Cousins Properties Incorporated 2006 Annual Report - SNL Financial

More documents

Recommendations

Info

The tax effect of significant temporary differences representing CREC’s deferred tax assets and liabilities, which are included in the Accounts Payable and Accrued Liabilities line item on the accompanying Consolidated Balance Sheet, as of December 31, 2006 and 2005 is as follows ($ in thousands): 2006 2005 Depreciation and amortization .................................... $ 1,514 $ — Capitalized salaries. ............................................ 399 — Income from unconsolidated joint ventures ........................... — 2,821 Property sales. ................................................ — 1,547 Charitable contributions ......................................... 427 958 Other ....................................................... 222 363 Total deferred tax assets ........................................ 2,562 5,689 Income from unconsolidated joint ventures ........................... (1,481) (8,126) Residential lots basis differential ................................... (1,499) (197) Depreciation and amortization .................................... — (1,891) Interest capitalization ........................................... — (1,088) Other ....................................................... (507) (48) Total deferred tax liabilities ..................................... (3,487) (11,350) Net deferred tax liability ....................................... $ (925) $ (5,661) 9. PROPERTY TRANSACTIONS Property Sales and Held-for-Sale Property SFAS No. 144 requires that the gains and losses from the disposition of certain real estate assets and the related historical operating results be included in a separate section, Discontinued Operations, in the Consolidated Statements of Income for all periods presented. During 2006, 2005 and 2004, the Company sold three, one and six properties, respectively, that met the criteria for discontinued operations: Property Name COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Ownership Percentage Rentable Square Feet 2006 The Avenue of the Peninsula ................................... 100% 373,000 North Point Ground Leases .................................... 100% N/A Frost Bank Tower ........................................... 100% 531,000 2005 Hanover Square South . . ...................................... 100% 69,000 2004 101 Second Street ........................................... 100% 387,000 55 Second Street ............................................ 100% 379,000 Northside/Alpharetta I . . ...................................... 100% 103,000 Northside/Alpharetta II . ...................................... 100% 198,000 The Shops of Lake Tuscaloosa .................................. 100% 62,000 Rocky Creek Properties . ...................................... 100% N/A F-32
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The following table details the components of Income (Loss) from Discontinued Operations for the years ended December 31, 2006, 2005 and 2004 ($ in thousands): 2006 2005 2004 Rental property revenues ............................... $ 18,493 $21,311 $ 38,021 Other income ....................................... 855 302 253 Rental property operating expenses ....................... (8,109) (9,893) (13,353) Depreciation and amortization ........................... (11,275) (9,297) (12,414) Interest expense ..................................... — — (6,475) Provision for income taxes ............................. (2) (126) — $ (38) $ 2,297 $ 6,032 The gain on sale of the properties included in Discontinued Operations described above is as follows for the years ended December 31, 2006, 2005 and 2004 (amounts are net of income taxes and minority interest and $ are in thousands): 2006 2005 2004 The Avenue of the Peninsula .............................. $20,053 $ — $ — North Point Ground Leases ............................... 11,867 — — Frost Bank Tower ...................................... 54,581 — — Hanover Square South ................................... (146) 1,070 — 101 Second Street ...................................... 100 12 45,489 55 Second Street ....................................... 40 24 21,632 Northside/Alpharetta I and II .............................. — 7 12,564 The Shops of Lake Tuscaloosa. ............................ — (76) 1,554 Rocky Creek Properties .................................. — — 648 AT&T/Cerritos ........................................ — — 40 $86,495 $1,037 $81,927 Property sales at joint ventures or sales where the Company has continuing involvement, as defined in EITF 03-13, do not qualify for treatment as discontinued operations. One of the ventures in which the Company has a 50% ownership interest, CSC, sold Bank of America Plaza in September 2006. Another venture in which the Company has a 50% ownership interest, 285 Venture, sold 1155 Perimeter Center West in July 2005. Neither the gain on sale nor the results of operations of Bank of America Plaza or 1155 Perimeter Center West were treated as discontinued operations. F-33
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 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 89 and 90: Company and 28% to GDL, after each
Page 95: COUSINS PROPERTIES INCORPORATED AND
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
show all

Cousins Properties Incorporated 2006 Annual Report - SNL Financial

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?