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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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES<br />
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)<br />
6. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES<br />
The following information summarizes financial data and principal activities of unconsolidated joint ventures<br />
in which the Company had ownership interests. During the development or construction of an asset, the Company<br />
and its partners may be committed to provide funds pursuant to a development plan. However, in general, the<br />
Company does not have any obligation to fund the working capital needs of its unconsolidated joint ventures. The<br />
partners may elect in their discretion to fund cash needs if the venture required additional funds to effect re-leasing<br />
or had other specific needs. Additionally, at December 31, <strong>2006</strong>, the Company generally does not guarantee the<br />
outstanding debt of any of its unconsolidated joint ventures, except for customary “non-recourse carve-out”<br />
guarantees of certain mortgage notes, and 20% of the CF Murfreesboro Associates (“CF Murfreesboro”)<br />
construction loan. The information included in the following table entitled Summary of <strong>Financial</strong> Position is<br />
as of December 31, <strong>2006</strong> and 2005. The information included in the Summary of Operations table is for the years<br />
ended December 31, <strong>2006</strong>, 2005 and 2004. All dollars are in thousands:<br />
Company’s<br />
Total Assets Total Debt Total Equity<br />
Investment<br />
<strong>2006</strong> 2005 <strong>2006</strong> 2005 <strong>2006</strong> 2005 <strong>2006</strong> 2005<br />
SUMMARY OF<br />
FINANCIAL<br />
POSITION:<br />
CP Venture IV LLC<br />
entities . . . . . . . . . . . . . .<br />
TRG Columbus<br />
Development Venture,<br />
$ 352,798 $ — $ 39,364 $ — $294,169 $ — $ 18,610 $ —<br />
Ltd. ............... 154,281 60,921 76,861 29,086 55,724 28,207 27,619 16,628<br />
Charlotte Gateway Village,<br />
LLC ............... 178,784 184,469 144,654 154,775 32,912 29,072 10,502 10,536<br />
CP Venture LLC entities . . . 118,861 138,832 — 24,187 117,716 112,792 5,157 7,271<br />
CL Realty, L.L.C.<br />
CF Murfreesboro<br />
. . . . . . . 117,820 108,611 5,357 45,174 108,316 105,828 66,979 63,238<br />
Associates . . . . . . . . . . . 54,356 — 21,428 — 21,698 — 11,975 —<br />
Temco Associates, LLC. . . .<br />
Crawford Long — CPI,<br />
66,001 68,178 3,746 4,631 60,786 61,163 31,223 31,356<br />
LLC ...............<br />
Ten Peachtree Place<br />
42,524 45,630 52,404 53,201 (10,664) (10,710) (4,037) (3,077)<br />
Associates . . . . . . . . . . . 27,312 29,213 28,849 29,300 (1,796) 1,832 (2,411) (1,734)<br />
Palisades West, LLC . . . . . . 26,987 — — — 25,072 — 11,959 —<br />
Wildwood Associates . . . . .<br />
Handy Road Associates,<br />
21,816 22,242 — — 21,730 21,917 (1,385) (1,291)<br />
LLC ...............<br />
Pine Mountain Builders,<br />
5,349 5,335 3,204 3,017 2,133 2,282 2,209 2,371<br />
LLC ............... 3,999 8,386 614 1,628 2,347 1,126 1,191 767<br />
CPI/FSPI,L.P. ......... 3,307 3,236 — — 3,190 3,236 1,621 1,644<br />
CSC Associates, LP . . . . . .<br />
Brad Cous Golf Venture,<br />
2,998 152,776 — — 1,410 145,883 706 74,701<br />
Ltd. ............... — 9,916 — — — 9,880 — 5,264<br />
285 Venture, LLC . . . . . . . . — 137 — — — 52 — 26<br />
CC-JM II Associates . . . . . .<br />
<strong>Cousins</strong> LORET Venture,<br />
— 4 — — — 4 — (7)<br />
L.L.C............... — — — — — 101 — (3)<br />
Other. . . . . . . . . . . . . . . . . — — — — — — — 9,542<br />
$1,177,193 $837,886 $376,481 $344,999 $734,743 $512,665 $181,918 $217,232<br />
F-20
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