SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 13, 2013
Cousins Properties Incorporated
(Exact name of registrant as specified in its charter)
Georgia
(State or other jurisdiction of incorporation)
001-11312
(Commission File Number)
58-0869052
(IRS Employer Identification Number)
191 Peachtree Street NE, Suite 500 Atlanta, Georgia 30303-1740
(Address of principal executive offices)
Registrants telephone number, including area code: (404) 407-1000
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition |
On February 13, 2013, Cousins Properties Incorporated (the Company) issued a Quarterly Information Package containing a press release and information about the Companys financial condition and results of operations for the quarter and year ended December 31, 2012. A copy of the Companys Quarterly Information Package is attached hereto as Exhibit 99.1. The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed filed with the Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.
Item 9.01. | Financial Statements, Pro Forma Financial Information and Exhibits |
(c) | Exhibits: |
Exhibit Number |
Description | |||
99.1 | Quarterly Information Package for the Quarter Ended December 31, 2012. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 13, 2013
COUSINS PROPERTIES INCORPORATED | ||
By: | /s/ Gregg D. Adzema | |
Gregg D. Adzema | ||
Executive Vice President and Chief Financial Officer |
Exhibit 99.1
COUSINS PROPERTIES INCORPORATED
QUARTERLY INFORMATION PACKAGE
For the Quarter Ended December 31, 2012
Certain matters discussed in this news release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk. These include, but are not limited to, the availability and terms of capital and financing; the ability to refinance indebtedness as it matures; failure of purchase, sale or other contracts to ultimately close; the availability of buyers and adequate pricing with respect to the disposition of assets; risks and uncertainties related to national and local economic conditions, the real estate industry in general and in specific markets, and the commercial markets in particular; market conditions and changes to the Companys strategy with regard to land and other non-core holdings that require impairment losses to be recognized; the effects of the sale of the Companys third party management business; leasing risks, including the ability to obtain new tenants or renew expiring tenants on favorable terms, and the ability to lease newly developed, recently acquired or current vacant space; financial condition of existing tenants; volatility in interest rates and insurance rates; the availability of sufficient investment opportunities; competition from other developers or investors; the risks associated with real estate developments and acquisitions (such as construction delays, cost overruns and leasing risk); loss of key personnel; potential liability for uninsured losses, condemnation or environmental issues; potential liability for a failure to meet regulatory requirements; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; and any failure to continue to qualify for taxation as a real estate investment trust and other risks detailed from time to time in the Companys filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Companys Annual Report on Form 10-K for the year ended December 31, 2012. The words believes, expects, anticipates, estimates, plans, may, intend, will or similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that such plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise, except as required under U.S. federal securities laws.
CONTACT: | ||
Gregg D. Adzema | Cameron Golden | |
Executive Vice President and | Vice President, Investor Relations and | |
Chief Financial Officer | Corporate Communications | |
(404) 407-1116 | (404) 407-1984 | |
greggadzema@cousinsproperties.com | camerongolden@cousinsproperties.com |
COUSINS REPORTS RESULTS FOR
QUARTER AND YEAR ENDED DECEMBER 31, 2012
Highlights
| Funds From Operations for the fourth quarter was $0.14 per share. Before special items, FFO for the quarter was $0.15 per share. |
| Sold $250.8 million in operating assets during the fourth quarter. |
| Sold $26.5 million in land during the fourth quarter. |
| Subsequent to quarter end, purchased Post Oak Central in Houston for $232.6 million and completed transactions at Terminus 100 and 200 in Atlanta that resulted in a 50% ownership interest in both buildings. |
ATLANTA (February 13, 2013) Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter and year ended December 31, 2012.
Cousins had an exceptional quarter and year, with solid operating performance and significant progress toward our strategic objectives, said Larry Gellerstedt, CEO of Cousins. We are thrilled to kick-off 2013 with the off-market acquisition of Post Oak Central in Houston, a 1.3 million-square-foot, Class-A office asset in the heart of the Galleria submarket. This investment not only serves as an attractive entry into a target market, it provides a rare combination of substantial in-place yield and significant future development opportunity.
Portfolio Activity
| Leased or renewed 184,000 square feet of office space and 106,000 square feet of retail space. |
| The office and retail portfolios finished the quarter 91% and 90% leased, respectively, on a same property basis. |
Transaction Activity
| Sold The Avenue Forsyth for $119.0 million, generating $105.7 million in net proceeds to the Company. |
| Sold the Companys interest in Palisades West for $64.8 million. |
| Sold The Avenue Webb Gin for $59.6 million. |
| Sold the 615 Peachtree land parcel for $11.0 million. |
| Sold the Terminus land parcels for $10.5 million. |
| Sold Cosmopolitan Center for $7.0 million. |
| Liquidated the Companys investment in Verde Realty for $5.4 million. |
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191 Peachtree Street NE Suite 500 Atlanta, Georgia 30303-1740 404/407-1000 FAX 404/407-1002
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CUZ Reports Fourth Quarter Results
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February 13, 2013
| Sold the remaining King Mill land parcel for $4.2 million. |
| For the year, the Company sold $401.2 million in operating properties, land and other non-core assets. |
Transactions Subsequent to Year End
| Purchased the remaining 80% interest in Terminus 200 from a fund managed by Morgan Stanley Real Estate Investing in a transaction that valued the property at $164.0 million, or $290 per square foot. |
| Formed a 50/50 joint venture with institutional investors advised by J.P. Morgan Asset Management for both Terminus 100 and Terminus 200, neighboring Class-AA office towers in Atlantas Buckhead submarket. Terminus 100 was attributed a value of $209.2 million, or $320 per square foot; Terminus 200 was attributed a value of $164.0 million, or $290 per square foot. |
| Purchased a 100% interest in Post Oak Central, a Class-A office complex in the Galleria submarket of Houston from institutional investors advised by J.P. Morgan Asset Management, for $232.6 million, or $182 per square foot. |
Financial Results
FFO was $14.2 million, or $0.14 per share, for the fourth quarter of 2012 compared with ($110.2) million, or ($1.06) per share, for the fourth quarter of 2011. FFO was $66.5 million, or $0.64 per share, for the year ended December 31, 2012, compared with ($76.9) million, or ($0.74) per share, for the same period in 2011.
Net income available to common stockholders was $30.1 million, or $0.29 per share, for the fourth quarter of 2012 compared with net loss available of ($129.0) million, or ($1.24) per share, for the fourth quarter of 2011. Net income available was $32.8 million, or $0.32 per share, for the year ended December 31, 2012, compared with net loss available of ($141.3) million, or ($1.36) per share, for the same period in 2011.
The Company recorded separation expenses in the fourth quarter of 2012 of $1.1 million in connection with the strategic re-organization the Company previously announced in the third quarter of 2012. The Company also recognized an additional $75,000 gain on the previously completed sale of Cousins Properties Services during the fourth quarter of 2012. The following table reconciles FFO to FFO before these special items for the three months ended December 31, 2012:
Actual ($000) |
Per Share |
|||||||
FFO |
$ | 14,167 | $ | 0.14 | ||||
Severance/reorganization expenses |
1,118 | 0.01 | ||||||
Gain on sale of Cousins Properties Services |
(75) | (0.00) | ||||||
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FFO before special items |
$ | 15,210 | $ | 0.15 | ||||
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Investor Conference Call and Webcast
The Company will conduct a conference call at 11:00 a.m. (Eastern Time) on Thursday, February 14, 2013, to discuss the results of the quarter and year ended December 31, 2012. The number to call for this interactive teleconference is (212) 231-2905.
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CUZ Reports Fourth Quarter Results
Page 3
February 13, 2013
A replay of the conference call will be available for 14 days by dialing (402) 977-9140 and entering the passcode 21645972. The replay can be accessed on the Companys website, www.cousinsproperties.com, through the Q4 2012 Cousins Properties Incorporated Earnings Conference Call link on the Investor Relations page.
Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office and retail projects. Since its founding in 1958, Cousins has developed 20 million square feet of office space and 20 million square feet of retail space. Cousins has built and maintained an industry-wide reputation for innovative and sustainable developments, premium management services and top quality leadership. The Company creates and maintains value in real estate assets for the benefit of shareholders, and partners. Cousins Properties is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ.
The Consolidated Statements of Comprehensive Income, Consolidated Balance Sheets and a schedule entitled Funds From Operations, which reconciles Net Income (Loss) Available to FFO, and a schedule entitled Same Property Information, which reconciles same property net operating income to rental property revenues and rental property expenses, are attached to this press release. More detailed information on Net Income (Loss) Available and FFO results is included in the Net Income and Funds From Operations Supplemental Detail schedule, which is included along with other supplemental information in the Companys Current Report on Form 8-K, which the Company is furnishing to the Securities and Exchange Commission (SEC), and, which can be viewed through the Supplemental Information and SEC Filings links on the Investor Information & Filings link of the Investor Relations page of the Companys website at www.cousinsproperties.com. This information may also be obtained by calling the Companys Investor Relations Department at (404) 407-1984.
Certain matters discussed in this news release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk. These include, but are not limited to, the availability and terms of capital and financing; the ability to refinance indebtedness as it matures; failure of purchase, sale or other contracts to ultimately close; the availability of buyers and adequate pricing with respect to the disposition of assets; risks and uncertainties related to national and local economic conditions, the real estate industry in general and in specific markets, and the commercial markets in particular; market conditions and changes to the Companys strategy with regard to land and other non-core holdings that require impairment losses to be recognized; the effects of the sale of the Companys third party management business; leasing risks, including the ability to obtain new tenants or renew expiring tenants on favorable terms, and the ability to lease newly developed, recently acquired or current vacant space; financial condition of existing tenants; volatility in interest rates and insurance rates; the availability of sufficient investment opportunities; competition from other developers or investors; the risks associated with real estate developments and acquisitions (such as construction delays, cost overruns and leasing risk); loss of key personnel; potential liability for uninsured losses, condemnation or environmental issues; potential liability for a failure to meet regulatory requirements; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; and any failure to continue to qualify for taxation as a real estate investment trust and other risks detailed from time to time in the Companys filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Companys Annual Report on Form 10-K for the year ended December 31, 2012. The words believes, expects, anticipates, estimates, plans, may, intend, will or similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that such plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise, except as required under U.S. federal securities laws.
3
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)
Three Months Ended December 31, |
Year
Ended December 31, |
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2012 | 2011 | 2012 | 2011 | |||||||||||||
REVENUES: |
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Rental property revenues |
$ | 33,394 | $ | 27,486 | $ | 125,609 | $ | 105,596 | ||||||||
Fee income |
4,812 | 3,092 | 17,797 | 13,821 | ||||||||||||
Land sales |
400 | 2,605 | 2,616 | 3,015 | ||||||||||||
Other |
644 | 460 | 2,256 | 6,614 | ||||||||||||
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39,250 | 33,643 | 148,278 | 129,046 | |||||||||||||
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COSTS AND EXPENSES: |
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Rental property operating expenses |
14,982 | 11,273 | 54,518 | 44,912 | ||||||||||||
Reimbursed expenses |
3,095 | 1,459 | 7,063 | 6,207 | ||||||||||||
Land cost of sales |
87 | 2,588 | 1,420 | 2,891 | ||||||||||||
General and administrative expenses |
5,684 | 6,338 | 23,208 | 24,166 | ||||||||||||
Interest expense |
5,997 | 6,281 | 23,933 | 27,784 | ||||||||||||
Depreciation and amortization |
11,719 | 9,267 | 43,559 | 34,580 | ||||||||||||
Impairment losses |
| 96,623 | 488 | 100,131 | ||||||||||||
Separation expenses |
1,118 | 4 | 1,985 | 197 | ||||||||||||
Other |
1,016 | 2,100 | 4,517 | 6,861 | ||||||||||||
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43,698 | 135,933 | 160,691 | 247,729 | |||||||||||||
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LOSS ON EXTINGUISHMENT OF DEBT |
| | (94 | ) | (74 | ) | ||||||||||
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LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES |
(4,448 | ) | (102,290 | ) | (12,507 | ) | (118,757 | ) | ||||||||
BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS |
30 | (31 | ) | (91 | ) | 186 | ||||||||||
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES |
25,042 | (25,767 | ) | 39,258 | (18,299 | ) | ||||||||||
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INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES |
20,624 | (128,088 | ) | 26,660 | (136,870 | ) | ||||||||||
GAIN ON SALE OF INVESTMENT PROPERTIES |
3,907 | 3,317 | 4,053 | 3,494 | ||||||||||||
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INCOME (LOSS) FROM CONTINUING OPERATIONS |
24,531 | (124,771 | ) | 30,713 | (133,376 | ) | ||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS: |
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Income (loss) from discontinued operations |
1,034 | (5,537 | ) | (1,201 | ) | 1,390 | ||||||||||
Gain on sale of discontinued operations |
10,200 | 6,082 | 18,407 | 8,519 | ||||||||||||
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11,234 | 545 | 17,206 | 9,909 | |||||||||||||
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NET INCOME (LOSS) |
35,765 | (124,226 | ) | 47,919 | (123,467 | ) | ||||||||||
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
(2,450 | ) | (1,504 | ) | (2,191 | ) | (4,958 | ) | ||||||||
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NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST |
33,315 | (125,730 | ) | 45,728 | (128,425 | ) | ||||||||||
DIVIDENDS TO PREFERRED STOCKHOLDERS |
(3,227 | ) | (3,227 | ) | (12,907 | ) | (12,907 | ) | ||||||||
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NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS |
$ | 30,088 | $ | (128,957 | ) | $ | 32,821 | $ | (141,332 | ) | ||||||
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PER COMMON SHARE INFORMATIONBASIC AND DILUTED: |
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Income (loss) from continuing operations attributable to controlling interest |
$ | 0.18 | $ | (1.25 | ) | $ | 0.15 | $ | (1.46 | ) | ||||||
Income (loss) from discontinued operations |
0.11 | 0.01 | $ | 0.17 | $ | 0.10 | ||||||||||
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Net income (loss) available to common stockholders |
$ | 0.29 | $ | (1.24 | ) | $ | 0.32 | $ | (1.36 | ) | ||||||
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WEIGHTED AVERAGE SHARESBASIC |
104,109 | 103,712 | 104,117 | 103,651 | ||||||||||||
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WEIGHTED AVERAGE SHARESDILUTED |
104,132 | 103,712 | 104,125 | 103,651 | ||||||||||||
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DIVIDENDS PER COMMON SHARE |
$ | 0.045 | $ | 0.045 | $ | 0.180 | $ | 0.180 | ||||||||
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4
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
(Unaudited, in thousands, except per share amounts)
Three Months
Ended December 31, |
Years
Ended December 31, |
|||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Net Income (Loss) Available to Common Stockholders |
$ | 30,088 | $ | (128,957 | ) | $ | 32,821 | $ | (141,332 | ) | ||||||
Depreciation and amortization: |
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Consolidated properties |
11,719 | 9,267 | 43,559 | 34,580 | ||||||||||||
Discontinued properties |
36 | 4,511 | 9,344 | 19,481 | ||||||||||||
Share of unconsolidated joint ventures |
2,584 | 2,566 | 10,230 | 10,357 | ||||||||||||
Depreciation of non-real estate assets: |
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Consolidated properties |
(232 | ) | (365 | ) | (1,075 | ) | (1,688 | ) | ||||||||
Discontinued properties |
| | | | ||||||||||||
Share of unconsolidated joint ventures |
| (5 | ) | (15 | ) | (20 | ) | |||||||||
Impairment loss on depreciable investment property net of amounts attributable to noncontrolling interests |
1,558 | 7,632 | 11,748 | 7,632 | ||||||||||||
Gain on sale of investment properties: |
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Consolidated properties |
(3,907 | ) | (3,317 | ) | (4,053 | ) | (3,494 | ) | ||||||||
Discontinued properties, net of noncontrolling interests |
(8,353 | ) | (4,792 | ) | (16,557 | ) | (5,649 | ) | ||||||||
Share of unconsolidated joint ventures |
(23,153 | ) | | (30,662 | ) | | ||||||||||
Gain on sale of undepreciated investment properties |
3,752 | 3,258 | 3,693 | 3,258 | ||||||||||||
Gain on sale of third party management and leasing business |
75 | | 7,459 | | ||||||||||||
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Funds From Operations Available to Common Stockholders |
$ | 14,167 | $ | (110,202 | ) | $ | 66,492 | $ | (76,875 | ) | ||||||
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Per Common ShareBasic and Diluted: |
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Net Income (Loss) Available |
$ | .29 | $ | (1.24 | ) | $ | .32 | $ | (1.36 | ) | ||||||
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Funds From Operations |
$ | .14 | $ | (1.06 | ) | $ | .64 | $ | (.74 | ) | ||||||
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Weighted Average SharesBasic |
104,109 | 103,712 | 104,117 | 103,651 | ||||||||||||
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Weighted Average SharesDiluted |
104,132 | 103,712 | 104,125 | 103,651 | ||||||||||||
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The table above shows Funds From Operations Available to Common Stockholders (FFO) and the related reconciliation to Net Income (Loss) Available to Common Stockholders for Cousins Properties Incorporated and Subsidiaries. The Company calculated FFO in accordance with the National Association of Real Estate Investment Trusts (NAREIT) definition, which is net income (loss) available to common stockholders (computed in accordance with accounting principles generally accepted in the United States (GAAP)), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable property, plus depreciation and amortization of real estate assets, impairment losses on depreciable investment property and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.
FFO is used by industry analysts and investors as a supplemental measure of an equity REITs operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. Management believes that the use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial, improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Company management evaluates operating performance in part based on FFO. Additionally, the Company uses FFO along with other measures, to assess performance in connection with evaluating and granting incentive compensation to its officers and other key employees.
Management believes that FFO before special items provides analysts and investors with appropriate information related to its core operations and for the comparability of the results of its operations with other real estate companies.
5
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
(Unaudited, in thousands, except share and per share amounts)
December 31, 2012 | December 31, 2011 | |||||||
ASSETS |
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PROPERTIES: |
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Operating properties, net of accumulated depreciation of $255,128 and $289,473 in 2012 and 2011, respectively |
$ | 669,652 | $ | 884,652 | ||||
Projects under development, net of accumulated depreciation of $183 in 2012 |
25,209 | 11,325 | ||||||
Land |
42,187 | 67,327 | ||||||
Other |
151 | 637 | ||||||
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Total properties |
737,199 | 963,941 | ||||||
OPERATING PROPERTIES AND RELATED ASSETS HELD FOR SALE, net of accumulated depreciation of $2,947 in 2012 |
1,866 | | ||||||
CASH AND CASH EQUIVALENTS |
176,892 | 4,858 | ||||||
RESTRICTED CASH |
2,852 | 4,929 | ||||||
NOTES AND ACCOUNTS RECEIVABLE, net of allowance for doubtful accounts of $1,743 and $5,100 in 2012 and 2011, respectively |
9,972 | 11,359 | ||||||
DEFERRED RENTS RECEIVABLE |
39,378 | 37,141 | ||||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |
97,868 | 160,587 | ||||||
OTHER ASSETS |
58,215 | 52,720 | ||||||
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TOTAL ASSETS |
$ | 1,124,242 | $ | 1,235,535 | ||||
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LIABILITIES AND EQUITY |
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NOTES PAYABLE |
$ | 425,410 | $ | 539,442 | ||||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
34,751 | 29,682 | ||||||
DEFERRED INCOME |
11,888 | 17,343 | ||||||
OTHER LIABILITIES |
9,240 | 8,910 | ||||||
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TOTAL LIABILITIES |
481,289 | 595,377 | ||||||
COMMITMENTS AND CONTINGENT LIABILITIES |
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REDEEMABLE NONCONTROLLING INTERESTS |
| 2,763 | ||||||
STOCKHOLDERS INVESTMENT: |
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Preferred stock, 20,000,000 shares authorized, $1 par value: |
||||||||
7.75% Series A cumulative redeemable preferred stock, $25 liquidation preference; 2,993,090 shares issued and outstanding in 2012 and 2011 |
74,827 | 74,827 | ||||||
7.50% Series B cumulative redeemable preferred stock, $25 liquidation preference; 3,791,000 shares issued and outstanding in 2012 and 2011 |
94,775 | 94,775 | ||||||
Common stock, $1 par value, 250,000,000 shares authorized, 107,660,080 and 107,272,078 shares issued in 2012 and 2011, respectively |
107,660 | 107,272 | ||||||
Additional paid-in capital |
690,024 | 687,835 | ||||||
Treasury stock at cost, 3,570,082 shares in 2012 and 2011 |
(86,840 | ) | (86,840 | ) | ||||
Distributions in excess of cumulative net income |
(260,104 | ) | (274,177 | ) | ||||
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TOTAL STOCKHOLDERS INVESTMENT |
620,342 | 603,692 | ||||||
Nonredeemable noncontrolling interests |
22,611 | 33,703 | ||||||
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|||||
TOTAL EQUITY |
642,953 | 637,395 | ||||||
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TOTAL LIABILITIES AND EQUITY |
$ | 1,124,242 | $ | 1,235,535 | ||||
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6
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 2012 AND 2011
(Unaudited, in thousands)
Three Months
Ended December 31, |
Year
Ended December 31, |
|||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Net Operating IncomeConsolidated Properties |
||||||||||||||||
Rental property revenues |
$ | 33,394 | $ | 27,486 | $ | 125,607 | $ | 105,596 | ||||||||
Rental property expenses |
14,982 | 11,273 | 54,517 | 44,912 | ||||||||||||
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Net Operating IncomeConsolidated Properties |
18,412 | 16,213 | 71,090 | 60,684 | ||||||||||||
Net Operating IncomeDiscontinued Operations |
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Rental property revenues |
2,917 | 8,680 | 22,517 | 41,092 | ||||||||||||
Rental property expenses |
685 | 3,225 | 6,746 | 15,481 | ||||||||||||
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Net Operating IncomeDiscontinued Operations |
2,232 | 5,455 | 15,771 | 25,611 | ||||||||||||
Net Operating IncomeUnconsolidated Joint Ventures |
5,508 | 6,235 | 23,596 | 24,258 | ||||||||||||
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Total Net Operating Income |
$ | 26,152 | $ | 27,903 | $ | 110,457 | $ | 110,553 | ||||||||
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Net Operating Income: |
||||||||||||||||
Same property |
19,589 | 19,723 | 77,775 | 76,127 | ||||||||||||
Non-same property |
6,563 | 8,180 | 32,682 | 34,426 | ||||||||||||
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Net Operating Income |
$ | 26,152 | $ | 27,903 | $ | 110,457 | $ | 110,553 | ||||||||
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This schedule shows same property net operating income and the related reconciliation to rental property revenues and rental property expenses. Net Operating Income is used by industry analysts, investors and Company management to measure operating performance of the Companys properties. Net Operating Income, which is rental property revenues less rental property operating expenses, excludes certain components from net income in order to provide results that are more closely related to a propertys results of operations. Certain items, such as interest expense, while included in FFO and net income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a propertys performance. Depreciation and amortization are also excluded from Net Operating Income. Additionally, appraisals of real estate are based on the value of an income stream before interest and depreciation. Same Property Net Operating Income includes those office and retail properties that have been fully operational in each of the comparable reporting periods. Same Property Net Operating Income allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Companys portfolio.
7
COUSINS PROPERTIES INCORPORATED
2010 | 2011 1st | 2011 2nd | 2011 3rd | 2011 4th | 2011 | 2012 1st | 2012 2nd | 2012 3rd | 2012 4th | 2012 | ||||||||||||||||||||||||||||||||||
Property Statistics | ||||||||||||||||||||||||||||||||||||||||||||
Number of Operating |
38 | 37 | 37 | 36 | 35 | 35 | 35 | 32 | 34 | 30 | 30 | |||||||||||||||||||||||||||||||||
Rentable Square Feet (in thousands) |
14,156 | 13,747 | 13,749 | 13,342 | 12,572 | 12,572 | 12,573 | 11,688 | 12,678 | 11,827 | 11,827 | |||||||||||||||||||||||||||||||||
Leverage Ratios (2) | ||||||||||||||||||||||||||||||||||||||||||||
Debt/Total Market Capitalization |
40 | % | 39 | % | 39 | % | 45 | % | 46 | % | 46 | % | 42 | % | 39 | % | 41 | % | 36 | % | 36 | % | ||||||||||||||||||||||
Debt/Total Undepreciated Assets |
35 | % | 34 | % | 34 | % | 33 | % | 37 | % | 37 | % | 38 | % | 36 | % | 38 | % | 35 | % | 35 | % | ||||||||||||||||||||||
Debt + Preferred/Total Market Capitalization |
50 | % | 49 | % | 48 | % | 57 | % | 57 | % | 57 | % | 52 | % | 49 | % | 51 | % | 47 | % | 47 | % | ||||||||||||||||||||||
Debt + Preferred/Total Undepreciated Assets |
43 | % | 43 | % | 43 | % | 42 | % | 46 | % | 46 | % | 47 | % | 45 | % | 47 | % | 45 | % | 45 | % | ||||||||||||||||||||||
Coverage Ratios (2) | ||||||||||||||||||||||||||||||||||||||||||||
Interest Coverage |
2.53 | 2.76 | 2.74 | 3.28 | 3.65 | 3.08 | 3.31 | 3.40 | 3.81 | 3.50 | 3.50 | |||||||||||||||||||||||||||||||||
Fixed Charges Coverage |
1.78 | 1.76 | 1.71 | 2.02 | 2.15 | 1.90 | 1.93 | 1.93 | 2.19 | 2.03 | 2.02 | |||||||||||||||||||||||||||||||||
Debt/Annualized EBITDA |
6.13 | 6.88 | 7.11 | 6.09 | 6.45 | 6.45 | 7.03 | 6.55 | 6.65 | 6.07 | 6.07 | |||||||||||||||||||||||||||||||||
Dividend Ratios (2) | ||||||||||||||||||||||||||||||||||||||||||||
FFO Payout Ratio |
111 | % | 57 | % | 43 | % | 33 | % | -4 | % | -24 | % | 35 | % | 36 | % | 18 | % | 33 | % | 28 | % | ||||||||||||||||||||||
FFO Before Certain Charges Payout Ratio |
72 | % | 40 | % | 42 | % | 32 | % | 29 | % | 35 | % | 37 | % | 35 | % | 29 | % | 31 | % | 33 | % | ||||||||||||||||||||||
FAD Payout Ratio |
226 | % | 133 | % | 297 | % | 94 | % | -4 | % | -17 | % | 55 | % | 59 | % | 25 | % | 57 | % | 43 | % | ||||||||||||||||||||||
FAD Before Certain Charges Payout Ratio |
107 | % | 66 | % | 246 | % | 92 | % | 51 | % | 80 | % | 61 | % | 59 | % | 51 | % | 51 | % | 55 | % | ||||||||||||||||||||||
Operations Ratios (2) | ||||||||||||||||||||||||||||||||||||||||||||
General and Administrative Expenses/Revenues Including Discontinued Operations |
12.2 | % | 15.1 | % | 13.5 | % | 9.0 | % | 13.3 | % | 12.7 | % | 14.0 | % | 12.2 | % | 9.8 | % | 13.2 | % | 12.2 | % | ||||||||||||||||||||||
Annualized General and Administrative Expenses/Total Undepreciated Assets |
1.5 | % | 1.5 | % | 1.3 | % | 0.9 | % | 1.3 | % | 1.3 | % | 1.4 | % | 1.3 | % | 1.2 | % | 1.3 | % | 1.2 | % |
(1) | In the fourth quarter 2012, the Company combined 100 Northpoint Center East, 200 Northpoint Center East, 333 Northpoint Center East and 555 Northpoint Center East and reported them as one property. Previous quarters were restated to be consistent with the new presentation. |
(2) | See calculations and reconciliations of Non-GAAP financial measures. |
8
COUSINS PROPERTIES INCORPORATED
FUNDS FROM OPERATIONSSUMMARY (1)
($ in thousands, except per share)
2010 | 2011 1st | 2011 2nd | 2011 3rd | 2011 4th | 2011 | 2012 1st | 2012 2nd | 2012 3rd | 2012 4th | 2012 | ||||||||||||||||||||||||||||||||||
NET OPERATING INCOME |
||||||||||||||||||||||||||||||||||||||||||||
OFFICE |
72,792 | 18,608 | 18,780 | 18,848 | 19,151 | 75,387 | 20,598 | 20,013 | 20,452 | 19,844 | 80,907 | |||||||||||||||||||||||||||||||||
RETAIL |
31,729 | 8,430 | 7,443 | 7,672 | 8,038 | 31,583 | 8,658 | 7,415 | 7,168 | 6,188 | 29,429 | |||||||||||||||||||||||||||||||||
OTHER |
3,721 | 1,051 | 911 | 907 | 714 | 3,583 | 1 | | | 120 | 121 | |||||||||||||||||||||||||||||||||
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TOTAL NET OPERATING INCOME |
108,242 | 28,089 | 27,134 | 27,427 | 27,903 | 110,553 | 29,257 | 27,428 | 27,620 | 26,152 | 110,457 | |||||||||||||||||||||||||||||||||
SALES LESS COST OF SALES |
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LAND |
12,502 | 296 | 425 | 686 | 3,829 | 5,236 | 385 | 89 | 378 | 4,063 | 4,915 | |||||||||||||||||||||||||||||||||
OTHER |
7,898 | 2,174 | 53 | (2 | ) | 25 | 2,250 | (1 | ) | 53 | | 257 | 309 | |||||||||||||||||||||||||||||||
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TOTAL SALES LESS COST OF SALES |
20,400 | 2,470 | 478 | 684 | 3,854 | 7,486 | 384 | 142 | 378 | 4,320 | 5,224 | |||||||||||||||||||||||||||||||||
FEE INCOME |
14,443 | 3,385 | 3,435 | 3,909 | 3,092 | 13,821 | 2,856 | 2,786 | 7,343 | 4,812 | 17,797 | |||||||||||||||||||||||||||||||||
THIRD PARTY MANAGEMENT AND LEASING REVENUES |
18,977 | 4,088 | 4,605 | 5,398 | 5,268 | 19,359 | 4,711 | 6,029 | 4,789 | 836 | 16,365 | |||||||||||||||||||||||||||||||||
OTHER INCOME |
1,312 | 571 | 644 | 448 | 541 | 2,204 | 1,507 | 112 | 3,329 | 205 | 5,153 | |||||||||||||||||||||||||||||||||
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TOTAL FEE AND OTHER INCOME |
34,732 | 8,044 | 8,684 | 9,755 | 8,901 | 35,384 | 9,074 | 8,927 | 15,461 | 5,853 | 39,315 | |||||||||||||||||||||||||||||||||
GAIN ON SALE OF THIRD PARTY MANAGEMENT AND LEASING BUSINESS |
| | | | | | | | 7,384 | 75 | 7,459 | |||||||||||||||||||||||||||||||||
THIRD PARTY MANAGEMENT AND LEASING EXPENSES |
(17,393 | ) | (4,093 | ) | (4,080 | ) | (4,241 | ) | (4,171 | ) | (16,585 | ) | (4,300 | ) | (4,607 | ) | (4,260 | ) | (508 | ) | (13,675 | ) | ||||||||||||||||||||||
REIMBURSED EXPENSES |
(6,297 | ) | (1,512 | ) | (1,371 | ) | (1,866 | ) | (1,459 | ) | (6,208 | ) | (1,376 | ) | (1,357 | ) | (1,235 | ) | (3,095 | ) | (7,063 | ) | ||||||||||||||||||||||
SEPARATION EXPENSES |
(1,045 | ) | (101 | ) | (77 | ) | (15 | ) | (4 | ) | (197 | ) | (213 | ) | (79 | ) | (574 | ) | (1,118 | ) | (1,985 | ) | ||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES |
(28,517 | ) | (7,400 | ) | (6,133 | ) | (4,295 | ) | (6,338 | ) | (24,166 | ) | (6,623 | ) | (5,646 | ) | (5,255 | ) | (5,684 | ) | (23,208 | ) | ||||||||||||||||||||||
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP |
(9,827 | ) | | | (74 | ) | | (74 | ) | (94 | ) | | | | (94 | ) | ||||||||||||||||||||||||||||
INTEREST EXPENSE |
(41,432 | ) | (8,736 | ) | (8,505 | ) | (7,813 | ) | (7,461 | ) | (32,515 | ) | (7,447 | ) | (6,937 | ) | (6,759 | ) | (7,011 | ) | (28,154 | ) | ||||||||||||||||||||||
IMPAIRMENT LOSSES |
(6,300 | ) | (3,508 | ) | (250 | ) | | (125,376 | ) | (129,134 | ) | | | (488 | ) | | (488 | ) | ||||||||||||||||||||||||||
OTHER EXPENSES |
(6,043 | ) | (1,400 | ) | (1,353 | ) | (1,814 | ) | (2,423 | ) | (6,990 | ) | (1,551 | ) | (1,232 | ) | (3,040 | ) | (1,388 | ) | (7,209 | ) | ||||||||||||||||||||||
INCOME TAX (PROVISION) BENEFIT |
1,079 | 64 | (27 | ) | 180 | (31 | ) | 186 | (27 | ) | (33 | ) | (60 | ) | 30 | (90 | ) | |||||||||||||||||||||||||||
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS |
(1,911 | ) | (568 | ) | (377 | ) | (393 | ) | (370 | ) | (1,708 | ) | (369 | ) | (228 | ) | (261 | ) | (232 | ) | (1,090 | ) | ||||||||||||||||||||||
PREFERRED STOCK DIVIDENDS |
(12,907 | ) | (3,227 | ) | (3,227 | ) | (3,226 | ) | (3,227 | ) | (12,907 | ) | (3,227 | ) | (3,227 | ) | (3,226 | ) | (3,227 | ) | (12,907 | ) | ||||||||||||||||||||||
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FFO |
32,781 | 8,122 | 10,896 | 14,309 | (110,202 | ) | (76,875 | ) | 13,488 | 13,152 | 25,685 | 14,167 | 66,492 | |||||||||||||||||||||||||||||||
WEIGHTED AVERAGE SHARESBASIC |
101,440 | 103,515 | 103,659 | 103,715 | 103,712 | 103,651 | 104,000 | 104,165 | 104,193 | 104,109 | 104,117 | |||||||||||||||||||||||||||||||||
WEIGHTED AVERAGE SHARESDILUTED |
101,440 | 103,530 | 103,684 | 103,718 | 103,712 | 103,655 | 104,000 | 104,165 | 104,203 | 104,132 | 104,125 | |||||||||||||||||||||||||||||||||
FFO PER SHARE- BASIC AND DILUTED |
0.32 | 0.08 | 0.11 | 0.14 | (1.06 | ) | (0.74 | ) | 0.13 | 0.13 | 0.25 | 0.14 | 0.64 |
(1) | Amounts may differ slightly from other schedules contained herein due to rounding. |
9
COUSINS PROPERTIES INCORPORATED
FUNDS FROM OPERATIONSSUPPLEMENTAL DETAIL (1)
(in thousands, except per share amounts and percentages)
2010 | 2011 1st | 2011 2nd | 2011 3rd | 2011 4th | 2011 | 2012 1st | 2012 2nd | 2012 3rd | 2012 4th | 2012 | ||||||||||||||||||||||||||||||||||
NET OPERATING INCOME |
||||||||||||||||||||||||||||||||||||||||||||
OFFICE: |
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CONSOLIDATED PROPERTIES: |
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191 PEACHTREE TOWER |
13,117 | 3,228 | 3,238 | 3,641 | 3,937 | 14,044 | 3,789 | 3,745 | 3,899 | 3,789 | 15,222 | |||||||||||||||||||||||||||||||||
TERMINUS 100 |
14,781 | 4,015 | 3,897 | 3,669 | 3,956 | 15,537 | 4,063 | 4,039 | 3,922 | 3,785 | 15,809 | |||||||||||||||||||||||||||||||||
THE AMERICAN CANCER SOCIETY CENTER |
10,818 | 2,771 | 2,995 | 2,927 | 2,878 | 11,571 | 2,872 | 2,581 | 2,744 | 2,832 | 11,029 | |||||||||||||||||||||||||||||||||
PROMENADE |
| | | | 693 | 693 | 2,014 | 2,324 | 2,124 | 2,286 | 8,748 | |||||||||||||||||||||||||||||||||
NORTH POINT CENTER EAST (2) |
6,810 | 1,670 | 1,697 | 1,501 | 1,495 | 6,363 | 1,254 | 1,268 | 1,142 | 1,521 | 5,185 | |||||||||||||||||||||||||||||||||
MERIDIAN MARK PLAZA |
3,686 | 895 | 946 | 1,021 | 1,001 | 3,863 | 1,015 | 996 | 1,013 | 1,009 | 4,033 | |||||||||||||||||||||||||||||||||
2100 ROSS AVENUE |
| | | | | | | | 876 | 635 | 1,511 | |||||||||||||||||||||||||||||||||
LAKESHORE PARK PLAZA |
2,203 | 546 | 505 | 490 | 558 | 2,099 | 559 | 559 | 513 | 535 | 2,166 | |||||||||||||||||||||||||||||||||
THE POINTS AT WATERVIEW |
1,927 | 415 | 423 | 523 | 463 | 1,824 | 504 | 557 | 516 | 488 | 2,065 | |||||||||||||||||||||||||||||||||
600 UNIVERSITY PARK PLACE |
1,526 | 182 | 300 | 352 | 355 | 1,189 | 384 | 354 | 376 | 388 | 1,502 | |||||||||||||||||||||||||||||||||
OTHER |
| | (4 | ) | (3 | ) | | (7 | ) | (5 | ) | (29 | ) | (3 | ) | (8 | ) | (45 | ) | |||||||||||||||||||||||||
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SUBTOTALOFFICE CONSOLIDATED |
54,868 | 13,722 | 13,997 | 14,121 | 15,336 | 57,176 | 16,449 | 16,394 | 17,122 | 17,260 | 67,225 | |||||||||||||||||||||||||||||||||
UNCONSOLIDATED PROPERTIES: |
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EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER |
3,679 | 933 | 992 | 960 | 937 | 3,822 | 970 | 920 | 950 | 918 | 3,758 | |||||||||||||||||||||||||||||||||
TERMINUS 200 |
62 | 14 | 67 | 140 | 242 | 463 | 358 | 374 | 439 | 374 | 1,545 | |||||||||||||||||||||||||||||||||
GATEWAY VILLAGE (3) |
1,208 | 302 | 302 | 302 | 302 | 1,208 | 302 | 302 | 302 | 302 | 1,208 | |||||||||||||||||||||||||||||||||
SOLD UNCONSOLIDATED PROPERTIES (4) |
7,345 | 2,127 | 1,975 | 2,024 | 2,036 | 8,162 | 2,045 | 1,692 | 1,538 | 1,020 | 6,295 | |||||||||||||||||||||||||||||||||
OTHER |
(52 | ) | (19 | ) | (14 | ) | (20 | ) | (10 | ) | (63 | ) | (14 | ) | (17 | ) | (18 | ) | (2 | ) | (51 | ) | ||||||||||||||||||||||
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SUBTOTALOFFICE UNCONSOLIDATED |
12,242 | 3,357 | 3,322 | 3,406 | 3,507 | 13,592 | 3,661 | 3,271 | 3,211 | 2,612 | 12,755 | |||||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS OFFICE (5) |
5,682 | 1,529 | 1,461 | 1,321 | 308 | 4,619 | 488 | 348 | 119 | (28 | ) | 927 | ||||||||||||||||||||||||||||||||
TOTALOFFICE NET OPERATING INCOME |
72,792 | 18,608 | 18,780 | 18,848 | 19,151 | 75,387 | 20,598 | 20,013 | 20,452 | 19,844 | 80,907 | |||||||||||||||||||||||||||||||||
RETAIL: |
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CONSOLIDATED PROPERTIES: |
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TIFFANY SPRINGS MARKETCENTER |
3,311 | 856 | 875 | 901 | 875 | 3,507 | 897 | 864 | 889 | 893 | 3,543 | |||||||||||||||||||||||||||||||||
MAHAN VILLAGE |
| | | | | | | | 55 | 259 | 314 | |||||||||||||||||||||||||||||||||
OTHER |
| | (3 | ) | (1 | ) | 1 | (3 | ) | | 4 | 2 | | 6 | ||||||||||||||||||||||||||||||
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SUBTOTALRETAIL CONSOLIDATED |
3,311 | 856 | 872 | 900 | 876 | 3,504 | 897 | 868 | 946 | 1,152 | 3,863 | |||||||||||||||||||||||||||||||||
UNCONSOLIDATED PROPERTIES: |
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THE AVENUE MURFREESBORO |
4,405 | 1,175 | 1,153 | 1,140 | 1,224 | 4,692 | 1,075 | 1,148 | 1,168 | 1,204 | 4,595 | |||||||||||||||||||||||||||||||||
CW INVESTMENTS (6) |
| 594 | 594 | 612 | 610 | 2,410 | 610 | 610 | 591 | 587 | 2,398 | |||||||||||||||||||||||||||||||||
NORTH POINT MARKETCENTER |
493 | 138 | 121 | 132 | 141 | 532 | 144 | 146 | 156 | 160 | 606 | |||||||||||||||||||||||||||||||||
GREENBRIER MARKETCENTER |
551 | 142 | 141 | 132 | 135 | 550 | 152 | 141 | 144 | 146 | 583 | |||||||||||||||||||||||||||||||||
THE AVENUE VIERA |
503 | 128 | 129 | 128 | 134 | 519 | 137 | 130 | 136 | 142 | 545 | |||||||||||||||||||||||||||||||||
THE AVENUE EAST COBB |
634 | 144 | 163 | 150 | 112 | 569 | 122 | 151 | 137 | 137 | 547 | |||||||||||||||||||||||||||||||||
THE AVENUE WEST COBB |
493 | 135 | 134 | 142 | 148 | 559 | 134 | 133 | 133 | 136 | 536 | |||||||||||||||||||||||||||||||||
THE AVENUE PEACHTREE CITY |
437 | 106 | 99 | 103 | 102 | 410 | 112 | 106 | 106 | 103 | 427 | |||||||||||||||||||||||||||||||||
LOS ALTOS MARKETCENTER |
220 | 84 | 10 | 60 | 67 | 221 | 71 | 53 | 56 | 85 | 265 | |||||||||||||||||||||||||||||||||
VIERA MARKETCENTER |
201 | 49 | 53 | 49 | 55 | 206 | 51 | 49 | 53 | 55 | 208 | |||||||||||||||||||||||||||||||||
EMORY POINT |
| | | | | | | | (9 | ) | 19 | 10 | ||||||||||||||||||||||||||||||||
OTHER |
| | (1 | ) | (1 | ) | | (2 | ) | | (1 | ) | | | (1 | ) | ||||||||||||||||||||||||||||
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SUBTOTALRETAIL UNCONSOLIDATED |
7,937 | 2,695 | 2,596 | 2,647 | 2,728 | 10,666 | 2,608 | 2,666 | 2,671 | 2,774 | 10,719 | |||||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS RETAIL (7) |
20,481 | 4,879 | 3,975 | 4,125 | 4,434 | 17,413 | 5,153 | 3,881 | 3,551 | 2,262 | 14,847 | |||||||||||||||||||||||||||||||||
TOTALRETAIL NET OPERATING INCOME |
31,729 | 8,430 | 7,443 | 7,672 | 8,038 | 31,583 | 8,658 | 7,415 | 7,168 | 6,188 | 29,429 | |||||||||||||||||||||||||||||||||
OTHER: |
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CONSOLIDATED PROPERTIES |
96 | 1 | | | | 1 | | | | | | |||||||||||||||||||||||||||||||||
UNCONSOLIDATED PROPERTIES: |
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EMORY POINT RESIDENTIAL |
| | | | | | | | | 122 | 122 | |||||||||||||||||||||||||||||||||
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SUBTOTALOTHER UNCONSOLIDATED |
| | | | | | | | | 122 | 122 | |||||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS OTHER (8) |
3,625 | 1,050 | 911 | 907 | 714 | 3,582 | 1 | | | (2 | ) | (1 | ) | |||||||||||||||||||||||||||||||
TOTALOTHER NET OPERATING INCOME |
3,721 | 1,051 | 911 | 907 | 714 | 3,583 | 1 | | | 120 | 121 | |||||||||||||||||||||||||||||||||
TOTAL NET OPERATING INCOME |
108,242 | 28,089 | 27,134 | 27,427 | 27,903 | 110,553 | 29,257 | 27,428 | 27,620 | 26,152 | 110,457 |
10
COUSINS PROPERTIES INCORPORATED
FUNDS FROM OPERATIONSSUPPLEMENTAL DETAIL (1)
(in thousands, except per share amounts and percentages)
2010 | 2011 1st | 2011 2nd | 2011 3rd | 2011 4th | 2011 | 2012 1st | 2012 2nd | 2012 3rd | 2012 4th | 2012 | ||||||||||||||||||||||||||||||||||
SALES LESS COST OF SALES |
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LAND SALES LESS COST OF SALESCONSOLIDATED |
6,941 | 96 | 4 | 7 | 3,275 | 3,382 | 385 | 89 | 378 | 4,063 | 4,915 | |||||||||||||||||||||||||||||||||
LAND SALES LESS COST OF SALESUNCONSOLIDATED |
5,561 | 200 | 421 | 679 | 554 | 1,854 | | | | | | |||||||||||||||||||||||||||||||||
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SUBTOTALLAND SALES LESS COST OF SALES |
12,502 | 296 | 425 | 686 | 3,829 | 5,236 | 385 | 89 | 378 | 4,063 | 4,915 | |||||||||||||||||||||||||||||||||
OTHERCONSOLIDATED |
7,425 | 2,157 | 20 | | | 2,177 | | 55 | | 226 | 281 | |||||||||||||||||||||||||||||||||
OTHER UNCONSOLIDATED |
473 | 17 | 33 | (2 | ) | 25 | 73 | (1 | ) | (2 | ) | | 31 | 28 | ||||||||||||||||||||||||||||||
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SUBTOTALOTHER SALES LESS COST OF SALES |
7,898 | 2,174 | 53 | (2 | ) | 25 | 2,250 | (1 | ) | 53 | | 257 | 309 | |||||||||||||||||||||||||||||||
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TOTAL SALES LESS COST OF SALES |
20,400 | 2,470 | 478 | 684 | 3,854 | 7,486 | 384 | 142 | 378 | 4,320 | 5,224 | |||||||||||||||||||||||||||||||||
FEE INCOME |
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DEVELOPMENT FEES |
2,013 | 532 | 612 | 994 | 712 | 2,850 | 525 | 640 | 5,278 | 2,616 | 9,059 | |||||||||||||||||||||||||||||||||
MANAGEMENT FEES (9) |
9,662 | 2,377 | 2,176 | 2,198 | 2,106 | 8,857 | 2,099 | 2,051 | 1,944 | 2,070 | 8,164 | |||||||||||||||||||||||||||||||||
LEASING & OTHER FEES |
2,768 | 476 | 647 | 717 | 274 | 2,114 | 232 | 95 | 121 | 126 | 574 | |||||||||||||||||||||||||||||||||
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TOTALFEE INCOME |
14,443 | 3,385 | 3,435 | 3,909 | 3,092 | 13,821 | 2,856 | 2,786 | 7,343 | 4,812 | 17,797 | |||||||||||||||||||||||||||||||||
THIRD PARTY MANAGEMENT AND LEASING REVENUES |
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DEVELOPMENT FEES |
1,239 | 249 | 271 | 266 | 588 | 1,374 | 314 | 272 | 296 | 37 | 919 | |||||||||||||||||||||||||||||||||
MANAGEMENT FEES (10) |
13,539 | 3,359 | 3,341 | 3,136 | 3,226 | 13,062 | 3,396 | 3,452 | 3,553 | 380 | 10,781 | |||||||||||||||||||||||||||||||||
LEASING & OTHER FEES |
4,199 | 480 | 993 | 1,996 | 1,454 | 4,923 | 1,001 | 2,305 | 940 | 419 | 4,665 | |||||||||||||||||||||||||||||||||
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TOTALTHIRD PARTY MANAGEMENT AND LEASING REVENUES |
18,977 | 4,088 | 4,605 | 5,398 | 5,268 | 19,359 | 4,711 | 6,029 | 4,789 | 836 | 16,365 | |||||||||||||||||||||||||||||||||
OTHER INCOME |
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TERMINATION FEES |
457 | 428 | 369 | 368 | 384 | 1,549 | 43 | 21 | | 64 | 128 | |||||||||||||||||||||||||||||||||
TERMINATION FEESDISCONTINUED OPERATIONS |
105 | 24 | | | 53 | 77 | 192 | 13 | 3,232 | 75 | 3,512 | |||||||||||||||||||||||||||||||||
INTEREST AND OTHER INCOMECONTINUING OPERATIONS |
775 | 135 | 203 | 96 | 105 | 539 | 1,289 | 92 | 98 | 72 | 1,551 | |||||||||||||||||||||||||||||||||
INTEREST AND OTHER INCOMEDISCONTINUED OPERATIONS |
(25 | ) | (16 | ) | 72 | (16 | ) | (1 | ) | 39 | (17 | ) | (14 | ) | (1 | ) | (6 | ) | (38 | ) | ||||||||||||||||||||||||
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TOTAL INTEREST INCOME & OTHER |
1,312 | 571 | 644 | 448 | 541 | 2,204 | 1,507 | 112 | 3,329 | 205 | 5,153 | |||||||||||||||||||||||||||||||||
TOTAL FEE AND OTHER INCOME |
34,732 | 8,044 | 8,684 | 9,755 | 8,901 | 35,384 | 9,074 | 8,927 | 15,461 | 5,853 | 39,315 | |||||||||||||||||||||||||||||||||
GAIN ON SALE OF THIRD PARTY MANAGEMENT AND LEASING BUSINESS |
| | | | | | | | 7,384 | 75 | 7,459 | |||||||||||||||||||||||||||||||||
THIRD PARTY MANAGEMENT AND LEASING EXPENSES |
(17,393 | ) | (4,093 | ) | (4,080 | ) | (4,241 | ) | (4,171 | ) | (16,585 | ) | (4,300 | ) | (4,607 | ) | (4,260 | ) | (508 | ) | (13,675 | ) | ||||||||||||||||||||||
REIMBURSED EXPENSES |
(6,297 | ) | (1,512 | ) | (1,371 | ) | (1,866 | ) | (1,459 | ) | (6,207 | ) | (1,376 | ) | (1,357 | ) | (1,235 | ) | (3,095 | ) | (7,063 | ) | ||||||||||||||||||||||
SEPARATION EXPENSES |
(1,045 | ) | (101 | ) | (77 | ) | (15 | ) | (4 | ) | (197 | ) | (213 | ) | (79 | ) | (574 | ) | (1,118 | ) | (1,985 | ) | ||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES |
(28,517 | ) | (7,400 | ) | (6,133 | ) | (4,295 | ) | (6,338 | ) | (24,166 | ) | (6,623 | ) | (5,646 | ) | (5,255 | ) | (5,684 | ) | (23,208 | ) | ||||||||||||||||||||||
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP |
(9,827 | ) | | | (74 | ) | | (74 | ) | (94 | ) | | | | (94 | ) |
11
COUSINS PROPERTIES INCORPORATED
FUNDS FROM OPERATIONSSUPPLEMENTAL DETAIL (1)
(in thousands, except per share amounts and percentages)
2010 | 2011 1st | 2011 2nd | 2011 3rd | 2011 4th | 2011 | 2012 1st | 2012 2nd | 2012 3rd | 2012 4th | 2012 | ||||||||||||||||||||||||||||||||||
INTEREST EXPENSE |
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CONSOLIDATED DEBT: |
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THE AMERICAN CANCER SOCIETY CENTER |
(8,982 | ) | (2,215 | ) | (2,240 | ) | (2,264 | ) | (2,260 | ) | (8,979 | ) | (2,230 | ) | (2,223 | ) | (2,242 | ) | (2,237 | ) | (8,932 | ) | ||||||||||||||||||||||
TERMINUS 100 |
(11,135 | ) | (1,842 | ) | (1,835 | ) | (1,829 | ) | (1,822 | ) | (7,328 | ) | (1,816 | ) | (1,808 | ) | (1,802 | ) | (1,795 | ) | (7,221 | ) | ||||||||||||||||||||||
191 PEACHTREE TOWER |
| | | | | | (28 | ) | (891 | ) | (891 | ) | (891 | ) | (2,701 | ) | ||||||||||||||||||||||||||||
UNSECURED CREDIT FACILITY |
(5,235 | ) | (1,475 | ) | (1,480 | ) | (1,665 | ) | (1,585 | ) | (6,205 | ) | (1,648 | ) | (777 | ) | (725 | ) | (562 | ) | (3,712 | ) | ||||||||||||||||||||||
MERIDIAN MARK PLAZA |
(1,763 | ) | (409 | ) | (408 | ) | (407 | ) | (406 | ) | (1,630 | ) | (404 | ) | (403 | ) | (402 | ) | (400 | ) | (1,609 | ) | ||||||||||||||||||||||
THE POINTS AT WATERVIEW |
(983 | ) | (242 | ) | (240 | ) | (239 | ) | (237 | ) | (958 | ) | (235 | ) | (234 | ) | (232 | ) | (230 | ) | (931 | ) | ||||||||||||||||||||||
MAHAN VILLAGE |
| | | | | | | (20 | ) | (43 | ) | (59 | ) | (122 | ) | |||||||||||||||||||||||||||||
NORTH POINT CENTER EAST (2) |
(3,264 | ) | (809 | ) | (653 | ) | (334 | ) | (334 | ) | (2,130 | ) | (332 | ) | (8 | ) | | | (340 | ) | ||||||||||||||||||||||||
600 UNIVERSITY PARK PLACE |
(933 | ) | (230 | ) | (229 | ) | (100 | ) | | (559 | ) | | | | | | ||||||||||||||||||||||||||||
LAKESHORE PARK PLAZA |
(1,112 | ) | (275 | ) | (273 | ) | | | (548 | ) | | | | | | |||||||||||||||||||||||||||||
OTHER |
(235 | ) | (47 | ) | | | | (47 | ) | (1 | ) | | | | (1 | ) | ||||||||||||||||||||||||||||
UNSECURED TERM LOAN |
(3,538 | ) | | | | | | | | | | | ||||||||||||||||||||||||||||||||
CAPITALIZED |
| | | 237 | 363 | 600 | 426 | 489 | 544 | 177 | 1,636 | |||||||||||||||||||||||||||||||||
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SUBTOTALCONSOLIDATED |
(37,180 | ) | (7,544 | ) | (7,358 | ) | (6,601 | ) | (6,281 | ) | (27,784 | ) | (6,268 | ) | (5,875 | ) | (5,793 | ) | (5,997 | ) | (23,933 | ) | ||||||||||||||||||||||
UNCONSOLIDATED DEBT: |
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THE AVENUE MURFREESBORO |
(1,409 | ) | (458 | ) | (417 | ) | (484 | ) | (453 | ) | (1,812 | ) | (444 | ) | (437 | ) | (438 | ) | (430 | ) | (1,749 | ) | ||||||||||||||||||||||
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER |
(1,472 | ) | (364 | ) | (361 | ) | (359 | ) | (357 | ) | (1,441 | ) | (355 | ) | (353 | ) | (351 | ) | (349 | ) | (1,408 | ) | ||||||||||||||||||||||
TERMINUS 200 |
(155 | ) | (89 | ) | (93 | ) | (98 | ) | (113 | ) | (393 | ) | (126 | ) | (129 | ) | (129 | ) | (128 | ) | (512 | ) | ||||||||||||||||||||||
EMORY POINT |
| | | | | | | | | (59 | ) | (59 | ) | |||||||||||||||||||||||||||||||
THE AVENUE EAST COBB |
(246 | ) | (49 | ) | (49 | ) | (49 | ) | (49 | ) | (196 | ) | (49 | ) | (48 | ) | (48 | ) | (48 | ) | (193 | ) | ||||||||||||||||||||||
TEN PEACHTREE PLACE |
(752 | ) | (184 | ) | (183 | ) | (182 | ) | (181 | ) | (730 | ) | (180 | ) | (80 | ) | | | (260 | ) | ||||||||||||||||||||||||
TEMCO ASSOCIATES |
(109 | ) | (26 | ) | (26 | ) | (25 | ) | (21 | ) | (98 | ) | (25 | ) | (15 | ) | | | (40 | ) | ||||||||||||||||||||||||
CL REALTY |
(109 | ) | (22 | ) | (18 | ) | (15 | ) | (6 | ) | (61 | ) | | | | | | |||||||||||||||||||||||||||
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SUBTOTALUNCONSOLIDATED |
(4,252 | ) | (1,192 | ) | (1,147 | ) | (1,212 | ) | (1,180 | ) | (4,731 | ) | (1,179 | ) | (1,062 | ) | (966 | ) | (1,014 | ) | (4,221 | ) | ||||||||||||||||||||||
TOTAL INTEREST EXPENSE |
(41,432 | ) | (8,736 | ) | (8,505 | ) | (7,813 | ) | (7,461 | ) | (32,515 | ) | (7,447 | ) | (6,937 | ) | (6,759 | ) | (7,011 | ) | (28,154 | ) | ||||||||||||||||||||||
IMPAIRMENT LOSSES |
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IMPAIRMENT LOSSCONSOLIDATED |
(2,554 | ) | (3,508 | ) | | | (96,623 | ) | (100,131 | ) | | | (488 | ) | | (488 | ) | |||||||||||||||||||||||||||
IMPAIRMENT LOSSOTHER |
(3,746 | ) | | | | | | | | | | | ||||||||||||||||||||||||||||||||
IMPAIRMENT LOSSUNCONSOLIDATED INVESTMENTS |
| | (250 | ) | | (28,753 | ) | (29,003 | ) | | | | | | ||||||||||||||||||||||||||||||
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TOTALIMPAIRMENT LOSSES |
(6,300 | ) | (3,508 | ) | (250 | ) | | (125,376 | ) | (129,134 | ) | | | (488 | ) | | (488 | ) | ||||||||||||||||||||||||||
OTHER EXPENSES |
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NONCONTROLLING INTERESTS |
(2,540 | ) | (581 | ) | (681 | ) | (613 | ) | (212 | ) | (2,087 | ) | (574 | ) | (631 | ) | (608 | ) | (604 | ) | (2,415 | ) | ||||||||||||||||||||||
PROPERTY TAXES & OTHER HOLDING COSTS |
(3,158 | ) | (803 | ) | (555 | ) | (522 | ) | (514 | ) | (2,394 | ) | (433 | ) | (320 | ) | (518 | ) | (467 | ) | (1,738 | ) | ||||||||||||||||||||||
PREDEVELOPMENT & OTHER |
(1,258 | ) | (59 | ) | (117 | ) | (164 | ) | (1,234 | ) | (1,574 | ) | (187 | ) | (76 | ) | (1,397 | ) | 37 | (1,623 | ) | |||||||||||||||||||||||
ACQUISITION COSTS |
| | | (102 | ) | (366 | ) | (468 | ) | (78 | ) | (67 | ) | (350 | ) | (299 | ) | (794 | ) | |||||||||||||||||||||||||
OTHERUNCONSOLIDATED |
914 | 43 | | (413 | ) | (97 | ) | (467 | ) | (279 | ) | (138 | ) | (167 | ) | (55 | ) | (639 | ) | |||||||||||||||||||||||||
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TOTALOTHER EXPENSES |
(6,042 | ) | (1,400 | ) | (1,353 | ) | (1,814 | ) | (2,423 | ) | (6,990 | ) | (1,551 | ) | (1,232 | ) | (3,040 | ) | (1,388 | ) | (7,209 | ) | ||||||||||||||||||||||
INCOME TAX (PROVISION) BENEFIT |
1,079 | 64 | (27 | ) | 180 | (31 | ) | 186 | (27 | ) | (33 | ) | (60 | ) | 30 | (90 | ) | |||||||||||||||||||||||||||
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS |
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CONSOLIDATED |
(1,884 | ) | (563 | ) | (372 | ) | (388 | ) | (365 | ) | (1,688 | ) | (364 | ) | (223 | ) | (256 | ) | (232 | ) | (1,075 | ) | ||||||||||||||||||||||
DISCONTINUED OPERATIONS |
(5 | ) | | | | | | | | | | | ||||||||||||||||||||||||||||||||
SHARE OF UNCONSOLIDATED JOINT VENTURES |
(22 | ) | (5 | ) | (5 | ) | (5 | ) | (5 | ) | (20 | ) | (5 | ) | (5 | ) | (5 | ) | | (15 | ) | |||||||||||||||||||||||
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TOTALNON-REAL ESTATE DEPRECIATION AND AMORTIZATION |
(1,911 | ) | (568 | ) | (377 | ) | (393 | ) | (370 | ) | (1,708 | ) | (369 | ) | (228 | ) | (261 | ) | (232 | ) | (1,090 | ) | ||||||||||||||||||||||
PREFERRED STOCK DIVIDENDS |
(12,907 | ) | (3,227 | ) | (3,227 | ) | (3,226 | ) | (3,227 | ) | (12,907 | ) | (3,227 | ) | (3,227 | ) | (3,226 | ) | (3,227 | ) | (12,907 | ) | ||||||||||||||||||||||
FFO |
32,781 | 8,122 | 10,896 | 14,309 | (110,202 | ) | (76,875 | ) | 13,488 | 13,152 | 25,685 | 14,167 | 66,492 | |||||||||||||||||||||||||||||||
WEIGHTED AVERAGE SHARESBASIC |
101,440 | 103,515 | 103,659 | 103,715 | 103,712 | 103,651 | 104,000 | 104,165 | 104,193 | 104,109 | 104,117 | |||||||||||||||||||||||||||||||||
WEIGHTED AVERAGE SHARESDILUTED |
101,440 | 103,530 | 103,684 | 103,718 | 103,712 | 103,655 | 104,000 | 104,165 | 104,203 | 104,132 | 104,125 | |||||||||||||||||||||||||||||||||
FFO PER SHAREBASIC AND DILUTED |
0.32 | 0.08 | 0.11 | 0.14 | (1.06 | ) | (0.74 | ) | 0.13 | 0.13 | 0.25 | 0.14 | 0.64 |
(1) | Amounts may differ slightly from other schedules contained herein due to rounding. |
(2) | In the fourth quarter 2012, the Company combined 100 Northpoint Center East, 200 Northpoint Center East, 333 Northpoint Center East and 555 Northpoint Center East and reported them as one property. Previous quarters were restated to be consistent with the new presentation. |
(3) | The Company receives an 11.46% current return on its $10.4 million investment in Gateway Village and recognizes this amount as NOI from this venture. See Joint Venture Information included herein for further details. |
(4) | In the fourth quarter 2012, the Company combined Palisades West, Ten Peachtree Place and Presbyterian Medical Plaza into one lineSold Unconsolidated Properties. Previous quarters were restated to be consistent with the new presentation. |
(5) | Discontinued Office Properties includes the discontinued NOI for the following consolidated Office Properties: Cosmopolitan Center, One Georgia Center, 8995 Westside Parkway, Galleria 75 and Inhibitex. |
(6) | The Company recognizes a 16.00% return on its investment in CW Investments as NOI from this investment. As of December 31, 2012, its investment in CW Investments was $14.4 million. CW Investments has an investment in four retail properties: Mt. Juliet Village, The Shops of Lee Village, Creek Plantation Village and Highland City Town Center. See Joint Information included herein for further details. |
(7) | Discontinued Retail Properties includes the discontinued NOI for the following consolidated Retail Properties: The Avenue Forsyth, The Avenue Webb Gin, The Avenue Collierville and San Jose MarketCenter. |
(8) | Discontinued Other Properties includes the discontinued NOI for the following consolidated Industrial Properties: King Mill Building 3, Jefferson Mill Building A and Lakeside Building 20. |
(9) | Management Fees include reimbursed expenses that are included in the Reimbursed Expenses line item. |
(10) | Management Fees related to third party management fee revenues include reimbursed expenses that are included in the Third Party Management and Leasing Expenses line item. |
12
COUSINS PROPERTIES INCORPORATED
OPERATING PROPERTIES
As of and For the Three Months ended December 31, 2012
Companys Share | ||||||||||||||||||||||||||||
Property Description |
Metropolitan Area |
Rentable Square Feet |
Companys Ownership Interest |
End of Period Leased |
Weighted Average Occupancy (1) |
% of Total Net Operating Income (2) |
Property Level Debt ($000) |
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I. |
OFFICE PROPERTIES |
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Terminus 100 |
Atlanta | 655,000 | 100.00 | % | 96 | % | 95 | % | 17 | % | 136,123 | |||||||||||||||||
191 Peachtree Tower |
Atlanta | 1,222,000 | 100.00 | % | 87 | % | 82 | % | 17 | % | 100,000 | |||||||||||||||||
The American Cancer Society Center |
Atlanta | 996,000 | 100.00 | % | 82 | % | 83 | % | 12 | % | 134,243 | |||||||||||||||||
Promenade (3) |
Atlanta | 775,000 | 100.00 | % | 73 | % | 66 | % | 10 | % | | |||||||||||||||||
North Point Center East (4) |
Atlanta | 540,000 | 100.00 | % | 91 | % | 92 | % | 7 | % | | |||||||||||||||||
Meridian Mark Plaza |
Atlanta | 160,000 | 100.00 | % | 98 | % | 98 | % | 4 | % | 26,194 | |||||||||||||||||
Emory University Hospital Midtown Medical Office Tower |
Atlanta | 358,000 | 50.00 | % | 99 | % | 99 | % | 4 | % | 23,248 | |||||||||||||||||
Terminus 200 (5) |
Atlanta | 566,000 | 20.00 | % | 88 | % | 88 | % | 2 | % | 14,868 | |||||||||||||||||
Inhibitex (6) |
Atlanta | 51,000 | 100.00 | % | 0 | % | 0 | % | 0 | % | | |||||||||||||||||
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GEORGIA | 5,323,000 | 73 | % | 434,676 | ||||||||||||||||||||||||
2100 Ross Avenue |
Dallas | 844,000 | 100.00 | % | 65 | % | 66 | % | 3 | % | | |||||||||||||||||
The Points at Waterview |
Dallas | 203,000 | 100.00 | % | 90 | % | 90 | % | 2 | % | 15,651 | |||||||||||||||||
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TEXAS | 1,047,000 | 5 | % | 15,651 | ||||||||||||||||||||||||
Lakeshore Park Plaza (3) |
Birmingham | 197,000 | 100.00 | % | 98 | % | 96 | % | 2 | % | | |||||||||||||||||
600 University Park Place (3) |
Birmingham | 123,000 | 100.00 | % | 98 | % | 94 | % | 2 | % | | |||||||||||||||||
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ALABAMA | 320,000 | 4 | % | | ||||||||||||||||||||||||
Gateway Village (5) |
Charlotte | 1,065,000 | 50.00 | % | 100 | % | 100 | % | 1 | % | 34,121 | |||||||||||||||||
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NORTH CAROLINA | 1,065,000 | 1 | % | 34,121 | ||||||||||||||||||||||||
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TOTAL OFFICE PROPERTIES |
7,755,000 | 83 | % | 484,448 | ||||||||||||||||||||||||
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II. | RETAIL PROPERTIES | |||||||||||||||||||||||||||
The Avenue West Cobb | Atlanta | 256,000 | 11.50 | % | 94 | % | 95 | % | 1 | % | | |||||||||||||||||
North Point MarketCenter | Atlanta | 401,000 | 10.32 | % | 100 | % | 100 | % | 1 | % | | |||||||||||||||||
The Avenue East Cobb | Atlanta | 230,000 | 11.50 | % | 86 | % | 86 | % | 0 | % | 4,073 | |||||||||||||||||
The Avenue Peachtree City | Atlanta | 183,000 | 11.50 | % | 92 | % | 91 | % | 0 | % | | |||||||||||||||||
Emory Point | Atlanta | 80,000 | 75.00 | % | 82 | % | 79 | % | 0 | % | 7,180 | |||||||||||||||||
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GEORGIA | 1,150,000 | 2 | % | 11,253 | ||||||||||||||||||||||||
The Avenue Murfreesboro | Nashville | 751,000 | 50.00 | % | 88 | % | 87 | % | 5 | % | 47,270 | |||||||||||||||||
Mt. Juliet Village (5) | Nashville | 91,000 | 50.50 | % | 80 | % | 80 | % | 1 | % | 3,106 | |||||||||||||||||
The Shops of Lee Village (5) | Nashville | 74,000 | 50.50 | % | 89 | % | 83 | % | 0 | % | 2,803 | |||||||||||||||||
Creek Plantation Village (5) | Chattanooga | 78,000 | 50.50 | % | 98 | % | 91 | % | 0 | % | 3,069 | |||||||||||||||||
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TENNESSEE | 994,000 | 6 | % | 56,248 | ||||||||||||||||||||||||
Tiffany Springs MarketCenter | Kansas City | 238,000 | 88.50 | % | 87 | % | 86 | % | 4 | % | | |||||||||||||||||
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MISSOURI | 238,000 | 4 | % | | ||||||||||||||||||||||||
Highland City Town Center (5) | Lakeland | 96,000 | 50.50 | % | 87 | % | 87 | % | 1 | % | 5,286 | |||||||||||||||||
The Avenue Viera | Viera | 332,000 | 11.50 | % | 96 | % | 96 | % | 1 | % | | |||||||||||||||||
Mahan Village (3) | Tallahassee | 147,000 | 100.00 | % | 88 | % | 55 | % | 1 | % | 13,027 | |||||||||||||||||
Viera MarketCenter | Viera | 178,000 | 11.50 | % | 94 | % | 97 | % | 0 | % | | |||||||||||||||||
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FLORIDA | 753,000 | 3 | % | 18,313 | ||||||||||||||||||||||||
Greenbrier MarketCenter | Chesapeake | 376,000 | 10.32 | % | 100 | % | 100 | % | 1 | % | | |||||||||||||||||
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VIRGINIA | 376,000 | 1 | % | | ||||||||||||||||||||||||
Los Altos MarketCenter | Long Beach | 157,000 | 10.32 | % | 100 | % | 94 | % | 0 | % | | |||||||||||||||||
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CALIFORNIA | 157,000 | 0 | % | | ||||||||||||||||||||||||
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TOTAL RETAIL PROPERTIES |
3,668,000 | 16 | % | 85,814 | ||||||||||||||||||||||||
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III. |
APARTMENTS | |||||||||||||||||||||||||||
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Emory Point | Atlanta | 404,000 | 75.00 | % | 30 | % | 21 | % | 1 | % | 25,456 | |||||||||||||||||
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GEORGIA | ||||||||||||||||||||||||||||
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TOTAL PORTFOLIO | 11,827,000 | 100 | % | 595,718 | ||||||||||||||||||||||||
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(1) | Weighted average occupancy represents an average of the square footage occupied at the property during the quarter. |
(2) | Calculation is based on amounts for the three months ended December 31, 2012. |
(3) | This property is shown as 100% as it is owned through a consolidated joint venture. See Joint Venture Information included herein for further details. |
(4) | Contains 4 Buildings100 North Point Center East, 200 North Point Center East, 333 North Point Center East and 555 North Point Center East. |
(5) | This property is owned through a joint venture with a third party who has contributed equity, but the equity ownership and the allocation of the results of operations and/or gain on sale may be disproportionate. |
(6) | This property is classified as held for sale as of December 31, 2012. |
13
COUSINS PROPERTIES INCORPORATED
LEASING AND OCCUPANCY
Weighted | Weighted | Weighted | ||||||||||||||||||||||||
Percent | Percent | Percent | Average | Average | Average | |||||||||||||||||||||
Leased | Leased | Leased | Occupancy | Occupancy | Occupancy | |||||||||||||||||||||
Property Description |
4Q11 | 3Q12 | 4Q12 | 4Q 11 (1) | 3Q 12 (1) | 4Q 12 (1) | ||||||||||||||||||||
I. | OFFICE PROPERTIES | |||||||||||||||||||||||||
Terminus 100 | 97 | % | 96 | % | 96 | % | 97 | % | 94 | % | 95 | % | ||||||||||||||
191 Peachtree Tower | 82 | % | 87 | % | 87 | % | 79 | % | 82 | % | 82 | % | ||||||||||||||
The American Cancer Society Center | 83 | % | 83 | % | 82 | % | 86 | % | 84 | % | 83 | % | ||||||||||||||
Meridian Mark Plaza | 97 | % | 98 | % | 98 | % | 97 | % | 97 | % | 98 | % | ||||||||||||||
Emory University Hospital Midtown Medical Office Tower |
100 | % | 99 | % | 99 | % | 100 | % | 96 | % | 99 | % | ||||||||||||||
North Point Center East (2) | 91 | % | 94 | % | 91 | % | 94 | % | 82 | % | 92 | % | ||||||||||||||
Terminus 200 | 87 | % | 88 | % | 88 | % | 63 | % | 88 | % | 88 | % | ||||||||||||||
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GEORGIACompany Share (3) | 87 | % | 89 | % | 89 | % | 87 | % | 86 | % | 87 | % | ||||||||||||||
The Points at Waterview | 88 | % | 90 | % | 90 | % | 86 | % | 90 | % | 90 | % | ||||||||||||||
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TEXASCompany Share (3) | 88 | % | 90 | % | 90 | % | 86 | % | 90 | % | 90 | % | ||||||||||||||
Lakeshore Park Plaza | 95 | % | 97 | % | 98 | % | 96 | % | 96 | % | 96 | % | ||||||||||||||
600 University Park Place | 93 | % | 95 | % | 98 | % | 92 | % | 94 | % | 94 | % | ||||||||||||||
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ALABAMACompany Share (3) | 94 | % | 96 | % | 98 | % | 94 | % | 95 | % | 95 | % | ||||||||||||||
Gateway Village | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||
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NORTH CAROLINACompany Share (3) | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||
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TOTAL OFFICE PROPERTIESCompany Share (3) |
89 | % | 91 | % | 91 | % | 89 | % | 88 | % | 89 | % | ||||||||||||||
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II. |
RETAIL PROPERTIES | |||||||||||||||||||||||||
The Avenue West Cobb | 96 | % | 95 | % | 94 | % | 98 | % | 96 | % | 95 | % | ||||||||||||||
North Point MarketCenter | 100 | % | 100 | % | 100 | % | 91 | % | 100 | % | 100 | % | ||||||||||||||
The Avenue East Cobb | 86 | % | 86 | % | 86 | % | 78 | % | 86 | % | 86 | % | ||||||||||||||
The Avenue Peachtree City | 89 | % | 94 | % | 92 | % | 90 | % | 89 | % | 91 | % | ||||||||||||||
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GEORGIACompany Share (3) | 94 | % | 95 | % | 94 | % | 90 | % | 94 | % | 94 | % | ||||||||||||||
The Avenue Murfreesboro | 88 | % | 88 | % | 88 | % | 86 | % | 87 | % | 87 | % | ||||||||||||||
Mt. Juliet Village | 80 | % | 80 | % | 80 | % | 77 | % | 80 | % | 80 | % | ||||||||||||||
The Shops of Lee Village | 83 | % | 87 | % | 89 | % | 79 | % | 83 | % | 83 | % | ||||||||||||||
Creek Plantation Village | 93 | % | 93 | % | 98 | % | 92 | % | 93 | % | 91 | % | ||||||||||||||
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TENNESSEECompany Share (3) | 87 | % | 87 | % | 88 | % | 85 | % | 87 | % | 87 | % | ||||||||||||||
Tiffany Springs MarketCenter | 83 | % | 87 | % | 87 | % | 83 | % | 84 | % | 86 | % | ||||||||||||||
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MISSOURICompany Share (3) | 83 | % | 87 | % | 87 | % | 83 | % | 84 | % | 86 | % | ||||||||||||||
Highland City Town Center | 87 | % | 87 | % | 87 | % | 87 | % | 87 | % | 87 | % | ||||||||||||||
The Avenue Viera | 97 | % | 97 | % | 96 | % | 97 | % | 95 | % | 96 | % | ||||||||||||||
Viera MarketCenter | 94 | % | 96 | % | 94 | % | 96 | % | 95 | % | 97 | % | ||||||||||||||
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FLORIDACompany Share (3) | 92 | % | 92 | % | 92 | % | 92 | % | 91 | % | 92 | % | ||||||||||||||
Greenbrier MarketCenter | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||
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VIRGINIACompany Share (3) | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||
Los Altos MarketCenter | 100 | % | 100 | % | 100 | % | 98 | % | 99 | % | 94 | % | ||||||||||||||
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CALIFORNIACompany Share (3) | 100 | % | 100 | % | 100 | % | 98 | % | 99 | % | 94 | % | ||||||||||||||
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TOTAL RETAIL PROPERTIESCompany Share (3) |
88 | % | 89 | % | 90 | % | 87 | % | 88 | % | 89 | % | ||||||||||||||
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TOTAL PORTFOLIOCompany Share (3) |
89 | % | 91 | % | 91 | % | 89 | % | 88 | % | 89 | % | ||||||||||||||
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(1) | Weighted average occupancy represents an average of the square footage occupied at the property during the quarter. |
(2) | Contains 4 Buildings100 North Point Center East, 200 North Point Center East, 333 North Point Center East and 555 North Point Center East. |
(3) | Company Share represents the applicable percentage weighted for the Companys ownership interest. |
14
COUSINS PROPERTIES INCORPORATED
NET OPERATING INCOME
($ in thousands)
Three Months Ended | Q4 12 vs. Q4 11 % Change |
Q4 12 vs. Q3 12 % Change |
||||||||||||||||||
December 31, 2012 |
December 31, 2011 |
September 30, 2012 |
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Rental Property Revenues (2) |
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Office |
26,830 | 26,693 | 27,241 | 0.5 | % | -1.5 | % | |||||||||||||
Retail |
4,830 | 4,701 | 4,843 | 2.7 | % | -0.3 | % | |||||||||||||
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Total Rental Property Revenues |
31,660 | 31,394 | 32,084 | 0.8 | % | -1.3 | % | |||||||||||||
Rental Property Operating Expenses (2) |
||||||||||||||||||||
Office |
10,889 | 10,569 | 11,425 | 3.0 | % | -4.7 | % | |||||||||||||
Retail |
1,183 | 1,102 | 1,274 | 7.4 | % | -7.1 | % | |||||||||||||
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Total Rental Property Operating Expenses |
12,072 | 11,671 | 12,699 | 3.4 | % | -4.9 | % | |||||||||||||
Same Property Net Operating Income |
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Office |
15,942 | 16,124 | 15,816 | -1.1 | % | 0.8 | % | |||||||||||||
Retail |
3,647 | 3,599 | 3,569 | 1.3 | % | 2.2 | % | |||||||||||||
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Total Same Property Net Operating Income |
19,589 | 19,723 | 19,385 | -0.7 | % | 1.1 | % | |||||||||||||
Three Months Ended | Q4 12 vs. Q4 11 % Change |
Q4 12 vs. Q3 12 % Change |
||||||||||||||||||
December 31, 2012 |
December 31, 2011 |
September 30, 2012 |
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Cash Basis Same Property Net Operating Income (3) |
||||||||||||||||||||
Office |
15,359 | 15,319 | 15,434 | 0.3 | % | -0.5 | % | |||||||||||||
Retail |
3,597 | 3,537 | 3,484 | 1.7 | % | 3.3 | % | |||||||||||||
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Total Cash Basis Same Property Net Operating Income |
18,956 | 18,856 | 18,918 | 0.5 | % | 0.2 | % | |||||||||||||
Year Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2011 | % Change | ||||||||||||||||||
Rental Property Revenues (2) |
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Office |
107,451 | 106,599 | 0.8 | % | ||||||||||||||||
Retail |
19,308 | 19,203 | 0.5 | % | ||||||||||||||||
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Total Rental Property Revenues |
126,759 | 125,802 | 0.8 | % | ||||||||||||||||
Rental Property Operating Expenses |
||||||||||||||||||||
Office |
43,923 | 44,610 | -1.5 | % | ||||||||||||||||
Retail |
5,061 | 5,067 | -0.1 | % | ||||||||||||||||
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Total Rental Property Operating Expenses |
48,984 | 49,677 | -1.4 | % | ||||||||||||||||
Same Property Net Operating Income |
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Office |
63,528 | 61,990 | 2.5 | % | ||||||||||||||||
Retail |
14,247 | 14,137 | 0.8 | % | ||||||||||||||||
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Total Same Property Net Operating Income |
77,775 | 76,127 | 2.2 | % | ||||||||||||||||
Year Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2011 | % Change | ||||||||||||||||||
Cash Basis Same Property Net Operating Income (3) |
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Office |
61,257 | 56,706 | 8.0 | % | ||||||||||||||||
Retail |
13,977 | 13,823 | 1.1 | % | ||||||||||||||||
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Total Cash Basis Same Property Net Operating Income |
75,234 | 70,529 | 6.7 | % |
(1) | Same Properties include those office and retail properties that were operational on January 1, 2011, excluding properties subsequently sold. |
(2) | Rental Property Revenues and Expenses includes results for the Company and its share of unconsolidated joint ventures. |
(3) | Cash Basis Same Property Net Operating Income includes that of the Company and its share of unconsolidated joint ventures. It represents Net Operating Income excluding straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents. |
15
COUSINS PROPERTIES INCORPORATED
As of December 31, 2012
OFFICE
As of December 31, 2012, the Companys office portfolio included 14 commercial office properties. The weighted average remaining lease term of these office properties was approximately six years as of December 31, 2012. Most of the major tenant leases in these buildings provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:
2022 & | ||||||||||||||||||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
Company Share |
||||||||||||||||||||||||||||||||||||||||||||
Square Feet Expiring |
341,823 | 324,807 | 507,656 | 855,524 | 653,729 | 333,857 | 338,038 | 290,306 | 502,502 | 1,429,527 | 5,577,769 | |||||||||||||||||||||||||||||||||
% of Leased Space |
6 | % | 6 | % | 9 | % | 15 | % | 12 | % | 6 | % | 6 | % | 5 | % | 9 | % | 26 | % | 100 | % | ||||||||||||||||||||||
Annual Contractual Rent ($000s) (1) |
$ | 6,684 | $ | 6,734 | $ | 11,268 | $ | 16,194 | $ | 15,742 | $ | 9,208 | $ | 8,260 | $ | 7,889 | $ | 12,707 | $ | 34,017 | $ | 128,703 | ||||||||||||||||||||||
Annual Contractual |
$ | 19.55 | $ | 20.73 | $ | 22.20 | $ | 18.93 | $ | 24.08 | $ | 27.58 | $ | 24.43 | $ | 27.17 | $ | 25.29 | $ | 23.80 | $ | 23.07 | ||||||||||||||||||||||
RETAIL
As of December 31, 2012, the Companys retail portfolio included 16 retail properties. The weighted average remaining lease term of these retail properties was approximately nine years as of December 31, 2012. 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: |
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2022 & | ||||||||||||||||||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
Company Share |
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Square Feet Expiring (2) |
44,332 | 51,254 | 55,863 | 66,176 | 90,812 | 214,923 | 150,656 | 32,593 | 19,027 | 363,070 | 1,088,706 | |||||||||||||||||||||||||||||||||
% of Leased Space |
4 | % | 5 | % | 5 | % | 6 | % | 8 | % | 20 | % | 14 | % | 3 | % | 2 | % | 33 | % | 100 | % | ||||||||||||||||||||||
Annual Contractual Rent ($000s) (1) |
$ | 911 | $ | 952 | $ | 1,047 | $ | 1,226 | $ | 1,908 | $ | 4,420 | $ | 2,971 | $ | 624 | $ | 527 | $ | 3,844 | $ | 18,430 | ||||||||||||||||||||||
Annual Contractual |
$ | 20.55 | $ | 18.58 | $ | 18.75 | $ | 18.53 | $ | 21.01 | $ | 20.57 | $ | 19.72 | $ | 19.16 | $ | 27.71 | $ | 10.59 | $ | 16.93 |
(1) | Annual Contractual Rent shown is the estimated rate in the year of expiration. It includes the minimum contractual rent paid by the tenant which, in most of the office leases, includes a base year of operating expenses. |
(2) | Certain leases contain termination options, with or without penalty, if co-tenancy clauses or sales volume levels are not achieved. The expiration date per the lease is used for these leases in the above table, although early termination is possible. |
16
COUSINS PROPERTIES INCORPORATED
As of December 31, 2012
Tenant (1) |
Product Type | Company Share of Annualized Base Rent (2) |
Average Remaining Lease Term (Years) | |||
1. Deloitte & Touche |
Office | 5% | 10 | |||
2. American Cancer Society |
Office | 4% | 10 | |||
3. Smith, Gambrell & Russell, LLP |
Office | 4% | 9 | |||
4. CB Richard Ellis, Inc. |
Office | 3% | 7 | |||
5. Internap Network Services |
Office | 3% | 7 | |||
6. US South Communications |
Office | 3% | 9 | |||
7. Bank of America (3) |
Office | 2% | 4 | |||
8. MedAssets Net Revenue Systems, LLC |
Office | 2% | 2 | |||
9. Morgan Stanley |
Office | 2% | 6 | |||
10. tvsdesign |
Office | 2% | 11 | |||
11. Emory University |
Office | 2% | 4 | |||
12. Bombardier Aerospace Corporation |
Office | 2% | 10 | |||
13. Publix |
Retail | 2% | 16 | |||
14. Wells Fargo Bank, N.A. |
Office | 1% | 4 | |||
15. Northside Hospital |
Office | 1% | 2 | |||
16. Cumulus Media, Inc. |
Office | 1% | 5 | |||
17. Georgia Lottery Corporation |
Office | 1% | 11 | |||
18. Premiere Global Services, Inc. |
Office | 1% | 6 | |||
19. Synovus |
Office | 1% | 4 | |||
20. Childrens Healthcare of Atlanta |
Office | 1% | 10 | |||
|
| |||||
43% | 8 | |||||
|
|
(1) | In some cases, the actual tenant may be an affiliate of the entity shown. |
(2) | Annualized Base Rent represents the annualized minimum rent paid by the tenant as of the date of this report. If the tenant is in a free rent period as of the date of this report, Annualized Base Rent represents the annualized minimum contractual rent the tenant will pay in the first month it is required to pay rent. |
(3) | A portion of the Companys economic exposure for this tenant is limited to a fixed return through a joint venture arrangement. |
NOTE: | This schedule includes tenants whose leases have commenced and/or have taken occupancy. Leases that have been signed but have not commenced are excluded from this schedule. |
17
COUSINS PROPERTIES INCORPORATED
As of December 31, 2012
($ in thousands)
Project |
Metropolitan Area |
Companys Ownership Interest |
Estimated Project Cost (2) |
Project Cost Incurred to Date (2) |
Number of Apartment Units/Square Feet |
Percent Leased |
Actual Opening (3) |
Estimated Stabilization(4) |
||||||||||||||||||||||||
Emory Point (Phase I) |
Atlanta, GA | 75 | % | $ | 102,300 | $ | 83,238 | |||||||||||||||||||||||||
Apartments |
443 | 30 | % | 3Q 12 | 2Q 14 | |||||||||||||||||||||||||||
Retail |
80,000 | 82 | % | 4Q 12 | 4Q 13 | |||||||||||||||||||||||||||
Mahan Village |
Tallahassee, FL | 100 | %(5) | $ | 25,800 | $ | 23,909 | |||||||||||||||||||||||||
Retail |
147,000 | 88 | % | 3Q 12 | 3Q 13 |
(1) | This schedule shows projects currently under active development through the point of stabilization. Amounts included in the estimated project cost column represent the estimated costs of the project through stabilization. Significant estimation is required to derive these costs and the final costs may differ from these estimates. The projected stabilization dates are also estimates and are subject to change as the project proceeds through the development process. |
(2) | Amount represents 100% of the estimated project cost. The projects are being funded with a combination of equity from the partners and $61.1 million and $15 million of construction loans for Emory Point and Mahan Village, respectively. As of December 31, 2012, $43.5 million and $13.0 million were outstanding under the Emory Point and Mahan Village loans, respectively. |
(3) | Actual opening represents the quarter within which the first retail space was open for operations and the quarter that the first apartment unit was occupied. |
(4) | Estimated stabilization represents the quarter within which the Company estimates it will achieve 90% economic occupancy. |
(5) | Companys ownership interest is shown at 100% as Mahan Village is owned in a joint venture which is consolidated with the Company. See Joint Venture Information included herein for further details. |
18
COUSINS PROPERTIES INCORPORATED
As of December 31, 2012
Metropolitan Area |
Companys Ownership Interest |
Developable Land Area (Acres) |
||||||||
COMMERCIAL |
||||||||||
Jefferson Mill Business Park |
Atlanta | 100.00 | % | 123 | ||||||
Wildwood Office Park |
Atlanta | 50.00 | % | 40 | ||||||
North Point |
Atlanta | 100.00 | % | 37 | ||||||
Wildwood Office Park |
Atlanta | 100.00 | % | 23 | ||||||
The Avenue Forsyth-Adjacent Land |
Atlanta | 100.00 | % | 11 | ||||||
549 / 555 / 557 Peachtree Street |
Atlanta | 100.00 | % | 1 | ||||||
|
|
|||||||||
Georgia |
235 | |||||||||
|
|
|||||||||
Round Rock |
Austin | 100.00 | % | 60 | ||||||
Research Park V |
Austin | 100.00 | % | 6 | ||||||
|
|
|||||||||
Texas |
66 | |||||||||
|
|
|||||||||
Highland City Town Center -Outparcels, Adjacent Land (1) (2) (3) |
Lakeland | 50.50 | % | 55 | ||||||
|
|
|||||||||
Florida |
55 | |||||||||
|
|
|||||||||
The Shops of Lee Village-Outparcels (2) (3) |
Nashville | 50.50 | % | 6 | ||||||
The Avenue Murfreesboro-Outparcels (2) (3) |
Nashville | 50.00 | % | 5 | ||||||
|
|
|||||||||
Tennessee |
11 | |||||||||
|
|
|||||||||
Tiffany Springs MarketCenter-Outparcels (2) |
Kansas City | 100.00 | % | 12 | ||||||
|
|
|||||||||
Missouri |
12 | |||||||||
|
|
|||||||||
TOTAL COMMERCIAL LAND ACRES HELD |
379 | |||||||||
|
|
|||||||||
COMPANYS SHARE OF TOTAL ACRES |
325 | |||||||||
|
|
|||||||||
COST BASIS OF COMMERCIAL LAND HELD |
$ | 64,124 | ||||||||
|
|
|||||||||
COMPANYS SHARE OF COST BASIS OF COMMERCIAL LAND HELD |
$ | 38,002 | ||||||||
|
|
|||||||||
RESIDENTIAL (4) |
||||||||||
Paulding County |
Atlanta | 50.00 | % | 5,565 | ||||||
Blalock Lakes |
Atlanta | 100.00 | % | 2,800 | ||||||
Callaway Gardens (5) |
Atlanta | 100.00 | % | 218 | ||||||
The Lakes at Cedar Grove |
Atlanta | 100.00 | % | 25 | ||||||
Longleaf at Callaway |
Atlanta | 100.00 | % | 4 | ||||||
|
|
|||||||||
Georgia |
8,612 | |||||||||
|
|
|||||||||
Padre Island |
Corpus Christi | 50.00 | % | 15 | ||||||
|
|
|||||||||
Texas |
15 | |||||||||
|
|
|||||||||
TOTAL RESIDENTIAL LAND ACRES HELD |
8,627 | |||||||||
|
|
|||||||||
COMPANYS SHARE OF TOTAL ACRES |
5,837 | |||||||||
|
|
|||||||||
COST BASIS OF RESIDENTIAL LAND HELD |
$ | 27,434 | ||||||||
|
|
|||||||||
COMPANYS SHARE OF COST BASIS OF RESIDENTIAL LAND HELD |
$ | 21,335 | ||||||||
|
|
|||||||||
GRAND TOTAL COMPANYS SHARE OF ACRES |
6,162 | |||||||||
|
|
|||||||||
GRAND TOTAL COMPANYS SHARE OF COST BASIS OF LAND HELD |
$ | 59,337 | ||||||||
|
|
(1) | Land is adjacent to an existing retail center and is anticipated to either be sold to a third party or developed as an additional phase of the retail center. |
(2) | Land relates to outparcels available for sale or ground lease. |
(3) | This project is owned through a joint venture with a third party who has contributed equity. See Joint Venture Information included herein for further details. |
(4) | Residential represents land that may be sold to third parties as lots or in large tracts for residential or commercial development. |
(5) | Companys ownership interest is shown at 100% as Callaway Gardens is owned in a joint venture which is consolidated with the Company. See Joint Venture Information included herein for further details. |
19
COUSINS PROPERTIES INCORPORATED
As of December 31, 2012
($ in thousands)
Description (Interest Rate Base, if not |
Companys Ownership Interest |
Rate End of Quarter |
Maturity Date |
Companys Share of Debt Maturities and Principal Payments | Companys Share Recourse (1) |
|||||||||||||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
CONSOLIDATED DEBT |
||||||||||||||||||||||||||||||||||||||||||||
Floating Rate Debt |
||||||||||||||||||||||||||||||||||||||||||||
Mahan Village (LIBOR + 1.65%; $15mm facility) |
100.00 | %(3) | 1.86 | % | 9/12/2014 | | 13,027 | | | | | 13,027 | 3,257 | |||||||||||||||||||||||||||||||
Credit Facility, Unsecured (LIBOR + 1.50%-2.10%; $350mm facility) (2) |
100.00 | % | 1.71 | % | 2/28/2016 | | | | | | | | | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Floating Rate Debt |
| 13,027 | | | | | 13,027 | 3,257 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Fixed Rate Debt |
||||||||||||||||||||||||||||||||||||||||||||
Callaway Gardens |
100.00 | % | 4.13 | % | 11/18/2013 | 172 | | | | | | 172 | | |||||||||||||||||||||||||||||||
The Points at Waterview |
100.00 | % | 5.66 | % | 1/1/2016 | 512 | 541 | 573 | 14,025 | | | 15,651 | | |||||||||||||||||||||||||||||||
The American Cancer Society Center (4) |
100.00 | % | 6.45 | % | 9/1/2017 | 1,528 | 1,632 | 1,741 | 1,834 | 127,508 | | 134,243 | | |||||||||||||||||||||||||||||||
191 Peachtree Tower |
100.00 | % | 3.35 | % | 10/1/2018 | | | | 1,305 | 2,013 | 96,682 | 100,000 | | |||||||||||||||||||||||||||||||
Meridian Mark Plaza |
100.00 | % | 6.00 | % | 8/1/2020 | 381 | 405 | 430 | 456 | 484 | 24,038 | 26,194 | | |||||||||||||||||||||||||||||||
Terminus 100 |
100.00 | % | 5.25 | % | 1/1/2023 | 2,182 | 2,300 | 2,424 | 2,554 | 2,691 | 123,972 | 136,123 | | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Fixed Rate Debt |
4,775 | 4,878 | 5,168 | 20,174 | 132,696 | 244,692 | 412,383 | | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
TOTAL CONSOLIDATED DEBT |
4,775 | 17,905 | 5,168 | 20,174 | 132,696 | 244,692 | 425,410 | 3,257 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
UNCONSOLIDATED DEBT |
||||||||||||||||||||||||||||||||||||||||||||
Floating Rate Debt |
||||||||||||||||||||||||||||||||||||||||||||
The Avenue Murfreesboro (LIBOR + 3.0%; $97.5mm facility) (5) |
50.00 | % | 3.21 | % | 12/31/2013 | 47,270 | | | | | | 47,270 | 26,220 | |||||||||||||||||||||||||||||||
Terminus 200 (LIBOR + 2.5%; $92mm facility) |
20.00 | % | 2.71 | % | 12/31/2013 | 14,868 | | | | | | 14,868 | | |||||||||||||||||||||||||||||||
Emory Point (LIBOR + 1.85%, $61.1mm facility) |
75.00 | % | 2.06 | % | 6/28/2014 | | 32,636 | | | | | 32,636 | 11,456 | |||||||||||||||||||||||||||||||
Highland City Town Center (LIBOR + 2.65%) |
50.50 | %(3) | 2.86 | % | 1/1/2016 | 109 | 116 | 123 | 4,938 | | | 5,286 | | |||||||||||||||||||||||||||||||
Creek Plantation Village (LIBOR + 2.65%) |
50.50 | %(3) | 2.86 | % | 1/1/2016 | 64 | 67 | 71 | 2,867 | | | 3,069 | | |||||||||||||||||||||||||||||||
Mt. Juliet Village (LIBOR + 2.85%; $9.2mm facility) |
50.50 | %(3) | 3.06 | % | 1/1/2016 | 51 | 58 | 62 | 2,935 | | | 3,106 | 1,538 | |||||||||||||||||||||||||||||||
The Shops of Lee Village (LIBOR + 2.85%; $7.1mm facility) |
50.50 | %(3) | 3.06 | % | 1/1/2016 | 46 | 53 | 56 | 2,648 | | | 2,803 | 1,388 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Floating Rate Debt |
62,408 | 32,930 | 312 | 13,388 | | | 109,038 | 40,602 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Fixed Rate Debt |
||||||||||||||||||||||||||||||||||||||||||||
Emory University Hospital Midtown Medical Office Tower |
50.00 | % | 5.90 | % | 6/1/2013 | 23,248 | | | | | | 23,248 | | |||||||||||||||||||||||||||||||
Gateway Village (6) |
50.00 | % | 6.41 | % | 12/1/2016 | 7,917 | 8,439 | 8,997 | 8,768 | | | 34,121 | | |||||||||||||||||||||||||||||||
The Avenue East Cobb |
11.50 | % | 4.52 | % | 12/1/2017 | 74 | 78 | 81 | 85 | 3,755 | | 4,073 | | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Fixed Rate Debt |
31,239 | 8,517 | 9,078 | 8,853 | 3,755 | | 61,442 | | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
TOTAL UNCONSOLIDATED DEBT |
$ | 93,647 | $ | 41,447 | $ | 9,390 | $ | 22,241 | $ | 3,755 | $ | | $ | 170,480 | $ | 40,602 | ||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
TOTAL DEBT |
$ | 98,422 | $ | 59,352 | $ | 14,558 | $ | 42,415 | $ | 136,451 | $ | 244,692 | $ | 595,890 | $ | 43,859 | ||||||||||||||||||||||||||||
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|
|
|
|||||||||||||||||||||||||||||
TOTAL MATURITIES (7) |
$ | 85,558 | $ | 45,663 | $ | | $ | 27,413 | $ | 131,263 | $ | 227,841 | $ | 517,739 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||
% OF MATURITIES |
17 | % | 9 | % | 0 | % | 5 | % | 25 | % | 44 | % | 100 | % |
Floating and Fixed Rate Debt Analysis |
||||||||||||||||
Total Debt ($) | Total Debt (%) | Weighted Average Interest Rate |
Weighted Average Maturity (Yrs.) |
|||||||||||||
Floating Rate Debt |
$ | 122,065 | 20 | % | 2.67 | % | 1.4 | |||||||||
Fixed Rate Debt |
473,825 | 80 | % | 5.35 | % | 6.3 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Debt |
$ | 595,890 | 100 | % | 4.80 | % | 5.3 | |||||||||
|
|
|
|
|
|
|
|
(1) | Non-recourse loans are subject to customary carve-outs. |
(2) | Total borrowing capacity of the Credit Facility at December 31, 2012 was 269.2 million. The spread over LIBOR at December 31, 2012 was 1.50%. |
(3) | The ownership percentage of the venture holding these loans and the allocation of results of operations and/or gain or loss on property sales may be disproportionate. |
(4) | The real estate and other assets of this property are restricted under a loan agreement such that these assets are not available to settle other debts of the Company. |
(5) | CF Murfreesboro Associates amended this note in the fourth quarter of 2012. The amendment extended the maturity date, reduced the amount available to $97.5 million, and reduced the interest rate spread over LIBOR to 2.5% for the last 5 months of the term. |
(6) | See Joint Venture Information for further details on the Gateway Village venture structure. Based on the structure of the venture and the nature of the related debt, the Company excludes the Gateway Village debt in certain of its leverage calculations. |
(7) | Maturities include lump sum principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date. |
20
COUSINS PROPERTIES INCORPORATED
As of December 31, 2012
Cash Flows to Cousins |
||||||||
Unconsolidated Joint Ventures |
Properties |
Operating |
Capital Transactions/Other |
GAAP Accounting | ||||
CP Venture Five | The Avenue West Cobb, The Avenue East Cobb, The Avenue Peachtree City, The Avenue Viera, Viera MarketCenter | 11.5% of operating cash flows. | 11.5% of proceeds. | Recognize 11.5% of net income from venture. | ||||
Charlotte Gateway Village LLC | Gateway Village | Preferred return on investment of 11.46%. | Cousins receives 50% of proceeds after partner receives distributions equal to Cousins. Cousins distributions are capped at a cumulative 17% IRR. | Recognize 11.46% of invested capital each period. | ||||
CF Murfreesboro Associates | The Avenue Murfreesboro | 50% of operating cash flows. | 50% of proceeds. | Recognize 50% of net income from venture. | ||||
CP Venture Two LLC | Greenbrier MarketCenter, Los Altos MarketCenter, North Point MarketCenter | 10.4% of operating cash flows. | 10.4% of proceeds. | Recognize 10.4% of net income from venture. | ||||
MSREF/Cousins Terminus 200 LLC | Terminus 200 | 20% of operating cash flows until Morgan Stanley receives a 15% IRR. Then, 30% of operating cash flows until Morgan Stanley receives a 20% IRR. Thereafter, 40% of operating cash flows. | Same as operating cash flows. | Recognize 20% of net income from venture. | ||||
CL Realty | Land | 50% of operating cash flows. | 50% of proceeds. | Recognize 50% of net income from venture. | ||||
Cousins Watkins LLC | Mt. Juliet Village, The Shops of Lee Village, Creek Plantation Village, Highland City Town Center | Preferred return of 9%, 39.65% of remaining operating cash flows. | Cousins receives all proceeds until it receives a 16% IRR. Then, Watkins receives their unreturned capital. Thereafter, 39.65% of remaining proceeds. | Recognize net income equal to 16% of investment. | ||||
Temco Associates LLC | Land | 50% of operating cash flows. | 50% of proceeds. | Recognize 50% of net income from venture. | ||||
EP I LLC | Emory Point | 75% of operating cash flows. | 75% of proceeds. | Recognize 75% of net income from venture. | ||||
Crawford Long-CPI, LLC | Emory University Hospital Midtown Medical Office Tower | 50% of Operating Cash Flows. | 50% of proceeds. | Recognize 50% of net income from venture. | ||||
Wildwood Associates | Land | 50% of operating cash flows. | 50% of proceeds. | Recognize 50% of net income from venture. | ||||
Consolidated Joint Ventures |
||||||||
CP Venture Six | Tiffany Springs MarketCenter, Promenade | Cousins receives all operating cash flow after partner receives preferred return of 6.5%. | Cousins receives 88.5% of proceeds from non-liquidating capital transactions. Upon liquidation, Cousins receives proceeds equal to an 8.5% IRR after partner receives an 8.5% IRR. Thereafter, Cousins receives 88.5% of proceeds. | Recognize revenues and expenses as if a wholly-owned property. Recognize minority interest for operating cash flows based on amounts earned by partner. Recognize additional minority interest to arrive at 8.5% IRR as assets are sold. | ||||
Cousins/Callaway LLC | Land | Cousins receives the first $2.0 million of cash flow; 77% of the next $17.7 million of cash flow; 50% of remaining cash flow until it receives an IRR of 20%; 40% of remaining until it receives an IRR of 25%; 25% of remainder. | Same as operating cash flow. | Recognize revenues and expenses as if a wholly-owned property. Recognize minority interest based on amounts earned by partner. | ||||
Cousins/Daniel LLC | Lakeshore Park Plaza, 600 University Park Place | Through preferred returns, Cousins receives all operating cash flows. | Cousins receives all capital proceeds. | Recognize revenues and expenses as if a wholly-owned property. No minority interest currently recorded. | ||||
Mahan Village LLC | Mahan Village | Cousins receives preferred return of 9% and receives 87% of remainder after partner receives 9% preferred return. | Cousins receives all proceeds until it obtains a 16% IRR. Cousins receives 75% of remaining proceeds after partner receives its investment and a 9% preferred return. | Recognize revenues and expenses as if a wholly-owned property. Recognize minority interest based on amounts earned by partner. |
21
COUSINS PROPERTIES INCORPORATED
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)
(in thousands, except per share amounts, percentages and ratios)
2010 | 2011 1st | 2011 2nd | 2011 3rd | 2011 4th | 2011 | 2012 1st | 2012 2nd | 2012 3rd | 2012 4th | 2012 | ||||||||||||||||||||||||||||||||||
2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX: |
||||||||||||||||||||||||||||||||||||||||||||
TOTAL BY SEGMENT: |
||||||||||||||||||||||||||||||||||||||||||||
OFFICE: |
||||||||||||||||||||||||||||||||||||||||||||
SECOND GENERATION LEASING RELATED COSTS |
5,363 | 1,896 | 6,357 | 5,821 | 2,528 | 16,602 | 1,933 | 2,393 | 4,825 | 4,031 | 13,181 | |||||||||||||||||||||||||||||||||
SECOND GENERATION BUILDING IMPROVEMENTS |
624 | 25 | 24 | 35 | 380 | 464 | 155 | 730 | 137 | 250 | 1,271 | |||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||
5,987 | 1,921 | 6,381 | 5,856 | 2,908 | 17,067 | 2,087 | 3,122 | 4,962 | 4,281 | 14,453 | ||||||||||||||||||||||||||||||||||
RETAIL: |
||||||||||||||||||||||||||||||||||||||||||||
SECOND GENERATION LEASING RELATED COSTS |
2,613 | 51 | 44 | 372 | 1,607 | 2,074 | 246 | 64 | 116 | 180 | 605 | |||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||
TOTAL 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX |
8,600 | 1,972 | 6,425 | 6,228 | 4,515 | 19,140 | 2,333 | 3,186 | 5,077 | 4,461 | 15,058 | |||||||||||||||||||||||||||||||||
NET OPERATING INCOME: |
||||||||||||||||||||||||||||||||||||||||||||
OFFICE CONSOLIDATED PROPERTIES |
54,867 | 13,721 | 13,998 | 14,122 | 15,336 | 57,177 | 16,451 | 16,395 | 17,121 | 17,260 | 67,227 | |||||||||||||||||||||||||||||||||
RETAIL CONSOLIDATED PROPERTIES |
3,311 | 856 | 872 | 900 | 876 | 3,504 | 897 | 868 | 946 | 1,152 | 3,863 | |||||||||||||||||||||||||||||||||
OTHER RENTAL OPERATIONS - CONSOLIDATED |
96 | 1 | | | | 1 | | | | | | |||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||
NET OPERATING INCOME - CONSOLIDATED |
58,274 | 14,578 | 14,870 | 15,023 | 16,213 | 60,684 | 17,348 | 17,263 | 18,067 | 18,412 | 71,090 | |||||||||||||||||||||||||||||||||
RENTAL PROPERTY REVENUES |
101,715 | 25,204 | 26,114 | 26,792 | 27,486 | 105,596 | 29,573 | 30,219 | 32,421 | 33,394 | 125,607 | |||||||||||||||||||||||||||||||||
RENTAL PROPERTY OPERATING EXPENSES |
(43,441 | ) | (10,626 | ) | (11,244 | ) | (11,769 | ) | (11,273 | ) | (44,912 | ) | (12,225 | ) | (12,956 | ) | (14,354 | ) | (14,982 | ) | (54,517 | ) | ||||||||||||||||||||||
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NET OPERATING INCOME - CONSOLIDATED |
58,274 | 14,578 | 14,870 | 15,023 | 16,213 | 60,684 | 17,348 | 17,263 | 18,067 | 18,412 | 71,090 | |||||||||||||||||||||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS: |
||||||||||||||||||||||||||||||||||||||||||||
RENTAL PROPERTY REVENUES |
46,613 | 11,089 | 10,574 | 10,749 | 8,680 | 41,092 | 7,919 | 6,455 | 5,226 | 2,917 | 22,517 | |||||||||||||||||||||||||||||||||
RENTAL PROPERTY OPERATING EXPENSES |
(16,824 | ) | (3,631 | ) | (4,228 | ) | (4,397 | ) | (3,224 | ) | (15,480 | ) | (2,279 | ) | (2,228 | ) | (1,554 | ) | (685 | ) | (6,746 | ) | ||||||||||||||||||||||
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NET OPERATING INCOME |
29,789 | 7,458 | 6,346 | 6,352 | 5,456 | 25,612 | 5,640 | 4,227 | 3,672 | 2,232 | 15,771 | |||||||||||||||||||||||||||||||||
TERMINATION FEES |
105 | 24 | | | 53 | 77 | 192 | 13 | 3,232 | 75 | 3,512 | |||||||||||||||||||||||||||||||||
INTEREST AND OTHER INCOME (EXPENSE) |
(25 | ) | (16 | ) | 72 | (16 | ) | (1 | ) | 39 | (17 | ) | (14 | ) | (1 | ) | (6 | ) | (38 | ) | ||||||||||||||||||||||||
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS |
(5 | ) | | | | | | | | | | | ||||||||||||||||||||||||||||||||
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FFO FROM DISCONTINUED OPERATING PROPERTIES |
29,864 | 7,466 | 6,418 | 6,336 | 5,508 | 25,728 | 5,815 | 4,226 | 6,903 | 2,301 | 19,245 | |||||||||||||||||||||||||||||||||
THIRD PARTY MANAGEMENT AND LEASING REVENUES |
18,977 | 4,088 | 4,605 | 5,398 | 5,268 | 19,359 | 4,711 | 6,029 | 4,789 | 836 | 16,365 | |||||||||||||||||||||||||||||||||
THIRD PARTY MANAGEMENT AND LEASING EXPENSES |
(17,393 | ) | (4,093 | ) | (4,080 | ) | (4,241 | ) | (4,171 | ) | (16,585 | ) | (4,300 | ) | (4,607 | ) | (4,260 | ) | (508 | ) | (13,675 | ) | ||||||||||||||||||||||
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FFO FROM THIRD PARTY MANAGEMENT AND LEASING |
1,584 | (5 | ) | 525 | 1,157 | 1,097 | 2,774 | 411 | 1,422 | 529 | 328 | 2,690 | ||||||||||||||||||||||||||||||||
FFO FROM DISCONTINUED OPERATIONS |
31,448 | 7,461 | 6,943 | 7,493 | 6,605 | 28,502 | 6,226 | 5,648 | 7,432 | 2,629 | 21,935 | |||||||||||||||||||||||||||||||||
DEPRECIATION AND AMORTIZATION OF REAL ESTATE |
(23,268 | ) | (5,150 | ) | (5,087 | ) | (4,733 | ) | (4,511 | ) | (19,481 | ) | (3,741 | ) | (2,468 | ) | (3,099 | ) | (36 | ) | (9,344 | ) | ||||||||||||||||||||||
IMPAIRMENT LOSSES |
| | | | (7,632 | ) | (7,632 | ) | (12,233 | ) | | | (1,558 | ) | (13,791 | ) | ||||||||||||||||||||||||||||
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INCOME FROM DISCONTINUED OPERATIONS |
8,180 | 2,311 | 1,856 | 2,760 | (5,537 | ) | 1,390 | (9,749 | ) | 3,180 | 4,333 | 1,035 | (1,200 | ) |
22
COUSINS PROPERTIES INCORPORATED
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)
(in thousands, except per share amounts, percentages and ratios)
2010 | 2011 1st | 2011 2nd | 2011 3rd | 2011 4th | 2011 | 2012 1st | 2012 2nd | 2012 3rd | 2012 4th | 2012 | ||||||||||||||||||||||||||||||||||
RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT |
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PROPERTY SALES AND COST OF SALES: |
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CONSOLIDATED: |
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RESIDENTIAL LOT AND OUTPARCEL SALESCONSOLIDATED: |
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RESIDENTIAL LOT SALES |
2,514 | 165 | 80 | 165 | 2,605 | 3,015 | 949 | 535 | 732 | 400 | 2,616 | |||||||||||||||||||||||||||||||||
OUTPARCEL SALES |
13,429 | | | | | | | | | | | |||||||||||||||||||||||||||||||||
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TOTAL RESIDENTIAL LOT AND OUTPARCEL SALES |
15,943 | 165 | 80 | 165 | 2,605 | 3,015 | 949 | 535 | 732 | 400 | 2,616 | |||||||||||||||||||||||||||||||||
RESIDENTIAL LOT AND OUTPARCEL COST OF SALESCONSOLIDATED: |
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RESIDENTIAL LOT COST OF SALES |
1,940 | 119 | 76 | 158 | 2,588 | 2,941 | 564 | 416 | 354 | 87 | 1,420 | |||||||||||||||||||||||||||||||||
OUTPARCEL COST OF SALES |
8,759 | (50 | ) | | | | (50 | ) | | | | | | |||||||||||||||||||||||||||||||
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TOTAL RESIDENTIAL LOT AND OUTPARCEL COST OF SALESCONSOLIDATED |
10,699 | 69 | 76 | 158 | 2,588 | 2,891 | 564 | 416 | 354 | 87 | 1,420 | |||||||||||||||||||||||||||||||||
TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES |
1,697 | | | | 3,258 | 3,258 | | (30 | ) | | | (30 | ) | |||||||||||||||||||||||||||||||
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RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY |
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SALES LESS COST OF SALESCONSOLIDATED |
6,941 | 96 | 4 | 7 | 3,275 | 3,382 | 385 | 90 | 378 | 313 | 1,166 | |||||||||||||||||||||||||||||||||
SUMMARYCONSOLIDATED: |
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RESIDENTIAL LOT SALES LESS COST OF SALES |
574 | 46 | 4 | 7 | 17 | 74 | 385 | 120 | 378 | 313 | 1,196 | |||||||||||||||||||||||||||||||||
OUTPARCEL SALES LESS COST OF SALES |
4,670 | 50 | | | | 50 | | | | | | |||||||||||||||||||||||||||||||||
TRACT SALES LESS COST OF SALES |
1,697 | | | | 3,258 | 3,258 | | (30 | ) | | 3,750 | 3,720 | ||||||||||||||||||||||||||||||||
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TOTAL CONSOLIDATED SALES LESS COST OF SALES |
6,941 | 96 | 4 | 7 | 3,275 | 3,382 | 385 | 90 | 378 | 4,063 | 4,916 | |||||||||||||||||||||||||||||||||
OTHER SALES AND COST OF SALES: |
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CONSOLIDATED: |
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OTHER SALESCONSOLIDATED: |
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OTHER SALES |
34,442 | 4,657 | 7 | | | 4,664 | | 174 | | 520 | 694 | |||||||||||||||||||||||||||||||||
OTHER COST OF SALES |
(27,017 | ) | (2,500 | ) | 13 | | | (2,487 | ) | | (119 | ) | | (294 | ) | (413 | ) | |||||||||||||||||||||||||||
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OTHER SALES LESS COST OF SALESCONSOLIDATED |
7,425 | 2,157 | 20 | | | 2,177 | | 55 | | 226 | 281 | |||||||||||||||||||||||||||||||||
UNCONSOLIDATED: |
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OTHER SALESUNCONSOLIDATED: |
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OTHER SALES |
389 | | | | | | | | | | | |||||||||||||||||||||||||||||||||
OTHER COST OF SALES |
(266 | ) | (5 | ) | | | | (5 | ) | | | | | | ||||||||||||||||||||||||||||||
OTHER, NET |
350 | 22 | 33 | (2 | ) | 25 | 77 | (1 | ) | (2 | ) | | 31 | 28 | ||||||||||||||||||||||||||||||
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OTHER SALES LESS COST OF SALES - SHARE OF UNCONSOLIDATED |
473 | 17 | 33 | (2 | ) | 25 | 72 | (1 | ) | (2 | ) | | 31 | 28 | ||||||||||||||||||||||||||||||
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TOTAL OTHER SALES FFO |
7,898 | 2,174 | 53 | (2 | ) | 25 | 2,249 | (1 | ) | 53 | | 257 | 309 | |||||||||||||||||||||||||||||||
UNCONSOLIDATED: |
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RESIDENTIAL LOT, OUTPARCEL AND TRACT SALESUNCONSOLIDATED: |
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RESIDENTIAL LOT SALES |
7,768 | 1,186 | 2,229 | 1,875 | 2,053 | 7,343 | | | | | | |||||||||||||||||||||||||||||||||
OUTPARCEL SALES |
516 | | | | | | | | | | | |||||||||||||||||||||||||||||||||
TRACT SALES |
10,633 | 572 | 29 | 152 | 41 | 794 | 176 | | | | 176 | |||||||||||||||||||||||||||||||||
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TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES |
18,917 | 1,758 | 2,258 | 2,027 | 2,093 | 8,137 | 176 | | | | 176 | |||||||||||||||||||||||||||||||||
RESIDENTIAL LOT, OUTPARCEL AND TRACT COST OF SALESUNCONSOLIDATED: |
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RESIDENTIAL LOT COST OF SALES |
5,896 | 1,006 | 1,835 | 1,363 | 1,566 | 5,770 | | | | | | |||||||||||||||||||||||||||||||||
OUTPARCEL COST OF SALES |
434 | | | | | | | | | | | |||||||||||||||||||||||||||||||||
TRACT COST OF SALES |
7,026 | 552 | 2 | (15 | ) | (26 | ) | 513 | 176 | | | | 176 | |||||||||||||||||||||||||||||||
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TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT COST OF SALES |
13,356 | 1,558 | 1,837 | 1,348 | 1,540 | 6,283 | 176 | | | | 176 | |||||||||||||||||||||||||||||||||
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS |
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COST OF SALESUNCONSOLIDATED |
5,561 | 200 | 421 | 679 | 554 | 1,854 | | | | | | |||||||||||||||||||||||||||||||||
SUMMARY - UNCONSOLIDATED: |
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RESIDENTIAL LOT SALES LESS COST OF SALES |
1,872 | 180 | 394 | 512 | 487 | 1,573 | | | | | | |||||||||||||||||||||||||||||||||
OUTPARCEL SALES LESS COST OF SALES |
82 | | | | | | | | | | | |||||||||||||||||||||||||||||||||
TRACT SALES LESS COST OF SALES |
3,607 | 20 | 27 | 167 | 67 | 281 | | | | | | |||||||||||||||||||||||||||||||||
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RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALESSHARE OF UNCONSOLIDATEDS |
5,561 | 200 | 421 | 679 | 554 | 1,854 | | | | | | |||||||||||||||||||||||||||||||||
TOTAL RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES LESS COST OF SALES |
12,502 | 296 | 425 | 686 | 3,829 | 5,236 | 385 | 90 | 378 | 4,063 | 4,916 |
23
COUSINS PROPERTIES INCORPORATED
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)
(in thousands, except per share amounts, percentages and ratios)
2010 | 2011 1st | 2011 2nd | 2011 3rd | 2011 4th | 2011 | 2012 1st | 2012 2nd | 2012 3rd | 2012 4th | 2012 | ||||||||||||||||||||||||||||||||||
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES: |
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NET OPERATING INCOME: |
||||||||||||||||||||||||||||||||||||||||||||
OFFICE PROPERTIES |
12,242 | 3,357 | 3,322 | 3,406 | 3,507 | 13,592 | 3,661 | 3,271 | 3,211 | 2,612 | 12,755 | |||||||||||||||||||||||||||||||||
RETAIL PROPERTIES |
7,937 | 2,695 | 2,596 | 2,647 | 2,728 | 10,666 | 2,608 | 2,666 | 2,671 | 2,774 | 10,719 | |||||||||||||||||||||||||||||||||
OTHER PROPERTIES |
| | | | | | | | 122 | 122 | ||||||||||||||||||||||||||||||||||
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NET OPERATING INCOME |
20,179 | 6,052 | 5,918 | 6,053 | 6,235 | 24,258 | 6,269 | 5,937 | 5,882 | 5,508 | 23,596 | |||||||||||||||||||||||||||||||||
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALES |
5,561 | 200 | 421 | 679 | 554 | 1,854 | | | | | | |||||||||||||||||||||||||||||||||
OTHER SALES LESS COST OF SALES |
473 | 17 | 33 | (2 | ) | 25 | 73 | (1 | ) | (2 | ) | | 31 | 28 | ||||||||||||||||||||||||||||||
TERMINATION FEES |
48 | 58 | | | 15 | 73 | 42 | 18 | | 2 | 62 | |||||||||||||||||||||||||||||||||
INTEREST EXPENSE |
(4,252 | ) | (1,192 | ) | (1,147 | ) | (1,212 | ) | (1,180 | ) | (4,731 | ) | (1,179 | ) | (1,062 | ) | (966 | ) | (1,014 | ) | (4,221 | ) | ||||||||||||||||||||||
OTHER EXPENSE |
913 | 43 | | (413 | ) | (97 | ) | (467 | ) | (279 | ) | (138 | ) | (167 | ) | (55 | ) | (639 | ) | |||||||||||||||||||||||||
IMPAIRMENT LOSSES |
(3,746 | ) | | (250 | ) | | (28,753 | ) | (29,003 | ) | | | | | | |||||||||||||||||||||||||||||
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS |
(22 | ) | (5 | ) | (5 | ) | (5 | ) | (5 | ) | (20 | ) | (5 | ) | (5 | ) | (5 | ) | | (15 | ) | |||||||||||||||||||||||
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FUNDS FROM OPERATIONS - UNCONSOLIDATED JOINT VENTURES |
19,154 | 5,173 | 4,970 | 5,100 | (23,206 | ) | (7,963 | ) | 4,847 | 4,748 | 4,744 | 4,472 | 18,811 | |||||||||||||||||||||||||||||||
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET |
| | | | | | | 7,509 | | 23,153 | 30,662 | |||||||||||||||||||||||||||||||||
DEPRECIATION AND AMORTIZATION OF REAL ESTATE |
(9,661 | ) | (2,678 | ) | (2,658 | ) | (2,440 | ) | (2,561 | ) | (10,337 | ) | (2,661 | ) | (2,495 | ) | (2,475 | ) | (2,584 | ) | (10,215 | ) | ||||||||||||||||||||||
NET INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES |
9,493 | 2,496 | 2,312 | 2,660 | (25,767 | ) | (18,299 | ) | 2,186 | 9,762 | 2,269 | 25,042 | 39,258 | |||||||||||||||||||||||||||||||
MARKET CAPITALIZATION |
||||||||||||||||||||||||||||||||||||||||||||
COMMON STOCK PRICE AT PERIOD END |
8.34 | 8.35 | 8.54 | 5.85 | 6.41 | 6.41 | 7.58 | 7.75 | 7.94 | 8.35 | 8.35 | |||||||||||||||||||||||||||||||||
NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END |
103,392 | 103,631 | 103,714 | 103,714 | 103,702 | 103,702 | 104,139 | 104,215 | 104,136 | 104,090 | 104,090 | |||||||||||||||||||||||||||||||||
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COMMON STOCK CAPITALIZATION |
862,289 | 865,319 | 885,718 | 606,727 | 664,730 | 664,730 | 789,374 | 807,666 | 826,840 | 869,152 | 869,152 | |||||||||||||||||||||||||||||||||
PREFERRED STOCK-SERIES A-PRICE AT LIQUIDATION VALUE |
74,827 | 74,827 | 74,827 | 74,827 | 74,827 | 74,827 | 74,827 | 74,827 | 74,827 | 74,827 | 74,827 | |||||||||||||||||||||||||||||||||
PREFERRED STOCK-SERIES B-PRICE AT LIQUIDATION VALUE |
94,775 | 94,775 | 94,775 | 94,775 | 94,775 | 94,775 | 94,775 | 94,775 | 94,775 | 94,775 | 94,775 | |||||||||||||||||||||||||||||||||
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PREFERRED STOCK AT LIQUIDATION VALUE |
169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | |||||||||||||||||||||||||||||||||
DEBT |
509,509 | 496,823 | 498,034 | 462,135 | 539,442 | 539,442 | 529,168 | 461,021 | 518,630 | 425,410 | 425,410 | |||||||||||||||||||||||||||||||||
SHARE OF UNCONSOLIDATED DEBT |
172,325 | 166,726 | 163,931 | 162,022 | 162,127 | 162,127 | 164,217 | 156,364 | 165,571 | 170,480 | 170,480 | |||||||||||||||||||||||||||||||||
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DEBT (2) |
681,834 | 663,549 | 661,965 | 624,157 | 701,569 | 701,569 | 693,385 | 617,385 | 684,201 | 595,890 | 595,890 | |||||||||||||||||||||||||||||||||
TOTAL MARKET CAPITALIZATION |
1,713,725 | 1,698,470 | 1,717,285 | 1,400,486 | 1,535,901 | 1,535,901 | 1,652,361 | 1,594,654 | 1,680,643 | 1,634,644 | 1,634,644 | |||||||||||||||||||||||||||||||||
LEVERAGE RATIOS |
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DEBT (2) |
681,834 | 663,549 | 661,965 | 624,157 | 701,569 | 701,569 | 693,385 | 617,385 | 684,201 | 595,890 | 595,890 | |||||||||||||||||||||||||||||||||
TOTAL MARKET CAPITALIZATION |
1,713,725 | 1,698,470 | 1,717,285 | 1,400,486 | 1,535,901 | 1,535,901 | 1,652,361 | 1,594,654 | 1,680,643 | 1,634,644 | 1,634,644 | |||||||||||||||||||||||||||||||||
DEBT (2) / TOTAL MARKET CAPITALIZATION |
40 | % | 39 | % | 39 | % | 45 | % | 46 | % | 46 | % | 42 | % | 39 | % | 41 | % | 36 | % | 36 | % | ||||||||||||||||||||||
TOTAL ASSETS-CONSOLIDATED |
1,371,282 | 1,335,453 | 1,337,132 | 1,294,376 | 1,235,535 | 1,235,535 | 1,199,634 | 1,135,315 | 1,199,101 | 1,124,242 | 1,124,242 | |||||||||||||||||||||||||||||||||
ACCUMULATED DEPRECIATION-CONSOLIDATED |
274,925 | 286,547 | 298,085 | 286,399 | 289,473 | 289,473 | 302,782 | 281,739 | 294,710 | 258,075 | 258,075 | |||||||||||||||||||||||||||||||||
UNDEPRECIATED ASSETS-UNCONSOLIDATED (2) |
485,993 | 485,029 | 499,381 | 507,201 | 516,686 | 516,686 | 467,303 | 454,388 | 461,500 | 403,141 | 403,141 | |||||||||||||||||||||||||||||||||
LESS: INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |
(167,108 | ) | (165,119 | ) | (179,149 | ) | (181,947 | ) | (160,587 | ) | (160,587 | ) | (141,180 | ) | (140,303 | ) | (139,782 | ) | (97,868 | ) | (97,868 | ) | ||||||||||||||||||||||
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TOTAL UNDEPRECIATED ASSETS (2) |
1,965,092 | 1,941,910 | 1,955,449 | 1,906,029 | 1,881,107 | 1,881,107 | 1,828,539 | 1,731,139 | 1,815,529 | 1,687,590 | 1,687,590 | |||||||||||||||||||||||||||||||||
DEBT (2) |
681,834 | 663,549 | 661,965 | 624,157 | 701,569 | 701,569 | 693,385 | 617,385 | 684,201 | 595,890 | 595,890 | |||||||||||||||||||||||||||||||||
UNDEPRECIATED ASSETS (2) |
1,965,092 | 1,941,910 | 1,955,449 | 1,906,029 | 1,881,107 | 1,881,107 | 1,828,539 | 1,731,139 | 1,815,529 | 1,687,590 | 1,687,590 | |||||||||||||||||||||||||||||||||
DEBT (2) / TOTAL UNDEPRECIATED ASSETS (2) |
35 | % | 34 | % | 34 | % | 33 | % | 37 | % | 37 | % | 38 | % | 36 | % | 38 | % | 35 | % | 35 | % | ||||||||||||||||||||||
DEBT (2) |
681,834 | 663,549 | 661,965 | 624,157 | 701,569 | 701,569 | 693,385 | 617,385 | 684,201 | 595,890 | 595,890 | |||||||||||||||||||||||||||||||||
PREFERRED STOCK AT LIQUIDATION VALUE |
169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | |||||||||||||||||||||||||||||||||
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DEBT (2) + PREFERRED |
851,436 | 833,151 | 831,567 | 793,759 | 871,171 | 871,171 | 862,987 | 786,987 | 853,803 | 765,492 | 765,492 | |||||||||||||||||||||||||||||||||
TOTAL MARKET CAPITALIZATION |
1,713,725 | 1,698,470 | 1,717,285 | 1,400,486 | 1,535,901 | 1,535,901 | 1,652,361 | 1,594,654 | 1,680,643 | 1,634,644 | 1,634,644 | |||||||||||||||||||||||||||||||||
DEBT (2) + PREFERRED / TOTAL MARKET CAPITALIZATION |
50 | % | 49 | % | 48 | % | 57 | % | 57 | % | 57 | % | 52 | % | 49 | % | 51 | % | 47 | % | 47 | % | ||||||||||||||||||||||
DEBT (2) + PREFERRED |
851,436 | 833,151 | 831,567 | 793,759 | 871,171 | 871,171 | 862,987 | 786,987 | 853,803 | 765,492 | 765,492 | |||||||||||||||||||||||||||||||||
TOTAL UNDEPRECIATED ASSETS (2) |
1,965,092 | 1,941,910 | 1,955,449 | 1,906,029 | 1,881,107 | 1,881,107 | 1,828,539 | 1,731,139 | 1,815,529 | 1,687,590 | 1,687,590 | |||||||||||||||||||||||||||||||||
DEBT (2) + PREFERRED / TOTAL UNDEPRECIATED ASSETS (2) |
43 | % | 43 | % | 43 | % | 42 | % | 46 | % | 46 | % | 47 | % | 45 | % | 47 | % | 45 | % | 45 | % |
24
COUSINS PROPERTIES INCORPORATED
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)
(in thousands, except per share amounts, percentages and ratios)
2010 | 2011 1st | 2011 2nd | 2011 3rd | 2011 4th | 2011 | 2012 1st | 2012 2nd | 2012 3rd | 2012 4th | 2012 | ||||||||||||||||||||||||||||||||||
EBITDA (2) |
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FFO |
32,781 | 8,122 | 10,896 | 14,309 | (110,202 | ) | (76,875 | ) | 13,488 | 13,152 | 25,685 | 14,167 | 66,492 | |||||||||||||||||||||||||||||||
INTEREST EXPENSE |
41,432 | 8,736 | 8,505 | 7,813 | 7,461 | 32,515 | 7,447 | 6,937 | 6,759 | 7,011 | 28,154 | |||||||||||||||||||||||||||||||||
NON-REAL ESTATE DEPRECIATION AND AMORTIZATION |
1,911 | 568 | 377 | 393 | 370 | 1,708 | 369 | 228 | 261 | 232 | 1,090 | |||||||||||||||||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) |
(1,079 | ) | (64 | ) | 27 | (180 | ) | 31 | (186 | ) | 27 | 33 | 60 | (30 | ) | 90 | ||||||||||||||||||||||||||||
IMPAIRMENT LOSSES |
6,300 | 3,508 | 250 | | 125,376 | 129,134 | | | 488 | | 488 | |||||||||||||||||||||||||||||||||
PREDEVELOPMENT CHARGES |
732 | | | | 937 | 937 | | | | | | |||||||||||||||||||||||||||||||||
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP |
9,827 | | | 74 | | 74 | 94 | | | | 94 | |||||||||||||||||||||||||||||||||
GAIN ON SALE OF THIRD PARTY BUSINESS |
| | | | | | | | (7,384 | ) | (75 | ) | (7,459 | ) | ||||||||||||||||||||||||||||||
PARTICIPATION INTEREST INCOME |
| | | | | | | | (3,366 | ) | | (3,366 | ) | |||||||||||||||||||||||||||||||
PREFERRED STOCK DIVIDENDS |
12,907 | 3,227 | 3,227 | 3,226 | 3,227 | 12,907 | 3,227 | 3,227 | 3,226 | 3,227 | 12,907 | |||||||||||||||||||||||||||||||||
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EBITDA (2) |
104,811 | 24,097 | 23,282 | 25,635 | 27,200 | 100,214 | 24,652 | 23,577 | 25,729 | 24,532 | 98,490 | |||||||||||||||||||||||||||||||||
COVERAGE RATIOS (2) |
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EBITDA |
104,811 | 24,097 | 23,282 | 25,635 | 27,200 | 100,214 | 24,652 | 23,577 | 25,729 | 24,532 | 98,490 | |||||||||||||||||||||||||||||||||
INTEREST EXPENSE |
41,432 | 8,736 | 8,505 | 7,813 | 7,461 | 32,515 | 7,447 | 6,937 | 6,759 | 7,011 | 28,154 | |||||||||||||||||||||||||||||||||
INTEREST COVERAGE RATIO (2) |
2.53 | 2.76 | 2.74 | 3.28 | 3.65 | 3.08 | 3.31 | 3.40 | 3.81 | 3.50 | 3.50 | |||||||||||||||||||||||||||||||||
INTEREST EXPENSE |
41,432 | 8,736 | 8,505 | 7,813 | 7,461 | 32,515 | 7,447 | 6,937 | 6,759 | 7,011 | 28,154 | |||||||||||||||||||||||||||||||||
SCHEDULED PRINCIPAL PAYMENTS |
4,399 | 1,755 | 1,894 | 1,650 | 1,980 | 7,279 | 2,123 | 2,045 | 1,755 | 1,846 | 7,769 | |||||||||||||||||||||||||||||||||
PREFERRED STOCK DIVIDENDS |
12,907 | 3,227 | 3,227 | 3,226 | 3,227 | 12,907 | 3,227 | 3,227 | 3,226 | 3,227 | 12,907 | |||||||||||||||||||||||||||||||||
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FIXED CHARGES |
58,738 | 13,718 | 13,626 | 12,689 | 12,668 | 52,701 | 12,797 | 12,209 | 11,740 | 12,084 | 48,830 | |||||||||||||||||||||||||||||||||
EBITDA |
104,811 | 24,097 | 23,282 | 25,635 | 27,200 | 100,214 | 24,652 | 23,577 | 25,729 | 24,532 | 98,490 | |||||||||||||||||||||||||||||||||
FIXED CHARGES COVERAGE RATIO (2) |
1.78 | 1.76 | 1.71 | 2.02 | 2.15 | 1.90 | 1.93 | 1.93 | 2.19 | 2.03 | 2.02 | |||||||||||||||||||||||||||||||||
DEBT (2) |
681,834 | 663,549 | 661,965 | 624,157 | 701,569 | 701,569 | 693,385 | 617,385 | 684,201 | 595,890 | 595,890 | |||||||||||||||||||||||||||||||||
ANNUALIZED EBITDA (3) |
111,284 | 96,388 | 93,128 | 102,540 | 108,800 | 108,800 | 98,608 | 94,308 | 102,916 | 98,128 | 98,128 | |||||||||||||||||||||||||||||||||
DEBT (2) / ANNUALIZED EBITDA (3) |
6.13 | 6.88 | 7.11 | 6.09 | 6.45 | 6.45 | 7.03 | 6.55 | 6.65 | 6.07 | 6.07 | |||||||||||||||||||||||||||||||||
DIVIDEND RATIOS |
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REGULAR COMMON DIVIDENDS: |
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CASH |
12,176 | 4,653 | 4,663 | 4,667 | 4,667 | 18,651 | 4,687 | 4,686 | 4,690 | 4,685 | 18,748 | |||||||||||||||||||||||||||||||||
COMMON STOCK |
24,282 | | | | | | | | | | | |||||||||||||||||||||||||||||||||
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COMMON DIVIDENDS |
36,458 | 4,653 | 4,663 | 4,667 | 4,667 | 18,651 | 4,687 | 4,686 | 4,690 | 4,685 | 18,748 | |||||||||||||||||||||||||||||||||
FFO |
32,781 | 8,122 | 10,896 | 14,309 | (110,202 | ) | (76,875 | ) | 13,488 | 13,152 | 25,685 | 14,167 | 66,492 | |||||||||||||||||||||||||||||||
FFO PAYOUT RATIO |
111 | % | 57 | % | 43 | % | 33 | % | -4 | % | -24 | % | 35 | % | 36 | % | 18 | % | 33 | % | 28 | % | ||||||||||||||||||||||
FFO BEFORE CERTAIN CHARGES |
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FFO |
32,781 | 8,122 | 10,896 | 14,309 | (110,202 | ) | (76,875 | ) | 13,488 | 13,152 | 25,685 | 14,167 | 66,492 | |||||||||||||||||||||||||||||||
IMPAIRMENT LOSSES (2) |
6,300 | 3,508 | 250 | | 125,376 | 129,134 | | | 488 | | 488 | |||||||||||||||||||||||||||||||||
PREDEVELOPMENT & OTHER CHARGES |
732 | | | | 937 | 937 | (1,185 | ) | | | | (1,185 | ) | |||||||||||||||||||||||||||||||
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP |
9,827 | | | 74 | | 74 | 94 | | | | 94 | |||||||||||||||||||||||||||||||||
GAIN ON SALE OF THIRD PARTY BUSINESS |
| | | | | | | | (7,384 | ) | (75 | ) | (7,459 | ) | ||||||||||||||||||||||||||||||
PARTICIPATION INTEREST INCOME |
| | | | | | | | (3,366 | ) | | (3,366 | ) | |||||||||||||||||||||||||||||||
SEPARATION CHARGES |
1,045 | 101 | 77 | 15 | 4 | 197 | 213 | 79 | 574 | 1,118 | 1,985 | |||||||||||||||||||||||||||||||||
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FFO BEFORE CERTAIN CHARGES |
50,685 | 11,731 | 11,223 | 14,398 | 16,115 | 53,467 | 12,610 | 13,231 | 15,997 | 15,210 | 57,049 | |||||||||||||||||||||||||||||||||
FFO BEFORE CERTAIN CHARGES PAYOUT RATIO |
72 | % | 40 | % | 42 | % | 32 | % | 29 | % | 35 | % | 37 | % | 35 | % | 29 | % | 31 | % | 33 | % |
25
COUSINS PROPERTIES INCORPORATED
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)
(in thousands, except per share amounts, percentages and ratios)
2010 | 2011 1st | 2011 2nd | 2011 3rd | 2011 4th | 2011 | 2012 1st | 2012 2nd | 2012 3rd | 2012 4th | 2012 | ||||||||||||||||||||||||||||||||||
FAD (2) |
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FFO |
32,781 | 8,122 | 10,896 | 14,309 | (110,202 | ) | (76,875 | ) | 13,488 | 13,152 | 25,685 | 14,167 | 66,492 | |||||||||||||||||||||||||||||||
FAS 13 |
(7,936 | ) | (2,637 | ) | (2,885 | ) | (3,095 | ) | (2,459 | ) | (11,076 | ) | (2,686 | ) | (2,152 | ) | (1,823 | ) | (1,659 | ) | (8,319 | ) | ||||||||||||||||||||||
ABOVE AND BELOW MARKET RENTS |
(90 | ) | (23 | ) | (15 | ) | (15 | ) | 27 | (26 | ) | 108 | 87 | 124 | 174 | 493 | ||||||||||||||||||||||||||||
SECOND GENERATION CAPEX |
(8,600 | ) | (1,972 | ) | (6,425 | ) | (6,228 | ) | (4,515 | ) | (19,140 | ) | (2,333 | ) | (3,186 | ) | (5,077 | ) | (4,461 | ) | (15,058 | ) | ||||||||||||||||||||||
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FAD (2) |
16,154 | 3,490 | 1,571 | 4,970 | (117,149 | ) | (107,117 | ) | 8,577 | 7,901 | 18,909 | 8,222 | 43,608 | |||||||||||||||||||||||||||||||
COMMON DIVIDENDS |
36,458 | 4,653 | 4,663 | 4,667 | 4,667 | 18,651 | 4,687 | 4,686 | 4,690 | 4,685 | 18,748 | |||||||||||||||||||||||||||||||||
FAD PAYOUT RATIO (2) |
226 | % | 133 | % | 297 | % | 94 | % | -4 | % | -17 | % | 55 | % | 59 | % | 25 | % | 57 | % | 43 | % | ||||||||||||||||||||||
FAD BEFORE CERTAIN CHARGES |
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FAD (2) |
16,154 | 3,490 | 1,571 | 4,970 | (117,149 | ) | (107,117 | ) | 8,577 | 7,901 | 18,909 | 8,222 | 43,608 | |||||||||||||||||||||||||||||||
IMPAIRMENT LOSSES (2) |
6,300 | 3,508 | 250 | | 125,376 | 129,134 | | | 488 | | 488 | |||||||||||||||||||||||||||||||||
PREDEVELOPMENT & OTHER CHARGES |
732 | | | | 937 | 937 | (1,185 | ) | | | | (1,185 | ) | |||||||||||||||||||||||||||||||
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP |
9,827 | | | 74 | | 74 | 94 | | | | 94 | |||||||||||||||||||||||||||||||||
GAIN ON SALE OF THIRD PARTY BUSINESS |
| | | | | | | | (7,384 | ) | (75 | ) | (7,459 | ) | ||||||||||||||||||||||||||||||
PARTICIPATION INTEREST INCOME |
| | | | | | | | (3,366 | ) | | (3,366 | ) | |||||||||||||||||||||||||||||||
SEPARATION CHARGES |
1,045 | 101 | 77 | 15 | 4 | 197 | 213 | 79 | 574 | 1,118 | 1,984 | |||||||||||||||||||||||||||||||||
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FAD BEFORE CERTAIN CHARGES |
34,058 | 7,099 | 1,898 | 5,059 | 9,168 | 23,225 | 7,699 | 7,980 | 9,221 | 9,265 | 34,164 | |||||||||||||||||||||||||||||||||
FAD BEFORE CERTAIN CHARGES PAYOUT RATIO |
107 | % | 66 | % | 246 | % | 92 | % | 51 | % | 80 | % | 61 | % | 59 | % | 51 | % | 51 | % | 55 | % | ||||||||||||||||||||||
OPERATIONS RATIOS |
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REVENUES |
154,234 | 33,899 | 30,191 | 31,313 | 33,644 | 129,047 | 34,653 | 33,794 | 40,582 | 39,250 | 148,279 | |||||||||||||||||||||||||||||||||
REVENUES FROM DISCONTINUED OPERATIONS |
79,163 | 15,202 | 15,268 | 16,148 | 14,012 | 60,630 | 12,821 | 12,497 | 13,257 | 3,755 | 42,330 | |||||||||||||||||||||||||||||||||
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REVENUES INCLUDING DISCONTINUED OPERATIONS |
233,397 | 49,101 | 45,459 | 47,461 | 47,656 | 189,677 | 47,474 | 46,291 | 53,839 | 43,005 | 190,609 | |||||||||||||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES |
28,517 | 7,400 | 6,133 | 4,295 | 6,338 | 24,166 | 6,623 | 5,646 | 5,255 | 5,684 | 23,208 | |||||||||||||||||||||||||||||||||
REVENUES INCLUDING DISCONTINUED OPERATIONS |
233,362 | 49,101 | 45,459 | 47,461 | 47,656 | 189,677 | 47,474 | 46,291 | 53,839 | 43,005 | 190,609 | |||||||||||||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES/REVENUES INCLUDING DISCONTINUED OPERATIONS |
12.2 | % | 15.1 | % | 13.5 | % | 9.0 | % | 13.3 | % | 12.7 | % | 14.0 | % | 12.2 | % | 9.8 | % | 13.2 | % | 12.2 | % | ||||||||||||||||||||||
TOTAL UNDEPRECIATED ASSETS (2) |
1,965,092 | 1,941,910 | 1,955,449 | 1,906,029 | 1,881,107 | 1,881,107 | 1,828,539 | 1,731,139 | 1,815,529 | 1,687,590 | 1,687,590 | |||||||||||||||||||||||||||||||||
ANNUALIZED GENERAL AND ADMINISTRATIVE EXPENSES (3) / TOTAL UNDEPRECIATED ASSETS |
1.5 | % | 1.5 | % | 1.3 | % | 0.9 | % | 1.3 | % | 1.3 | % | 1.4 | % | 1.3 | % | 1.2 | % | 1.3 | % | 1.2 | % |
(1) | AMOUNTS MAY DIFFER SLIGHTLY FROM OTHER SCHEDULES CONTAINED HEREIN DUE TO ROUNDING. |
(2) | INCLUDES COMPANY SHARE OF UNCONSOLIDATED JOINT VENTURES. |
(3) | ANNUALIZED REPRESENTS QUARTER AMOUNT ANNUALIZED. |
26
COUSINS PROPERTIES INCORPORATED
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
($ in thousands)
Three Months Ended | Year Ended | |||||||||||||||||||
December 31, | December 31, | September 30, | December 31, | |||||||||||||||||
2012 | 2011 | 2012 | 2012 | 2011 | ||||||||||||||||
Net Operating Income |
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Same Property |
19,589 | 19,723 | 19,385 | 77,775 | 76,127 | |||||||||||||||
Non-Same Property |
6,563 | 8,180 | 8,235 | 32,683 | 34,426 | |||||||||||||||
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Consolidated Property Net Operating Income |
26,152 | 27,903 | 27,620 | 110,458 | 110,553 | |||||||||||||||
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Less: Non-Cash Items |
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Straight-line rent |
1,662 | 2,458 | 1,826 | 8,321 | 11,054 | |||||||||||||||
Other |
(224 | ) | 91 | (29 | ) | (248 | ) | 497 | ||||||||||||
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Non-Cash Items |
1,438 | 2,549 | 1,797 | 8,073 | 11,551 | |||||||||||||||
Cash Basis Property Net Operating Income |
24,714 | 25,354 | 25,823 | 102,384 | 99,002 | |||||||||||||||
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Net Operating Income (1) |
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Operating Properties |
18,412 | 16,212 | 18,068 | 71,088 | 60,681 | |||||||||||||||
Discontinued Operations |
2,232 | 5,456 | 3,670 | 15,774 | 25,614 | |||||||||||||||
Share of Unconsolidated Joint Ventures |
5,508 | 6,235 | 5,882 | 23,596 | 24,258 | |||||||||||||||
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Total Net Operating Income |
26,152 | 27,903 | 27,620 | 110,458 | 110,553 | |||||||||||||||
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(1) | See reconciliation above within previous pages of the calculations and reconciliations of Non-GAAP financial measures. |
27
COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
28
COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
29
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