Cousins Properties Incorporated 2006 Annual Report - SNL Financial

The following supplemental pro forma financial information is presented for the years ended December 31,
2006 and 2005. The pro forma financial information is based upon the Company’s historical Consolidated
Statements of Income, adjusted as if the acquisition of the remaining interests in 191 Peachtree occurred at the
beginning of each of the periods presented. The supplemental pro forma financial information is not necessarily
indicative of future results or of actual results that would have been achieved had the acquisition of the remaining
interests in 191 Peachtree been consummated at the beginning of each period.
Years Ended December 31,
2006 2005
($ In thousands,
except per share)
Pro Forma
Revenues ................................................. $186,831 $192,805
Income from continuing operations .............................. 152,185 71,662
Income from discontinued operations ............................. 86,457 3,334
Net income available to common shareholders ...................... 223,392 59,746
Per share information:
Basic. .................................................. $ 4.41 $ 1.20
Diluted ................................................. $ 4.25 $ 1.15
In September 2006, the Company acquired a 102,000-square-foot office project in Sandy Springs, Georgia,
Cosmopolitan Center, which is on 9.5 acres of land and has long-term redevelopment opportunities, for approximately
$12.5 million.
10. OTHER ASSETS
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
At December 31, 2006 and 2005, Other Assets included the following ($ in thousands):
2006 2005
Investment in Verde ............................................
FF&E and leasehold improvements, net of accumulated depreciation of
$ 9,376 $ —
$16,429 and $14,404 as of December 31, 2006 and 2005, respectively . . . . . 8,665 9,674
Predevelopment costs and earnest money ............................. 22,924 4,732
Prepaids and other assets. ........................................
Intangible Assets:
6,531 7,343
Goodwill. ..................................................
Above market leases, net of accumulated amortization of $1,447 as of
5,602 8,324
December 31, 2006 .........................................
In-place leases, net of accumulated amortization of $472 as of December 31,
9,407 —
2006 .................................................... 2,589 —
$65,094 $30,073
As noted in Note 6, the Company began accounting for its Investment in Verde on the cost basis in the third
quarter of 2006, at which time the basis was transferred from Investments in Unconsolidated Joint Ventures to Other
Assets on the Consolidated Balance Sheet.
Intangible assets relate primarily to the acquisitions of the interests in 191 Peachtree and Cosmopolitan Center
in 2006 (see Note 9). In addition to the intangible assets shown above, the Company also acquired intangible
liabilities related to the purchases, including below market leases and an above market ground lease. These
intangible liabilities are recorded within Accounts Payable and Accrued Liabilities on the Consolidated Balance
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