Investment in Unconsolidated Joint Ventures

9 Months Ended

Sep. 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 September 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	$	305,748	$	313,603	$	36,181	$	36,620	$	258,768		$	267,085		$	14,886		$	15,364
Charlotte Gateway Village, LLC		150,730		154,200		86,664		97,030		60,440			54,834			10,341			10,366
CF Murfreesboro Associates		126,353		129,738		99,834		103,378		24,570			24,263			14,351			14,246
Palisades West LLC		125,089		129,378		—		—		80,220			80,767			41,926			42,256
CP Venture LLC entities		103,105		106,066		—		—		100,494			104,067			3,403			3,779
CL Realty, L.L.C.		82,357		86,657		1,047		2,663		79,003			82,534			37,954			39,928
MSREF/Terminus 200 LLC		80,563		65,164		55,426		46,169		14,130			13,956			2,825			2,791
Temco Associates, LLC		60,258		60,608		2,824		2,929		56,901			57,475			22,434			22,713
Cousins Watkins LLC		56,665		57,184		28,649		28,850		27,289			28,334			16,059			14,850
Crawford Long — CPI, LLC		32,105		34,408		47,905		48,701		(16,712	)		(15,341	)		(7,134	)		(6,431	)
EP I LLC		22,302		—		1		—		18,967			—			17,083			—
Ten Peachtree Place Associates		21,514		20,980		26,342		26,782		(5,080	)		(6,263	)		(4,150	)		(4,581	)
Wildwood Associates		21,344		21,220		—		—		21,250			21,216			(1,625	)		(1,642	)
TRG Columbus Development Venture, Ltd.		3,051		3,574		—		—		1,864			2,115			6			58
Pine Mountain Builders, LLC		425		1,559		—		896		247			403			679			757
	$	1,191,609	$	1,184,339	$	384,873	$	394,018	$	722,351		$	715,445		$	169,038		$	154,454

The following table summarizes statement of operations information of the Company’s unconsolidated joint ventures for the nine months ended September 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	$	23,133	$	23,368	$	3,111		$	2,950		$	811		$	839
Charlotte Gateway Village, LLC		24,324		23,892		6,517			5,788			882			882
CF Murfreesboro Associates		9,903		10,457		307			956			(44	)		312
Palisades West LLC		12,256		10,145		4,371			3,406			2,132			1,651
CP Venture LLC entities		14,259		13,921		6,132			6,458			619			669
CL Realty, L.L.C.		5,282		5,332		2,481			2,185			1,007			1,661
MSREF/Terminus 200 LLC		3,875		928		(2,912	)		(835	)		(585	)		(167	)
Temco Associates, LLC		405		2,110		(782	)		429			(383	)		214
Cousins Watkins LLC		3,633		—		47			—			1,799			—
Crawford Long — CPI, LLC		8,924		8,614		1,828			1,432			913			715
EP I LLC		—		—		(6	)		—			(4	)		—
Ten Peachtree Place Associates		5,413		5,875		801			734			413			378
Wildwood Associates		—		—		(126	)		(85	)		(63	)		(42	)
TRG Columbus Development Venture, Ltd.		23		1,097		(1	)		403			48			327
Pine Mountain Builders, LLC		2,926		2,202		(156	)		129			(78	)		59
Other		—		533		—			55			1			(5	)
	$	114,356	$	108,474	$	21,612		$	24,005		$	7,468		$	7,493

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, the first phase of a mixed-use 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 cash contributions subsequent to formation and other previously capitalized assets related to the venture, for a total investment balance of $17.1 million at September 30, 2011. The Company anticipates it will make approximately $16.7 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 guarantee up to approximately $11.5 million and $3.8 million of the construction loan, respectively. These guarantees may be eliminated after project completion, based on certain covenants.