Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2012
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Document Fiscal Year Focus | 2014 | 2013 | 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 53,008us-gaap_ProfitLoss | $ 126,829us-gaap_ProfitLoss | $ 47,919us-gaap_ProfitLoss |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Impairment Losses, Including Discontinued Operations | 0cuz_AssetImpairmentChargeIncludingDiscontinuedOperations | 0cuz_AssetImpairmentChargeIncludingDiscontinuedOperations | 14,278cuz_AssetImpairmentChargeIncludingDiscontinuedOperations |
Gain on sale of investment properties, including discontinued operations | (31,894)cuz_GainLossOnSaleOfInvestmentPropertiesIncludingDiscontinuedOperations | (68,200)cuz_GainLossOnSaleOfInvestmentPropertiesIncludingDiscontinuedOperations | (15,001)cuz_GainLossOnSaleOfInvestmentPropertiesIncludingDiscontinuedOperations |
Gain on sale of third party management and leasing business | 0cuz_GainOnSaleOfThirdPartyManagementOperations | (4,577)cuz_GainOnSaleOfThirdPartyManagementOperations | (7,459)cuz_GainOnSaleOfThirdPartyManagementOperations |
Loss on extinguishment of debt, including discontinued operations | 0cuz_GainsLossesonExtinguishmentofDebtIncludingDiscontinuedOperations | 0cuz_GainsLossesonExtinguishmentofDebtIncludingDiscontinuedOperations | 94cuz_GainsLossesonExtinguishmentofDebtIncludingDiscontinuedOperations |
Depreciation and amortization, including discontinued operations | 141,022cuz_DepreciationAndAmortizationIncludingDiscontinuedOperations | 76,478cuz_DepreciationAndAmortizationIncludingDiscontinuedOperations | 52,439cuz_DepreciationAndAmortizationIncludingDiscontinuedOperations |
Amortization of deferred financing costs | 604us-gaap_AmortizationOfFinancingCosts | 615us-gaap_AmortizationOfFinancingCosts | 1,056us-gaap_AmortizationOfFinancingCosts |
Net amortization of stock options and restricted stock | 1,992cuz_Netamortizationofstockoptionsandrestrictedstock | 1,898cuz_Netamortizationofstockoptionsandrestrictedstock | |
Amortization of stock options and restricted stock, net | 2,244cuz_Amortizationofstockoptionsandrestrictedstocknet | ||
Effect of certain non-cash adjustments to rental revenues | (30,039)us-gaap_StraightLineRent | (11,660)us-gaap_StraightLineRent | (3,938)us-gaap_StraightLineRent |
(Income) loss from unconsolidated joint ventures | (11,268)cuz_IncomeLossFromUnconsolidatedJointVentures | (67,325)cuz_IncomeLossFromUnconsolidatedJointVentures | (39,258)cuz_IncomeLossFromUnconsolidatedJointVentures |
Operating distributions from unconsolidated joint ventures | 10,296us-gaap_EquityMethodInvestmentDividendsOrDistributions | 67,101us-gaap_EquityMethodInvestmentDividendsOrDistributions | 37,379us-gaap_EquityMethodInvestmentDividendsOrDistributions |
Land and multi-family cost of sales, net of closing costs paid | 302cuz_ResidentialLotOutparcelAndMultiFamilyCostOfSalesNetOfClosingCostsPaid | 967cuz_ResidentialLotOutparcelAndMultiFamilyCostOfSalesNetOfClosingCostsPaid | 1,659cuz_ResidentialLotOutparcelAndMultiFamilyCostOfSalesNetOfClosingCostsPaid |
Changes in other operating assets and liabilities: | |||
Change in other receivables and other assets, net | (644)us-gaap_IncreaseDecreaseInOtherOperatingAssets | (9,619)us-gaap_IncreaseDecreaseInOtherOperatingAssets | (851)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
Change in operating liabilities | 9,021us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | 24,833us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | 4,761us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
Net cash provided by operating activities | 142,400us-gaap_NetCashProvidedByUsedInOperatingActivities | 137,340us-gaap_NetCashProvidedByUsedInOperatingActivities | 95,322us-gaap_NetCashProvidedByUsedInOperatingActivities |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from investment property sales | 244,471us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment | 178,966us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment | 273,386us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment |
Proceeds from sale of third party management and leasing business | 0cuz_ProceedsFromSaleOfThirdPartyManagementAndLeasingBusiness | 4,577cuz_ProceedsFromSaleOfThirdPartyManagementAndLeasingBusiness | 8,247cuz_ProceedsFromSaleOfThirdPartyManagementAndLeasingBusiness |
Property acquisition, development and tenant asset expenditures | (710,743)cuz_PaymentsToAcquireAndDevelopRealEstateAndTenantAssetExpenditures | (1,526,263)cuz_PaymentsToAcquireAndDevelopRealEstateAndTenantAssetExpenditures | (105,069)cuz_PaymentsToAcquireAndDevelopRealEstateAndTenantAssetExpenditures |
Investment in unconsolidated joint ventures | (18,342)us-gaap_PaymentsToAcquireEquityMethodInvestments | (11,922)us-gaap_PaymentsToAcquireEquityMethodInvestments | (6,619)us-gaap_PaymentsToAcquireEquityMethodInvestments |
Distributions from unconsolidated joint ventures | 26,179cuz_DistributionsFromUnconsolidatedJointVentures | 88,635cuz_DistributionsFromUnconsolidatedJointVentures | 67,435cuz_DistributionsFromUnconsolidatedJointVentures |
Collection of Notes Receivable | 1,020us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable | 1,580us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable | 0us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable |
Change in notes receivable and other assets | (2,839)us-gaap_PaymentsForProceedsFromOtherInvestingActivities | (1,655)us-gaap_PaymentsForProceedsFromOtherInvestingActivities | 2,504us-gaap_PaymentsForProceedsFromOtherInvestingActivities |
Change in restricted cash | (1,361)us-gaap_IncreaseDecreaseInRestrictedCash | (111)us-gaap_IncreaseDecreaseInRestrictedCash | 2,077us-gaap_IncreaseDecreaseInRestrictedCash |
Net cash provided by (used in) investing activities | (461,615)us-gaap_NetCashProvidedByUsedInInvestingActivities | (1,266,193)us-gaap_NetCashProvidedByUsedInInvestingActivities | 241,961us-gaap_NetCashProvidedByUsedInInvestingActivities |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from credit facility | 764,575us-gaap_ProceedsFromUnsecuredLinesOfCredit | 365,075us-gaap_ProceedsFromUnsecuredLinesOfCredit | 417,900us-gaap_ProceedsFromUnsecuredLinesOfCredit |
Repayment of credit facility | (664,450)us-gaap_RepaymentsOfLinesOfCredit | (325,000)us-gaap_RepaymentsOfLinesOfCredit | (616,150)us-gaap_RepaymentsOfLinesOfCredit |
Proceeds from other notes payable | 85,068us-gaap_ProceedsFromNotesPayable | 304,275us-gaap_ProceedsFromNotesPayable | 113,026us-gaap_ProceedsFromNotesPayable |
Repayment of notes payable | (22,943)us-gaap_RepaymentsOfNotesPayable | (77,887)us-gaap_RepaymentsOfNotesPayable | (28,808)us-gaap_RepaymentsOfNotesPayable |
Payment of loan issuance costs | (3,995)us-gaap_PaymentsOfFinancingCosts | (1,693)us-gaap_PaymentsOfFinancingCosts | (3,419)us-gaap_PaymentsOfFinancingCosts |
Common stock issued, net of expenses | 321,845cuz_ProceedsfromtheIssuanceofCommonStockincludingOptionExercises | 826,233cuz_ProceedsfromtheIssuanceofCommonStockincludingOptionExercises | 0cuz_ProceedsfromtheIssuanceofCommonStockincludingOptionExercises |
Common dividends paid | (61,555)us-gaap_PaymentsOfDividendsCommonStock | (27,192)us-gaap_PaymentsOfDividendsCommonStock | (18,748)us-gaap_PaymentsOfDividendsCommonStock |
Preferred dividends paid | (2,955)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock | (10,008)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock | (12,907)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock |
Preferred Stock Redemption | (94,775)cuz_PreferredStockRedemption | (74,827)cuz_PreferredStockRedemption | 0cuz_PreferredStockRedemption |
Distributions to noncontrolling interests | (2,575)us-gaap_PaymentsToMinorityShareholders | (26,040)us-gaap_PaymentsToMinorityShareholders | (16,143)us-gaap_PaymentsToMinorityShareholders |
Net cash provided by (used in) financing activities | 318,240us-gaap_NetCashProvidedByUsedInFinancingActivities | 952,936us-gaap_NetCashProvidedByUsedInFinancingActivities | (165,249)us-gaap_NetCashProvidedByUsedInFinancingActivities |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (975)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | (175,917)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 172,034us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 975us-gaap_CashAndCashEquivalentsAtCarryingValue | 176,892us-gaap_CashAndCashEquivalentsAtCarryingValue | 7,599us-gaap_CashAndCashEquivalentsAtCarryingValue |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 0us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 975us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 176,892us-gaap_CashAndCashEquivalentsAtCarryingValue |
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- Definition
Amortization of stock options and restricted stock, net No definition available.
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Asset Impairment Charge Including Discontinued Operations No definition available.
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- Definition
Depreciation and Amortization, including the amounts relating to discontinued operations. This tag is used for the cash flow statement as well as reportable segments, and not used on the income statement. No definition available.
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- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries accounted for under the equity method of accounting that constitute a return of investment, not a return on investment (which are classified in operating activities). No definition available.
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- Definition
Loss (gain) on sale of investment properties, net No definition available.
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- Definition
Gain on Sale of Third Party Management Operations No definition available.
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- Definition
Gains (Losses) on Extinguishment of Debt, Including Discontinued Operations No definition available.
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- Definition
Total income (loss) from unconsolidated joint ventures. No definition available.
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- Definition
Net amortization of stock options and restricted stock No definition available.
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- Definition
The cash outflow from the acquisition of land and buildings, and payments to develop real estate assets by adding improvements to land or buildings. Also, includes the cash outflow for monetary allowances granted to lessees and/or direct costs incurred by lessor used to prepare the leased premises for tenant's occupancy and costs that are essential to acquiring the lease and would not otherwise have been incurred without the lease agreement, including evaluating the lessee's credit condition, guarantees, and collateral and costs incurred in negotiating, processing, executing the lease agreement, and any commission(s) incurred. No definition available.
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- Definition
Preferred Stock Redemption No definition available.
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- Definition
Proceeds from sale of third party management and leasing business No definition available.
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- Definition
Proceeds from the Issuance of Common Stock, including Option Exercises No definition available.
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- Definition
Residential lot, outparcel and multi-family cost of sales, net of closing costs paid No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Details
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- Definition
Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The net cash outflow or inflow from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow associated with the proceeds from sale of notes receivable, as well as principal collections from a borrowing supported by a written promise to pay an obligation (note receivable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Cash received from the sale of real estate that is held for investment, that is, it is part of an investing activity during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is uncollateralized (where debt is not backed by the pledge of collateral). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Difference between actual rental income due and rental income recognized on a straight-line basis. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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