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, 2018 and 2017. The information included in the summary of operations table is for the years ended December 31, 2018, 2017, and 2016 (in thousands).



	Total Assets				Total Debt				Total Equity (Deficit)						Company's Investment
SUMMARY OF FINANCIAL POSITION	2018		2017		2018		2017		2018			2017			2018				2017
Terminus Office Holdings	$	258,060	$	261,999	$	198,732	$	203,131	$	50,539		$	48,033		$	48,571			$	24,898
DC Charlotte Plaza LLLP	155,530		53,791		—		—		88,922			42,853			46,554				22,293
Austin 300 Colorado Project, LP	51,180		—		—		—		41,298			—			22,335				—
Carolina Square Holdings LP	106,187		106,580		74,638		64,412		28,844			33,648			16,840				19,384
HICO Victory Center LP	15,069		14,403		—		—		14,801			14,401			10,003				9,752
Charlotte Gateway Village, LLC	112,553		124,691		—		—		109,666			121,386			8,225				14,568
AMCO 120 WT Holdings, LLC	36,680		18,066		—		—		31,372			16,354			5,538				1,664
CL Realty, L.L.C.	4,169		8,287		—		—		4,183			8,127			2,886				2,980
Temco Associates, LLC	1,482		4,441		—		—		1,379			4,337			919				875
EP II LLC	247		277		—		—		165			180			30				44
EP I LLC	461		521		—		—		296			319			6				25
Wildwood Associates	11,157		16,337		—		—		11,108			16,297			(460		)	(1)	(1,151		)	(1)
Crawford Long - CPI, LLC	26,429		27,362		69,522		71,047		(44,146		)	(44,815		)	(21,071		)	(1)	(21,323		)	(1)
Other	—		6,379		—		—		—			6,303			—				4,931
	$	779,204	$	643,134	$	342,892	$	338,590	$	338,427		$	267,423		$	140,376			$	78,940



	Total Revenues						Net Income (Loss)									Company's Share of Net Income (Loss)
SUMMARY OF OPERATIONS	2018		2017		2016		2018			2017			2016			2018			2017			2016
Charlotte Gateway Village, LLC	$	26,932	$	26,465	$	34,156	$	10,285		$	9,528		$	14,536		$	5,143		$	4,764		$	2,194
Terminus Office Holdings	44,429		43,959		42,386		5,506			6,307			4,608			2,755			3,153			2,303
Wildwood Associates	—		—		—		(1,140		)	(116		)	(140		)	2,723			(58		)	(70		)
Crawford Long - CPI, LLC	12,383		12,079		12,113		3,446			3,171			2,743			1,641			1,572			1,372
HICO Victory Center LP	400		429		383		400			431			376			219			225			187
Austin 300 Colorado Project, LP	487		—		—		220			—			—			110			—			—
Temco Associates, LLC	176		192		1,343		(2,965		)	123			440			43			46			502
Courvoisier Centre JV, LLC	—		15,106		3,968		—			(1,750		)	(489		)	5			521			(93		)
DC Charlotte Plaza LLLP	—		2		47		—			2			45			(1		)	1			24
EP II LLC	5		2,644		5,376		(16		)	13,008			(1,187		)	(14		)	9,756			(878		)
EP I LLC	17		4,123		12,239		(23		)	45,115			2,294			(20		)	28,667			1,684
CL Realty, L.L.C.	—		2,964		567		(161		)	2,668			237			(94		)	536			128
Carolina Square Holdings LP	10,686		2,701		58		(169		)	(532		)	9			(275		)	522			—
AMCO 120 WT Holdings, LLC	—		—		—		38			58			—			—			—			—
Other	—		—		4,219		(69		)	(69		)	3,926			(11		)	(2,590		)	3,209
	$	95,515	$	110,664	$	116,855	$	15,352		$	77,944		$	27,398		$	12,224		$	47,115		$	10,562

(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 $198.7 million that mature on January 1, 2023. The weighted average interest rate on these fixed rate loans is 4.68%. 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 $7.5 million at December 31, 2018.

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 contributions and distributions of cash flow are made equally in accordance with each partner's partnership interest. The Company's required capital contribution is limited to a maximum of $46 million. The assets of the venture in the above table include a cash balance of $842,000 at December 31, 2018.

Austin 300 Colorado Project, LP ("300 Colorado") – In 2018, 300 Colorado, a joint venture between the Company, 3C Block 28 Partners, LP ("3CB"), and 3C RR Xylem, LP ("3CRR"), was formed for the purpose of developing a 358,000 square foot office building in Austin, Texas. The Company owns a 50% interest in the venture, 3CB owns a 34.5% interest, and 3CRR owns a 15.5% interest. Upon formation, 3CB and 3CRR contributed land for use by the joint venture in the development project, the Company contributed $6.0 million in cash, and 300 Colorado assumed a ground lease for an additional parcel of land. The assets of the venture in the above table include a cash balance of $1.7 million at December 31, 2018.

Carolina Square Holdings LP ("Carolina Square") – Carolina Square is a 50-50 joint venture between the Company and NR 123 Franklin LLC ("Northwood Ravin"), which owns and operates a mixed-use property in Chapel Hill, North Carolina. This property contains 158,000 square feet of office space, 44,000 square feet of retail space, and 246 apartment units. Carolina Square has a construction loan, secured by the project, with an outstanding balance of $74.6 million. The loan bears interest at LIBOR plus 1.90% and matures on May 1, 2019, with the second of two one-year extensions available, subject to conditions. The Company and Northwood Ravin each guarantee 12.5% of the outstanding loan amount and guarantee completion of the project. The assets of the venture in the table above include a cash balance of $3.8 million at December 31, 2018.

HICO Victory Center LP ("HICO") – HICO is a joint venture between the Company and Hines Victory Center Associates Limited Partnership ("Hines Victory"), 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 own at least 90% of the venture and Hines will own up to 10%. As of December 31, 2018, 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 $565,000 at December 31, 2018.

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 until the Company receives a 17% internal rate of return; thereafter, cash flows are allocated 80% to BOA and 20% to the Company. The assets of the venture in the above table include a cash balance of $3.2 million at December 31, 2018.

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 a parcel of land in Texas. The assets of the venture in the above table include a cash balance of $379,000 at December 31, 2018.

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, formed to develop 120 West Trinity, a mixed-use property in Decatur, Georgia. The property is expected to contain approximately 33,000 square feet of office space, 19,000 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 are 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 control the activities of the venture. The assets of the venture in the above table include a cash balance of $1,000 at December 31, 2018.

Temco Associates, LLC ("Temco") – Temco is a 50-50 joint venture between the Company and Forestar, that owns a golf course in Georgia. The assets of the venture in the above table include a cash balance of $500,000 at December 31, 2018.

EP I LLC ("EP I") and EP II LLC ("EP II") – EP I and EP II are joint ventures between the Company, with a 75% ownership interest, and Lion Gables Realty Limited Partnership (“Gables”), with a 25% ownership interest, which owned Emory Point, a mixed-use property in Atlanta, Georgia. In 2017, EP I and EP II sold Emory Point for a combined gross sales price of $199.0 million. After repayment of debt, the Company received a distribution of $70.0 million and recognized a gain of $37.9 million, which is recorded in income from unconsolidated joint ventures. The assets of the ventures in the above table include a cash balance of $695,000 at December 31, 2018.

Courvoisier Centre JV, LLC ("Courvoisier") – Courvoisier was a joint venture between the Company, with a 20% interest, and Spanish Key LLC, with an 80% interest, that owned Courvoisier Centre, a 343,000 square foot, two-building office property in Miami, Florida. In 2017, the Company sold its 20% interest in Courvoisier Centre for $12.6 million and recognized a gain of $716,000 in a transaction that valued its interest in the property at $33.9 million, prior to deduction for existing mortgage debt.

Wildwood Associates ("Wildwood") – Wildwood is a 50-50 joint venture between the Company and IBM which owns undeveloped land in the Wildwood Office Park in Atlanta, Georgia. At December 31, 2018, the Company’s investment in Wildwood was a credit balance of $460,000. 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. During 2018, the venture sold land resulting in the Company decreasing the credit balance by $749,000 and recognizing income from unconsolidated joint ventures of $2.3 million related to this sale. The Company does not have any obligation to fund Wildwood’s working capital needs. The assets of the venture in the above table include a cash balance of $68,000 at December 31, 2018.

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 $69.5 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 $2.1 million at December 31, 2018.

At December 31, 2018, the Company's unconsolidated joint ventures had aggregate outstanding indebtedness to third parties of $342.9 million. These loans are 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 $9.3 million, $7.2 million, and $7.4 million of development, leasing, and management fees, including salary and expense reimbursements, from unconsolidated joint ventures in 2018, 2017, and 2016, respectively.