Maryland | 001-13100 | 56-1871668 | ||||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
North Carolina | 000-21731 | 56-1869557 | ||||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Common Stock, $.01 par value, of Highwoods Properties, Inc. | HIW | New York Stock Exchange |
Item No. | Page | |||||||
PART I | ||||||||
1. | ||||||||
1A. | ||||||||
1B. | ||||||||
2. | ||||||||
3. | ||||||||
4. | ||||||||
X. | ||||||||
PART II | ||||||||
5. | ||||||||
7. | ||||||||
7A. | ||||||||
8. | ||||||||
9. | ||||||||
9A. | ||||||||
9B. | ||||||||
9C. | ||||||||
PART III | ||||||||
10. | ||||||||
11. | ||||||||
12. | ||||||||
13. | ||||||||
14. | ||||||||
PART IV | ||||||||
15. |
Market | Rentable Square Feet | Occupancy | Percentage of Annualized GAAP Rental Revenue (1) | |||||||||||||||||
Raleigh | 6,335,000 | 92.0 | % | 22.3 | % | |||||||||||||||
Nashville | 5,230,000 | 95.0 | 21.6 | |||||||||||||||||
Atlanta | 4,926,000 | 88.3 | 16.8 | |||||||||||||||||
Tampa | 3,340,000 | 87.1 | 11.7 | |||||||||||||||||
Charlotte | 1,970,000 | 94.3 | 10.1 | |||||||||||||||||
Orlando | 1,790,000 | 88.9 | 6.0 | |||||||||||||||||
Richmond | 1,844,000 | 89.9 | 4.6 | |||||||||||||||||
Other | 2,155,000 | 90.9 | 6.9 | |||||||||||||||||
Total | 27,590,000 | 91.0 | % | 100.0 | % |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(in thousands) | |||||||||||||||||
Acquisitions | 367 | 2,266 | — | ||||||||||||||
Developments Placed In-Service | 263 | 897 | — | ||||||||||||||
Remeasurements/Other | (11) | (3) | (40) | ||||||||||||||
Dispositions | (437) | (1,661) | (4,489) | ||||||||||||||
Net Change in Rentable Square Footage | 182 | 1,499 | (4,529) |
Average Occupancy | Annualized GAAP Rent Per Square Foot (1) | Annualized Cash Rent Per Square Foot (2) | |||||||||||||||
2018 | 91.7 | % | $ | 24.68 | $ | 24.06 | |||||||||||
2019 | 91.4 | % | $ | 26.46 | $ | 25.06 | |||||||||||
2020 | 90.7 | % | $ | 29.23 | $ | 28.21 | |||||||||||
2021 | 90.0 | % | $ | 30.75 | $ | 29.63 | |||||||||||
2022 | 90.8 | % | $ | 31.89 | $ | 30.51 |
Customer | Rentable Square Feet | Annualized GAAP Rental Revenue (1) | Percent of Total Annualized GAAP Rental Revenue (1) | Weighted Average Remaining Lease Term in Years | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Bank of America | 652,313 | $ | 30,317 | 3.79 | % | 10.9 | ||||||||||||||||||||
Asurion | 543,794 | 28,955 | 3.62 | 13.8 | ||||||||||||||||||||||
Federal Government | 867,006 | 23,907 | 2.99 | 4.4 | ||||||||||||||||||||||
Bridgestone Americas | 506,128 | 20,277 | 2.53 | 14.7 | ||||||||||||||||||||||
Metropolitan Life Insurance | 667,228 | 19,777 | 2.47 | 8.1 | ||||||||||||||||||||||
PPG Industries | 370,927 | 11,177 | 1.4 | 8.5 | ||||||||||||||||||||||
Mars Petcare | 223,700 | 9,979 | 1.25 | 8.4 | ||||||||||||||||||||||
Vanderbilt University | 294,389 | 8,986 | 1.12 | 3.4 | ||||||||||||||||||||||
EQT | 317,052 | 7,848 | 0.98 | 1.8 | ||||||||||||||||||||||
Bass, Berry & Sims | 213,951 | 7,420 | 0.93 | 2.1 | ||||||||||||||||||||||
Albemarle Corporation | 162,368 | 6,972 | 0.87 | 11.1 | ||||||||||||||||||||||
Deloitte & Touche | 158,914 | 6,763 | 0.84 | 7.1 | ||||||||||||||||||||||
Tivity | 263,598 | 6,753 | 0.84 | 0.2 | ||||||||||||||||||||||
Novelis | 168,949 | 5,953 | 0.74 | 1.7 | ||||||||||||||||||||||
Lifepoint Corporate Services | 202,991 | 5,579 | 0.7 | 6.3 | ||||||||||||||||||||||
State of Georgia | 288,443 | 5,560 | 0.69 | 2.0 | ||||||||||||||||||||||
Regus | 169,833 | 5,528 | 0.69 | 5.8 | ||||||||||||||||||||||
J.P. Morgan Chase & Co. | 180,424 | 5,482 | 0.68 | 5.4 | ||||||||||||||||||||||
The CapFinancial Group, LLC | 120,847 | 5,395 | 0.67 | 10.6 | ||||||||||||||||||||||
PNC Bank | 162,223 | 5,384 | 0.67 | 4.9 | ||||||||||||||||||||||
Total | 6,535,078 | $ | 228,012 | 28.47 | % | 8.1 |
Lease Expiring (1) | Number of Leases Expiring | Rentable Square Feet Subject to Expiring Leases | Percentage of Leased Square Footage Represented by Expiring Leases | Annualized GAAP Rental Revenue Under Expiring Leases (2) | Average Annual GAAP Rental Rate Per Square Foot for Expirations | Percent of Annualized GAAP Rental Revenue Represented by Expiring Leases (2) | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
2023 (3) | 386 | 2,172,820 | 8.7 | % | $ | 64,732 | $ | 29.79 | 8.4 | % | ||||||||||||||||||||||||||||
2024 | 331 | 2,735,421 | 10.9 | 85,534 | 31.27 | 11.2 | ||||||||||||||||||||||||||||||||
2025 | 416 | 3,407,048 | 13.6 | 105,196 | 30.88 | 13.7 | ||||||||||||||||||||||||||||||||
2026 | 267 | 2,278,837 | 9.1 | 69,180 | 30.36 | 9.0 | ||||||||||||||||||||||||||||||||
2027 | 261 | 2,400,708 | 9.6 | 71,064 | 29.60 | 9.3 | ||||||||||||||||||||||||||||||||
2028 | 151 | 2,236,063 | 8.9 | 66,430 | 29.71 | 8.7 | ||||||||||||||||||||||||||||||||
2029 | 100 | 1,362,925 | 5.4 | 38,568 | 28.30 | 5.0 | ||||||||||||||||||||||||||||||||
2030 | 138 | 1,850,762 | 7.3 | 47,536 | 25.68 | 6.2 | ||||||||||||||||||||||||||||||||
2031 | 56 | 2,126,352 | 8.5 | 66,191 | 31.13 | 8.6 | ||||||||||||||||||||||||||||||||
2032 | 47 | 714,103 | 2.8 | 24,680 | 34.56 | 3.2 | ||||||||||||||||||||||||||||||||
Thereafter | 114 | 3,831,091 | 15.2 | 127,127 | 33.18 | 16.7 | ||||||||||||||||||||||||||||||||
2,267 | 25,116,130 | 100.0 | % | $ | 766,238 | $ | 30.51 | 100.0 | % |
Property | Market | Own % | Consolidated (Y/N) | Rentable Square Feet | Anticipated Total Investment | Investment as of December 31, 2022) | Pre Leased % | Estimated Completion | Estimated Stabilization | |||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23Springs (1) | Dallas | 50.0 | % | N | 642,000 | $ | 460,000 | $ | 80,047 | 17.1 | % | 1Q 25 | 1Q 28 | |||||||||||||||||||||||||||||||||||||||||||
Granite Park Six (1) | Dallas | 50.0 | % | N | 422,000 | 200,000 | 98,068 | 12.4 | 4Q 23 | 1Q 26 | ||||||||||||||||||||||||||||||||||||||||||||||
GlenLake III Office & Retail (2) | Raleigh | 100.0 | % | Y | 218,250 | 94,600 | 47,177 | 14.6 | 3Q 23 | 1Q 26 | ||||||||||||||||||||||||||||||||||||||||||||||
Midtown East | Tampa | 50.0 | % | N | 143,000 | 83,000 | 11,949 | 2.1 | 1Q 25 | 2Q 26 | ||||||||||||||||||||||||||||||||||||||||||||||
2827 Peachtree | Atlanta | 50.0 | % | N | 135,300 | 79,000 | 32,447 | 75.3 | 3Q 23 | 1Q 25 | ||||||||||||||||||||||||||||||||||||||||||||||
Four Morrocroft (2)(3) | Charlotte | 100.0 | % | Y | 18,000 | 12,000 | 713 | 100.0 | 2Q 24 | 2Q 24 | ||||||||||||||||||||||||||||||||||||||||||||||
1,578,550 | $ | 928,600 | $ | 270,401 | 20.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rentable Square Feet | Weighted Average Ownership Interest (1) | Occupancy | ||||||||||||||||||
Market | ||||||||||||||||||||
Dallas | 542,000 | 50.0 | % | 95.6 | % | |||||||||||||||
Kansas City (2) | 292,000 | 50.0 | 85.1 | |||||||||||||||||
Richmond (3) | 345,000 | 50.0 | 94.9 | |||||||||||||||||
Tampa (3) | 152,000 | 80.0 | 88.2 | |||||||||||||||||
Total | 1,331,000 | 53.4 | % | 92.2 | % |
Name | Age | Position and Background | ||||||||||||
Theodore J. Klinck | 57 | Director, President and Chief Executive Officer. Mr. Klinck became a director and our chief executive officer in September 2019. Prior to that, Mr. Klinck was our president and chief operating officer since November 2018, our executive vice president and chief operating and investment officer from September 2015 to November 2018 and was senior vice president and chief investment officer from March 2012 to August 2015. Before joining us, Mr. Klinck served as principal and chief investment officer with Goddard Investment Group, a privately owned real estate investment firm. Previously, Mr. Klinck had been a managing director at Morgan Stanley Real Estate. Mr. Klinck is a member of NAREIT's Advisory Board, Raleigh Chamber Board and Chair of the First Tee of the Triangle. | ||||||||||||
Brian M. Leary | 48 | Executive Vice President and Chief Operating Officer. Mr. Leary became chief operating officer in July 2019. Previously, Mr. Leary served as president of the commercial and mixed-use business unit of Crescent Communities since 2014. Prior to joining Crescent, Mr. Leary held senior management positions with Jacoby Development, Inc., Atlanta Beltline, Inc., AIG Global Real Estate, Atlantic Station, LLC and Central Atlanta Progress. | ||||||||||||
Brendan C. Maiorana | 47 | Executive Vice President and Chief Financial Officer. Mr. Maiorana became executive vice president of finance in July 2019 and assumed the roles of treasurer in January 2021 and chief financial officer in January 2022. Prior to that, Mr. Maiorana was our senior vice president of finance and investor relations since May 2016. Prior to joining Highwoods, Mr. Maiorana spent 11 years in equity research at Wells Fargo Securities, starting as an associate equity research analyst. Prior to that, Mr. Maiorana worked four years at Ernst & Young LLP. | ||||||||||||
Jeffrey D. Miller | 52 | Executive Vice President, General Counsel and Secretary. Prior to joining us in March 2007, Mr. Miller was a partner with DLA Piper US, LLP, where he practiced since 2005. Previously, Mr. Miller had been a partner with Alston & Bird LLP. Mr. Miller is admitted to practice in North Carolina. Mr. Miller served as lead independent director of Hatteras Financial Corp., a publicly-traded mortgage REIT (NYSE:HTS), prior to its merger with Annaly Capital Management, Inc. (NYSE:NLY) in July 2016. Mr. Miller is a trustee of Ravenscroft School and a member of the Wake Forest School of Law Board of Visitors. | ||||||||||||
For the Period from December 31, 2017 to December 31, | ||||||||||||||||||||||||||||||||
Index | 2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||
Highwoods Properties, Inc. | 79.16 | 104.36 | 88.95 | 104.63 | 69.50 | |||||||||||||||||||||||||||
S&P 500 Index | 95.62 | 125.72 | 148.85 | 191.58 | 156.88 | |||||||||||||||||||||||||||
FTSE NAREIT All Equity REITs Index | 95.96 | 123.46 | 117.14 | 165.51 | 124.22 |
New | Renewal | All Office | |||||||||||||||
Leased space (in rentable square feet) | 337,475 | 586,457 | 923,932 | ||||||||||||||
Average term (in years - rentable square foot weighted) | 4.3 | 6.2 | 5.5 | ||||||||||||||
Base rents (per rentable square foot) (1) | $ | 33.69 | $ | 32.98 | $ | 33.24 | |||||||||||
Rent concessions (per rentable square foot) (1) | (1.86) | (1.82) | (1.83) | ||||||||||||||
GAAP rents (per rentable square foot) (1) | $ | 31.83 | $ | 31.16 | $ | 31.41 | |||||||||||
Tenant improvements (per rentable square foot) (1) | $ | 3.44 | $ | 3.47 | $ | 3.46 | |||||||||||
Leasing commissions (per rentable square foot) (1) | $ | 1.10 | $ | 0.97 | $ | 1.02 |
Year Ended December 31, | |||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022-2021 Change | 2021-2020 Change | |||||||||||||||||||||||||
Net Cash Provided By Operating Activities | $ | 421,779 | $ | 414,558 | $ | 358,160 | $ | 7,221 | $ | 56,398 | |||||||||||||||||||
Net Cash Provided By/(Used In) Investing Activities | (614,799) | (287,678) | 110,682 | (327,121) | (398,360) | ||||||||||||||||||||||||
Net Cash Provided By/(Used In) Financing Activities | 187,927 | (284,926) | (294,340) | 472,853 | 9,414 | ||||||||||||||||||||||||
Total Cash Flows | $ | (5,093) | $ | (158,046) | $ | 174,502 | $ | 152,953 | $ | (332,548) |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Mortgages and notes payable, net, at recorded book value | $ | 3,197,215 | $ | 2,788,915 | |||||||
Preferred Stock, at liquidation value | $ | 28,821 | $ | 28,821 | |||||||
Common Stock outstanding | 105,211 | 104,893 | |||||||||
Common Units outstanding (not owned by the Company) | 2,358 | 2,505 | |||||||||
Per share stock price at year end | $ | 27.98 | $ | 44.59 | |||||||
Market value of Common Stock and Common Units | $ | 3,009,781 | $ | 4,788,877 | |||||||
Total capitalization | $ | 6,235,817 | $ | 7,606,613 |
Face Amount | Carrying Amount | Stated Interest Rate | Effective Interest Rate | ||||||||||||||||||||
Notes due March 2027 | $ | 300,000 | $ | 298,334 | 3.875 | % | 4.038 | % | |||||||||||||||
Notes due March 2028 | $ | 350,000 | $ | 347,863 | 4.125 | % | 4.271 | % | |||||||||||||||
Notes due April 2029 | $ | 350,000 | $ | 349,386 | 4.200 | % | 4.234 | % | |||||||||||||||
Notes due February 2030 | $ | 400,000 | $ | 399,302 | 3.050 | % | 3.079 | % | |||||||||||||||
Notes due February 2031 | $ | 400,000 | $ | 398,735 | 2.600 | % | 2.645 | % |
Amounts due during the years ending December 31, | |||||||||||||||||||||||||||||||||||||||||
Total | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | |||||||||||||||||||||||||||||||||||
Mortgages and Notes Payable: | |||||||||||||||||||||||||||||||||||||||||
Principal payments (1) | $ | 3,205,872 | $ | 6,726 | $ | 207,021 | $ | 392,833 | $ | 206,568 | $ | 458,253 | $ | 1,934,471 | |||||||||||||||||||||||||||
Interest payments | 673,834 | 131,886 | 129,336 | 104,651 | 92,984 | 74,396 | 140,581 | ||||||||||||||||||||||||||||||||||
Purchase Obligations: | |||||||||||||||||||||||||||||||||||||||||
Lease and contractual commitments and contingent consideration (2) | 300,601 | 226,970 | 48,270 | 5,074 | 17,286 | 671 | 2,330 | ||||||||||||||||||||||||||||||||||
Other Commitments: | |||||||||||||||||||||||||||||||||||||||||
Advances to unconsolidated affiliates (3) | 97,870 | 37,982 | 32,457 | 16,723 | 9,708 | 1,000 | — | ||||||||||||||||||||||||||||||||||
Operating and Finance Lease Obligations: | |||||||||||||||||||||||||||||||||||||||||
Ground leases | 94,341 | 2,213 | 2,258 | 2,306 | 2,355 | 2,407 | 82,802 | ||||||||||||||||||||||||||||||||||
Total | $ | 4,372,518 | $ | 405,777 | $ | 419,342 | $ | 521,587 | $ | 328,901 | $ | 536,727 | $ | 2,160,184 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Funds from operations: | |||||||||||||||||
Net income | $ | 163,958 | $ | 323,310 | $ | 357,914 | |||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (1,230) | (1,712) | (1,174) | ||||||||||||||
Depreciation and amortization of real estate assets | 284,723 | 256,488 | 238,816 | ||||||||||||||
Impairments of depreciable properties | 35,000 | — | 1,778 | ||||||||||||||
(Gains) on disposition of depreciable properties | (47,807) | (163,065) | (215,173) | ||||||||||||||
Unconsolidated affiliates: | |||||||||||||||||
Depreciation and amortization of real estate assets | 1,160 | 778 | 2,395 | ||||||||||||||
Funds from operations | 435,804 | 415,799 | 384,556 | ||||||||||||||
Dividends on Preferred Stock | (2,486) | (2,486) | (2,488) | ||||||||||||||
Funds from operations available for common stockholders | $ | 433,318 | $ | 413,313 | $ | 382,068 | |||||||||||
Funds from operations available for common stockholders per share | $ | 4.03 | $ | 3.86 | $ | 3.58 | |||||||||||
Weighted average shares outstanding (1) | 107,567 | 107,061 | 106,714 |
Year Ended December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net income | $ | 163,958 | $ | 323,310 | ||||||||||
Equity in earnings of unconsolidated affiliates | (1,535) | (1,947) | ||||||||||||
Gains on disposition of property | (63,546) | (174,059) | ||||||||||||
Other loss | (1,530) | (1,394) | ||||||||||||
Interest expense | 105,385 | 85,853 | ||||||||||||
General and administrative expenses | 42,266 | 40,553 | ||||||||||||
Impairments of real estate assets | 36,515 | — | ||||||||||||
Depreciation and amortization | 287,610 | 259,255 | ||||||||||||
Net operating income | 569,123 | 531,571 | ||||||||||||
Non same property and other net operating income | (90,675) | (57,155) | ||||||||||||
Same property net operating income | $ | 478,448 | $ | 474,416 | ||||||||||
Same property net operating income | $ | 478,448 | $ | 474,416 | ||||||||||
Lease termination fees, straight-line rent and other non-cash adjustments (1) | (16,159) | (13,851) | ||||||||||||
Same property cash net operating income | $ | 462,289 | $ | 460,565 | ||||||||||
See page 52 for Index to Consolidated Financial Statements of Highwoods Properties, Inc. and Highwoods Realty Limited Partnership. |
Reference is made to the Index to Consolidated Financial Statements on page 52 for a list of the Consolidated Financial Statements of Highwoods Properties, Inc. and Highwoods Realty Limited Partnership included in this report. |
Exhibit Number | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | ||||||||
4.7 | ||||||||
4.8 | ||||||||
4.9 | ||||||||
4.10 | ||||||||
4.11 | ||||||||
4.12 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | * | |||||||
10.5 | ||||||||
10.6 | * | |||||||
10.7 | * | |||||||
10.8 | * |
Exhibit Number | Description | |||||||
10.9 | * | |||||||
10.10 | * | |||||||
10.11 | * | |||||||
10.12 | * | |||||||
10.13 | ||||||||
10.14 | * | |||||||
10.15 | ||||||||
21 | ||||||||
23.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
31.4 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
32.3 | ||||||||
32.4 | ||||||||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document) | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Page | |||||
Highwoods Properties, Inc. | |||||
Highwoods Realty Limited Partnership: | |||||
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Assets: | |||||||||||
Real estate assets, at cost: | |||||||||||
Land | $ | 548,720 | $ | 549,228 | |||||||
Buildings and tenant improvements | 5,909,754 | 5,718,169 | |||||||||
Development in-process | 46,735 | 6,890 | |||||||||
Land held for development | 231,218 | 215,257 | |||||||||
6,736,427 | 6,489,544 | ||||||||||
Less-accumulated depreciation | (1,609,502) | (1,457,511) | |||||||||
Net real estate assets | 5,126,925 | 5,032,033 | |||||||||
Real estate and other assets, net, held for sale | — | 3,518 | |||||||||
Cash and cash equivalents | 21,357 | 23,152 | |||||||||
Restricted cash | 4,748 | 8,046 | |||||||||
Accounts receivable | 25,481 | 14,002 | |||||||||
Mortgages and notes receivable | 1,051 | 1,227 | |||||||||
Accrued straight-line rents receivable | 293,674 | 268,324 | |||||||||
Investments in and advances to unconsolidated affiliates | 269,221 | 7,383 | |||||||||
Deferred leasing costs, net of accumulated amortization of $163,751 and $143,111, respectively | 252,828 | 258,902 | |||||||||
Prepaid expenses and other assets, net of accumulated depreciation of $21,660 and $21,408, respectively | 68,091 | 78,551 | |||||||||
Total Assets | $ | 6,063,376 | $ | 5,695,138 | |||||||
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity: | |||||||||||
Mortgages and notes payable, net | $ | 3,197,215 | $ | 2,788,915 | |||||||
Accounts payable, accrued expenses and other liabilities | 301,184 | 294,976 | |||||||||
Total Liabilities | 3,498,399 | 3,083,891 | |||||||||
Commitments and contingencies | |||||||||||
Noncontrolling interests in the Operating Partnership | 65,977 | 111,689 | |||||||||
Equity: | |||||||||||
Preferred Stock, $0.01 par value, 50,000,000 authorized shares; | |||||||||||
8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 28,821 shares issued and outstanding | 28,821 | 28,821 | |||||||||
Common Stock, $0.01 par value, 200,000,000 authorized shares; | |||||||||||
105,210,858 and 104,892,780 shares issued and outstanding, respectively | 1,052 | 1,049 | |||||||||
Additional paid-in capital | 3,081,330 | 3,027,861 | |||||||||
Distributions in excess of net income available for common stockholders | (633,227) | (579,616) | |||||||||
Accumulated other comprehensive loss | (1,211) | (973) | |||||||||
Total Stockholders’ Equity | 2,476,765 | 2,477,142 | |||||||||
Noncontrolling interests in consolidated affiliates | 22,235 | 22,416 | |||||||||
Total Equity | 2,499,000 | 2,499,558 | |||||||||
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity | $ | 6,063,376 | $ | 5,695,138 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Rental and other revenues | $ | 828,929 | $ | 768,007 | $ | 736,900 | |||||||||||
Operating expenses: | |||||||||||||||||
Rental property and other expenses | 259,806 | 236,436 | 231,825 | ||||||||||||||
Depreciation and amortization | 287,610 | 259,255 | 241,585 | ||||||||||||||
Impairments of real estate assets | 36,515 | — | 1,778 | ||||||||||||||
General and administrative | 42,266 | 40,553 | 41,031 | ||||||||||||||
Total operating expenses | 626,197 | 536,244 | 516,219 | ||||||||||||||
Interest expense | 105,385 | 85,853 | 80,962 | ||||||||||||||
Other income/(loss) | 1,530 | 1,394 | (1,707) | ||||||||||||||
Gains on disposition of property | 63,546 | 174,059 | 215,897 | ||||||||||||||
Equity in earnings of unconsolidated affiliates | 1,535 | 1,947 | 4,005 | ||||||||||||||
Net income | 163,958 | 323,310 | 357,914 | ||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (3,670) | (8,321) | (9,338) | ||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (1,230) | (1,712) | (1,174) | ||||||||||||||
Dividends on Preferred Stock | (2,486) | (2,486) | (2,488) | ||||||||||||||
Net income available for common stockholders | $ | 156,572 | $ | 310,791 | $ | 344,914 | |||||||||||
Earnings per Common Share – basic: | |||||||||||||||||
Net income available for common stockholders | $ | 1.49 | $ | 2.98 | $ | 3.32 | |||||||||||
Weighted average Common Shares outstanding – basic | 105,120 | 104,232 | 103,876 | ||||||||||||||
Earnings per Common Share – diluted: | |||||||||||||||||
Net income available for common stockholders | $ | 1.49 | $ | 2.98 | $ | 3.32 | |||||||||||
Weighted average Common Shares outstanding – diluted | 107,567 | 107,061 | 106,714 | ||||||||||||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Comprehensive income: | |||||||||||||||||
Net income | $ | 163,958 | $ | 323,310 | $ | 357,914 | |||||||||||
Other comprehensive income/(loss): | |||||||||||||||||
Unrealized losses on cash flow hedges | — | (19) | (1,238) | ||||||||||||||
Amortization of cash flow hedges | (238) | 508 | 247 | ||||||||||||||
Total other comprehensive income/(loss) | (238) | 489 | (991) | ||||||||||||||
Total comprehensive income | 163,720 | 323,799 | 356,923 | ||||||||||||||
Less-comprehensive (income) attributable to noncontrolling interests | (4,900) | (10,033) | (10,512) | ||||||||||||||
Comprehensive income attributable to common stockholders | $ | 158,820 | $ | 313,766 | $ | 346,411 |
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Income/(Loss) | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 103,756,046 | $ | 1,038 | $ | 28,859 | $ | 2,954,779 | $ | (471) | $ | 22,010 | $ | (831,808) | $ | 2,174,407 | ||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | 19,377 | — | — | 2,196 | — | — | — | 2,196 | |||||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | 3,570 | — | — | 145 | — | — | — | 145 | |||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($1.92 per share) | — | — | — | — | — | (199,331) | (199,331) | ||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($86.25 per share) | — | — | — | — | — | (2,488) | (2,488) | ||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | 30,617 | — | — | — | 30,617 | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (1,138) | — | (1,138) | ||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | 149,304 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Redemptions/repurchases of Preferred Stock | — | (33) | — | — | — | — | (33) | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | (6,751) | 1 | — | 6,209 | — | — | — | 6,210 | |||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (9,338) | (9,338) | ||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 1,174 | (1,174) | — | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 357,914 | 357,914 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (991) | — | — | (991) | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 356,923 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 103,921,546 | 1,039 | 28,826 | 2,993,946 | (1,462) | 22,046 | (686,225) | 2,358,170 | |||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | 459,477 | 8 | — | 21,656 | — | — | — | 21,664 | |||||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | 333,920 | — | — | 15,076 | — | — | — | 15,076 | |||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($1.96 per share) | — | — | — | — | — | (204,182) | (204,182) | ||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($86.25 per share) | — | — | — | — | — | (2,486) | (2,486) | ||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | (11,461) | — | — | — | (11,461) | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (1,342) | — | (1,342) | ||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | 184,584 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Redemptions/repurchases of Preferred Stock | — | (5) | — | — | — | — | (5) | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | (6,747) | 2 | — | 8,644 | — | — | — | 8,646 | |||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (8,321) | (8,321) | ||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 1,712 | (1,712) | — | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 323,310 | 323,310 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 489 | — | — | 489 | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 323,799 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 104,892,780 | $ | 1,049 | $ | 28,821 | $ | 3,027,861 | $ | (973) | $ | 22,416 | $ | (579,616) | $ | 2,499,558 | ||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Income/(Loss) | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 104,892,780 | $ | 1,049 | $ | 28,821 | $ | 3,027,861 | $ | (973) | $ | 22,416 | $ | (579,616) | $ | 2,499,558 | ||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | 106,141 | 1 | — | 5,166 | — | — | — | 5,167 | |||||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | 30,909 | — | — | 1,251 | — | — | — | 1,251 | |||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($2.00 per share) | — | — | — | — | — | (210,183) | (210,183) | ||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($86.25 per share) | — | — | — | — | — | (2,486) | (2,486) | ||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | 39,502 | — | — | — | 39,502 | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (1,411) | — | (1,411) | ||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | 181,807 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | (779) | 2 | — | 7,550 | — | — | — | 7,552 | |||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (3,670) | (3,670) | ||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 1,230 | (1,230) | — | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 163,958 | 163,958 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (238) | — | — | (238) | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 163,720 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 105,210,858 | $ | 1,052 | $ | 28,821 | $ | 3,081,330 | $ | (1,211) | $ | 22,235 | $ | (633,227) | $ | 2,499,000 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Operating activities: | |||||||||||||||||
Net income | $ | 163,958 | $ | 323,310 | $ | 357,914 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 287,610 | 259,255 | 241,585 | ||||||||||||||
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (42) | (1,903) | (2,537) | ||||||||||||||
Share-based compensation expense | 7,552 | 8,646 | 6,210 | ||||||||||||||
Net credit losses on operating lease receivables | 3,199 | 425 | 5,458 | ||||||||||||||
Accrued interest on mortgages and notes receivable | (88) | (103) | (118) | ||||||||||||||
Amortization of debt issuance costs | 4,324 | 4,451 | 3,092 | ||||||||||||||
Amortization of cash flow hedges | (238) | 508 | 247 | ||||||||||||||
Amortization of mortgages and notes payable fair value adjustments | (70) | 862 | 1,681 | ||||||||||||||
Impairments of real estate assets | 36,515 | — | 1,778 | ||||||||||||||
Losses on debt extinguishment | — | 286 | 3,674 | ||||||||||||||
Net gains on disposition of property | (63,546) | (174,059) | (215,897) | ||||||||||||||
Equity in earnings of unconsolidated affiliates | (1,535) | (1,947) | (4,005) | ||||||||||||||
Distributions of earnings from unconsolidated affiliates | 614 | 1,417 | 1,533 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | (10,955) | 5,744 | 437 | ||||||||||||||
Prepaid expenses and other assets | 1,685 | 1,575 | (365) | ||||||||||||||
Accrued straight-line rents receivable | (29,421) | (22,100) | (36,576) | ||||||||||||||
Accounts payable, accrued expenses and other liabilities | 22,217 | 8,191 | (5,951) | ||||||||||||||
Net cash provided by operating activities | 421,779 | 414,558 | 358,160 | ||||||||||||||
Investing activities: | |||||||||||||||||
Investments in acquired real estate and related intangible assets, net of cash acquired | (224,934) | (305,291) | (2,363) | ||||||||||||||
Investments in development in-process | (44,352) | (77,854) | (160,612) | ||||||||||||||
Investments in tenant improvements and deferred leasing costs | (120,739) | (93,654) | (137,997) | ||||||||||||||
Investments in building improvements | (76,415) | (48,405) | (62,154) | ||||||||||||||
Investment in acquired controlling interest in unconsolidated affiliate | — | (127,339) | — | ||||||||||||||
Net proceeds from disposition of real estate assets | 130,038 | 374,016 | 484,311 | ||||||||||||||
Distributions of capital from unconsolidated affiliates | — | — | 72 | ||||||||||||||
Investments in mortgages and notes receivable | (24) | (84) | (32) | ||||||||||||||
Repayments of mortgages and notes receivable | 288 | 301 | 310 | ||||||||||||||
Investments in and advances to unconsolidated affiliates | (261,772) | (6,079) | — | ||||||||||||||
Payments of earnest money deposits | (15,500) | — | — | ||||||||||||||
Changes in other investing activities | (1,389) | (3,289) | (10,853) | ||||||||||||||
Net cash provided by/(used in) investing activities | $ | (614,799) | $ | (287,678) | $ | 110,682 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Financing activities: | |||||||||||||||||
Dividends on Common Stock | $ | (210,183) | $ | (204,182) | $ | (199,331) | |||||||||||
Redemptions/repurchases of Preferred Stock | — | (5) | (33) | ||||||||||||||
Redemptions of Common Units | (3,763) | — | — | ||||||||||||||
Dividends on Preferred Stock | (2,486) | (2,486) | (2,488) | ||||||||||||||
Distributions to noncontrolling interests in the Operating Partnership | (4,866) | (5,516) | (5,456) | ||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | (1,411) | (1,342) | (1,138) | ||||||||||||||
Proceeds from the issuance of Common Stock | 7,570 | 23,917 | 3,571 | ||||||||||||||
Costs paid for the issuance of Common Stock | (247) | (535) | (215) | ||||||||||||||
Repurchase of shares related to tax withholdings | (2,156) | (1,718) | (1,160) | ||||||||||||||
Borrowings on revolving credit facility | 675,000 | 380,000 | 129,000 | ||||||||||||||
Repayments of revolving credit facility | (359,000) | (310,000) | (350,000) | ||||||||||||||
Borrowings on mortgages and notes payable | 550,000 | 200,000 | 398,364 | ||||||||||||||
Repayments of mortgages and notes payable | (456,444) | (353,780) | (251,952) | ||||||||||||||
Payments of debt extinguishment costs | — | — | (3,193) | ||||||||||||||
Payments for debt issuance costs and other financing activities | (4,087) | (9,279) | (10,309) | ||||||||||||||
Net cash provided by/(used in) financing activities | 187,927 | (284,926) | (294,340) | ||||||||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | (5,093) | (158,046) | 174,502 | ||||||||||||||
Cash and cash equivalents and restricted cash at beginning of the period | 31,198 | 189,244 | 14,742 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | 26,105 | $ | 31,198 | $ | 189,244 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | 21,357 | $ | 23,152 | $ | 109,322 | |||||||||||
Restricted cash at end of the period | 4,748 | 8,046 | 79,922 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | 26,105 | $ | 31,198 | $ | 189,244 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash paid for interest, net of amounts capitalized | $ | 102,501 | $ | 79,474 | $ | 72,350 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Unrealized losses on cash flow hedges | $ | — | $ | (19) | $ | (1,238) | |||||||||||
Conversions of Common Units to Common Stock | 1,251 | 15,076 | 145 | ||||||||||||||
Changes in accrued capital expenditures (1) | (1,426) | (9,843) | (1,913) | ||||||||||||||
Write-off of fully depreciated real estate assets | 58,905 | 68,307 | 46,656 | ||||||||||||||
Write-off of fully amortized leasing costs | 29,083 | 43,648 | 25,618 | ||||||||||||||
Write-off of fully amortized debt issuance costs | 3,292 | 5,200 | 1,438 | ||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | (39,502) | 11,461 | (30,617) | ||||||||||||||
Assumption of mortgages and notes payable related to acquisition activities | — | 403,000 | — | ||||||||||||||
Issuances of Common Units to acquire real estate assets | — | — | 6,163 | ||||||||||||||
Initial recognition of lease liabilities related to right of use assets | — | 5,310 | — | ||||||||||||||
Future consideration in connection with the acquisition of land | — | 16,000 | — |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Assets: | |||||||||||
Real estate assets, at cost: | |||||||||||
Land | $ | 548,720 | $ | 549,228 | |||||||
Buildings and tenant improvements | 5,909,754 | 5,718,169 | |||||||||
Development in-process | 46,735 | 6,890 | |||||||||
Land held for development | 231,218 | 215,257 | |||||||||
6,736,427 | 6,489,544 | ||||||||||
Less-accumulated depreciation | (1,609,502) | (1,457,511) | |||||||||
Net real estate assets | 5,126,925 | 5,032,033 | |||||||||
Real estate and other assets, net, held for sale | — | 3,518 | |||||||||
Cash and cash equivalents | 21,357 | 23,152 | |||||||||
Restricted cash | 4,748 | 8,046 | |||||||||
Accounts receivable | 25,481 | 14,002 | |||||||||
Mortgages and notes receivable | 1,051 | 1,227 | |||||||||
Accrued straight-line rents receivable | 293,674 | 268,324 | |||||||||
Investments in and advances to unconsolidated affiliates | 269,221 | 7,383 | |||||||||
Deferred leasing costs, net of accumulated amortization of $163,751 and $143,111, respectively | 252,828 | 258,902 | |||||||||
Prepaid expenses and other assets, net of accumulated depreciation of $21,660 and $21,408, respectively | 68,091 | 78,551 | |||||||||
Total Assets | $ | 6,063,376 | $ | 5,695,138 | |||||||
Liabilities, Redeemable Operating Partnership Units and Capital: | |||||||||||
Mortgages and notes payable, net | $ | 3,197,215 | $ | 2,788,915 | |||||||
Accounts payable, accrued expenses and other liabilities | 301,184 | 294,976 | |||||||||
Total Liabilities | 3,498,399 | 3,083,891 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable Operating Partnership Units: | |||||||||||
Common Units, 2,358,009 and 2,504,805 outstanding, respectively | 65,977 | 111,689 | |||||||||
Series A Preferred Units (liquidation preference $1,000 per unit), 28,821 units issued and outstanding | 28,821 | 28,821 | |||||||||
Total Redeemable Operating Partnership Units | 94,798 | 140,510 | |||||||||
Capital: | |||||||||||
Common Units: | |||||||||||
General partner Common Units, 1,071,601 and 1,069,888 outstanding, respectively | 24,492 | 24,492 | |||||||||
Limited partner Common Units, 103,730,448 and 103,414,083 outstanding, respectively | 2,424,663 | 2,424,802 | |||||||||
Accumulated other comprehensive loss | (1,211) | (973) | |||||||||
Noncontrolling interests in consolidated affiliates | 22,235 | 22,416 | |||||||||
Total Capital | 2,470,179 | 2,470,737 | |||||||||
Total Liabilities, Redeemable Operating Partnership Units and Capital | $ | 6,063,376 | $ | 5,695,138 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Rental and other revenues | $ | 828,929 | $ | 768,007 | $ | 736,900 | |||||||||||
Operating expenses: | |||||||||||||||||
Rental property and other expenses | 259,806 | 236,436 | 231,825 | ||||||||||||||
Depreciation and amortization | 287,610 | 259,255 | 241,585 | ||||||||||||||
Impairments of real estate assets | 36,515 | — | 1,778 | ||||||||||||||
General and administrative | 42,266 | 40,553 | 41,031 | ||||||||||||||
Total operating expenses | 626,197 | 536,244 | 516,219 | ||||||||||||||
Interest expense | 105,385 | 85,853 | 80,962 | ||||||||||||||
Other income/(loss) | 1,530 | 1,394 | (1,707) | ||||||||||||||
Gains on disposition of property | 63,546 | 174,059 | 215,897 | ||||||||||||||
Equity in earnings of unconsolidated affiliates | 1,535 | 1,947 | 4,005 | ||||||||||||||
Net income | 163,958 | 323,310 | 357,914 | ||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (1,230) | (1,712) | (1,174) | ||||||||||||||
Distributions on Preferred Units | (2,486) | (2,486) | (2,488) | ||||||||||||||
Net income available for common unitholders | $ | 160,242 | $ | 319,112 | $ | 354,252 | |||||||||||
Earnings per Common Unit – basic: | |||||||||||||||||
Net income available for common unitholders | $ | 1.50 | $ | 2.99 | $ | 3.33 | |||||||||||
Weighted average Common Units outstanding – basic | 107,153 | 106,634 | 106,297 | ||||||||||||||
Earnings per Common Unit – diluted: | |||||||||||||||||
Net income available for common unitholders | $ | 1.50 | $ | 2.99 | $ | 3.33 | |||||||||||
Weighted average Common Units outstanding – diluted | 107,158 | 106,652 | 106,305 | ||||||||||||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Comprehensive income: | |||||||||||||||||
Net income | $ | 163,958 | $ | 323,310 | $ | 357,914 | |||||||||||
Other comprehensive income/(loss): | |||||||||||||||||
Unrealized losses on cash flow hedges | — | (19) | (1,238) | ||||||||||||||
Amortization of cash flow hedges | (238) | 508 | 247 | ||||||||||||||
Total other comprehensive income/(loss) | (238) | 489 | (991) | ||||||||||||||
Total comprehensive income | 163,720 | 323,799 | 356,923 | ||||||||||||||
Less-comprehensive (income) attributable to noncontrolling interests | (1,230) | (1,712) | (1,174) | ||||||||||||||
Comprehensive income attributable to common unitholders | $ | 162,490 | $ | 322,087 | $ | 355,749 |
Common Units | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interests in Consolidated Affiliates | Total | ||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | ||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 21,240 | $ | 2,102,769 | $ | (471) | $ | 22,010 | $ | 2,145,548 | |||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | 84 | 8,275 | — | — | 8,359 | ||||||||||||||||||||||||
Distributions on Common Units ($1.92 per unit) | (2,040) | (201,962) | — | — | (204,002) | ||||||||||||||||||||||||
Distributions on Preferred Units ($86.25 per unit) | (25) | (2,463) | — | — | (2,488) | ||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | 62 | 6,148 | — | — | 6,210 | ||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (1,138) | (1,138) | ||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | 199 | 19,733 | — | — | 19,932 | ||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (12) | (1,162) | — | 1,174 | — | ||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||
Net income | 3,579 | 354,335 | — | — | 357,914 | ||||||||||||||||||||||||
Other comprehensive loss | — | — | (991) | — | (991) | ||||||||||||||||||||||||
Total comprehensive income | 356,923 | ||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 23,087 | 2,285,673 | (1,462) | 22,046 | 2,329,344 | ||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | 217 | 21,447 | — | — | 21,664 | ||||||||||||||||||||||||
Distributions on Common Units ($1.96 per unit) | (2,089) | (206,807) | — | — | (208,896) | ||||||||||||||||||||||||
Distributions on Preferred Units ($86.25 per unit) | (25) | (2,461) | — | — | (2,486) | ||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | 86 | 8,560 | — | — | 8,646 | ||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (1,342) | (1,342) | ||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | — | 8 | — | — | 8 | ||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (17) | (1,695) | — | 1,712 | — | ||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||
Net income | 3,233 | 320,077 | — | — | 323,310 | ||||||||||||||||||||||||
Other comprehensive income | — | — | 489 | — | 489 | ||||||||||||||||||||||||
Total comprehensive income | 323,799 | ||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 24,492 | 2,424,802 | (973) | 22,416 | 2,470,737 | ||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | 52 | 5,115 | — | — | 5,167 | ||||||||||||||||||||||||
Redemptions of Common Units | (38) | (3,725) | — | — | (3,763) | ||||||||||||||||||||||||
Distributions on Common Units ($2.00 per unit) | (2,142) | (212,089) | — | — | (214,231) | ||||||||||||||||||||||||
Distributions on Preferred Units ($86.25 per unit) | (25) | (2,461) | — | — | (2,486) | ||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | 76 | 7,476 | — | — | 7,552 | ||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (1,411) | (1,411) | ||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | 449 | 44,445 | — | — | 44,894 | ||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (12) | (1,218) | — | 1,230 | — | ||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||
Net income | 1,640 | 162,318 | — | — | 163,958 | ||||||||||||||||||||||||
Other comprehensive loss | — | — | (238) | — | (238) | ||||||||||||||||||||||||
Total comprehensive income | 163,720 | ||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | 24,492 | $ | 2,424,663 | $ | (1,211) | $ | 22,235 | $ | 2,470,179 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Operating activities: | |||||||||||||||||
Net income | $ | 163,958 | $ | 323,310 | $ | 357,914 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 287,610 | 259,255 | 241,585 | ||||||||||||||
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (42) | (1,903) | (2,537) | ||||||||||||||
Share-based compensation expense | 7,552 | 8,646 | 6,210 | ||||||||||||||
Net credit losses on operating lease receivables | 3,199 | 425 | 5,458 | ||||||||||||||
Accrued interest on mortgages and notes receivable | (88) | (103) | (118) | ||||||||||||||
Amortization of debt issuance costs | 4,324 | 4,451 | 3,092 | ||||||||||||||
Amortization of cash flow hedges | (238) | 508 | 247 | ||||||||||||||
Amortization of mortgages and notes payable fair value adjustments | (70) | 862 | 1,681 | ||||||||||||||
Impairments of real estate assets | 36,515 | — | 1,778 | ||||||||||||||
Losses on debt extinguishment | — | 286 | 3,674 | ||||||||||||||
Net gains on disposition of property | (63,546) | (174,059) | (215,897) | ||||||||||||||
Equity in earnings of unconsolidated affiliates | (1,535) | (1,947) | (4,005) | ||||||||||||||
Distributions of earnings from unconsolidated affiliates | 614 | 1,417 | 1,533 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | (10,955) | 5,744 | 437 | ||||||||||||||
Prepaid expenses and other assets | 1,685 | 1,575 | (365) | ||||||||||||||
Accrued straight-line rents receivable | (29,421) | (22,100) | (36,576) | ||||||||||||||
Accounts payable, accrued expenses and other liabilities | 22,217 | 8,191 | (5,951) | ||||||||||||||
Net cash provided by operating activities | 421,779 | 414,558 | 358,160 | ||||||||||||||
Investing activities: | |||||||||||||||||
Investments in acquired real estate and related intangible assets, net of cash acquired | (224,934) | (305,291) | (2,363) | ||||||||||||||
Investments in development in-process | (44,352) | (77,854) | (160,612) | ||||||||||||||
Investments in tenant improvements and deferred leasing costs | (120,739) | (93,654) | (137,997) | ||||||||||||||
Investments in building improvements | (76,415) | (48,405) | (62,154) | ||||||||||||||
Investment in acquired controlling interest in unconsolidated affiliate | — | (127,339) | — | ||||||||||||||
Net proceeds from disposition of real estate assets | 130,038 | 374,016 | 484,311 | ||||||||||||||
Distributions of capital from unconsolidated affiliates | — | — | 72 | ||||||||||||||
Investments in mortgages and notes receivable | (24) | (84) | (32) | ||||||||||||||
Repayments of mortgages and notes receivable | 288 | 301 | 310 | ||||||||||||||
Investments in and advances to unconsolidated affiliates | (261,772) | (6,079) | — | ||||||||||||||
Payments of earnest money deposits | (15,500) | — | — | ||||||||||||||
Changes in other investing activities | (1,389) | (3,289) | (10,853) | ||||||||||||||
Net cash provided by/(used in) investing activities | $ | (614,799) | $ | (287,678) | $ | 110,682 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Financing activities: | |||||||||||||||||
Distributions on Common Units | $ | (214,231) | $ | (208,896) | $ | (204,002) | |||||||||||
Redemptions/repurchases of Preferred Units | — | (5) | (33) | ||||||||||||||
Redemptions of Common Units | (3,763) | — | — | ||||||||||||||
Distributions on Preferred Units | (2,486) | (2,486) | (2,488) | ||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | (1,411) | (1,342) | (1,138) | ||||||||||||||
Proceeds from the issuance of Common Units | 7,570 | 23,917 | 3,571 | ||||||||||||||
Costs paid for the issuance of Common Units | (247) | (535) | (215) | ||||||||||||||
Repurchase of units related to tax withholdings | (2,156) | (1,718) | (1,160) | ||||||||||||||
Borrowings on revolving credit facility | 675,000 | 380,000 | 129,000 | ||||||||||||||
Repayments of revolving credit facility | (359,000) | (310,000) | (350,000) | ||||||||||||||
Borrowings on mortgages and notes payable | 550,000 | 200,000 | 398,364 | ||||||||||||||
Repayments of mortgages and notes payable | (456,444) | (353,780) | (251,952) | ||||||||||||||
Payments of debt extinguishment costs | — | — | (3,193) | ||||||||||||||
Payments for debt issuance costs and other financing activities | (4,905) | (10,081) | (11,094) | ||||||||||||||
Net cash provided by/(used in) financing activities | 187,927 | (284,926) | (294,340) | ||||||||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | (5,093) | (158,046) | 174,502 | ||||||||||||||
Cash and cash equivalents and restricted cash at beginning of the period | 31,198 | 189,244 | 14,742 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | 26,105 | $ | 31,198 | $ | 189,244 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | 21,357 | $ | 23,152 | $ | 109,322 | |||||||||||
Restricted cash at end of the period | 4,748 | 8,046 | 79,922 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | 26,105 | $ | 31,198 | $ | 189,244 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash paid for interest, net of amounts capitalized | $ | 102,501 | $ | 79,474 | $ | 72,350 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Unrealized losses on cash flow hedges | $ | — | $ | (19) | $ | (1,238) | |||||||||||
Changes in accrued capital expenditures (1) | (1,426) | (9,843) | (1,913) | ||||||||||||||
Write-off of fully depreciated real estate assets | 58,905 | 68,307 | 46,656 | ||||||||||||||
Write-off of fully amortized leasing costs | 29,083 | 43,648 | 25,618 | ||||||||||||||
Write-off of fully amortized debt issuance costs | 3,292 | 5,200 | 1,438 | ||||||||||||||
Adjustment of Redeemable Common Units to fair value | (45,712) | (810) | (26,880) | ||||||||||||||
Assumption of mortgages and notes payable related to acquisition activities | — | 403,000 | — | ||||||||||||||
Issuances of Common Units to acquire real estate assets | — | — | 6,163 | ||||||||||||||
Initial recognition of lease liabilities related to right of use assets | — | 5,310 | — | ||||||||||||||
Future consideration in connection with the acquisition of land | — | 16,000 | — |
2023 | $ | 706,882 | ||||||
2024 | 681,005 | |||||||
2025 | 596,224 | |||||||
2026 | 534,928 | |||||||
2027 | 474,241 | |||||||
Thereafter | 1,864,949 | |||||||
$ | 4,858,229 |
2023 | $ | 2,213 | ||||||
2024 | 2,258 | |||||||
2025 | 2,306 | |||||||
2026 | 2,355 | |||||||
2027 | 2,407 | |||||||
Thereafter | 77,802 | |||||||
89,341 | ||||||||
Discount | (56,162) | |||||||
Lease liability | $ | 33,179 |
Asset | Market | Submarket/BBD | Square Footage | |||||||||||||||||
150 Fayetteville | Raleigh | CBD | 560,000 | |||||||||||||||||
CAPTRUST Towers | Raleigh | North Hills | 300,000 | |||||||||||||||||
Capitol Towers | Charlotte | SouthPark | 479,000 | |||||||||||||||||
Morrocroft Centre | Charlotte | SouthPark | 291,000 | |||||||||||||||||
Galleria 75 Redevelopment Site | Atlanta | Cumberland/Galleria |
Amount Recorded at Acquisition | ||||||||
Real estate assets (1) | $ | 593,039 | ||||||
Acquisition-related intangible assets (in deferred financing and leasing costs) (1) | $ | 61,126 | ||||||
Right of use asset (in prepaid expenses and other assets) (1) | $ | 8,440 | ||||||
Mortgages and notes payable | $ | (403,000) | ||||||
Debt issuance costs (in mortgages and notes payable) (1) | $ | 3,473 | ||||||
Acquisition-related intangible liabilities (in accounts payable, accrued expenses and other liabilities) (1) | $ | (7,174) | ||||||
Lease liability (in accounts payable, accrued expenses and other liabilities) (1) | $ | (5,310) |
Joint Venture | Location | Ownership Interest | ||||||||||||
Granite Park Six JV, LLC | Dallas | 50.0% | ||||||||||||
GPI 23 Springs JV, LLC | Dallas | 50.0% | ||||||||||||
M+O JV, LLC | Dallas | 50.0% | ||||||||||||
Midtown East Tampa, LLC | Tampa | 50.0% | ||||||||||||
Brand/HRLP 2827 Peachtree, LLC | Atlanta | 50.0% | ||||||||||||
Plaza Colonnade, Tenant-in-Common | Kansas City | 50.0% | ||||||||||||
Kessinger/Hunter & Company, LC | Kansas City | 26.5% |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Net real estate assets | $ | 59,854 | $ | 53,191 | |||||||
Cash and cash equivalents | $ | 1,009 | $ | 389 | |||||||
Accounts receivable | $ | 1,490 | $ | — | |||||||
Accrued straight-line rents receivable | $ | 1,921 | $ | 121 | |||||||
Deferred leasing costs, net | $ | 2,677 | $ | 1,519 | |||||||
Prepaid expenses and other assets | $ | 153 | $ | 163 | |||||||
Accounts payable, accrued expenses and other liabilities | $ | 1,212 | $ | 646 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Assets: | |||||||||||
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) | $ | 416,579 | $ | 402,013 | |||||||
Less accumulated amortization | (163,751) | (143,111) | |||||||||
$ | 252,828 | $ | 258,902 | ||||||||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||||||
Acquisition-related below market lease liabilities | $ | 55,304 | $ | 57,703 | |||||||
Less accumulated amortization | (29,859) | (28,978) | |||||||||
$ | 25,445 | $ | 28,725 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 44,900 | $ | 38,173 | $ | 34,401 | |||||||||||
Amortization of lease incentives (in rental and other revenues) | $ | 2,090 | $ | 1,885 | $ | 1,847 | |||||||||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 3,320 | $ | 1,932 | $ | 1,137 | |||||||||||
Amortization of acquisition-related intangible assets (in rental property and other expenses) | $ | — | $ | — | $ | 510 | |||||||||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (5,452) | $ | (5,720) | $ | (6,031) |
Acquisition-Related Intangible Assets (amortized in Rental and Other Revenues) | Acquisition-Related Intangible Assets (amortized in Depreciation and Amortization) | Acquisition-Related Below Market Lease Liabilities (amortized in Rental and Other Revenues) | ||||||||||||||||||
Amount recorded at acquisition | $ | 4,722 | $ | 12,606 | $ | (2,172) | ||||||||||||||
Weighted average remaining amortization periods as of December 31, 2022 (in years) | 8.8 | 9.6 | 12.5 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Secured indebtedness (1): | |||||||||||
4.27% (3.61% effective rate) mortgage loan due 2028 (2) | $ | 113,105 | $ | 115,731 | |||||||
4.00% mortgage loan due 2029 | 89,204 | 91,318 | |||||||||
3.61% (3.19% effective rate) mortgage loan due 2029 (3) | 84,666 | 84,973 | |||||||||
3.40% (3.50% effective rate) mortgage loan due 2033 (4) | 69,473 | 69,422 | |||||||||
4.60% (3.73% effective rate) mortgage loan due 2037 (5) | 127,540 | 130,498 | |||||||||
483,988 | 491,942 | ||||||||||
Unsecured indebtedness: | |||||||||||
3.625% (3.752% effective rate) notes due 2023 (6) | — | 249,726 | |||||||||
3.875% (4.038% effective rate) notes due 2027 (7) | 298,334 | 297,934 | |||||||||
4.125% (4.271% effective rate) notes due 2028 (8) | 347,863 | 347,449 | |||||||||
4.200% (4.234% effective rate) notes due 2029 (9) | 349,386 | 349,288 | |||||||||
3.050% (3.079% effective rate) notes due 2030 (10) | 399,302 | 399,204 | |||||||||
2.600% (2.645% effective rate) notes due 2031 (11) | 398,735 | 398,579 | |||||||||
Variable rate term loan due 2026 (12) | 200,000 | 200,000 | |||||||||
Variable rate term loan due 2027 (12) | 150,000 | — | |||||||||
Variable rate term loan due 2024 (12) | 200,000 | — | |||||||||
Revolving credit facility due 2025 (13) | 386,000 | 70,000 | |||||||||
2,729,620 | 2,312,180 | ||||||||||
Less-unamortized debt issuance costs | (16,393) | (15,207) | |||||||||
Total mortgages and notes payable, net | $ | 3,197,215 | $ | 2,788,915 |
Years Ending December 31, | Amount | |||||||
2023 | $ | 7,069 | ||||||
2024 | 207,365 | |||||||
2025 | 393,176 | |||||||
2026 | 206,911 | |||||||
2027 | 458,929 | |||||||
Thereafter | 1,940,158 | |||||||
Less-unamortized debt issuance costs | (16,393) | |||||||
$ | 3,197,215 |
Year Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Beginning noncontrolling interests in the Operating Partnership | $ | 111,689 | $ | 112,499 | |||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | (39,502) | 11,461 | |||||||||
Conversions of Common Units to Common Stock | (1,251) | (15,076) | |||||||||
Redemptions of Common Units | (3,763) | — | |||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | 3,670 | 8,321 | |||||||||
Distributions to noncontrolling interests in the Operating Partnership | (4,866) | (5,516) | |||||||||
Total noncontrolling interests in the Operating Partnership | $ | 65,977 | $ | 111,689 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Net income available for common stockholders | $ | 156,572 | $ | 310,791 | $ | 344,914 | |||||||||||
Increase in additional paid in capital from conversions of Common Units to Common Stock | 1,251 | 15,076 | 145 | ||||||||||||||
Redemptions of Common Units | 3,763 | — | — | ||||||||||||||
Issuances of Common Units | — | — | (6,163) | ||||||||||||||
Change from net income available for common stockholders and transfers from noncontrolling interests | $ | 161,586 | $ | 325,867 | $ | 338,896 |
Level 1 | Level 2 | ||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | |||||||||||||||
Fair Value as of December 31, 2022: | |||||||||||||||||
Assets: | |||||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 1,051 | $ | — | $ | 1,051 | |||||||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,564 | 2,564 | — | ||||||||||||||
Total Assets | $ | 3,615 | $ | 2,564 | $ | 1,051 | |||||||||||
Noncontrolling Interests in the Operating Partnership | $ | 65,977 | $ | 65,977 | $ | — | |||||||||||
Liabilities: | |||||||||||||||||
Mortgages and notes payable, net, at fair value (1) | $ | 2,832,973 | $ | — | $ | 2,832,973 | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,564 | 2,564 | — | ||||||||||||||
Total Liabilities | $ | 2,835,537 | $ | 2,564 | $ | 2,832,973 |
Fair Value as of December 31, 2021: | |||||||||||||||||
Assets: | |||||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 1,227 | $ | — | $ | 1,227 | |||||||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,866 | 2,866 | — | ||||||||||||||
Total Assets | $ | 4,093 | $ | 2,866 | $ | 1,227 | |||||||||||
Noncontrolling Interests in the Operating Partnership | $ | 111,689 | $ | 111,689 | $ | — | |||||||||||
Liabilities: | |||||||||||||||||
Mortgages and notes payable, net, at fair value (1) | $ | 2,907,492 | $ | — | $ | 2,907,492 | |||||||||||
60 | — | 60 | |||||||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,866 | 2,866 | — | ||||||||||||||
Total Liabilities | $ | 2,910,418 | $ | 2,866 | $ | 2,907,552 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Ordinary dividend | $ | 1.82 | $ | 1.87 | $ | 1.65 | |||||||||||
Capital gains | 0.18 | 0.09 | 0.25 | ||||||||||||||
Return of capital | — | — | 0.02 | ||||||||||||||
Total | $ | 2.00 | $ | 1.96 | $ | 1.92 |
Issue Date | Number of Shares Outstanding | Carrying Value | Liquidation Preference Per Share | Optional Redemption Date | Annual Dividends Payable Per Share | |||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
8.625% Series A Cumulative Redeemable | 2/12/1997 | 29 | $ | 28,821 | $ | 1,000 | 2/12/2027 | $ | 86.25 | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
8.625% Series A Cumulative Redeemable: | |||||||||||||||||
Ordinary dividend | $ | 78.48 | $ | 82.38 | $ | 74.96 | |||||||||||
Capital gains | 7.77 | 3.87 | 11.29 | ||||||||||||||
Total | $ | 86.25 | $ | 86.25 | $ | 86.25 | |||||||||||
Issue Date | Number of Units Outstanding | Carrying Value | Liquidation Preference Per Unit | Optional Redemption Date | Annual Distributions Payable Per Unit | |||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
8.625% Series A Cumulative Redeemable | 2/12/1997 | 29 | $ | 28,821 | $ | 1,000 | 2/12/2027 | $ | 86.25 | |||||||||||||||||||||||||||||
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Outstanding stock options and warrants | 527,067 | 527,067 | |||||||||
Possible future issuance under equity incentive plans | 2,817,293 | 2,999,100 | |||||||||
3,344,360 | 3,526,167 |
Options Outstanding | |||||||||||
Number of Options | Weighted Average Exercise Price | ||||||||||
Stock options outstanding as of December 31, 2019 | 584,902 | $ | 45.75 | ||||||||
Exercised | (42,163) | 41.10 | |||||||||
Forfeited | (5,366) | 50.82 | |||||||||
Stock options outstanding as of December 31, 2020 | 537,373 | 46.07 | |||||||||
Exercised | (25,306) | 43.76 | |||||||||
Stock options outstanding as of December 31, 2021 (1) | 512,067 | 46.18 | |||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Restricted shares outstanding as of December 31, 2019 | 218,151 | $ | 45.73 | ||||||||
Awarded and issued (1) | 83,116 | 44.88 | |||||||||
Vested (2) | (88,326) | 45.86 | |||||||||
Forfeited | (3,751) | 45.78 | |||||||||
Restricted shares outstanding as of December 31, 2020 | 209,190 | 45.34 | |||||||||
Awarded and issued (1) | 103,120 | 39.99 | |||||||||
Vested (2) | (89,264) | 45.90 | |||||||||
Forfeited | (3,327) | 43.13 | |||||||||
Restricted shares outstanding as of December 31, 2021 | 219,719 | 42.63 | |||||||||
Awarded and issued (1) | 99,975 | 43.58 | |||||||||
Vested (2) | (101,082) | 42.80 | |||||||||
Forfeited | (779) | 42.37 | |||||||||
Restricted shares outstanding as of December 31, 2022 | 217,833 | $ | 42.63 |
2022 | 2021 | 2020 | |||||||||||||||
Risk free interest rate (1) | 1.6 | % | 0.3 | % | 0.9 | % | |||||||||||
Common stock dividend yield (2) | 4.5 | % | 4.8 | % | 3.9 | % | |||||||||||
Expected volatility (3) | 25.8 | % | 26.8 | % | 20.4 | % |
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Restricted shares outstanding as of December 31, 2019 | 208,848 | $ | 42.22 | ||||||||
Awarded and issued (1) | 66,188 | 38.31 | |||||||||
Forfeited (3) | (49,852) | 51.93 | |||||||||
Restricted shares outstanding as of December 31, 2020 | 225,184 | 39.53 | |||||||||
Awarded and issued (1) | 81,464 | 36.41 | |||||||||
Vested (2) | (55,452) | 43.01 | |||||||||
Forfeited (3) | (21,904) | 42.33 | |||||||||
Restricted shares outstanding as of December 31, 2021 | 229,292 | 38.00 | |||||||||
Awarded and issued (1) | 81,832 | 41.94 | |||||||||
Vested (2) | (62,985) | 45.90 | |||||||||
Forfeited (3) | (20,995) | 45.90 | |||||||||
Restricted shares outstanding as of December 31, 2022 | 227,144 | $ | 38.93 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Beginning deferred compensation liability | $ | 2,866 | $ | 2,573 | $ | 2,345 | |||||||||||
Mark-to-market adjustment to deferred compensation (in general and administrative expenses) | (302) | 293 | 228 | ||||||||||||||
Total deferred compensation liability | $ | 2,564 | $ | 2,866 | $ | 2,573 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Assets: | |||||||||||
Land held for development | $ | — | $ | 3,482 | |||||||
Net real estate assets | — | 3,482 | |||||||||
Prepaid expenses and other assets | — | 36 | |||||||||
Real estate and other assets, net, held for sale | $ | — | $ | 3,518 | |||||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Earnings per Common Share - basic: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 163,958 | $ | 323,310 | $ | 357,914 | |||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (3,670) | (8,321) | (9,338) | ||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (1,230) | (1,712) | (1,174) | ||||||||||||||
Dividends on Preferred Stock | (2,486) | (2,486) | (2,488) | ||||||||||||||
Net income available for common stockholders | $ | 156,572 | $ | 310,791 | $ | 344,914 | |||||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) | 105,120 | 104,232 | 103,876 | ||||||||||||||
Net income available for common stockholders | $ | 1.49 | $ | 2.98 | $ | 3.32 | |||||||||||
Earnings per Common Share - diluted: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 163,958 | $ | 323,310 | $ | 357,914 | |||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (1,230) | (1,712) | (1,174) | ||||||||||||||
Dividends on Preferred Stock | (2,486) | (2,486) | (2,488) | ||||||||||||||
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ | 160,242 | $ | 319,112 | $ | 354,252 | |||||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) | 105,120 | 104,232 | 103,876 | ||||||||||||||
Add: | |||||||||||||||||
Stock options using the treasury method | 5 | 18 | 8 | ||||||||||||||
Noncontrolling interests Common Units | 2,442 | 2,811 | 2,830 | ||||||||||||||
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions | 107,567 | 107,061 | 106,714 | ||||||||||||||
Net income available for common stockholders | $ | 1.49 | $ | 2.98 | $ | 3.32 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Earnings per Common Unit - basic: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 163,958 | $ | 323,310 | $ | 357,914 | |||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (1,230) | (1,712) | (1,174) | ||||||||||||||
Distributions on Preferred Units | (2,486) | (2,486) | (2,488) | ||||||||||||||
Net income available for common unitholders | $ | 160,242 | $ | 319,112 | $ | 354,252 | |||||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) | 107,153 | 106,634 | 106,297 | ||||||||||||||
Net income available for common unitholders | $ | 1.50 | $ | 2.99 | $ | 3.33 | |||||||||||
Earnings per Common Unit - diluted: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 163,958 | $ | 323,310 | $ | 357,914 | |||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (1,230) | (1,712) | (1,174) | ||||||||||||||
Distributions on Preferred Units | (2,486) | (2,486) | (2,488) | ||||||||||||||
Net income available for common unitholders | $ | 160,242 | $ | 319,112 | $ | 354,252 | |||||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) | 107,153 | 106,634 | 106,297 | ||||||||||||||
Add: | |||||||||||||||||
Stock options using the treasury method | 5 | 18 | 8 | ||||||||||||||
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions | 107,158 | 106,652 | 106,305 | ||||||||||||||
Net income available for common unitholders | $ | 1.50 | $ | 2.99 | $ | 3.33 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Rental and Other Revenues: | |||||||||||||||||
Atlanta | $ | 143,904 | $ | 143,612 | $ | 146,704 | |||||||||||
Charlotte | 73,721 | 49,347 | 35,733 | ||||||||||||||
Nashville | 174,341 | 149,674 | 138,089 | ||||||||||||||
Orlando | 54,802 | 51,281 | 49,459 | ||||||||||||||
Raleigh | 182,990 | 162,115 | 128,189 | ||||||||||||||
Richmond | 43,084 | 45,941 | 48,079 | ||||||||||||||
Tampa | 94,726 | 97,954 | 99,520 | ||||||||||||||
Total Office Segment | 767,568 | 699,924 | 645,773 | ||||||||||||||
Other | 61,361 | 68,083 | 91,127 | ||||||||||||||
Total Rental and Other Revenues | $ | 828,929 | $ | 768,007 | $ | 736,900 |
Net Operating Income: | |||||||||||||||||
Atlanta | $ | 92,297 | $ | 94,122 | $ | 95,448 | |||||||||||
Charlotte | 55,689 | 38,464 | 28,431 | ||||||||||||||
Nashville | 129,217 | 110,039 | 99,901 | ||||||||||||||
Orlando | 32,331 | 31,301 | 29,546 | ||||||||||||||
Raleigh | 134,904 | 121,005 | 95,926 | ||||||||||||||
Richmond | 28,879 | 31,726 | 33,667 | ||||||||||||||
Tampa | 59,691 | 64,396 | 67,059 | ||||||||||||||
Total Office Segment | 533,008 | 491,053 | 449,978 | ||||||||||||||
Other | 36,115 | 40,518 | 55,097 | ||||||||||||||
Total Net Operating Income | 569,123 | 531,571 | 505,075 | ||||||||||||||
Reconciliation to net income: | |||||||||||||||||
Depreciation and amortization | (287,610) | (259,255) | (241,585) | ||||||||||||||
Impairments of real estate assets | (36,515) | — | (1,778) | ||||||||||||||
General and administrative expenses | (42,266) | (40,553) | (41,031) | ||||||||||||||
Interest expense | (105,385) | (85,853) | (80,962) | ||||||||||||||
Other income/(loss) | 1,530 | 1,394 | (1,707) | ||||||||||||||
Gains on disposition of property | 63,546 | 174,059 | 215,897 | ||||||||||||||
Equity in earnings of unconsolidated affiliates | 1,535 | 1,947 | 4,005 | ||||||||||||||
Net income | $ | 163,958 | $ | 323,310 | $ | 357,914 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Total Assets: | |||||||||||
Atlanta | $ | 928,406 | $ | 947,877 | |||||||
Charlotte | 984,075 | 771,121 | |||||||||
Nashville | 1,290,819 | 1,294,178 | |||||||||
Orlando | 287,950 | 285,781 | |||||||||
Raleigh | 1,288,878 | 1,269,200 | |||||||||
Richmond | 196,435 | 202,488 | |||||||||
Tampa | 493,966 | 514,303 | |||||||||
Total Office Segment | 5,470,529 | 5,284,948 | |||||||||
Other | 592,847 | 410,190 | |||||||||
Total Assets | $ | 6,063,376 | $ | 5,695,138 |
December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Real estate assets: | |||||||||||||||||
Beginning balance | $ | 6,486,136 | $ | 5,594,833 | $ | 5,776,804 | |||||||||||
Acquisitions, development and improvements | 378,587 | 1,248,256 | 259,470 | ||||||||||||||
Cost of real estate sold and retired | (175,031) | (356,953) | (441,441) | ||||||||||||||
Ending balance (a) | $ | 6,689,692 | $ | 6,486,136 | $ | 5,594,833 | |||||||||||
Accumulated depreciation: | |||||||||||||||||
Beginning balance | $ | 1,457,511 | $ | 1,421,956 | $ | 1,405,341 | |||||||||||
Depreciation expense | 240,273 | 218,628 | 204,585 | ||||||||||||||
Real estate sold and retired | (88,282) | (183,073) | (187,970) | ||||||||||||||
Ending balance (b) | $ | 1,609,502 | $ | 1,457,511 | $ | 1,421,956 |
2022 | 2021 | 2020 | |||||||||||||||
Total per Schedule III | $ | 6,689,692 | $ | 6,486,136 | $ | 5,594,833 | |||||||||||
Development in-process exclusive of land included in Schedule III | 46,735 | 6,890 | 259,681 | ||||||||||||||
Real estate assets, net, held for sale | — | (3,482) | (14,850) | ||||||||||||||
Total real estate assets | $ | 6,736,427 | $ | 6,489,544 | $ | 5,839,664 |
2022 | 2021 | 2020 | |||||||||||||||
Total per Schedule III | $ | 1,609,502 | $ | 1,457,511 | $ | 1,421,956 | |||||||||||
Real estate assets, net, held for sale | — | — | (3,577) | ||||||||||||||
Total accumulated depreciation | $ | 1,609,502 | $ | 1,457,511 | $ | 1,418,379 |
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | Life on Which Depreciation is Calculated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Property Type | 2022 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets (1) | Accumulated Depreciation | Date of Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlanta, GA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1700 Century Circle | Office | $ | — | $ | 2,482 | $ | 2 | $ | 1,340 | $ | 2 | $ | 3,822 | $ | 3,824 | $ | 2,225 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
1800 Century Boulevard | Office | 1,444 | 29,081 | — | 6,381 | 1,444 | 35,462 | 36,906 | 21,368 | 1975 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1825 Century Boulevard | Office | 864 | — | 303 | 15,209 | 1,167 | 15,209 | 16,376 | 7,687 | 2002 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1875 Century Boulevard | Office | — | 8,924 | — | 8,854 | — | 17,778 | 17,778 | 10,331 | 1976 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1900 Century Boulevard | Office | — | 4,744 | — | 340 | — | 5,084 | 5,084 | 5,084 | 1971 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2200 Century Parkway | Office | — | 14,432 | — | 9,374 | — | 23,806 | 23,806 | 13,405 | 1971 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2400 Century Parkway | Office | — | — | 406 | 14,802 | 406 | 14,802 | 15,208 | 8,843 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2500 Century Parkway | Office | — | — | 328 | 12,892 | 328 | 12,892 | 13,220 | 6,204 | 2005 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2500/2635 Parking Garage | Office | — | — | — | 6,447 | — | 6,447 | 6,447 | 2,764 | 2005 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2600 Century Parkway | Office | — | 10,679 | — | 5,327 | — | 16,006 | 16,006 | 8,888 | 1973 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2635 Century Parkway | Office | — | 21,643 | — | 21,120 | — | 42,763 | 42,763 | 22,453 | 1980 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2800 Century Parkway | Office | — | 20,449 | — | 11,856 | — | 32,305 | 32,305 | 20,210 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Century Plaza I | Office | 1,290 | 8,567 | — | 4,772 | 1,290 | 13,339 | 14,629 | 7,493 | 1981 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Century Plaza II | Office | 1,380 | 7,733 | — | 4,666 | 1,380 | 12,399 | 13,779 | 6,079 | 1984 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Riverwood 100 | Office | 5,785 | 64,913 | (29) | 28,871 | 5,756 | 93,784 | 99,540 | 30,150 | 1989 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tradeport - Land | Office | 5,243 | — | (4,733) | — | 510 | — | 510 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Two Alliance Center | Office | 9,579 | 125,549 | — | 22 | 9,579 | 125,571 | 135,150 | 36,973 | 2009 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Alliance Center | Office | 14,775 | 123,071 | — | 23,163 | 14,775 | 146,234 | 161,009 | 40,075 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 Glenlake North | Office | 5,349 | 26,334 | — | 8,110 | 5,349 | 34,444 | 39,793 | 9,844 | 2000 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 Glenlake South | Office | 5,103 | 22,811 | — | 9,336 | 5,103 | 32,147 | 37,250 | 9,177 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Riverwood 200 | Office | 4,777 | 89,708 | 450 | 2,691 | 5,227 | 92,399 | 97,626 | 17,208 | 2017 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Riverwood 300 - Land | Office | 400 | — | — | 710 | 400 | 710 | 1,110 | 105 | N/A | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Monarch Tower | Office | 22,717 | 143,068 | — | 22,143 | 22,717 | 165,211 | 187,928 | 36,534 | 1997 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Monarch Plaza | Office | 27,678 | 88,962 | — | 14,823 | 27,678 | 103,785 | 131,463 | 22,507 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Galleria 75 - Land | Office | 19,740 | — | (906) | 220 | 18,834 | 220 | 19,054 | 15 | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charlotte, NC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank of America Tower | Office | 29,273 | 354,749 | — | 22,746 | 29,273 | 377,495 | 406,768 | 35,392 | 2019 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morrocroft | Office | 69,473 | 19,286 | 177,199 | — | 5,569 | 19,286 | 182,768 | 202,054 | 9,120 | 1992 | 5-40 yrs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitol Towers | Office | 127,540 | 9,202 | 102,179 | — | 107 | 9,202 | 102,286 | 111,488 | 4,511 | 2015 | 5-40 yrs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1426 S. Tryon - Land | Office | — | — | 26,702 | — | 26,702 | — | 26,702 | — | N/A | 5-40 yrs. |
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | Life on Which Depreciation is Calculated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Property Type | 2022 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets (1) | Accumulated Depreciation | Date of Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SIX50 at Legacy Union | Office | — | — | 16,504 | 166,305 | 16,504 | 166,305 | 182,809 | 2,104 | 2020 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nashville, TN | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3322 West End | Office | 3,025 | 27,490 | — | 12,663 | 3,025 | 40,153 | 43,178 | 21,598 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3401 West End | Office | 5,862 | 22,917 | — | 7,484 | 5,862 | 30,401 | 36,263 | 17,944 | 1982 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5310 Maryland Way | Office | 1,863 | 7,201 | — | 3,818 | 1,863 | 11,019 | 12,882 | 7,444 | 1994 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cool Springs I & II Deck | Office | — | — | — | 3,994 | — | 3,994 | 3,994 | 1,516 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cool Springs III & IV Deck | Office | — | — | — | 4,467 | — | 4,467 | 4,467 | 1,762 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cool Springs I | Office | 1,583 | — | 15 | 18,764 | 1,598 | 18,764 | 20,362 | 9,375 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cool Springs II | Office | 1,824 | — | 346 | 24,083 | 2,170 | 24,083 | 26,253 | 10,764 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cool Springs III | Office | 1,631 | — | 804 | 22,191 | 2,435 | 22,191 | 24,626 | 7,172 | 2006 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cool Springs IV | Office | 1,715 | — | — | 20,532 | 1,715 | 20,532 | 22,247 | 7,492 | 2008 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cool Springs V | Office | 3,688 | — | 295 | 53,285 | 3,983 | 53,285 | 57,268 | 26,690 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Harpeth Two | Office | 1,419 | 5,677 | — | 9,034 | 1,419 | 14,711 | 16,130 | 4,975 | 1984 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Harpeth Three | Office | 1,660 | 6,649 | — | 7,876 | 1,660 | 14,525 | 16,185 | 5,788 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Harpeth Four | Office | 1,713 | 6,842 | — | 8,710 | 1,713 | 15,552 | 17,265 | 6,076 | 1989 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Harpeth Five | Office | 662 | — | 197 | 8,579 | 859 | 8,579 | 9,438 | 3,459 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hickory Trace | Office | 1,164 | — | 164 | 6,413 | 1,328 | 6,413 | 7,741 | 3,101 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highwoods Plaza I | Office | 1,552 | — | 307 | 9,469 | 1,859 | 9,469 | 11,328 | 5,434 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highwoods Plaza II | Office | 1,448 | — | 307 | 7,659 | 1,755 | 7,659 | 9,414 | 4,102 | 1997 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seven Springs I | Office | 2,076 | — | 592 | 14,008 | 2,668 | 14,008 | 16,676 | 6,847 | 2002 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SouthPointe | Office | 1,655 | — | 310 | 9,403 | 1,965 | 9,403 | 11,368 | 5,047 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ramparts | Office | 2,394 | 12,806 | — | 11,543 | 2,394 | 24,349 | 26,743 | 10,899 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westwood South | Office | 2,106 | — | 382 | 11,222 | 2,488 | 11,222 | 13,710 | 6,487 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 Winners Circle | Office | 1,497 | 7,258 | — | 5,753 | 1,497 | 13,011 | 14,508 | 5,668 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Pinnacle at Symphony Place | Office | 89,204 | — | 141,469 | — | 5,923 | — | 147,392 | 147,392 | 45,993 | 2010 | 5-40 yrs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seven Springs East | Office | 2,525 | 37,587 | — | 507 | 2,525 | 38,094 | 40,619 | 10,926 | 2013 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Shops at Seven Springs | Office | 803 | 8,223 | — | 613 | 803 | 8,836 | 9,639 | 3,257 | 2013 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seven Springs West | Office | 2,439 | 51,306 | — | 1,187 | 2,439 | 52,493 | 54,932 | 10,007 | 2016 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seven Springs II | Office | 2,356 | 30,048 | — | 3,103 | 2,356 | 33,151 | 35,507 | 6,418 | 2017 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bridgestone Tower | Office | 19,223 | 169,582 | — | 380 | 19,223 | 169,962 | 189,185 | 26,196 | 2017 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Virginia Springs II | Office | 4,821 | 26,448 | — | 3,973 | 4,821 | 30,421 | 35,242 | 1,914 | 2020 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MARS Campus | Office | 7,010 | 87,474 | — | 136 | 7,010 | 87,610 | 94,620 | 12,072 | 2019 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Virginia Springs I | Office | 4,534 | 25,632 | — | 308 | 4,534 | 25,940 | 30,474 | 3,745 | 2018 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1100 Broadway - Land | Office | 29,845 | — | (200) | — | 29,645 | — | 29,645 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asurion | Office | 33,219 | 230,569 | — | 2,253 | 33,219 | 232,822 | 266,041 | 9,601 | 2021 | 5-40 yrs. |
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | Life on Which Depreciation is Calculated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Property Type | 2022 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets (1) | Accumulated Depreciation | Date of Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ovation - Land | Office | 89,231 | — | 162 | — | 89,393 | — | 89,393 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadway Stem - Land | Office | 6,218 | — | — | 526 | 6,218 | 526 | 6,744 | 18 | N/A | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
YMCA Site - land | Office | 16,121 | — | 48 | — | 16,169 | — | 16,169 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orlando, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Plaza Three - Land | Office | 2,994 | — | 18 | — | 3,012 | — | 3,012 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1800 Eller Drive | Office | — | 9,851 | — | 2,565 | — | 12,416 | 12,416 | 8,430 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seaside Plaza | Office | 3,893 | 29,541 | — | 14,028 | 3,893 | 43,569 | 47,462 | 12,534 | 1982 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Plaza Two | Office | 4,346 | 43,394 | — | 11,555 | 4,346 | 54,949 | 59,295 | 13,688 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Plaza One | Office | 3,482 | 27,321 | — | 9,724 | 3,482 | 37,045 | 40,527 | 10,249 | 1975 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Landmark Center Two | Office | 4,743 | 22,031 | — | 10,368 | 4,743 | 32,399 | 37,142 | 10,100 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Landmark Center One | Office | 6,207 | 22,655 | — | 11,953 | 6,207 | 34,608 | 40,815 | 10,272 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank of America Plaza | Office | 3,490 | 56,079 | — | 9,601 | 3,490 | 65,680 | 69,170 | 14,390 | 2000 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eola Centre | Office | 5,785 | 11,160 | — | 15,510 | 5,785 | 26,670 | 32,455 | 5,463 | 1969 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pittsburgh, PA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One PPG Place | Office | 9,819 | 107,643 | — | 51,618 | 9,819 | 159,261 | 169,080 | 55,295 | 1983-1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Two PPG Place | Office | 2,302 | 10,978 | — | 12,456 | 2,302 | 23,434 | 25,736 | 7,358 | 1983-1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three PPG Place | Office | 501 | 2,923 | — | 4,536 | 501 | 7,459 | 7,960 | 3,254 | 1983-1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Four PPG Place | Office | 620 | 3,239 | — | 3,383 | 620 | 6,622 | 7,242 | 2,438 | 1983-1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Five PPG Place | Office | 803 | 4,924 | — | 2,678 | 803 | 7,602 | 8,405 | 2,490 | 1983-1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six PPG Place | Office | 3,353 | 25,602 | — | 15,552 | 3,353 | 41,154 | 44,507 | 13,894 | 1983-1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQT Plaza | Office | 16,457 | 83,812 | (6,000) | (7,121) | 10,457 | 76,691 | 87,148 | 33,713 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
East Liberty - Land | Office | 2,478 | — | (813) | — | 1,665 | — | 1,665 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Raleigh, NC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3600 Glenwood Avenue | Office | — | 10,994 | — | 6,160 | — | 17,154 | 17,154 | 10,184 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3737 Glenwood Avenue | Office | — | — | 318 | 17,738 | 318 | 17,738 | 18,056 | 9,607 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4800 Falls of Neuse | Office | 2,678 | 17,630 | — | 7,685 | 2,678 | 25,315 | 27,993 | 16,048 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5000 Falls of Neuse | Office | 1,010 | 4,612 | (49) | 3,792 | 961 | 8,404 | 9,365 | 4,717 | 1980 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
801 Raleigh Corporate Center | Office | 828 | — | 272 | 11,975 | 1,100 | 11,975 | 13,075 | 5,710 | 2002 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2500 Blue Ridge Road | Office | 722 | 4,606 | — | 1,417 | 722 | 6,023 | 6,745 | 4,187 | 1982 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2418 Blue Ridge Road | Office | 462 | 1,410 | — | 2,895 | 462 | 4,305 | 4,767 | 2,113 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2000 CentreGreen | Office | 1,529 | — | (391) | 14,318 | 1,138 | 14,318 | 15,456 | 5,835 | 2000 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4000 CentreGreen | Office | 1,653 | — | (389) | 12,171 | 1,264 | 12,171 | 13,435 | 5,310 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5000 CentreGreen | Office | 1,291 | 34,572 | — | 2,481 | 1,291 | 37,053 | 38,344 | 8,208 | 2017 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3000 CentreGreen | Office | 1,779 | — | (397) | 14,784 | 1,382 | 14,784 | 16,166 | 5,746 | 2002 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1000 CentreGreen | Office | 1,280 | — | 55 | 13,992 | 1,335 | 13,992 | 15,327 | 4,990 | 2008 | 5-40 yrs. |
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | Life on Which Depreciation is Calculated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Property Type | 2022 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets (1) | Accumulated Depreciation | Date of Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GlenLake - Land | Office | 13,003 | — | (12,382) | 114 | 621 | 114 | 735 | 62 | N/A | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GlenLake One | Office | 924 | — | 1,324 | 24,166 | 2,248 | 24,166 | 26,414 | 11,700 | 2002 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GlenLake Four | Office | 1,659 | — | 493 | 20,705 | 2,152 | 20,705 | 22,857 | 8,420 | 2006 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GlenLake Six | Office | 941 | — | (365) | 20,453 | 576 | 20,453 | 21,029 | 7,374 | 2008 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
701 Corporate Center | Office | 1,304 | — | 540 | 18,946 | 1,844 | 18,946 | 20,790 | 9,389 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7001 Weston Parkway | Office | 531 | — | (267) | 8,062 | 264 | 8,062 | 8,326 | 4,788 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inveresk Parcel 2 - Land | Office | 657 | — | 38 | 103 | 695 | 103 | 798 | 19 | N/A | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4201 Lake Boone Trail | Office | 1,450 | 6,311 | — | 1,015 | 1,450 | 7,326 | 8,776 | 2,460 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4620 Creekstone Drive | Office | 149 | — | 107 | 5,927 | 256 | 5,927 | 6,183 | 1,851 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4825 Creekstone Drive | Office | 398 | — | 293 | 10,819 | 691 | 10,819 | 11,510 | 5,906 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
751 Corporate Center | Office | 2,665 | 16,939 | — | (50) | 2,665 | 16,889 | 19,554 | 3,400 | 2018 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PNC Plaza | Office | 1,206 | — | — | 71,091 | 1,206 | 71,091 | 72,297 | 29,568 | 2008 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4301 Lake Boone Trail | Office | 878 | 3,730 | — | 2,432 | 878 | 6,162 | 7,040 | 4,355 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4207 Lake Boone Trail | Office | 362 | 1,818 | — | 1,409 | 362 | 3,227 | 3,589 | 2,440 | 1993 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2301 Rexwoods Drive | Office | 919 | 2,816 | — | 1,486 | 919 | 4,302 | 5,221 | 2,997 | 1992 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4325 Lake Boone Trail | Office | 586 | — | — | 4,696 | 586 | 4,696 | 5,282 | 3,220 | 1995 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2300 Rexwoods Drive | Office | 1,301 | — | 184 | 10,418 | 1,485 | 10,418 | 11,903 | 4,084 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4709 Creekstone Drive | Office | 469 | 4,038 | 23 | 5,722 | 492 | 9,760 | 10,252 | 3,752 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4700 Six Forks Road | Office | 666 | 2,665 | — | 1,741 | 666 | 4,406 | 5,072 | 2,558 | 1982 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4700 Homewood Court | Office | 1,086 | 4,533 | — | 1,655 | 1,086 | 6,188 | 7,274 | 3,915 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4800 Six Forks Road | Office | 862 | 4,411 | — | 2,725 | 862 | 7,136 | 7,998 | 4,534 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4601 Creekstone Drive | Office | 255 | — | 217 | 5,686 | 472 | 5,686 | 6,158 | 3,257 | 1997 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weston - Land | Office | 22,771 | — | (19,528) | — | 3,243 | — | 3,243 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4625 Creekstone Drive | Office | 458 | — | 268 | 6,647 | 726 | 6,647 | 7,373 | 3,831 | 1995 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11000 Weston Parkway | Office | 2,651 | 18,850 | — | 16,628 | 2,651 | 35,478 | 38,129 | 9,954 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GlenLake Five | Office | 2,263 | 30,264 | — | 1,424 | 2,263 | 31,688 | 33,951 | 9,365 | 2014 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11800 Weston Parkway | Office | 826 | 13,188 | — | 45 | 826 | 13,233 | 14,059 | 3,855 | 2014 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CentreGreen Café | Office | 41 | 3,509 | — | 15 | 41 | 3,524 | 3,565 | 709 | 2014 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CentreGreen Fitness Center | Office | 27 | 2,322 | — | (1) | 27 | 2,321 | 2,348 | 469 | 2014 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One City Plaza | Office | 11,288 | 68,375 | — | 26,944 | 11,288 | 95,319 | 106,607 | 28,566 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edison - Land | Office | 5,984 | — | 1,834 | — | 7,818 | — | 7,818 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charter Square | Office | 7,267 | 65,881 | — | 4,140 | 7,267 | 70,021 | 77,288 | 14,023 | 2015 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MetLife Global Technology Campus | Office | 21,580 | 149,889 | — | 264 | 21,580 | 150,153 | 171,733 | 28,859 | 2015 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GlenLake Seven | Office | 1,662 | 37,332 | — | — | 1,662 | 37,332 | 38,994 | 2,886 | 2020 | 5-40 yrs. |
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | Life on Which Depreciation is Calculated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Property Type | 2022 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets (1) | Accumulated Depreciation | Date of Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hargett - Land | Office | 9,248 | — | (212) | — | 9,036 | — | 9,036 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forum 1 | Office | 1,278 | 27,809 | — | 1,535 | 1,278 | 29,344 | 30,622 | 2,335 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forum 2 | Office | 1,327 | 18,088 | — | 326 | 1,327 | 18,414 | 19,741 | 1,636 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forum 3 | Office | 994 | 23,931 | — | 1,394 | 994 | 25,325 | 26,319 | 2,199 | 1995 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forum 4 | Office | 2,118 | 43,889 | — | 271 | 2,118 | 44,160 | 46,278 | 3,273 | 2000 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forum 5 | Office | 1,552 | 26,263 | — | 1,146 | 1,552 | 27,409 | 28,961 | 2,489 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Captrust Tower | Office | 84,666 | 9,670 | 124,530 | — | 2,432 | 9,670 | 126,962 | 136,632 | 5,466 | 2010 | 5-40 yrs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
150 Fayetteville | Office | 113,105 | 7,677 | 130,049 | — | 12,153 | 7,677 | 142,202 | 149,879 | 7,118 | 1991 | 5-40 yrs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Property | Other | 27,260 | 20,868 | (21,846) | 3,166 | 5,414 | 24,034 | 29,448 | 10,379 | N/A | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Richmond, VA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4900 Cox Road | Office | 1,324 | 5,311 | 15 | 3,537 | 1,339 | 8,848 | 10,187 | 5,764 | 1991 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colonnade Building | Office | 1,364 | 6,105 | — | 3,139 | 1,364 | 9,244 | 10,608 | 4,237 | 2003 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Markel 4521 | Office | 1,581 | 13,299 | 168 | (378) | 1,749 | 12,921 | 14,670 | 7,029 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highwoods Commons | Office | 521 | — | 458 | 4,930 | 979 | 4,930 | 5,909 | 2,323 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highwoods One | Office | 1,688 | — | 22 | 14,053 | 1,710 | 14,053 | 15,763 | 7,981 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highwoods Two | Office | 786 | — | 226 | 10,840 | 1,012 | 10,840 | 11,852 | 5,106 | 1997 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highwoods Five | Office | 783 | — | 11 | 8,210 | 794 | 8,210 | 9,004 | 4,520 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highwoods Plaza | Office | 909 | — | 187 | 6,123 | 1,096 | 6,123 | 7,219 | 3,046 | 2000 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innslake Center | Office | 845 | — | 125 | 7,725 | 970 | 7,725 | 8,695 | 3,927 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4101 Cox Road | Office | 1,205 | 4,825 | — | 2,711 | 1,205 | 7,536 | 8,741 | 4,045 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Markel 4501 | Office | 1,300 | 13,259 | 213 | (3,435) | 1,513 | 9,824 | 11,337 | 4,497 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4600 Cox Road | Office | 1,700 | 17,081 | 169 | (3,208) | 1,869 | 13,873 | 15,742 | 6,444 | 1989 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Park | Office | 2,163 | 8,659 | 6 | 3,315 | 2,169 | 11,974 | 14,143 | 6,966 | 1989 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Shore Commons I | Office | 951 | — | 137 | 14,727 | 1,088 | 14,727 | 15,815 | 6,758 | 2002 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Shore Commons II | Office | 2,067 | — | (89) | 11,742 | 1,978 | 11,742 | 13,720 | 4,526 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North End - Land | Office | 1,497 | — | 55 | 10 | 1,552 | 10 | 1,562 | 2 | N/A | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Shockoe Plaza | Office | — | — | 356 | 22,319 | 356 | 22,319 | 22,675 | 12,122 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pavilion - Land | Office | 181 | 46 | (181) | (46) | — | — | — | — | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lake Brook Commons | Office | 1,600 | 8,864 | (179) | 334 | 1,421 | 9,198 | 10,619 | 3,848 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sadler & Cox - Land | Office | 1,535 | — | 343 | — | 1,878 | — | 1,878 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highwoods Three | Office | 1,918 | — | 358 | 12,542 | 2,276 | 12,542 | 14,818 | 5,254 | 2005 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stony Point I | Office | 1,384 | 11,630 | (267) | 4,808 | 1,117 | 16,438 | 17,555 | 9,230 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stony Point II | Office | 1,240 | — | 103 | 13,952 | 1,343 | 13,952 | 15,295 | 7,215 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stony Point III | Office | 995 | — | — | 11,375 | 995 | 11,375 | 12,370 | 6,139 | 2002 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stony Point IV | Office | 955 | — | — | 12,794 | 955 | 12,794 | 13,749 | 5,367 | 2006 | 5-40 yrs. |
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | Life on Which Depreciation is Calculated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Property Type | 2022 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets (1) | Accumulated Depreciation | Date of Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4480 Cox Road | Office | 1,301 | 6,036 | 15 | 3,448 | 1,316 | 9,484 | 10,800 | 4,281 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innsbrook Centre | Office | 914 | 8,249 | — | 999 | 914 | 9,248 | 10,162 | 4,470 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tampa, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Meridian Three | Office | 2,673 | 16,470 | — | 6,677 | 2,673 | 23,147 | 25,820 | 8,912 | 1989 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bayshore Place | Office | 2,276 | 11,817 | — | 3,915 | 2,276 | 15,732 | 18,008 | 8,265 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highwoods Bay Center I | Office | 3,565 | — | (64) | 38,113 | 3,501 | 38,113 | 41,614 | 15,460 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon | Office | — | 6,257 | — | 4,410 | — | 10,667 | 10,667 | 5,453 | 1980 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LakePointe One | Office | 2,106 | 89 | — | 41,363 | 2,106 | 41,452 | 43,558 | 24,877 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LakePointe Two | Office | 2,000 | 15,848 | 672 | 13,141 | 2,672 | 28,989 | 31,661 | 16,304 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lakeside | Office | — | 7,369 | — | 7,160 | — | 14,529 | 14,529 | 8,478 | 1978 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lakeside/Parkside Garage | Office | — | — | — | 5,731 | — | 5,731 | 5,731 | 2,950 | 2004 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Harbour Place | Office | 2,016 | 25,252 | — | 17,019 | 2,016 | 42,271 | 44,287 | 21,481 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parkside | Office | — | 9,407 | — | 3,513 | — | 12,920 | 12,920 | 7,041 | 1979 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pavilion | Office | — | 16,394 | — | 6,535 | — | 22,929 | 22,929 | 14,016 | 1982 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pavilion Parking Garage | Office | — | — | — | 5,911 | — | 5,911 | 5,911 | 3,353 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spectrum | Office | 1,454 | 14,502 | — | 5,946 | 1,454 | 20,448 | 21,902 | 11,480 | 1984 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tower Place | Office | 3,218 | 19,898 | — | 9,888 | 3,218 | 29,786 | 33,004 | 15,879 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westshore Square | Office | 1,126 | 5,186 | — | 1,765 | 1,126 | 6,951 | 8,077 | 4,103 | 1976 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Independence Park - Land | Office | 4,943 | — | 2,669 | 1,693 | 7,612 | 1,693 | 9,305 | 247 | N/A | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Independence One | Office | 2,531 | 4,526 | — | 2,407 | 2,531 | 6,933 | 9,464 | 2,349 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Meridian One | Office | 1,849 | 22,363 | — | 4,120 | 1,849 | 26,483 | 28,332 | 7,641 | 1984 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Meridian Two | Office | 1,302 | 19,588 | — | 5,843 | 1,302 | 25,431 | 26,733 | 7,947 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avion | Office | — | — | 6,310 | 43,562 | 6,310 | 43,562 | 49,872 | 6,874 | 2016 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Truist Place | Office | 1,980 | 102,138 | — | 28,429 | 1,980 | 130,567 | 132,547 | 29,249 | 1992 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Truist Place - Land | Office | 2,225 | — | — | — | 2,225 | — | 2,225 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Midtown West | Office | 16,543 | 34,818 | — | 7,312 | 16,543 | 42,130 | 58,673 | 1,826 | 2021 | 5-40 yrs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 781,999 | $ | 4,175,016 | $ | (2,061) | $ | 1,734,738 | $ | 779,938 | $ | 5,909,754 | $ | 6,689,692 | $ | 1,609,502 |
Highwoods Properties, Inc. | |||||
By: | /s/ Theodore J. Klinck | ||||
Theodore J. Klinck | |||||
President and Chief Executive Officer |
Signature | Title | Date | ||||||||||||
/s/ Carlos E. Evans | Chairman of the Board of Directors | February 7, 2023 | ||||||||||||
Carlos E. Evans | ||||||||||||||
/s/ Theodore J. Klinck | President, Chief Executive Officer and Director | February 7, 2023 | ||||||||||||
Theodore J. Klinck | ||||||||||||||
/s/ Charles A. Anderson | Director | February 7, 2023 | ||||||||||||
Charles A. Anderson | ||||||||||||||
/s/ Gene H. Anderson | Director | February 7, 2023 | ||||||||||||
Gene H. Anderson | ||||||||||||||
/s/ Thomas P. Anderson | Director | February 7, 2023 | ||||||||||||
Thomas P. Anderson | ||||||||||||||
/s/ David L. Gadis | Director | February 7, 2023 | ||||||||||||
David L. Gadis | ||||||||||||||
/s/ David J. Hartzell | Director | February 7, 2023 | ||||||||||||
David J. Hartzell | ||||||||||||||
/s/ Anne H. Lloyd | Director | February 7, 2023 | ||||||||||||
Anne H. Lloyd | ||||||||||||||
/s/ Brendan C. Maiorana | Executive Vice President and Chief Financial Officer | February 7, 2023 | ||||||||||||
Brendan C. Maiorana | ||||||||||||||
/s/ Daniel L. Clemmens | Vice President and Chief Accounting Officer | February 7, 2023 | ||||||||||||
Daniel L. Clemmens |
Highwoods Realty Limited Partnership | |||||
By: | Highwoods Properties, Inc., its sole general partner | ||||
By: | /s/ Theodore J. Klinck | ||||
Theodore J. Klinck | |||||
President and Chief Executive Officer |
Signature | Title | Date | ||||||||||||
/s/ Carlos E. Evans | Chairman of the Board of Directors of the General Partner | February 7, 2023 | ||||||||||||
Carlos E. Evans | ||||||||||||||
/s/ Theodore J. Klinck | President, Chief Executive Officer and Director of the General Partner | February 7, 2023 | ||||||||||||
Theodore J. Klinck | ||||||||||||||
/s/ Charles A. Anderson | Director of the General Partner | February 7, 2023 | ||||||||||||
Charles A. Anderson | ||||||||||||||
/s/ Gene H. Anderson | Director of the General Partner | February 7, 2023 | ||||||||||||
Gene H. Anderson | ||||||||||||||
/s/ Thomas P. Anderson | Director of the General Partner | February 7, 2023 | ||||||||||||
Thomas P. Anderson | ||||||||||||||
/s/ David L. Gadis | Director of the General Partner | February 7, 2023 | ||||||||||||
David L. Gadis | ||||||||||||||
/s/ David J. Hartzell | Director of the General Partner | February 7, 2023 | ||||||||||||
David J. Hartzell | ||||||||||||||
/s/ Anne H. Lloyd | Director of the General Partner | February 7, 2023 | ||||||||||||
Anne H. Lloyd | ||||||||||||||
/s/ Brendan C. Maiorana | Executive Vice President and Chief Financial Officer of the General Partner | February 7, 2023 | ||||||||||||
Brendan C. Maiorana | ||||||||||||||
/s/ Daniel L. Clemmens | Vice President and Chief Accounting Officer of the General Partner | February 7, 2023 | ||||||||||||
Daniel L. Clemmens |
* | We have omitted the names of other direct and indirect subsidiaries of Highwoods Properties, Inc. because such other subsidiaries, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary. |
* | We have omitted the names of other direct and indirect subsidiaries of Highwoods Realty Limited Partnership because such other subsidiaries, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary. |
/s/ Theodore J. Klinck | ||
Theodore J. Klinck President and Chief Executive Officer |
/s/ Brendan C. Maiorana | ||
Brendan C. Maiorana Executive Vice President and Chief Financial Officer |
/s/ Theodore J. Klinck | ||
Theodore J. Klinck President and Chief Executive Officer of the General Partner |
/s/ Brendan C. Maiorana | ||
Brendan C. Maiorana Executive Vice President and Chief Financial Officer of the General Partner |
/s/ Theodore J. Klinck | ||
Theodore J. Klinck President and Chief Executive Officer | ||
February 7, 2023 |
/s/ Brendan C. Maiorana | ||
Brendan C. Maiorana Executive Vice President and Chief Financial Officer | ||
February 7, 2023 |
/s/ Theodore J. Klinck | ||
Theodore J. Klinck President and Chief Executive Officer of the General Partner | ||
February 7, 2023 |
/s/ Brendan C. Maiorana | ||
Brendan C. Maiorana Executive Vice President and Chief Financial Officer of the General Partner | ||
February 7, 2023 |