What changed in this filing

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Item 2. Properties

2023-02-07 compared with 2022-02-08 · 40 added, 35 removed, 85 unchanged (47% 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, 2021:

The following table sets forth information about our portfolio by geographic location as of December 31, 2022:

Market Rentable

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

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

Raleigh 6,335,000 92.0 % 22.3 %

3 unchanged sentences

Charlotte 1,970,000 94.3 10.1

Pittsburgh 2,152,000 92.6 7.5

Orlando 1,790,000 88.9 6.0

2 unchanged sentences

Total 27,590,000 91.0 % 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 2021 multiplied by 12.

The following table sets forth the net changes in rentable square footage of in-service properties that we wholly own:

(1) Annualized GAAP Rental Revenue is GAAP rental revenue (base rent plus cost recovery income, including straight-line rent) from our office properties for the month of December 2022 multiplied by 12.

The following table sets forth the net changes in rentable square footage of our portfolio:

Year Ended December 31,

3 unchanged sentences

Developments Placed In-Service 263 897 —

Redevelopment/Other (3) (40) (6)

Remeasurements/Other (11) (3) (40)

Dispositions (437) (1,661) (4,489)

Net Change in Rentable Square Footage 182 1,499 (4,529)

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

The following table sets forth operating information about our portfolio:

Occupancy Annualized GAAP Rent

7 unchanged sentences

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

The following table sets forth information concerning the 20 largest customers of properties that we wholly own at December 31, 2021:

The following table sets forth information concerning the 20 largest customers in our portfolio as of December 31, 2022:

Customer Rentable Square

2 unchanged sentences

(in thousands)

Federal Government 1,058,933 $ 29,571 3.97 % 7.4

Bank of America 652,313 $ 30,317 3.79 % 10.9

Asurion, LLC 543,794 21,010 2.82 14.8

Metropolitan Life Insurance 667,228 19,275 2.59 9.1

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

1 unchanged sentence

Vanderbilt University 294,389 8,986 1.12 3.4

EQT Corporation 317,052 8,138 1.09 2.8

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

American General Life 173,834 6,666 0.90 5.1

Novelis 168,949 5,953 0.74 1.7

Albemarle Corporation 162,368 5,967 0.80 12.1

State of Georgia 288,443 5,813 0.78 3.0

Lifepoint Corporate Services 202,991 5,579 0.7 6.3

PNC Bank 162,223 5,389 0.72 5.9

Marsh USA, Inc.

State of Georgia 288,443 5,560 0.69 2.0

Regus 169,833 5,528 0.69 5.8

Morgan Chase & Co.

180,424 5,482 0.68 5.4

Cigna 180,728 5,026 0.68 6.0

Regus PLC 169,833 4,999 0.67 6.2

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

(1) Annualized Cash Rental Revenue is cash rental revenue (base rent plus cost recovery income, excluding straight-line rent) for the month of December 2021 multiplied by 12.

(1) Annualized GAAP Rental Revenue is GAAP rental revenue (base rent plus cost recovery income, including straight-line rent) for the month of December 2022 multiplied by 12.

Lease Expirations

The following tables set forth scheduled lease expirations for existing leases at office properties that we wholly owned at December 31, 2021:

The following table sets forth scheduled lease expirations for existing leases in our portfolio as of December 31, 2022:

Lease Expiring (1)

20 unchanged sentences

Expirations include leases related to completed not stabilized development properties but exclude leases related to developments in-process.

(2) Annualized Cash Rental Revenue is cash rental revenue (base rent plus cost recovery income, excluding straight-line rent) for the month of December 2021 multiplied by 12.

(3) Includes 51,831 rentable square feet of leases that are on a month-to-month basis, which represent 0.2% of total annualized cash rental revenue.

(2) Annualized GAAP Rental Revenue is GAAP rental revenue (base rent plus cost recovery income, including straight-line rent) for the month of December 2022 multiplied by 12.

(3) Includes 39,000 rentable square feet of leases that are on a month-to-month basis, which represent 0.2% of total annualized GAAP rental revenue.

In-Process Development

1 unchanged sentence

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

Property Market Rentable Square Feet Anticipated Total Investment (1)

Investment As Of December 31, 2021 (1)

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 218,250 $ 94,600 $ 7,329 14.6 % 3Q 23 1Q 26

2827 Peachtree (3)

Atlanta 135,300 79,000 12,158 62.4 3Q 23 1Q 25

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 %

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

(2) Retail portion recorded on our Consolidated Balance Sheet as land held for development, not development in-process.

(3) We own a 50% interest in this unconsolidated joint venture.

(1) Investment includes capitalized interest only on the construction loan portion of the project.

(2) Investment includes deferred lease commissions which are classified in deferred leasing costs on our Consolidated Balance Sheet.

(3) Recorded on our Consolidated Balance Sheet as land held for development, not development in-process.

Land Held for Development

At December 31, 2021, we estimate that we can develop approximately 4.7 million rentable square feet of office space on the wholly-owned development land that we consider core assets for our future development needs.

As of December 31, 2022, we estimate that we can develop approximately 4.9 million rentable square feet of office space on the wholly-owned development land that we consider core assets for our future development needs.

Our core office development land is zoned and available for development, and nearly all of the land has utility infrastructure in place.

2 unchanged sentences

Joint Venture Investments

The following table sets forth information about our joint venture investments by geographic location at December 31, 2021:

The following table sets forth information about our in-service joint venture investments by geographic location as of December 31, 2022:

Square Feet Weighted

Dallas 542,000 50.0 % 95.6 %

Kansas City (2)

5 unchanged sentences

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

(3) This joint venture, which is consolidated, owns a newly completed, but not yet stabilized office property.

In addition, we own a 50.0% interest in 2827 Peachtree, an unconsolidated joint venture.

(3) This joint venture is consolidated.

In addition, we own 50.0% interests in 2827 Peachtree, Granite Park Six, 23Springs and Midtown East, four unconsolidated joint ventures.

Properties - In-Process Development.”

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