What changed in this filing

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Item 2. Properties

2024-02-07 compared with 2023-02-09 · 38 added, 34 removed, 140 unchanged (34% of the section changed)

5 unchanged sentences

Net Operating

Income (3) Property Level Debt (4) Annualized Rent (5)

Income (3) Property Level Debt (4)

Terminus (5) 1,226,000 Consolidated 100% 86.3% 83.8% 6.5% $ 220,687

Spring & 8th (5) 765,000 Consolidated 100% 100.0% 100.0% 5.5% —

Northpark (6) 1,539,000 Consolidated 100% 76.1% 71.7% 3.8% —

Buckhead Plaza (5) 678,000 Consolidated 100% 95.2% 89.6% 4.1% —

Northpark (5) 1,539,000 Consolidated 100% 74.0% 73.4% 4.0% —

725 Ponce 372,000 Consolidated 100% 100.0% 100.0% 3.8% —

3 unchanged sentences

3348 Peachtree 258,000 Consolidated 100% 76.9% 80.5% 1.0% —

Promenade Central (6) (7) 367,000 Consolidated 100% 71.3% 55.9% 0.9% —

Medical Offices at Emory Hospital 358,000 Unconsolidated 50% 99.5% 99.5% 0.9% 41,158

Meridian Mark Plaza 160,000 Consolidated 100% 100.0% 100.0% 0.8% —

3350 Peachtree 413,000 Consolidated 100% 60.3% 57.0% 0.4% —

Emory University Hospital Midtown 358,000 Unconsolidated 50% 99.5% 98.3% 0.9% 31,428

120 West Trinity Office 43,000 Unconsolidated 20% 100.0% 100.0% 0.1% —

Promenade Central (7) (9) 370,000 Consolidated 100% 60.7% 11.1% 0.1% —

ATLANTA (7) 7,920,000 86.6% 83.3% 36.4% 261,845

1 unchanged sentence

300 Colorado 378,000 Consolidated 100% 100.0% 100.0% 4.1% —

San Jacinto Center 399,000 Consolidated 100% 95.9% 86.9% 3.3% —

Colorado Tower 373,000 Consolidated 100% 98.8% 97.4% 3.2% 106,605

One Eleven Congress 519,000 Consolidated 100% 80.5% 79.9% 3.0% —

The Terrace (5) 619,000 Consolidated 100% 79.9% 77.6% 2.9% —

Colorado Tower 373,000 Consolidated 100% 97.4% 89.2% 2.6% 109,199

San Jacinto Center 399,000 Consolidated 100% 93.9% 78.7% 2.6% —

Domain Point (5) 240,000 Consolidated 96.5% 100.0% 100.0% 1.6% —

6 unchanged sentences

TAMPA 1,980,000 93.0% 91.7% 9.1% —

Fifth Third Center 692,000 Consolidated 100% 91.1% 91.1% 3.5% 126,369

The RailYard 329,000 Consolidated 100% 99.0% 99.2% 2.4% —

550 South 394,000 Consolidated 100% 96.7% 96.7% 2.1% —

CHARLOTTE 1,415,000 1569000 94.5% 94.5% 8.0% 126,369

Hayden Ferry (5) (8) 792,000 Consolidated 100% 90.9% 88.5% 3.3% —

3 unchanged sentences

PHOENIX 1,569,000 90.9% 84.4% 7.6% —

Fifth Third Center 692,000 Consolidated 100% 90.8% 90.8% 3.4% 129,921

The RailYard 329,000 Consolidated 100% 99.4% 98.6% 2.5% —

550 South 394,000 Consolidated 100% 97.9% 97.9% 2.1% —

CHARLOTTE 1,415,000 94.8% 94.6% 8.0% 129,921

Legacy Union One 319,000 Consolidated 100% 100.0% 100.0% 1.8% —

8 unchanged sentences

Net Operating

Income (3) Property Level Debt (4) Annualized Rent (5)

Income (3) Property Level Debt (4)

Other Properties

3 unchanged sentences

TOTAL (7) 19,145,000 90.9% 87.7% 100.0% $ 567,115

(1) Operating properties exclude properties on our development pipeline and properties sold prior to December 31, 2022.

(1) Operating properties exclude properties in our development pipeline and properties sold prior to December 31, 2023.

(2) The weighted average economic occupancy of the property over the period for which the property was available for occupancy during the three months ended December 31, 2023.

2 unchanged sentences

(4) The Company's share of property-specific mortgage debt, net of unamortized loan costs, as of December 31, 2023.

(5) The Company's share of annualized rent represents the sum of the annualized cash rent including tenant's share of estimated operating expenses, if applicable, each tenant is paying as of the end of the reporting period.

If a tenant is not paying rent due to a free rent concession, annualized rent is calculated based on the annualized contractual rent the tenant will pay in the first period it is required to pay rent.

Included in this a mount is $30.0 million of annuali zed base rent for tenants in a free rent period.

(5) Contains two or more buildings that are grouped together for reporting purposes.

1 unchanged sentence

Management's Discussion and Analysis of Financial Condition and Results of Operations for the definition of Same Property.

(8) Contains two or more buildings that are grouped together for reporting purposes, some of which are not included in Same Property as of December 31, 2022, specifically Domain 10 and 10000 Avalon.

(9) While under redevelopment and until stabilization, Promenade Central was excluded from the Atlanta, Total Office, and Total Portfolio calculations of end of period leased and weighted average occupancy at and for the quarters ended December 31, 2022 and September 30, 2022.

Promenade Central will be added back to the total calculations when weighted average occupancy stabilizes, which is the earlier of when it reaches 90% occupancy or in fourth quarter 2023 (one year after the redevelopment activity was substantially complete).

(7) A redevelopment of Promenade Central reached substantial completion in the fourth quarter of 2022.

This building will be excluded from the Atlanta, Total Office, and Total Portfolio calculations until stabilized.

(8) Hayden Ferry 1 in this group of buildings has been excluded from Same Property, end of period leased as of December 31, 2023, and weighted average occupancy for the quarter ended December 31, 2023 due to commencement of a full redevelopment of this building effective October 1, 2023.

The above table has annualized rent of $741.6 million, which represents the sum of the annualized cash rent including tenant's share of estimated operating expenses, if applicable, each tenant is paying as of the end of the reporting period.

Included in this amount is $27.7 million related to tenants not paying rent as of December 31, 2023 due to free rent concessions.

For those tenants, annualized rent is calculated based on the annualized contractual rent the tenant will pay in the first period it is required to pay rent.

Office Lease Expirations (1)

22 unchanged sentences

1 Amazon 5 3 1,107,805 $ 59,942 8.1% 5.2

2 NCR Corporation 1 1 762,090 37,753 5.3% 10.6

3 Meta Platforms 1 1 422,252 23,818 3.4% 7.2

2 NCR VOYIX 2 2 815,634 40,595 5.5% 9.4

3 Pioneer Natural Resources 2 1 359,660 25,868 3.5% 7.7

4 Meta Platforms 1 1 319,863 19,481 2.6% 7.6

5 Expedia 1 1 315,882 17,926 2.4% 7.3

6 Bank of America 2 2 347,139 12,648 1.7% 2.0

7 Wells Fargo 5 3 201,801 9,109 1.3% 3.1

7 Apache 1 1 210,012 9,760 1.3% 14.6

9 SVB Financial Group 1 1 204,751 8,432 1.2% 3.1

8 Wells Fargo 5 3 198,507 9,153 1.2% 5.1

9 Ovintiv USA 1 1 318,582 8,313 1.1% 3.5

11 WeWork Companies 4 2 169,050 7,750 1.1% 10.7

10 WeWork (3) 4 2 169,050 8,058 1.1% 9.8

11 ADP 1 1 225,000 7,668 1.0% 4.3

3 unchanged sentences

15 Workrise Technologies 1 1 93,210 6,712 1.0% 4.6

17 McGuireWoods 2 2 187,119 6,556 0.9% 3.9

16 Amgen 1 1 163,169 6,607 1.0% 4.8

17 Samsung Engineering America 1 1 133,860 6,482 0.9% 2.9

18 McKinsey & Company 2 2 130,513 6,357 0.9% 8.9

19 Time Warner Cable 4 2 120,140 6,048 0.8% 2.0

20 Visa U.S.A.

1 1 122,764 5,864 0.8% 9.8

Total 5,632,750 $ 279,427 37.9% 6.6

2 unchanged sentences

If the tenant is in a free rent period for December 2023, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full rent.

Included in this amount is $7.9 million of annualized based rent for tenants in a free rent period.

Included in this amount is $3.0 million of annualized base rent for tenants in a free rent period.

(3) Additional information regarding leases with this tenant can be found in note 13 of the Notes to Consolidated Financial Statements within this Form 10-K annual report.

This schedule includes leases that have commenced.

7 unchanged sentences

Consumer Goods & Services 8.0 %

Health Care 5.5 %

Real Estate 6.0 %

Health Care 5.9 %

Insurance 3.5 %

Marketing/Media/Telecom 3.1 %

Construction/Design 1.9 %

Marketing/Media/Creative 2.1 %

Total 100.0 %

4 unchanged sentences

As of December 31, 2023, information on our projects under development was as follows ($ in thousands):

Project Type Market Company's Ownership Interest Construction Start Date Square Feet/Units Estimated Project Cost (1) (2) Company's Share of Estimated Project Cost (2) Project Cost Incurred to Date (2) Company's Share of Project Cost Incurred to Date (2) Percent Leased Initial Revenue Recognition(3)

Neuhoff (4) Mixed Nashville 50 % 3Q21 $ 563,000 $ 281,500 $ 472,531 $ 236,266

Commercial 448,000 — % 3Q23

Office and Retail 448,000 22 % 4Q23

Apartments 542 — % 2Q24

2 unchanged sentences

(1) This schedule shows projects currently under active development through the substantial completion of construction as well as properties in an initial lease up period prior to stabilization.

Amounts included in the estimated project cost column are the estimated costs of the project through stabilization.

Amounts included in the estimated project cost column are the estimated costs of the project, including direct financing costs as of project commencement.

Significant estimation is required to derive these costs, and the final costs may differ from these estimates.

(2) Estimated and incurred project costs are construction costs plus financing costs on project-specific debt.

Neuhoff has a project-specific construction loan (see Note 4).

Neuhoff has a project-specific construction loan (see footnote 4 below).

The above excludes any financing cost assumptions for projects without project-specific debt and any other incremental capitalized costs required by GAAP.

(3) Initial revenue recognition represents the quarter within which the Company recognized or estimates it will begin recognizing revenue under GAAP.

(4) The Neuhoff estimated project cost will be funded with a combination of $250.6 million of equity contributed by the joint venture partners, followed by a $312.7 million construction loan.

(3) Initial occupancy represents the quarter within which the Company first recognized, or estimates it will begin recognizing, revenue under GAAP.

The Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of office and retail properties, which have ongoing construction of tenant improvements, until the earlier of (1) the date on which the project achieves 90% economic occupancy or (2) one year from cessation of major construction activity.

For residential project construction, the Company continues to capitalize interest, real estate taxes, and certain operating expenses until cessation of major construction activity.

(4) The Neuhoff estimated project cost will be funded with a combination of $250.6 million of equity contributed by the joint venture partners and a $312.7 million construction loan.

The estimated project cost, as of project commencement, includes approximately $66 million of site and associated infrastructure work related to a future phase.

Land Holdings

4 unchanged sentences

887 West Peachtree (1) Atlanta 100% Consolidated 1.6

The Avenue Forsyth-Adjacent Land Atlanta 100% Consolidated 10.4

Domain Point 3 Austin 90% Consolidated 1.7

9 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties