Cousins Properties Declares Third Quarter Common and Preferred Stock Dividends
July 15 2009 - 4:01PM
Business Wire
Cousins Properties Incorporated (NYSE: CUZ) announced today that
its Board of Directors has declared a quarterly dividend of $0.15
per share, payable September 16, 2009, to common stockholders of
record as of August 3, 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.
�We made the decision to reduce our quarterly dividend to $0.15
based on our current estimate of taxable income,� said Larry
Gellerstedt, Chief Executive Officer of Cousins Properties. �The
reduced dividend level, combined with the stock component of the
dividend, will allow us to retain significant capital. We
anticipate significant investment opportunities coming out of this
downturn and continue to take the steps necessary to ensure that
Cousins is well positioned to take advantage of those
opportunities.�
Pursuant to IRS Revenue Procedure 2009-15, shareholders may
elect to receive payment of the dividend all in cash or all in
common shares. Shareholders 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
prorated among shareholders electing to receive cash. Common shares
included in the dividend will be valued at the average of the
closing prices of Cousins common stock on the New York Stock
Exchange on September 3, September 4, and September 8, 2009. The
Company expects the dividend to be fully taxable to its
shareholders and reserves the right to pay the dividend entirely in
cash.
An information letter will be mailed to shareholders of record
promptly after August 12, 2009. The properly completed election
form to receive cash or common shares must be received by the
Company�s transfer agent prior to 5:00 p.m. (EST) on September 2,
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 may call the Company�s transfer agent,
American Stock Transfer & Trust Company, at (800) 937-5449.
The Board of Directors declared a regular quarterly cash
dividend on its Series A Cumulative Redeemable Preferred Stock. The
dividend of $0.484375 per share, or $1.9375 on an annualized basis,
is payable August 17, 2009, to Series A preferred stockholders of
record on August 3, 2009.
The Board of Directors has also declared a regular quarterly
cash dividend on its Series B Cumulative Redeemable Preferred
Stock. The dividend of $0.46875 per share, or $1.875 on an
annualized basis, is payable August 17, 2009, to Series B preferred
stockholders of record on August 3, 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 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. Cousins 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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