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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 June 30, 2022
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-11312
COUSINS PROPERTIES INCORPORATED
(Exact name of registrant as specified in its charter)
Georgia58-0869052
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3344 Peachtree Road NESuite 1800AtlantaGeorgia30326-4802
(Address of principal executive offices)(Zip Code)
(404407-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1 par value per shareCUZNew York Stock Exchange ("NYSE")
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at July 22, 2022
Common Stock, $1 par value per share 151,434,281 shares








FORWARD-LOOKING STATEMENTS

Certain matters contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized in Item 1A included in the Annual Report on Form 10-K for the year ended December 31, 2021, and as itemized herein. These forward-looking statements include information about the Company's possible or assumed future results of the business and the Company's financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as:
guidance and underlying assumptions;
business and financial strategy;
future debt financings;
future acquisitions and dispositions of operating assets or joint venture interests;
future acquisitions and dispositions of land, including ground leases;
future development and redevelopment opportunities, including fee development opportunities;
future issuances and repurchases of common stock, limited partnership units, or preferred stock;
future distributions;
projected capital expenditures;
market and industry trends;
entry into new markets or changes in existing market concentrations;
future changes in interest rates; and
all statements that address operating performance, events, or developments that the Company expects or anticipates will occur in the future — including statements relating to creating value for stockholders.
Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of the Company's future performance, taking into account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, the Company's business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following:
the availability and terms of capital;
the ability to refinance or repay indebtedness as it matures;
the failure of purchase, sale, or other contracts to ultimately close;
the failure to achieve anticipated benefits from acquisitions, investments, or dispositions;
the potential dilutive effect of common stock or operating partnership unit issuances;
the availability of buyers and pricing with respect to the disposition of assets;
changes in national and local economic conditions, the real estate industry, and the commercial real estate markets in which the Company operates (including supply and demand changes), particularly in Atlanta, Austin, Charlotte, Phoenix, Tampa, Dallas, and Nashville, including the impact of high unemployment, volatility in the public equity and debt markets, and international economic and other conditions;
the impact of a public health crisis, including the COVID-19 pandemic, and the governmental and third-party response to such a crisis, which may affect the Company's key personnel, the Company's tenants, and the costs of operating the Company's assets;
sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political activism, which may result in a disruption of day-to-day building operations;
changes to the Company's strategy in regard to the Company's real estate assets, which may require impairment to be recognized;
leasing risks, including the ability to obtain new tenants or renew expiring tenants, the ability to lease newly-developed and/or recently-acquired space, the failure of a tenant to commence or complete tenant improvements on schedule or to occupy leased space, and the risk of declining leasing rates;
changes in the needs of the Company's tenants brought about by the desire for co-working arrangements, trends toward utilizing less office space per employee, and the effect of employees working remotely;
any adverse change in the financial condition of one or more of the Company's tenants;
volatility in interest rates and insurance rates;
inflation and continuing increases in the inflation rate;
competition from other developers or investors;
the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk);
cyber security breaches;
changes in senior management, changes in the Board, and the loss of key personnel;
1



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



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

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
June 30, 2022December 31, 2021
 (unaudited) 
Assets:  
Real estate assets: 
Operating properties, net of accumulated depreciation of $971,023 and $874,988 in 2022 and 2021, respectively
$6,630,212 $6,506,910 
Projects under development90,622 174,803 
Land157,680 157,681 
6,878,514 6,839,394 
Cash and cash equivalents4,057 8,937 
Restricted cash1,231 1,231 
Accounts receivable9,688 12,553 
Deferred rents receivable166,654 154,866 
Investment in unconsolidated joint ventures103,215 77,811 
Intangible assets, net151,550 168,553 
Other assets, net65,215 48,689 
Total assets$7,380,124 $7,312,034 
Liabilities:
Notes payable$2,305,637 $2,237,509 
Accounts payable and accrued expenses208,417 224,523 
Deferred income75,226 74,515 
Intangible liabilities, net 57,327 63,223 
Other liabilities100,822 111,864 
Total liabilities2,747,429 2,711,634 
Commitments and contingencies
Equity:
Stockholders' investment:  
Common stock, $1 par value per share, 300,000,000 shares authorized, 154,024,945 and 151,272,969 shares issued and outstanding in 2022 and 2021, respectively
154,025 151,273 
Additional paid-in capital5,627,133 5,549,308 
Treasury stock at cost, 2,584,933 shares in 2022 and 2021
(148,473)(148,473)
Distributions in excess of cumulative net income(1,020,590)(985,338)
 Total stockholders' investment4,612,095 4,566,770 
Nonredeemable noncontrolling interests20,600 33,630 
Total equity4,632,695 4,600,400 
Total liabilities and equity$7,380,124 $7,312,034 
See accompanying notes.
3



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

Three Months EndedSix Months Ended
June 30,June 30,
 2022202120222021
Revenues:  
Rental property revenues$183,174 $181,766 $366,401 $366,573 
Fee income2,305 4,803 3,693 9,332 
Other201 68 2,484 282 
 185,680 186,637 372,578 376,187 
Expenses:
Rental property operating expenses62,216 63,716 127,093 130,111 
Reimbursed expenses677 398 1,037 766 
General and administrative expenses6,996 7,313 15,059 14,046 
Interest expense16,549 16,656 32,074 33,864 
Depreciation and amortization69,861 71,456 140,605 142,326 
Other425 824 646 1,414 
156,724 160,363 316,514 322,527 
Income from unconsolidated joint ventures5,280 1,795 6,404 3,698 
Gain on sales of investments in unconsolidated joint ventures   39 
Gain (loss) on investment property transactions28 (9)(41)(26)
Loss on extinguishment of debt(100) (100) 
Net income34,164 28,060 62,327 57,371 
Net loss (income) attributable to noncontrolling interests(112)93 (291)(108)
Net income available to common stockholders$34,052 $28,153 $62,036 $57,263 

  
Net income per common share — basic and diluted$0.23 $0.19 $0.42 $0.39 
Weighted average shares — basic148,837 148,665 148,788 148,644 
Weighted average shares — diluted149,142 148,740 149,090 148,716 
See accompanying notes.


4



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


Three Months Ended June 30, 2022
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Stockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance March 31, 2022$151,349 $5,550,718 $(148,473)$(1,005,951)$4,547,643 $35,002 $4,582,645 
Net income— — — 34,052 34,052 112 34,164 
Common stock issued under the ATM, net of issuance costs2,632 100,475 — — 103,107 — 103,107 
Common stock issued pursuant to stock-based compensation44 1,496 — — 1,540 — 1,540 
Amortization of stock based compensation, net of forfeitures— 2,082 — 4 2,086 — 2,086 
Purchase of interest in consolidated joint venture— (27,638)— — (27,638)(15,749)(43,387)
Contributions from nonredeemable noncontrolling interests— — — — — 1,241 1,241 
Distributions to nonredeemable noncontrolling interests— — — — — (6)(6)
Common dividends ($0.32 per share)
— — — (48,695)(48,695)— (48,695)
Balance June 30, 2022$154,025 $5,627,133 $(148,473)$(1,020,590)$4,612,095 $20,600 $4,632,695 
Three Months Ended June 30, 2021
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Stockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance March 31, 2021$151,240 $5,543,549 $(148,473)$(1,095,361)$4,450,955 $30,293 $4,481,248 
Net income— — — 28,153 28,153 (93)28,060 
Common stock issued pursuant to stock based
compensation
35 1,300 — — 1,335 — 1,335 
Amortization of stock-based compensation, net of forfeitures(2)1,487 — — 1,485 — 1,485 
Contributions from nonredeemable noncontrolling interests— — — — — 1,687 1,687 
Distributions to nonredeemable noncontrolling interests— — — — — (346)(346)
Common dividends ($0.31 per share)
— — — (46,065)(46,065)— (46,065)
Balance June 30, 2021$151,273 $5,546,336 $(148,473)$(1,113,273)$4,435,863 $31,541 $4,467,404 

See accompanying notes.















5




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


Six Months Ended June 30, 2022
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Stockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance December 31, 2021$151,273 $5,549,308 $(148,473)$(985,338)$4,566,770 $33,630 $4,600,400 
Net income— — — 62,036 62,036 291 62,327 
Common stock issued under the ATM, net of issuance costs2,632 100,475 — — 103,107 — 103,107 
Common stock issued pursuant to stock based compensation120 490 — — 610 — 610 
Amortization of stock-based compensation, net of forfeitures— 4,498 — 4 4,502 — 4,502 
Purchase of interest in consolidated joint venture— (27,638)— — (27,638)(15,749)(43,387)
Contributions from nonredeemable noncontrolling interests— — — — — 2,520 2,520 
Distributions to nonredeemable noncontrolling interests— — — — — (92)(92)
Common dividends ($0.64 per share)
— — — (97,292)(97,292)— (97,292)
Balance June 30, 2022$154,025 $5,627,133 $(148,473)$(1,020,590)$4,612,095 $20,600 $4,632,695 
Six Months Ended June 30, 2021
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Stockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance December 31, 2020$151,149 $5,542,762 $(148,473)$(1,078,304)$4,467,134 $28,404 $4,495,538 
Net income— — — 57,263 57,263 108 57,371 
Common stock issued pursuant to stock-based compensation126 426 — — 552 — 552 
Amortization of stock options,
    restricted stock, and restricted
    stock units, net of forfeitures
(2)3,148 — — 3,146 — 3,146 
Contributions from nonredeemable noncontrolling interests
— — — — — 3,382 3,382 
Distributions to nonredeemable noncontrolling interests
— — — — — (353)(353)
Common dividends ($0.62 per share)
— — — (92,232)(92,232)— (92,232)
Balance June 30, 2021$151,273 $5,546,336 $(148,473)$(1,113,273)$4,435,863 $31,541 $4,467,404 
See accompanying notes.
6



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)
Six Months Ended June 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income $62,327 $57,371 
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of investment in unconsolidated joint ventures (39)
Loss on investment property transactions41 26 
Depreciation and amortization140,605 142,326 
Amortization of deferred financing costs and premium on notes payable(130)(272)
Equity-classified stock-based compensation expense, net of forfeitures5,292 4,487 
Effect of non-cash adjustments to rental revenues(17,961)(18,378)
Income from unconsolidated joint ventures(6,404)(3,698)
Operating distributions from unconsolidated joint ventures3,161 7,677 
Loss on extinguishment of debt100  
Changes in other operating assets and liabilities:
Change in receivables and other assets, net(2,463)(3,383)
Change in operating liabilities, net(26,879)(18,427)
Net cash provided by operating activities157,689 167,690 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Proceeds from investment property sales, net 127,023 
Proceeds from sale of interest in unconsolidated joint ventures, net 43 
Property acquisition, development, and tenant asset expenditures(172,206)(116,009)
Return of capital distributions from unconsolidated joint venture10,752 25,955 
Contributions to unconsolidated joint ventures(31,892)(656)
Net cash provided by (used in) investing activities(193,346)36,356 
CASH FLOWS FROM FINANCING ACTIVITIES:  
Proceeds from credit facility269,500 192,000 
Repayment of credit facility(192,000)(392,400)
Repayment of notes payable(8,436)(8,102)
Common stock issued under the ATM101,668  
Payment of deferred financing costs(5,299)(3,014)
Contributions from nonredeemable noncontrolling interests2,520 3,382 
Distributions to nonredeemable noncontrolling interests(92)(353)
Common dividends paid(93,697)(90,649)
Purchase of partners' interest in consolidated joint venture(43,387) 
Issuance of term loan 350,000 
Repayment of term loan (250,000)
Net cash provided by (used in) financing activities30,777 (199,136)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH(4,880)4,910 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD10,168 6,138 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD$5,288 $11,048 
See accompanying notes.
7


COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2022
(Unaudited)
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business: Cousins Properties Incorporated (“Cousins”), a Georgia corporation, is a self-administered and self-managed real estate investment trust (“REIT”). Cousins conducts substantially all of its operations through Cousins Properties LP ("CPLP"). Cousins owns in excess of 99% of CPLP, and CPLP is consolidated with Cousins for financial reporting purposes. CPLP also owns Cousins TRS Services LLC ("CTRS"), a taxable entity that owns and manages its own real estate portfolio and performs certain real estate-related services for other parties.
Cousins, CPLP, CTRS, and their subsidiaries (collectively, the “Company”) develop, acquire, lease, manage, and own primarily Class A office properties and mixed-use developments in the Sun Belt markets of the United States with a focus on Atlanta, Austin, Charlotte, Phoenix, Tampa, Dallas, and Nashville. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute at least 100% of its net taxable income to stockholders, thereby eliminating any liability for federal income taxes under current law. Therefore, the results included herein do not include a federal income tax provision for Cousins. As of June 30, 2022, the Company's portfolio of real estate assets consisted of interests in 18.7 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 June 30, 2022 and the results of operations for the three and six months ended June 30, 2022 and 2021. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The accounting policies employed are substantially the same as those shown in note 2 to the consolidated financial statements included therein.
For the three and six months ended June 30, 2022 and 2021, there were no items of other comprehensive income. Therefore, the Company did not present comprehensive income.    
The Company evaluates all partnerships, joint ventures, and other arrangements with variable interests to determine if the entity or arrangement qualifies as a variable interest entity ("VIE"), as defined in the Financial Accounting Standard Board's ("FASB") Accounting Standards Codification ("ASC"). If the entity or arrangement qualifies as a VIE and the Company is determined to be the primary beneficiary, the Company is required to consolidate the assets, liabilities, and results of operations of the VIE. At June 30, 2022, the Company had no investments or interests in any VIEs.
2. TRANSACTIONS WITH NORFOLK SOUTHERN RAILWAY COMPANY
On March 1, 2019, the Company entered into a series of agreements and executed related transactions with Norfolk Southern Railway Company (“NS”) as follows:
Sold land to NS for $52.5 million.
Executed a Development Agreement with NS whereby the Company receives fees totaling $5.0 million in consideration for development services for NS’s corporate headquarters that has been constructed on the land sold to NS.
Executed a Consulting Agreement with NS whereby the Company receives fees totaling $32.0 million in consideration for consulting services for NS’s corporate headquarters. The Development Agreement and Consulting Agreement are collectively referred to below as the “Fee Agreements.”
Purchased a building from NS (“Promenade Central”) for $82.0 million subject to a three-year market rate lease with NS that covered the entire building and expired December 31, 2021.
The Company sold the land to NS for $5.0 million above its carrying amount, which included $37.0 million of land purchased in 2018, $6.5 million of land purchased in 2019, and $4.0 million of site preparation work. The Company purchased Promenade Central from NS for an amount it determined to be $10.3 million below the building’s fair value.

8


The Company determined that all contracts and transactions associated with NS should be combined for accounting purposes, and the amounts exchanged under the combined contracts should be allocated to the various components of the overall transaction at fair value or market value as discussed below. The Company determined that the purchase of Promenade Central should be recorded at fair value of $92.3 million. The Company determined that the lease with NS at the Promenade Central building was at market value under ASC 842. The land sale was accounted for under ASC 610-20, and no gain or loss was recorded on the derecognition of this non-financial asset as the fair value was determined to equal the carrying amount. Consideration related to various services provided to NS, and accounted for under ASC 606, was determined to be $52.3 million and represents the negotiated market value for the services agreed to by the Company and NS in the contracts. This amount included non-cash consideration of the $10.3 million discount on the purchase of Promenade Central as well as cash consideration of $5.0 million from the land sale contract (difference between fair value and contract amount), $5.0 million from the Development Agreement, and $32.0 million from the Consulting Agreement. Since all of the agreements and contracts above were executed for the purpose of delivering and constructing a corporate headquarters for NS and all of the services and deliverables are highly interdependent, the Company determined that the services represent a single performance obligation under ASC 606.
The Company determined that control of the services 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 June 30, 2022 and 2021, respectively, the Company recognized $1.4 million and $4.2 million in fee income in its consolidated statements of operations related to the services provided to NS. During the six months ended June 30, 2022 and 2021, respectively, the Company recognized $2.2 million and $7.9 million in fee income in its consolidated statements of operations related to the services provided to NS. As of June 30, 2022, the Company had no deferred income related to NS included in the consolidated balance sheet. As of December 31, 2021, the Company had deferred income of $1.8 million related to NS included in the consolidated balance sheet. At June 30, 2022, $1.0 million was remaining to be recognized in revenue related to this performance obligation.
3. REAL ESTATE
Acquisitions
On March 12, 2021, a 95% owned consolidated joint venture acquired a 0.24 acre land parcel in Atlanta for a gross purchase price of $8.0 million.
On April 21, 2022, the Company purchased its partner's 10% joint venture interest in HICO Avalon, LLC and HICO Avalon II, LLC, which consisted of the 8000 and 10000 Avalon office properties. This transaction did not result in a change in control and any difference between the purchase price of $43.4 million, which included a promote to our partner related to increases in fair value in excess of cost, and the $15.7 million book value of the outside partner's non-controlling interest is recorded as additional paid in capital in the equity section of the Company's consolidated balance sheet. The Company's consolidated basis in Avalon's assets and liabilities was unchanged by this transaction.
Dispositions
On April 7, 2021, the Company sold Burnett Plaza in Fort Worth for a gross sales price of $137.5 million and recorded a loss of $19,000.
Impairment
The Company tests buildings held for investment, by disposal groups, for impairment whenever changes in circumstances indicate a disposal group’s carrying value may not be recoverable. The test is conducted using undiscounted cash flows for the shorter of the building’s estimated hold period or its remaining useful life. When testing for recoverability of value of buildings held for investment, projected cash flows are used over its expected hold period. If the expected hold period includes some likelihood of shorter-term hold period from a potential sale, the probability of a sale is layered into the analysis. If any building's held-for-investment analysis were to fail the impairment test, its book value would be written down to its then current estimated fair value, before any selling expense, and that building would continue to depreciate over its remaining useful life. None of the Company’s held-for-investment buildings were impaired during any periods presented in the accompanying statement of operations while under the held-for-investment classification.
The Company also reviews held-for-sale assets, if any, for impairments. If book value is in excess of estimated fair value less estimated selling costs, we impair those assets to fair value less estimated selling costs. There were no held-for-sale buildings impaired during any periods presented in the accompanying statements of operations.
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 or projects under development were impaired during any periods presented in the accompanying statement of operations.
The Company may record impairment charges in future periods if the economy and the office industry weakens, the operating results of individual buildings are materially different from our forecasts, or we shorten our contemplated hold period for any operating buildings.
4. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of June 30, 2022 and December 31, 2021 (in thousands).
SUMMARY OF FINANCIAL POSITION
Total AssetsTotal DebtTotal Equity (Deficit)Company's Investment 
2022202120222021202220212022 2021 
Operating Properties:
AMCO 120 WT Holdings, LLC$83,357 $83,546 $ $ $81,795 $82,739 $15,116 $15,347 
Carolina Square Holdings LP109,891 113,011 132,012 132,654 (36,021)(34,066)(16,927)(1)(15,786)(1)
Crawford Long - CPI, LLC 25,564 24,709 63,744 64,566 (39,897)(40,221)(19,235)(1)(19,356)(1)
Under Development:
Neuhoff Holdings LLC248,003 133,691 43,648 28,390 162,511 93,218 83,805 47,529 
Land:
715 Ponce Holdings LLC8,274 8,150   8,248 8,150 4,219 4,165 
HICO Victory Center LP150 16,421   150 15,962 75 10,723 
Other:
Other 518    11  47 
$475,239 $380,046 $239,404 $225,610 $176,786 $125,793 $67,053 $42,669 
(1) Negative bases are included in deferred income on the consolidated balance sheets.

The information included in the summary of operations table is for the six months ended June 30, 2022 and 2021 (in thousands).
SUMMARY OF OPERATIONS
Total RevenuesNet Income (Loss)Company's Income (Loss)
from Investment
202220212022202120222021
Operating Properties:
AMCO 120 WT Holdings, LLC$5,160 $4,140 $1,397 $(116)$271 $(29)
Carolina Square Holdings LP7,860 8,789 722 1,518 304 704 
Crawford Long - CPI, LLC 6,480 6,369 2,324 2,028 1,091 935 
Under Development:
Neuhoff Holdings LLC69  58  29  
Land:
715 Ponce Holdings LLC138  99  49  
HICO Victory Center LP72 164 6,853 164 4,557 84 
Other:
Other 28 13,946 (12)4,304 103 2,004 
$19,807 $