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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 September 30, 2022
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 October 21, 2022
Common Stock, $1 par value per share 151,434,281 shares








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, 2021, and as itemized herein. These forward-looking statements include information about the Company's possible or assumed future results of the business and the Company's 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 the Company expects or anticipates 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 the Company's 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, the Company's 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 the Company operates (including supply and demand changes), particularly in Atlanta, Austin, Charlotte, Phoenix, Tampa, Dallas, and Nashville, 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 the Company's key personnel, the Company's tenants, and the costs of operating the Company's assets;
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 the Company's strategy in regard to the Company's real estate assets, which 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 the Company's 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 the Company's tenants;
volatility in interest rates and insurance rates;
inflation and continuing increases in the inflation rate;
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, and the loss of key personnel;
1



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 the Company's 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 the Company believes that the plans, intentions, and expectations reflected in any forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions, or expectations will be achieved. The Company undertakes 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.
2



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)
September 30, 2022December 31, 2021
 (unaudited) 
Assets:  
Real estate assets: 
Operating properties, net of accumulated depreciation of $1,030,125 and $874,988 in 2022 and 2021, respectively
$6,731,159 $6,506,910 
Projects under development102,007 174,803 
Land158,431 157,681 
6,991,597 6,839,394 
Cash and cash equivalents5,507 8,937 
Restricted cash1,231 1,231 
Accounts receivable7,195 12,553 
Deferred rents receivable175,511 154,866 
Investment in unconsolidated joint ventures106,389 77,811 
Intangible assets, net143,121 168,553 
Other assets, net65,521 48,689 
Total assets$7,496,072 $7,312,034 
Liabilities:
Notes payable$2,295,989 $2,237,509 
Accounts payable and accrued expenses268,153 224,523 
Deferred income108,316 74,515 
Intangible liabilities, net 54,734 63,223 
Other liabilities103,164 111,864 
Total liabilities2,830,356 2,711,634 
Commitments and contingencies
Equity:
Stockholders' investment:  
Common stock, $1 par value per share, 300,000,000 shares authorized, 154,019,214 and 151,272,969 shares issued and outstanding in 2022 and 2021, respectively
154,019 151,273 
Additional paid-in capital5,628,951 5,549,308 
Treasury stock at cost, 2,584,933 shares in 2022 and 2021
(148,473)(148,473)
Distributions in excess of cumulative net income(988,488)(985,338)
Accumulated other comprehensive loss(652) 
 Total stockholders' investment4,645,357 4,566,770 
Nonredeemable noncontrolling interests20,359 33,630 
Total equity4,665,716 4,600,400 
Total liabilities and equity$7,496,072 $7,312,034 
See accompanying notes.
3



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

Three Months EndedNine Months Ended
September 30,September 30,
 2022202120222021
Revenues:  
Rental property revenues$193,455 $185,515 $559,856 $552,088 
Fee income1,677 3,094 5,370 12,426 
Other38 123 2,522 405 
 195,170 188,732 567,748 564,919 
Expenses:
Rental property operating expenses66,632 65,354 193,725 195,465 
Reimbursed expenses418 383 1,455 1,149 
General and administrative expenses6,498 7,968 21,557 22,014 
Interest expense18,380 16,709 50,454 50,573 
Depreciation and amortization79,116 72,073 219,721 214,399 
Other231 421 877 1,835 
171,275 162,908 487,789 485,435 
Income from unconsolidated joint ventures634 2,128 7,038 5,826 
Gain on sales of investments in unconsolidated joint ventures56,260 13,121 56,260 13,160 
Gain (loss) on investment property transactions(20)13,063 (61)13,037 
Loss on extinguishment of debt  (100) 
Net income80,769 54,136 143,096 111,507 
Net income attributable to noncontrolling interests(130)(118)(421)(226)
Net income available to common stockholders$80,639 $54,018 $142,675 $111,281 

  
Net income per common share — basic and diluted$0.53 $0.36 $0.95 $0.75 
Weighted average shares — basic151,435 148,688 149,670 148,659 
Weighted average shares — diluted151,695 148,772 149,946 148,743 
See accompanying notes.


4



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited; in thousands)

Three Months EndedNine Months Ended
September 30,September 30,
 2022202120222021
Comprehensive Income:  
Net income available to common stockholders$80,639 $54,018 $142,675 $111,281 
Other comprehensive loss:
Unrealized loss on cash flow hedge(715)(715)
Accumulated other comprehensive loss reclassified to interest expense6363
Total other comprehensive loss(652)(652)
Total comprehensive income$79,987 $54,018 $142,023 $111,281 
See accompanying notes.
5



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

Three Months Ended September 30, 2022
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Accumulated Other Comprehensive LossStockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance June 30, 2022$154,025 $5,627,133 $(148,473)$(1,020,590)$ $4,612,095 $20,600 $4,632,695 
Comprehensive Income:
Net income— — — 80,639 — 80,639 130 80,769 
Other comprehensive loss— — — — (652)(652)— (652)
Common stock issued under the ATM, net of issuance costs— 13 — — — 13 — 13 
Amortization of stock-based compensation, net of forfeitures(6)1,805 — 4 — 1,803 — 1,803 
Contributions from nonredeemable noncontrolling interests— — — — — — (356)(356)
Distributions to nonredeemable noncontrolling interests— — — — — — (15)(15)
Common dividends ($0.32 per share)
— — — (48,541)— (48,541)— (48,541)
Balance September 30, 2022$154,019 $5,628,951 $(148,473)$(988,488)$(652)$4,645,357 $20,359 $4,665,716 
Three Months Ended September 30, 2021
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Stockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance June 30, 2021$151,273 $5,546,336 $(148,473)$(1,113,273)$4,435,863 $31,541 $4,467,404 
Net income— — — 54,018 54,018 118 54,136 
Amortization of stock-based compensation, net of forfeitures— 1,472 — — 1,472 — 1,472 
Contributions from nonredeemable noncontrolling interests— — — — — 1,635 1,635 
Distributions to nonredeemable noncontrolling interests— — — — — (844)(844)
Common dividends ($0.31 per share)
— — — (46,261)(46,261)— (46,261)
Balance September 30, 2021$151,273 $5,547,808 $(148,473)$(1,105,516)$4,445,092 $32,450 $4,477,542 

See accompanying notes.

















6



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

Nine Months Ended September 30, 2022
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Accumulated Other Comprehensive LossStockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance December 31, 2021$151,273 $5,549,308 $(148,473)$(985,338)$ $4,566,770 $33,630 $4,600,400 
Comprehensive Income:
Net income— — — 142,675 — 142,675 421 143,096 
Other comprehensive loss— — — — (652)(652)— (652)
Common stock issued under the ATM, net of issuance costs2,632 100,488 — — — 103,120 — 103,120 
Common stock issued pursuant to stock-based compensation120 490 — — — 610 — 610 
Amortization of stock-based compensation, net of forfeitures(6)6,303 — 8 — 6,305 — 6,305 
Acquisition of partners' noncontrolling interest— (27,638)— — — (27,638)(15,749)(43,387)
Contributions from nonredeemable noncontrolling interests— — — — — 2,164 2,164 
Distributions to nonredeemable noncontrolling interests— — — — — (107)(107)
Common dividends ($0.96 per share)
— — — (145,833)— (145,833)— (145,833)
Balance September 30, 2022$154,019 $5,628,951 $(148,473)$(988,488)$(652)$4,645,357 $20,359 $4,665,716 
Nine Months Ended September 30, 2021
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— — — 111,281 111,281 226 111,507 
Common stock issued pursuant to stock-based compensation126 426 — — 552 — 552 
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures(2)4,620 — — 4,618 — 4,618 
Contributions from nonredeemable noncontrolling interests— — — — — 5,017 5,017 
Distributions to nonredeemable noncontrolling interests— — — — — (1,197)(1,197)
Common dividends ($0.93 per share)
— — — (138,493)(138,493)— (138,493)
Balance September 30, 2021$151,273 $5,547,808 $(148,473)$(1,105,516)$4,445,092 $32,450 $4,477,542 
See accompanying notes.
7



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)
Nine Months Ended September 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income $143,096 $111,507 
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of investment in unconsolidated joint ventures(56,260)(13,160)
Loss (gain) on investment property transactions61 (13,037)
Depreciation and amortization219,721 214,399 
Amortization of deferred financing costs and premium on notes payable(317)(356)
Equity-classified stock-based compensation expense, net of forfeitures7,526 5,959 
Effect of non-cash adjustments to rental revenues(29,524)(27,838)
Income from unconsolidated joint ventures(7,038)(5,826)
Operating distributions from unconsolidated joint ventures4,584 9,085 
Loss on extinguishment of debt100  
Changes in other operating assets and liabilities:
Change in receivables and other assets, net487 3,178 
Change in operating liabilities, net(10,088)14,676 
Net cash provided by operating activities272,348 298,587 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Proceeds from investment property sales, net 389,777 
Proceeds from sale of interest in unconsolidated joint ventures, net38,831 67,143 
Property acquisition, development, and tenant asset expenditures(262,822)(488,243)
Return of capital distributions from unconsolidated joint venture10,752 25,955 
Contributions to unconsolidated joint ventures(35,193)(46,038)
Net cash used in investing activities(248,432)(51,406)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Proceeds from credit facility340,000 329,000 
Repayment of credit facility(267,300)(527,400)
Repayment of notes payable(12,719)(12,214)
Common stock issued under the ATM103,120  
Payment of deferred financing costs(5,299)(3,014)
Contributions from nonredeemable noncontrolling interests2,164 5,017 
Distributions to nonredeemable noncontrolling interests(107)(1,197)
Common dividends paid(143,818)(136,743)
Acquisition of partner's noncontrolling interest(43,387) 
Issuance of term loans 350,000 
Repayment of term loans (250,000)
Net cash used in financing activities(27,346)(246,551)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH(3,430)630 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD10,168 6,138 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD$6,738 $6,768 
See accompanying notes.
8


COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2022
(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 mixed-use developments in the Sun Belt markets of the United States with a focus on Atlanta, Austin, Charlotte, Phoenix, Tampa, Dallas, and Nashville. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute at least 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 September 30, 2022, the Company's portfolio of real estate assets consisted of interests in 18.5 million square feet of office space and 310,000 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 September 30, 2022 and the results of operations for the three and nine months ended September 30, 2022 and 2021. The results of operations for the three and nine months ended September 30, 2022 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, 2021. The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included therein.
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 September 30, 2022, 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 received fees totaling $5.0 million in consideration for development services for NS’s corporate headquarters that has been constructed on the land sold to NS.
Executed a Consulting Agreement with NS whereby the Company received fees totaling $32.0 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 (“Promenade Central”) for $82.0 million subject to a three-year market rate lease with NS that covered the entire building and expired December 31, 2021.
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 Promenade Central 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 Promenade Central should be recorded at fair value of $92.3 million. The Company determined that the lease with NS at the Promenade Central 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
9


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 Promenade Central as well as cash consideration of $5.0 million from the land sale contract (difference between fair value and contract amount), $5.0 million from the Development Agreement, and $32.0 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 provided were transferred over time and, thus, the Company recognized the $52.3 million contract price in revenue as it satisfied 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 continued 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. During the three months ended September 30, 2022 and 2021, respectively, the Company recognized $1.0 million and $2.5 million in fee income in its consolidated statements of operations related to the services provided to NS. During the nine months ended September 30, 2022 and 2021, respectively, the Company recognized $3.2 million and $10.4 million in fee income in its consolidated statements of operations related to the services provided to NS. As of December 31, 2021, the Company had deferred income of $1.8 million related to NS included in the consolidated balance sheet. As of September 30, 2022, the Company had no deferred income related to NS included in the consolidated balance sheet, and all revenue related to this performance obligation had been recognized.
3. REAL ESTATE
Acquisitions
On April 21, 2022, the Company purchased its partner's 10% joint venture interest in HICO Avalon, LLC and HICO Avalon II, LLC, which own the 8000 and 10000 Avalon office properties. This transaction did not result in a change in control and any difference between the purchase price of $43.4 million, which included a promote to our partner related to increases in fair value in excess of cost, and the $15.7 million book value of the outside partner's non-controlling interest is recorded as additional paid in capital in the equity section of the Company's consolidated balance sheet. The Company's consolidated basis in Avalon's assets and liabilities was unchanged by this transaction.
On September 27, 2021, the Company acquired a 0.15 acre land parcel in Atlanta for a gross purchase price of $3.1 million related to a potential future development in Midtown Atlanta.
On July 28, 2021, the Company acquired 725 Ponce, a 372,000 square foot office building in Midtown Atlanta, for $300.8 million, including acquisition costs. The Company accounted for this transaction as an acquisition of an asset, and the following table summarizes the allocation of the purchase price of this property (in thousands):
725 Ponce
Tangible assets:
Operating properties$292,946 
Tangible assets292,946 
Intangible assets:
In-place leases12,788 
Above market leases1,770 
Intangible assets14,558 
Intangible liabilities:
Above market leases(6,739)
Intangible liabilities(6,739)
Total net assets acquired$300,765 
On March 12, 2021, a 95% owned consolidated joint venture acquired a 0.24 acre land parcel in Atlanta for a gross purchase price of $8.0 million.

10


Dispositions
On July 23, 2021, the Company sold One South at the Plaza in Charlotte for a gross sales price of $271.5 million and recorded a gain of $12.7 million.
On July 1, 2021, the Company sold 0.7 acres of land in Phoenix, adjacent to our 100 Mill development, to a hotel developer for $6.4 million. Net proceeds approximated our book value.
On April 7, 2021, the Company sold Burnett Plaza in Fort Worth for a gross sales price of $137.5 million and recorded a gain of $80,000.
Impairment
The Company tests buildings held for investment, by disposal groups, for impairment whenever changes in circumstances indicate a disposal group’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 value 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 held-for-investment buildings were impaired during any periods presented in the accompanying statement of operations while under the held-for-investment classification.
The Company also reviews held-for-sale buildings, if any, for impairments. If book value is in excess of estimated fair value less estimated selling costs, we impair those assets to fair value less estimated selling costs. There were no held-for-sale buildings impaired during any periods presented in the accompanying statements of operations.
The Company also reviews land and projects under development for impairment whenever changes in circumstances indicate the assets' carrying value may not be recoverable. None of the Company's investments in land or projects under development were impaired during any periods presented in the accompanying statement of operations.
The Company may record impairment charges in future periods if the economy and the office industry weakens, the operating results of individual buildings are materially different from our forecasts, or we shorten our contemplated hold period for any operating buildings.
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 September 30, 2022 and December 31, 2021 (in thousands).
SUMMARY OF FINANCIAL POSITION
Total AssetsTotal DebtTotal Equity (Deficit)Company's Investment 
2022202120222021202220212022 2021 
Operating Properties:
AMCO 120 WT Holdings, LLC$82,207 $83,546 $ $ $81,254 $82,739 $14,987 $15,347 
Carolina Square Holdings LP 113,011  132,654  (34,066) (15,786)(1)
Crawford Long - CPI, LLC 25,932 24,709 63,302 64,566 (39,802)(40,221)(19,208)(1)(19,356)(1)
Under Development:
Neuhoff Holdings LLC297,800 133,691 90,582 28,390 166,877 93,218 87,080 47,529 
Land:
715 Ponce Holdings LLC8,402 8,150   8,306 8,150 4,247 4,165 
HICO Victory Center LP161 16,421   136 15,962 75 10,723 
Other: