Friday, November 4, 2011

Cousins Reports Results for Third Quarter of 2011


 ATLANTA, GA--Cousins Properties Incorporated (NYSE:CUZ):

Highlights

  • Funds From Operations (FFO) of $0.14 per share.
  • Leased or renewed 787,000 square feet of office and retail.
  • Commenced Mahan Village retail development.
Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended September 30, 2011.

“We were very pleased with our third quarter operating performance,” said Larry Gellerstedt (top right photo), CEO of Cousins. “Our team continues to deliver strong results, particularly on the leasing front, as we continue to simplify the platform and seek attractive value creation opportunities.”

Portfolio Activity
  • Leased or renewed 420,000 square feet of office space and 367,000 square feet of retail space.
  • Office portfolio remained 91% leased and Retail portfolio increased to 89% leased.  
  • Transaction Activity
  • Commenced construction of Mahan Village, a 147,000-square-foot, Publix-anchored shopping center in Tallahassee, Florida.
  • Sold One Georgia Center (lower left photo), a 376,000-square-foot office building in Atlanta, Georgia, for $48.6 million, generating a gain, net of noncontrolling interest, of $1.2 million.
  • Sold 126 residential lots for net gains of $519,000.
  • Subsequent to quarter end, placed King Mill Distribution Park Building 3, a 796,000-square-foot industrial building in Atlanta, Georgia, under contract for sale. This transaction is expected to close in the fourth quarter.

For a complete copy of the company’s news release and statistics, please contact:

Gregg D. Adzema, 404-407-1116
Executive Vice President and Chief Financial Officer
or
Cameron Golden, 404-407-1984
Director of Investor Relations and Corporate Communications

No comments:

Post a Comment