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Cousins Properties Inc. (NYSE: CUZ) is a prominent real estate investment trust (REIT) based in Atlanta, GA. Founded in 1958, the company excels in the development, acquisition, financing, management, and leasing of high-quality real estate assets. With a diversified portfolio, Cousins Properties focuses prominently on Class A office buildings primarily located in high-growth Sun Belt markets.
Over its extensive history, Cousins has developed more than 20 million square feet of office space and an equal amount of retail space. The company’s real estate portfolio is mainly comprised of office and mixed-use developments, which include both apartments and retail spaces. Offices represent the majority of their square footage, contributing significantly to their revenue, which is primarily derived from rental income.
Cousins Properties is known for its innovative and sustainable developments and excellent management services. Their assets are concentrated in Texas and Georgia, with a smaller presence in North Carolina. The company's strategic investments aim to create and maintain value for shareholders, partners, and clients.
Recent updates include the release of their third quarter 2023 earnings and dividend declarations, emphasizing their ongoing financial health and commitment to shareholders. The company consistently updates its stakeholders through regular earnings conference calls and has made significant strides in maintaining and enhancing its portfolio’s value.
Cousins Properties operates through its fully integrated, self-administered, and self-managed structure, ensuring effective management of its business operations. With a strong emphasis on trophy assets and opportunistic investments, Cousins continues to grow and establish itself as a leader in the real estate sector.
Cousins Properties (NYSE: CUZ) has declared a quarterly cash dividend of $0.32 per common share for the fourth quarter of 2024. The dividend will be paid on January 14, 2025, to shareholders who are on record as of January 3, 2025. This announcement comes from the company's Board of Directors.
Cousins Properties (NYSE: CUZ) has completed the acquisition of Sail Tower, a trophy lifestyle office property located in Austin, Texas. The transaction, which was previously announced, closed at a net purchase price of $521.8 million. The acquired property encompasses 804,000 square feet of office space.
Cousins Properties (NYSE:CUZ) announced the pricing of $400 million in senior unsecured notes due 2032 at a rate of 5.375%. The offering, expected to close on December 17, 2024, will primarily fund the acquisition of Sail Tower, an 804,000 square foot office property in Austin. The remaining proceeds will be used to repay credit facility borrowings and for general corporate purposes. If the Sail Tower acquisition isn't completed, the entire proceeds will be directed toward general corporate purposes, including office property acquisitions, development, and debt repayment. The notes will be fully guaranteed by the Company on a senior unsecured basis.
Cousins Properties (NYSE: CUZ) has announced the pricing of an underwritten public offering of 9,500,000 shares of its common stock. The offering is expected to generate gross proceeds of approximately $284 million before underwriting discounts and estimated offering expenses. The closing is anticipated for December 12, 2024, with J.P. Morgan serving as the sole book-running manager. The offering is being made through a prospectus supplement to the Company's prospectus dated May 8, 2024, as part of its effective shelf registration statement.
Cousins Properties (NYSE: CUZ) has announced a public offering of 9,500,000 shares of common stock. The company plans to use the net proceeds primarily to fund the purchase of an office property in Downtown Austin. If the acquisition doesn't materialize, the funds will be allocated to general corporate purposes, including office property acquisitions and development, opportunistic investments, and debt repayment.
J.P. Morgan will act as the sole book-running manager for the offering, which will be conducted under the company's effective shelf registration statement dated May 8, 2024.
Cousins Properties (NYSE: CUZ) has announced plans to acquire Sail Tower, an 804,000 square foot trophy lifestyle office property in Downtown Austin, for $521.8 million. The transaction is expected to close in December 2024. Located near the Second Street entertainment district, the property offers unobstructed views of Lady Bird Lake and is close to Cousins' existing 1.7 million square foot Downtown Austin portfolio.
Developed in 2022, Sail Tower is 100% leased to a Fortune 20 company (S&P: AA+) through 2038. The acquisition will enhance Cousins' lifestyle office portfolio and is expected to be immediately accretive to earnings.
Cousins Properties (NYSE: CUZ) has completed the acquisition of Vantage South End, a lifestyle office property located in Charlotte, North Carolina. The transaction, which was previously announced, is valued at $328.5 million. The acquired property encompasses 639,000 square feet of office space.
Cousins Properties (NYSE: CUZ) has priced a public offering of 6,000,000 shares of common stock, expecting to raise gross proceeds of approximately $188 million before underwriting discounts and offering expenses. The offering, managed by BofA Securities as the sole book-running manager, is scheduled to close on November 12, 2024. The offering is being made through a prospectus supplement to the Company's prospectus dated May 8, 2024, under its effective shelf registration statement.
Cousins Properties has announced a public offering of 6,000,000 shares of common stock. The company plans to use the net proceeds to partially fund the purchase of an office property in Charlotte, North Carolina. If the acquisition doesn't materialize, the funds will be allocated to general corporate purposes, including office property acquisitions, development, opportunistic investments, and debt repayment. BofA Securities will act as the sole book-running manager for the offering.
Cousins Properties (NYSE: CUZ) has announced plans to acquire Vantage South End, a 639,000 square foot lifestyle office property in Charlotte, for $328.5 million. The property consists of two office towers completed in 2021 and 2022, boasting a 97% occupancy rate and over nine-year weighted average lease term. Located in South End Charlotte, the property is situated near Cousins' existing RailYard property and South End Station development parcel. The transaction is expected to close in December, pending customary closing conditions.
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