Accelerates Earnings Call to July 30 at 8 a.m. ET
ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE: CUZ) has signed a definitive
agreement to acquire Greenway Plaza, a 10-building, 4.4
million-square-foot office portfolio in Houston, and 777 Main Street, a
980,000-square-foot Class-A office tower in Fort Worth, Texas, for a
total purchase price of approximately $1.1 billion in cash from a joint
venture operated by Crescent Real Estate Holdings LLC. The Company
expects to fund the transaction on a leverage neutral basis through
proceeds from a common stock issuance, as well as the anticipated sale
of non-core assets and mortgage financing. The acquisition is
anticipated to close by mid-September 2013.
“Greenway Plaza and 777 Main Street are an excellent fit with our
portfolio as they are high-quality urban properties with embedded NOI
growth and future development potential,” said Larry Gellerstedt,
President and Chief Executive Officer of Cousins. “Not only do we expect
this transaction to be transformative and accretive, it immediately
expands our Texas platform and provides substantial geographic
diversification at a significant discount to replacement cost.”
Highlights of Greenway Plaza (Houston):
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High-profile, 10-building office complex comprising 4.4 million square
feet
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Centrally located between Houston’s CBD and Galleria submarkets
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92 percent occupancy with in-place rents well below market
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Long-term new development and re-development opportunities
Highlights of 777 Main Street (Fort Worth):
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40-story, Class-A office tower comprising 980,000 square feet
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Located in Fort Worth’s CBD in close proximity to Sundance Square
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72 percent projected year-end occupancy
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Significant lease-up potential
A detailed overview of the transaction can be found on Cousins’ website: www.cousinsproperties.com.
JP Morgan Securities, LLC served as the Company’s exclusive financial
advisor on the acquisition.
Second Quarter Earnings Conference Call Moved to July 30
The Company will conduct a conference call at 8:00 a.m. (Eastern Time)
on Tuesday, July 30, 2013, to discuss the Company’s results for the
second quarter ended June 30, 2013 and the portfolio transaction. The
number to call for this interactive teleconference is (212) 231-2917. A
replay of the conference call will be available for 14 days by dialing
(402) 977-9140 and entering the passcode 21669478. The replay can be
accessed on the Company’s website, www.cousinsproperties.com,
through the “Q2 2013 Cousins Properties Incorporated Earnings Conference
Call” link on the Investor Relations page.
About Cousins Properties
Cousins Properties Incorporated is a fully integrated, self-administered
and self-managed real estate investment trust (REIT). The Company, based
in Atlanta, GA, primarily invests in Class-A office towers located in
high growth Sunbelt markets, with a focus on Georgia, Texas and North
Carolina.
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, including matters related to the
consummation of the acquisition, the financing of the acquisition, and
the effects of acquisition, including its impact on accretion and
leverage. Readers should carefully review the Company’s 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, 2012 and other documents the Company 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.
Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Vice
President of Investor Relations and Corporate Communications
camerongolden@cousinsproperties.com
www.cousinsproperties.com
Source: Cousins Properties Incorporated