XML 68 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
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