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8-K - FORM 8-K - COUSINS PROPERTIES INC | g27055e8vk.htm |
Exhibit 99.1
COUSINS PROPERTIES INCORPORATED
Quarterly Information Package
For the Quarter Ended March 31, 2011
Quarterly Information Package
For the Quarter Ended March 31, 2011
TABLE OF CONTENTS
Press Release |
1 | |||
Condensed Consolidated Statements of Operations |
3 | |||
Funds From Operations |
4 | |||
Condensed Consolidated Balance Sheets |
5 | |||
Key Performance Indicators |
6 | |||
Funds From Operations Summary |
7 | |||
Funds From Operations Supplemental Detail |
8 | |||
Portfolio Listing |
12 | |||
Same
Property Performance |
14 | |||
Square Feet Expiring |
15 | |||
Top 20 Tenants |
16 | |||
Inventory
of Commercial Land Held |
17 | |||
Inventory
of Lots and Acreage in Residential Projects |
18 | |||
Debt Outstanding |
19 | |||
Calculations and Reconciliations of Non-GAAP Financial Measures |
21 | |||
Discussion of Non-GAAP Financial Measures |
27 |
Certain matters contained in this package are forward-looking statements within the meaning
of the federal securities laws and are subject to uncertainties and risks. These include, but are
not limited to, availability and terms of capital and financing; national and local economic
conditions; the real estate industry in general and in specific markets; the potential for
recognition of additional impairments due to continued adverse market and economic conditions;
leasing risks; the financial condition of existing tenants; rising interest and insurance rates;
the availability of sufficient development or investment opportunities; environmental matters; the
financial condition and liquidity of, or disputes with, joint venture partners; any failure to
comply with debt covenants under credit agreements; any failure to continue to qualify for taxation
as a real estate investment trust, risks associated with development projects 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, 2010. 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 statements 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.
News Release
CONTACT: |
||
Gregg D. Adzema
|
Cameron Golden | |
Executive Vice President and
|
Director of Investor Relations and | |
Chief Financial Officer
|
Corporate Communications | |
(404) 407-1116
|
(404) 407-1984 | |
greggadzema@cousinsproperties.com
|
camerongolden@cousinsproperties.com |
COUSINS REPORTS RESULTS FOR FIRST QUARTER OF 2011
Highlights
| Funds From Operations (FFO) before a non-cash impairment charge was $0.11 per share. | ||
| Finalized exit from residential condominium business. | ||
| Sold Jefferson Mill Business Park Building A. | ||
| Selected as the master developer for the multi-modal transit hub in Downtown Atlanta. | ||
| Continued progress on predevelopment of Emory Point mixed use project. |
ATLANTA (May 4, 2011) Cousins Properties Incorporated (NYSE:CUZ) today reported its results of
operations for the quarter ended March 31, 2011.
The first quarter results demonstrate the continued success of our strategic efforts to lease
vacant space and sell non-core assets as we simplify the platform, said Larry Gellerstedt, CEO of
Cousins. Our leasing pipeline remains solid, and were excited to be returning to an offensive
mode as we move closer to starting our Emory Point project and continue to seek additional value
creation opportunities.
Portfolio Activity
| Leased or renewed 113,000 square feet of office space and 165,000 square feet of retail space during the quarter. | ||
| Office portfolio increased to 92% leased, compared with 88% in the prior-year period. | ||
| Retail portfolio increased to 87% leased, compared with 85% in the prior-year period. | ||
| Industrial portfolio remained 96% leased, compared with 64% in the prior-year period. |
Disposition Activity
| Sold Jefferson Mill Business Park Building A for $22.0 million. | ||
| Sold final residential condominium units at 10 Terminus Place for net gains of $2.2 million in the first quarter of 2011. | ||
| Sold 61 lots and 20 acres of residential land for net gains of $246,000 in the first quarter of 2011. |
Financial Results
FFO was $8.1 million, or $0.08 per share, for the first quarter of 2011 compared with $14.0
million, or $0.14 per share, for the first quarter of 2010.
Net loss available to common stockholders (net loss available) was ($7.9 million), or ($0.08) per
share, for the first quarter of 2011 compared with net loss available of ($1.6 million), or ($0.02)
per share, for the first quarter of 2010.
FFO and net loss available for the first quarter of 2011 were affected by a $3.5 million non-cash
impairment charge on the Companys passive investment in a non-traded real estate investment trust.
The Companys initial investment in this industrial/multifamily REIT was made in 2003 and the basis
as of December 31, 2010, was $9.4 million. FFO and net loss available before this charge was $0.11
and ($0.04) per share, respectively.
Investor Conference Call and Webcast
The Company will conduct a conference call at 11:00 a.m. (Eastern Time) on Thursday, May 5, 2011,
to discuss the results of the quarter ended March 31, 2011. The number to call for this interactive
teleconference is (212) 231-2901.
-MORE-
CUZ Reports First Quarter Results
Page 2
May 4, 2011
Page 2
May 4, 2011
A replay of the conference call will be available for 14 days by dialing (402) 977-9140 and
entering the passcode 21521383. The replay can be accessed on the Companys website,
www.cousinsproperties.com, through the Q1 2011 Cousins Properties Incorporated Earnings
Conference Call link on the Investor Relations page, as well as at
http://www.videonewswire.com/event.asp?id=78870. The rebroadcast will be available on the
Investor Relations page of the Companys website for 14 days.
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 development projects. Since its founding in 1958,
Cousins has developed 20 million square feet of office space, 20 million square feet of retail
space, more than 3,500 multi-family units and more than 60 single-family neighborhoods. The Company
is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock
Exchange under the symbol CUZ, For more, please visit www.cousinsproperties.com.
The Condensed Consolidated Statements of Operations, Condensed Consolidated Balance Sheets and a
schedule entitled Funds From Operations, which reconciles Net Income (Loss) Available to FFO, 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, availability and terms of capital and financing; national and local economic
conditions; the real estate industry in general and in specific markets; the potential for
recognition of additional impairments due to continued adverse market and economic conditions;
leasing risks; the financial condition of existing tenants; competition from other developers or
investors; the risks associated with development projects; rising interest and insurance rates; the
availability of sufficient development or investment opportunities; environmental matters; the
financial condition and liquidity of, or disputes with, joint venture partners; any failure to
comply with debt covenants under credit agreements; 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, 2010. 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.
-MORE-
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except share and per share amounts)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except share and per share amounts)
Three Months Ended March 31, | ||||||||
2011 | 2010 | |||||||
REVENUES: |
||||||||
Rental property revenues |
$ | 36,148 | $ | 34,773 | ||||
Fee income |
3,385 | 3,544 | ||||||
Third party management and leasing revenues |
4,088 | 4,794 | ||||||
Multi-family residential unit sales |
4,657 | 10,146 | ||||||
Residential lot and outparcel sales |
165 | 13,819 | ||||||
Other |
513 | 124 | ||||||
48,956 | 67,200 | |||||||
COSTS AND EXPENSES: |
||||||||
Rental property operating expenses |
14,248 | 14,531 | ||||||
Third party management and leasing expenses |
4,093 | 4,958 | ||||||
Multi-family residential unit cost of sales |
2,500 | 7,970 | ||||||
Residential lot and outparcel cost of sales |
69 | 9,096 | ||||||
General and administrative expenses |
7,400 | 8,017 | ||||||
Interest expense |
7,544 | 9,781 | ||||||
Reimbursed expenses |
1,512 | 1,859 | ||||||
Depreciation and amortization |
13,475 | 13,176 | ||||||
Impairment loss |
3,508 | | ||||||
Separation expenses |
101 | 68 | ||||||
Other |
862 | 862 | ||||||
55,312 | 70,318 | |||||||
LOSS ON EXTINGUISHMENT OF DEBT |
| (592 | ) | |||||
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES |
(6,356 | ) | (3,710 | ) | ||||
BENEFIT FOR INCOME TAXES FROM OPERATIONS |
64 | 1,146 | ||||||
INCOME FROM UNCONSOLIDATED JOINT VENTURES |
2,496 | 2,920 | ||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES |
(3,796 | ) | 356 | |||||
GAIN ON SALE OF INVESTMENT PROPERTIES |
59 | 756 | ||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS |
(3,737 | ) | 1,112 | |||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS: |
||||||||
Income from discontinued operations |
72 | 1,068 | ||||||
Loss on sale of investment properties |
(384 | ) | | |||||
(312 | ) | 1,068 | ||||||
NET INCOME (LOSS) |
(4,049 | ) | 2,180 | |||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
(581 | ) | (526 | ) | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST |
(4,630 | ) | 1,654 | |||||
DIVIDENDS TO PREFERRED STOCKHOLDERS |
(3,227 | ) | (3,227 | ) | ||||
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS |
$ | (7,857 | ) | $ | (1,573 | ) | ||
PER COMMON SHARE INFORMATION BASIC AND DILUTED: |
||||||||
Loss from continuing operations attributable to controlling interest |
$ | (0.07 | ) | $ | (0.03 | ) | ||
Income from discontinued operations |
| 0.01 | ||||||
Net loss available to common stockholders basic and diluted |
$ | (0.08 | ) | $ | (0.02 | ) | ||
WEIGHTED AVERAGE SHARES BASIC AND DILUTED |
103,515 | 100,069 | ||||||
3
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
FUNDS FROM OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010
(Unaudited, in thousands, except per share amounts)
FUNDS FROM OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010
(Unaudited, in thousands, except per share amounts)
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Net Loss Available to Common Stockholders |
$ | (7,857 | ) | $ | (1,573 | ) | ||
Depreciation and amortization: |
||||||||
Consolidated properties |
13,475 | 13,176 | ||||||
Discontinued properties |
64 | 719 | ||||||
Share of unconsolidated joint ventures |
2,683 | 2,294 | ||||||
Depreciation of furniture, fixtures and equipment: |
||||||||
Consolidated properties |
(563 | ) | (567 | ) | ||||
Discontinued properties |
| (4 | ) | |||||
Share of unconsolidated joint ventures |
(5 | ) | (6 | ) | ||||
(Gain) loss on sale of investment properties: |
||||||||
Consolidated |
(59 | ) | (756 | ) | ||||
Discontinued properties |
384 | | ||||||
Gain on sale of undepreciated investment properties |
| 697 | ||||||
Funds From Operations Available to Common Stockholders |
$ | 8,122 | $ | 13,980 | ||||
Per Common Share Basic and Diluted: |
||||||||
Net Loss Available |
$ | (.08 | ) | $ | (.02 | ) | ||
Funds From Operations |
$ | .08 | $ | .14 | ||||
Weighted Average Shares-Basic |
103,515 | 100,069 | ||||||
Weighted Average Shares-Diluted |
103,530 | 100,069 | ||||||
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, 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 certain charges provides analysts and investors with
appropriate information related to its core operations and for comparability of the results of its
operations with other real estate companies.
4
COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
March 31, 2011 | December 31, 2010 | |||||||
(Unaudited) | ||||||||
ASSETS |
||||||||
PROPERTIES: |
||||||||
Operating properties, net of accumulated depreciation of $286,547 and $274,925 in 2011 and 2010, respectively |
$ | 870,723 | $ | 898,119 | ||||
Land held for investment or future development |
123,885 | 123,879 | ||||||
Residential lots |
63,698 | 63,403 | ||||||
Other |
738 | 2,994 | ||||||
Total properties |
1,059,044 | 1,088,395 | ||||||
CASH AND CASH EQUIVALENTS |
5,097 | 7,599 | ||||||
RESTRICTED CASH |
15,854 | 15,521 | ||||||
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful accounts of $5,728 and $6,287 in 2011 and 2010, respectively |
48,414 | 48,395 | ||||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |
165,119 | 167,108 | ||||||
OTHER ASSETS |
41,925 | 44,264 | ||||||
TOTAL ASSETS |
$ | 1,335,453 | $ | 1,371,282 | ||||
LIABILITIES AND EQUITY |
||||||||
NOTES PAYABLE |
$ | 496,823 | $ | 509,509 | ||||
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |
26,455 | 32,388 | ||||||
DEFERRED GAIN |
4,157 | 4,216 | ||||||
DEPOSITS AND DEFERRED INCOME |
17,978 | 18,029 | ||||||
TOTAL LIABILITIES |
545,413 | 564,142 | ||||||
COMMITMENTS AND CONTINGENT LIABILITIES |
||||||||
REDEEMABLE NONCONTROLLING INTERESTS |
8,953 | 14,289 | ||||||
STOCKHOLDERS INVESTMENT: |
||||||||
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 2011 and 2010 |
74,827 | 74,827 | ||||||
7.50% Series B cumulative redeemable preferred stock, $25 liquidation preference; 3,791,000 shares issued and
outstanding in 2011 and 2010 |
94,775 | 94,775 | ||||||
Common stock, $1 par value, 250,000,000 shares authorized, 107,201,480 and 106,961,959 shares issued in 2011 and
2010, respectively |
107,201 | 106,962 | ||||||
Additional paid-in capital |
685,028 | 684,551 | ||||||
Treasury stock at cost, 3,570,082 shares in 2011 and 2010 |
(86,840 | ) | (86,840 | ) | ||||
Distributions in excess of cumulative net income |
(126,706 | ) | (114,196 | ) | ||||
TOTAL STOCKHOLDERS INVESTMENT |
748,285 | 760,079 | ||||||
Nonredeemable noncontrolling interests |
32,802 | 32,772 | ||||||
TOTAL EQUITY |
781,087 | 792,851 | ||||||
TOTAL LIABILITIES AND EQUITY |
$ | 1,335,453 | $ | 1,371,282 | ||||
5
COUSINS PROPERTIES INCORPORATED
KEY PERFORMANCE INDICATORS
As of March 31, 2011
KEY PERFORMANCE INDICATORS
As of March 31, 2011
2009 | 2010 1st | 2010 2nd | 2010 3rd | 2010 4th | 2010 | 2011 1st | ||||||||||||||||||||||
Property Statistics |
||||||||||||||||||||||||||||
Number of Operating Properties |
38 | 38 | 38 | 38 | 41 | 41 | 40 | |||||||||||||||||||||
Rentable Square Feet (in thousands) |
14,113 | 14,078 | 14,078 | 13,869 | 14,156 | 14,156 | 13,747 | |||||||||||||||||||||
Acres of Commercial Land (Company share) |
569 | 539 | 479 | 482 | 510 | 510 | 510 | |||||||||||||||||||||
Acres of Residential Land (Company share) |
4,962 | 4,962 | 4,959 | 4,959 | 4,829 | 4,829 | 4,831 | |||||||||||||||||||||
Number of Residential Lots Remaining to be Sold (Company Share) |
4,632 | 4,594 | 4,559 | 4,531 | 3,684 | 3,684 | 3,667 | |||||||||||||||||||||
Leverage Ratios (1) |
||||||||||||||||||||||||||||
Debt/Total Market Capitalization |
46 | % | 44 | % | 46 | % | 42 | % | 40 | % | 40 | % | 39 | % | ||||||||||||||
Debt + Preferred/Total Market Capitalization |
56 | % | 53 | % | 57 | % | 53 | % | 50 | % | 50 | % | 49 | % | ||||||||||||||
Recourse Debt/Total Market Capitalization |
13 | % | 12 | % | 12 | % | 8 | % | 10 | % | 10 | % | 9 | % | ||||||||||||||
Coverage Ratios (1) |
||||||||||||||||||||||||||||
Interest Coverage |
1.92 | 2.61 | 2.26 | 2.40 | 2.89 | 2.53 | 2.76 | |||||||||||||||||||||
Fixed Charges Coverage |
1.40 | 1.89 | 1.66 | 1.62 | 1.97 | 1.78 | 1.86 | |||||||||||||||||||||
Debt/Annualized EBITDA |
9.03 | 6.95 | 7.28 | 7.03 | 6.13 | 6.51 | 6.88 | |||||||||||||||||||||
Dividend Ratios (1) |
||||||||||||||||||||||||||||
FFO Payout Ratio |
-46 | % | 64 | % | 115 | % | 1034 | % | 92 | % | 111 | % | 57 | % | ||||||||||||||
FFO Before Certain Charges Payout Ratio |
105 | % | 61 | % | 87 | % | 89 | % | 61 | % | 72 | % | 40 | % | ||||||||||||||
FAD Payout Ratio |
-40 | % | 80 | % | 213 | % | -202 | % | 175 | % | 224 | % | 132 | % | ||||||||||||||
FAD Before Certain Charges Payout Ratio |
160 | % | 75 | % | 133 | % | 186 | % | 88 | % | 107 | % | 65 | % | ||||||||||||||
Operations Ratios (1) |
||||||||||||||||||||||||||||
General and Administrative Expenses/Revenues |
12.2 | % | 11.9 | % | 12.9 | % | 11.8 | % | 13.6 | % | 12.5 | % | 15.1 | % | ||||||||||||||
Annualized General and Administrative Expenses/Total Undepreciated Assets |
1.5 | % | 1.9 | % | 1.6 | % | 1.5 | % | 1.8 | % | 1.7 | % | 1.8 | % |
(1) | See calculations and reconciliations of Non-GAAP financial measures. |
6
COUSINS PROPERTIES INCORPORATED
FUNDS FROM OPERATIONS SUMMARY
($ in thousands, except per share)
FUNDS FROM OPERATIONS SUMMARY
($ in thousands, except per share)
2009 | 2010 1st | 2010 2nd | 2010 3rd | 2010 4th | 2010 | 2011 1st | ||||||||||||||||||||||
NET OPERATING INCOME |
||||||||||||||||||||||||||||
OFFICE |
69,280 | 17,676 | 17,920 | 17,764 | 19,432 | 72,792 | 18,608 | |||||||||||||||||||||
RETAIL |
31,982 | 8,754 | 8,714 | 7,255 | 7,054 | 31,777 | 8,488 | |||||||||||||||||||||
INDUSTRIAL |
1,568 | 533 | 615 | 1,092 | 1,385 | 3,625 | 1,050 | |||||||||||||||||||||
OTHER |
26 | 18 | 59 | 15 | 4 | 96 | 1 | |||||||||||||||||||||
TOTAL NET OPERATING INCOME |
102,856 | 26,981 | 27,308 | 26,126 | 27,875 | 108,290 | 28,147 | |||||||||||||||||||||
SALES LESS COST OF SALES |
||||||||||||||||||||||||||||
MULTI-FAMILY RESIDENTIAL |
5,327 | 2,293 | 1,880 | 1,612 | 2,113 | 7,898 | 2,174 | |||||||||||||||||||||
RESIDENTIAL LOTS |
1,012 | 650 | 499 | 478 | 819 | 2,446 | 226 | |||||||||||||||||||||
TRACTS AND OUTPARCEL |
3,366 | 5,422 | 1,104 | (3 | ) | 3,533 | 10,056 | 70 | ||||||||||||||||||||
OTHER INVESTMENT PROPERTY |
58 | | | | | | | |||||||||||||||||||||
TOTAL SALES LESS COST OF SALES |
9,763 | 8,365 | 3,483 | 2,087 | 6,465 | 20,400 | 2,470 | |||||||||||||||||||||
FEE INCOME |
11,840 | 3,544 | 3,728 | 3,966 | 3,205 | 14,443 | 3,385 | |||||||||||||||||||||
THIRD PARTY MANAGEMENT AND LEASING REVENUES |
21,966 | 4,794 | 4,485 | 4,724 | 4,974 | 18,977 | 4,088 | |||||||||||||||||||||
OTHER INCOME |
3,025 | 124 | 190 | 256 | 694 | 1,264 | 513 | |||||||||||||||||||||
TOTAL FEE AND OTHER INCOME |
36,831 | 8,462 | 8,403 | 8,946 | 8,873 | 34,684 | 7,986 | |||||||||||||||||||||
THIRD PARTY MANAGEMENT AND LEASING EXPENSES |
(17,878 | ) | (4,958 | ) | (4,214 | ) | (4,122 | ) | (4,099 | ) | (17,393 | ) | (4,093 | ) | ||||||||||||||
REIMBURSED EXPENSES |
(5,378 | ) | (1,859 | ) | (1,398 | ) | (1,392 | ) | (1,648 | ) | (6,297 | ) | (1,512 | ) | ||||||||||||||
SEPARATION EXPENSES |
(3,257 | ) | (68 | ) | (33 | ) | (202 | ) | (742 | ) | (1,045 | ) | (101 | ) | ||||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES |
(26,198 | ) | (8,017 | ) | (6,763 | ) | (6,172 | ) | (7,565 | ) | (28,517 | ) | (7,400 | ) | ||||||||||||||
GAIN (LOSS) ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP |
9,732 | (592 | ) | | (9,235 | ) | | (9,827 | ) | | ||||||||||||||||||
INTEREST EXPENSE |
(45,328 | ) | (10,680 | ) | (11,233 | ) | (9,889 | ) | (9,630 | ) | (41,432 | ) | (8,736 | ) | ||||||||||||||
IMPAIRMENT LOSSES |
(115,752 | ) | | (586 | ) | | (5,714 | ) | (6,300 | ) | (3,508 | ) | ||||||||||||||||
OTHER EXPENSES |
(16,674 | ) | (996 | ) | (3,363 | ) | (1,563 | ) | (121 | ) | (6,043 | ) | (1,400 | ) | ||||||||||||||
INCOME TAX (PROVISION) BENEFIT |
(4,341 | ) | 1,146 | (14 | ) | (25 | ) | (28 | ) | 1,079 | 64 | |||||||||||||||||
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS |
(3,428 | ) | (577 | ) | (468 | ) | (447 | ) | (419 | ) | (1,911 | ) | (568 | ) | ||||||||||||||
PREFERRED STOCK DIVIDENDS |
(12,907 | ) | (3,227 | ) | (3,227 | ) | (3,226 | ) | (3,227 | ) | (12,907 | ) | (3,227 | ) | ||||||||||||||
FFO |
(91,960 | ) | 13,980 | 7,895 | 886 | 10,020 | 32,781 | 8,122 | ||||||||||||||||||||
WEIGHTED AVERAGE SHARES |
65,495 | 100,069 | 101,001 | 101,893 | 102,761 | 101,440 | 103,530 | |||||||||||||||||||||
FFO PER SHARE |
(1.40 | ) | 0.14 | 0.08 | 0.01 | 0.10 | 0.32 | 0.08 |
7
COUSINS PROPERTIES INCORPORATED
FUNDS FROM OPERATIONS SUPPLEMENTAL DETAIL
(in thousands, except per share amounts and percentages)
FUNDS FROM OPERATIONS SUPPLEMENTAL DETAIL
(in thousands, except per share amounts and percentages)
2009 | 2010 1st | 2010 2nd | 2010 3rd | 2010 4th | 2010 | 2011 1st | ||||||||||||||||||||||
NET OPERATING INCOME |
||||||||||||||||||||||||||||
OFFICE: |
||||||||||||||||||||||||||||
CONSOLIDATED PROPERTIES : |
||||||||||||||||||||||||||||
TERMINUS 100 |
14,491 | 3,720 | 3,731 | 3,635 | 3,695 | 14,781 | 4,015 | |||||||||||||||||||||
191 PEACHTREE TOWER |
7,190 | 2,945 | 2,895 | 2,982 | 4,295 | 13,117 | 3,228 | |||||||||||||||||||||
THE AMERICAN CANCER SOCIETY CENTER |
13,062 | 2,675 | 2,736 | 2,796 | 2,611 | 10,818 | 2,771 | |||||||||||||||||||||
ONE GEORGIA CENTER |
4,305 | 1,029 | 1,025 | 1,027 | 1,020 | 4,101 | 1,067 | |||||||||||||||||||||
MERIDIAN MARK PLAZA |
3,822 | 917 | 924 | 910 | 935 | 3,686 | 895 | |||||||||||||||||||||
LAKESHORE PARK PLAZA |
2,186 | 561 | 521 | 527 | 594 | 2,203 | 546 | |||||||||||||||||||||
555 NORTH POINT CENTER EAST |
2,063 | 482 | 539 | 505 | 512 | 2,038 | 506 | |||||||||||||||||||||
200 NORTH POINT CENTER EAST |
1,606 | 417 | 415 | 422 | 419 | 1,673 | 438 | |||||||||||||||||||||
333 NORTH POINT CENTER EAST |
1,685 | 406 | 422 | 352 | 395 | 1,575 | 419 | |||||||||||||||||||||
THE POINTS AT WATERVIEW |
2,050 | 460 | 540 | 447 | 480 | 1,927 | 415 | |||||||||||||||||||||
100 NORTH POINT CENTER EAST |
1,391 | 319 | 459 | 373 | 373 | 1,524 | 307 | |||||||||||||||||||||
INHIBITEX |
896 | 224 | 222 | 225 | 225 | 896 | 225 | |||||||||||||||||||||
600 UNIVERSITY PARK PLACE |
1,553 | 418 | 349 | 322 | 437 | 1,526 | 182 | |||||||||||||||||||||
GALLERIA 75 |
261 | 55 | 87 | 63 | 114 | 319 | 132 | |||||||||||||||||||||
COSMOPOLITAN CENTER |
554 | 115 | 126 | 110 | 164 | 515 | 106 | |||||||||||||||||||||
SUBTOTAL OFFICE CONSOLIDATED |
57,115 | 14,743 | 14,991 | 14,696 | 16,269 | 60,699 | 15,252 | |||||||||||||||||||||
JOINT VENTURE PROPERTIES : |
||||||||||||||||||||||||||||
PALISADES WEST |
4,968 | 1,215 | 1,240 | 1,223 | 1,334 | 5,012 | 1,511 | |||||||||||||||||||||
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER |
3,616 | 894 | 904 | 963 | 918 | 3,679 | 933 | |||||||||||||||||||||
TEN PEACHTREE PLACE |
2,185 | 571 | 583 | 582 | 578 | 2,314 | 602 | |||||||||||||||||||||
GATEWAY VILLAGE PREFERRED RETURN |
1,208 | 302 | 302 | 302 | 302 | 1,208 | 302 | |||||||||||||||||||||
PRESBYTERIAN MEDICAL PLAZA |
68 | 16 | 12 | 19 | 15 | 62 | 14 | |||||||||||||||||||||
TERMINUS 200 |
58 | | (60 | ) | 50 | 29 | 19 | 14 | ||||||||||||||||||||
OTHER |
(53 | ) | (22 | ) | 6 | (18 | ) | (18 | ) | (52 | ) | (19 | ) | |||||||||||||||
SUBTOTAL OFFICE JOINT VENTURE |
12,051 | 2,976 | 2,987 | 3,121 | 3,158 | 12,242 | 3,357 | |||||||||||||||||||||
DISCONTINUED OPERATIONS : |
||||||||||||||||||||||||||||
8995 WESTSIDE PARKWAY |
114 | (43 | ) | (58 | ) | (53 | ) | 5 | (149 | ) | (1 | ) | ||||||||||||||||
SUBTOTAL OFFICE DISCONTINUED |
114 | (43 | ) | (58 | ) | (53 | ) | 5 | (149 | ) | (1 | ) | ||||||||||||||||
TOTAL OFFICE NET OPERATING INCOME |
69,280 | 17,676 | 17,920 | 17,764 | 19,432 | 72,792 | 18,608 |
8
COUSINS PROPERTIES INCORPORATED
FUNDS FROM OPERATIONS SUPPLEMENTAL DETAIL
(in thousands, except per share amounts and percentages)
FUNDS FROM OPERATIONS SUPPLEMENTAL DETAIL
(in thousands, except per share amounts and percentages)
2009 | 2010 1st | 2010 2nd | 2010 3rd | 2010 4th | 2010 | 2011 1st | ||||||||||||||||||||||
RETAIL: |
||||||||||||||||||||||||||||
CONSOLIDATED PROPERTIES : |
||||||||||||||||||||||||||||
THE AVENUE FORSYTH |
3,697 | 1,588 | 1,458 | 1,638 | 1,551 | 6,235 | 2,166 | |||||||||||||||||||||
THE AVENUE WEBB GIN |
5,583 | 1,484 | 1,214 | 1,307 | 1,290 | 5,295 | 1,463 | |||||||||||||||||||||
THE AVENUE CARRIAGE CROSSING |
4,800 | 1,082 | 1,503 | 1,396 | 1,257 | 5,238 | 1,254 | |||||||||||||||||||||
TIFFANY SPRINGS MARKETCENTER |
3,329 | 741 | 817 | 835 | 918 | 3,311 | 856 | |||||||||||||||||||||
SUBTOTAL RETAIL CONSOLIDATED |
17,409 | 4,895 | 4,992 | 5,176 | 5,016 | 20,079 | 5,739 | |||||||||||||||||||||
JOINT VENTURE PROPERTIES: |
||||||||||||||||||||||||||||
THE AVENUE MURFREESBORO |
3,995 | 1,071 | 1,117 | 1,082 | 1,135 | 4,405 | 1,233 | |||||||||||||||||||||
CW INVESTMENTS |
| | | | | | 594 | |||||||||||||||||||||
THE AVENUE EAST COBB |
661 | 154 | 161 | 167 | 152 | 634 | 144 | |||||||||||||||||||||
GREENBRIER MARKETCENTER |
543 | 142 | 136 | 138 | 135 | 551 | 142 | |||||||||||||||||||||
NORTH POINT MARKETCENTER |
447 | 105 | 133 | 129 | 146 | 513 | 138 | |||||||||||||||||||||
THE AVENUE WEST COBB |
497 | 130 | 105 | 125 | 133 | 493 | 135 | |||||||||||||||||||||
THE AVENUE VIERA |
578 | 153 | 131 | 131 | 116 | 531 | 128 | |||||||||||||||||||||
THE AVENUE PEACHTREE CITY |
454 | 117 | 106 | 118 | 96 | 437 | 106 | |||||||||||||||||||||
LOS ALTOS MARKETCENTER |
205 | 56 | 40 | 52 | 72 | 220 | 84 | |||||||||||||||||||||
VIERA MARKETCENTER |
205 | 48 | 50 | 51 | 52 | 201 | 49 | |||||||||||||||||||||
SUBTOTAL RETAIL JOINT VENTURE |
7,585 | 1,976 | 1,979 | 1,993 | 2,037 | 7,985 | 2,753 | |||||||||||||||||||||
DISCONTINUED OPERATIONS: |
||||||||||||||||||||||||||||
SAN JOSE MARKETCENTER |
6,988 | 1,883 | 1,743 | 86 | 1 | 3,713 | (4 | ) | ||||||||||||||||||||
SUBTOTAL RETAIL DISCONTINUED |
6,988 | 1,883 | 1,743 | 86 | 1 | 3,713 | (4 | ) | ||||||||||||||||||||
TOTAL RETAIL NET OPERATING INCOME |
31,982 | 8,754 | 8,714 | 7,255 | 7,054 | 31,777 | 8,488 | |||||||||||||||||||||
INDUSTRIAL : |
||||||||||||||||||||||||||||
KING MILL DISTRIBUTION PARK BUILDING 3 |
1,047 | 339 | 418 | 470 | 558 | 1,785 | 537 | |||||||||||||||||||||
LAKESIDE RANCH BUSINESS PARK BUILDING 20 |
727 | 247 | 263 | 360 | 395 | 1,265 | 372 | |||||||||||||||||||||
SUBTOTAL INDUSTRIAL CONSOLIDATED |
1,774 | 586 | 681 | 830 | 953 | 3,050 | 909 | |||||||||||||||||||||
DISCONTINUED OPERATIONS: |
||||||||||||||||||||||||||||
JEFFERSON MILL BUSINESS PARK BUILDING A |
(206 | ) | (53 | ) | (66 | ) | 262 | 432 | 575 | 141 | ||||||||||||||||||
SUBTOTAL INDUSTRIAL DISCONTINUED |
(206 | ) | (53 | ) | (66 | ) | 262 | 432 | 575 | 141 | ||||||||||||||||||
TOTAL INDUSTRIAL NET OPERATING INCOME |
1,568 | 533 | 615 | 1,092 | 1,385 | 3,625 | 1,050 | |||||||||||||||||||||
OTHER DISCONTINUED OPERATIONS NET OPERATING INCOME |
(4 | ) | | | | | | | ||||||||||||||||||||
OTHER CONSOLIDATED NET OPERATING INCOME |
30 | 18 | 59 | 15 | 4 | 96 | 1 | |||||||||||||||||||||
TOTAL NET OPERATING INCOME |
102,856 | 26,981 | 27,308 | 26,126 | 27,875 | 108,290 | 28,147 |
9
COUSINS PROPERTIES INCORPORATED
FUNDS FROM OPERATIONS SUPPLEMENTAL DETAIL
(in thousands, except per share amounts and percentages)
FUNDS FROM OPERATIONS SUPPLEMENTAL DETAIL
(in thousands, except per share amounts and percentages)
2009 | 2010 1st | 2010 2nd | 2010 3rd | 2010 4th | 2010 | 2011 1st | ||||||||||||||||||||||
SALES LESS COST OF SALES |
||||||||||||||||||||||||||||
MULTI-FAMILY
SALES LESS COST OF SALES CONSOLIDATED |
5,212 | 2,176 | 1,835 | 1,447 | 1,967 | 7,425 | 2,157 | |||||||||||||||||||||
MULTI-FAMILY
SALES LESS COST OF SALES JOINT VENTURES |
115 | 117 | 45 | 165 | 146 | 473 | 17 | |||||||||||||||||||||
SUBTOTAL MULTI-FAMILY SALES LESS COST OF SALES |
5,327 | 2,293 | 1,880 | 1,612 | 2,113 | 7,898 | 2,174 | |||||||||||||||||||||
LOT SALES
LESS COST OF SALES CONSOLIDATED |
481 | 130 | 41 | 81 | 322 | 574 | 46 | |||||||||||||||||||||
LOT SALES
LESS COST OF SALES JOINT VENTURES |
531 | 520 | 458 | 397 | 497 | 1,872 | 180 | |||||||||||||||||||||
SUBTOTAL LOT SALES LESS COST OF SALES |
1,012 | 650 | 499 | 478 | 819 | 2,446 | 226 | |||||||||||||||||||||
TRACT SALES
LESS COST OF SALES CONSOLIDATED |
1,185 | 697 | 1,002 | (1 | ) | (1 | ) | 1,697 | | |||||||||||||||||||
TRACT SALES
LESS COST OF SALES JOINT VENTURES |
264 | 46 | 102 | 2 | 3,457 | 3,607 | 20 | |||||||||||||||||||||
OUTPARCEL
SALES LESS COST OF SALES CONSOLIDATED |
1,917 | 4,593 | | | 77 | 4,670 | 50 | |||||||||||||||||||||
OUTPARCEL
SALES LESS COST OF SALES JOINT VENTURE |
| 86 | | (4 | ) | | 82 | | ||||||||||||||||||||
SUBTOTAL TRACT AND OUTPARCEL SALES LESS COST OF SALES |
3,366 | 5,422 | 1,104 | (3 | ) | 3,533 | 10,056 | 70 | ||||||||||||||||||||
OTHER
INVESTMENT PROPERTY LESS COST OF SALES CONSOLIDATED |
58 | | | | | | | |||||||||||||||||||||
TOTAL SALES LESS COST OF SALES |
9,763 | 8,365 | 3,483 | 2,087 | 6,465 | 20,400 | 2,470 | |||||||||||||||||||||
FEE INCOME |
||||||||||||||||||||||||||||
DEVELOPMENT FEES |
2,317 | 356 | 493 | 663 | 501 | 2,013 | 532 | |||||||||||||||||||||
MANAGEMENT FEES |
8,729 | 2,748 | 2,199 | 2,230 | 2,485 | 9,662 | 2,377 | |||||||||||||||||||||
LEASING & OTHER FEES |
794 | 440 | 1,036 | 1,073 | 219 | 2,768 | 476 | |||||||||||||||||||||
TOTAL FEE INCOME |
11,840 | 3,544 | 3,728 | 3,966 | 3,205 | 14,443 | 3,385 | |||||||||||||||||||||
THIRD PARTY MANAGEMENT AND LEASING REVENUES |
||||||||||||||||||||||||||||
DEVELOPMENT FEES |
1,042 | 249 | 285 | 293 | 412 | 1,239 | 249 | |||||||||||||||||||||
MANAGEMENT FEES |
15,914 | 3,690 | 3,437 | 3,239 | 3,173 | 13,539 | 3,359 | |||||||||||||||||||||
LEASING & OTHER FEES |
5,010 | 855 | 763 | 1,192 | 1,389 | 4,199 | 480 | |||||||||||||||||||||
TOTAL THIRD PARTY MANAGEMENT AND LEASING REVENUES |
21,966 | 4,794 | 4,485 | 4,724 | 4,974 | 18,977 | 4,088 | |||||||||||||||||||||
OTHER INCOME |
||||||||||||||||||||||||||||
TERMINATION FEES |
1,717 | 8 | 33 | 26 | 447 | 514 | 394 | |||||||||||||||||||||
INTEREST AND OTHER INCOME CONTINUING OPERATIONS |
1,255 | 116 | 138 | 219 | 242 | 715 | 119 | |||||||||||||||||||||
INTEREST AND OTHER INCOME DISCONTINUED OPERATIONS |
53 | | 19 | 11 | 5 | 35 | | |||||||||||||||||||||
TOTAL INTEREST INCOME & OTHER |
3,025 | 124 | 190 | 256 | 694 | 1,264 | 513 |
10
COUSINS PROPERTIES INCORPORATED
FUNDS FROM OPERATIONS SUPPLEMENTAL DETAIL
(in thousands, except per share amounts and percentages)
FUNDS FROM OPERATIONS SUPPLEMENTAL DETAIL
(in thousands, except per share amounts and percentages)
2009 | 2010 1st | 2010 2nd | 2010 3rd | 2010 4th | 2010 | 2011 1st | ||||||||||||||||||||||
THIRD PARTY MANAGEMENT AND LEASING EXPENSES |
17,878 | 4,958 | 4,214 | 4,122 | 4,099 | 17,393 | 4,093 | |||||||||||||||||||||
REIMBURSED EXPENSES |
5,378 | 1,859 | 1,398 | 1,392 | 1,648 | 6,297 | 1,512 | |||||||||||||||||||||
SEPARATION EXPENSES |
(3,257 | ) | (68 | ) | (33 | ) | (202 | ) | (742 | ) | (1,045 | ) | (101 | ) | ||||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES |
(26,198 | ) | (8,017 | ) | (6,763 | ) | (6,172 | ) | (7,565 | ) | (28,517 | ) | (7,400 | ) | ||||||||||||||
GAIN (LOSS) ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP |
9,732 | (592 | ) | | (9,235 | ) | | (9,827 | ) | | ||||||||||||||||||
INTEREST EXPENSE |
||||||||||||||||||||||||||||
CONSOLIDATED DEBT: |
||||||||||||||||||||||||||||
THE AMERICAN CANCER SOCIETY CENTER |
(8,982 | ) | (2,215 | ) | (2,240 | ) | (2,263 | ) | (2,264 | ) | (8,982 | ) | (2,215 | ) | ||||||||||||||
TERMINUS 100 |
(11,208 | ) | (2,802 | ) | (2,802 | ) | (2,802 | ) | (2,729 | ) | (11,135 | ) | (1,842 | ) | ||||||||||||||
CREDIT
FACILITY, UNSECURED (LIBOR LIBOR + 1.75% to 2.25%) |
(8,599 | ) | (1,037 | ) | (1,277 | ) | (1,528 | ) | (1,393 | ) | (5,235 | ) | (1,475 | ) | ||||||||||||||
333 & 555 NORTH POINT CENTER EAST |
(1,966 | ) | (482 | ) | (479 | ) | (475 | ) | (470 | ) | (1,906 | ) | (471 | ) | ||||||||||||||
MERIDIAN MARK PLAZA |
(1,886 | ) | (465 | ) | (462 | ) | (425 | ) | (411 | ) | (1,763 | ) | (409 | ) | ||||||||||||||
LAKESHORE PARK PLAZA |
(1,132 | ) | (280 | ) | (278 | ) | (278 | ) | (276 | ) | (1,112 | ) | (275 | ) | ||||||||||||||
THE POINTS AT WATERVIEW |
(1,007 | ) | (248 | ) | (247 | ) | (245 | ) | (243 | ) | (983 | ) | (242 | ) | ||||||||||||||
600 UNIVERSITY PARK PLACE |
(950 | ) | (235 | ) | (234 | ) | (232 | ) | (232 | ) | (933 | ) | (230 | ) | ||||||||||||||
100 NORTH POINT CENTER EAST |
(681 | ) | (170 | ) | (170 | ) | (170 | ) | (169 | ) | (679 | ) | (169 | ) | ||||||||||||||
200 NORTH POINT CENTER EAST |
(681 | ) | (170 | ) | (170 | ) | (170 | ) | (169 | ) | (679 | ) | (169 | ) | ||||||||||||||
OTHER |
(1,945 | ) | (61 | ) | (61 | ) | (58 | ) | (55 | ) | (235 | ) | (47 | ) | ||||||||||||||
UNSECURED TERM LOAN (LIBOR + 0.70% to 1.20%) |
(6,092 | ) | (1,616 | ) | (1,866 | ) | (56 | ) | | (3,538 | ) | | ||||||||||||||||
CAPITALIZED |
3,736 | | | | | | | |||||||||||||||||||||
SUBTOTAL CONSOLIDATED |
(41,393 | ) | (9,781 | ) | (10,286 | ) | (8,702 | ) | (8,411 | ) | (37,180 | ) | (7,544 | ) | ||||||||||||||
JOINT VENTURE DEBT: |
||||||||||||||||||||||||||||
THE AVENUE MURFREESBORO |
(861 | ) | (197 | ) | (251 | ) | (489 | ) | (472 | ) | (1,409 | ) | (458 | ) | ||||||||||||||
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER |
(1,501 | ) | (371 | ) | (369 | ) | (367 | ) | (365 | ) | (1,472 | ) | (364 | ) | ||||||||||||||
TEN PEACHTREE PLACE |
(766 | ) | (189 | ) | (189 | ) | (188 | ) | (186 | ) | (752 | ) | (184 | ) | ||||||||||||||
TERMINUS 200 |
| | (3 | ) | (34 | ) | (118 | ) | (155 | ) | (89 | ) | ||||||||||||||||
THE AVENUE EAST COBB |
(339 | ) | (84 | ) | (83 | ) | (57 | ) | (22 | ) | (246 | ) | (49 | ) | ||||||||||||||
TEMCO ASSOCIATES |
(122 | ) | (26 | ) | (27 | ) | (27 | ) | (29 | ) | (109 | ) | (26 | ) | ||||||||||||||
CL REALTY |
(215 | ) | (32 | ) | (25 | ) | (25 | ) | (27 | ) | (109 | ) | (22 | ) | ||||||||||||||
OTHER |
(130 | ) | | | | | | | ||||||||||||||||||||
SUBTOTAL JOINT VENTURE |
(3,934 | ) | (899 | ) | (947 | ) | (1,187 | ) | (1,219 | ) | (4,252 | ) | (1,192 | ) | ||||||||||||||
TOTAL INTEREST EXPENSE |
(45,328 | ) | (10,680 | ) | (11,233 | ) | (9,889 | ) | (9,630 | ) | (41,432 | ) | (8,736 | ) | ||||||||||||||
IMPAIRMENT LOSSES |
||||||||||||||||||||||||||||
IMPAIRMENT LOSS CONSOLIDATED |
(40,512 | ) | | (586 | ) | | (1,968 | ) | (2,554 | ) | (3,508 | ) | ||||||||||||||||
IMPAIRMENT LOSS OTHER |
(24,182 | ) | | | | (3,746 | ) | (3,746 | ) | | ||||||||||||||||||
IMPAIRMENT LOSS JOINT VENTURE INVESTMENTS |
(51,058 | ) | | | | | | | ||||||||||||||||||||
TOTAL IMPAIRMENT LOSSES |
(115,752 | ) | | (586 | ) | | (5,714 | ) | (6,300 | ) | (3,508 | ) | ||||||||||||||||
OTHER EXPENSES |
||||||||||||||||||||||||||||
PROPERTY TAXES & OTHER HOLDING COSTS |
(4,830 | ) | (825 | ) | (834 | ) | (805 | ) | (694 | ) | (3,158 | ) | (803 | ) | ||||||||||||||
PREDEVELOPMENT & OTHER |
(8,313 | ) | (37 | ) | (2,168 | ) | (104 | ) | 1,051 | (1,258 | ) | (59 | ) | |||||||||||||||
MINORITY INTEREST EXPENSE |
(2,252 | ) | (526 | ) | (584 | ) | (696 | ) | (734 | ) | (2,540 | ) | (581 | ) | ||||||||||||||
OTHER JOINT VENTURE |
(1,279 | ) | 392 | 223 | 42 | 256 | 913 | 43 | ||||||||||||||||||||
TOTAL OTHER EXPENSES |
(16,674 | ) | (996 | ) | (3,363 | ) | (1,563 | ) | (121 | ) | (6,043 | ) | (1,400 | ) | ||||||||||||||
INCOME TAX (PROVISION) BENEFIT |
(4,341 | ) | 1,146 | (14 | ) | (25 | ) | (28 | ) | 1,079 | 64 | |||||||||||||||||
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS |
||||||||||||||||||||||||||||
CONSOLIDATED |
(3,366 | ) | (567 | ) | (462 | ) | (441 | ) | (414 | ) | (1,884 | ) | (563 | ) | ||||||||||||||
DISCONTINUED OPERATIONS |
(16 | ) | (4 | ) | (1 | ) | 0 | | (5 | ) | | |||||||||||||||||
SHARE OF UNCONSOLIDATED JOINT VENTURES |
(46 | ) | (6 | ) | (5 | ) | (6 | ) | (5 | ) | (22 | ) | (5 | ) | ||||||||||||||
TOTAL
NON-REAL ESTATE DEPRECIATION AND AMORTIZATION |
(3,428 | ) | (577 | ) | (468 | ) | (447 | ) | (419 | ) | (1,911 | ) | (568 | ) | ||||||||||||||
PREFERRED STOCK DIVIDENDS |
(12,907 | ) | (3,227 | ) | (3,227 | ) | (3,226 | ) | (3,227 | ) | (12,907 | ) | (3,227 | ) | ||||||||||||||
FFO |
(91,960 | ) | 13,980 | 7,895 | 886 | 10,020 | 32,781 | 8,122 | ||||||||||||||||||||
WEIGHTED AVERAGE SHARES |
65,495 | 100,069 | 101,001 | 101,893 | 102,761 | 101,440 | 103,530 | |||||||||||||||||||||
FFO PER SHARE |
(1.40 | ) | 0.14 | 0.08 | 0.01 | 0.10 | 0.32 | 0.08 |
11
COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of and For the Three Months ended March 31, 2011
PORTFOLIO LISTING
BY PROPERTY TYPE
As of and For the Three Months ended March 31, 2011
Company Share | ||||||||||||||||||||||||||
Property | ||||||||||||||||||||||||||
Companys | % of Total | Weighted | Level | |||||||||||||||||||||||
Metropolitan | Rentable | Ownership | Net Operating | Percent | Average | Debt | ||||||||||||||||||||
Property Description | Area | Square Feet | Interest | Income | Leased | Occupancy (1) | ($000) | |||||||||||||||||||
I. OFFICE OPERATING PROPERTIES |
||||||||||||||||||||||||||
Terminus 100 |
Atlanta | 655,000 | 100.00 | % | 14 | % | 97 | % | 95 | % | 139,678 | |||||||||||||||
191 Peachtree Tower |
Atlanta | 1,219,000 | 100.00 | % | 12 | % | 80 | % | 73 | % | | |||||||||||||||
The American Cancer Society Center |
Atlanta | 996,000 | 100.00 | % | 10 | % | 95 | % | 86 | % | 136,000 | |||||||||||||||
One Georgia Center (3) |
Atlanta | 376,000 | 100.00 | % | 4 | % | 97 | % | 97 | % | | |||||||||||||||
Meridian Mark Plaza |
Atlanta | 160,000 | 100.00 | % | 3 | % | 97 | % | 91 | % | 26,809 | |||||||||||||||
Emory
University Hospital Midtown Medical Office Tower |
Atlanta | 358,000 | 50.00 | % | 3 | % | 100 | % | 98 | % | 24,220 | |||||||||||||||
Ten
Peachtree Place (2) |
Atlanta | 260,000 | 50.00 | % | 2 | % | 94 | % | 94 | % | 13,319 | |||||||||||||||
555 North Point Center East |
Atlanta | 152,000 | 100.00 | % | 2 | % | 98 | % | 98 | % | 13,092 | |||||||||||||||
200 North Point Center East |
Atlanta | 130,000 | 100.00 | % | 2 | % | 100 | % | 100 | % | 12,372 | |||||||||||||||
333 North Point Center East |
Atlanta | 130,000 | 100.00 | % | 1 | % | 98 | % | 97 | % | 13,092 | |||||||||||||||
100 North Point Center East |
Atlanta | 128,000 | 100.00 | % | 1 | % | 94 | % | 94 | % | 12,372 | |||||||||||||||
Inhibitex |
Atlanta | 51,000 | 100.00 | % | 1 | % | 100 | % | 100 | % | | |||||||||||||||
Galleria 75 |
Atlanta | 111,000 | 100.00 | % | 0 | % | 67 | % | 65 | % | | |||||||||||||||
Cosmopolitan Center |
Atlanta | 84,000 | 100.00 | % | 0 | % | 93 | % | 93 | % | | |||||||||||||||
Terminus 200 (2) |
Atlanta | 566,000 | 20.00 | % | 0 | % | 72 | % | 23 | % | 9,787 | |||||||||||||||
GEORGIA |
5,376,000 | 56 | % | 91 | % | 85 | % | 400,741 | ||||||||||||||||||
Palisades West |
Austin | 373,000 | 50.00 | % | 5 | % | 97 | % | 97 | % | | |||||||||||||||
The Points at Waterview |
Dallas | 203,000 | 100.00 | % | 1 | % | 84 | % | 86 | % | 16,480 | |||||||||||||||
TEXAS |
576,000 | 7 | % | 90 | % | 91 | % | 16,480 | ||||||||||||||||||
Lakeshore Park Plaza (3) |
Birmingham | 197,000 | 100.00 | % | 2 | % | 95 | % | 95 | % | 17,451 | |||||||||||||||
600 University Park Place (3) |
Birmingham | 123,000 | 100.00 | % | 1 | % | 89 | % | 61 | % | 12,228 | |||||||||||||||
ALABAMA |
320,000 | 3 | % | 92 | % | 82 | % | 29,679 | ||||||||||||||||||
Gateway Village (2) |
Charlotte | 1,065,000 | 50.00 | % | 1 | % | 100 | % | 100 | % | 46,815 | |||||||||||||||
Presbyterian Medical Plaza |
Charlotte | 69,000 | 11.50 | % | 0 | % | 78 | % | 78 | % | | |||||||||||||||
NORTH CAROLINA |
1,134,000 | 1 | % | 100 | % | 100 | % | 46,815 | ||||||||||||||||||
TOTAL OFFICE OPERATING PROPERTIES |
7,406,000 | 66 | % | 92 | % | 87 | % | 493,715 | ||||||||||||||||||
II. RETAIL OPERATING PROPERTIES |
||||||||||||||||||||||||||
The Avenue Forsyth (3) |
Atlanta | 523,000 | 100.00 | % | 8 | % | 86 | % | 67 | % | | |||||||||||||||
The Avenue Webb Gin |
Atlanta | 322,000 | 100.00 | % | 5 | % | 88 | % | 86 | % | | |||||||||||||||
The Avenue
East Cobb |
Atlanta | 230,000 | 11.50 | % | 1 | % | 94 | % | 93 | % | 4,195 | |||||||||||||||
North Point MarketCenter |
Atlanta | 401,000 | 10.32 | % | 0 | % | 99 | % | 97 | % | | |||||||||||||||
The Avenue West Cobb |
Atlanta | 255,000 | 11.50 | % | 0 | % | 97 | % | 95 | % | | |||||||||||||||
The Avenue
Peachtree City |
Atlanta | 183,000 | 11.50 | % | 0 | % | 91 | % | 88 | % | | |||||||||||||||
GEORGIA |
1,914,000 | 15 | % | 88 | % | 77 | % | 4,195 | ||||||||||||||||||
The Avenue Carriage Crossing (3) |
Memphis | 511,000 | 100.00 | % | 4 | % | 88 | % | 88 | % | | |||||||||||||||
The Avenue Murfreesboro |
Nashville | 751,000 | 50.00 | % | 4 | % | 85 | % | 85 | % | 50,992 | |||||||||||||||
Mt. Juliet Village (2) |
Nashville | 91,000 | 50.50 | % | 1 | % | 77 | % | 75 | % | 3,106 | |||||||||||||||
The Shops of Lee Village (2) |
Nashville | 74,000 | 50.50 | % | 0 | % | 77 | % | 83 | % | 2,803 | |||||||||||||||
Creek Plantation Village (2) |
Chattanooga | 78,000 | 50.50 | % | 0 | % | 91 | % | 91 | % | 3,172 | |||||||||||||||
TENNESSEE |
1,505,000 | 10 | % | 86 | % | 87 | % | 60,073 | ||||||||||||||||||
Tiffany Springs MarketCenter (3) |
Kansas City | 238,000 | 100.00 | % | 3 | % | 82 | % | 80 | % | | |||||||||||||||
MISSOURI |
238,000 | 3 | % | 82 | % | 80 | % | | ||||||||||||||||||
Highland City Town Center (2) |
Lakeland | 96,000 | 50.50 | % | 1 | % | 87 | % | 87 | % | 5,462 | |||||||||||||||
The Avenue Viera |
Viera | 332,000 | 11.50 | % | 0 | % | 95 | % | 92 | % | | |||||||||||||||
Viera MarketCenter |
Viera | 178,000 | 11.50 | % | 0 | % | 94 | % | 94 | % | | |||||||||||||||
FLORIDA |
606,000 | 1 | % | 91 | % | 90 | % | 5,462 | ||||||||||||||||||
Greenbrier MarketCenter |
Chesapeake | 376,000 | 10.32 | % | 1 | % | 100 | % | 100 | % | | |||||||||||||||
VIRGINIA |
376,000 | 1 | % | 100 | % | 100 | % | | ||||||||||||||||||
Los Altos MarketCenter |
Long Beach | 157,000 | 10.32 | % | 0 | % | 100 | % | 100 | % | | |||||||||||||||
CALIFORNIA |
157,000 | 0 | % | 100 | % | 100 | % | | ||||||||||||||||||
TOTAL RETAIL OPERATING PROPERTIES |
4,796,000 | 30 | % | 87 | % | 82 | % | 69,730 | ||||||||||||||||||
12
COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of and For the Three Months ended March 31, 2011
PORTFOLIO LISTING
BY PROPERTY TYPE
As of and For the Three Months ended March 31, 2011
Company Share | ||||||||||||||||||||||||||
Property | ||||||||||||||||||||||||||
Companys | % of Total Net | Weighted | Level | |||||||||||||||||||||||
Metropolitan | Rentable | Ownership | Operating | Percent | Average | Debt | ||||||||||||||||||||
Property Description | Area | Square Feet | Interest | Income | Leased | Occupancy (1) | ($000) | |||||||||||||||||||
III. INDUSTRIAL OPERATING PROPERTIES |
||||||||||||||||||||||||||
King Mill Distribution Park Building 3 (3) |
Atlanta | 796,000 | 100.00 | % | 2 | % | 100 | % | 100 | % | | |||||||||||||||
GEORGIA |
796,000 | 2 | % | 100 | % | 100 | % | | ||||||||||||||||||
Lakeside Ranch Business Park Building 20 (3) |
Dallas | 749,000 | 100.00 | % | 1 | % | 91 | % | 77 | % | | |||||||||||||||
TEXAS |
749,000 | 1 | % | 91 | % | 77 | % | | ||||||||||||||||||
TOTAL INDUSTRIAL OPERATING PROPERTIES |
1,545,000 | 3 | % | 96 | % | 89 | % | | ||||||||||||||||||
TOTAL OPERATING PORTFOLIO |
13,747,000 | 100 | % | 91 | % | 86 | % | 563,445 | ||||||||||||||||||
(1) | Weighted average occupancy represents an average of the square footage occupied at the property. | |
(2) | This property is owned through a joint venture with a third party who has contributed equity, but the equity ownership and the allocation of the results of operations and/or gain on sale may be disproportionate. | |
(3) | This property is shown as 100% as it is owned through a consolidated joint venture. The joint venture is with a third party who has contributed equity and the joint venture partner may receive distributions from the venture in connection with its equity ownership. |
13
COUSINS PROPERTIES INCORPORATED
SAME PROPERTY PERFORMANCE (1)
($ in thousands)
SAME PROPERTY PERFORMANCE (1)
($ in thousands)
Three Months Ended | Q1 11 vs | Q1 11 vs | ||||||||||||||||||
March 31, | March 31, | December 31, | Q1 10 | Q4 10 | ||||||||||||||||
2011 | 2010 | 2010 | % Change | % Change | ||||||||||||||||
Rental Property Revenues (2) |
||||||||||||||||||||
Office |
31,310 | 30,446 | 30,570 | 2.8 | % | 2.4 | % | |||||||||||||
Retail |
11,298 | 10,518 | 11,151 | 7.4 | % | 1.3 | % | |||||||||||||
Total Rental Property Revenues |
42,608 | 40,963 | 41,720 | 4.0 | % | 2.1 | % | |||||||||||||
Rental Property Operating Expenses (2) |
||||||||||||||||||||
Office |
12,695 | 12,713 | 11,585 | -0.1 | % | 9.6 | % | |||||||||||||
Retail |
3,400 | 3,644 | 4,097 | -6.7 | % | -17.0 | % | |||||||||||||
Total Rental Property Operating Expenses |
16,095 | 16,356 | 15,683 | -1.6 | % | 2.6 | % | |||||||||||||
Same Property Net Operating Income |
||||||||||||||||||||
Office |
18,615 | 17,733 | 18,984 | 5.0 | % | -1.9 | % | |||||||||||||
Retail |
7,898 | 6,874 | 7,053 | 14.9 | % | 12.0 | % | |||||||||||||
Total Same Property Net Operating Income |
26,513 | 24,607 | 26,038 | 7.7 | % | 1.8 | % | |||||||||||||
Three Months Ended | Q1 11 vs | Q1 11 vs | ||||||||||||||||||
March 31, | March 31, | December 31, | Q1 10 | Q4 10 | ||||||||||||||||
2011 | 2010 | 2010 | % Change | % Change | ||||||||||||||||
Cash Basis Same Property Net Operating Income (3) |
||||||||||||||||||||
Office |
17,154 | 16,876 | 17,964 | 1.6 | % | -4.5 | % | |||||||||||||
Retail |
7,582 | 6,532 | 6,703 | 16.1 | % | 13.1 | % | |||||||||||||
Total Cash Basis Same Property Net Operating Income |
24,735 | 23,408 | 24,667 | 5.7 | % | 0.3 | % |
(1) | Same Properties include those office and retail properties that were operational on January 1, 2010, excluding properties subsequently sold. | |
(2) | Rental Property Revenues and Expenses includes rental property revenues and expenses of the Company and its share of unconsolidated joint ventures. | |
(3) | Cash Basis Same Property Net Operating Income is Net Operating Income of the Company and its share of unconsolidated joint ventures. It excludes straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents. |
14
COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of March 31, 2011
SQUARE FEET EXPIRING
As of March 31, 2011
OFFICE
As of March 31, 2011, the Companys office portfolio included 21 commercial office buildings. The
weighted average remaining lease term of these office buildings was approximately seven years as of
March 31, 2011. 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:
2020 & | ||||||||||||||||||||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
Company Share |
||||||||||||||||||||||||||||||||||||||||||||
Square Feet Expiring |
409,248 | 176,921 | 541,308 | 264,310 | 427,725 | 706,665 | 471,734 | 272,724 | 540,155 | 1,561,297 | 5,372,087 | |||||||||||||||||||||||||||||||||
% of Leased Space |
8 | % | 3 | % | 10 | % | 5 | % | 8 | % | 13 | % | 9 | % | 5 | % | 10 | % | 29 | % | 100 | % | ||||||||||||||||||||||
Annual Contractual
Rent ($000s) (1) |
$ | 6,512 | $ | 3,426 | $ | 12,406 | $ | 5,529 | $ | 9,206 | $ | 13,681 | $ | 12,321 | $ | 7,909 | $ | 12,476 | $ | 37,785 | $ | 121,251 | ||||||||||||||||||||||
Annual Contractual
Rent/Sq. Ft. (1) |
$ | 15.91 | $ | 19.37 | $ | 22.92 | $ | 20.92 | $ | 21.52 | $ | 19.36 | $ | 26.12 | $ | 29.00 | $ | 23.10 | $ | 24.20 | $ | 22.57 |
RETAIL
As of March 31, 2011, the Companys retail portfolio included 17 retail properties. The weighted
average remaining lease term of these retail properties was approximately eight years as of March
31, 2011. 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:
2020 & | ||||||||||||||||||||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
Company Share |
||||||||||||||||||||||||||||||||||||||||||||
Square Feet Expiring (2) |
74,360 | 67,208 | 70,643 | 99,124 | 104,855 | 273,127 | 128,112 | 329,465 | 319,525 | 599,751 | 2,066,170 | |||||||||||||||||||||||||||||||||
% of Leased Space |
4 | % | 3 | % | 4 | % | 5 | % | 5 | % | 13 | % | 6 | % | 16 | % | 15 | % | 29 | % | 100 | % | ||||||||||||||||||||||
Annual Contractual
Rent ($000s) (1) |
$ | 1,281 | $ | 1,210 | $ | 1,716 | $ | 1,993 | $ | 2,330 | $ | 6,175 | $ | 3,206 | $ | 7,402 | $ | 6,791 | $ | 7,088 | $ | 39,192 | ||||||||||||||||||||||
Annual Contractual
Rent/Sq. Ft. (1) |
$ | 17.22 | $ | 18.01 | $ | 24.28 | $ | 20.10 | $ | 22.23 | $ | 22.61 | $ | 25.03 | $ | 22.47 | $ | 21.25 | $ | 11.82 | $ | 18.97 |
(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. |
15
COUSINS PROPERTIES INCORPORATED
TOP 20 TENANTS
BASED ON ANNUALIZED BASE RENT
As of March 31, 2011
TOP 20 TENANTS
BASED ON ANNUALIZED BASE RENT
As of March 31, 2011
Company Share of | Average | |||||||||||||||
Annualized Base | Remaining Lease | |||||||||||||||
Tenant (1) | Product Type | Rent (2) | Term (Years) | |||||||||||||
1. | Deloitte & Touche |
Office | 4.4 | % | 13.2 | |||||||||||
2. | Georgia Department of Transportation |
Office | 3.9 | % | 8.3 | |||||||||||
3. | American Cancer Society |
Office | 3.4 | % | 11.3 | |||||||||||
4. | AGL Services Company |
Office | 2.4 | % | 2.0 | |||||||||||
5. | Intemap Network Services |
Office | 2.4 | % | 9.1 | |||||||||||
6. | Morgan Stanley |
Office | 2.1 | % | 6.2 | |||||||||||
7. | MedAssets Net Revenue Systems LLC |
Office | 2.0 | % | 4.0 | |||||||||||
8. | Dimensional Fund Advisors |
Office | 2.0 | % | 12.5 | |||||||||||
9. | Briggs & Stratton Corporation |
Industrial | 1.7 | % | 3.5 | |||||||||||
10. | Bombardier Aerospace Corporation |
Office | 1.6 | % | 1.9 | |||||||||||
11. | CB Richard Ellis, Inc. |
Office | 1.5 | % | 8.3 | |||||||||||
12. | US South Communications |
Office | 1.5 | % | 9.1 | |||||||||||
13. | Bank of America (3) |
Office | 1.5 | % | 5.6 | |||||||||||
14. | Emory University |
Office | 1.4 | % | 5.8 | |||||||||||
15. | Northside Hospital |
Office | 1.3 | % | 6.1 | |||||||||||
16. | Wells Fargo Bank, N.A. |
Office | 1.2 | % | 3.7 | |||||||||||
17. | Cumulus Media, Inc. |
Office | 1.2 | % | 5.0 | |||||||||||
18. | Premiere Global Services, Inc. |
Office | 1.2 | % | 6.7 | |||||||||||
19. | HD Supply Facilities Maintenance, LTD. |
Industrial | 1.2 | % | 7.4 | |||||||||||
20. | Turner Broadcasting System, Inc. |
Office | 1.2 | % | 0.2 | |||||||||||
Total of Top 20 Tenants |
44.1 | % | 6.0 | |||||||||||||
(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) | The Companys economic exposure for this tenant is limited through a joint venture arrangement to a fixed return. |
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. |
16
COUSINS PROPERTIES INCORPORATED
INVENTORY OF COMMERCIAL LAND HELD
As of March 31, 2011
INVENTORY OF COMMERCIAL LAND HELD
As of March 31, 2011
Companys | Developable | Cost | ||||||||||||||
Metropolitan | Ownership | Land Area | Basis | |||||||||||||
Property Description | Area | Interest | (Acres) | ($000) (1) | ||||||||||||
Wildwood Office Park |
Atlanta | 50.00 | % | 36 | $ | 21,186 | ||||||||||
Terminus |
Atlanta | 100.00 | % | 4 | 12,652 | (2) | ||||||||||
615 Peachtree Street |
Atlanta | 100.00 | % | 2 | 12,492 | (2) | ||||||||||
The Avenue Forsyth (3) (4) |
Atlanta | 100.00 | % | 15 | 10,442 | (2) | ||||||||||
King Mill Distribution Park |
Atlanta | 100.00 | % | 86 | 10,089 | (2) | ||||||||||
Jefferson Mill Business Park |
Atlanta | 100.00 | % | 117 | 9,196 | (2) | ||||||||||
549 / 555 / 557 Peachtree Street |
Atlanta | 100.00 | % | 1 | 8,794 | (2) | ||||||||||
North Point |
Atlanta | 100.00 | % | 42 | 6,519 | (2) | ||||||||||
Wildwood Office Park |
Atlanta | 100.00 | % | 23 | 1,014 | (2) | ||||||||||
The Avenue Webb Gin (3) |
Atlanta | 100.00 | % | 2 | 946 | (2) | ||||||||||
Georgia |
328 | 93,330 | ||||||||||||||
Round Rock Land |
Austin | 100.00 | % | 60 | 17,115 | (2) | ||||||||||
Lakeside Ranch Business Park (5) |
Dallas | 100.00 | % | 51 | 9,821 | (2) | ||||||||||
Research Park V |
Austin | 100.00 | % | 6 | 4,968 | (2) | ||||||||||
Lancaster (5) |
Dallas | 100.00 | % | 47 | 4,844 | (2) | ||||||||||
Texas |
164 | 36,748 | ||||||||||||||
The Avenue Murfreesboro (3) (5) |
Nashville | 50.00 | % | 6 | 4,099 | |||||||||||
The Avenue Carriage Crossing (3) (5) |
Memphis | 100.00 | % | 2 | 1,969 | (2) | ||||||||||
The Shops of Lee Village (3) (5) |
Nashville | 50.50 | % | 6 | 1,944 | |||||||||||
Tennessee |
14 | 8,012 | ||||||||||||||
Highland City Town Center (3) (5) |
Lakeland | 50.50 | % | 56 | 5,469 | |||||||||||
Florida |
56 | 5,469 | ||||||||||||||
TOTAL LAND HELD |
562 | $ | 143,559 | |||||||||||||
COMPANYS SHARE OF TOTAL |
510 | $ | 116,654 | |||||||||||||
(1) | Cost Basis reflects the Companys basis for consolidated properties and the ventures basis for joint venture properties. In some cases, the Companys share of a ventures basis may be different than the Companys investment due to capitalization of costs and impairments at the Companys investment level. | |
(2) | The cost basis of these consolidated properties aggregates to $110,861,000. Including the basis of the Blalock acreage of $9,650,000 and Handy Road acreage of $3,374,000, which are both included on the Inventory of Lots and Acres in Residential Projects schedule, these properties total $123,885,000, which is reflected on the Condensed Consolidated Balance Sheet. | |
(3) | Land is adjacent to an existing retail center and will either be sold or developed as an additional phase of the retail center. | |
(4) | A portion of the developable land area is owned 100% by the Company and a portion is owned 88.5% by a consolidated joint venture. | |
(5) | This project 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 most likely will be disproportionate. |
17
COUSINS PROPERTIES INCORPORATED
INVENTORY OF LOTS AND TRACTS IN RESIDENTIAL PROJECTS
As of March 31, 2011
INVENTORY OF LOTS AND TRACTS IN RESIDENTIAL PROJECTS
As of March 31, 2011
Companys | Lots | Tracts (2) | Cost | |||||||||||||||||||||||||||
Ownership | Estimated to | Total | Remaining | Sold since | Basis | |||||||||||||||||||||||||
Description | Metropolitan Area | Interest | be Developed (1) | Sold | to be Sold | Inception | Remaining | ($000s) (3) | ||||||||||||||||||||||
Blalock Lakes (6) |
Atlanta | 100.00 | % | 154 | 19 | 135 | | 1,205 | $ | 49,667 | (4) | |||||||||||||||||||
The Georgian |
Atlanta | 37.50 | % | 1,385 | 288 | 1,097 | | | 23,674 | |||||||||||||||||||||
Seven Hills |
Atlanta | 50.00 | % | 1,081 | 636 | 445 | 1,070 | 113 | 16,699 | |||||||||||||||||||||
Callaway Gardens (5) (6) |
Pine Mountain | 100.00 | % | 559 | 30 | 529 | | | 15,631 | (4) | ||||||||||||||||||||
Paulding County |
Atlanta | 50.00 | % | | | | 764 | 5,731 | 14,846 | |||||||||||||||||||||
West Park |
Atlanta | 50.00 | % | 84 | 21 | 63 | | | 5,332 | |||||||||||||||||||||
The Lakes at Cedar Grove |
Atlanta | 100.00 | % | 906 | 727 | 179 | | | 4,653 | (4) | ||||||||||||||||||||
Handy Road |
Atlanta | 50.00 | % | | | | | 1,187 | 3,374 | |||||||||||||||||||||
Tillman Hall |
Atlanta | 100.00 | % | 29 | 7 | 22 | | | 2,534 | (4) | ||||||||||||||||||||
Harris Place |
Atlanta | 50.00 | % | 27 | 18 | 9 | | | 652 | |||||||||||||||||||||
Rivers Call |
Atlanta | 100.00 | % | 107 | 95 | 12 | | | 477 | (4) | ||||||||||||||||||||
Longleaf at Callaway (6) |
Pine Mountain | 100.00 | % | 138 | 125 | 13 | | | 386 | (4) | ||||||||||||||||||||
Bentwater |
Atlanta | 50.00 | % | 1,676 | 1,671 | 5 | | | 16 | |||||||||||||||||||||
Georgia |
6,146 | 3,637 | 2,509 | 1,834 | 8,236 | 137,941 | ||||||||||||||||||||||||
Southern Trails |
Houston | 40.00 | % | 1,027 | 452 | 575 | 114 | | 17,116 | |||||||||||||||||||||
Long Meadow Farms |
Houston | 18.75 | % | 2,083 | 711 | 1,372 | 133 | 113 | 12,558 | |||||||||||||||||||||
Waterford Park |
Houston | 50.00 | % | 210 | | 210 | | 90 | 8,530 | |||||||||||||||||||||
Padre Island |
Corpus Christi | 50.00 | % | | | | | 15 | 7,545 | |||||||||||||||||||||
Summer Lakes |
Houston | 50.00 | % | 1,130 | 357 | 773 | 56 | | 7,067 | |||||||||||||||||||||
Village Park |
Dallas/Fort Worth | 50.00 | % | 571 | 356 | 215 | 3 | 2 | 6,947 | |||||||||||||||||||||
Bar C Ranch |
Dallas/Fort Worth | 50.00 | % | 1,199 | 251 | 948 | | | 6,780 | |||||||||||||||||||||
Summer Creek Ranch |
Dallas/Fort Worth | 50.00 | % | 1,274 | 796 | 478 | 624 | 71 | 5,074 | |||||||||||||||||||||
Stonewall Estates |
San Antonio | 25.00 | % | 388 | 271 | 117 | | | 4,951 | |||||||||||||||||||||
Village Park North |
Dallas/Fort Worth | 50.00 | % | 189 | 72 | 117 | 23 | | 2,342 | |||||||||||||||||||||
Stillwater Canyon |
Dallas/Fort Worth | 50.00 | % | 335 | 225 | 110 | | | 2,325 | |||||||||||||||||||||
Texas |
8,406 | 3,491 | 4,915 | 953 | 291 | 81,235 | ||||||||||||||||||||||||
Bridle Path Estates |
Tampa/St. Petersburg | 50.00 | % | 87 | | 87 | | | 3,026 | |||||||||||||||||||||
Creekside Oaks |
Tampa/St. Petersburg | 50.00 | % | 301 | 171 | 130 | | | 2,855 | |||||||||||||||||||||
Manatee River Plantation |
Tampa/St. Petersburg | 50.00 | % | 457 | 348 | 109 | | | 2,604 | |||||||||||||||||||||
Florida |
845 | 519 | 326 | | | 8,485 | ||||||||||||||||||||||||
TOTAL INVENTORY OF LOTS AND ACRES IN RESIDENTIAL PROJECTS |
15,397 | 7,647 | 7,750 | 2,787 | 8,527 | $ | 227,661 | |||||||||||||||||||||||
COMPANY SHARE OF TOTAL |
7,621 | 3,954 | 3,667 | 1,341 | 4,831 | $ | 133,666 | |||||||||||||||||||||||
(1) | This estimate represents the total projected development capacity for a development on owned land currently anticipated to be developed as lots. The lot numbers shown include lots currently developed or to be developed over time, based on managements current estimates, and lots sold to date from inception of development. | |
(2) | Tracts represents acres of land adjacent to the residential community that may be sold to third parties in large tracts for residential, multi-family or commercial development. | |
(3) | Cost Basis reflects the Companys basis for consolidated properties and the ventures basis for joint venture properties. In some cases, the Companys share of a ventures basis may be different than the Companys investment due to capitalization of costs and impairments at the Companys investment level. | |
(4) | The cost basis of these consolidated properties aggregates to $73,348,000. Excluding the basis of the Blalock acreage of $9,650,000, these properties total $63,698,000, which is reflected on the Condensed Consolidated Balance Sheet. | |
(5) | Companys ownership interest is shown at 100% as Callaway Gardens is owned in a joint venture which is consolidated with the Company. The partner is entitled to a share of the profits after the Companys capital is recovered. | |
(6) | All lots at Longleaf at Callaway and certain lots at Callaway Gardens and Blalock Lakes are sold to a homebuilding venture, of which the Company is a joint venture partner. As a result of this relationship, the Company defers some or all profits until houses are built and sold, rather than at the time lots are sold, as is the case with the Companys other residential developments. |
18
COUSINS PROPERTIES INCORPORATED
DEBT OUTSTANDING
As of March 31, 2011
($ in thousands)
DEBT OUTSTANDING
As of March 31, 2011
($ in thousands)
Rate | Companys | |||||||||||||||||||||||||||||||||||||||||||
Ownership | End of | Maturity | Companys Share of Debt Maturities and Principal Payments | Share | ||||||||||||||||||||||||||||||||||||||||
Description (Interest Rate Base, if not fixed) | Percentage | Quarter | Date | 2011 | 2012 | 2013 | 2014 | 2015 | Thereafter | Total | Recourse (1) | |||||||||||||||||||||||||||||||||
CONSOLIDATED DEBT |
||||||||||||||||||||||||||||||||||||||||||||
Floating Rate Debt |
||||||||||||||||||||||||||||||||||||||||||||
Handy Road Associates (Prime + 1.0%, not less than 6%) |
50.00 | %(2) | 6.00 | % | 3/30/2011 | $ | 3,374 | $ | | $ | | $ | | $ | | $ | | $ | 3,374 | $ | | |||||||||||||||||||||||
Credit Facility, Unsecured (LIBOR + 1.75%-2.25%; $350mm facility) (3) |
100.00 | % | 2.24 | % | 8/29/2012 | | 93,700 | | | | | 93,700 | 93,700 | |||||||||||||||||||||||||||||||
Total Floating Rate Debt |
3,374 | 93,700 | | | | | 97,074 | 93,700 | ||||||||||||||||||||||||||||||||||||
Fixed Rate Debt |
||||||||||||||||||||||||||||||||||||||||||||
600
University Park Place |
100.00 | % | 7.38 | % | 8/10/2011 | 12,228 | | | | | | 12,228 | | |||||||||||||||||||||||||||||||
333/555 North Point Center East |
100.00 | % | 7.00 | % | 11/1/2011 | (4) | 26,184 | | | | | | 26,184 | 26,184 | ||||||||||||||||||||||||||||||
100/200 North Point Center East |
100.00 | % | 5.39 | % | 6/1/2012 | 266 | 24,478 | | | | | 24,744 | | |||||||||||||||||||||||||||||||
Lakeshore Park Plaza |
100.00 | % | 5.89 | % | 8/1/2012 | 288 | 17,163 | | | | | 17,451 | | |||||||||||||||||||||||||||||||
Callaway
Gardens |
100.00 | % | 4.13 | % | 11/18/2013 | | | 175 | | | | 175 | | |||||||||||||||||||||||||||||||
The Points at Waterview |
100.00 | % | 5.66 | % | 1/1/2016 | 345 | 484 | 512 | 541 | 573 | 14,025 | 16,480 | | |||||||||||||||||||||||||||||||
The American Cancer Society Center (5) |
100.00 | % | 6.45 | % | 9/1/2017 | 350 | 1,408 | 1,528 | 1,631 | 1,741 | 129,342 | 136,000 | | |||||||||||||||||||||||||||||||
Meridian Mark Plaza |
100.00 | % | 6.00 | % | 8/1/2020 | 255 | 359 | 381 | 405 | 430 | 24,979 | 26,809 | | |||||||||||||||||||||||||||||||
Terminus 100 |
100.00 | % | 5.25 | % | 1/1/2023 | 1,484 | 2,071 | 2,182 | 2,300 | 2,424 | 129,217 | 139,678 | | |||||||||||||||||||||||||||||||
Total Fixed Rate Date |
41,400 | 45,963 | 4,778 | 4,877 | 5,168 | 297,563 | 399,749 | 26,184 | ||||||||||||||||||||||||||||||||||||
TOTAL CONSOLIDATED DEBT |
44,774 | 139,663 | 4,778 | 4,877 | 5,168 | 297,563 | 496,823 | 119,884 | ||||||||||||||||||||||||||||||||||||
UNCONSOLIDATED SECURED DEBT |
||||||||||||||||||||||||||||||||||||||||||||
Floating Rate Debt |
||||||||||||||||||||||||||||||||||||||||||||
Pine Mountain Builders (LIBOR + 4.0%, not less than 5%) |
50.00 | % | 5.00 | % | 6/11/2011 | 332 | | | | | | 332 | | |||||||||||||||||||||||||||||||
Summer Lakes (Prime + 1.5%) |
50.00 | % | 4.75 | % | 8/22/2011 | 496 | | | | | | 496 | | |||||||||||||||||||||||||||||||
Waterford Park (Prime + 1.5%) |
50.00 | % | 4.75 | % | 11/8/2011 | 580 | | | | | | 580 | | |||||||||||||||||||||||||||||||
Bentwater Links (LIBOR + 6.5%) |
50.00 | % | 6.74 | % | 5/23/2012 | | 1,447 | | | | | 1,447 | | |||||||||||||||||||||||||||||||
The Avenue
Murfreesboro (LIBOR + 3.0%; $113.2mm facility) |
50.00 | % | 3.24 | % | 7/20/2013 | | | 50,992 | | | | 50,992 | 26,220 | |||||||||||||||||||||||||||||||
Terminus 200 (LIBOR + 2.5%; $92mm facility) |
20.00 | % | 2.74 | % | 12/31/2013 | | | 9,787 | | | | 9,787 | | |||||||||||||||||||||||||||||||
Highland City Town Center (LIBOR + 2.65%) |
50.50 | %(6) | 2.89 | % | 1/1/2016 | (7) | 73 | 103 | 109 | 116 | 123 | 4,938 | 5,462 | | ||||||||||||||||||||||||||||||
Creek Plantation Village (LIBOR + 2.65%) |
50.50 | %(6) | 2.89 | % | 1/1/2016 | (7) | 43 | 60 | 64 | 67 | 71 | 2,867 | 3,172 | | ||||||||||||||||||||||||||||||
Mt. Juliet Village (LIBOR + 2.85%; $9.2mm facility) |
50.50 | %(6) | 3.09 | % | 1/1/2016 | (7) | | | 50 | 56 | 59 | 2,941 | 3,106 | 1,538 | ||||||||||||||||||||||||||||||
The Shops of Lee Village (LIBOR + 2.85%; $7.1mm facility) |
50.50 | %(6) | 3.09 | % | 1/1/2016 | (7) | | | 45 | 50 | 53 | 2,655 | 2,803 | 1,388 | ||||||||||||||||||||||||||||||
Total Floating Rate Debt |
1,524 | 1,610 | 61,047 | 289 | 306 | 13,401 | 78,177 | 29,146 | ||||||||||||||||||||||||||||||||||||
Fixed Rate Debt |
||||||||||||||||||||||||||||||||||||||||||||
Emory University Hospital Midtown Medical Office Tower |
50.00 | % | 5.90 | % | 6/1/2013 | 404 | 568 | 23,248 | | | | 24,220 | | |||||||||||||||||||||||||||||||
Ten Peachtree Place |
50.00 | % | 5.39 | % | 4/1/2015 | 223 | 311 | 329 | 347 | 12,109 | | 13,319 | | |||||||||||||||||||||||||||||||
Gateway Village |
50.00 | % | 6.41 | % | 12/1/2016 | 5,266 | 7,427 | 7,917 | 8,440 | 8,997 | 8,768 | 46,815 | | |||||||||||||||||||||||||||||||
The Avenue East Cobb |
11.50 | % | 4.52 | % | 12/1/2017 | 51 | 71 | 74 | 78 | 81 | 3,840 | 4,195 | | |||||||||||||||||||||||||||||||
Total Fixed rate debt |
5,944 | 8,377 | 31,568 | 8,865 | 21,187 | 12,608 | 88,549 | | ||||||||||||||||||||||||||||||||||||
TOTAL UNCONSOLIDATED DEBT |
$ | 7,468 | $ | 9,987 | $ | 92,615 | $ | 9,154 | $ | 21,493 | $ | 26,009 | $ | 166,726 | $ | 29,146 | ||||||||||||||||||||||||||||
TOTAL DEBT |
$ | 52,242 | $ | 149,650 | $ | 97,393 | $ | 14,031 | $ | 26,661 | $ | 323,572 | $ | 663,549 | $ | 149,030 | ||||||||||||||||||||||||||||
TOTAL MATURITIES |
$ | 43,194 | $ | 136,788 | $ | 84,202 | $ | | $ | 12,109 | $ | 298,616 | $ | 574,909 | ||||||||||||||||||||||||||||||
% OF MATURITIES |
7 | % | 24 | % | 15 | % | 0 | % | 2 | % | 52 | % | 100 | % |
19
COUSINS PROPERTIES INCORPORATED
DEBT OUTSTANDING
As of March 31, 2011
($ in thousands)
DEBT OUTSTANDING
As of March 31, 2011
($ in thousands)
Floating and Fixed Rate Debt Analysis
Weighted | ||||||||||||||||
Average | ||||||||||||||||
% of Total | Stated Weighted | Maturity | ||||||||||||||
Debt | Average Rate | (Years) | ||||||||||||||
Floating Rate Debt |
$ | 175,251 | 26 | % | 2.75 | % | 2.0 | |||||||||
Fixed Rate Debt |
488,298 | 74 | % | 5.96 | % | 6.8 | ||||||||||
Total Debt |
$ | 663,549 | 100 | % | 5.11 | % | 5.5 | |||||||||
Unsecured and Secured Debt Analysis
Weighted | ||||||||||||||||
Average | ||||||||||||||||
% of Total | Stated Weighted | Maturity | ||||||||||||||
Debt | Average Rate | (Years) | ||||||||||||||
Unsecured Debt |
$ | 93,700 | 14 | % | 2.24 | % | 1.4 | |||||||||
Secured Debt |
569,849 | 86 | % | 5.58 | % | 6.2 | ||||||||||
Total Debt |
$ | 663,549 | 100 | % | 5.11 | % | 5.5 | |||||||||
(1) | Non-recourse loans are subject to customary carve-outs. | |
(2) | The Company consolidates the Handy Road venture even though it owns 50%. The mortgage note is past due and the venture notified the lender that it did not intend to repay this note. The bank has commenced foreclosure procedures and it is anticipated this process will be complete in the second quarter of 2011. | |
(3) | Total capacity of the Credit Facility is $350 million. The maximum amount the Company may borrow at any point in time is based on certain covenant calculations and by amounts drawn and letters of credit outstanding. Based on these calculations the Company could borrow $250.1 million at March 31, 2011. The maturity schedule assumes the one year extension is elected. The interest rate on this instrument as of March 31, 2011 was LIBOR plus a spread of 2%. | |
(4) | The Company has notified the lender of its intent to repay this mortgage note in full on June 1, 2011. | |
(5) | 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. | |
(6) | The ownership percentage and the allocation of results of operations and/or gain or losses on property sales may be disproportionate. | |
(7) | These loans may be extended for two additional one-year terms, provided certain conditions are met. |
20
COUSINS PROPERTIES INCORPORATED
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts, percentages and ratios)
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts, percentages and ratios)
2009 | 2010 1st | 2010 2nd | 2010 3rd | 2010 4th | 2010 | 2011 1st | ||||||||||||||||||||||
2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX: |
||||||||||||||||||||||||||||
TOTAL BY SEGMENT: |
||||||||||||||||||||||||||||
OFFICE: |
||||||||||||||||||||||||||||
SECOND GENERATION LEASING RELATED COSTS |
2,745 | 334 | 954 | 2,378 | 1,697 | 5,363 | 1,896 | |||||||||||||||||||||
SECOND GENERATION BUILDING IMPROVEMENTS |
1,339 | 81 | 270 | 192 | 81 | 624 | 25 | |||||||||||||||||||||
4,084 | 415 | 1,224 | 2,570 | 1,778 | 5,987 | 1,921 | ||||||||||||||||||||||
RETAIL: |
||||||||||||||||||||||||||||
SECOND GENERATION LEASING RELATED COSTS |
2,415 | 594 | 500 | 767 | 752 | 2,613 | 51 | |||||||||||||||||||||
TOTAL 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX |
6,499 | 1,009 | 1,724 | 3,337 | 2,530 | 8,600 | 1,972 | |||||||||||||||||||||
NET OPERATING INCOME: |
||||||||||||||||||||||||||||
OFFICE CONSOLIDATED PROPERTIES |
57,115 | 14,743 | 14,991 | 14,696 | 16,269 | 60,699 | 15,252 | |||||||||||||||||||||
RETAIL CONSOLIDATED PROPERTIES |
17,409 | 4,895 | 4,992 | 5,176 | 5,016 | 20,079 | 5,739 | |||||||||||||||||||||
INDUSTRIAL CONSOLIDATED PROPERTIES |
1,774 | 586 | 681 | 830 | 953 | 3,050 | 909 | |||||||||||||||||||||
OTHER RENTAL OPERATIONS - CONSOLIDATED |
30 | 18 | 59 | 15 | 4 | 96 | 1 | |||||||||||||||||||||
NET OPERATING INCOME - CONSOLIDATED |
76,328 | 20,242 | 20,723 | 20,717 | 22,242 | 83,924 | 21,900 | |||||||||||||||||||||
RENTAL PROPERTY REVENUES |
139,504 | 34,773 | 35,969 | 35,946 | 36,013 | 142,701 | 36,148 | |||||||||||||||||||||
RENTAL PROPERTY OPERATING EXPENSES |
(63,176 | ) | (14,531 | ) | (15,246 | ) | (15,229 | ) | (13,771 | ) | (58,777 | ) | (14,248 | ) | ||||||||||||||
NET OPERATING INCOME - CONSOLIDATED |
76,328 | 20,242 | 20,723 | 20,717 | 22,242 | 83,924 | 21,900 | |||||||||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS: |
||||||||||||||||||||||||||||
RENTAL PROPERTY REVENUES |
10,283 | 2,440 | 2,291 | 432 | 463 | 5,626 | 145 | |||||||||||||||||||||
RENTAL PROPERTY OPERATING EXPENSES |
(3,391 | ) | (653 | ) | (672 | ) | (136 | ) | (25 | ) | (1,486 | ) | (9 | ) | ||||||||||||||
NET OPERATING INCOME |
6,892 | 1,787 | 1,619 | 296 | 438 | 4,139 | 136 | |||||||||||||||||||||
INTEREST INCOME |
53 | | 19 | 11 | 5 | 35 | | |||||||||||||||||||||
INTEREST EXPENSE |
(1,552 | ) | | | | | | | ||||||||||||||||||||
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS |
(16 | ) | (4 | ) | (1 | ) | | | (5 | ) | | |||||||||||||||||
FFO |
5,378 | 1,783 | 1,637 | 307 | 443 | 4,169 | 136 | |||||||||||||||||||||
DEPRECIATION AND AMORTIZATION OF REAL ESTATE |
(2,926 | ) | (715 | ) | (331 | ) | (180 | ) | (190 | ) | (1,416 | ) | (64 | ) | ||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS |
2,452 | 1,068 | 1,305 | 127 | 253 | 2,753 | 72 |
21
COUSINS PROPERTIES INCORPORATED
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts, percentages and ratios)
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts, percentages and ratios)
2009 | 2010 1st | 2010 2nd | 2010 3rd | 2010 4th | 2010 | 2011 1st | ||||||||||||||||||||||
MULTI-FAMILY SALES AND COST OF SALES: |
||||||||||||||||||||||||||||
CONSOLIDATED: |
||||||||||||||||||||||||||||
MULTI-FAMILY SALES - CONSOLIDATED: |
||||||||||||||||||||||||||||
MULTI-FAMILY SALES |
30,841 | 10,146 | 7,943 | 6,637 | 9,716 | 34,442 | 4,657 | |||||||||||||||||||||
MULTI-FAMILY COST OF SALES |
(25,629 | ) | (7,970 | ) | (6,108 | ) | (5,190 | ) | (7,749 | ) | (27,017 | ) | (2,500 | ) | ||||||||||||||
MULTI-FAMILY SALES LESS COST OF SALES - CONSOLIDATED |
5,212 | 2,176 | 1,835 | 1,447 | 1,967 | 7,425 | 2,157 | |||||||||||||||||||||
JOINT VENTURES: |
||||||||||||||||||||||||||||
MULTI-FAMILY SALES - JOINT VENTURES: |
||||||||||||||||||||||||||||
MULTI-FAMILY SALES |
175 | 389 | | | | 389 | | |||||||||||||||||||||
MULTI-FAMILY COST OF SALES |
(116 | ) | (266 | ) | | (3 | ) | 3 | (266 | ) | (5 | ) | ||||||||||||||||
OTHER, NET |
56 | (6 | ) | 45 | 168 | 143 | 350 | 22 | ||||||||||||||||||||
MULTI-FAMILY SALES LESS COST OF SALES - SHARE OF JOINT VENTURE |
115 | 117 | 45 | 165 | 146 | 473 | 17 | |||||||||||||||||||||
TOTAL MULTI-FAMILY FFO |
5,327 | 2,293 | 1,880 | 1,612 | 2,113 | 7,898 | 2,174 | |||||||||||||||||||||
RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT
PROPERTY SALES AND COST OF SALES: |
||||||||||||||||||||||||||||
CONSOLIDATED: |
||||||||||||||||||||||||||||
RESIDENTIAL LOT AND OUTPARCEL SALES - CONSOLIDATED: |
||||||||||||||||||||||||||||
RESIDENTIAL LOT SALES |
1,746 | 390 | 316 | 630 | 1,178 | 2,514 | 165 | |||||||||||||||||||||
OUTPARCEL SALES |
5,675 | 13,429 | | | | 13,429 | | |||||||||||||||||||||
TOTAL RESIDENTIAL LOT AND OUTPARCEL SALES |
7,421 | 13,819 | 316 | 630 | 1,178 | 15,943 | 165 | |||||||||||||||||||||
RESIDENTIAL LOT AND OUTPARCEL COST OF SALES - CONSOLIDATED: |
||||||||||||||||||||||||||||
RESIDENTIAL LOT COST OF SALES |
1,265 | 260 | 275 | 549 | 856 | 1,940 | 119 | |||||||||||||||||||||
OUTPARCEL COST OF SALES |
3,758 | 8,836 | | | (77 | ) | 8,759 | (50 | ) | |||||||||||||||||||
TOTAL RESIDENTIAL LOT AND OUTPARCEL COST OF SALES-CONSOLIDATED |
5,023 | 9,096 | 275 | 549 | 779 | 10,699 | 69 | |||||||||||||||||||||
TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES |
1,185 | 697 | 1,002 | (1 | ) | (1 | ) | 1,697 | | |||||||||||||||||||
OTHER INVESTMENT PROPERTY SALES INCLUDED IN GAIN ON SALE OF
INVESTMENT PROPERTIES |
58 | | | | | | | |||||||||||||||||||||
RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY
SALES LESS COST OF SALES - CONSOLIDATED |
3,641 | 5,420 | 1,043 | 80 | 398 | 6,941 | 96 | |||||||||||||||||||||
SUMMARY - CONSOLIDATED: |
||||||||||||||||||||||||||||
RESIDENTIAL LOT SALES LESS COST OF SALES |
481 | 130 | 41 | 81 | 322 | 574 | 46 | |||||||||||||||||||||
OUTPARCEL SALES LESS COST OF SALES |
1,917 | 4,593 | | | 77 | 4,670 | 50 | |||||||||||||||||||||
TRACT SALES LESS COST OF SALES |
1,185 | 697 | 1,002 | (1 | ) | (1 | ) | 1,697 | | |||||||||||||||||||
OTHER INVESTMENT PROPERTY SALES INCLUDED IN
GAIN ON SALE OF INVESTMENT PROPERTIES |
58 | | | | | | | |||||||||||||||||||||
TOTAL CONSOLIDATED SALES LESS COST OF SALES |
3,641 | 5,420 | 1,043 | 80 | 398 | 6,941 | 96 |
22
COUSINS PROPERTIES INCORPORATED
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts, percentages and ratios)
(in thousands, except per share amounts, percentages and ratios)
2009 | 2010 1st | 2010 2nd | 2010 3rd | 2010 4th | 2010 | 2011 1st | ||||||||||||||||||||||
JOINT VENTURES: |
||||||||||||||||||||||||||||
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES - JOINT VENTURES: |
||||||||||||||||||||||||||||
RESIDENTIAL LOT SALES |
4,158 | 1,675 | 1,328 | 1,590 | 3,175 | 7,768 | 1,186 | |||||||||||||||||||||
OUTPARCEL SALES |
| 516 | | | | 516 | | |||||||||||||||||||||
TRACT SALES |
658 | 61 | 167 | | 10,405 | 10,633 | 572 | |||||||||||||||||||||
TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES |
4,816 | 2,252 | 1,495 | 1,590 | 13,580 | 18,917 | 1,758 | |||||||||||||||||||||
RESIDENTIAL LOT, OUTPARCEL AND TRACT COST OF SALES - JOINT
VENTURES: |
||||||||||||||||||||||||||||
RESIDENTIAL LOT COST OF SALES |
3,627 | 1,155 | 870 | 1,193 | 2,678 | 5,896 | 1,006 | |||||||||||||||||||||
OUTPARCEL COST OF SALES |
| 430 | | 4 | | 434 | | |||||||||||||||||||||
TRACT COST OF SALES |
394 | 15 | 65 | (2 | ) | 6,948 | 7,026 | 552 | ||||||||||||||||||||
TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT COST OF SALES |
4,021 | 1,600 | 935 | 1,195 | 9,626 | 13,356 | 1,558 | |||||||||||||||||||||
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS |
||||||||||||||||||||||||||||
COST OF SALES - JOINT VENTURES |
795 | 652 | 560 | 395 | 3,954 | 5,561 | 200 | |||||||||||||||||||||
SUMMARY - JOINT VENTURES: |
||||||||||||||||||||||||||||
RESIDENTIAL LOT SALES LESS COST OF SALES |
531 | 520 | 458 | 397 | 497 | 1,872 | 180 | |||||||||||||||||||||
OUTPARCEL SALES LESS COST OF SALES |
| 86 | | (4 | ) | | 82 | | ||||||||||||||||||||
TRACT SALES LESS COST OF SALES |
264 | 46 | 102 | 2 | 3,457 | 3,607 | 20 | |||||||||||||||||||||
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF |
||||||||||||||||||||||||||||
SALES - SHARE OF JOINT VENTURES |
795 | 652 | 560 | 395 | 3,954 | 5,561 | 200 | |||||||||||||||||||||
TOTAL RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT |
||||||||||||||||||||||||||||
PROPERTY SALES LESS COST OF SALES |
4,436 | 6,072 | 1,603 | 475 | 4,352 | 12,502 | 296 | |||||||||||||||||||||
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES: |
||||||||||||||||||||||||||||
NET OPERATING INCOME: |
||||||||||||||||||||||||||||
OFFICE PROPERTIES |
12,051 | 2,976 | 2,987 | 3,121 | 3,158 | 12,242 | 3,357 | |||||||||||||||||||||
RETAIL PROPERTIES |
7,585 | 1,976 | 1,979 | 1,993 | 2,037 | 7,985 | 2,753 | |||||||||||||||||||||
NET OPERATING INCOME |
19,636 | 4,952 | 4,966 | 5,114 | 5,195 | 20,227 | 6,110 | |||||||||||||||||||||
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALES |
795 | 652 | 560 | 395 | 3,954 | 5,561 | 200 | |||||||||||||||||||||
MULTI-FAMILY SALES LESS COST OF SALES |
115 | 117 | 45 | 165 | 146 | 473 | 17 | |||||||||||||||||||||
INTEREST EXPENSE |
(3,934 | ) | (899 | ) | (947 | ) | (1,187 | ) | (1,219 | ) | (4,252 | ) | (1,192 | ) | ||||||||||||||
OTHER EXPENSE |
(1,279 | ) | 392 | 223 | 42 | 256 | 913 | 43 | ||||||||||||||||||||
IMPAIRMENT LOSSES |
(24,182 | ) | | | | (3,746 | ) | (3,746 | ) | | ||||||||||||||||||
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS |
(46 | ) | (6 | ) | (5 | ) | (6 | ) | (5 | ) | (22 | ) | (5 | ) | ||||||||||||||
FUNDS FROM OPERATIONS - UNCONSOLIDATED JOINT VENTURES |
(8,895 | ) | 5,208 | 4,842 | 4,523 | 4,581 | 19,154 | 5,173 | ||||||||||||||||||||
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET |
12 | | | | | | | |||||||||||||||||||||
DEPRECIATION AND AMORTIZATION OF REAL ESTATE |
(8,754 | ) | (2,288 | ) | (2,448 | ) | (2,344 | ) | (2,581 | ) | (9,661 | ) | (2,678 | ) | ||||||||||||||
NET INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES |
(17,637 | ) | 2,920 | 2,394 | 2,179 | 2,000 | 9,493 | 2,496 |
23
COUSINS PROPERTIES INCORPORATED
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts, percentages and ratios)
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts, percentages and ratios)
2009 | 2010 1st | 2010 2nd | 2010 3rd | 2010 4th | 2010 | 2011 1st | ||||||||||||||||||||||
MARKET CAPITALIZATION |
||||||||||||||||||||||||||||
COMMON STOCK PRICE AT PERIOD END |
7.63 | 8.31 | 6.74 | 7.14 | 8.34 | 8.34 | 8.35 | |||||||||||||||||||||
NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END |
99,782 | 100,866 | 101,767 | 102,635 | 103,392 | 103,392 | 103,631 | |||||||||||||||||||||
COMMON STOCK CAPITALIZATION |
761,337 | 838,196 | 685,910 | 732,814 | 862,289 | 862,289 | 865,319 | |||||||||||||||||||||
PREFERRED STOCK-SERIES A-PRICE AT LIQUIDATION VALUE |
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 | |||||||||||||||||||||
PREFERRED STOCK AT LIQUIDATION VALUE |
169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | |||||||||||||||||||||
DEBT |
590,208 | 580,979 | 580,378 | 514,363 | 509,509 | 509,509 | 496,823 | |||||||||||||||||||||
SHARE OF UNCONSOLIDATED DEBT |
197,055 | 195,250 | 158,290 | 152,391 | 172,325 | 172,325 | 166,726 | |||||||||||||||||||||
DEBT (INCLUDING SHARE OF UNCONSOLIDATED) |
787,263 | 776,229 | 738,668 | 666,754 | 681,834 | 681,834 | 663,549 | |||||||||||||||||||||
TOTAL MARKET CAPITALIZATION |
1,718,202 | 1,784,027 | 1,594,180 | 1,569,170 | 1,713,725 | 1,713,725 | 1,698,470 | |||||||||||||||||||||
LEVERAGE RATIOS |
||||||||||||||||||||||||||||
DEBT (INCLUDING SHARE OF UNCONSOLIDATED) |
787,263 | 776,229 | 738,668 | 666,754 | 681,834 | 681,834 | 663,549 | |||||||||||||||||||||
TOTAL MARKET CAPITALIZATION |
1,718,202 | 1,784,027 | 1,594,180 | 1,569,170 | 1,713,725 | 1,713,725 | 1,698,470 | |||||||||||||||||||||
DEBT/TOTAL MARKET CAPITALIZATION |
46 | % | 44 | % | 46 | % | 42 | % | 40 | % | 40 | % | 39 | % | ||||||||||||||
DEBT (INCLUDING SHARE OF UNCONSOLIDATED) |
787,263 | 776,229 | 738,668 | 666,754 | 681,834 | 681,834 | 663,549 | |||||||||||||||||||||
PREFERRED STOCK AT LIQUIDATION VALUE |
169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | 169,602 | |||||||||||||||||||||
DEBT + PREFERRED |
956,863 | 945,829 | 908,268 | 836,354 | 851,434 | 851,434 | 833,149 | |||||||||||||||||||||
TOTAL MARKET CAPITALIZATION |
1,718,202 | 1,784,027 | 1,594,180 | 1,569,170 | 1,713,725 | 1,713,725 | 1,698,470 | |||||||||||||||||||||
DEBT + PREFERRED/ TOTAL MARKET CAPITALIZATION |
56 | % | 53 | % | 57 | % | 53 | % | 50 | % | 50 | % | 49 | % | ||||||||||||||
RECOURSE DEBT (INCLUDING SHARE OF UNCONSOLIDATED) |
222,507 | 215,544 | 198,077 | 127,457 | 167,258 | 167,258 | 149,030 | |||||||||||||||||||||
TOTAL MARKET CAPITALIZATION |
1,718,202 | 1,784,027 | 1,594,180 | 1,569,170 | 1,713,725 | 1,713,725 | 1,698,470 | |||||||||||||||||||||
RECOURSE DEBT/TOTAL MARKET CAPITALIZATION |
13 | % | 12 | % | 12 | % | 8 | % | 10 | % | 10 | % | 9 | % | ||||||||||||||
EBITDA |
||||||||||||||||||||||||||||
FFO |
(91,960 | ) | 13,980 | 7,895 | 886 | 10,020 | 32,781 | 8,122 | ||||||||||||||||||||
INTEREST EXPENSE |
45,328 | 10,680 | 11,233 | 9,889 | 9,630 | 41,432 | 8,736 | |||||||||||||||||||||
NON-REAL ESTATE DEPRECIATION AND AMORTIZATION |
3,428 | 577 | 468 | 447 | 419 | 1,911 | 568 | |||||||||||||||||||||
INCOME TAX (PROVISION) BENEFIT |
4,341 | (1,146 | ) | 14 | 25 | 28 | (1,079 | ) | (64 | ) | ||||||||||||||||||
IMPAIRMENT LOSSES |
115,752 | | 586 | | 5,714 | 6,300 | 3,508 | |||||||||||||||||||||
PREDEVELOPMENT CHARGES |
7,117 | | 1,949 | | (1,217 | ) | 732 | | ||||||||||||||||||||
(GAIN) LOSS ON DEBT EXTINGUISHMENT |
(9,732 | ) | 592 | | 9,235 | | 9,827 | | ||||||||||||||||||||
PREFERRED STOCK DIVIDENDS |
12,907 | 3,227 | 3,227 | 3,226 | 3,227 | 12,907 | 3,227 | |||||||||||||||||||||
EBITDA |
87,181 | 27,910 | 25,372 | 23,708 | 27,821 | 104,811 | 24,097 | |||||||||||||||||||||
COVERAGE RATIOS |
||||||||||||||||||||||||||||
EBITDA |
87,181 | 27,910 | 25,372 | 23,708 | 27,821 | 104,811 | 24,097 | |||||||||||||||||||||
INTEREST EXPENSE (INCLUDING SHARE OF UNCONSOLIDATED) |
45,328 | 10,680 | 11,233 | 9,889 | 9,630 | 41,432 | 8,736 | |||||||||||||||||||||
INTEREST COVERAGE RATIO |
1.92 | 2.61 | 2.26 | 2.40 | 2.89 | 2.53 | 2.76 | |||||||||||||||||||||
INTEREST EXPENSE (INCLUDING SHARE OF UNCONSOLIDATED) |
45,328 | 10,680 | 11,233 | 9,889 | 9,630 | 41,432 | 8,736 | |||||||||||||||||||||
SCHEDULED PRINCIPAL PAYMENTS |
3,955 | 842 | 853 | 1,489 | 1,245 | 4,429 | 986 | |||||||||||||||||||||
PREFERRED STOCK DIVIDENDS |
12,907 | 3,227 | 3,227 | 3,226 | 3,227 | 12,907 | 3,227 | |||||||||||||||||||||
FIXED CHARGES |
62,190 | 14,749 | 15,313 | 14,604 | 14,102 | 58,768 | 12,949 | |||||||||||||||||||||
EBITDA |
87,181 | 27,910 | 25,372 | 23,708 | 27,821 | 104,811 | 24,097 | |||||||||||||||||||||
FIXED CHARGES COVERAGE RATIO |
1.40 | 1.89 | 1.66 | 1.62 | 1.97 | 1.78 | 1.86 | |||||||||||||||||||||
DEBT (INCLUDING SHARE OF UNCONSOLIDATED) |
787,263 | 776,229 | 738,668 | 666,754 | 681,834 | 681,834 | 663,549 | |||||||||||||||||||||
ANNUALIZED EBITDA |
87,181 | 111,640 | 101,488 | 94,832 | 111,284 | 104,811 | 96,388 | |||||||||||||||||||||
DEBT/ANNUALIZED EBITDA |
9.03 | 6.95 | 7.28 | 7.03 | 6.13 | 6.51 | 6.88 |
24
COUSINS PROPERTIES INCORPORATED
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts, percentages and ratios)
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts, percentages and ratios)
2009 | 2010 1st | 2010 2nd | 2010 3rd | 2010 4th | 2010 | 2011 1st | ||||||||||||||||||||||
DIVIDEND RATIOS |
||||||||||||||||||||||||||||
REGULAR COMMON DIVIDENDS: |
||||||||||||||||||||||||||||
CASH |
22,710 | 2,997 | 3,034 | 3,060 | 3,085 | 12,176 | 4,653 | |||||||||||||||||||||
COMMON STOCK |
19,711 | 5,984 | 6,046 | 6,100 | 6,152 | 24,282 | | |||||||||||||||||||||
COMMON DIVIDENDS |
42,421 | 8,981 | 9,080 | 9,160 | 9,237 | 36,458 | 4,653 | |||||||||||||||||||||
FFO |
(91,960 | ) | 13,980 | 7,895 | 886 | 10,020 | 32,781 | 8,122 | ||||||||||||||||||||
FFO PAYOUT RATIO |
-46 | % | 64 | % | 115 | % | 1034 | % | 92 | % | 111 | % | 57 | % | ||||||||||||||
FFO BEFORE CERTAIN CHARGES |
||||||||||||||||||||||||||||
FFO |
(91,960 | ) | 13,980 | 7,895 | 886 | 10,020 | 32,781 | 8,122 | ||||||||||||||||||||
IMPAIRMENT LOSSES |
115,752 | | 586 | | 5,714 | 6,300 | 3,508 | |||||||||||||||||||||
PREDEVELOPMENT CHARGES |
7,117 | | 1,949 | | (1,217 | ) | 732 | | ||||||||||||||||||||
(GAIN) LOSS ON DEBT EXTINGUISHMENT AND SWAP TERMINATION FEE |
(9,732 | ) | 592 | | 9,235 | | 9,827 | | ||||||||||||||||||||
VALUATION ALLOWANCES ON DEFERRED TAX ASSETS |
15,907 | | | | | | | |||||||||||||||||||||
SEPARATION CHARGES |
3,257 | 68 | 33 | 202 | 742 | 1,045 | 101 | |||||||||||||||||||||
FFO BEFORE CERTAIN CHARGES |
40,341 | 14,640 | 10,463 | 10,323 | 15,259 | 50,685 | 11,731 | |||||||||||||||||||||
FFO BEFORE CERTAIN CHARGES PAYOUT RATIO |
105 | % | 61 | % | 87 | % | 89 | % | 61 | % | 72 | % | 40 | % | ||||||||||||||
FAD |
||||||||||||||||||||||||||||
FFO |
(91,960 | ) | 13,980 | 7,895 | 886 | 10,020 | 32,781 | 8,122 | ||||||||||||||||||||
FAS 13 |
(7,277 | ) | (1,733 | ) | (1,918 | ) | (2,074 | ) | (2,211 | ) | (7,936 | ) | (2,637 | ) | ||||||||||||||
SECOND GENERATION CAPEX |
(6,499 | ) | (1,009 | ) | (1,724 | ) | (3,337 | ) | (2,530 | ) | (8,600 | ) | (1,972 | ) | ||||||||||||||
FAD |
(105,736 | ) | 11,238 | 4,253 | (4,525 | ) | 5,279 | 16,245 | 3,513 | |||||||||||||||||||
COMMON DIVIDENDS |
42,421 | 8,981 | 9,080 | 9,160 | 9,237 | 36,458 | 4,653 | |||||||||||||||||||||
FAD PAYOUT RATIO |
-40 | % | 80 | % | 213 | % | -202 | % | 175 | % | 224 | % | 132 | % | ||||||||||||||
FAD BEFORE CERTAIN CHARGES |
||||||||||||||||||||||||||||
FAD |
(105,736 | ) | 11,238 | 4,253 | (4,525 | ) | 5,279 | 16,245 | 3,513 | |||||||||||||||||||
IMPAIRMENT LOSSES |
115,752 | | 586 | | 5,714 | 6,300 | 3,508 | |||||||||||||||||||||
PREDEVELOPMENT CHARGES |
7,117 | | 1,949 | | (1,217 | ) | 732 | | ||||||||||||||||||||
(GAIN) LOSS ON DEBT EXTINGUISHMENT AND SWAP TERMINATION FEE |
(9,732 | ) | 592 | | 9,235 | | 9,827 | | ||||||||||||||||||||
VALUATION ALLOWANCES ON DEFERRED TAX ASSETS |
15,907 | | | | | | | |||||||||||||||||||||
SEPARATION CHARGES |
3,257 | 68 | 33 | 202 | 742 | 1,045 | 101 | |||||||||||||||||||||
FAD BEFORE CERTAIN CHARGES |
26,565 | 11,898 | 6,821 | 4,912 | 10,518 | 34,149 | 7,122 | |||||||||||||||||||||
FAD BEFORE CERTAIN CHARGES PAYOUT RATIO |
160 | % | 75 | % | 133 | % | 186 | % | 88 | % | 107 | % | 65 | % | ||||||||||||||
OPERATIONS RATIOS |
||||||||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES |
26,198 | 8,017 | 6,763 | 6,172 | 7,565 | 28,517 | 7,400 | |||||||||||||||||||||
REVENUES |
214,544 | 67,200 | 52,612 | 52,148 | 55,775 | 227,735 | 48,956 | |||||||||||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES/REVENUES |
12.2 | % | 11.9 | % | 12.9 | % | 11.8 | % | 13.6 | % | 12.5 | % | 15.1 | % | ||||||||||||||
UNDEPRECIATED ASSETS |
1,724,643 | 1,731,606 | 1,720,272 | 1,649,949 | 1,646,207 | 1,646,207 | 1,622,000 | |||||||||||||||||||||
ANNUALIZED GENERAL AND ADMINISTRATIVE EXPENSES/UNDEPRECIATED ASSETS |
1.5 | % | 1.9 | % | 1.6 | % | 1.5 | % | 1.8 | % | 1.7 | % | 1.8 | % |
25
COUSINS PROPERTIES INCORPORATED
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
($ in thousands)
CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
($ in thousands)
Three Months Ended | ||||||||||||
March 31, | March 31, | December 31, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
Net Operating Income |
||||||||||||
Same Property |
26,513 | 24,607 | 26,038 | |||||||||
Non-Same Property |
1,634 | 2,374 | 1,838 | |||||||||
Consolidated Property Net Operating Income |
28,147 | 26,981 | 27,875 | |||||||||
Less: Non-Cash Items |
||||||||||||
FAS 13 |
2,557 | 1,600 | 2,323 | |||||||||
Other |
(292 | ) | (249 | ) | (313 | ) | ||||||
Non-Cash Items |
2,265 | 1,351 | 2,010 | |||||||||
Cash Basis Property Net Operating Income |
25,881 | 25,630 | 25,866 | |||||||||
Net Operating Income (1) |
||||||||||||
Operating Properties |
21,900 | 20,242 | 22,242 | |||||||||
Discountinued Operations |
137 | 1,787 | 438 | |||||||||
Share of Unconcolidated Joint Ventures |
6,110 | 4,952 | 5,195 | |||||||||
Total Net Operating Income |
28,147 | 26,981 | 27,875 | |||||||||
(1) | See reconciliation above within previous pages of the calculations and reconciliations of Non-GAAP financial measures. |
26
COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
The Company uses non-GAAP financial measures in its filings and other public disclosures. The
following is a list of non-GAAP financial measures that the Company commonly uses and a
description for each measure of (1) the reasons that management believes the measure is useful to
investors and (2) if material, any additional uses of the measure by management of the Company.
2nd Generation Tenant Improvements and Leasing Costs and Building Capital
Expenditures is used in the valuation and analysis of real estate. Because the Company develops
and acquires properties, in addition to operating existing properties, its property acquisition and
development expenditures included in the Statements of Cash Flows includes both initial costs
associated with developing and acquiring investment assets and those expenditures necessary for
operating and maintaining existing properties at historic performance levels. The latter costs are
referred to as second generation costs and are useful in evaluating the economic performance of the
asset and in valuing the asset. Accordingly, the Company discloses the portion of its property
acquisition and development expenditures that pertain to second generation space in its operating
properties. The Company excludes from second generation costs amounts incurred to lease vacant
space and other building improvements associated with properties acquired for redevelopment or
repositioning.
EBITDA represents FFO plus consolidated and Company share of unconsolidated interest
expense, non-real estate depreciation and amortization, income taxes, impairment losses, gain/loss
on debt extinguishment and interest rate swap, and preferred stock dividends. Management believes
that EBITDA provides analysts and investors with appropriate information to use in various ratios
that evaluate the Companys level of debt.
Funds Available for Distribution (FAD) represents FFO adjusted to exclude the effect of
straight line rent and above and below market lease amortization less 2nd Generation
Tenant Improvements and Leasing Costs and Building Capital Expenditures. Management believes that
FAD provides analysts and investors with information that assists in the comparability of the
Companys dividend policy with other real estate companies.
FAD Before Certain Charges represents FAD before impairment losses, write off of
predevelopment expenses, gain/loss on debt extinguishment and interest rate swap, valuation
allowances on deferred tax assets and separation charges, and. Management believes that FFO Before
Certain Charges provides analysts and investors with appropriate information related to the
Companys core operations and for comparability of the results of its operations with other real
estate companies.
Funds From Operations Available to Common Stockholders (FFO) is a supplemental operating
performance measure used in the real estate industry. The Company calculates 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 real property, plus
depreciation and amortization of real estate assets, 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 and FFO per share, along with other measures, to assess
performance in connection with evaluating and granting incentive compensation to its officers and
other key employees.
FFO Before Certain Charges represents FFO before impairment losses, write off of predevelopment
expenses, gain/loss on debt extinguishment and interest rate swap, valuation allowances on
deferred tax assets and separation charges. Management believes that FFO Before Certain Charges
provides analysts and investors with appropriate information related to the Companys core
operations and for comparability of the results of its operations with other real estate
companies.
27
COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
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, like FFO, 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 for the reasons described under FFO
above. Additionally, appraisals of real estate are based on the value
of an income stream before interest and depreciation.
Same-Property Net Operating Income represents the Net Operating
Income and Cash Basis Same Properties. Cash Basis Net Operating Income
excludes straight-line rents, amortization of lease inducements and
amortization of acquired above and below market rents. Same Properties
include 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.
28