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| Greenway Plaza, Houston, TX |
ATLANTA, GA--Cousins Properties Incorporated (NYSE:CUZ):
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| 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.
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| 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.
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| 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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