INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

The following information summarizes financial data and principal activities of the Company’s unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of December 31, 2016 and 2015. The information included in the summary of operations table is for the years ended December 31, 2016, 2015, and 2014 (in thousands).



	Total Assets				Total Debt				Total Equity (Deficit)						Company's Investment
SUMMARY OF FINANCIAL POSITION:	2016		2015		2016		2015		2016			2015			2016				2015
Terminus Office Holdings	$	268,242	$	277,444	$	207,545	$	211,216	$	49,476		$	56,369		$	25,686			$	29,110
EP I LLC	78,537		83,115		58,029		58,029		18,962			24,172			18,551				21,502
EP II LLC	67,754		70,704		44,969		40,910		21,743			24,331			17,606				19,118
Charlotte Gateway Village, LLC	119,054		123,531		—		17,536		116,809			104,336			11,796				11,190
HICO Victory Center LP	14,124		13,532		—		—		13,869			13,229			9,506				9,138
Carolina Square Holdings LP	66,922		15,729		23,741		—		34,173			12,085			18,325				6,782
CL Realty, L.L.C.	8,047		7,872		—		—		7,899			7,662			3,644				3,515
DC Charlotte Plaza LLLP	17,940		—		—		—		17,073			—			8,937				—
Temco Associates, LLC	4,368		5,284		—		—		4,253			5,133			829				977
Wildwood Associates	16,351		16,419		—		—		16,314			16,354			(1,143		)	(1)	(1,122		)	(1)
Crawford Long - CPI, LLC	27,523		29,143		72,822		74,286		(45,928		)	(46,238		)	(21,866		)	(1)	(22,021		)	(1)
Cousins W. Rio Salado, LLC	59,399		—		12,852		—		32,855			—			52,206				—
Courvoisier Centre JV, LLC	172,197		—		106,500		—		69,479			—			11,782				—
AMCO 120 WT Holdings, LLC	10,446		—		—		—		9,136			—			184				—
Other	—		2,107		—		—		—			1,646			345				1,245
	$	930,904	$	644,880	$	526,458	$	401,977	$	366,113		$	219,079		$	156,388			$	79,434



	Total Revenues						Net Income (Loss)									Company's Share of Net Income (Loss)
SUMMARY OF OPERATIONS:	2016		2015		2014		2016			2015			2014			2016			2015			2014
Terminus Office Holdings	$	42,386	$	40,250	39,531		$	4,608		$	2,789		663			$	2,303		$	1,395		$	308
EP I LLC	12,239		12,558		12,049		2,294			3,177			2,583			1,684			2,197			1,937
EP II LLC	5,376		1,264		—		(1,187		)	(638		)	—			(878		)	(466		)	—
Charlotte Gateway Village, LLC	34,156		33,724		33,903		14,536			12,737			11,645			2,194			1,183			1,176
HICO Victory Center LP	383		262		—		376			204			—			187			102			—
Carolina Square Holdings LP	58		—		—		9			—			—			—			—			—
CL Realty, L.L.C.	567		855		1,573		237			424			1,069			128			220			542
DC Charlotte Plaza LLLP	47		—		—		45			—			—			24			—			—
Temco Associates, LLC	1,343		9,485		2,155		440			2,358			495			502			2,351			(6		)
Wildwood Associates	—		—		3,329		(140		)	(120		)	(1,704		)	(70		)	(59		)	2,097
Crawford Long - CPI, LLC	12,113		12,291		11,945		2,743			2,820			2,775			1,372			1,416			1,407
Cousins W Rio Salado, LLC	4,219		—		—		3,926			—			—			2,906			—			—
Courvoisier Centre JV, LLC	3,968		—		—		(489		)	—			—			(93		)	—			—
Other	—		—		4,841		—			(40		)	7,831			303			(37		)	3,807
	$	116,855	$	110,689	$	109,326	$	27,398		$	23,711		$	25,357		$	10,562		$	8,302		$	11,268

(1) Negative balances are included in deferred income on the consolidated balance sheets.

Terminus Office Holdings LLC ("TOH") – TOH is a 50-50 joint venture between the Company and institutional investors advised by J.P. Morgan Asset Management ("JPM") which owns and operates two office buildings in Atlanta, Georgia. TOH has two non-recourse mortgage loans totaling $207.5 million that mature on January 1, 2023. The weighted average interest rate on these fixed rate loans is 4.69%. The Company does not consolidate TOH because the Company and its partner share decision making abilities and have joint control over the venture. Operating cash flows and proceeds from capital transactions of TOH are allocated to the partners equally until JPM receives an agreed upon return, after which the Company may receive an additional promoted interest. The assets of the venture in the above table include a cash balance of $3.6 million at December 31, 2016.

EP I LLC ("EP I") – EP I is a joint venture between the Company, with a 75% ownership interest, and Lion Gables Realty Limited Partnership (“Gables”), with a 25% ownership interest, which owns the first phase of Emory Point, a mixed-use property in Atlanta, Georgia. The Company does not consolidate EP I because the Company and Gables share decision making abilities and have joint control over the venture. Operating cash flows and proceeds from capital transactions of EP I are allocated to the partners pro rata based on their percentage ownership interests. EP I has a non-recourse construction loan with an outstanding balance $59.0 million at December 31, 2016, and the loan bears interest at LIBOR plus 1.75%. The loan matures April 9, 2017. The assets of the venture in the above table include a cash balance of $234,000 at December 31, 2016.

EP II LLC ("EP II") – EP II is a joint venture between the Company, with a 75% ownership interest, and Lion Gables Realty Limited Partnership (“Gables”), with a 25% ownership interest. The venture owns the second phase of Emory Point. The Company does not consolidate EP II because the Company and Gables share decision making abilities and have joint control over the venture. Operating cash flows and proceeds from capital transactions of EP II are allocated to the partners pro rata based on their percentage ownership interests. EP II has a construction loan with an outstanding balance of $45.0 million at December 31, 2016, and the loan bears interest at LIBOR plus 1.85%. The loan matures April 9, 2017, and the Company has certain rights to extend the maturity date. The Company and Gables guarantee up to $3.4 million and $1.1 million of the construction loan, respectively. These guarantees may be eliminated after project completion, based on certain conditions. The assets of the venture in the above table include a cash balance of $794,000 at December 31, 2016.

Charlotte Gateway Village, LLC ("Gateway") – Gateway is a 50-50 joint venture between the Company and Bank of America Corporation (“BOA”), which owns and operates Gateway Village, a 1.1 million square foot office building in Charlotte, North Carolina. Through December 1, 2016, Gateway’s net income or loss and cash distributions were allocated to the members as follows: first to the Company so that it received a cumulative compounded return equal to 11.46% on its capital contributions, second to BOA until it received an amount equal to the aggregate amount distributed to the Company, and then 50% to each member. After December 1, 2016, net income and cash flows are allocated 50% to each member. Proceeds from capital transactions are allocated first to BOA in an amount not to exceed $80.9 million, second 50% to each member until the Company receives a 17% internal rate of return, and third 80% to BOA and 20% to the Company. The Company’s total project return on Gateway is ultimately limited to an internal rate of return of 17% on its invested capital. Gateway had a fully-amortizing, non-recourse mortgage loan which matured on December 1, 2016. The assets of the venture in the above table include a cash balance of $3.7 million at December 31, 2016.

HICO Victory Center LP ("HICO") – In 2014, HICO, a joint venture between the Company and Hines Victory Center Associates Limited Partnership ("Hines Victory"), was formed for the purpose of acquiring and subsequently developing an office parcel in Dallas, Texas. Pursuant to the joint venture agreement, all pre-development expenditures, other than land, are funded equally by the partners. The Company funded 75% of the cost of land while Hines Victory funded 25%. If the partners decide to commence construction of an office building, the capital accounts and economics of the venture will be adjusted such that the Company will effectively own at least 90% of the venture and Hines will own up to 10%. As of December 31, 2016, the Company accounted for its investment in HICO under the equity method because it does not control the activities of the venture. If the partners decide to construct an office building within the venture, the Company expects to consolidate the venture. The assets of the venture in the table above include a cash balance of $237,000 at December 31, 2016.

Carolina Square Holdings LP ("Carolina Square") - In 2015, Carolina Square, a 50-50 joint venture between the Company and NR 123 Franklin LLC ("Northwood Ravin") was formed for the purpose of developing and constructing a mixed-use property in Chapel Hill, North Carolina pursuant to a ground lease. Carolina Square also entered into a construction loan agreement, secured by the project, which is expected to provide up to $79.8 million to fund future construction costs. The loan bears interest at LIBOR plus 1.90% and matures on May 1, 2018. The Company and Northwood Ravin will each guarantee 12.5% of the outstanding loan amount and guarantee completion of the project. As of December 31, 2016, the outstanding balance of the construction loan was $23.7 million. The assets of the venture in the table above include a cash balance of $70,000 at December 31, 2016.

CL Realty, L.L.C. ("CL Realty") – CL Realty is a 50-50 joint venture between the Company and Forestar Realty Inc. ("Forestar"), that owns one parcel of land in Texas and mineral rights associated with one project in Texas. The assets of the venture in the above table include a cash balance of $502,000 at December 31, 2016.

DC Charlotte Plaza LLLP ("Charlotte Plaza") - Charlotte Plaza is a 50-50 joint venture between the Company and Dimensional Fund Advisors ("DFA") formed to develop DFA's 282,000 square foot regional headquarters building in Charlotte, North Carolina. Capital contributins and distributions of cash flow are made equally in accordance with each partner's partnership interest. Charlotte Plaza did not have a cash balance at December 31, 2016.

Temco Associates, LLC ("Temco") – Temco is a 50-50 joint venture between the Company and Forestar, that owns various parcels of land and a golf course in Georgia. The assets of the venture in the above table include a cash balance of $125,000 at December 31, 2016.

Wildwood Associates ("Wildwood") – Wildwood is a 50-50 joint venture between the Company and IBM which owns 22 acres of undeveloped land in the Wildwood Office Park in Atlanta, Georgia. In 2014, Wildwood sold a tract of land resulting in the Company recognizing income from unconsolidated joint ventures of $2.1 million. Of this income, $582,000 represents recognition of deferred income associated with Wildwood's negative investment. At December 31, 2016, the Company’s investment in Wildwood was a credit balance of $1.1 million. This credit balance resulted from cumulative distributions from Wildwood over time that exceeded the Company’s basis in its contributions, and essentially represents deferred gain not recognized at venture formation. This credit balance will decline as the venture’s remaining land is sold. The Company does not have any obligation to fund Wildwood’s working capital needs.

Crawford Long—CPI, LLC ("Crawford Long") – Crawford Long is a 50-50 joint venture between the Company and Emory University that owns the Emory University Hospital Midtown Medical Office Tower, a 358,000 square foot medical office building located in Atlanta, Georgia. Crawford Long has a $72.8 million, 3.5% fixed rate mortgage note which matures on June 1, 2023. The assets of the venture in the above table include a cash balance of $1.2 million at December 31, 2016.

Courvoisier Centre JV, LLC ("Courvoisier") - Courvoisier is a joint venture between the Company, with a 20% interest, and Spanish Key LLC, with an 80% interest, that owns Courvoisier Centre, a 343,000 square foot, two-building office property in Miami, Florida. Courvoisier has a $106.5 million, 4.6% fixed rate mortgage note which matures on March 1, 2026. The assets of the venture in the above table include a cash balance of $1.7 million at December 31, 2016.

Cousins W Rio Salado, LLC ("111 West Rio") - 111 West Rio, a wholly-owned subsidiary of the Company, owns a 74.6% interest in the American Airlines Building, a 225,000 square foot office building located in the Tempe submarket of Phoenix, Arizona. American Airlines owns the remaining 25.4% interest in the building and through October 31, 2016 leased 100% of the building. In October 2016, American Airlines terminated its lease and entered into an agreement with the Company for the purchase of its interest in the building for $19.6 million on, or before, February 28, 2017. Upon consummation of the purchase of American Airlines' interest in the building, the Company expects to consolidate the operations of the building in its consolidated financial statements. Also in October 2016, the Company entered into a lease with ADP to lease 100% of the building under a lease that is expected to commence in April 2017.

AMCO 120 WT Holdings, LLC ("Cousins AMCO") - Cousins AMCO is a joint venture between the Company, with a 20% interest, and affiliates of AMLI Residential (“AMLI”), with an 80% interest, to develop a mixed-use property in Decatur, Georgia. The property is expected to contain approximately 30,000 square feet of office space, 10,000 square feet of retail space and 330 apartment units. Initial contributions to the joint venture for the purchase of land were funded entirely by AMLI. Subsequent contributions will be funded in proportion to the members' percentage interests. The Company accounts for its investment in this joint venture under the equity method as it does not currently control the activities of the venture. The assets of the venture in the above table include a cash balance of $1.5 million at December 31, 2016.

At December 31, 2016, the Company's unconsolidated joint ventures had aggregate outstanding indebtedness to third parties of $513.6 million. These loans are generally mortgage or construction loans, most of which are non-recourse to the Company, except as described above. In addition, in certain instances, the Company provides “non-recourse carve-out guarantees” on these non-recourse loans.

The Company recognized $7.4 million, $6.0 million, and $5.4 million of development, leasing, and management fees, including salary and expense reimbursements, from unconsolidated joint ventures in 2016, 2015, and 2014, respectively. See note 2, fee income, for a discussion of the accounting treatment for fees and reimbursements from unconsolidated joint ventures.