Cousins initially will be contributing the Avenue East Cobb, the Avenue West Cobb, the Avenue Peachtree City, the Avenue Viera and Viera Market Center aggregately valued at $342.4 million, Cousins officials say in a prepared statement. Prudential is contributing at least $342 million in cash. PREI's contributions are scheduled to be made in four installments over the balance of 2006.

The aggregate value of Cousins' contributions could increase by $20.5 million "if certain conditions are satisfied" at Viera MarketCenter and the Avenue West Cobb which are both under construction, the company states. If the value of Cousins' contributions increase, PREI would increase its cash contributions to match the agreed value of the REIT's properties. Cousins will continue to manage and lease the contributed projects.

Cousins will direct and manage the investment of the contributed cash and expects the joint venture would primarily use the cash to fund new development opportunities. Up to December of this year, Cousins and PREI will each have a 50% interest in the venture, as they have had in an existing venture they formed in 1998.