ATLANTA, Aug. 13,
2024 /PRNewswire/ -- Cousins Properties Incorporated
(the "Company" or "Cousins") (NYSE:CUZ) announced today that its
operating partnership, Cousins Properties LP (the "Operating
Partnership"), has priced an offering of $500 million aggregate principal amount of 5.875%
senior unsecured notes due 2034 at 99.708% of the principal amount.
The offering is expected to close on August
16, 2024, subject to the satisfaction of customary closing
conditions.
Cousins intends to use the net proceeds from the offering to
repay revolving loans outstanding under its credit facility, with
any remaining amount being used for working capital, capital
expenditures and other general corporate purposes, which may
include repayment of other outstanding indebtedness.
The notes will be fully and unconditionally guaranteed on a
senior unsecured basis by the Company.
J.P. Morgan, Morgan Stanley, PNC Capital Markets LLC, BofA
Securities, TD Securities, Truist Securities, US Bancorp, and Wells
Fargo Securities are acting as joint book-running managers.
A shelf registration statement relating to these securities is
effective with the Securities and Exchange Commission. The offering
may be made only by means of a prospectus supplement and
accompanying prospectus. Copies of these documents may be obtained
by contacting J.P. Morgan Securities LLC, 383 Madison Avenue,
New York, New York, 10179,
Attention: Investment Grade Syndicate Desk, 3rd Floor, telephone
collect at 1-212-834-4533; Morgan Stanley & Co. LLC, 1585
Broadway, 29th Floor, New York, New
York 10036, toll-free at 1-866-718-1649; or PNC Capital
Markets LLC, 300 Fifth Ave, 10th Floor, Pittsburgh, PA 15222 toll-free at
1-855-881-0697 or by email pnccmprospectus@pnc.com. Electronic
copies of these documents are also available from the Securities
and Exchange Commission's website at www.sec.gov.
This press release is neither an offer to purchase nor a
solicitation of an offer to sell the notes, nor shall it constitute
an offer, solicitation or sale in any state or jurisdiction in
which such offer, solicitation or sale is unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
About Cousins Properties
Cousins Properties is a fully integrated, self-administered and
self-managed real estate investment trust ("REIT"). The Company,
based in Atlanta, GA and acting
through the Operating Partnership, primarily invests in Class A
office buildings located in high growth Sun Belt markets. Founded
in 1958, Cousins creates shareholder value through its extensive
expertise in the development, acquisition, leasing, and management
of high-quality real estate assets. The Company has a comprehensive
strategy in place based on a simple platform, trophy assets, and
opportunistic investments.
Forward-Looking Statements
Certain matters contained in this press release are
"forward-looking statements" within the meaning of the federal
securities laws and are subject to uncertainties and risks, as
itemized in Item 1A included in the Company's Annual Report on Form
10-K for the year ended December 31,
2023 and in the Company's Quarterly Report on Form 10-Q for
the quarter ended June 30, 2024.
These forward-looking statements include information about the
Company's possible or assumed future results of the business and
the Company's financial condition, liquidity, results of
operations, plans, and objectives. They also include, among other
things, statements regarding subjects that are forward-looking by
their nature, such as: guidance and underlying assumptions;
business and financial strategy; future debt financings; future
acquisitions and dispositions of operating assets or joint venture
interests; future acquisitions and dispositions of land, including
ground leases; future acquisitions of investments in real estate
debt; future development and redevelopment opportunities; future
issuances and repurchases of common stock, limited partnership
units, or preferred stock; future distributions; projected capital
expenditures; market and industry trends; future occupancy or
volume and velocity of leasing activity; entry into new markets,
changes in existing market concentrations, or exits from existing
markets; future changes in interest rates and liquidity of capital
markets; and all statements that address operating performance,
events, investments, or developments that we expect or anticipate
will occur in the future — including statements relating to
creating value for stockholders. Any forward-looking statements are
based upon management's beliefs, assumptions, and expectations of
our future performance, taking into account information that is
currently available. These beliefs, assumptions, and expectations
may change as a result of possible events or factors, not all of
which are known. If a change occurs, our business, financial
condition, liquidity, and results of operations may vary materially
from those expressed in forward-looking statements. Actual results
may vary from forward-looking statements due to, but not limited
to, the following: the availability and terms of capital; the
ability to refinance or repay indebtedness as it matures; any
changes to our credit rating; the failure of purchase, sale, or
other contracts to ultimately close; the failure to achieve
anticipated benefits from acquisitions, developments, investments,
or dispositions; the effect of common stock or operating
partnership unit issuances, including those undertaken on a forward
basis; the availability of buyers and pricing with respect to the
disposition of assets; changes in national and local economic
conditions, the real estate industry, and the commercial real
estate markets in which we operate (including supply and demand
changes), particularly in Atlanta,
Austin, Tampa, Charlotte, Phoenix, Dallas, and Nashville, including the impact of high
unemployment, volatility in the public equity and debt markets, and
international economic and other conditions; threatened terrorist
attacks or sociopolitical unrest such as political instability,
civil unrest, armed hostilities, or political activism, which may
result in a disruption of day-to-day building operations; changes
to our strategy in regard to our real estate assets may require
impairment to be recognized; leasing risks, including the ability
to obtain new tenants or renew expiring tenants, the ability to
lease newly-developed and/or recently acquired space, the failure
of a tenant to commence or complete tenant improvements on schedule
or to occupy leased space, and the risk of declining leasing rates;
changes in the preferences of our tenants brought about by the
desire for co-working arrangements, trends toward utilizing less
office space per employee, and the effect of employees working
remotely; any adverse change in the financial condition or
liquidity of one or more of our tenants or borrowers under our real
estate debt investments; volatility in interest rates (including
the impact upon the effectiveness of forward interest rate contract
arrangements) and insurance rates; inflation; competition from
other developers or investors; the risks associated with real
estate developments (such as zoning approval, receipt of required
permits, construction delays, cost overruns, and leasing risk);
supply chain disruptions, labor shortages, and increased
construction costs; risks associated with security breaches through
cyberattacks, cyber intrusions or otherwise, as well as other
significant disruptions of our information technology networks and
related systems, which support our operations and our buildings;
changes in senior management, changes in the Company's board of
directors, and the loss of key personnel; the potential liability
for uninsured losses, condemnation, or environmental issues; the
potential liability for a failure to meet regulatory requirements,
including the Americans with Disabilities Act and similar laws or
the impact of any investigation regarding the same; the financial
condition and liquidity of, or disputes with, joint venture
partners; any failure to comply with debt covenants under credit
agreements; any failure to continue to qualify for taxation as a
real estate investment trust or meet regulatory requirements;
potential changes to state, local, or federal regulations
applicable to our business; material changes in dividend rates on
common shares or other securities or the ability to pay those
dividends; potential changes to the tax laws impacting REITs and
real estate in general; risks associated with climate change and
severe weather events, as well as the regulatory efforts intended
to reduce the effects of climate changes and investor and public
perception of our efforts to respond to the same; the impact of
newly adopted accounting principles on our accounting policies and
on period-to-period comparisons of financial results; risks
associated with possible federal, state, local, or property tax
audits; and those additional risks and environmental or other
factors discussed in reports filed with the Securities and Exchange
Commission by the Company.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company cannot guarantee the accuracy of any
such forward-looking statements contained in this press release,
and the Company does not intend to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contacts
Roni Imbeaux
Vice President, Finance and Investor Relations
404-407-1104
rimbeaux@cousins.com
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SOURCE Cousins Properties
