Rayonier and Cousins Properties to Plan New Florida Development
April 24 2008 - 8:00AM
Business Wire
Rayonier (NYSE:RYN) and Cousins Properties (NYSE:CUZ) have
announced a strategic alliance to master plan and entitle
approximately 6,300 acres in Flagler County, Florida, adjacent to
Palm Coast. �Flagler County is one of the fastest growing counties
in the U.S. We�ve chosen this site to apply our strategy to work
with premier developers, like Cousins, to create quality
communities that are assets to area residents,� said Lee M. Thomas,
Rayonier Chairman, President and CEO. �Cousins has a proven track
record of successfully planning and developing outstanding
communities and commercial real estate throughout the Southeast.
While we have expertise in entitling properties, we believe
Cousins� land planning and development expertise will help create
value for this new community and our shareholders,� he added.
Cousins Properties Chairman and CEO Thomas D. Bell said, �Cousins
has a long history of partnering with large land owners on
groundbreaking projects and I am especially pleased to join forces
with Rayonier to begin planning in Flagler County. This is an
impressive tract of land and it could well be a project both
companies will view with pride for years to come.� The property is
owned by Rayonier�s real estate development subsidiary, TerraPointe
LLC. About Rayonier Rayonier is a leading international forest
products company with three core businesses: Timber, Real Estate
and Performance Fibers. The company owns, leases or manages 2.6
million acres of timber and land in the United States and New
Zealand. The company�s real estate development subsidiary,
TerraPointe LLC, maximizes the value of its extensive
higher-and-better use properties, particularly in the fast-growing
counties along Interstate 95 between Savannah, Georgia, and Daytona
Beach, Florida, where Rayonier owns approximately 200,000 acres.
Rayonier is structured as a real estate investment trust. For
further information, visit the company�s web site at
www.rayonier.com. About Cousins Properties Cousins Properties
Incorporated, headquartered in Atlanta, has extensive experience in
the real estate industry including the development, acquisition,
financing, management and leasing of properties. The property types
that Cousins actively invests in include office, multi-family,
retail, industrial and land development projects. Since its
founding in 1958, the Company has developed more than 20 million
square feet of office space, 20 million square feet of retail
space, more than 3,500 multi-family units and more than 60
single-family neighborhoods. The Company is a fully integrated
equity real estate investment trust (REIT) and trades on the New
York Stock Exchange under the symbol CUZ. For more information,
please visit www.cousinsproperties.com. Certain statements in this
press release are "forward-looking statements" made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and other federal securities laws. These
forward-looking statements are identified by the use of words such
as "may," "will," "should," "expect," "estimate," "believe,"
"allow," "anticipate" and other similar language. The following
important factors, among others, could cause actual results to
differ materially from those expressed in the forward-looking
statements: the cyclical nature of the real estate industry and
markets; fluctuations in demand for, or supply of, real estate and
the existence of competing developers and communities; changes in
the demographics affecting projected population growth and
migration to Florida and the Southeastern U.S.; the potential for
legal challenges to land use entitlements and permits in connection
with our properties; changes in environmental laws and regulations,
including laws regarding water withdrawal and management,
delineation of wetlands, and endangered species, that may restrict
or adversely impact our ability to develop properties; the cost of
the development of property generally, including the cost of
property taxes, labor and construction materials; the timing of
construction and availability of public infrastructure; changes in
interest rates and the availability of financing for real estate
development and mortgage loans; unexpected delays in the entry into
or closing of real estate transactions; the lengthy, uncertain and
costly process associated with the ownership and development of
real estate, which also may be affected by changes in law, policy
and political factors beyond our control; and additional factors
described in Rayonier's most recent Form 10-K on file with the
Securities and Exchange Commission. Rayonier assumes no obligation
to update these statements except as may be required by law.
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