Cousins Properties Incorporated 2006 Annual Report - SNL Financial

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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) Years Ended December 31, 2006 2005 2004 REVENUES: Rental property revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 90,305 $ 79,223 $ 84,384 Feeincome................................................... 35,465 35,198 29,704 Multi-family residential unit sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,134 11,233 — Residential lot and outparcel sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,284 21,933 16,700 Interest and other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,673 2,431 4,660 COSTS AND EXPENSES: 169,861 150,018 135,448 Rental property operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,103 30,173 28,389 General and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,592 55,819 46,929 Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,415 27,289 30,115 Multi-family residential unit cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,403 9,405 — Residential lot and outparcel cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,751 16,404 12,007 Interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,119 9,094 14,623 Loss on extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,207 — — Other....................................................... 2,809 1,322 1,948 INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES, MINORITY INTEREST AND INCOME FROM UNCONSOLIDATED JOINT 191,399 149,506 134,011 VENTURES ................................................. (21,538) 512 1,437 PROVISION FOR INCOME TAXES FROM OPERATIONS ............... (4,193) (7,756) (2,744) MINORITY INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES .. (4,130) (3,037) (1,417) INCOME FROM UNCONSOLIDATED JOINT VENTURES ............... INCOME FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF 173,083 40,955 204,493 INVESTMENT PROPERTIES .................................... GAIN ON SALE OF INVESTMENT PROPERTIES, NET OF APPLICABLE 143,222 30,674 201,769 INCOME TAX PROVISION ..................................... 3,012 15,733 118,056 INCOME FROM CONTINUING OPERATIONS ........................ DISCONTINUED OPERATIONS, NET OF APPLICABLE INCOME TAX PROVISION: 146,234 46,407 319,825 Income (loss) from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . (38) 2,297 6,032 Gain on sale of investment properties, net of minority interest . . . . . . . . . . . . . . . 86,495 1,037 81,927 86,457 3,334 87,959 NET INCOME ................................................. 232,691 49,741 407,784 DIVIDENDS TO PREFERRED STOCKHOLDERS ...................... (15,250) (15,250) (8,042) NET INCOME AVAILABLE TO COMMON STOCKHOLDERS ............ PER SHARE INFORMATION — BASIC: $217,441 $ 34,491 $399,742 Income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.58 $ 0.62 $ 6.36 Income from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.71 0.07 1.80 Basic net income available to common stockholders . . . . . . . . . . . . . . . . . . . . . . PER SHARE INFORMATION — DILUTED: $ 4.29 $ 0.69 $ 8.16 Income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.49 $ 0.60 $ 6.11 Income from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.65 0.06 1.73 Diluted net income available to common stockholders . . . . . . . . . . . . . . . . . . . . . $ 4.14 $ 0.66 $ 7.84 CASH DIVIDENDS DECLARED PER COMMON SHARE ................ $ 4.88 $ 1.48 $ 8.63 WEIGHTED AVERAGE SHARES ................................... 50,655 49,989 49,005 DILUTED WEIGHTED AVERAGE SHARES .......................... 52,513 51,747 51,016 See notes to consolidated financial statements. F-4
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ INVESTMENT Years Ended December 31, 2006, 2005 and 2004 (In thousands, except share amounts) Preferred Stock Common Stock Additional Paid-In Capital Treasury Stock Unearned Compensation Cumulative Undistributed Net Income Total Balance, December 31, 2003 ............. $100,000 $51,527 $298,542 $(64,894) $ (5,803) $ 199,405 $ 578,777 Net income, 2004 ..................... Preferred stock issued pursuant to 4,000,000 share 407,784 407,784 Series B stock offering, net of expenses ..... Common stock issued pursuant to: 100,000 (3,529) 96,471 Exercise of options and director stock plan . . . Restricted stock grant and related amortization, 1,062 8,058 9,120 net of forfeitures . . ................ 195 5,876 (4,357) 1,714 Income tax benefit from stock options . . ...... 2,996 2,996 Preferred dividends paid . ................ (7,750) (7,750) Common dividends paid . ................ (429,362) (429,362) Balance, December 31, 2004 ............. 200,000 52,784 311,943 (64,894) (10,160) 170,077 659,750 Net income, 2005 ..................... Common stock issued pursuant to: 49,741 49,741 Exercise of options and director stock plan . . . Restricted stock grant and related amortization, 522 7,025 7,547 net of forfeitures . . ................ Gain on stock issuance at equity method 51 1,416 1,665 3,132 investee .......................... 354 354 Income tax benefit from stock options . . ...... 1,009 1,009 Preferred dividends paid . ................ (14,604) (14,604) Common dividends paid . ................ Balance, December 31, 2005 — As previously (74,649) (74,649) reported ......................... Cumulative effect of adjustments resulting from the adoption of Staff Accounting 200,000 53,357 321,747 (64,894) (8,495) 130,565 632,280 Bulletin No. 108 .................... 2,354 2,354 Balance December 31, 2005 — As adjusted . . . 200,000 53,357 321,747 (64,894) (8,495) 132,919 634,634 Net income, 2006 ..................... Transfer of unearned compensation to 232,691 232,691 additional paid-in capital. ............. Common stock issued pursuant to: Exercise of options and director stock (8,495) 8,495 — plan .......................... Shares withheld for taxes related to stock 1,189 16,717 17,906 grants ......................... Amortization of stock options and restricted (90) (3,135) (3,225) stock, net of forfeitures ............... Gain on stock issuance at equity method (17) 7,044 7,027 investee .......................... Income tax benefit from stock-based 453 453 compensation ...................... 2,643 2,643 Preferred dividends paid ............... (15,250) (15,250) Common dividends paid ................ (250,964) (250,964) Balance December 31, 2006. ............. $200,000 $54,439 $336,974 $(64,894) $ — $ 99,396 $ 625,915 See notes to consolidated financial statements. F-5
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 and 26: Additional Information Related to O
Page 27 and 28: (3) Total Project GLA includes anch
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: COUSINS PROPERTIES INCORPORATED AND
Page 71 and 72: 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 89 and 90: Company and 28% to GDL, after each
Page 99 and 100: The following supplemental pro form
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
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