ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE:CUZ):
Highlights:
- FFO Before Non-Cash Impairment and Separation Charges totaled $0.16
per share.
- Completed leasing totaling 491,000 square feet, reaching 2,994,000
square feet for 2010, a full year increase of 41% for office, 18% for
retail and 16% for industrial.
- Sold $27.7 million of non-strategic assets for a 2010 total of
$172.8 million.
- Invested $14.9 million in a new partnership owning four
Publix-anchored shopping centers.
- Returned to an all cash dividend at an annualized rate of $0.18 per
share.
Cousins Properties Incorporated (NYSE:CUZ) today reported its results of
operations for the quarter and year ended December 31, 2010. Funds from
Operations Available to Common Stockholders (“FFO”) was $10.0 million,
or $0.10 per share, for the fourth quarter of 2010 compared with $7.3
million, or $0.07 per share, for the fourth quarter of 2009. FFO was
$32.8 million, or $0.32 per share, for the year ended December 31, 2010
compared with $(92.0) million, or $(1.40) per share, for the same period
in 2009.
Net Loss Available to Common Stockholders (“Net Loss Available”) was
$8.9 million, or $0.09 per share, for the fourth quarter of 2010
compared with $7.8 million, or $0.08 per share, for the fourth quarter
of 2009. Net Loss Available was $27.5 million, or $0.27 per share, for
the year ended December 31, 2010 compared with Net Income Available of
$14.4 million, or $0.22 per share, for the same period in 2009.
“The fourth quarter and year end results demonstrate the continued
success of our strategic efforts to lease vacant space, sell non-core
assets and improve our balance sheet,” said Larry Gellerstedt, CEO of
Cousins. “I’m also pleased that we are beginning to find attractive
investment opportunities; we look forward to carrying this momentum into
2011.”
FFO Before Non-Cash Impairment and Separation Charges (reconciled to FFO
and Net Loss Available below) was $16.5 million, or $0.16 per share, for
the fourth quarter of 2010. FFO Before Non-Cash Impairment, Swap
Termination and Separation Charges (reconciled to FFO and Net Loss
Available below) for the year ended December 31, 2010 was $49.4 million,
or $0.49 per share.
|
|
| | | |
|
|
Three Months Ended
|
|
|
|
Year Ended
|
| | | | | | |
December 31, 2010
| | | |
December 31, 2010
|
| | | | | | |
$
|
(000
|
)
|
|
|
Per Share
| | | |
$
|
(000
|
)
|
|
|
Per Share
|
| | | | | | | |
|
| | | | | |
|
| |
FFO Before Non-Cash Impairment, Swap Termination and Separation
Charges
| | |
$
|
16,476
| | | |
$
|
0.16
| | | | |
$
|
49,361
| | | |
$
|
0.49
| |
| | | | | | | | | | | | | | | | |
|
|
Impairment on Padre Island
| | | |
(2,000
|
)
| | | | | | | |
(2,000
|
)
| | | |
|
Impairment on Handy Road Associates
| | | |
(1,968
|
)
| | | | | | | |
(1,968
|
)
| | | |
|
Impairment on Pine Mountain Builders
| | | |
(1,517
|
)
| | | | | | | |
(1,517
|
)
| | | |
|
Impairment on Creekside Oaks
| | | |
(229
|
)
| | | | | | | |
(229
|
)
| | | |
|
Impairment on 60 North Market
| | | |
-
| | | | | | | | |
(586
|
)
| | | |
|
Swap Termination Payment
| | | |
-
| | | | | | | | |
(9,235
|
)
| | | |
|
Separation Charges
| | | |
|
(742
|
)
| | | | | | |
|
(1,045
|
)
| | | |
| |
Total
| | | | |
|
(6,456
|
)
|
|
|
|
(0.06
|
)
| | | |
|
(16,580
|
)
|
|
|
|
(0.16
|
)
|
| | | | | | | | | | | | | | | | |
|
|
FFO
| | | | |
$
|
10,020
|
|
|
|
$
|
0.10
|
| | | |
$
|
32,781
|
|
|
|
$
|
0.32
|
|
| | | | | | | | | | | | | | | | |
|
Net Loss Available Before Non-Cash Impairment, Swap Termination
and Separation Charges
| | | |
($2,474
|
)
| | | |
($0.02
|
)
| | | | |
($10,900
|
)
| | | |
($0.11
|
)
|
Non-Cash Impairment, Swap Termination and Separation Charges
| | |
|
(6,456
|
)
|
|
|
|
(0.06
|
)
| | | |
|
(16,580
|
)
|
|
|
|
(0.16
|
)
|
| | | | | | | | | | | | | | | | |
|
|
Net Loss Available
| | | |
|
($8,930
|
)
|
|
|
|
($0.09
|
)
| | | |
|
($27,480
|
)
|
|
|
|
($0.27
|
)
|
| | | | | | | | | | | | | | | | | | | | | |
|
Fourth Quarter Activity:
-
Invested $14.9 million in a joint venture with Watkins Retail Group
that owns four Publix-anchored shopping centers in Florida and
Tennessee.
-
Sold 624 acres at the Summer Creek Ranch residential project in Texas
(50% Cousins ownership) for $20.3 million, generating a gain for
Cousins of approximately $3.4 million. Cousins’ previously impaired
its investment in this venture by $3.0 million. This sale generated a
$410,000 gain over the pre-impaired cost basis.
-
Sold 8995 Westside Parkway, a 51,000-square-foot office building in
Atlanta, Georgia, for $3.2 million, generating a gain of approximately
$700,000.
-
Sold 19 residential condominium units, leaving five units remaining
for sale at year end.
-
Modified and extended the mortgage loan secured by Terminus 100,
reducing the principal balance by $40 million and the interest rate
from 6.13% to 5.25%, extending the maturity to January 1, 2023 and
eliminating the Company’s $5 million guarantee.
-
Obtained a new mortgage loan secured by The Avenue East Cobb for $36.6
million at a fixed rate of 4.52% that matures in 2017. This loan
replaced a $34.7 million loan at a fixed rate of 8.39% that matured
earlier in 2010.
-
Recorded impairments of $5.7 million on four residential investments.
-
Recorded $742,000 of separation expenses related to staff reductions
and retirement.
-
Recovered $1.2 million in previously expensed predevelopment costs.
Subsequent to Quarter End:
-
Entered into a contract to sell Jefferson Mill Business Park Building
A, with an expected closing in the first quarter of 2011.
-
Sold two residential condominium units and put two units under
contract, leaving one residential condominium unit available for sale
company wide.
As of December 31, 2010, the office portfolio increased to 91% leased
from 87% leased compared with December 31, 2009; retail climbed to 86%
from 84% and industrial increased to 96% from 51%.
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 Company’s 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
Company’s website at www.cousinsproperties.com.
This information may also be obtained by calling the Company’s Investor
Relations Department at (404) 407-1984.
The Company will conduct a conference call at 2:00 p.m. (Eastern Time)
on Tuesday, February 8, 2011, to discuss the results of the quarter
ended December 31, 2010. The number to call for this interactive
teleconference is (212) 231-2938. A replay of the conference call will
be available for 14 days by dialing (402) 977-9140 and entering the
passcode 21507316. The replay can be accessed on the Company’s website, www.cousinsproperties.com,
through the “Q4 2010 Cousins Properties Incorporated Earnings Conference
Call” link on the Investor Relations page, as well as at www.streetevents.com
and www.earnings.com.
The rebroadcast will be available on the Investor Relations page of the
Company’s 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.
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 Company’s filings with the Securities and Exchange Commission,
including those described in Part I, Item 1A of the Company’s Annual
Report on Form 10-K for the year ended December 31, 2009. 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.
|
|
|
|
|
|
|
|
|
|
|
|
| COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(Unaudited, in thousands, except per share amounts)
|
|
| |
|
| |
|
| |
|
| |
|
| |
| | | | Three Months Ended December 31, | | | Years Ended December 31, |
| | | | 2010 | | | 2009 | | | 2010 | | | 2009 |
| REVENUES: | | | | | | | | | | | | |
|
Rental property revenues
| | | $ | 36,475 | | | |
$
|
34,112
| | | | $ | 143,472 | | | |
$
|
139,504
| |
|
Fee income
| | | | 8,179 | | | | |
8,080
| | | | | 33,420 | | | | |
33,806
| |
|
Multi-family residential unit sales
| | | | 9,716 | | | | |
20,428
| | | | | 34,442 | | | | |
30,841
| |
|
Residential lot and outparcel sales
| | | | 1,178 | | | | |
395
| | | | | 15,943 | | | | |
7,421
| |
|
Other
| | |
| 689 |
| | |
|
79
|
| | |
| 1,229 |
| | |
|
2,972
|
|
| | | |
| 56,237 |
| | |
|
63,094
|
| | |
| 228,506 |
| | |
|
214,544
|
|
| | | | | | | | | | | | |
|
| COSTS AND EXPENSES: | | | | | | | | | | | | |
|
Rental property operating expenses
| | | | 13,801 | | | | |
16,122
| | | | | 58,973 | | | | |
63,382
| |
|
Multi-family residential unit cost of sales
| | | | 7,749 | | | | |
17,072
| | | | | 27,017 | | | | |
25,629
| |
|
Residential lot and outparcel cost of sales
| | | | 779 | | | | |
291
| | | | | 10,699 | | | | |
5,023
| |
|
General and administrative expenses
| | | | 9,501 | | | | |
5,402
| | | | | 36,149 | | | | |
33,948
| |
|
Separation expenses
| | | | 742 | | | | |
163
| | | | | 1,045 | | | | |
3,257
| |
|
Reimbursed general and administrative expenses
| | | | 3,773 | | | | |
3,269
| | | | | 15,304 | | | | |
15,506
| |
|
Depreciation and amortization
| | | | 17,501 | | | | |
12,922
| | | | | 59,111 | | | | |
53,350
| |
|
Interest expense
| | | | 8,411 | | | | |
9,610
| | | | | 37,180 | | | | |
39,888
| |
|
Impairment loss
| | | | 1,968 | | | | |
-
| | | | | 2,554 | | | | |
40,512
| |
|
Other
| | |
| (319 | ) | | |
|
5,442
|
| | |
| 5,170 |
| | |
|
13,143
|
|
| | | |
| 63,906 |
| | |
|
70,293
|
| | |
| 253,202 |
| | |
|
293,638
|
|
| | | | | | | | | | | | |
|
| LOSS ON EXTINGUISHMENT OF DEBT AND INTEREST RATE SWAPS | | |
| - |
| | |
|
(2,766
|
)
| | |
| (9,827 | ) | | |
|
(2,766
|
)
|
| | | | | | | | | | | | |
|
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED
JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES | | | | (7,669 | ) | | | |
(9,965
|
)
| | | | (34,523 | ) | | | |
(81,860
|
)
|
| | | | | | | | | | | | |
|
| BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS | | | | (28 | ) | | | |
3,065
| | | | | 1,079 | | | | |
(4,341
|
)
|
| | | | | | | | | | | | |
|
| INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES: | | | | | | | | | | | | |
|
Equity in net income (loss) from unconsolidated joint ventures
| | | | 2,000 | | | | |
1,698
| | | | | 9,493 | | | | |
(17,639
|
)
|
|
Impairment loss on investment in unconsolidated joint ventures
| | |
| - |
| | |
|
-
|
| | |
| - |
| | |
|
(51,058
|
)
|
| | | |
| 2,000 |
| | |
|
1,698
|
| | |
| 9,493 |
| | |
|
(68,697
|
)
|
| | | | | | | | | | | | |
|
LOSS FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF
INVESTMENT PROPERTIES | | | | (5,697 | ) | | | |
(5,202
|
)
| | | | (23,951 | ) | | | |
(154,898
|
)
|
| | | | | | | | | | | | |
|
| GAIN (LOSS) ON SALE OF INVESTMENT PROPERTIES | | |
| 63 |
| | |
|
(4
|
)
| | |
| 1,938 |
| | |
|
168,637
|
|
| | | | | | | | | | | | |
|
| INCOME (LOSS) FROM CONTINUING OPERATIONS | | | | (5,634 | ) | | | |
(5,206
|
)
| | | | (22,013 | ) | | | |
13,739
| |
| | | | | | | | | | | | |
|
| INCOME FROM DISCONTINUED OPERATIONS: | | | | | | | | | | | | |
|
Income from discontinued operations
| | | | 11 | | | | |
1,266
| | | | | 2,754 | | | | |
3,163
| |
|
Gain on extinguishment of debt
| | | | - | | | | |
-
| | | | | - | | | | |
12,498
| |
|
Gain (loss) on sale of investment properties
| | |
| 654 |
| | |
|
(6
|
)
| | |
| 7,226 |
| | |
|
147
|
|
| | | |
| 665 |
| | |
|
1,260
|
| | |
| 9,980 |
| | |
|
15,808
|
|
| | | | | | | | | | | | |
|
| NET INCOME (LOSS) | | | | (4,969 | ) | | | |
(3,946
|
)
| | | | (12,033 | ) | | | |
29,547
| |
| NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | | |
| (734 | ) | | |
|
(611
|
)
| | |
| (2,540 | ) | | |
|
(2,252
|
)
|
| | | | | | | | | | | | |
|
| NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | | | | (5,703 | ) | | | |
(4,557
|
)
| | | | (14,573 | ) | | | |
27,295
| |
| | | | | | | | | | | | |
|
| DIVIDENDS TO PREFERRED STOCKHOLDERS | | |
| (3,227 | ) | | |
|
(3,225
|
)
| | |
| (12,907 | ) | | |
|
(12,907
|
)
|
| | | | | | | | | | | | |
|
| NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS | | | $ | (8,930 | ) | | |
$
|
(7,782
|
)
| | | $ | (27,480 | ) | | |
$
|
14,388
|
|
| | | | | | | | | | | | |
|
| PER COMMON SHARE INFORMATION - BASIC AND DILUTED: | | | | | | | | | | | | |
|
Loss from continuing operations attributable to controlling interest
| | | $ | (0.09 | ) | | |
$
|
(0.09
|
)
| | | $ | (0.37 | ) | | |
$
|
(0.02
|
)
|
|
Income from discontinued operations
| | |
| 0.01 |
| | |
|
0.01
|
| | |
| 0.10 |
| | |
|
0.24
|
|
|
Net income (loss) available to common stockholders - basic and
diluted
| | | $ | (0.09 | ) | | |
$
|
(0.08
|
)
| | | $ | (0.27 | ) | | |
$
|
0.22
|
|
| | | | | | | | | | | | |
|
| WEIGHTED AVERAGE SHARES - BASIC AND DILUTED | | |
| 102,761 |
| | |
|
99,155
|
| | |
| 101,440 |
| | |
|
65,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES |
| FUNDS FROM OPERATIONS |
| FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2010 AND 2009 |
|
(Unaudited, in thousands, except per share amounts)
|
|
|
| |
|
| |
|
| |
|
| |
| | | | | | | | | | | |
|
| | | Three Months Ended | | | Years Ended |
| | | December 31, | | | December 31, |
| | | 2010 | | | 2009 | | | 2010 | | | 2009 |
| | | | | | | | | | | |
|
| Net Income (Loss) Available to Common Stockholders | | | $ | (8,930 | ) | | | $ | (7,782 | ) | | | $ | (27,480 | ) | | | $ | 14,388 | |
|
Depreciation and amortization:
| | | | | | | | | | | | |
|
Consolidated properties
| | | |
17,501
| | | | |
12,922
| | | | |
59,111
| | | | |
53,350
| |
|
Discontinued properties
| | | |
-
| | | | |
606
| | | | |
845
| | | | |
2,483
| |
|
Share of unconsolidated joint ventures
| | | |
2,586
| | | | |
2,276
| | | | |
9,683
| | | | |
8,800
| |
|
Depreciation of non-real estate assets:
| | | | | | | | | | | | |
|
Consolidated properties
| | | |
(414
|
)
| | | |
(639
|
)
| | | |
(1,884
|
)
| | | |
(3,366
|
)
|
|
Discontinued properties
| | | |
-
| | | | |
(4
|
)
| | | |
(5
|
)
| | | |
(16
|
)
|
|
Share of unconsolidated joint ventures
| | | |
(5
|
)
| | | |
(12
|
)
| | | |
(22
|
)
| | | |
(46
|
)
|
|
(Gain) loss on sale of investment properties:
| | | | | | | | | | | | |
|
Consolidated
| | | |
(63
|
)
| | | |
4
| | | | |
(1,938
|
)
| | | |
(168,637
|
)
|
|
Discontinued properties
| | | |
(654
|
)
| | | |
6
| | | | |
(7,226
|
)
| | | |
(147
|
)
|
|
Share of unconsolidated joint ventures
| | | |
-
| | | | |
-
| | | | |
-
| | | | |
(12
|
)
|
|
Gain (loss) on sale of undepreciated investment properties
| | |
|
(1
|
)
| | |
|
(61
|
)
| | |
|
1,697
|
| | |
|
1,243
|
|
| | | | | | | | | | | |
|
| Funds From Operations Available to Common Stockholders | | | $ | 10,020 |
| | | $ | 7,316 |
| | | $ | 32,781 |
| | | $ | (91,960 | ) |
| | | | | | | | | | | |
|
| | | | | | | | | | |
|
| Per Common Share - Basic and Diluted: | | | | | | | | | | | | |
| | | | | | | | | | | |
|
| Net Income (Loss) Available | | | $ | (.09 | ) | | | $ | (.08 | ) | | | $ | (.27 | ) | | | $ | .22 |
|
| | | | | | | | | | | |
|
| Funds From Operations | | | $ | .10 |
| | | $ | .07 |
| | | $ | .32 |
| | | $ | (1.40 | ) |
| | | | | | | | | | | |
|
| Weighted Average Shares - Basic and Diluted | | |
| 102,761 |
| | |
| 99,155 |
| | |
| 101,440 |
| | |
| 65,495 |
|
|
|
|
|
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 REIT’s 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 non-cash impairment, swap
termination and separation 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(Unaudited, in thousands, except share and per share amounts)
|
|
|
| |
|
| |
|
| |
| | | | | December 31, |
| | | | | 2010 | | |
2009
|
| | | | | | | |
|
| ASSETS | | | | | | |
| PROPERTIES: | | | | | | |
|
Operating properties, net of accumulated depreciation of $274,925
and $233,091 in 2010 and 2009, respectively
| | | $ | 898,119 | | | |
$
|
1,006,760
| |
|
Land held for investment or future development
| | | | 123,879 | | | | |
137,233
| |
|
Residential lots
| | | | 63,403 | | | | |
62,825
| |
|
Multi-family units held for sale
| | |
| 2,994 |
| | |
|
28,504
|
|
| |
Total properties
| | | | 1,088,395 | | | | |
1,235,322
| |
| | | | | | | |
|
| CASH AND CASH EQUIVALENTS | | | | 7,599 | | | | |
9,464
| |
| RESTRICTED CASH | | | | 15,521 | | | | |
3,585
| |
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful
accounts of $6,287 and $5,734 in 2010 and 2009, respectively
| | | | 48,395 | | | | |
49,678
| |
| INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | | | | 167,108 | | | | |
146,150
| |
| OTHER ASSETS | | |
| 44,264 |
| | |
|
47,353
|
|
| | | | | | | |
|
| TOTAL ASSETS | | | $ | 1,371,282 |
| | |
$
|
1,491,552
|
|
| | | | | | | |
|
| LIABILITIES AND EQUITY | | | | | | |
| NOTES PAYABLE | | | $ | 509,509 | | | |
$
|
590,208
| |
| ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | | | | 32,388 | | | | |
56,577
| |
| DEFERRED GAIN | | | | 4,216 | | | | |
4,452
| |
| DEPOSITS AND DEFERRED INCOME | | |
| 18,029 |
| | |
|
7,465
|
|
| TOTAL LIABILITIES | | | | 564,142 | | | | |
658,702
| |
| | | | | | | |
|
| COMMITMENTS AND CONTINGENT LIABILITIES | | | | | | |
| | | | | | | |
|
| REDEEMABLE NONCONTROLLING INTERESTS | | | | 14,289 | | | | |
12,591
| |
| | | | | | | |
|
| 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
2010 and 2009
| | | | 74,827 | | | | |
74,827
| |
| |
7.50% Series B cumulative redeemable preferred stock, $25
liquidation preference; 3,791,000 shares issued and outstanding in
2010 and 2009
| | | | 94,775 | | | | |
94,775
| |
|
Common stock, $1 par value, 250,000,000 shares authorized,
106,961,959 and 103,352,382 shares issued in 2010 and 2009,
respectively
| | | | 106,962 | | | | |
103,352
| |
|
Additional paid-in capital
| | | | 684,551 | | | | |
662,216
| |
|
Treasury stock at cost, 3,570,082 shares in 2010 and 2009
| | | | (86,840 | ) | | | |
(86,840
|
)
|
|
Accumulated other comprehensive loss on derivative instruments
| | | | - | | | | |
(9,517
|
)
|
|
Distributions in excess of net income (loss)
| | |
| (114,196 | ) | | |
|
(51,402
|
)
|
| | | | | | | |
|
| TOTAL STOCKHOLDERS’ INVESTMENT | | | | 760,079 | | | | |
787,411
| |
| | | | | | | |
|
|
Nonredeemable noncontrolling interests
| | |
| 32,772 |
| | |
|
32,848
|
|
| | TOTAL EQUITY | | |
| 792,851 |
| | |
|
820,259
|
|
| | | | | | | |
|
| TOTAL LIABILITIES AND EQUITY | | | $ | 1,371,282 |
| | |
$
|
1,491,552
|
|
| | | | | | |
|
| | | | | | |
|
| | | | | | |
|
Source: Cousins Properties Incorporated
Contact:
Cousins Properties Incorporated
Gregg D. Adzema
Executive Vice
President and Chief Financial Officer
404-407-1116
greggadzema@cousinsproperties.com
or
Cameron
Golden
Director of Investor Relations and Corporate Communications
404-407-1984
camerongolden@cousinsproperties.com
www.cousinsproperties.com