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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, 2021
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-11312
COUSINS PROPERTIES INCORPORATED
(Exact name of registrant as specified in its charter)
Georgia58-0869052
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3344 Peachtree Road NESuite 1800AtlantaGeorgia30326-4802
(Address of principal executive offices)(Zip Code)
(404407-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1 par value per shareCUZNew York Stock Exchange ("NYSE")
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at October 21, 2021
Common Stock, $1 par value per share 148,688,036 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, 2020, and as itemized herein. These forward-looking statements include information about possible or assumed future results of the business and the Company's financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as:
guidance and underlying assumptions;
business and financial strategy;
future debt financings;
future acquisitions and dispositions of operating assets or joint venture interests;
future acquisitions and dispositions of land, including ground leases;
future development and redevelopment opportunities, including fee development opportunities;
future issuances and repurchases of common stock, limited partnership units, or preferred stock;
future distributions;
projected capital expenditures;
market and industry trends;
entry into new markets or changes in existing market concentrations;
future changes in interest rates; and
all statements that address operating performance, events, or developments that the Company expects or anticipates will occur in the future — including statements relating to creating value for stockholders.
Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of the Company's future performance, taking into account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, the Company's business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following:
the availability and terms of capital;
the ability to refinance or repay indebtedness as it matures;
the failure of purchase, sale, or other contracts to ultimately close;
the failure to achieve anticipated benefits from acquisitions, investments, or dispositions;
the potential dilutive effect of common stock or operating partnership unit issuances;
the availability of buyers and pricing with respect to the disposition of assets;
changes in national and local economic conditions, the real estate industry, and the commercial real estate markets in which the Company operates (including supply and demand changes), particularly in Atlanta, Austin, Charlotte, Phoenix, Tampa, Dallas, and Nashville where the Company has high concentrations of the Company's 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 the Company's key personnel, the Company's tenants, and the costs of operating the Company's assets;
the impact of social distancing, shelter-in-place, border closings, travel restrictions, remote work requirements, and similar
governmental and private measures taken to combat the spread of a public health crisis on the Company's operations and the
Company's tenants;
sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political activism, which may result in a disruption of day-to-day building operations;
changes to the Company's strategy in regard to the Company's real estate assets may require impairment to be recognized;
leasing risks, including the ability to obtain new tenants or renew expiring tenants, the ability to lease newly-developed and/or recently-acquired space, the failure of a tenant to commence or complete tenant improvements on schedule or to occupy leased space, and the risk of declining leasing rates;
changes in the needs of the Company's tenants brought about by the desire for co-working arrangements, trends toward utilizing less office space per employee, and the effect of employees working remotely;
any adverse change in the financial condition of one or more of the Company's tenants;
volatility in interest rates and insurance rates;
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;
1



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;
any failure to comply with debt covenants under credit agreements;
any failure to continue to qualify for taxation as a real estate investment trust and meet regulatory requirements;
potential changes to state, local, or federal regulations applicable to the Company's business;
material changes in the rates, or the ability to pay, dividends on common shares or other securities;
potential changes to the tax laws impacting REITs and real estate in general, including proposed tax legislation by the Biden administration; and
those additional risks and factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by the Company.
The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will,” or similar expressions are intended to identify forward-looking statements. Although the Company believes that the plans, intentions, and expectations reflected in any forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions, or expectations will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise, except as required under U.S. federal securities laws.
2



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

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
September 30, 2021December 31, 2020
 (unaudited) 
Assets:  
Real estate assets: 
Operating properties, net of accumulated depreciation of $854,770 and $803,073 in 2021 and 2020, respectively
$6,191,205 $6,232,546 
Projects under development136,123 57,389 
Land150,766 162,406 
6,478,094 6,452,341 
Real estate assets and other assets held for sale, net  125,746 
Cash and cash equivalents5,532 4,290 
Restricted cash1,236 1,848 
Accounts receivable13,205 20,248 
Deferred rents receivable152,278 138,341 
Investment in unconsolidated joint ventures111,351 125,481 
Intangible assets, net158,189 189,164 
Other assets57,479 49,939 
Total assets$6,977,364 $7,107,398 
Liabilities:
Notes payable$2,047,599 $2,162,719 
Accounts payable and accrued expenses203,627 186,267 
Deferred income76,475 62,319 
Intangible liabilities, net 56,521 69,846 
Other liabilities115,600 118,103 
Liabilities of real estate assets held for sale, net  12,606 
Total liabilities2,499,822 2,611,860 
Commitments and contingencies
Equity:
Stockholders' investment:  
Common stock, $1 par value per share, 300,000,000 shares authorized, 151,272,969 and 151,149,289 shares issued and outstanding in 2021 and 2020, respectively
151,273 151,149 
Additional paid-in capital5,547,808 5,542,762 
Treasury stock at cost, 2,584,933 shares in 2021 and 2020
(148,473)(148,473)
Distributions in excess of cumulative net income(1,105,516)(1,078,304)
 Total stockholders' investment4,445,092 4,467,134 
Nonredeemable noncontrolling interests32,450 28,404 
Total equity4,477,542 4,495,538 
Total liabilities and equity$6,977,364 $7,107,398 
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,
 2021202020212020
Revenues:  
Rental property revenues$185,515 $179,024 $552,088 $543,252 
Fee income3,094 4,350 12,426 13,772 
Other123 6 405 169 
 188,732 183,380 564,919 557,193 
Expenses:
Rental property operating expenses65,354 62,844 195,465 189,003 
Reimbursed expenses383 373 1,149 1,216 
General and administrative expenses7,968 5,658 22,014 19,853 
Interest expense16,709 15,058 50,573 44,955 
Depreciation and amortization72,073 71,498 214,399 215,980 
Transaction costs   428 
Other421 723 1,835 1,841 
162,908 156,154 485,435 473,276 
Income from unconsolidated joint ventures2,128 1,611 5,826 6,751 
Gain (loss) on sales of investments in unconsolidated joint ventures13,121 (59)13,160 45,940 
Gain (loss) on investment property transactions13,063 (523)13,037 90,192 
Net income54,136 28,255 111,507 226,800 
Net income attributable to noncontrolling interests(118)(140)(226)(641)
Net income available to common stockholders$54,018 $28,115 $111,281 $226,159 

  
Net income per common share — basic $0.36 $0.19 $0.75 $1.53 
Net income per common share — diluted$0.36 $0.19 $0.75 $1.52 
Weighted average shares — basic148,688 148,566 148,659 148,181 
Weighted average shares — diluted148,772 148,606 148,743 148,586 
See accompanying notes.


4



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

Three Months Ended September 30, 2021
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Stockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance June 30, 2021$151,273 $5,546,336 $(148,473)$(1,113,273)$4,435,863 $31,541 $4,467,404 
Net income— — — 54,018 54,018 118 54,136 
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures— 1,472 — — 1,472 — 1,472 
Contributions from nonredeemable noncontrolling interests— — — — — 1,635 1,635 
Distributions to nonredeemable noncontrolling interests— — — — — (844)(844)
Common dividends ($0.31 per share)
— — — (46,261)(46,261)— (46,261)
Balance September 30, 2021$151,273 $5,547,808 $(148,473)$(1,105,516)$4,445,092 $32,450 $4,477,542 
Three Months Ended September 30, 2020
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Stockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance June 30, 2020$151,153 $5,540,945 $(148,473)$(1,028,289)$4,515,336 $24,993 $4,540,329 
Net income— — — 28,115 28,115 140 28,255 
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures(4)934 — — 930 — 930 
Contributions from nonredeemable noncontrolling interests— — — — — 2,317 2,317 
Distributions to nonredeemable noncontrolling interests— — — — — (169)(169)
Common dividends ($0.30 per share)
— — — (44,569)(44,569)— (44,569)
Balance September 30, 2020$151,149 $5,541,879 $(148,473)$(1,044,743)$4,499,812 $27,281 $4,527,093 

See accompanying notes.









5



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

Nine Months Ended September 30, 2021
Preferred
Stock
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Stockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance December 31, 2020$ $151,149 $5,542,762 $(148,473)$(1,078,304)$4,467,134 $28,404 $4,495,538 
Net income— — — — 111,281 111,281 226 111,507 
Common stock issued pursuant to stock based compensation— 126 426 — — 552 — 552 
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures— (2)4,620 — — 4,618 — 4,618 
Contributions from nonredeemable noncontrolling interests— — — — — — 5,017 5,017 
Distributions to nonredeemable noncontrolling interests— — — — — — (1,197)(1,197)
Common dividends ($0.93 per share)
— — — — (138,493)(138,493)— (138,493)
Balance September 30, 2021$ $151,273 $5,547,808 $(148,473)$(1,105,516)$4,445,092 $32,450 $4,477,542 
Nine Months Ended September 30, 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— — — — 226,159 226,159 641 226,800 
Common stock issued pursuant to stock based compensation
— 90 (397)— — (307)— (307)
Common stock issued pursuant to unitholder redemption(1,717)1,719 45,032 — — 45,034 (45,034) 
Amortization of stock options,
    restricted stock, and restricted
    stock units, net of forfeitures
— (7)3,361 — — 3,354 — 3,354 
Contributions from nonredeemable noncontrolling interests
— — — — — — 4,133 4,133 
Distributions to nonredeemable noncontrolling interests
— — — — — — (1,020)(1,020)
Common dividends ($0.90 per share)
— — — — (133,702)(133,702)— (133,702)
Balance September 30, 2020$ $151,149 $5,541,879 $(148,473)$(1,044,743)$4,499,812 $27,281 $4,527,093 
See accompanying notes.
6



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)
Nine Months Ended September 30,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income $111,507 $226,800 
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of investment in unconsolidated joint ventures(13,160)(45,940)
Gain on investment property transactions, net(13,037)(90,192)
Depreciation and amortization214,399 215,980 
Amortization and write-off of deferred financing costs and premium on notes payable(356)(671)
Equity-classified stock-based compensation expense, net of forfeitures5,959 4,415 
Effect of non-cash adjustments to rental revenues(27,838)(41,614)
Income from unconsolidated joint ventures(5,826)(6,751)
Operating distributions from unconsolidated joint ventures9,085 5,940 
Changes in other operating assets and liabilities:
Change in receivables and other assets, net3,178 (715)
Change in operating liabilities, net14,676 (8,245)
Net cash provided by operating activities298,587 259,007 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Proceeds from investment property sales, net389,777 435,539 
Proceeds from sale of interest in unconsolidated joint ventures, net67,143 52,815 
Property acquisition, development, and tenant asset expenditures(488,243)(306,102)
Return of capital distributions from unconsolidated joint venture25,955  
Contributions to unconsolidated joint ventures(46,038)(3,752)
Change in notes receivable and other assets (167)
Net cash provided by (used in) investing activities(51,406)178,333 
CASH FLOWS FROM FINANCING ACTIVITIES:  
Proceeds from credit facility329,000 319,500 
Repayment of credit facility(527,400)(571,000)
Repayment of notes payable(12,214)(34,710)
Payment of deferred financing costs(3,014)(70)
Contributions from noncontrolling interests5,017 4,133 
Distributions to nonredeemable noncontrolling interests(1,197)(1,020)
Common dividends paid(136,743)(131,694)
Issuance of term loan350,000  
Repayment of term loan(250,000) 
Other (1,368)
Net cash used in financing activities(246,551)(416,229)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH630 21,111 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD6,138 17,608 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD$6,768 $38,719 
See accompanying notes.
7


COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2021
(Unaudited)
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business: Cousins Properties Incorporated (“Cousins”), a Georgia corporation, is a self-administered and self-managed real estate investment trust (“REIT”). Cousins conducts substantially all of its operations through Cousins Properties LP ("CPLP"). Cousins owns in excess of 99% of CPLP, and CPLP is consolidated with Cousins for financial reporting purposes. CPLP also owns Cousins TRS Services LLC ("CTRS"), a taxable entity that owns and manages its own real estate portfolio and performs certain real estate-related services for other parties.
Cousins, CPLP, CTRS, and their subsidiaries (collectively, the “Company”) develop, acquire, lease, manage, and own primarily Class A office properties and mixed-use developments in the Sun Belt markets of the United States with a focus on Atlanta, Austin, Charlotte, Phoenix, Tampa, Dallas, and Nashville. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute 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, 2021, the Company's portfolio of real estate assets consisted of interests in 18.5 million square feet of office space and 620,000 square feet of other space.
Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of September 30, 2021 and the results of operations for the three and nine months ended September 30, 2021 and 2020. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included therein.
For the three and nine months ended September 30, 2021 and 2020, there were no items of other comprehensive income. Therefore, the Company did not present comprehensive income.    
The Company evaluates all partnerships, joint ventures, and other arrangements with variable interests to determine if the entity or arrangement qualifies as a variable interest entity ("VIE"), as defined in the Financial Accounting Standard Board's ("FASB") Accounting Standards Codification ("ASC"). If the entity or arrangement qualifies as a VIE and the Company is determined to be the primary beneficiary, the Company is required to consolidate the assets, liabilities, and results of operations of the VIE. In the third quarter, the Company transferred the right to purchase a building to a special purpose entity to facilitate a potential Section 1031 exchange under the Internal Revenue Code of 1986, as amended (the "Code"), and the special purpose entity purchased the building and retained the assets acquired therefrom. To realize the tax deferral available under Section 1031, the Company must identify like-kind property to be disposed of within 45 days of the acquisition date and complete the transfer of the title to the to-be-exchanged building within 180 days of the acquisition date. We concluded that Cousins has a controlling financial interest and is, therefore, the primary beneficiary of the venture. The Company consolidates this VIE entity. As of September 30, 2021, this VIE had total assets of $307.1 million and total liabilities of $305.6 million. The liabilities of this VIE eliminate in the Company's consolidated balance sheet.
2. TRANSACTIONS WITH NORFOLK SOUTHERN RAILWAY COMPANY
On March 1, 2019, the Company entered into a series of agreements and executed related transactions with Norfolk Southern Railway Company (“NS”) as follows:
Sold land to NS for $52.5 million.
Executed a Development Agreement with NS whereby the Company will receive fees totaling $5 million in consideration for development services for NS’s corporate headquarters that is being constructed on the land sold to NS.
Executed a Consulting Agreement with NS whereby the Company will receive fees totaling $32 million in consideration for consulting services for NS’s corporate headquarters. The Development Agreement and Consulting Agreement are collectively referred to below as the “Fee Agreements.”
Purchased a building from NS (“1200 Peachtree”) for $82 million subject to a three-year market rate lease with NS that covers the entire building.
8


The Company sold the land to NS for $5 million above its carrying amount, which included $37 million of land purchased in 2018, $6.5 million of land purchased in 2019, and $4 million of site preparation work. The Company purchased 1200 Peachtree from NS for an amount it determined to be $10.3 million below the building’s fair value.
The Company determined that all contracts and transactions associated with NS should be combined for accounting purposes, and the amounts exchanged under the combined contracts should be allocated to the various components of the overall transaction at fair value or market value as discussed below. The Company determined that the purchase of 1200 Peachtree should be recorded at fair value of $92.3 million. The Company determined that the lease with NS at the 1200 Peachtree building was at market value under ASC 842. The land sale was accounted for under ASC 610-20, and no gain or loss was recorded on the derecognition of this non-financial asset as the fair value was determined to equal the carrying amount. Consideration related to various services provided to NS, and accounted for under ASC 606, was determined to be $52.3 million and represents the negotiated market value for the services agreed to by the Company and NS in the contracts. This amount included non-cash consideration of the $10.3 million discount on the purchase of 1200 Peachtree as well as cash consideration of $5 million from the land sale contract (difference between fair value and contract amount), $5 million from the Development Agreement, and $32 million from the Consulting Agreement. Since all of the agreements and contracts above were executed for the purpose of delivering and constructing a corporate headquarters for NS and all of the services and deliverables are highly interdependent, the Company determined that the services represent a single performance obligation under ASC 606.
The Company determined that control of the services to be provided is being transferred over time and, thus, the Company must recognize the $52.3 million contract price in revenue as it satisfies the performance obligation. The Company determined that the inputs method of measuring progress of satisfying the performance obligation was the most appropriate method of recognizing revenue for the services component. Therefore, the Company began recognizing revenue in the quarter ended March 31, 2019, and will continue to recognize revenue based upon the time spent by the Company’s employees in providing these services as compared to the total estimated time required to satisfy the performance obligation. During the three months ended September 30, 2021 and 2020, respectively, the Company recognized $2.5 million and $3.7 million in fee income in its consolidated statements of operations related to the services provided to NS. During the nine months ended September 30, 2021 and 2020, respectively, the Company recognized $10.4 million and $11.2 million in fee income in its consolidated statements of operations related to the services provided to NS. As of September 30, 2021 and December 31, 2020 the Company had deferred income of $3.3 million and $5.7 million, respectively, related to NS included in the consolidated balance sheet. Through September 30, 2021, $46.6 million of the $52.3 million contract price for services has been recognized in revenue.
3. REAL ESTATE
Acquisitions
On July 28, 2021, the Company acquired 725 Ponce, a 372,000 square foot office building in Midtown Atlanta, for $300.8 million, including acquisition costs. The Company accounted for this transaction as an acquisition of an asset, and the following table summarizes the allocation of the purchase price of this property (in thousands):
725 Ponce
Tangible assets:
Operating properties$292,946 
Tangible assets292,946 
Intangible assets:
In-place leases12,788 
Above market leases1,770 
Intangible assets14,558 
Intangible liabilities:
Above market leases(6,739)
Intangible liabilities(6,739)
Total net assets acquired$300,765 
On September 27, 2021, the Company acquired a 0.15 acre land parcel in Atlanta for a gross purchase price of $3.1 million related to a potential future development in Midtown Atlanta.
On March 12, 2021, the Company acquired a 0.24 acre land parcel in Atlanta for a gross purchase price of $8.0 million that is held in a 95% owned consolidated joint venture.
9


In May 2020, the Company acquired a 1,550 space parking garage in Charlotte for a gross purchase price of $85.0 million. This property is included in real estate assets on the condensed consolidated balance sheet and in the Company's Charlotte/Other operating segment.
Subsequent to quarter end, on October 1, 2021, the Company acquired Heights Union, a 294,000 square foot office property in Tampa, for a gross purchase price of $144.8 million.
Dispositions
On July 23, 2021, the Company sold One South at the Plaza in Charlotte for a gross sales price of $271.5 million and a gain of $13.1 million.
On July 1, 2021, the Company sold 0.7 acres of land in Phoenix, adjacent to our 100 Mill development, to a hotel developer for $6.4 million. Net proceeds approximated our book value.
On April 7, 2021, the Company sold Burnett Plaza, a one million square foot office building in Fort Worth, for a gross sales price of $137.5 million and recorded a loss of $19,000.
During March 2020, the Company sold Hearst Tower, a 966,000 square foot office building in Charlotte, for a gross purchase price of $455.5 million. The Company recognized a gain of $90.4 million on the sale.
During February 2020, the Company sold Woodcrest, a 386,000 square foot office property in Cherry Hill, New Jersey, for a gross purchase price of $25.3 million. The Company acquired Woodcrest in a merger and did not record any gain or loss on the sale.
Held For Sale Buildings
The Company's Burnett Plaza property in Fort Worth was classified as held for sale as of December 31, 2020 as the result of the Company accepting an offer for the sale of the property in the fourth quarter of 2020. The major classes of assets and liabilities of those properties held for sale were as follows (in thousands):
December 31, 2020
Real estate assets and other assets held for sale
Operating property, net of accumulated depreciation of $8,123
$106,864 
Notes and accounts receivable439 
Deferred rents receivable2,480 
Intangible assets, net of accumulated amortization of $6,065
15,830 
Other assets133 
Total real estate assets and other assets held for sale$125,746 
Liabilities of real estate assets held for sale
Accounts payable and accrued expenses$7,399 
Deferred income44 
Intangible liabilities, net of accumulated amortization of $1,205
3,014 
Other liabilities2,149 
      Total liabilities of real estate assets held for sale$12,606 
Impairment
The Company tests buildings held for investment for impairment whenever changes in circumstances indicate a building’s carrying value may not be recoverable. The test is conducted using undiscounted cash flows for the shorter of the building’s estimated hold period or its remaining useful life. When testing for recoverability of value of buildings held for investment, projected cash flows are used over its expected hold period. If the expected hold period includes some likelihood of shorter-term hold period from a potential sale, the probability of a sale is layered into the analysis. If any building's held for investment analysis were to fail the impairment test, its book value would be written down to its then current estimated fair value, before any selling expense, and that building would continue to depreciate over its remaining useful life. None of the Company’s held for investment buildings were impaired during any periods presented in the accompanying statement of operations while under the held for investment classification.
The Company also reviews held for sale assets for impairments. If book value is in excess of estimated fair value less estimated selling costs, we impair those assets to fair value less estimated selling costs. There were no held for sale buildings impaired during any periods presented in the accompanying statements of operations.
10


The Company may record additional impairment charges in future periods if operating results of individual buildings are materially different from our forecasts, the economy and the office industry weakens, or we shorten our contemplated holding period for additional buildings.
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, 2021 and December 31, 2020 (in thousands). The information included in the summary of operations table is for the nine months ended September 30, 2021 and 2020 (in thousands):
 Total AssetsTotal DebtTotal Equity (Deficit)Company’s Investment
SUMMARY OF FINANCIAL POSITION:20212020202120202021202020212020
Neuhoff Holdings LLC111,250  26,932  84,318  42,159  
Austin 300 Colorado Project, LP173,515 165,586 92,252 86,848 70,167 68,567 38,919 38,488 
AMCO 120 WT Holdings, LLC84,640 85,449   83,406 84,311 15,450 15,735 
HICO Victory Center LP16,230 16,544   15,929 15,709 10,709 10,595 
715 Ponce Holdings LLC8,051    8,016  4,028  
DC Charlotte Plaza LLLP 173,704    90,648 6 47,941 
Carolina Square Holdings LP113,129 118,616 133,264 77,034 (33,999)21,888 (15,671)(1)12,430 
Crawford Long - CPI, LLC 26,450 29,641 64,996 66,423 (40,203)(38,253)(19,326)