Cousins Properties Incorporated 2006 Annual Report - SNL Financial

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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Sheets. Above and below market leases are amortized into rental revenues over the individual remaining lease terms. The value associated with in-place leases is amortized into depreciation and amortization expense, also over individual remaining lease terms. Aggregate amortization expense related to intangible assets and liabilities was $1.8 million for the year ended December 31, 2006. Aggregate amortization expense related to these intangible assets and liabilities is anticipated to be approximately $5.6 million, $4.0 million, $1.0 million, $0.4 million and $0.4 million for the years ended December 31, 2007, 2008, 2009, 2010 and 2011, respectively. The Company has goodwill recorded on its Consolidated Balance Sheets, which relates entirely to the office reporting unit. As office assets are sold, either by the Company or at its joint ventures, goodwill is allocated to the cost of each sale. The following is a summary of goodwill activity for the years ended December 31, 2006 and 2005 ($ in thousands): 2006 2005 Beginning Balance .............................................. $ 8,324 $8,131 Additions ..................................................... — 428 Disposals ..................................................... (2,722) (235) Ending Balance ................................................. $ 5,602 $8,324 F-36
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 11. CONSOLIDATED STATEMENTS OF CASH FLOWS — SUPPLEMENTAL INFORMATION Supplemental information related to cash flows, including significant non-cash activity affecting the Statements of Cash Flows, for the years ended December 31, 2006, 2005 and 2004 is as follows ($ in thousands): 2006 2005 2004 Interest paid, including defeasance costs, net of amounts capitalized ....................................... $ 25,220 $ 8,295 $ 21,097 Income taxes paid (received), net of refunds ................ 7,386 6,757 (1,487) Non-cash Transactions: Transfer from land to projects under development .......... 4,783 20,336 228 Transfer from land to investment in joint venture .......... 12,569 14,198 — Transfer from land to operating properties ................ 505 — — Transfer from projects under development to operating properties ...................................... 100,740 51,539 169,937 Transfer from projects under development to land .......... 3,198 7,005 682 Transfer from operating properties to land ................ 7,250 — — Transfer from operating properties to held-for-sale property . . . 1,470 — — Transfers related to venture formation (see Note 5 herein): Projects under development to investment in joint venture . . 4,129 — — Operating properties to investment in joint venture ....... 15,826 — — Accrued capital expenditures excluded from development and acquisition expenditures ........................... 4,964 19,897 5,192 Transfer from other assets to land . . . ................... 228 — — Transfer from other assets to projects under development. .... 802 — — Transfer from other assets to investment in joint ventures, net oftax......................................... 863 — — Transfer from investment in joint ventures to other assets .... 9,376 — — SAB 51 gain, net of tax, recorded in investment in joint ventures and additional paid-in capital ................. 453 354 — Receipt of promissory note for expense reimbursement ...... — 514 — Transfer from common stock and additional paid-in capital to unearned compensation for restricted stock grants, net of forfeitures. ..................................... — 1,467 6,071 Transfer from land to residential lots under development ..... — — 1,066 Transfer from investment in joint venture upon consolidation of 905 Juniper to: Projects under development. ........................ — (8,940) — Restricted cash .................................. — (1,098) — Notes and other receivables. ........................ — (2,077) — Notes payable ................................... — 2,548 — Accounts payable and accrued liabilities ............... — 1,619 — Minority interest ................................. — 875 — Investment in joint venture ......................... — 7,073 — F-37
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Outstanding Performance Cousins Pro
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FORWARD-LOOKING STATEMENTS Certain
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Had significant leasing activity, n
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Certain environmental laws impose l
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Environmental issues. Environmental
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Financing Risks If interest rates o
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eceive less cash than the amount of
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income, Cousins is subject to tax o
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16 Description and Location Year De
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18 Lease Expirations — Office As
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20 Description and Location Year De
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Lease Expirations — Industrial As
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Additional Information Related to O
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(3) Total Project GLA includes anch
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Description Year Commenced Estimate
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Description and Location(1) Zoned U
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Mr. DuPree rejoined the Company in
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Performance Graph The following gra
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General and Administrative Expenses
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For the foreseeable future, the Com
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collectibility of unit purchase pri
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Decrease of approximately $1.2 mill
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The vesting period for stock option
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esidential lot development and land
Page 49 and 50: Stock-Based Compensation. The Compa
Page 51 and 52: capitalization at December 31, 2006
Page 53 and 54: Cash Flows from Investing Activitie
Page 55 and 56: eceivable. The table presents sched
Page 57 and 58: Item 9. Changes in and Disagreement
Page 59 and 60: We have also audited, in accordance
Page 61 and 62: 10(a)(v)* Form of Restricted Stock
Page 63 and 64: SIGNATURES Pursuant to the requirem
Page 65 and 66: Cousins Properties Incorporated IND
Page 67 and 68: COUSINS PROPERTIES INCORPORATED AND
Page 73 and 74: fair values at the date of acquisit
Page 75 and 76: Income Taxes COUSINS PROPERTIES INC
Page 77 and 78: outstanding. The income amounts use
Page 89 and 90: Company and 28% to GDL, after each
Page 99: The following supplemental pro form
Page 107 and 108: 14. PROFIT SHARING/401(K) PLAN The
Page 109 and 110: S-2 Description Encumbrances COUSIN
Page 111 and 112: S-4 Description Encumbrances COUSIN
Page 113 and 114: COUSINS PROPERTIES INCORPORATED STA
Page 115 and 116: Subsidiary State of Incorporation C
Page 117 and 118: I, Thomas D. Bell, Jr., certify tha
Page 119 and 120: Exhibit 32.1 CERTIFICATION PURSUANT
Page 121 and 122: Shareholder Information INDEPENDENT
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Cousins Properties Incorporated 2006 Annual Report - SNL Financial

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