þ
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) | |
OF THE SECURITIES EXCHANGE ACT OF 1934 | ||
For the fiscal year ended December 31, 2006 | ||
or
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||
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) | |
OF THE SECURITIES EXCHANGE ACT OF 1934 | ||
For the transition period from to |
Georgia
|
58-0869052 | |
(State or other jurisdiction | (I.R.S. Employer | |
of incorporation or organization) | Identification No.) | |
2500 Windy Ridge Parkway, Suite 1600, Atlanta, Georgia (Address of principal executive offices) |
30339-5683 (Zip Code) |
Title of Each Class
|
Name of Exchange on Which Registered
|
|
Common Stock ($1 par value) | New York Stock Exchange | |
7.75% Series A Cumulative Redeemable | ||
Preferred Stock ($1 par value) | New York Stock Exchange | |
7.50% Series B Cumulative Redeemable | ||
Preferred Stock ($1 par value)
|
New York Stock Exchange |
2
| Formed a joint venture which is intended to construct Palisades West, a 360,000 square foot, two building office development in Austin, Texas. | |
| Increased percentage leased of Terminus 100 from 41% at December 31, 2005 to 64% at December 31, 2006. | |
| Completed the construction and closed the sale of all units at 905 Juniper, the Companys first multi-family project. | |
| Acquired 191 Peachtree, a 1.2 million square foot, Class A building in Downtown Atlanta. | |
| Increased percentage of completion of 50 Biscayne from 26% at December 31, 2005 to 70% at December 31, 2006. The Company expects construction to be substantially complete and unit closings to commence in the fourth quarter of 2007. |
3
| Had significant leasing activity, notably a 274,000 square foot lease to the American Cancer Society at Inforum. |
| Commenced operations of San Jose MarketCenter, a 363,000 square foot power center in San Jose, California, of which the Company owns 220,000 square feet. | |
| Commenced operations of The Avenue Webb Gin, a 381,000 square foot lifestyle center in suburban Atlanta. | |
| Through a joint venture, commenced construction of The Avenue Murfreesboro, an 810,000 square foot lifestyle center in suburban Nashville, Tennessee. |
| Commenced construction of the first building at Jefferson Mill Business Park, a 459,000 square foot industrial project in Jackson County, Georgia. This project will contain 3.2 million square feet upon completion. | |
| Through a joint venture commenced construction of the first building in Lakeside Ranch Business Park in Dallas, Texas. The first building will contain 749,000 square feet and the project will contain 1.7 million square feet upon completion. | |
| Commenced operations of the first building in King Mill Distribution Park containing 417,000 square feet. | |
| Commenced construction of the second building in King Mill Distribution Park containing 359,000 square feet. |
4
| Commenced development of Blalock Lakes, a planned 3,000 acre residential community in Coweta County, Georgia that is expected to include private hunting, equestrian, fishing, swim and tennis facilities in a controlled access community. | |
| Entered into a joint venture with Callaway Gardens Resorts, Inc. for the development of residential lots within the Callaway Gardens Resort. | |
| Sold 1,576 residential lots, either directly or through joint ventures. | |
| Sold 1,245 acres of land tracts, either directly or through joint ventures. |
| Formed a venture with an institutional investor for the ownership, development, investment, management and leasing of certain commercial real estate projects, including five of the Companys retail properties. This transaction provided $300 million in capital in 2006 and is expected to provide $20 million of capital in 2007 for future investment. | |
| Sold The Avenue of the Peninsula and its interests in Bank of America Plaza and Frost Bank Tower for total proceeds of $502 million. | |
| Sold seven ground lease outparcels at its North Point property generating proceeds of approximately $14.3 million. | |
| Recast its credit facility resulting in $75 million in additional capacity, a reduction in its interest spread over LIBOR and additional flexibility in certain financial covenants. | |
| Closed a $100 million unsecured construction facility for funding the development of Terminus 100. | |
| The joint venture developing The Avenue Murfreesboro closed a $131 million construction loan, of which the Company guarantees 20%. | |
| Paid a special dividend to common stockholders of $175.5 million or $3.40 per share. |
5
Item 1A. | Risk Factors |
6
| changes in the national, regional and local economic climate; | |
| local conditions such as an oversupply of properties or a reduction in demand for properties; | |
| the attractiveness of our properties to tenants; | |
| competition from other available properties; | |
| changes in market rental rates; and | |
| the need to periodically repair, renovate and re-lease space. |
7
8
| The availability of sufficient development opportunities. Absence of sufficient development opportunities could result in our experiencing slower growth in earnings and cash flows. Development opportunities are dependent upon a wide variety of factors. From time to time, availability of these opportunities can be volatile as a result of, among other things, economic conditions and product supply/demand characteristics in a particular market. | |
| Abandoned predevelopment costs. The development process inherently requires that a large number of opportunities be pursued with only a few being developed and constructed. We may incur significant costs for predevelopment activity for projects that are abandoned that directly affect our results from operations. We have procedures and controls in place that are intended to minimize this risk, but it is likely that there will be predevelopment costs charged to expense on an ongoing basis. | |
| Project costs. Construction and leasing of a project involves a variety of costs that cannot always be identified at the beginning of a project. Costs may arise that have not been anticipated or actual costs may exceed estimated costs. These additional costs can be significant and could adversely impact our return on a project and the expected results from operations upon completion of the project. Also, construction costs rose significantly in 2006 due to increased demand for building materials and are expected to increase further in the near term. We attempt to mitigate construction cost risks on our development projects through guaranteed maximum price contracts and pre-ordering of certain materials, but we may be adversely affected by increased construction costs on our current and future projects. | |
| Leasing risk. The success of a commercial real estate development project is dependent upon, among other factors, entering into leases with acceptable terms within a predefined lease-up period. Although our policy is to achieve preleasing goals (which vary by market, product type and circumstances) before committing to a project, it is likely only some percentage of the space in a project will be leased at the time we commit to the project. If the space is not leased on schedule and upon the expected terms and conditions, our returns, future earnings and results of operations from the project could be adversely impacted. Whether or not tenants are willing to enter into leases on the terms and conditions we project and on the timetable we expect will depend upon a large variety of factors, many of which are outside our control. These factors may include: |
| general business conditions in the economy or in the tenants or prospective tenants industries; | |
| supply and demand conditions for space in the marketplace; and | |
| level of competition in the marketplace. |
| Governmental approvals. All necessary zoning, land-use, building, occupancy and other required governmental permits and authorization may not be obtained or may not be obtained on a timely basis resulting in possible delays, decreased profitability and increased management time and attention. |
9
| Credit facilities. Terms and conditions available in the marketplace for credit facilities vary over time. We can provide no assurance that the amount we need from our credit facility will be available at any given time, or at all, or that the rates and fees charged by the lenders will be acceptable to us. We incur interest under our credit facility at a variable rate. Variable rate debt creates higher debt service requirements if market interest rates increase, which would adversely affect our cash flow and results of operations. Our credit facility contains customary restrictions, requirements and other limitations on our ability to incur indebtedness, including restrictions on total debt outstanding, restrictions on secured debt outstanding, requirements to maintain minimum debt service coverage ratios and minimum ratios of unencumbered assets to unsecured debt. Our continued ability to borrow under our credit facility is subject to compliance with our financial and other covenants. In addition, our failure to comply with such covenants could cause a default, and we may then be required to repay such debt with capital from other sources. Under those circumstances, other sources of capital may not be available to us, or may be available only on unattractive terms. | |
| Mortgage financing. The availability of financing in the mortgage markets varies from time to time depending on various conditions, including the willingness of mortgage lenders to lend at any given point in time. Interest rates may also be volatile and we may from time to time elect not to proceed with mortgage financing due to unfavorable interest rates. This could adversely affect our ability to finance development activities. In addition, if a property is mortgaged to secure payment of indebtedness and we are unable to make the mortgage payments, the lender may foreclose, resulting in loss of income and asset value. | |
| Property sales. Real estate markets tend to experience market cycles. Because of such cycles the potential terms and conditions of sales, including prices, may be unfavorable for extended periods of time. In addition, federal tax laws limit our ability to sell properties and this may affect our ability to sell properties without adversely affecting returns to our stockholders. These restrictions reduce our ability to respond to changes in the performance of our investments and could adversely affect our financial condition and results of operations. This could impair our ability to raise capital through property sales in order to fund our development projects or other cash needs. In addition, mortgage financing on a property may impose a prepayment penalty in the event the financing is prepaid, which may decrease the proceeds from a sale or refinancing or make the sale or refinancing impractical. | |
| Construction facilities. Construction facilities generally relate to specific assets under construction and fund costs above an initial equity amount deemed acceptable to the lender. Terms and conditions of construction facilities vary but they generally carry a term of two to five years, charge interest at variable rates and require the lender to be satisfied with the nature and amount of construction costs prior to funding. While construction lending is competitive and offered by many financial institutions, there may be times when these facilities are not available or are only available upon unfavorable terms which could have an adverse effect on our ability to fund development projects or on our ability to achieve the returns we expect. | |
| Joint ventures. Joint ventures, including partnerships or limited liability companies, tend to be complex arrangements, and there are only a limited number of parties willing to undertake such investment structures. There is no guarantee that we will be able to undertake these ventures at the times we need capital. |
10
| Preferred stock. The availability of preferred stock at favorable terms and conditions is dependent upon a number of factors including the general condition of the economy, the overall interest rate environment, the condition of the capital markets and the demand for this product by potential holders of the securities. We can provide no assurance that conditions will be favorable for future issuances of perpetual preferred stock (or other equity securities) when we need the capital which could have an adverse effect on our ability to fund development projects. |
11
12
13
| 85% of its ordinary income; | |
| 95% of its net capital gain income for that year, and | |
| 100% of its undistributed taxable income (including any net capital gains) from prior years. |
Item 1B. | Unresolved Staff Comments |
14
Cost and |
||||||||||||||||||||||||||||||||||||||||
Percentage |
Average |
Cost Less |
Debt |
|||||||||||||||||||||||||||||||||||||
Year |
Leased |
2006 |
Major |
Depreciation |
Maturity |
|||||||||||||||||||||||||||||||||||
Development |
Companys |
as of |
Economic |
Major Tenants (Lease |
Tenants |
and |
and |
|||||||||||||||||||||||||||||||||
Description |
Completed |
Venture |
Ownership |
Square Feet |
December 31, |
Occupancy |
Expiration/Options |
Rentable |
Amortization |
Debt |
Interest |
|||||||||||||||||||||||||||||
and Location
|
or Acquired | Partner | Interest | and Acres | 2006 | (1) |
Expiration)
|
Sq. Feet | (2) | Balance | Rate | |||||||||||||||||||||||||||||
Office
|
||||||||||||||||||||||||||||||||||||||||
191 Peachtree Tower(3)
Atlanta, GA |
2006 | N/A | 100 | % | 1,211,000 | 60 | % | 52 | % | Wachovia Bank (2008/2023) | 380,442 | $ | 146,367 | $ | 0 | N/A | ||||||||||||||||||||||||
2 Acres | (3) | Deloitte & Touche (2008/2018) | 99,465 | $ | 144,389 | |||||||||||||||||||||||||||||||||||
Cousins Properties (2017/2022) | 61,674 | |||||||||||||||||||||||||||||||||||||||
Inforum
Atlanta, GA |
1999 | N/A | 100 | % | 994,000 | 98 | % | 86 | % | American Cancer Society (2022) | 273,745 | $ | 79,835 | $ | 0 | N/A | ||||||||||||||||||||||||
4 Acres | (4) | BellSouth Corporation (5) (2009) | 138,893 | $ | 38,424 | |||||||||||||||||||||||||||||||||||
Georgia Lottery Corp. (2013) | 127,827 | |||||||||||||||||||||||||||||||||||||||
Co Space Services, LLC | 120,298 | |||||||||||||||||||||||||||||||||||||||
(2020/2025) | ||||||||||||||||||||||||||||||||||||||||
Turner Broadcasting (2011/2016) | 57,827 | |||||||||||||||||||||||||||||||||||||||
Sapient Corporation (2009/2019) | 57,689 | |||||||||||||||||||||||||||||||||||||||
The Points at Waterview
Suburban Dallas, Texas |
2000 | N/A | 100 | % | 203,000 | 99 | % | 98 | % | Bombardier Aerospace Corp. | 97,740 | $ | 30,394 | $ | 18,183 | 1/1/16 | ||||||||||||||||||||||||
15 Acres | (2013/2023) | $ | 22,375 | 5.66 | % | |||||||||||||||||||||||||||||||||||
Liberty Mutual (2011/2021) | 28,124 | |||||||||||||||||||||||||||||||||||||||
NetHawk Acquisition Corp. (2009) | 16,968 | |||||||||||||||||||||||||||||||||||||||
Lakeshore Park Plaza
Birmingham, AL |
1998 | Daniel Realty | 100 | %(6) | 195,000 | 75 | % | 57 | % | Synovus Mortgage (2014/2019) | 28,932 | $ | 18,097 | $ | 9,082 | 11/1/08 | ||||||||||||||||||||||||
Company | 12 Acres | Dent & Baker (2017) | 11,331 | $ | 13,975 | 6.78 | % | |||||||||||||||||||||||||||||||||
Daxco (2009/2014) | 9,318 | |||||||||||||||||||||||||||||||||||||||
General Services (2008) | 7,806 | |||||||||||||||||||||||||||||||||||||||
600 University Park Place
Birmingham, AL |
2000 | Daniel Realty | 100 | %(6) | 123,000 | 98 | % | 74 | % | Southern Communications Services(5) | 41,961 | $ | 18,599 | $ | 13,168 | 8/10/11 | ||||||||||||||||||||||||
Company | 10 Acres | (2010/2016) | $ | 14,268 | 7.38 | % | ||||||||||||||||||||||||||||||||||
O2 Ideas, Inc. (2014/2024) | 25,465 | |||||||||||||||||||||||||||||||||||||||
100 North Point Center East
Suburban Atlanta, GA |
1995 | N/A | 100 | % | 128,000 | 89 | % | 89 | % | Schweitzer-Mauduit | $ | 12,603 | $ | 22,365 | (7) | 8/1/07 | ||||||||||||||||||||||||
7 Acres | International, Inc. (2012) | 32,655 | $ | 9,469 | 7.86 | % | ||||||||||||||||||||||||||||||||||
Med Assets HSCA, Inc. (2013/2018) | 21,914 | |||||||||||||||||||||||||||||||||||||||
Golden Peanut Co. (2017) | 18,104 | |||||||||||||||||||||||||||||||||||||||
200 North Point Center East
Suburban Atlanta, GA |
1996 | N/A | 100 | % | 130,000 | 95 | % | 75 | % | Med Assets HSCA, Inc. (2013/2018) | 67,015 | $ | 10,764 | (7) | (7) | |||||||||||||||||||||||||
9 Acres | Nokia (2008) | 22,409 | $ | 8,930 | ||||||||||||||||||||||||||||||||||||
Morgan Stanley (2011) | 15,709 | |||||||||||||||||||||||||||||||||||||||
B2B Workforce, Inc. (2008/2013) | 14,171 |
15
Cost and |
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Percentage |
Average |
Cost Less |
Debt |
|||||||||||||||||||||||||||||||||||||
Year |
Leased |
2006 |
Major |
Depreciation |
Maturity |
|||||||||||||||||||||||||||||||||||
Development |
Companys |
as of |
Economic |
Major Tenants (Lease |
Tenants |
and |
and |
|||||||||||||||||||||||||||||||||
Description |
Completed |
Venture |
Ownership |
Square Feet |
December 31, |
Occupancy |
Expiration/Options |
Rentable |
Amortization |
Debt |
Interest |
|||||||||||||||||||||||||||||
and Location
|
or Acquired | Partner | Interest | and Acres | 2006 | (1) |
Expiration)
|
Sq. Feet | (2) | Balance | Rate | |||||||||||||||||||||||||||||
Office
(Continued)
|
||||||||||||||||||||||||||||||||||||||||
333 North Point Center East
Suburban Atlanta, GA |
1998 | N/A | 100 | % | 130,000 | 79 | % | 70 | % | Merrill Lynch (2014/2024) | 35,949 | $ | 13,456 | $ | 29,571 | (8) | 11/1/11 | |||||||||||||||||||||||
9 Acres | Wells Fargo Bank NA (2009/2012) | 22,438 | $ | 8,744 | 7.00 | % | ||||||||||||||||||||||||||||||||||
Phillip Morris (2008/2013) | 17,521 | |||||||||||||||||||||||||||||||||||||||
555 North Point Center East
Suburban Atlanta, GA |
2000 | N/A | 100 | % | 152,000 | 90 | % | 88 | % | Kids II, Inc. (2016/2026) | 51,059 | $ | 17,592 | (8) | (8 | ) | ||||||||||||||||||||||||
10 Acres | Regus Business Centre | 22,422 | $ | 12,586 | ||||||||||||||||||||||||||||||||||||
(2011/2016) | ||||||||||||||||||||||||||||||||||||||||
Ace Mortgage (2008/2011) | 11,433 | |||||||||||||||||||||||||||||||||||||||
Robert W. Baird (2011/2016) | 11,074 | |||||||||||||||||||||||||||||||||||||||
Galleria 75
Suburban Atlanta, GA |
2004 | N/A | 100 | % | 114,000 | 75 | % | 85 | % | THD At-Home Services (2008) | 24,259 | $ | 11,734 | $ | 0 | N/A | ||||||||||||||||||||||||
7 Acres | $ | 10,233 | ||||||||||||||||||||||||||||||||||||||
3301 Windy Ridge Parkway
Atlanta, GA |
1984 | N/A | 100 | % | 107,000 | 42 | % | 48 | % | Indus International, Inc. | 45,557 | $ | 12,413 | $ | 0 | N/A | ||||||||||||||||||||||||
10 Acres | (2012/2017) | $ | 5,349 | |||||||||||||||||||||||||||||||||||||
3100 Windy Hill Road
Atlanta, GA |
1983 | N/A | 100 | %(9) | 188,000 | 0 | % | 92 | % | N/A | $ | 17,314 | $ | 0 | N/A | |||||||||||||||||||||||||
13 Acres | $ | 10,445 | ||||||||||||||||||||||||||||||||||||||
Cosmopolitan Center
Atlanta, GA |
2006 | N/A | 100 | % | 102,000 | 73 | % | 71 | % | City of Sandy Springs (2007/2009) | 32,800 | $ | 12,046 | $ | 0 | N/A | ||||||||||||||||||||||||
9 Acres | $ | 11,804 | ||||||||||||||||||||||||||||||||||||||
One Georgia Center
Atlanta, GA |
2000 | Prudential (5) | 88.5 | % | 344,000 | 46 | % | 37 | % | Southern Christian Leadership (2007) | 14,501 | $ | 42,136 | $ | 0 | N/A | ||||||||||||||||||||||||
3 Acres | Roman Catholic Archdiocese (2009) | 13,699 | $ | 35,567 | ||||||||||||||||||||||||||||||||||||
Hamilton, Westby, Marshall (2017) | 11,070 | |||||||||||||||||||||||||||||||||||||||
Gateway Village
Charlotte, NC |
2001 | Bank of America (5) | 50 | % | 1,065,000 | 100 | % | 100 | % | Bank of America (5) (2016/2035) | 1,065,000 | $ | 211,142 | $ | 144,654 | 12/1/16 | ||||||||||||||||||||||||
8 Acres | $ | 175,307 | 6.41 | % | ||||||||||||||||||||||||||||||||||||
Ten Peachtree Place
Atlanta, GA |
1991 | Coca-Cola (5) | 50 | % | 259,000 | 87 | % | 96 | % | AGL Services Co. (2013/2028) | 226,779 | $ | 40,594 | $ | 28,849 | 4/1/15 | ||||||||||||||||||||||||
5 Acres | $ | 25,367 | 5.39 | % | ||||||||||||||||||||||||||||||||||||
Meridian Mark Plaza
Atlanta, GA |
1999 | N/A | 100 | % | 160,000 | 100 | % | 100 | % | Northside Hospital (5) | 57,614 | $ | 25,957 | $ | 23,602 | 9/1/10 | ||||||||||||||||||||||||
3 Acres | (2013/2023) (10) | $ | 17,483 | 8.27 | % | |||||||||||||||||||||||||||||||||||
Scottish Rite Hospital for | 31,676 | |||||||||||||||||||||||||||||||||||||||
Crippled Children, Inc. (2013/2018)(10) | ||||||||||||||||||||||||||||||||||||||||
Georgia Reproductive (2017) | 13,622 | |||||||||||||||||||||||||||||||||||||||
Children Orthopedics (2009/2014) | 12,721 |
16
Cost and |
||||||||||||||||||||||||||||||||||||||||
Percentage |
Average |
Cost Less |
Debt |
|||||||||||||||||||||||||||||||||||||
Year |
Leased |
2006 |
Major |
Depreciation |
Maturity |
|||||||||||||||||||||||||||||||||||
Development |
Companys |
as of |
Economic |
Major Tenants (Lease |
Tenants |
and |
and |
|||||||||||||||||||||||||||||||||
Description |
Completed |
Venture |
Ownership |
Square Feet |
December 31, |
Occupancy |
Expiration/Options |
Rentable |
Amortization |
Debt |
Interest |
|||||||||||||||||||||||||||||
and Location
|
or Acquired | Partner | Interest | and Acres | 2006 | (1) |
Expiration)
|
Sq. Feet | (2) | Balance | Rate | |||||||||||||||||||||||||||||
Office
(Continued)
|
||||||||||||||||||||||||||||||||||||||||
AtheroGenics
Suburban Atlanta, GA |
1999 | N/A | 100 | % | 51,000 | 100 | % | 100 | % | AtheroGenics (2009/2019) | 50,821 | $ | 7,655 | $ | 0 | N/A | ||||||||||||||||||||||||
4 Acres | $ | 3,506 | ||||||||||||||||||||||||||||||||||||||
Inhibitex
Suburban Atlanta, GA |
2005 | N/A | 100 | % | 51,000 | 100 | % | 100 | % | Inhibitex (2015/2025) | 50,933 | $ | 6,634 | $ | 0 | N/A | ||||||||||||||||||||||||
5 Acres | $ | 6,023 | ||||||||||||||||||||||||||||||||||||||
Emory Crawford Long Medical Office
Tower
Atlanta, GA |
2002 | Emory University | 50 | % | 358,000 | 100 | % | 98 | % | Emory University (2017/2047) | 148,741 | $ | 52,338 | $ | 52,404 | 6/1/13 | ||||||||||||||||||||||||
(11 | ) | Resurgens (2014/2019) | 26,581 | $ | 40,184 | 5.90 | % | |||||||||||||||||||||||||||||||||
Atlanta Gastroenterology (2012) | 17,375 | |||||||||||||||||||||||||||||||||||||||
Presbyterian Medical Plaza at
University
Charlotte, NC |
1997 | Prudential (5) | 11.5 | % | 69,000 | 100 | % | 100 | % | Novant Health, Inc. | 63,862 | $ | 8,622 | $ | 0 | N/A | ||||||||||||||||||||||||
1 Acre (12 | ) | (2012/2022) (13) | $ | 5,289 |
17
2016 & |
||||||||||||||||||||||||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
Total (including
Companys % share of Joint Venture
Properties):
|
||||||||||||||||||||||||||||||||||||||||||||
Square Feet
Expiring(14)
|
128,579 | 241,820 | 459,856 | 162,599 | 322,486 | 167,914 | 536,232 | 148,207 | 618,869 | 571,360 | 3,357,922 | |||||||||||||||||||||||||||||||||
% of Leased Space
|
4 | % | 7 | % | 14 | % | 5 | % | 10 | % | 5 | % | 16 | % | 4 | % | 18 | % | 17 | % | 100 | % | ||||||||||||||||||||||
Annual Contractual Rent
(000s) (15)
|
$ | 1,643 | $ | 3,815 | $ | 7,147 | $ | 2,576 | $ | 4,838 | $ | 2,813 | $ | 9,944 | $ | 3,158 | $ | 11,749 | $ | 12,446 | $ | 60,129 | ||||||||||||||||||||||
Annual Contractual
|
||||||||||||||||||||||||||||||||||||||||||||
Rent/Sq. Ft.(15)
|
$ | 12.78 | $ | 15.78 | $ | 15.54 | $ | 15.85 | $ | 15.00 | $ | 16.75 | $ | 18.54 | $ | 21.31 | $ | 18.98 | $ | 21.78 | $ | 17.91 | ||||||||||||||||||||||
Wholly Owned:
|
||||||||||||||||||||||||||||||||||||||||||||
Square Feet Expiring(14)
|
86,433 | 221,670 | 426,278 | 146,984 | 296,059 | 112,074 | 402,262 | 143,413 | 56,794 | 493,837 | 2,385,804 | (16) | ||||||||||||||||||||||||||||||||
% of Leased Space
|
4 | % | 9 | % | 18 | % | 6 | % | 12 | % | 5 | % | 17 | % | 6 | % | 2 | % | 21 | % | 100 | % | ||||||||||||||||||||||
Annual Contractual Rent
(000s)(15)
|
$ | 1,197 | $ | 3,569 | $ | 6,648 | $ | 2,340 | $ | 4,434 | $ | 1,761 | $ | 7,476 | $ | 3,046 | $ | 1,273 | $ | 10,554 | $ | 42,298 | ||||||||||||||||||||||
Annual Contractual
|
||||||||||||||||||||||||||||||||||||||||||||
Rent/Sq. Ft.(15)
|
$ | 13.85 | $ | 16.10 | $ | 15.60 | $ | 15.92 | $ | 14.98 | $ | 15.71 | $ | 18.58 | $ | 21.24 | $ | 22.42 | $ | 21.37 | $ | 17.73 | ||||||||||||||||||||||
Joint Venture:
|
||||||||||||||||||||||||||||||||||||||||||||
Square Feet Expiring(14)
|
82,305 | 23,281 | 51,081 | 23,541 | 38,511 | 123,528 | 259,810 | 9,587 | 1,112,872 | 151,426 | 1,875,942 | (17) | ||||||||||||||||||||||||||||||||
% of Leased Space
|
4 | % | 1 | % | 3 | % | 1 | % | 2 | % | 7 | % | 14 | % | 1 | % | 59 | % | 8 | % | 100 | % | ||||||||||||||||||||||
Annual Contractual Rent
(000s)(15)
|
$ | 1,113 | $ | 289 | $ | 855 | $ | 402 | $ | 661 | $ | 2,419 | $ | 4,841 | $ | 223 | $ | 20,795 | $ | 3,722 | $ | 35,320 | ||||||||||||||||||||||
Annual Contractual
|
||||||||||||||||||||||||||||||||||||||||||||
Rent/Sq. Ft.(15)
|
$ | 13.52 | $ | 12.40 | $ | 16.73 | $ | 17.06 | $ | 17.17 | $ | 19.59 | $ | 18.63 | $ | 23.30 | $ | 18.69 | $ | 24.58 | $ | 18.83 |
18
Percentage |
Cost and |
Debt |
||||||||||||||||||||||||||||||||||
Year |
Leased |
Average |
Major |
Cost Less |
Maturity |
|||||||||||||||||||||||||||||||
Development |
Companys |
as of |
2006 |
Major Tenants (Lease |
Tenants |
Depreciation |
and |
|||||||||||||||||||||||||||||
Description |
Completed |
Venture |
Ownership |
Square Feet |
December 31, |
Economic |
Expiration/Options |
Rentable |
and |
Debt |
Interest |
|||||||||||||||||||||||||
and Location
|
or Acquired | Partner | Interest |
and Acres
|
2006 | Occupancy(1) |
Expiration)
|
Sq. Feet
|
Amortization(2) | Balance | Rate | |||||||||||||||||||||||||
Retail Centers
|
||||||||||||||||||||||||||||||||||||
The Avenue Carriage Crossing
Suburban Memphis, TN |
2005 | Jim Wilson & | 100 | %(6) | 783,000 (18) | 93 | %(19) | 89 | % (19) | Dillards (20) | N/A | $ | 90,892 | $ | 0 | N/A | ||||||||||||||||||||
Associates(5) | 135 acres | Parisian (2021/2051)(21) | 130,000 | $ | 85,471 | |||||||||||||||||||||||||||||||
(492,000 owned | Linens n Things (2016/2031) | 28,331 | ||||||||||||||||||||||||||||||||||
by Carriage | Barnes & Noble (2016/2026) | 25,322 | ||||||||||||||||||||||||||||||||||
Avenue, LLC) | Cost Plus (2016/2031) | 18,200 | ||||||||||||||||||||||||||||||||||
San Jose MarketCenter
San Jose, CA |
2006 | N/A | 100 | % | 363,000(18) | 89 | %(19) | 79 | %(19) | Target (20) | N/A | $ | 79,958 | $ | 0 | N/A | ||||||||||||||||||||
25 acres | Marshalls (2016/2036) | 33,000 | $ | 78,829 | ||||||||||||||||||||||||||||||||
(220,000 owned | PetsMart (2017/2032) | 27,627 | ||||||||||||||||||||||||||||||||||
by the Company) | Michaels (2016/2031) | 23,819 | ||||||||||||||||||||||||||||||||||
Office Depot (2016/2026) | 20,526 | |||||||||||||||||||||||||||||||||||
Cost Plus (2017/2032) | 18,900 | |||||||||||||||||||||||||||||||||||
Trader Joes (2017/2032) | 12,200 | |||||||||||||||||||||||||||||||||||
The Avenue Webb Gin
Suburban Atlanta, GA |
2006 | N/A | 100 | % | 381,000(18) | 71 | %(19) | 50 | %(19) | Barnes & Noble (2016/2026) | 26,610 | $ | 69,757 | $ | 0 | N/A | ||||||||||||||||||||
51 acres | Ethan Allen (2021/2031) | 18,511 | $ | 68,982 | ||||||||||||||||||||||||||||||||
GAP (2012/2022) | 17,461 | |||||||||||||||||||||||||||||||||||
The Avenue Viera
Viera, FL |
2005 | Prudential(5) | 11.5 | %(6) | 406,000(18) | 95 | % | 82 | % | Rave Motion Pictures(20) | N/A | $ | 87,061 | (22) | $ | 0 | N/A | |||||||||||||||||||
56 Acres | Belk, Inc. (2024/2044)(21) | 65,927 | $ | 85,526 | (22) | |||||||||||||||||||||||||||||||
(332,000 owned | Bed, Bath & Beyond (2015/2035) | 24,329 | ||||||||||||||||||||||||||||||||||
by CP Venture IV | A.C. Moore (2016/2036) | 20,800 | ||||||||||||||||||||||||||||||||||
Holdings LLC) | Cost Plus (2017/2037) | 18,300 | ||||||||||||||||||||||||||||||||||
Books a Million (2015/2035) | 14,795 | |||||||||||||||||||||||||||||||||||
Old Navy (2010/2020) | 14,754 | |||||||||||||||||||||||||||||||||||
The Avenue East Cobb
Suburban Atlanta, GA |
1999 | Prudential(5) | 11.5 | % | 231,000 | 97 | % | 99 | % | Borders, Inc. (2015/2030) | 24,882 | $ | 97,429 | (22) | $ | 39,364 | (23) | 8/1/10 | ||||||||||||||||||
30 Acres | Bed, Bath & Beyond (2010/2025) | 21,007 | $ | 95,893 | (22) | 8.39 | % | |||||||||||||||||||||||||||||
GAP (2010/2015) | 19,434 | |||||||||||||||||||||||||||||||||||
Talbots (2010/2015) | 12,905 | |||||||||||||||||||||||||||||||||||
Pottery Barn (5)(2012) | 10,000 | |||||||||||||||||||||||||||||||||||
The Avenue West Cobb
Suburban Atlanta, GA |
2003 | Prudential(5) | 11.5 | % | 251,000(18) | 98 | % | 96 | % | Linens n Things (2014/2029) | 28,030 | $ | 81,254 | (22) | $ | 0 | N/A | |||||||||||||||||||
22 Acres | Barnes & Noble (2014/2024) | 24,025 | $ | 79,635 | (22) | |||||||||||||||||||||||||||||||
GAP (2012/2022) | 17,520 | |||||||||||||||||||||||||||||||||||
The Avenue Peachtree City
Suburban Atlanta, GA |
2001 | Prudential(5) | 11.5 | % | 183,000(18) | 98 | % | 97 | % | Books a Million (2008/2013) | 13,750 | $ | 57,642 | (22) | $ | 0 | N/A | |||||||||||||||||||
18 Acres (24) | GAP (2012/2022) | 10,800 | $ | 56,005 | (22) | |||||||||||||||||||||||||||||||
Homebanc Mortgage Corporation | 8,851 | |||||||||||||||||||||||||||||||||||
(2007/2012) | ||||||||||||||||||||||||||||||||||||
Talbots (2012/2022) | 8,610 | |||||||||||||||||||||||||||||||||||
Banana Republic (2012/2022) | 8,015 | |||||||||||||||||||||||||||||||||||
Viera MarketCenter
Viera, FL |
2005 | Prudential(5) | 11.5 | %(6) | 178,000(18) | 95 | % | 94 | % | Kohls Department Stores, Inc. | 88,248 | $ | 17,075 | (22) | $ | 0 | N/A | |||||||||||||||||||
20 Acres | (2026/2056) (21) | $ | 16,838 | (22) | ||||||||||||||||||||||||||||||||
Sports Authority (2017/2032) | 37,516 | |||||||||||||||||||||||||||||||||||
Office Depot (2016/2036) | 20,000 |
19
Percentage |
Cost and |
Debt |
||||||||||||||||||||||||||||||||||
Year |
Leased |
Average |
Major |
Cost Less |
Maturity |
|||||||||||||||||||||||||||||||
Development |
Companys |
as of |
2006 |
Major Tenants (Lease |
Tenants |
Depreciation |
and |
|||||||||||||||||||||||||||||
Description |
Completed |
Venture |
Ownership |
Square Feet |
December 31, |
Economic |
Expiration/Options |
Rentable |
and |
Debt |
Interest |
|||||||||||||||||||||||||
and Location
|
or Acquired | Partner | Interest |
and Acres
|
2006 | Occupancy(1) |
Expiration)
|
Sq. Feet
|
Amortization(2) | Balance | Rate | |||||||||||||||||||||||||
North Point MarketCenter
Suburban Atlanta, GA |
1994 | Prudential(5) | 10.32 | %(25) | 518,000 (18) | 100 | % | 99 | % | Target (20) | N/A | $ | 58,173 | $ | 0 | N/A | ||||||||||||||||||||
60 Acres | Babies R Us (2012/2032) | 50,275 | $ | 41,986 | ||||||||||||||||||||||||||||||||
(401,000 | Dicks Sporting Goods (2017/2037) | 48,884 | ||||||||||||||||||||||||||||||||||
square feet | Marshalls (2010/2025) | 40,000 | ||||||||||||||||||||||||||||||||||
and 49 acres | Hudsons Furniture (5) (2011/2021) | 40,000 | ||||||||||||||||||||||||||||||||||
owned by | Linens n Things (2010/2025) | 35,000 | ||||||||||||||||||||||||||||||||||
CP Venture | Regal Cinemas (2014/2034) | 34,733 | ||||||||||||||||||||||||||||||||||
LLC) | Circuit City (2015/2030) | 33,420 | ||||||||||||||||||||||||||||||||||
PetsMart, Inc. (2009/2029) | 25,465 | |||||||||||||||||||||||||||||||||||
Greenbrier MarketCenter
Chesapeake, VA |
1996 | Prudential(5) | 10.32 | %(25) | 493,000(18) | 100 | % | 100 | % | Target (20) | N/A | $ | 49,107 | $ | 0 | N/A | ||||||||||||||||||||
44 Acres | Harris Teeter, Inc. (2016/2036) | 51,806 | $ | 35,436 | ||||||||||||||||||||||||||||||||
(376,000 square | Best Buy (2015/2030) | 45,106 | ||||||||||||||||||||||||||||||||||
feet and 36 acres | Bed, Bath & Beyond (2012/2027) | 40,484 | ||||||||||||||||||||||||||||||||||
owned by | Babies R Us (2011/2021) | 40,000 | ||||||||||||||||||||||||||||||||||
CP Venture | Stein Mart, Inc. (2011/2026) | 36,000 | ||||||||||||||||||||||||||||||||||
LLC) | Barnes & Noble Superstores, Inc. (2012/2022) | 29,974 | ||||||||||||||||||||||||||||||||||
PetsMart, Inc. (2011/2031) | 26,040 | |||||||||||||||||||||||||||||||||||
Office Max (2011/2026) | 23,484 | |||||||||||||||||||||||||||||||||||
Los Altos MarketCenter
Long Beach, CA |
1996 | Prudential(5) | 10.32 | %(25) | 182,000 | 100 | % | 100 | % | Sears (20) | N/A | $ | 32,864 | $ | 0 | N/A | ||||||||||||||||||||
(157,000 square | Circuit City (2017/2037) | 38,541 | $ | 24,685 | ||||||||||||||||||||||||||||||||
feet and 17 acres | Borders, Inc. (2017/2037) | 30,000 | ||||||||||||||||||||||||||||||||||
owned by | Bristol Farms (5) (2012/2032) | 28,200 | ||||||||||||||||||||||||||||||||||
CP Venture | CompUSA, Inc. (2011/2021) | 25,620 | ||||||||||||||||||||||||||||||||||
LLC) | ||||||||||||||||||||||||||||||||||||
Mansell Crossing Phase II
Suburban Atlanta, GA |
1996 | Prudential(5) | 10.32 | %(25) | 103,000 | 100 | % | 100 | % | Bed, Bath & Beyond (2012/2027) | 40,787 | $ | 12,639 | $ | 0 | N/A | ||||||||||||||||||||
13 Acres | Ross Stores Inc. (2014/2034) | 32,144 | $ | 9,238 | ||||||||||||||||||||||||||||||||
Rooms To Go (2016/2036) | 21,000 | |||||||||||||||||||||||||||||||||||
Stand Alone Retail Sites
Adjacent to Companys Retail Projects
|
||||||||||||||||||||||||||||||||||||
North Point (26)
Suburban Atlanta, GA |
1993 | N/A | 100 | % | 11 Acres | 100 | % | 100 | % | N/A | N/A | $ | 1,612 | $ | 0 | N/A | ||||||||||||||||||||
$ | 1,470 |
20
2016 & |
||||||||||||||||||||||||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
Total (including only
Companys % share of Joint Venture
Properties):
|
||||||||||||||||||||||||||||||||||||||||||||
Square Feet Expiring
|
18,997 | 10,311 | 8,652 | 28,515 | 64,822 | 34,146 | 14,895 | 23,718 | 73,376 | 417,003 | 694,435 | |||||||||||||||||||||||||||||||||
% of Leased Space
|
3 | % | 1 | % | 1 | % | 4 | % | 9 | % | 5 | % | 2 | % | 4 | % | 11 | % | 60 | % | 100 | % | ||||||||||||||||||||||
Annual Contractual Rent
(000s)(15)
|
$ | 374 | $ | 260 | $ | 189 | $ | 635 | $ | 1,275 | $ | 639 | $ | 381 | $ | 503 | $ | 2,043 | $ | 6,857 | $ | 13,156 | ||||||||||||||||||||||
Annual Contractual
Rent/Sq. Ft.(15)
|
$ | 19.69 | $ | 25.21 | $ | 21.86 | $ | 22.26 | $ | 19.66 | $ | 18.71 | $ | 25.61 | $ | 21.23 | $ | 27.84 | $ | 16.44 | $ | 18.95 | ||||||||||||||||||||||
Wholly Owned:
|
||||||||||||||||||||||||||||||||||||||||||||
Square Feet Expiring
|
10,282 | 3,000 | | 6,394 | 32,060 | | 4,482 | | 49,086 | 351,664 | 456,968(27 | ) | ||||||||||||||||||||||||||||||||
% of Leased Space
|
2 | % | 1 | % | 0 | % | 1 | % | 7 | % | 0 | % | 1 | % | 0 | % | 11 | % | 77 | % | 100 | % | ||||||||||||||||||||||
Annual Contractual Rent
(000s)(15)
|
$ | 173 | $ | 102 | $ | | $ | 210 | $ | 716 | $ | | $ | 108 | $ | | $ | 1,550 | $ | 5,793 | $ | 8,652 | ||||||||||||||||||||||
Annual Contractual
|
||||||||||||||||||||||||||||||||||||||||||||
Rent/Sq. Ft.(15)
|
$ | 16.84 | $ | 33.88 | $ | | $ | 32.80 | $ | 22.33 | $ | | $ | 24.00 | $ | | $ | 31.58 | $ | 16.47 | $ | 18.93 | ||||||||||||||||||||||
Joint Venture:
|
||||||||||||||||||||||||||||||||||||||||||||
Square Feet Expiring
|
80,298 | 65,083 | 80,208 | 202,154 | 310,106 | 318,171 | 91,783 | 213,108 | 219,279 | 591,120 | 2,171,310(28 | ) | ||||||||||||||||||||||||||||||||
% of Leased Space
|
4 | % | 3 | % | 4 | % | 9 | % | 14 | % | 15 | % | 4 | % | 10 | % | 10 | % | 27 | % | 100 | % | ||||||||||||||||||||||
Annual Contractual Rent
(000s)(15)
|
$ | 1,840 | $ | 1,408 | $ | 1,728 | $ | 3,831 | $ | 5,195 | $ | 5,869 | $ | 2,402 | $ | 4,481 | $ | 4,385 | $ | 9,676 | $ | 40,815 | ||||||||||||||||||||||
Annual Contractual Rent/Sq. Ft.(15)
|
$ | 22.92 | $ | 21.63 | $ | 21.55 | $ | 18.95 | $ | 16.75 | $ | 18.44 | $ | 26.18 | $ | 21.03 | $ | 20.00 | $ | 16.37 | $ | 18.80 |
Percentage |
Cost and |
Debt |
||||||||||||||||||||||||||||||||||
Year |
Leased |
Average |
Major |
Cost Less |
Maturity |
|||||||||||||||||||||||||||||||
Description |
Development |
Companys |
as of |
2006 |
Major Tenants (Lease |
Tenants |
Depreciation |
and |
||||||||||||||||||||||||||||
and |
Completed |
Venture |
Ownership |
Square Feet |
December 31, |
Economic |
Expiration/Options |
Rentable |
and |
Debt |
Interest |
|||||||||||||||||||||||||
Location
|
or Acquired | Partner | Interest |
and Acres
|
2006 | Occupancy(1) |
Expiration)
|
Sq. Feet
|
Amortization(2) | Balance | Rate | |||||||||||||||||||||||||
Industrial
|
||||||||||||||||||||||||||||||||||||
King Mill Distribution Park
Building 3A, Phase 1 Suburban Atlanta, GA |
2006 | Weeks Properties Group | 75 | % | 417,000 | 100 | % | 40 | % (29) | Simplicity Manufacturing, Inc. | 417,000 | $ | 13,610 | $ | 2,625 | 8/30/08 | ||||||||||||||||||||
22 Acres | (2012/2017) | $ | 13,334 | 9.0 | % |
21
(1) | Average economic occupancy is calculated as the percentage of the property for which revenue was recognized during the year. If the property was purchased during the year, average economic occupancy is calculated from the date of purchase forward. If the project has an expansion that was under construction during the year, average economic occupancy for the expansion portion is only included after it becomes partially operational. | |
(2) | Cost as shown in the accompanying table includes deferred leasing costs and other tangible related assets. | |
(3) | 191 Peachtree Tower is treated as an operational property for financial reporting purposes, although the Company considers this property as a redevelopment project in some of its external reports and analyses. Also, the acreage numbers include 0.8 acres under a ground lease which expires in 2086. | |
(4) | Approximately 0.18 acres of the total four acres of land at Inforum are under a ground lease expiring in 2068. | |
(5) | Actual tenant or venture partner is an affiliate of the entity shown. | |
(6) | These projects are owned either (1) through a joint venture with a third party providing a participation in operations and on sale of the property or (2) subject to a contract with a third party providing a participation in operations and on sale of the property, even though they may be shown as 100% owned. | |
(7) | 100 North Point Center East and 200 North Point Center East were financed together as one non-recourse mortgage note payable. | |
(8) | 333 North Point Center East and 555 North Point Center East were financed together as one recourse mortgage note payable. | |
(9) | See Additional Information Related to Operating Properties following this table for more information related to 3100 Windy Hill Road. | |
(10) | At Meridian Mark Plaza, 8,718 square feet of the Northside Hospital lease expires in 2008; 7,521 square feet of the Scottish Rite Hospital lease expires in 2009. | |
(11) | Emory Crawford Long Medical Office Tower was developed on top of a building within the Crawford Long Hospital campus. The venture received a fee simple interest in the air rights above this building in order to develop the medical office tower. | |
(12) | Presbyterian Medical Plaza at University is located on 1 acre, which is subject to a ground lease expiring in 2057. | |
(13) | Approximately 23,359 square feet of the Novant Health, Inc. lease at Presbyterian Medical Plaza at University expires in 2007, with an option to renew through 2022. | |
(14) | Where a tenant has the option to cancel its lease without penalty, the lease expiration date used in the Lease Expirations tables reflect the cancellation option date rather than the lease expiration date. | |
(15) | Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable and percentage rents, if applicable. If the lease does not provide for pass through of such operating expense reimbursements, an estimate of operating expenses is deducted from the rental rate shown. The contractual rental rate shown is the estimated rate in the year of expiration. | |
(16) | Rentable square feet leased as of December 31, 2006 out of approximately 2,828,000 total rentable square feet. | |
(17) | Rentable square feet leased as of December 31, 2006 out of approximately 2,095,000 total rentable square feet. | |
(18) | These retail centers also include outparcels which are ground leased to freestanding users. |
22
(19) | A portion of the project became partially operational in 2006, but a portion remains under construction and/or in lease-up as of December 31, 2006. | |
(20) | This anchor tenant owns its own store and land. | |
(21) | This tenant built and owns its own store and pays the Company under a ground lease. | |
(22) | During 2006, these properties were contributed to CP Venture IV Holdings LLC. Cost and cost less depreciation and amortization reflects the ventures basis which was adjusted to fair market value at the time of the contribution. | |
(23) | This loan was assumed by CP Venture IV Holdings LLC upon contribution of this property to CP Venture IV Holdings LLC and was adjusted to fair market value at the time of the contribution. | |
(24) | Approximately 1.5 acres of the total acreage at The Avenue Peachtree City is under a ground lease expiring in 2024. | |
(25) | The Companys economic interest in this property decreased in 2006 as a result of Prudential satisfying in full a note payable of CP Venture Two LLC. | |
(26) | This project is currently under contract to sell, and the sale is anticipated to close in the first quarter of 2007. | |
(27) | Gross leasable area leased as of December 31, 2006 out of approximately 492,000 total gross leasable area. | |
(28) | Gross leasable area leased as of December 31, 2006 out of approximately 2,212,000 total gross leasable area. | |
(29) | This building became operational during 2006. |
23
Leased |
||||||||||||||||||||||||||||||
GLA (%) |
||||||||||||||||||||||||||||||
Total |
Cousins |
Actual or |
||||||||||||||||||||||||||||
Company |
Total |
Project |
Approximate |
Share of |
Cousins |
Projected Dates for |
||||||||||||||||||||||||
Owned |
Project |
(Fully |
Cousins |
Total |
Total |
Investment |
Completion and Fully |
|||||||||||||||||||||||
Project(1)
|
GLA(2) | GLA(3) | Executed) | Ownership% | Cost | Cost | at 12/31/06 |
Operational/Sold
|
||||||||||||||||||||||
OFFICE/MULTI-FAMILY
|
||||||||||||||||||||||||||||||
Terminus 100
|
656,000 | 656,000 | 64 | % | 100 | % | $ | 170,400 | $ | 170,400 | $ | 113,564 | const. - 2Q-07 | |||||||||||||||||
(Atlanta, GA)
|
fully operational 2Q-08 | |||||||||||||||||||||||||||||
191 Peachtree Tower(5)
|
1,211,000 | 1,211,000 | 60 | %(4) | 100 | % | 231,500 | 231,500 | 155,070 | fully stabilized - 4Q-10 | ||||||||||||||||||||
(Atlanta, GA)
|
||||||||||||||||||||||||||||||
Palisades West(6)
|
||||||||||||||||||||||||||||||
(Austin, TX)
|
||||||||||||||||||||||||||||||
Building 1
|
210,000 | 210,000 | 100 | % | 50 | % |
const. - 2Q-08 fully operational 2Q-08 |
|||||||||||||||||||||||
Building 2
|
150,000 | 150,000 | 0 | % | 50 | % |
const. - 1Q-09 fully operational 4Q-09 |
|||||||||||||||||||||||
Total Palisades West
|
360,000 | 360,000 | 77,500 | 38,750 | 12,971 | (6) | ||||||||||||||||||||||||
50 Biscayne(7)
|
529 units | 529 units | N/A | 40 | % | 161,500 | 64,600 | 45,130 | const. - 4Q-07 | |||||||||||||||||||||
(Miami, FL)
|
fully sold 1Q-08 | |||||||||||||||||||||||||||||
TOTAL
OFFICE/MULTI-FAMILY
|
2,227,000 | 2,227,000 | 640,900 | 505,250 | 326,735 | |||||||||||||||||||||||||
RETAIL
|
||||||||||||||||||||||||||||||
The Avenue Carriage Crossing(8)
(Suburban Memphis, TN) |
||||||||||||||||||||||||||||||
Phase I Expansion
|
50,000 | 50,000 | 0 | % | 100 | % |
const. - 1Q-09 fully operational 1Q-10 |
|||||||||||||||||||||||
Phase II
|
20,000 | 41,000 | 0 | % | 100 | % |
const. - 4Q-07 fully operational 2Q-08 |
|||||||||||||||||||||||
Total Avenue Carriage
Crossing
|
70,000 | 91,000 | 13,900 | 13,900 | 2,804 | |||||||||||||||||||||||||
24
Leased |
||||||||||||||||||||||||||||||
GLA (%) |
||||||||||||||||||||||||||||||
Total |
Cousins |
Actual or |
||||||||||||||||||||||||||||
Company |
Total |
Project |
Approximate |
Share of |
Cousins |
Projected Dates for |
||||||||||||||||||||||||
Owned |
Project |
(Fully |
Cousins |
Total |
Total |
Investment |
Completion and Fully |
|||||||||||||||||||||||
Project(1)
|
GLA(2) | GLA(3) | Executed) | Ownership% | Cost | Cost | at 12/31/06 |
Operational/Sold
|
||||||||||||||||||||||
The Avenue Webb Gin
(Suburban Atlanta, GA) |
||||||||||||||||||||||||||||||
Phase I
|
359,000 | 359,000 | 71 | % | 100 | % | $ | $ | $ |
const. - 3Q-07 fully operational 4Q-07 |
||||||||||||||||||||
Phase II
|
22,000 | 22,000 | 0 | % | 100 | % |
const. - 3Q-08 fully operational 4Q-08 |
|||||||||||||||||||||||
Total - Webb Gin
|
381,000 | 381,000 | 84,000 | 84,000 | 69,757 |
const. - 2Q-07 fully operational 2Q-07 |
||||||||||||||||||||||||
San Jose MarketCenter
(San Jose, CA) |
220,000 | 363,000 | 93 | % | 100 | % | 84,100 | 84,100 | 79,958 | |||||||||||||||||||||
Avenue Murfreesboro
|
||||||||||||||||||||||||||||||
(Suburban Nashville, TN)
|
||||||||||||||||||||||||||||||
Phases I and II
|
692,000 | 692,000 | 49 | % | 50 | % |
const. - 4Q-07 fully operational 4Q-08 |
|||||||||||||||||||||||
Phase III
|
34,000 | 34,000 | 0 | % | 50 | % |
const. -2Q-08 fully operational 2Q-09 |
|||||||||||||||||||||||
Phase IV
|
28,000 | 28,000 | 0 | % | 50 | % |
const. - 4Q-09 fully operational 4Q-09 |
|||||||||||||||||||||||
Phase V
|
56,000 | 56,000 | 0 | % | 50 | % |
const. - 1Q-10 fully operational 2Q-10 |
|||||||||||||||||||||||
Total - Murfreesboro
|
810,000 | 810,000 | 153,100 | 76,550 | 11,976 | |||||||||||||||||||||||||
TOTAL RETAIL
|
1,481,000 | 1,645,000 | 335,100 | 258,550 | 164,495 | |||||||||||||||||||||||||
INDUSTRIAL
|
||||||||||||||||||||||||||||||
King Mill Distribution Park
(Suburban Atlanta, GA) Building 3 B |
379,000 | 379,000 | 0 | % | 75 | % | 11,000 | 8,250 | 7,148 |
const. - 4Q-06 fully operational 2Q-07 |
||||||||||||||||||||
Jefferson Mill Distribution
Center
(Suburban Atlanta, GA) Building A |
459,000 | 459,000 | 0 | % | 75 | % | 14,900 | 11,175 | 6,197 |
const. - 1Q-07 fully operational 4Q-07 |
||||||||||||||||||||
Lakeside Ranch Business Park
(Dallas, TX) Building 20 |
749,000 | 749,000 | 47 | % | 96.5 | % | 26,400 | 25,476 | 17,766 |
const. - 2Q-07 fully operational 3Q-07 |
||||||||||||||||||||
TOTAL INDUSTRIAL
|
1,587,000 | 1,587,000 | 52,300 | 44,901 | 31,111 | |||||||||||||||||||||||||
Accumulated Depreciation on
Partially Operational Properties
|
| | | | (1,904 | ) | ||||||||||||||||||||||||
TOTAL PORTFOLIO
|
5,295,000 | 5,459,000 | $ | 1,028,300 | $ | 808,701 | $ | 520,437 | (9) | |||||||||||||||||||||
(1) | This schedule includes all Office/Multi-Family, Retail and Industrial projects under construction or redevelopment from the commencement of construction or redevelopment until the projects become fully operational pursuant to accounting principles generally accepted in the United States. Single-family residential projects are included on a separate schedule in this report. Amounts included in the total cost column represent the estimated costs upon completion of the project and achievement of fully operational status. Significant estimation is required to derive these costs and the final costs may differ from these estimates. The projected dates for completion and fully operational status shown above are estimates and are subject to change as the projects proceed through the development process. | |
(2) | Company Owned Gross Leasable Area (GLA) includes square footage owned either directly by the Company or by a joint venture in which the Company is a partner. |
25
(3) | Total Project GLA includes anchor stores who may own their own property and other non-owned property contained within the named development. | |
(4) | Leased square footage includes a lease with the Company of 62,000 square feet. | |
(5) | 191 Peachtree Tower was purchased in 2006 and is under redevelopment and repositioning. It is treated as a development property for the purpose of this schedule, although its cost basis is included in operating properties on the Companys consolidated balance sheet. | |
(6) | The Company is obligated to fund 50% of the project costs for the Palisades West Joint Venture. The Company made the majority of its initial equity contribution in the form of land; therefore, the Companys investment in this project at 12/31/06 is more than 50% of the costs spent to date. | |
(7) | 95% of the units at 50 Biscayne are under non-cancelable third party contracts, 3% of the units are under cancelable contracts, and the remaining 2% of the units are under non-cancelable contracts to the Companys partner in the venture. | |
(8) | A third party will share in the results of operations and any gain on sale of the property. | |
(9) | Reconciliation to Consolidated Balance Sheet |
Total Cousins Investment per
above schedule
|
$ | 520,437 | ||
Less: Operating Property under
redevelopment/repositioning
|
(155,070 | ) | ||
Less: Investment in unconsolidated
joint ventures
|
||||
50 Biscayne
|
(45,130 | ) | ||
Palisades West
|
(12,971 | ) | ||
Avenue Murfreesboro
|
(11,976 | ) | ||
Add: Weeks 25% interest in King
Mill Distribution Park Bldg 3 B
|
2,383 | |||
Add: Weeks 25% interest in
Jefferson Mill Distribution Center Bldg A
|
2,066 | |||
Add: Weeks 3.5% interest in
Lakeside Ranch Bldg 20
|
643 | |||
Consolidated projects under
development per balance sheet
|
$ | 300,382 | ||
Estimated |
Estimated |
Developed |
Lots Sold |
Lots Sold |
Total |
Remaining |
||||||||||||||||||||||||||||||
Year |
Project Life |
Total Lots to |
Lots in |
in Current |
Year to |
Lots |
Lots to be |
Cost |
||||||||||||||||||||||||||||
Description
|
Commenced | (In Years) | be Developed(1) | Inventory | Quarter | Date | Sold | Sold | Basis(2) | |||||||||||||||||||||||||||
Cousins Real Estate Corporation
(Consolidated)
|
||||||||||||||||||||||||||||||||||||
The Lakes at Cedar
Grove(3)
|
2001 | 11 | 906 | 8 | 18 | 107 | 675 | 231 | $ | 5,468 | ||||||||||||||||||||||||||
Fulton County
|
||||||||||||||||||||||||||||||||||||
Suburban Atlanta, GA
|
||||||||||||||||||||||||||||||||||||
Callaway Gardens(4)
|
2006 | 6 | 567 | | | | | 567 | 1,584 | |||||||||||||||||||||||||||
Harris County
|
||||||||||||||||||||||||||||||||||||
Pine Mountain, GA
|
||||||||||||||||||||||||||||||||||||
Blalock Lakes
|
2006 | 9 | 399 | | | | | 399 | 17,657 | |||||||||||||||||||||||||||
Coweta County
|
||||||||||||||||||||||||||||||||||||
Newnan, GA
|
||||||||||||||||||||||||||||||||||||
Longleaf at
Callaway(5)
|
2002 | 5 | 138 | 21 | 2 | 9 | 117 | 21 | 2,088 | |||||||||||||||||||||||||||
Harris County
|
||||||||||||||||||||||||||||||||||||
Pine Mountain, GA
|
||||||||||||||||||||||||||||||||||||
Rivers Call
|
1999 | 10 | 107 | 16 | 2 | 10 | 91 | 16 | 827 | |||||||||||||||||||||||||||
East Cobb County
|
||||||||||||||||||||||||||||||||||||
Suburban Atlanta, GA
|
||||||||||||||||||||||||||||||||||||
Total Consolidated
|
2,117 | 45 | 22 | 126 | 883 | 1,234 | 27,624 | |||||||||||||||||||||||||||||
26
Estimated |
Estimated |
Developed |
Lots Sold |
Lots Sold |
Total |
Remaining |
||||||||||||||||||||||||||||||
Year |
Project Life |
Total Lots to |
Lots in |
in Current |
Year to |
Lots |
Lots to be |
Cost |
||||||||||||||||||||||||||||
Description
|
Commenced | (In Years) | be Developed(1) | Inventory | Quarter | Date | Sold | Sold | Basis(2) | |||||||||||||||||||||||||||
Temco (50% owned)(6)
|
||||||||||||||||||||||||||||||||||||
Bentwater
|
1998 | 9 | 1,676 | 7 | 107 | 139 | 1,669 | 7 | $ | 649 | ||||||||||||||||||||||||||
Paulding County
|
||||||||||||||||||||||||||||||||||||
Suburban Atlanta, GA
|
||||||||||||||||||||||||||||||||||||
The Georgian (75%
owned)
|
2003 | 10 | 1,386 | 266 | 4 | 29 | 282 | 1,104 | 20,953 | |||||||||||||||||||||||||||
Paulding County
|
||||||||||||||||||||||||||||||||||||
Suburban Atlanta, GA
|
||||||||||||||||||||||||||||||||||||
Seven Hills
|
2003 | 7 | 1,077 | 101 | 51 | 197 | 561 | 516 | 14,039 | |||||||||||||||||||||||||||
Paulding County
|
||||||||||||||||||||||||||||||||||||
Suburban Atlanta, GA
|
||||||||||||||||||||||||||||||||||||
Happy Valley
|
2004 | 2 | 110 | | | 110 | 110 | | | |||||||||||||||||||||||||||
Paulding County
|
||||||||||||||||||||||||||||||||||||
Suburban Atlanta, GA
|
||||||||||||||||||||||||||||||||||||
Harris Place
|
2004 | 4 | 27 | 11 | 1 | 2 | 16 | 11 | 772 | |||||||||||||||||||||||||||
Paulding County
|
||||||||||||||||||||||||||||||||||||
Suburban Atlanta, GA
|
||||||||||||||||||||||||||||||||||||
Total Temco
|
4,276 | 385 | 163 | 477 | 2,638 | 1,638 | 36,413 | |||||||||||||||||||||||||||||
CL Realty
(50% owned)(6)
|
||||||||||||||||||||||||||||||||||||
Long Meadow Farms (37.5%
owned)
|
2003 | 10 | 2,712 | 132 | 114 | 231 | 518 | 2,194 | 23,149 | |||||||||||||||||||||||||||
Fort Bend County
|
||||||||||||||||||||||||||||||||||||
Houston, TX
|
||||||||||||||||||||||||||||||||||||
Summer Creek Ranch
|
2003 | 9 | 2,488 | 90 | 8 | 117 | 780 | 1,708 | 21,860 | |||||||||||||||||||||||||||
Tarrant County
|
||||||||||||||||||||||||||||||||||||
Fort Worth, TX
|
||||||||||||||||||||||||||||||||||||
Bar C Ranch
|
2004 | 8 | 1,181 | 34 | 23 | 104 | 143 | 1,038 | 8,316 | |||||||||||||||||||||||||||
Tarrant County
|
||||||||||||||||||||||||||||||||||||
Forth Worth, TX
|
||||||||||||||||||||||||||||||||||||
Summer Lakes
|
2003 | 5 | 1,144 | 19 | | | 294 | 850 | 4,531 | |||||||||||||||||||||||||||
Fort Bend County
|
||||||||||||||||||||||||||||||||||||
Rosenberg, TX
|
27
Estimated |
Estimated |
Developed |
Lots Sold |
Lots Sold |
Total |
Remaining |
||||||||||||||||||||||||||||||
Year |
Project Life |
Total Lots to |
Lots in |
in Current |
Year to |
Lots |
Lots to be |
Cost |
||||||||||||||||||||||||||||
Description
|
Commenced | (In Years) | be Developed(1) | Inventory | Quarter | Date | Sold | Sold | Basis(2) | |||||||||||||||||||||||||||
CL Realty continued
|
||||||||||||||||||||||||||||||||||||
Southern Trails (80%
owned)
|
2005 | 6 | 1,059 | 42 | 19 | 82 | 181 | 878 | $ | 12,082 | ||||||||||||||||||||||||||
Brazoria County
|
||||||||||||||||||||||||||||||||||||
Pearland, TX
|
||||||||||||||||||||||||||||||||||||
Village Park(7)
|
2003 | 5 | 569 | 45 | 26 | 126 | 311 | 258 | 7,821 | |||||||||||||||||||||||||||
Collin County
|
||||||||||||||||||||||||||||||||||||
McKinney, TX
|
||||||||||||||||||||||||||||||||||||
Waterford Park
|
2005 | 3 | 493 | | | | | 493 | 6,272 | |||||||||||||||||||||||||||
Fort Bend County
|
||||||||||||||||||||||||||||||||||||
Rosenberg, TX
|
||||||||||||||||||||||||||||||||||||
Stonewall Estates (50%
owned)
|
2005 | 5 | 390 | 97 | 30 | 30 | 30 | 360 | 6,332 | |||||||||||||||||||||||||||
Bexar County
|
||||||||||||||||||||||||||||||||||||
San Antonio, TX
|
||||||||||||||||||||||||||||||||||||
Manatee River
Plantation
|
2003 | 5 | 457 | 109 | 24 | 81 | 348 | 109 | 3,796 | |||||||||||||||||||||||||||
Manatee County
|
||||||||||||||||||||||||||||||||||||
Tampa, FL
|
||||||||||||||||||||||||||||||||||||
Stillwater Canyon
|
2003 | 5 | 336 | 30 | 17 | 64 | 201 | 135 | 2,279 | |||||||||||||||||||||||||||
Dallas County
|
||||||||||||||||||||||||||||||||||||
DeSota, TX
|
||||||||||||||||||||||||||||||||||||
Creekside Oaks
|
2003 | 5 | 301 | 176 | | | 125 | 176 | 5,320 | |||||||||||||||||||||||||||
Manatee County
|
||||||||||||||||||||||||||||||||||||
Bradenton, FL
|
||||||||||||||||||||||||||||||||||||
Blue Valley (25%
owned)
|
2005 | 3 | 197 | 4 | | 24 | 24 | 173 | 26,395 | |||||||||||||||||||||||||||
Cherokee & Fulton Counties
|
||||||||||||||||||||||||||||||||||||
Alpharetta, GA
|
||||||||||||||||||||||||||||||||||||
Village Park North(7)
|
2005 | 5 | 194 | 53 | 8 | 25 | 25 | 169 | 3,380 | |||||||||||||||||||||||||||
Collin County
|
||||||||||||||||||||||||||||||||||||
McKinney, TX
|
||||||||||||||||||||||||||||||||||||
Bridle Path Estates
|
2004 | 7 | 87 | | | | | 87 | 4,205 | |||||||||||||||||||||||||||
Hillsborough County
|
||||||||||||||||||||||||||||||||||||
Tampa, FL
|
||||||||||||||||||||||||||||||||||||
West Park
|
2005 | 3 | 82 | | | 21 | 21 | 61 | 4,533 | |||||||||||||||||||||||||||
Cobb County
|
||||||||||||||||||||||||||||||||||||
Suburban Atlanta, GA
|
||||||||||||||||||||||||||||||||||||
Stonebridge(8)
|
2003 | 4 | 360 | | | 68 | 360 | | | |||||||||||||||||||||||||||
Coweta County
|
||||||||||||||||||||||||||||||||||||
Newnan, GA
|
||||||||||||||||||||||||||||||||||||
Total CL Realty
|
12,050 | 831 | 269 | 973 | 3,361 | 8,689 | 140,271 | |||||||||||||||||||||||||||||
Total
|
18,443 | 1,261 | 454 | 1,576 | 6,882 | 11,561 | $ | 204,308 | ||||||||||||||||||||||||||||
Company Share of Total
|
8,820 | 549 | 192 | 708 | 3,440 | 5,331 | $ | 93,423 | ||||||||||||||||||||||||||||
Company Weighted Average
Ownership
|
48 | % | 44 | % | 42 | % | 45 | % | 50 | % | 46 | % | 46 | % | ||||||||||||||||||||||
(1) | This estimate represents the total projected development capacity for a development on both owned land and land expected to be purchased for further development. The numbers shown include lots currently developed or to be developed over time, based on managements current estimates, and lots sold to date from inception of development. | |
(2) | Includes cost basis of land tracts as detailed on the Land Held for Investment or Future Development schedule. | |
(3) | A third party has a participation in this project after certain thresholds are met. | |
(4) | Callaway Gardens is owned in a venture, although the venture is consolidated with the Company. The partner is entitled to a share of the profits after the Companys capital is recovered. | |
(5) | Longleaf at Callaway lots are sold to a home building venture, of which CREC is a joint venture partner. As a result of this relationship, the Company recognizes profits when houses are built and sold, rather than at the |
28
time lots are sold, as is the case with the Companys other residential developments. As of December 31, 2006, 108 houses have been sold. | ||
(6) | CREC owns 50% of Temco Associates and CL Realty. | |
(7) | CL Realty purchased the partners interest in Village Park and Village Park North on July 31, 2006. Prior to this date, CL owned 60% and 75%, respectively, of the projects. | |
(8) | CL Realty owned a 10% interest in Stonebridge, which it sold on July 18, 2006. |
Companys |
Developable |
|||||||||||||||||
Ownership |
Land Area |
Year |
Cost |
|||||||||||||||
Description and Location(1)
|
Zoned Use
|
Interest | (Acres) | Acquired | Basis(2) | |||||||||||||
North Point
|
||||||||||||||||||
Suburban Atlanta, GA
|
Mixed Use | 100 | % | 67 | 1970-1985 | $ | 5,200 | |||||||||||
Wildwood Office Park
|
||||||||||||||||||
Suburban Atlanta, GA
|
Office and Commercial | 100 | % | 27 | 1971-1989 | 883 | ||||||||||||
King Mill Distribution
Park(3)
|
||||||||||||||||||
Suburban Atlanta, GA
|
Industrial | 100 | % | 140 | 2005 | 12,035 | ||||||||||||
Land Adjacent to The Avenue
Carriage Crossing(4)
|
||||||||||||||||||
Memphis, TN
|
Retail and Commercial | 100 | % | 41 | 2004 | 4,899 | ||||||||||||
Round Rock/Austin, Texas
Land
|
||||||||||||||||||
Austin, TX
|
Retail and Commercial | 100 | % | 45 | 2005 | 17,085 | ||||||||||||
The Lakes at Cedar
Grove(5)
|
||||||||||||||||||
Suburban Atlanta, GA
|
Mixed Use | 100 | % | 10 | 2002 | | (6) | |||||||||||
Terminus
|
||||||||||||||||||
Atlanta, GA
|
Mixed Use | 100 | % | 6 | 2005 | 24,565 | ||||||||||||
505, 511, 555 & 557
Peachtree Street
|
||||||||||||||||||
Atlanta, GA
|
Mixed Use | 100 | % | 1 | 2004-2006 | 6,253 | ||||||||||||
615 Peachtree
Street(7)
|
||||||||||||||||||
Atlanta, GA
|
Mixed Use | 100 | % | 2 | 1996 | 10,044 | ||||||||||||
Jefferson Mill Business
Park(3)
|
||||||||||||||||||
Suburban Atlanta, GA
|
Industrial and Commercial | 100 | % | 277 | 2006 | 14,027 | ||||||||||||
Lakeside Ranch Business
Park(8)
|
||||||||||||||||||
Dallas, TX
|
Industrial and Commercial | 96.5 | % | 48 | 2006 | 6,399 | ||||||||||||
TOTAL CONSOLIDATED LAND HELD FOR
INVESTMENT OR FUTURE DEVELOPMENT
|
$ | 101,390 | ||||||||||||||||
TEMCO TRACTS(6)
|
||||||||||||||||||
Seven Hills
|
||||||||||||||||||
Suburban Atlanta, GA
|
Residential and Mixed Use | 50 | % | 85 | 2002-2005 | $ | | (6) | ||||||||||
Happy Valley
|
||||||||||||||||||
Suburban Atlanta, GA
|
Residential | 50 | % | 213 | 2003 | 2,135 | ||||||||||||
Paulding County
|
||||||||||||||||||
Suburban Atlanta, GA
|
Residential and Mixed Use | 50 | % | 6,384 | 2005 | 14,519 | ||||||||||||
CL REALTY
TRACTS
|
||||||||||||||||||
Summer Creek Ranch
|
||||||||||||||||||
Forth Worth, TX
|
Residential and Mixed Use | 50 | % | 374 | 2002 | $ | | (6) | ||||||||||
Long Meadow Farms
|
||||||||||||||||||
Houston, TX
|
Residential and Mixed Use | 19 | % | 114 | 2002 | | (6) | |||||||||||
Waterford Park
|
||||||||||||||||||
Rosenberg, TX
|
Commercial | 50 | % | 37 | 2005 | | (6) | |||||||||||
Summer Lakes
|
||||||||||||||||||
Rosenberg, TX
|
Commercial | 50 | % | 9 | 2003 | | (6) | |||||||||||
Village Park
|
||||||||||||||||||
McKinney, TX
|
Residential | 50 | % | 5 | 2003-2005 | | (6) | |||||||||||
Padre Island
|
||||||||||||||||||
Corpus Christi, TX
|
Residential and Mixed Use | 50 | % | 15 | 2005 | 11,539 |
29
Companys |
Developable |
|||||||||||||||||
Ownership |
Land Area |
Year |
Cost |
|||||||||||||||
Description and Location(1)
|
Zoned Use
|
Interest | (Acres) | Acquired | Basis(2) | |||||||||||||
OTHER JOINT
VENTURES
|
||||||||||||||||||
Handy Road Associates,
LLC
|
||||||||||||||||||
Suburban Atlanta, GA
|
Large Lot Residential | 50 | % | 1,187 | 2004 | $ | 5,251 | |||||||||||
Wildwood Office Park
|
||||||||||||||||||
Suburban Atlanta, GA
|
Office and Commercial | 50 | % | 32 | 1971-1989 | 21,875 | ||||||||||||
Austin Research Park
|
||||||||||||||||||
Austin, TX
|
Commercial | 50 | % | 6 | 1998 | 3,478 | ||||||||||||
Total Acres
|
9,125 | |||||||||||||||||
(1) | The following properties include adjacent building pads. The aggregate cost of these pads is included in Operating Properties in the Companys consolidated financial statements or the applicable joint ventures financial statements. The square footage of potential office buildings which could be built on the land is as follows: |
Ownership |
Square |
|||||||
Interest
|
Footage | |||||||
Ten Peachtree Place
|
50.0 | % | 400,000 | |||||
One Georgia Center
|
88.5 | % | 300,000 | |||||
The Points at Waterview
|
100.0 | % | 60,000 |
(2) | For consolidated properties, amount reflects the Companys basis. For joint venture properties, amount reflects the ventures basis. | |
(3) | Weeks Properties Group, LLC has the option to invest up to 25% of project equity of any future industrial development on a portion of this land. | |
(4) | This land was sold subsequent to December 31, 2006. | |
(5) | This project is consolidated but a third party has a participation in the results of operations of this project. | |
(6) | Residential communities with adjacent land that is intended to be sold to third parties in large tracts for residential, multi-family or commercial development. The basis of these tracts as well as lot inventory are included on the Residential Projects Under Development schedule. | |
(7) | This property included a building and parking deck that were imploded in the third quarter of 2006. The cost basis includes costs associated with the demolition and clearing of the land for a future development. | |
(8) | This project is owned through a joint venture with a third party who has contributed equity but the equity ownership and the allocation of the results of operations and/or gain on sale may be disproportionate to the equity ownership. |
30
Name
|
Age
|
Office Held
|
||||
Thomas D. Bell, Jr.
|
57 |
President, Chief Executive Officer
and Chairman of the Board of Directors |
||||
Daniel M. DuPree
|
60 | Vice Chairman of the Company | ||||
R. Dary Stone
|
53 | Vice Chairman of the Company | ||||
James A. Fleming
|
48 | Executive Vice President and Chief Financial Officer | ||||
Craig B. Jones
|
55 | Executive Vice President and Chief Investment Officer | ||||
Lawrence L. Gellerstedt III
|
50 | Senior Vice President and President of the Office/Multi-Family Division | ||||
John D. Harris, Jr.
|
47 | Senior Vice President, Chief Accounting Officer and Assistant Secretary | ||||
Robert M. Jackson
|
39 | Senior Vice President, General Counsel and Corporate Secretary | ||||
John S. McColl
|
44 | Senior Vice President Office/Multi-Family Division | ||||
Joel T. Murphy
|
48 | Senior Vice President and President of the Retail Division | ||||
Forrest W. Robinson
|
55 | Senior Vice President and President of the Industrial Division | ||||
Bruce E. Smith
|
59 | Senior Vice President and President of the Land Division |
31
32
Item 5. | Market for Registrants Common Stock and Related Stockholder Matters |
2006 Quarters | 2005 Quarters | |||||||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||||||||||||||||
High
|
$ | 33.99 | $ | 33.49 | $ | 34.89 | $ | 38.77 | $ | 31.24 | $ | 30.15 | $ | 33.50 | $ | 30.75 | ||||||||||||||||
Low
|
27.87 | 29.02 | 29.64 | 33.13 | 25.28 | 25.36 | 27.70 | 27.04 | ||||||||||||||||||||||||
Dividends Declared:
|
||||||||||||||||||||||||||||||||
Regular
|
.37 | .37 | .37 | .37 | .37 | .37 | .37 | .37 | ||||||||||||||||||||||||
Special
|
| | | 3.40 | | | | | ||||||||||||||||||||||||
Payment Date:
|
||||||||||||||||||||||||||||||||
Regular
|
2/22/06 | 5/30/06 | 8/25/06 | 12/22/06 | 2/22/05 | 5/27/05 | 8/25/05 | 12/22/05 | ||||||||||||||||||||||||
Special
|
| | | 12/01/06 | | | | |
Purchases Outside Plan | Purchases Inside Plan | ||||||||||||||||
Total Number of |
Maximum Number of |
||||||||||||||||
Total Number |
Shares Purchased as |
Shares That May Yet |
|||||||||||||||
of Shares |
Average Price |
Part of Publicly |
Be Purchased Under |
||||||||||||||
Purchased(1) | Paid per Share(1) | Announced Plan(2) | Plan(2) | ||||||||||||||
October 1-31
|
5,122 | $ | 35.76 | | 5,000,000 | ||||||||||||
November 1-30
|
66,664 | 35.75 | | 5,000,000 | |||||||||||||
December 1-31
|
45,890 | 36.02 | | 5,000,000 | |||||||||||||
Total
|
117,676 | $ | 35.86 | | 5,000,000 | ||||||||||||
|
(1) | The purchases of equity securities that occurred during the fourth quarter of 2006 related to shares remitted by employees as payment for income taxes due in conjunction with restricted stock grants or option exercises or as payment for option exercises. | |
(2) | On May 9, 2006, the Board of Directors of the Company authorized a stock repurchase plan, which expires May 9, 2009, of up to 5,000,000 shares of the Companys common stock. No purchases were made under this plan in the fourth quarter of 2006. |
33
Fiscal Year Ended | ||||||||||||||||||||||||
Company/Index/Market | 12/31/2001 | 12/31/2002 | 12/31/2003 | 12/31/2004 | 12/31/2005 | 12/31/2006 | ||||||||||||||||||
Cousins Properties Incorporated
|
100.00 | 107.67 | 151.41 | 195.25 | 192.35 | 274.99 | ||||||||||||||||||
Hemscott Group Index
|
100.00 | 97.13 | 127.21 | 169.08 | 179.02 | 234.85 | ||||||||||||||||||
S&P Composite
|
100.00 | 77.90 | 100.25 | 111.15 | 116.61 | 135.03 | ||||||||||||||||||
NYSE Market Index
|
100.00 | 81.69 | 105.82 |