Cousins Properties Incorporated (NYSE: CUZ) announced today its
Board of Directors has declared a special cash dividend of
approximately $175 million, or $3.40 per share. The dividend is
payable December 1, 2006, to common shareholders of record on
November 24, 2006. The special dividend is the result of taxable
gains from sales of or agreements to sell wholly owned and joint
venture assets, including: Bank of America Plaza, a 1.25-million
square-foot office building in Atlanta, sold to an affiliate of
California-based BentleyForbes for $436 million in September 2006.
Frost Bank Tower, a 531,000-square-foot office building in Austin,
Texas, sold to Chicago-based Equity Office (NYSE: EOP) for $188
million in September 2006. The Avenue of the Peninsula, a
371,000-square-foot retail center in Rolling Hills Estates,
California, sold to Stoltz Real Estate Partners for $96.5 million
in November 2006. The Shops at World Golf Village, an
80,000-square-foot retail center in St. Augustine, Florida, sold to
MW Golf Properties LLC for $13.5 million in February 2006. Seven
ground leases adjacent to North Point Mall in Alpharetta, Georgia
for $14.3 million expected to be sold by the end of 2006. �This
marks the third time in four years that Cousins has captured a
substantial part of the value we�ve created in our properties and
redistributed it back to our shareholders through a special
dividend. That�s quite rare in the REIT world and we are delighted
to have provided this benefit to out shareholders,� said Tom Bell,
president and CEO of Cousins Properties. �As we head into a period
of intense development, our aim at Cousins remains constant: create
value through the development and operation of top-quality real
estate, harvest that value when the time is right and give our
shareholders an outstanding total return on their investment.
"Under the REIT provisions of the Internal Revenue Code,
substantial gains must be distributed in order for the Company not
to incur corporate level taxes. The Board and management determined
that, due to our strong financial position, an all-cash
distribution was in order," Bell said. "I would note that, based on
current estimates of 2006 taxable income and gains, approximately
78 percent of the distribution should be taxed at the 15 percent
federal capital gain rate, with approximately 22 percent being
taxed at the 25 percent federal recapture rate. Of course, these
estimates may change." Cousins Properties Incorporated,
headquartered in Atlanta, has extensive experience in the real
estate industry including development, acquisition, financing,
management and leasing. Cousins actively invests in office,
multi-family, retail, industrial and land development projects. The
Company's portfolio consists of interests in 7.3 million square
feet of office space, 4.2 million square feet of retail space,
2�million square feet of industrial space, one multi-family
residential project and 23 single-family neighborhood developments,
over 9,200 acres of strategically located land tracts for sale or
future development, and significant land holdings for development
of single-family residential communities. Cousins also provides
leasing and management services to third-party investors; its
client-services portfolio comprises 14.9 million square feet of
office and retail space. Cousins is a fully integrated equity real
estate investment trust (REIT) that has been public since 1962 and
trades on the New York Stock Exchange under the symbol �CUZ.� For
more information on the Company, please visit Cousins' Web site at
www.cousinsproperties.com. Certain matters discussed in this news
release are forward-looking statements within the meaning of the
federal securities laws and are subject to uncertainties and risks,
including, but not limited to, general and local economic
conditions, local real estate conditions, the activity of others
developing competitive projects, the cyclical nature of the real
estate industry, the financial condition of existing tenants,
interest rates, the Company's ability to obtain favorable financing
or zoning, environmental matters, the effects of terrorism, the
failure of assets under contract for sale to ultimately close and
other risks detailed from time to time in the Company's filings
with the Securities and Exchange Commission, including the
Company's Report on Form 10-K for the year ended December 31, 2005.
The words �believes,� �expects,� �anticipates,� �estimates� and
similar expressions are intended to identify forward-looking
statements. Although the Company believes that its plans,
intentions and expectations reflected in any forward-looking
statement are reasonable, the Company can give no assurance that
these plans, intentions or expectations will be achieved. Such
forward-looking statements are based on current expectations and
speak as of the date of such statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of future events, new information or
otherwise. Cousins Properties Incorporated (NYSE: CUZ) announced
today its Board of Directors has declared a special cash dividend
of approximately $175 million, or $3.40 per share. The dividend is
payable December 1, 2006, to common shareholders of record on
November 24, 2006. The special dividend is the result of taxable
gains from sales of or agreements to sell wholly owned and joint
venture assets, including: -- Bank of America Plaza, a 1.25-million
square-foot office building in Atlanta, sold to an affiliate of
California-based BentleyForbes for $436 million in September 2006.
-- Frost Bank Tower, a 531,000-square-foot office building in
Austin, Texas, sold to Chicago-based Equity Office (NYSE: EOP) for
$188 million in September 2006. -- The Avenue of the Peninsula, a
371,000-square-foot retail center in Rolling Hills Estates,
California, sold to Stoltz Real Estate Partners for $96.5 million
in November 2006. -- The Shops at World Golf Village, an
80,000-square-foot retail center in St. Augustine, Florida, sold to
MW Golf Properties LLC for $13.5 million in February 2006. -- Seven
ground leases adjacent to North Point Mall in Alpharetta, Georgia
for $14.3 million expected to be sold by the end of 2006. "This
marks the third time in four years that Cousins has captured a
substantial part of the value we've created in our properties and
redistributed it back to our shareholders through a special
dividend. That's quite rare in the REIT world and we are delighted
to have provided this benefit to out shareholders," said Tom Bell,
president and CEO of Cousins Properties. "As we head into a period
of intense development, our aim at Cousins remains constant: create
value through the development and operation of top-quality real
estate, harvest that value when the time is right and give our
shareholders an outstanding total return on their investment.
"Under the REIT provisions of the Internal Revenue Code,
substantial gains must be distributed in order for the Company not
to incur corporate level taxes. The Board and management determined
that, due to our strong financial position, an all-cash
distribution was in order," Bell said. "I would note that, based on
current estimates of 2006 taxable income and gains, approximately
78 percent of the distribution should be taxed at the 15 percent
federal capital gain rate, with approximately 22 percent being
taxed at the 25 percent federal recapture rate. Of course, these
estimates may change." Cousins Properties Incorporated,
headquartered in Atlanta, has extensive experience in the real
estate industry including development, acquisition, financing,
management and leasing. Cousins actively invests in office,
multi-family, retail, industrial and land development projects. The
Company's portfolio consists of interests in 7.3 million square
feet of office space, 4.2 million square feet of retail space, 2
million square feet of industrial space, one multi-family
residential project and 23 single-family neighborhood developments,
over 9,200 acres of strategically located land tracts for sale or
future development, and significant land holdings for development
of single-family residential communities. Cousins also provides
leasing and management services to third-party investors; its
client-services portfolio comprises 14.9 million square feet of
office and retail space. Cousins is a fully integrated equity real
estate investment trust (REIT) that has been public since 1962 and
trades on the New York Stock Exchange under the symbol "CUZ." For
more information on the Company, please visit Cousins' Web site at
www.cousinsproperties.com. Certain matters discussed in this news
release are forward-looking statements within the meaning of the
federal securities laws and are subject to uncertainties and risks,
including, but not limited to, general and local economic
conditions, local real estate conditions, the activity of others
developing competitive projects, the cyclical nature of the real
estate industry, the financial condition of existing tenants,
interest rates, the Company's ability to obtain favorable financing
or zoning, environmental matters, the effects of terrorism, the
failure of assets under contract for sale to ultimately close and
other risks detailed from time to time in the Company's filings
with the Securities and Exchange Commission, including the
Company's Report on Form 10-K for the year ended December 31, 2005.
The words "believes," "expects," "anticipates," "estimates" and
similar expressions are intended to identify forward-looking
statements. Although the Company believes that its plans,
intentions and expectations reflected in any forward-looking
statement are reasonable, the Company can give no assurance that
these plans, intentions or expectations will be achieved. Such
forward-looking statements are based on current expectations and
speak as of the date of such statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of future events, new information or
otherwise.
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