Saturday, November 2, 2013

Cousins Reports Results for the Third Quarter of 2013


Greenway Plaza, Houston, TX

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

Larry Gellerstedt
Highlights
  
  • Transaction Activity

  •  Acquired Greenway Plaza, a 4.3 million square-foot, 10 building office portfolio in Houston, Texas, and 777 Main, a 980,000 square-foot office tower in Fort Worth, Texas. Total purchase price for these assets was $1.1 billion.
  • Completed a public offering of 69 million shares of common stock at $10.00 per share, generating net proceeds of $661.3 million.
  • Sold Tiffany Springs MarketCenter for $53.5 million, generating a gain of $3.7 million.
  • Sold the Company’s interest in CP Venture Two LLC and CP Venture Five LLC in a transaction that valued its interest at $57.4 million prior to allocation of property level debt, generating a gain of $37.0 million.
  • Sold the Company’s interest in CF Murfreesboro Associates in a transaction that valued its interest in The Avenue Murfreesboro at $82.0 million prior to allocation of property level debt, generating a gain of $23.5 million.

Tiffany Springs Market Center, Kansas City, MO

  • Closed a non-recourse mortgage loan on Promenade with a principal balance of $114.0 million, a fixed interest rate of 4.27%, and a term of 9 years.

  • Closed a non-recourse mortgage loan on Post Oak Central with a principal balance of $188.8 million, a fixed interest rate of 4.26%, and a term of 7 years.
Subsequent to quarter end, the Company formed EP II LLC, an unconsolidated joint venture, for the purpose of developing and operating the second phase of the Emory Point mixed-use property in Atlanta, Georgia. 

The second phase will consist of 307 apartments and 43,000 square feet of retail space with a total projected cost of $73.3 million.

“The team has worked extremely hard over the past 24 months to transform the company,” said Larry Gellerstedt, President and Chief Executive Officer of Cousins.

777 Main office tower, Fort Worth, TX
“This quarter marked an inflection point in that transformation, with a compelling portfolio acquisition in Texas - the largest in our history - and the disposition of our lifestyle and power center holdings. 

"With significant value creation opportunities in our existing portfolio and in the development pipeline, we are well positioned for a strong 2014.”

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

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

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