News Release
CONTACT:            
Gregg D. Adzema
 
Marli Quesinberry
Executive Vice President and
 
Director, Investor Relations and
Chief Financial Officer
 
Corporate Communications
(404) 407-1116
 
(404) 407-1898
greggadzema@cousinsproperties.com
 
marliquesinberry@cousinsproperties.com
COUSINS PROPERTIES REPORTS RESULTS FOR
QUARTER AND YEAR ENDED DECEMBER 31, 2014
Highlights
Funds From Operations for the fourth quarter was $0.24 per share.
Same property net operating income on a cash basis for the fourth quarter was up 11.1% over the prior year.
Acquired Northpark Town Center in Atlanta, Georgia for $348 million.
Sold one office asset and five retail assets, recognizing gains totaling $13 million.
Commenced construction of Research Park V, a 173,000 square foot office building in Austin, Texas.
ATLANTA (February 12, 2015) - Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter and year ended December 31, 2014.
“Our achievements in the fourth quarter capped a very productive 2014 for Cousins,” said Larry Gellerstedt, President and Chief Executive Officer of Cousins. “For the year we leased over 2.1 million square feet of space, we grew same-property cash net operating income by 12.3%, we increased second generation cash net office rents per square foot by 19.7%, and we initiated or completed $607 million in strategic investments. Heading into 2015, the portfolio and the balance sheet are exceptionally well-positioned to take advantage of any opportunities that present themselves in our core Sunbelt markets.”
Portfolio Activity
Leased or renewed 636,999 square feet of office space during the fourth quarter.
Second generation net office rent per square foot on a cash basis increased 27.7% for the fourth quarter.
Investment Activity
Acquired Northpark Town Center, a 1.5 million square foot Class-A office asset located in the central perimeter submarket of Atlanta, Georgia. The gross purchase price for this property was $348 million, before adjustments for customary closing costs and other closing credits.
Commenced construction of Research Park V, a 173,000 square foot office building in the Northwest submarket of Austin, Texas. It is the last building in a five-building complex which Cousins has developed. Total anticipated development costs are $44 million.
Formed a joint venture to develop Victory Center, a Class-A office tower in the Uptown submarket of Dallas, Texas, which is expected to have 466,000 square feet of space. The joint venture acquired the land in December 2014.
Substantially completed construction of Colorado Tower, a Class-A office tower in downtown Austin, Texas, containing 373,000 square feet of space. The building is currently 95% leased.
Disposition Activity
Sold 777 Main, a 980,000 square foot office tower in Ft. Worth, Texas, for a gross sales price of $167 million and recognized a gain of $6.2 million.
Sold Mahan Village, a 147,000 square foot retail property in Tallahassee, Florida, for a gross sales price of $29.5 million and recognized a gain of $4.6 million.
Sold the four retail properties owned by the Cousins Watkins LLC joint venture, received a distribution of $19.8 million (after debt repayment) and recognized a gain of $2.2 million.



The following information was filed by Cousins Properties Inc (CUZ) on Thursday, February 12, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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