Cousins Properties Incorporated 2006 Annual Report - SNL Financial

SCHEDULE III
(PAGE 5 of 5)
COUSINS PROPERTIES INCORPORATED AND CONSOLIDATED ENTITIES
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2006
($ in thousands)
NOTES:
(a) Reconciliations of total real estate carrying value and accumulated depreciation for the three years ended
December 31, 2006 are as follows:
Real Estate Accumulated Depreciation
2006 2005 2004 2006 2005 2004
Balance at beginning of period . . . ....
Additions during the period:
Improvements and other capitalized
$1,047,139 $ 815,798 $1,041,964 $159,326 $140,352 $163,203
costs . ..................... 480,705 292,630 186,753 — — —
Provision for depreciation ......... — — — 40,898 33,763 39,934
Deductions during the period:
480,705 292,630 186,753 40,898 33,763 39,934
Cost of real estate sold . .......... (456,250) (43,075) (411,700) (63,306) (68) (62,482)
Write-off of fully depreciated assets. .
Transfers between account
(15,849) (15,423) (1,161) (15,849) (15,423) (1,161)
categories(f) . . ............... (34,735) (2,791) (58) (3,404) — —
Amortization of rent adjustments .... — — — 104 702 858
(506,834) (61,289) (412,919) (82,455) (14,789) (62,785)
Balance at the end of period ......... $1,021,010 $1,047,139 $ 815,798 $117,769 $159,326 $140,352
(b) Buildings and improvements are depreciated over 25 to 40 years. Leasehold improvements and other
capitalized leasing costs are depreciated over the life of the asset or the term of the lease, whichever is shorter.
(c) 333 and 555 North Point Center East were financed together with such properties being collateral for one
recourse mortgage note payable.
(d) 100 and 200 North Point Center East were financed together with such properties being collateral for one nonrecourse
mortgage note payable.
(e) 191 Peachtree Tower is treated as an operating property for financial reporting purposes, but is treated as a
redevelopment project by the Company. Therefore this property is included on both the list of development
projects and operating properties included in Item 2 of this Form 10-K, but included only as an operating
property in this Schedule III. In addition, certain intangible assets related to the purchase of this property are
included in other assets and not in the above table.
(f) Transfers between account categories in 2006 were mainly comprised of assets which the Company owned and
which were recorded within properties in the prior years but were contributed to joint ventures in 2006.
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