Cousins Properties Incorporated 2006 Annual Report - SNL Financial

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Generally, the Company does not have any obligation to fund Wildwood’s working capital needs, and there
was no debt at Wildwood Associates at December 31, 2006 or 2005.
Handy Road Associates, LLC (“Handy Road”) — Handy Road is a 50-50 joint venture between the Company
and Handy Road Managers, LLC, that owns 1,187 acres of land in suburban Atlanta, Georgia for future
development and/or sale. Handy Road has a $3.2 million note payable that is guaranteed by the partners of
Handy Road Managers, LLC, has a maturity of November 2, 2007 and an interest rate of Prime plus 0.5%.
Pine Mountain Builders, LLC (“Pine Mountain Builders”) — Pine Mountain Builders is a 50-50 joint venture
between the Company and Fortress Construction Company and constructs homes at one of the Company’s
residential communities. During 2006 and 2005, Pine Mountain Builders sold 39 and 42 homes, respectively. Pine
Mountain Builders has loans related to speculative houses constructed with a balance of approximately $614,000, a
maturity of December 19, 2007 and an interest rate of Prime.
CPI/FSP I, L.P. (“CPI/FSP”) — CPI/FSP is a 50-50 limited partnership between the Company and CommonWealth
Pacific LLC and CalPERS. CPI/FSP developed Austin Research Park — Buildings III and IV, two
174,000 and 184,000 rentable square foot office buildings, respectively, in Austin, Texas. Austin Research Park —
Buildings III and IV were sold for $78.7 million to an unrelated third party in 2004. CPI/FSP recognized a gain of
approximately $27.2 million on the transaction, and the majority of equity was distributed to the partners. CPI/FSP
continues to own an adjacent pad of approximately 6 acres for potential future development.
CSC — CSC is a 50-50 limited partnership between the Company and a wholly-owned subsidiary of Bank of
America Corporation. In September 2006, CSC sold its single asset, the 1.3 million square foot Bank of America
Plaza in Midtown Atlanta, Georgia for a sales price of $436 million. CSC recognized a gain of approximately
$273 million and distributed a majority of the equity of the venture to each partner. Prior to the sale, CSC had a note
payable secured by Bank of America Plaza and a note receivable to the Company in equal amounts which have been
netted in the table presented above, as well as associated interest expense and interest income.
Brad Cous Golf Venture, Ltd. (“Brad Cous”) — Brad Cous is a 50-50 joint venture between the Company
and W.C. Bradley Co. that developed and owned The Shops at World Golf Village, an 80,000 square foot retail
center in St. Augustine, Florida. In 2006, Brad Cous sold World Golf Village for $13.5 million to an unrelated third
party, and the majority of equity at the venture was distributed to the partners.
285 Venture, LLC (“285 Venture”) — 285 Venture is a 50-50 joint venture between the Company and a
commingled trust fund advised by J.P. Morgan Investment Management Inc. that developed and owned 1155
Perimeter Center West, a 365,000 rentable square foot office building complex in Atlanta, Georgia. In 2005, 285
Venture, LLC sold 1155 Perimeter Center West to an unrelated third party for $49.3 million, and recognized a gain
of approximately $7.2 million on the transaction, and the majority of equity at the venture was distributed to the
partners. This venture was dissolved in 2006.
CC-JM II Associates (“CC-JM II”) — CC-JM II is a 50-50 joint venture between the Company and an affiliate
of CarrAmerica Realty Corporation that developed and owned John Marshall-II, a 224,000 rentable square foot
office building in suburban Washington, D.C. John Marshall-II was sold in October 2004 for $59.3 million to an
unrelated third party. CC-JM II Associates recognized a gain of approximately $40.7 million on the transaction, and
the majority of equity at the venture was distributed to the partners.
Cousins LORET Venture, L.L.C. (“Cousins LORET”) — Cousins LORET is a 50-50 joint venture between the
Company and LORET Holdings, L.L.C. (“LORET”) that owned two office buildings in Atlanta, Georgia. Cousins
LORET sold these two buildings for $200 million to an unrelated third party in 2004, recognized a gain of
approximately $90.0 million on the transaction, and distributed the majority of equity to the partners.
905 Juniper Venture, LLC (“905 Juniper”) — 905 Juniper is a joint venture between the Company and GDL
Juniper, LLC (“GDL”) that developed and sold a 94-unit condominium complex in Midtown Atlanta, Georgia. 905
Juniper sold all of the units in the project in 2006. Income and cash distributions were allocated 72% to the
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