Cousins Properties Declares Second Quarter Common and Preferred Stock Dividends
April 14 2009 - 4:00PM
Business Wire
Cousins Properties Incorporated (NYSE: CUZ) announced today that
its Board of Directors has declared a quarterly dividend of $0.25
per share, payable June 5, 2009, to common stockholders of record
as of May 1, 2009. The dividend will be payable in a combination of
cash and shares of the Company�s common stock with the cash
component of the dividend not to exceed 33.34% of the aggregate
dividend amount. Paying a portion of the dividend in shares of
common stock allows Cousins to satisfy its REIT taxable income
distribution requirement while helping to preserve liquidity.
�Today�s decision is consistent with our long held conservative
approach to our business. It reflects the priority of the Board and
Company to further strengthen Cousins� balance sheet and enhance
financial flexibility,� said Tom Bell, chairman and chief executive
officer of Cousins Properties. �We anticipate significant
opportunities coming out of this downturn, but only for companies
with strong financial capabilities.�
Pursuant to IRS Revenue Procedure 2009-15, stockholders may
elect to receive payment of the dividend all in cash or all in
common shares. Stockholders who do not make an election will be
deemed to have elected to receive their dividend in cash. To the
extent that cash elections are received with respect to more than
33.34% of the aggregate dividend amount, the cash portion will be
pro rated among stockholders electing to receive cash and such
stockholders will receive the remainder of the dividend in common
shares. The exact distribution of cash and stock to any given
stockholder will be dependent upon his or her election as well as
the elections of other stockholders, subject to the pro rata cash
limitation.
Common shares included in the dividend will be valued at their
volume weighted average trading price on the New York Stock
Exchange on May 28, May 29, and June 1, 2009. The Company expects
the dividend to be fully taxable to its stockholders, without
regard to whether a particular stockholder receives the dividend in
the form of cash or shares, and reserves the right to pay the
dividend entirely in cash. An information letter and election form
will be mailed to stockholders of record promptly after May 6,
2009. The cash or stock election must be made prior to 5:00 p.m.
(EST) on May 27, 2009.
If your shares are held through a bank, broker or nominee, and
you have questions regarding the dividend, please contact such
bank, broker or nominee. Registered stockholders with questions
regarding the dividend election may call the Company�s transfer
agent, American Stock Transfer & Trust Company, at (800)
937-5449.
The Board also declared a regular quarterly dividend on the
Company�s Series A Cumulative Redeemable Preferred Stock payable in
cash. The dividend of $0.484375 per share, or $1.9375 on an
annualized basis, is payable May 15, 2009, to Series A preferred
shareholders of record on May 1, 2009.
The Board also declared a regular quarterly dividend on the
Company�s Series B Cumulative Redeemable Preferred Stock payable in
cash. The dividend of $0.46875 per share, or $1.875 on an
annualized basis, is payable May 15, 2009, to Series B preferred
shareholders of record on May 1, 2009.
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 in
1958, Cousins has developed 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, please visit www.cousinsproperties.com.
This press release does not constitute an offer of any
securities for sale. Certain matters discussed in this press
release are forward-looking statements within the meaning of the
federal securities laws and are subject to uncertainties and risk
and actual results may differ materially from projections. Readers
should carefully review Cousins� financial statements and notes
thereto, as well as the risk factors described in Part I, Item 1A
of the Company�s Annual Report on Form 10-K for the year ended
December 31, 2008 and other documents Cousins files from time to
time with the Securities and Exchange Commission. 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.
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.
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