ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE: CUZ) announced today that its
Board of Directors has declared a quarterly dividend of $0.25 per share,
payable June 5, 2009, to common stockholders of record as of May 1,
2009. The dividend will be payable in a combination of cash and shares
of the Company's common stock with the cash component of the dividend
not to exceed 33.34% of the aggregate dividend amount. Paying a portion
of the dividend in shares of common stock allows Cousins to satisfy its
REIT taxable income distribution requirement while helping to preserve
liquidity.
"Today's decision is consistent with our long held conservative approach
to our business. It reflects the priority of the Board and Company to
further strengthen Cousins' balance sheet and enhance financial
flexibility," said Tom Bell, chairman and chief executive officer of
Cousins Properties. "We anticipate significant opportunities coming out
of this downturn, but only for companies with strong financial
capabilities."
Pursuant to IRS Revenue Procedure 2009-15, stockholders may elect to
receive payment of the dividend all in cash or all in common shares.
Stockholders who do not make an election will be deemed to have elected
to receive their dividend in cash. To the extent that cash elections are
received with respect to more than 33.34% of the aggregate dividend
amount, the cash portion will be pro rated among stockholders electing
to receive cash and such stockholders will receive the remainder of the
dividend in common shares. The exact distribution of cash and stock to
any given stockholder will be dependent upon his or her election as well
as the elections of other stockholders, subject to the pro rata cash
limitation.
Common shares included in the dividend will be valued at their volume
weighted average trading price on the New York Stock Exchange on May 28,
May 29, and June 1, 2009. The Company expects the dividend to be fully
taxable to its stockholders, without regard to whether a particular
stockholder receives the dividend in the form of cash or shares, and
reserves the right to pay the dividend entirely in cash. An information
letter and election form will be mailed to stockholders of record
promptly after May 6, 2009. The cash or stock election must be made
prior to 5:00 p.m. (EST) on May 27, 2009.
If your shares are held through a bank, broker or nominee, and you have
questions regarding the dividend, please contact such bank, broker or
nominee. Registered stockholders with questions regarding the dividend
election may call the Company's transfer agent, American Stock Transfer
& Trust Company, at (800) 937-5449.
The Board also declared a regular quarterly dividend on the Company's
Series A Cumulative Redeemable Preferred Stock payable in cash. The
dividend of $0.484375 per share, or $1.9375 on an annualized basis, is
payable May 15, 2009, to Series A preferred shareholders of record on
May 1, 2009.
The Board also declared a regular quarterly dividend on the Company's
Series B Cumulative Redeemable Preferred Stock payable in cash. The
dividend of $0.46875 per share, or $1.875 on an annualized basis, is
payable May 15, 2009, to Series B preferred shareholders of record on
May 1, 2009.
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 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.
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.
Source: Cousins Properties Incorporated
Contact: Cousins Properties Incorporated
Cameron Golden
Director of Investor Relations and Corporate Communications
404-407-1984
camerongolden@cousinsproperties.com