Cousins Announces Sale of San Jose MarketCenter

ATLANTA--Cousins Properties Incorporated (NYSE: CUZ) announced today several transactions, including the sale of San Jose MarketCenter (above centered photo)  and the successful restructuring of debt on two assets.

The San Jose MarketCenter sold for $85 million, generating an estimated net gain on sale of $6.5 million. Cousins completed development of the 360,000-square-foot power center in 2006.

The Company also announced the extension of the loan on The Avenue® Murfreesboro and a new loan on Meridian Mark.

The $113 million loan on Avenue Murfreesboro, a 750,000-square-foot power center outside of Nashville, has been extended three years to July 2013 with no additional recourse requirements.

 Meridian Mark, (middle left photo)  a 160,000-square-foot medical office building in Atlanta, has been re-financed for an additional 10 years, reducing the interest rate from 8.27 percent to 6 percent while increasing proceeds from $22.2 million to $27 million.

The net proceeds of the San Jose sale, along with proceeds from the Meridian Mark re-financing and borrowings from the Company’s line of credit, were used to pay off a $100 million term loan scheduled to mature in August 2012 and eliminate an interest rate swap associated with the term loan for a cost of approximately $9 million.

Larry Gellerstedt,(lower right photo) Cousins President and Chief Executive Officer, noted, “These transactions highlight the importance we have placed on strengthening the balance sheet through the sale of non-core assets and reducing near-term maturities, particularly our remaining recourse debt.

"We will look to build on our success with these strategies as well as our focus on improved leasing and fee services.”

Contact:  Cameron Golden, Director of Investor Relations/Corporate Communications, 404-407-1984, camerongolden@cousinsproperties.com,
Web site address: http://www.cousinsproperties.com/