Cousins Properties Incorporated 2006 Annual Report - SNL Financial
Cousins Properties Incorporated 2006 Annual Report - SNL Financial
Cousins Properties Incorporated 2006 Annual Report - SNL Financial
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Additional Information Related to Operating <strong>Properties</strong><br />
The 3100 Windy Hill Road building, a 188,000 rentable square foot building constructed as a training facility,<br />
occupies a 13-acre parcel of land which is wholly owned by the Company. The building was sold in 1983 to a<br />
limited partnership of private investors, at which time the Company received a leasehold mortgage note. The<br />
training facility land was simultaneously leased to the partnership for thirty years, along with certain equipment for<br />
varying periods. The building was leased by the partnership to IBM through November 30, <strong>2006</strong>.<br />
Effective January 1, 1997, based on the economics of the training facility lease, the Company determined it<br />
would receive substantially all of the economic risks and rewards from the property, mainly due to the short term<br />
remaining on the land lease and the mortgage note balance that would have to be paid off, with interest, at maturity.<br />
As such, the Company began consolidating the operations of the building and eliminated the mortgage note balance<br />
and activity under the land lease beginning January 1, 1997.<br />
During <strong>2006</strong>, the Company and the partnership amended the note and ground lease to, among other things,<br />
extend both to expire on January 1, 2010.<br />
This property is currently vacant and the Company is attempting to re-lease the space. There can be no<br />
guarantee as to rental rates upon re-leasing or the period to lease-up, although the Company does not believe the<br />
property has any impairment in value.<br />
Projects Under Development<br />
The following details the office, multi-family, retail and industrial projects under development at December 31,<br />
<strong>2006</strong>. Dollars are stated in thousands.<br />
Project(1)<br />
Company<br />
Owned<br />
GLA(2)<br />
Total<br />
Project<br />
GLA(3)<br />
Leased<br />
GLA (%)<br />
Total<br />
Project<br />
(Fully<br />
Executed)<br />
<strong>Cousins</strong>’<br />
Ownership%<br />
Approximate<br />
Total<br />
Cost<br />
<strong>Cousins</strong>’<br />
Share of<br />
Total<br />
Cost<br />
<strong>Cousins</strong>’<br />
Investment<br />
at 12/31/06<br />
Actual or<br />
Projected Dates for<br />
Completion and Fully<br />
Operational/Sold<br />
OFFICE/MULTI-<br />
FAMILY<br />
Terminus 100 . . . ...... 656,000 656,000 64% 100% $ 170,400 $170,400 $113,564 const. - 2Q-07<br />
(Atlanta, GA) fully operational 2Q-08<br />
191 Peachtree Tower(5) . . .<br />
(Atlanta, GA)<br />
Palisades West(6)<br />
(Austin, TX)<br />
1,211,000 1,211,000 60%(4) 100% 231,500 231,500 155,070 fully stabilized - 4Q-10<br />
Building 1 . . . ...... 210,000 210,000 100% 50% const. - 2Q-08<br />
fully operational 2Q-08<br />
Building 2 . . . ......<br />
Total — Palisades<br />
150,000 150,000 0% 50% const. - 1Q-09<br />
fully operational 4Q-09<br />
West........... 360,000 360,000 77,500 38,750 12,971(6)<br />
50 Biscayne(7) . . ...... 529units 529 units N/A 40% 161,500 64,600 45,130 const. - 4Q-07<br />
(Miami, FL)<br />
TOTAL<br />
OFFICE/MULTIfully<br />
sold 1Q-08<br />
FAMILY .........<br />
RETAIL<br />
The Avenue Carriage<br />
Crossing(8)<br />
(Suburban Memphis, TN)<br />
Phase I —<br />
2,227,000 2,227,000 640,900 505,250 326,735<br />
Expansion ...... 50,000 50,000 0% 100% const. - 1Q-09<br />
fully operational 1Q-10<br />
Phase II . . . ......<br />
Total — Avenue Carriage<br />
20,000 41,000 0% 100% const. - 4Q-07<br />
fully operational 2Q-08<br />
Crossing . . . ...... 70,000 91,000 13,900 13,900 2,804<br />
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