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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, 2021
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)
Georgia58-0869052
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3344 Peachtree Road NESuite 1800AtlantaGeorgia30326-4802
(Address of principal executive offices)(Zip Code)
(404407-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1 par value per shareCUZNew 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 filerAccelerated filer
Non-accelerated filerSmaller 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, 2021
Common Stock, $1 par value per share 148,653,309 shares
1



2



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, 2020, 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, limited partnership units, or preferred stock;
future distributions;
projected capital expenditures;
market and industry trends;
entry into new markets or changes in existing market concentrations;
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 (including supply and demand changes), 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 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 a public health crisis on our operations and our
tenants;
sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political activism, which may result in a disruption of day-to-day building operations;
changes to our strategy in regard to our real estate assets may require impairment 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 employees working remotely;
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;
3



the potential liability for uninsured losses, condemnation, or environmental issues;
the potential liability for a failure to meet regulatory requirements;
the financial condition and liquidity of, or disputes with, joint venture partners;
any failure to comply with debt covenants under credit agreements;
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.
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.
4



PART I — FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements.

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
March 31, 2021December 31, 2020
 (unaudited) 
Assets:  
Real estate assets: 
Operating properties, net of accumulated depreciation of $863,365 and $803,073 in 2021 and 2020, respectively
$6,197,447 $6,232,546 
Projects under development74,485 57,389 
Land170,579 162,406 
6,442,511 6,452,341 
Real estate assets and other assets held for sale, net 134,184 125,746 
Cash and cash equivalents14,576 4,290 
Restricted cash1,256 1,848 
Accounts receivable21,679 20,248 
Deferred rents receivable145,433 138,341 
Investment in unconsolidated joint ventures113,353 125,481 
Intangible assets, net177,146 189,164 
Other assets56,044 49,939 
Total assets$7,106,182 $7,107,398 
Liabilities:
Notes payable$2,214,692 $2,162,719 
Accounts payable and accrued expenses141,948 186,267 
Deferred income76,033 62,319 
Intangible liabilities, net of accumulated amortization of $77,891 and $73,967 in 2021 and 2020, respectively
65,922 69,846 
Other liabilities115,895 118,103 
Liabilities of real estate assets held for sale, net 10,444 12,606 
Total liabilities2,624,934 2,611,860 
Commitments and contingencies
Equity:
Stockholders' investment:  
Common stock, $1 par value per share, 300,000,000 shares authorized, 151,239,770 and 151,149,289 shares issued and outstanding in 2021 and 2020, respectively
151,240 151,149 
Additional paid-in capital5,543,549 5,542,762 
Treasury stock at cost, 2,584,933 shares in 2021 and 2020
(148,473)(148,473)
Distributions in excess of cumulative net income(1,095,361)(1,078,304)
 Total stockholders' investment4,450,955 4,467,134 
Nonredeemable noncontrolling interests30,293 28,404 
Total equity4,481,248 4,495,538 
Total liabilities and equity$7,106,182 $7,107,398 
See accompanying notes.
5



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except per share amounts)

Three Months Ended
March 31,
 20212020
Revenues:  
Rental property revenues$184,807 $189,129 
Fee income4,529 4,732 
Other214 37 
 189,550 193,898 
Expenses:
Rental property operating expenses66,395 64,538 
Reimbursed expenses368 521 
General and administrative expenses6,733 5,652 
Interest expense17,208 15,904 
Depreciation and amortization70,870 71,614 
Transaction costs 365 
Other590 566 
162,164 159,160 
Income from unconsolidated joint ventures1,903 3,425 
Gain on sales of investments in unconsolidated joint ventures39 46,230 
Gain (loss) on investment property transactions(17)90,916 
Net income29,311 175,309 
Net income attributable to noncontrolling interests(201)(366)
Net income available to common stockholders$29,110 $174,943 

 
Net income per common share — basic$0.20 $1.19 
Net income per common share — diluted$0.20 $1.18 
Weighted average shares — basic148,624 147,424 
Weighted average shares — diluted148,725 148,561 
See accompanying notes.


6



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited; in thousands except per share amounts)

Three Months Ended March 31, 2021
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, 2020$ $151,149 $5,542,762 $(148,473)$(1,078,304)$4,467,134 $28,404 $4,495,538 
Net income— — — — 29,110 29,110 201 29,311 
Common stock issued pursuant to stock based compensation
— 91 (874)— — (783)— (783)
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures
— — 1,661 — — 1,661 — 1,661 
Contributions from nonredeemable noncontrolling interests
— — — — — — 1,695 1,695 
Distributions to nonredeemable noncontrolling interests
— — — — — — (7)(7)
Common dividends ($0.31 per share)
— — — — (46,167)(46,167)— (46,167)
Balance March 31, 2021$ $151,240 $5,543,549 $(148,473)$(1,095,361)$4,450,955 $30,293 $4,481,248 
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— — — — 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 
See accompanying notes.














7



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)
Three Months Ended March 31,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income $29,311 $175,309 
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of investment in unconsolidated joint ventures(39)(46,230)
Gain (loss) on investment property transactions17 (90,916)
Depreciation and amortization70,870 71,614 
Amortization of deferred financing costs and premium on notes payable(218)(216)
Equity-classified stock-based compensation expense, net of forfeitures1,667 1,284 
Effect of non-cash adjustments to rental revenues(11,777)(13,602)
Income from unconsolidated joint ventures(1,903)(3,425)
Operating distributions from unconsolidated joint ventures2,449 1,829 
Changes in other operating assets and liabilities:
Change in receivables and other assets, net(8,010)(13,661)
Change in operating liabilities, net(46,590)(69,022)
Net cash provided by operating activities35,777 12,964 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Proceeds from investment property sales, net(7)433,875 
Proceeds from sale of interest in unconsolidated joint ventures, net 53,104 
Property acquisition, development, and tenant asset expenditures(61,369)(67,983)
Return of capital distributions from unconsolidated joint venture25,955  
Contributions to unconsolidated joint ventures(351)(1,238)
Change in notes receivable and other assets 26 
Net cash provided by (used in) investing activities(35,772)417,784 
CASH FLOWS FROM FINANCING ACTIVITIES:  
Proceeds from credit facility134,000 280,500 
Repayment of credit facility(77,400)(532,000)
Repayment of notes payable(4,030)(26,849)
Contributions from noncontrolling interests1,695 1,036 
Distributions to nonredeemable noncontrolling interests(7)(638)
Common dividends paid(44,569)(42,561)
Other (1,265)
Net cash provided by (used in) financing activities9,689 (321,777)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH9,694 108,971 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD6,138 17,608 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD$15,832 $126,579 
See accompanying notes.
8



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(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 in excess of 99% of CPLP, and CPLP is consolidated with Cousins for financial reporting purposes. CPLP also owns Cousins TRS Services LLC ("CTRS"), a taxable entity that 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 primarily Class A office properties and opportunistic mixed-use developments in the Sun Belt markets of the United States with a focus on Atlanta, Austin, Charlotte, Phoenix, Tampa, and Dallas. 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, 2021, the Company's portfolio of real estate assets consisted of interests in 18.9 million square feet of office space and 1.3 million square feet of other 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, 2021 and the results of operations for the three months ended March 31, 2021 and 2020. The results of operations for the three months ended March 31, 2021 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 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, 2020. The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included therein.
For the three months ended March 31, 2021 and 2020, there were no items of other comprehensive income. Therefore, the Company did not present comprehensive income.
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, 2021, the Company had no investments or interests in any VIEs.

2. 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 million above its carrying amount, which included $37 million of land purchased in 2018, $6.5 million of land purchased in 2019, and $4 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
9



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 continue to recognize 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. The Company recognized $3.7 million in fee income in its consolidated statements of operations related to the services provided to NS during both the three months ended March 31, 2021 and 2020. As of March 31, 2021 and December 31, 2020, the Company had deferred income included in the consolidated balance sheet of $4.3 million and $5.7 million, respectively, related to NS.
3. REAL ESTATE
Acquisitions
On March 12, 2021, the Company acquired a 0.24 acre land parcel in Atlanta for a gross purchase price of $8 million which is held in a 95% owned consolidated joint venture.
Dispositions
The Company had two dispositions of consolidated operating properties during the quarter ended March 31, 2020. The Company sold the following properties in 2020 ($ in thousands):
PropertyProperty TypeLocationSquare FeetSales Price
Hearst TowerOfficeCharlotte, NC966,000 $455,500 
WoodcrestOfficeCherry Hill, NJ386,000 $25,300 
The Company sold the properties noted above as part of its ongoing investment strategy, using the proceeds from the dispositions to fund new investment activity. The gain of $90.3 million from the sale of these properties is net of $380,000 of estimated state income tax.
10



The Company's Burnett Plaza property was classified as held for sale as of March 31, 2021 and December 31, 2020. The major classes of assets and liabilities of this property held for sale were as follows (in thousands):
March 31, 2021December 31, 2020
Real estate assets and other assets held for sale
Operating property, net of accumulated depreciation of $8,123 in 2021 and 2020
$114,603 $106,864 
Notes and accounts receivable696 439 
Deferred rents receivable2,742 2,480 
Intangible assets, net of accumulated amortization of $5,912 and $6,065
in 2021 and 2020, respectively
15,978 15,830 
Other assets165 133 
Total real estate assets and other assets held for sale$134,184 $125,746 
Liabilities of real estate assets held for sale
Accounts payable and accrued expenses$4,895 $7,399 
Deferred income54 44 
Intangible liabilities, net of accumulated amortization of $1,106 and $1,205
 in 2021 and 2020, respectively
3,114 3,014 
Other liabilities2,381 2,149 
      Total liabilities of real estate assets held for sale$10,444 $12,606 
Subsequent to quarter end, on April 7, 2021, the Company sold Burnett Plaza for a gross purchase price of $137.5 million and recorded a gain of $364,000.
Impairment
The Company tests buildings held for investment for impairment whenever changes in circumstances indicate a building’s carrying value may not be recoverable. The test is conducted using undiscounted cash flows for the shorter of the building’s estimated hold period or its remaining useful life. When testing for recoverability of buildings held for investment, projected cash flows are used over its expected hold period. If the expected hold period includes some likelihood of shorter-term hold period from a potential sale, the probability of a sale is layered into the analysis. If any building's held for investment analysis were to fail the impairment test, its book value would be written down to its then current estimated fair value, before any selling expense, and that building would continue to depreciate over its remaining useful life. None of the Company’s buildings were impaired during any periods presented while under the held for investments classification.
The Company may record additional impairment charges in future periods if operating results of individual buildings are materially different from our forecasts, the economy and the office industry weakens, or we shorten our contemplated holding period for additional buildings.
11




4. 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, 2021 and December 31, 2020 (in thousands). The information included in the summary of operations table is for the three months ended March 31, 2021 and 2020 (in thousands):
 Total AssetsTotal DebtTotal EquityCompany’s Investment
SUMMARY OF FINANCIAL POSITION:20212020202120202021202020212020
DC Charlotte Plaza LLLP$172,479 $173,704 $ $ $90,542 $90,648 $47,853 $47,941 
Austin 300 Colorado Project, LP166,909 165,586 88,159 86,848 68,760 68,567 38,855 38,488 
AMCO 120 WT Holdings, LLC85,688 85,449   84,176 84,311 15,716 15,735 
HICO Victory Center LP15,923 16,544   15,813 15,709 10,638 10,595 
Carolina Square Holdings LP117,694 118,616 134,284 77,034 (35,227)21,888 (12,988)(1)12,430 
Crawford Long - CPI, LLC 27,349 29,641 65,892 66,423 (40,280)(38,253)(19,323)(1)(18,289)(1)
Other1,313 1,313   1,316 1,316 291 292 
$587,355 $590,853 $288,335 $230,305 $185,100 $244,186 $81,042 $107,192 
 Total RevenuesNet Income (Loss)Company's Share of Income (Loss)
SUMMARY OF OPERATIONS:202120202021202020212020
DC Charlotte Plaza LLLP$5,059 $5,276 $1,795 $1,789 $836 $750 
Austin 300 Colorado Project, LP1,672 98 193 44 84 22 
AMCO 120 WT Holdings, LLC1,607 138 (135)(509)(21)(141)
Carolina Square Holdings LP3,977 3,706 1,088 530 520 254 
HICO Victory Center LP83 126 83 126 42 63 
Charlotte Gateway Village, LLC  6,572 (4)3,296 (2)1,647 
Crawford Long - CPI, LLC 3,117 3,343 973 1,035 444 497 
Other 196  61  333 
$15,515 $19,455 $3,993 $6,372 $1,903 $3,425 
(1) Negative bases are included in deferred income on the consolidated balance sheets.
In March 2021, Carolina Square Holdings LP ("Carolina Square"), a 50% owned joint venture with NR 123 Franklin LLC ("Northwood Ravin"), issued a non-recourse mortgage note with a principal balance of $135.7 million. Proceeds from the issuance of this mortgage note were used to repay in full its $77.5 million construction loan that was set to mature May 1, 2021 and to make a pro-rata distribution of $26.0 million to each partner. The mortgage loan bears interest at the London Interbank Offering Rate ("LIBOR") plus 1.80% and matures on March 18, 2026.
In March 2020, the Company sold its 50% owned joint venture interest in Charlotte Gateway Village, LLC ("Gateway"), which owned a 1.1 million square foot office building in Charlotte, to its partner for a gross sales 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 $44.6 million on the sale of its interest in Gateway, net of $188,000 of estimated state income tax.
In February 2020, as part of its strategy to dispose 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 sales 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.

12



5. INTANGIBLE ASSETS AND LIABILITIES
At March 31, 2021 and December 31, 2020, intangible assets included the following (in thousands):
20212020
In-place leases, net of accumulated amortization of $222,779 and $212,413
in 2021 and 2020, respectively
$134,924 $145,290 
Above-market rents, net of accumulated amortization of $35,131 and $33,548
in 2021 and 2020, respectively
23,377 24,960 
Below-market ground lease, net of accumulated amortization of $1,242 and
$1,173 in 2021 and 2020, respectively
17,171 17,240 
      Goodwill1,674 1,674 
$177,146 $189,164 
At March 31, 2021 and December 31, 2020, intangible liabilities included the following (in thousands):
20212020
Below-market rents, net of accumulated amortization of $77,525 and $73,612 in 2021 and 2020, respectively
$64,307 $68,219 
Above-market ground lease, net of accumulated amortization of $366 and $354 in 2021 and 2020, respectively
1,615 1,627 
$65,922 $69,846 
Aggregate net amortization expense related to intangible assets and liabilities for the three months ended March 31, 2021 and March 31, 2020 was $8.0 million and $12.1 million, respectively. Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows (in thousands):
In-Place 
Leases
Above-Market
Rents
Below-Market Ground LeaseBelow-Market
Rents
Above-Market
Ground Lease
2021 (nine months)$27,964 $4,340 $207 $(10,623)$(35)
202227,431 4,806 276 (11,755)(46)
202322,527 3,915 276 (10,040)(46)
202417,683 3,061 276 (8,929)(46)
202513,702 2,014 276 (8,197)(46)
Thereafter25,617 5,241 15,860 (14,763)(1,396)
$134,924 $23,377 $17,171 $(64,307)$(1,615)
The carrying amount of goodwill did not change during the three months ended March 31, 2021 and 2020.
6. OTHER ASSETS
Other assets on the consolidated balance sheets as of March 31, 2021 and December 31, 2020 included the following (in thousands):
20212020
Predevelopment costs and earnest money$18,519 $17,841 
Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $33,482 and $32,582 in 2021 and 2020, respectively
16,724 17,211 
Prepaid expenses and other assets12,180 6,095 
Lease inducements, net of accumulated amortization of $3,588 and $3,316 in 2021 and 2020, respectively
5,979 5,771 
Line of credit deferred financing costs, net of accumulated amortization of $4,840 and $4,461 in 2021 and 2020, respectively
2,642 3,021 
$56,044 $49,939 
Predevelopment costs represent amounts that are capitalized related to predevelopment projects that the Company determined are probable of future development.
Lease inducements are incentives paid to tenants in conjunction with leasing space, such as moving costs, sublease arrangements of prior space, and other costs. These amounts are amortized into rental revenues over the individual underlying lease terms.
13



7. NOTES PAYABLE
The following table summarizes the terms of notes payable outstanding at March 31, 2021 and December 31, 2020 ($ in thousands):
DescriptionInterest Rate (1)Maturity (2)20212020
Unsecured Notes:
Credit Facility, Unsecured1.16%2023$289,000 $232,400 
Term Loan, Unsecured1.31%2021250,000 250,000 
2019 Senior Notes, Unsecured3.95%2029275,000 275,000 
2017 Senior Notes, Unsecured3.91%2025250,000 250,000 
2019 Senior Notes, Unsecured3.86%2028250,000 250,000 
2019 Senior Notes, Unsecured3.78%2027125,000 125,000 
2017 Senior Notes, Unsecured4.09%2027100,000 100,000 
1,539,000 1,482,400 
Secured Mortgage Notes:
Fifth Third Center 3.37%2026136,222 137,057 
Terminus 1005.25%2023114,183 114,997 
Colorado Tower 3.45%2026114,040 114,660 
Promenade 4.27%202291,722 92,593 
816 Congress 3.75%202477,784 78,232 
Terminus 2003.79%202373,912 74,354 
Legacy Union One4.24%202366,000 66,000 
673,863 677,893 
   $2,212,863 $2,160,293 
Unamortized premium6,658 7,574 
Unamortized loan costs(4,829)(5,148)
Total Notes Payable$2,214,692 $2,162,719 
(1) Interest rate as of March 31, 2021.
(2) Weighted average maturity of notes payable outstanding at March 31, 2021 was 4.3 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 1.75x; a fixed charge coverage ratio of at least 1.50x; 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 Company is in compliance with all covenants of the Credit Facility.
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 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