ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE:CUZ):
Highlights
-
Funds From Operations (FFO), before non-cash impairment charges, was
$0.16 per share.
-
Purchased Promenade, a 775,000-square-foot Class A office building in
midtown Atlanta.
-
Sold remaining operating industrial properties.
-
Implemented an aggressive strategy to monetize the land portfolio.
Cousins Properties Incorporated (NYSE:CUZ) today reported its results of
operations for the quarter ended December 31, 2011.
“Cousins had a very strong finish to the year with solid operating
results, significant leasing momentum, the sale of our remaining
industrial buildings, and an attractive value creation opportunity in
Promenade,” said Larry Gellerstedt, CEO of Cousins. “Consistent with our
strategy to simplify our platform, we have made the decision to more
aggressively monetize our land portfolio. We intend to recycle this
capital into our core businesses of office, retail and opportunistic
development.”
Portfolio Activity
-
Leased or renewed 266,000 square feet of office space and 122,000
square feet of retail space.
Transaction Activity
-
Purchased Promenade for $134.7 million.
-
Sold King Mill Distribution Park—Building 3 for $28.2 million.
-
Sold Lakeside Ranch Business Park—Building 20 and related undeveloped
land for $44.0 million.
-
Sold 3.8 acres at North Point for $2.8 million.
-
Sold 187 residential lots, including all remaining lots at Tillman
Hall and 79 of the remaining 109 lots at Creekside Oaks.
-
Subsequent to year end, entered into a contract to sell its interests
in 18 residential projects held by its CL Realty and Temco joint
ventures to affiliates of Forestar Group Inc., its partner in the
ventures, for $23.5 million.
Financial Results
FFO was ($110.2) million, or ($1.06) per share, for the fourth quarter
of 2011 compared with $10.0 million, or $0.10 per share, for the fourth
quarter of 2010. FFO was ($76.9) million, or ($0.74) per share, for the
year ended December 31, 2011, compared with $32.8 million, or $0.32 per
share, for the same period in 2010.
FFO before non-cash impairment charges (reconciled to FFO below) was
$16.1 million, or $0.16 per share, for the fourth quarter of 2011. FFO
before non-cash impairment charges (reconciled to FFO below) was $53.2
million, or $0.51 per share, for the year ended December 31, 2011.
Net loss available to common stockholders was ($129.0) million, or
($1.24) per share, for the fourth quarter of 2011 compared with net loss
available of ($8.9) million, or ($0.09) per share, for the fourth
quarter of 2010. Net loss available was ($141.3) million, or ($1.36) per
share, for the year ended December 31, 2011, compared with ($27.5)
million, or ($0.27) per share, for the same period in 2010.
Impairment Charges
The Company recently made the decision to more aggressively liquidate
most of its commercial and residential land holdings, as well as certain
non-core operating assets. The capital generated from these sales will
be re-deployed into high-quality income producing assets. The
accelerated sales, when completed, will eliminate approximately $5
million in annual carry costs, over $100 million in remaining capital
commitments, and leave the Company with a more focused platform.
Furthermore, the assets to be monetized are encumbered by only $2.1
million of debt, enabling the Company to recycle the vast majority of
the proceeds into new investments.
As a result of this change, the Company recorded non-cash impairment
charges of $126.3 million, or $1.22 per share, on certain commercial and
residential land holdings and pre-development assets, and $7.6 million,
or $0.07 per share, on operating properties in the fourth quarter of
2011. For the year ended December 31, 2011, the Company incurred $130.1
million in impairment charges, or $1.25 per share, on commercial and
residential land holdings, pre-development assets and other investments
and $7.6 million of such charges, or $0.07 per share, on operating
properties.
With respect to the non-cash impairment charges discussed above, the
Company recorded $104.3 million and $107.8 million for the quarter and
year ended December 31, 2011, respectively, in the caption “Impairment
Losses” on its statements of operations. The Company recorded $937,000
in the caption “Other Expenses” on its statements of operations. The
Company recorded $28.1 million and $28.4 million, for the quarter and
year ended December 31, 2011, respectively, within its unconsolidated
joint ventures in the caption “Equity in Net Income from Unconsolidated
Joint Ventures” on its statements of operations. The Company recorded
$608,000 in the caption “Impairment Loss on Investment in Unconsolidated
Joint Ventures” on its statements of operations.
The impact of the impairment charges on FFO is summarized below:
|
| | |
| |
| |
| | | |
Three Months Ended
| |
Year Ended
|
| | | | December 31, 2011 | | December 31, 2011 |
| | | | ($000) |
|
Per Share
| | ($000) |
|
Per Share
|
|
FFO Before Non-Cash Impairment Charges
| |
$
|
16,111
| |
|
$
|
0.16
| | |
$
|
53,196
| |
|
$
|
0.51
| |
| |
Commercial and Residential Land Impairment Losses
| | |
(125,376
|
)
| | |
(1.21
|
)
| | |
(125,626
|
)
| | |
(1.21
|
)
|
| |
Predevelopment Asset Write-off
| | |
(937
|
)
| | |
(0.01
|
)
| | |
(937
|
)
| | |
(0.01
|
)
|
| |
Investment in Verde Realty, LLC Impairment Loss
| |
|
-
|
|
|
|
-
|
| |
|
(3,508
|
)
|
|
|
(0.03
|
)
|
|
FFO
| | |
$
|
(110,202
|
)
|
|
$
|
(1.06
|
)
| |
$
|
(76,875
|
)
|
|
$
|
(0.74
|
)
|
| | | | | | | | |
|
Investor Conference Call and Webcast
The Company will conduct a conference call at 11:00 a.m. (Eastern Time)
on Wednesday, February 22, 2012, to discuss the results of the quarter
ended December 31, 2011. The number to call for this interactive
teleconference is (212) 271-4651.
A replay of the conference call will be available for 14 days by dialing
(402) 977-9140 and entering the passcode 21575231. The replay can be
accessed on the Company’s website, www.cousinsproperties.com,
through the “Q4 2011 Cousins Properties Incorporated Earnings Conference
Call” link on the Investor Relations page.
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 and retail 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.
The Consolidated Statements of Operations, 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 “Supplemental Information” and “SEC
Filings” links on the “Investor Information & Filings” link of 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.
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 or changes in Company
business and financial strategy; leasing risks; potential acquisitions,
new investments and/or dispositions; the failure of purchase, sale or
other contracts to ultimately close; the financial condition of existing
tenants; competition from other developers or investors; the risks
associated with real estate development and acquisitions; the
availability of buyers and adequate pricing if the Company intends to
liquidate certain assets; 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,
2011. 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 |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(Unaudited, in thousands, except per share amounts)
|
|
| |
| |
|
| |
| |
| | Three Months Ended December 31, | | | Years Ended December 31, |
| | 2011 | | 2010 | | | 2011 | | 2010 |
| REVENUES: | | | | | | | | | |
|
Rental property revenues
| | $ | 35,136 | | |
$
|
32,917
| | | | $ | 135,573 | | |
$
|
130,522
| |
|
Fee income
| | | 3,092 | | | |
3,206
| | | | | 13,821 | | | |
14,444
| |
|
Third party management and leasing revenues
| | | 5,268 | | | |
4,973
| | | | | 19,359 | | | |
18,976
| |
|
Multi-family residential unit sales
| | | - | | | |
9,716
| | | | | 4,664 | | | |
34,442
| |
|
Residential lot and outparcel sales
| | | 2,605 | | | |
1,178
| | | | | 3,015 | | | |
15,943
| |
|
Other
| |
| 515 |
| |
|
689
|
| | |
| 2,032 |
| |
|
1,229
|
|
| |
| 46,616 |
| |
|
52,679
|
| | |
| 178,464 |
| |
|
215,556
|
|
| | | | | | | | |
|
| COSTS AND EXPENSES: | | | | | | | | | |
|
Rental property operating expenses
| | | 14,143 | | | |
12,649
| | | | | 55,918 | | | |
53,750
| |
|
Third party management and leasing expenses
| | | 4,171 | | | |
4,099
| | | | | 16,585 | | | |
17,393
| |
|
Multi-family residential unit cost of sales
| | | - | | | |
7,749
| | | | | 2,487 | | | |
27,017
| |
|
Residential lot and outparcel cost of sales
| | | 2,588 | | | |
779
| | | | | 2,891 | | | |
10,699
| |
|
General and administrative expenses
| | | 6,338 | | | |
7,565
| | | | | 24,166 | | | |
28,517
| |
|
Interest expense
| | | 6,281 | | | |
8,411
| | | | | 27,784 | | | |
37,180
| |
|
Reimbursed expenses
| | | 1,459 | | | |
1,648
| | | | | 6,208 | | | |
6,297
| |
|
Depreciation and amortization
| | | 13,559 | | | |
16,000
| | | | | 50,174 | | | |
53,313
| |
|
Impairment losses
| | | 104,255 | | | |
1,968
| | | | | 107,763 | | | |
2,554
| |
|
Separation expenses
| | | 4 | | | |
742
| | | | | 197 | | | |
1,045
| |
|
Other
| |
| 2,112 |
| |
|
(357
|
)
| | |
| 4,436 |
| |
|
4,416
|
|
| |
| 154,910 |
| |
|
61,253
|
| | |
| 298,609 |
| |
|
242,181
|
|
| | | | | | | | |
|
| LOSS ON EXTINGUISHMENT OF DEBT AND INTEREST RATE SWAPS | |
| - |
| |
|
-
|
| | |
| (74 | ) | |
|
(9,827
|
)
|
| | | | | | | | |
|
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED
JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES | | | (108,294 | ) | | |
(8,574
|
)
| | | | (120,219 | ) | | |
(36,452
|
)
|
| | | | | | | | |
|
| (PROVISION) BENEFIT FOR INCOME TAXES FROM OPERATIONS | | | (31 | ) | | |
(28
|
)
| | | | 186 | | | |
1,079
| |
| | | | | | | | |
|
| INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES: | | | | | | | | | |
|
Equity in net income (loss) from unconsolidated joint ventures
| | | (25,159 | ) | | |
2,000
| | | | | (17,691 | ) | | |
9,493
| |
|
Impairment loss on investment in unconsolidated joint ventures
| |
| (608 | ) | |
|
-
|
| | |
| (608 | ) | |
|
-
|
|
| |
| (25,767 | ) | |
|
2,000
|
| | |
| (18,299 | ) | |
|
9,493
|
|
| | | | | | | | |
|
LOSS FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF
INVESTMENT PROPERTIES | | | (134,092 | ) | | |
(6,602
|
)
| | | | (138,332 | ) | | |
(25,880
|
)
|
| | | | | | | | |
|
| GAIN ON SALE OF INVESTMENT PROPERTIES | |
| 3,317 |
| |
|
63
|
| | |
| 3,494 |
| |
|
1,938
|
|
| | | | | | | | |
|
| LOSS FROM CONTINUING OPERATIONS | | | (130,775 | ) | | |
(6,539
|
)
| | | | (134,838 | ) | | |
(23,942
|
)
|
| | | | | | | | |
|
| INCOME FROM DISCONTINUED OPERATIONS: | | | | | | | | | |
|
Income from discontinued operations
| | | 467 | | | |
916
| | | | | 2,852 | | | |
4,683
| |
|
Gain on sale of investment properties
| |
| 6,082 |
| |
|
654
|
| | |
| 8,519 |
| |
|
7,226
|
|
| |
| 6,549 |
| |
|
1,570
|
| | |
| 11,371 |
| |
|
11,909
|
|
| | | | | | | | |
|
| NET LOSS | | | (124,226 | ) | | |
(4,969
|
)
| | | | (123,467 | ) | | |
(12,033
|
)
|
| NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
| (1,504 | ) | |
|
(734
|
)
| | |
| (4,958 | ) | |
|
(2,540
|
)
|
| | | | | | | | |
|
| NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST | | | (125,730 | ) | | |
(5,703
|
)
| | | | (128,425 | ) | | |
(14,573
|
)
|
| | | | | | | | |
|
| DIVIDENDS TO PREFERRED STOCKHOLDERS | |
| (3,227 | ) | |
|
(3,227
|
)
| | |
| (12,907 | ) | |
|
(12,907
|
)
|
| | | | | | | | |
|
| NET LOSS AVAILABLE TO COMMON STOCKHOLDERS | | $ | (128,957 | ) | |
$
|
(8,930
|
)
| | | $ | (141,332 | ) | |
$
|
(27,480
|
)
|
| | | | | | | | |
|
| PER COMMON SHARE INFORMATION - BASIC AND DILUTED: | | | | | | | | | |
|
Loss from continuing operations attributable to controlling interest
| | $ | (1.31 | ) | |
$
|
(0.10
|
)
| | | $ | (1.47 | ) | |
$
|
(0.39
|
)
|
|
Income from discontinued operations
| |
| 0.06 |
| |
|
0.02
|
| | |
| 0.11 |
| |
|
0.12
|
|
|
Net loss available to common stockholders
| | $ | (1.24 | ) | |
$
|
(0.09
|
)
| | | $ | (1.36 | ) | |
$
|
(0.27
|
)
|
| | | | | | | | |
|
| | | | | | | | |
|
| WEIGHTED AVERAGE SHARES - BASIC AND DILUTED | |
| 103,712 |
| |
|
102,761
|
| | |
| 103,651 |
| |
|
101,440
|
|
| | | | | | | | |
|
|
|
| COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES |
| FUNDS FROM OPERATIONS |
|
(Unaudited, in thousands, except per share amounts)
|
|
|
|
|
|
| Three Months Ended |
| Years Ended |
| | December 31, | | December 31, |
| | 2011 |
| 2010 | | 2011 |
| 2010 |
| | | | | | | | | |
|
| Net Loss Available to Common Stockholders | | $ | (128,957 | ) | | $ | (8,930 | ) | | $ | (141,332 | ) | | $ | (27,480 | ) |
|
Depreciation and amortization:
| | | | | | | | | | |
|
Consolidated properties
| | |
13,559
| | | |
16,000
| | | |
50,174
| | | |
53,313
| |
|
Discontinued properties
| | |
219
| | | |
1,501
| | | |
3,887
| | | |
6,643
| |
|
Share of unconsolidated joint ventures
| | |
2,566
| | | |
2,586
| | | |
10,356
| | | |
9,683
| |
|
Depreciation of non-real estate assets:
| | | | | | | | | | |
|
Consolidated properties
| | |
(365
|
)
| | |
(414
|
)
| | |
(1,688
|
)
| | |
(1,884
|
)
|
|
Discontinued properties
| | |
-
| | | |
-
| | | |
-
| | | |
(5
|
)
|
|
Share of unconsolidated joint ventures
| | |
(5
|
)
| | |
(5
|
)
| | |
(20
|
)
| | |
(22
|
)
|
|
Impairment loss on depreciable investment property
| | |
7,632
| | | |
-
| | | |
7,632
| | | |
-
| |
|
Gain on sale of investment properties:
| | | | | | | | | | |
|
Consolidated properties
| | |
(3,317
|
)
| | |
(63
|
)
| | |
(3,494
|
)
| | |
(1,938
|
)
|
|
Discontinued properties, net of noncontrolling interests
| | |
(4,792
|
)
| | |
(654
|
)
| | |
(5,648
|
)
| | |
(7,226
|
)
|
|
Share of unconsolidated joint ventures
| |
-
| | | |
-
| | |
-
| | | |
-
| |
|
Gain (loss) on sale of undepreciated investment properties
| |
|
3,258
|
| |
|
(1
|
)
| |
|
3,258
|
| |
|
1,697
|
|
| | | | | | | | | |
|
| Funds From Operations Available to Common Stockholders | | $ | (110,202 | ) | | $ | 10,020 |
| | $ | (76,875 | ) | | $ | 32,781 |
|
| | | | | | | | | |
|
| | | | | | | | |
|
| Per Common Share - Basic and Diluted: | | | | | | | | | | |
| | | | | | | | | |
|
| Net Loss Available | | $ | (1.24 | ) | | $ | (.09 | ) | | $ | (1.36 | ) | | $ | (.27 | ) |
| | | | | | | | | |
|
| Funds From Operations | | $ | (1.06 | ) | | $ | .10 |
| | $ | (.74 | ) | | $ | .32 |
|
| | | | | | | | | |
|
| Weighted Average Shares - Basic | |
| 103,712 |
| |
| 102,761 |
| |
| 103,651 |
| |
| 101,440 |
|
| Weighted Average Shares - Diluted | |
| 103,712 |
| |
| 102,761 |
| |
| 103,655 |
| |
| 101,440 |
|
|
|
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, impairment losses on depreciable investment
property and after adjustments for unconsolidated partnerships and
joint ventures to reflect FFO on the same basis.
|
|
|
FFO is used by industry analysts and investors 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 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 |
| CONSOLIDATED BALANCE SHEETS |
|
(in thousands, except share and per share amounts)
|
|
|
| | | | | |
| | | | | |
|
| | | | December 31, |
| | | | 2011 | |
2010
|
ASSETS | |
(Unaudited)
| | |
| PROPERTIES: | | | | |
|
Operating properties, net of accumulated depreciation of $289,473
and $274,925 in 2011 and 2010, respectively
| | $ | 884,652 | | |
$
|
898,119
| |
|
Projects under development
| | | 11,325 | | | |
-
| |
|
Land held for investment
| | | 54,132 | | | |
123,879
| |
|
Residential lots
| | | 13,195 | | | |
63,403
| |
|
Other
| |
| 637 |
| |
|
2,994
|
|
| |
Total properties
| | | 963,941 | | | |
1,088,395
| |
| | | | | |
|
| CASH AND CASH EQUIVALENTS | | | 4,858 | | | |
7,599
| |
| RESTRICTED CASH | | | 4,929 | | | |
15,521
| |
NOTES AND OTHER RECEIVABLES, net of allowance for
doubtful accounts of $5,100 and $6,287 in 2011 and 2010,
respectively | | | 48,500 | | | |
48,395
| |
| INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | | | 160,587 | | | |
167,108
| |
| OTHER ASSETS | |
| 52,720 |
| |
|
44,264
|
|
| | | | | |
|
| | TOTAL ASSETS | | $ | 1,235,535 |
| |
$
|
1,371,282
|
|
| | | | | |
|
LIABILITIES AND EQUITY | | | | |
| NOTES PAYABLE | | $ | 539,442 | | |
$
|
509,509
| |
| ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | | | 36,075 | | | |
32,388
| |
| DEFERRED GAIN | | | 3,980 | | | |
4,216
| |
| DEPOSITS AND DEFERRED INCOME | |
| 15,880 |
| |
|
18,029
|
|
| TOTAL LIABILITIES | | | 595,377 | | | |
564,142
| |
| | | | | |
|
| COMMITMENTS AND CONTINGENT LIABILITIES | | | | |
| | | | | |
|
| REDEEMABLE NONCONTROLLING INTERESTS | | | 2,763 | | | |
14,289
| |
| | | | | |
|
| 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
2011 and 2010
| | | 74,827 | | | |
74,827
| |
| |
7.50% Series B cumulative redeemable preferred stock, $25
liquidation preference; 3,791,000 shares issued and outstanding in
2011 and 2010
| | | 94,775 | | | |
94,775
| |
|
Common stock, $1 par value, 250,000,000 shares authorized,
107,272,078 and 106,961,959 shares issued in 2011 and 2010,
respectively
| | | 107,272 | | | |
106,962
| |
|
Additional paid-in capital
| | | 687,835 | | | |
684,551
| |
|
Treasury stock at cost, 3,570,082 shares in 2011 and 2010
| | | (86,840 | ) | | |
(86,840
|
)
|
|
Distributions in excess of cumulative net income
| |
| (274,177 | ) | |
|
(114,196
|
)
|
| | | | | |
|
| | TOTAL STOCKHOLDERS’ INVESTMENT | | | 603,692 | | | |
760,079
| |
| | | | | |
|
|
Nonredeemable noncontrolling interests
| |
| 33,703 |
| |
|
32,772
|
|
| | TOTAL EQUITY | |
| 637,395 |
| |
|
792,851
|
|
| | | | | |
|
| | TOTAL LIABILITIES AND EQUITY | | $ | 1,235,535 |
| |
$
|
1,371,282
|
|
Cousins Properties Incorporated
Gregg D. Adzema, 404-407-1116
Executive
Vice President and Chief Financial Officer
greggadzema@cousinsproperties.com
or
Cameron
Golden, 404-407-1984
Director of Investor Relations and Corporate
Communications
camerongolden@cousinsproperties.com
Source: Cousins Properties Incorporated