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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, 2024
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 18, 2024
Common Stock, $1 par value per share 152,140,188 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, 2023, the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, 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 acquisitions of investments in real estate debt;
future development and redevelopment opportunities;
future issuances and repurchases of common stock, limited partnership units, or preferred stock;
future distributions;
projected capital expenditures;
market and industry trends;
future occupancy or volume and velocity of leasing activity;
entry into new markets, changes in existing market concentrations, or exits from existing markets;
future changes in interest rates and liquidity of capital markets; and
all statements that address operating performance, events, investments, 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;
any changes to our credit rating;
the failure of purchase, sale, or other contracts to ultimately close;
the failure to achieve anticipated benefits from acquisitions, developments, investments, or dispositions;
the effect of common stock or operating partnership unit issuances, including those undertaken on a forward basis;
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, Tampa, Charlotte, Phoenix, Dallas, and Nashville, including the impact of high unemployment, volatility in the public equity and debt markets, and international economic and other conditions;
threatened terrorist attacks or 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 preferences 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 or liquidity of one or more of our tenants or borrowers under our real estate debt investments;
volatility in interest rates (including the impact upon the effectiveness of forward interest rate contract arrangements) and insurance rates;
inflation;
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);
1



supply chain disruptions, labor shortages, and increased construction costs;
risks associated with security breaches through cyberattacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology networks and related systems, which support our operations and our buildings;
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, including the Americans with Disabilities Act and similar laws or the impact of any investigation regarding the same;
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 or meet regulatory requirements;
potential changes to state, local, or federal regulations applicable to our business;
material changes in dividend rates on common shares or other securities or the ability to pay those dividends;
potential changes to the tax laws impacting REITs and real estate in general;
risks associated with climate change and severe weather events, as well as the regulatory efforts intended to reduce the effects of climate changes and investor and public perception of our efforts to respond to the same;
the impact of newly adopted accounting principles on our accounting policies and on period-to-period comparisons of financial results;
risks associated with possible federal, state, local, or property tax audits; and
those additional risks and environmental or other factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by the Company.
The risks set forth above are not exhaustive. The Annual Report on Form 10-K for the year ended December 31, 2023, including Part I, Item 1A. Risk Factors, and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, this Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, including Part II, Item 1A, Risk Factors, include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all risk factors, nor can we assess the potential impact of all risk factors on our business or the extent to which any factors, or any combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. 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. Given the uncertainties and risks discussed herein, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Investors should also refer to our Quarterly Reports on Form 10-Q and our Annual Reports on Form 10-K for future periods, and our Current Reports on Form 8-K as we file such reports with the SEC, and to other materials we may file with or furnish to the SEC, for a discussion of risks and uncertainties that may cause actual results, performance, or achievements to differ materially from those expressed or implied by any forward-looking statements. 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.
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, 2024December 31, 2023
 (unaudited) 
Assets:  
Real estate assets: 
Operating properties, net of accumulated depreciation of $1,551,232 and $1,329,406 in 2024 and 2023, respectively
$6,905,956 $6,775,093 
Projects under development 132,884 
Land154,727 154,728 
7,060,683 7,062,705 
Cash and cash equivalents76,143 6,047 
Investments in real estate debt, at fair value28,636  
Accounts receivable11,788 11,109 
Deferred rents receivable226,299 209,370 
Investment in unconsolidated joint ventures182,130 143,831 
Intangible assets, net93,712 110,667 
Other assets, net91,140 90,745 
Total assets$7,770,531 $7,634,474 
Liabilities:
Notes payable$2,661,292 $2,457,627 
Accounts payable and accrued expenses269,661 299,767 
Deferred income263,192 181,744 
Intangible liabilities, net 35,984 42,193 
Other liabilities100,804 104,830 
Total liabilities3,330,933 3,086,161 
Commitments and contingencies
Equity:
Stockholders' investment:  
Common stock, $1 par value per share, 300,000,000 shares authorized, 152,140,188 and 154,335,798 issued, and 152,140,188 and 151,799,215 outstanding in 2024 and 2023, respectively
152,140 154,336 
Additional paid-in capital5,504,035 5,638,709 
Treasury stock at cost, 2,536,583 shares in 2023
 (145,696)
Distributions in excess of cumulative net income(1,240,104)(1,125,390)
Accumulated other comprehensive income (loss)(102)2,192 
 Total stockholders' investment4,415,969 4,524,151 
Nonredeemable noncontrolling interests23,629 24,162 
Total equity4,439,598 4,548,313 
Total liabilities and equity$7,770,531 $7,634,474 
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,
 2024202320242023
Revenues:  
Rental property revenues$207,260 $198,429 $627,552 $602,459 
Fee income495 318 1,280 1,044 
Other1,457 101 2,599 2,393 
 209,212 198,848 631,431 605,896 
Expenses:
Rental property operating expenses66,005 64,838 207,714 203,150 
Reimbursed expenses188 149 479 515 
General and administrative expenses9,204 8,336 27,325 24,795 
Interest expense30,773 27,008 89,424 78,010 
Depreciation and amortization89,784 79,492 271,429 235,531 
Other327 623 1,602 1,484 
196,281 180,446 597,973 543,485 
Income (loss) from unconsolidated joint ventures(1,575)582 (788)2,008 
Gain on investment property transactions 507 98 505 
Net income11,356 19,491 32,768 64,924 
Net income attributable to noncontrolling interests(158)(130)(442)(746)
Net income available to common stockholders$11,198 $19,361 $32,326 $64,178 

  
Net income per common share — basic and diluted$0.07 $0.13 $0.21 $0.42 
Weighted average shares — basic152,140 151,774 152,060 151,692 
Weighted average shares — diluted152,812 152,048 152,604 152,018 
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,
 2024202320242023
Comprehensive Income:  
Net income available to common stockholders$11,198 $19,361 $32,326 $64,178 
Other comprehensive income (loss):
Unrealized gain (loss) on cash flow hedges(1,380)1,5032,7086,397
Amortization of cash flow hedges(1,489)(1,345)(5,002)(2,441)
Total other comprehensive income (loss)(2,869)158(2,294)3,956
Total comprehensive income$8,329 $19,519 $30,032 $68,134 
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, 2024
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Accumulated Other Comprehensive IncomeStockholders' InvestmentNonredeemable
Noncontrolling
Interests
Total
Equity
Balance June 30, 2024$152,140 $5,500,937 $ $(1,202,222)$2,767 $4,453,622 $23,882 $4,477,504 
Net income— — — 11,198 — 11,198 158 11,356 
Other comprehensive loss— — — — (2,869)(2,869)— (2,869)
Amortization of stock-based compensation, net of forfeitures— 3,098 — 4 — 3,102 — 3,102 
Distributions to noncontrolling interests— — — — — — (411)(411)
Common dividends ($0.32 per share)
— — — (49,084)— (49,084)— (49,084)
Balance September 30, 2024$152,140 $5,504,035 $ $(1,240,104)$(102)$4,415,969 $23,629 $4,439,598 
Three Months Ended September 30, 2023
Common StockAdditional Paid-In CapitalTreasury StockDistributions in Excess of Net IncomeAccumulated Other Comprehensive LossStockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance June 30, 2023$154,336 $5,634,996 $(147,157)$(1,066,369)$5,565 $4,581,371 $22,927 $4,604,298 
Net income— — — 19,361 — 19,361 130 19,491 
Other comprehensive income— — — — 158 158 — 158 
Amortization of stock-based compensation, net of forfeitures— 2,410 — — — 2,410 — 2,410 
Contributions from noncontrolling interests— — — — — — 56 56 
Distributions to noncontrolling interests— — — — — — (518)(518)
Common dividends ($0.32 per share)
— — — (48,589)— (48,589)— (48,589)
Balance September 30, 2023$154,336 $5,637,406 $(147,157)$(1,095,597)$5,723 $4,554,711 $22,595 $4,577,306 

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, 2024
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Accumulated Other Comprehensive IncomeStockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance December 31, 2023$154,336 $5,638,709 $(145,696)$(1,125,390)$2,192 $4,524,151 $24,162 $4,548,313 
Net income— — — 32,326 — 32,326 442 32,768 
Other comprehensive loss— — — — (2,294)(2,294)— (2,294)
Common stock issued pursuant to stock-based compensation, net of tax withholding346 (1,594)— — — (1,248)— (1,248)
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures(5)10,079 — — — 10,074 — 10,074 
Retirement of Treasury Stock(2,537)(143,159)145,696 — — — —  
Contributions from nonredeemable noncontrolling interests— — — — — — 22 22 
Distributions to nonredeemable noncontrolling interests— — — — — — (997)(997)
Common dividends ($0.96 per share)
— — — (147,040)— (147,040)— (147,040)
Balance September 30, 2024$152,140 $5,504,035 $ $(1,240,104)$(102)$4,415,969 $23,629 $4,439,598 
Nine Months Ended September 30, 2023
Common StockAdditional Paid-In CapitalTreasury StockDistributions in
Excess of
Net Income
Accumulated Other Comprehensive IncomeStockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance December 31, 2022$154,019 $5,630,327 $(147,157)$(1,013,292)$1,767 $4,625,664 $21,285 $4,646,949 
Net income— — — 64,178 — 64,178 746 64,924 
Other comprehensive income— — — — 3,956 3,956 — 3,956 
Common stock issued pursuant to stock-based compensation, net of tax withholding320 (827)— — — (507)— (507)
Amortization of stock-based compensation, net of forfeitures(3)7,906 — — — 7,903 — 7,903 
Contributions from nonredeemable noncontrolling interests
— — — — — — 1,440 1,440 
Distributions to nonredeemable noncontrolling interests
— — — — — — (876)(876)
Common dividends ($0.96 per share)
— — — (146,483)— (146,483)— (146,483)
Balance September 30, 2023$154,336 $5,637,406 $(147,157)$(1,095,597)$5,723 $4,554,711 $22,595 $4,577,306 
See accompanying notes.








7



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)
Nine Months Ended September 30,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income $32,768 $64,924 
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on investment property transactions(98)(505)
Depreciation and amortization271,429 235,531 
Amortization of deferred financing costs and discount on notes payable3,024 3,102 
Equity-classified stock-based compensation expense, net of forfeitures11,272 9,209 
Effect of non-cash adjustments to rental revenues(42,258)(36,679)
Loss (income) from unconsolidated joint ventures788 (2,008)
Operating distributions from unconsolidated joint ventures2,451 2,869 
Changes in other operating assets and liabilities:
Change in receivables and other assets, net(5,730)(6,979)
Change in operating liabilities, net(2,451)8,054 
Net cash provided by operating activities271,195 277,518 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Proceeds from investment property sales, net(3)3,917 
Property acquisition, development, and tenant asset expenditures(184,121)(198,254)
Investments in real estate debt(28,636) 
Return of capital distributions from unconsolidated joint ventures 10,924 
Contributions to unconsolidated joint ventures(41,119)(28,681)
Net cash used in investing activities(253,879)(212,094)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Proceeds from credit facility396,800 291,300 
Repayment of credit facility(581,900)(203,400)
Repayment of term loans(100,000) 
Repayment of mortgages(6,395)(6,178)
Bond issuance, net of original discount498,540  
Payment of deferred financing costs(5,446)(71)
Repurchase of shares withheld for taxes on restricted stock vestings(1,111) 
Common dividends paid(146,733)(145,858)
Contributions from noncontrolling interests22 1,440 
Distributions to noncontrolling interests(997)(876)
Net cash provided by (used in) financing activities52,780 (63,643)
NET INCREASE IN CASH AND CASH EQUIVALENTS70,096 1,781 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD6,047 5,145 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$76,143 $6,926 
See accompanying notes.
8


COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2024
(Unaudited)
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business: Cousins Properties Incorporated (“Cousins”), a Georgia corporation, is a fully integrated, self-administered, and self-managed real estate investment trust (“REIT”). Cousins conducts substantially all of its business through Cousins Properties LP ("CPLP"). Cousins owns in excess of 99% of CPLP and consolidates CPLP. CPLP wholly 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.
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, Tampa, Phoenix, Charlotte, 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, 2024, the Company's operating portfolio of real estate assets consisted of interests in 19.2 million square feet of office space and 467,000 square feet of multi-family and 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, 2024 and December 31, 2023, and the results of operations for the three and nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 30, 2024 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 to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The accounting policies employed are substantially the same as those shown in note 2 of the notes to consolidated financial statements included therein with the exception of an additional accounting policy related to the Company's new investments in real estate debt described in note 3 to these condensed consolidated financial statements.
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. The Company had no investments or interests in any VIEs as of September 30, 2024 or December 31, 2023.
2. REAL ESTATE
For the nine months ended September 30, 2024 the Company had no real estate transactions. In September 2023, the Company sold a 10.4 acre land parcel in Atlanta for a gross sales price of $4.25 million and recorded a gain of $507,000.
Impairment
The Company tests buildings held for investment, by asset groups, for impairment whenever changes in circumstances indicate an asset 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 condensed consolidated statement of operations.
The Company also reviews held-for-sale buildings, if any, for impairments. In order to be considered a real estate asset held-for-sale, the Company must, among other things, have the authority to commit to a plan to sell the asset in its current condition, have commenced the plan to sell the asset, and have determined that it is probable that the asset will sell within one year. 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 as of September 30, 2024 or December 31, 2023 or during any periods presented in the accompanying condensed consolidated statements of operations.
9


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, including accumulated predevelopment costs, or projects under development were impaired as of September 30, 2024 or December 31, 2023 or during any periods presented in the accompanying condensed consolidated 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.
3. INVESTMENTS IN REAL ESTATE DEBT
In the three months ended June 30, 2024, the Company acquired two mezzanine real estate loans for $27.2 million, which are subordinated to the first priority mortgage loans. The borrowers have additional borrowing capacity under these loans, for which the Company funded $1.1 million and $1.4 million during the three and nine months ended September 30, 2024, respectively. The Company's unfunded share of additional borrowing capacity is $8.4 million as of September 30, 2024. The details of these real estate debt investments as of September 30, 2024 are as follows ($ in thousands):
CollateralCarrying Value as of September 30, 2024Variable Rate as of September 30, 2024Maturity Date
110 East - Pledge of equity interests
Charlotte, NC, Office Building
$16,068 14.10%February 2026
Radius - Pledge of equity interests
Nashville, TN, Office Building
12,568 13.35%June 2025
$28,636 

The first priority mortgage loans had a balance of $149.7 million as of September 30, 2024.
The above rates reflect a weighted spread in excess of Term Secured Overnight Financing Rate ("SOFR") (5.10% as of September 30, 2024) of 8.67%. The Company did not have any investment in real estate debt as of December 31, 2023. Each loan provides the borrower with an opportunity to extend the maturity date, subject to certain conditions. The extended maturity dates are February 2027 on the 110 East loan and June 2026 on the Radius loan.
Subsequent to the end of the third quarter, on October 1, 2024, the Company acquired a mortgage loan, secured by the Saint Ann Court office building, at par for $138.0 million. The mortgage loan has an initial maturity date of December 7, 2024 and an interest rate of SOFR plus 3.66%. Saint Ann Court, built in 2009, is 320,000 square feet and located in Uptown Dallas, Texas. Consistent with the Company's existing investments in real estate debt, the Company has elected the fair value option in accounting for this mortgage loan. This acquisition was funded with cash on hand and an October 1, 2024 draw on our Credit Facility of $58.5 million.
The Company has elected the fair value option in accounting for its investments in real estate debt. As such, any unrealized gain or loss associated with holding these investments at fair value will be recorded as a component of income from investments in real estate debt on the Company's consolidated statement of operations. For the three and nine months ended September 30, 2024, the Company believes the fair value of the investments in real estate debt approximates its invested carrying value and, therefore, did not record any unrealized gain or loss on its investments in real estate debt based on these recent executed market transactions (Level 2). In subsequent periods, the Company may make adjustments to the carrying values of these loan investments if any are required through application of the fair value hierarchy provided for under GAAP. Acquisition costs associated with these loans are expensed as incurred.

10


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, 2024 and December 31, 2023 ($ in thousands).
SUMMARY OF FINANCIAL POSITION
Total AssetsTotal DebtTotal Equity (Deficit)Company's Investment 
2024202320242023202420232024 2023 
Operating Properties:
AMCO 120 WT Holdings, LLC$76,887 $80,694 $ $ $75,025 $78,642 $13,762 $14,506 
Crawford Long - CPI, LLC (1)20,372 22,001 82,376 82,316 (64,022)(62,562)(31,485)(2)(31,066)(2)
Neuhoff Holdings LLC (3)566,456 477,780 264,958 219,780 261,062 226,303 146,787 124,543 
TL CO Proscenium JV, LLC89,334    83,334  16,763  
Land:
715 Ponce Holdings LLC9,446 9,325   9,380 9,324 4,818 4,782 
$762,495 $589,800 $347,334 $302,096 $364,779 $251,707 $150,645 $112,765 

(1) Crawford Long - CPI, LLC has a mortgage loan for the Medical Offices at Emory Hospital property. This $83.0 million interest-only mortgage loan has a fixed interest rate of 4.80% and matures on June 1, 2032.
(2) Negative investment basis included in deferred income on the condensed consolidated balance sheets.
(3) The Neuhoff Holdings LLC properties have commenced initial operations but are not yet stabilized. The joint venture has a construction loan with a borrowing capacity up to $312.7 million, of which the Company's share is $156.4 million, that matures on September 30, 2025. The interest rate applicable to the construction loan is based on SOFR plus 3.45% with a minimum rate of 3.60%. The joint venture has one option, subject to certain conditions, to extend the maturity date for an additional 12 months from the initial maturity date.

The information included in the summary of operations table is for the nine months ended September 30, 2024 and 2023 ($ in thousands).
SUMMARY OF OPERATIONS
Total RevenuesNet Income (Loss)Company's Income (Loss) from Investment
202420232024202320242023
Operating Properties:
AMCO 120 WT Holdings, LLC$8,312 $8,337 $1,452 $2,698 $276 $537 
Crawford Long - CPI, LLC 9,984 9,754 2,290 2,911 1,046 1,352 
Neuhoff Holdings LLC (1)1,538 105 (3,769)59 (2,078)30 
TL CO Proscenium JV, LLC3,141  (187) (60) 
Land:
715 Ponce Holdings LLC148 210 56 145 28 72 
Sold:
Other   34  17 
$23,123 $18,406 $(158)$5,847 $(788)$2,008 

(1) The Neuhoff Holdings LLC properties have commenced initial operations but are not yet stabilized.
In August 2024, the Company entered into a joint venture as a 20% partner, forming TL CO Proscenium JV, LLC ("Proscenium"). With the 80% partner, the Proscenium joint venture was formed to own and operate an office property in Midtown Atlanta, Georgia. In August 2024, concurrently with its formation, the venture acquired the 525,000 square foot office property for a gross purchase price of $83.3 million, of which the Company funded $16.7 million.
The Company recognizes development, leasing, and management fees, including salary and expense reimbursements, from unconsolidated joint ventures. For the three and nine months ended September 30, 2024, the Company recognized $259,000 and $620,000 of management fees, respectively. For the three and nine months ended September 30, 2023, the Company recognized $121,000 and $358,000 of management fees, respectively.
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5. INTANGIBLE ASSETS AND LIABILITIES
At September 30, 2024 and December 31, 2023, intangible assets included the following ($ in thousands):
20242023
In-place leases, net of accumulated amortization of $132,679 and $135,433
in 2024 and 2023, respectively
$65,646 $80,117 
Below-market ground leases, net of accumulated amortization of $2,502 and
$2,260 in 2024 and 2023, respectively
16,751 16,992 
Above-market leases, net of accumulated amortization of $24,123 and $24,918
in 2024 and 2023, respectively
9,641 11,884 
      Goodwill1,674 1,674 
$93,712 $110,667 

At September 30, 2024 and December 31, 2023, intangible liabilities were the following ($ in thousands):
20242023
Below-market leases, net of accumulated amortization of $54,896 and $50,475 in 2024 and 2023, respectively
$35,984 $42,193 


The amortization of the above asset and liabilities are recorded as follows ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenues:
Rental property revenues, net (Below-market and Above-market leases)$1,476 $1,371 $4,495 $5,455 
Expenses:
Depreciation and amortization (In-place leases)4,107 4,849 14,471 17,319 
Rental property operating and other expenses (Below-market ground leases)69 100 240 300 

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
Below-Market Ground LeasesAbove-Market LeasesBelow-Market
Leases
2024 (three months)$3,994 $71 $559 $(2,009)
202514,628 282 2,070 (7,743)
202612,252 282 1,687 (6,524)
20279,667 282 1,266 (4,989)
20286,851 282 1,158 (3,852)
Thereafter18,254 15,552 2,901 (10,867)
$65,646 $16,751 $9,641 $(35,984)


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6. OTHER ASSETS
Other assets on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 included the following ($ in thousands):
20242023
Predevelopment costs $57,995 $56,600 
Prepaid expenses and other assets8,550 8,704 
Lease inducements, net of accumulated amortization of $7,656 and $5,860 in 2024 and 2023, respectively
11,555 10,537 
Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $19,568 and $18,564 in 2024 and 2023, respectively
9,731 10,631 
Credit Facility deferred financing costs, net of accumulated amortization of $3,094 and $2,131 in 2024 and 2023, respectively
3,309 4,273 
$91,140 $90,745 
Predevelopment costs represent amounts that are capitalized related to predevelopment projects on land owned by the Company that has been determined to be probable of future development.
Lease inducements are incentives paid to tenants in conjunction with leasing space, such as moving costs, sublease arrangements of prior space, and other costs. These amounts are amortized as a reduction of rental revenues over the individual underlying lease terms.
7. NOTES PAYABLE
The following table summarizes the terms of notes payable outstanding at September 30, 2024 and December 31, 2023 ($ in thousands):
DescriptionInterest Rate (1)Maturity (2)20242023
Unsecured Notes:
Credit Facility5.705%April 2027$ $185,100 
Public Senior Notes5.875%October 2034500,000  
Term Loan5.433%March 2025400,000 400,000 
Privately Placed Senior Note3.95%July 2029275,000 275,000 
Term Loan 5.93%February 2025250,000 350,000 
Privately Placed Senior Note3.91%July 2025250,000 250,000 
Privately Placed Senior Note3.86%July 2028250,000 250,000 
Privately Placed Senior Note3.78%July 2027125,000 125,000 
Privately Placed Senior Note4.09%July 2027100,000 100,000 
2,150,000 1,935,100 
Secured Mortgage Notes:
Terminus (3)6.34%January 2031221,000 221,000 
Fifth Third Center3.37%October 2026123,750 126,548 
Colorado Tower3.45%September 2026104,785 106,862 
Domain 103.75%November 202471,037 72,558 
520,572 526,968 
   $2,670,572 $2,462,068 
Unamortized original issue discount(1,447) 
Unamortized loan costs(7,833)(4,441)
Total Notes Payable$2,661,292 $2,457,627 
(1) Interest rate as of September 30, 2024.
(2) Weighted average maturity of notes payable outstanding at September 30, 2024 was 3.8 years. Unexercised extension options are not included.
(3) Represents $123.0 million and $98.0 million non-cross-collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
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Credit Facility
On May 2, 2022, the Company entered into a Fifth Amended and Restated Credit Agreement (the "Credit Facility") under which the Company may borrow up to $1 billion if certain conditions are satisfied. The Credit Facility contains financial covenants that require, among other things, the maintenance of 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 50%; and an overall leverage ratio of no more than 60%. The Credit Facility matures on April 30, 2027.
The interest rate applicable to the Credit Facility varies according to the Company's credit rating and leverage ratio and may, at the election of the Company, be determined based on either (1) the Daily SOFR or Term SOFR, plus a SOFR adjustment of 0.10% ("Adjusted SOFR") and a spread of between 0.725% and 1.40%, or (2) the greater of (i) Bank of America's prime rate, (ii) the federal funds rate plus 0.50%, (iii) Term SOFR, plus a SOFR adjustment of 0.10%, and 1.00%, or (iv) 1.00%, plus a spread of between 0.00% and 0.40%, based on leverage. In addition to the interest rate, the Credit Facility is also subject to a facility fee of 0.125% to 0.30%, depending on the Company's credit rating and leverage ratio, on the entire $1 billion capacity.
In April 2024, the Company notified the administrative agent of the Credit Facility of the Company's receipt of corporate investment grade ratings. These ratings reduced the Credit Facility's Adjusted SOFR spread and facility fee range effective April 17, 2024. Changes in the Company's investment grade ratings may result in additional adjustments to the applicable spread and facility fee. Prior to April 17, 2024, the applicable spread was between 0.90% and 1.40% and the facility fee range was 0.15% to 0.30%, depending on leverage.
At September 30, 2024, the Credit Facility's interest rate spread over Adjusted SOFR was 0.775%, and the facility fee spread was 0.15%. 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 September 30, 2024. Any amounts outstanding under the Credit Facility may be accelerated upon the occurrence of any events of default.
Term Loans
On October 3, 2022, the Company entered into a Delayed Draw Term Loan Agreement (the "2022 Term Loan") and borrowed the full $400 million available under the loan. The loan matures on March 3, 2025 with four consecutive options to extend the maturity date for an additional six months each. Under the 2022 Term Loan the interest rate applicable varies according to the Company's credit rating and leverage ratio and may, at the election of the Company, be determined based on either (1) the Daily SOFR or Term SOFR, plus a SOFR adjustment of 0.10% ("Adjusted SOFR") and a spread of between 0.80% and 1.60%, or (2) the greater of (i) Bank of America's prime rate, (ii) the federal funds rate plus 0.50%, (iii) Term SOFR, plus a SOFR adjustment of 0.10%, and 1.00%, (iv) or 1.00%, plus a spread of between 0.00% and 0.65%, based on leverage. The covenants under the 2022 Term Loan are the same as the Credit Facility. At September 30, 2024, the spread over the underlying SOFR rates was 0.85% for the 2022 Term Loan.
On April 19, 2023, the Company entered into a floating-to-fixed rate swap with respect to $200 million of the $400 million 2022 Term Loan through the initial maturity date of March 3, 2025. This swap fixed the underlying SOFR rate at 4.298%. On January 26, 2024, the Company entered into a floating-to-fixed rate swap with respect to remaining $200 million of the $400 million 2022 Term Loan through the initial maturity date of March 3, 2025. This swap fixed the underlying SOFR rate at 4.6675% (see note 8). These two swaps fix the underlying SOFR rate for the full $400 million at a weighted average of 4.483%.
On June 28, 2021, the Company entered into an Amended and Restated Term Loan Agreement (the "2021 Term Loan") that amended the former term loan agreement. Under the 2021 Term Loan, the Company has borrowed $350 million with an initial maturity of August 30, 2024 with four consecutive options to extend the maturity date for an additional 180 days each. In August 2024, the Company paid down $100 million of the $350 million outstanding and exercised the first of our four 180 day extension options, extending the maturity date on the remaining $250 million to February 26, 2025. On September 19, 2022, the Company entered into the First Amendment to the 2021 Term Loan. This amendment aligns covenants and available interest rates, including the addition of SOFR, to that of the Credit Facility. Under the terms of this First Amendment the interest rate applicable to the 2021 Term Loan varies according to the Company's credit rating and leverage ratio and may, at the election of the Company, be determined based on either (1) the Daily SOFR or Term SOFR, plus a SOFR adjustment of 0.10% ("Adjusted SOFR") and a spread of between 0.85% and 1.65%, or (2) the greater of (i) Bank of America's prime rate, (ii) the federal funds rate plus 0.50%, (iii) Term SOFR, plus a SOFR adjustment of 0.10%, and 1.00%, (iv) or 1.00%, plus a spread of between 0.00% and 0.65%, based on leverage. At September 30, 2024, the spread over the underlying SOFR rates was 1.00% for the 2021 Term Loan.
On September 27, 2022, the Company entered into a floating-to-fixed interest rate swap with respect to the $350 million 2021 Term Loan through the maturity date of August 30, 2024. This swap effectively fixed the underlying SOFR rate at 4.234% (see note 8). This Swap matured, and the loan has reverted to the underlying variable SOFR rate.
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In April 2024, the Company notified the administrative agent of the 2022 Term Loan and 2021 Term Loan of the Company's receipt of corporate investment grade ratings received. These ratings reduced the Adjusted SOFR spread range, effective April 17, 2024. Changes in the Company's investment grade ratings may result in additional adjustments to the applicable spread in the future. Prior to April 17, 2024, the applicable spread was between 1.05% and 1.65% for both the 2022 Term Loan and 2021 Term Loan, depending on leverage.
Unsecured Senior Notes
In August 2024, CPLP issued $500.0 million in aggregate principal amount of 5.875% Senior Notes (the "Public Senior Notes"), which mature on October 1, 2034. Upon issuance of the Public Senior Notes, CPLP received net proceeds of $498.5 million dollars after an original issue discount of $1.5 million. The effective interest rate is 5.912%. The Public Senior Notes are fully and unconditionally guaranteed by the Company. The proceeds were used to repay $373.8 million outstanding on the Credit Facility and repay $100 million of the $350 million outstanding on the 2021 Term Loan. The Company holds the remaining funds in an interest-bearing cash account as of September 30, 2024 for general corporate purposes. The Public Senior Notes mature on October 1, 2034.
The Public Senior Notes are subject to certain typical covenants that, subject to certain exceptions, include (a) a limitation on the ability of the Company and CPLP to, among other things, incur additional secured and unsecured indebtedness; (b) a limitation on the ability of the Company and CPLP to merge, consolidate, sell, lease or otherwise dispose of their properties and assets substantially as an entirety; and (c) a requirement that the Company maintain a pool of unencumbered assets. To avoid any such limitations, these covenants require, among other things, maintaining the following financial metrics as defined in the agreement: unencumbered debt ratio of at least 150%; an EBITDA to debt service 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 Company also has privately placed 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 privately placed senior notes contain financial covenants that are same as with those of our Credit Facility, with the exception of 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.
Secured Mortgage Notes
As of September 30, 2024, the Company had $520.6 million outstanding on five non-recourse mortgage notes with a weighted average interest rate of 4.70%. All interest rates on the secured mortgage notes are fixed. Assets with depreciated carrying values of $870.7 million are pledged as security on these mortgage notes payable. For each non-recourse mortgage loan, the Company provides a customary "non-recourse carve-out guaranty." Additional guarantees related to re-leasing costs may also apply.
Other Debt Information
The Company is in compliance with all covenants related to its unsecured and secured debt.
At September 30, 2024 and December 31, 2023, the estimated fair value of the Company’s notes payable was $2.7 billion and $2.4 billion, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated current market rates at which similar loans could have been obtained at September 30, 2024 and December 31, 2023. The estimate of the current market rates, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. These fair value calculations are considered to be Level 2 under the guidelines as set forth in ASC 820, as the Company utilizes market rates for similar type loans from third party brokers.
For the three and nine months ended September 30, 2024 and 2023, interest expense was recorded as follows ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Total interest incurred$33,687 $31,180 $99,242 $92,278 
Interest capitalized(2,914)(4,172)(9,818)(14,268)
Total interest expense$30,773 $27,008 $89,424 $78,010 


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8. DERIVATIVE FINANCIAL INSTRUMENTS
On April 19, 2023, the Company entered into a floating-to-fixed interest rate swap ("2023 Swap") with respect to $200 million of the $400 million 2022 Term Loan through the initial loan maturity date of March 3, 2025, fixing the underlying SOFR rate for this portion of the loan at 4.298%. On January 26, 2024, the Company entered into a floating-to-fixed interest rate swap ("2024 Swap") with respect to the remaining $200 million of the $400 million 2022 Term Loan through the maturity date of March 3, 2025, fixing the underlying SOFR rate for this portion of the loan at 4.6675%. These swaps effectively fix the underlying SOFR rate at a weighted average of 4.483% for the entire $400 million through the initial maturity. As of September 30, 2024, the fair values of the 2023 Swap and 2024 Swap on the 2022 Term Loan resulted in a $104,000 asset and a $206,000 liability, respectively. As of December 31, 2023, the fair value of the 2023 Swap on the 2022 Term Loan resulted in a $555,000 asset. These assets and liabilities are included in other assets and other liabilities, respectively, on the Company's condensed consolidated balance sheets.
On September 27, 2022, the Company entered into a floating-to-fixed interest rate swap ("2022 Swap") with respect to the $350 million 2021 Term Loan through the initial loan maturity date of August 30, 2024. This swap effectively fixed the underlying SOFR rate at 4.234%. The 2022 Swap expired upon its August 30, 2024 maturity and there were no amounts recorded on the Company's balance sheet related to this swap as of September 30, 2024. As of December 31, 2023, the fair value this swap on the 2021 Term Loan resulted in a $1.7 million asset and is included in other assets on the Company's condensed consolidated balance sheets.
The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Such derivatives are used to hedge the variable cash flows associated with the 2021 and 2022 Term Loans (referred to as "cash flow hedges").
For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings.
The counterparties under these swaps are major financial institutions, and the swaps contain provisions whereby if the Company defaults on certain of its indebtedness, and such default results in repayment of such indebtedness being, or becoming capable of being, accelerated by the lender, then the Company could also be declared in default under the swaps. There are no collateral requirements related to these swaps.
The table below presents the effect of the Company's derivative financial instruments on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Cash Flow Hedges:2024202320242023
Amount of income (loss) recognized in accumulated other comprehensive income on interest rate derivatives$(1,380)$1,503 $2,708 $6,397 
Amount of income reclassified from accumulated other comprehensive income into income as a reduction of interest expense$(1,489)$(1,345)$(5,002)$