ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE:CUZ) today reported its results of
operations for the three and six months ended June 30, 2010. All per
share amounts are reported on a diluted basis; basic per share data is
included in the Condensed Consolidated Statements of Income accompanying
this release.
Funds from Operations Available to Common Stockholders (“FFO”) was $7.9
million, or $0.08 per share, for the second quarter of 2010, compared
with $(64.9) million, or $(1.26) per share, for the second quarter of
2009. FFO was $21.9 million, or $0.22 per share, for the six months
ended June 30, 2010, compared with $(57.3) million, or $(1.11) per
share, for the same period in 2009.
Net Income (Loss) Available to Common Stockholders (“Net Income (Loss)
Available”) was $(8.6) million, or $(0.09) per share, for the quarter
ended June 30, 2010, compared with $(81.3) million, or $(1.58) per
share, for the second quarter of 2009. Net Income (Loss) Available was
$(10.2) million, or $(0.10) per share, for the six months ended June 30,
2010, compared with $79.3 million, or $1.54 per share, for the same
period in 2009.
FFO and Net Loss Available for the second quarter of 2010 were both
reduced by $2.5 million of non-cash impairment and predevelopment
charges itemized below. Before these charges, FFO for the second quarter
of 2010 would have been $10.4 million, or $0.10 per share.
FFO and Net Loss Available for the second quarter of 2009 were both
reduced by $88.3 million of certain separation and non-cash impairment
and valuation charges. Additionally, FFO and Net Income (Loss) Available
for the three- and six-month 2009 periods included a $12.5 million gain
on extinguishment of debt, and Net Income Available for the six month
2009 period included the recognition of a deferred gain of $167 million
related to a joint venture transaction with Prudential.
A reconciliation of FFO and Net Loss Available before non-cash
impairment and predevelopment charges is as follows:
|
| |
| |
| |
| |
| |
| |
| |
| | | | | | |
2nd Quarter 2010
| |
Six Months 2010
|
| | | | | | |
$(000)
|
|
Per Share
| |
$(000)
|
|
Per Share
|
| | | | | | | | | | | | |
|
|
FFO Before Certain Charges
| |
$
|
10,430
| | |
$
|
0.10
| | |
$
|
24,410
| | |
$
|
0.24
| |
| | | | | | | | | | | | |
|
Non-Cash Impairment and Predevelopment Charges:
| | | | | | | | |
|
Impairment on 60 North Market
| | |
(586
|
)
| | | | |
(586
|
)
| | |
|
Write-off of Predevelopment Project
| |
|
(1,949
|
)
| | | |
|
(1,949
|
)
| | |
| |
Total
| | | |
|
(2,535
|
)
| | | |
|
(2,535
|
)
| | |
| | | | | | | | | | | | |
|
|
FFO
| | | | | |
$
|
7,895
|
| |
$
|
0.08
| | |
$
|
21,875
|
| |
$
|
0.22
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | |
|
Net Loss Available Before Certain Charges
| | |
($6,060
|
)
| | |
($0.06
|
)
| | |
($7,633
|
)
| | |
($0.08
|
)
|
| | | | | | | | | | | | |
|
Non-Cash Impairment and Predevelopment Charges
| |
|
(2,535
|
)
| | | |
|
(2,535
|
)
| | |
| | | | | | | | | | | | |
|
|
Net Loss Available
| | | |
|
($8,595
|
)
| | |
($0.09
|
)
| |
|
($10,168
|
)
| | |
($0.10
|
)
|
| | | | | | | | | | | | | | | | | |
|
Second quarter highlights included the
following:
-
Restructured the Terminus 200 venture, resulting in the full payment
of the Company’s loan guarantee, a reduction of the Company’s
ownership from 50% to 20%, a change in the Company’s venture partner
and an extension of the construction loan.
-
Closed the sale of 22 units at 10 Terminus Place for $7.9 million,
generating FFO of approximately $1.8 million.
-
Sold 44 acres of land at King Mill Distribution Park for $7.0 million,
generating FFO of approximately $876,000.
-
Sold 5.8 acres of land at North Point/Westside for $850,000,
generating FFO of approximately $134,000.
-
Extended the loan on The Avenue Murfreesboro, a 751,000-square-foot
open air retail center in suburban Nashville, to July 2013.
-
Executed a 459,000-square-foot lease at Jefferson Mill Business Park,
bringing this building to 100% leased.
-
Executed leases for 150,000 square feet at Terminus 200.
-
Executed or renewed leases covering an additional 171,000 square feet
of office space and 143,000 square feet of retail space.
Other highlights subsequent to quarter
end included the following:
-
Sold San Jose MarketCenter, a 213,000-square-foot power center located
in a non-core market, for $85 million, generating an estimated net
gain of $6.5 million.
-
Obtained a new 10-year, $27 million loan at an interest rate of 6%
secured by Meridian Mark Plaza, a 160,000-square-foot medical office
building in Atlanta, that repaid a $22 million loan scheduled to
mature in September 2010 at an interest rate of 8.27%.
-
Repaid the Company’s $100 million term loan and eliminated the
interest rate swap associated with the term loan for a cost of
approximately $9 million. Repayment of this loan correspondingly
increased the Company’s borrowing capacity under its credit facility.
-
Executed a 52,000-square-foot lease at 191 Peachtree.
At June 30, 2010, the Company’s portfolio of operational office
buildings was 89% leased, its portfolio of operational retail centers
was 86% leased and its operational industrial buildings were 85% leased.
“We continue to make significant progress in each of our key areas of
focus; particularly the lease up of vacant space and further
strengthening of our balance sheet,” said Larry Gellerstedt, CEO of
Cousins. “In the quarters ahead, we will remain intently focused on
leasing, sales, fee income and balance sheet improvement while
positioning Cousins for potential investment opportunities.”
The Condensed Consolidated Statements of Income, Condensed Consolidated
Balance Sheets and a schedule entitled Funds From Operations, which
reconciles Net Income (Loss) Available to FFO, are attached to this
press release. More detailed information on Net Income (Loss) Available
and FFO results is included in the “Net Income and Funds From
Operations-Supplemental Detail” schedule which is included along with
other supplemental information in the Company’s Current Report on Form
8-K, which the Company is furnishing to the Securities and Exchange
Commission (“SEC”), and which can be viewed through the “Quarterly
Disclosures” and “SEC Filings” links on the Investor Relations page of
the Company’s website at www.cousinsproperties.com.
This information may also be obtained by calling the Company’s Investor
Relations Department at (404) 407-1984.
The Company will conduct a conference call at 2:00 p.m. (Eastern Time)
on Tuesday, August 10, 2010, to discuss the results of the quarter ended
June 30, 2010. The number to call for this interactive teleconference is
(212) 231-2907. A replay of the conference call will be available for 14
days by dialing (402) 977-9140 and entering the passcode 21476773. The
replay can be accessed on the Company’s website, www.cousinsproperties.com,
through the “Q2 2010 Cousins Properties Incorporated Earnings Conference
Call” link on the Investor Relations page, as well as at www.streetevents.com
and www.earnings.com.
The rebroadcast will be available on the Investor Relations page of the
Company’s website for 14 days.
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, availability and terms of capital and financing; national
and local economic conditions; the real estate industry in general and
in specific markets; the potential for recognition of additional
impairments due to continued adverse market and economic conditions;
leasing risks; the financial condition of existing tenants; competition
from other developers or investors; the risks associated with
development projects; rising interest and insurance rates; the
availability of sufficient development or investment opportunities;
environmental matters; the financial condition and liquidity of, or
disputes with, joint venture partners; any failure to comply with debt
covenants under credit agreements; any failure to continue to qualify
for taxation as a real estate investment trust 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,”
”plans,” “may,” “intend,” “will” or 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 such
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, except as required under U.S.
federal securities laws.
|
| |
| COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|
(Unaudited, in thousands, except per share amounts)
|
|
| |
| |
| | |
| |
| |
| | | Three Months Ended June 30, | | | Six Months Ended June 30, |
| | | 2010 | | 2009 | | | 2010 | | 2009 |
| REVENUES: | | | | | | | | | |
|
Rental property revenues
| | $ | 35,992 | | |
$
|
34,573
| | | | $ | 70,799 | | |
$
|
69,554
| |
|
Fee income
| | | 8,213 | | | |
8,172
| | | | | 16,551 | | | |
16,216
| |
|
Multi-family residential unit sales
| | | 7,943 | | | |
1,185
| | | | | 18,089 | | | |
1,185
| |
|
Residential lot and outparcel sales
| | | 316 | | | |
3,328
| | | | | 14,135 | | | |
5,876
| |
|
Other
| |
| 171 |
| |
|
1,239
|
| | |
| 295 |
| |
|
2,218
|
|
| | |
| 52,635 |
| |
|
48,497
|
| | |
| 119,869 |
| |
|
95,049
|
|
| | | | | | | | | |
|
| COSTS AND EXPENSES: | | | | | | | | | |
|
Rental property operating expenses
| | | 15,393 | | | |
14,358
| | | | | 30,054 | | | |
30,836
| |
|
Multi-family residential unit cost of sales
| | | 6,108 | | | |
1,185
| | | | | 14,078 | | | |
1,185
| |
|
Residential lot and outparcel cost of sales
| | | 275 | | | |
2,023
| | | | | 9,371 | | | |
3,753
| |
|
General and administrative expenses
| | | 8,589 | | | |
9,948
| | | | | 18,539 | | | |
19,366
| |
|
Separation expenses
| | | 33 | | | |
2,026
| | | | | 101 | | | |
2,370
| |
|
Reimbursed general and administrative expenses
| | | 3,591 | | | |
4,030
| | | | | 8,009 | | | |
8,258
| |
|
Depreciation and amortization
| | | 14,372 | | | |
14,804
| | | | | 27,693 | | | |
27,290
| |
|
Interest expense
| | | 10,286 | | | |
10,281
| | | | | 20,067 | | | |
19,485
| |
|
Impairment loss
| | | 586 | | | |
36,500
| | | | | 586 | | | |
36,500
| |
|
Other
| |
| 3,197 |
| |
|
4,432
|
| | |
| 4,525 |
| |
|
5,978
|
|
| | |
| 62,430 |
| |
|
99,587
|
| | |
| 133,023 |
| |
|
155,021
|
|
| | | | | | | | | |
|
| LOSS ON EXTINGUISHMENT OF DEBT | |
| - |
| |
|
-
|
| | |
| (592 | ) | |
|
-
|
|
| | | | | | | | | |
|
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED
JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES | | | (9,795 | ) | | |
(51,090
|
)
| | | | (13,746 | ) | | |
(59,972
|
)
|
| | | | | | | | | |
|
| BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS | | | (14 | ) | | |
(11,293
|
)
| | | | 1,132 | | | |
(7,352
|
)
|
| | | | | | | | | |
|
| INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES: | | | | | | | | | |
|
Equity in net income (loss) from unconsolidated joint ventures
| | | 2,394 | | | |
(1,231
|
)
| | | | 5,314 | | | |
589
| |
|
Impairment loss on investment in unconsolidated joint ventures
| |
| - |
| |
|
(28,130
|
)
| | |
| - |
| |
|
(28,130
|
)
|
| | |
| 2,394 |
| |
|
(29,361
|
)
| | |
| 5,314 |
| |
|
(27,541
|
)
|
| | | | | | | | | |
|
LOSS FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF
INVESTMENT PROPERTIES | | | (7,415 | ) | | |
(91,744
|
)
| | | | (7,300 | ) | | |
(94,865
|
)
|
| | | | | | | | | |
|
| GAIN ON SALE OF INVESTMENT PROPERTIES | |
| 1,061 |
| |
|
801
|
| | |
| 1,817 |
| |
|
168,235
|
|
| | | | | | | | | |
|
| INCOME (LOSS) FROM CONTINUING OPERATIONS | | | (6,354 | ) | | |
(90,943
|
)
| | | | (5,483 | ) | | |
73,370
| |
| | | | | | | | | |
|
| INCOME FROM DISCONTINUED OPERATIONS: | | | | | | | | | |
|
Income from discontinued operations
| | | 1,570 | | | |
911
| | | | | 2,879 | | | |
808
| |
|
Gain on extinguishment of debt
| | | - | | | |
12,498
| | | | | - | | | |
12,498
| |
|
Gain on sale of investment properties
| |
| - |
| |
|
146
|
| | |
| - |
| |
|
146
|
|
| | |
| 1,570 |
| |
|
13,555
|
| | |
| 2,879 |
| |
|
13,452
|
|
| | | | | | | | | |
|
| NET INCOME (LOSS) | | | (4,784 | ) | | |
(77,388
|
)
| | | | (2,604 | ) | | |
86,822
| |
| NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
| (584 | ) | |
|
(698
|
)
| | |
| (1,110 | ) | |
|
(1,110
|
)
|
| | | | | | | | | |
|
| NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | | | (5,368 | ) | | |
(78,086
|
)
| | | | (3,714 | ) | | |
85,712
| |
| | | | | | | | | |
|
| DIVIDENDS TO PREFERRED STOCKHOLDERS | |
| (3,227 | ) | |
|
(3,227
|
)
| | |
| (6,454 | ) | |
|
(6,454
|
)
|
| | | | | | | | | |
|
| NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS | | $ | (8,595 | ) | |
$
|
(81,313
|
)
| | | $ | (10,168 | ) | |
$
|
79,258
|
|
| | | | | | | | | |
|
| PER COMMON SHARE INFORMATION - BASIC AND DILUTED: | | | | | | | | | |
|
Income (loss) from continuing operations
| | $ | (0.10 | ) | |
$
|
(1.84
|
)
| | | $ | (0.13 | ) | |
$
|
1.28
| |
|
Income from discontinued operations
| |
| 0.02 |
| |
|
0.26
|
| | |
| 0.03 |
| |
|
0.26
|
|
|
Net income (loss) available to common shareholders - basic and
diluted
| | $ | (0.09 | ) | |
$
|
(1.58
|
)
| | | $ | (0.10 | ) | |
$
|
1.54
|
|
| | | | | | | | | |
|
| DIVIDENDS DECLARED PER COMMON SHARE | | $ | 0.09 |
| |
$
|
0.25
|
| | | $ | 0.18 |
| |
$
|
0.50
|
|
| | | | | | | | | |
|
| WEIGHTED AVERAGE SHARES - BASIC AND DILUTED | |
| 101,001 |
| |
|
51,615
|
| | |
| 100,538 |
| |
|
51,483
|
|
|
| |
| COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES |
| FUNDS FROM OPERATIONS |
| FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2010 AND 2009 |
|
(Unaudited, in thousands, except per share amounts)
|
|
| | | |
| |
| |
| | | | | | | |
|
| | Three Months Ended | | Six Months Ended |
| | June 30, | | June 30, |
| | 2010 | | 2009 | | 2010 | | 2009 |
| | | | | | | |
|
| Net Income (Loss) Available to Common Stockholders | | $ | (8,595 | ) | | $ | (81,313 | ) | | $ | (10,168 | ) | | $ | 79,258 | |
|
Depreciation and amortization:
| | | | | | | | |
|
Consolidated properties
| | |
14,372
| | | |
14,804
| | | |
27,693
| | | |
27,290
| |
|
Discontinued properties
| | |
192
| | | |
577
| | | |
766
| | | |
1,147
| |
|
Share of unconsolidated joint ventures
| | |
2,453
| | | |
2,174
| | | |
4,747
| | | |
4,332
| |
|
Depreciation of furniture, fixtures and equipment:
| | | | | | | | |
|
Consolidated properties
| | |
(462
|
)
| | |
(934
|
)
| | |
(1,029
|
)
| | |
(1,898
|
)
|
|
Discontinued properties
| | |
(1
|
)
| | |
(4
|
)
| | |
(5
|
)
| | |
(8
|
)
|
|
Share of unconsolidated joint ventures
| | |
(5
|
)
| | |
(14
|
)
| | |
(11
|
)
| | |
(24
|
)
|
|
(Gain) loss on sale of investment properties:
| | | | | | | | |
|
Consolidated
| | |
(1,061
|
)
| | |
(801
|
)
| | |
(1,817
|
)
| | |
(168,235
|
)
|
|
Discontinued properties
| | |
-
| | | |
(146
|
)
| | |
-
| | | |
(146
|
)
|
|
Share of unconsolidated joint ventures
| | |
-
| | | |
16
| | | |
-
| | | |
(12
|
)
|
|
Gain on sale of undepreciated investment properties
| |
|
1,002
|
| |
|
746
|
| |
|
1,699
|
| |
|
955
|
|
| | | | | | | |
|
| Funds From Operations Available to Common Stockholders | | $ | 7,895 |
| | $ | (64,895 | ) | | $ | 21,875 |
| | $ | (57,341 | ) |
| | | | | | | |
|
| | | | | | | |
|
| Per Common Share - Basic and Diluted: | | | | | | | | |
| | | | | | | |
|
| Net Income (Loss) Available | | $ | (.09 | ) | | $ | (1.58 | ) | | $ | (.10 | ) | | $ | 1.54 |
|
| | | | | | | |
|
| Funds From Operations | | $ | .08 |
| | $ | (1.26 | ) | | $ | .22 |
| | $ | (1.11 | ) |
| | | | | | | |
|
| Weighted Average Shares - Basic and Diluted | |
| 101,001 |
| |
| 51,615 |
| |
| 100,538 |
| |
| 51,483 |
|
| | | | | | | |
|
The table above shows Funds From Operations Available to Common
Stockholders (“FFO”) and the related reconciliation to Net Income
(Loss) Available to Common Stockholders for Cousins Properties
Incorporated and Subsidiaries. The Company calculated FFO in
accordance with the National Association of Real Estate Investment
Trusts' ("NAREIT") definition, which is net income (loss)
available to common stockholders (computed in accordance with
accounting principles generally accepted in the United States
("GAAP")), excluding extraordinary items, cumulative effect of
change in accounting principle and gains or losses from sales of
depreciable property, plus depreciation and amortization of real
estate assets, and after adjustments for unconsolidated
partnerships and joint ventures to reflect FFO on the same basis.
FFO is used by industry analysts, investors and the Company as a
supplemental measure of an equity REIT’s operating performance.
Historical cost accounting for real estate assets implicitly
assumes that the value of real estate assets diminishes
predictably over time. Since real estate values instead have
historically risen or fallen with market conditions, many industry
investors and analysts have considered presentation of operating
results for real estate companies that use historical cost
accounting to be insufficient by themselves. Thus, NAREIT created
FFO as a supplemental measure of REIT operating performance that
excludes historical cost depreciation, among other items, from
GAAP net income. Management believes that the use of FFO,
combined with the required primary GAAP presentations, has been
fundamentally beneficial, improving the understanding of operating
results of REITs among the investing public and making comparisons
of REIT operating results more meaningful. Company management
evaluates operating performance in part based on
FFO. Additionally, the Company uses FFO and FFO per share, along
with other measures, to assess performance in connection with
evaluating and granting incentive compensation to its officers and
other key employees.
|
| | | | | | | |
|
|
| |
| |
| COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(In thousands, except share and per share amounts)
|
|
|
| | | | | |
| | | | June 30, 2010 | |
December 31, 2009
|
| | | |
(Unaudited)
| | |
ASSETS | | | | |
| PROPERTIES: | | | | |
|
Operating properties, net of accumulated depreciation of $251,250
and $233,091 in 2010 and 2009, respectively
| | $ | 911,954 | | |
$
|
1,006,760
| |
|
Land held for investment or future development
| | | 126,149 | | | |
137,233
| |
|
Residential lots
| | | 63,496 | | | |
62,825
| |
|
Multi-family units held for sale
| |
| 15,050 |
| |
|
28,504
|
|
| |
Total properties
| | | 1,116,649 | | | |
1,235,322
| |
| | | | | |
|
OPERATING PROPERTY AND RELATED ASSETS HELD FOR SALE, net of
accumulated depreciation of $8,201
| | | 78,475 | | | |
-
| |
| | | | | |
|
| CASH AND CASH EQUIVALENTS | | | 17,137 | | | |
9,464
| |
| RESTRICTED CASH | | | 4,944 | | | |
3,585
| |
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful
accounts of $6,172 and $5,734 in 2010 and 2009, respectively
| | | 45,345 | | | |
49,678
| |
| INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | | | 158,955 | | | |
146,150
| |
| OTHER ASSETS | |
| 47,517 |
| |
|
47,353
|
|
| | | | | |
|
| TOTAL ASSETS | | $ | 1,469,022 |
| |
$
|
1,491,552
|
|
| | | | | |
|
LIABILITIES AND EQUITY | | | | |
| NOTES PAYABLE | | $ | 580,378 | | |
$
|
590,208
| |
| ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | | | 46,237 | | | |
56,577
| |
| DEFERRED GAIN | | | 4,334 | | | |
4,452
| |
| DEPOSITS AND DEFERRED INCOME | | | 16,702 | | | |
7,465
| |
| LIABILITIES OF OPERATING PROPERTY HELD FOR SALE | |
| 1,984 |
| |
|
-
|
|
| TOTAL LIABILITIES | | | 649,635 | | | |
658,702
| |
| | | | | |
|
| COMMITMENTS AND CONTINGENT LIABILITIES | | | | |
| | | | | |
|
| REDEEMABLE NONCONTROLLING INTERESTS | | | 12,686 | | | |
12,591
| |
| | | | | |
|
| STOCKHOLDERS’ INVESTMENT: | | | | |
|
Preferred stock, 20,000,000 shares authorized, $1 par value:
| | | | |
| |
7.75% Series A cumulative redeemable preferred stock, $25
liquidation preference; 2,993,090 shares issued and outstanding in
2010 and 2009
| | | 74,827 | | | |
74,827
| |
| |
7.50% Series B cumulative redeemable preferred stock, $25
liquidation preference; 3,791,000 shares issued and outstanding in
2010 and 2009
| | | 94,775 | | | |
94,775
| |
|
Common stock, $1 par value, 150,000,000 shares authorized,
105,337,286 and 103,352,382 shares issued in 2010 and 2009,
respectively
| | | 105,337 | | | |
103,352
| |
|
Additional paid-in capital
| | | 673,663 | | | |
662,216
| |
|
Treasury stock at cost, 3,570,082 shares in 2010 and 2009
| | | (86,840 | ) | | |
(86,840
|
)
|
|
Accumulated other comprehensive loss on derivative instruments
| | | (9,376 | ) | | |
(9,517
|
)
|
|
Distributions in excess of net income
| |
| (78,487 | ) | |
|
(51,402
|
)
|
| | | | | |
|
| TOTAL STOCKHOLDERS’ INVESTMENT | | | 773,899 | | | |
787,411
| |
| | | | | |
|
|
Nonredeemable noncontrolling interests
| |
| 32,802 |
| |
|
32,848
|
|
| | TOTAL EQUITY | |
| 806,701 |
| |
|
820,259
|
|
| | | | | |
|
| TOTAL LIABILITIES AND EQUITY | | $ | 1,469,022 |
| |
$
|
1,491,552
|
|
| | | | | | |
Source: Cousins Properties Incorporated
Contact:
Cousins Properties Incorporated
James A. Fleming
Executive
Vice President and Chief Financial Officer
404-407-1150
jimfleming@cousinsproperties.com
or
Cameron
Golden
Director of Investor Relations and Corporate Communications
404-407-1984
camerongolden@cousinsproperties.com
www.cousinsproperties.com