EX-99 2 f8ke992.txt EXHIBIT 99.2 TO FORM 8-K EXHIBIT 99.2 COUSINS PROPERTIES INCORPORATED Quarterly Information Package For the Quarter Ended March 31, 2003 II. Quarterly Supplemental Information Net Income and Funds From Operations - Supplemental Detail and Reconciliations Discussion of Non-GAAP Financial Measures Development Pipeline Consolidated Balance Sheets Portfolio Listing Top 25 Largest Tenants Inventory of Land Held for Investment or Future Development Inventory of Residential Lots Under Development Square Feet Expiring: Office Medical Office Retail Funds From Operations Reconciliations - Ten Year Summary Development Starts and Acquisitions - Ten Year Summary Certain matters contained in this package are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks including, but not limited to, general economic conditions, local real estate conditions, interest rates, the Company's ability to obtain favorable financing, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Form 8-K filed on March 9, 2001. The words "believes," "expects," "estimates" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are based on current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. Cousins Properties Incorporated NET INCOME AND FUNDS FROM OPERATIONS - SUPPLEMENTAL DETAIL AND RECONCILIATIONS (in thousand dollars, except per share amounts, percentage and ratios)
YEAR ENDED ---------------------------------- 1999 2000 2001 ----------------------------------- CONSOLIDATED NET INCOME 104,082 62,043 70,815 ----------------------------------- CONSOLIDATED FFO 81,197 97,299 108,122 ----------------------------------- WEIGHTED AVERAGE SHARES 48,138 48,632 49,205 DILUTED WEIGHTED AVERAGE SHARES 49,031 49,731 50,280 CONSOLIDATED NET INCOME PER SHARE - BASIC 2.16 1.28 1.44 CONSOLIDATED NET INCOME PER SHARE - DILUTED 2.12 1.25 1.41 CONSOLIDATED FFO PER SHARE - BASIC 1.69 2.00 2.20 CONSOLIDATED FFO PER SHARE - DILUTED 1.66 1.96 2.15 (A) 2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1) 1,652 4,810 6,073 REGULAR DIVIDENDS PAID 53,886 60,315 68,595 DIVIDENDS PER SHARE 1.12 1.24 1.39 STOCK PRICE AT PERIOD END 22.6250 27.9375 24.36 NUMBER OF SHARES OUTSTANDING AT END OF PERIOD 48,262 49,211 49,425 EQUITY MARKET CAPITALIZATION 1,091,928 1,374,832 1,203,993 (B) ADJUSTED DEBT (1) 502,492 671,068 766,503 ----------------------------------- TOTAL MARKET CAPITALIZATION 1,594,420 2,045,900 1,970,496 ----------------------------------- ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION 31.52% 32.80% 38.90% EQUITY MARKET CAPITALIZATION 1,091,928 1,374,832 1,203,993 (B) TOTAL DEBT (INCLUDING SHARE OF JV'S) 530,996 741,377 861,188 ----------------------------------- TOTAL MARKET CAPITALIZATION 1,622,924 2,116,209 2,065,181 ----------------------------------- TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION 32.72% 35.03% 41.70% (C) CONSOLIDATED INT EXPENSE (INC SHARE OF JV'S) (1) 15,073 27,907 41,546 CONSOLIDATED FFO BEFORE INTEREST 96,270 125,206 149,668 INTEREST EXPENSE COVERAGE RATIO 6.39 4.49 3.60 (D) FIXED CHARGES (1) 24,871 37,052 52,588 FIXED CHARGE COVERAGE RATIO 3.87 3.38 2.85
2002 1st 2002 2nd 2002 3rd 2002 4th ------------------------------------------------ CONSOLIDATED NET INCOME 9,274 12,712 12,010 13,876 ------------------------------------------------ CONSOLIDATED FFO 24,011 29,043 30,597 29,715 ------------------------------------------------ WEIGHTED AVERAGE SHARES 49,367 49,617 49,584 48,443 DILUTED WEIGHTED AVERAGE SHARES 50,406 50,621 50,152 48,971 CONSOLIDATED NET INCOME PER SHARE - BASIC 0.19 0.26 0.24 0.29 CONSOLIDATED NET INCOME PER SHARE - DILUTED 0.18 0.25 0.24 0.28 CONSOLIDATED FFO PER SHARE - BASIC 0.49 0.59 0.62 0.61 CONSOLIDATED FFO PER SHARE - DILUTED 0.48 0.57 0.61 0.61 (A) 2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1) 636 927 3,630 7,795 REGULAR DIVIDENDS PAID 18,329 18,463 18,551 18,002 DIVIDENDS PER SHARE 0.37 0.37 0.37 0.37 STOCK PRICE AT PERIOD END 26.05 24.76 23.00 24.70 NUMBER OF SHARES OUTSTANDING AT END OF PERIOD 49,661 49,935 48,667 48,386 EQUITY MARKET CAPITALIZATION 1,293,669 1,236,391 1,119,341 1,195,134 (B) ADJUSTED DEBT (1) 776,968 778,675 823,053 844,880 ------------------------------------------------ TOTAL MARKET CAPITALIZATION 2,070,637 2,015,066 1,942,394 2,040,014 ------------------------------------------------ ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION 37.52% 38.64% 42.37% 41.42% EQUITY MARKET CAPITALIZATION 1,293,669 1,236,391 1,119,341 1,195,134 (B) TOTAL DEBT (INCLUDING SHARE OF JV'S) 870,696 871,431 914,822 935,646 ------------------------------------------------ TOTAL MARKET CAPITALIZATION 2,164,365 2,107,822 2,034,163 2,130,780 ------------------------------------------------ TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION 40.23% 41.34% 44.97% 43.91% (C) CONSOLIDATED INT EXPENSE (INC SHARE OF JV'S) (1) 11,880 12,857 12,807 13,087 CONSOLIDATED FFO BEFORE INTEREST 35,891 41,900 43,404 42,802 INTEREST EXPENSE COVERAGE RATIO 3.02 3.26 3.39 3.27 (D) FIXED CHARGES (1) 16,278 16,178 16,227 16,571 FIXED CHARGE COVERAGE RATIO 2.20 2.59 2.67 2.58
YEAR ENDED ---------- 2002 2003 1st ----------------------- CONSOLIDATED NET INCOME 47,872 27,594 ----------------------- CONSOLIDATED FFO 113,366 47,079 ----------------------- WEIGHTED AVERAGE SHARES 49,252 48,135 DILUTED WEIGHTED AVERAGE SHARES 49,937 48,780 CONSOLIDATED NET INCOME PER SHARE - BASIC 0.97 0.57 CONSOLIDATED NET INCOME PER SHARE - DILUTED 0.96 0.57 CONSOLIDATED FFO PER SHARE - BASIC 2.30 0.98 CONSOLIDATED FFO PER SHARE - DILUTED 2.27 0.97 (A) 2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1) 12,988 4,358 REGULAR DIVIDENDS PAID 73,345 17,834 DIVIDENDS PER SHARE 1.48 0.37 STOCK PRICE AT PERIOD END 24.70 25.85 NUMBER OF SHARES OUTSTANDING AT END OF PERIOD 48,386 48,343 EQUITY MARKET CAPITALIZATION 1,195,134 1,249,667 (B) ADJUSTED DEBT (1) 844,880 859,595 ----------------------- TOTAL MARKET CAPITALIZATION 2,040,014 2,109,261 ----------------------- ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION 41.42% 40.75% EQUITY MARKET CAPITALIZATION 1,195,134 1,249,667 (B) TOTAL DEBT (INCLUDING SHARE OF JV'S) 935,646 949,340 ----------------------- TOTAL MARKET CAPITALIZATION 2,130,780 2,199,007 ----------------------- TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION 43.91% 43.17% (C) CONSOLIDATED INT EXPENSE (INC SHARE OF JV'S) (1) 50,631 13,000 CONSOLIDATED FFO BEFORE INTEREST 163,997 60,079 INTEREST EXPENSE COVERAGE RATIO 3.24 4.62 (D) FIXED CHARGES (1) 65,254 16,329 FIXED CHARGE COVERAGE RATIO 2.51 3.68
YEAR ENDED -------------------------------- 1999 2000 2001 -------------------------------- CONSOLIDATED ENTITY FFO AND NET INCOME: --------------------------------------- (E) RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES: (1) OFFICE: 3100 WINDY HILL RD - TREATED AS OWNED 1/97 2,703 2,632 2,688 3301 WINDY RIDGE PARKWAY 763 804 1,122 333 NORTH POINT CENTER EAST 2,197 2,287 2,410 555 NORTH POINT CENTER EAST 0 1,691 2,603 615 PEACHTREE STREET 1,071 1,548 1,930 101 INDEPENDENCE CENTER 8,687 8,484 9,173 LAKESHORE PARK PLAZA 1,524 1,346 1,351 333 JOHN CARLYLE 1,525 2,806 3,259 INFORUM 2,846 12,153 13,813 101 SECOND STREET 0 9,633 13,616 600 UNIVERSITY PARK PLACE 0 401 1,631 THE POINTS AT WATERVIEW 0 14 1,717 ONE GEORGIA CENTER 0 336 3,822 1900 DUKE STREET 0 402 2,245 55 SECOND STREET 0 0 0 -------------------------------- SUBTOTAL 21,316 44,537 61,380 -------------------------------- MEDICAL OFFICE: ATHEROGENICS 780 1,083 1,114 NORTHSIDE/ALPHARETTA I 1,705 1,754 1,641 MERIDIAN MARK PLAZA 1,725 3,439 3,556 NORTHSIDE/ALPHARETTA II 381 1,734 2,335 -------------------------------- SUBTOTAL 4,591 8,010 8,646 -------------------------------- RETAIL: GA 400 LAND LEASES 1,293 1,366 1,331 PERIMETER EXPO 3,346 3,400 3,226 PRESIDENTIAL MARKETCENTER 2,796 2,755 3,451 COLONIAL PLAZA MARKETCENTER 4,796 4,861 746 ABBOTTS BRIDGE STATION 130 0 0 LAGUNA NIGUEL PROMENADE 2,045 488 0 THE AVENUE EAST COBB 1,140 4,841 5,396 MIRA MESA MARKETCENTER 0 2,678 5,636 THE AVENUE OF THE PENINSULA 0 1,602 2,522 THE AVENUE PEACHTREE CITY 0 0 1,191 -------------------------------- SUBTOTAL 15,546 21,991 23,499 -------------------------------- OTHER RENTAL OPERATIONS: KENNESAW 48 0 0 OTHER 178 98 256 -------------------------------- SUBTOTAL 226 98 256 -------------------------------- TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 41,679 74,636 93,781 --------------------------------
2002 1st 2002 2nd 2002 3rd 2002 4th ------------------------------------------------ CONSOLIDATED ENTITY FFO AND NET INCOME: --------------------------------------- (E) RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES: (1) OFFICE: 3100 WINDY HILL RD - TREATED AS OWNED 1/97 659 666 668 700 3301 WINDY RIDGE PARKWAY 358 391 386 382 333 NORTH POINT CENTER EAST 639 578 629 601 555 NORTH POINT CENTER EAST 668 818 491 569 615 PEACHTREE STREET 491 526 494 476 101 INDEPENDENCE CENTER 2,177 2,237 2,310 2,192 LAKESHORE PARK PLAZA 304 274 283 252 333 JOHN CARLYLE 880 870 880 905 INFORUM 3,476 3,399 3,276 3,562 101 SECOND STREET 3,295 4,017 4,791 2,455 600 UNIVERSITY PARK PLACE 430 444 445 438 THE POINTS AT WATERVIEW 209 185 323 323 ONE GEORGIA CENTER 1,003 803 816 816 1900 DUKE STREET 644 667 703 684 55 SECOND STREET 1,998 3,521 3,615 3,590 --------------------------------------------- SUBTOTAL 17,231 19,396 20,110 17,945 --------------------------------------------- MEDICAL OFFICE: ATHEROGENICS 283 282 285 284 NORTHSIDE/ALPHARETTA I 424 427 422 546 MERIDIAN MARK PLAZA 960 1,012 986 1,115 NORTHSIDE/ALPHARETTA II 498 609 621 527 --------------------------------------------- SUBTOTAL 2,165 2,330 2,314 2,472 --------------------------------------------- RETAIL: GA 400 LAND LEASES 303 314 338 343 PERIMETER EXPO 789 794 791 804 PRESIDENTIAL MARKETCENTER 913 920 908 990 COLONIAL PLAZA MARKETCENTER 0 0 0 0 ABBOTTS BRIDGE STATION 0 0 0 0 LAGUNA NIGUEL PROMENADE 0 0 0 0 THE AVENUE EAST COBB 1,325 1,329 1,389 1,284 MIRA MESA MARKETCENTER 1,278 1,556 1,616 1,506 THE AVENUE OF THE PENINSULA 1,133 1,244 856 1,051 THE AVENUE PEACHTREE CITY 549 1,308 623 680 --------------------------------------------- SUBTOTAL 6,290 7,465 6,521 6,658 --------------------------------------------- OTHER RENTAL OPERATIONS: KENNESAW 0 0 0 0 OTHER 24 24 26 20 --------------------------------------------- SUBTOTAL 24 24 26 20 --------------------------------------------- TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 25,710 29,215 28,971 27,095 ---------------------------------------------
YEAR ENDED -------- 2002 2003 1st ----------------------- CONSOLIDATED ENTITY FFO AND NET INCOME: --------------------------------------- (E) RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES: (1) OFFICE: 3100 WINDY HILL RD - TREATED AS OWNED 1/97 2,693 743 3301 WINDY RIDGE PARKWAY 1,517 380 333 NORTH POINT CENTER EAST 2,447 589 555 NORTH POINT CENTER EAST 2,546 401 615 PEACHTREE STREET 1,987 490 101 INDEPENDENCE CENTER 8,916 2,239 LAKESHORE PARK PLAZA 1,113 284 333 JOHN CARLYLE 3,535 884 INFORUM 13,713 3,484 101 SECOND STREET 14,558 2,396 600 UNIVERSITY PARK PLACE 1,757 468 THE POINTS AT WATERVIEW 1,040 345 ONE GEORGIA CENTER 3,438 746 1900 DUKE STREET 2,698 694 55 SECOND STREET 12,724 22,344 -------------------- SUBTOTAL 74,682 36,487 -------------------- MEDICAL OFFICE: ATHEROGENICS 1,134 286 NORTHSIDE/ALPHARETTA I 1,819 389 MERIDIAN MARK PLAZA 4,073 1,018 NORTHSIDE/ALPHARETTA II 2,255 596 -------------------- SUBTOTAL 9,281 2,289 -------------------- RETAIL: GA 400 LAND LEASES 1,298 374 PERIMETER EXPO 3,178 874 PRESIDENTIAL MARKETCENTER 3,731 950 COLONIAL PLAZA MARKETCENTER 0 0 ABBOTTS BRIDGE STATION 0 0 LAGUNA NIGUEL PROMENADE 0 0 THE AVENUE EAST COBB 5,327 1,494 MIRA MESA MARKETCENTER 5,956 1,500 THE AVENUE OF THE PENINSULA 4,284 2,189 THE AVENUE PEACHTREE CITY 3,160 799 -------------------- SUBTOTAL 26,934 8,180 -------------------- OTHER RENTAL OPERATIONS: KENNESAW 0 0 OTHER 94 26 -------------------- SUBTOTAL 94 26 -------------------- TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 110,991 46,982 --------------------
YEAR ENDED ---------------------------------- 1999 2000 2001 ---------------------------------- (F) DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES ------------------------------------------------ LESS RENTAL PROPERTY OPERATING EXPENSES: (1) -------------------------------------------- AT&T WIRELESS SERVICES HEADQUARTERS 1,714 5,810 5,732 CERRITOS CORPORATE CENTER-PHASE II 0 0 1,415 SALEM ROAD STATION 0 124 556 --------------------------------- TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 1,714 5,934 7,703 --------------------------------- RESIDENTIAL/LAND DIVISION ------------------------- (H) TRACT SALES NET OF COS - WHOLLY OWNED (1) 222 564 2,011 (G) TRACT SALES NET OF COS-JOINT VENTURES (1) 1,229 773 1,098 --------------------------------- TOTAL TRACT SALES NET OF COS 1,451 1,337 3,109 --------------------------------- (H) LOT SALES NET OF COS - WHOLLY OWNED (1) 2,960 2,267 772 (G) LOT SALES NET OF COS - JOINT VENTURES (1) 0 0 645 --------------------------------- TOTAL LOT SALES NET OF COS 2,960 2,267 1,417 --------------------------------- (G) OTHER-JOINT VENTURE (1) 41 (95) (23) --------------------------------- TOTAL RESIDENTIAL/LAND DIVISION 4,452 3,509 4,503 --------------------------------- DEVELOPMENT INCOME 6,165 4,251 6,179 ------------------ --------------------------------- MANAGEMENT FEES 4,743 4,841 7,966 --------------- --------------------------------- LEASING & OTHER FEES 2,991 1,608 5,344 -------------------- --------------------------------- INTEREST INCOME & OTHER: ------------------------ GNMAs 20 5 5 OTHER INTEREST AND OTHER MISCELLANEOUS 750 773 526 650 MASS AVE NOTES 2,818 3,472 4,126 CHARLOTTE GATEWAY VILLAGE, LLC NOTE 0 1,745 1,404 --------------------------------- TOTAL INTEREST INCOME 3,588 5,995 6,061 --------------------------------- GENERAL & ADMINISTRATIVE EXPENSES (14,961) (18,452) (27,010) --------------------------------- --------------------------------- STOCK APPRECIATION RIGHT EXPENSE (108) (468) 276 -------------------------------- ---------------------------------
2002 1st 2002 2nd 2002 3rd 2002 4th ------------------------------------------------ (F) DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES ------------------------------------------------ LESS RENTAL PROPERTY OPERATING EXPENSES: (1) -------------------------------------------- AT&T WIRELESS SERVICES HEADQUARTERS 1,450 1,451 1,450 1,367 CERRITOS CORPORATE CENTER-PHASE II 580 580 580 582 SALEM ROAD STATION 152 148 153 52 ---------------------------------------------- TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 2,182 2,179 2,183 2,001 ---------------------------------------------- RESIDENTIAL/LAND DIVISION ------------------------- (H) TRACT SALES NET OF COS - WHOLLY OWNED (1) 0 0 0 2,338 (G) TRACT SALES NET OF COS-JOINT VENTURES (1) 370 45 254 2 ---------------------------------------------- TOTAL TRACT SALES NET OF COS 370 45 254 2,340 ---------------------------------------------- (H) LOT SALES NET OF COS - WHOLLY OWNED (1) 1,065 77 67 413 (G) LOT SALES NET OF COS - JOINT VENTURES (1) 659 353 164 105 ---------------------------------------------- TOTAL LOT SALES NET OF COS 1,724 430 231 518 ---------------------------------------------- (G) OTHER-JOINT VENTURE (1) 1 (1) (3) 0 ---------------------------------------------- TOTAL RESIDENTIAL/LAND DIVISION 2,095 474 482 2,858 DEVELOPMENT INCOME 1,186 972 918 1,549 ------------------ ---------------------------------------------- MANAGEMENT FEES 2,354 2,288 2,308 2,363 --------------- ---------------------------------------------- LEASING & OTHER FEES 1,157 696 1,802 642 -------------------- ---------------------------------------------- INTEREST INCOME & OTHER: ------------------------ GNMAs 3 (1) 10 1 OTHER INTEREST AND OTHER MISCELLANEOUS 101 83 29 41 650 MASS AVE NOTES 1,031 1,032 1,031 1,032 CHARLOTTE GATEWAY VILLAGE, LLC NOTE 0 0 0 0 ---------------------------------------------- TOTAL INTEREST INCOME 1,135 1,114 1,070 1,074 ---------------------------------------------- GENERAL & ADMINISTRATIVE EXPENSES (7,295) (6,972) (6,322) (7,081) --------------------------------- ---------------------------------------------- STOCK APPRECIATION RIGHT EXPENSE (41) 7 7 (2) -------------------------------- ----------------------------------------------
YEAR ENDED ---------- 2002 2003 1st ----------------------- (F) DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES ------------------------------------------------ LESS RENTAL PROPERTY OPERATING EXPENSES: (1) -------------------------------------------- AT&T WIRELESS SERVICES HEADQUARTERS 5,718 1,448 CERRITOS CORPORATE CENTER-PHASE II 2,322 576 SALEM ROAD STATION 505 0 --------------------- TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 8,545 2,024 --------------------- RESIDENTIAL/LAND DIVISION ------------------------- (H) TRACT SALES NET OF COS - WHOLLY OWNED (1) 2,338 0 (G) TRACT SALES NET OF COS-JOINT VENTURES (1) 671 0 --------------------- TOTAL TRACT SALES NET OF COS 3,009 0 --------------------- (H) LOT SALES NET OF COS - WHOLLY OWNED (1) 1,622 697 (G) LOT SALES NET OF COS - JOINT VENTURES (1) 1,281 513 --------------------- TOTAL LOT SALES NET OF COS 2,903 1,210 --------------------- (G) OTHER-JOINT VENTURE (1) (3) 0 --------------------- TOTAL RESIDENTIAL/LAND DIVISION 5,909 1,210 --------------------- DEVELOPMENT INCOME 4,625 764 ------------------ --------------------- MANAGEMENT FEES 9,313 2,105 --------------- --------------------- LEASING & OTHER FEES 4,297 1,111 -------------------- --------------------- INTEREST INCOME & OTHER: ------------------------ GNMAs 13 1 OTHER INTEREST AND OTHER MISCELLANEOUS 254 23 650 MASS AVE NOTES 4,126 1,031 CHARLOTTE GATEWAY VILLAGE, LLC NOTE 0 0 --------------------- TOTAL INTEREST INCOME 4,393 1,055 --------------------- GENERAL & ADMINISTRATIVE EXPENSES (27,670) (7,214) --------------------------------- --------------------- STOCK APPRECIATION RIGHT EXPENSE (29) 0 -------------------------------- ---------------------
YEAR ENDED ---------------------------------- 1999 2000 2001 ---------------------------------- INTEREST EXPENSE CONSOLIDATED: ------------------------------ CREDIT FACILITY - FLOATING @ LIBOR + 1.05% to 1.70% (3,039) (8,615) (9,910) PERIMETER EXPO DEBT - 8.04% (1,702) (1,683) (1,662) 650 MASS AVE DEBT - 6.53% (1,422) (995) 0 B OF A PLAZA FINANCING - 6.677% (5,020) (4,854) (4,583) B OF A PLAZA FINANCING - 6.9575% 0 0 0 101 INDEPENDENCE CENTER DEBT - 8.22% (3,958) (3,893) (3,827) NORTHSIDE/ALPHARETTA I DEBT - 7.70% (815) (804) (792) LAKESHORE PARK PLAZA DEBT- 6.78% (736) (724) (710) 101 SECOND STREET DEBT- 8.33% 0 (5,112) (7,494) MERIDIAN MARK PLAZA DEBT- 8.27% 0 (710) (2,118) 1900 DUKE STREET & 333 JOHN CARLYLE DEBT- 7% 0 0 (579) 333 & 555 NORTH POINT CENTER DEBT- 7% 0 0 (384) THE AVENUE EAST COBB DEBT - 8.39% 0 (1,464) (3,277) PRESIDENTIAL MARKETCENTER DEBT- 7.65% 0 0 (1,472) 600 UNIVERSITY PARK DEBT - 7.38% 0 0 (492) CEDAR GROVE LAKES DEBT- 8% 0 0 0 CALLAWAY GARDENS DEBT- 6% 0 0 0 OTHER (63) (27) (22) CAPITALIZED 16,155 15,285 9,712 -------------------------------- TOTAL INTEREST EXPENSE CONSOLIDATED (600) (13,596) (27,610) -------------------------------- LOSS ON EXTINGUISHMENT OF DEBT 0 0 0 ------------------------------ -------------------------------- OTHER EXPENSES: --------------- PROPERTY TAXES (811) (40) (619) PREDEVELOPMENT & OTHER (2,381) (4,086) (4,324) -------------------------------- TOTAL OTHER EXPENSES (3,192) (4,126) (4,943) -------------------------------- INCOME TAX (PROVISION)/BENEFIT ------------------------------ CONTINUING OPERATIONS (2,442) 1,145 691 (F) DISCONTINUED OPERATIONS (1) 0 (31) (136) -------------------------------- TOTAL INCOME TAX (PROVISION)/BENEFIT (2,442) 1,114 555 -------------------------------- DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS: (1) ---------------------------------------------------------- (I) CONSOLIDATED (940) (1,099) (2,166) -------------------------------- TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION (940) (1,099) (2,166) -------------------------------- (I) MINORITY INTEREST SHARE OF REAL ESTATE DEPRECIATION (1) (335) (1,164) (95) ------------------------------------------------------- --------------------------------
2002 1st 2002 2nd 2002 3rd 2002 4th ------------------------------------------------ INTEREST EXPENSE CONSOLIDATED: ------------------------------ CREDIT FACILITY - FLOATING @ LIBOR + 1.05% to 1.70% (1,304) (977) (1,104) (1,353) PERIMETER EXPO DEBT - 8.04% (411) (411) (409) (406) 650 MASS AVE DEBT - 6.53% 0 0 0 0 B OF A PLAZA FINANCING - 6.677% (868) 0 0 0 B OF A PLAZA FINANCING - 6.9575% (1,084) (2,640) (2,628) (2,622) 101 INDEPENDENCE CENTER DEBT - 8.22% (945) (941) (936) (933) NORTHSIDE/ALPHARETTA I DEBT - 7.70% (196) (195) (194) (193) LAKESHORE PARK PLAZA DEBT- 6.78% (175) (175) (174) (172) 101 SECOND STREET DEBT- 8.33% (1,864) (1,859) (1,856) (1,851) MERIDIAN MARK PLAZA DEBT- 8.27% (526) (525) (523) (523) 1900 DUKE STREET & 333 JOHN CARLYLE DEBT- 7% (867) (869) (859) (861) 333 & 555 NORTH POINT CENTER DEBT- 7% (574) (572) (569) (567) THE AVENUE EAST COBB DEBT - 8.39% (815) (813) (812) (810) PRESIDENTIAL MARKETCENTER DEBT- 7.65% (538) (542) (548) (546) 600 UNIVERSITY PARK DEBT - 7.38% (262) (260) (260) (260) CEDAR GROVE LAKES DEBT- 8% 0 0 0 (148) CALLAWAY GARDENS DEBT- 6% 0 0 0 (13) OTHER 0 (11) (4) (4) CAPITALIZED 1,897 1,233 1,365 1,439 --------------------------------------------- TOTAL INTEREST EXPENSE CONSOLIDATED (8,532) (9,557) (9,511) (9,823) --------------------------------------------- LOSS ON EXTINGUISHMENT OF DEBT (3,501) 0 0 0 ------------------------------ --------------------------------------------- OTHER EXPENSES: --------------- PROPERTY TAXES (176) (174) (198) (127) PREDEVELOPMENT & OTHER (987) (1,277) (1,325) (1,268) --------------------------------------------- TOTAL OTHER EXPENSES (1,163) (1,451) (1,523) (1,395) --------------------------------------------- INCOME TAX (PROVISION)/BENEFIT ------------------------------ CONTINUING OPERATIONS (986) (117) (147) (276) (F) DISCONTINUED OPERATIONS (1) (36) (35) (49) (19) --------------------------------------------- TOTAL INCOME TAX (PROVISION)/BENEFIT (1,022) (152) (196) (295) --------------------------------------------- DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS: (1) ---------------------------------------------------------- (I) CONSOLIDATED (528) (532) (546) (542) --------------------------------------------- TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION (528) (532) (546) (542) --------------------------------------------- (I) MINORITY INTEREST SHARE OF REAL ESTATE DEPRECIATION (1) 0 0 0 0 ------------------------------------------------------- ---------------------------------------------
YEAR ENDED ---------- 2002 2003 1st ----------------------- INTEREST EXPENSE CONSOLIDATED: ------------------------------ CREDIT FACILITY - FLOATING @ LIBOR + 1.05% to 1.70% (4,738) (1,408) PERIMETER EXPO DEBT - 8.04% (1,637) (406) 650 MASS AVE DEBT - 6.53% 0 0 B OF A PLAZA FINANCING - 6.677% (868) 0 B OF A PLAZA FINANCING - 6.9575% (8,974) (2,792) 101 INDEPENDENCE CENTER DEBT - 8.22% (3,755) (926) NORTHSIDE/ALPHARETTA I DEBT - 7.70% (778) (192) LAKESHORE PARK PLAZA DEBT- 6.78% (696) (172) 101 SECOND STREET DEBT- 8.33% (7,430) (1,847) MERIDIAN MARK PLAZA DEBT- 8.27% (2,097) (521) 1900 DUKE STREET & 333 JOHN CARLYLE DEBT- 7% (3,456) (858) 333 & 555 NORTH POINT CENTER DEBT- 7% (2,282) (565) THE AVENUE EAST COBB DEBT - 8.39% (3,250) (808) PRESIDENTIAL MARKETCENTER DEBT- 7.65% (2,174) (533) 600 UNIVERSITY PARK DEBT - 7.38% (1,042) (259) CEDAR GROVE LAKES DEBT- 8% (148) (29) CALLAWAY GARDENS DEBT- 6% (13) (26) OTHER (19) (14) CAPITALIZED 5,934 1,567 --------------------- TOTAL INTEREST EXPENSE CONSOLIDATED (37,423) (9,789) --------------------- LOSS ON EXTINGUISHMENT OF DEBT (3,501) 0 ------------------------------ --------------------- OTHER EXPENSES: --------------- PROPERTY TAXES (675) (185) PREDEVELOPMENT & OTHER (4,857) (1,131) --------------------- TOTAL OTHER EXPENSES (5,532) (1,316) --------------------- INCOME TAX (PROVISION)/BENEFIT ------------------------------ CONTINUING OPERATIONS (1,526) (249) (F) DISCONTINUED OPERATIONS (1) (139) 0 --------------------- TOTAL INCOME TAX (PROVISION)/BENEFIT (1,665) (249) --------------------- DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS: (1) ---------------------------------------------------------- (I) CONSOLIDATED (2,148) (571) --------------------- TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION (2,148) (571) --------------------- (I) MINORITY INTEREST SHARE OF REAL ESTATE DEPRECIATION (1) 0 0 ------------------------------------------------------- ---------------------
YEAR ENDED ---------------------------------- 1999 2000 2001 ---------------------------------- (G) JOINT VENTURE FFO EXCLUDING TEMCO ASOCIATES: (1) ------------------------------------------------ WILDWOOD ASSOCIATES 7,397 8,634 9,724 CP VENTURE TWO, LLC 7,108 2,463 2,435 COUSINS LORET VENTURE, L. L. C. 2,871 3,425 3,798 CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING) 809 956 1,038 BRAD COUS GOLF VENTURE, LTD (WORLD GOLF VILLAGE) 181 228 279 TEN PEACHTREE PLACE ASSOCIATES 352 361 277 CSC ASSOCIATES, L. P. (BANK OF AMERICA PLAZA) 14,325 14,544 14,614 285 VENTURE (1155 PERIMETER CENTER WEST) 0 1,202 3,878 CPI/FSP I, L.P. (AUSTIN RESEARCH PARK) 0 0 756 GATEWAY VILLAGE, LLC (CHARLOTTE GATEWAY VILLAGE) 0 762 620 CRAWFORD LONG-CPI LLC 0 0 0 HAYWOOD MALL ASSOCIATES 3,069 0 0 OTHER 2,331 1,741 158 -------------------------------- TOTAL SHARE OF JOINT VENTURE FFO 38,443 34,316 37,577 -------------------------------- CONSOLIDATED FFO 81,197 97,299 108,122 ---------------- -------------------------------- GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET ------------------------------------------------------ CONTINUING OPERATIONS 58,767 11,937 23,496 DISCONTINUED OPERATIONS 0 0 0 LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES (222) (564) (2,011) -------------------------------- TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET 58,545 11,373 21,485 -------------------------------- DEPRECIATION & AMORTIZATION OF REAL ESTATE: (1) ----------------------------------------------- (I) CONSOLIDATED (15,247) (29,311) (39,438) (I) MINORITY INTEREST SHARE 335 1,164 95 (F,I) DISCONTINUED OPERATIONS (672) (2,375) (3,048) (G,I) SHARE OF UNCONSOLIDATED JOINT VENTURES (20,076) (15,542) (16,400) -------------------------------- TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION (35,660) (46,064) (58,791) -------------------------------- (G) IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY - JOINT VENTURE (1) 0 0 0 ----------------------------------------------------------- -------------------------------- CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 0 (566) 0 --------------------------------------------------- -------------------------------- CONSOLIDATED NET INCOME 104,082 62,043 70,815 ----------------------- --------------------------------
2002 1st 2002 2nd 2002 3rd 2002 4th ------------------------------------------------ (G) JOINT VENTURE FFO EXCLUDING TEMCO ASOCIATES: (1) ------------------------------------------------ WILDWOOD ASSOCIATES 2,616 2,645 2,637 2,972 CP VENTURE TWO, LLC 576 563 553 582 COUSINS LORET VENTURE, L. L. C. 933 875 845 1,000 CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING) 272 280 291 277 BRAD COUS GOLF VENTURE, LTD (WORLD GOLF VILLAGE) 57 92 97 104 TEN PEACHTREE PLACE ASSOCIATES (138) (98) (118) (134) CSC ASSOCIATES, L. P. (BANK OF AMERICA PLAZA) 3,777 3,879 3,916 3,796 285 VENTURE (1155 PERIMETER CENTER WEST) 990 1,012 1,002 994 CPI/FSP I, L.P. (AUSTIN RESEARCH PARK) 679 834 835 832 GATEWAY VILLAGE, LLC (CHARLOTTE GATEWAY VILLAGE) 302 302 302 302 CRAWFORD LONG-CPI LLC 210 379 595 544 HAYWOOD MALL ASSOCIATES 0 0 0 0 OTHER 0 0 0 0 --------------------------------------------- TOTAL SHARE OF JOINT VENTURE FFO 10,274 10,763 10,955 11,269 --------------------------------------------- CONSOLIDATED FFO 24,011 29,043 30,597 29,715 ---------------- --------------------------------------------- GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET ------------------------------------------------------ CONTINUING OPERATIONS 1,029 1,042 1,028 3,154 DISCONTINUED OPERATIONS 0 0 0 1,174 LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES 0 0 0 (2,143) --------------------------------------------- TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET 1,029 1,042 1,028 2,185 --------------------------------------------- DEPRECIATION & AMORTIZATION OF REAL ESTATE: (1) ----------------------------------------------- (I) CONSOLIDATED (10,628) (11,949) (14,204) (12,000) (I) MINORITY INTEREST SHARE 0 0 0 0 (F,I) DISCONTINUED OPERATIONS (864) (865) (921) (808) (G,I) SHARE OF UNCONSOLIDATED JOINT VENTURES (4,274) (4,559) (4,490) (5,217) --------------------------------------------- TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION (15,766) (17,373) (19,615) (18,025) --------------------------------------------- (G) IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY - JOINT VENTURE (1) 0 0 0 0 ----------------------------------------------------------- --------------------------------------------- CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 0 0 0 0 --------------------------------------------------- --------------------------------------------- CONSOLIDATED NET INCOME 9,274 12,712 12,010 13,876 ----------------------- ---------------------------------------------
YEAR ENDED --------- 2002 2003 1st ----------------------- (G) JOINT VENTURE FFO EXCLUDING TEMCO ASOCIATES: (1) ------------------------------------------------ WILDWOOD ASSOCIATES 10,870 2,517 CP VENTURE TWO, LLC 2,274 526 COUSINS LORET VENTURE, L. L. C. 3,653 771 CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING) 1,120 303 BRAD COUS GOLF VENTURE, LTD (WORLD GOLF VILLAGE) 350 66 TEN PEACHTREE PLACE ASSOCIATES (488) 30 CSC ASSOCIATES, L. P. (BANK OF AMERICA PLAZA) 15,368 3,978 285 VENTURE (1155 PERIMETER CENTER WEST) 3,998 1,006 CPI/FSP I, L.P. (AUSTIN RESEARCH PARK) 3,180 840 GATEWAY VILLAGE, LLC (CHARLOTTE GATEWAY VILLAGE) 1,208 302 CRAWFORD LONG-CPI LLC 1,728 628 HAYWOOD MALL ASSOCIATES 0 0 OTHER 0 0 -------------------- TOTAL SHARE OF JOINT VENTURE FFO 43,261 10,967 -------------------- CONSOLIDATED FFO 113,366 47,079 ---------------- -------------------- GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET ------------------------------------------------------ CONTINUING OPERATIONS 6,253 1,003 DISCONTINUED OPERATIONS 1,174 0 LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES (2,143) 0 -------------------- TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET 5,284 1,003 -------------------- DEPRECIATION & AMORTIZATION OF REAL ESTATE: (1) ----------------------------------------------- (I) CONSOLIDATED (48,781) (14,829) (I) MINORITY INTEREST SHARE 0 0 (F,I) DISCONTINUED OPERATIONS (3,458) (676) (G,I) SHARE OF UNCONSOLIDATED JOINT VENTURES (18,540) (4,432) -------------------- TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION (70,779) (19,937) -------------------- (G) IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY - JOINT VENTURE (1) 0 (551) ----------------------------------------------------------- -------------------- CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 0 0 --------------------------------------------------- -------------------- CONSOLIDATED NET INCOME 47,872 27,594 ----------------------- --------------------
YEAR ENDED ---------------------------------- 1999 2000 2001 ---------------------------------- JOINT VENTURES -------------- WILDWOOD ASSOCIATES (100%): --------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES): 2300 WINDY RIDGE PARKWAY 10,800 10,408 10,803 2500 WINDY RIDGE PARKWAY 4,512 4,760 5,037 3200 WINDY HILL ROAD (WILDWOOD PLAZA) 8,245 9,708 11,462 4100/4300 WILDWOOD PARKWAY (GA PACIFIC) 3,431 3,441 3,458 4200 WILDWOOD PARKWAY (GE) 4,304 4,819 4,711 BANK/RESTAURANT GROUND LEASES 1,178 1,063 1,161 -------------------------------- 32,470 34,199 36,632 -------------------------------- INTEREST EXPENSE: 2300 DEBT - 7.56% (5,126) (4,947) (4,754) 2500 DEBT - 7.45% (1,826) (1,769) (1,708) 3200 DEBT - 8.23% (5,667) (5,600) (5,524) 4100/4300 DEBT - 7.65% (2,228) (2,191) (2,150) 4200 DEBT - 6.78% (2,979) (2,934) (2,877) LINE OF CREDIT - FLOATING @ LIBOR + .75% (5) (1) 0 INTEREST CAPITALIZED 0 0 0 -------------------------------- (17,831) (17,442) (17,014) -------------------------------- OTHER, NET 161 516 (169) -------------------------------- DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (6) (6) 0 -------------------------------- FUNDS FROM OPERATIONS 14,794 17,267 19,449 DEPRECIATION & AMORTIZATION OF REAL ESTATE (9,861) (9,575) (9,003) IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY 0 0 0 -------------------------------- NET INCOME 4,933 7,692 10,446 ================================ COUSINS' SHARE OF WILDWOOD ASSOCIATES (2): 50% 50% 50% ------------------------------------------ ================================ REVENUES LESS OPERATING EXPENSES 16,235 17,100 18,316 INTEREST EXPENSE (8,916) (8,721) (8,507) OTHER, NET 81 258 (85) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (3) (3) 0 -------------------------------- FUNDS FROM OPERATIONS 7,397 8,634 9,724 DEPRECIATION & AMORTIZATION OF REAL ESTATE (4,931) (4,788) (4,502) IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY 0 0 0 -------------------------------- NET INCOME 2,466 3,846 5,222 ================================
2002 1st 2002 2nd 2002 3rd 2002 4th ------------------------------------------------ JOINT VENTURES -------------- WILDWOOD ASSOCIATES (100%): --------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES): 2300 WINDY RIDGE PARKWAY 2,722 2,725 2,725 3,010 2500 WINDY RIDGE PARKWAY 1,310 1,185 1,191 1,306 3200 WINDY HILL ROAD (WILDWOOD PLAZA) 3,029 3,029 3,044 3,115 4100/4300 WILDWOOD PARKWAY (GA PACIFIC) 927 958 958 960 4200 WILDWOOD PARKWAY (GE) 1,191 1,192 1,198 1,272 BANK/RESTAURANT GROUND LEASES 231 213 219 228 --------------------------------------------- 9,410 9,302 9,335 9,891 --------------------------------------------- INTEREST EXPENSE: 2300 DEBT - 7.56% (1,156) (1,144) (1,130) (1,116) 2500 DEBT - 7.45% (417) (413) (408) (404) 3200 DEBT - 8.23% (1,363) (1,353) (1,342) (1,331) 4100/4300 DEBT - 7.65% (523) (525) (526) (523) 4200 DEBT - 6.78% (699) (703) (706) (704) LINE OF CREDIT - FLOATING @ LIBOR + .75% 0 0 0 0 INTEREST CAPITALIZED 0 0 0 0 --------------------------------------------- (4,158) (4,138) (4,112) (4,078) --------------------------------------------- OTHER, NET (20) 126 50 130 --------------------------------------------- DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 --------------------------------------------- FUNDS FROM OPERATIONS 5,232 5,290 5,273 5,943 DEPRECIATION & AMORTIZATION OF REAL ESTATE (2,115) (2,368) (2,290) (2,249) IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY 0 0 0 0 --------------------------------------------- NET INCOME 3,117 2,922 2,983 3,694 ============================================= COUSINS' SHARE OF WILDWOOD ASSOCIATES (2): 50% 50% 50% 50% ------------------------------------------ ============================================= REVENUES LESS OPERATING EXPENSES 4,705 4,651 4,668 4,946 INTEREST EXPENSE (2,079) (2,069) (2,056) (2,039) OTHER, NET (10) 63 25 65 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 --------------------------------------------- FUNDS FROM OPERATIONS 2,616 2,645 2,637 2,972 DEPRECIATION & AMORTIZATION OF REAL ESTATE (1,058) (1,184) (1,145) (1,125) IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY 0 0 0 0 --------------------------------------------- NET INCOME 1,558 1,461 1,492 1,847 =============================================
YEAR ENDED --------- 2002 2003 1st ----------------------- JOINT VENTURES -------------- WILDWOOD ASSOCIATES (100%): --------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES): 2300 WINDY RIDGE PARKWAY 11,182 1,868 2500 WINDY RIDGE PARKWAY 4,992 1,184 3200 WINDY HILL ROAD (WILDWOOD PLAZA) 12,217 2,914 4100/4300 WILDWOOD PARKWAY (GA PACIFIC) 3,803 960 4200 WILDWOOD PARKWAY (GE) 4,853 1,195 BANK/RESTAURANT GROUND LEASES 891 292 -------------------- 37,938 8,413 -------------------- INTEREST EXPENSE: 2300 DEBT - 7.56% (4,546) (1,106) 2500 DEBT - 7.45% (1,642) (400) 3200 DEBT - 8.23% (5,389) (1,322) 4100/4300 DEBT - 7.65% (2,097) (508) 4200 DEBT - 6.78% (2,812) (681) LINE OF CREDIT - FLOATING @ LIBOR + .75% 0 0 INTEREST CAPITALIZED 0 0 -------------------- (16,486) (4,017) -------------------- OTHER, NET 286 928 -------------------- DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 (11) -------------------- FUNDS FROM OPERATIONS 21,738 5,313 DEPRECIATION & AMORTIZATION OF REAL ESTATE (9,022) (2,117) IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY 0 (1,101) -------------------- NET INCOME 12,716 2,095 ==================== COUSINS' SHARE OF WILDWOOD ASSOCIATES (2): 50% 50% ------------------------------------------ ==================== REVENUES LESS OPERATING EXPENSES 18,970 4,068 INTEREST EXPENSE (8,243) (2,009) OTHER, NET 143 464 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 (6) -------------------- FUNDS FROM OPERATIONS 10,870 2,517 DEPRECIATION & AMORTIZATION OF REAL ESTATE (4,512) (1,059) IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY 0 (551) -------------------- NET INCOME 6,358 907 ====================
YEAR ENDED ---------------------------------- 1999 2000 2001 ---------------------------------- JOINT VENTURES -------------- CP VENTURE TWO, LLC (100%): --------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES): OFFICE ------ FIRST UNION TOWER 5,450 4,990 4,855 GRANDVIEW II 1,980 2,178 2,192 100 NORTH POINT CENTER EAST 2,000 2,077 2,213 200 NORTH POINT CENTER EAST 2,157 2,217 1,703 -------------------------------- SUBTOTAL OFFICE 11,587 11,462 10,963 -------------------------------- MEDICAL OFFICE -------------- PRESYTERIAN MEDICAL PLAZA 890 881 902 -------------------------------- RETAIL ------ NORTH POINT MARKETCENTER 4,787 4,875 5,011 MANSELL CROSSING II 1,075 1,043 1,141 GREENBRIER MARKETCENTER 4,592 4,530 4,533 LOS ALTOS MARKETCENTER 2,819 2,822 2,797 -------------------------------- SUBTOTAL RETAIL 13,273 13,270 13,482 -------------------------------- TOTAL REVENUES LESS OPERATING EXPENSES 25,750 25,613 25,347 -------------------------------- OTHER, NET 118 58 1 -------------------------------- INTEREST EXPENSE NORTH POINT MARKETCENTER - 8.50% (2,415) (2,370) (2,323) 100 & 200 NORTH POINT CENTER EAST - 7.86% (1,914) (1,884) (1,853) -------------------------------- TOTAL INTEREST EXPENSE (4,329) (4,254) (4,176) -------------------------------- DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 -------------------------------- FUNDS FROM OPERATIONS 21,539 21,417 21,172 DEPRECIATION & AMORTIZATION OF REAL ESTATE (20,646) (15,601) (12,383) -------------------------------- NET INCOME 893 5,816 8,789 ================================ COUSINS' SHARE OF CP VENTURE II (2): 32.94% 11.50% 11.50% ------------------------------------ ================================ REVENUES LESS OPERATING EXPENSES 8,499 2,945 2,915 INTEREST EXPENSE (1,430) (489) (480) OTHER, NET 39 7 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 -------------------------------- FUNDS FROM OPERATIONS 7,108 2,463 2,435 DEPRECIATION & AMORTIZATION OF REAL ESTATE (7,017) (1,794) (1,424) -------------------------------- NET INCOME 91 669 1,011 ================================
2002 1st 2002 2nd 2002 3rd 2002 4th ------------------------------------------------ JOINT VENTURES -------------- CP VENTURE TWO, LLC (100%): --------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES): OFFICE ------ FIRST UNION TOWER 1,090 1,012 1,050 869 GRANDVIEW II 559 574 579 576 100 NORTH POINT CENTER EAST 442 377 330 307 200 NORTH POINT CENTER EAST 248 303 229 267 --------------------------------------------- SUBTOTAL OFFICE 2,339 2,266 2,188 2,019 --------------------------------------------- MEDICAL OFFICE -------------- PRESYTERIAN MEDICAL PLAZA 251 246 186 229 --------------------------------------------- RETAIL ------ NORTH POINT MARKETCENTER 1,285 1,194 1,247 1,256 MANSELL CROSSING II 301 315 298 619 GREENBRIER MARKETCENTER 1,176 1,160 1,170 1,181 LOS ALTOS MARKETCENTER 725 736 725 788 --------------------------------------------- SUBTOTAL RETAIL 3,487 3,405 3,440 3,844 --------------------------------------------- TOTAL REVENUES LESS OPERATING EXPENSES 6,077 5,917 5,814 6,092 --------------------------------------------- OTHER, NET (45) 8 5 (20) --------------------------------------------- INTEREST EXPENSE NORTH POINT MARKETCENTER - 8.50% (573) (570) (558) (563) 100 & 200 NORTH POINT CENTER EAST - 7.86% (451) (453) (457) (454) --------------------------------------------- TOTAL INTEREST EXPENSE (1,024) (1,023) (1,015) (1,017) --------------------------------------------- DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 --------------------------------------------- FUNDS FROM OPERATIONS 5,008 4,902 4,804 5,055 DEPRECIATION & AMORTIZATION OF REAL ESTATE (2,618) (2,896) (2,495) (2,630) --------------------------------------------- NET INCOME 2,390 2,006 2,309 2,425 ============================================= COUSINS' SHARE OF CP VENTURE II (2): 11.50% 11.50% 11.50% 11.50% ------------------------------------ ============================================= REVENUES LESS OPERATING EXPENSES 699 680 669 701 INTEREST EXPENSE (118) (118) (117) (117) OTHER, NET (5) 1 1 (2) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 --------------------------------------------- FUNDS FROM OPERATIONS 576 563 553 582 DEPRECIATION & AMORTIZATION OF REAL ESTATE (301) (333) (287) (302) --------------------------------------------- NET INCOME 275 230 266 280 =============================================
YEAR ENDED ---------- 2002 2003 1st ----------------------- JOINT VENTURES -------------- CP VENTURE TWO, LLC (100%): --------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES): OFFICE ------ FIRST UNION TOWER 4,021 783 GRANDVIEW II 2,288 582 100 NORTH POINT CENTER EAST 1,456 330 200 NORTH POINT CENTER EAST 1,047 219 --------------------- SUBTOTAL OFFICE 8,812 1,914 --------------------- MEDICAL OFFICE -------------- PRESYTERIAN MEDICAL PLAZA 912 234 --------------------- RETAIL ------ NORTH POINT MARKETCENTER 4,982 1,270 MANSELL CROSSING II 1,533 265 GREENBRIER MARKETCENTER 4,687 1,160 LOS ALTOS MARKETCENTER 2,974 743 --------------------- SUBTOTAL RETAIL 14,176 3,438 --------------------- TOTAL REVENUES LESS OPERATING EXPENSES 23,900 5,586 --------------------- OTHER, NET (52) (55) --------------------- INTEREST EXPENSE NORTH POINT MARKETCENTER - 8.50% (2,264) (559) 100 & 200 NORTH POINT CENTER EAST - 7.86% (1,815) (442) --------------------- TOTAL INTEREST EXPENSE (4,079) (1,001) --------------------- DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 --------------------- FUNDS FROM OPERATIONS 19,769 4,530 DEPRECIATION & AMORTIZATION OF REAL ESTATE (10,639) (2,496) --------------------- NET INCOME 9,130 2,034 ===================== COUSINS' SHARE OF CP VENTURE II (2): 11.50% 11.50% ------------------------------------ ===================== REVENUES LESS OPERATING EXPENSES 2,749 647 INTEREST EXPENSE (470) (115) OTHER, NET (5) (6) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 --------------------- FUNDS FROM OPERATIONS 2,274 526 DEPRECIATION & AMORTIZATION OF REAL ESTATE (1,223) (287) --------------------- NET INCOME 1,051 239 =====================
YEAR ENDED ------------------------------------ 1999 2000 2001 ------------------------------------ JOINT VENTURES -------------- COUSINS LORET VENTURE, L. L. C. (100%): --------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES): TWO LIVE OAK 5,086 5,093 5,093 THE PINNACLE 4,818 8,830 9,652 --------------------------------- TOTAL REVENUES LESS OPERATING EXPENSES 9,904 13,923 14,745 -------------------------------- INTEREST EXPENSE (7,328) (7,268) (7,192) CAPITALIZED INTEREST 2,142 0 0 OTHER, NET 1,024 194 46 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 (4) --------------------------------- FUNDS FROM OPERATIONS 5,742 6,849 7,595 DEPRECIATION & AMORTIZATION OF REAL ESTATE (5,635) (7,617) (7,703) --------------------------------- NET INCOME 107 (768) (108) ================================= COUSINS SHARE OF COUSINS LORET (2): 50% 50% 50% ----------------------------------- ================================= REVENUES LESS OPERATING EXPENSES 4,952 6,962 7,373 INTEREST EXPENSE (2,593) (3,634) (3,596) OTHER, NET 512 97 23 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 (2) --------------------------------- FUNDS FROM OPERATIONS 2,871 3,425 3,798 DEPRECIATION & AMORTIZATION OF REAL ESTATE (2,818) (3,809) (3,852) --------------------------------- NET INCOME 53 (384) (54) ================================= ----------------------------------------------------------------------------------------------------------------- CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING) (100%): ------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 3,304 3,554 3,571 INTEREST - 7.0% (1,615) (1,561) (1,493) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (70) (2) (1) --------------------------------- FUNDS FROM OPERATIONS 1,619 1,991 2,077 DEPRECIATION & AMORTIZATION OF REAL ESTATE (1,122) (1,126) (1,125) --------------------------------- NET INCOME 497 865 952 ================================= COUSINS SHARE OF CC-JM II (2): 50% 50% 50% ------------------------------ ================================= REVENUES LESS OPERATING EXPENSES 1,652 1,738 1,786 INTEREST EXPENSE (808) (781) (747) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (35) (1) (1) --------------------------------- FUNDS FROM OPERATIONS 809 956 1,038 DEPRECIATION & AMORTIZATION OF REAL ESTATE (573) (575) (575) --------------------------------- NET INCOME 236 381 463 =================================
2002 1st 2002 2nd 2002 3rd 2002 4th ------------------------------------------------ JOINT VENTURES -------------- COUSINS LORET VENTURE, L. L. C. (100%): --------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES): TWO LIVE OAK 1,261 1,130 1,058 997 THE PINNACLE 2,396 2,404 2,410 2,776 --------------------------------------------- TOTAL REVENUES LESS OPERATING EXPENSES 3,657 3,534 3,468 3,773 --------------------------------------------- INTEREST EXPENSE (1,785) (1,780) (1,774) (1,770) CAPITALIZED INTEREST 0 0 0 0 OTHER, NET 0 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (5) (4) (4) (4) --------------------------------------------- FUNDS FROM OPERATIONS 1,867 1,750 1,690 1,999 DEPRECIATION & AMORTIZATION OF REAL ESTATE (1,867) (1,867) (1,871) (3,075) --------------------------------------------- NET INCOME 0 (117) (181) (1,076) ============================================= COUSINS SHARE OF COUSINS LORET (2): 50% 50% 50% 50% ----------------------------------- ============================================= REVENUES LESS OPERATING EXPENSES 1,829 1,767 1,734 1,887 INTEREST EXPENSE (893) (890) (887) (885) OTHER, NET 0 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (3) (2) (2) (2) --------------------------------------------- FUNDS FROM OPERATIONS 933 875 845 1,000 DEPRECIATION & AMORTIZATION OF REAL ESTATE (934) (934) (936) (1,579) --------------------------------------------- NET INCOME (1) (59) (91) (579) ============================================= ----------------------------------------------------------------------------------------------------------------------------- CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING) (100%): ------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 906 918 940 897 INTEREST - 7.0% (362) (357) (357) (344) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS --------------------------------------------- FUNDS FROM OPERATIONS 544 561 583 553 DEPRECIATION & AMORTIZATION OF REAL ESTATE (288) (286) (290) (262) --------------------------------------------- NET INCOME 256 275 293 291 ============================================= COUSINS SHARE OF CC-JM II (2): 50% 50% 50% 50% ------------------------------ ============================================= REVENUES LESS OPERATING EXPENSES 453 459 470 449 INTEREST EXPENSE (181) (179) (179) (172) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 --------------------------------------------- FUNDS FROM OPERATIONS 272 280 291 277 DEPRECIATION & AMORTIZATION OF REAL ESTATE (144) (149) (148) (134) --------------------------------------------- NET INCOME 128 131 143 143 =============================================
YEAR ENDED --------- 2002 2003 1st ---------------------- JOINT VENTURES -------------- COUSINS LORET VENTURE, L. L. C. (100%): --------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES): TWO LIVE OAK 4,446 958 THE PINNACLE 9,986 2,352 -------------------- TOTAL REVENUES LESS OPERATING EXPENSES 14,432 3,310 -------------------- INTEREST EXPENSE (7,109) (1,764) CAPITALIZED INTEREST 0 0 OTHER, NET 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (17) (4) -------------------- FUNDS FROM OPERATIONS 7,306 1,542 DEPRECIATION & AMORTIZATION OF REAL ESTATE (8,680) (1,780) -------------------- NET INCOME (1,374) (238) ==================== COUSINS SHARE OF COUSINS LORET (2): 50% 50% ----------------------------------- ==================== REVENUES LESS OPERATING EXPENSES 7,217 1,655 INTEREST EXPENSE (3,555) (882) OTHER, NET 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (9) (2) -------------------- FUNDS FROM OPERATIONS 3,653 771 DEPRECIATION & AMORTIZATION OF REAL ESTATE (4,383) (890) -------------------- NET INCOME (730) (119) ==================== ---------------------------------------------------------------------------------------------------- CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING) (100%): ------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 3,661 948 INTEREST - 7.0% (1,420) (342) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 -------------------- FUNDS FROM OPERATIONS 2,241 606 DEPRECIATION & AMORTIZATION OF REAL ESTATE (1,126) (282) -------------------- NET INCOME 1,115 324 ==================== COUSINS SHARE OF CC-JM II (2): 50% 50% ------------------------------ ==================== REVENUES LESS OPERATING EXPENSES 1,831 474 INTEREST EXPENSE (711) (171) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 -------------------- FUNDS FROM OPERATIONS 1,120 303 DEPRECIATION & AMORTIZATION OF REAL ESTATE (575) (144) -------------------- NET INCOME 545 159 ====================
YEAR ENDED --------------------------------- 1999 2000 2001 --------------------------------- JOINT VENTURES -------------- BRAD COUS GOLF VENTURE, LTD (WORLD GOLF VILLAGE) (100%): -------------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 362 456 558 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 ------------------------------- FUNDS FROM OPERATIONS 362 456 558 DEPRECIATION & AMORTIZATION OF REAL ESTATE (195) (395) (691) ------------------------------- NET INCOME 167 61 (133) =============================== COUSINS SHARE OF BRAD COUS GOLF VENTURE (2): 50% 50% 50% -------------------------------------------- =============================== REVENUES LESS OPERATING EXPENSES 181 228 279 INTEREST EXPENSE 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 ------------------------------- FUNDS FROM OPERATIONS 181 228 279 DEPRECIATION & AMORTIZATION OF REAL ESTATE (98) (198) (346) ------------------------------- NET INCOME 83 30 (67) =============================== --------------------------------------------------------------------------------------------------------------- TEN PEACHTREE PLACE ASSOCIATES (100%): -------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 2,879 2,886 2,569 INTEREST - 8.0% UNTIL 11/01, BEG 12/01 FLOATING LIBOR + .75% (1,452) (1,373) (1,234) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (12) (2) (11) ------------------------------- FUNDS FROM OPERATIONS 1,415 1,511 1,324 DEPRECIATION & AMORTIZATION OF REAL ESTATE (543) (553) (588) ------------------------------- NET INCOME 872 958 736 =============================== COUSINS SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2): 25% 24% 50% ---------------------------------------------------- =============================== REVENUES LESS OPERATING EXPENSES 1,080 1,048 885 INTEREST EXPENSE (726) (686) (606) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (2) (1) (2) ------------------------------- FUNDS FROM OPERATIONS 352 361 277 DEPRECIATION & AMORTIZATION OF REAL ESTATE (81) (76) (134) ------------------------------- NET INCOME 271 285 143 ===============================
2002 1st 2002 2nd 2002 3rd 2002 4th ------------------------------------------------ JOINT VENTURES -------------- BRAD COUS GOLF VENTURE, LTD (WORLD GOLF VILLAGE) (100%): -------------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 113 183 193 207 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 -------------------------------------------- FUNDS FROM OPERATIONS 113 183 193 207 DEPRECIATION & AMORTIZATION OF REAL ESTATE (202) (190) (192) (245) -------------------------------------------- NET INCOME (89) (7) 1 (38) ============================================ COUSINS SHARE OF BRAD COUS GOLF VENTURE (2): 50% 50% 50% 50% -------------------------------------------- ============================================ REVENUES LESS OPERATING EXPENSES 57 92 97 104 INTEREST EXPENSE 0 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 -------------------------------------------- FUNDS FROM OPERATIONS 57 92 97 104 DEPRECIATION & AMORTIZATION OF REAL ESTATE (101) (95) (96) (123) -------------------------------------------- NET INCOME (44) (3) 1 (19) ============================================ ---------------------------------------------------------------------------------------------------------------------------- TEN PEACHTREE PLACE ASSOCIATES (100%): -------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (122) (108) (122) (166) INTEREST - 8.0% UNTIL 11/01, BEG 12/01 FLOATING LIBOR + .75% (154) (88) (114) (101) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 -------------------------------------------- FUNDS FROM OPERATIONS (276) (196) (236) (267) DEPRECIATION & AMORTIZATION OF REAL ESTATE (182) (181) (181) (183) -------------------------------------------- NET INCOME (458) (377) (417) (450) ============================================ COUSINS SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2): 50% 50% 50% 50% ---------------------------------------------------- ============================================ REVENUES LESS OPERATING EXPENSES (61) (54) (61) (83) INTEREST EXPENSE (77) (44) (57) (51) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 -------------------------------------------- FUNDS FROM OPERATIONS (138) (98) (118) (134) DEPRECIATION & AMORTIZATION OF REAL ESTATE (91) (91) (91) (92) -------------------------------------------- NET INCOME (229) (189) (209) (226) ============================================
YEAR ENDED --------- 2002 2003 1st ---------------------- JOINT VENTURES -------------- BRAD COUS GOLF VENTURE, LTD (WORLD GOLF VILLAGE) (100%): -------------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 696 131 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 ------------------- FUNDS FROM OPERATIONS 696 131 DEPRECIATION & AMORTIZATION OF REAL ESTATE (829) (34) ------------------- NET INCOME (133) 97 =================== COUSINS SHARE OF BRAD COUS GOLF VENTURE (2): 50% 50% -------------------------------------------- =================== REVENUES LESS OPERATING EXPENSES 350 66 INTEREST EXPENSE 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 ------------------- FUNDS FROM OPERATIONS 350 66 DEPRECIATION & AMORTIZATION OF REAL ESTATE (415) (17) ------------------- NET INCOME (65) 49 =================== --------------------------------------------------------------------------------------------------- TEN PEACHTREE PLACE ASSOCIATES (100%): -------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (518) 128 INTEREST - 8.0% UNTIL 11/01, BEG 12/01 FLOATING LIBOR + .75% (457) (69) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 ------------------- FUNDS FROM OPERATIONS (975) 59 DEPRECIATION & AMORTIZATION OF REAL ESTATE (727) (292) ------------------- NET INCOME (1,702) (233) =================== COUSINS SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2): 50% 50% ---------------------------------------------------- =================== REVENUES LESS OPERATING EXPENSES (259) 64 INTEREST EXPENSE (229) (34) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 ------------------- FUNDS FROM OPERATIONS (488) 30 DEPRECIATION & AMORTIZATION OF REAL ESTATE (365) (146) ------------------- NET INCOME (853) (116) ===================
YEAR ENDED ---------------------------------- 1999 2000 2001 ---------------------------------- JOINT VENTURES -------------- CSC ASSOCIATES, L. P. (BANK OF AMERICA PLAZA) (100%): ----------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 28,650 29,088 29,227 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 -------------------------------- FUNDS FROM OPERATIONS 28,650 29,088 29,227 DEPRECIATION & AMORTIZATION OF REAL ESTATE (7,694) (7,710) (7,653) -------------------------------- NET INCOME 20,956 21,378 21,574 ================================ COUSINS SHARE OF CSC ASSOCIATES, L P. (2): 50% 50% 50% ------------------------------------------ ================================ REVENUES LESS OPERATING EXPENSES 14,325 14,544 14,614 INTEREST EXPENSE 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 -------------------------------- FUNDS FROM OPERATIONS 14,325 14,544 14,614 DEPRECIATION & AMORTIZATION OF REAL ESTATE (3,923) (3,931) (3,903) -------------------------------- NET INCOME 10,402 10,613 10,711 ================================ ---------------------------------------------------------------------------------------------------------------- 285 VENTURE (1155 PERIMETER CENTER WEST) (100%): ------------------------------------------------ RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 0 2,403 7,756 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 -------------------------------- FUNDS FROM OPERATIONS 0 2,403 7,756 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 (720) (2,224) -------------------------------- NET INCOME 0 1,683 5,532 ================================ COUSINS SHARE OF 285 VENTURE (2): 50% 50% --------------------------------- ================================ REVENUES LESS OPERATING EXPENSES 0 1,202 3,878 INTEREST EXPENSE 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 -------------------------------- FUNDS FROM OPERATIONS 0 1,202 3,878 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 (371) (1,282) -------------------------------- NET INCOME 0 831 2,596 ================================
2002 1st 2002 2nd 2002 3rd 2002 4th ------------------------------------------------ JOINT VENTURES -------------- CSC ASSOCIATES, L. P. (BANK OF AMERICA PLAZA) (100%): ----------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 7,554 7,758 7,832 7,591 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 --------------------------------------------- FUNDS FROM OPERATIONS 7,554 7,758 7,832 7,591 DEPRECIATION & AMORTIZATION OF REAL ESTATE (1,915) (1,910) (1,911) (1,918) --------------------------------------------- NET INCOME 5,639 5,848 5,921 5,673 ============================================= COUSINS SHARE OF CSC ASSOCIATES, L P. (2): 50% 50% 50% 50% ------------------------------------------ ============================================= REVENUES LESS OPERATING EXPENSES 3,777 3,879 3,916 3,796 INTEREST EXPENSE 0 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 --------------------------------------------- FUNDS FROM OPERATIONS 3,777 3,879 3,916 3,796 DEPRECIATION & AMORTIZATION OF REAL ESTATE (977) (974) (975) (978) --------------------------------------------- NET INCOME 2,800 2,905 2,941 2,818 ============================================= ----------------------------------------------------------------------------------------------------------------------------- 285 VENTURE (1155 PERIMETER CENTER WEST) (100%): ------------------------------------------------ RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 1,980 2,024 2,003 1,987 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 --------------------------------------------- FUNDS FROM OPERATIONS 1,980 2,024 2,003 1,987 DEPRECIATION & AMORTIZATION OF REAL ESTATE (541) (554) (556) (560) --------------------------------------------- NET INCOME 1,439 1,470 1,447 1,427 ============================================= COUSINS SHARE OF 285 VENTURE (2): 50% 50% 50% 50% --------------------------------- ============================================= REVENUES LESS OPERATING EXPENSES 990 1,012 1,002 994 INTEREST EXPENSE 0 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 --------------------------------------------- FUNDS FROM OPERATIONS 990 1,012 1,002 994 DEPRECIATION & AMORTIZATION OF REAL ESTATE (313) (319) (320) (322) --------------------------------------------- NET INCOME 677 693 682 672 =============================================
YEAR ENDED --------- 2002 2003 1st ----------------------- JOINT VENTURES -------------- CSC ASSOCIATES, L. P. (BANK OF AMERICA PLAZA) (100%): ----------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 30,735 7,956 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 -------------------- FUNDS FROM OPERATIONS 30,735 7,956 DEPRECIATION & AMORTIZATION OF REAL ESTATE (7,654) (1,928) -------------------- NET INCOME 23,081 6,028 ==================== COUSINS SHARE OF CSC ASSOCIATES, L P. (2): 50% 50% ------------------------------------------ ==================== REVENUES LESS OPERATING EXPENSES 15,368 3,978 INTEREST EXPENSE 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 -------------------- FUNDS FROM OPERATIONS 15,368 3,978 DEPRECIATION & AMORTIZATION OF REAL ESTATE (3,904) (983) -------------------- NET INCOME 11,464 2,995 ==================== ---------------------------------------------------------------------------------------------------- 285 VENTURE (1155 PERIMETER CENTER WEST) (100%): ------------------------------------------------ RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 7,994 2,012 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 -------------------- FUNDS FROM OPERATIONS 7,994 2,012 DEPRECIATION & AMORTIZATION OF REAL ESTATE (2,211) (571) -------------------- NET INCOME 5,783 1,441 ==================== COUSINS SHARE OF 285 VENTURE (2): 50% 50% --------------------------------- ==================== REVENUES LESS OPERATING EXPENSES 3,998 1,006 INTEREST EXPENSE 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 -------------------- FUNDS FROM OPERATIONS 3,998 1,006 DEPRECIATION & AMORTIZATION OF REAL ESTATE (1,274) (327) -------------------- NET INCOME 2,724 679 ====================
YEAR ENDED ---------------------------------- 1999 2000 2001 ---------------------------------- JOINT VENTURES -------------- CPI/FSP I, L.P. (AUSTIN RESEARCH PARK) (100%): ---------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 0 0 1,512 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 ------------------------------- FUNDS FROM OPERATIONS 0 0 1,512 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 (738) ------------------------------- NET INCOME 0 0 774 =============================== COUSINS SHARE OF CPI/FSP I, L.P. (2): 50% ------------------------------------- =============================== REVENUES LESS OPERATING EXPENSES 0 0 756 INTEREST EXPENSE 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 ------------------------------- FUNDS FROM OPERATIONS 0 0 756 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 (382) ------------------------------- NET INCOME 0 0 374 =============================== --------------------------------------------------------------------------------------------------------------- GATEWAY VILLAGE, LLC (CHARLOTTE GATEWAY VILLAGE) (100%): -------------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 0 1,486 10,763 INTEREST 0 (1,501) (6,280) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 ------------------------------- FUNDS FROM OPERATIONS 0 (15) 4,483 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 (578) (4,715) ------------------------------- NET INCOME 0 (593) (232) =============================== COUSINS SHARE OF GATEWAY VILLAGE (2)(3): ------------------------------------- =============================== REVENUES LESS OPERATING EXPENSES 0 762 620 INTEREST EXPENSE 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 ------------------------------- FUNDS FROM OPERATIONS 0 762 620 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 0 ------------------------------- NET INCOME 0 762 620 ===============================
2002 1st 2002 2nd 2002 3rd 2002 4th ------------------------------------------------ JOINT VENTURES -------------- CPI/FSP I, L.P. (AUSTIN RESEARCH PARK) (100%): ---------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 1,357 1,668 1,669 1,663 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 --------------------------------------------- FUNDS FROM OPERATIONS 1,357 1,668 1,669 1,663 DEPRECIATION & AMORTIZATION OF REAL ESTATE (460) (544) (467) (478) --------------------------------------------- NET INCOME 897 1,124 1,202 1,185 ============================================= COUSINS SHARE OF CPI/FSP I, L.P. (2): 50% 50% 50% 50% ------------------------------------- ============================================= REVENUES LESS OPERATING EXPENSES 679 834 835 832 INTEREST EXPENSE 0 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 --------------------------------------------- FUNDS FROM OPERATIONS 679 834 835 832 DEPRECIATION & AMORTIZATION OF REAL ESTATE (252) (293) (256) (261) --------------------------------------------- NET INCOME 427 541 579 571 ============================================= ----------------------------------------------------------------------------------------------------------------------------- GATEWAY VILLAGE, LLC (CHARLOTTE GATEWAY VILLAGE) (100%): -------------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 5,290 5,288 5,276 5,272 INTEREST (3,054) (3,022) (2,994) (2,960) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 --------------------------------------------- FUNDS FROM OPERATIONS 2,236 2,266 2,282 2,312 DEPRECIATION & AMORTIZATION OF REAL ESTATE (1,478) (1,468) (1,483) (1,499) --------------------------------------------- NET INCOME 758 798 799 813 ============================================= COUSINS SHARE OF GATEWAY VILLAGE (2)(3): ------------------------------------- ============================================= REVENUES LESS OPERATING EXPENSES 302 302 302 302 INTEREST EXPENSE 0 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 --------------------------------------------- FUNDS FROM OPERATIONS 302 302 302 302 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 (8) (8) (9) --------------------------------------------- NET INCOME 302 294 294 293 =============================================
YEAR ENDED --------- 2002 2003 1st ----------------------- JOINT VENTURES -------------- CPI/FSP I, L.P. (AUSTIN RESEARCH PARK) (100%): ---------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 6,357 1,680 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 -------------------- FUNDS FROM OPERATIONS 6,357 1,680 DEPRECIATION & AMORTIZATION OF REAL ESTATE (1,949) (451) -------------------- NET INCOME 4,408 1,229 ==================== COUSINS SHARE OF CPI/FSP I, L.P. (2): 50% 50% ------------------------------------- ==================== REVENUES LESS OPERATING EXPENSES 3,180 840 INTEREST EXPENSE 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 -------------------- FUNDS FROM OPERATIONS 3,180 840 DEPRECIATION & AMORTIZATION OF REAL ESTATE (1,062) (255) -------------------- NET INCOME 2,118 585 ==================== ---------------------------------------------------------------------------------------------------- GATEWAY VILLAGE, LLC (CHARLOTTE GATEWAY VILLAGE) (100%): -------------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 21,126 5,263 INTEREST (12,030) (2,928) DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 -------------------- FUNDS FROM OPERATIONS 9,096 2,335 DEPRECIATION & AMORTIZATION OF REAL ESTATE (5,928) (1,505) -------------------- NET INCOME 3,168 830 ==================== COUSINS SHARE OF GATEWAY VILLAGE (2)(3): ------------------------------------- ==================== REVENUES LESS OPERATING EXPENSES 1,208 302 INTEREST EXPENSE 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 -------------------- FUNDS FROM OPERATIONS 1,208 302 DEPRECIATION & AMORTIZATION OF REAL ESTATE (25) (8) -------------------- NET INCOME 1,183 294 ====================
YEAR ENDED ---------------------------------- 1999 2000 2001 ---------------------------------- JOINT VENTURES -------------- CRAWFORD LONG-CPI LLC (100%): ----------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 ------------------------------- FUNDS FROM OPERATIONS 0 0 0 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 0 ------------------------------- NET INCOME 0 0 0 =============================== COUSINS SHARE OF CRAWFORD LONG-CPI LLC (2): ------------------------------------------- =============================== REVENUES LESS OPERATING EXPENSES 0 0 0 INTEREST EXPENSE 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 ------------------------------- FUNDS FROM OPERATIONS 0 0 0 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 0 ------------------------------- NET INCOME 0 0 0 =============================== --------------------------------------------------------------------------------------------------------------- HAYWOOD MALL ASSOCIATES (100%): ------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 6,061 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 ------------------------------- FUNDS FROM OPERATIONS 6,061 0 0 DEPRECIATION & AMORTIZATION OF REAL ESTATE (1,151) 0 0 ------------------------------- NET INCOME 4,910 0 0 =============================== COUSINS SHARE OF HAYWOOD MALL (2): 50% ---------------------------------- =============================== REVENUES LESS OPERATING EXPENSES 3,069 0 0 INTEREST EXPENSE 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 ------------------------------- FUNDS FROM OPERATIONS 3,069 0 0 DEPRECIATION & AMORTIZATION OF REAL ESTATE (635) 0 0 ------------------------------- NET INCOME 2,434 0 0 ===============================
2002 1st 2002 2nd 2002 3rd 2002 4th ------------------------------------------------ JOINT VENTURES -------------- CRAWFORD LONG-CPI LLC (100%): ----------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 419 758 1,189 1,088 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 -------------------------------------------- FUNDS FROM OPERATIONS 419 758 1,189 1,088 DEPRECIATION & AMORTIZATION OF REAL ESTATE (205) (335) (431) (559) -------------------------------------------- NET INCOME 214 423 758 529 ============================================ COUSINS SHARE OF CRAWFORD LONG-CPI LLC (2): 50% 50% 50% 50% ------------------------------------------- ============================================ REVENUES LESS OPERATING EXPENSES 210 379 595 544 INTEREST EXPENSE 0 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 -------------------------------------------- FUNDS FROM OPERATIONS 210 379 595 544 DEPRECIATION & AMORTIZATION OF REAL ESTATE (103) (179) (228) (292) -------------------------------------------- NET INCOME 107 200 367 252 ============================================ ---------------------------------------------------------------------------------------------------------------------------- HAYWOOD MALL ASSOCIATES (100%): ------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 0 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 -------------------------------------------- FUNDS FROM OPERATIONS 0 0 0 0 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 0 0 -------------------------------------------- NET INCOME 0 0 0 0 ============================================ COUSINS SHARE OF HAYWOOD MALL (2): ---------------------------------- ============================================ REVENUES LESS OPERATING EXPENSES 0 0 0 0 INTEREST EXPENSE 0 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 -------------------------------------------- FUNDS FROM OPERATIONS 0 0 0 0 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 0 0 -------------------------------------------- NET INCOME 0 0 0 0 ============================================
YEAR ENDED -------- 2002 2003 1st ---------------------- JOINT VENTURES -------------- CRAWFORD LONG-CPI LLC (100%): ----------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 3,454 1,255 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 ------------------- FUNDS FROM OPERATIONS 3,454 1,255 DEPRECIATION & AMORTIZATION OF REAL ESTATE (1,530) (606) ------------------- NET INCOME 1,924 649 =================== COUSINS SHARE OF CRAWFORD LONG-CPI LLC (2): 50% 50% ------------------------------------------- =================== REVENUES LESS OPERATING EXPENSES 1,728 628 INTEREST EXPENSE 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 ------------------- FUNDS FROM OPERATIONS 1,728 628 DEPRECIATION & AMORTIZATION OF REAL ESTATE (802) (316) ------------------- NET INCOME 926 312 =================== --------------------------------------------------------------------------------------------------- HAYWOOD MALL ASSOCIATES (100%): ------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 ------------------- FUNDS FROM OPERATIONS 0 0 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 ------------------- NET INCOME 0 0 =================== COUSINS SHARE OF HAYWOOD MALL (2): ---------------------------------- =================== REVENUES LESS OPERATING EXPENSES 0 0 INTEREST EXPENSE 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 ------------------- FUNDS FROM OPERATIONS 0 0 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 ------------------- NET INCOME 0 0 ===================
YEAR ENDED ---------------------------------- 1999 2000 2001 ---------------------------------- JOINT VENTURES -------------- OTHER: ------ RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 0 142 0 OTHER, NET 3,418 3,543 453 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (194) (301) (64) ------------------------------- FUNDS FROM OPERATIONS 3,224 3,384 389 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 0 ------------------------------- NET INCOME 3,224 3,384 389 =============================== COUSINS SHARE OF OTHER (2): --------------------------- =============================== REVENUES LESS OPERATING EXPENSES 0 71 0 INTEREST EXPENSE 0 0 0 OTHER, NET 2,428 1,896 206 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (97) (226) (48) ------------------------------- FUNDS FROM OPERATIONS 2,331 1,741 158 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 0 ------------------------------- NET INCOME 2,331 1,741 158 =============================== --------------------------------------------------------------------------------------------------------------- TEMCO ASSOCIATES (100%): ------------------------ RESIDENTIAL LOT AND OUTPARCEL SALES 7,087 10,022 12,378 RESIDENTIAL LOT AND OUTPARCEL COST OF SALES (4,546) (7,314) (8,563) ------------------------------- FUNDS FROM OPERATIONS 2,541 2,708 3,815 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 0 ------------------------------- NET INCOME 2,541 2,708 3,815 =============================== COUSINS SHARE OF TEMCO (2): 50% 50% 50% --------------------------- =============================== RESIDENTIAL LOT AND OUTPARCEL SALES, NET OF COS 1,270 678 1,720 ------------------------------- FUNDS FROM OPERATIONS 1,270 678 1,720 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 0 ------------------------------- NET INCOME 1,270 678 1,720 ===============================
2002 1st 2002 2nd 2002 3rd 2002 4th ----------------------------------------------- JOINT VENTURES -------------- OTHER: ------ RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 0 0 0 0 OTHER, NET 0 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 -------------------------------------------- FUNDS FROM OPERATIONS 0 0 0 0 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 0 0 -------------------------------------------- NET INCOME 0 0 0 0 ============================================ COUSINS SHARE OF OTHER (2): --------------------------- ============================================ REVENUES LESS OPERATING EXPENSES 0 0 0 0 INTEREST EXPENSE 0 0 0 0 OTHER, NET 0 0 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 0 0 -------------------------------------------- FUNDS FROM OPERATIONS 0 0 0 0 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 0 0 -------------------------------------------- NET INCOME 0 0 0 0 ============================================ ---------------------------------------------------------------------------------------------------------------------------- TEMCO ASSOCIATES (100%): ------------------------ RESIDENTIAL LOT AND OUTPARCEL SALES 6,047 3,094 2,828 2,450 RESIDENTIAL LOT AND OUTPARCEL COST OF SALES (4,124) (2,393) (1,922) (2,140) -------------------------------------------- FUNDS FROM OPERATIONS 1,923 701 906 310 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 0 0 -------------------------------------------- NET INCOME 1,923 701 906 310 ============================================ COUSINS SHARE OF TEMCO (2): 50% 50% 50% 50% --------------------------- ============================================ RESIDENTIAL LOT AND OUTPARCEL SALES, NET OF COS 1,030 397 415 107 -------------------------------------------- FUNDS FROM OPERATIONS 1,030 397 415 107 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 0 0 -------------------------------------------- NET INCOME 1,030 397 415 107 ============================================
YEAR ENDED --------- 2002 2003 1st ----------------------- JOINT VENTURES -------------- OTHER: ------ RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 0 0 OTHER, NET 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 ------------------- FUNDS FROM OPERATIONS 0 0 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 ------------------- NET INCOME 0 0 =================== COUSINS SHARE OF OTHER (2): --------------------------- =================== REVENUES LESS OPERATING EXPENSES 0 0 INTEREST EXPENSE 0 0 OTHER, NET 0 0 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS 0 0 ------------------- FUNDS FROM OPERATIONS 0 0 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 ------------------- NET INCOME 0 0 =================== --------------------------------------------------------------------------------------------------- TEMCO ASSOCIATES (100%): ------------------------ RESIDENTIAL LOT AND OUTPARCEL SALES 14,419 4,964 RESIDENTIAL LOT AND OUTPARCEL COST OF SALES (10,579) (3,621) ------------------- FUNDS FROM OPERATIONS 3,840 1,343 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 ------------------- NET INCOME 3,840 1,343 =================== COUSINS SHARE OF TEMCO (2): 50% 50% --------------------------- =================== RESIDENTIAL LOT AND OUTPARCEL SALES, NET OF COS 1,949 513 ------------------- FUNDS FROM OPERATIONS 1,949 513 DEPRECIATION & AMORTIZATION OF REAL ESTATE 0 0 ------------------- NET INCOME 1,949 513 ===================
YEAR ENDED ---------------------------------- 1999 2000 2001 ---------------------------------- RECONCILIATIONS --------------- (A) 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX: --------------------------------------------------- PROPERTY ACQUISITION AND DEVELOPMENT EXPENDITURES PER CASH FLOWS FROM INVESTING ACTIVITIES 337,961 215,958 140,346 ADDITIONS TO PROJECTS UNDER CONSTRUCTION, NET (239,637) (111,984) (74,539) ADDITIONS TO LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT (244) (3,376) (18,288) ADDITIONS TO RESIDENTIAL LOTS UNDER DEVELOPMENT (7,084) (6,688) (13,964) 1ST GENERATION TI & LEASING FEES (88,188) (89,849) (22,080) FURNITURE & FIXTURES (2,060) (688) (6,916) ---------------------------------- CONSOLIDATED SECOND GENERATION RELATED COSTS 748 3,373 4,559 SHARE OF JOINT VENTURE 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX 904 1,437 1,514 ---------------------------------- 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX 1,652 4,810 6,073 ================================== TOTAL BY TYPE: SECOND GENERATION LEASING RELATED COSTS 1,432 3,876 3,582 SECOND GENERATION BUILDING IMPROVEMENTS 220 934 2,491 ---------------------------------- 1,652 4,810 6,073 ================================== TOTAL BY SEGMENT: OFFICE: SECOND GENERATION LEASING RELATED COSTS 1,224 3,239 3,292 SECOND GENERATION BUILDING IMPROVEMENTS 220 907 2,484 ---------------------------------- 1,444 4,146 5,776 ---------------------------------- RETAIL: SECOND GENERATION LEASING RELATED COSTS 208 637 290 SECOND GENERATION BUILDING IMPROVEMENTS 0 27 7 ---------------------------------- 208 664 297 ---------------------------------- 1,652 4,810 6,073 ================================== ------------------------------------------------------------------------------------------------------------------ (B) ADJUSTED DEBT: -------------- CONSOLIDATED DEBT 312,257 485,085 585,275 SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT 218,739 256,292 275,913 ---------------------------------- TOTAL DEBT INCLUDING SHARE OF JV'S 530,996 741,377 861,188 SHARE OF CHARLOTTE GATEWAY VILLAGE DEBT (4) (28,504) (70,309) (94,685) ---------------------------------- ADJUSTED DEBT 502,492 671,068 766,503 ================================== ------------------------------------------------------------------------------------------------------------------ (C) CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES): ------------------------------------------------------------------ CONSOLIDATED INTEREST EXPENSE 600 13,596 27,610 SHARE OF JOINT VENTURE INTEREST EXPENSE 14,473 14,311 13,936 ---------------------------------- CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JVs) 15,073 27,907 41,546 ==================================
2002 1st 2002 2nd 2002 3rd 2002 4th ------------------------------------------------ RECONCILIATIONS --------------- (A) 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX: --------------------------------------------------- PROPERTY ACQUISITION AND DEVELOPMENT EXPENDITURES PER CASH FLOWS FROM INVESTING ACTIVITIES 22,867 13,326 21,187 30,608 ADDITIONS TO PROJECTS UNDER CONSTRUCTION, NET (14,637) (6,998) (14,199) (24,250) ADDITIONS TO LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT (1,687) (88) (510) (261) ADDITIONS TO RESIDENTIAL LOTS UNDER DEVELOPMENT (4,557) (936) (2,460) (4,047) 1ST GENERATION TI & LEASING FEES (1,037) (4,127) (424) 2,232 FURNITURE & FIXTURES (477) (355) (401) (769) ----------------------------------------------- CONSOLIDATED SECOND GENERATION RELATED COSTS 472 822 3,193 3,513 SHARE OF JOINT VENTURE 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX 164 105 437 4,282 ----------------------------------------------- 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX 636 927 3,630 7,795 =============================================== TOTAL BY TYPE: SECOND GENERATION LEASING RELATED COSTS 303 788 3,517 7,196 SECOND GENERATION BUILDING IMPROVEMENTS 333 139 113 599 ----------------------------------------------- 636 927 3,630 7,795 =============================================== TOTAL BY SEGMENT: OFFICE: SECOND GENERATION LEASING RELATED COSTS 290 750 3,384 6,924 SECOND GENERATION BUILDING IMPROVEMENTS 286 103 47 452 ----------------------------------------------- 576 853 3,431 7,376 ----------------------------------------------- RETAIL: SECOND GENERATION LEASING RELATED COSTS 13 38 133 272 SECOND GENERATION BUILDING IMPROVEMENTS 47 36 66 147 ----------------------------------------------- 60 74 199 419 ----------------------------------------------- 636 927 3,630 7,795 =============================================== ------------------------------------------------------------------------------------------------------------------------------- (B) ADJUSTED DEBT: -------------- CONSOLIDATED DEBT 597,304 600,476 646,390 669,792 SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT 273,392 270,955 268,432 265,854 ----------------------------------------------- TOTAL DEBT INCLUDING SHARE OF JV'S 870,696 871,431 914,822 935,646 SHARE OF CHARLOTTE GATEWAY VILLAGE DEBT (4) (93,728) (92,756) (91,769) (90,766) ----------------------------------------------- ADJUSTED DEBT 776,968 778,675 823,053 844,880 =============================================== ------------------------------------------------------------------------------------------------------------------------------- (C) CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES): ------------------------------------------------------------------ CONSOLIDATED INTEREST EXPENSE 8,532 9,557 9,511 9,823 SHARE OF JOINT VENTURE INTEREST EXPENSE 3,348 3,300 3,296 3,264 ----------------------------------------------- CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JVs) 11,880 12,857 12,807 13,087 ===============================================
YEAR ENDED ---------- 2002 2003 1st ----------------------- RECONCILIATIONS --------------- (A) 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX: --------------------------------------------------- PROPERTY ACQUISITION AND DEVELOPMENT EXPENDITURES PER CASH FLOWS FROM INVESTING ACTIVITIES 87,988 22,498 ADDITIONS TO PROJECTS UNDER CONSTRUCTION, NET (60,084) (18,061) ADDITIONS TO LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT (2,546) (21) ADDITIONS TO RESIDENTIAL LOTS UNDER DEVELOPMENT (12,000) (1,881) 1ST GENERATION TI & LEASING FEES (3,356) (201) FURNITURE & FIXTURES (2,002) (377) ----------------------- CONSOLIDATED SECOND GENERATION RELATED COSTS 8,000 1,957 SHARE OF JOINT VENTURE 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX 4,988 2,401 ----------------------- 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX 12,988 4,358 ======================= TOTAL BY TYPE: SECOND GENERATION LEASING RELATED COSTS 11,804 4,287 SECOND GENERATION BUILDING IMPROVEMENTS 1,184 71 ----------------------- 12,988 4,358 ======================= TOTAL BY SEGMENT: OFFICE: SECOND GENERATION LEASING RELATED COSTS 11,348 3,873 SECOND GENERATION BUILDING IMPROVEMENTS 888 22 ----------------------- 12,236 3,895 ----------------------- RETAIL: SECOND GENERATION LEASING RELATED COSTS 456 414 SECOND GENERATION BUILDING IMPROVEMENTS 296 49 ----------------------- 752 463 ----------------------- 12,988 4,358 ======================= ------------------------------------------------------------------------------------------------------- (B) ADJUSTED DEBT: -------------- CONSOLIDATED DEBT 669,792 686,011 SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT 265,854 263,329 ----------------------- TOTAL DEBT INCLUDING SHARE OF JV'S 935,646 949,340 SHARE OF CHARLOTTE GATEWAY VILLAGE DEBT (4) (90,766) (89,746) ----------------------- ADJUSTED DEBT 844,880 859,595 ======================= ------------------------------------------------------------------------------------------------------- (C) CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES): ------------------------------------------------------------------ CONSOLIDATED INTEREST EXPENSE 37,423 9,789 SHARE OF JOINT VENTURE INTEREST EXPENSE 13,208 3,211 ----------------------- CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JVs) 50,631 13,000 =======================
YEAR ENDED ---------------------------------- 1999 2000 2001 ---------------------------------- RECONCILIATIONS --------------- (D) FIXED CHARGES: ------------- CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES 15,073 27,907 41,546 PRINCIPAL PAYMENTS: CONSOLIDATED 6,120 4,734 5,721 SHARE OF JOINT VENTURES 3,565 4,252 4,696 GROUND LEASE PAYMENTS: CONSOLIDATED 101 147 613 SHARE OF JOINT VENTURES 12 12 12 --------------------------------- TOTAL FIXED CHARGES 24,871 37,052 52,588 ================================= ----------------------------------------------------------------------------------------------------------------- (E) RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY --------------------------------------------- OPERATING EXPENSES: ------------------- RENTAL PROPERTY REVENUES 59,975 105,903 133,682 RENTAL PROPERTY OPERATING EXPENSES (18,296) (31,267) (39,901) -------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 41,679 74,636 93,781 ================================= ----------------------------------------------------------------------------------------------------------------- (F) INCOME FROM DISCONTINUED OPERATIONS: ------------------------------------ RENTAL PROPERTY REVENUES 2,505 8,083 11,787 RENTAL PROPERTY OPERATING EXPENSES (791) (2,149) (4,084) --------------------------------- TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 1,714 5,934 7,703 MINORITY INTEREST EXPENSE (43) (49) (8) PROVISION FOR INCOME TAXES 0 (31) (136) ---------------------------------- FUNDS FROM OPERATIONS 1,671 5,854 7,559 DEPRECIATION AND AMORTIZATION OF REAL ESTATE (672) (2,375) (3,048) --------------------------------- NET INCOME FROM DISCONTINUED OPERATIONS 999 3,479 4,511 =================================
2002 1st 2002 2nd 2002 3rd 2002 4th ----------------------------------------------- RECONCILIATIONS --------------- (D) FIXED CHARGES: ------------- CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES 11,880 12,857 12,807 13,087 PRINCIPAL PAYMENTS: CONSOLIDATED 2,618 1,645 1,673 1,696 SHARE OF JOINT VENTURES 1,565 1,465 1,535 1,575 GROUND LEASE PAYMENTS: CONSOLIDATED 212 208 209 210 SHARE OF JOINT VENTURES 3 3 3 3 ---------------------------------------------- TOTAL FIXED CHARGES 16,278 16,178 16,227 16,571 ============================================== ------------------------------------------------------------------------------------------------------------------------------ (E) RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY --------------------------------------------- OPERATING EXPENSES: ------------------- RENTAL PROPERTY REVENUES 36,130 40,052 40,524 38,816 RENTAL PROPERTY OPERATING EXPENSES (10,420) (10,837) (11,553) (11,721) ---------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 25,710 29,215 28,971 27,095 ============================================== ------------------------------------------------------------------------------------------------------------------------------ (F) INCOME FROM DISCONTINUED OPERATIONS: ------------------------------------ RENTAL PROPERTY REVENUES 3,271 3,360 3,440 3,079 RENTAL PROPERTY OPERATING EXPENSES (1,089) (1,181) (1,257) (1,078) ---------------------------------------------- TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 2,182 2,179 2,183 2,001 MINORITY INTEREST EXPENSE 0 0 0 0 PROVISION FOR INCOME TAXES (36) (35) (49) (19) ---------------------------------------------- FUNDS FROM OPERATIONS 2,146 2,144 2,134 1,982 DEPRECIATION AND AMORTIZATION OF REAL ESTATE (864) (865) (921) (808) ---------------------------------------------- NET INCOME FROM DISCONTINUED OPERATIONS 1,282 1,279 1,213 1,174 =============================================
YEAR ENDED ---------- 2002 2003 1st ----------------------- RECONCILIATIONS --------------- (D) FIXED CHARGES: ------------- CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES 50,631 13,000 PRINCIPAL PAYMENTS: CONSOLIDATED 7,632 1,606 SHARE OF JOINT VENTURES 6,140 1,506 GROUND LEASE PAYMENTS: CONSOLIDATED 839 214 SHARE OF JOINT VENTURES 12 3 ---------------------- TOTAL FIXED CHARGES 65,254 16,329 ====================== ------------------------------------------------------------------------------------------------------ (E) RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY --------------------------------------------- OPERATING EXPENSES: ------------------- RENTAL PROPERTY REVENUES 155,522 58,076 RENTAL PROPERTY OPERATING EXPENSES (44,531) (11,094) ---------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 110,991 46,982 ====================== ------------------------------------------------------------------------------------------------------ (F) INCOME FROM DISCONTINUED OPERATIONS: ------------------------------------ RENTAL PROPERTY REVENUES 13,150 2,937 RENTAL PROPERTY OPERATING EXPENSES (4,605) (913) ---------------------- TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES 8,545 2,024 MINORITY INTEREST EXPENSE 0 0 PROVISION FOR INCOME TAXES (139) 0 ---------------------- FUNDS FROM OPERATIONS 8,406 2,024 DEPRECIATION AND AMORTIZATION OF REAL ESTATE (3,458) (676) ---------------------- NET INCOME FROM DISCONTINUED OPERATIONS 4,948 1,348 ======================
YEAR ENDED ---------------------------------- 1999 2000 2001 ---------------------------------- RECONCILIATIONS --------------- (G) SHARE OF INCOME FROM UNCONSOLIDATED JOINT VENTURES: --------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES, NET OF CONSOLIDATING ENTRY 49,993 46,600 51,422 INTEREST EXPENSE (14,473) (14,311) (13,936) OTHER, NET 3,060 2,258 144 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (137) (231) (53) --------------------------------- FUNDS FROM OPERATIONS, EXCLUDING TEMCO 38,443 34,316 37,577 RESIDENTIAL LOT AND TRACT SALES, NET OF COS 1,270 678 1,720 --------------------------------- FUNDS FROM OPERATIONS 39,713 34,994 39,297 DEPRECIATION & AMORTIZATION OF REAL ESTATE (20,076) (15,542) (16,400) IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY - JOINT VENTURE 0 0 0 --------------------------------- NET INCOME (INCOME FROM UNCONSOLIDATED JOINT VENTURES) 19,637 19,452 22,897 ================================= ----------------------------------------------------------------------------------------------------------------- (H) CONSOLIDATED RESIDENTIAL AND OUTPARCEL SALES AND ------------------------------------------------ COST OF SALES: -------------- RESIDENTIAL LOT AND OUTPARCEL SALES - WHOLLY OWNED: TRACT SALES 0 0 0 LOT SALES 17,857 13,951 6,682 --------------------------------- TOTAL RESIDENTIAL AND OUTPARCEL SALES 17,857 13,951 6,682 --------------------------------- RESIDENTIAL LOT AND OUTPARCEL COST OF SALES - WHOLLY-OWNED: TRACT COST OF SALES 0 0 0 LOT COST OF SALES 14,897 11,684 5,910 --------------------------------- TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES 14,897 11,684 5,910 --------------------------------- TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES 222 564 2,011 --------------------------------- RESIDENTIAL LOT AND OUTPARCEL SALES, NET -WHOLLY OWNED 3,182 2,831 2,783 ================================= SUMMARY: TRACT SALES NET OF COS - WHOLLY OWNED 222 564 2,011 LOT SALES NET OF COS - WHOLLY OWNED 2,960 2,267 772 --------------------------------- TOTAL WHOLLY OWNED SALES, NET 3,182 2,831 2,783 --------------------------------- SHARE OF UNCONSOLIDATED JOINT VENTURES: TRACT SALES LESS COST OF SALES 1,229 773 1,098 LOT SALES LESS COST OF SALES 0 0 645 OTHER - JOINT VENTURE 41 (95) (23) --------------------------------- TRACT AND LOT SALES, NET - SHARE OF JOINT VENTURES 1,270 678 1,720 --------------------------------- TOTAL RESIDENTIAL/LAND DIVISION 4,452 3,509 4,503 =================================
2002 1st 2002 2nd 2002 3rd 2002 4th ----------------------------------------------- RECONCILIATIONS --------------- (G) SHARE OF INCOME FROM UNCONSOLIDATED JOINT VENTURES: --------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES, NET OF CONSOLIDATING ENTRY 13,640 14,001 14,227 14,472 INTEREST EXPENSE (3,348) (3,300) (3,296) (3,264) OTHER, NET (15) 64 26 63 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (3) (2) (2) (2) ---------------------------------------------- FUNDS FROM OPERATIONS, EXCLUDING TEMCO 10,274 10,763 10,955 11,269 RESIDENTIAL LOT AND TRACT SALES, NET OF COS 1,030 397 415 107 ---------------------------------------------- FUNDS FROM OPERATIONS 11,304 11,160 11,370 11,376 DEPRECIATION & AMORTIZATION OF REAL ESTATE (4,274) (4,559) (4,490) (5,217) IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY - JOINT VENTURE 0 0 0 0 ---------------------------------------------- NET INCOME (INCOME FROM UNCONSOLIDATED JOINT VENTURES) 7,030 6,601 6,880 6,159 ============================================== ------------------------------------------------------------------------------------------------------------------------------ (H) CONSOLIDATED RESIDENTIAL AND OUTPARCEL SALES AND ------------------------------------------------ COST OF SALES: -------------- RESIDENTIAL LOT AND OUTPARCEL SALES - WHOLLY OWNED: TRACT SALES 0 0 0 547 LOT SALES 4,035 521 2,481 1,542 --------------------------------------------- TOTAL RESIDENTIAL AND OUTPARCEL SALES 4,035 521 2,481 2,089 ---------------------------------------------- RESIDENTIAL LOT AND OUTPARCEL COST OF SALES - WHOLLY-OWNED: TRACT COST OF SALES 0 0 0 352 LOT COST OF SALES 2,970 444 2,414 1,129 --------------------------------------------- TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES 2,970 444 2,414 1,481 --------------------------------------------- TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES 0 0 0 2,143 --------------------------------------------- RESIDENTIAL LOT AND OUTPARCEL SALES, NET -WHOLLY OWNED 1,065 77 67 2,751 ============================================= SUMMARY: TRACT SALES NET OF COS - WHOLLY OWNED 0 0 0 2,338 LOT SALES NET OF COS - WHOLLY OWNED 1,065 77 67 413 --------------------------------------------- TOTAL WHOLLY OWNED SALES, NET 1,065 77 67 2,751 --------------------------------------------- SHARE OF UNCONSOLIDATED JOINT VENTURES: TRACT SALES LESS COST OF SALES 370 45 254 2 LOT SALES LESS COST OF SALES 659 353 164 105 OTHER - JOINT VENTURE 1 (1) (3) 0 --------------------------------------------- TRACT AND LOT SALES, NET - SHARE OF JOINT VENTURES 1,030 397 415 107 --------------------------------------------- TOTAL RESIDENTIAL/LAND DIVISION 2,095 474 482 2,858 =============================================
YEAR ENDED ---------- 2002 2003 1st ----------------------- RECONCILIATIONS --------------- (G) SHARE OF INCOME FROM UNCONSOLIDATED JOINT VENTURES: --------------------------------------------------- RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES, NET OF CONSOLIDATING ENTRY 56,340 13,728 INTEREST EXPENSE (13,208) (3,211) OTHER, NET 138 458 DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (9) (8) ---------------------- FUNDS FROM OPERATIONS, EXCLUDING TEMCO 43,261 10,967 RESIDENTIAL LOT AND TRACT SALES, NET OF COS 1,949 513 ---------------------- FUNDS FROM OPERATIONS 45,210 11,480 DEPRECIATION & AMORTIZATION OF REAL ESTATE (18,540) (4,432) IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY - JOINT VENTURE 0 (551) ---------------------- NET INCOME (INCOME FROM UNCONSOLIDATED JOINT VENTURES) 26,670 6,497 ====================== ------------------------------------------------------------------------------------------------------ (H) CONSOLIDATED RESIDENTIAL AND OUTPARCEL SALES AND ------------------------------------------------ COST OF SALES: -------------- RESIDENTIAL LOT AND OUTPARCEL SALES - WHOLLY OWNED: TRACT SALES 547 0 LOT SALES 8,579 3,928 ---------------------- TOTAL RESIDENTIAL AND OUTPARCEL SALES 9,126 3,928 ---------------------- RESIDENTIAL LOT AND OUTPARCEL COST OF SALES - WHOLLY-OWNED: TRACT COST OF SALES 352 0 LOT COST OF SALES 6,957 3,231 ---------------------- TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES 7,309 3,231 ---------------------- TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES 2,143 0 ---------------------- RESIDENTIAL LOT AND OUTPARCEL SALES, NET -WHOLLY OWNED 3,960 697 ====================== SUMMARY: TRACT SALES NET OF COS - WHOLLY OWNED 2,338 0 LOT SALES NET OF COS - WHOLLY OWNED 1,622 697 ---------------------- TOTAL WHOLLY OWNED SALES, NET 3,960 697 ---------------------- SHARE OF UNCONSOLIDATED JOINT VENTURES: TRACT SALES LESS COST OF SALES 671 0 LOT SALES LESS COST OF SALES 1,281 513 OTHER - JOINT VENTURE (3) 0 ---------------------- TRACT AND LOT SALES, NET - SHARE OF JOINT VENTURES 1,949 513 ----------------------- TOTAL RESIDENTIAL/LAND DIVISION 5,909 1,210 =======================
YEAR ENDED ---------------------------------- 1999 2000 2001 ---------------------------------- RECONCILIATIONS --------------- (I) DEPRECIATION AND AMORTIZATION: ------------------------------ REAL ESTATE RELATED: CONSOLIDATED 15,247 29,311 39,438 DISCONTINUED OPERATIONS 672 2,375 3,048 -------------------------------- 15,919 31,686 42,486 SHARE OF JOINT VENTURES 20,076 15,542 16,400 -------------------------------- TOTAL REAL ESTATE RELATED 35,995 47,228 58,886 -------------------------------- NON-REAL ESTATE RELATED: CONSOLIDATED 940 1,099 2,166 DISCONTINUED OPERATIONS - - - -------------------------------- 940 1,099 2,166 SHARE OF JOINT VENTURES 137 231 53 -------------------------------- TOTAL NON-REAL ESTATE RELATED 1,077 1,330 2,219 -------------------------------- TOTAL DEPRECIATION AND AMORTIZATION 37,072 48,558 61,105 ================================ SUMMARY: CONSOLIDATED 16,187 30,410 41,604 DISCONTINUED OPERATIONS 672 2,375 3,048 -------------------------------- 16,859 32,785 44,652 SHARE OF JOINT VENTURES 20,213 15,773 16,453 -------------------------------- TOTAL DEPRECIATION AND AMORTIZATION 37,072 48,558 61,105 MINORITY INTEREST'S SHARE OF DEPRECIATION AND AMORTIZATION (335) (1,164) (95) ------------------------------- TOTAL DEPRECIATION & AMORTIZATION, NET OF MINORITY INTERESTS' SHARE 36,737 47,394 61,010 ================================ SUMMARY BY TYPE: REAL ESTATE RELATED: BUILDING (INCLUDING TENANT FIRST GENERATION): CONSOLIDATED 14,871 30,402 38,522 SHARE OF JOINT VENTURES 19,229 14,825 15,656 -------------------------------- 34,100 45,227 54,178 -------------------------------- TENANT SECOND GENERATION: CONSOLIDATED 1,048 1,284 3,964 SHARE OF JOINT VENTURES 847 717 744 -------------------------------- 1,895 2,001 4,708 -------------------------------- TOTAL REAL ESTATE RELATED 35,995 47,228 58,886 -------------------------------- NON-REAL ESTATE RELATED: FURNITURE, FIXTURES AND EQUIPMENT: CONSOLIDATED 640 799 1,485 SHARE OF JOINT VENTURES 101 231 53 -------------------------------- 741 1,030 1,538 -------------------------------- GOODWILL & SPECIFICALLY IDENTIFIABLE INTANGIBLE ASSETS CONSOLIDATED 300 300 681 SHARE OF JOINT VENTURES 36 0 0 -------------------------------- 336 300 681 -------------------------------- TOTAL NON-REAL ESTATE RELATED 1,077 1,330 2,219 -------------------------------- TOTAL DEPRECIATION & AMORTIZATION 37,072 48,558 61,105 ================================
2002 1st 2002 2nd 2002 3rd 2002 4th ----------------------------------------------- RECONCILIATIONS --------------- (I) DEPRECIATION AND AMORTIZATION: ------------------------------ REAL ESTATE RELATED: CONSOLIDATED 10,628 11,949 14,204 12,000 DISCONTINUED OPERATIONS 864 865 921 808 ---------------------------------------------- 11,492 12,814 15,125 12,808 SHARE OF JOINT VENTURES 4,274 4,559 4,490 5,217 ---------------------------------------------- TOTAL REAL ESTATE RELATED 15,766 17,373 19,615 18,025 ---------------------------------------------- NON-REAL ESTATE RELATED: CONSOLIDATED 528 532 546 542 DISCONTINUED OPERATIONS - - - - ---------------------------------------------- 528 532 546 542 SHARE OF JOINT VENTURES 3 2 2 2 ---------------------------------------------- TOTAL NON-REAL ESTATE RELATED 531 534 548 544 ---------------------------------------------- TOTAL DEPRECIATION AND AMORTIZATION 16,297 17,907 20,163 18,569 ============================================== SUMMARY: CONSOLIDATED 11,156 12,481 14,750 12,542 DISCONTINUED OPERATIONS 864 865 921 808 ---------------------------------------------- 12,020 13,346 15,671 13,350 SHARE OF JOINT VENTURES 4,277 4,561 4,492 5,219 ---------------------------------------------- TOTAL DEPRECIATION AND AMORTIZATION 16,297 17,907 20,163 18,569 MINORITY INTEREST'S SHARE OF DEPRECIATION AND AMORTIZATION - - - - ---------------------------------------------- TOTAL DEPRECIATION & AMORTIZATION, NET OF MINORITY INTERESTS' SHARE 16,297 17,907 20,163 18,569 ============================================== SUMMARY BY TYPE: REAL ESTATE RELATED: BUILDING (INCLUDING TENANT FIRST GENERATION): CONSOLIDATED 10,732 12,463 14,522 12,196 SHARE OF JOINT VENTURES 4,084 4,372 4,275 5,031 ---------------------------------------------- 14,816 16,835 18,797 17,227 ---------------------------------------------- TENANT SECOND GENERATION: CONSOLIDATED 760 351 603 612 SHARE OF JOINT VENTURES 190 187 215 186 ---------------------------------------------- 950 538 818 798 ---------------------------------------------- TOTAL REAL ESTATE RELATED 15,766 17,373 19,615 18,025 ---------------------------------------------- NON-REAL ESTATE RELATED: FURNITURE, FIXTURES AND EQUIPMENT: CONSOLIDATED 522 526 539 535 SHARE OF JOINT VENTURES 3 2 2 2 ---------------------------------------------- 525 528 541 537 ---------------------------------------------- GOODWILL & SPECIFICALLY IDENTIFIABLE INTANGIBLE ASSETS CONSOLIDATED 6 6 7 7 SHARE OF JOINT VENTURES 0 0 0 0 ---------------------------------------------- 6 6 7 7 ---------------------------------------------- TOTAL NON-REAL ESTATE RELATED 531 534 548 544 ---------------------------------------------- TOTAL DEPRECIATION & AMORTIZATION 16,297 17,907 20,163 18,569 ==============================================
YEAR ENDED ---------- 2002 2003 1st ------------------------ RECONCILIATIONS --------------- (I) DEPRECIATION AND AMORTIZATION: ------------------------------ REAL ESTATE RELATED: CONSOLIDATED 48,781 14,829 DISCONTINUED OPERATIONS 3,458 676 ----------------------- 52,239 15,505 SHARE OF JOINT VENTURES 18,540 4,432 ----------------------- TOTAL REAL ESTATE RELATED 70,779 19,937 ----------------------- NON-REAL ESTATE RELATED: CONSOLIDATED 2,148 571 DISCONTINUED OPERATIONS - - ----------------------- 2,148 571 SHARE OF JOINT VENTURES 9 8 ----------------------- TOTAL NON-REAL ESTATE RELATED 2,157 579 ----------------------- TOTAL DEPRECIATION AND AMORTIZATION 72,936 20,516 ======================= SUMMARY: CONSOLIDATED 50,929 15,400 DISCONTINUED OPERATIONS 3,458 676 ----------------------- 54,387 16,076 SHARE OF JOINT VENTURES 18,549 4,440 ----------------------- TOTAL DEPRECIATION AND AMORTIZATION 72,936 20,516 MINORITY INTEREST'S SHARE OF DEPRECIATION AND AMORTIZATION - - ----------------------- TOTAL DEPRECIATION & AMORTIZATION, NET OF MINORITY INTERESTS' SHARE 72,936 20,516 ======================= SUMMARY BY TYPE: REAL ESTATE RELATED: BUILDING (INCLUDING TENANT FIRST GENERATION): CONSOLIDATED 49,913 14,904 SHARE OF JOINT VENTURES 17,762 4,182 ----------------------- 67,675 19,086 ----------------------- TENANT SECOND GENERATION: CONSOLIDATED 2,326 601 SHARE OF JOINT VENTURES 778 250 ------------------------ 3,104 851 ------------------------ TOTAL REAL ESTATE RELATED 70,779 19,937 ----------------------- NON-REAL ESTATE RELATED: FURNITURE, FIXTURES AND EQUIPMENT: CONSOLIDATED 2,122 565 SHARE OF JOINT VENTURES 9 8 ----------------------- 2,131 573 ----------------------- GOODWILL & SPECIFICALLY IDENTIFIABLE INTANGIBLE ASSETS CONSOLIDATED 26 6 SHARE OF JOINT VENTURES 0 0 ----------------------- 26 6 ----------------------- TOTAL NON-REAL ESTATE RELATED 2,157 579 ----------------------- TOTAL DEPRECIATION & AMORTIZATION 72,936 20,516 =======================
FOOTNOTES --------- (1) See corresponding reconciliations (identified with capital letters preceding the item descriptions). (2) Cousins' share of Joint Venture Income has been adjusted in certain instances for elimination of intercompany activities and depreciation on Cousins' investment in joint ventures. (3) The Company recognizes a preferred return on its equity in Gateway Village. See Note 5 to "Notes to Consolidated Financial Statements" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2002. (4) The Charlotte Gateway Village debt is fully secured by the underlying property and non-recourse to the borrower and is fully amortized by rental payments under a long-term lease to Bank of America. The Gateway debt is also excluded from debt and coverage ratios for purposes of the bank covenants pertaining to the Company's credit facility. COUSINS PROPERTIES INCORPORATED DISCUSSION OF NON-GAAP FINANCIAL MEASURES The Company uses non-GAAP financial measures in its filings and other public disclosures. These non-GAAP financial measures are defined below. For oral presentations, reconciliations to the most directly comparable GAAP measure may be accessed through the "Quarterly Press Release and Supplemental Information" link and the "Supplemental SEC Information" link on the Investor Relations page of the Company's Web site, www.cousinsproperties.com. The following is a list of non-GAAP financial measures that the Company commonly uses and a description for each measure of (1) the reasons that management believes the measure is useful to investors, and (2) if material, any additional uses of the measure by management of the Company. "Funds From Operations" ("FFO") is a supplemental operating performance measure used in the real estate industry. Effective January 1, 2003, the Company adopted the National Association of Real Estate Investment Trusts' ("NAREIT") definition of FFO, which is net income (computed in accordance with accounting principles generally accepted in the United States ("GAAP")), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable property, plus depreciation and amortization or impairment of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. FFO is used by industry analysts and investors as a supplemental measure of an equity REIT's operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. The use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial, improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Company management evaluates the operating performance of its reportable segments and of its divisions based on FFO. Additionally, the Company uses FFO and FFO per share, along with other measures, to assess performance in connection with evaluating and granting incentive compensation to its officers and employees. Page 1 of 3 "Rental Property Revenues Less Rental Property Operating Expenses" is used by industry analysts, investors and Company management to measure operating performance of the Company's properties. Like FFO, Rental Property Revenues Less Rental Property Operating Expenses excludes certain components from Net Income in order to provide results that are more closely related to a property's results of operations. Certain items, such as interest expense, while included in FFO and Net Income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a property's performance. Depreciation and amortization are also excluded from this item for the reasons described under FFO above. Additionally, appraisals of real estate are based on the value of an income stream before interest and depreciation. "2nd Generation Tenant Improvements and Leasing Costs and Building Capital Expenditures" is used in the valuation and analysis of real estate. Because the Company develops and acquires properties, in addition to operating existing properties, its property acquisition and development expenditures included in the Statements of Cash Flows includes both initial costs associated with developing and acquiring investment assets and those expenditures necessary for operating and maintaining existing properties at historical performance levels. The latter costs are referred to as second generation costs and are useful in evaluating the economic performance of the asset and in valuing the asset. Accordingly, the Company discloses the portion of its property acquisition and development expenditures that pertain to second generation space in its operating properties. "Adjusted Debt" is defined as the Company's debt and the Company's pro rata share of unconsolidated joint venture debt, excluding debt related to Charlotte Gateway Village, L.L.C. ("Gateway"). The Company excludes Gateway debt as it is fully secured by the underlying property and non-recourse to the borrower and is fully amortized by rental payments under a long-term lease to Bank of America. The Gateway debt is also excluded from debt and coverage ratios for purposes of the bank covenants pertaining to the Company's credit facility. This measure is useful as a measure of the Company's ability to meet its debt obligations and to raise additional debt. "Interest Expense Coverage Ratio" is defined as the ratio of FFO plus consolidated interest expense ("Consolidated FFO Before Interest") divided by consolidated interest expense. Consolidated interest expense is the sum of the Company's interest expense plus its share of interest expense for unconsolidated joint ventures. The Company's share of interest expense for Gateway has been excluded in accordance with the discussion under "Adjusted Debt" above. This measure is useful as a measure of the Company's ability to meet its debt obligations and to raise additional debt. Page 2 of 3 "Fixed Charge Coverage Ratio" is defined as Consolidated FFO Before Interest Expense divided by fixed charges. Fixed charges is the sum of interest expense, principal amortization under mortgage notes payable and ground lease rental payments. Fixed charges include the Company's share of fixed charges for unconsolidated joint ventures, with Gateway expenses excluded, as discussed above. This measure is useful as a measure of the Company's ability to meet its debt obligations and to raise additional debt. Page 3 of 3
Cousins Properties Incorporated DEVELOPMENT PIPELINE (1) As of March 31, 2003 Leased GLA (%) Approximate Cousins' Cousins' Projected Dates Total (fully Venture Cousins' Total Cost Share of Investment for Completion and Project GLA executed) Partner Owenrship % (000s) Total Costs @ 3/31/03 Fully Operational ------- ----- --------- ------- ----------- ----------- ----------- --------- ----------------- Office Congress at Fourth 525,000 46% N/A 100% $141,500 $141,500 $69,930 const. - 4Q-03 (Austin, TX) fully operational 1Q-05 ------- ------------------------------------ SUBTOTAL 525,000 141,500 141,500 69,930 ------- ------------------------------------ Retail The Avenue West Cobb 206,000 36% N/A 100% 38,200 38,200 10,601 const. - 4Q-03 (Atlanta, GA) fully operational 2Q-04 The Shops of Lake Tuscaloosa 70,000 63% N/A 100% 8,900 8,900 2,560 const. - 4Q-03 (Tuscaloosa, AL) fully operational 1Q-05 ------- ------------------------------------ SUBTOTAL 276,000 47,100 47,100 13,161 ------- ------------------------------------ TOTAL 801,000 $188,600 $188,600 $83,091 ======= ====================================
(1) This Development Pipeline schedule includes all projects currently under construction from the commencement of construction until the projects become fully operational pursuant to accounting principles generally accepted in the United States ("GAAP"). Costs are estimated costs upon completion and achievement of fully operational status. Significant estimates are required to derive these costs and the final costs may differ from these estimates. The projected dates for completion and fully operational status shown are estimates and are subject to change as the projects proceed through the development process. NOTE: Certain matters contained in this schedule are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks including, but not limited to, general economic conditions, local real estate conditions, interest rates, the Company's ability to obtain favorable financing, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Form 8-K filed on March 9, 2001. The words "believes," "expects," "estimates" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are based on current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. Page 1 of 1 COUSINS PROPERTIES INCORPORATED AND CONSOLIDATED ENTITIES CONSOLIDATED BALANCE SHEETS ($ in thousands, except share and per share amounts) March 31, December 31, 2003 2002 ----------- ------------ (Unaudited) ASSETS ------ PROPERTIES: Operating properties, net of accumulated depreciation of $161,736 as of March 31, 2003 and $145,920 as of December 31, 2002 $ 783,323 $ 690,952 Operating properties held for sale, net of accumulated depreciation of $9,857 as of March 31, 2003 and $9,180 as of December 31, 2002 65,701 66,377 Land held for investment or future development 16,653 16,632 Projects under construction 83,091 171,135 Residential lots under development 19,052 20,100 ---------- ---------- Total properties 967,820 965,196 CASH AND CASH EQUIVALENTS, at cost which approximates market 11,456 9,471 NOTES AND OTHER RECEIVABLES 60,332 50,607 INVESTMENT IN UNCONSOLIDATED JOINT VENTURES 186,808 185,516 OTHER ASSETS, including goodwill of $15,696 in 2003 and $15,612 in 2002 41,622 37,287 ---------- ---------- TOTAL ASSETS $1,268,038 $1,248,077 ========== ========== LIABILITIES AND STOCKHOLDERS' INVESTMENT ---------------------------------------- NOTES PAYABLE $ 686,011 $ 669,792 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 31,506 35,445 DEPOSITS AND DEFERRED INCOME 4,232 3,429 ---------- ---------- TOTAL LIABILITIES 721,749 708,666 ---------- ---------- MINORITY INTERESTS 26,695 26,959 ---------- ---------- DEFERRED GAIN 102,631 103,568 ---------- ---------- COMMITMENTS AND CONTINGENT LIABILITIES STOCKHOLDERS' INVESTMENT: Common stock, $1 par value, authorized 150,000,000 shares; issued 51,034,210 shares at March 31, 2003 and 50,843,835 shares at December 31, 2002 51,034 50,844 Additional paid-in capital 291,553 288,172 Treasury stock at cost, 2,691,582 shares in 2003 and 2,457,482 shares in 2002 (64,894) (59,356) Unearned compensation (2,361) (2,647) Cumulative undistributed net income 141,631 131,871 ---------- ---------- TOTAL STOCKHOLDERS' INVESTMENT 416,963 408,884 ---------- ---------- TOTAL LIABILITIES AND STOCKHOLDERS' INVESTMENT $1,268,038 $1,248,077 ========== ==========
Cousins Properties Incorporated PORTFOLIO LISTING BY PROPERTY TYPE & GEOGRAPHIC CONCENTRATION As of March 31, 2003 Percent Leased (Fully Executed) Company's ---------------- Metropolitan Rentable Ownership Prior Quarter Current Quarter Property Description Area State Square Feet Interest (12/31/02) (3/31/03) -------------------------------------- ------------ ----- ----------- --------- ------------------------------ I. OFFICE A. Commercial Office Bank of America Plaza Atlanta 1,261,000 50.00% 100% 100% One Ninety One Peachtree Tower Atlanta 1,215,000 9.80% 97% 97% Inforum Atlanta 990,000 100.00% 96% 94% 3200 Windy Hill Road Atlanta 687,000 50.00% 95% 95% 2300 Windy Ridge Parkway Atlanta 635,000 50.00% 88% 86% The Pinnacle Atlanta 424,000 50.00% 98% 97% One Georgia Center Atlanta 363,000 88.50% 78% 77% 1155 Perimeter Center West Atlanta 362,000 50.00% 99% 99% 2500 Windy Ridge Parkway Atlanta 315,000 50.00% 89% 89% Two Live Oak Center Atlanta 279,000 50.00% 80% 79% 4200 Wildwood Parkway Atlanta 260,000 50.00% 100% 100% Ten Peachtree Place Atlanta 260,000 50.00% 100% 100% 4300 Wildwood Parkway Atlanta 150,000 50.00% 100% 100% 4100 Wildwood Parkway Atlanta 100,000 50.00% 100% 100% 3100 Windy Hill Road Atlanta 188,000 100.00% 100% 100% 555 North Point Center East Atlanta 152,000 100.00% 91% 91% 615 Peachtree Street Atlanta 148,000 100.00% 91% 88% 200 North Point Center East Atlanta 130,000 11.50% 47% 37% 333 North Point Center East Atlanta 129,000 100.00% 93% 85% 100 North Point Center East Atlanta 128,000 11.50% 70% 69% 3301 Windy Ridge Parkway Atlanta 107,000 100.00% 100% 100% ----------- Georgia 8,283,000 ----------- Lakeshore Park Plaza Birmingham 190,000 100.00% 82% 81% (a) Grandview II Birmingham 149,000 11.50% 100% 100% 600 University Park Place Birmingham 123,000 100.00% 95% 95% (a) ----------- Alabama 462,000 ----------- Gateway Village Charlotte 1,065,000 50.00% 100% 100% 101 Independence Center Charlotte 526,000 100.00% 98% 99% First Union Tower Greensboro 323,000 11.50% 66% 65% ----------- North Carolina 1,914,000 ----------- Congress at Fourth Austin 525,000 100.00% 33% 46% (b) Austin Research Park - Building III Austin 174,000 50.00% 100% 100% Austin Research Park - Building IV Austin 184,000 50.00% 100% 100% The Points at Waterview Dallas 201,000 100.00% 82% 85% ----------- Texas 1,084,000 ----------- John Marshall-II Washington, D.C. 224,000 50.00% 100% 100% 333 John Carlyle Washington, D.C. 153,000 100.00% 96% 96% 1900 Duke Street Washington, D.C. 97,000 100.00% 100% 100% ----------- Washington D.C. 474,000 ----------- 101 Second Street San Francisco 387,000 100.00% 83% 83% (a) 55 Second Street San Francisco 379,000 100.00% 92% 51% (a) AT&T Wireless Services Headquarters Los Angeles 222,000 100.00% 100% 100% Cerritos Corporate Center - Phase II Los Angeles 105,000 100.00% 100% 100% ---------- California 1,093,000 ---------- Total Commercial Office 13,310,000 94% 91% (c) ========== ==== ==== B. Medical Office Emory Crawford Long Medical Office Tower Atlanta 358,000 50.00% 85% 85% Northside/Alpharetta II Atlanta 198,000 100.00% 79% 74% Meridian Mark Plaza Atlanta 161,000 100.00% 100% 100% Northside/Alpharetta I Atlanta 103,000 100.00% 93% 97% AtheroGenics Atlanta 50,000 100.00% 100% 100% ---------- Georgia 870,000 ---------- Presbyterian Medical Plaza at Charlotte North University Carolina 69,000 11.50% 100% 100% ---------- Total Medical Office 939,000 89% 88% (c) ========== ==== ==== TOTAL OFFICE 14,249,000 94% 91% (c) ========== ==== ==== Page 1 of 2 II. RETAIL North Point MarketCenter Atlanta 401,000 11.50% 100% 100% Presidential MarketCenter Atlanta 374,000 100.00% 100% 100% The Avenue East Cobb Atlanta 225,000 100.00% 100% 99% The Avenue West Cobb Atlanta 206,000 100.00% 28% 36% (b) Perimeter Expo Atlanta 176,000 100.00% 92% 100% The Avenue Peachtree City Atlanta 169,000 88.50% 98% 100% (d) Mansell Crossing Phase II Atlanta 103,000 11.50% 100% 100% ----------- Georgia 1,654,000 ----------- Mira Mesa MarketCenter San Diego 480,000 88.50% 100% 100% The Avenue of the Peninsula Rolling Hills Estates 375,000 100.00% 91% 88% Los Altos MarketCenter Long Beach 157,000 11.50% 100% 100% ---------- California 1,012,000 ---------- The Shops at World Golf Village St. Augustine Florida 80,000 50.00% 74% 74% The Shops of Lake Tuscaloosa Tuscaloosa Alabama 70,000 100.00% 63% 63% (b) Greenbrier MarketCenter Chesapeake Virginia 493,000 11.50% 100% 100% ---------- Total Retail 3,309,000 96% 97% (c) ========== ==== ==== TOTAL PORTFOLIO 17,558,000 94% 92% (c) ========== ==== ====
% of Total Weighted Weighted Rentable Rentable Rentable Square Feet Square Feet Square Feet ----------- ----------- ----------- SUMMARY BY TYPE --------------- Commercial Office 13,310,000 8,336,000 75% Medical Office 939,000 699,000 6% ---------- ---------- ---- Subtotal 14,249,000 9,035,000 81% Retail 3,309,000 2,173,000 19% ---------- ---------- ---- Total 17,558,000 11,208,000 100% ========== ========== ==== SUMMARY BY STATE ---------------- Georgia 10,807,000 6,430,000 57% California 2,105,000 1,911,000 17% North Carolina 1,983,000 1,103,000 10% Texas 1,084,000 905,000 8% Alabama 532,000 400,000 4% Washington D.C. 474,000 362,000 3% Virginia 493,000 57,000 1% Florida 80,000 40,000 0% ---------- ---------- ---- Total 17,558,000 11,208,000 100% ========== ========== ==== (a) This project is owned through joint ventures with third parties, and a portion of the upside is shared with the other venturer. (b) Under construction and/or in lease-up. (c) Total leased percentage (weighted by ownership) of completed projects excluding projects under construction and/or in lease-up and One Ninety One Peachtree Tower, as it is less than 10% owned by the Company. (d) This property is subject to a contractual participation in which a portion of the upside is shared with a third party. Page 2 of 2
Cousins Properties Incorporated TOP 25 LARGEST TENANTS BASED ON SQUARE FEET As of March 31, 2003 Percentage of Average Total Portfolio Remaining at the Company's Lease Term Tenant (1) Share (2) (years) --------------------------------- ----------------------------- 1. Bank of America 11.0% 9.9 2. IBM 4.2% 3.9 3. AT&T Wireless Services 3.1% 10.4 4. BellSouth 2.7% 6.5 5. Mirant Corporation 1.7% 12.2 6. Charles Schwab & Co., Inc. 1.7% 8.9 7. Northside Hospital 1.7% 10.8 8. General Electric Company 1.6% 9.1 9. Thelen, Reid & Priest LLP 1.3% 9.0 10. Paul Hastings 1.3% 12.0 11. Ernst & Young U.S. LLP 1.2% 3.6 12. Georgia Lottery Corporation 1.2% 10.3 13. Georgia Pacific Corporation 1.2% 9.8 14. A.T. Kearney, Inc. 1.1% 6.1 15. Home Depot 1.1% 16.9 16. AGL Services Company 1.1% 10.0 17. The Gap Inc. 1.1% 3.6 18. Troutman Sanders LLP 1.1% 4.2 19. Booz-Allen Hamilton 1.1% 7.8 20. Infinity Insurance Company 1.1% 1.8 21. Internap Network Services 1.1% 17.1 22. Indus International, Inc. 1.0% 9.0 23. Regus Business Centre, Corp. 1.0% 7.8 24. Lockwood Greene Engineers 0.9% 4.0 25. Coca-Cola Enterprises Inc. 0.9% 15.6 Total leased square feet of Top 25 Largest Tenants 46.5% 8.8 (1) In some cases, the actual tenant may be an affiliate of the company shown. (2) Percentages are based on square footage amounts of completed projects only. One Ninety One Peachtree Tower is excluded, as it is less than 10% owned by the Company.
Cousins Properties Incorporated INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT (excluding Building Pads (1)) As of March 31, 2003 Company's Developable Joint Venture Ownership Description, Location and Zoned Use Land Area (2) Partner Interest ----------------------------------- ------------- ------------- --------- Wildwood Office Park Suburban Atlanta, Georgia Office and Commercial 96 N/A 100% Office and Commercial 34 IBM 50% North Point Land (Georgia Highway 400 & Haynes Bridge Road) (3) Suburban Atlanta, Georgia Office and Commercial-East Side 13 N/A 100% Office and Commercial-West Side (4) 217 N/A 100% Ridenour West Cobb County Suburban Atlanta, GA Office and Commercial 8 N/A 100% Salem Road Station Suburban Atlanta, Georgia Retail Outparcel 2 N/A 100% Temco Associates Paulding County Suburban Atlanta, Georgia Temple-Inland Residential and Commercial See Note (5) Inc. (6) 50%
(1) The following properties include adjacent building pads, the basis of which is included in the basis of each of these operating properties in the Company's consolidated financial statements or the applicable joint venture's financial statements: 101 Independence Center (535,000 square foot office building) One Georgia Center (350,000 square foot office building) Ten Peachtree Place (400,000 square foot office building or a 350-unit apartment complex) The Points at Waterview (60,000 square foot office building) Austin Research Park (175,000 square foot office building) (2) In acres, based upon managements current estimates. (3) The North Point property is located both east and west of Georgia Highway 400. Development had been mainly concentrated on the land located east of Georgia Highway 400, until July 1998 when the Company commenced construction of the first building, AtheroGenics, on the west side. The land located east of Georgia Highway 400 surrounds North Point Mall, a 1.3 million square foot regional mall on a 100 acre site which the Company sold in 1988. (4) The Company has requested that this land be rezoned to mixed use to include residential as well as office and commercial. (5) Temco Associates has an option through March 2006, with no carrying costs, to acquire the fee simple interest in approximately 7,500 acres in Paulding County, Georgia (northwest of Atlanta, Georgia). (This acreage does not include amounts shown in the table below.) The partnership also has an option to acquire interests in a timber rights only lease covering approximately 22,000 acres. This option also expires in March 2006, with the underlying lease expiring in 2025. The options may be exercised in whole or in part over the option period, and the option price of the fee simple land was $1,107 per acre at January 1, 2003, escalating at 6% on January 1 of each succeeding year during the term of the option. The following is a detail of prior acreage activity: Year Ended December 31, ------------------------ 2002 2001 2000 ---- ---- ---- Acres purchased and simultaneously sold 607 359 461 Acres purchased and held under option for third parties 78 128 - Acres purchased by Temco for residential developments 910 - 260 Acres purchased for sale or future development - - 13 Total option acres exercised ----- --- --- 1,595 487 734 ===== === === (6) Joint venture partner is an affiliate of the entity shown.
Cousins Properties Incorporated INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT As of March 31, 2003 Total Lots Estimated Total Developed Lots Sold Lots Sold Total Remaining Expected to Be Lots on Land Lots in in Current Year to Lots Lots to be Description Developed (1) Currently Owned (2) Inventory Quarter Date Sold Sold ----------- ------------- ------------------- --------- ---------- --------- ----- ---------- Cousins Real Estate Corporation (100% owned) -------------------------------------------- Longleaf at Callaway Harris County Pine Mountain, GA 138 138 0 0 0 0 138 River's Call East Cobb County Suburban Atlanta, GA 107 107 16 2 2 12 95 The Lakes at Cedar Grove Fulton County Suburban Atlanta, GA 906 906 55 74 74 209 697 ----- ----- --- --- --- ----- ----- Total 100% owned 1,151 1,151 71 76 76 221 930 ----- ----- --- --- --- ----- ----- Temco Associates (50% owned) (3) -------------------------------- Bentwater Paulding County Suburban Atlanta, GA 1,660 1,660 214 119 119 966 694 The Georgian Paulding County Suburban Atlanta, GA 1,386 1,386 0 0 0 0 1,386 ----- ----- --- --- --- ----- ----- Total Temco lots 3,046 3,046 214 119 119 966 2,080 ----- ----- --- --- --- ----- ----- Total Lots 4,197 4,197 285 195 195 1,187 3,010 ===== ===== === === === ===== =====
(1) This estimate represents the total 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 that are based on management's current estimates. (2) Includes lots sold to date from inception of development. (3) Bentwater and The Georgian are owned by Temco Associates. Cousins Real Estate Corporation owns 50% of Temco Associates. See the Company's Annual Report on Form 10-K for the year ended December 31, 2002 for a description of Temco Associates. Cousins Properties Incorporated SQUARE FEET EXPIRING As of March 31, 2003 OFFICE ------ As of March 31, 2003, the Company's office portfolio included thirty-six commercial office buildings, excluding all buildings currently under construction and/or in lease-up and One Ninety One Peachtree Tower, as it is less than 10% owned by the Company. The weighted average remaining lease term of these office buildings was approximately 8 years as of March 31, 2003. Most of the Company's leases in these buildings provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:
2003 2004 2005 2006 2007 2008 2009 2010 2011 ---- ---- ---- ---- ---- ---- ---- ---- ---- Consolidated: ------------- Square Feet Expiring (1) 96,600 159,495 330,557 366,997 133,533 393,585 554,319 266,561 225,779 % of Leased Space 3% 4% 9% 10% 4% 11% 15% 7% 6% Annual Contractual Rent (000's) (3) $1,473 $2,782 $5,672 $5,639 $2,202 $8,131 $9,685 $7,497 $5,567 Annual Contractual Rent/Sq. Ft. (3) $15.25 $17.44 $17.16 $15.37 $16.49 $20.66 $17.47 $28.12 $24.66 Joint Venture: -------------- Square Feet Expiring (1) 193,527 400,734 429,605 610,697 698,753 205,439 431,284 225,191 244,171 % of Leased Space 3% 6% 6% 9% 10% 3% 6% 3 % 4% Annual Contractual Rent (000's) (3) $3,015 $5,478 $7,296 $10,953 $16,878 $3,403 $9,694 $5,073 $4,868 Annual Contractual Rent/Sq. Ft. (3) $15.58 $13.67 $16.98 $17.94 $24.16 $16.56 $22.48 $22.53 $19.94 Total (including Company's share of Joint Venture Properties): -------------------------------------------------------------- Square Feet Expiring (1) 197,388 420,209 508,979 651,241 460,280 481,503 764,683 327,958 351,319 % of Leased Space 3% 6% 7% 9% 7% 7% 11% 5% 5% Annual Contractual Rent (000's) (3) $3,042 $5,870 $8,680 $10,712 $10,211 $9,593 $14,439 $9,030 $8,003 Annual Contractual Rent/Sq. Ft. (3) $15.41 $13.97 $17.05 $16.45 $22.18 $19.92 $18.88 $27.53 $22.78
2012 & Thereafter Total ---------- ----- Consolidated: ------------- Square Feet Expiring (1) 1,119,557 3,646,983 (2) % of Leased Space 31% 100% Annual Contractual Rent (000's) (3) $32,133 $80,781 Annual Contractual Rent/Sq. Ft. (3) $28.70 $22.15 Joint Venture: -------------- Square Feet Expiring (1) 3,483,400 6,922,801 (4) % of Leased Space 50% 100% Annual Contractual Rent (000's) (3) $74,259 $140,917 Annual Contractual Rent/Sq. Ft. (3) $21.32 $20.36 Total (including Company's share of Joint Venture Properties): -------------------------------------------------------------- Square Feet Expiring (1) 2,861,342 7,024,901 % of Leased Space 40% 100% Annual Contractual Rent (000's) (3) $69,263 $148,843 Annual Contractual Rent/Sq. Ft. (3) $24.21 $21.19 (1) Where a tenant has the option to cancel its lease without penalty, the lease expiration date used in the table above reflects the cancellation option date rather than the lease expiration date. (2) Rentable square feet leased as of March 31, 2003 out of approximately 4,097,000 total rentable square feet. (3) Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. 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. (4) Rentable square feet leased as of March 31, 2003 out of approximately 7,473,000 total rentable square feet.
MEDICAL OFFICE -------------- As of March 31, 2003, the Company's medical office portfolio included six medical office buildings. The weighted average remaining lease term of these medical office buildings was approximately 9 years as of March 31, 2003. Most of the Company's leases in the buildings provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows: 2003 2004 2005 2006 2007 2008 2009 2010 2011 ---- ---- ---- ---- ---- ---- ---- ---- ---- Consolidated: ------------- Square Feet Expiring 8,717 33,113 23,836 9,210 32,538 38,255 130,276 14,788 27,119 % of Leased Space 2% 7% 5% 2% 7% 8% 29% 4% 6% Annual Contractual Rent (000's) (2) $165 $637 $407 $167 $687 $853 $2,637 $297 $737 Annual Contractual Rent/Sq. Ft. (2) $18.97 $19.25 $17.09 $18.09 $21.10 $22.31 $20.24 $20.06 $27.18 Joint Venture: -------------- Square Feet Expiring 3,818 0 3,445 0 68,996 1,017 27,269 4,665 2,354 % of Leased Space 1% 0% 1% 0% 19% 0% 7% 1% 1% Annual Contractual Rent (000's) (2) $90 0 $57 0 $1,263 $20 $609 $101 $52 Annual Contractual Rent/Sq. Ft. (2) $23.49 0 $16.40 0 $18.31 $19.87 $22.34 $21.65 $21.99 Total (including Company's share of Joint Venture Properties): -------------------------------------------------------------- Square Feet Expiring 10,626 33,113 24,232 9,210 57,505 38,764 143,911 17,121 28,296 % of Leased Space 2% 5% 4% 2% 9% 6% 23% 3% 5% Annual Contractual Rent (000's) (2) $210 $637 $414 $167 $1,159 $863 $2,942 $347 $763 Annual Contractual Rent/Sq. Ft. (2) $19.79 $19.25 $17.08 $18.09 $20.15 $22.27 $20.44 $20.27 $26.96
2012 & Thereafter Total ---------- ----- Consolidated: ------------- Square Feet Expiring 139,074 456,926 (1) % of Leased Space 30% 100% Annual Contractual Rent (000's) (2) $3,276 $9,863 Annual Contractual Rent/Sq. Ft. (2) $23.56 $21.59 Joint Venture: Square Feet Expiring 263,523 375,087 (3) % of Leased Space 70% 100% Annual Contractual Rent (000's) (2) $6,170 $8,362 Annual Contractual Rent/Sq. Ft. (2) $23.41 $22.29 Total (including Company's share of Joint Venture Properties): -------------------------------------------------------------- Square Feet Expiring 255,242 618,018 % of Leased Space 41% 100% Annual Contractual Rent (000's) (2) $6,064 $13,566 Annual Contractual Rent/Sq. Ft. (2) $23.76 $21.95 (1) Rentable square feet leased as of March 31, 2003 out of approximately 512,000 total rentable square feet. (2) Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. 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. (3) Rentable square feet leased as of March 31, 2003 out of approximately 427,000 total rentable square feet.
RETAIL ------ As of March 31, 2003, the Company's retail portfolio included eleven retail properties, excluding all properties currently under construction and/or in lease-up. The weighted average remaining lease term of these retail properties was approximately 10 years as of March 31, 2003. Most of the major tenant leases in these retail properties provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows: 2003 2004 2005 2006 2007 2008 2009 2010 2011 ---- ---- ---- ---- ---- ---- ---- ---- ---- Consolidated: ------------- Square Feet Expiring 25,134 77,053 121,850 88,980 42,922 36,187 21,530 143,557 90,534 % of Leased Space 2% 7% 11% 8% 4% 4% 2% 13% 8% Annual Contractual Rent (000's) (2) $395 $1,419 $2,946 $2,067 $929 $328 $734 $2,988 $1,593 Annual Contractual Rent/Sq. Ft. (2) $15.74 $18.41 $24.18 $23.23 $21.65 $9.06 $34.08 $20.82 $17.60 Joint Venture: -------------- Square Feet Expiring 1,111 34,343 65,942 200,860 85,968 49,721 38,602 140,895 173,056 % of Leased Space 0% 2% 4% 11% 5% 3% 2% 7% 9% Annual Contractual Rent (000's) (2) $40 $717 $1,327 $2,897 $1,887 $971 $537 $2,104 $2,546 Annual Contractual Rent/Sq. Ft. (2) $36.00 $20.88 $20.12 $14.42 $21.95 $19.53 $13.90 $14.93 $14.71 Total (including Company's share of Joint Venture Properties): -------------------------------------------------------------- Square Feet Expiring 25,262 83,625 142,714 157,771 80,082 76,556 31,455 194,555 142,400 % of Leased Space 1% 4% 8% 9% 4% 4% 2% 11% 8% Annual Contractual Rent (000's) (2) $400 $1,562 $3,600 $3,372 $1,809 $1,129 $933 $4,081 $2,420 Annual Contractual Rent /Sq. Ft. (2) $15.84 $18.68 $25.22 $21.37 $22.59 $14.75 $29.66 $20.98 $17.00
2012 & Thereafter Total ---------- ----- Consolidated: ------------- Square Feet Expiring 454,002 1,101,749 (1) % of Leased Space 41% 100% Annual Contractual Rent (000's) (2) $8,022 $21,421 Annual Contractual Rent/Sq. Ft. (2) $17.67 $19.44 Joint Venture: -------------- Square Feet Expiring 1,071,128 1,861,626 (3) % of Leased Space 57% 100% Annual Contractual Rent (000's) (2) $14,825 $27,851 Annual Contractual Rent/Sq. Ft. (2) $13.84 $14.96 Total (including Company's share of Joint Venture Properties): -------------------------------------------------------------- Square Feet Expiring 903,729 1,838,149 % of Leased Space 49% 100% Annual Contractual Rent (000's) (2) $14,730 $34,036 Annual Contractual Rent /Sq. Ft. (2) $16.30 $18.52 (1) Gross leasable area leased as of March 31, 2003 out of approximately 1,150,000 total gross leasable area. (2) Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable and any percentage rents due. 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. (3) Gross leasable area leased as of March 31, 2003 out of approximately 1,883,000 total gross leasable area.
Cousins Properties Incorporated and Consolidated Entities FUNDS FROM OPERATIONS RECONCILIATIONS - TEN YEAR SUMMARY (1) (In thousands, except per share amounts) Years Ended December 31, 2002 2001 2000 1999 1998 1997 -------------------------------------------------------- (A) Net Income $ 47,872 $ 70,815 $ 62,043 $ 104,082 $ 45,299 $ 37,277 Depreciation and amortization: Consolidated properties 54,387 44,652 32,784 16,859 15,173 14,046 Unconsolidated joint ventures 18,549 16,453 15,773 20,213 13,737 10,351 Amortization of deferred financing costs and depreciation of furniture, fixtures and equipment: Consolidated properties (2,122) (1,485) (799) (640) (505) (435) Unconsolidated joint ventures (9) (52) (231) (118) (19) (17) Amortization of goodwill & related business acquisition costs Consolidated properties (26) (681) (300) (300) (342) (486) Unconsolidated joint ventures - - - (19) (228) (35) Minority interest share of depreciation and amortization - (95) (1,164) (335) - - Gain on sale of investment properties, net of applicable income tax provision (7,428) (23,496) (11,937) (58,767) (3,944) (5,972) Gain on sale of undepreciated investment properties 2,143 2,011 564 222 3,421 2,998 Cumulative effect of change in accounting principle - - 566 - - - -------------------------------------------------------- (B) Consolidated Funds From Operations - NAREIT Definition 113,366 108,122 97,299 81,197 72,592 57,727 Items included in Funds From Operations as previously reported: Elimination of the recognition of rental revenues on a straight-line basis: Consolidated properties (2,137) (2,380) (2,111) (643) (348) (440) Unconsolidated joint ventures (8) (784) 482 501 1,467 1,438 Adjustment to reflect stock appreciation right expense on a cash basis (318) (1,251) (68) (101) (8) (702) Deferred income received net of deferred income recognized - - - - - - Amortization goodwill & related business acquisition costs 26 681 300 319 570 521 Cumulative effect of change in accounting principle - - (566) - - - Minority interest share of depreciation and amortization - - (98) - - - Extraordinary loss on early retirement of indebtedness (2) 3,501 - - - - - -------------------------------------------------------- (C) Consolidated Funds From Operations - CUZ Previously Report $114,430 $104,388 $95,238 $81,273 $74,273 $58,544 ============================================== SFAS No. 145 Extraordinary Loss Restatement (2) (3,501) -------- (D) Consolidated Funds From Operations - CUZ Restated $110,929 ======== ------------------------------------------------------------------------------------------------------------------------------- (E) Weighted Average Shares 49,252 49,205 48,632 48,138 47,403 43,901 Per Share - Basic: (A/E) Net Income $ .97 $ 1.44 $ 1.28 $ 2.16 $ .96 $ .85 (C/E) Consolidated Funds From Operations - CUZ $ 2.32 $ 2.12 $ 1.96 $ 1.69 $ 1.57 $ 1.33 (D/E) Consolidated Funds From Operations - CUZ Restated $ 2.25 (B/E) Consolidated Funds From Operations - NAREIT $ 2.30 $ 2.20 $ 2.00 $ 1.69 $ 1.53 $ 1.31 ------------------------------------------------------------------------------------------------------------------------------- (F) Diluted Weighted Average Shares 49,937 50,280 49,731 49,031 48,060 44,539 Per Share - Diluted: (A/F) Net Income $ .96 $ 1.41 $ 1.25 $ 2.12 $ .94 $ .84 (C/F) Consolidated Funds From Operations - CUZ $ 2.29 $ 2.08 $ 1.92 $ 1.66 $ 1.55 $ 1.31 (D/F) Consolidated Funds From Operations - CUZ Restated $ 2.22 (B/F) Consolidated Funds From Operations - NAREIT $ 2.27 $ 2.15 $ 1.96 $ 1.66 $ 1.51 $ 1.30 ------------------------------------------------------------------------------------------------------------------------------- Page 1 of 2
1996 1995 1994 1993 1992 ----------------------------------------------- (A) Net Income $41,016 $26,342 $26,895 $11,965 $15,713 Depreciation and amortization: Consolidated properties 7,219 4,516 3,742 3,164 2,345 Unconsolidated joint ventures 10,037 9,041 8,552 8,786 6,213 Amortization of deferred financing costs and depreciation of furniture, fixtures and equipment: Consolidated properties (306) (389) (563) (446) (270) Unconsolidated joint ventures (56) (203) (281) (285) (285) Amortization of goodwill & related business acquisition costs Consolidated properties (363) (229) (441) (873) (112) Unconsolidated joint ventures (44) (41) (37) (503) - Minority interest share of depreciation and amortization - (176) (262) (281) - Gain on sale of investment properties, net of applicable income tax provision (12,804) (1,862) (6,356) (1,927) (6,644) Gain on sale of undepreciated investment properties 1,960 2,072 6,356 1,927 6,037 Cumulative effect of change in accounting principle - - - - - ----------------------------------------------- (B) Consolidated Funds From Operations - NAREIT Definition 46,659 39,071 37,605 21,527 22,997 Items included in Funds From Operations as previously reported: Elimination of the recognition of rental revenues on a straight-line basis: Consolidated properties (4) (107) (209) (391) (804) Unconsolidated joint ventures (307) (946) (1,891) (1,957) (1,654) Adjustment to reflect stock appreciation right expense on a cash basis (567) 1,166 384 574 737 Deferred income received net of deferred income recognized - (1,127) 830 45 (419) Amortization goodwill & related business acquisition costs 407 270 478 1,376 112 Cumulative effect of change in accounting principle - - - - - Minority interest share of depreciation and amortization - - - - - Extraordinary loss on early retirement of indebtedness (2) - - - - - ----------------------------------------------- (C) Consolidated Funds From Operations - CUZ Previously Report $46,188 $38,327 $37,197 $21,174 $20,969 =============================================== SFAS No. 145 Extraordinary Loss Restatement (2) (D) Consolidated Funds From Operations - CUZ Restated -------------------------------------------------------------------------------------------------------------------------------- (E) Weighted Average Shares 42,780 41,975 41,766 34,172 27,374 Per Share - Basic: (A/E) Net Income $ .96 $ .63 $ .64 $ .35 $ .57 (C/E) Consolidated Funds From Operations - CUZ $ 1.08 $ .91 $ .89 $ .62 $ .77 (D/E) Consolidated Funds From Operations - CUZ Restated (B/E) Consolidated Funds From Operations - NAREIT $ 1.09 $ .93 $ .90 $ .63 $ .84 -------------------------------------------------------------------------------------------------------------------------------- (F) Diluted Weighted Average Shares 43,107 42,221 41,922 34,332 27,374 Per Share - Diluted: (A/F) Net Income $ .95 $ .62 $ .64 $ .35 $ .57 (C/F) Consolidated Funds From Operations - CUZ $ 1.07 $ .91 $ .89 $ .62 $ .77 (D/F) Consolidated Funds From Operations - CUZ Restated (B/F) Consolidated Funds From Operations - NAREIT $ 1.08 $ .93 $ .90 $ .63 $ .84 --------------------------------------------------------------------------------------------------------------------------------
NOTES: (1) Effective January 1, 2003, the Company adopted the National Association of Real Estate Investment Trusts' ("NAREIT") definition of FFO, which is net income (computed in accordance with accounting principles generally accepted in the United States ("GAAP")), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable property, plus depreciation and amortization or impairment of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. Prior to 2003, the Company reported FFO based upon NAREIT's definition with certain modifications, including the elimination of straight-line rents and the reporting of stock appreciation right expense on a cash basis. This schedule reconciles FFO, as restated to conform to the NAREIT definition, with FFO as previously reported by the Company and with Net Income. (2) In the first quarter 2002, the Company incurred a $3,501,000 loss on early extinguishment of debt and treated it as an extraordinary item in accordance with GAAP. Extraordinary items are not deductible in calculating FFO under the NAREIT nor the Company's previous definition. As of January 1, 2003, the Company adopted Statement of Financial Accounting Standards No. 145 ("SFAS 145"), which no longer characterizes such costs as extraordinary and which requires prior periods to be restated. FFO for 2002 has accordingly been restated. Adoption of SFAS No. 145 had no effect on Net income. Page 2 of 2
Cousins Properties Incorporated DEVELOPMENT STARTS AND ACQUISITIONS - TEN YEAR SUMMARY ($ in millions) 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Total ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----- Office Projects (1)(2) $ - $ - $ 34 $113 $115 $279 $128 $215 $167 $ - $1,051 Retail Projects (1) 72 23 88 19 29 125 53 28 - 47 484 Residential Projects (3) 3 12 4 3 - 7 - 6 13 5 53 --- --- ---- ---- ---- ---- ---- ---- ---- --- ------ Total $75 $35 $126 $135 $144 $411 $181 $249 $180 $52 $1,588 === === ==== ==== ==== ==== ==== ==== ==== === ======
(1) Full costs for a project are reported in the year the project was commenced for development projects, and in the year acquired for acquisitions. The amount of the cost reflected for a project includes the total costs reported as of December 31 in the year it became partially operational for financial reporting purposes, if developed, or the year in which the property was acquired, if it was an acquisition. Additional costs could have been incurred following such date. Costs include the Company's share of costs for unconsolidated joint ventures. These costs represent development or acquisition costs calculated in accordance with accounting principles generally accepted in the United States ("GAAP"). (2) The cost of land at certain developments owned by Wildwood Associates was adjusted downward to reflect the Company's lower basis in the land it contributed to Wildwood Associates. (3) Costs represent the approximate maximum investment in a given residential development, calculated in accordance with GAAP. The approximate maximum investment for a given project is reported in the table above in the year development of that project commenced. The approximate maximum investment only includes the Company's share of costs related to its unconsolidated joint ventures.