##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2010
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period fromto
 Commission file number 001-11312
 COUSINS PROPERTIES INCORPORATED
  Georgia
(State or other jurisdiction 
of incorporation or organization)
    
    58-0869052
(I.R.S. Employer
Identification No.)191 Peachtree Street NE, Suite 500, Atlanta, Georgia
(Address of principal executive offices)
    
    30303-1740
(Zip Code)
 (404) 407-1000
 Securities registered pursuant to Section 12(b) of the Act:
 Title of each class
    
    Name of Exchange on which registeredCommon Stock ($1 par value)
    
    New York Stock Exchange7.75% Series A Cumulative Redeemable 
Preferred Stock ($1 par value)
    
    New York Stock Exchange7.50% Series B Cumulative Redeemable 
Preferred Stock ($1 par value)
    
    New York Stock Exchange
  o þ
 o þ
 þ o
 o o
 þ
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
(Do not check if smaller reporting company)
    
    Smaller reporting company o
 o þ
  DOCUMENTS INCORPORATED BY REFERENCE




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TABLE OF CONTENTS  PART IItem 1. BusinessItem 1B. Unresolved Staff CommentsItem 2. PropertiesItem 3.Legal ProceedingsItem 4.ReservedPART IIItem 5.Market for Registrants Common Stock and Related Stockholder MattersItem 6.Selected Financial DataItem 7. Managements Discussion and Analysis of Financial Condition and Results of OperationsItem 7A. Quantitative and Qualitative Disclosure about Market RiskItem 8.Financial Statements and Supplementary DataItem 9. Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem 9A. Controls and ProceduresItem 9B. Other InformationPART IIIItem 10. Directors, Executive Officers and Corporate GovernanceItem 11. Executive CompensationItem 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem 13. Certain Relationships and Related Transactions, and Director IndependenceItem 14. Principal Accountant Fees and ServicesPART IVItem 15. Exhibits and Financial Statement SchedulesSIGNATURESEX-10.(a)(xxv)EX-10.(a)(xxvi)EX-10.(a)(xxvii)EX-10.(a)(xxviii)EX-12EX-21EX-23EX-31.1EX-31.2EX-32.1EX-32.2    Table of Contents  FORWARD-LOOKING STATEMENTS
  
    
    the Companys business and financial strategy;
    
    the Companys ability to obtain future financing arrangements;
    
    the Companys understanding of its competition and its ability to compete effectively;
    
    projected operating results;
    
    market and industry trends;
    
    estimates relating to future distributions;
    
    projected capital expenditures; and
    
    interest rates.
  
    
    availability and terms of capital and financing, both to fund operations and to
refinance indebtedness as it matures;
    
    risks and uncertainties related to national and local economic conditions, the
real estate industry in general and in specific markets, and the commercial,
residential and condominium markets in particular;
    
    continued adverse market and economic conditions requiring the recognition of
additional impairment losses;
    
    leasing risks, including an inability to obtain new tenants or renew tenants on
favorable terms, or at all, upon the expiration of existing leases and the ability
to lease newly developed or currently unleased space;
    
    financial condition of existing tenants;
    
    rising interest rates and insurance rates;
    
    the availability of sufficient development or investment opportunities;
    
    competition from other developers or investors;
    
    the risks associated with development projects (such as construction delay, cost
overruns and leasing/sales risk of new properties);
    
    potential liability for uninsured losses, condemnation or environmental issues;
    
    potential liability for a failure to meet regulatory requirements;
    
    the financial condition and liquidity of, or disputes with, joint venture partners;
    
    any failure to comply with debt covenants under credit agreements;
    
    any failure to continue to qualify for taxation as a real estate investment trust.
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PART I
 
 Item 1. Business
 Corporate Profile
     Office
  
    
    Executed new leases covering approximately 956,000 square feet.
    
    Executed renewals of leases covering approximately 385,000 square feet.
    
    Restructured the Terminus 200 venture, resulting in the full payment of the Companys
loan guarantee, a reduction of the Companys ownership from 50% to 20%, a change in the
Companys venture partner and an amendment and extension of the related construction loan.
    
    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.
 Retail
  
    
    Executed new leases covering approximately 381,000 square feet.
    
    Executed renewals of leases covering approximately 369,000 square feet.
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
    
    Invested $14.9 million in Cousins Watkins LLC, a joint venture that holds interests in
four Publix-anchored shopping centers in the Southeast.
    
    Sold San Jose MarketCenter for $85 million, generating a net gain of approximately $6.6
million.
    
    Sold nine outparcels at three retail centers generating gains of approximately $4.7
million.
 Third Party Management and Other Fee Income
  Other Investments
  
    
    Closed on the sale of 75 units at the 10 Terminus Place condominium project, generating
profit of approximately $7.5 million.
    
    Sold Glenmore Garden Villas LLC (Glenmore) in Charlotte, North Carolina, generating a
gain of approximately $369,000.
    
    Sold 53 acres of land at Jefferson Mill Business Park, generating a gain of
approximately $328,000.
    
    Sold 44 acres of land at King Mill Distribution Park, generating a gain of approximately
$876,000.
    
    Executed new leases covering 903,000 square feet of industrial space.
    
    Sold 624 acres of residential land, generating a gain of approximately $3.4 million.
    
    Sold 371 residential lots, generating net profits of $2.2 million.
 Financing Activities
  
    
    Amended its Credit Facility (which included a Term Facility and a line of credit) to,
among other things, reduce overall capacity from $600 million to $350 million, increase the
spread over the London Interbank Offering Rate (LIBOR) and changed certain financial debt covenants.
    
    Repaid the Companys $100 million Term Facility and terminated the associated interest
rate swap for a payment of approximately $9.2 million. Repayment of the Term Facility
correspondingly increased the Companys maximum borrowing capacity under its line of credit
from $250 million to $350 million.
    
    Amended The Avenue Murfreesboro construction loan by reducing its capacity from $131.0
million to $113.2 million, extending the maturity date from July 2010 to July 2013 and
increasing the spread over LIBOR from 1.15% to 3.00%.
    
    Obtained a new mortgage loan secured by Meridian Mark Plaza that increased the principal
from $22.3 million to $27.0 million, reduced the interest rate from 8.27% to 6.00% and
extended the maturity date from 2010 to 2020.
    
    Amended the Terminus 100 mortgage loan, paying down the principal from $180 million to
$140 million, extending the maturity from 2012 to 2023 and reducing the interest rate from
6.13% to 5.25%.
    
    Obtained a new mortgage loan secured by The Avenue East Cobb that increased the
principal from $34.5 million to $36.6 million, reduced its interest rate from 8.39% to
4.52% and extended the maturity date from 2010 to 2017.
    
    In conjunction with the formation of Cousins Watkins LLC, obtained four loans with a
total borrowing capacity of $33.5 million and $28.9 million outstanding at December 31,
2010.
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Environmental Matters
    Competition
  Executive Offices; Employees
  Available Information
 www.cousinsproperties.com
    5




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Item 1A.
    
    Risk Factors
  General Risks of Owning and Operating Real Estate
 Our ownership of commercial real estate involves a number of risks, including general economic and
market risks, impairment risks, leasing risk, co-tenancy risk, uninsured losses and condemnation
costs, environmental issues, joint venture structure risk, liquidity risk and regional
concentration of properties, the effects of which could adversely affect our business.
 General economic and market risks
 
    
    changes in the national, regional and local economic climate;
    
    local conditions such as an oversupply of properties or a reduction in demand for properties;
    
    the attractiveness of our properties to tenants or buyers;
    
    competition from other available properties;
    
    changes in market rental rates and related concessions granted to tenants such
as free rent, tenant allowances and tenant improvement allowances; and
    
    the need to periodically repair, renovate and re-lease space.
   Impairment risks.
 Leasing risk
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Co-tenancy risk
 Uninsured losses and condemnation costs
 Environmental issues
 Joint venture structure risks
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Liquidity risk
 Regional concentration of properties
 Compliance or failure to comply with the Americans with Disabilities Act or other safety
regulations and requirements could result in substantial costs.
   Financing Risks
 At certain times, interest rates and other market conditions for obtaining capital are
unfavorable, and, as a result, we may be unable to raise capital needed to invest in acquisition or
development opportunities, maintain our properties or otherwise satisfy our commitments on a timely
basis, or we may be forced to borrow money at higher interest rates or under adverse terms, which
could adversely affect returns on our investments, our cash flows and results of operations.
  
    
    Credit facilities. Terms and conditions available in the marketplace for
credit facilities vary over time. We can provide no assurance that the amount we need from
our Credit Facility will be available at any given time, or at all, or that the rates and
fees charged by the lenders will be acceptable to us. We incur
interest under our Credit
Facility at a variable rate. Variable rate debt creates higher debt service requirements
if market interest rates increase, which would adversely affect our cash flow and results
of operations. Our Credit Facility contains customary restrictions, requirements and other
limitations
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on our ability to incur indebtedness, including restrictions on total debt outstanding,
restrictions on secured recourse debt outstanding, and requirements to maintain minimum debt
service and fixed charge coverage ratios. Our continued ability to borrow under our Credit
Facility is subject to compliance with our financial and other covenants.
    
    Mortgage financing. The availability of financing in the mortgage markets
varies from time to time depending on various conditions, including the willingness of
mortgage lenders to lend at any given point in time. Interest rates and loan-to-value
ratios may also be volatile, and we may from time to time elect not to proceed with
mortgage financing due to unfavorable terms offered by lenders. This could adversely
affect our ability to finance investment or development activities. In addition, if a
property is mortgaged to secure payment of indebtedness and we are unable to make the
mortgage payments, the lender may foreclose, resulting in loss of income and asset value.
    
    Property sales. Real estate markets tend to experience market cycles. Because
of such cycles, the potential terms and conditions of sales, including prices, may be
unfavorable for extended periods of time. In addition, our status as a REIT limits our
ability to sell properties and this may affect our ability to liquidate an investment. As
a result, our ability to raise capital through property sales in order to fund our
investment and development projects or other cash needs could be limited. In addition,
mortgage financing on a property may prohibit prepayment and/or impose a prepayment penalty
upon the sale of a mortgaged property, which may decrease the proceeds from a sale or
refinancing or make the sale or refinancing impractical.
    
    Construction loans. Construction loans generally relate to specific assets
under construction and fund costs above an initial equity amount deemed acceptable to the
lender. Terms and conditions of construction facilities vary, but they generally carry a
term of two to five years, charge interest at variable rates and require the lender to be
satisfied with the nature and amount of construction costs prior to funding. While
construction lending is generally competitive and offered by many financial institutions,
there may be times when these facilities are not available or are only available upon
unfavorable terms which could have an adverse effect on our ability to fund development
projects or on our ability to achieve the returns we expect.
    
    Joint ventures. Joint ventures, including partnerships or limited liability
companies, tend to be complex arrangements, and there are only a limited number of parties
willing to undertake such investment structures. There is no guarantee that we will be
able to undertake these ventures at the times we need capital.
    
    Common stock. We have sold common stock from time to time to raise capital,
most recently in September 2009. The issuance of common stock can reduce the percentage of
stock ownership of individual current stockholders, and we can provide no assurance that
there will not be further dilution to our stockholders from future issuances of stock. The
market price of our common stock could decline as a result of issuances or sales of our
common stock in the market after such offerings or the perception that such issuances or
sales could occur. Additionally, future issuances or sales of our common stock may be at
prices below the offering prices of past common stock offered, which could adversely affect
the price of our common stock.
    
    Preferred stock. The availability of preferred stock at favorable terms and
conditions is dependent upon a number of factors including the general condition of the
economy, the overall interest rate environment, the condition of the capital markets and
the demand for this product by potential holders of the securities. We can provide no
assurance that conditions will be favorable for future issuances of preferred stock when we
need the capital, which could have an adverse effect on our ability to fund investments and
development projects.
 We may not be able to refinance maturing obligations on favorable terms which could have an adverse
effect on our liquidity and financial position.
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Covenants contained in our Credit Facility and mortgages could restrict or hinder our operational
flexibility, which could adversely affect our results of operations.
   Our degree of leverage could limit our ability to obtain additional financing or affect the market
price of our securities.
  Real Estate Development Risks
 We face risks associated with the development of real estate, such as delay, cost overruns and the
possibility that we are unable to lease a portion of the space that we build, which could adversely
affect our results.
  
    
    The availability of sufficient development opportunities. Absence of sufficient
development opportunities, such as in the past few years, could result in our experiencing
slower growth in earnings and cash flows. Development opportunities are dependent upon a
wide variety of factors. From time to time, availability of these opportunities can be
volatile as a result of, among other things, economic conditions and product supply/demand
characteristics in a particular market. In a period of prolonged economic
downturn, the number of development opportunities typically declines among all of our
product types.
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
    
    Abandoned predevelopment costs. The development process inherently requires
that a large number of opportunities be pursued with only a few actually being developed
and constructed. We may incur significant costs for predevelopment activity for projects
that are later abandoned which would directly affect our results of operations. We have
procedures and controls in place that are intended to minimize this risk, but it is likely
that there will be predevelopment costs charged to expense on an ongoing basis.
    
    Project costs. Construction and leasing of a project involves a variety of
costs that cannot always be identified at the beginning of a project. Costs may arise that
have not been anticipated or actual costs may exceed estimated costs. These additional
costs can be significant and could adversely impact our return on a project and the
expected results of operations upon completion of the project. Also, construction costs
vary over time based upon many factors, including the demand for building materials. We
attempt to mitigate the risk of unanticipated increases in construction costs on our
development projects through guaranteed maximum price contracts and pre-ordering of certain
materials, but we may be adversely affected by increased construction costs on our current
and future projects.
    
    Leasing/Sales risk. The success of a commercial real estate development
project is dependent upon, among other factors, entering into leases with acceptable terms
within a predefined lease-up period or selling units or lots at acceptable prices within an
estimated period. Although our policy is to achieve pre-leasing/pre-sales goals (which
vary by market, product type and circumstances) before committing to a project, it is
likely only some percentage of the space in a project will be leased or under contract to
be sold at the time we commit to the project. If the space is not leased or sold on
schedule and upon the expected terms and conditions, our returns, future earnings and
results of operations from the project could be adversely impacted. In periods of economic
decline, unleased space at new development projects is generally more difficult to lease on
favorable terms than during periods of economic expansion. Whether or not tenants are
willing to enter into leases on the terms and conditions we project and on the timetable we
expect, and whether sales will occur at the prices we anticipate and in the time period we
plan, will depend upon a number of factors, many of which are outside our control. These
factors may include:
 
    
    general business conditions in the economy or in the tenants or
prospective tenants industries;
    
    supply and demand conditions for space in the marketplace; and
    
    level of competition in the marketplace.
 
    
    Reputation risks. We have historically developed and managed our real
estate portfolio and believe that we have built a positive reputation for quality and
service with our lenders, joint venture partners and tenants, as well as with our
third-party management clients. If we were viewed as developing underperforming
properties, suffered sustained losses on our investments, defaulted on a significant level
of loans or experienced significant foreclosure or deed in lieu of foreclosure of our
properties, our reputation could be damaged. Damage to our reputation could make it more
difficult to successfully develop or acquire properties in the future and to continue to
grow and expand our relationships with our lenders, joint venture partners, tenants and
third-party management clients, which could adversely affect our business, financial
condition and results of operations.
    
    Governmental approvals. All necessary zoning, land-use, building, occupancy
and other required governmental permits and authorization may not be obtained or may not be
obtained on a timely basis resulting in possible delays, decreased profitability and
increased management time and attention.
 We may make more property acquisitions in the future, which exposes us to additional risks
associated with such property acquisitions.
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
    
    we may have difficulty finding properties that meet our standards and negotiating
with new or existing tenants;
    
    the extent of competition in the market for attractive acquisitions may hinder our
future level of property acquisitions or redevelopment projects;
    
    the actual costs and timing of repositioning or redeveloping acquired properties
may be greater than our estimates, which would affect our yield and cash investment in
the property;
    
    the occupancy levels, lease-up timing and rental rates may not meet our
expectations, making the project unprofitable;
    
    the acquired or redeveloped property may be in a market that is unfamiliar to us
and could present additional unforeseen business challenges:
    
    acquired properties may fail to perform as expected;
    
    we may be unable to obtain financing for acquisitions on favorable terms or at all;
and
    
    we may be unable to quickly and efficiently integrate new acquisitions into our
existing operations, and significant levels of managements time and attention could
be involved in these projects, diverting their time from our day-to-day operations.
  Risks Associated with our Land Developments and Investments
 Any
failure to timely sell, or a decline in pricing of, our residential lots and undeveloped
residential land could adversely
affect our results of operations.
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Any failure to timely sell or lease non-income producing land could adversely affect our results of
operations.
  Risks Associated with our Third Party Management Business
 Our third party management business may experience volatility based on a number of factors,
including termination of contracts, which could adversely affect our results of operations.
  General Business Risks
 We may not adequately or accurately assess new opportunities, which could adversely impact our
results of operations.
  We are dependent upon key personnel, the loss of any of whom could adversely impair our ability to
execute our business.
  Our restated and amended articles of incorporation contain limitations on ownership of our stock,
which may prevent a change in control that might otherwise be in the best interests of our
stockholders.
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We experience fluctuations and variability in our operating results on a quarterly basis and in the
market price of our common stock and, as a result, our historical performance may not be a
meaningful indicator of future results.
   
    
    actual or anticipated variations in our operating results, funds from operations or
liquidity;
    
    changes in our earnings or analyst estimates and any failure to meet such estimates;
    
    the general reputation of real estate as an attractive investment in comparison to
other equity securities;
    
    the general stock and bond market conditions, including changes in interest rates or
fixed income securities;
    
    changes in tax laws;
    
    changes to our dividend policy;
    
    changes in market valuations of our properties;
    
    adverse market reaction to the amount of our outstanding debt at any time, the
amount of our maturing debt and our ability to refinance such debt on favorable terms;
    
    any failure to comply with existing debt covenants;
    
    any foreclosure or deed in lieu of foreclosure of our properties;
    
    additions or departures of key executives and other employees;
    
    actions by institutional stockholders;
    
    the realization of any of the other risk factors described in this report; and
    
    general market and economic conditions.
  If our future operating performance does not meet third-party projections, our stock price could
decline.
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Federal Income Tax Risks
 Any failure to continue to qualify as a REIT for federal income tax purposes could have a material
adverse impact on us and our stockholders.
    
    
    85% of our ordinary income;
    
    95% of our net capital gain income for that year; and
    
    100% of our undistributed taxable income (including any net capital gains) from prior years.
  Certain property transfers may be characterized as prohibited transactions, resulting in a tax on
any gain attributable to the transaction.
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Disclosure Controls and Internal Control over Financial Reporting Risks
 Our business could be adversely impacted if we have deficiencies in our disclosure controls and
procedures or internal control over financial reporting.
  
 Item 1B. Unresolved Staff Comments.
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Item 2. Properties
  Table of Major Operating Office, Retail and Industrial Properties
 Average
    
    
    
    MajorYear Development
    
    
    
    Companys
    
    
    
    
    
    2010
    
    
    
    Tenants'
    
    
    Cost and CostCompleted or
    
    
    
    Ownership
    
    Square Feet
    
    Percentage
    
    Economic
    
    Major Tenants
    
    Rentable
    
    
    Less AccumulatedDescription and Location
    
    Acquired
    
    Venture Partner(s)
    
    Interest
    
    and Acres
    
    Leased
    
    Occupancy (1)
    
    (Lease Expiration/Options Expiration)
    
    Square Feet
    
    
    Depreciation (2)Office
191 Peachtree Tower (3)
Atlanta, GA
    
    2006
    
    N/A
    
    100%
    
    1,219,000
    
    79%
    
    75%
    
    Deloitte & Touche (2024/2034)
    
    
    311,893
    
    
    $
    226,0422 acres (3)
    
    
    
    
    
    Hall, Booth, Smith & Slover
    
    
    56,259
    
    
    $
    181,340(2021/2031)Ogletree, Deakins, Nash, Smoak
    
    
    52,510& Stewart (2019/2029)Carlock, Copeland & Stair (2022/2032)
    
    
    52,028Cooper Carry (2022/2032)
    
    
    50,208The American Cancer Society Center (4)Atlanta, GA
    
    1999
    
    N/A
    
    100%
    
    996,000
    
    95%
    
    85%
    
    American Cancer Society (2022/2032)
    
    
    275,198
    
    
    $
    97,6884 acres (5)
    
    
    
    
    
    US South (2021) (5)
    
    
    219,277
    
    
    $
    43,977Co Space Services (2020/2025)
    
    
    120,298Georgia Lottery Corp. (2023)
    
    
    96,265Turner Broadcasting (2011/2021)
    
    
    90,455Terminus 100
Atlanta, GA
    
    2007
    
    N/A
    
    100%
    
    656,000
    
    95%
    
    92%
    
    CB Richard Ellis (2019/2024)
    
    
    83,156
    
    
    $
    169,3334 acres
    
    
    
    
    
    Morgan Stanley (2018/2028)
    
    
    71,188
    
    
    $
    140,966Premiere Global Services (2018/2028)
    
    
    65,084Wells Fargo Bank NA (2017/2027)
    
    
    47,368Cumulus Media (2017)
    
    
    47,000Bain & Company (2019/2029)
    
    
    46,412The Points at Waterview
Suburban Dallas, TX
    
    2000
    
    N/A
    
    100%
    
    203,000
    
    88%
    
    91%
    
    Bombardier Aerospace Corp.
    
    
    97,740
    
    
    $
    30,69315 acres
    
    
    
    
    
    (2013/2023)
    
    
    
    
    
    $
    16,227Liberty Mutual (2013/2023)
    
    
    37,382Lakeshore Park Plaza
Birmingham, AL
    
    1998
    
    Daniel Realty
    
    100% (6)
    
    197,000
    
    94%
    
    96%
    
    Synovus Mortgage (2017/2022)
    
    
    31,874
    
    
    $
    20,792Company
    
    
    
    12 acres
    
    
    
    
    
    Daxko, LLC (2011)
    
    
    21,120
    
    
    $
    12,236Southern Care (2013/2018)
    
    
    13,768600 University Park Place
Birmingham, AL
    
    2000
    
    Daniel Realty
    
    100% (6)
    
    123,000
    
    86%
    
    98%
    
    Daxko, LLC (2022)
    
    
    31,119
    
    
    $
    18,979Company
    
    
    
    10 acres
    
    
    
    
    
    O2 Ideas (2014/2024)
    
    
    25,465
    
    
    $
    12,175Meridian Mark Plaza
Atlanta, GA
    
    1999
    
    N/A
    
    100%
    
    160,000
    
    97%
    
    91%
    
    Northside Hospital (7)
    
    
    54,585
    
    
    $
    27,7283 acres
    
    
    
    
    
    (2018/2023) (8)
    
    
    
    
    
    $
    15,076Childrens Healthcare of
    
    
    40,958Atlanta (2023) (8)Georgia Reproductive (2017/2027)
    
    
    13,622
 
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Average
    
    
    
    MajorYear Development
    
    
    
    Companys
    
    
    
    
    
    2010
    
    
    
    Tenants
    
    
    Cost and CostCompleted or
    
    
    
    Ownership
    
    Square Feet
    
    Percentage
    
    Economic
    
    Major Tenants
    
    Rentable
    
    
    Less AccumulatedDescription and Location
    
    Acquired
    
    Venture Partner(s)
    
    Interest
    
    and Acres
    
    Leased
    
    Occupancy (1)
    
    (Lease Expiration/Options Expiration)
    
    Square Feet
    
    
    Depreciation (2)Office (contd)100 North Point Center East
Suburban Atlanta, GA
    
    1995
    
    N/A
    
    100%
    
    128,000
    
    94%
    
    93%
    
    Schweitzer-Mauduit
    
    
    30,406
    
    
    $
    13,0077 acres
    
    
    
    
    
    International (2017/2022)
    
    
    
    
    
    $
    7,688Med Assets HSCA (2015/2020)
    
    
    31,236Golden Peanut Co. (2017)
    
    
    18,104200 North Point Center East
Suburban Atlanta, GA
    
    1996
    
    N/A
    
    100%
    
    130,000
    
    100%
    
    100%
    
    Med Assets HSCA (2015/2020)
    
    
    89,424
    
    
    $
    12,1259 acres
    
    
    
    
    
    Morgan Stanley (2011)
    
    
    15,709
    
    
    $
    7,801333 North Point Center East
Suburban Atlanta, GA
    
    1998
    
    N/A
    
    100%
    
    130,000
    
    98%
    
    93%
    
    Merrill Lynch (2014/2024)
    
    
    35,949
    
    
    $
    14,2499 acres
    
    
    
    
    
    Nokia (2013/2023)
    
    
    33,457
    
    
    $
    6,895Wells Fargo Bank NA (2013/2016) (9)
    
    
    26,153555 North Point Center East
Suburban Atlanta, GA
    
    2000
    
    N/A
    
    100%
    
    152,000
    
    98%
    
    96%
    
    Kids II, Inc. (2011)
    
    
    64,093
    
    
    $
    18,19110 acres
    
    
    
    
    
    Regus Business Centre (2011/2016)
    
    
    22,422
    
    
    $
    9,832Galleria 75
Suburban Atlanta, GA
    
    2004
    
    N/A
    
    100%
    
    111,000
    
    67%
    
    63%
    
    Parkmobile USA, Inc (2015)
    
    
    9,281
    
    
    $
    12,0437 acres
    
    
    
    
    
    Orcatec LLC (2016)
    
    
    9,035
    
    
    $
    9,941Cosmopolitan Center
Atlanta, GA
    
    2006
    
    N/A
    
    100%
    
    84,000
    
    93%
    
    93%
    
    City of Sandy Springs (2011)
    
    
    32,800
    
    
    $
    11,4278 acres
    
    
    
    
    
    
    
    
    
    
    
    $
    9,656Inhibitex
Suburban Atlanta, GA
    
    2005
    
    N/A
    
    100%
    
    51,000
    
    100%
    
    100%
    
    Inhibitex (2015/2025)
    
    
    50,933
    
    
    $
    6,4025 acres
    
    
    
    
    
    
    
    
    
    
    
    $
    4,506221 Peachtree Center Avenue
Parking Garage
Atlanta, GA
    
    2007
    
    N/A
    
    100%
    
    N/A
    
    N/A
    
    N/A
    
    N/A
    
    
    N/A
    
    
    $
    17,6651 acre
    
    
    
    
    
    
    
    
    
    
    
    $
    16,378One Georgia Center
Atlanta, GA
    
    2000
    
    Prudential (7)
    
    88.5% (10)
    
    376,000
    
    96%
    
    96%
    
    Georgia Department of
    
    
    293,035
    
    
    $
    59,9663 acres
    
    
    
    
    
    Transportation (2019)
    
    
    
    
    
    $
    44,042
 18




---



##### Table of Contents



Average
    
    
    
    MajorYear Development
    
    
    
    Companys
    
    
    
    
    
    2010
    
    
    
    Tenants
    
    
    Cost and CostCompleted or
    
    
    
    Ownership
    
    Square Feet
    
    Percentage
    
    Economic
    
    Major Tenants
    
    Rentable
    
    
    Less AccumulatedDescription and Location
    
    Acquired
    
    Venture Partner(s)
    
    Interest
    
    and Acres
    
    Leased
    
    Occupancy (1)
    
    (Lease Expiration/Options Expiration)
    
    Square Feet
    
    
    Depreciation (2)Office (contd)Palisades West Building 1
Austin, TX
    
    2008
    
    Dimensional Fund
    
    50%
    
    216,000
    
    100%
    
    100%
    
    Dimensional Fund Advisors
    
    
    215,848
    
    
    $
    101,583Advisors & Forestar
    
    
    
    13 acres
    
    
    
    
    
    (2023/2043)
    
    
    
    
    
    $
    92,881Real Estate GroupPalisades West Building 2
Austin, TX
    
    2008
    
    Dimensional Fund
    
    50%
    
    157,000
    
    93%
    
    35%
    
    St. Jude Medical (2018/2023)
    
    
    87,061
    
    
    $
    33,421Advisors & Forestar
    
    
    
    6 acres
    
    
    
    
    
    Forestar Real Estate Group (2018/2025)
    
    
    32,236
    
    
    $
    31,815Real Estate GroupGateway Village
Charlotte, NC
    
    2001
    
    Bank of America (7)
    
    50% (11)
    
    1,065,000
    
    100%
    
    100%
    
    Bank of America (7)(2016/2036)
    
    
    1,064,990
    
    
    $
    210,5828 acres
    
    
    
    
    
    
    
    
    
    
    
    $
    149,823Emory University Hospital
Midtown Medical Office Tower
Atlanta, GA
    
    2002
    
    Emory University
    
    50%
    
    358,000 (12)
    
    100%
    
    99%
    
    Emory University (2017/2047) (12)
    
    
    159,653
    
    
    $
    53,915Resurgens (2014/2019)
    
    
    26,581
    
    
    $
    31,663Laureate Medical Group (2013)
    
    
    17,870Ten Peachtree Place
Atlanta, GA
    
    1991
    
    Coca-Cola (7)
    
    50% (13)
    
    260,000
    
    94%
    
    94%
    
    AGL Services Co. (2013/2028)
    
    
    226,779
    
    
    $
    40,5085 acres
    
    
    
    
    
    
    
    
    
    
    
    $
    17,079Terminus 200
Atlanta, GA
    
    2010
    
    Morgan Stanley Real
    
    20% (14)
    
    566,000
    
    67%
    
    13%
    
    Kids II, Inc. (2023/2033)
    
    
    102,818
    
    
    $
    60,082Estate Fund
    
    
    
    1 acre
    
    
    
    
    
    Greenberg Traurig (2026/2041)
    
    
    86,228
    
    
    $
    58,878Firethorn Holdings (2014/2024)
    
    
    49,879Sony Ericsson Mobile (2019/2029)
    
    
    39,289Presbyterian
Medical Plaza
Charlotte, NC
    
    1997
    
    Prudential (7)
    
    11.50%
    
    69,000
    
    78%
    
    78%
    
    Novant Health (2012/2017) (15)
    
    
    49,916
    
    
    $
    8,0121 acre (15)
    
    
    
    
    
    
    
    
    
    
    
    $
    4,055
 19




---



##### Table of Contents



Lease Expirations  Office
  2020 &2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    2015
    
    
    2016
    
    
    2017
    
    
    2018
    
    
    2019
    
    
    Thereafter
    
    
    TotalTotal (including Companys % share of Joint Venture Properties):Square Feet Expiring
    
    
    453,048
    
    
    
    177,108
    
    
    
    537,534
    
    
    
    256,485
    
    
    
    405,130
    
    
    
    703,723
    
    
    
    459,908
    
    
    
    271,199
    
    
    
    514,932
    
    
    
    1,518,406
    
    
    
    5,297,473% of Leased Space
    
    
    9
    %
    
    
    3
    %
    
    
    10
    %
    
    
    5
    %
    
    
    7
    %
    
    
    13
    %
    
    
    9
    %
    
    
    5
    %
    
    
    10
    %
    
    
    29
    %
    
    
    100.00
    %Annual Contractual
Rent (000s)
    
    $
    5,373
    
    
    $
    2,577
    
    
    $
    8,834
    
    
    $
    4,448
    
    
    $
    7,099
    
    
    $
    12,754
    
    
    $
    10,638
    
    
    $
    6,902
    
    
    $
    9,279
    
    
    $
    31,551
    
    
    $
    99,455Annual Contractual
Rent/Sq. Ft.
    
    $
    11.86
    
    
    $
    14.55
    
    
    $
    16.44
    
    
    $
    17.34
    
    
    $
    17.52
    
    
    $
    18.12
    
    
    $
    23.13
    
    
    $
    25.45
    
    
    $
    18.02
    
    
    $
    20.78
    
    
    $
    18.77Wholly Owned:Square Feet Expiring
    
    
    440,657
    
    
    
    134,417
    
    
    
    380,864
    
    
    
    218,625
    
    
    
    381,301
    
    
    
    149,211
    
    
    
    372,892
    
    
    
    208,212
    
    
    
    235,344
    
    
    
    1,358,798
    
    
    
    3,880,321
    (16)% of Leased Space
    
    
    11
    %
    
    
    3
    %
    
    
    10
    %
    
    
    6
    %
    
    
    10
    %
    
    
    4
    %
    
    
    10
    %
    
    
    5
    %
    
    
    6
    %
    
    
    35
    %
    
    
    100
    %Annual Contractual
Rent (000s)
    
    $
    5,186
    
    
    $
    1,788
    
    
    $
    5,930
    
    
    $
    3,579
    
    
    $
    6,768
    
    
    $
    2,433
    
    
    $
    8,454
    
    
    $
    5,455
    
    
    $
    5,962
    
    
    $
    26,671
    
    
    $
    72,226Annual Contractual
Rent/Sq. Ft.
    
    $
    11.77
    
    
    $
    13.30
    
    
    $
    15.57
    
    
    $
    16.37
    
    
    $
    17.75
    
    
    $
    16.30
    
    
    $
    22.67
    
    
    $
    26.20
    
    
    $
    25.33
    
    
    $
    19.63
    
    
    $
    18.61Joint Venture:Square Feet Expiring
    
    
    26,743
    
    
    
    106,398
    
    
    
    295,713
    
    
    
    101,506
    
    
    
    34,534
    
    
    
    1,127,710
    
    
    
    176,043
    
    
    
    124,146
    
    
    
    365,109
    
    
    
    465,197
    
    
    
    2,823,099
    (17)% of Leased Space
    
    
    1
    %
    
    
    4
    %
    
    
    10
    %
    
    
    4
    %
    
    
    1
    %
    
    
    40
    %
    
    
    6
    %
    
    
    4
    %
    
    
    13
    %
    
    
    17
    %
    
    
    100
    %Annual Contractual
Rent (000s)
    
    $
    416
    
    
    $
    2,071
    
    
    $
    5,635
    
    
    $
    2,486
    
    
    $
    538
    
    
    $
    21,143
    
    
    $
    4,422
    
    
    $
    2,874
    
    
    $
    4,865
    
    
    $
    13,764
    
    
    $
    58,214Annual Contractual
Rent/Sq. Ft.
    
    $
    15.55
    
    
    $
    19.46
    
    
    $
    19.06
    
    
    $
    24.49
    
    
    $
    15.57
    
    
    $
    18.75
    
    
    $
    25.12
    
    
    $
    23.15
    
    
    $
    13.33
    
    
    $
    29.59
    
    
    $
    20.62
 20




---



##### Table of Contents



Average
    
    
    
    
    MajorYear Development
    
    
    
    Companys
    
    
    
    
    
    
    
    
    2010
    
    
    
    
    Tenants
    
    
    Cost and CostCompleted or
    
    
    
    Ownership
    
    
    Square Feet
    
    Percentage
    
    
    Economic
    
    
    Major Tenants
    
    Rentable
    
    
    Less AccumulatedDescription and Location
    
    Acquired
    
    Venture Partner(s)
    
    Interest
    
    
    and Acres
    
    Leased
    
    
    Occupancy (1)
    
    
    (Lease Expiration/Options Expiration)
    
    Square Feet
    
    
    Depreciation (2)Retail Centers (18)The Avenue Carriage Crossing 
Suburban Memphis, TN
    
    2005
    
    Jim Wilson &
    

    100% (6)
    
    
    802,000 (19)
    

    88%
    
    

    90%
    
    
    Dillards (20)
    
    
    N/A
    
    
    $
    92,840Associates (7)
    
    
    
    
    
    97 acres (19)
    
    
    
    
    
    
    
    
    
    Macys (2021/2051) (21)
    
    
    130,000
    
    
    $
    67,856Bed, Bath & Beyond (2020/2040)
    
    
    28,307Barnes & Noble (2016/2026)
    
    
    25,322The Avenue Webb Gin 
Suburban Atlanta, GA
    
    2006
    
    N/A
    

    100%
    
    
    322,000
    

    88%
    
    

    84%
    
    
    Barnes & Noble (2019/2029)
    
    
    26,553
    
    
    $
    75,61748 acres
    
    
    
    
    
    
    
    
    
    Ethan Allen (2021/2031)
    
    
    18,511
    
    
    $
    59,540GAP (2014/2018) (22)
    
    
    17,461DSW Shoes (2018/2023)
    
    
    16,000Tiffany Springs MarketCenter 
Kansas City, MO
    
    2008
    
    Prudential (7)
    

    88.5% (10)
    
    
    587,000 (23)
    

    82%
    
    

    79%
    
    
    JC Penney (20)
    
    
    N/A
    
    
    $
    58,57068 acres (23)
    
    
    
    
    
    
    
    
    
    The Home Depot (20)
    
    
    N/A
    
    
    $
    54,429Target (20)
    
    
    N/ABest Buy (2019/2039)
    
    
    45,676Sports Authority (2019/2039)
    
    
    41,770PetSmart (2018/2033)
    
    
    25,464The Avenue Forsyth 
Suburban Atlanta, GA
    
    2008
    
    Prudential (7)
    

    88.5% (10)
    
    
    472,000 (24)
    

    81%
    
    

    70%
    
    
    AMC Theaters (2023/2039)
    
    
    50,967
    
    
    $
    121,27859 acres (24)
    
    
    
    
    
    
    
    
    
    Barnes & Noble (2018/2028)
    
    
    28,007
    
    
    $
    107,894DSW Shoes (2019/2024)
    
    
    15,053Highland City Town Center (25) 
Lakeland, FL
    
    2010
    
    Watkins Retail Group (7)
    

    50.5% (25)
    
    
    96,000
    

    87%
    
    

    87%
    
    
    Publix (2028/2068)
    
    
    45,600
    
    
    $
    17,50424 acres
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    17,504Mt. Juliet Village (25)
Nashville, TN
    
    2010
    
    Watkins Retail Group (7)
    

    50.5% (25)
    
    
    91,000
    

    77%
    
    

    77%
    
    
    Publix (2028/2068)
    
    
    54,340
    
    
    $
    12,35415 acres
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    12,354Creek Plantation Village (25)
    
    2010
    
    Watkins Retail Group (7)
    

    50.5% (25)
    
    
    78,000
    

    91%
    
    

    91%
    
    
    Publix (2028/2068)
    
    
    54,340
    
    
    $
    9,556Chattanooga, TN
    
    
    
    
    
    
    
    
    
    11 acres
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    9,556The Shops of Lee Village (25)
    
    2010
    
    Watkins Retail Group (7)
    

    50.5% (25)
    
    
    74,000
    

    83%
    
    

    83%
    
    
    Publix (2028/2068)
    
    
    45,600
    
    
    $
    9,739Nashville, TN
    
    
    
    
    
    
    
    
    
    12 acres
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    9,739
 21




---



##### Table of Contents



Average
    
    
    
    
    MajorYear Development
    
    
    
    Companys
    
    
    
    
    
    
    
    
    2010
    
    
    
    
    Tenants
    
    
    Cost and CostCompleted or
    
    
    
    Ownership
    
    
    Square Feet
    
    Percentage
    
    
    Economic
    
    
    Major Tenants
    
    Rentable
    
    
    Less AccumulatedDescription and Location
    
    Acquired
    
    Venture Partner(s)
    
    Interest
    
    
    and Acres
    
    Leased
    
    
    Occupancy (1)
    
    
    (Lease Expiration/Options Expiration)
    
    Square Feet
    
    
    Depreciation (2)Retail Centers (contd)(18)The Avenue
Murfreesboro
Suburban Nashville, TN
    
    2007
    
    Faison
    
    
    50%
    
    
    751,000
    
    
    86%
    
    
    
    82%
    
    
    Belk (2027) (21)
    
    
    132,000
    
    
    $
    134,462Enterprises, Inc. (7)
    
    
    
    
    
    93 acres
    
    
    
    
    
    
    
    
    
    Dicks Sporting Goods (2018/2033)
    
    
    44,770
    
    
    $
    120,151Best Buy (2018/2038)
    
    
    30,000Havertys Furniture (2018/2023)
    
    
    30,000Linens and More for Less (2020/2030)
    
    
    28,170Barnes & Noble (2018/2028)
    
    
    26,937The Avenue
Viera
Viera, FL
    
    2005
    
    Prudential (7)
    
    
    11.50%
    
    
    460,000 (26)
    
    
    93%
    
    
    
    90%
    
    
    Rave Motion Pictures (20)
    
    
    N/A
    
    
    $
    87,64155 acres (26)
    
    
    
    
    
    
    
    
    
    Belk (2024/2044) (21)
    
    
    65,927
    
    
    $
    73,310Bed, Bath & Beyond (2015/2035)
    
    
    24,329Michaels (2016/2036)
    
    
    20,800The Avenue East
Cobb
Suburban Atlanta, GA
    
    1999
    
    Prudential (7)
    
    
    11.50%
    
    
    230,000
    
    
    98%
    
    
    
    93%
    
    
    Borders (2015/2030) (36)
    
    
    24,882
    
    
    $
    99,57030 acres
    
    
    
    
    
    
    
    
    
    Bed, Bath & Beyond (2015/2025)
    
    
    21,007
    
    
    $
    82,009GAP (2015) (22)
    
    
    19,434Pottery Barn (2012) (7)
    
    
    10,000Talbots (2015)
    
    
    9,415The Avenue West
Cobb
Suburban Atlanta, GA
    
    2003
    
    Prudential (7)
    
    
    11.50%
    
    
    255,000
    
    
    95%
    
    
    
    87%
    
    
    Barnes & Noble (2014/2024)
    
    
    24,025
    
    
    $
    91,00022 acres
    
    
    
    
    
    
    
    
    
    GAP (2012/2022) (22)
    
    
    17,520
    
    
    $
    73,482Charming Charlies (2015/2025)
    
    
    11,160IO Metro (2020/2025)
    
    
    11,160The Avenue
Peachtree City
Suburban Atlanta, GA
    
    2001
    
    Prudential (7)
    
    
    11.50%
    
    
    183,000
    
    
    89%
    
    
    
    94%
    
    
    Books-A-Million (2013)
    
    
    13,750
    
    
    $
    58,23518 acres (27)
    
    
    
    
    
    
    
    
    
    GAP (2012/2022)
    
    
    10,800
    
    
    $
    45,862Talbots (2012/2022)
    
    
    8,610Banana Republic (2012/2022)
    
    
    8,015Viera
MarketCenter
Viera, FL
    
    2005
    
    Prudential (7)
    
    
    11.50%
    
    
    178,000
    
    
    96%
    
    
    
    95%
    
    
    Kohls Department Stores
    
    
    88,248
    
    
    $
    30,80720 acres
    
    
    
    
    
    
    
    
    
    (2026/2056) (21)
    
    
    
    
    
    $
    26,496Sports Authority (2017/2032)
    
    
    37,516Office Depot (2016/2036)
    
    
    20,000
 22




---



##### Table of Contents



Average
    
    
    
    
    MajorYear Development
    
    
    
    Companys
    
    
    
    
    
    
    
    
    2010
    
    
    
    
    Tenants
    
    
    Cost and CostCompleted or
    
    
    
    Ownership
    
    
    Square Feet
    
    Percentage
    
    
    Economic
    
    
    Major Tenants
    
    Rentable
    
    
    Less AccumulatedDescription and Location
    
    Acquired
    
    Venture Partner(s)
    
    Interest
    
    
    and Acres
    
    Leased
    
    
    Occupancy (1)
    
    
    (Lease Expiration/Options Expiration)
    
    Square Feet
    
    
    Depreciation (2)Retail Centers (contd)(18)North Point
MarketCenter
Suburban Atlanta, GA
    
    1994
    
    Prudential (7)
    
    
    10.32%
    
    
    518,000 (28)
    
    
    99%
    
    
    
    94%
    
    
    Target (20)
    
    
    N/A
    
    
    $
    59,43060 acres (28)
    
    
    
    
    
    
    
    
    
    Babies R Us (2017/2032)
    
    
    50,275
    
    
    $
    38,420Dicks Sporting Goods (2017/2037)
    
    
    48,884Marshalls (2015/2025)
    
    
    40,000Bed, Bath & Beyond (2026/2041)
    
    
    40,000Regal Cinemas (2014/2034)
    
    
    34,733Stein Mart (2020/2040)
    
    
    33,420Greenbrier
MarketCenter
Chesapeake, VA
    
    1996
    
    Prudential (7)
    
    
    10.32%
    
    
    493,000 (29)
    
    
    100%
    
    
    
    100%
    
    
    Target (20)
    
    
    N/A
    
    
    $
    50,00644 acres (29)
    
    
    
    
    
    
    
    
    
    Harris Teeter (2016/2036)
    
    
    51,806
    
    
    $
    31,530Best Buy (2015/2030)
    
    
    45,106Bed, Bath & Beyond (2012/2027)
    
    
    40,484Babies R Us (2016/2021)
    
    
    40,000Stein Mart (2011/2026)
    
    
    36,000Barnes & Noble (2012/2022)
    
    
    29,974PetSmart (2016/2031)
    
    
    26,040Los Altos
MarketCenter
Long Beach, CA
    
    1996
    
    Prudential (7)
    
    
    10.32%
    
    
    182,000 (30)
    
    
    100%
    
    
    
    69%
    
    
    Sears (20)
    
    
    N/A
    
    
    $
    36,90517 acres (30)
    
    
    
    
    
    
    
    
    
    LA Fitness (2026/2041)
    
    
    38,541
    
    
    $
    25,199Borders (2017/2037) (36)
    
    
    30,000Bristol Farms (2012/2032) (7)
    
    
    28,200TJ Maxx (2020/2035)
    
    
    25,620
 23




---



##### Table of Contents



Lease Expirations  Retail
  2020 &2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    2015
    
    
    2016
    
    
    2017
    
    
    2018
    
    
    2019
    
    
    Thereafter
    
    
    TotalTotal (including Companys % share of Joint Venture Properties):Square Feet Expiring
    
    
    89,204
    
    
    
    56,908
    
    
    
    68,521
    
    
    
    94,888
    
    
    
    107,460
    
    
    
    266,721
    
    
    
    131,276
    
    
    
    319,192
    
    
    
    293,968
    
    
    
    504,713
    
    
    
    1,932,851% of Leased Space
    
    
    5
    %
    
    
    2
    %
    
    
    3
    %
    
    
    5
    %
    
    
    6
    %
    
    
    14
    %
    
    
    7
    %
    
    
    17
    %
    
    
    15
    %
    
    
    26
    %
    
    
    100
    %Annual Contractual
Rent (000s)
    
    $
    1,429
    
    
    $
    1,086
    
    
    $
    1,670
    
    
    $
    1,900
    
    
    $
    2,491
    
    
    $
    6,089
    
    
    $
    3,311
    
    
    $
    7,240
    
    
    $
    6,196
    
    
    $
    5,788
    
    
    $
    37,200Annual Contractual
Rent/Sq. Ft.
    
    $
    16.02
    
    
    $
    19.09
    
    
    $
    24.37
    
    
    $
    20.02
    
    
    $
    23.18
    
    
    $
    22.83
    
    
    $
    25.22
    
    
    $
    22.68
    
    
    $
    21.08
    
    
    $
    11.47
    
    
    $
    19.25Wholly Owned:Square Feet Expiring
    
    
    43,526
    
    
    
    28,776
    
    
    
    14,546
    
    
    
    41,036
    
    
    
    40,029
    
    
    
    181,980
    
    
    
    71,602
    
    
    
    48,183
    
    
    
    60,816
    
    
    
    202,051
    
    
    
    732,545
    (31)% of Leased Space
    
    
    6
    %
    
    
    4
    %
    
    
    2
    %
    
    
    5
    %
    
    
    5
    %
    
    
    25
    %
    
    
    10
    %
    
    
    7
    %
    
    
    8
    %
    
    
    28
    %
    
    
    100
    %Annual Contractual
Rent (000s)
    
    $
    786
    
    
    $
    503
    
    
    $
    373
    
    
    $
    742
    
    
    $
    1,138
    
    
    $
    4,640
    
    
    $
    2,068
    
    
    $
    1,213
    
    
    $
    824
    
    
    $
    1,307
    
    
    $
    13,594Annual Contractual
Rent/Sq. Ft.
    
    $
    18.05
    
    
    $
    17.48
    
    
    $
    25.67
    
    
    $
    18.09
    
    
    $
    28.42
    
    
    $
    25.50
    
    
    $
    28.88
    
    
    $
    25.17
    
    
    $
    13.55
    
    
    $
    6.47
    
    
    $
    18.56Joint Venture:Square Feet Expiring
    
    
    233,472
    
    
    
    232,278
    
    
    
    197,034
    
    
    
    228,014
    
    
    
    375,664
    
    
    
    372,872
    
    
    
    302,033
    
    
    
    473,851
    
    
    
    318,264
    
    
    
    811,907
    
    
    
    3,545,389
    (32)% of Leased Space
    
    
    7
    %
    
    
    6
    %
    
    
    5
    %
    
    
    6
    %
    
    
    11
    %
    
    
    11
    %
    
    
    9
    %
    
    
    13
    %
    
    
    9
    %
    
    
    23
    %
    
    
    100
    %Annual Contractual
Rent (000s)
    
    $
    3,506
    
    
    $
    4,753
    
    
    $
    4,927
    
    
    $
    4,822
    
    
    $
    7,444
    
    
    $
    6,489
    
    
    $
    6,096
    
    
    $
    10,265
    
    
    $
    7,609
    
    
    $
    10,548
    
    
    $
    66,459Annual Contractual
Rent/Sq. Ft.
    
    $
    15.02
    
    
    $
    20.46
    
    
    $
    25.01
    
    
    $
    21.15
    
    
    $
    19.81
    
    
    $
    17.40
    
    
    $
    20.18
    
    
    $
    21.66
    
    
    $
    23.91
    
    
    $
    12.99
    
    
    $
    18.75
 24




---



##### Table of Contents



Average
    
    
    
    MajorYear Development
    
    
    
    Companys
    
    
    
    
    
    2010
    
    
    
    Tenants
    
    
    Cost and CostCompleted or
    
    
    
    Ownership
    
    Square Feet
    
    Percentage
    
    Economic
    
    Major Tenants
    
    Rentable
    
    
    Less AccumulatedDescription and Location
    
    Acquired
    
    Venture Partner(s)
    
    Interest
    
    and Acres
    
    Leased
    
    Occupancy (1)
    
    (Lease Expiration/Options Expiration)
    
    Square Feet
    
    
    Depreciation (2)Industrial
Lakeside Ranch Business Park
Building 20
Dallas, TX
    
    2007
    
    Seefried Industrial
    
    100%(6)
    
    749,000
    
    91%
    
    66%
    
    HD Supply Facilities
    
    
    457,681
    
    
    $
    30,288Properties
    
    

    
    38 acres
    
    
    
    
    
    Maintenance (2017/2023)
    
    
    
    
    
    $
    26,150Owens & Minor Distribution (2015)
    
    
    223,190King Mill Distribution Park
Building 3
Suburban Atlanta, GA
    
    2007
    
    Weeks
Properties Group
    
    75%(10)
    
    796,000
    
    100%
    
    87%
    
    Briggs & Stratton Corporation
    
    
    796,450
    
    
    $
    26,18341 acres
    
    
    
    
    
    (2015/2020) (7) (33)
    
    
    
    
    
    $
    22,324Jefferson Mill Business Park
Building A (34)
Suburban Atlanta, GA
    
    2008
    
    Weeks Properties Group
    
    75%(10)
    
    459,000
    
    100%
    
    42%
    
    Systemax Distribution (2030/2050)
    
    
    459,134
    
    
    $
    22,42538 acres
    
    
    
    
    
    
    
    
    
    
    
    $
    21,121
 Lease Expirations  Industrial
  2020 &2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    2015
    
    
    2016
    
    
    2017
    
    
    2018
    
    
    2019
    
    
    Thereafter
    
    
    TotalCompanys % share of Joint Venture Properties:Square Feet Expiring
    
    
    89,288
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    731,240
    
    
    
    
    
    
    
    457,681
    
    
    
    
    
    
    
    
    
    
    
    344,351
    
    
    
    1,622,560% of Leased Space
    
    
    6
    %
    
    
    0
    %
    
    
    0
    %
    
    
    0
    %
    
    
    45
    %
    
    
    0
    %
    
    
    28
    %
    
    
    0
    %
    
    
    0
    %
    
    
    21
    %
    
    
    100
    %Annual Contractual
Rent (000s)
    
    $
    223
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    2,186
    
    
    $
    
    
    
    $
    1,602
    
    
    $
    
    
    
    $
    
    
    
    $
    1,616
    
    
    $
    5,627Annual Contractual
Rent/Sq. Ft.
    
    $
    2.50
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    2.99
    
    
    $
    
    
    
    $
    3.50
    
    
    $
    
    
    
    $
    
    
    
    $
    4.69
    
    
    $
    3.47Joint Venture:Square Feet Expiring
    
    
    119,050
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    900,590
    
    
    
    
    
    
    
    457,681
    
    
    
    
    
    
    
    
    
    
    
    459,134
    
    
    
    1,936,455
    (35)% of Leased Space
    
    
    6
    %
    
    
    0
    %
    
    
    0
    %
    
    
    0
    %
    
    
    46
    %
    
    
    0
    %
    
    
    24
    %
    
    
    0
    %
    
    
    0
    %
    
    
    24
    %
    
    
    100
    %Annual Contractual
Rent (000s)
    
    $
    298
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    2,676
    
    
    $
    
    
    
    $
    1,602
    
    
    $
    
    
    
    $
    
    
    
    $
    2,154
    
    
    $
    6,730Annual Contractual
Rent/Sq. Ft.
    
    $
    2.50
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    2.97
    
    
    $
    
    
    
    $
    3.50
    
    
    $
    
    
    
    $
    
    
    
    $
    4.69
    
    
    $
    3.48
 25




---



##### Table of Contents



FOOTNOTES
 (1)
    
    Average economic occupancy is calculated as the percentage of the property for which revenue
was recognized during the year. If the property was purchased during the year, average economic
occupancy is calculated from the date of purchase forward. If the project was under construction
or has an expansion that was under construction during the year, average economic occupancy for
the property or the expansion portion reflects the fact that the property had no occupancy for a
portion of the year.(2)
    
    Cost as shown in the accompanying table includes deferred leasing costs, other related
tangible assets and net intangible real estate assets.(3)
    
    Square footage and cost information includes 9,300 square feet for 201 Peachtree, which is
connected to 191 Peachtree, and acreage information includes 0.8 acres under a ground lease which
expires in 2087.(4)
    
    The real estate and other assets of this property are restricted under a loan
agreement such that the assets are not available to settle other debts of the Company.(5)
    
    At The American Cancer Society Center, approximately 0.18 acres of land are under a ground
lease expiring in 2068, and 33,509 square feet of the US South lease expires in 2011.(6)
    
    These projects are owned through a joint venture with a third party who may get a share of the
results of operations or sale of the property, even though the projects are shown as 100% owned.(7)
    
    Actual tenant or venture partner is an affiliate of the entity shown.(8)
    
    At Meridian Mark Plaza, 43,051 square feet of the Northside Hospital lease expires in 2013,
with an option to extend to 2023, and 7,521 square feet of the Childrens Healthcare lease expires
in 2019.(9)
    
    At 333 North Point Center East, 3,715 square feet of this lease expires in 2011.(10)
    
    The allocation of the results of operations and the legal ownership percentage could be
different depending on the attainment of certain thresholds.(11)
    
    The Company receives a preferred return of 11.46% on its investment in the entity that owns
Gateway Village, and the Companys return on its capital is anticipated to be limited to 17%.(12)
    
    Emory University Hospital Midtown Medical Office Tower was developed on top of a building
within the Emory University Hospital Midtown campus. The venture received a fee simple interest in
the air rights above this building in order to develop the medical office tower. In addition, 5,148
square feet of the Emory University lease expires in 2011.(13)
    
    After August 2011, the Companys return from the entity that owns Ten Peachtree Place is 15%
on the first $15.3 million of cash flows and 50% to each partner thereafter.(14)
    
    The Companys ownership interest in Terminus 200 building changed during 2010 from 50% to 20%.
In addition, the allocation of the results of operations and the legal ownership could be different
depending on the attainment of certain thresholds.(15)
    
    Presbyterian Medical Plaza is located on 1 acre, which is subject to a ground lease expiring
in 2057, and 9,143 square feet of the Novant lease expires in 2019.(16)
    
    Rentable square feet
leased as of December 31, 2010 out of approximately 4,340,000 total rentable square feet.(17)
    
    Rentable square feet leased as of December 31, 2010 out of approximately
3,067,000 total rentable square feet.(18)
    
    Most of these retail centers also include
outparcels which are ground leased to freestanding users.(19)
    
    Ownership of the
square footage and acreage of The Avenue Carriage Crossing is detailed below: Square Feet
    
    
    AcresOwned by anchor tenant
    
    
    291,000
    
    
    
    19Owned by Carriage Avenue, LLC
    
    
    511,000
    
    
    
    78Total
    
    
    802,000
    
    
    
    97
 
 (20)
    
    This anchor tenant owns its own store and land.(21)
    
    This tenant built and owns its own store and pays the Company under a ground lease.(22)
    
    At the Avenue Webb Gin, The Gap can relinquish 7,099 square feet of this lease if the Company
receives notice between certain prescribed dates in 2013 and 2014. At the Avenue East Cobb, The Gap
can relinquish 7,915 square feet if the Company receives notice between certain prescribed 2011 dates. At the
Avenue West Cobb, The Gap can relinquish 7,021 square feet if the Company receives notice between
certain prescribed dates in 2011 and 2012.(23)
    
    Ownership of the square footage and acreage of Tiffany Springs MarketCenter is detailed below: Square Feet
    
    
    AcresOwned by anchor tenant
    
    
    349,000
    
    
    
    31Owned by CP Venture Six LLC
    
    
    238,000
    
    
    
    25Owned by the Company
    
    
    
    
    
    
    12Total
    
    
    587,000
    
    
    
    68
 
 (24)
    
    Ownership of the square footage and acreage of The Avenue Forsyth is detailed below: Square Feet
    
    
    AcresOwned by CP Venture Six LLC
    
    
    472,000
    
    
    
    53Owned by the Company
    
    
    
    
    
    
    6Total
    
    
    472,000
    
    
    
    59
 26




---



##### Table of Contents



FOOTNOTES (contd)
 (25)
    
    These retail properties were acquired in a joint venture that was formed on December 31, 2010;
therefore, no revenues, depreciation or amortization were recognized in 2010. See Note 4 for
additional information. The allocation of the results of operations and the legal ownership percentage could be
different depending on the attainment of certain thresholds.(26)
    
    Ownership of the square footage
and acreage of The Avenue Viera is detailed below:
 Square Feet
    
    
    AcresOwned by anchor tenant
    
    
    128,000
    
    
    
    10Owned by CP Venture Five LLC
    
    
    332,000
    
    
    
    45Total
    
    
    460,000
    
    
    
    55
 
 (27)
    
    Approximately 1.5 acres of the total acreage at The Avenue Peachtree City is
under a ground lease expiring in 2024.(28)
    
    Ownership of the square footage and acreage
of North Point MarketCenter is detailed below: Square Feet
    
    
    AcresOwned by anchor tenant
    
    
    117,000
    
    
    
    11Owned by CP Venture LLC
    
    
    401,000
    
    
    
    49Total
    
    
    518,000
    
    
    
    60
 
 (29)
    
    Ownership of the square footage and acreage of Greenbrier MarketCenter is detailed below: Square Feet
    
    
    AcresOwned by anchor tenant
    
    
    117,000
    
    
    
    8Owned by CP Venture LLC
    
    
    376,000
    
    
    
    36Total
    
    
    493,000
    
    
    
    44
 
 (30)
    
    Ownership of the square footage and acreage of Los Altos MarketCenter is detailed below: Square Feet
    
    
    AcresOwned by anchor tenant
    
    
    25,000
    
    
    
    Owned by CP Venture LLC
    
    
    157,000
    
    
    
    17Total
    
    
    182,000
    
    
    
    17
 
 (31)
    
    Gross leasable area leased as of December 31, 2010 out of approximately
833,000 total gross leasable area.(32)
    
    Gross leasable area leased as of December
31, 2010 out of approximately 3,912,000 total gross leasable area.(33)
    
    Of the total
square footage leased, 119,050 square feet is leased on a month-to-month basis.(34)
    
    This building sold in February 2011.(35)
    
    Rentable square feet leased as of December 31, 2010 out of approximately 2,004,000 total
rentable square feet.(36)
    
    Subsequent to December 31, 2010, Borders announced they
may close certain stores. 27




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##### Table of Contents



Residential Lots
  Estimated
    
    Estimated
    
    
    Developed
    
    
    Lots Sold
    
    
    Total
    
    
    Remaining
    
    
    CostYear
    
    Project Life
    
    Total Lots to
    
    
    Lots in
    
    
    in Current
    
    
    Lots
    
    
    Lots to be
    
    
    BasisDescription
    
    Commenced
    
    (In Years)
    
    be Developed (1)
    
    
    Inventory
    
    
    Year
    
    
    Sold
    
    
    Sold
    
    
    ($000)CREC (Consolidated)The Lakes at Cedar Grove
    
    2001
    
    20
    
    
    906
    
    
    
    48
    
    
    
    25
    
    
    
    727
    
    
    
    179
    
    
    $
    4,651Fulton County    
Suburban Atlanta, GACallaway Gardens (50% owned) (2) (3)
    
    2006
    
    10
    
    
    559
    
    
    
    101
    
    
    
    10
    
    
    
    30
    
    
    
    529
    
    
    
    15,600Harris County    
Pine Mountain, GABlalock Lakes (3)
    
    2006
    
    14
    
    
    154
    
    
    
    86
    
    
    
    1
    
    
    
    19
    
    
    
    135
    
    
    
    39,647Coweta County    
Suburban Atlanta, GALongleaf at Callaway (3)
    
    2002
    
    10
    
    
    138
    
    
    
    13
    
    
    
    
    
    
    
    125
    
    
    
    13
    
    
    
    384Harris County    
Pine Mountain, GARivers Call
    
    1999
    
    13
    
    
    107
    
    
    
    12
    
    
    
    1
    
    
    
    95
    
    
    
    12
    
    
    
    468East Cobb County    
Suburban Atlanta, GATillman Hall
    
    2008
    
    5
    
    
    29
    
    
    
    23
    
    
    
    2
    
    
    
    6
    
    
    
    23
    
    
    
    2,653Gwinnett County    
Suburban Atlanta, GATotal Consolidated
    
    
    
    
    
    
    1,893
    
    
    
    283
    
    
    
    39
    
    
    
    1,002
    
    
    
    891
    
    
    
    63,403Temco (50% owned)
Bentwater
    
    1998
    
    13
    
    
    1,676
    
    
    
    5
    
    
    
    
    
    
    
    1,671
    
    
    
    5
    
    
    
    16Paulding County    
Suburban Atlanta, GAThe Georgian (75% owned)
    
    2003
    
    24
    
    
    1,385
    
    
    
    259
    
    
    
    
    
    
    
    288
    
    
    
    1,097
    
    
    
    23,673Paulding County    
Suburban Atlanta, GASeven Hills
    
    2003
    
    17
    
    
    1,081
    
    
    
    331
    
    
    
    2
    
    
    
    636
    
    
    
    445
    
    
    
    16,699Paulding County    
Suburban Atlanta, GAHarris Place
    
    2004
    
    10
    
    
    27
    
    
    
    9
    
    
    
    
    
    
    
    18
    
    
    
    9
    
    
    
    652Paulding County    
Suburban Atlanta, GATotal Temco
    
    
    
    
    
    
    4,169
    
    
    
    604
    
    
    
    2
    
    
    
    2,613
    
    
    
    1,556
    
    
    
    41,040CL Realty (50% owned)
Long Meadow Farms (37.5% owned)
    
    2003
    
    16
    
    
    2,083
    
    
    
    65
    
    
    
    86
    
    
    
    693
    
    
    
    1,390
    
    
    
    12,800Fort Bend County    
Houston, TXSummer Creek Ranch
    
    2003
    
    21
    
    
    1,274
    
    
    
    187
    
    
    
    
    
    
    
    796
    
    
    
    478
    
    
    
    5,067Tarrant County    
Fort Worth, TXBar C Ranch
    
    2004
    
    20
    
    
    1,199
    
    
    
    82
    
    
    
    40
    
    
    
    232
    
    
    
    967
    
    
    
    7,113Tarrant County    
Fort Worth, TXSummer Lakes
    
    2003
    
    16
    
    
    1,123
    
    
    
    157
    
    
    
    20
    
    
    
    345
    
    
    
    778
    
    
    
    7,121Fort Bend County    
Rosenberg, TXSouthern Trails (80% owned)
    
    2005
    
    11
    
    
    1,027
    
    
    
    59
    
    
    
    80
    
    
    
    452
    
    
    
    575
    
    
    
    18,558Brazoria County    
Pearland, TXVillage Park
    
    2003
    
    12
    
    
    567
    
    
    
    
    
    
    
    17
    
    
    
    356
    
    
    
    211
    
    
    
    6,407Collin County    
McKinney, TXManatee River Plantation
    
    2003
    
    10
    
    
    457
    
    
    
    109
    
    
    
    
    
    
    
    348
    
    
    
    109
    
    
    
    2,604Manatee County    
Tampa, FLStonewall Estates (50% owned)
    
    2005
    
    9
    
    
    382
    
    
    
    15
    
    
    
    41
    
    
    
    261
    
    
    
    121
    
    
    
    4,918Bexar County    
San Antonio, TXStillwater Canyon
    
    2003
    
    11
    
    
    335
    
    
    
    6
    
    
    
    
    
    
    
    225
    
    
    
    110
    
    
    
    2,325Dallas County    
DeSoto, TXCreekside Oaks
    
    2003
    
    11
    
    
    301
    
    
    
    130
    
    
    
    46
    
    
    
    171
    
    
    
    130
    
    
    
    2,855Manatee County    
Bradenton, FL
 28




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##### Table of Contents



Residential Lots (continued)
 Estimated
    
    Estimated
    
    
    Developed
    
    
    Lots Sold
    
    
    Total
    
    
    Remaining
    
    
    CostYear
    
    Project Life
    
    Total Lots to
    
    
    Lots in
    
    
    in Current
    
    
    Lots
    
    
    Lots to be
    
    
    BasisDescription
    
    Commenced
    
    (In Years)
    
    be Developed (1)
    
    
    Inventory
    
    
    Year
    
    
    Sold
    
    
    Sold
    
    
    ($000)CL Realty (50% owned)Waterford Park
    
    2005
    
    12
    
    
    210
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    210
    
    
    $
    8,524Fort Bend County    
Rosenberg, TXVillage Park North
    
    2005
    
    10
    
    
    189
    
    
    
    8
    
    
    
    
    
    
    
    71
    
    
    
    118
    
    
    
    2,387Collin County    
McKinney, TXBridle Path Estates
    
    2004
    
    10
    
    
    87
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    87
    
    
    
    3,016Hillsborough County    
Tampa, FLWest Park
    
    2005
    
    13
    
    
    84
    
    
    
    
    
    
    
    
    
    
    
    21
    
    
    
    63
    
    
    
    5,332Cobb County    
Suburban Atlanta, GATotal CL Realty
    
    
    
    
    
    
    9,318
    
    
    
    818
    
    
    
    330
    
    
    
    3,971
    
    
    
    5,347
    
    
    
    89,027Total
    
    
    
    
    
    
    15,380
    
    
    
    1,705
    
    
    
    371
    
    
    
    7,586
    
    
    
    7,794
    
    
    $
    193,470Companys Share of Total
    
    
    
    
    
    
    7,335
    
    
    
    881
    
    
    
    155
    
    
    
    3,916
    
    
    
    3,419
    
    
    $
    110,592Companys Weighted Average Ownership
    
    
    
    
    
    
    48
    %
    
    
    52
    %
    
    
    42
    %
    
    
    52
    %
    
    
    44
    %
    
    
    57
    %
 
 (1)
    
    This estimate represents the total projected development capacity for a development on
owned land. The numbers shown include lots currently developed or to be developed over time, based
on managements current
estimates, and lots sold to date from inception of development.(2)
    
    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 Companys capital is recovered.(3)
    
    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 Companys other residential developments. Land Held
  Companys
    
    Developable
    
    
    
    
    CostOwnership
    
    Land Area
    
    
    Year
    
    BasisDescription and Location
    
    Zoned Use
    
    Interest
    
    (Acres)
    
    
    Acquired
    
    ($000)COMMERCIAL INVESTMENTSRound Rock Land
Austin, TX
    
    Retail and Commercial
    
    100%
    
    
    60
    
    
    2005
    
    $
    17,115
    (1)Terminus
Atlanta, GA
    
    Mixed Use
    
    100%
    
    
    4
    
    
    2005
    
    
    12,651
    (1)615 Peachtree Street
Atlanta, GA
    
    Mixed Use
    
    100%
    
    
    2
    
    
    1996
    
    
    12,492
    (1)Wildwood Office Park
Suburban Atlanta, GA
    
    Office and Commercial
    
    50%
    
    
    36
    
    
    1971-1989
    
    
    21,186Land Adjacent to The Avenue Forsyth
Suburban Atlanta, GA
    
    Retail
    
    94%(2)
    
    
    15
    
    
    2007
    
    
    10,442
    (1)King Mill Distribution Park
Suburban Atlanta, GA
    
    Industrial
    
    100%
    
    
    86
    
    
    2005
    
    
    10,089
    (1)Lakeside Ranch Business Park
Dallas, TX
    
    Industrial and Commercial
    
    100%(3)
    
    
    51
    
    
    2006
    
    
    9,821
    (1)Jefferson Mill Business Park
Suburban Atlanta, GA
    
    Industrial and Commercial
    
    100%
    
    
    117
    
    
    2006
    
    
    9,196
    (1)549 / 555 / 557 Peachtree Street
Atlanta, GA
    
    Mixed Use
    
    100%
    
    
    1
    
    
    2004/2009
    
    
    8,794
    (1)North Point
Suburban Atlanta, GA
    
    Mixed Use
    
    100%
    
    
    42
    
    
    1970-1985
    
    
    6,519
    (1)Research Park V
Austin, TX
    
    Commercial
    
    100%
    
    
    6
    
    
    1998
    
    
    4,963
    (1)
 29




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##### Table of Contents



Land Held (continued)
 Companys
    
    
    Developable
    
    
    
    
    
    
    CostOwnership
    
    
    Land Area
    
    
    Year
    
    
    BasisDescription and Location
    

Zoned Use
    
    
    Interest
    
    
    (Acres)
    
    
    Acquired
    
    
    ($000)LancasterDallas, TX
    
    Industrial
    
    
    100
    %(3)
    
    
    47
    
    
    
    2007
    
    
    $
    4,844
    (1)Land Adjacent to The Avenue MurfreesboroSuburban Nashville, TN
    
    Retail
    
    
    50
    %
    
    
    6
    
    
    
    2006
    
    
    
    4,099Land Adjacent to The Avenue Carriage CrossingSuburban Memphis, TN
    
    Retail
    
    
    100
    %(3)
    
    
    2
    
    
    
    2004
    
    
    
    1,969
    (1)Wildwood Office ParkSuburban Atlanta, GA
    
    Mixed Use
    
    
    100
    %
    
    
    23
    
    
    
    1971-1989
    
    
    
    1,014
    (1)Land Adjacent to The Avenue Webb GinSuburban Atlanta, GA
    
    Retail
    
    
    100
    %
    
    
    2
    
    
    
    2005
    
    
    
    946
    (1)Land Adjacent to Highland City Town CenterLakeland, FL
    
    Mixed Use
    
    
    51
    %(3)
    
    
    56
    
    
    
    2010
    
    
    
    5,458Land Adjacent to The Shops of Lee VillageSuburban Nashville, TN
    
    Retail
    
    
    51
    %(3)
    
    
    6
    
    
    
    2010
    
    
    
    1,944TOTAL COMMERCIAL INVESTMENTS
    
    
    
    
    
    
    
    
    
    
    562
    
    
    
    
    
    
    
    143,542RESIDENTIAL INVESTMENTSBlalock LakesSuburban Atlanta, GA
    
    Residential
    
    
    100
    %
    
    
    1,205
    
    
    
    2008
    
    
    
    9,650
    (1)Paulding CountySuburban Atlanta, GA
    
    Residential and Mixed Use
    
    
    50
    %
    
    
    5,731
    
    
    
    2005
    
    
    
    14,846Padre IslandCorpus Christi, TX
    
    Residential and Mixed Use
    
    
    50
    %
    
    
    15
    
    
    
    2005
    
    
    
    7,545Handy Road Associates, LLCSuburban Atlanta, GA
    
    Large Lot Residential
    
    
    50%
    (3)
    
    
    1,187
    
    
    
    2004
    
    
    
    3,374
    (1)Summer Creek RanchForth Worth, TX
    
    Residential and Mixed Use
    
    
    50
    %
    
    
    71
    
    
    
    2002
    
    
    
    
    (4)Long Meadow FarmsHouston, TX
    
    Residential and Mixed Use
    
    
    19
    %
    
    
    105
    
    
    
    2002
    
    
    
    
    (4)Seven HillsSuburban Atlanta, GA
    
    Residential and Mixed Use
    
    
    50
    %
    
    
    112
    
    
    
    2002-2005
    
    
    
    
    (4)Waterford ParkRosenberg, TX
    
    Commercial
    
    
    50
    %
    
    
    90
    
    
    
    2005
    
    
    
    
    (4)Village ParkMcKinney, TX
    
    Residential
    
    
    50
    %
    
    
    2
    
    
    
    2003-2005
    
    
    
    
    (4)TOTAL RESIDENTIAL INVESTMENTS
    
    
    
    
    
    
    
    
    
    
    8,518
    
    
    
    
    
    
    
    35,415TOTAL LAND HELD
    
    
    
    
    
    
    
    
    
    
    9,080
    
    
    
    
    
    
    $
    178,957
 
 (1)
    
    The cost basis of these consolidated properties aggregates to $123,879,000, as reflected on the
Consolidated Balance Sheet.(2)
    
    Ownership percentage reflects blended ownership.   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.(3)
    
    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.(4)
    
    These residential communities have adjacent land that may be sold to third parties in large
tracts for residential, multi-family or commercial development. The cost basis of these tracts and
the lot inventory are included on the Residential Lots schedule above. 30




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##### Table of Contents



For-Sale Multi-Family Residential Units
  TotalUnits
    
    
    Units Sold
    
    
    Total
    
    
    Remaining
    
    
    CostDeveloped /
    
    
    in Current
    
    
    Units
    
    
    Units to be
    
    
    BasisPurchased
    
    
    Year
    
    
    Sold
    
    
    Sold
    
    
    ($000)10 Terminus Place (1)Atlanta, GA
    
    
    137
    
    
    
    75
    
    
    
    130
    
    
    
    7
    
    
    $
    2,56160 North Market (2)Asheville, NC
    
    
    28
    
    
    
    5
    
    
    
    28
    
    
    
    
    
    
    
    433TOTAL CONSOLIDATEDFOR-SALE MULTI-FAMILY UNITS
    
    
    165
    
    
    
    80
    
    
    
    158
    
    
    
    7
    
    
    $
    2,994
 
 (1)
    
    The total units sold does not include two units that closed but do not qualify as sales
under applicable accounting standards.(2)
    
    The project includes 9,224 square feet of for-sale commercial retail space. The commercial
retail units are not included in the unit totals above but are included in the cost basis. None
of the commercial retail units have been sold as of December 31, 2010. Other Investments
 Air Rights Near the CNN Center.
 
 Item 3.
Legal Proceedings
  
 Item 4.
Reserved
 Item X.
Executive Officers of the Registrant
  Name
    
    Age
    
    Office HeldLawrence L. Gellerstedt, III
    
    
    54
    
    
    President and Chief Executive OfficerR. Dary Stone
    
    
    57
    
    
    Vice Chairman of the CompanyGregg D. Adzema
    
    
    46
    
    
    Executive Vice President and Chief Financial OfficerMichael I. Cohn
    
    
    51
    
    
    Executive Vice President  Retail Investments, Leasing and Asset ManagementCraig B. Jones
    
    
    59
    
    
    Executive Vice President and Chief Investment OfficerJohn S. McColl
    
    
    48
    
    
    Executive Vice President  Development, Office Leasing and Asset ManagementJ. Thad Ellis
    
    
    50
    
    
    Senior Vice President  Client ServicesJohn D. Harris, Jr.
    
    
    51
    
    
    Senior Vice President, Chief Accounting Officer and Assistant SecretaryRobert M. Jackson
    
    
    43
    
    
    Senior Vice President, General Counsel and Corporate Secretary
 31




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##### Table of Contents



Family Relationships
  Term of Office
  Business Experience
          32




---



##### Table of Contents



PART II
 
 Item 5.
Market for Registrants Common Stock and Related Stockholder Matters
 Market Information
  2010 Quarters
    
    
    2009 QuartersFirst
    
    
    Second
    
    
    Third
    
    
    Fourth
    
    
    First
    
    
    Second
    
    
    Third
    
    
    FourthHigh
    
    $
    8.68
    
    
    $
    8.67
    
    
    $
    7.36
    
    
    $
    8.44
    
    
    $
    14.10
    
    
    $
    10.79
    
    
    $
    10.95
    
    
    $
    8.58Low
    
    $
    6.70
    
    
    $
    6.66
    
    
    $
    6.00
    
    
    $
    6.86
    
    
    $
    5.85
    
    
    $
    6.11
    
    
    $
    7.30
    
    
    $
    6.83Dividends Declared
    
    $
    0.09
    
    
    $
    0.09
    
    
    $
    0.09
    
    
    $
    0.09
    
    
    $
    0.25
    
    
    $
    0.25
    
    
    $
    0.15
    
    
    $
    0.09Payment Date
    
    
    3/15/10
    
    
    
    6/18/10
    
    
    
    9/17/10
    
    
    
    12/17/10
    
    
    
    2/23/09
    
    
    
    6/5/09
    
    
    
    9/16/09
    
    
    
    12/11/09
 Holders
  Purchases of Equity Securities
   Total Numberof Shares
    
    
    Average PricePurchased (1)
    
    
    Paid per Share (1)October 1  31
    
    
    
    
    
    $
    November 1  30
    
    
    
    
    
    
    December 1  31
    
    
    7,691
    
    
    
    8.167,691
    
    
    $
    8.16
 
 (1)
    
    The purchases of equity securities that occur outside the plan relate to shares remitted by
employees as payment for option exercises or income taxes due. Activity for the fourth
quarter 2010 related to the remittances of shares for income taxes due for restricted stock
vesting.   Performance Graph
  33




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##### Table of Contents



Period EndingCompany/Market/Peer Group
    
    12/31/2005
    
    
    12/31/2006
    
    
    12/31/2007
    
    
    12/31/2008
    
    
    12/31/2009
    
    
    12/31/2010Cousins Common Stock
    
    $
    100.00
    
    
    $
    142.96
    
    
    $
    94.17
    
    
    $
    63.13
    
    
    $
    40.17
    
    
    $
    45.49S&P500 Index
    
    $
    100.00
    
    
    $
    115.79
    
    
    $
    122.16
    
    
    $
    76.96
    
    
    $
    97.33
    
    
    $
    111.99NYSE Composite Index
    
    $
    100.00
    
    
    $
    120.47
    
    
    $
    131.15
    
    
    $
    79.67
    
    
    $
    102.20
    
    
    $
    115.88FTSE NAREIT Equity Index
    
    $
    100.00
    
    
    $
    135.06
    
    
    $
    113.87
    
    
    $
    70.91
    
    
    $
    90.76
    
    
    $
    116.12
 34




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##### Table of Contents



Item 6.
Selected Financial Data
 
 For the Years Ended December 31,2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006($ in thousands, except per share amounts)Rental property revenues
    
    $
    143,472
    
    
    $
    139,504
    
    
    $
    136,892
    
    
    $
    103,443
    
    
    $
    79,331Fee income
    
    
    33,420
    
    
    
    33,806
    
    
    
    47,662
    
    
    
    36,314
    
    
    
    35,465Residential lot, multi-family and
outparcel sales
    
    
    50,385
    
    
    
    38,262
    
    
    
    15,437
    
    
    
    9,969
    
    
    
    40,418Interest and other
    
    
    1,229
    
    
    
    2,972
    
    
    
    4,149
    
    
    
    6,567
    
    
    
    1,619Total revenues
    
    
    228,506
    
    
    
    214,544
    
    
    
    204,140
    
    
    
    156,293
    
    
    
    156,833Rental property operating expenses
    
    
    58,973
    
    
    
    63,382
    
    
    
    54,501
    
    
    
    44,665
    
    
    
    33,362Depreciation and amortization
    
    
    59,111
    
    
    
    53,350
    
    
    
    50,271
    
    
    
    37,387
    
    
    
    29,122Residential lot, multi-family and
outparcel cost of sales
    
    
    37,716
    
    
    
    30,652
    
    
    
    11,106
    
    
    
    7,685
    
    
    
    32,154Interest expense
    
    
    37,180
    
    
    
    39,888
    
    
    
    28,257
    
    
    
    8,565
    
    
    
    11,119Impairment loss
    
    
    2,554
    
    
    
    40,512
    
    
    
    2,100
    
    
    
    
    
    
    
    General, administrative and other
expenses
    
    
    57,668
    
    
    
    65,854
    
    
    
    64,502
    
    
    
    60,632
    
    
    
    61,401Total expenses
    
    
    253,202
    
    
    
    293,638
    
    
    
    210,737
    
    
    
    158,934
    
    
    
    167,158Loss on extinguishment of debt
and interest rate swaps, net
    
    
    (9,827
    )
    
    
    (2,766
    )
    
    
    
    
    
    
    (446
    )
    
    
    (18,207
    )Benefit (provision) for income taxes
from operations
    
    
    1,079
    
    
    
    (4,341
    )
    
    
    8,770
    
    
    
    4,423
    
    
    
    (4,193
    )Income (loss) from unconsolidated joint
ventures, including impairment losses
    
    
    9,493
    
    
    
    (68,697
    )
    
    
    9,721
    
    
    
    6,096
    
    
    
    173,083Gain on sale of investment properties,
net of applicable income tax
provision
    
    
    1,938
    
    
    
    168,637
    
    
    
    10,799
    
    
    
    5,535
    
    
    
    3,012Income (loss) from continuing operations
    
    
    (22,013
    )
    
    
    13,739
    
    
    
    22,693
    
    
    
    12,967
    
    
    
    143,370Discontinued operations
    
    
    9,980
    
    
    
    15,808
    
    
    
    2,232
    
    
    
    21,611
    
    
    
    93,451Net income (loss)
    
    
    (12,033
    )
    
    
    29,547
    
    
    
    24,925
    
    
    
    34,578
    
    
    
    236,821Net income attributable to
noncontrolling interests
    
    
    (2,540
    )
    
    
    (2,252
    )
    
    
    (2,378
    )
    
    
    (1,656
    )
    
    
    (4,130
    )Preferred dividends
    
    
    (12,907
    )
    
    
    (12,907
    )
    
    
    (14,957
    )
    
    
    (15,250
    )
    
    
    (15,250
    )Net income (loss) available to common
stockholders
    
    $
    (27,480
    )
    
    $
    14,388
    
    
    $
    7,590
    
    
    $
    17,672
    
    
    $
    217,441Net income (loss) from continuing
operations attributable to controlling
interest per common share  basic
    
    $
    (0.37
    )
    
    $
    (0.02
    )
    
    $
    0.10
    
    
    $
    (0.08
    )
    
    $
    2.44Net income (loss) per common share  basic
    
    $
    (0.27
    )
    
    $
    0.22
    
    
    $
    0.15
    
    
    $
    0.34
    
    
    $
    4.27Net income (loss) from continuing
operations attributable to controlling
interest per common share  diluted
    
    $
    (0.37
    )
    
    $
    (0.02
    )
    
    $
    0.10
    
    
    $
    (0.07
    )
    
    $
    2.35Net income (loss) per common
share  diluted
    
    $
    (0.27
    )
    
    $
    0.22
    
    
    $
    0.15
    
    
    $
    0.33
    
    
    $
    4.13Dividends declared per
common share
    
    $
    0.36
    
    
    $
    0.74
    
    
    $
    1.36
    
    
    $
    1.48
    
    
    $
    4.88Total assets (at year-end)
    
    $
    1,371,282
    
    
    $
    1,491,552
    
    
    $
    1,693,795
    
    
    $
    1,509,611
    
    
    $
    1,196,753Notes payable (at year-end)
    
    $
    509,509
    
    
    $
    590,208
    
    
    $
    942,239
    
    
    $
    676,189
    
    
    $
    315,149Stockholders investment (at year-end)
    
    $
    760,079
    
    
    $
    787,411
    
    
    $
    466,723
    
    
    $
    554,821
    
    
    $
    625,915Common shares outstanding (at year-end)
    
    
    103,392
    
    
    
    99,782
    
    
    
    51,352
    
    
    
    51,280
    
    
    
    51,748
 35




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##### Table of Contents



Item 7. Managements Discussion and Analysis of Financial Condition and Results
of Operations
  Overview of 2010 Performance and Company and Industry Trends.
        36




---



##### Table of Contents



Critical Accounting Policies.
  Long-Lived Assets
 Cost Capitalization .
 37




---



##### Table of Contents



Depreciation and Amortization.
  Impairment of Long-Lived Assets  Real Estate Assets.
   38




---



##### Table of Contents



Impairment of Long-Lived Assets  Investments in Joint Ventures .
  Revenue Recognition
 Residential Lot, For-Sale Multi-family and Land Tract Sales.
  Valuation of Receivables.
 Income Taxes  Valuation Allowance
  39




---



##### Table of Contents



Accounting for Non-Wholly Owned Entities
      Discussion of New Accounting Pronouncement.
  40




---



##### Table of Contents



Results of Operations For The Three Years Ended December 31, 2010.
 General.
 Rental Property Revenues. Summary.
 Comparison of Year Ended December 31, 2010 to 2009.
 Office
 
    
    Increase of $4.6 million in 2010 related to 191 Peachtree Tower, where average
economic occupancy increased from 61% in 2009 to 75% in 2010;
    
    Decrease of $2.4 million in 2010 from the American Cancer Society Center (the ACS
Center), where average economic occupancy decreased from 92% in 2009 to 85% in 2010.
This decrease was mainly the result of the expiration of the 139,000 square foot AT&T
lease in the third quarter of 2009; and
    
    Decrease of $752,000 in 2010 from Terminus 100 due to a decrease in revenues from
retail tenants, a decrease in parking revenues and an adjustment to tenant recovery
revenues caused by a decrease in recoverable expenses.
 Retail
 
    
    Increase of $2.6 million in 2010 from The Avenue Forsyth, where average economic
occupancy increased from 58% in 2009 to 70% in 2010; and
    
    Decrease of $944,000 in 2010 related to The Avenue Webb Gin, mainly due to the sale of
four leased outparcels during 2010.
 Industrial
 
    
    Increase of $771,000 from Jefferson Mill Business Park Building A. This building is
100% leased to a single user and this lease commenced during 2010, which increased
average economic occupancy from 0% in 2009 to 42% in 2010;
    
    Increase of $661,000 from King Mill Distribution Park Building 3, where average
economic occupancy increased from 58% in 2009 to 87% in 2010; and
    
    Increase of $378,000 from Lakeside Ranch Business Park Building 20, where average
economic occupancy increased from 48% in 2009 to 68% in 2010.
 Comparison of Year Ended December 31, 2009 to 2008.
 Office 
 
    
    Decrease of $2.1 million at 191 Peachtree Tower, as average economic occupancy
decreased from 80% in 2008 to 61% in 2009, mainly due to the December 2008 expiration of
the Wachovia lease;
    
    Decrease of $1.7 million from the ACS Center, due to a decrease in average economic
occupancy from 99% in 2008 to 92% in 2009;
    
    Increase of $2.0 million at One Georgia Center, as average economic occupancy
increased from 68% in 2008 to 99% in 2009, due to the commencement of the Georgia
Department of Transportation lease in 2008.
 Retail 
 41




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##### Table of Contents




    
    Increase of $2.5 million at The Avenue Forsyth, which opened in April 2008, related to
increased average economic occupancy from 32% in 2008 to 58% in 2009;
    
    Increase of $3.3 million at Tiffany Springs MarketCenter, which opened in July 2008,
related to increased average economic occupancy from 29% in 2008 to 73% in 2009; and
    
    Decrease of $1.8 million at The Avenue Carriage Crossing, where average economic
occupancy decreased from 91% in 2008 to 84% in 2009.
 Rental Property Operating Expenses.
 
    
    Decrease of $1.0 million in 2010 from Terminus 100 due to a decrease in bad debt
expense, a decrease in parking costs and adjustments relating to 2008 operating expenses
made during 2009;
    
    Decrease of $1.3 million in 2010 from 191 Peachtree Tower due primarily to a decrease
in bad debt expense during 2010 compared to 2009;
    
    Decrease of $961,000 in 2010 from The Avenue Carriage Crossing due to a decrease in
real estate tax expense based on an anticipated reduction in assessments, a reduction in
insurance costs and a decrease in bad debt expense; and
    
    Decrease of $657,000 in 2010 from The Avenue Webb Gin due mainly to a decrease in bad
debt expense.
  
    
    Increase of $1.3 million at The Avenue Forsyth related to increased occupancy and
increases in bad debt expense;
    
    Increase of $1.2 million at Tiffany Springs MarketCenter related to a full year of
operations and increased economic occupancy;
    
    Increase of $354,000 at One Georgia Center, due to increased average economic
occupancy;
    
    Increase of $2.6 million at 191 Peachtree Tower, primarily due to increases in real
estate taxes, non-recoverable tenant amenity expenses, marketing costs and bad debt
expense; and
    
    Increase of $2.8 million at Terminus 100, due partially to increased economic
occupancy in 2009, an increase in bad debt expense and adjustments to true up estimates
of various operating expenses to actual in both 2008 and 2009.
 Fee Income.
   42




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##### Table of Contents



Multi-Family Residential Sales and Cost of Sales.
 
    
    Closed 75 units at 10 Terminus Place in 2010 compared to 42 units in 2009 resulting in a
$16.7 million increase in sales and a $12.5 million increase in cost of sales;
    
    Closed the five remaining residential units at 60 North Market in 2010 compared to 24
residential units in 2009 resulting in a decrease in sales of $6.2 million and in cost of
sales of $5.7 million. The Company acquired this project in 2009 in satisfaction of a note
receivable from the developer, and sold the majority of the units acquired during 2009.
See section below on Impairment Loss for additional discussion of 60 North Market; and
    
    Decrease of $6.9 million in sales and $5.3 million in cost of sales from The Brownstones
at Habersham, discussed below.
  
    
    Closed 14 units and five completed building pads in 2009 at The Brownstones at Habersham
project resulting in a $6.9 million increase in sales and a $5.3 million increase in cost
of sales. The Company purchased this project in 2009 and sold all units in that same year;
    
    Closed 42 units at 10 Terminus Place in 2009 compared to 13 units in 2008 resulting in a
$7.5 million increase in sales and a $5.4 million increase in cost of sales; and
    
    Closed 24 units at 60 North Market that increased sales by $8.0 million and cost of
sales by $7.6 million.
 Residential Lot and Outparcel Sales and Cost of Sales.
 Residential Lot Sales and Cost of Sales
 2010
    
    
    2009
    
    
    2008Consolidated projects
    
    
    39
    
    
    
    14
    
    
    
    14Temco
    
    
    2
    
    
    
    
    
    
    
    8CL Realty
    
    
    330
    
    
    
    128
    
    
    
    177Total
    
    
    371
    
    
    
    142
    
    
    
    199
    43




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##### Table of Contents



Outparcel Sales and Cost of Sales
 General and Administrative (G&A) Expenses.
 
    
    Increase in salaries and benefits before capitalization of approximately $2.9 million
due to an increase in bonus expense in 2010, as the Company paid no bonuses to employees in
2009. This increase is partially offset by a decrease in the number of employees between
the years, due to reductions in force;
    
    Decrease in the capitalization of salaries and benefits of $825,000 in 2010. The
Company capitalizes salaries and benefits of personnel who work on qualified development
projects or those who work on leases that have been executed or certain leases that are
probable of being executed. These costs are allocated to the related project and reduce
G&A expense. The number of development projects and leases vary between years, and the
amount of qualified projects decreased between 2010 and 2009;
    
    Decrease of approximately $704,000 in costs associated with operating the Companys
airplane, which was sold in the fourth quarter of 2009; and
    
    Decrease of approximately $353,000 due to decreased advertising and marketing
expenditures relating to the Companys residential and for-sale multi-family projects;G&A expense decreased $7.0 million (17%) between 2009 and 2008 as a result of the following:
    
    Decrease in salaries and benefits for employees of approximately $11.6 million. This
decrease is based in part on a decrease in the number of employees at the Company between
the periods and a decrease in bonus and profit sharing expense;
    
    Decrease of approximately $2.6 million in commission expense. The Company recognized a
development fee of $13.5 million in the third quarter 2008 (see Fee Income section above).
In conjunction with this fee, a $3.4 million employee leasing commission was recognized in
the third quarter of 2008 as a cost of earning this development fee;
    
    Decrease of approximately $1.3 million in contributions, as the Company expensed $1.0
million of donations that it made to its charitable foundation in 2008; and
    
    Decrease of $8.4 million between 2009 and 2008 in capitalized salaries and related
benefits for personnel involved in the development and leasing of certain projects, due to
a decrease in the number of projects under construction in 2009.
 Separation Expenses.
 Depreciation and Amortization.
 
    
    Increase of $4.8 million related to higher tenant improvement amortization from
increased occupancy at 191 Peachtree Tower;
    
    Increase of $1.5 million at The Avenue Forsyth due to an increase in occupancy;
 44




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##### Table of Contents




    
    Increase of $969,000 at The Avenue Webb Gin due partially to accelerated amortization in
2010 of assets for tenants who terminated their leases prior to the originally scheduled
end date and to an increase in average economic occupancy from 81% in 2009 to 84% in 2010;
    
    Decrease of $715,000 at Terminus 100 due partially to accelerated amortization in 2009
for tenants who either terminated their leases or reduced their space and to a decrease in
economic occupancy from 95% in 2009 to 92% in 2010;
 
    
    Decrease of $655,000 due to the sale of the Companys airplane in 2009; and
    
    Decrease of $809,000 in depreciation of furniture, fixtures and equipment for the
corporate offices due to a reduction in staff and office space, as well as fully amortized
equipment.
  
    
    Increase of $2.0 million related to higher depreciation of tenant assets associated with
increases in occupancy at Terminus 100, as well as the aforementioned tenant lease
terminations and adjustments;
    
    Increase of $792,000 at One Georgia Center due to increased occupancy;
    
    Increase of $1.7 million due to increased occupancy between 2008 and 2009 from The
Avenue Forsyth and Tiffany Springs MarketCenter, which opened during 2008;
    
    Decrease of $535,000 due to decreases in occupancy between 2008 and 2009 at 191
Peachtree and The Avenue Carriage Crossing; and
    
    Decrease of $348,000 due to the sale of the Companys airplane in 2009.
 Interest Expense.
 
    
    Lower average borrowings, related primarily to the full years effect of the 2009 common
equity offering, and a lower average interest rate, mainly due to interest rate swap
terminations, on the Credit Facility in 2010 compared to 2009;
    
    Repayment of the Term Facility in July 2010 and the termination of the associated
interest rate swap;
    
    Repayment of the 8.39% Meridian Mark Plaza note payable in July 2010. The Company
entered into a new note payable secured by Meridian Mark Plaza at an interest rate of 6%;
and
    
    Decrease in capitalized interest of $3.7 million in 2010. Interest is
capitalized to certain qualifying projects during their construction, which reduces
interest expense. When development declines, the amount of interest which qualifies for
capitalization falls. The Company had a decrease in projects under development in 2010,
and capitalized less interest, which partially offset the decrease in interest expense.
  
    
    Increase in average borrowings on the Companys Credit Facility during 2009 compared to
2008; and
    
    Decrease in capitalized interest of $11.2 million as a result of a decrease in the
number and size of projects under development between the two years.
 Impairment Loss.
 45




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##### Table of Contents



2010
    
    
    2009
    
    
    2008Handy Road
    
    $
    1,968
    
    
    $
    
    
    
    $
    60 N. Market/related note receivable
    
    
    586
    
    
    
    1,600
    
    
    
    10 Terminus Place
    
    
    
    
    
    
    34,900
    
    
    
    2,100Company airplane
    
    
    
    
    
    
    4,012
    
    
    
    $
    2,554
    
    
    $
    40,512
    
    
    $
    2,100
      Other Expense .
 46




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##### Table of Contents



Loss on Extinguishment of Debt and Interest Rate Swaps.
 Benefit (Provision) for Income Taxes from Operations.
 Income (Loss) from Unconsolidated Joint Ventures:
 Equity in net income (loss) from unconsolidated joint ventures. Impairment Loss on Investment in Unconsolidated Joint Ventures,
 2010
    
    
    2009
    
    
    2008CL Realty
    
    $
    2,229
    
    
    $
    2,619
    
    
    $
    325Pine Mountain Builders
    
    
    1,517
    
    
    
    
    
    
    
    Temco
    
    
    
    
    
    
    631
    
    
    
    Terminus 200 LLC
    
    
    
    
    
    
    20,931
    
    
    
    $
    3,746
    
    
    $
    24,181
    
    
    $
    325
     47




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##### Table of Contents



Impairment Loss on Investment in Unconsolidated Joint Ventures.
 2010
    
    
    2009
    
    
    2008CL Realty
    
    $
    
    
    
    $
    20,300
    
    
    $
    Temco
    
    
    
    
    
    
    6,700
    
    
    
    T200
    
    
    
    
    
    
    17,993
    
    
    
    Glenmore
    
    
    
    
    
    
    6,065
    
    
    
    $
    
    
    
    $
    51,058
    
    
    $
    
    Gain on Sale of Investment Properties.
 
    
    Sale of undeveloped land at the Jefferson Mill and King Mill projects ($1.2 million);
    
    Sale of Glenmore ($369,000);
    
    Recurring amortization of deferred gain from CP Venture, LLC ($236,000); and
    
    Sale of undeveloped land at the Companys North Point Project ($133,000).
  
    
    Sale of undeveloped land at the Companys North Point Project ($745,000);
    
    The recognition of $167.2 million in deferred gain related to the 2006 venture formation
with Prudential. When the Company and Prudential formed the venture, the Company
contributed properties and Prudential contributed cash. The Company accounted for the
transaction as a sale in accordance with accounting rules, but deferred the related gain
because the consideration received was a partnership interest as opposed to cash. In 2009,
the venture made a pro rata distribution of cash to the Company and Prudential that
required the Company to recognize all of the gain that was deferred in 2006; and
    
    Gain on sale of certain land tracts and other miscellaneous corporate assets ($723,000).
  
    
    Sale of undeveloped land from the Companys North Point land holdings ($3.7 million);
 48




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##### Table of Contents




    
    Sale of undeveloped land adjacent to The Avenue Forsyth project ($3.9 million);
    
    Sale of certain of the Companys non-real estate assets ($960,000);
    
    Sale of undeveloped land from the Jefferson Mill project land holdings ($748,000);
    
    Condemnation of land at Cosmopolitan Center ($618,000);
    
    Sale of Company aircraft ($415,000);
    
    The recurring amortization of deferred gain from CP Venture, LLC ($220,000); and
    
    Land tract sale at the Cedar Grove residential development ($161,000).
 Discontinued Operations.
 Funds From Operations.
  49




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##### Table of Contents



Years Ended December 31,2010
    
    
    2009
    
    
    2008Net Income (Loss) Available to Common Stockholders
    
    $
    (27,480
    )
    
    $
    14,388
    
    
    $
    7,590Depreciation and amortization:Consolidated properties
    
    
    59,111
    
    
    
    53,350
    
    
    
    50,271Discontinued properties
    
    
    845
    
    
    
    2,483
    
    
    
    3,140Share of unconsolidated joint ventures
    
    
    9,683
    
    
    
    8,800
    
    
    
    6,495Depreciation of furniture, fixtures and equipment:Consolidated properties
    
    
    (1,884
    )
    
    
    (3,366
    )
    
    
    (3,710
    )Discontinued properties
    
    
    (5
    )
    
    
    (16
    )
    
    
    (33
    )Share of unconsolidated joint ventures
    
    
    (22
    )
    
    
    (46
    )
    
    
    (79
    )Gain on sale of investment properties, net of applicableincome tax provision:Consolidated
    
    
    (1,938
    )
    
    
    (168,637
    )
    
    
    (10,799
    )Discontinued properties
    
    
    (7,226
    )
    
    
    (147
    )
    
    
    (2,472
    )Share of unconsolidated joint ventures
    
    
    
    
    
    
    (12
    )
    
    
    Gain on sale of undepreciated investment properties
    
    
    1,697
    
    
    
    1,243
    
    
    
    10,611Funds From Operations Available to Common Stockholders
    
    $
    32,781
    
    
    $
    (91,960
    )
    
    $
    61,014Per Common Share  Basic:Net Income (Loss) Available
    
    $
    (.27
    )
    
    $
    .22
    
    
    $
    .15Funds From Operations
    
    $
    .32
    
    
    $
    (1.40
    )
    
    $
    1.19Weighted Average Shares-Basic
    
    
    101,440
    
    
    
    65,495
    
    
    
    51,331Per Common Share  Diluted:Net Income (Loss) Available
    
    $
    (.27
    )
    
    $
    .22
    
    
    $
    .15Funds From Operations
    
    $
    .32
    
    
    $
    (1.40
    )
    
    $
    1.18Weighted Average Shares-Diluted
    
    
    101,440
    
    
    
    65,495
    
    
    
    51,728
 Liquidity and Capital Resources:
  
    
    Cash from operations;
    
    Borrowings under its Credit Facility;
    
    Mortgage notes payable;
    
    Proceeds from equity offerings;
    
    Joint venture formations; and
    
    Sales of assets.
  
    
    Corporate expenses;
    
    Expenditures on predevelopment and development projects;
    
    Payments of tenant improvements and other leasing costs;
    
    Principal and interest payments on debt obligations;
    
    Dividends to common and preferred stockholders; and
    
    Property acquisitions.
 50




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##### Table of Contents



Financial Condition.
  Contractual Obligations and Commitments.
  Less than
    
    
    
    
    
    
    
    
    
    
    AfterTotal
    
    
    1 Year
    
    
    1-3 Years
    
    
    3-5 Years
    
    
    5 yearsContractual Obligations:Company long-term debt:Unsecured Credit Facility (1)
    
    $
    105,400
    
    
    $
    
    
    
    $
    105,400
    
    
    $
    
    
    
    $
    Mortgage notes payable
    
    
    404,109
    
    
    
    45,762
    
    
    
    50,739
    
    
    
    10,045
    
    
    
    297,563Interest commitments (2)
    
    
    165,471
    
    
    
    26,033
    
    
    
    39,489
    
    
    
    35,641
    
    
    
    64,308Ground leases
    
    
    14,970
    
    
    
    99
    
    
    
    206
    
    
    
    216
    
    
    
    14,449Other operating leases
    
    
    1,710
    
    
    
    580
    
    
    
    790
    
    
    
    269
    
    
    
    71Total contractual obligations
    
    $
    691,660
    
    
    $
    72,474
    
    
    $
    196,624
    
    
    $
    46,171
    
    
    $
    376,391Commitments:Letters of credit
    
    $
    4,129
    
    
    $
    4,129
    
    
    $
    
    
    
    $
    
    
    
    $
    Performance bonds
    
    
    2,025
    
    
    
    1,984
    
    
    
    41
    
    
    
    
    
    
    
    Unfunded tenant improvements and other
    
    
    12,389
    
    
    
    11,389
    
    
    
    1,000
    
    
    
    
    
    
    
    Total commitments
    
    $
    18,543
    
    
    $
    17,502
    
    
    $
    1,041
    
    
    $
    
    
    
    $
    
 
 (1)
    
    Reflects that the one-year extension on the Credit Facility will be exercised.(2)
    
    Interest on variable rate obligations is based on rates effective as of December 31, 2010.  Credit and Term Facilities
   51




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##### Table of Contents



Credit and Term Facilities
    
    Credit Facility
    
    Term Facility ApplicableApplicable Spread  As
    
    Applicable Spread 
    
    Spread  BeforeLeverage Ratio
    
    Amended
    
    Before Amendment
    
    Amendment£ 35%
    
    1.75%
    
    0.75%
    
    0.70%>35% but £ 45%
    
    2.00%
    
    0.85%
    
    0.80%>45% but £ 50%
    
    2.25%
    
    0.95%
    
    0.90%>50% but £ 55%
    
    2.25%
    
    1.10%
    
    1.05%>55%
    
    N/A
    
    1.25%
    
    1.20%
     Interest Rate Swap Agreements
   52




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##### Table of Contents



Floating Rate,LIBOR-basedTerm Facility
    
    
    Borrowings
    
    
    TotalBalance, December 31, 2008
    
    $
    11,869
    
    
    $
    4,732
    
    
    $
    16,601Termination of swaps
    
    
    
    
    
    
    (2,766
    )
    
    
    (2,766
    )Change in fair value
    
    
    (3,207
    )
    
    
    (1,111
    )
    
    
    (4,318
    )Balance, December 31, 2009
    
    
    8,662
    
    
    
    855
    
    
    
    9,517Termination of swap
    
    
    (9,235
    )
    
    
    
    
    
    
    (9,235
    )Change in fair value
    
    
    573
    
    
    
    (855
    )
    
    
    (282
    )Balance, December 31, 2010
    
    $
    
    
    
    $
    
    
    
    $
    
 Other Debt Information
    Future Capital Requirements
    53




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##### Table of Contents



Additional Financial Condition Information
  Cash Flows.
  Cash Flows from Operating Activities
 
    
    Increase of $3.6 million in net proceeds from multi-family residential unit sales due to
an increase in the number of units sold;
    
    Increase of $8.5 million in net proceeds from residential lot and outparcel sales,
mainly due to an increase in the number of outparcels sold in 2010;
    
    Increase of $2.3 million related to the receipt of $3.4 million in income tax refunds in
2010 compared to $1.1 million received in 2009;
    
    Decrease in cash paid for interest of $8.3 million due to a decrease in average
borrowings and average interest rates between 2010 and 2009;
    
    Decrease of $4.0 million in residential lot, outparcel and for-sale multi-family
acquisition and development expenditures due to a decrease in development activities;
    
    Decrease of approximately $4.8 million in separation costs, salaries, and related taxes
and benefits, excluding stock-based compensation, due to the decrease in number of
employees from 2009 to 2010;
    
    Decrease of approximately $1.9 million in amounts contributed to the Companys
retirement savings plan. Offsetting this decrease was an increase in bonuses paid during
2010. The Company paid no bonuses during 2009, and paid approximately $2.8 million of
bonuses during 2010;
    
    Operating distributions from joint ventures increased approximately $4.2 million
primarily as a result of the Companys share of the proceeds from the sale of land at CL
Realty;
    
    Increase in operating cash flow from the Companys rental properties, primarily due to
increased occupancy. See the Results of Operations section for additional information; and
    
    Decrease of $6.4 million related to the payment of a $9.2 million fee for an interest
rate swap termination in 2010 compared to $2.8 million paid in 2009, which offset the
increase in cash flows from operating activities.
  
    
    Decrease in expenditures on residential and for-sale multi-family development projects
of $44.9 million, primarily due to the substantial completion of the Companys 10 Terminus
multi-family project and to a decrease in development activity on the Companys residential
lot developments;
    
    Increase in proceeds from the sale of multi-family units of $16.7 million due to
increased number of unit sales;
    
    Decrease of $7.0 million related to income tax refunds received;
 54




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##### Table of Contents




    
    Decrease in fee income of $13.9 million, due to a nonrecurring development fee of $13.5
million received in 2008;
    
    Increase in interest paid of $8.2 million due to higher average debt borrowings during
2009; and
    
    Decrease in operating distributions from unconsolidated joint ventures of $16.5 million
primarily due to the 2008 operating distributions from TRG from the closing of
substantially all of its remaining for-sale multi-family residential units, compared to no
significant distributions received in 2009.
 Cash Flows from Investing Activities
 
    
    Increase in proceeds from property sales of approximately $90.0 million in 2010
primarily from the sales of San Jose MarketCenter and 8995 Westside Parkway, and an
increase in land sales between 2010 and 2009;
    
    Decrease in property acquisition and development expenditures of $20.1 million, as the
Company currently does not have any significant projects under development;
    
    Increase in investment in joint ventures of approximately $21.0 million between 2010 and
2009. In 2010, the Company contributed approximately $14.9 million to form the Cousins
Watkins LLC joint venture. Also in 2010, the Company contributed approximately $4.0
million to the CP Venture IV entities to pay its share of the maturing mortgage note
payable and contributed approximately $3.2 million to the MSREF/T200 venture;
    
    Increase in distributions from joint ventures of approximately $11.2 million primarily
as a result of the Companys share of the proceeds from the sale of land at CL Realty;
    
    Decrease of $17.25 million in 2010 from the payment of a debt guarantee due to the
restructuring of the Companys Terminus 200 LLC joint venture; and
    
    Increase in restricted cash of $12.5 million, mainly related to required reserves for
tenant improvements that will be due for a lease signed at the ACS Center. Amounts are
required to be set aside for this under the ACS Center loan.
  
    
    Decrease of $105.3 million in property acquisition and development expenditures
resulting from a decline in development activity between the years;
    
    Decrease in investments in unconsolidated joint ventures of $19.4 million between the
periods, mainly due to lower contributions to the Palisades West LLC joint venture, which
constructed two office buildings that were substantially completed in the fourth quarter of
2008. Partially offsetting this decrease in cash used was a decrease in distributions
received from unconsolidated joint ventures of $12.8 million. In 2008, TRG had significant
capital distributions from the closing of substantially all of its remaining for-sale
multi-family residential units, compared to no significant distributions received in 2009;
    
    Decrease in cash used to purchase other assets of $9.9 million as the Company acquired
an airplane and had higher predevelopment expenditures in 2008; and
    
    Decrease in proceeds from investment property sales. The Company had more activity in
its land tract sales in 2008 as compared to 2009.
 Cash Flows from Financing Activities
 
    
    Decrease in common stock issued, net of expenses, of $318.5 million due to the issuance
of 46 million shares in 2009;
    
    Increase in net borrowings under the Credit and Term Facilities of $236.4 million
between 2010 and 2009. In 2009, the Company repaid $248 million under these facilities
with proceeds from the September 2009 stock issuance. Also in 2009, the Company had net
borrowings of $87.0 million to
 55




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fund development and to repay the San Jose MarketCenter mortgage note. In 2010, the Company repaid the $100 million Term Facility mainly using the
proceeds from the sale of San Jose MarketCenter, offset by additional borrowings to pay the
$9.2 million fee on the interest rate swap termination and the $17.25 million payment of
the Terminus 200 LLC debt guarantee;
    
    Decrease in the repayment of notes payable of $2.7 million in 2010. In 2010, the
Company repaid the mortgage note at Meridian Mark Plaza for $22.0 million, the $8.7 million
Glenmore note in conjunction with the sale of that property, and paid $40.0 million in
conjunction with the refinancing of the Terminus 100 note. In 2009, the Company repaid the
San Jose MarketCenter note for $70.3 million and the Brownstones at Habersham note for $3.2
million;
    
    Increase in proceeds from other notes payable of $27.0 million due to the issuance of a
new mortgage note at Meridian Mark Plaza;
    
    Increase in payments of loan issuance costs of $2.0 million in the 2010 period due to
the payment of an administrative fee of approximately $1.7 million related to the amendment
of the Companys Credit Facility and loan issuance costs related to the new Meridian Mark
Plaza note;
    
    Decrease in cash common dividends paid of $10.5 million due partially to a reduction in
the quarterly dividend per share to $0.09 for 2010 compared to $0.25 per share for the
first and second quarters of 2009 and $0.15 per share for the third quarter of 2009.
Additionally, the Company paid its dividends in cash in the first quarter of 2009, while
each quarter since then through 2010 has been paid in a combination of cash and stock; and
    
    Decrease in distributions to noncontrolling interests of $4.5 million from 2009 to 2010
primarily due to a distribution of $4.6 million in the 2009 period to the partner in the
Companys CP Venture Six joint venture.
  
    
    Increase in repayments of the Companys Credit Facility, net of borrowings, by $529.4
million due to a decrease in funds needed for development projects and to the repayment of
a large portion of the amount outstanding on the Credit Facility using proceeds from the September 2009 common
stock issuance;
    
    Increase in repayments of other notes payable by $65.1 million, primarily due to the
2009 repayment of the San Jose MarketCenter note for $70.3 million and The Brownstones at
Habersham note for $3.2 million. In 2008, the Company repaid the previous Lakeshore
mortgage note payable of $8.7 million;
    
    Decrease in proceeds from other notes payable of $18.4 million from the refinancing of
the Lakeshore mortgage note payable with no loan proceeds received in 2009;
    
    Decrease in common dividends paid by approximately $47.1 million. The dividend per
share decreased from $1.36 per share in 2008 to $0.74 per share in 2009. In addition, the
Company paid a portion of the second, third and fourth quarter 2009 common dividends with
stock;
    
    Common stock issued, net of expenses, increased $317.3 million between the periods due
to the issuance of 46 million shares in the third quarter 2009, which generated
approximately $318 million in proceeds; and
    
    Increase of $15.8 million due to purchases of preferred stock in 2008, with no preferred
stock repurchases in 2009.
 Dividends.
 56




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Effects of Inflation.
  Off Balance Sheet Arrangements.
     57




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Item 7A. Quantitative and Qualitative Disclosure about Market Risk
    ($ in thousands)
    
    2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    2015
    
    
    Thereafter
    
    
    Total
    
    
    Fair ValueNotes Payable:Fixed Rate
    
    $
    42,388
    
    
    $
    45,962
    
    
    $
    4,777
    
    
    $
    4,877
    
    
    $
    5,168
    
    
    $
    297,563
    
    
    $
    400,735
    
    
    $
    413,022Average Interest Rate
    
    
    6.99
    %
    
    
    5.61
    %
    
    
    5.70
    %
    
    
    5.76
    %
    
    
    5.76
    %
    
    
    5.85
    %
    
    
    5.94
    %
    
    
    Variable Rate (1)
    
    $
    3,374
    
    
    $
    105,400
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    108,774
    
    
    $
    108,774Average Interest Rate (2)
    
    
    6.00
    %
    
    
    2.26
    %
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2.38
    %
    
    
    
 
 (1)
    
    Interest rates on variable rate notes payable are equal to the variable rates in effect on December 31, 2010.(2)
    
    Assumes the one-year option to extend the Credit Facility will be exercised. 
 Item 8. Financial Statements and Supplementary Data
   58




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QuartersFirst
    
    
    Second
    
    
    Third
    
    
    Fourth(Unaudited)2010:Revenues
    
    $
    67,200
    
    
    $
    52,612
    
    
    $
    52,457
    
    
    $
    56,237Income (loss) from unconsolidated joint ventures
    
    
    2,920
    
    
    
    2,394
    
    
    
    2,179
    
    
    
    2,000Gain on sale of investment properties
    
    
    756
    
    
    
    1,061
    
    
    
    58
    
    
    
    63Income (loss) from continuing operations
    
    
    944
    
    
    
    (6,266
    )
    
    
    (11,057
    )
    
    
    (5,634
    )Discontinued operations
    
    
    1,236
    
    
    
    1,482
    
    
    
    6,597
    
    
    
    665Net income (loss)
    
    
    2,180
    
    
    
    (4,784
    )
    
    
    (4,460
    )
    
    
    (4,969
    )Net income (loss) attributable to controlling interest
    
    
    1,654
    
    
    
    (5,368
    )
    
    
    (5,156
    )
    
    
    (5,703
    )Net income (loss) available to common stockholders
    
    
    (1,573
    )
    
    
    (8,595
    )
    
    
    (8,382
    )
    
    
    (8,930
    )Basic income (loss) from continuing operations attributable
to controlling interest per common share
    
    
    (0.03
    )
    
    
    (0.10
    )
    
    
    (0.15
    )
    
    
    (0.09
    )Basic net income (loss) per common share
    
    
    (0.02
    )
    
    
    (0.09
    )
    
    
    (0.08
    )
    
    
    (0.09
    )Diluted income (loss) from continuing operations attributable
to controlling interest per common share
    
    
    (0.03
    )
    
    
    (0.10
    )
    
    
    (0.15
    )
    
    
    (0.09
    )Diluted net income (loss) per common share
    
    
    (0.02
    )
    
    
    (0.09
    )
    
    
    (0.08
    )
    
    
    (0.09
    )
 QuartersFirst
    
    
    Second
    
    
    Third
    
    
    Fourth(Unaudited)2009:Revenues
    
    $
    46,289
    
    
    $
    48,393
    
    
    $
    56,768
    
    
    $
    63,094Income (loss) from unconsolidated joint ventures,including impairments
    
    
    1,820
    
    
    
    (29,361
    )
    
    
    (42,854
    )
    
    
    1,698Gain on sale of investment properties
    
    
    167,434
    
    
    
    801
    
    
    
    406
    
    
    
    (4
    )Income (loss) from continuing operations
    
    
    164,216
    
    
    
    (90,894
    )
    
    
    (54,377
    )
    
    
    (5,206
    )Discontinued operations
    
    
    (6
    )
    
    
    13,506
    
    
    
    1,048
    
    
    
    1,260Net income (loss)
    
    
    164,210
    
    
    
    (77,388
    )
    
    
    (53,329
    )
    
    
    (3,946
    )Net income (loss) attributable to controlling interest
    
    
    163,798
    
    
    
    (78,086
    )
    
    
    (53,860
    )
    
    
    (4,557
    )Net income (loss) available to common stockholders
    
    
    160,571
    
    
    
    (81,313
    )
    
    
    (57,088
    )
    
    
    (7,782
    )Basic income (loss) from continuing operations attributable
to controlling interest per common share
    
    
    3.13
    
    
    
    (1.84
    )
    
    
    (0.98
    )
    
    
    (0.09
    )Basic net income (loss) per common share
    
    
    3.13
    
    
    
    (1.58
    )
    
    
    (0.96
    )
    
    
    (0.08
    )Diluted income (loss) from continuing operations attributable
to controlling interest per common share
    
    
    3.13
    
    
    
    (1.84
    )
    
    
    (0.98
    )
    
    
    (0.09
    )Diluted net income (loss) per common share
    
    
    3.13
    
    
    
    (1.58
    )
    
    
    (0.96
    )
    
    
    (0.08
    )
 
 Note:
    
    The above per share quarterly information may not sum to full year per share
information due to rounding, and, in 2009, per share information for the quarter may not add up to
the annual earnings per share due to the issuance of additional common stock during that year.
Other financial statements and financial statement schedules required under Regulation S-X are
filed pursuant to Item 15 of Part IV of this report. 59




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Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
  
 Item 9A. Controls and Procedures
   Report of Management on Internal Control Over Financial Reporting
   60




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##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 To the Board of Directors and Stockholders of
Cousins Properties Incorporated:
 Internal Control  Integrated Framework
    Internal
Control  Integrated Framework
 
 /s/ DELOITTE & TOUCHE LLPAtlanta, GeorgiaFebruary 28, 2011 
 Item 9B. Other Information
  61




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##### Table of Contents



PART III
 
 Item 10. Directors, Executive Officers and Corporate Governance
 www.cousinsproperties.com
 
 Item 11. Executive Compensation
  
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
  
 Item 13. Certain Relationships and Related Transactions, and Director Independence
  
 Item 14. Principal Accountant Fees and Services
  62




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##### Table of Contents



PART IV
 
 Item 15. Exhibits and Financial Statement Schedules
 (a)
    1.
    
    Financial Statements
 A.
    
    The following Consolidated Financial Statements of the Registrant,
together with the applicable Report of Independent Registered Public Accounting
Firm, are filed as a part of this report:
 Page NumberReport of Independent Registered Public Accounting Firm
    
    F-2Consolidated Balance Sheets  December 31, 2010
and 2009
    
    F-3Consolidated Statements of Operations for the Years Ended
December 31, 2010, 2009 and 2008
    
    F-4Consolidated Statements of Equity for the
Years Ended December 31, 2010, 2009 and 2008
    
    F-5Consolidated Statements of Cash Flows for the Years Ended
December 31, 2010, 2009 and 2008
    
    F-6Notes to Consolidated Financial Statements
    
    F-7
 2.
    
    Financial Statement ScheduleThe following financial statement schedule for the Registrant is filed as a part of this report:
 Page NumbersA.       Schedule III  Real Estate and Accumulated
Depreciation  December 31, 2010
    
    S-1 through S-5
 NOTE: Other schedules are omitted because of the absence of conditions under which they
are required or because the required information is given in the financial statements or
notes thereto.
 (b)
    
    
    Exhibits
 3.1
    
    Restated and Amended Articles of Incorporation of the Registrant, as
amended August 9, 1999, filed as Exhibit 3.1 to the Registrants Form 10-Q for the
quarter ended June 30, 2002, and incorporated herein by reference.3.1.1
    
    Articles of Amendment to Restated and Amended Articles of
Incorporation of the Registrant, as amended July 22, 2003, filed as Exhibit 4.1 to
the Registrants Current Report on Form 8-K filed on July 23, 2003, and incorporated
herein by reference.3.1.2
    
    Articles of Amendment to Restated and Amended Articles of
Incorporation of the Registrant, as amended December 15, 2004, filed as Exhibit
3(a)(i) to the Registrants Form 10-K for the year ended December 31, 2004, and
incorporated herein by reference.3.1.3
    
    Articles of Amendment to Restated and Amended Articles of
Incorporation of the Registrant, dated May 4, 2010, filed as Exhibit 3.1 to the
Registrants Current Report on Form 8-K filed on May 10, 2010 and incorporated
herein by reference.3.2
    
    Bylaws of the Registrant, as amended and restated June 6, 2009, filed
as Exhibit 3.1 to the Registrants Current Report on Form 8-K filed on June 8, 2009,
and incorporated herein by reference.4(a)
    
    Dividend Reinvestment Plan as restated as of March 27, 1995, filed in
the Registrants Form S-3 dated March 27, 1995, and incorporated herein by
reference.10(a)(i)*
    
    Cousins Properties Incorporated 1989 Stock Option Plan, renamed the 1995 Stock
Incentive Plan and approved by the Stockholders on May 6, 1996, filed as Exhibit 4.1
to the Registrants Form S-8 dated December 1, 2004, and incorporated herein by
reference.10(a)(ii)*
    
    Cousins Properties Incorporated 1999 Incentive Stock Plan, as amended and
restated, approved by the Stockholders on May 6, 2008, filed as Annex B to the
Registrants Proxy Statement dated April 13, 2008, and incorporated herein by
reference.
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##### Table of Contents



10(a)(iii)*
    
    Cousins Properties Incorporated 2005 Restricted Stock Unit Plan, filed as
Exhibit 10.1 to the Registrants Current Report on Form 8-K dated December 9, 2005,
and incorporated herein by reference.10(a)(iv)*
    
    Amendment No. 1 to Cousins Properties Incorporated 2005 Restricted Stock Unit
Plan, filed as Exhibit 10(a)(iii) to the Registrants Form 10-Q for the quarter
ended March 31, 2006, and incorporated herein by reference.10(a)(v)*
    
    Form of Restricted Stock Unit Certificate (with Performance Criteria), filed as
Exhibit 10(a)(iv) to the Registrants Form 10-Q for the quarter ended March 31,
2006, and incorporated herein by reference.10(a)(vi)*
    
    Cousins Properties Incorporated 1999 Incentive Stock Plan  Form of Key
Employee Non-Incentive Stock Option and Stock Appreciation Right Certificate,
amended effective December 6, 2007, filed as Exhibit 10(a)(vi) to the Registrants
Form 10-K for the year ended December 31, 2007 and incorporated herein by reference.10(a)(vii)*
    
    Cousins Properties Incorporated 1999 Incentive Stock Plan  Form of Key
Employee Incentive Stock Option and Stock Appreciation Right Certificate, amended
effective December 6, 2007, filed as Exhibit 10(a)(vii) to the Registrants Form
10-K for the year ended December 31, 2007 and incorporated herein by reference.10(a)(viii)*
    
    Cousins Properties Incorporated 2005 Restricted Stock Unit Plan  Form of
Restricted Stock Unit Certificate, filed as Exhibit 10.3 to the Registrants Current
Report on Form 8-K dated December 11, 2006, and incorporated herein by reference.10(a)(ix)*
    
    Amendment No. 2 to the Cousins Properties Incorporated 2005 Restricted Stock
Unit Plan, filed as Exhibit 10.1 to the Registrants Current Report on Form 8-K
filed on August 18, 2006, and incorporated herein by reference.10(a)(x)*
    
    Cousins Properties Incorporated 2005 Restricted Stock Unit Plan  Form of
Restricted Stock Unit Certificate for Directors, filed as Exhibit 10.2 to the
Registrants Current Report on Form 8-K filed on August 18, 2006, and incorporated
herein by reference.10(a)(xi)*
    
    Form of Change in Control Severance Agreement, filed as Exhibit 10.1 to the
Registrants Current Report on Form 8-K filed on August 31, 2007, and incorporated
herein by reference.10(a)(xii)*
    
    Amendment No. 1 to the Cousins Properties Incorporated 1999 Incentive Stock
Plan, filed as Exhibit 10(a)(ii) to the Registrants Form 10-Q for the quarter ended
March 31, 2008, and incorporated herein by reference.10(a)(xiii)*
    
    Amendment No. 4 to the Cousins Properties Incorporated 2005 Restricted Stock
Unit Plan dated September 8, 2008, filed as Exhibit 10(a)(xiii) to the Registrants
Form 10-K for the year ended December 31, 2008 and incorporated herein by reference.10(a)(xiv)*
    
    Amendment No. 5 to the Cousins Properties Incorporated 2005 Restricted Stock
Unit Plan dated February 16, 2009, filed as Exhibit 10(a)(xiv) to the Registrants
Form 10-K for the year ended December 31, 2008 and incorporated herein by reference.10(a)(xv)*
    
    Form of Amendment Number One to Change in Control Severance Agreement filed as
Exhibit 10.2 to the Registrants Current Report on Form 8-K dated May 12, 2009, and
incorporated herein by reference.10(a)(xvi)*
    
    Amendment Number 6 to the Cousins Properties Incorporated 2005 Restricted
Stock Unit Plan filed as Exhibit 10.3 to the Registrants Current Report on Form 8-K
dated May 12, 2009, and incorporated herein by reference.
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##### Table of Contents



10(a)(xvii)*
    
    Form of Cousins Properties Incorporated Cash Long Term Incentive Award
Certificate filed as Exhibit 10.3 to the Registrants Current Report on Form 8-K dated
May 12, 2009, and incorporated herein by reference.10(a)(xviii)*
    
    Cousins Properties Incorporated 2009 Incentive Stock Plan, as approved by the
Stockholders on May 12, 2009, filed as Annex B to the Registrants Proxy Statement
dated April 3, 2009, and incorporated herein by reference.10(a)(xix)*
    
    Cousins Properties Incorporated Director Non-Incentive Stock Option and Stock
Appreciation Right Certificate under the Cousins Properties Incorporated 2009
Incentive Stock Plan, filed as Exhibit 10.2 to the Registrants Form 10-Q for the
quarter ended June 30, 2009, and incorporated herein by reference.10(a)(xx)*
    
    Cousins Properties Incorporated 2005 Restricted Stock Unit Plan  Form of
Restricted Stock Unit Certificate for 2010-2012 Performance Period filed as Exhibit
10(a)(xx) to the Registrants Form 10-K for the year ended December 31, 2009 and
incorporated herein by reference.10(a)(xxi)*
    
    Cousins Properties Incorporated 2009 Incentive Stock Plan  Form of Key
Employee Non-Incentive Stock Option Certificate filed as Exhibit 10(a)(xxi) to the
Registrants Form 10-K for the year ended December 31, 2009 and incorporated herein by
reference.10(a)(xxii)*
    
    Cousins Properties Incorporated 2009 Incentive Stock Plan  Form of Stock
Grant Certificate filed as Exhibit 10(a)(xxii) to the Registrants Form 10-K for the
year ended December 31, 2009 and incorporated herein by reference.10(a)(xxiii)*
    
    Form of New Change in Control Severance Agreement, filed as
Exhibit 10.1 to the Registrants Current Report on Form 8-K filed on January 7, 2011
and incorporated herein by reference.10(a)(xxiv)*
    
    Form of Amendment Number Two to Change in Control Severance Agreement, filed
as Exhibit 10.2 to the Registrants Current Report on Form 8-K filed on January 7,
2011 and incorporated herein by reference.10(a)(xxv)*
    
    Cousins Properties Incorporated 2009 Incentive Stock Plan  Form of Stock
Grant Certificate.10(a)(xxvi)*
    
    Cousins Properties Incorporated 2009 Incentive Stock Plan  Form of Key
Employee Non-Incentive Stock Option Certificate.10(a)(xxvii)*
    
    Cousins Properties Incorporated 2009 Incentive Stock Plan  Form of Key
Employee Incentive Stock Option Certificate.10(a)(xxviii)* 
    
    Cousins Properties Incorporated 2005 Restricted Stock Unit Plan  Form of
Restricted Stock Unit Certificate for 2011-2013 Performance Period.10(b)*
    
    Consulting Agreement with Joel Murphy, dated as of December 5, 2008, including the
Amendment Number One to the Form of Restricted Stock Unit Certificate (with
Performance Criteria), filed as Exhibit 10(b) to the Registrants Form 10-K for the
year ended December 31, 2008, and incorporated herein by reference.10(c)*
    
    Retirement Agreement and General Release by and among Thomas D. Bell, Jr. and
Cousins Properties Incorporated dated June 7, 2009, filed as Exhibit 10.1 to the
Registrants Form 10-Q for the quarter ended June 30, 2009, and incorporated herein by
reference.10(d)*
    
    Retirement and Consulting Agreement and General Release with James A. Fleming dated
August 9, 2010, filed as Exhibit 10.1 to the Registrants Form 10-Q for the quarter
ended June 30, 2010 and incorporated herein by reference.10(e)
    
    Amended and Restated Credit Agreement, dated as of August 29, 2007,
among Cousins Properties Incorporated as the Principal Borrower (and the Borrower
Parties, as defined, and the Guarantors, as defined); Bank of America, N.A., as
Administrative Agent, Swing Line
 65




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##### Table of Contents



Lender and L/C Issuer; Banc of America Securities LLC
as Sole Lead Arranger and Sole Book Manager; Eurohypo AG, as Syndication Agent; PNC
Bank, N. A., Wachovia Bank, N. A., and Wells Fargo Bank, as Documentation Agents;
Norddeutsche Landesbank Girozentrale, as Managing Agent; Aareal Bank AG, Charter One
Bank, N.A., and Regions Bank, as Co-Agents; and the Other Lenders Party Hereto, filed
as Exhibit 10.1 to the
Registrants Current Report on Form 8-K filed on August 30, 2007, and
incorporated herein by reference.10(f)
    
    Loan Agreement dated as of August 31, 2007, between Cousins Properties
Incorporated, a Georgia corporation, as Borrower and JP Morgan Chase Bank, N.A., a
banking association chartered under the laws of the United States of America, as
Lender, filed as Exhibit 10.1 to the Registrants Current Report on Form 8-K filed on
September 7, 2007, and incorporated herein by reference.10(g)
    
    Loan Agreement dated as of October 16, 2007, between 3280 Peachtree I LLC,
a Georgia limited liability corporation, as Borrower and The Northwestern Mutual Life
Insurance Company, as Lender, filed as Exhibit 10.1 to the Registrants Current Report
on Form 8-K filed October 17, 2007, and incorporated herein by reference.10(h)
    
    Contribution and Formation Agreement between Cousins Properties
Incorporated, CP Venture Three LLC and The Prudential Insurance Company of America,
including Exhibit U thereto, filed as Exhibit 10.1 to the Registrants Form 8-K filed
on May 4, 2006, and incorporated herein by reference.10(i)
    
    Form of Indemnification Agreement, filed as Exhibit 10.1 to the Registrants
Form 8-K dated June 18, 2007, and incorporated herein by reference.10(j)
    
    Underwriting Agreement dated September 15, 2009 by and among Cousins
Properties Incorporated, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. Incorporated and J.P. Morgan Securities Inc., as representatives of the
several underwriters, filed as Exhibit 1.1 to the Registrants Current Report on Form
8-K filed on September 17, 2009, and incorporated herein by reference.10(k)
    
    First Amendment dated as of February 19, 2010 to the Amended and
Restated Credit Agreement dated August 29, 2007, among Cousins Properties Incorporated
as the Principal Borrower (and the Co-Borrowers, as defined, and the Guarantors, as
defined); Bank of America, N.A.,as Administrative Agent, Swing Line Lender and L/C
Issuer; Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager;
Eurohypo AG, New York Branch, as Syndication Agent; PNC Bank, N. A., Wachovia Bank, N.
A., and Wells Fargo Bank, N. A., as Documentation Agents; Norddeutsche Landesbank
Girozentrale, as Managing Agent; and Aareal Bank AG, Charter One BANK, N.A. and
Regions Bank, as Co-Agents, filed as Exhibit 10.1 to the Registrants Current Report
on Form 8-K filed on February 25, 2010, and incorporated herein by reference.11
    
    Computation of Per Share Earnings. Data required by SFAS No. 128, Earnings
Per Share, is provided in Note 2 of Notes to Consolidated Financial Statements
included in this Annual Report on Form 10-K and incorporated herein by reference.12
    
    Statement Regarding Computation of Earnings to Combined Fixed Charges and
Preferred Dividends.21
    
    Subsidiaries of the Registrant.23
    
    Consent of Independent Registered Public Accounting Firm.31.1
    
    Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a), as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.31.2
    
    Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a), as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 66




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##### Table of Contents



32.1
    
    Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section
1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.32.2
    
    Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section
1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
 *
    
    Indicates a management contract or compensatory plan or arrangement.
    
    Filed herewith. 67




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##### Table of Contents



SIGNATURES
  Cousins Properties Incorporated (Registrant)Dated: February 28, 2011
    BY:
    /s/ Gregg D. AdzemaGregg D. AdzemaExecutive Vice President and Chief Financial
Officer (Duly Authorized Officer and Principal
Financial Officer)  Signature
    
    Capacity
    
    Date/s/ Lawrence L. Gellerstedt, III

Lawrence L. Gellerstedt, III
    
    Chief Executive Officer,
President and Director  (Principal
Executive Officer)
    
    February 28, 2011/s/ Gregg D.Adzema

Gregg D. Adzema
    
    Executive Vice President and
Chief Financial Officer  (Principal
Financial Officer)
    
    February 28, 2011/s/ John D. Harris, Jr.

John D. Harris, Jr.
    
    Senior Vice President, Chief Accounting
Officer and Assistant Secretary  (Principal
Accounting Officer)
    
    February 28, 2011/s/ Erskine B. Bowles

Erskine B. Bowles
    
    Director
    
    February 28, 2011/s/ Tom G. Charlesworth

Tom G. Charlesworth
    
    Director
    
    February 28, 2011/s/ James D. Edwards

James D. Edwards
    
    Director
    
    February 28, 2011/s/ Lillian C. Giornelli

Lillian C. Giornelli
    
    Director
    
    February 28, 2011/s/ S. Taylor Glover

S. Taylor Glover
    
    Chairman of the Board of Directors
    
    February 28, 2011/s/ James H. Hance, Jr.

James H. Hance, Jr.
    
    Director
    
    February 28, 2011/s/ William B. Harrison, Jr.

William B. Harrison, Jr.
    
    Director
    
    February 28, 2011/s/ William Porter Payne

William Porter Payne
    
    Director
    
    February 28, 2011
 68




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##### Table of Contents



INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
 Cousins Properties Incorporated
    
    PageReport of Independent Registered Public Accounting Firm
    
    
    F-2Consolidated Balance Sheets as of December 31, 2010 and 2009
    
    
    F-3Consolidated Statements of Operations for the Years Ended December 31, 2010, 2009
and 2008
    
    
    F-4Consolidated Statements of Equity for the Years Ended
December 31, 2010, 2009 and 2008
    
    
    F-5Consolidated Statements of Cash Flows for the Years Ended December 31, 2010,
2009 and 2008
    
    
    F-6Notes to Consolidated Financial Statements
    
    
    F-7
 F-1




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##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    Internal ControlIntegrated Framework
  
 F-2




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##### Table of Contents



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS
 December 31,2010
    
    
    2009ASSETSPROPERTIES:Operating properties, net of
accumulated depreciation of $274,925
and $233,091 in 2010 and 2009,
respectively
    
    $
    898,119
    
    
    $
    1,006,760Land held for investment or future
development
    
    
    123,879
    
    
    
    137,233Residential lots
    
    
    63,403
    
    
    
    62,825Multi-family units held for sale
    
    
    2,994
    
    
    
    28,504Total properties
    
    
    1,088,395
    
    
    
    1,235,322CASH AND CASH EQUIVALENTS
    
    
    7,599
    
    
    
    9,464RESTRICTED CASH
    
    
    15,521
    
    
    
    3,585NOTES AND OTHER RECEIVABLES,net of allowance
for
doubtful accounts of $6,287 and $5,734 in
2010 and 2009, respectively
    
    
    48,395
    
    
    
    49,678INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
    
    
    167,108
    
    
    
    146,150OTHER ASSETS
    
    
    44,264
    
    
    
    47,353TOTAL ASSETS
    
    $
    1,371,282
    
    
    $
    1,491,552LIABILITIES AND EQUITYNOTES PAYABLE
    
    $
    509,509
    
    
    $
    590,208ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
    
    
    32,388
    
    
    
    56,577DEFERRED GAIN
    
    
    4,216
    
    
    
    4,452DEPOSITS AND DEFERRED INCOME
    
    
    18,029
    
    
    
    7,465TOTAL LIABILITIES
    
    
    564,142
    
    
    
    658,702COMMITMENTS AND CONTINGENT LIABILITIESREDEEMABLE NONCONTROLLING INTERESTS
    
    
    14,289
    
    
    
    12,591STOCKHOLDERS 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
    
    
    
    74,8277.50% Series B cumulative
redeemable preferred stock, $25
liquidation
preference; 3,791,000 shares
issued and outstanding in 2010
and 2009
    
    
    94,775
    
    
    
    94,775Common 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
    
    
    
    103,352Additional paid-in capital
    
    
    684,551
    
    
    
    662,216Treasury 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 cumulative
net income
    
    
    (114,196
    )
    
    
    (51,402
    )TOTAL STOCKHOLDERS INVESTMENT
    
    
    760,079
    
    
    
    787,411Nonredeemable noncontrolling interests
    
    
    32,772
    
    
    
    32,848TOTAL EQUITY
    
    
    792,851
    
    
    
    820,259TOTAL LIABILITIES AND EQUITY
    
    $
    1,371,282
    
    
    $
    1,491,552
 See notes to consolidated financial statements.
 F-3




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##### Table of Contents



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF OPERATIONS
 Years Ended December 31,2010
    
    
    2009
    
    
    2008REVENUES:Rental property revenues
    
    $
    143,472
    
    
    $
    139,504
    
    
    $
    136,892Fee income
    
    
    33,420
    
    
    
    33,806
    
    
    
    47,662Multi-family residential unit sales
    
    
    34,442
    
    
    
    30,841
    
    
    
    8,444Residential lot and outparcel sales
    
    
    15,943
    
    
    
    7,421
    
    
    
    6,993Other
    
    
    1,229
    
    
    
    2,972
    
    
    
    4,149228,506
    
    
    
    214,544
    
    
    
    204,140COSTS AND EXPENSES:Rental property operating expenses
    
    
    58,973
    
    
    
    63,382
    
    
    
    54,501Multi-family residential unit cost of sales
    
    
    27,017
    
    
    
    25,629
    
    
    
    7,330Residential lot and outparcel cost of sales
    
    
    10,699
    
    
    
    5,023
    
    
    
    3,776General and administrative expenses
    
    
    36,149
    
    
    
    33,948
    
    
    
    40,988Separation expenses
    
    
    1,045
    
    
    
    3,257
    
    
    
    1,186Reimbursed general and administrative expenses
    
    
    15,304
    
    
    
    15,506
    
    
    
    16,279Depreciation and amortization
    
    
    59,111
    
    
    
    53,350
    
    
    
    50,271Interest expense
    
    
    37,180
    
    
    
    39,888
    
    
    
    28,257Impairment loss
    
    
    2,554
    
    
    
    40,512
    
    
    
    2,100Other
    
    
    5,170
    
    
    
    13,143
    
    
    
    6,049253,202
    
    
    
    293,638
    
    
    
    210,737LOSS ON EXTINGUISHMENT OF DEBT AND INTEREST RATE SWAPS
    
    
    (9,827
    )
    
    
    (2,766
    )
    
    
    LOSS FROM CONTINUING OPERATIONS BEFORE TAXES,
UNCONSOLIDATED JOINT VENTURES AND SALE OF
INVESTMENT PROPERTIES
    
    
    (34,523
    )
    
    
    (81,860
    )
    
    
    (6,597
    )BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS
    
    
    1,079
    
    
    
    (4,341
    )
    
    
    8,770INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:Equity in net income (loss) from unconsolidated joint ventures
    
    
    9,493
    
    
    
    (17,639
    )
    
    
    9,721Impairment loss on investment in unconsolidated joint ventures
    
    
    
    
    
    
    (51,058
    )
    
    
    9,493
    
    
    
    (68,697
    )
    
    
    9,721INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE GAIN
ON SALE OF INVESTMENT PROPERTIES
    
    
    (23,951
    )
    
    
    (154,898
    )
    
    
    11,894GAIN ON SALE OF INVESTMENT PROPERTIES
    
    
    1,938
    
    
    
    168,637
    
    
    
    10,799INCOME (LOSS) FROM CONTINUING OPERATIONS
    
    
    (22,013
    )
    
    
    13,739
    
    
    
    22,693INCOME FROM DISCONTINUED OPERATIONS:Income (loss) from discontinued operations
    
    
    2,754
    
    
    
    3,163
    
    
    
    (240
    )Gain on extinguishment of debt
    
    
    
    
    
    
    12,498
    
    
    
    Gain on sale of real estate from discontinued operations
    
    
    7,226
    
    
    
    147
    
    
    
    2,4729,980
    
    
    
    15,808
    
    
    
    2,232NET INCOME (LOSS)
    
    
    (12,033
    )
    
    
    29,547
    
    
    
    24,925NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
    
    
    (2,540
    )
    
    
    (2,252
    )
    
    
    (2,378
    )NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST
    
    
    (14,573
    )
    
    
    27,295
    
    
    
    22,547DIVIDENDS TO PREFERRED STOCKHOLDERS
    
    
    (12,907
    )
    
    
    (12,907
    )
    
    
    (14,957
    )NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS
    
    $
    (27,480
    )
    
    $
    14,388
    
    
    $
    7,590PER COMMON SHARE INFORMATION  BASIC AND DILUTED:Income (loss) from continuing operations attributable to controlling interest
    
    $
    (0.37
    )
    
    $
    (0.02
    )
    
    $
    0.10Income from discontinued operations
    
    
    0.10
    
    
    
    0.24
    
    
    
    0.04Net income (loss) available to common stockholders  basic and diluted
    
    $
    (0.27
    )
    
    $
    0.22
    
    
    $
    0.15WEIGHTED AVERAGE SHARES  BASIC
    
    
    101,440
    
    
    
    65,495
    
    
    
    51,331WEIGHTED AVERAGE SHARES  DILUTED
    
    
    101,440
    
    
    
    65,495
    
    
    
    51,728
 See notes to consolidated financial statements.
 F-4




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##### Table of Contents



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF EQUITY
Years Ended December 31, 2010, 2009 and 2008
(In thousands)
 Accumulated
    
    
    CumulativeOther
    
    
    UndistributedComprehensive
    
    
    Net IncomeAdditional
    
    
    
    
    
    
    Income (Loss)
    
    
    (Distributions in
    
    
    
    
    
    
    NonredeemablePreferred
    
    
    Common
    
    
    Paid-In
    
    
    Treasury
    
    
    on Derivative
    
    
    Excess of
    
    
    Stockholders
    
    
    NoncontrollingStock
    
    
    Stock
    
    
    Capital
    
    
    Stock
    
    
    Instruments
    
    
    Net Income)
    
    
    Investment
    
    
    Interests
    
    
    Total EquityBalance December 31, 2007
    
    $
    200,000
    
    
    $
    54,851
    
    
    $
    348,508
    
    
    $
    (86,840
    )
    
    $
    (4,302
    )
    
    $
    42,604
    
    
    $
    554,821
    
    
    $
    38,419
    
    
    $
    593,240Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    22,547
    
    
    
    22,547
    
    
    
    2,731
    
    
    
    25,278Other comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,299
    )
    
    
    
    
    
    
    (12,299
    )
    
    
    
    
    
    
    (12,299
    )Total comprehensive income (loss)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,299
    )
    
    
    22,547
    
    
    
    10,248
    
    
    
    2,731
    
    
    
    12,979Repurchase of preferred stock
    
    
    (30,398
    )
    
    
    
    
    
    
    14,557
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (15,841
    )
    
    
    
    
    
    
    (15,841
    )Common stock issued pursuant to:Exercise of options and grants under
director stock plan
    
    
    
    
    
    
    105
    
    
    
    1,771
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,876
    
    
    
    
    
    
    
    1,876Restricted stock grants, net of amounts
withheld for income taxes
    
    
    
    
    
    
    (16
    )
    
    
    (257
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (273
    )
    
    
    
    
    
    
    (273
    )Amortization of stock options and
restricted stock, net of forfeitures
    
    
    
    
    
    
    (18
    )
    
    
    4,296
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,278
    
    
    
    
    
    
    
    4,278Income tax deficiency from stock based
compensation
    
    
    
    
    
    
    
    
    
    
    (46
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (46
    )
    
    
    
    
    
    
    (46
    )Distributions to noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,767
    )
    
    
    (3,767
    )Change in fair value of redeemable
noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,282
    )
    
    
    (3,282
    )
    
    
    156
    
    
    
    (3,126
    )Cash preferred dividends paid
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (15,250
    )
    
    
    (15,250
    )
    
    
    
    
    
    
    (15,250
    )Cash common dividends paid
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (69,808
    )
    
    
    (69,808
    )
    
    
    
    
    
    
    (69,808
    )Balance December 31, 2008
    
    
    169,602
    
    
    
    54,922
    
    
    
    368,829
    
    
    
    (86,840
    )
    
    
    (16,601
    )
    
    
    (23,189
    )
    
    
    466,723
    
    
    
    37,539
    
    
    
    504,262Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    27,295
    
    
    
    27,295
    
    
    
    2,426
    
    
    
    29,721Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,084
    
    
    
    
    
    
    
    7,084
    
    
    
    
    
    
    
    7,084Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,084
    
    
    
    27,295
    
    
    
    34,379
    
    
    
    2,426
    
    
    
    36,805Common stock issued pursuant to:Common stock offering, net of issuance
    
    
    
    
    
    
    46,000
    
    
    
    272,406
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    318,406
    
    
    
    
    
    
    
    318,406Stock dividend, net of issuance costs
    
    
    
    
    
    
    2,420
    
    
    
    17,291
    
    
    
    
    
    
    
    
    
    
    
    (19,711
    )
    
    
    
    
    
    
    
    
    
    
    Grants under director stock plan
    
    
    
    
    
    
    29
    
    
    
    236
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    265
    
    
    
    
    
    
    
    265Amortization of stock options and
restricted stock, net of forfeitures
    
    
    
    
    
    
    (19
    )
    
    
    3,497
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,478
    
    
    
    
    
    
    
    3,478Income tax deficiency from stock based
compensation
    
    
    
    
    
    
    
    
    
    
    (43
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (43
    )
    
    
    
    
    
    
    (43
    )Distributions to noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,117
    )
    
    
    (7,117
    )Change in fair value of redeemable
noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (180
    )
    
    
    (180
    )
    
    
    
    
    
    
    (180
    )Cash preferred dividends paid
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,907
    )
    
    
    (12,907
    )
    
    
    
    
    
    
    (12,907
    )Cash common dividends paid
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (22,710
    )
    
    
    (22,710
    )
    
    
    
    
    
    
    (22,710
    )Balance December 31, 2009
    
    
    169,602
    
    
    
    103,352
    
    
    
    662,216
    
    
    
    (86,840
    )
    
    
    (9,517
    )
    
    
    (51,402
    )
    
    
    787,411
    
    
    
    32,848
    
    
    
    820,259Net income (loss)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (14,573
    )
    
    
    (14,573
    )
    
    
    2,364
    
    
    
    (12,209
    )Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,517
    
    
    
    
    
    
    
    9,517
    
    
    
    
    
    
    
    9,517Total comprehensive income (loss)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,517
    
    
    
    (14,573
    )
    
    
    (5,056
    )
    
    
    2,364
    
    
    
    (2,692
    )Common stock issued pursuant to:Stock dividend, net of issuance costs
    
    
    
    
    
    
    3,353
    
    
    
    20,834
    
    
    
    
    
    
    
    
    
    
    
    (24,282
    )
    
    
    (95
    )
    
    
    
    
    
    
    (95
    )Grants under director stock plan
    
    
    
    
    
    
    35
    
    
    
    215
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    250
    
    
    
    
    
    
    
    250Restricted stock grants, net of amounts
withheld for income taxes
    
    
    
    
    
    
    256
    
    
    
    (330
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (74
    )
    
    
    
    
    
    
    (74
    )Amortization of stock options and
restricted stock, net of forfeitures
    
    
    
    
    
    
    (34
    )
    
    
    2,382
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,348
    
    
    
    
    
    
    
    2,348Distributions to noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,440
    )
    
    
    (2,440
    )Change in fair value of redeemable
noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    (766
    )
    
    
    
    
    
    
    
    
    
    
    1,144
    
    
    
    378
    
    
    
    
    
    
    
    378Cash preferred dividends paid
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,907
    )
    
    
    (12,907
    )
    
    
    
    
    
    
    (12,907
    )Cash common dividends paid
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,176
    )
    
    
    (12,176
    )
    
    
    
    
    
    
    (12,176
    )Balance December 31, 2010
    
    $
    169,602
    
    
    $
    106,962
    
    
    $
    684,551
    
    
    $
    (86,840
    )
    
    $
    
    
    
    $
    (114,196
    )
    
    $
    760,079
    
    
    $
    32,772
    
    
    $
    792,851
 See notes to consolidated financial statements.
 F-5




---



##### Table of Contents



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF CASH FLOWS
 Years Ended December 31,2010
    
    
    2009
    
    
    2008CASH FLOWS FROM OPERATING ACTIVITIES:Net income (loss)
    
    $
    (12,033
    )
    
    $
    29,547
    
    
    $
    24,925Adjustments to reconcile net income to net cash flows provided by operating activities:Gain on sale of investment properties, including discontinued operations
    
    
    (9,164
    )
    
    
    (168,784
    )
    
    
    (13,271
    )Loss (gain) on extinguishment of debt
    
    
    592
    
    
    
    (12,498
    )
    
    
    Impairment loss
    
    
    2,554
    
    
    
    40,512
    
    
    
    2,100Impairment loss on investment in unconsolidated joint ventures
    
    
    
    
    
    
    51,058
    
    
    
    Losses on abandoned predevelopment projects
    
    
    829
    
    
    
    7,723
    
    
    
    1,053Depreciation and amortization
    
    
    59,956
    
    
    
    55,833
    
    
    
    53,412Amortization of deferred financing costs
    
    
    2,074
    
    
    
    1,473
    
    
    
    1,587Stock-based compensation
    
    
    2,348
    
    
    
    3,743
    
    
    
    4,726Change in deferred income taxes, net of valuation allowance
    
    
    
    
    
    
    8,897
    
    
    
    (9,185
    )Effect of recognizing rental revenues on a straight-line or market basis
    
    
    (5,142
    )
    
    
    (4,970
    )
    
    
    (3,852
    )(Income) loss from unconsolidated joint ventures
    
    
    (9,493
    )
    
    
    17,639
    
    
    
    (9,721
    )Operating distributions from unconsolidated joint ventures
    
    
    11,394
    
    
    
    7,237
    
    
    
    23,751Residential lot, outparcel and multi-family cost of sales, net of closing costs paid
    
    
    35,743
    
    
    
    27,415
    
    
    
    10,681Residential lot, outparcel and multi-family acquisition and development expenditures
    
    
    (3,272
    )
    
    
    (7,283
    )
    
    
    (52,151
    )Income tax deficiency from stock based compensation expense
    
    
    
    
    
    
    43
    
    
    
    46Changes in other operating assets and liabilities:Change in other receivables and other assets, net
    
    
    3,870
    
    
    
    (3,537
    )
    
    
    6,177Change in accounts payable and accrued liabilities
    
    
    (560
    )
    
    
    (10,884
    )
    
    
    290Net cash provided by operating activities
    
    
    79,696
    
    
    
    43,164
    
    
    
    40,568CASH FLOWS FROM INVESTING ACTIVITIES:Proceeds from investment property sales
    
    
    101,706
    
    
    
    11,727
    
    
    
    44,913Property acquisition and development expenditures
    
    
    (33,761
    )
    
    
    (53,874
    )
    
    
    (159,131
    )Investment in unconsolidated joint ventures
    
    
    (26,229
    )
    
    
    (5,234
    )
    
    
    (24,603
    )Distributions from unconsolidated joint ventures
    
    
    16,024
    
    
    
    4,830
    
    
    
    17,630Payment of debt guarantee for unconsolidated joint venture
    
    
    (17,250
    )
    
    
    
    
    
    
    Collection of notes receivable, net of investment
    
    
    134
    
    
    
    (34
    )
    
    
    174Change in other assets
    
    
    (1,363
    )
    
    
    (2,812
    )
    
    
    (12,664
    )Change in restricted cash
    
    
    (12,409
    )
    
    
    51
    
    
    
    (49
    )Net cash provided by (used in) investing activities
    
    
    26,852
    
    
    
    (45,346
    )
    
    
    (133,730
    )CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from credit facility
    
    
    100,300
    
    
    
    165,000
    
    
    
    501,725Repayment of credit and term facilities
    
    
    (134,900
    )
    
    
    (436,000
    )
    
    
    (243,325
    )Proceeds from other notes payable
    
    
    27,034
    
    
    
    
    
    
    
    18,401Repayment of notes payable
    
    
    (73,133
    )
    
    
    (75,819
    )
    
    
    (10,751
    )Payment of loan issuance costs
    
    
    (1,996
    )
    
    
    
    
    
    
    (320
    )Common stock issued, net of expenses
    
    
    (95
    )
    
    
    318,406
    
    
    
    1,156Repurchase of preferred stock
    
    
    
    
    
    
    
    
    
    
    (15,841
    )Income tax deficiency from stock based compensation expense
    
    
    
    
    
    
    (43
    )
    
    
    (46
    )Cash common dividends paid
    
    
    (12,176
    )
    
    
    (22,710
    )
    
    
    (69,808
    )Cash preferred dividends paid
    
    
    (12,907
    )
    
    
    (12,907
    )
    
    
    (15,250
    )Contributions from noncontrolling interests
    
    
    2,237
    
    
    
    32
    
    
    
    11Distributions to noncontrolling interests
    
    
    (2,777
    )
    
    
    (7,276
    )
    
    
    (7,652
    )Net cash provided by (used in) financing activities
    
    
    (108,413
    )
    
    
    (71,317
    )
    
    
    158,300NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    
    
    (1,865
    )
    
    
    (73,499
    )
    
    
    65,138CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
    
    
    9,464
    
    
    
    82,963
    
    
    
    17,825CASH AND CASH EQUIVALENTS AT END OF PERIOD
    
    $
    7,599
    
    
    $
    9,464
    
    
    $
    82,963
 See notes to consolidated financial statements.
 F-6




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##### Table of Contents



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 Description of Business:
  Basis of Presentation:
     2. SIGNIFICANT ACCOUNTING POLICIES
 Long-Lived Assets
 Cost Capitalization:
 F-7




---



##### Table of Contents



Impairment:
    Acquisition of Operating Properties:
 Depreciation and Amortization:
 F-8




---



##### Table of Contents



Discontinued Operations:
 Revenue Recognition
 Rental Property Revenues:
  Fee Income:
  For-Sale Multi-Family Residential Unit Sales:
 Residential Lot Sales:
 F-9




---



##### Table of Contents



Gain on Sale of Investment Properties :
 Income Taxes
   Stock-Based Compensation
  2010
    
    
    2009
    
    
    2008Expensed
    
    $
    4,395
    
    
    $
    5,705
    
    
    $
    4,168Amounts capitalized
    
    
    (282
    )
    
    
    (451
    )
    
    
    (851
    )$
    4,113
    
    
    $
    5,254
    
    
    $
    3,317
 Earnings per Share (EPS)
   F-10




---



##### Table of Contents



2008Basic
    
    
    DilutedWeighted average shares, as originally reported
    
    
    51,202
    
    
    
    51,621Less dilutive effect of restricted shares
    
    
    
    
    
    
    (22
    )Weighted average unvested restricted shares
    
    
    129
    
    
    
    129Weighted average shares, as adjusted
    
    
    51,331
    
    
    
    51,728
  2010
    
    
    2009
    
    
    2008Weighted-average shares-basic
    
    
    101,440
    
    
    
    65,495
    
    
    
    51,331Dilutive potential common shares:Stock options
    
    
    
    
    
    
    
    
    
    
    397Weighted-average shares-diluted
    
    
    101,440
    
    
    
    65,495
    
    
    
    51,728Anti-dilutive options
at period end not included
    
    
    6,460
    
    
    
    6,944
    
    
    
    3,987
 Derivative Instruments
    Cash and Cash Equivalents and Restricted Cash
  New Accounting Pronouncement
  F-11




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##### Table of Contents



Other
  Use of Estimates
  3. NOTES PAYABLE, COMMITMENTS AND CONTINGENCIES
  Term/AmortizationDescription
    
    Interest Rate
    
    Period (Years)
    
    
    Maturity
    
    
    2010
    
    
    2009Credit Facility, unsecured (see note)
    
    LIBOR + 1.75% to 2.25%
    
    
    4/N/A
    
    
    
    8/29/11
    
    
    $
    105,400
    
    
    $
    40,000Term Facility, unsecured (see note)
    
    See note
    
    
    5/N/A
    
    
    
    8/29/12
    
    
    
    
    
    
    
    100,000Terminus 100 mortgage note (see note)
    
    5.25%
    
    
    12/30
    
    
    
    1/1/23
    
    
    
    140,000
    
    
    
    180,000The American Cancer Society Center mortgage
note (interest only until October 1, 2011)
    
    6.45%
    
    
    10/30
    
    
    
    9/1/17
    
    
    
    136,000
    
    
    
    136,000333/555 North Point Center East mortgage note
    
    7.00%
    
    
    10/25
    
    
    
    11/1/11
    
    
    
    26,412
    
    
    
    27,287100/200 North Point Center East mortgage note
(interest only until July 1, 2010)
    
    5.39%
    
    
    5/30
    
    
    
    6/1/12
    
    
    
    24,830
    
    
    
    25,000Previous Meridian Mark Plaza mortgage note (see note)
    
    8.27%
    
    
    10/28
    
    
    
    9/1/10
    
    
    
    
    
    
    
    22,279Meridian Mark Plaza mortgage note (see note)
    
    6.00%
    
    
    10/30
    
    
    
    8/1/20
    
    
    
    26,892
    
    
    
    Lakeshore Park Plaza mortgage note
    
    5.89%
    
    
    4/25
    
    
    
    8/1/12
    
    
    
    17,544
    
    
    
    17,903The Points at Waterview mortgage note
    
    5.66%
    
    
    10/25
    
    
    
    1/1/16
    
    
    
    16,592
    
    
    
    17,024600 University Park Place mortgage note
    
    7.38%
    
    
    10/30
    
    
    
    8/10/11
    
    
    
    12,292
    
    
    
    12,536Handy Road Associates, LLC (see note)
    
    Prime + 1%, but not < 6%
    
    
    5/N/A
    
    
    
    3/30/11
    
    
    
    3,374
    
    
    
    3,340Glenmore Garden Villas, LLC (see note)
    
    LIBOR + 2.25%
    
    
    3/N/A
    
    
    
    10/3/10
    
    
    
    
    
    
    
    8,674Other
    
    4.13%
    
    
    2/N/A
    
    
    
    11/18/13
    
    
    
    173
    
    
    
    165$
    509,509
    
    
    $
    590,208
 Credit and Term Facilities
   F-12




---



##### Table of Contents



Credit and Term Facilities
    
    Credit Facility
    
    Term Facility ApplicableApplicable Spread - As
    
    Applicable Spread -
    
    Spread - BeforeLeverage Ratio
    
    Amended
    
    Before Amendment
    
    Amendment< 35%
    
    
    1.75
    %
    
    
    0.75
    %
    
    
    0.70
    %>35%
but < 45%
    
    
    2.00
    %
    
    
    0.85
    %
    
    
    0.80
    %>45%
but < 50%
    
    
    2.25
    %
    
    
    0.95
    %
    
    
    0.90
    %>50%
but < 55%
    
    
    2.25
    %
    
    
    1.10
    %
    
    
    1.05
    %>55%
    
    
    N/A
    
    
    
    1.25
    %
    
    
    1.20
    %
    Other Debt Activity
     Interest Rate Swap Agreements
   F-13




---



##### Table of Contents



Floating Rate,LIBOR-basedTerm Facility
    
    
    Borrowings
    
    
    TotalBalance, December 31, 2008
    
    $
    11,869
    
    
    $
    4,732
    
    
    $
    16,601Termination of swaps
    
    
    
    
    
    
    (2,766
    )
    
    
    (2,766
    )Change in fair value
    
    
    (3,207
    )
    
    
    (1,111
    )
    
    
    (4,318
    )Balance, December 31, 2009
    
    
    8,662
    
    
    
    855
    
    
    
    9,517Termination of swap
    
    
    (9,235
    )
    
    
    
    
    
    
    (9,235
    )Change in fair value
    
    
    573
    
    
    
    (855
    )
    
    
    (282
    )Balance, December 31, 2010
    
    $
    
    
    
    $
    
    
    
    $
    
 Debt Maturities
  2011
    
    $
    45,7622012
    
    
    151,3622013
    
    
    4,7772014
    
    
    4,8772015
    
    
    5,168Thereafter
    
    
    297,563$
    509,509
 Other Debt Information
    F-14




---



##### Table of Contents



2010
    
    
    2009
    
    
    2008Interest expensed
    
    $
    37,180
    
    
    $
    39,888
    
    
    $
    28,257Interest expensed  discontinued operations
    
    
    
    
    
    
    1,505
    
    
    
    4,894Interest capitalized
    
    
    
    
    
    
    3,736
    
    
    
    14,894Total interest incurred
    
    $
    37,180
    
    
    $
    45,129
    
    
    $
    48,045
 Lease Commitments
  2011
    
    $
    6792012
    
    
    6262013
    
    
    3702014
    
    
    2942015
    
    
    191Thereafter
    
    
    14,520$
    16,680
 Litigation
  4. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
  Total Assets
    
    
    Total Debt
    
    
    Total Equity
    
    

Companys InvestmentSUMMARY OF FINANCIAL POSITION:
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009CP Venture IV LLC entities
    
    $
    313,603
    
    
    $
    324,402
    
    
    $
    36,620
    
    
    $
    35,451
    
    
    $
    267,085
    
    
    $
    277,063
    
    
    $
    15,364
    
    
    $
    15,933Charlotte Gateway Village, LLC
    
    
    154,200
    
    
    
    160,266
    
    
    
    97,030
    
    
    
    110,101
    
    
    
    54,834
    
    
    
    48,214
    
    
    
    10,366
    
    
    
    10,401CF Murfreesboro Associates
    
    
    129,738
    
    
    
    139,782
    
    
    
    103,378
    
    
    
    113,476
    
    
    
    24,263
    
    
    
    23,231
    
    
    
    14,246
    
    
    
    13,817Palisades West LLC
    
    
    129,378
    
    
    
    125,537
    
    
    
    
    
    
    
    
    
    
    
    80,767
    
    
    
    74,237
    
    
    
    42,256
    
    
    
    39,104CP Venture LLC entities
    
    
    106,066
    
    
    
    101,209
    
    
    
    
    
    
    
    
    
    
    
    104,067
    
    
    
    99,133
    
    
    
    3,779
    
    
    
    3,270CL Realty, L.L.C.
    
    
    86,657
    
    
    
    114,598
    
    
    
    2,663
    
    
    
    3,568
    
    
    
    82,534
    
    
    
    109,184
    
    
    
    39,928
    
    
    
    49,825MSREF/Terminus 200 LLC
    
    
    65,164
    
    
    
    
    
    
    
    46,169
    
    
    
    
    
    
    
    13,956
    
    
    
    
    
    
    
    2,791
    
    
    
    Terminus 200 LLC
    
    
    
    
    
    
    27,537
    
    
    
    
    
    
    
    76,762
    
    
    
    
    
    
    
    (47,921
    )
    
    
    
    
    
    
    Temco Associates, LLC
    
    
    60,608
    
    
    
    60,752
    
    
    
    2,929
    
    
    
    3,061
    
    
    
    57,475
    
    
    
    57,484
    
    
    
    22,713
    
    
    
    22,716Crawford Long  CPI, LLC
    
    
    34,408
    
    
    
    35,277
    
    
    
    48,701
    
    
    
    49,710
    
    
    
    (15,341
    )
    
    
    (15,280
    )
    
    
    (6,431
    )
    
    
    (6,396
    )Wildwood Associates
    
    
    21,220
    
    
    
    21,263
    
    
    
    
    
    
    
    
    
    
    
    21,216
    
    
    
    21,205
    
    
    
    (1,642
    )
    
    
    (1,647
    )Ten Peachtree Place Associates
    
    
    20,980
    
    
    
    22,971
    
    
    
    26,782
    
    
    
    27,341
    
    
    
    (6,263
    )
    
    
    (4,846
    )
    
    
    (4,581
    )
    
    
    (3,887
    )Cousins Watkins LLC
    
    
    57,184
    
    
    
    
    
    
    
    28,850
    
    
    
    
    
    
    
    28,334
    
    
    
    
    
    
    
    14,850
    
    
    
    TRG Columbus Development Venture, Ltd.
    
    
    3,574
    
    
    
    6,802
    
    
    
    
    
    
    
    
    
    
    
    2,115
    
    
    
    2,464
    
    
    
    58
    
    
    
    383Pine Mountain Builders, LLC
    
    
    1,559
    
    
    
    6,807
    
    
    
    896
    
    
    
    1,834
    
    
    
    403
    
    
    
    3,119
    
    
    
    757
    
    
    
    2,631$
    1,184,339
    
    
    $
    1,147,203
    
    
    $
    394,018
    
    
    $
    421,304
    
    
    $
    715,445
    
    
    $
    647,287
    
    
    $
    154,454
    
    
    $
    146,150
 F-15




---



##### Table of Contents



Total Revenues
    
    
    Net Income (Loss)
    
    
    Companys Share of Net Income (Loss)SUMMARY OF OPERATIONS:
    
    2010
    
    
    2009
    
    
    2008
    
    
    2010
    
    
    2009
    
    
    2008
    
    
    2010
    
    
    2009
    
    
    2008CP Venture IV LLC entities
    
    $
    31,343
    
    
    $
    32,698
    
    
    $
    36,188
    
    
    $
    3,955
    
    
    $
    4,555
    
    
    $
    4,808
    
    
    $
    1,034
    
    
    $
    1,142
    
    
    $
    1,051Charlotte Gateway Village, LLC
    
    
    31,812
    
    
    
    31,276
    
    
    
    31,292
    
    
    
    7,829
    
    
    
    6,997
    
    
    
    6,286
    
    
    
    1,176
    
    
    
    1,176
    
    
    
    1,176CF Murfreesboro Associates
    
    
    13,785
    
    
    
    12,205
    
    
    
    9,970
    
    
    
    1,032
    
    
    
    1,474
    
    
    
    389
    
    
    
    280
    
    
    
    539
    
    
    
    36Palisades West LLC
    
    
    13,588
    
    
    
    12,677
    
    
    
    1,227
    
    
    
    4,668
    
    
    
    5,303
    
    
    
    539
    
    
    
    2,265
    
    
    
    2,588
    
    
    
    257CP Venture LLC entities
    
    
    18,394
    
    
    
    18,038
    
    
    
    19,882
    
    
    
    8,899
    
    
    
    8,552
    
    
    
    9,156
    
    
    
    921
    
    
    
    882
    
    
    
    955CL Realty, L.L.C.
    
    
    28,013
    
    
    
    2,698
    
    
    
    8,315
    
    
    
    227
    
    
    
    (8,500
    )
    
    
    6,780
    
    
    
    3,543
    
    
    
    (2,552
    )
    
    
    2,882MSREF/Terminus 200 LLC
    
    
    1,873
    
    
    
    
    
    
    
    
    
    
    
    (1,967
    )
    
    
    
    
    
    
    
    
    
    
    (393
    )
    
    
    
    
    
    
    Terminus 200 LLC
    
    
    533
    
    
    
    654
    
    
    
    414
    
    
    
    55
    
    
    
    (82,441
    )
    
    
    (12
    )
    
    
    
    
    
    
    (20,954
    )
    
    
    (6
    )Temco Associates, LLC
    
    
    2,180
    
    
    
    1,420
    
    
    
    6,426
    
    
    
    210
    
    
    
    (2,728
    )
    
    
    940
    
    
    
    104
    
    
    
    (1,357
    )
    
    
    543Crawford Long  CPI, LLC
    
    
    11,415
    
    
    
    11,324
    
    
    
    11,309
    
    
    
    1,939
    
    
    
    1,784
    
    
    
    1,626
    
    
    
    969
    
    
    
    890
    
    
    
    807Wildwood Associates
    
    
    55
    
    
    
    
    
    
    
    1
    
    
    
    (129
    )
    
    
    (133
    )
    
    
    (213
    )
    
    
    (65
    )
    
    
    (67
    )
    
    
    (107
    )Ten Peachtree Place Associates
    
    
    7,776
    
    
    
    7,436
    
    
    
    7,269
    
    
    
    981
    
    
    
    718
    
    
    
    518
    
    
    
    506
    
    
    
    375
    
    
    
    274Cousins Watkins LLC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,072
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    TRG Columbus Development Venture, Ltd.
    
    
    1,091
    
    
    
    506
    
    
    
    57,645
    
    
    
    783
    
    
    
    30
    
    
    
    7,435
    
    
    
    473
    
    
    
    115
    
    
    
    1,892Pine Mountain Builders, LLC
    
    
    6,339
    
    
    
    2,143
    
    
    
    4,250
    
    
    
    (2,541
    )
    
    
    (254
    )
    
    
    336
    
    
    
    (1,316
    )
    
    
    (142
    )
    
    
    153Handy Road Associates, LLC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (237
    )
    
    
    
    
    
    
    (60
    )
    
    
    (120
    )Glenmore Garden Villas LLC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (311
    )
    
    
    (33
    )
    
    
    
    
    
    
    (175
    )
    
    
    (16
    )CPI/FSP I, L.P.
    
    
    
    
    
    
    
    
    
    
    4,448
    
    
    
    
    
    
    
    
    
    
    
    1,017
    
    
    
    
    
    
    
    
    
    
    
    (33
    )Other
    
    
    
    
    
    
    
    
    
    
    20
    
    
    
    
    
    
    
    (5
    )
    
    
    (160
    )
    
    
    (4
    )
    
    
    (39
    )
    
    
    (23
    )$
    168,197
    
    
    $
    133,075
    
    
    $
    198,656
    
    
    $
    24,869
    
    
    $
    (64,959
    )
    
    $
    39,175
    
    
    $
    9,493
    
    
    $
    (17,639
    )
    
    $
    9,721
  CP Venture IV Holdings LLC (CPV IV) 
 Charlotte Gateway Village, LLC (Gateway) 
 CF Murfreesboro Associates (CF Murfreesboro) 
 Palisades West LLC (Palisades) 
 F-16




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##### Table of Contents



CP
Venture LLC Entities (CPV) 
 CL Realty, L.L.C. (CL Realty) 
  Terminus 200 LLC (T200) and MSREF/Terminus 200 LLC (MSREF/T200)
 Temco Associates, LLC (Temco) 
 Crawford Long  CPI, LLC (Crawford Long 
 Wildwood Associates (Wildwood) 
 Ten Peachtree Place Associates (TPPA) 
 F-17




---



##### Table of Contents



Cousins Watkins LLC
 TRG Columbus Development Venture, Ltd. (TRG)
 Pine Mountain Builders, LLC (Pine Mountain Builders) 
  Handy Road 
 Glenmore 
 F-18




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##### Table of Contents



CPI/FSP I, L.P. (CPI/FSP) 
 Additional Information 
  5. IMPAIRMENTS
 Impairment Loss
  2010
    
    
    2009
    
    
    2008Handy Road
    
    $
    1,968
    
    
    $
    
    
    
    $
    60 N. Market/related note receivable
    
    
    586
    
    
    
    1,600
    
    
    
    10 Terminus Place
    
    
    
    
    
    
    34,900
    
    
    
    2,100Company airplane
    
    
    
    
    
    
    4,012
    
    
    
    $
    2,554
    
    
    $
    40,512
    
    
    $
    2,100
    F-19




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##### Table of Contents



Impairment Loss on Investment in Unconsolidated Joint Ventures
  2010
    
    
    2009
    
    
    2008CL Realty
    
    $
    
    
    
    $
    20,300
    
    
    $
    Temco
    
    
    
    
    
    
    6,700
    
    
    
    T200
    
    
    
    
    
    
    17,993
    
    
    
    Glenmore
    
    
    
    
    
    
    6,065
    
    
    
    $
    
    
    
    $
    51,058
    
    
    $
    
    Impairment Loss Within Unconsolidated Joint Ventures
  2010
    
    
    2009
    
    
    2008CL Realty
    
    $
    2,229
    
    
    $
    2,619
    
    
    $
    325Pine Mountain Builders
    
    
    1,517
    
    
    
    
    
    
    
    Temco
    
    
    
    
    
    
    631
    
    
    
    T200
    
    
    
    
    
    
    20,931
    
    
    
    $
    3,746
    
    
    $
    24,181
    
    
    $
    325
 Fair Value Considerations for Property
  F-20




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##### Table of Contents



6. EQUITY
 2009 Incentive Stock Plan
  Stock Options 
   
    
    The risk-free interest rate utilized is the interest rate on U.S. Government Bonds
and Notes having the same life as the estimated life of the Companys option awards.
    
    Expected life of the options granted is estimated based on historical data reflecting
actual hold periods plus an estimated hold period for unexercised options outstanding.
    
    Expected volatility is based on the historical volatility of the Companys stock over
a period relevant to the related stock option grant.
    
    The assumed dividend yield is based on the Companys expectation of an annual
dividend rate for regular dividends over the estimated life of the option.
  2010
    
    
    2009
    
    
    2008AssumptionsRisk-free interest rate
    
    
    2.63
    %
    
    
    1.94
    %
    
    
    2.62
    %Assumed dividend yield
    
    
    5.50
    %
    
    
    6.00
    %
    
    
    5.04
    %Assumed lives of option awards (in years)
    
    
    5.40
    
    
    
    6.07
    
    
    
    5.76Assumed volatility
    
    
    0.642
    
    
    
    0.474
    
    
    
    0.268ResultsWeighted average fair value of options
granted
    
    $
    2.68
    
    
    $
    2.18
    
    
    $
    3.74
   F-21




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##### Table of Contents



Number ofOptions
    
    
    Weighted Average(000s)
    
    
    Exercise Price Per OptionOutstanding, beginning of year
    
    
    6,943
    
    
    $
    21.89Granted
    
    
    352
    
    
    $
    7.09Forfeited/Expired
    
    
    (835
    )
    
    $
    20.18Outstanding, end of year
    
    
    6,460
    
    
    $
    21.30Options exercisable at end of
year
    
    
    5,794
    
    
    $
    22.56
 Stock Grants 
  Number of
    
    
    AverageShares
    
    
    Grant Date(in thousands)
    
    
    Fair ValueNon-vested restricted stock at December 31, 2009
    
    
    17
    
    
    $
    23.53Granted
    
    
    264
    
    
    $
    7.02Vested
    
    
    (26
    )
    
    $
    12.48Forfeited
    
    
    (35
    )
    
    $
    7.22Non-vested restricted stock at December 31, 2010
    
    
    220
    
    
    $
    7.60
 Restricted Stock Unit Plan:
   F-22




---



##### Table of Contents



Outstanding at beginning of year
    
    
    228Granted
    
    
    21Vested
    
    
    (86
    )Forfeited
    
    
    (19
    )Outstanding at end of year
    
    
    144
     Outstanding at December 31, 2009
    
    
    172Granted, at 100% of target
    
    
    224Forfeited at 100% of target
    
    
    (29
    )Outstanding at December 31, 2010
    
    
    367
   F-23




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##### Table of Contents



Other Long-Term Compensation Information:
  Other Stockholder Investment Information
 Preferred Stock:
  Stock Repurchase Plan:
   Director Fees:
  Ownership Limitations:
  Distribution of REIT Taxable Income:
  2010
    
    
    2009
    
    
    2008Common and preferred dividends paid
    
    $
    49,365
    
    
    $
    55,328
    
    
    $
    85,058Dividends treated as taxable compensation
    
    
    (79
    )
    
    
    (28
    )
    
    
    (182
    )Portion of dividends declared in current year, and paid in current
year, which was applied to the prior year distribution requirements
    
    
    (1,606
    )
    
    
    
    
    
    
    Portion of dividends declared in subsequent year, and paid in subsequent
year, which apply to current year distribution requirements
    
    
    
    
    
    
    1,606
    
    
    
    Dividends applied to meet current year REIT distribution requirements
    
    $
    47,680
    
    
    $
    56,906
    
    
    $
    84,876
 F-24




---



##### Table of Contents



7. INCOME TAXES
  2010
    
    
    2009
    
    
    2008Current tax benefit (provision):Federal
    
    $
    720
    
    
    $
    4,605
    
    
    $
    (332
    )State
    
    
    359
    
    
    
    (49
    )
    
    
    (83
    )1,079
    
    
    
    4,556
    
    
    
    (415
    )Deferred tax benefit (provision):Federal
    
    
    
    
    
    
    (7,984
    )
    
    
    8,244State
    
    
    
    
    
    
    (913
    )
    
    
    941
    
    
    
    (8,897
    )
    
    
    9,185Benefit (provision) for income taxes
from operations
    
    $
    1,079
    
    
    $
    (4,341
    )
    
    $
    8,770
  2010
    
    
    2009
    
    
    2008Amount
    
    
    Rate
    
    
    Amount
    
    
    Rate
    
    
    Amount
    
    
    RateFederal income tax benefit (provision)
    
    $
    1,832
    
    
    
    35
    %
    
    $
    39,175
    
    
    
    35
    %
    
    $
    7,821
    
    
    
    34
    %State income tax benefit, net of federal
income tax effect
    
    
    141
    
    
    
    3
    %
    
    
    3,625
    
    
    
    4
    %
    
    
    431
    
    
    
    2
    %Valuation allowance
    
    
    (894
    )
    
    
    (17
    )%
    
    
    (47,141
    )
    
    
    (43
    )%
    
    
    
    
    
    
    Other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    518
    
    
    
    2
    %Benefit (provision) applicable to
income (loss) from continuing operations
    
    $
    1,079
    
    
    
    21
    %
    
    $
    (4,341
    )
    
    
    (4
    )%
    
    $
    8,770
    
    
    
    38
    %
  2010
    
    
    2009Income from unconsolidated joint ventures
    
    $
    5,519
    
    
    $
    6,774Depreciation and amortization
    
    
    
    
    
    
    293Long-term incentive equity awards
    
    
    1,281
    
    
    
    851Charitable contributions
    
    
    151
    
    
    
    774For-sale
multi-family units basis differential
    
    
    2,519
    
    
    
    12,019Interest carryforward
    
    
    13,158
    
    
    
    13,158Federal and state tax carryforwards
    
    
    25,464
    
    
    
    13,149Other
    
    
    24
    
    
    
    123Total deferred tax assets
    
    
    48,116
    
    
    
    47,141Depreciation and amortization
    
    
    (180
    )
    
    
    Total deferred tax liabilities
    
    
    (180
    )
    
    
    Valuation allowance
    
    
    (47,936
    )
    
    
    (47,141
    )Net deferred tax asset
    
    $
    
    
    
    $
    
  F-25




---



##### Table of Contents



8. PROPERTY TRANSACTIONS
 Investment Property Sales
    2010
    
    
    2009
    
    
    2008Rental property revenues
    
    $
    4,856
    
    
    $
    10,283
    
    
    $
    10,537Other income
    
    
    35
    
    
    
    53
    
    
    
    31Rental property operating expenses
    
    
    (1,292
    )
    
    
    (3,185
    )
    
    
    (2,774
    )Depreciation and amortization
    
    
    (845
    )
    
    
    (2,483
    )
    
    
    (3,140
    )Interest expense
    
    
    
    
    
    
    (1,505
    )
    
    
    (4,894
    )Income (loss) from discontinued operations
    
    $
    2,754
    
    
    $
    3,163
    
    
    $
    (240
    )Gain on extinguishment of debt
    
    $
    
    
    
    $
    12,498
    
    
    $
    
 F-26




---



##### Table of Contents



2010
    
    
    2009
    
    
    2008San Jose MarketCenter
    
    $
    6,572
    
    
    $
    
    
    
    $
    8995 Westside Parkway
    
    
    654
    
    
    
    
    
    
    
    3100 Windy Hill Road
    
    
    
    
    
    
    147
    
    
    
    2,436North Point Ground Leases
    
    
    
    
    
    
    
    
    
    
    36$
    7,226
    
    
    $
    147
    
    
    $
    2,472
  Other Property Transactions
   9. NOTES AND OTHER RECEIVABLES
  2010
    
    
    2009Notes receivable, net of allowance for doubtful
accounts of $3,671 and $1,469 in 2010 and 2009, respectively
    
    $
    3,797
    
    
    $
    5,649Cumulative rental revenue recognized on a straight-
line basis in excess of revenue accrued in
accordance with lease terms (see Note 2)
    
    
    34,231
    
    
    
    30,779Tenant and other receivables, net of allowance for doubtful
accounts
of $2,616 and $4,265 in 2010 and 2009, respectively
    
    
    10,367
    
    
    
    13,250$
    48,395
    
    
    $
    49,678
 F-27




---



##### Table of Contents



Fair Value
  10. OTHER ASSETS
  2010
    
    
    2009Investment in Verde
    
    $
    9,376
    
    
    $
    9,376FF&E and leasehold improvements, net of accumulated depreciation of $16,117 and $14,195 in 2010 and 2009, respectively
    
    
    4,673
    
    
    
    5,306Predevelopment costs and earnest money
    
    
    7,039
    
    
    
    7,673Lease inducements, net of accumulated amortization
of $2,991 and $1,860 in 2010 and 2009, respectively
    
    
    11,899
    
    
    
    12,545Loan closing costs, net of accumulated amortization
of $3,109 and $4,177 in 2010 and 2009, respectively
    
    
    2,703
    
    
    
    3,385Prepaid expenses and other assets
    
    
    2,296
    
    
    
    2,631Intangible Assets:Goodwill
    
    
    5,430
    
    
    
    5,450Above market leases, net of accumulated amortization
of $8,741 and $8,704 in 2010 and 2009, respectively
    
    
    526
    
    
    
    564In-place leases, net of accumulated amortization
of $2,492 and $2,391 in 2010 and 2009, respectively
    
    
    322
    
    
    
    423$
    44,264
    
    
    $
    47,353
 Information Related to Other Assets
    2010Beginning Balance
    
    $
    5,450Allocated to property sale
    
    
    (20
    )Ending Balance
    
    $
    5,430
 F-28




---



##### Table of Contents



11. CONSOLIDATED STATEMENTS OF CASH FLOWS SUPPLEMENTAL INFORMATION
  2010
    
    
    2009
    
    
    2008Interest paid, net of amounts capitalized
    
    $
    35,616
    
    
    $
    40,219
    
    
    $
    31,094Income taxes refunded, net of payments
    
    
    (3,308
    )
    
    
    (891
    )
    
    
    (8,072
    )Non-Cash Transactions:Issuance of common stock for payment of common dividends
    
    
    24,282
    
    
    
    19,711
    
    
    
    Land collateral received from note receivable default
    
    
    5,030
    
    
    
    
    
    
    
    Adjustments to property expenditures for amounts included in accounts payable
    
    
    1,976
    
    
    
    5,093
    
    
    
    2,851Transfer from land held for investment or future development to operating properties
    
    
    1,410
    
    
    
    
    
    
    
    Increase in notes receivable for lease termination and land and lot sales
    
    
    3,312
    
    
    
    
    
    
    
    5,172Change in fair value of redeemable noncontrolling interests
    
    
    378
    
    
    
    180
    
    
    
    3,545Transfer from notes receivable to multi-family residential units
    
    
    
    
    
    
    8,167
    
    
    
    Transfer from notes payable and accrued liabilities to redeemable noncontrolling interests
    
    
    
    
    
    
    8,767
    
    
    
    Transfer from other assets to land
    
    
    
    
    
    
    2,440
    
    
    
    6,419Increase in notes payable upon consolidation of entities
    
    
    
    
    
    
    11,918
    
    
    
    Issuance of note payable for purchase of townhomes
    
    
    
    
    
    
    3,150
    
    
    
    Transfer from investment in joint venture to land upon consolidation of entities
    
    
    
    
    
    
    9,116
    
    
    
    1,570
 12. NONCONTROLLING INTERESTS
   2010
    
    
    2009Beginning Balance
    
    $
    12,591
    
    
    $
    3,945Net income (loss) attributable to redeemable noncontrolling interests
    
    
    176
    
    
    
    (174
    )Distributions to noncontrolling interests
    
    
    (337
    )
    
    
    (159
    )Contributions from noncontrolling interests
    
    
    2,237
    
    
    
    32Conversion of note payable and accrued interest to noncontrolling interest
    
    
    
    
    
    
    8,767Change in fair value of noncontrolling interests
    
    
    (378
    )
    
    
    180Ending Balance
    
    $
    14,289
    
    
    $
    12,591
  F-29




---



##### Table of Contents



2010
    
    
    2009
    
    
    2008Net income attributable to nonredeemable noncontrolling interests
    
    
    2,364
    
    
    
    2,426
    
    
    
    2,731Net income (loss) attributable to redeemable noncontrolling interests
    
    
    176
    
    
    
    (174
    )
    
    
    (353
    )Net income attributable to noncontrolling interests
    
    $
    2,540
    
    
    $
    2,252
    
    
    $
    2,378
 13. COMMON STOCK
  14. RENTAL PROPERTY REVENUES
   Office
    
    
    Retail
    
    
    Industrial
    
    
    Total2011
    
    $
    73,715
    
    
    $
    22,751
    
    
    $
    3,780
    
    
    $
    100,2462012
    
    
    73,884
    
    
    
    23,082
    
    
    
    5,534
    
    
    
    102,5002013
    
    
    70,080
    
    
    
    23,354
    
    
    
    5,932
    
    
    
    99,3662014
    
    
    66,009
    
    
    
    22,591
    
    
    
    6,076
    
    
    
    94,6762015
    
    
    59,277
    
    
    
    21,977
    
    
    
    4,603
    
    
    
    85,857Thereafter
    
    
    272,581
    
    
    
    56,792
    
    
    
    29,843
    
    
    
    359,216$
    615,546
    
    
    $
    170,547
    
    
    $
    55,768
    
    
    $
    841,861
  15. RETIREMENT SAVINGS PLAN
   F-30




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##### Table of Contents



16. REPORTABLE SEGMENTS
  
    
    fee income, salary reimbursements and expenses for joint venture properties,
other than ventures within the Land segment, that the Company manages, develops
and/or leases;
    
    compensation for corporate employees, other than those in the Third-Party
Management segment;
    
    general corporate overhead costs, interest expense for consolidated entities (as
financing decisions are made at the corporate level, with the exception of joint
venture interest expense, which is included in joint venture results in the
respective segment);
    
    income attributable to noncontrolling interests;
    
    income taxes;
    
    depreciation;
    
    preferred dividends; and
    
    operations of the Industrial properties, which are not material for separate
presentation.
    F-31




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##### Table of Contents



Third PartyYear Ended December 31, 2010
    
    Office
    
    
    Retail
    
    
    Land
    
    
    Management
    
    
    Multi-Family
    
    
    Other
    
    
    TotalNet rental property revenues less rental property operating expenses
    
    $
    60,646
    
    
    $
    23,792
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    3,625
    
    
    $
    88,063Fee income, net of reimbursed expenses
    
    
    
    
    
    
    
    
    
    
    211
    
    
    
    9,166
    
    
    
    
    
    
    
    8,739
    
    
    
    18,116Residential lot, multi-family unit, tract and outparcel sales, net of cost
of sales, including gain on sale of undepreciated investment properties
    
    
    
    
    
    
    4,661
    
    
    
    1,076
    
    
    
    
    
    
    
    7,425
    
    
    
    1,204
    
    
    
    14,366Other income
    
    
    436
    
    
    
    114
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    714
    
    
    
    1,264General and administrative expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,506
    )
    
    
    
    
    
    
    (29,688
    )
    
    
    (37,194
    )Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (37,180
    )
    
    
    (37,180
    )Impairment loss
    
    
    
    
    
    
    
    
    
    
    (1,968
    )
    
    
    
    
    
    
    (586
    )
    
    
    
    
    
    
    (2,554
    )Depreciation and amortization of non-real estate assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,889
    )
    
    
    (1,889
    )Other expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (466
    )
    
    
    
    
    
    
    (4,704
    )
    
    
    (5,170
    )Loss on extinguishment of debt and interest rate swaps
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (9,827
    )
    
    
    (9,827
    )Funds from operations from unconsolidated joint ventures
    
    
    9,863
    
    
    
    6,443
    
    
    
    2,375
    
    
    
    
    
    
    
    473
    
    
    
    
    
    
    
    19,154Income attributable to noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,540
    )
    
    
    (2,540
    )Benefit for income taxes from operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,079
    
    
    
    1,079Preferred stock dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,907
    )
    
    
    (12,907
    )Funds from operations available to common stockholders
    
    $
    70,945
    
    
    $
    35,010
    
    
    $
    1,694
    
    
    $
    1,194
    
    
    $
    7,312
    
    
    $
    (83,374
    )
    
    
    32,781Real estate depreciation and amortization, including Companys
share of joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (67,728
    )Gain on sale of depreciated investment properties
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,467Net loss available to common stockholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    (27,480
    )Total Assets
    
    $
    671,540
    
    
    $
    348,470
    
    
    $
    261,323
    
    
    $
    4,050
    
    
    $
    4,564
    
    
    $
    81,335
    
    
    $
    1,371,282
 Third PartyYear ended December 31, 2009
    
    Office
    
    
    Retail
    
    
    Land
    
    
    Management
    
    
    Multi-Family
    
    
    Other
    
    
    TotalNet rental property revenues less rental property operating expenses
    
    $
    57,257
    
    
    $
    24,395
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1,568
    
    
    $
    83,220Fee income, net of reimbursed expenses
    
    
    
    
    
    
    
    
    
    
    616
    
    
    
    11,337
    
    
    
    
    
    
    
    6,347
    
    
    
    18,300Residential lot, multi-family unit, tract and outparcel sales, net of cost
of sales, including gain on sale of undepreciated investment properties
    
    
    276
    
    
    
    1,841
    
    
    
    1,466
    
    
    
    
    
    
    
    5,212
    
    
    
    58
    
    
    
    8,853Other income
    
    
    286
    
    
    
    1,431
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,308
    
    
    
    3,025Loss on extinguishment of debt and interest rate swaps
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,732
    
    
    
    9,732General and administrative expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,624
    )
    
    
    
    
    
    
    (29,581
    )
    
    
    (37,205
    )Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (41,393
    )
    
    
    (41,393
    )Impairment loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (36,500
    )
    
    
    (4,012
    )
    
    
    (40,512
    )Depreciation and amortization of non-real estate assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,382
    )
    
    
    (3,382
    )Other expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (13,143
    )
    
    
    (13,143
    )Funds from operations from unconsolidated joint ventures
    
    
    (11,149
    )
    
    
    6,440
    
    
    
    (4,091
    )
    
    
    
    
    
    
    (60
    )
    
    
    (37
    )
    
    
    (8,897
    )Impairment loss on investment in unconsolidated joint ventures
    
    
    (17,993
    )
    
    
    
    
    
    
    (27,000
    )
    
    
    
    
    
    
    (6,065
    )
    
    
    
    
    
    
    (51,058
    )Income attributable to noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,252
    )
    
    
    (2,252
    )Provision for income taxes from operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,341
    )
    
    
    (4,341
    )Preferred stock dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,907
    )
    
    
    (12,907
    )Funds from operations available to common stockholders
    
    $
    28,677
    
    
    $
    34,107
    
    
    $
    (29,009
    )
    
    $
    3,713
    
    
    $
    (37,413
    )
    
    $
    (92,035
    )
    
    
    (91,960
    )Real estate depreciation and amortization, including Companys
share of joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (61,205
    )Gain on sale of depreciated investment properties, including
Companys share of joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    167,553Net income available to common stockholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    14,388Total Assets
    
    $
    650,958
    
    
    $
    429,099
    
    
    $
    273,026
    
    
    $
    7,291
    
    
    $
    31,206
    
    
    $
    99,972
    
    
    $
    1,491,552
 F-32




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##### Table of Contents



Third PartyYear ended December 31, 2008
    
    Office
    
    
    Retail
    
    
    Land
    
    
    Management
    
    
    Multi-Family
    
    
    Other
    
    
    TotalNet rental property revenues less rental property operating expenses
    
    $
    65,060
    
    
    $
    23,602
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1,492
    
    
    $
    90,154Fee income, net of reimbursed expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,848
    
    
    
    
    
    
    
    21,535
    
    
    
    31,383Residential lot, multi-family unit, tract and outparcel sales, net of cost
of sales, including gain on sale of undepreciated investment properties
    
    
    620
    
    
    
    3,976
    
    
    
    7,113
    
    
    
    
    
    
    
    1,114
    
    
    
    2,119
    
    
    
    14,942Other income
    
    
    41
    
    
    
    388
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,751
    
    
    
    4,180General and administrative expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (11,003
    )
    
    
    
    
    
    
    (31,171
    )
    
    
    (42,174
    )Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (33,151
    )
    
    
    (33,151
    )Impairment loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,100
    )
    
    
    
    
    
    
    (2,100
    )Depreciation and amortization of non-real estate assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,743
    )
    
    
    (3,743
    )Other expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (6,049
    )
    
    
    (6,049
    )Funds from operations from unconsolidated joint ventures
    
    
    5,134
    
    
    
    5,653
    
    
    
    3,503
    
    
    
    
    
    
    
    1,892
    
    
    
    (45
    )
    
    
    16,137Income attributable to noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,378
    )
    
    
    (2,378
    )Benefit for income taxes from operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,770
    
    
    
    8,770Preferred stock dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (14,957
    )
    
    
    (14,957
    )Funds from operations available to common stockholders
    
    $
    70,855
    
    
    $
    33,619
    
    
    $
    10,616
    
    
    $
    (1,155
    )
    
    $
    906
    
    
    $
    (53,827
    )
    
    
    61,014Real estate depreciation and amortization, including Companys
share of joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (56,084
    )Gain on sale of depreciated investment properties
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,660Net income available to common stockholders
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    7,590Total Assets
    
    $
    675,813
    
    
    $
    455,484
    
    
    $
    300,899
    
    
    $
    5,335
    
    
    $
    78,860
    
    
    $
    177,404
    
    
    $
    1,693,795
   
    
    Rental property operations, including discontinued;
    
    Reimbursements of third-party and joint venture personnel costs;
    
    Residential, tract and outparcel sales;
    
    Multi-family sales; and
    
    Gains on sales of investment properties.
  F-33




---



##### Table of Contents



2010
    
    
    2009
    
    
    2008Net rental property revenues less rental property operating expenses
    
    $
    88,063
    
    
    $
    83,220
    
    
    $
    90,154Plus rental property operating expenses
    
    
    58,973
    
    
    
    63,382
    
    
    
    54,501Fee income, net of reimbursed expenses
    
    
    18,116
    
    
    
    18,300
    
    
    
    31,383Reimbursements of third-party and joint venture personnel included in fee income
    
    
    15,304
    
    
    
    15,506
    
    
    
    16,279Residential lot, multi-family unit, tract, and outparcel sales, net of cost of sales, including
gain on sale of undepreciated investment properties
    
    
    14,366
    
    
    
    8,853
    
    
    
    14,942Less gain on sale of undepreciated investment properties
    
    
    (1,697
    )
    
    
    (1,243
    )
    
    
    (10,611
    )Plus residential lot, multi-family unit, tract, and outparcel cost of sales
    
    
    37,716
    
    
    
    30,652
    
    
    
    11,106Net rental property revenues less rental property operating expenses from discontinued operations
    
    
    (3,564
    )
    
    
    (7,098
    )
    
    
    (7,763
    )Other income
    
    
    1,264
    
    
    
    3,025
    
    
    
    4,180Other income from discontinued operations
    
    
    (35
    )
    
    
    (53
    )
    
    
    (31
    )Total consolidated revenues
    
    $
    228,506
    
    
    $
    214,544
    
    
    $
    204,140
 *********
 F-34




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##### Table of Contents



SCHEDULE III
(Page 1 of 5)
 COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2010
($ in thousands)
 Costs Capitalized Subsequent to
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life on WhichInitial Cost to Company
    
    
    Acquisition
    
    
    Gross Amount at Which Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciation inBuilding and
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2010 StatementImprovements less
    
    
    
    
    
    
    Improvements less
    
    
    
    
    
    
    
    
    
    
    Date of
    
    
    
    
    
    
    of OperationsLand and
    
    
    Buildings and
    
    
    Land and
    
    
    Cost of Sales and
    
    
    Land and
    
    
    Cost of Sales,
    
    
    
    
    
    
    Accumulated
    
    
    Construction/
    
    
    Date
    
    
    is ComputedDescription/Metropolitan Area
    
    Encumbrances
    
    
    Improvements
    
    
    Improvements
    
    
    Improvements
    
    
    Other
    
    
    Improvements
    
    
    Transfers and Other
    
    
    Total (a)
    
    
    Depreciation (a)
    
    
    Renovation
    
    
    Acquired
    
    
    (b)LAND HELD FOR
INVESTMENT OR
FUTURE DEVELOPMENTNorth Point
Suburban Atlanta, GA
    
    $
    
    
    
    $
    10,294
    
    
    $
    
    
    
    $
    28,836
    
    
    $
    (32,611
    )
    
    $
    39,130
    
    
    $
    (32,611
    )
    
    $
    6,519
    
    
    $
    
    
    
    
    
    
    
    
    1970-1985
    
    
    
    Terminus
Atlanta, GA
    
    
    
    
    
    
    18,745
    
    
    
    
    
    
    
    14,317
    
    
    
    (20,411
    )
    
    
    33,062
    
    
    
    (20,411
    )
    
    
    12,651
    
    
    
    
    
    
    
    
    
    
    
    2005
    
    
    
    King Mill Distribution Park
Suburban Atlanta, GA
    
    
    
    
    
    
    10,528
    
    
    
    
    
    
    
    6,497
    
    
    
    (6,936
    )
    
    
    17,025
    
    
    
    (6,936
    )
    
    
    10,089
    
    
    
    
    
    
    
    
    
    
    
    2005
    
    
    
    Jefferson Mill Business Park
Suburban Atlanta, GA
    
    
    
    
    
    
    14,223
    
    
    
    
    
    
    
    9,533
    
    
    
    (14,560
    )
    
    
    23,756
    
    
    
    (14,560
    )
    
    
    9,196
    
    
    
    
    
    
    
    
    
    
    
    2006
    
    
    
    Lakeside Ranch Business Park
Dallas, TX
    
    
    
    
    
    
    6,328
    
    
    
    
    
    
    
    3,493
    
    
    
    
    
    
    
    9,821
    
    
    
    
    
    
    
    9,821
    
    
    
    
    
    
    
    
    
    
    
    2006
    
    
    
    615 Peachtree Street
Atlanta, GA
    
    
    
    
    
    
    10,164
    
    
    
    
    
    
    
    2,328
    
    
    
    
    
    
    
    12,492
    
    
    
    
    
    
    
    12,492
    
    
    
    
    
    
    
    
    
    
    
    1996
    
    
    
    Wildwood
Suburban Atlanta, GA
    
    
    
    
    
    
    10,214
    
    
    
    
    
    
    
    5,092
    
    
    
    (14,292
    )
    
    
    15,306
    
    
    
    (14,292
    )
    
    
    1,014
    
    
    
    
    
    
    
    
    
    
    
    1971-1989
    
    
    
    Handy Road Associates, LLC
Suburban Atlanta, GA
    
    
    3,374
    
    
    
    5,342
    
    
    
    
    
    
    
    
    
    
    
    (1,968
    )
    
    
    5,342
    
    
    
    (1,968
    )
    
    
    3,374
    
    
    
    
    
    
    
    
    
    
    
    2009
    
    
    
    Round Rock Land
Austin, TX
    
    
    
    
    
    
    12,802
    
    
    
    
    
    
    
    4,313
    
    
    
    
    
    
    
    17,115
    
    
    
    
    
    
    
    17,115
    
    
    
    
    
    
    
    
    
    
    
    2005
    
    
    
    Land Adjacent to The Avenue Forsyth
Suburban Atlanta, GA
    
    
    
    
    
    
    11,240
    
    
    
    
    
    
    
    10,875
    
    
    
    (11,673
    )
    
    
    22,115
    
    
    
    (11,673
    )
    
    
    10,442
    
    
    
    
    
    
    
    
    
    
    
    2007
    
    
    
    Land Adjacent to The Avenue Webb Gin
Suburban Atlanta, GA
    
    
    
    
    
    
    946
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    946
    
    
    
    
    
    
    
    946
    
    
    
    
    
    
    
    
    
    
    
    2005
    
    
    
    Lancaster Land 
Dallas, TX
    
    
    
    
    
    
    3,901
    
    
    
    
    
    
    
    943
    
    
    
    
    
    
    
    4,844
    
    
    
    
    
    
    
    4,844
    
    
    
    
    
    
    
    
    
    
    
    2007
    
    
    
    Land Adjacent to The Avenue Carriage Crossing
Suburban Memphis, TN
    
    
    
    
    
    
    7,208
    
    
    
    
    
    
    
    2,052
    
    
    
    (7,291
    )
    
    
    9,260
    
    
    
    (7,291
    )
    
    
    1,969
    
    
    
    
    
    
    
    
    
    
    
    2004
    
    
    
    549 / 555 / 557 Peachtree Street
Atlanta, GA
    
    
    
    
    
    
    5,988
    
    
    
    
    
    
    
    6,152
    
    
    
    (3,346
    )
    
    
    12,140
    
    
    
    (3,346
    )
    
    
    8,794
    
    
    
    
    
    
    
    
    
    
    
    2004
    
    
    
    Research Park V
Austin, TX
    
    
    
    
    
    
    4,373
    
    
    
    
    
    
    
    590
    
    
    
    
    
    
    
    4,963
    
    
    
    
    
    
    
    4,963
    
    
    
    
    
    
    
    
    
    
    
    1998
    
    
    
    Blalock Lakes
Suburban Atlanta, GA
    
    
    
    
    
    
    9,646
    
    
    
    
    
    
    
    4
    
    
    
    
    
    
    
    9,650
    
    
    
    
    
    
    
    9,650
    
    
    
    
    
    
    
    
    
    
    
    2008
    
    
    
    Total Land Held for Investment or Future Development
    
    $
    3,374
    
    
    $
    141,942
    
    
    $
    
    
    
    $
    95,025
    
    
    $
    (113,088
    )
    
    $
    236,967
    
    
    $
    (113,088
    )
    
    $
    123,879
    
    
    $
    
 S-1




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##### Table of Contents



SCHEDULE III
(Page 2 of 5)
 COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2010
($ in thousands)
 Costs Capitalized Subsequent to
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life on WhichInitial Cost to Company
    
    Acquisition
    
    
    Gross Amount at Which Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciation inBuilding and
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2010 StatementImprovements less
    
    
    
    
    
    
    Improvements less
    
    
    
    
    
    
    
    
    
    
    Date of
    
    
    
    
    
    
    of OperationsLand and
    
    
    Buildings and
    
    
    Land and
    
    
    Cost of Sales and
    
    
    Land and
    
    
    Cost of Sales,
    
    
    
    
    
    
    Accumulated
    
    
    Construction/
    
    
    Date
    
    
    is ComputedDescription/Metropolitan Area
    
    Encumbrances
    
    
    Improvements
    
    
    Improvements
    
    
    Improvements
    
    
    Other
    
    
    Improvements
    
    
    Transfers and Other
    
    
    Total (a)
    
    
    Depreciation (a)
    
    
    Renovation
    
    
    Acquired
    
    
    (b)OPERATING PROPERTIESOfficeThe American Cancer Society Center
Atlanta, GA
    
    $
    136,000
    
    
    $
    5,226
    
    
    $
    67,370
    
    
    $
    
    
    
    $
    25,092
    
    
    $
    5,226
    
    
    $
    92,462
    
    
    $
    97,688
    
    
    $
    53,711
    
    
    
    
    
    
    
    1999
    
    
    25 yearsTerminus 100 
Atlanta, GA
    
    
    140,000
    
    
    
    15,559
    
    
    
    
    
    
    
    (2,512
    )
    
    
    156,286
    
    
    
    13,047
    
    
    
    156,286
    
    
    
    169,333
    
    
    
    28,367
    
    
    
    2008
    
    
    
    2005
    
    
    30 yearsGalleria 75
Suburban Atlanta, GA
    
    
    
    
    
    
    6,673
    
    
    
    4,743
    
    
    
    
    
    
    
    627
    
    
    
    6,673
    
    
    
    5,370
    
    
    
    12,043
    
    
    
    2,102
    
    
    
    
    
    
    
    2004
    
    
    25 yearsThe Points at Waterview
Suburban Dallas, TX
    
    
    16,592
    
    
    
    2,558
    
    
    
    22,910
    
    
    
    
    
    
    
    5,225
    
    
    
    2,558
    
    
    
    28,135
    
    
    
    30,693
    
    
    
    14,466
    
    
    
    
    
    
    
    2000
    
    
    25 yearsLakeshore Park Plaza
Birmingham, AL
    
    
    17,544
    
    
    
    3,362
    
    
    
    12,261
    
    
    
    
    
    
    
    5,169
    
    
    
    3,362
    
    
    
    17,430
    
    
    
    20,792
    
    
    
    8,556
    
    
    
    
    
    
    
    1998
    
    
    30 years600 University Park Place
Birmingham, AL
    
    
    12,292
    
    
    
    1,899
    
    
    
    
    
    
    
    
    
    
    
    17,080
    
    
    
    1,899
    
    
    
    17,080
    
    
    
    18,979
    
    
    
    6,804
    
    
    
    1998
    
    
    
    1998
    
    
    30 years333 North Point Center East
Suburban Atlanta, GA
    
    
    26,412
    (c)
    
    
    551
    
    
    
    
    
    
    
    
    
    
    
    13,698
    
    
    
    551
    
    
    
    13,698
    
    
    
    14,249
    
    
    
    7,354
    
    
    
    1996
    
    
    
    1996
    
    
    30 years555 North Point Center East
Suburban Atlanta, GA
    
    
    
    (c)
    
    
    368
    
    
    
    
    
    
    
    
    
    
    
    17,823
    
    
    
    368
    
    
    
    17,823
    
    
    
    18,191
    
    
    
    8,360
    
    
    
    1998
    
    
    
    1998
    
    
    30 yearsOne Georgia Center
Atlanta, GA
    
    
    
    
    
    
    9,267
    
    
    
    27,079
    
    
    
    
    
    
    
    23,620
    
    
    
    9,267
    
    
    
    50,699
    
    
    
    59,966
    
    
    
    15,925
    
    
    
    
    
    
    
    2000
    
    
    30 years100 North Point Center East
Suburban Atlanta, GA
    
    
    24,830
    (d)
    
    
    1,475
    
    
    
    9,625
    
    
    
    
    
    
    
    1,907
    
    
    
    1,475
    
    
    
    11,532
    
    
    
    13,007
    
    
    
    5,319
    
    
    
    
    
    
    
    2003
    
    
    25 years200 North Point Center East 
Suburban Atlanta, GA
    
    
    
    (d)
    
    
    1,726
    
    
    
    7,920
    
    
    
    
    
    
    
    2,479
    
    
    
    1,726
    
    
    
    10,399
    
    
    
    12,125
    
    
    
    4,324
    
    
    
    
    
    
    
    2003
    
    
    25 yearsCosmopolitan Center (e)
Atlanta, GA
    
    
    
    
    
    
    9,465
    
    
    
    2,581
    
    
    
    (1,512
    )
    
    
    338
    
    
    
    7,953
    
    
    
    2,919
    
    
    
    10,872
    
    
    
    1,186
    
    
    
    
    
    
    
    2006
    
    
    24 years191 Peachtree Tower (e)
Atlanta, GA
    
    
    
    
    
    
    5,355
    
    
    
    141,012
    
    
    
    
    
    
    
    69,743
    
    
    
    5,355
    
    
    
    210,755
    
    
    
    216,110
    
    
    
    34,730
    
    
    
    
    
    
    
    2006
    
    
    40 years221 Peachtree Center Avenue Parking Garage 
Atlanta, GA
    
    
    
    
    
    
    4,217
    
    
    
    13,337
    
    
    
    
    
    
    
    111
    
    
    
    4,217
    
    
    
    13,448
    
    
    
    17,665
    
    
    
    1,286
    
    
    
    
    
    
    
    2007
    
    
    39 yearsMeridian Mark Plaza 
Atlanta, GA
    
    
    26,892
    
    
    
    2,219
    
    
    
    
    
    
    
    
    
    
    
    25,509
    
    
    
    2,219
    
    
    
    25,509
    
    
    
    27,728
    
    
    
    12,652
    
    
    
    1997
    
    
    
    1997
    
    
    30 yearsInhibitex 
Suburban Atlanta, GA
    
    
    
    
    
    
    675
    
    
    
    
    
    
    
    
    
    
    
    5,727
    
    
    
    675
    
    
    
    5,727
    
    
    
    6,402
    
    
    
    1,896
    
    
    
    2004
    
    
    
    2004
    
    
    30 yearsTotal Office
    
    $
    400,562
    
    
    $
    70,595
    
    
    $
    308,838
    
    
    $
    (4,024
    )
    
    $
    370,434
    
    
    $
    66,571
    
    
    $
    679,272
    
    
    $
    745,843
    
    
    $
    207,038
 S-2




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##### Table of Contents



Schedule III
(Page 3 of 5)
 COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2010
($ in thousands)
 Costs Capitalized Subsequent to
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life on WhichInitial Cost to Company
    
    Acquisition
    
    
    Gross Amount at Which Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciation inBuilding and
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2010 StatementImprovements less
    
    
    
    
    
    
    Improvements less
    
    
    
    
    
    
    
    
    
    
    Date of
    
    
    
    
    
    
    of OperationsLand and
    
    
    Buildings and
    
    
    Land and
    
    
    Cost of Sales and
    
    
    Land and
    
    
    Cost of Sales,
    
    
    
    
    
    
    Accumulated
    
    
    Construction/
    
    
    Date
    
    
    is ComputedDescription/Metropolitan Area
    
    Encumbrances
    
    
    Improvements
    
    
    Improvements
    
    
    Improvements
    
    
    Other
    
    
    Improvements
    
    
    Transfers and Other
    
    
    Total (a)
    
    
    Depreciation (a)
    
    
    Renovation
    
    
    Acquired
    
    
    (b)RetailThe Avenue Carriage Crossing
Suburban Memphis, TN
    
    $
    
    
    
    $
    11,470
    
    
    $
    
    
    
    $
    (1,675
    )
    
    $
    83,045
    
    
    $
    9,795
    
    
    $
    83,045
    
    
    $
    92,840
    
    
    $
    24,984
    
    
    
    2004
    
    
    
    2004
    
    
    30 yearsThe Avenue Forsyth
Suburban Atlanta, GA
    
    
    
    
    
    
    22,848
    
    
    
    
    
    
    
    3,879
    
    
    
    94,551
    
    
    
    26,727
    
    
    
    94,551
    
    
    
    121,278
    
    
    
    13,384
    
    
    
    2009
    
    
    
    2007
    
    
    30 yearsTiffany Springs MarketCenter
Kansas City, MO
    
    
    
    
    
    
    8,174
    
    
    
    
    
    
    
    3,474
    
    
    
    46,922
    
    
    
    11,648
    
    
    
    46,922
    
    
    
    58,570
    
    
    
    4,141
    
    
    
    2009
    
    
    
    2007
    
    
    30 yearsThe Avenue Webb Gin
Suburban Atlanta, GA
    
    
    
    
    
    
    11,583
    
    
    
    
    
    
    
    (2,997
    )
    
    
    67,031
    
    
    
    8,586
    
    
    
    67,031
    
    
    
    75,617
    
    
    
    16,077
    
    
    
    2005
    
    
    
    2005
    
    
    30 yearsTotal Retail
    
    $
    
    
    
    $
    54,075
    
    
    $
    
    
    
    $
    2,681
    
    
    $
    291,549
    
    
    $
    56,756
    
    
    $
    291,549
    
    
    $
    348,305
    
    
    $
    58,58656,756IndustrialLakeside Ranch Business Park  Building 20
Dallas, TX
    
    
    
    
    
    
    5,073
    
    
    
    
    
    
    
    
    
    
    
    25,215
    
    
    
    5,073
    
    
    
    25,215
    
    
    
    30,288
    
    
    
    4,138
    
    
    
    2008
    
    
    
    2006
    
    
    30 yearsJefferson Mill Business Park  Building A
Suburban Atlanta, GA
    
    
    
    
    
    
    1,287
    
    
    
    
    
    
    
    1,410
    
    
    
    19,728
    
    
    
    2,697
    
    
    
    19,728
    
    
    
    22,425
    
    
    
    1,304
    
    
    
    2008
    
    
    
    2006
    
    
    30 yearsKing Mill Distribution Park  Building 3
Suburban Atlanta, GA
    
    
    
    
    
    
    3,886
    
    
    
    
    
    
    
    345
    
    
    
    21,952
    
    
    
    4,231
    
    
    
    21,952
    
    
    
    26,183
    
    
    
    3,859
    
    
    
    2007
    
    
    
    2005
    
    
    30 yearsTotal Industrial
    
    $
    
    
    
    $
    10,246
    
    
    $
    
    
    
    $
    1,755
    
    
    $
    66,895
    
    
    $
    12,001
    
    
    $
    66,895
    
    
    $
    78,896
    
    
    $
    9,301Total Operating Properties
    
    $
    400,562
    
    
    $
    134,916
    
    
    $
    308,838
    
    
    $
    412
    
    
    $
    728,878
    
    
    $
    135,328
    
    
    $
    1,037,716
    
    
    $
    1,173,044
    
    
    $
    274,925
 S-3




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##### Table of Contents



SCHEDULE III
(Page 4 of 5)
 COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2010
($ in thousands)
 Costs Capitalized Subsequent to
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Life on WhichInitial Cost to Company
    
    Acquisition
    
    
    Gross Amount at Which Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciation inBuilding and
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2010 StatementImprovements less
    
    
    
    
    
    
    Improvements less
    
    
    
    
    
    
    
    
    
    
    Date of
    
    
    
    
    
    
    of OperationsLand and
    
    
    Buildings and
    
    
    Land and
    
    
    Cost of Sales and
    
    
    Land and
    
    
    Cost of Sales,
    
    
    
    
    
    
    Accumulated
    
    
    Construction/
    
    
    Date
    
    
    is ComputedDescription/Metropolitan Area
    
    Encumbrances
    
    
    Improvements
    
    
    Improvements
    
    
    Improvements
    
    
    Other
    
    
    Improvements
    
    
    Transfers and Other
    
    
    Total (a)
    
    
    Depreciation (a)
    
    
    Renovation
    
    
    Acquired
    
    
    (b)RESIDENTIAL LOTSRivers Call
Suburban Atlanta, GA
    
    $
    
    
    
    $
    2,001
    
    
    $
    
    
    
    $
    11,022
    
    
    $
    (12,555
    )
    
    $
    13,023
    
    
    $
    (12,555
    )
    
    $
    468
    
    
    $
    
    
    
    
    2000
    
    
    
    1971-1989
    
    
    
    The Lakes at Cedar Grove
Suburban Atlanta, GA
    
    
    
    
    
    
    4,720
    
    
    
    
    
    
    
    30,332
    
    
    
    (30,401
    )
    
    
    35,052
    
    
    
    (30,401
    )
    
    
    4,651
    
    
    
    
    
    
    
    2001
    
    
    
    2001
    
    
    
    Blalock Lakes 
Suburban Atlanta, GA
    
    
    
    
    
    
    17,657
    
    
    
    
    
    
    
    26,085
    
    
    
    (4,095
    )
    
    
    43,742
    
    
    
    (4,095
    )
    
    
    39,647
    
    
    
    
    
    
    
    2006
    
    
    
    2006
    
    
    
    Longleaf at Callaway 
Pine Mountain, GA
    
    
    173
    
    
    
    2,098
    
    
    
    
    
    
    
    6,805
    
    
    
    (8,518
    )
    
    
    8,903
    
    
    
    (8,518
    )
    
    
    385
    
    
    
    
    
    
    
    2002
    
    
    
    2002
    
    
    
    Callaway Gardens
Pine Mountain, GA
    
    
    
    
    
    
    1,584
    
    
    
    
    
    
    
    16,327
    
    
    
    (2,311
    )
    
    
    17,911
    
    
    
    (2,311
    )
    
    
    15,600
    
    
    
    
    
    
    
    2006
    
    
    
    2006
    
    
    
    Tillman Hall 
Suburban Atlanta, GA
    
    
    
    
    
    
    2,904
    
    
    
    
    
    
    
    517
    
    
    
    (769
    )
    
    
    3,421
    
    
    
    (769
    )
    
    
    2,652
    
    
    
    
    
    
    
    
    
    
    
    2008
    
    
    
    Total Residential Lots
    
    $
    173
    
    
    $
    30,964
    
    
    $
    
    
    
    $
    91,088
    
    
    $
    (58,649
    )
    
    $
    122,052
    
    
    $
    (58,649
    )
    
    $
    63,403
    
    
    $
    MULTI-FAMILY UNITS HELD FOR SALE10 Terminus Place
Atlanta, GA
    
    
    
    
    
    
    7,810
    
    
    
    72,573
    
    
    
    (7,561
    )
    
    
    (70,261
    )
    
    
    249
    
    
    
    2,312
    
    
    
    2,561
    
    
    
    
    
    
    
    2008
    
    
    
    2005
    
    
    
    60 North Market
Asheville, NC
    
    
    
    
    
    
    
    
    
    
    9,739
    
    
    
    
    
    
    
    (9,306
    )
    
    
    
    
    
    
    433
    
    
    
    433
    
    
    
    
    
    
    
    
    
    
    
    2009
    
    
    
    Total Multi-Family Units Held for Sale
    
    $
    
    
    
    $
    7,810
    
    
    $
    82,312
    
    
    $
    (7,561
    )
    
    $
    (79,567
    )
    
    $
    249
    
    
    $
    2,745
    
    
    $
    2,994
    
    
    $
    $
    404,109
    
    
    $
    315,632
    
    
    $
    391,150
    
    
    $
    178,964
    
    
    $
    477,574
    
    
    $
    494,596
    
    
    $
    868,724
    
    
    $
    1,363,320
    
    
    $
    274,925
 S-4




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##### Table of Contents



SCHEDULE III
(Page 5 of 5)
 COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2010
($ in thousands)
  
  Real Estate
    
    
    Accumulated Depreciation2010
    
    
    2009
    
    
    2008
    
    
    2010
    
    
    2009
    
    
    2008Balance at beginning of period
    
    $
    1,468,413
    
    
    $
    1,458,001
    
    
    $
    1,309,821
    
    
    $
    233,091
    
    
    $
    186,252
    
    
    $
    146,456Additions during the period:Improvements and other
capitalized costs
    
    
    43,860
    
    
    
    72,644
    
    
    
    195,629
    
    
    
    
    
    
    
    
    
    
    
    Depreciation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    58,620
    
    
    
    52,996
    
    
    
    50,02143,860
    
    
    
    72,644
    
    
    
    195,629
    
    
    
    58,620
    
    
    
    52,996
    
    
    
    50,021Deductions during the period:Cost of real estate sold
    
    
    (143,497
    )
    
    
    (31,908
    )
    
    
    (51,671
    )
    
    
    (13,911
    )
    
    
    (96
    )
    
    
    (8,169
    )Impairment loss
    
    
    (2,554
    )
    
    
    (34,900
    )
    
    
    (2,100
    )
    
    
    
    
    
    
    
    
    
    
    Write-off of fully depreciated assets
    
    
    (2,840
    )
    
    
    (5,991
    )
    
    
    (1,181
    )
    
    
    (2,840
    )
    
    
    (5,991
    )
    
    
    (1,181
    )Transfers between account categories
    
    
    (62
    )
    
    
    10,567
    
    
    
    7,503
    
    
    
    
    
    
    
    (34
    )
    
    
    (272
    )Amortization of rent adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (35
    )
    
    
    (36
    )
    
    
    (603
    )(148,953
    )
    
    
    (62,232
    )
    
    
    (47,449
    )
    
    
    (16,786
    )
    
    
    (6,157
    )
    
    
    (10,225
    )Balance at end of period
    
    $
    1,363,320
    
    
    $
    1,468,413
    
    
    $
    1,458,001
    
    
    $
    274,925
    
    
    $
    233,091
    
    
    $
    186,252
 
 (b)
    
    Buildings and improvements are depreciated over 24 to 40 years. Leasehold improvements and
other capitalized leasing costs are depreciated over the life of the asset or the term of the
lease, whichever is shorter.(c)
    
    333 North Point Center East and 555 North Point Center East were financed together with such
properties being collateral for one recourse mortgage note payable.(d)
    
    100 North Point Center East and 200 North Point Center East were financed together with such
properties being collateral for one non-recourse mortgage note payable.(e)
    
    Certain intangible assets related to the purchase of this property are included in other assets
and not in the above table,  although included in the basis of the property on Item 2. S-5