EX-99.3 3 g86840a1exv99w3.htm EX-99.3 SCHEDULE OF SQUARE FEET EXPIRING EX-99.3 SCHEDULE OF SQUARE FEET EXPIRING
 

Exhibit 99.3

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of December 31, 2003

OFFICE

As of December 31, 2003, the Company’s office portfolio included 34 commercial office buildings, excluding all buildings currently under construction and/or in lease-up and One Ninety One Peachtree Tower, as it is less than 10% owned by the Company. The weighted average remaining lease term of these office buildings was approximately seven years as of December 31, 2003. Most of the Company’s leases in these buildings provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

                                                                                         
                                                                            2013    
                                                                            &    
    2004   2005   2006   2007   2008   2009   2010   2011   2012   Thereafter   Total
   
 
 
 
 
 
 
 
 
 
 
Consolidated:
                                                                                        
Square Feet Expiring (1)
     170,866       272,470       415,201       201,979       427,110       573,511       318,934       85,410       344,836       695,023       3,505,340 (2)
% of Leased Space
     5 %     8 %     12 %     6 %     12 %     16 %     9 %     2 %     10 %     20 %     100 %
Annual Contractual
Rent (000’s) (3)
   $ 2,971     $ 4,558     $ 6,662     $ 3,444     $ 8,595     $ 9,956     $ 8,346     $ 1,359     $ 10,934     $ 16,649     $ 73,474  
Annual Contractual
Rent/Sq. Ft. (3)
   $ 17.39     $ 16.73     $ 16.05     $ 17.05     $ 20.12     $ 17.36     $ 26.17     $ 15.91     $ 31.71     $ 23.95     $ 20.96  
Joint Venture:
                                                                                        
Square Feet Expiring (1)
     378,295       496,325       590,615       594,067       223,972       483,261       170,450       244,171       1,389,383       2,284,055       6,854,594 (4)
% of Leased Space
     6 %     7 %     9 %     9 %     3 %     7 %     2 %     4 %     20 %     33 %     100 %
Annual Contractual
Rent (000’s) (3)
   $ 4,767     $ 8,385     $ 10,506     $ 15,011     $ 3,644     $ 10,541     $ 3,990     $ 4,868     $ 31,127     $ 46,729     $ 139,568  
Annual Contractual
Rent/Sq. Ft. (3)
   $ 12.60     $ 16.89     $ 17.79     $ 25.27     $ 16.27     $ 21.81     $ 23.41     $ 19.94     $ 22.40     $ 20.46     $ 20.36  
Total (including Company’s share of Joint Venture Properties):
Square Feet Expiring (1)
     436,630       483,921       703,378       501,498       530,214       809,974       374,036       210,950       1,039,612       1,812,941       6,903,154  
% of Leased Space
     6 %     7 %     10 %     7 %     8 %     12 %     6 %     3 %     15 %     26 %     100 %
Annual Contractual
Rent (000’s) (3)
   $ 5,980     $ 8,106     $ 11,783     $ 10,987     $ 10,250     $ 15,114     $ 9,755     $ 3,795     $ 26,497     $ 39,581     $ 141,848  
Annual Contractual
Rent/Sq. Ft. (3)
   $ 13.70     $ 16.75     $ 16.75     $ 21.91     $ 19.33     $ 18.66     $ 26.08     $ 17.99     $ 25.49     $ 21.83     $ 20.55  

(1)   Where a tenant has the option to cancel its lease without penalty, the lease expiration date used in the table above reflects the cancellation option date rather than the lease expiration date.

(2)   Rentable square feet leased as of December 31, 2003 out of approximately 4,028,000 total rentable square feet.

(3)   Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. If the lease does not provide for pass through of such operating expense reimbursements, an estimate of operating expenses is deducted from the rental rate shown. The contractual rental rate shown is the estimated rate in the year of expiration.

(4)   Rentable square feet leased as of December 31, 2003 out of approximately 7,227,000 total rentable square feet.

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COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of December 31, 2003

MEDICAL OFFICE

As of December 31, 2003, the Company’s medical office portfolio included six medical office buildings. The weighted average remaining lease term of these medical office buildings was approximately eight years as of December 31, 2003. Most of the Company’s leases in the buildings provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

                                                                                         
                                                                            2013    
                                                                            &    
    2004   2005   2006   2007   2008   2009   2010   2011   2012   Thereafter   Total
   
 
 
 
 
 
 
 
 
 
 
Consolidated:
                                                                                        
Square Feet Expiring
     33,636       23,836       15,272       32,538       39,723       125,538       17,865       30,354       2,010       144,197       464,969 (1)
% of Leased Space
     7 %     5 %     3 %     7 %     9 %     27 %     4 %     7 %     0 %     31 %     100 %
Annual Contractual
Rent (000’s) (2)
   $ 714     $ 407     $ 260     $ 687     $ 878     $ 2,547     $ 351     $ 810     $ 62     $ 3,348     $ 10,064  
Annual Contractual
Rent/Sq. Ft. (2)
   $ 21.24     $ 17.09     $ 17.03     $ 21.10     $ 22.11     $ 20.29     $ 19.63     $ 26.68     $ 30.98     $ 23.22     $ 21.65  
Joint Venture:
                                                                                        
Square Feet Expiring
     0       3,445       0       68,996       1,017       27,269       7,175       14,687       79,733       193,596       395,918 (3)
% of Leased Space
     0 %     1 %     0 %     17 %     0 %     7 %     2 %     4 %     20 %     49 %     100 %
Annual Contractual
Rent (000’s) (2)
   $ 0     $ 56     $ 0     $ 1,263     $ 20     $ 609     $ 155     $ 359     $ 1,642     $ 4,721     $ 8,825  
Annual Contractual
Rent/Sq. Ft. (2)
   $ 0     $ 16.40     $ 0     $ 18.31     $ 19.87     $ 22.34     $ 21.59     $ 24.45     $ 20.59     $ 24.39     $ 22.29  
Total (including Company’s share of Joint Venture Properties):
Square Feet Expiring
     33,636       24,232       15,272       57,505       40,232       139,173       21,453       37,698       26,283       240,995       636,479  
% of Leased Space
     5 %     4 %     3 %     9 %     6 %     22 %     3 %     6 %     4 %     38 %     100 %
Annual Contractual
Rent (000’s) (2)
   $ 714     $ 414     $ 260     $ 1,159     $ 888     $ 2,851     $ 428     $ 989     $ 523     $ 5,709     $ 13,935  
Annual Contractual
Rent/Sq. Ft. (2)
   $ 21.24     $ 17.08     $ 17.03     $ 20.15     $ 22.08     $ 20.49     $ 19.96     $ 26.25     $ 19.92     $ 23.69     $ 21.90  

(1)   Rentable square feet leased as of December 31, 2003 out of approximately 512,000 total rentable square feet.

(2)   Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. If the lease does not provide for pass through of such operating expense reimbursements, an estimate of operating expenses is deducted from the rental rate shown. The contractual rental rate shown is the estimated rate in the year of expiration.

(3)   Rentable square feet leased as of December 31, 2003 out of approximately 427,000 total rentable square feet.

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COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of December 31, 2003

RETAIL

As of December 31, 2003, the Company’s retail portfolio included eight retail properties, excluding all properties currently under construction and/or in lease-up. The weighted average remaining lease term of these retail properties was approximately seven years as of December 31, 2003. Most of the major tenant leases in these retail properties provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

                                                                                         
                                                                            2013    
                                                                            &    
    2004   2005   2006   2007   2008   2009   2010   2011   2012   Thereafter   Total
   
 
 
 
 
 
 
 
 
 
 
Consolidated:
                                                                                        
Square Feet Expiring
     33,586       82,982       65,007       14,568       5,735       17,111       79,323       53,606       18,004       179,077       548,999 (1)
% of Leased Space
     6 %     15 %     12 %     3 %     1 %     3 %     15 %     10 %     3 %     32 %     100 %
Annual Contractual
Rent (000’s) (2)
   $ 534     $ 2,251     $ 1,595     $ 167     $ 166     $ 560     $ 2,009     $ 644     $ 564     $ 3,631     $ 12,121  
Annual Contractual
Rent/Sq. Ft. (2)
   $ 15.91     $ 27.12     $ 24.54     $ 11.48     $ 28.88     $ 32.71     $ 25.33     $ 12.02     $ 31.35     $ 20.28     $ 22.08  
Joint Venture:
                                                                                        
Square Feet Expiring
     26,600       50,695       167,790       79,005       55,721       39,155       101,551       142,866       236,849       360,860       1,261,092 (3)
% of Leased Space
     2 %     4 %     13 %     6 %     5 %     3 %     8 %     11 %     19 %     29 %     100 %
Annual Contractual
Rent (000’s) (2)
   $ 572     $ 722     $ 2,298     $ 1,658     $ 1,041     $ 561     $ 1,159     $ 2,186     $ 3,588     $ 6,057     $ 19,842  
Annual Contractual
Rent/Sq. Ft. (2)
   $ 21.50     $ 14.25     $ 13.70     $ 20.98     $ 18.68     $ 14.33     $ 11.41     $ 15.30     $ 15.15     $ 16.79     $ 15.73  
Total (including Company’s share of Joint Venture Properties):
Square Feet Expiring
     37,220       90,352       104,532       47,956       46,794       26,691       93,790       78,754       78,019       240,073       844,181  
% of Leased Space
     5 %     11 %     12 %     6 %     6 %     3 %     11 %     9 %     9 %     28 %     100 %
Annual Contractual
Rent (000’s) (2)
   $ 615     $ 2,369     $ 2,371     $ 927     $ 985     $ 756     $ 2,192     $ 1,153     $ 1,722     $ 4,722     $ 17,812  
Annual Contractual
Rent /Sq. Ft. (2)
   $ 16.51     $ 26.22     $ 22.68     $ 19.34     $ 21.06     $ 28.31     $ 23.37     $ 14.64     $ 22.07     $ 19.67     $ 21.10  

(1)   Gross leasable area leased as of December 31, 2003 out of approximately 600,000 total gross leasable area.

(2)   Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable and any percentage rents due. If the lease does not provide for pass through of such operating expense reimbursements, an estimate of operating expenses is deducted from the rental rate shown. The contractual rental rate shown is the estimated rate in the year of expiration.

(3)   Gross leasable area leased as of December 31, 2003 out of approximately 1,286,000 total gross leasable area.

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