What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2021-02-09 compared with 2020-02-04 · 61 added, 15 removed, 59 unchanged (56% of the section changed)

The following table sets forth information about in-service office properties that we wholly own by geographic location at December 31, 2020:

Percentage of Annualized Cash Rental Revenue (1)

Market Rentable

Square Feet Occupancy Percentage of Annualized Cash Rental Revenue (1)

Atlanta 5,416,000 88.8 % 21.3 %

Nashville 4,567,000 92.8 19.8

Raleigh 4,834,000 91.2 18.4

Tampa 3,618,000 89.7 13.4

Pittsburgh 2,151,000 92.9 8.3

Orlando 1,791,000 87.8 6.8

Richmond 2,037,000 88.7 6.2

Charlotte 841,000 89.6 4.0

Other 654,000 87.5 1.8

Total 25,909,000 90.3 % 100.0 %

(1) Annualized Cash Rental Revenue is cash rental revenue (base rent plus cost recovery income, excluding straight-line rent) from our office properties for the month of December 2020 multiplied by 12.

1 unchanged sentence

Year Ended December 31,

2020 2019 2018

(in thousands)

Acquisitions — 841 —

Developments Placed In-Service — 898 351

Redevelopment/Other (40) (6) (2)

Dispositions (4,489) (557) (491)

Net Change in Rentable Square Footage (4,529) 1,176 (142)

The following table sets forth operating information about in-service properties that we wholly own:

Annualized GAAP Rent

Annualized Cash Rent

Occupancy Annualized GAAP Rent

Foot (1) Annualized Cash Rent

2016 92.8 % $ 23.24 $ 22.55

2017 92.5 % $ 24.05 $ 23.46

2018 91.7 % $ 24.68 $ 24.06

2019 91.4 % $ 26.46 $ 25.06

2020 90.7 % $ 29.23 $ 28.21

(1) Annualized GAAP Rent Per Square Foot is rental revenue (base rent plus cost recovery income, including straight-line rent) for the month of December of the respective year multiplied by 12, divided by total occupied rentable square footage.

1 unchanged sentence

The following table sets forth information concerning the 20 largest customers of properties that we wholly own at December 31, 2020:

Rentable Square

Customer Rentable Square

Feet Annualized

Lease Term in

4 unchanged sentences

Metropolitan Life Insurance 624,540 16,926 2.56 10.2

Mars Petcare 223,700 9,850 1.49 10.4

PPG Industries 361,215 9,837 1.49 10.3

EQT Corporation

Vanderbilt University 294,389 8,817 1.34 5.4

EQT Corporation 317,052 8,265 1.25 3.8

Tivity 263,598 7,717 1.17 2.2

Bass, Berry & Sims 213,951 7,170 1.09 4.1

American General Life 173,834 6,335 0.96 6.1

Novelis 168,949 6,267 0.95 3.7

State of Georgia 288,443 5,764 0.87 3.6

Lifepoint Corporate Services 202,991 5,545 0.84 8.3

PNC Bank 159,142 5,121 0.78 7.1

Delta Community Credit Union 128,589 4,885 0.74 11.8

Avanos Medical 193,199 4,713 0.71 8.2

Marsh USA 136,246 4,667 0.71 6.6

Willis Towers Watson 162,849 4,564 0.69 3.3

Global Payments 168,051 4,537 0.69 12.2

Total 6,417,666 $ 194,035 29.40 % 8.7

(1) Annualized Cash Rental Revenue is cash rental revenue (base rent plus cost recovery income, excluding straight-line rent) for the month of December 2020 multiplied by 12.

2 unchanged sentences

Lease Expiring (1)

Number of Leases Expiring

Percentage of

Number of Leases Expiring Rentable

Leases Percentage of

Leased Square

Leases Annualized

Under Expiring

Expirations Percent of

(in thousands)

362 1,913,644 8.2 % $ 52,999 $ 27.70 8.0 %

2022 366 1,923,263 8.2 55,031 28.61 8.3

2023 291 2,341,142 10.0 64,912 27.73 9.8

2024 259 2,477,527 10.6 73,936 29.84 11.2

2025 228 2,880,807 12.3 82,530 28.65 12.5

2026 148 1,863,015 8.0 50,806 27.27 7.7

2027 85 1,726,509 7.4 50,443 29.22 7.6

2028 65 1,503,344 6.4 37,441 24.91 5.7

2029 68 1,202,446 5.1 33,001 27.44 5.0

2030 101 1,379,684 5.9 35,278 25.57 5.3

Thereafter 101 4,192,266 17.9 123,931 29.56 18.9

2,074 23,403,647 100.0 % $ 660,308 $ 28.21 100.0 %

(1) Expirations that have been renewed are reflected above based on the renewal expiration date.

5 unchanged sentences

The following table summarizes these announced and in-process office developments:

Rentable Square Feet

Anticipated Total Investment (1)

Property Market Rentable Square Feet Anticipated Total Investment (1)

Investment As Of December 31, 2020 (1)

Estimated Completion

Estimated Stabilization

Pre Leased % Estimated Completion Estimated Stabilization

($ in thousands)

GlenLake Seven (2)

Virginia Springs II

Midtown One (2)

Raleigh 125,700 $ 43,881 $ 36,966 100.0 % 1Q 21 1Q 21

Midtown West (3)

Tampa 150,000 71,300 47,069 6.6 2Q 21 4Q 22

Asurion Nashville 552,800 285,000 225,727 98.3 4Q 21 1Q 22

828,500 $ 400,181 $ 309,762 81.9 %

(1) Includes deferred lease commissions which are classified in deferred leasing costs on our Consolidated Balance Sheets.

(2) Recorded on our Consolidated Balance Sheets in land and buildings and tenant improvements, not development in-process.

(3) We own an 80.0% interest in this consolidated joint venture.

6 unchanged sentences

The following table sets forth information about our joint venture investments by geographic location at December 31, 2020:

Percentage of

Square Feet Weighted

Kansas City (2)

292,000 50.0 % 85.3 %

Raleigh 636,000 25.0 91.0

345,000 50.0 99.2

Total 1,273,000 37.5 % 91.9 %

(1) Weighted Average Ownership Interest is calculated using Rentable Square Feet.

Annualized Cash Rental Revenue is cash rental revenue (base rent plus cost recovery income, excluding straight-line rent) for the month of December 2019 multiplied by 12.

(2) Excluding our 26.5% ownership interest in a real estate brokerage services company.

3 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