Cousins Properties Incorporated 2006 Annual Report - SNL Financial

More documents

Recommendations

Info

Project(1) Company Owned GLA(2) Total Project GLA(3) Leased GLA (%) Total Project (Fully Executed) Cousins’ Ownership% Approximate Total Cost Cousins’ Share of Total Cost Cousins’ Investment at 12/31/06 Actual or Projected Dates for Completion and Fully Operational/Sold The Avenue Webb Gin (Suburban Atlanta, GA) Phase I ........... 359,000 359,000 71% 100% $ $ $ const. - 3Q-07 fully operational 4Q-07 Phase II ........... 22,000 22,000 0% 100% const. - 3Q-08 fully operational 4Q-08 Total - Webb Gin San Jose MarketCenter 381,000 381,000 84,000 84,000 69,757 const. - 2Q-07 fully operational 2Q-07 (SanJose,CA)....... Avenue Murfreesboro (Suburban Nashville, TN) 220,000 363,000 93% 100% 84,100 84,100 79,958 Phases I and II . ...... 692,000 692,000 49% 50% const. - 4Q-07 fully operational 4Q-08 Phase III .......... 34,000 34,000 0% 50% const. - 2Q-08 fully operational 2Q-09 Phase IV . ......... 28,000 28,000 0% 50% const. - 4Q-09 fully operational 4Q-09 Phase V . . ......... 56,000 56,000 0% 50% const. - 1Q-10 fully operational 2Q-10 Total - Murfreesboro 810,000 810,000 153,100 76,550 11,976 TOTAL RETAIL ..... INDUSTRIAL King Mill Distribution Park (Suburban Atlanta, GA) 1,481,000 1,645,000 335,100 258,550 164,495 Building 3 B . . ...... Jefferson Mill Distribution Center (Suburban Atlanta, GA) 379,000 379,000 0% 75% 11,000 8,250 7,148 const. - 4Q-06 fully operational 2Q-07 Building A . . . ...... Lakeside Ranch Business Park (Dallas, TX) 459,000 459,000 0% 75% 14,900 11,175 6,197 const. - 1Q-07 fully operational 4Q-07 Building 20 . . ...... TOTAL 749,000 749,000 47% 96.5% 26,400 25,476 17,766 const. - 2Q-07 fully operational 3Q-07 INDUSTRIAL ..... Accumulated Depreciation on Partially Operational 1,587,000 1,587,000 52,300 44,901 31,111 Properties .......... TOTAL — — — — (1,904) PORTFOLIO ..... 5,295,000 5,459,000 $1,028,300 $808,701 $520,437(9) (Notes to Development Table) (1) This schedule includes all Office/Multi-Family, Retail and Industrial projects under construction or redevelopment from the commencement of construction or redevelopment until the projects become fully operational pursuant to accounting principles generally accepted in the United States. Single-family residential projects are included on a separate schedule in this report. Amounts included in the total cost column represent the estimated costs upon completion of the project and achievement of fully operational status. Significant estimation is required to derive these costs and the final costs may differ from these estimates. The projected dates for completion and fully operational status shown above are estimates and are subject to change as the projects proceed through the development process. (2) Company Owned Gross Leasable Area (“GLA”) includes square footage owned either directly by the Company or by a joint venture in which the Company is a partner. 25
(3) Total Project GLA includes anchor stores who may own their own property and other non-owned property contained within the named development. (4) Leased square footage includes a lease with the Company of 62,000 square feet. (5) 191 Peachtree Tower was purchased in 2006 and is under redevelopment and repositioning. It is treated as a development property for the purpose of this schedule, although its cost basis is included in operating properties on the Company’s consolidated balance sheet. (6) The Company is obligated to fund 50% of the project costs for the Palisades West Joint Venture. The Company made the majority of its initial equity contribution in the form of land; therefore, the Company’s investment in this project at 12/31/06 is more than 50% of the costs spent to date. (7) 95% of the units at 50 Biscayne are under non-cancelable third party contracts, 3% of the units are under cancelable contracts, and the remaining 2% of the units are under non-cancelable contracts to the Company’s partner in the venture. (8) A third party will share in the results of operations and any gain on sale of the property. (9) Reconciliation to Consolidated Balance Sheet Total Cousins’ Investment per above schedule ................................ $520,437 Less: Operating Property under redevelopment/repositioning ..................... (155,070) Less: Investment in unconsolidated joint ventures 50 Biscayne ....................................................... (45,130) Palisades West ..................................................... (12,971) Avenue Murfreesboro ................................................ (11,976) Add: Weeks 25% interest in King Mill Distribution Park — Bldg 3 B .............. 2,383 Add: Weeks 25% interest in Jefferson Mill Distribution Center Bldg A ............. 2,066 Add: Weeks 3.5% interest in Lakeside Ranch — Bldg 20 ........................ 643 Consolidated projects under development per balance sheet ...................... $300,382 Residential Projects Under Development As of December 31, 2006, CREC, Temco Associates (“Temco”) and CL Realty, L.L.C. (“CL Realty”) owned the following parcels of land which are being developed into residential communities. Information in the table represents total amounts for the development as a whole, not the Company’s share. Dollars are stated in thousands. Description Year Commenced Estimated Project Life (In Years) Estimated Total Lots to be Developed(1) Developed Lots in Inventory Lots Sold in Current Quarter Lots Sold Year to Date Total Lots Sold Remaining Lots to be Sold Cost Basis(2) Cousins Real Estate Corporation (Consolidated) The Lakes at Cedar Grove(3) .......... Fulton County Suburban Atlanta, GA 2001 11 906 8 18 107 675 231 $ 5,468 Callaway Gardens(4) . . . Harris County Pine Mountain, GA 2006 6 567 — — — — 567 1,584 Blalock Lakes ........ Coweta County Newnan, GA Longleaf at 2006 9 399 — — — — 399 17,657 Callaway(5) ........ Harris County Pine Mountain, GA 2002 5 138 21 2 9 117 21 2,088 River’s Call ......... East Cobb County Suburban Atlanta, GA Total 1999 10 107 16 2 10 91 16 827 Consolidated . . . . 2,117 45 22 126 883 1,234 27,624 26
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: Additional Information Related to O
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 79 and 80:
COUSINS PROPERTIES INCORPORATED AND
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Company and 28% to GDL, after each
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
The following supplemental pro form
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
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

Create successful ePaper yourself

Delete template?

Save as template?