Friday, November 7, 2008

Cousins Properties Reports Results for Quarter Ended Sept. 30, 2008

ATLANTA, GA--Cousins Properties Incorporated (NYSE:CUZ) has reported its results of operations for the three and nine months ended September 30, 2008.

All per share amounts are reported on adiluted basis; basic per share data is included in the CondensedConsolidated Statements of Income accompanying this release.

Funds from Operations Available to Common Stockholders ("FFO") was $20.9 million, or $0.41 per share, for the third quarter of 2008, compared with FFO of $7.3 million, or $0.14 per share, for the third quarter of 2007.

FFO was $50.9 million, or $0.98 per share, for the nine months ended September 30, 2008, compared with $41.2 million, or$0.77 per share, for the same period in 2007.

Net Income Available to Common Stockholders ("Net IncomeAvailable") was $7.0 million, or $0.14 per share, for the third quarter of 2008 compared with Net Income Available of $7.8 million, or$0.15 per share, for the third quarter of 2007.
Net Income Available was $11.7 million, or $0.23 per share, for the nine months ended September 30, 2008, compared with $22.7 million, or $0.43 per share,for the same period in 2007.

For a complete copy of Cousins' news release, showing financial highlights and numbers, please contact:

James A. Fleming, (top right photo) Executive Vice President and Chief Financial Officer, 404-407-1150 or
Elli Kaplan Vice President 404-407-1972

Cambridge Provides $12.6M Insured HUD Loan to Fund Purchase of Danville, IL Nursing Facility

CHICAGO, IL--Cambridge Realty Capital Companies has provided a $12.6 million FHA-insured first mortgage loan to fund the purchase of Hawthorne Inn of Danville (top right photo) , a 140-bed skilled nursing/ board and care facility in downstate Danville, Ill., Chairman Jeffrey A. Davis (bottom left photo) announced.

The fully-amortized, 35-year term mortgage was arranged for the purchaser, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business unit that underwrites FHA-insured loans.

The purchase was funded using the HUD Section 232 pursuant to Section 223(f) funding program.

Davis said the property has 64 skilled nursing and 76 board and care units. Interest rate for the loan was not disclosed.

Contact: Evan Washington, Phone: (312) 521-7603. Fax: (312) 357-1611

Cushman & Wakefield Orlando Completes 2 Leasing Deals

Central Florida Regional Workforce Takes 23,824 SF at 707 Mendham Blvd. office

ORLANDO, FL--Cushman & Wakefield of Florida, Inc. (C&W) announced the lease of a 23,824 sf office located at 707 Mendham Boulevard, in the University/Research Park area.

Leasee Central Florida Regional Workforce will relocate its Orange County offices to the location in 2009.
Douglas Eber (bottom left photo) and Matthew McKeever CCIM, SIOR represented the landlord, Continental Properties, in the transaction.

Sage Software Healthcare Signs 32,750-SF Lease at Progress Corporate Park

ORLANDO, FL –- The Orlando office of Cushman & Wakefield (C&W) announced that Sage Software Healthcare signed a 32,750 square foot lease at 13545 Progress Corporate Park (top right photo) in Alachua County. Matthew McKeever, CCIM, SIOR, Senior Director of office brokerage services, and Christopher White, brokerage associate in C&W’s Atlanta office negotiated on behalf of the tenant.

Progress Corporate Park is a research and technology park located near the University of Florida, Gainesville.

Contact: Brook Hines, 407 541 4401,

HFF Arranges $50.78M Loan Through Freddie Mac for Alabama Multifamily Properties

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $50.78 million loan through Freddie Mac for The Links at Tuscaloosa, (top right photo) a 408-unit multifamily community, and The Greens at Tuscaloosa, (middle left photo) a 384-unit multifamily complex in Tuscaloosa, Alabama.

HFF director Brian Carlton worked on behalf of the borrower, The Greens at Tuscaloosa, a Limited Partnership, and Lindsey Management Company, Inc., to secure the 10-year fixed-rate loan through the lender. Proceeds were used to retire construction financing

The Links at Tuscaloosa and The Greens at Tuscaloosa are located at 1800 Links Boulevard in Tuscaloosa. Completed in 2007, the properties have a combined 792 units that are 97 % leased.

Shared community amenities include a clubhouse with fitness center, activity room and business center, a swimming pool and wading pool for kids, and a tennis court. In addition, residents have access to a golf shop and unlimited golf privileges at the adjacent Links at Tuscaloosa golf course, which is owned and managed by a Lindsey-affiliated company.

Fayetteville, Arkansas-based, Lindsey Management Co., Inc. (LMC) began operations in 1985 and since then has grown to become the largest property management firm of multifamily housing in the state of Arkansas.

LMC currently manages over 29,000 units in Arkansas, Alabama, Kansas, Mississippi, Missouri, Nebraska, Oklahoma and Tennessee.

Brian G. Carlton, HFF Director, 214 265 0880,
D. Scott Rogerson, Lindsey Management Chief Financial Officer, 479 521 6686,
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990,

Marcus & Millichap Sells 200-Unit Apartment Community in Overland Park, KS

OVERLAND PARK, KS – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Plaza Gardens Townhomes, (top right photo) a 200-unit multi-family community in Overland Park.

Will Balthrope, (top left photo) an associate vice president investments and a senior director of Marcus & Millichap’s National Multi Housing Group in Dallas, along with Christopher Helvey (middle right photo) and Michael Sullivan,(bottom left photo) both associates in the firm’s Kansas City office, represented the seller, a local developer.
Marcus & Millichap also represented the buyer, a Phoenix-based investor.

“Plaza Gardens was an excellent opportunity for the buyer to acquire a Class A multi-family community with unique, high-demand units in an outstanding location in Kansas City,” says Sullivan.

“There is tremendous upside in this apartment community through utility bill back, management streamlining and continued capital infusions, and the rents are significantly below market,” adds Helvey.

Located at 13900 Newton, the 307,600-square foot apartment community consists of 32 three-story buildings situated on 20.08 acres.

Plaza Gardens Townhomes features a mix of two- and three-bedroom units. The units are well appointed with full kitchen packages, walk-in closets, full-size washers and dryers, attached garages, central HVAC, and private patios.
Community amenities include a swimming pool, hot tub, tanning salon, fitness center, multiple playgrounds and a business center.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Rebman Reports Service Center/Flex Leasing Vacancy at 15.22%

The third-quarter market report by the Winter Park-based firm shows condominium industrial sales posted positive absorption of 36,849 SF

ORLANDO, FL--This survey covers 9,007,669 square feet of service center/flex space in 106 locations south of the 408 Expressway in Orlando, Florida.

Lyle N. Nelsen (top right photo), Rebman's corporate and industrial specialist, notes the overall results of sales and leasing activity in the third quarter continues to pause while the economy turns around.

The negative absorption this quarter of 71,627 square feet and a 15.22% vacancy are strong indicators of this pause in the economy. The year to date negative absorption of 69,800 is a distinct slow down in leasing and sales activity.

The number of third quarter leases over 5,000 square feet were less than normal for this market. They included:

--Oceaneering Intern. 20,000 sf, Southridge II, Leasing Agent Mike Borling-EastGroup.

--Kranson Industries, 9,600 sf, Beachline Comm. Center, Agent Todd Watson of Liberty Properties.

--Serv Pro, 8,000 sf, Sunport Comm. Center, Quentin Caruso of Realty Capital.

Surprisingly, condominium sales had a positive absorption of 36,849 square feet, reducing the condo vacancy rate from 14.10% to 11.08%.
Asking prices have dropped to an average range of $100 to $110 per square foot which produced a number of small space sales.

Summarizing this service center/flex space market, it is in transition and will turn around when there is stability in the financial sector.

There have been only three years when the vacancy rate was higher than the current 15.22% -- 1991 (25.7%); 1992 (21.85%) and 1994 (15.95%).

Rental rates along the core area of Sandlake Road and South Orange Blossom Trail are holding. Asking rates have been reduced in the outlining area along the Beltway.

There is very little movement of tenants. Most tenants are remaining with a lot of downsizing.
Deals are predominantly in the smaller spaces and with short terms – 1 to 3 years. There is a trend of smaller tenants leaving without notice.

Finally, when brokers are in a competitive situation, free rent is the main tool they use to get the deal.

The forecast – more of the same through this year and into 2009 until the financial markets open the gates. In the meantime, this market has an abundance of flex space in all areas of the south Orlando – ready for occupancy!
This survey has been produced every quarter since 1986 with a personal call to each broker/property manager in gathering this information.

Lynn G. Bailey, Rebman Properties Inc., PH 407 875 8001. FX 407 875 8004.

Lyle N. Nelsen, corporate/industrial specialist, Rebman Properties Inc.,