Company Quick10K Filing
Cousins Properties
Price37.53 EPS0
Shares149 P/E163
MCap5,574 P/FCF28
Net Debt1,840 EBIT72
TEV7,415 TEV/EBIT103
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-05
10-Q 2019-09-30 Filed 2019-10-23
10-Q 2019-06-30 Filed 2019-07-24
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-06
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-07
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-21
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-10
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-28
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-12
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-13
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-29
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-13
10-Q 2012-09-30 Filed 2012-10-30
10-Q 2012-06-30 Filed 2012-07-31
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-21
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-04-30 Earnings, Exhibits
8-K 2020-04-21 Officers, Shareholder Vote
8-K 2020-03-31 Regulation FD, Exhibits
8-K 2020-02-26 Other Events, Exhibits
8-K 2020-02-25 Regulation FD, Exhibits
8-K 2020-02-05 Earnings, Exhibits
8-K 2019-12-12 Officers
8-K 2019-12-11 Regulation FD, Exhibits
8-K 2019-12-09 Officers, Exhibits
8-K 2019-11-15 Other Events, Exhibits
8-K 2019-11-12 Regulation FD, Exhibits
8-K 2019-10-23
8-K 2019-09-23 Other Events, Exhibits
8-K 2019-09-09 Regulation FD, Exhibits
8-K 2019-07-25 Regulation FD, Exhibits
8-K 2019-07-24 Earnings, Exhibits
8-K 2019-06-14 Enter Agreement, Off-BS Arrangement
8-K 2019-06-14 M&A, Officers, Amend Bylaw, Regulation FD, Exhibits
8-K 2019-06-12 Shareholder Vote, Other Events, Exhibits
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-03-25 Regulation FD, Other Events, Exhibits
8-K 2019-03-25 Enter Agreement, Exhibits
8-K 2019-03-04 Regulation FD, Exhibits
8-K 2019-02-06 Earnings, Exhibits
8-K 2018-11-05 Officers
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-09-18 Officers, Other Events
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-02-07 Earnings, Exhibits
8-K 2018-01-04 Enter Agreement, Off-BS Arrangement

CUZ 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-10.(A)(XL) exhibit10axl.htm
EX-10.(B) exhibit10b.htm
EX-31.1 cuz-exhibit3111q20.htm
EX-31.2 cuz-exhibit3121q20.htm
EX-32.1 cuz-exhibit3211q20.htm
EX-32.2 cuz-exhibit3221q20.htm

Cousins Properties Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.20.10.10.0-0.0-0.12012201420172020
Rev, G Profit, Net Income
1.00.60.2-0.3-0.7-1.12012201420172020
Ops, Inv, Fin

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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, 2020
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-11312
COUSINS PROPERTIES INCORPORATED
(Exact name of registrant as specified in its charter)
Georgia
 
58-0869052
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
3344 Peachtree Road NE
Suite 1800
Atlanta
Georgia
 
30326-4802
(Address of principal executive offices)
 
(Zip Code)
(404407-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $1 par value per share
 
CUZ
 
New York Stock Exchange
 ("NYSE")
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
 
Outstanding at April 23, 2020
Common Stock, $1 par value per share
 
148,539,690 shares








FORWARD-LOOKING STATEMENTS

Certain matters contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized in Item 1A included in the Annual Report on Form 10-K for the year ended December 31, 2019, and as itemized herein. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as:
guidance and underlying assumptions;
business and financial strategy;
future debt financings;
future acquisitions and dispositions of operating assets or joint venture interests;
future acquisitions and dispositions of land, including ground leases;
future development and redevelopment opportunities, including fee development opportunities;
future issuances and repurchases of common stock;
future distributions;
projected capital expenditures;
market and industry trends;
entry into new markets;
future changes in interest rates; and
all statements that address operating performance, events, or developments that we expect or anticipate will occur in the future — including statements relating to creating value for stockholders.
Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following:
the availability and terms of capital;
the ability to refinance or repay indebtedness as it matures;
the failure of purchase, sale, or other contracts to ultimately close;
the failure to achieve anticipated benefits from acquisitions, investments, or dispositions;
the potential dilutive effect of common stock or operating partnership unit issuances;
the availability of buyers and pricing with respect to the disposition of assets;
changes in national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate, particularly in Atlanta, Austin, Charlotte, Phoenix, Tampa, and Dallas where we have high concentrations of our lease revenues, including the impact of high unemployment, volatility in the public equity and debt markets, and international economic and other conditions;
the impact of a public health crisis, including the COVID-19 pandemic, and the governmental and third party response to such a crisis, which may affect our key personnel, our major tenants, and the costs of operating our assets;
the impact of social distancing, shelter-in-place, border closings, travel restrictions, remote work requirements, and similar governmental and private measures taken to combat the spread of the COVID-19 pandemic on our operations and our tenants;
changes to our strategy with regard to land and other non-core holdings that require impairment losses to be recognized;
leasing risks, including the ability to obtain new tenants or renew expiring tenants, the ability to lease newly developed and/or recently acquired space, the failure of a tenant to commence or complete tenant improvements on schedule or to occupy leased space, and the risk of declining leasing rates;
changes in the needs of our tenants brought about by the desire for co-working arrangements, trends toward utilizing less office space per employee, and the effect of telecommuting;
any adverse change in the financial condition of one or more of our tenants;
volatility in interest rates and insurance rates;
competition from other developers or investors;
the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk);
cyber security breaches;
changes in senior management, changes in the Board of Directors, and the loss of key personnel;
the potential liability for uninsured losses, condemnation, or environmental issues;
the potential liability for a failure to meet regulatory requirements;
the financial condition and liquidity of, or disputes with, joint venture partners;

2



any failure to comply with debt covenants under credit agreements;
any failure to continue to qualify for taxation as a real estate investment trust and meet regulatory requirements;
potential changes to state, local, or federal regulations applicable to our business;
material changes in the rates or the ability to pay dividends on common shares or other securities;
potential changes to the tax laws impacting REITs and real estate in general; and
those additional risks and factors discussed in reports filed with the Securities and Exchange Commission (“SEC”) by the Company, and those additional risks and factors discussed in reports filed with the SEC by the Company.

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

3



PART I — FINANCIAL INFORMATION
Item 1.    Financial Statements.
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
 
March 31, 2020
 
December 31, 2019
 
(unaudited)
 
 
Assets:
 
 
 
Real estate assets:
 
 
 
Operating properties, net of accumulated depreciation of $633,654 and $577,139 in 2020 and 2019, respectively
$
5,740,337

 
$
5,669,324

Projects under development
368,414

 
410,097

Land
97,354

 
116,860

 
6,206,105

 
6,196,281

Real estate assets and other assets held for sale, net of accumulated depreciation and amortization of $61,093 in 2019

 
360,582

 
 
 
 
Cash and cash equivalents
124,632

 
15,603

Restricted cash
1,947

 
2,005

Notes and accounts receivable
28,533

 
23,680

Deferred rents receivable
109,458

 
102,314

Investment in unconsolidated joint ventures
128,916

 
133,884

Intangible assets, net
240,286

 
257,649

Other assets
62,057

 
59,449

Total assets
$
6,901,934

 
$
7,151,447

Liabilities:


 


Notes payable
$
1,944,034

 
$
2,222,975

Accounts payable and accrued expenses
144,984

 
209,904

Deferred income
55,290

 
52,269

Intangible liabilities, net of accumulated amortization of $61,084 and $55,798 in 2020 and 2019, respectively
77,819

 
83,105

Other liabilities
120,809

 
134,128

Liabilities of real estate assets held for sale, net of accumulated amortization of $7,771 in 2019

 
21,231

Total liabilities
2,342,936

 
2,723,612

Commitments and contingencies


 


Equity:
 
 
 
  Stockholders' investment:
 
 
 
Preferred stock, $1 par value, 20,000,000 shares authorized, 1,716,837 shares issued and outstanding in 2019

 
1,717

Common stock, $1 par value, 300,000,000 shares authorized, 151,124,621 and 149,347,382 shares issued in 2020 and 2019, respectively
151,125

 
149,347

Additional paid-in capital
5,538,875

 
5,493,883

Treasury stock at cost, 2,584,933 shares in 2020 and 2019
(148,473
)
 
(148,473
)
Distributions in excess of cumulative net income
(1,006,820
)
 
(1,137,200
)
Total stockholders' investment
4,534,707

 
4,359,274

Nonredeemable noncontrolling interests
24,291

 
68,561

Total equity
4,558,998

 
4,427,835

Total liabilities and equity
$
6,901,934

 
$
7,151,447

 
 
 
 
See accompanying notes.
 
 
 

4



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

 
Three Months Ended
 
March 31,
 
2020
 
2019
Revenues:
 
 
 
Rental property revenues
$
189,129

 
$
123,865

Fee income
4,732

 
8,728

Other
37

 
140

 
193,898

 
132,733

Expenses:
 

 
 

Rental property operating expenses
64,538

 
43,487

Reimbursed expenses
521

 
932

General and administrative expenses
5,652

 
11,460

Interest expense
15,904

 
10,820

Depreciation and amortization
71,614

 
45,861

Transaction costs
365

 
3

Other
566

 
180

 
159,160

 
112,743

Income from unconsolidated joint ventures
3,425

 
2,904

Gain on sales of investments in unconsolidated joint ventures
46,230

 

Gain on investment property transactions
90,916

 
13,111

Net income
175,309

 
36,005

Net income attributable to noncontrolling interests
(366
)
 
(664
)
Net income available to common stockholders
$
174,943

 
$
35,341

 
 
 
 

Net income per common share — basic

$
1.19

 
$
0.34

Net income per common share — diluted
$
1.18

 
$
0.34

Weighted average shares — basic
147,424

 
105,127

Weighted average shares — diluted
148,561

 
106,901


See accompanying notes.

5



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

Three Months Ended March 31, 2020
 
 
Preferred
Stock
 
Common
Stock
 
Additional
Paid-In
Capital
 
Treasury
Stock
 
Distributions in
Excess of
Net Income
 
Stockholders’
Investment
 
Nonredeemable
Noncontrolling
Interests
 
Total
Equity
Balance December 31, 2019
 
$
1,717

 
$
149,347

 
$
5,493,883

 
$
(148,473
)
 
$
(1,137,200
)
 
$
4,359,274

 
$
68,561

 
$
4,427,835

Net income (loss)
 

 

 

 

 
174,943

 
174,943

 
366

 
175,309

Common stock issued pursuant to stock based compensation
 

 
60

 
(1,325
)
 

 

 
(1,265
)
 

 
(1,265
)
Common stock issued pursuant to unitholder redemption
 
(1,717
)
 
1,719

 
45,032

 

 

 
45,034

 
(45,034
)
 

Amortization of stock options and restricted stock, net of forfeitures
 

 
(1
)
 
1,285

 

 

 
1,284

 

 
1,284

Contributions from nonredeemable noncontrolling interests
 

 

 

 

 

 

 
1,036

 
1,036

Distributions to nonredeemable noncontrolling interests
 

 

 

 

 

 

 
(638
)
 
(638
)
Common dividends ($0.30 per share)
 

 

 

 

 
(44,563
)
 
(44,563
)
 

 
(44,563
)
Balance March 31, 2020
 
$

 
$
151,125

 
$
5,538,875

 
$
(148,473
)
 
$
(1,006,820
)
 
$
4,534,707

 
$
24,291

 
$
4,558,998

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
 
 
Preferred
Stock
 
Common
Stock
 
Additional
Paid-In
Capital
 
Treasury
Stock
 
Distributions in
Excess of
Net Income
 
Stockholders’
Investment
 
Nonredeemable
Noncontrolling
Interests
 
Total
Equity
Balance December 31, 2018
 
$
1,717

 
$
107,681

 
$
3,934,385

 
$
(148,473
)
 
$
(1,129,445
)
 
$
2,765,865

 
$
55,291

 
$
2,821,156

Net income
 

 

 

 

 
35,341

 
35,341

 
664

 
36,005

Common stock issued pursuant to stock based compensation
 

 
50

 
(954
)
 

 

 
(904
)
 

 
(904
)
Amortization of stock options and restricted stock, net of forfeitures
 

 

 
607

 

 

 
607

 

 
607

Contributions from nonredeemable noncontrolling interests
 

 

 

 

 

 

 
2,581

 
2,581

Distributions to nonredeemable noncontrolling interests
 

 

 

 

 

 

 
(724
)
 
(724
)
Common dividends ($0.29 per share)
 

 

 

 

 
(30,492
)
 
(30,492
)
 

 
(30,492
)
Balance March 31, 2019
 
$
1,717

 
$
107,731

 
$
3,934,038

 
$
(148,473
)
 
$
(1,124,596
)
 
$
2,770,417

 
$
57,812

 
$
2,828,229

See accompanying notes.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


6



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)
 
Three Months Ended March 31,
 
2020
 
2019
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
175,309

 
$
36,005

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Gain on sales of investments in unconsolidated joint ventures
(46,230
)
 

Gain on investment properties transactions
(90,916
)
 
(13,111
)
Depreciation and amortization
71,614

 
45,861

Amortization of deferred financing costs and premium/discount on notes payable
(216
)
 
615

Stock-based compensation expense, net of forfeitures
1,284

 
607

Effect of non-cash adjustments to revenues
(13,602
)
 
(11,933
)
Income from unconsolidated joint ventures
(3,425
)
 
(2,904
)
Operating distributions from unconsolidated joint ventures
1,829

 
2,536

Changes in other operating assets and liabilities:
 
 
 
Change in other receivables and other assets, net
(13,661
)
 
(1,720
)
Change in operating liabilities, net
(69,022
)
 
(11,455
)
Net cash provided by operating activities
12,964

 
44,501

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Proceeds from investment property sales
433,875

 
57,676

Proceeds from sales of investments in unconsolidated joint ventures
53,104

 

Property acquisition, development, and tenant asset expenditures
(67,983
)
 
(122,785
)
Investment in unconsolidated joint ventures
(1,238
)
 
(5,566
)
Change in notes receivable and other assets
26

 
(23
)
Net cash provided by (used in) investing activities
417,784

 
(70,698
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Proceeds from credit facility
280,500

 
160,000

Repayment of credit facility
(532,000
)
 
(103,600
)
Repayment of notes payable
(26,849
)
 
(2,710
)
Contributions from nonredeemable noncontrolling interests
1,036

 
2,581

Distributions to nonredeemable noncontrolling interests
(638
)
 
(724
)
Common dividends paid
(42,561
)
 
(27,326
)
Other
(1,265
)
 
(1,093
)
Net cash provided by (used in) financing activities
(321,777
)
 
27,128

NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
108,971

 
931

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD
17,608

 
2,695

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD
$
126,579

 
$
3,626

See accompanying notes.

7



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2020
(Unaudited)
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business: Cousins Properties Incorporated (“Cousins”), a Georgia corporation, is a self-administered and self-managed real estate investment trust (“REIT”). Cousins conducts substantially all of its operations through Cousins Properties LP ("CPLP"). Cousins owns over 99% of CPLP and consolidates CPLP. CPLP owns Cousins TRS Services LLC ("CTRS"), a taxable entity which owns and manages its own real estate portfolio and performs certain real estate related services for other parties.
Cousins, CPLP, CTRS, and their subsidiaries (collectively, the "Company") develop, acquire, lease, manage, and own Class A office and mixed-use properties in Sun Belt markets with a focus on Georgia, Texas, North Carolina, Arizona, and Florida. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute 100% of its net taxable income to stockholders, thereby eliminating any liability for federal income taxes under current law. Therefore, the results included herein do not include a federal income tax provision for Cousins. As of March 31, 2020, the Company's portfolio of real estate assets consisted of interests in 19.0 million square feet of office space and 310,000 square feet of mixed-use space.
Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of March 31, 2020 and the results of operations for the three months ended March 31, 2020 and 2019. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included therein.
On June 14, 2019, the Company restated and amended its articles of incorporation to effect a reverse stock split of the issued and outstanding shares of its common and preferred stock pursuant to which (1) each four shares of the Company's issued and outstanding common stock and preferred stock were combined into one share of the Company's common or preferred stock, respectively, and (2) the authorized number of the Company's common stock was proportionally reduced to 175 million shares. Fractional shares of common stock resulting from the reverse stock split were settled in cash. Fractional shares of preferred stock resulting from the reverse stock split were redeemed without payout. Immediately thereafter, the Company further amended its articles of incorporation to increase the number of authorized shares of its common stock from 175 million to 300 million shares. All shares of common stock, preferred stock, stock options, restricted stock units, and per share information presented in the condensed consolidated financial statements have been adjusted to reflect the reverse stock split on a retroactive basis for all periods presented.
For the three months ended March 31, 2020 and 2019, there were no items of other comprehensive income. Therefore, no presentation of comprehensive income is required.
The Company evaluates all partnerships, joint ventures, and other arrangements with variable interests to determine if the entity or arrangement qualifies as a variable interest entity ("VIE"), as defined in the Financial Accounting Standard Board's ("FASB") Accounting Standards Codification ("ASC"). If the entity or arrangement qualifies as a VIE and the Company is determined to be the primary beneficiary, the Company is required to consolidate the assets, liabilities, and results of operations of the VIE. At March 31, 2020, the Company had no investments or interests in any VIEs.
2. MERGER WITH TIER REIT, INC.
On June 14, 2019, pursuant to the Agreement and Plan of Merger dated March 25, 2019 (the “Merger Agreement”), by and among the Company and TIER REIT, Inc. (“TIER”), TIER merged with and into a subsidiary of the Company (the “Merger”) with this subsidiary continuing as the surviving corporation of the Merger. In accordance with the terms and conditions of the Merger Agreement, each share of TIER common stock issued and outstanding immediately prior to the Merger, was converted into 2.98 newly issued pre-reverse split shares of the Company’s common stock with fractional shares being settled in cash. In the Merger, former TIER common stockholders received approximately 166 million pre-reverse split shares of common stock of the Company. As discussed in note 1 to the condensed consolidated financial statements, immediately following the Merger, the Company completed a 1-for-4 reverse stock split.
The Merger has been accounted for as a business combination with the Company as the accounting acquirer, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their acquisition date fair value. The total value of the

8



transaction is based on the closing stock price of the Company's common stock on June 13, 2019, the day immediately prior to the closing of the Merger. Based on the shares issued in the transaction, the total fair value of the assets acquired and liabilities assumed in the Merger was $1.6 billion. During the three months ended March 31, 2020 and 2019, the Company incurred expenses related to the Merger of $365,000 and $3,000, respectively.
Management engaged a third party valuation specialist to assist with valuing the real estate assets acquired and liabilities assumed in the Merger. The third party used cash flow analyses as well as an income approach and a cost approach to determine the fair value of real estate assets acquired. Based on additional information that may become available, subsequent adjustments may be made to the purchase price allocation within the allocation period, which typically does not exceed one year.
The purchase price was allocated as follows (in thousands):
Real estate assets
$
2,202,712

Real estate assets held for sale
21,395

Cash and cash equivalents
84,042

Restricted cash
1,947

Notes and other receivables
6,524

Investment in unconsolidated joint ventures
331

Intangible assets
141,184

Other assets
9,954

 
2,468,089

 
 
Notes payable
747,549

Accounts payable and accrued expenses
53,054

Deferred income
8,131

Intangible liabilities
47,988

Other liabilities
7,676

Nonredeemable noncontrolling interests
5,329

 
869,727

 
 
Total purchase price
$
1,598,362


During the three months ended March 31, 2020, the Company recorded revenues of $51.0 million related to assets acquired in the Merger. The following unaudited supplemental pro forma information is based upon the Company's historical condensed consolidated statements of operations, adjusted as if the Merger had occurred on January 1, 2018. The supplemental pro forma information is not necessarily indicative of future results, or of actual results, that would have been achieved had the Merger been consummated on January 1, 2018.
 
Three Months Ended March 31, 2019
Revenues
$
185,765

Net income
26,165

Net income available to common stockholders
25,870


Supplemental pro forma earnings were adjusted to exclude $3,000 of transaction costs incurred in the three months ended March 31, 2019.
3. TRANSACTIONS WITH NORFOLK SOUTHERN RAILWAY COMPANY
On March 1, 2019, the Company entered into a series of agreements and executed related transactions with Norfolk Southern Railway Company (“NS”) as follows:
Sold land to NS for $52.5 million.
Executed a Development Agreement with NS whereby the Company will receive fees totaling $5 million in consideration for development services for NS’s corporate headquarters that is being constructed on the land sold to NS.

9



Executed a Consulting Agreement with NS whereby the Company will receive fees totaling $32 million in consideration for consulting services for NS’s corporate headquarters. The Development Agreement and Consulting Agreement are collectively referred to below as the “Fee Agreements.”
Purchased a building from NS (“1200 Peachtree”) for $82 million subject to a three-year market rate lease with NS that covers the entire building.
The Company sold the land to NS for $5.0 million above its carrying amount, which included $37.0 million of land purchased in 2018, $6.5 million of land purchased in 2019, and $4.0 million of site preparation work. The Company purchased 1200 Peachtree from NS for an amount it determined to be $10.3 million below the building’s fair value.
The Company determined that all contracts and transactions associated with NS should be combined for accounting purposes, and the amounts exchanged under the combined contracts should be allocated to the various components of the overall transaction at fair value or market value as discussed below. The Company determined that the purchase of 1200 Peachtree should be recorded at fair value of $92.3 million. The Company determined that the lease with NS at the 1200 Peachtree building was at market value under ASC 842. The land sale was accounted for under ASC 610-20 and no gain or loss was recorded on the derecognition of this non-financial asset as the fair value was determined to equal the carrying amount. Consideration related to various services provided to NS, and accounted for under ASC 606, was determined to be $52.3 million and represents the negotiated market value for the services agreed to by the Company and NS in the contracts. This amount included non-cash consideration of the $10.3 million discount on the purchase of 1200 Peachtree as well as cash consideration of $5 million from the land sale contract (difference between fair value and contract amount), $5 million from the Development Agreement, and $32 million from the Consulting Agreement. Since all of the agreements and contracts above were executed for the purpose of delivering and constructing a corporate headquarters for NS and all of the services and deliverables are highly interdependent, the Company determined that the services represent a single performance obligation under ASC 606.
The Company determined that control of the services to be provided is being transferred over time and, thus, the Company must recognize the $52.3 million contract price in revenue as it satisfies the performance obligation. The Company determined that the inputs method of measuring progress of satisfying the performance obligation was the most appropriate method of recognizing revenue for the services component. Therefore, the Company began recognizing revenue in the quarter ended March 31, 2019, and will recognize future revenue based upon the time spent by the Company’s employees in providing these services as compared to the total estimated time required to satisfy the performance obligation. During the three months ended March 31, 2020 and 2019, the Company recognized $3.7 million and $6.6 million, respectively, in fee income in its condensed consolidated statements of operations related to the services provided to NS. As of March 31, 2020 and December 31, 2019, the Company had deferred income included in the consolidated balance sheet of $9.9 million and $11.3 million, respectively, related to NS.
4. REAL ESTATE TRANSACTIONS
During March 2020, the Company sold Hearst Tower, a 966,000 square foot office building in Charlotte, North Carolina that was included in the Company's Charlotte/Office operating segment, for a gross purchase price of $455.5 million. This transaction was triggered by the exercise of a purchase option by the building's primary lessee. The Company recognized a gain of $90.9 million on the sale of Hearst Tower.
During February 2020, as part of the Company's strategy in regards to disposal of non-core assets, the Company sold Woodcrest, a 386,000 square foot office property in Cherry Hill, New Jersey that was included in the Company's Other/Office operating segment, for a gross purchase price of $25.3 million. The Company acquired Woodcrest in the Merger with TIER and did not record any gain or loss on the sale of Woodcrest.
During February 2019, the Company sold air rights that cover eight acres in Downtown Atlanta for a gross sales price of $13.3 million and recorded a gain of $13.1 million.
5. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of March 31, 2020 and December 31, 2019 (in thousands). The information included in the summary of operations table is for the three months ended March 31, 2020 and 2019 (in thousands):

10



 
 
Total Assets
 
Total Debt
 
Total Equity
 
Company’s Investment
 
SUMMARY OF FINANCIAL POSITION:
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
 
DC Charlotte Plaza LLLP
 
$
179,082

 
$
179,694

 
$

 
$

 
$
92,162

 
$
90,373

 
$
48,807

 
$
48,058

 
Austin 300 Colorado Project, LP
 
140,520

 
112,630

 
42,226

 
21,430

 
68,145

 
68,101

 
37,239

 
36,846

 
AMCO 120 WT Holdings, LLC
 
79,703

 
77,377

 

 

 
74,908

 
70,696

 
14,146

 
13,362

 
Carolina Square Holdings LP
 
102,523

 
114,483

 
76,074

 
75,662

 
24,735

 
25,184

 
13,816

 
14,414

 
HICO Victory Center LP
 
15,543

 
16,045

 

 

 
15,479

 
15,353

 
10,460

 
10,373

 
Charlotte Gateway Village, LLC
 

 
109,675

 

 

 

 
106,651

 

 
6,718

 
Wildwood Associates
 

 
11,061

 

 

 

 
10,978

 


(521
)
(1)
Crawford Long - CPI, LLC
 
30,069

 
28,459

 
67,543

 
67,947

 
(39,215
)
 
(40,250
)
 
(18,708
)
(1)
(19,205
)
(1)
Other
 
8,899

 
8,879

 

 

 
7,353

 
7,318

 
4,448

 
4,113

 
 
 
$
556,339

 
$
658,303

 
$
185,843

 
$
165,039

 
$
243,567

 
$
354,404

 
$
110,208

 
$
114,158

 

 
 
Total Revenues
 
Net Income (Loss)
 
Company's Share of Income (Loss)
SUMMARY OF OPERATIONS:
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
Charlotte Gateway Village, LLC
 
$
6,572

 
$
6,743

 
$
3,296

 
$
2,524

 
$
1,647

 
$
1,262

DC Charlotte Plaza LLLP
 
5,276

 
410

 
1,789

 
410

 
750

 
205

Crawford Long - CPI, LLC
 
3,343

 
3,129

 
1,035

 
889

 
497

 
424

Carolina Square Holdings LP
 
3,706

 
3,294

 
530

 
170

 
254

 
58

HICO Victory Center LP
 
126

 
130

 
126

 
130

 
63

 
62

Austin 300 Colorado Project, LP
 
98

 
126

 
44

 
72

 
22

 
36

Terminus Office Holdings LLC
 

 
11,797

 

 
1,831

 

 
880

AMCO 120 WT Holdings, LLC
 
138

 

 
(509
)
 
(10
)
 
(141
)
 

Other
 
196

 
32

 
61

 
(39
)
 
333

 
(23
)
 
 
$
19,455

 
$
25,661

 
$
6,372

 
$
5,977

 
$
3,425

 
$
2,904


(1) Negative bases are included in deferred income on the condensed consolidated balance sheets.
In March 2020, the Company sold its interest in Charlotte Gateway Village, LLC ("Gateway"), which owned a 1.1 million square foot office building in Charlotte, North Carolina, to its partner for a gross purchase price of $52.2 million. The sale was triggered by the exercise of the partner's purchase option and the proceeds from this sale represent a 17% internal rate of return for the Company on its invested capital, as stipulated in the partnership agreement. The Company recognized a gain of $44.9 million on the sale of its interest in Gateway.
In February 2020, as part of its strategy in regards to disposal of non-core assets, the Company sold its remaining interest in the Wildwood Associates joint venture, which owned a 6.3 acre parcel of land in Atlanta, to its venture partner for a gross purchase price of $900,000. The Company recognized a gain of $1.3 million on the sale of its interest in Wildwood Associates, which included elimination of the remaining negative basis in the joint venture of $520,000.
In April 2020, the Carolina Square Holdings LP joint venture executed an amendment for its associated construction loan, extending the maturity date from May 2020 to May 2021 and reducing the spread over LIBOR from 1.90% to 1.25%.
6. INTANGIBLE ASSETS
Intangible assets on the balance sheets as of March 31, 2020 and December 31, 2019 included the following (in thousands):
 
 
2020
 
2019
In-place leases, net of accumulated amortization of $178,757 and $163,867 in 2020 and 2019, respectively
 
$
187,870

 
$
202,760

Above-market tenant leases, net of accumulated amortization of $28,892 and $26,487 in 2020 and 2019, respectively
 
33,295

 
35,699

Below-market ground lease, net of accumulated amortization of $966 and $897 in 2020 and 2019, respectively
 
17,447

 
17,516

Goodwill
 
1,674

 
1,674

 
 
$
240,286

 
$
257,649


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

11



7. OTHER ASSETS
Other assets on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 included the following (in thousands):
 
 
2020
 
2019
Predevelopment costs and earnest money
 
$
19,491

 
$
25,586

Furniture, fixtures and equipment, leasehold improvements, and other deferred costs, net of accumulated depreciation of $30,039 and $29,131 in 2020 and 2019, respectively
 
17,890

 
17,791

Prepaid expenses and other assets
 
15,036

 
5,924

Lease inducements, net of accumulated amortization of $2,563 and $2,333 in 2020 and 2019, respectively
 
5,500

 
5,632

Line of credit deferred financing costs, net of accumulated amortization of $3,328 and $2,952 in 2020 and 2019, respectively
 
4,140

 
4,516

 
 
$
62,057

 
$
59,449


8. NOTES PAYABLE
The following table summarizes the terms of notes payable outstanding at March 31, 2020 and December 31, 2019 ($ in thousands):
Description
 
Interest Rate
 
Maturity (1)
 
2020
 
2019
Unsecured Notes:
 
 
 
 
 
 
 
 
Credit Facility, Unsecured
 
2.04%
 
2023
 
$