Cousins Properties Authorized to Repurchase Preferred Stock
November 11 2008 - 11:24AM
Business Wire
Cousins Properties Incorporated (NYSE: CUZ) today announced that
its Board of Directors has adopted a new plan authorizing the
expenditure of up to $20 million to repurchase the Company's Series
A and Series B Cumulative Redeemable Preferred Stock. The Company
may repurchase the shares from time to time in open market
transactions, pursuant to a 10b5-1 purchase plan and in negotiated
and block transactions as market and business conditions warrant on
or before May 6, 2009. Celebrating its 50th anniversary in 2008,
Cousins Properties Incorporated is a leading diversified real
estate company with extensive experience in development,
acquisition, financing, management and leasing. Based in Atlanta,
the Company actively invests in office, multi-family, retail,
industrial and land development projects. Since its founding,
Cousins has developed 20 million square feet of office space, 20
million square feet of retail space, more than 4,000 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, please visit 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 risk. These include, but are not limited to,
general and local economic conditions (including the current
general recession and state of the credit markets), local real
estate conditions (including the overall condition of the
residential markets), the activity of others developing competitive
projects, the risks associated with development projects (such as
delay, cost overruns and leasing/sales risk of new properties), 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 ability of the Company to
close properties under contract and other risks detailed from time
to time in the Company�s filings with the Securities and Exchange
Commission, including those described in Part I, Item 1A of the
Company�s Annual Report on Form 10-K for the year ended December
31, 2007. 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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