ATLANTA, GA (Oct. 31, 2008) - Cousins Properties Incorporated(NYSE:CUZ) offered the following comment on an October 29 news story from the Associated Press that incorrectly summarized a Goldman Sachs research report assessing credit concerns among REITs.
The wire story had erroneously assumed the Goldman report included Cousins Properties as a company with major refinancing concerns in the near term when Cousins was included in the report as a REIT with "development exposure."Cousins Properties has only $8.6 million of debt maturing between now and December 31, 2009. Therefore, there are no near-term refinancing concerns.
In addition, the Company has enough cash on-hand, without accessing the $233 million of availability on its credit
facility, to fund all anticipated development costs through 2009.
facility, to fund all anticipated development costs through 2009. "Given the difficulties some real estate companies are having withrefinancing and liquidity, we felt it was important to correct therecord on this widely read story," said Jim Fleming, (top right photo) executive vice president and chief financial officer of Cousins.
Cousins will announce its third quarter 2008 earnings on next Wednesday, Nov. 5 and hold its quarterly conference call with analysts and investors at 10 a.m.ET on Thursday, Nov. 6.
CONTACTS:Investment Community: Elli Kaplan Vice President, , Investor Relations & Research, (404) 407-1972, ellikaplan@cousinsproperties.com
Media, Matt Gove, Senior Vice President, 404 407 1490, mattgove@cousinsproperties.com
Web site address: http://www.cousinsproperties.com/
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