Cousins Properties Incorporated 2006 Annual Report - SNL Financial

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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 3. NOTES AND OTHER RECEIVABLES At December 31, 2006 and 2005, notes and other receivables included the following ($ in thousands): 2006 2005 Notes receivable ............................................... Cumulative rental revenue recognized on a straight-line basis in excess of $ 4,114 $ 2,831 revenue accrued in accordance with lease terms (see Note 2) ............ Other receivables, net of allowance for doubtful accounts of $501 in 2006 and 7,918 9,080 $781 in 2005 (see Note 2) . . . ................................... 20,106 28,103 Total Notes and Other Receivables ................................. $32,138 $40,014 Fair Value — At December 31, 2006 and 2005, the estimated fair value of the Company’s notes receivable was $4.0 million and $2.7 million, respectively, calculated by discounting future cash flows from the notes receivable at estimated rates at which similar loans would have been made at December 31, 2006 and 2005. F-14
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 4. NOTES PAYABLE, COMMITMENTS AND CONTINGENT LIABILITIES The following table summarizes the terms of notes payable outstanding at December 31, 2006 and 2005 ($ in thousands): Description Rate Term/ Amortization Period (Years) Final December 31, Maturity 2006 2005 Credit facility (a maximum of LIBOR + $400,000), unsecured ..... Construction facility (a 0.8% to 1.3% 4/N/A 3/07/10 $128,200 $ — maximum of $100,000), unsecured . . . Credit Facility (replaced by LIBOR + 0.8% to 1.3% 4/N/A 3/07/10 64,700 — above facility in 2006) ......... Note secured by Company’s Floating based onLIBOR N/A N/A — 158,035 interest in CSC Associates, L.P. .................. 6.958% 10/20 3/01/12 — 141,125 The Avenue East Cobb mortgage note. .......... 333/555 North Point Center 8.39% 10/30 8/01/10 — 37,058 East mortgage note ....... 7.00% 10/25 11/01/11 29,571 30,232 Meridian Mark Plaza mortgage note. .......... 100/200 North Point Center East mortgage note (interest 8.27% 10/28 9/01/10 23,602 23,975 only through 2006) ....... 7.86% 10/25 8/01/07 22,365 22,365 The Points at Waterview mortgage note. .......... 5.66% 10/25 1/01/16 18,183 18,500 600 University Park mortgage note .................. 905 Juniper construction loan 7.38% 10/30 8/10/11 13,168 13,350 (a maximum of $20,500). . . LIBOR + 2.0% N/A N/A — 11,252 Lakeshore Park Plaza mortgage note. .......... King Mill Project I member loan (a maximum of 6.78% 10/30 11/01/08 9,082 9,359 $2,849). ............... King Mill Project I second member loan (a maximum 9.00% 3/N/A 8/30/08 2,625 1,715 of $2,349) ............. Jefferson Mill Project member loan (a maximum of 9.00% 3/N/A 6/26/09 1,815 — $3,156). ............... 9.00% 3/N/A 9/13/09 1,432 — Other miscellaneous notes . . . Various Various Various 406 550 $315,149 $467,516 Through March 7, 2006, the Company had an unsecured revolving credit facility with Bank of America and several other banks of up to $325 million (which could have been increased to $400 million under certain circumstances), with a maturity date of September 14, 2007. The credit facility bore interest at a rate equal to the F-15
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Outstanding Performance Cousins Pro
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FORWARD-LOOKING STATEMENTS Certain
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Had significant leasing activity, n
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Certain environmental laws impose l
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Environmental issues. Environmental
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Financing Risks If interest rates o
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eceive less cash than the amount of
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income, Cousins is subject to tax o
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16 Description and Location Year De
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18 Lease Expirations — Office As
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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 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: 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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Cousins Properties Incorporated 2006 Annual Report - SNL Financial

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