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, 2004
Family Division Division Division Division and Other Total
(In thousands)
Rental property revenues — continuing .............. $67,387 $ 16,997 $ — $ — $ — $ 84,384
Rental property revenues — discontinued ............. 28,265 9,756 — — — 38,021
Multi-family residential unit sales ................. — — — — — —
Residential lot and outparcel sales ................. — 1,400 15,300 — — 16,700
Leasing and management fees .................... 25,884 510 — — — 26,394
Development fees. ........................... 1,147 800 1,363 — — 3,310
Other income — continuing ..................... 2,090 42 — — 2,528 4,660
Other income — discontinued .................... 38 215 — — — 253
Total revenues from consolidated entities .......... 124,811 29,720 16,663 — 2,528 173,722
Rental property operating expenses — continuing ........ (24,570) (3,819) — — — (28,389)
Rental property operating expenses — discontinued ...... (9,648) (3,705) — — — (13,353)
Multi-family residential unit cost of sales ............. — — — — — —
Residential lot and outparcel cost of sales ............
Third party leasing and management direct operating
— (929) (11,078) — — (12,007)
expenses ................................ (13,414) (24) — — — (13,438)
General and administrative expenses ................ (15,603) (6,639) (2,710) (674) (7,865) (33,491)
Other expenses — continuing .................... (430) (831) (674) (69) (17,219) (19,223)
Other expenses — discontinued ................... — — — — (6,475) (6,475)
Total costs and expenses .................... (63,665) (15,947) (14,462) (743) (31,559) (126,376)
Provision for income taxes ...................... — — — — (2,744) (2,744)
Minority interest in income from consolidated subsidiaries . .
Funds from operations from unconsolidated joint ventures
Unconsolidated joint venture revenues less operating
(1,411) (6) — — — (1,417)
expenses .............................. 46,865 2,011 — — — 48,876
Residential lot and outparcel sales, net ............. — — 8,869 — — 8,869
Multi-family residential sales, net ................ — — — — — —
Impairment loss on depreciable property ............ (209) — — — — (209)
Other joint venture income, net .................
Total funds from operations from unconsolidated joint
— — (13,428) (13,428)
ventures ............................. 46,656 2,011 8,869 — (13,428) 44,108
Gain on sale of undepreciated investment properties ...... 14,796 1,386 13,445 — — 29,627
Preferred stock dividends ....................... — — — — (8,042) (8,042)
Funds from operations available to common
stockholders ........................... 121,187 17,164 24,515 (743) (53,245) 108,878
Real estate depreciation and amortization Continuing ..... (21,698) (5,765) — — — (27,463)
Discontinued ............................. (7,160) (5,254) — — — (12,414)
Unconsolidated joint ventures. .................. (14,900) (891) (89) — — (15,880)
Total real estate depreciation and amortization. ......
Gain on sale of depreciated investment properties, net of
applicable income tax provision
(43,758) (11,910) (89) — — (55,757)
Continuing .............................. 80,587 7,231 — — 611 88,429
Discontinued ............................. 79,725 2,202 — — — 81,927
Unconsolidated joint ventures. ..................
Total gain on sale of depreciated investment properties,
176,265 — — — — 176,265
net of applicable income tax provision .......... 336,577 9,433 — — 611 346,621
Net income (loss) available to common stockholders .... $414,006 $ 14,687 $ 24,426 $(743) $ (52,634) $ 399,742
Total Assets (at year-end) ......................
Investment in unconsolidated joint ventures (at year-
$528,752 $283,778 $105,822 $ 384 $108,256 $1,026,992
end) .................................. $115,584 $ 12,320 $ 71,329 $ — $ — $ 199,233
Consolidated Capital Expenditures ............... $67,434 $ 87,756 $ 28,751 $ — $ — $ 183,941
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