EX-99.1 3 g83493exv99w1.txt RECONCILIATION OF NON-GAAP FINANCIAL MEASURES EXHIBIT 99.1 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES INCLUDED IN COUSINS PROPERTIES INCORPORATED ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2002 RECONCILIATION OF ADJUSTED COST AND ADJUSTED COST LESS DEPRECIATION AND AMORTIZATION TO GAAP COST AND GAAP COST LESS DEPRECIATION AND AMORTIZATION ($ IN THOUSANDS) ANNUAL REPORT ON FORM 10-K, ITEM 2. PROPERTY TABLE, PAGES I-12 AND I-13 Adjusted cost and adjusted cost less depreciation and amortization appearing in the Property Table on Pages I-10 through I-20 are GAAP numbers with the exception of the following, as disclosed in Note 1 to the Property Table:
Adjusted cost and GAAP GAAP cost and adjusted cost less basis adjustment GAAP cost less depreciation and for land depreciation and amortization (a) contributed amortization --------------------- --------------------- ------------------- 2300 Windy Ridge Parkway $ 79,829 $ 5,439 $ 85,268 41,539 5,903 47,442 2500 Windy Ridge Parkway 30,659 2,687 33,346 14,723 2,917 17,640 3200 Windy Hill Road 85,452 6,041 91,493 50,527 6,542 57,069 4100 and 4300 Wildwood Parkway 26,596 4,102 30,698 19,773 4,284 24,057 4200 Wildwood Parkway 36,973 2,530 39,503 30,717 2,720 33,437 Wildwood Stand Alone Retail Lease Sites and Other 8,717 4,034 12,751 6,594 4,034 10,628
(a) The cost shown is what the cost would be if Wildwood Associates' land cost were adjusted downward to the Company's lower basis in the land it contributed to Wildwood Associates. ANNUAL REPORT ON FORM 10-K, ITEM 2. LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT, PAGE I-30 Adjusted costs appearing in the Table on Page I-30 are GAAP numbers with the exception of the following, as disclosed in Note 2 to the Table:
GAAP basis adjustment for land Adjusted cost (a) contributed GAAP cost --------------------- --------------------- ------------------- Wildwood Land $ 9,008 $ 12,487 $ 21,495
(a) For the portion of the Wildwood Office Park land owned by a joint venture, the cost shown is what the cost would be if Wildwood Associates' land cost were adjusted downward to the Company's lower basis in the land it contributed to Wildwood Associates. RECONCILIATION OF DEPRECIATION AND AMORTIZATION ($ IN THOUSANDS) ANNUAL REPORT ON FORM 10-K, ITEM 2. SUPPLEMENTAL FINANCIAL AND LEASING INFORMATION, PAGE I-32
2002 2001 ------------------------------------------ --------------------------------------------- Share of Share of Unconsolidated Unconsolidated Consolidated Joint Ventures (a) Total Consolidated Joint Ventures (a) Total ------------ ------------------ ----- ------------ ------------------ -------- Furniture, fixtures and equipment $ 2,122 $ 9 $ 2,131 $ 1,485 $ 52 $ 1,537 Goodwill and specifically identifiable intangible assets 26 -- 26 681 -- 681 Building (including tenant first generation) 50,370 17,305 67,675 38,727 15,357 54,084 Tenant second generation 2,327 777 3,104 3,964 744 4,708 ----------------------------------------- ------------------------------------------ Total depreciation and amortization (reported on page I-32 of Form 10-K) 54,845 18,091 72,936 44,857 16,153 61,010 Depreciation on Company's investment in joint venture (a) (458) (18,091) (18,549) (301) (16,153) (16,454) Minority interests' share of depreciation and amortization -- -- -- 96 -- 96 Depreciation and amortization - discontinued operations (139) (139) (199) (199) ----------------------------------------- ------------------------------------------ Depreciation and amortization - continuing operations (reported on Consolidated Statements of Income) $ 54,248 $ -- $ 54,248 $ 44,453 $ -- $ 44,453 ========================================= ==========================================
(a) Included in Income from Unconsolidated Joint Ventures in the Consolidated Statements of Income RECONCILIATION OF CAPITAL EXPENDITURES ($ IN THOUSANDS) ANNUAL REPORT ON FORM 10-K, ITEM 2. SUPPLEMENTAL FINANCIAL AND LEASING INFORMATION, PAGE I-32
2002 2001 --------- -------- Second generation related costs $ 11,804 $ 3,582 Building improvements 1,184 2,491 -------- -------- Total capital expenditures (as reported on page I-32) 12,988 6,073 First generation costs 75,000 134,273 -------- -------- Total capital expenditures per Cash Flow Statement $ 87,988 $140,346 ======== ========
RECONCILIATION OF NOTES PAYABLE ($ IN THOUSANDS) ANNUAL REPORT TO SHAREHOLDERS, INCORPORATED BY REFERENCE INTO ANNUAL REPORT ON FORM 10-K MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK, PAGE 57
Fair 2003 2004 2005 2006 2007 Thereafter Total Value ------------------------------------------------------------------------------------------------------ NOTES PAYABLE Total as Reported(NON-GAAP) Fixed Rate $ 17,492 $ 18,716 $ 84,875 $ 18,629 $ 86,308 $ 542,767 $ 768,787 $821,866 Average Interest Rate 7.29% 7.24% 7.58% 6.94% 8.00% 7.34% 7.42% Variable Rate $ 1,100 $ 161,297 $ 1,117 $ 1,148 $ 1,179 $ 1,018 $ 166,859 $166,859 Average Interest Rate 2.13% 2.83% 2.13% 2.13% 2.13% 2.13% 2.81% Unconsolidated Joint Ventures (CPI's Share) Fixed Rate $ 9,261 $ 10,059 $ 47,840 $ 9,589 $ 38,375 $ 144,125 $ 259,249 $273,610 Average Interest Rate 7.03% 7.03% 7.47% 6.91% 7.85% 6.86% 7.13% Variable Rate $ 1,057 $ 1,087 $ 1,117 $ 1,148 $ 1,179 $ 1,018 $ 6,606 $ 6,606 Average Interest Rate 2.13% 2.13% 2.13% 2.13% 2.13% 2.13% 2.13% Consolidated Entities(GAAP) Fixed Rate $ 8,231 $ 8,657 $ 37,035 $ 9,040 $ 47,933 $ 398,642 $ 509,538 $548,256 Average Interest Rate 7.59% 7.49% 7.71% 6.97% 8.09% 7.51% 7.57% Variable Rate $ 43 $ 160,210 $ -- $ -- $ -- $ -- $ 160,253 $160,253 Average Interest Rate 5.25% 2.84% 0.00% 0.00% 0.00% 0.00% 2.84%