleased Company Claims, claims for breach of this Agreement and any implementation of the clawback policy), and this Agreement has been signed with the express intent of extinguishing all other claims, obligations, actions or causes of action as herein described.

E.    Consultation Opportunity Acknowledgment. Gellerstedt hereby acknowledges and represents that (i) he has been given a period of at least twenty-one (21) days to consider the terms of this Agreement, (ii) the Company has advised (or hereby advises) Gellerstedt in writing to consult with an attorney prior to executing this Agreement, and (iii) Gellerstedt has received valuable and

Exhibit 10(b)

good consideration to which he is otherwise not entitled in exchange for his execution of this Agreement. Gellerstedt and the Company acknowledge and agree that any revisions made to this Agreement after it was initially delivered to Gellerstedt were either not material or were requested by Gellerstedt , and expressly agree that such changes do not re-start the 21-day consideration period described above.

The parties hereby acknowledge this Agreement shall not become effective or enforceable until the eighth (8th) day after it is executed by Gellerstedt (the “Effective Date”) and that Gellerstedt may revoke this Agreement at any time before the Effective Date.

In the event Gellerstedt revokes, he shall notify the Company in writing to its designated agent for this purpose no later than the last day of the revocation period. Such notice shall be delivered to the Company by national overnight delivery service such as Federal Express or United Parcel Service, the receipt of which shall be tracked by the delivery service, and addressed as follows:

Cousins Properties Incorporated

3344 Peachtree Road NE, Suite 1800

Atlanta, Georgia 30326

Attn: General Counsel

4. Denial of Liability or Wrongful Conduct. This Agreement shall not in any way be construed as an admission by the Company that it has acted wrongfully in any way. This Agreement shall not in any way be construed as an admission by Gellerstedt that he has acted wrongfully in any way.

5. No Pending Claims. Gellerstedt represents that he has not filed, nor assigned to others the right to file, nor are there pending any complaints, charges or lawsuits against the Releasees with any governmental agency or any court, and that Gellerstedt shall not file any claims against the Releasees with any governmental agency or any court at any time hereafter for actions taken up to and including the Retirement Date with respect to matters released by this Agreement. Gellerstedt agrees that he will not seek or be entitled to any personal or representative monetary recovery in any proceeding of any nature arising out of any of the matters released above.

6. Non-Disparagement. Except as otherwise required by law, Gellerstedt acknowledges and agrees that, for a period beginning upon execution of this Agreement and for three (3) years following the Retirement Date, he shall not make any statement, written or verbal, to any person or entity, including in any forum or media, or take any action, in disparagement of the Company or any of the other Releasees, including, but not limited to, negative references to the Company’s or a Releasee’s services, policy, partners, directors, officers, managers, members, or employees, or take any other action that may disparage the Company or a Releasee to the general public and/or the Company’s or Releasee’s employees, clients, suppliers, and/or business partners. The Company agrees that it shall direct the members of its Board of Directors and its executive officers that they shall not for a period of three (3) years following the Retirement Date make any statement, written or verbal, to any person or entity, including in any forum or media, or take any action, in disparagement of Gellerstedt, including, but not limited to, negative references to Gellerstedt’ services, or take any other action that may disparage Gellerstedt to the general public or his future employer, clients, suppliers, and/or business partners. All requests for references or other information from Gellerstedt’ prospective employers shall be directed by Gellerstedt to the Company’s head human resources officer, who shall advise that the Company policy is not to provide references and shall confirm only Gellerstedt’ positions, dates of employment, and compensation with the Company.

7. Nondisclosure and Non-Solicitation.

A. Confidentiality. Gellerstedt agrees to and shall hold in confidence all Trade Secrets and all Confidential Information (each as defined below) and will not, either directly or indirectly, use, sell, lend, lease, distribute, license, give, transfer, assign, show, disclose, disseminate, reproduce, copy, appropriate, or otherwise communicate any Trade Secrets or Confidential Information to any person or entity, without the prior written consent of the Company. Gellerstedt’ obligation of non-disclosure as set forth herein with regard to each item constituting all or any portion of a Trade Secret shall continue for so long as such item continues to constitute a Trade Secret or Confidential Information, as the case may be.

“Confidential Information” means data or other information relating to the business of the Company or a Releasee (other than Trade Secrets) that is or has been disclosed to Gellerstedt or of which Gellerstedt became aware as a consequence of or through Gellerstedt’ relationship with the Company or a Releasee and which has value to the Company or a Releasee, is not generally known to the Company’s or the Releasee’s competitors (as applicable). Confidential Information shall not include any data or information that has been voluntarily disclosed to the public by the Company or a Releasee (except where such public disclosure has been made by Gellerstedt without authorization) or that has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means.

Exhibit 10(b)

“Trade Secrets” means information protectable as a trade secret under applicable law, including, without limitation, and without regard to form: technical or non-technical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers which is not commonly known by or available to the public and which information derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. For purposes of this Agreement, the term Trade Secret shall not include data or information that has been voluntarily disclosed to the public by the Company or a Releasee (except where such public disclosure has been made by Gellerstedt without authorization) or that has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means.

B. Defend Trade Secrets Act. Gellerstedt is hereby notified that under the Defend Trade Secrets Act: (i) no individual will be held criminally or civilly liable under federal or state trade secret law for disclosure of a trade secret (as defined in the Economic Espionage Act) that is (x) made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and made solely for the purpose of reporting or investigating a suspected violation of law; or (y) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and (ii) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order.

C. Non-Solicitation of Employees. Gellerstedt covenants and agrees that for a period of twelve (12) months following the Retirement Date, Gellerstedt will not, directly or indirectly, solicit or encourage the solicitation or hiring of any person who was an employee of the Company at the Retirement Date and who continues to be an employee of the Company at, or was an employee within six (6) months before, the date of such solicitation, with whom Gellerstedt had material contact, by any employer other than the Company for any position as an employee, independent contractor, consultant or otherwise; provided that this covenant shall not apply to any employee (i) the solicitation of whom is approved by the Chief Executive Officer of the Company (such approval to be made in his or her sole discretion and may be withheld for any or no reason), (ii) who responds to any public advertisement or (iii) whose employment with the Company terminated, whether voluntarily or involuntarily, prior to any discussion with Gellerstedt regarding such matters.

C. Acknowledgements. Gellerstedt acknowledges and agrees that Gellerstedt’ obligations under this Section 7 are reasonable and necessary to protect the legitimate business interests of the Company and that any claim or cause of action by Gellerstedt against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company or any other adversely affected Releasee of the covenants and promises in this Section 7.

D. Reformation. In the event that any of the covenants in this Section 7 is found by a court of competent jurisdiction to be overly broad or otherwise unenforceable as written, the parties request the court to modify or reform any such covenant to allow it to be enforced to the maximum extent permitted by law and to enforce the covenant as so modified or reformed.

8. Cooperation. Gellerstedt acknowledges and agrees that he will reasonably cooperate with the Company in any pending or future matters, including without limitation any litigation, investigation, or other dispute, in which Gellerstedt, by virtue of Gellerstedt’ employment with the Company, has relevant knowledge or information, without any further compensation other than what is provided in this Agreement; provided, however, and notwithstanding the foregoing, the Company shall compensate Gellerstedt for the reasonable value of the time required for such cooperation, and shall reimburse Gellerstedt for any reasonable travel and out-of-pocket expenses incurred in providing cooperation at its request, the purpose of which reimbursement is to avoid cost to Gellerstedt and not to influence Gellerstedt’ cooperation.

9. Return of Company Property. On or prior to the Retirement Date, Gellerstedt will return to the Company all of the Company’s property, including, but not limited to, keys, passcards, credit cards, computers and related equipment, cell phones, vendor or customer lists, rolodexes, tapes, software, computer files, marketing and sales materials, and any other record, data, document or piece of equipment belonging to the Company. Gellerstedt agrees not to retain any copies of the Company’s property, including any copies existing in electronic form, which are in Gellerstedt’ possession or control. Gellerstedt acknowledges that he has not and will not destroy, delete, or alter any Company property without the Company’s written consent. This Section shall not be construed to relate to any of Gellerstedt’ personal information which may be stored on the Company’s computer that he used before the Retirement Date or personal information that he had at the Company’s offices before the Retirement Date.

10. Modification. No provision of this Agreement may be changed, altered, modified or waived except in writing signed by Gellerstedt and an authorized representative of the Company’s Board of Directors, which writing shall specifically reference this Agreement and the provisions which the parties intend to waive or modify.

Exhibit 10(b)

11. Voluntary Agreement/Consultation with Counsel. Gellerstedt acknowledges the following: (a) he has read and fully understands the terms of this Agreement; (b) he has agreed to this Agreement knowingly and voluntarily and was not subjected to any undue influence in agreeing to its terms; (c) has been (or is hereby) advised by the Company in writing that he may discuss this Agreement with his personal attorney, and has had an opportunity to do so; and (d) has been given a reasonable time (of at least 21 days) to consider whether he should enter into this Agreement.

12. Attorneys’ Fees and Costs. If either party brings a claim released or waived by or otherwise relating to this Agreement, or breaches any provision hereof, such party will pay the reasonable attorneys’ fees that are actually incurred by the prevailing party, in addition to any other damages or relief a court may award.

13. Entire Agreement. Except as expressly provided herein, this Agreement constitutes and contains the entire agreement and final understanding concerning Gellerstedt’ relationship with the Company and the other subject matters addressed herein between the parties, and supersedes and replaces all prior negotiations and all other agreements proposed or otherwise, whether written or oral, concerning the subject matter hereof. Any representation, promise or agreement not specifically included in this Agreement shall not be binding upon or enforceable against either party. Notwithstanding the foregoing, the Indemnification Agreement between the Company and Gellerstedt, dated as of June 19, 2007 and any certificates of awards issued to Gellerstedt under the 1999 Incentive Stock Plan, the 2009 Plan and the RSU Plan shall survive in accordance with their respective terms. For further clarity, each of the foregoing expressly survive and remain in full force and effect, and do not merge into this Agreement. For the avoidance of doubt, the Change in Control Severance Agreement between the Company and Gellerstedt, as amended, is terminated as of April 21, 2020.

14. Applicable Law. This Agreement has been entered into in and shall be governed by and construed under the laws of the State of Georgia, notwithstanding its provisions governing choice of law. Gellerstedt acknowledges and agrees that he was employed by the Company in Georgia. Subject to Section 19 below, any action to enforce any provision of this Agreement shall be brought exclusively in the appropriate state or federal court in the State of Georgia.

15. Severability. The provisions of this Agreement are severable, and if any part of it is found to be unenforceable, the other paragraphs shall remain fully valid and enforceable. This Agreement shall survive the termination of any arrangements contained herein.

16. Headings and Captions. The headings and captions used in this Agreement are for convenience of reference only, and shall in no way define, limit, expand or otherwise affect the meaning or construction of any provision of this Agreement.

17. Construction. In the event that an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

18. Injunctive Relief/Obligations. Gellerstedt acknowledges and agrees that the remedy at law for any breach of Sections 6, 7, 8 or 9 hereof will be inadequate and that in the event of such breach, the Company and/or the Releasees will suffer irreparable damage. Accordingly, in addition to all other remedies available, the Company and any other adversely affected Releasee will therefore be entitled, in aid of any arbitration conducted pursuant to Section 19 hereof, to temporary, preliminary or permanent injunctive relief from a court enjoining said breach or threatened breach without having to post a bond or other security. The existence of any claim, demand, action or cause of action of Gellerstedt against any Releasee shall not constitute a defense to the enforcement by the Company or any Releasee of any of the covenants or agreements herein. The existence of any claim, demand, action or cause of action of the Company or any Releasee shall not constitute a defense to the enforcement by Gellerstedt of any of the covenants or agreements herein.

19. Arbitration. Except as provided in Section 18 and below, any disputes or claims of any kind or nature, including the arbitrability of claims under this Agreement, between Gellerstedt and the Company for any reason whatsoever, shall be settled by final and binding arbitration in Atlanta, Georgia under the Federal Arbitration Act. The parties expressly agree that this Agreement involves interstate commerce and shall be governed by the provisions of the Federal Arbitration Act, 9 U.S.C. § 1 et seq., to the exclusion of any different or inconsistent state or local law, ordinance or judicial rule. Any disputes concerning the interpretation or the enforceability of this Agreement, including without limitation its revocability or voidability for any cause, the scope of arbitrable issues, and any defense based upon waiver, estoppel, or laches, shall be decided by the arbitrator.

Prior to filing a demand for arbitration, the party seeking arbitration shall serve upon the other party written notice of an intent to arbitrate hereunder listing the claims to be arbitrated. Thereafter, the parties shall, for a period of two weeks, first attempt in good faith to resolve any such claim through informal negotiation. If the claim is not resolved, the arbitration shall be administered by an arbitration agency mutually agreeable to Gellerstedt and the Company, before an arbitrator mutually agreeable to Gellerstedt

Exhibit 10(b)

and the Company. Should the Company and Gellerstedt be unable to mutually agree upon an arbitration agency or an arbitrator within four weeks of either party’s written notice of intent to arbitrate hereunder, or within two weeks from the time any court or other judicial body orders arbitration, the arbitration shall be administered by the American Arbitration Association before an arbitrator mutually agreeable to Gellerstedt and the Company. If Gellerstedt and the Company are thereafter unable to agree upon an arbitrator, the arbitrator shall be selected in accordance with the rules of the American Arbitration Association.

Upon the request of either party, the arbitrator’s award shall include findings of fact and conclusions of law. Discovery in the arbitration by or to each party shall presumptively be limited to five depositions (including experts), twenty-five interrogatories (including subparts), and thirty document requests (including subparts). In considering the relevancy, materiality, and admissibility of evidence, the arbitrator shall take into account, among other things, applicable principles of legal privilege, including the attorney-client privilege, the work product doctrine, the self-evaluative privilege, and appropriate protection of the Company’s Trade Secrets, personnel records, and other Confidential Information or proprietary information. Any arbitration of any claim by Gellerstedt pursuant to this Agreement may not be joined or consolidated with any other arbitration(s) by or against the Company, including through any class arbitration. Any arbitration of any claim by the Company pursuant to this Agreement may not be joined or consolidated with any other arbitration(s) by or against Gellerstedt . Notwithstanding any other provision of this Agreement, either party may seek temporary, preliminary, or permanent injunctive relief to aid and give effect to the arbitration required by this Section. If any provision of this Section is found to be invalid or unenforceable, such provision shall be severed or modified as necessary to permit this Section to be upheld and enforced to the maximum extent permitted by law.

20. Notice. All notices or other communications which are required or permitted hereunder shall be in writing and sufficient if delivered personally or sent by registered or certified mail, postage prepaid, return receipt requested, or sent by overnight courier, addressed as follows:

To the Company:    Cousins Properties Incorporated

3344 Peachtree Rd

Suite 1800

Atlanta, Georgia 30326

Attn: General Counsel

To Gellerstedt:    Mr. Lawrence L. Gellerstedt, III

12 Chatham Road

Atlanta, Georgia 30305

21. Intentionally Omitted.

22. 409A. The parties to this Agreement intend that all payments and benefits under this Agreement be exempt from or comply with section 409A of the Internal Revenue Code of 1986, as amended.

Exhibit 10(b)

GELLERSTEDT ATTESTS THAT HE HAS READ THIS AGREEMENT CAREFULLY AND UNDERSTANDS THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS THAT GELLERSTEDT MAY HAVE AGAINST THE COMPANY.

Date:

Lawrence L. Gellerstedt, III                    

COUSINS PROPERTIES INCORPORATED

COUSINS EMPLOYEES LLC

COUSINS PROPERTIES LP

By:                        Date:

Pamela F. Roper

EVP & General Counsel

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, M. Colin Connolly, certify that:

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/ M. Colin Connolly

M. Colin Connolly

Chief Executive Officer, President, and Director

Date: April 30, 2020

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Gregg D. Adzema, certify that:

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

Gregg D. Adzema

Executive Vice President and Chief Financial Officer

Date: April 30, 2020

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and in connection with the Annual Report on Form 10-K of Cousins Properties Incorporated (the “Registrant”) for the year ended March 31, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, the President and Chief Executive Officer of the Registrant, certifies that to his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ M. Colin Connolly

M. Colin Connolly

Chief Executive Officer, President, and Director

Date: April 30, 2020

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and in connection with the Annual Report on Form 10-K of Cousins Properties Incorporated (the “Registrant”) for the year ended March 31, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, the Executive Vice President and Chief Financial Officer of the Registrant, certifies that to his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Gregg D. Adzema

Gregg D. Adzema

Executive Vice President and Chief Financial Officer

Date: April 30, 2020

XML

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 193,898	$ 132,733
Rental property revenues
Disaggregation of Revenue [Line Items]
Revenues	189,129	123,865
Variable rental revenue	54,100	32,600
Fees and other
Disaggregation of Revenue [Line Items]
Revenues	$ 4,800	$ 8,900

XML

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit and performance bonds	$ 1.1
Future obligations under leases to fund tenant improvements and other future construction obligations	$ 237.1

XML

Description of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2020

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”). Cousins conducts substantially all of its operations through Cousins Properties LP ("CPLP"). Cousins owns over 99% of CPLP and consolidates CPLP. CPLP owns Cousins TRS Services LLC ("CTRS"), a taxable entity which owns and manages its own real estate portfolio and performs certain real estate related services for other parties.

Cousins, CPLP, CTRS, and their subsidiaries (collectively, the "Company") develop, acquire, lease, manage, and own Class A office and mixed-use properties in Sun Belt markets with a focus on Georgia, Texas, North Carolina, Arizona, and Florida. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute 100% of its net taxable income to stockholders, thereby eliminating any liability for federal income taxes under current law. Therefore, the results included herein do not include a federal income tax provision for Cousins. As of March 31, 2020, the Company's portfolio of real estate assets consisted of interests in 19.0 million square feet of office space and 310,000 square feet of mixed-use space.

Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of March 31, 2020 and the results of operations for the three months ended March 31, 2020 and 2019. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included therein.

On June 14, 2019, the Company restated and amended its articles of incorporation to effect a reverse stock split of the issued and outstanding shares of its common and preferred stock pursuant to which (1) each four shares of the Company's issued and outstanding common stock and preferred stock were combined into one share of the Company's common or preferred stock, respectively, and (2) the authorized number of the Company's common stock was proportionally reduced to 175 million shares. Fractional shares of common stock resulting from the reverse stock split were settled in cash. Fractional shares of preferred stock resulting from the reverse stock split were redeemed without payout. Immediately thereafter, the Company further amended its articles of incorporation to increase the number of authorized shares of its common stock from 175 million to 300 million shares. All shares of common stock, preferred stock, stock options, restricted stock units, and per share information presented in the condensed consolidated financial statements have been adjusted to reflect the reverse stock split on a retroactive basis for all periods presented.

For the three months ended March 31, 2020 and 2019, 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 Financial Accounting Standard Board's ("FASB") Accounting Standards Codification ("ASC"). 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. At March 31, 2020, the Company had no investments or interests in any VIEs.

XML

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Revenues	$ 193,898	$ 132,733
Expenses:
Rental property operating expenses	64,538	43,487
Reimbursed expenses	521	932
General and administrative expenses	5,652	11,460
Interest expense	15,904	10,820
Depreciation and amortization	71,614	45,861
Transaction costs	365	3
Other	566	180
Total costs and expenses	159,160	112,743
Income from unconsolidated joint ventures	3,425	2,904
Gain on sales of investments in unconsolidated joint ventures	46,230	0
Gain on investment property transactions	90,916	13,111
Net income	175,309	36,005
Net income attributable to noncontrolling interests	(366)	(664)
Net income available to common stockholders	$ 174,943	$ 35,341
Net income per common share — basic (in usd per share)	$ 1.19	$ 0.34
Net income per common share — diluted (in usd per share)	$ 1.18	$ 0.34
Weighted average shares — basic (in shares)	147,424	105,127
Weighted average shares — diluted (in shares)	148,561	106,901
Rental property revenues
Revenues:
Revenues	$ 189,129	$ 123,865
Fee income
Revenues:
Revenues	4,732	8,728
Other
Revenues:
Revenues	$ 37	$ 140

XML

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Computation of basic and diluted earnings per share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2020 and 2019 (in thousands):

	Three Months Ended March 31,
	2020			2019
Earnings per Common Share - basic:
Numerator:
Net income	$	175,309		$	36,005
Net income attributable to noncontrolling interests in CPLP from continuing operations	(302		)	(588		)
Net income attributable to other noncontrolling interests	(64		)	(76		)
Net income available to common stockholders	$	174,943		$	35,341
Denominator:
Weighted average common shares - basic	147,424			105,127
Net income per common share - basic	$	1.19		$	0.34
Earnings per common share - diluted:
Numerator:
Net income	$	175,309		$	36,005
Net income attributable to other noncontrolling interests	(64		)	(76		)
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP	$	175,245		$	35,929
Denominator:
Weighted average common shares - basic	147,424			105,127
Add:
Potential dilutive common shares - stock options	15			30
Potential dilutive common shares - restricted stock units,     less shares assumed purchased at market price	2			—
Weighted average units of CPLP convertible into     common shares	1,120			1,744
Weighted average common shares - diluted	148,561			106,901
Net income per common share - diluted	$	1.18		$	0.34
Antidilutive restricted stock units, less share assumed purchased at market price	3			—

XML

Description of Business and Basis of Presentation (Basis of Presentation) (Details)	Jun. 14, 2019 shares	Mar. 31, 2020 shares	Dec. 31, 2019 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse stock split ratio	0.25
Common stock, shares authorized	175,000,000	300,000,000	300,000,000

XML

Stock-Based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

The Company has several types of stock-based compensation — stock options, restricted stock, and restricted stock units (“RSUs”).

The Company's compensation expense for the three months ended March 31, 2020 relates to restricted stock and RSUs awarded in 2017, 2018, 2019, and 2020. Restricted stock and the 2020 RSUs are equity-classified awards for which the compensation expense per share is fixed. The 2018 and 2019 RSUs are liability-classified awards for which the expense fluctuates from period to period dependent, in part, on both the Company's stock price and on the Company's stock performance relative to its peers. For the three months ended March 31, 2020 and 2019, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands):

	2020			2019
Equity-classified awards	$	1,284		$	607
Liability-classified awards	(1,020		)	4,921
Total stock-based compensation expense, net of forfeitures	$	264		$	5,528

On April 23, 2019, the Company's stockholders approved the Cousins Properties Incorporated 2019 Omnibus Incentive Stock Plan (the "2019 Plan"). The Company also maintains the Cousins Properties Incorporated 2009 Incentive Stock Plan (the "2009 Plan") and the Cousins Properties Incorporated 2005 Restricted Stock Unit Plan (the “RSU Plan”), although no further issuances are permitted under the 2009 plan or RSU Plan.

Under the 2019 Plan, during the three months ended March 31, 2020, the Company made restricted stock grants of 71,421 shares to key employees, which vest ratably over a three-year period. Also under the 2019 Plan, during the three months ended March 31, 2020, the Company awarded two types of RSUs to key employees based on the following metrics: (1) Total Stockholder Return of the Company, as defined in the 2019 Plan, as compared to the companies in the SNL US REIT Office index (“Market-based RSUs”), and (2) the ratio of cumulative funds from operations (“FFO”) per share to targeted cumulative FFO per share (“Performance-based RSUs”), as defined in the 2019 Plan. The measurement period for both awards is January 1, 2020 to December 31, 2022, and the targeted units awarded of Market-based RSUs and Performance-based RSUs was 71,038 and 30,447, respectively. The ultimate settlement of these awards can range from 0% to 200% of the targeted number of units depending on the achievement of the market and performance metrics described above. These RSU awards cliff vest on December 31, 2022 and are to be settled in the Company’s common stock with settlement dependent on attainment of required service, market, and performance criteria. The number of RSUs vesting will be determined by the Compensation Committee. The Company expenses an estimate of the fair value of the Market-based RSUs, calculated using a Monte Carlo valuation at grant date, ratably over the vesting period, adjusting for forfeitures when they occur. The Performance-based RSUs are expensed over the vesting period based on the Company’s share price on the grant date. The expense is recognized ratably over the vesting period and adjusted each quarter based on the number of shares expected to vest and for forfeitures when they occur. Dividend equivalents on the Market-based RSUs and the Performance-based RSUs will also be settled in shares of the Company’s common stock based upon the number of units vested.

The company’s stock compensation for stock options, restricted stock, and RSUs granted in 2018 and 2019 is described in note 15 of the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

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Notes Payable

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

NOTES PAYABLE

NOTES PAYABLE

The following table summarizes the terms of notes payable outstanding at March 31, 2020 and December 31, 2019 ($ in thousands):

Description	Interest Rate	Maturity (1)	2020			2019
Unsecured Notes:
Credit Facility, Unsecured	2.04%	2023	$	—		$	251,500
Term Loan, Unsecured	2.19%	2021	250,000			250,000
2019 Senior Notes, Unsecured	3.95%	2029	275,000			275,000
2017 Senior Notes, Unsecured	3.91%	2025	250,000			250,000
2019 Senior Notes, Unsecured	3.86%	2028	250,000			250,000
2019 Senior Notes, Unsecured	3.78%	2027	125,000			125,000
2017 Senior Notes, Unsecured	4.09%	2027	100,000			100,000
			1,250,000			1,501,500
Secured Mortgage Notes:
Fifth Third Center	3.37%	2026	139,522			140,332
Terminus 100	5.25%	2023	117,375			118,146
Colorado Tower	3.45%	2026	116,486			117,085
Promenade	4.27%	2022	95,152			95,986
816 Congress	3.75%	2024	79,554			79,987
Terminus 200	3.79%	2023	75,654			76,079
Legacy Union One	4.24%	2023	66,000			66,000
Meridian Mark Plaza	6.00%	2020	—			22,978
			689,743			716,593
			$	1,939,743		$	2,218,093
Unamortized premium			10,323			11,239
Unamortized loan costs			(6,032		)	(6,357		)
Total Notes Payable			$	1,944,034		$	2,222,975

(1) Weighted average maturity of notes payable outstanding at March 31, 2020 was 5.7 years.

Credit Facility

The Company has a $1 billion senior unsecured line of credit (the "Credit Facility") that matures on January 3, 2023. The Credit Facility contains financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 1.75; a fixed charge coverage ratio of at least 1.50; a secured leverage ratio of no more than 40%; and an overall leverage ratio of no more than 60%. 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 Offering Rate ("LIBOR") plus a spread of between 1.05% and 1.45%, 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 a spread of between 0.10% or 0.45%, based on leverage.

At March 31, 2020, the Credit Facility's spread over LIBOR was 1.05%. 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 $1.0 billion at March 31, 2020.

Term Loan

The Company has a $250 million unsecured term loan (the "Term Loan") that matures on December 2, 2021. The Term Loan has financial covenants consistent with those of the Credit Facility. The interest rate applicable to the Term Loan varies according to the Company’s leverage ratio and may, at the election of the Company, be determined based on either (1) the current LIBOR plus a spread of between 1.20% and 1.70%, based on leverage or (2) the greater of Bank of America's prime rate, the federal funds rate plus 0.50%, or the one-month LIBOR plus 1.00% (the “Base Rate”), plus a spread of between 0.00% and 0.75%, based on leverage. At March 31, 2020, the Term Loan's spread over LIBOR was 1.20%.

Unsecured Senior Notes

The Company has unsecured senior notes of $1.0 billion that were funded in five tranches. The first tranche of $100 million is due in 2027 and has a fixed annual interest rate of 4.09%. The second tranche of $250 million is due in 2025 and has a fixed annual interest rate of 3.91%. The third tranche of $125 million is due in 2027 and has a fixed annual interest rate of 3.78%. The fourth tranche of $250 million is due in 2028 and has a fixed annual interest rate of 3.86%. The fifth tranche of $275 million is due in 2029 and has a fixed annual interest rate of 3.95%.

The unsecured senior notes contain financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 1.75; a fixed charge coverage ratio of at least 1.50; an overall leverage ratio of no more than 60%; and a secured leverage ratio of no more than 40%. The senior notes also contain customary representations and warranties and affirmative and negative covenants, as well as customary events of default.

Mortgage Notes

On February 3, 2020, the Company prepaid in full, without penalty, the $23.0 million Meridian Mark Plaza mortgage note.

Other Debt Information

At March 31, 2020 and December 31, 2019, the estimated fair value of the Company’s notes payable were $2.0 billion and $2.3 billion, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at March 31, 2020 and December 31, 2019. 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 three months ended March 31, 2020 and 2019, interest expense was recorded as follows (in thousands):

	2020			2019
Total interest incurred	$	21,213		$	11,835
Interest capitalized	(5,309		)	(1,015		)
Total interest expense	$	15,904		$	10,820

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Real Estate Transactions

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

REAL ESTATE TRANSACTIONS

REAL ESTATE TRANSACTIONS

During March 2020, the Company sold Hearst Tower, a 966,000 square foot office building in Charlotte, North Carolina that was included in the Company's Charlotte/Office operating segment, for a gross purchase price of $455.5 million. This transaction was triggered by the exercise of a purchase option by the building's primary lessee. The Company recognized a gain of $90.9 million on the sale of Hearst Tower.

During February 2020, as part of the Company's strategy in regards to disposal of non-core assets, the Company sold Woodcrest, a 386,000 square foot office property in Cherry Hill, New Jersey that was included in the Company's Other/Office operating segment, for a gross purchase price of $25.3 million. The Company acquired Woodcrest in the Merger with TIER and did not record any gain or loss on the sale of Woodcrest.

During February 2019, the Company sold air rights that cover eight acres in Downtown Atlanta for a gross sales price of $13.3 million and recorded a gain of $13.1 million.

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Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

Intangible assets on the balance sheets as of March 31, 2020 and December 31, 2019 included the following (in thousands):

	2020		2019
In-place leases, net of accumulated amortization of $178,757 and $163,867 in 2020 and 2019, respectively	$	187,870	$	202,760
Above-market tenant leases, net of accumulated amortization of $28,892 and $26,487 in 2020 and 2019, respectively	33,295		35,699
Below-market ground lease, net of accumulated amortization of $966 and $897 in 2020 and 2019, respectively	17,447		17,516
Goodwill	1,674		1,674
	$	240,286	$	257,649

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Reportable Segments

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS

The Company's segments are based on its method of internal reporting, which classifies operations by property type and geographical area. The segments by property type are: Office and Mixed-Use. The segments by geographical region are: Atlanta, Austin, Charlotte, Dallas, Phoenix, Tampa, and Other. Included in Other is a property in Cherry Hill, New Jersey that was sold in February 2020 and properties located in Chapel Hill, Fort Worth, and Houston. 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 property and the geographical location. Each segment includes both consolidated operations and the Company's share of unconsolidated joint venture operations.

Company management evaluates the performance of its reportable segments in part based on net operating income (“NOI”). NOI represents rental property revenues, less termination fees, 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 for the three months ended March 31, 2020 and 2019 are as follows (in thousands):

Three Months Ended March 31, 2020	Office		Mixed-Use			Total
Net Operating Income:
Atlanta	$	44,855	$	(60	)	$	44,795
Austin	29,294		—			29,294
Charlotte	22,113		—			22,113
Dallas	3,639		—			3,639
Phoenix	9,793		—			9,793
Tampa	8,144		—			8,144
Other	9,128		876			10,004
Total Net Operating Income	$	126,966	$	816		$	127,782

Three Months Ended March 31, 2019	Office		Mixed-Use		Total
Net Operating Income:
Atlanta	$	37,399	$	—	$	37,399
Austin	15,948		—		15,948
Charlotte	15,808		—		15,808
Phoenix	9,491		—		9,491
Tampa	7,988		—		7,988
Other	230		867		1,097
Total Net Operating Income	$	86,864	$	867	$	87,731

The following reconciles Net Operating Income to Net Income for each of the periods presented (in thousands):

	Three Months Ended March 31,
	2020			2019
Net Operating Income	$	127,782		$	87,731
Net operating income from unconsolidated joint ventures	(6,035		)	(7,873		)
Fee income	4,732			8,728
Termination fee income	2,844			520
Other income	37			140
Reimbursed expenses	(521		)	(932		)
General and administrative expenses	(5,652		)	(11,460		)
Interest expense	(15,904		)	(10,820		)
Depreciation and amortization	(71,614		)	(45,861		)
Transaction costs	(365		)	(3		)
Other expenses	(566		)	(180		)
Income from unconsolidated joint ventures	3,425			2,904
Gain on sales of investments in unconsolidated joint ventures	46,230			—
Gain on investment property transactions	90,916			13,111
Net Income	$	175,309		$	36,005

Revenues by reportable segment, including a reconciliation to total rental property revenues on the condensed consolidated statements of operations, for three months ended March 31, 2020 and 2019 are as follows (in thousands):

Three Months Ended March 31, 2020	Office			Mixed-Use			Total
Revenues:
Atlanta	$	65,877		$	35		$	65,912
Austin	48,747			—			48,747
Charlotte	34,537			—			34,537
Dallas	4,471			—			4,471
Phoenix	13,159			—			13,159
Tampa	14,112			—			14,112
Other	16,494			1,262			17,756
Total segment revenues	197,397			1,297			198,694
Less Company's share of rental property revenues from unconsolidated joint ventures	(8,268		)	(1,297		)	(9,565		)
Total rental property revenues	$	189,129		$	—		$	189,129

Three Months Ended March 31, 2019	Office			Mixed-Use			Total
Revenues:
Atlanta	$	57,468		$	—		$	57,468
Austin	28,092			—			28,092
Charlotte	23,386			—			23,386
Tampa	12,971			—			12,971
Phoenix	13,003			—			13,003
Other	546			1,181			1,727
Total segment revenues	135,466			1,181			136,647
Less Company's share of rental property revenues from unconsolidated joint ventures	(11,601		)	(1,181		)	(12,782		)
Total rental property revenues	$	123,865		$	—		$	123,865

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Reportable Segments (Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Net Operating Income	$ 127,782	$ 87,731
Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	44,795	37,399
Austin
Segment Reporting Information [Line Items]
Net Operating Income	29,294	15,948
Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	22,113	15,808
Dallas
Segment Reporting Information [Line Items]
Net Operating Income	3,639
Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	9,793	9,491
Tampa
Segment Reporting Information [Line Items]
Net Operating Income	8,144	7,988
Other
Segment Reporting Information [Line Items]
Net Operating Income	10,004	1,097
Office
Segment Reporting Information [Line Items]
Net Operating Income	126,966	86,864
Office | Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	44,855	37,399
Office | Austin
Segment Reporting Information [Line Items]
Net Operating Income	29,294	15,948
Office | Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	22,113	15,808
Office | Dallas
Segment Reporting Information [Line Items]
Net Operating Income	3,639
Office | Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	9,793	9,491
Office | Tampa
Segment Reporting Information [Line Items]
Net Operating Income	8,144	7,988
Office | Other
Segment Reporting Information [Line Items]
Net Operating Income	9,128	230
Mixed-Use
Segment Reporting Information [Line Items]
Net Operating Income	816	867
Mixed-Use | Atlanta
Segment Reporting Information [Line Items]
Net Operating Income	(60)	0
Mixed-Use | Austin
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Mixed-Use | Charlotte
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Mixed-Use | Dallas
Segment Reporting Information [Line Items]
Net Operating Income	0
Mixed-Use | Phoenix
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Mixed-Use | Tampa
Segment Reporting Information [Line Items]
Net Operating Income	0	0
Mixed-Use | Other
Segment Reporting Information [Line Items]
Net Operating Income	$ 876	$ 867

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Investment in Unconsolidated Joint Ventures (Summary of Financial Position and Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Feb. 29, 2020	Dec. 31, 2019
SUMMARY OF FINANCIAL POSITION:
Total Assets	$ 556,339			$ 658,303
Total Debt	185,843			165,039
Total Equity	243,567			354,404
Company’s Investment	110,208			114,158
SUMMARY OF OPERATIONS:
Total Revenues	19,455	$ 25,661
Net Income (Loss)	6,372	5,977
Company's Share of Income (Loss)	3,425	2,904
DC Charlotte Plaza LLLP
SUMMARY OF FINANCIAL POSITION:
Total Assets	179,082			179,694
Total Debt	0			0
Total Equity	92,162			90,373
Company’s Investment	48,807			48,058
SUMMARY OF OPERATIONS:
Total Revenues	5,276	410
Net Income (Loss)	1,789	410
Company's Share of Income (Loss)	750	205
Austin 300 Colorado Project, LP
SUMMARY OF FINANCIAL POSITION:
Total Assets	140,520			112,630
Total Debt	42,226			21,430
Total Equity	68,145			68,101
Company’s Investment	37,239			36,846
SUMMARY OF OPERATIONS:
Total Revenues	98	126
Net Income (Loss)	44	72
Company's Share of Income (Loss)	22	36
AMCO 120 WT Holdings, LLC
SUMMARY OF FINANCIAL POSITION:
Total Assets	79,703			77,377
Total Debt	0			0
Total Equity	74,908			70,696
Company’s Investment	14,146			13,362
SUMMARY OF OPERATIONS:
Total Revenues	138	0
Net Income (Loss)	(509)	(10)
Company's Share of Income (Loss)	(141)	0
Carolina Square Holdings LP
SUMMARY OF FINANCIAL POSITION:
Total Assets	102,523			114,483
Total Debt	76,074			75,662
Total Equity	24,735			25,184
Company’s Investment	13,816			14,414
SUMMARY OF OPERATIONS:
Total Revenues	3,706	3,294
Net Income (Loss)	530	170
Company's Share of Income (Loss)	254	58
HICO Victory Center LP
SUMMARY OF FINANCIAL POSITION:
Total Assets	15,543			16,045
Total Debt	0			0
Total Equity	15,479			15,353
Company’s Investment	10,460			10,373
SUMMARY OF OPERATIONS:
Total Revenues	126	130
Net Income (Loss)	126	130
Company's Share of Income (Loss)	63	62
Charlotte Gateway Village, LLC
SUMMARY OF FINANCIAL POSITION:
Total Assets	0			109,675
Total Debt	0			0
Total Equity	0			106,651
Company’s Investment	0			6,718
SUMMARY OF OPERATIONS:
Total Revenues	6,572	6,743
Net Income (Loss)	3,296	2,524
Company's Share of Income (Loss)	1,647	1,262
Wildwood Associates
SUMMARY OF FINANCIAL POSITION:
Total Assets	0			11,061
Total Debt	0			0
Total Equity	0			10,978
Company’s Investment	0		$ (520)	(521)
Crawford Long - CPI, LLC
SUMMARY OF FINANCIAL POSITION:
Total Assets	30,069			28,459
Total Debt	67,543			67,947
Total Equity	(39,215)			(40,250)
Company’s Investment	(18,708)			(19,205)
SUMMARY OF OPERATIONS:
Total Revenues	3,343	3,129
Net Income (Loss)	1,035	889
Company's Share of Income (Loss)	497	424
Terminus Office Holdings LLC
SUMMARY OF OPERATIONS:
Total Revenues	0	11,797
Net Income (Loss)	0	1,831
Company's Share of Income (Loss)	0	880
Other
SUMMARY OF FINANCIAL POSITION:
Total Assets	8,899			8,879
Total Debt	0			0
Total Equity	7,353			7,318
Company’s Investment	4,448			$ 4,113
SUMMARY OF OPERATIONS:
Total Revenues	196	32
Net Income (Loss)	61	(39)
Company's Share of Income (Loss)	$ 333	$ (23)

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Notes Payable (Terms of Notes Payable) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Notes Payable, Gross	$ 1,939,743	$ 2,218,093
Unamortized premium	10,323	11,239
Unamortized loan costs	(6,032)	(6,357)
Total Notes Payable	$ 1,944,034	2,222,975
Weighted average maturity of notes payable	5 years 8 months 12 days
Unsecured Notes
Debt Instrument [Line Items]
Notes Payable, Gross	$ 1,250,000	$ 1,501,500
Credit Facility, Unsecured
Debt Instrument [Line Items]
Interest Rate		2.04%
Notes Payable, Gross	$ 0	$ 251,500
Term Loan, Unsecured
Debt Instrument [Line Items]
Interest Rate	2.19%
Notes Payable, Gross	$ 250,000	250,000
Senior Notes, Unsecured | 3.95% Senior Notes, Unsecured
Debt Instrument [Line Items]
Interest Rate	3.95%
Notes Payable, Gross	$ 275,000	275,000
Senior Notes, Unsecured | 3.91% Senior Notes, Unsecured
Debt Instrument [Line Items]
Interest Rate	3.91%
Notes Payable, Gross	$ 250,000	250,000
Senior Notes, Unsecured | 3.86% Senior Notes, Unsecured
Debt Instrument [Line Items]
Interest Rate	3.86%
Notes Payable, Gross	$ 250,000	250,000
Senior Notes, Unsecured | 3.78% Senior Notes, Unsecured
Debt Instrument [Line Items]
Interest Rate	3.78%
Notes Payable, Gross	$ 125,000	125,000
Senior Notes, Unsecured | 4.09% Senior Notes, Unsecured
Debt Instrument [Line Items]
Interest Rate	4.09%
Notes Payable, Gross	$ 100,000	100,000
Secured Mortgage Notes
Debt Instrument [Line Items]
Notes Payable, Gross	$ 689,743	716,593
Secured Mortgage Notes | Fifth Third Center
Debt Instrument [Line Items]
Interest Rate	3.37%
Notes Payable, Gross	$ 139,522	140,332
Secured Mortgage Notes | Terminus 100
Debt Instrument [Line Items]
Interest Rate	5.25%
Notes Payable, Gross	$ 117,375	118,146
Secured Mortgage Notes | Colorado Tower
Debt Instrument [Line Items]
Interest Rate	3.45%
Notes Payable, Gross	$ 116,486	117,085
Secured Mortgage Notes | Promenade
Debt Instrument [Line Items]
Interest Rate	4.27%
Notes Payable, Gross	$ 95,152	95,986
Secured Mortgage Notes | 816 Congress
Debt Instrument [Line Items]
Interest Rate	3.75%
Notes Payable, Gross	$ 79,554	79,987
Secured Mortgage Notes | Terminus 200
Debt Instrument [Line Items]
Interest Rate	3.79%
Notes Payable, Gross	$ 75,654	76,079
Secured Mortgage Notes | Legacy Union One
Debt Instrument [Line Items]
Interest Rate	4.24%
Notes Payable, Gross	$ 66,000	$ 66,000
Secured Mortgage Notes | Meridian Mark Plaza
Debt Instrument [Line Items]
Interest Rate		6.00%
Notes Payable, Gross	$ 0	$ 22,978

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Investment in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Summary of financial data and principal activities of 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 March 31, 2020 and December 31, 2019 (in thousands). The information included in the summary of operations table is for the three months ended March 31, 2020 and 2019 (in thousands):

	Total Assets				Total Debt				Total Equity						Company’s Investment
SUMMARY OF FINANCIAL POSITION:	2020		2019		2020		2019		2020			2019			2020				2019
DC Charlotte Plaza LLLP	$	179,082	$	179,694	$	—	$	—	$	92,162		$	90,373		$	48,807			$	48,058
Austin 300 Colorado Project, LP	140,520		112,630		42,226		21,430		68,145			68,101			37,239				36,846
AMCO 120 WT Holdings, LLC	79,703		77,377		—		—		74,908			70,696			14,146				13,362
Carolina Square Holdings LP	102,523		114,483		76,074		75,662		24,735			25,184			13,816				14,414
HICO Victory Center LP	15,543		16,045		—		—		15,479			15,353			10,460				10,373
Charlotte Gateway Village, LLC	—		109,675		—		—		—			106,651			—				6,718
Wildwood Associates	—		11,061		—		—		—			10,978			—				(521		)	(1)
Crawford Long - CPI, LLC	30,069		28,459		67,543		67,947		(39,215		)	(40,250		)	(18,708		)	(1)	(19,205		)	(1)
Other	8,899		8,879		—		—		7,353			7,318			4,448				4,113
	$	556,339	$	658,303	$	185,843	$	165,039	$	243,567		$	354,404		$	110,208			$	114,158

	Total Revenues				Net Income (Loss)						Company's Share of Income (Loss)
SUMMARY OF OPERATIONS:	2020		2019		2020			2019			2020			2019
Charlotte Gateway Village, LLC	$	6,572	$	6,743	$	3,296		$	2,524		$	1,647		$	1,262
DC Charlotte Plaza LLLP	5,276		410		1,789			410			750			205
Crawford Long - CPI, LLC	3,343		3,129		1,035			889			497			424
Carolina Square Holdings LP	3,706		3,294		530			170			254			58
HICO Victory Center LP	126		130		126			130			63			62
Austin 300 Colorado Project, LP	98		126		44			72			22			36
Terminus Office Holdings LLC	—		11,797		—			1,831			—			880
AMCO 120 WT Holdings, LLC	138		—		(509		)	(10		)	(141		)	—
Other	196		32		61			(39		)	333			(23		)
	$	19,455	$	25,661	$	6,372		$	5,977		$	3,425		$	2,904

(1) Negative bases are included in deferred income on the condensed consolidated balance sheets.

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Condensed Consolidated Statements of Cash Flows - Supplemental Information

3 Months Ended

Mar. 31, 2020

Supplemental Cash Flow Elements [Abstract]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION

Supplemental information related to the cash flows, including significant non-cash activity affecting the condensed consolidated statement of cash flows, for the three months ended March 31, 2020 and 2019 is as follows (in thousands):

	2020		2019
Interest paid	$	27,288	$	31,601
Non-Cash Activity:
Transfers from projects under development to operating properties	95,185		—
Common stock dividends declared and accrued	44,563		30,492
Transfer from land held and other assets to projects under development	29,121		—
Change in accrued property, acquisition, development, and tenant expenditures	13,845		11,085
Ground lease right-of-use assets and associated liabilities	—		56,294
Non-cash consideration for property acquisition	—		10,071

The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the condensed consolidated balance sheets to cash, cash equivalents, and restricted cash in the condensed consolidated statements of cash flows (in thousands):

	March 31, 2020		December 31, 2019
Cash and cash equivalents	$	124,632	$	15,603
Restricted cash	1,947		2,005
Total cash, cash equivalents, and restricted cash	$	126,579	$	17,608

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Condensed Consolidated Statements of Cash Flows - Supplemental Information (Reconciliation of Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 124,632	$ 15,603
Restricted cash	1,947	2,005
Total cash, cash equivalents, and restricted cash	$ 126,579	$ 17,608	$ 3,626	$ 2,695

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Investment in Unconsolidated Joint Ventures (Additional Information) (Details) $ in Thousands, ft² in Millions	1 Months Ended			3 Months Ended
	Apr. 30, 2020	Mar. 31, 2020 USD ($) ft²	Feb. 29, 2020 USD ($) a	Mar. 31, 2020 USD ($) ft²	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)
Schedule of Equity Method Investments [Line Items]
Gross purchase price				$ 433,875	$ 57,676
Gain on sale of interest				46,230	$ 0
Elimination of the remaining negative basis in the joint venture		$ (110,208)		$ (110,208)		$ (114,158)
Gateway
Schedule of Equity Method Investments [Line Items]
Area of property | ft²		1.1		1.1
Gross purchase price		$ 52,200
Internal rate of return		17.00%
Gain on sale of interest		$ 44,900
Elimination of the remaining negative basis in the joint venture		0		$ 0		(6,718)
Wildwood Associates
Schedule of Equity Method Investments [Line Items]
Gross purchase price			$ 900
Gain on sale of interest			$ 1,300
Area of land | a			6.3
Elimination of the remaining negative basis in the joint venture		0	$ 520	0		521
Carolina Square Holdings LP
Schedule of Equity Method Investments [Line Items]
Elimination of the remaining negative basis in the joint venture		$ (13,816)		$ (13,816)		$ (14,414)
Carolina Square Holdings LP | LIBOR
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate (percent)				1.90%
Carolina Square Holdings LP | LIBOR | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate (percent)	1.25%

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Notes Payable (Credit Facility) (Details) - Credit Facility	3 Months Ended
	Mar. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000,000
Minimum fixed charge coverage ratio	1.50
Available borrowing capacity	$ 1,000,000,000.0
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.05%
Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.50%
One-month LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.00%
Minimum
Line of Credit Facility [Line Items]
Minimum unencumbered interest coverage ratio	1.75
Minimum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.05%
Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.10%
Maximum
Line of Credit Facility [Line Items]
Secured leverage ratio (percent)	40.00%
Leverage ratio (percent)	60.00%
Maximum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.45%
Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.45%

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Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 23, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-11312
Entity Registrant Name	COUSINS PROPERTIES INC
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	58-0869052
Entity Address, Address Line One	3344 Peachtree Road NE
Entity Address, Address Line Two	Suite 1800
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30326-4802
City Area Code	404
Local Phone Number	407-1000
Title of 12(b) Security	Common Stock, $1 par value per share
Trading Symbol	CUZ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		148,539,690
Entity Central Index Key	0000025232
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

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Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Treasury Stock	Distributions in Excess of Net Income	Stockholders’ Investment	Nonredeemable Noncontrolling Interests
Beginning balance at Dec. 31, 2018	$ 2,821,156	$ 1,717	$ 107,681	$ 3,934,385	$ (148,473)	$ (1,129,445)	$ 2,765,865	$ 55,291
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	36,005					35,341	35,341	664
Common stock issued pursuant to stock based compensation	(904)		50	(954)			(904)
Amortization of stock options and restricted stock, net of forfeitures	607			607			607
Contributions from nonredeemable noncontrolling interests	2,581							2,581
Distributions to nonredeemable noncontrolling interests	(724)							(724)
Common dividends	(30,492)					(30,492)	(30,492)
Ending balance at Mar. 31, 2019	2,828,229	1,717	107,731	3,934,038	(148,473)	(1,124,596)	2,770,417	57,812
Beginning balance at Dec. 31, 2019	4,427,835	1,717	149,347	5,493,883	(148,473)	(1,137,200)	4,359,274	68,561
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	175,309					174,943	174,943	366
Common stock issued pursuant to stock based compensation	(1,265)		60	(1,325)			(1,265)
Common stock issued pursuant to unitholder redemption	0	(1,717)	1,719	45,032			45,034	(45,034)
Amortization of stock options and restricted stock, net of forfeitures	1,284		(1)	1,285			1,284
Contributions from nonredeemable noncontrolling interests	1,036							1,036
Distributions to nonredeemable noncontrolling interests	(638)							(638)
Common dividends	(44,563)					(44,563)	(44,563)
Ending balance at Mar. 31, 2020	$ 4,558,998	$ 0	$ 151,125	$ 5,538,875	$ (148,473)	$ (1,006,820)	$ 4,534,707	$ 24,291

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Stock-Based Compensation - Narrative (Details)	3 Months Ended
	Mar. 31, 2020 award shares
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	71,421
Vesting period	3 years
Market-based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	71,038
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	30,447
Types of performance-based RSUs | award	2
Ultimate payout, minimum (as a percent)	0.00%
Ultimate payout, maximum (as a percent)	200.00%

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Merger With Tier REIT, Inc.

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

MERGER WITH TIER REIT, INC.

MERGER WITH TIER REIT, INC.

On June 14, 2019, pursuant to the Agreement and Plan of Merger dated March 25, 2019 (the “Merger Agreement”), by and among the Company and TIER REIT, Inc. (“TIER”), TIER merged with and into a subsidiary of the Company (the “Merger”) with this subsidiary continuing as the surviving corporation of the Merger. In accordance with the terms and conditions of the Merger Agreement, each share of TIER common stock issued and outstanding immediately prior to the Merger, was converted into 2.98 newly issued pre-reverse split shares of the Company’s common stock with fractional shares being settled in cash. In the Merger, former TIER common stockholders received approximately 166 million pre-reverse split shares of common stock of the Company. As discussed in note 1 to the condensed consolidated financial statements, immediately following the Merger, the Company completed a 1-for-4 reverse stock split.

The Merger has been accounted for as a business combination with the Company as the accounting acquirer, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their acquisition date fair value. The total value of the

transaction is based on the closing stock price of the Company's common stock on June 13, 2019, the day immediately prior to the closing of the Merger. Based on the shares issued in the transaction, the total fair value of the assets acquired and liabilities assumed in the Merger was $1.6 billion. During the three months ended March 31, 2020 and 2019, the Company incurred expenses related to the Merger of $365,000 and $3,000, respectively.

Management engaged a third party valuation specialist to assist with valuing the real estate assets acquired and liabilities assumed in the Merger. The third party used cash flow analyses as well as an income approach and a cost approach to determine the fair value of real estate assets acquired. Based on additional information that may become available, subsequent adjustments may be made to the purchase price allocation within the allocation period, which typically does not exceed one year.

The purchase price was allocated as follows (in thousands):

Real estate assets	$	2,202,712
Real estate assets held for sale	21,395
Cash and cash equivalents	84,042
Restricted cash	1,947
Notes and other receivables	6,524
Investment in unconsolidated joint ventures	331
Intangible assets	141,184
Other assets	9,954
	2,468,089
Notes payable	747,549
Accounts payable and accrued expenses	53,054
Deferred income	8,131
Intangible liabilities	47,988
Other liabilities	7,676
Nonredeemable noncontrolling interests	5,329
	869,727
Total purchase price	$	1,598,362

During the three months ended March 31, 2020, the Company recorded revenues of $51.0 million related to assets acquired in the Merger. The following unaudited supplemental pro forma information is based upon the Company's historical condensed consolidated statements of operations, adjusted as if the Merger had occurred on January 1, 2018. The supplemental pro forma information is not necessarily indicative of future results, or of actual results, that would have been achieved had the Merger been consummated on January 1, 2018.

	Three Months Ended March 31, 2019
Revenues	$	185,765
Net income	26,165
Net income available to common stockholders	25,870

Supplemental pro forma earnings were adjusted to exclude $3,000 of transaction costs incurred in the three months ended March 31, 2019.

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Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Ground lease liability	$ 59,277	$ 59,379
Prepaid rent	30,841	33,428
Security deposits	12,900	13,545
Restricted stock unit liability	6,169	16,592
Other liabilities	11,622	11,184
Total other liabilities	$ 120,809	$ 134,128

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Condensed Consolidated Statements of Cash Flows - Supplemental Information (Tables)

3 Months Ended

Mar. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Supplemental information related to cash flows

Supplemental information related to the cash flows, including significant non-cash activity affecting the condensed consolidated statement of cash flows, for the three months ended March 31, 2020 and 2019 is as follows (in thousands):

	2020		2019
Interest paid	$	27,288	$	31,601
Non-Cash Activity:
Transfers from projects under development to operating properties	95,185		—
Common stock dividends declared and accrued	44,563		30,492
Transfer from land held and other assets to projects under development	29,121		—
Change in accrued property, acquisition, development, and tenant expenditures	13,845		11,085
Ground lease right-of-use assets and associated liabilities	—		56,294
Non-cash consideration for property acquisition	—		10,071

Reconciliation of cash, cash equivalents, and restricted cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the condensed consolidated balance sheets to cash, cash equivalents, and restricted cash in the condensed consolidated statements of cash flows (in thousands):

	March 31, 2020		December 31, 2019
Cash and cash equivalents	$	124,632	$	15,603
Restricted cash	1,947		2,005
Total cash, cash equivalents, and restricted cash	$	126,579	$	17,608

Reconciliation of cash, cash equivalents, and restricted cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash recorded on the condensed consolidated balance sheets to cash, cash equivalents, and restricted cash in the condensed consolidated statements of cash flows (in thousands):

	March 31, 2020		December 31, 2019
Cash and cash equivalents	$	124,632	$	15,603
Restricted cash	1,947		2,005
Total cash, cash equivalents, and restricted cash	$	126,579	$	17,608

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Merger With Tier REIT, Inc. (Additional Information) (Details) $ in Thousands, shares in Millions			3 Months Ended
	Jun. 14, 2019 USD ($) shares	Mar. 25, 2019	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)
Business Acquisition [Line Items]
Reverse stock split ratio	0.25
TIER
Business Acquisition [Line Items]
Stock conversion ratio		2.98
Fair value of assets acquired and liabilities assumed	$ 1,600,000
Acquisition expenses			$ 365	$ 3
TIER | Rental property revenues
Business Acquisition [Line Items]
Amount reported in consolidated revenue			$ 51,000
Former TIER Common Stockholders
Business Acquisition [Line Items]
Number of shares issued | shares	166

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Other Assets

3 Months Ended

Mar. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

OTHER ASSETS

Other assets on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 included the following (in thousands):

	2020		2019
Predevelopment costs and earnest money	$	19,491	$	25,586
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $30,039 and $29,131 in 2020 and 2019, respectively	17,890		17,791
Prepaid expenses and other assets	15,036		5,924
Lease inducements, net of accumulated amortization of $2,563 and $2,333 in 2020 and 2019, respectively	5,500		5,632
Line of credit deferred financing costs, net of accumulated amortization of $3,328 and $2,952 in 2020 and 2019, respectively	4,140		4,516
	$	62,057	$	59,449

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Transactions with Norfolk Southern Railway Company

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

TRANSACTIONS WITH NORFOLK SOUTHERN RAILWAY COMPANY

TRANSACTIONS WITH NORFOLK SOUTHERN RAILWAY COMPANY

On March 1, 2019, the Company entered into a series of agreements and executed related transactions with Norfolk Southern Railway Company (“NS”) as follows:

• Sold land to NS for $52.5 million.

• Executed a Development Agreement with NS whereby the Company will receive fees totaling $5 million in consideration for development services for NS’s corporate headquarters that is being constructed on the land sold to NS.

• Executed a Consulting Agreement with NS whereby the Company will receive fees totaling $32 million in consideration for consulting services for NS’s corporate headquarters. The Development Agreement and Consulting Agreement are collectively referred to below as the “Fee Agreements.”

• Purchased a building from NS (“1200 Peachtree”) for $82 million subject to a three-year market rate lease with NS that covers the entire building.

The Company sold the land to NS for $5.0 million above its carrying amount, which included $37.0 million of land purchased in 2018, $6.5 million of land purchased in 2019, and $4.0 million of site preparation work. The Company purchased 1200 Peachtree from NS for an amount it determined to be $10.3 million below the building’s fair value.

The Company determined that all contracts and transactions associated with NS should be combined for accounting purposes, and the amounts exchanged under the combined contracts should be allocated to the various components of the overall transaction at fair value or market value as discussed below. The Company determined that the purchase of 1200 Peachtree should be recorded at fair value of $92.3 million. The Company determined that the lease with NS at the 1200 Peachtree building was at market value under ASC 842. The land sale was accounted for under ASC 610-20 and no gain or loss was recorded on the derecognition of this non-financial asset as the fair value was determined to equal the carrying amount. Consideration related to various services provided to NS, and accounted for under ASC 606, was determined to be $52.3 million and represents the negotiated market value for the services agreed to by the Company and NS in the contracts. This amount included non-cash consideration of the $10.3 million discount on the purchase of 1200 Peachtree as well as cash consideration of $5 million from the land sale contract (difference between fair value and contract amount), $5 million from the Development Agreement, and $32 million from the Consulting Agreement. Since all of the agreements and contracts above were executed for the purpose of delivering and constructing a corporate headquarters for NS and all of the services and deliverables are highly interdependent, the Company determined that the services represent a single performance obligation under ASC 606.

The Company determined that control of the services to be provided is being transferred over time and, thus, the Company must recognize the $52.3 million contract price in revenue as it satisfies the performance obligation. The Company determined that the inputs method of measuring progress of satisfying the performance obligation was the most appropriate method of recognizing revenue for the services component. Therefore, the Company began recognizing revenue in the quarter ended March 31, 2019, and will recognize future revenue based upon the time spent by the Company’s employees in providing these services as compared to the total estimated time required to satisfy the performance obligation. During the three months ended March 31, 2020 and 2019, the Company recognized $3.7 million and $6.6 million, respectively, in fee income in its condensed consolidated statements of operations related to the services provided to NS. As of March 31, 2020 and December 31, 2019, the Company had deferred income included in the consolidated balance sheet of $9.9 million and $11.3 million, respectively, related to NS.

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Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

In the first quarter of 2020, the Company issued 1.7 million shares of common stock in connection with the redemption of 1.7 million limited partnership units in CPLP. Each of the redeemed limited partnership units in CPLP was "paired" with a share of limited voting preferred stock with a par value of $1 per share. The shares of limited voting preferred stock were automatically redeemed by Cousins without consideration when their paired limited partnership unit in CPLP was redeemed. Holders of limited voting preferred stock are entitled to one vote on the following matters only: the election of directors, any proposed amendment of the Company's Articles of Incorporation, any merger or other business combination of the Company, any sale of substantially all of the Company's assets, and any liquidation of the Company. Holders of limited voting preferred stock are not entitled to any dividends or distributions and the limited voting preferred stock is not convertible into or exchangeable for any other property or securities of the Company.

As of March 31, 2020, the Company had no preferred stock outstanding.

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Other Assets (Tables)

3 Months Ended

Mar. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of other assets

Other assets on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 included the following (in thousands):

	2020		2019
Predevelopment costs and earnest money	$	19,491	$	25,586
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $30,039 and $29,131 in 2020 and 2019, respectively	17,890		17,791
Prepaid expenses and other assets	15,036		5,924
Lease inducements, net of accumulated amortization of $2,563 and $2,333 in 2020 and 2019, respectively	5,500		5,632
Line of credit deferred financing costs, net of accumulated amortization of $3,328 and $2,952 in 2020 and 2019, respectively	4,140		4,516
	$	62,057	$	59,449

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Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”).

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Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

REVENUE RECOGNITION

The Company categorizes its primary sources of revenue into revenue from contracts with customers and other revenue accounted for as leases under ASC 842 as follows:

• Rental property revenues consist of (1) contractual revenues from leases recognized on a straight-line basis over the term of the respective lease; (2) percentage rents recognized once a specified sales target is achieved; (3) parking revenue; (4) termination fees; and (5) the reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses. The Company's leases typically include renewal options and are classified and accounted for as operating leases. Rental property revenues are accounted for in accordance with the guidance set forth in ASC 842.

• Fee income consists of development fees, management fees, and leasing fees earned from unconsolidated joint ventures and from third parties. Fee income is accounted for in accordance with the guidance set forth in ASC 606.

For the three months ended March 31, 2020 and 2019, the Company recognized rental property revenues of $189.1 million and $123.9 million, respectively, of which $54.1 million and $32.6 million, respectively, represented variable rental revenue. For the three months ended March 31, 2020 and 2019, the Company recognized fee and other revenue of $4.8 million and $8.9 million, respectively.

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Real Estate Transactions (Details) - Discontinued Operations, Disposed of by Sale ft² in Thousands, $ in Millions	1 Months Ended
	Mar. 31, 2020 USD ($) ft²	Feb. 29, 2020 USD ($) ft² a
Hearst Tower
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of property | ft²	966
Gross sales price of property sold	$ 455.5
Gain on sale	$ 90.9
Woodcrest
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of property | ft²		386
Gross sales price of property sold		$ 25.3
Downtown Atlanta
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of property | a		8
Gross sales price of property sold		$ 13.3
Gain on sale		$ 13.1

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Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Predevelopment costs and earnest money	$ 19,491	$ 25,586
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $30,039 and $29,131 in 2020 and 2019, respectively	17,890	17,791
Prepaid expenses and other assets	15,036	5,924
Lease inducements, net of accumulated amortization of $2,563 and $2,333 in 2020 and 2019, respectively	5,500	5,632
Line of credit deferred financing costs, net of accumulated amortization of $3,328 and $2,952 in 2020 and 2019, respectively	4,140	4,516
Total other assets	62,057	59,449
Accumulated depreciation of furniture, fixtures and equipment, leasehold improvements, and other deferred costs	30,039	29,131
Accumulated amortization of lease inducements	2,563	2,333
Accumulated amortization of line of credit deferred financing costs	$ 3,328	$ 2,952

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Notes Payable (Unsecured Senior Notes) (Details)	3 Months Ended
	Mar. 31, 2020 USD ($) tranche	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 1,939,743,000	$ 2,218,093,000
Unsecured Senior Notes
Debt Instrument [Line Items]
Debt amount	$ 1,000,000,000.0
Number of tranches | tranche	5
Minimum fixed charge coverage ratio	1.50
Unsecured Senior Notes | Minimum
Debt Instrument [Line Items]
Minimum unencumbered interest coverage ratio	1.75
Unsecured Senior Notes | Maximum
Debt Instrument [Line Items]
Leverage ratio (percent)	60.00%
Secured leverage ratio (percent)	40.00%
Unsecured Senior Notes | 4.09% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 100,000,000
Long-term debt	$ 100,000,000	100,000,000
Interest rate	4.09%
Unsecured Senior Notes | 3.91% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 250,000,000
Long-term debt	$ 250,000,000	250,000,000
Interest rate	3.91%
Unsecured Senior Notes | 3.78% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 125,000,000
Long-term debt	$ 125,000,000	125,000,000
Interest rate	3.78%
Unsecured Senior Notes | 3.86% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 250,000,000
Long-term debt	$ 250,000,000	250,000,000
Interest rate	3.86%
Unsecured Senior Notes | 3.95% Senior Notes, Unsecured
Debt Instrument [Line Items]
Debt amount	$ 275,000,000
Long-term debt	$ 275,000,000	$ 275,000,000
Interest rate	3.95%

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Reportable Segments (Reconciliation of Net Income to Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Net Operating Income	$ 127,782	$ 87,731
Net operating income from unconsolidated joint ventures	(6,035)	(7,873)
Revenues	193,898	132,733
Reimbursed expenses	(521)	(932)
General and administrative expenses	(5,652)	(11,460)
Interest expense	(15,904)	(10,820)
Depreciation and amortization	(71,614)	(45,861)
Transaction costs	(365)	(3)
Other expenses	(566)	(180)
Income from unconsolidated joint ventures	3,425	2,904
Gain on sales of investments in unconsolidated joint ventures	46,230	0
Gain on investment property transactions	90,916	13,111
Net income	175,309	36,005
Fee income
Segment Reporting Information [Line Items]
Revenues	4,732	8,728
Termination fee income
Segment Reporting Information [Line Items]
Revenues	2,844	520
Other
Segment Reporting Information [Line Items]
Revenues	$ 37	$ 140

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accumulated depreciation on operating properties	$ 633,654	$ 577,139
Real estate assets and other assets held for sale, accumulated depreciation and amortization	0	61,093
Accumulated amortization on intangible liabilities	61,084	55,798
Accumulated amortization on liabilities of real estate assets held for sale	$ 0	$ 7,771
Preferred stock, par value (in usd per share)	$ 1	$ 1
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	1,716,837
Preferred stock, shares outstanding	0	1,716,837
Common stock, par value (in usd per share)	$ 1	$ 1
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	151,124,621	149,347,382
Treasury stock, shares	2,584,933	2,584,933

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Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income	$ 175,309	$ 36,005
Net income available to common stockholders	$ 174,943	$ 35,341
Denominator:
Weighted average common shares - basic (in shares)	147,424	105,127
Net income per common share - basic (in usd per share)	$ 1.19	$ 0.34
Numerator:
Net income	$ 175,309	$ 36,005
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP	$ 175,245	$ 35,929
Denominator:
Weighted average shares — basic (in shares)	147,424	105,127
Add:
Weighted average units of CPLP convertible into common shares (in shares)	1,120	1,744
Weighted average common shares - diluted (in shares)	148,561	106,901
Net income per common share - diluted (in usd per share)	$ 1.18	$ 0.34
Stock Options
Add:
Antidilutive restricted stock units, less share assumed purchased at market price (in shares)	3	0
Stock Options
Add:
Potential dilutive common shares - stock options (in shares)	15	30
RSU
Add:
Potential dilutive common shares - stock options (in shares)	2	0
CPLP
Numerator:
Net income attributable to other noncontrolling interests	$ (302)	$ (588)
Numerator:
Net income attributable to other noncontrolling interests	(302)	(588)
Other Noncontrolling Interests
Numerator:
Net income attributable to other noncontrolling interests	(64)	(76)
Numerator:
Net income attributable to other noncontrolling interests	$ (64)	$ (76)

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 175,309	$ 36,005
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on investment properties transactions	(90,916)	(13,111)
Depreciation and amortization	71,614	45,861
Amortization of deferred financing costs and premium/discount on notes payable	(216)	615
Stock-based compensation expense, net of forfeitures	1,284	607
Effect of non-cash adjustments to revenues	(13,602)	(11,933)
Income from unconsolidated joint ventures	(3,425)	(2,904)
Income from unconsolidated joint ventures	(46,230)	0
Operating distributions from unconsolidated joint ventures	1,829	2,536
Changes in other operating assets and liabilities:
Change in other receivables and other assets, net	(13,661)	(1,720)
Change in operating liabilities, net	(69,022)	(11,455)
Net cash provided by operating activities	12,964	44,501
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from investment property sales	433,875	57,676
Proceeds from sales of investments in unconsolidated joint ventures	53,104	0
Property acquisition, development, and tenant asset expenditures	(67,983)	(122,785)
Investment in unconsolidated joint ventures	(1,238)	(5,566)
Change in notes receivable and other assets	26	(23)
Net cash provided by (used in) investing activities	417,784	(70,698)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility	280,500	160,000
Repayment of credit facility	(532,000)	(103,600)
Repayment of notes payable	(26,849)	(2,710)
Contributions from nonredeemable noncontrolling interests	1,036	2,581
Distributions to nonredeemable noncontrolling interests	(638)	(724)
Common dividends paid	(42,561)	(27,326)
Other	(1,265)	(1,093)
Net cash provided by (used in) financing activities	(321,777)	27,128
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	108,971	931
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	17,608	2,695
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 126,579	$ 3,626

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Stockholders' Equity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Stock issued during period (in shares)	1,700,000
Stock redeemed during period (in shares)	1,700,000
Preferred stock, par value (in usd per share)	$ 1	$ 1
Preferred stock, shares outstanding	0	1,716,837

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Notes Payable (Mortgage Notes) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 1,939,743	$ 2,218,093
Secured Mortgage Notes
Debt Instrument [Line Items]
Long-term debt	689,743	716,593
Meridian Mark Plaza | Secured Mortgage Notes
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 22,978

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Other Liabilities

3 Months Ended

Mar. 31, 2020

Other Liabilities Disclosure [Abstract]

Other Liabilities

OTHER LIABILITIES

Other liabilities on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 included the following (in thousands):

	2020		2019
Ground lease liability	$	59,277	$	59,379
Prepaid rent	30,841		33,428
Security deposits	12,900		13,545
Restricted stock unit liability	6,169		16,592
Other liabilities	11,622		11,184
	$	120,809	$	134,128

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Investment in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 (in thousands). The information included in the summary of operations table is for the three months ended March 31, 2020 and 2019 (in thousands):

	Total Assets				Total Debt				Total Equity						Company’s Investment
SUMMARY OF FINANCIAL POSITION:	2020		2019		2020		2019		2020			2019			2020				2019
DC Charlotte Plaza LLLP	$	179,082	$	179,694	$	—	$	—	$	92,162		$	90,373		$	48,807			$	48,058
Austin 300 Colorado Project, LP	140,520		112,630		42,226		21,430		68,145			68,101			37,239				36,846
AMCO 120 WT Holdings, LLC	79,703		77,377		—		—		74,908			70,696			14,146				13,362
Carolina Square Holdings LP	102,523		114,483		76,074		75,662		24,735			25,184			13,816				14,414
HICO Victory Center LP	15,543		16,045		—		—		15,479			15,353			10,460				10,373
Charlotte Gateway Village, LLC	—		109,675		—		—		—			106,651			—				6,718
Wildwood Associates	—		11,061		—		—		—			10,978			—				(521		)	(1)
Crawford Long - CPI, LLC	30,069		28,459		67,543		67,947		(39,215		)	(40,250		)	(18,708		)	(1)	(19,205		)	(1)
Other	8,899		8,879		—		—		7,353			7,318			4,448				4,113
	$	556,339	$	658,303	$	185,843	$	165,039	$	243,567		$	354,404		$	110,208			$	114,158

	Total Revenues				Net Income (Loss)						Company's Share of Income (Loss)
SUMMARY OF OPERATIONS:	2020		2019		2020			2019			2020			2019
Charlotte Gateway Village, LLC	$	6,572	$	6,743	$	3,296		$	2,524		$	1,647		$	1,262
DC Charlotte Plaza LLLP	5,276		410		1,789			410			750			205
Crawford Long - CPI, LLC	3,343		3,129		1,035			889			497			424
Carolina Square Holdings LP	3,706		3,294		530			170			254			58
HICO Victory Center LP	126		130		126			130			63			62
Austin 300 Colorado Project, LP	98		126		44			72			22			36
Terminus Office Holdings LLC	—		11,797		—			1,831			—			880
AMCO 120 WT Holdings, LLC	138		—		(509		)	(10		)	(141		)	—
Other	196		32		61			(39		)	333			(23		)
	$	19,455	$	25,661	$	6,372		$	5,977		$	3,425		$	2,904

(1) Negative bases are included in deferred income on the condensed consolidated balance sheets.

In March 2020, the Company sold its interest in Charlotte Gateway Village, LLC ("Gateway"), which owned a 1.1 million square foot office building in Charlotte, North Carolina, to its partner for a gross purchase price of $52.2 million. The sale was triggered by the exercise of the partner's purchase option and the proceeds from this sale represent a 17% internal rate of return for the Company on its invested capital, as stipulated in the partnership agreement. The Company recognized a gain of $44.9 million on the sale of its interest in Gateway.

In February 2020, as part of its strategy in regards to disposal of non-core assets, the Company sold its remaining interest in the Wildwood Associates joint venture, which owned a 6.3 acre parcel of land in Atlanta, to its venture partner for a gross purchase price of $900,000. The Company recognized a gain of $1.3 million on the sale of its interest in Wildwood Associates, which included elimination of the remaining negative basis in the joint venture of $520,000.

In April 2020, the Carolina Square Holdings LP joint venture executed an amendment for its associated construction loan, extending the maturity date from May 2020 to May 2021 and reducing the spread over LIBOR from 1.90% to 1.25%.

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-based compensation expense, net of forfeitures

For the three months ended March 31, 2020 and 2019, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands):

	2020			2019
Equity-classified awards	$	1,284		$	607
Liability-classified awards	(1,020		)	4,921
Total stock-based compensation expense, net of forfeitures	$	264		$	5,528

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Description of Business and Basis of Presentation (Description of Business) (Details) ft² in Thousands	3 Months Ended
	Mar. 31, 2020 ft²
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Distribution of taxable income to qualify as REIT, percentage	100.00%
Interests in portfolio of real estate assets	19,000
Portfolio of real estate assets (sqft)	310
CPLP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of partnership units owned by the Company (more than)	99.00%

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Merger With Tier REIT, Inc. (Pro Forma Information) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Business Combinations [Abstract]
Revenues	$ 185,765
Net income	26,165
Net income available to common stockholders	$ 25,870

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Stock-Based Compensation - Stock-Based Compensation Expense, Net of Forfeitures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense, net of forfeitures	$ 264	$ 5,528
Equity-classified awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense, net of forfeitures	1,284	607
Liability-classified awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense, net of forfeitures	$ (1,020)	$ 4,921

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Notes Payable (Other Debt Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Disclosure [Abstract]
Notes payable, fair value	$ 2,000,000		$ 2,300,000
Total interest incurred	21,213	$ 11,835
Interest capitalized	(5,309)	(1,015)
Total interest expense	$ 15,904	$ 10,820

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Condensed Consolidated Statements of Cash Flows - Supplemental Information (Supplemental Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 27,288	$ 31,601
Non-Cash Activity:
Transfers from projects under development to operating properties	95,185	0
Common stock dividends declared and accrued	44,563	30,492
Transfer from land held and other assets to projects under development	29,121	0
Change in accrued property, acquisition, development, and tenant expenditures	13,845	11,085
Ground lease right-of-use assets and associated liabilities	0	56,294
Non-cash consideration for property acquisition	$ 0	$ 10,071

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate assets:
Operating properties, net of accumulated depreciation of $633,654 and $577,139 in 2020 and 2019, respectively	$ 5,740,337	$ 5,669,324
Projects under development	368,414	410,097
Land	97,354	116,860
Total real estate assets	6,206,105	6,196,281
Real estate assets and other assets held for sale, net of accumulated depreciation and amortization of $61,093 in 2019	0	360,582
Cash and cash equivalents	124,632	15,603
Restricted cash	1,947	2,005
Notes and accounts receivable	28,533	23,680
Deferred rents receivable	109,458	102,314
Investment in unconsolidated joint ventures	128,916	133,884
Intangible assets, net	240,286	257,649
Other assets	62,057	59,449
Total assets	6,901,934	7,151,447
Liabilities:
Notes payable	1,944,034	2,222,975
Accounts payable and accrued expenses	144,984	209,904
Deferred income	55,290	52,269
Intangible liabilities, net of accumulated amortization of $61,084 and $55,798 in 2020 and 2019, respectively	77,819	83,105
Other liabilities	120,809	134,128
Liabilities of real estate assets held for sale, net of accumulated amortization of $7,771 in 2019	0	21,231
Total liabilities	2,342,936	2,723,612
Commitments and contingencies
Stockholders' investment:
Preferred stock, $1 par value, 20,000,000 shares authorized, 1,716,837 shares issued and outstanding in 2019	0	1,717
Common stock, $1 par value, 300,000,000 shares authorized, 151,124,621 and 149,347,382 shares issued in 2020 and 2019, respectively	151,125	149,347
Additional paid-in capital	5,538,875	5,493,883
Treasury stock at cost, 2,584,933 shares in 2020 and 2019	(148,473)	(148,473)
Distributions in excess of cumulative net income	(1,006,820)	(1,137,200)
Total stockholders' investment	4,534,707	4,359,274
Nonredeemable noncontrolling interests	24,291	68,561
Total equity	4,558,998	4,427,835
Total liabilities and equity	$ 6,901,934	$ 7,151,447

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Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in usd per share)	$ 0.30	$ 0.29

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Commitments

At March 31, 2020, the Company had outstanding performance bonds totaling $1.1 million. As a lessor, the Company had $237.1 million in future obligations under leases to fund tenant improvements and other future construction obligations at March 31, 2020.

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.

Contingencies

Recent events related to the COVID-19 pandemic and the actions taken to contain it have created substantial uncertainty for all businesses, including the Company. The Company’s financial statements as of and for the three months ended March 31, 2020 have been prepared in light of these circumstances. We have continued to follow the policies described in our footnotes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, including those related to impairment and estimates of the likelihood of collectibility of amounts due from tenants. While the results of our current analysis did not result in any impairments or material valuation adjustments to amounts due from tenants as of March 31, 2020, circumstances related to the COVID-19 pandemic may result in recording impairments or material valuation adjustments to amounts due from tenants in future periods.

While the Company has not been obligated contractually or by law to provide its tenants with rent relief related to COVID-19, it will recognize any associated rent reductions in the period during which those obligations occur. Otherwise any COVID-19 related changes in negotiated rents or leasing terms will be accounted for as lease modifications and the Company will recognize the effects over time.

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Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

INTANGIBLE ASSETS

Intangible assets on the balance sheets as of March 31, 2020 and December 31, 2019 included the following (in thousands):

	2020		2019
In-place leases, net of accumulated amortization of $178,757 and $163,867 in 2020 and 2019, respectively	$	187,870	$	202,760
Above-market tenant leases, net of accumulated amortization of $28,892 and $26,487 in 2020 and 2019, respectively	33,295		35,699
Below-market ground lease, net of accumulated amortization of $966 and $897 in 2020 and 2019, respectively	17,447		17,516
Goodwill	1,674		1,674
	$	240,286	$	257,649

The carrying amount of goodwill did not change during the three months ended March 31, 2020 and 2019.

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Merger With Tier REIT, Inc. (Purchase Price Allocation) (Details) - TIER $ in Thousands	Mar. 25, 2019 USD ($)
Business Acquisition [Line Items]
Real estate assets	$ 2,202,712
Real estate assets held for sale	21,395
Cash and cash equivalents	84,042
Restricted cash	1,947
Notes and other receivables	6,524
Investment in unconsolidated joint ventures	331
Intangible assets	141,184
Other assets	9,954
Assets	2,468,089
Notes payable	747,549
Accounts payable and accrued expenses	53,054
Deferred income	8,131
Intangible liabilities	47,988
Other liabilities	7,676
Nonredeemable noncontrolling interests	5,329
Liabilities	869,727
Total purchase price	$ 1,598,362

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Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Other Liabilities Disclosure [Abstract]

Summary of other liabilities

Other liabilities on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 included the following (in thousands):

	2020		2019
Ground lease liability	$	59,277	$	59,379
Prepaid rent	30,841		33,428
Security deposits	12,900		13,545
Restricted stock unit liability	6,169		16,592
Other liabilities	11,622		11,184
	$	120,809	$	134,128

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Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Reconciliation of NOI to net income available to common stockholders

Information on the Company's segments along with a reconciliation of NOI to net income for the three months ended March 31, 2020 and 2019 are as follows (in thousands):

Three Months Ended March 31, 2020	Office		Mixed-Use			Total
Net Operating Income:
Atlanta	$	44,855	$	(60	)	$	44,795
Austin	29,294		—			29,294
Charlotte	22,113		—			22,113
Dallas	3,639		—			3,639
Phoenix	9,793		—			9,793
Tampa	8,144		—			8,144
Other	9,128		876			10,004
Total Net Operating Income	$	126,966	$	816		$	127,782

Three Months Ended March 31, 2019	Office		Mixed-Use		Total
Net Operating Income:
Atlanta	$	37,399	$	—	$	37,399
Austin	15,948		—		15,948
Charlotte	15,808		—		15,808
Phoenix	9,491		—		9,491
Tampa	7,988		—		7,988
Other	230		867		1,097
Total Net Operating Income	$	86,864	$	867	$	87,731

The following reconciles Net Operating Income to Net Income for each of the periods presented (in thousands):

	Three Months Ended March 31,
	2020			2019
Net Operating Income	$	127,782		$	87,731
Net operating income from unconsolidated joint ventures	(6,035		)	(7,873		)
Fee income	4,732			8,728
Termination fee income	2,844			520
Other income	37			140
Reimbursed expenses	(521		)	(932		)
General and administrative expenses	(5,652		)	(11,460		)
Interest expense	(15,904		)	(10,820		)
Depreciation and amortization	(71,614		)	(45,861		)
Transaction costs	(365		)	(3		)
Other expenses	(566		)	(180		)
Income from unconsolidated joint ventures	3,425			2,904
Gain on sales of investments in unconsolidated joint ventures	46,230			—
Gain on investment property transactions	90,916			13,111
Net Income	$	175,309		$	36,005

Reconciliation of revenue from segments to consolidated

Revenues by reportable segment, including a reconciliation to total rental property revenues on the condensed consolidated statements of operations, for three months ended March 31, 2020 and 2019 are as follows (in thousands):

Three Months Ended March 31, 2020	Office			Mixed-Use			Total
Revenues:
Atlanta	$	65,877		$	35		$	65,912
Austin	48,747			—			48,747
Charlotte	34,537			—			34,537
Dallas	4,471			—			4,471
Phoenix	13,159			—			13,159
Tampa	14,112			—			14,112
Other	16,494			1,262			17,756
Total segment revenues	197,397			1,297			198,694
Less Company's share of rental property revenues from unconsolidated joint ventures	(8,268		)	(1,297		)	(9,565		)
Total rental property revenues	$	189,129		$	—		$	189,129

Three Months Ended March 31, 2019	Office			Mixed-Use			Total
Revenues:
Atlanta	$	57,468		$	—		$	57,468
Austin	28,092			—			28,092
Charlotte	23,386			—			23,386
Tampa	12,971			—			12,971
Phoenix	13,003			—			13,003
Other	546			1,181			1,727
Total segment revenues	135,466			1,181			136,647
Less Company's share of rental property revenues from unconsolidated joint ventures	(11,601		)	(1,181		)	(12,782		)
Total rental property revenues	$	123,865		$	—		$	123,865

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Merger With Tier REIT, Inc. (Tables)

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Schedule of purchase price allocation

The purchase price was allocated as follows (in thousands):

Real estate assets	$	2,202,712
Real estate assets held for sale	21,395
Cash and cash equivalents	84,042
Restricted cash	1,947
Notes and other receivables	6,524
Investment in unconsolidated joint ventures	331
Intangible assets	141,184
Other assets	9,954
	2,468,089
Notes payable	747,549
Accounts payable and accrued expenses	53,054
Deferred income	8,131
Intangible liabilities	47,988
Other liabilities	7,676
Nonredeemable noncontrolling interests	5,329
	869,727
Total purchase price	$	1,598,362

Supplemental pro forma information

The following unaudited supplemental pro forma information is based upon the Company's historical condensed consolidated statements of operations, adjusted as if the Merger had occurred on January 1, 2018. The supplemental pro forma information is not necessarily indicative of future results, or of actual results, that would have been achieved had the Merger been consummated on January 1, 2018.

	Three Months Ended March 31, 2019
Revenues	$	185,765
Net income	26,165
Net income available to common stockholders	25,870

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Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2020 and 2019 (in thousands):

	Three Months Ended March 31,
	2020			2019
Earnings per Common Share - basic:
Numerator:
Net income	$	175,309		$	36,005
Net income attributable to noncontrolling interests in CPLP from continuing operations	(302		)	(588		)
Net income attributable to other noncontrolling interests	(64		)	(76		)
Net income available to common stockholders	$	174,943		$	35,341
Denominator:
Weighted average common shares - basic	147,424			105,127
Net income per common share - basic	$	1.19		$	0.34
Earnings per common share - diluted:
Numerator:
Net income	$	175,309		$	36,005
Net income attributable to other noncontrolling interests	(64		)	(76		)
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP	$	175,245		$	35,929
Denominator:
Weighted average common shares - basic	147,424			105,127
Add:
Potential dilutive common shares - stock options	15			30
Potential dilutive common shares - restricted stock units,     less shares assumed purchased at market price	2			—
Weighted average units of CPLP convertible into     common shares	1,120			1,744
Weighted average common shares - diluted	148,561			106,901
Net income per common share - diluted	$	1.18		$	0.34
Antidilutive restricted stock units, less share assumed purchased at market price	3			—

For the three months ended March 31, 2020, 3,000 restricted stock units, less shares assumed purchased at market price, were not included in the diluted weighted average common shares because they would have been antidilutive for the period presented. These restricted stock units could be dilutive in the future.

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Notes Payable (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Summary of terms of notes payable

The following table summarizes the terms of notes payable outstanding at March 31, 2020 and December 31, 2019 ($ in thousands):

Description	Interest Rate	Maturity (1)	2020			2019
Unsecured Notes:
Credit Facility, Unsecured	2.04%	2023	$	—		$	251,500
Term Loan, Unsecured	2.19%	2021	250,000			250,000
2019 Senior Notes, Unsecured	3.95%	2029	275,000			275,000
2017 Senior Notes, Unsecured	3.91%	2025	250,000			250,000
2019 Senior Notes, Unsecured	3.86%	2028	250,000			250,000
2019 Senior Notes, Unsecured	3.78%	2027	125,000			125,000
2017 Senior Notes, Unsecured	4.09%	2027	100,000			100,000
			1,250,000			1,501,500
Secured Mortgage Notes:
Fifth Third Center	3.37%	2026	139,522			140,332
Terminus 100	5.25%	2023	117,375			118,146
Colorado Tower	3.45%	2026	116,486			117,085
Promenade	4.27%	2022	95,152			95,986
816 Congress	3.75%	2024	79,554			79,987
Terminus 200	3.79%	2023	75,654			76,079
Legacy Union One	4.24%	2023	66,000			66,000
Meridian Mark Plaza	6.00%	2020	—			22,978
			689,743			716,593
			$	1,939,743		$	2,218,093
Unamortized premium			10,323			11,239
Unamortized loan costs			(6,032		)	(6,357		)
Total Notes Payable			$	1,944,034		$	2,222,975

(1) Weighted average maturity of notes payable outstanding at March 31, 2020 was 5.7 years.

Summary of interest recorded

For the three months ended March 31, 2020 and 2019, interest expense was recorded as follows (in thousands):

	2020			2019
Total interest incurred	$	21,213		$	11,835
Interest capitalized	(5,309		)	(1,015		)
Total interest expense	$	15,904		$	10,820

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Notes Payable (Term Loan) (Details) - Term Loan	3 Months Ended
	Mar. 31, 2020 USD ($)
Debt Instrument [Line Items]
Unsecured term loan	$ 250,000,000
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.20%
LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.20%
LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.70%
Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.50%
One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.00%
Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.00%
Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.75%

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Transactions with Norfolk Southern Railway Company (Details) - USD ($)		3 Months Ended		12 Months Ended
	Mar. 01, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of property		$ 433,875,000	$ 57,676,000
Assets		6,901,934,000		$ 7,151,447,000
Contract price that is expected to be recognized as revenue	$ 52,300,000
Deferred income		55,290,000		52,269,000
1200 Peachtree
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets	92,300,000
Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property purchased				6,500,000	$ 37,000,000.0
Site Preparation Work
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property purchased	4,000,000.0
NS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue recognized		3,700,000	$ 6,600,000
Deferred income		$ 9,900,000		$ 11,300,000
NS | 1200 Peachtree
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase of a building	$ 82,000,000
Lease term	3 years
Discount on service contract price	$ 10,300,000
Gain or loss on derecognition of non financial asset fair value	0
Consideration for the various services component	52,300,000
NS | Fees for development services
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract fees	5,000,000
NS | Fees for consulting services
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract fees	32,000,000
NS | Development agreement | 1200 Peachtree
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration for various services contract	5,000,000
NS | Consulting agreement | 1200 Peachtree
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration for various services contract	32,000,000
NS | Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of property	52,500,000
Gain from sale of property	5,000,000.0
NS | Land | 1200 Peachtree
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration for various services contract	$ 5,000,000

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Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,674	$ 1,674
Total intangible assets	240,286	257,649
In-place Leases
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	187,870	202,760
Accumulated amortization	178,757	163,867
Above-market Tenant Leases
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	33,295	35,699
Accumulated amortization	28,892	26,487
Below-market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	17,447	17,516
Accumulated amortization	$ 966	$ 897

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Reportable Segments (Segment Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 193,898	$ 132,733
Rental property revenues
Segment Reporting Information [Line Items]
Revenues	189,129	123,865
Rental property revenues | Office
Segment Reporting Information [Line Items]
Revenues	189,129	123,865
Rental property revenues | Mixed-Use
Segment Reporting Information [Line Items]
Revenues	0	0
Rental property revenues | Operating segments
Segment Reporting Information [Line Items]
Revenues	198,694	136,647
Rental property revenues | Operating segments | Atlanta
Segment Reporting Information [Line Items]
Revenues	65,912	57,468
Rental property revenues | Operating segments | Austin
Segment Reporting Information [Line Items]
Revenues	48,747	28,092
Rental property revenues | Operating segments | Charlotte
Segment Reporting Information [Line Items]
Revenues	34,537	23,386
Rental property revenues | Operating segments | Dallas
Segment Reporting Information [Line Items]
Revenues	4,471
Rental property revenues | Operating segments | Phoenix
Segment Reporting Information [Line Items]
Revenues	13,159	13,003
Rental property revenues | Operating segments | Tampa
Segment Reporting Information [Line Items]
Revenues	14,112	12,971
Rental property revenues | Operating segments | Other
Segment Reporting Information [Line Items]
Revenues	17,756	1,727
Rental property revenues | Operating segments | Office
Segment Reporting Information [Line Items]
Revenues	197,397	135,466
Rental property revenues | Operating segments | Office | Atlanta
Segment Reporting Information [Line Items]
Revenues	65,877	57,468
Rental property revenues | Operating segments | Office | Austin
Segment Reporting Information [Line Items]
Revenues	48,747	28,092
Rental property revenues | Operating segments | Office | Charlotte
Segment Reporting Information [Line Items]
Revenues	34,537	23,386
Rental property revenues | Operating segments | Office | Dallas
Segment Reporting Information [Line Items]
Revenues	4,471
Rental property revenues | Operating segments | Office | Phoenix
Segment Reporting Information [Line Items]
Revenues	13,159	13,003
Rental property revenues | Operating segments | Office | Tampa
Segment Reporting Information [Line Items]
Revenues	14,112	12,971
Rental property revenues | Operating segments | Office | Other
Segment Reporting Information [Line Items]
Revenues	16,494	546
Rental property revenues | Operating segments | Mixed-Use
Segment Reporting Information [Line Items]
Revenues	1,297	1,181
Rental property revenues | Operating segments | Mixed-Use | Atlanta
Segment Reporting Information [Line Items]
Revenues	35	0
Rental property revenues | Operating segments | Mixed-Use | Austin
Segment Reporting Information [Line Items]
Revenues	0	0
Rental property revenues | Operating segments | Mixed-Use | Charlotte
Segment Reporting Information [Line Items]
Revenues	0	0
Rental property revenues | Operating segments | Mixed-Use | Dallas
Segment Reporting Information [Line Items]
Revenues	0
Rental property revenues | Operating segments | Mixed-Use | Phoenix
Segment Reporting Information [Line Items]
Revenues	0	0
Rental property revenues | Operating segments | Mixed-Use | Tampa
Segment Reporting Information [Line Items]
Revenues	0	0
Rental property revenues | Operating segments | Mixed-Use | Other
Segment Reporting Information [Line Items]
Revenues	1,262	1,181
Rental property revenues | Segment reconciling items
Segment Reporting Information [Line Items]
Revenues	(9,565)	(12,782)
Rental property revenues | Segment reconciling items | Office
Segment Reporting Information [Line Items]
Revenues	(8,268)	(11,601)
Rental property revenues | Segment reconciling items | Mixed-Use
Segment Reporting Information [Line Items]
Revenues	$ (1,297)	$ (1,181)