Cousins Properties Incorporated 2006 Annual Report - SNL Financial

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
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