ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE: CUZ) announced today that its
Board of Directors has declared a regular quarterly cash dividend of
$0.25 per share, or $1.00 per share on an annualized basis, payable
December 22, 2008, to common stockholders of record on December 8, 2008.
The fourth quarter 2008 common stock dividend is $0.12 per share lower
than the third quarter 2008 common stock dividend.
"Cousins is not under stress from debt commitments or loan maturities,
and our balance sheet is strong," said Jim Fleming, executive vice
president and chief financial officer of Cousins. "But in today's
environment, the Board decided it would be prudent to reduce the
dividend to allow the Company to retain more capital for the
opportunities we believe this difficult market is going to create."
Cousins also announced today its Board of Directors has extended the
expiration of the Company's common and preferred stock repurchase
program to May 9, 2011. The Board has also expanded the program to
include all outstanding shares of Cousins' Series A and Series B
Cumulative Redeemable Preferred Stock.
Celebrating its 50th anniversary in 2008, Cousins Properties
Incorporated is a leading diversified real estate company with extensive
experience in development, acquisition, financing, management and
leasing. Based in Atlanta, the Company actively invests in office,
multi-family, retail, industrial and land development projects. Since
its founding, Cousins has developed 20 million square feet of office
space, 20 million square feet of retail space, more than 4,000
multi-family units and more than 60 single-family neighborhoods. The
Company is a fully integrated equity real estate investment trust (REIT)
and trades on the New York Stock Exchange under the symbol CUZ. For
more, please visit www.cousinsproperties.com.
Certain matters discussed in this news release are forward-looking
statements within the meaning of the federal securities laws and are
subject to uncertainties and risk. These include, but are not
limited to, general and local economic conditions (including the current
general recession and state of the credit markets), local real estate
conditions (including the overall condition of the residential markets),
the activity of others developing competitive projects, the risks
associated with development projects (such as delay, cost overruns and
leasing/sales risk of new properties), the cyclical nature of the real
estate industry, the financial condition of existing tenants, interest
rates, the Company's ability to obtain favorable financing or zoning,
environmental matters, the effects of terrorism, the ability of the
Company to close properties under contract and other risks detailed from
time to time in the Company's filings with the Securities and Exchange
Commission, including those described in Part I, Item 1A of the
Company's Annual Report on Form 10-K for the year ended December 31,
2007. The words "believes," "expects," "anticipates," "estimates" and
similar expressions are intended to identify forward-looking statements.
Although the Company believes that its plans, intentions and
expectations reflected in any forward-looking statement are reasonable,
the Company can give no assurance that these plans, intentions or
expectations will be achieved. Such forward-looking statements are based
on current expectations and speak as of the date of such statements. The
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of future events, new
information or otherwise.
Source: Cousins Properties Incorporated
Contact: Cousins Properties Incorporated
Investment Community:
Elli Kaplan, Vice President, 404-407-1972
ellikaplan@cousinsproperties.com
or
Media:
Matt Gove, Senior Vice President, 404-407-1490
mattgove@cousinsproperties.com
Web site address: www.cousinsproperties.com