Cousins Properties Incorporated 2006 Annual Report - SNL Financial

More documents

Recommendations

Info

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Office/Multi- Retail Land Industrial Unallocated Year Ended December 31, <strong>2006</strong> Family Division Division Division Division and Other Total (In thousands) Rental property revenues — continuing . . . ............... $60,325 $ 29,425 $ — $ 555 $ — $ 90,305 Rental property revenues — discontinued . . ............... 9,825 8,668 — — — 18,493 Multi-family residential unit sales ..................... 23,134 23,134 Residential lot and outparcel sales ..................... — 6,515 10,497 272 — 17,284 Leasing and management fees ........................ 29,334 1,547 30,881 Development fees ............................... 1,585 929 2,070 — — 4,584 Other income — continuing ......................... 2,267 727 78 4 597 3,673 Other income — discontinued ........................ — 855 — — — 855 Total revenues from consolidated entities .............. 126,470 48,666 12,645 831 597 189,209 Rental property operating expenses — continuing ............ (26,957) (8,997) — (149) — (36,103) Rental property operating expenses — discontinued .......... (5,238) (2,871) — — — (8,109) Multi-family residential unit cost of sales. . ............... (19,403) — — — — (19,403) Residential lot and outparcel cost of sales . ............... — (5,287) (7,248) (216) — (12,751) Third party leasing and management direct operating expenses . . . (18,717) (404) — — — (19,121) General and administrative expenses .................... (7,548) (5,830) (2,700) (339) (23,055) (39,472) Other expenses — continuing ........................ (867) (1,644) (426) (65) (13,837) (16,839) Total costs and expenses ........................ (78,730) (25,033) (10,374) (769) (36,892) (151,798) Provision for income taxes — continuing . . ............... — — — — (4,193) (4,193) Provision for income taxes from operations — discontinued ..... — (2) — — — (2) Minority interest in income from consolidated subsidiaries ...... Funds from operations from unconsolidated joint ventures (3,343) (861) — 74 — (4,130) Unconsolidated joint venture revenues less operating expenses . . 16,100 5,367 — — — 21,467 Residential lot and outparcel sales, net . . ............... — — 14,892 — — 14,892 Multi-family residential sales, net .................... 10,172 — — — — 10,172 Other joint venture income, net ..................... Total funds from operations from unconsolidated joint 148 225 (665) — 46 (246) ventures ................................. Gain on sale of undepreciated investment properties — 26,420 5,592 14,227 — 46 46,285 continuing .................................. Gain on sale of undepreciated investment properties — 2,481 — — 2,481 discontinued ................................. 11,867 — — 11,867 Preferred stock dividends ........................... Funds from operations available to common stockholders, — — — — (15,250) (15,250) excluding loss on extinguishment of debt .............. 70,817 40,229 18,979 136 (55,692) 74,469 Loss on extinguishment of debt ....................... Funds from operations available to common stockholders, as — — — — (18,207) (18,207) defined .................................... Real estate depreciation and amortization 70,817 40,229 18,979 136 (73,899) 56,262 Continuing .................................. (18,555) (10,673) — (276) — (29,504) Discontinued ................................. (4,070) (7,205) — — — (11,275) Unconsolidated joint ventures ...................... (5,659) (2,578) (582) — — (8,819) Total real estate depreciation and amortization .......... Gain on sale of depreciated investment properties, net of applicable income tax provision (28,284) (20,456) (582) (276) — (49,598) Continuing .................................. — — 531 — — 531 Discontinued ................................. 54,721 19,907 — — — 74,628 Unconsolidated joint ventures ...................... Total gain on sale of depreciated investment properties, net of 134,561 1,057 — — — 135,618 applicable income tax provision . . . ............... 189,282 20,964 531 — — 210,777 Net income (loss) available to common stockholders ........ $231,815 $ 40,737 $ 18,928 $ (140) $(73,899) $ 217,441 Total Assets (at year-end). ......................... $614,135 $323,064 $149,996 $77,624 $ 31,934 $1,196,753 Investment in unconsolidated joint ventures (at year-end) .... $43,881 $ 34,814 $103,223 $ — $ — $ 181,918 Consolidated Capital Expenditures ................... $267,375 $115,551 $ 75,914 $35,780 $ — $ 494,620 F-40
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Office/Multi- Retail Land Industrial Unallocated Year Ended December 31, 2005 Family Division Division Division Division and Other Total (In thousands) Rental property revenues — continuing . . . ............... $54,733 $ 24,490 $ — $ — $ — $ 79,223 Rental property revenues — discontinued . . ............... 11,162 10,149 — — — 21,311 Multi-family residential unit sales ..................... 11,233 — — — — 11,233 Residential lot and outparcel sales ..................... — 7,004 14,929 — — 21,933 Leasing and management fees ........................ 31,529 613 — — — 32,142 Development fees ............................... 1,193 600 1,264 — — 3,057 Other income — continuing ......................... 1,277 561 77 — 515 2,430 Other income — discontinued ........................ — 302 — — — 302 Total revenues from consolidated entities .............. 111,127 43,719 16,270 — 515 171,631 Rental property operating expenses — continuing ............ (23,046) (7,126) — — — (30,172) Rental property operating expenses — discontinued .......... (5,774) (4,119) — — — (9,893) Multi-family residential unit cost of sales. . ............... (9,405) — — — — (9,405) Residential lot and outparcel cost of sales . ............... — (5,638) (10,766) — — (16,404) Third party leasing and management direct operating expenses . . . (16,486) (142) — — — (16,628) General and administrative expenses .................... (6,946) (3,205) (1,774) (153) (27,113) (39,191) Other expenses — continuing ........................ (410) (338) (691) (12) (11,917) (13,368) Total costs and expenses ........................ (62,067) (20,568) (13,231) (165) (39,030) (135,061) Provision for income taxes — continuing . . ............... — — — — (7,756) (7,756) Provision for income taxes — discontinued . ............... — (126) — — — (126) Minority interest in income from consolidated subsidiaries ...... Funds from operations from unconsolidated joint ventures (3,037) — — — — (3,037) Unconsolidated joint venture revenues less operating expenses . . 22,764 2,072 — — — 24,836 Residential lot and outparcel sales, net . . ............... — — 13,688 — — 13,688 Multi-family residential sales, net .................... 7,182 — — — — 7,182 Other joint venture income, net ..................... Total funds from operations from unconsolidated joint (65) 5,443 (560) — (2,662) 2,156 ventures ................................. 29,881 7,515 13,128 — (2,662) 47,862 Gain on sale of undepreciated investment properties .......... 590 — 14,893 — — 15,483 Preferred stock dividends ........................... — — — — (15,250) (15,250) Funds from operations available to common stockholders . . . Real estate depreciation and amortization 76,494 30,540 31,060 (165) (64,183) 73,746 Continuing .................................. (16,173) (8,165) — — — (24,338) Discontinued ................................. (5,233) (4,064) — — — (9,297) Unconsolidated joint ventures ...................... (7,467) (821) (554) — — (8,842) Total real estate depreciation and amortization .......... Gain on sale of depreciated investment properties, net of applicable income tax provision (28,873) (13,050) (554) — — (42,477) Continuing .................................. 72 178 — — — 250 Discontinued ................................. 43 994 — — — 1,037 Unconsolidated joint ventures ...................... Total gain on sale of depreciated investment properties, net of 1,935 — — — — 1,935 applicable income tax provision . . . ............... 2,050 1,172 — — — 3,222 Net income (loss) available to common stockholders ........ $49,671 $ 18,662 $ 30,506 $ (165) $(64,183) $ 34,491 Total Assets (at year-end). ......................... $572,684 $435,924 $130,862 $21,303 $ 27,501 $1,188,274 Investment in unconsolidated joint ventures (at year-end) .... $98,850 $ 11,062 $107,320 $ — $ — $ 217,232 Consolidated Capital Expenditures ................... $79,381 $164,557 $ 8,971 $19,824 $ — $ 272,733 F-41
Page 1 and 2:
Outstanding Performance Cousins Pro
Page 3 and 4:
FORWARD-LOOKING STATEMENTS Certain
Page 5 and 6:
Had significant leasing activity, n
Page 7 and 8:
Certain environmental laws impose l
Page 9 and 10:
Environmental issues. Environmental
Page 11 and 12:
Financing Risks If interest rates o
Page 13 and 14:
eceive less cash than the amount of
Page 15 and 16:
income, Cousins is subject to tax o
Page 17 and 18:
16 Description and Location Year De
Page 19 and 20:
18 Lease Expirations — Office As
Page 21 and 22:
20 Description and Location Year De
Page 23 and 24:
Lease Expirations — Industrial As
Page 25 and 26:
Additional Information Related to O
Page 27 and 28:
(3) Total Project GLA includes anch
Page 29 and 30:
Description Year Commenced Estimate
Page 31 and 32:
Description and Location(1) Zoned U
Page 33 and 34:
Mr. DuPree rejoined the Company in
Page 35 and 36:
Performance Graph The following gra
Page 37 and 38:
General and Administrative Expenses
Page 39 and 40:
For the foreseeable future, the Com
Page 41 and 42:
collectibility of unit purchase pri
Page 43 and 44:
Decrease of approximately $1.2 mill
Page 45 and 46:
The vesting period for stock option
Page 47 and 48:
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 and 100: The following supplemental pro form
Page 103: COUSINS PROPERTIES INCORPORATED AND
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
show all

Cousins Properties Incorporated 2006 Annual Report - SNL Financial

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?