Investment in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2011

Investment in Unconsolidated Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

5. 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, 2010. The following table summarizes balance sheet data of the Company’s unconsolidated joint ventures as of June 30, 2011 and December 31, 2010 (in thousands). The investments in joint ventures which have negative balances are included in the Deposits and Deferred Income line item on the Balance Sheets.

	Total Assets				Total Debt				Total Equity						Company’s Investment
SUMMARY OF FINANCIAL POSITION:	2011		2010		2011		2010		2011			2010			2011			2010
CP Venture IV LLC entities	$	308,009	$	313,603	$	36,329	$	36,620	$	261,228		$	267,085		$	15,013		$	15,364
Charlotte Gateway Village, LLC		151,843		154,200		90,175		97,030		58,507			54,834			10,350			10,366
CF Murfreesboro Associates		127,195		129,738		100,724		103,378		24,441			24,263			14,316			14,246
Palisades West LLC		125,907		129,378		—		—		80,680			80,767			42,178			42,256
CP Venture LLC entities		102,269		106,066		—		—		100,704			104,067			3,427			3,779
CL Realty, L.L.C.		82,838		86,657		1,727		2,663		79,312			82,534			38,193			39,928
MSREF/Terminus 200 LLC		69,803		65,164		50,861		46,169		13,347			13,956			2,670			2,791
Temco Associates, LLC		60,231		60,608		2,859		2,929		56,961			57,475			22,462			22,713
Cousins Watkins LLC		56,987		57,184		28,725		28,850		27,683			28,334			15,706			14,850
Crawford Long — CPI, LLC		33,433		34,408		48,174		48,701		(16,323	)		(15,341	)		(6,937	)		(6,431	)
Wildwood Associates		21,208		21,220		—		—		21,131			21,216			(1,685	)		(1,642	)
Ten Peachtree Place Associates		20,473		20,980		26,491		26,782		(7,054	)		(6,263	)		(4,762	)		(4,581	)
EP I LLC		16,815		—		1		—		15,009			—			14,091			—
TRG Columbus Development Venture, Ltd.		3,116		3,574		—		—		1,872			2,115			8			58
Pine Mountain Builders, LLC		523		1,559		—		896		360			403			735			757
	$	1,180,650	$	1,184,339	$	386,066	$	394,018	$	717,858		$	715,445		$	165,765		$	154,454

The following table summarizes statement of operations information of the Company’s unconsolidated joint ventures for the six months ended June 30, 2011 and 2010 (in thousands):

											Company’s Share of Net
	Total Revenues				Net Income (Loss)						Income (Loss)
SUMMARY OF OPERATIONS:	2011		2010		2011			2010			2011			2010
CP Venture IV LLC entities	$	15,430	$	15,579	$	1,890		$	1,826		$	539		$	491
Charlotte Gateway Village, LLC		16,308		15,933		4,282			3,808			588			588
CF Murfreesboro Associates		6,622		7,182		178			1,001			(41	)		401
Palisades West LLC		8,114		6,730		2,911			2,282			1,422			1,107
CP Venture LLC entities		9,506		9,254		3,830			4,301			396			445
CL Realty, L.L.C.		3,144		4,212		1,390			1,219			545			1,125
MSREF/Terminus 200 LLC		2,197		245		(2,173	)		(480	)		(434	)		(96	)
Temco Associates, LLC		318		1,877		(416	)		813			(202	)		406
Cousins Watkins LLC		2,422		—		17			—			1,188			—
Crawford Long — CPI, LLC		5,955		5,688		1,217			834			608			416
Wildwood Associates		—		—		(85	)		(41	)		(43	)		(20	)
Ten Peachtree Place Associates		3,611		3,847		407			481			212			248
EP I LLC		—		—		—			—			—			—
TRG Columbus Development Venture, Ltd.		19		1,071		7			392			50			162
Pine Mountain Builders, LLC		2,632		1,185		(44	)		91			(22	)		46
Other		—		533		—			55			2			(5	)
	$	76,278	$	73,336	$	13,411		$	16,582		$	4,808		$	5,314

On June 28, 2011, EP I LLC (“EP I”) was formed between the Company, with a 75% ownership interest, and Lion Gables Realty Limited Partnership (“Gables”), with a 25% ownership interest, for the purpose of developing and operating Emory Point, a mixed-used property in Atlanta, Georgia. Profits and losses are allocated to the partners based on their percentage ownership interests, with no preferences or promotes. Upon formation, the Company contributed approximately $8.1 million in cash and $3.1 million in predevelopment assets, and Gables contributed a total of approximately $3.8 million in cash and other assets. The Company’s investment in EP I includes other previously capitalized assets related to the venture, for a total investment balance of $14.1 million upon formation. The Company anticipates it will make approximately $19.6 million in additional cash contributions to the venture for project development. Upon formation, EP I also entered into a construction loan agreement, secured by the project, to provide for up to $61.1 million to fund construction. The venture may select from two interest rate options, as defined in the loan agreement, which are based on floating-rate indices plus a spread. The loan matures June 28, 2014 and may be extended for two, one-year periods if certain conditions are met. The Company and Gables will guarantee up to approximately $11.5 million and $3.8 million of the construction loan, respectively.