XML 40 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Investment in Unconsolidated Joint Ventures
 3 Months Ended
Mar. 31, 2012
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
The Company describes its investments in unconsolidated joint ventures in Note 4 of “Notes to Consolidated Financial Statements” in its Annual Report on Form 10-K for the year ended December 31, 2011. The following table summarizes balance sheet data of the Company's unconsolidated joint ventures as of March 31, 2012 and December 31, 2011 (in thousands):
 
 
Total Assets
 
Total Debt
 
Total Equity
 
Company’s Investment
 
SUMMARY OF FINANCIAL POSITION:
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
 
 CP Venture IV Holdings LLC
 
$
298,398

 
$
301,352

 
$
35,880

 
$
36,031

 
$
253,110

 
$
255,881

 
$
14,452

 
$
14,694

 
 Charlotte Gateway Village, LLC
 
145,642

 
146,854

 
79,472

 
83,097

 
64,456

 
62,423

 
10,324

 
10,333

 
 Palisades West LLC
 
125,638

 
124,588

 
—

 
—

 
83,132

 
81,635

 
43,348

 
42,616

 
 CF Murfreesboro Associates
 
123,897

 
125,668

 
97,931

 
98,922

 
24,781

 
24,810

 
14,359

 
14,421

 
 CP Venture LLC entities
 
102,165

 
102,178

 
—

 
—

 
99,385

 
99,942

 
3,284

 
3,343

 
 MSREF/ Cousins Terminus 200 LLC
 
97,828

 
92,421

 
74,631

 
68,562

 
19,628

 
17,967

 
3,925

 
3,593

 
 Cousins Watkins LLC
 
55,697

 
56,096

 
28,492

 
28,571

 
26,516

 
26,893

 
16,517

 
16,321

 
 EP I LLC
 
44,743

 
33,343

 
5,438

 
1

 
33,123

 
29,137

 
27,978

 
24,827

 
 Crawford Long - CPI, LLC
 
31,659

 
32,739

 
47,261

 
47,631

 
(16,968
)
 
(16,137
)
 
(7,294
)
 *
(6,873
)
 *
 Ten Peachtree Place Associates
 
23,917

 
22,523

 
25,988

 
26,192

 
(2,419
)
 
(4,145
)
 
(2,813
)
 *
(3,679
)
 *
 Wildwood Associates
 
21,224

 
21,224

 
—

 
—

 
21,185

 
21,221

 
(1,658
)
 *
(1,639
)
 *
 Temco Associates, LLC
 
8,540

 
23,653

 
2,750

 
2,787

 
5,567

 
20,646

 
2,772

 
7,363

 
 CL Realty, L.L.C.
 
7,497

 
44,481

 
—

 
1,056

 
7,289

 
42,932

 
3,644

 
22,413

 
 TRG Columbus Development Venture, Ltd.
 
2,450

 
2,450

 
—

 
—

 
1,860

 
1,857

 
30

 
31

 
 Terminus 200 LLC
 
789

 
789

 
—

 
—

 
789

 
789

 
—

 
—

 
 Pine Mountain Builders, LLC
 
267

 
429

 
—

 
—

 
92

 
153

 
547

 
632

 
 
 
$
1,090,351

 
$
1,130,788

 
$
397,843

 
$
392,850

 
$
621,526

 
$
666,004

 
$
129,415

 
$
148,396

 
*Negative balances are included in Deposits and Deferred Income on the Balance Sheets.
The following table summarizes statement of operations information of the Company's unconsolidated joint ventures for the three months ended March 31, 2012 and 2011 (in thousands):
 
 
Total Revenues
 
Net Income (Loss)
 
Company's Share of Income (Loss)
SUMMARY OF OPERATIONS:
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
 CP Venture IV Holdings LLC
 
$
7,533

 
$
7,727

 
$
749

 
$
905

 
$
241

 
$
263

 Charlotte Gateway Village, LLC
 
8,016

 
8,045

 
2,336

 
2,118

 
294

 
294

 Palisades West LLC
 
4,106

 
4,030

 
1,497

 
1,456

 
717

 
711

 CF Murfreesboro Associates
 
3,327

 
3,428

 
(28
)
 
113

 
(81
)
 
(5
)
 CP Venture LLC entities
 
4,814

 
4,826

 
2,594

 
2,504

 
268

 
259

 MSREF/ Cousins Terminus 200 LLC
 
2,973

 
938

 
(362
)
 
(1,159
)
 
(73
)
 
(232
)
 Cousins Watkins LLC
 
1,235

 
1,213

 
45

 
21

 
610

 
594

 EP I LLC
 
—

 
—

 
71

 
—

 
53

 
—

 Crawford Long - CPI, LLC
 
2,944

 
2,937

 
669

 
544

 
334

 
272

 Ten Peachtree Place Associates
 
1,713

 
1,931

 
392

 
300

 
199

 
154

 Wildwood Associates
 
—

 
—

 
(37
)
 
(47
)
 
(18
)
 
(24
)
 Temco Associates, LLC
 
440

 
59

 
(57
)
 
(204
)
 
(233
)
 
(103
)
 CL Realty, L.L.C.
 
1,667

 
1,662

 
551

 
657

 
(39
)
 
313

 TRG Columbus Development Venture, Ltd.
 
9

 
12

 
3

 
—

 
(1
)
 
17

 Pine Mountain Builders, LLC
 
—

 
1,064

 
(60
)
 
(40
)
 
(85
)
 
(17
)
 
 
$
38,777

 
$
37,872

 
$
8,363

 
$
7,168

 
$
2,186

 
$
2,496


In March 2012, CL Realty, L.L.C. and Temco Associates, LLC sold its interests in 18 residential development projects and related residential land to Forestar Realty Inc., its partner in both ventures. The Company's share of the proceeds from the sale was approximately $23.5 million.
In March 2012, the Ten Peachtree Place Associates joint venture entered into a contract to sell the Ten Peachtree Place office building in Atlanta, Georgia. The sale is scheduled to close in the second quarter of 2012 at a gain.