Eliminates $100 Million Term Loan Maturing in 2012
Two Additional Debt Transactions Completed
ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE: CUZ) announced today several
transactions, including the sale of San Jose MarketCenter and the
successful restructuring of debt on two assets.
The San Jose MarketCenter sold for $85 million, generating an estimated
net gain on sale of $6.5 million. Cousins completed development of the
360,000-square-foot power center in 2006.
The Company also announced the extension of the loan on The Avenue®Murfreesboro and a new loan on Meridian Mark. The $113 million loan on
Avenue Murfreesboro, a 750,000-square-foot power center outside of
Nashville, has been extended three years to July 2013 with no additional
recourse requirements. Meridian Mark, a 160,000-square-foot medical
office building in Atlanta, has been re-financed for an additional 10
years, reducing the interest rate from 8.27 percent to 6 percent while
increasing proceeds from $22.2 million to $27 million.
The net proceeds of the San Jose sale, along with proceeds from the
Meridian Mark re-financing and borrowings from the Company’s line of
credit, were used to pay off a $100 million term loan scheduled to
mature in August 2012 and eliminate an interest rate swap associated
with the term loan for a cost of approximately $9 million.
Larry Gellerstedt, Cousins President and Chief Executive Officer, noted,
“These transactions highlight the importance we have placed on
strengthening the balance sheet through the sale of non-core assets and
reducing near-term maturities, particularly our remaining recourse debt.
We will look to build on our success with these strategies as well as
our focus on improved leasing and fee services.”
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.
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,
2009. 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
Cameron Golden
Director of
Investor Relations/Corporate Communications
404-407-1984
camerongolden@cousinsproperties.com
Web
site address: www.cousinsproperties.com