Cousins Properties Announces Results of Second Quarter Dividend Elections

ATLANTA, GA -- Cousins Properties Incorporated (NYSE: CUZ) announced today the results of the shareholders’ elections relating to Cousins’ second quarter common stock dividend of $0.25 per share declared by its Board of Directors on April 14, 2009.

The dividend will consist of approximately $4,280,000 in cash and 928,000 shares of common stock. The amount of cash elected to be received was greater than the cash limit of 33.34% of the total value of the dividend or $4,280,000, and therefore, shareholders who elected to receive all cash will receive a combination of cash and stock.

The number of shares included in the dividend is calculated based on the $9.213 average closing price per share of Cousins’ common stock on the New York Stock Exchange on May 28, May 29, and June 1, 2009.

For a complete copy of the company's news release and further details on the dividend announcement, please contact:

Cameron Golden, 404-407-1984, Director of Investor Relations and Corporate Communications, camerongolden@cousinsproperties.com

Apartment Realty Advisors (ARA) Reps the Sale of Arbor Oaks at Boca Raton

Private Canadian Buyer Purchases Institutional Quality Multifamily Propertyš

BOCA RATON, FL— Atlanta-headquartered Apartment Realty Advisors (ARA), the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Arbor Oaks at Boca Raton, (top right photo) a 360-unit multifamily community located in exclusive Boca Raton, Palm Beach County, Florida.

ARA Boca Raton based principal, Avery Klann, (middle right photo) senior vice president, Hampton Beebe (bottom left photo) and principal, Richard Donnellan, (top left photo) represented an institutional investor in the sale of the class A value-add investment opportunity which was 91% occupied at the time of the sale.

This property enjoys a strategic location along the east side of U.S. Highway 441, south of Glades Road.š West Boca Medical Center is immediately adjacent to the community of eighteen, two- and three-story garden apartment buildings, which offers residents maximum privacy combined with water or recreational views.

Additionally, Arbor Oaks maintains superior construction quality with cast-in-place concrete

floors, concrete reinforced masonry block walls and textured stucco.

“The combined innovative design, quality of construction and extensive amenities of Arbor Oaks provide exceptional value for the undisclosed, private Canadian-based buyer who purchased the deal for $40,000,000,” noted Klann.

“As a newcomer to this market, they plan to take advantage of the interior and exterior ‘value-add’ opportunities and benefit from increasing premium rental rates as a result.

“ARA prides itself on uncovering unique international buyers that are new to the Florida market.

" In today’s capital constrained environment, accessing a wide base of potential investors is critical in getting deals done. ARA’s national database has over 26,000 registered apartment investors from all over the globe, which is a unique advantage we offer our clients,” said Donnellan, the current president of ARA National.

Located at 9817 Arbor Oaks Lane in Boca Raton, Florida, the property offers extensive amenities including ceramic tile floors, screened patios/balconies, washers & dryers, gated entry, business center, clubhouse, spa, fitness center, resort-style heated swimming pool, lighted tennis and basketball courts and barbeque/picnic areas throughout the community.

To schedule an interview with an ARA executive regarding this transaction or for more information about Apartment Realty Advisors, please contact Marti Zenor at mzenor@arausa.com or 561.988.8800, or Amy Holland at aholland@arausa.com or 678.553.9366.

Contact: Marti Zenor mzenor@ARAusa.com
561.988.8800 x112 Direct  954.205.5207 Cell  561.988.8810 Fax

Peter Lee Returns to Grubb & Ellis as Vice President

ONTARIO, CA (June 2, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Peter Lee has returned to the company to serve as vice president. He will specialize in industrial sales and leasing in the East San Gabriel Valley and West Inland Empire market.

With more than 17 years of experience in the commercial real estate industry, Lee has been involved in tenant, buyer and landlord representation, build-to-suit transactions and investment sales.

“Peter provides his clients with in-depth market knowledge, keen analytical skills and a personal commitment to their needs,” said Mano Leventakis, senior vice president and managing director. “This dedication to his clients has allowed him the opportunity to develop key relationships throughout Southern California.”

Lee returns to Grubb & Ellis after seven years at Colliers International, where he was an associate vice president. Prior to joining Colliers, he spent seven years at Grubb & Ellis. He began his commercial real estate career at Ashwill Hawkins Inc. in 1992.

Lee’s list of clients includes The International Association of Plumbing and Mechanical Officials, Kingston Industries, Ace Alloy Wheel and Foam Sweet Foam.

He is a member of the American Industrial Real Estate Association and holds a bachelor’s degree from California State University.

Contacts:

Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com

April Orange County, FL Resort Tax Collections Down 16% from March

ORLANDO, FL--County Comptroller Martha Haynie (top right photo) announced resort tax collections received by the County in May for the hotel collection month of April 2009 were $13,342,500.

Resort taxes are charged on short-term rentals, mostly hotels and motels.

Comptroller Haynie noted that April 2009 collections were 16 percent lower than April 2008.

“However, it is probably more useful to look at March and April together, as the dates for spring breaks shift from year to year and can skew a month to month comparison,” Haynie points out.

'When we compare March and April 2009 to the same two months in 2008, the 2009 'spring season' was about 22 percent lower. While this is hardly cause for celebration, it is a bit better than the almost 30 percent declines we saw earlier this year," Haynie adds.

Contact: Martha O. Haynie, (407) 836-5690

Stan Johnson Co. Completes Sale of Fresenius Medical Care Building in West Salem, OR for $2.8M

WEST SALEM, OR, (June 3, 2009) – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 5,916-square-foot free-standing medical property leased 100% to Fresenius Medical Care, located on one acre at 2nd Street and McNary Avenue in West Salem, Oregon.

Michael Cropper (top right photo), a Senior Associate at Stan Johnson Company, represented the seller, MDG Development Group, LLC, an industrial/office developer. Travis Trautvetter of Marcus & Millichap-San Diego represented the buyer, a California individual investor in the transaction.

“We continue to see strong demand for medical oriented real estate investments. Investors are attracted to the stability of the customer demand, strength of credit and high-quality real estate,” states Cropper.

“Medical tenants are among the few tenants nationally that continue to expand in the face of this recessionary economy. I believe that this niche will be an area of continued strength in the coming years.”

The build-to suit Fresenius Medical Care building is well situated on the corner of 2nd Street and McNary Avenue located 1.9 miles from the State Capitol building making it an ideal investment property.

Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms. Our net lease group is the largest team of professionals focused exclusively on the acquisition, disposition, and financing of net leased real estate.

Building on our 22 year foundation in the single tenant net lease industry, completing more than $8 Billion in transactions nationwide, Stan Johnson Company is aligned for continued growth.

A dynamic team approach, refined marketing processes and a foundation built on integrity, professionalism and relationships create a winning combination enabling the firm to consistently deliver quality service and superior results to each unique client.

Contact: David Ebeling, Ebeling Communications, (949) 278-7851 david@ebelingcomm.com

MBA Study: Commercial and Multifamily Mortgage Delinquency Rates Continued to Rise in the First Quarter

WASHINGTON, DC- The weakening economy and continued credit crunch led to increases in commercial/multifamily mortgage delinquencies during the first quarter of 2009, according to the Commercial/Multifamily Delinquency Report, released by the Mortgage Bankers Association (MBA).

"Commercial and multifamily mortgage delinquency rates continued to rise in the first quarter," said Jamie Woodwell, (top right photo) Vice President of Commercial Real Estate Research at the Mortgage Bankers Association.

"Delinquency rates on commercial and multifamily mortgages held by banks and thrifts, by Fannie Mae and in commercial mortgage-backed securities (CMBS) are all now at levels higher than at any time since the 2001 recession.

First quarter delinquency rates on commercial mortgages held by life insurance companies remained below the 2001 recession levels."

Between the fourth quarter of 2008 and first quarter of 2009, the 30+ day delinquency rate on loans held in commercial mortgage-backed securities (CMBS) rose 0.68 percentage points to 1.85 percent. The 60+ day delinquency rate on loans held in life insurance company portfolios rose 0.05 percentage points to 0.12 percent.

The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae rose 0.04 percentage points to 0.34 percent. The 90+ day delinquency rate on multifamily loans held or insured by Freddie Mac rose 0.08 percentage points to 0.09 percent.

(Note that in June 2008, Freddie Mac began reporting multifamily delinquencies as those loans 90+ days delinquent. Prior to that time the reported numbers are for loans 60+ days delinquent). The 90+day delinquency rate on loans held by FDIC-insured banks and thrifts rose 0.66 percentage points to 2.28 percent.

The MBA analysis looks at commercial/multifamily delinquency rates for five of the largest investor-groups: commercial banks and thrifts, commercial mortgage-backed securities (CMBS), life insurance companies, Fannie Mae and Freddie Mac. Together these groups hold more than 80 percent of commercial/multifamily mortgage debt outstanding.

The analysis incorporates the same measures used by each individual investor group to track the performance of their loans. Because each investor group tracks delinquencies in its own way, delinquency rates are not comparable from one group to another.

Based on the unpaid principal balance of loans (UPB), delinquency rates for each group at the end of the first quarter were as follows:

. CMBS: 1.85 percent (30+ days delinquent or in REO);
. Life company portfolios: 0.12 percent (60+days delinquent);
. Fannie Mae: 0.34 percent (60 or more days delinquent)
. Freddie Mac: 0.09 percent (90 or more days delinquent);
. Banks and thrifts: 2.28 percent (90 or more days delinquent or in non-accrual).

To view the report, please visit the following Web link: http://www.mortgagebankers.org/files/Research/CommercialNDR/1Q09CommercialNDR.pdf

Contact: John Mechem, (202) 557-2924, jmechem@mortgagebankers.org

Arbor Closes Two Fannie Mae DUS® ARM Loans Totaling $4.96M

UNIONDALE, NY (June 3, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans totaling $4,960,000 under the Fannie Mae DUS® ARM Loans product line.



These loans include:

Pinewood Apartments (bottom left photo) - Arlington, TX – 111-unit complex in the amount of $3,280,000. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 4.89 percent.

Waterford Apartments - Irving, TX – 64-unit complex in the amount of $1,680,000. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 4.89 percent.

The loan was originated by Matt Norman (top right photo), Vice President, in Arbor’s full-service Dallas, TX lending office.

“On both of these loans, Arbor was able to assist the borrower in converting from short-term, recourse, acquisition debt, to longer term perm debt at very attractive rates,” said Norman.

“The non-recourse component of the Fannie program really sealed the deal for this client.”

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, iprincipe@arbor.com



http://www.arbor.com/

HFF and Inland Western team on maturing debt

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has been engaged by Inland Western Retail Real Estate Trust, Inc. (“Inland Western”) to assist the REIT with outstanding debt maturities for retail properties nationwide.

A team of HFF professionals has been working with Inland Western since fourth quarter 2008 to secure a combination of new financing and extensions.

To date in 2009, HFF and Inland Western have closed 10 loan transactions through a variety of life companies and banks totaling approximately $120 million.

Examples of the financed assets include: Preston Trail Village in Dallas, Texas; Southlake Town Square Block 22 in Southlake, Texas (middle right photo); The Shops at Park Place in Plano, Texas (above centered photo); The Village Shoppes at Simonton in Lawrenceville, Georgia; Shoppes of New Hope in Dallas, Georgia; and Hickory Ridge in Hickory, North Carolina.

In addition to the $120 million in loans closed year-to-date, HFF has utilized a network of life companies, banks and other balance sheet lenders to secure approximately $75 million in committed financing, which is anticipated to close within the next 30 to 60 days.

Additionally, nearly $300 million of debt is in various stages of negotiation for refinance and long-term extensions.

“Given the current capital markets environment, it is a testament to the quality of both the sponsorship and the assets that HFF is able to attract solid support and negotiate nearly $500 million in financing for Inland Western,” said HFF managing director Kevin MacKenzie (bottom right photo).

“Inland Western’s management team is very highly regarded and is focused on handling their debt maturities in a thoughtful manner, including building long term relationships with the lenders involved. The lenders that are actively engaged appreciate the quality of the assets, the realistic underwriting assumptions being used and the opportunity to make strong fundamental loans to a best-in-class sponsor.”

“HFF has an outstanding reputation, and our refinancing efforts were strengthened by enlisting HFF to work with us on our maturing debt,” commented Steve P. Grimes, (bottom left photo) chief financial officer of Inland Western.

“We have developed a tailored, systematic approach to our maturing debt utilizing their extensive network and deep knowledge of the debt marketplace. Their ability to capitalize on existing relationships has been demonstrated by the traction they have gained for us in this challenging environment.”

Inland Western Retail Real Estate Trust, Inc. is a self-managed real estate investment trust focused on the acquisition, development and management of retail properties, including lifestyle, power, community and neighborhood centers, in addition to single-user net lease properties in locations demonstrating solid demographics.

As of March 31, 2009, the portfolio consisted of 334 properties nationally, which the company owned or had interests in, totaling in excess of 51 million square feet.

For further information, please see the company website at http://www.inlandwestern.com/.

Contacts:

Kevin C. MacKenzie, HFF Managing Director (214) 265-0880 kmackenzie@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500 krmurphy@hfflp.com

HFF arranges $24.1M financing for Silver Spring, MD multifamily community

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $24.1 million in financing for Rollingwood Apartments, (above centered photo) a 283-unit multifamily community in Silver Spring, Maryland.

HFF director Cary Abod (top right photo) and senior managing directors Bob Donhauser (middle left photo) and Bill Asbill (bottom right photo) worked exclusively on behalf of the borrower, Federal Realty Investment Trust, to secure the 10-year, 5.72 percent fixed-rate loan with Wachovia Multifamily Capital, Inc. – FNMA.

“This was a very conservative deal in a strong rental market, which allowed the process to move smoothly and quickly, even in this environment,” said Abod.

Rollingwood Apartments is located at 2535 Ross Road approximately seven miles northwest of downtown Washington, D.C. The property has one-, two- and three-bedroom apartment and townhome units averaging 859 square feet each.

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management and redevelopment of high quality retail assets.

Federal Realty's portfolio (excluding joint venture properties) contains approximately 18.1 million square feet. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962 and has increased its dividend rate for 41 consecutive years, the longest record in the REIT industry.

Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.

HFF (NYSE: HF) operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing. http://www.hfflp.com/.

Contacts:

Cary P. Abod, HFF Director, (202) 533-2500, cabod@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF secures $7.1M refinancing for Magnolia Square Shopping Center in San Ramon, CA

SAN FRANCISCO, CA – The San Francisco office of HFF (Holliday Fenoglio Fowler, L.P.) announced today they secured a $7.1 million refinancing for Magnolia Square Shopping Center (above photo), a 41,913-square-foot shopping center in San Ramon, California.

HFF senior managing director Bruce Ganong (top right photo) , and director Zane Sweet worked exclusively on behalf of Kimco Realty Corporation in arranging the fixed-rate loan through Fidelity Bancorp Funding, Inc.

Magnolia Square Shopping Center is located at the intersection of Crow Canyon Place and Crow Canyon Road in the East Bay community of San Ramon.

The neighborhood center is anchored by national and regional tenants including Petco, Starbucks, Baskin Robbins and Max’s Cafe.

“Despite continued challenges in the capital markets, attractive financing remains available for quality real estate transactions with strong sponsorship,” said Sweet.

Kimco Realty Corporation, a real estate investment trust (REIT), owns and operates North America’s largest portfolio of neighborhood and community shopping centers.

As of March 31, 2009, the company owned interests in 1,476 properties comprising 155 million square feet of leasable space across 45 states, Puerto Rico, Canada, Mexico, and South America.

Publicly traded on the NYSE under the symbol KIM and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for 50 years.

Contacts:

Bruce Ganong, HFF Senior Managing Director, (415) 276-6300, bganong@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com