ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE: CUZ) announced today that its
Board of Directors has declared a quarterly dividend of $0.09 per share,
payable March 15, 2010, to common stockholders of record as of February
1, 2010. 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.
Pursuant to IRS Revenue Procedure 2010-12, shareholders may elect to
receive payment of the dividend all in cash or all in common shares.
Shareholders 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 prorated among shareholders electing to
receive cash. Common shares included in the dividend will be valued at
the average of the closing prices of Cousins common stock on the New
York Stock Exchange on March 3, 4 and 5, 2010. The Company expects the
dividend to be fully taxable to its shareholders and reserves the right
to pay the dividend entirely in cash.
An information letter will be mailed to shareholders of record promptly
after February 9, 2010. The properly completed election form to receive
cash or common shares must be received by the Company's transfer agent
prior to 5:00 p.m. (EST) on March 2, 2010. 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 may call the
Company's transfer agent, American Stock Transfer & Trust Company, at
(800) 937-5449.
The Board of Directors declared a regular quarterly cash dividend on its
Series A Cumulative Redeemable Preferred Stock. The dividend of
$0.484375 per share, or $1.9375 on an annualized basis, is payable
February 16, 2010, to Series A preferred stockholders of record on
February 1, 2010.
The Board of Directors has also declared a regular quarterly cash
dividend on its Series B Cumulative Redeemable Preferred Stock. The
dividend of $0.46875 per share, or $1.875 on an annualized basis, is
payable February 16, 2010, to Series B preferred stockholders of record
on February 1, 2010.
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, Item 8.01 of the
Company's Current Report on Form 8-K filed on September 14, 2009 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.
Cousins 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 and Corporate Communications
404-407-1984
camerongolden@cousinsproperties.com
www.cousinsproperties.com