ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE: CUZ) announced today the results
of the shareholders' elections relating to Cousins' second quarter
common stock dividend of $0.25 per share declared by its Board of
Directors on April 14, 2009.
The dividend will consist of approximately $4,280,000 in cash and
928,000 shares of common stock. The amount of cash elected to be
received was greater than the cash limit of 33.34% of the total value of
the dividend or $4,280,000, and therefore, shareholders who elected to
receive all cash will receive a combination of cash and stock. The
number of shares included in the dividend is calculated based on the
$9.213 average closing price per share of Cousins' common stock on the
New York Stock Exchange on May 28, May 29, and June 1, 2009. The
dividend of $0.25 per share will be paid as follows:
-- to shareholders electing to receive the dividend in all stock, Cousins
will pay the entire dividend in common stock;
-- to shareholders either electing to receive the dividend in all cash or
failing to make an election, Cousins will pay the dividend in the form
of $0.096 per share in cash and $0.154 per share in common stock; and
-- Cousins will pay fractional shares in cash.
Registered shareholders with questions regarding the dividend election
may call American Stock Transfer & Trust Co., Cousins' transfer agent,
at 1-800-937-5449. If your shares are held through a bank, broker or
nominee and you have questions regarding the dividend election, please
contact your bank, broker or nominee.
The issuance of approximately 928,000 shares of Cousins' common stock
pursuant to this dividend resulted in an effective increase of 1.8% in
shares of common stock outstanding on the record date of May 1, 2009.
Share and per share information will be adjusted in subsequent financial
information, beginning with Cousins' second quarter earnings release, to
reflect this increase in shares of common stock.
About Cousins Properties
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, and land development
projects. Since its founding in 1958, Cousins has developed 20 million
square feet of office space, 20 million square feet of retail space,
more than 3,500 multi-family units and more than 60 single-family
neighborhoods. The Company is a fully integrated equity real estate
investment trust (REIT) and trades on the New York Stock Exchange under
the symbol CUZ. For more, please visit www.cousinsproperties.com.
This press release does not constitute an offer of any securities for
sale. Certain matters discussed in this press release are
forward-looking statements within the meaning of the federal securities
laws and are subject to uncertainties and risk and actual results may
differ materially from projections. Readers should carefully review
Cousins' financial statements and notes thereto, as well as the risk
factors described in Part I, Item 1A of the Company's Annual Report on
Form 10-K for the year ended December 31, 2008 and other documents
Cousins files from time to time with the Securities and Exchange
Commission. 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
Cameron Golden, 404-407-1984
Director of Investor Relations and Corporate Communications
camerongolden@cousinsproperties.com
www.cousinsproperties.com