Cousins Declares Fourth Quarter Common Stock Dividend and Announces Extension and Expansion of Stock Repurchase Program
November 18 2008 - 2:58PM
Business Wire
Cousins Properties Incorporated (NYSE: CUZ) announced today that
its Board of Directors has declared a regular quarterly cash
dividend of $0.25 per share, or $1.00 per share on an annualized
basis, payable December 22, 2008, to common stockholders of record
on December 8, 2008. The fourth quarter 2008 common stock dividend
is $0.12 per share lower than the third quarter 2008 common stock
dividend. �Cousins is not under stress from debt commitments or
loan maturities, and our balance sheet is strong,� said Jim
Fleming, executive vice president and chief financial officer of
Cousins. �But in today�s environment, the Board decided it would be
prudent to reduce the dividend to allow the Company to retain more
capital for the opportunities we believe this difficult market is
going to create.� Cousins also announced today its Board of
Directors has extended the expiration of the Company�s common and
preferred stock repurchase program to May 9, 2011. The Board has
also expanded the program to include all outstanding shares of
Cousins� Series A and Series B Cumulative Redeemable Preferred
Stock. 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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