COUSINS PROPERTIES INCORPORATED

COUSINS PROPERTIES INCORPORATED

Previous company name

Name change date

Company Overview
Cousins Properties Inc. is one of the top diversified development companies in the United States. It is a real estate investment trust that specializes in developing office buildings, mixed-use developments, community shopping centers and residential communities. The company was founded in 1958 by Thomas G. Cousins and has been publicly traded and listed on the New York Stock Exchange since 1962. It maintains offices in Atlanta, Austin, Birmingham, Charlotte, Dallas, Los Angeles, San Francisco, and Washington DC.
Cousins Properties operates through four business divisions: Office/Multi-Family Division, Retail, Industrial, and Land. The Office/Multi-Family division is responsible for commercial and medical office developments, as well as multi-family urban residential projects. The Retail division is responsible for retail space developments and has assembled the premier development, leasing and property management group in the industry, developing more than 8.7 million square feet of neighborhood, power and open-air specialty centers since 1992. The Industrial division is responsible for the development or management of more than 2.5 million square feet of industrial space in Atlanta and Dallas. The Land division handles both commercial and residential land holdings for future developments. In addition, under the Office division, it has a client services business unit, which offers services that include leasing, property and facilities management, asset management, acquisitions, dispositions, and land development and sales.
Since its foundation, Cousins Properties has developed more than 20 million square feet of office and medical office space and 12 million square feet of retail space, including seven regional malls. In addition, it has developed in excess of 3,000 multi-family residential units and more than 30 single-family subdivisions that range from 100 acres to 2,000 acres. It is best known for such landmark office towers as the Bank of America Plaza, One Ninety One Peachtree and Frost Bank Tower, as well as its innovative Avenue concept retail centers.
Cousins Properties has been working in partnership with following companies in the creation of landmark projects: Bank of America Corporation, CarrAmerica Realty Corporation, CommonWealth Partners, Hines Interests Limited Partnership, IBM, J.P. Morgan Investment Management, Prudential Insurance Company, Temple-Inland Inc., The Coca-Cola Company, The Related Group of Florida, and Jim Wilson & Associates.
Business Summary
Cousins Properties Incorporated (the Registrant or Cousins) is a real estate investment trust (REIT). The wholly owned subsidiary of the Company, Cousins Real Estate Corporation and its subsidiaries (CERC), owns, develops, and manages its own real estate portfolio and performs certain real estate related services for other parties. The Company operates in five segments: Office, Retail, Land, Third-Party Management and Multi-Family. The Office segment includes results of operations for office properties. The Retail segment includes results of operations for retail centers. The Land segment includes results of operations for various tracts of land that are held for investment or future development, and single-family residential communities. The Third-Party Management segment includes fee income where the Company manages, leases and/or develops properties for other owners. The Multi-Family segment includes results of operations for the development and sale of multi-family real estate.
Description and history
Cousins Properties Incorporated (the Registrant or Cousins) is a real estate investment trust (REIT). The wholly owned subsidiary of the Company, Cousins Real Estate Corporation and its subsidiaries (CERC), owns, develops, and manages its own real estate portfolio and performs certain real estate related services for other parties. The Company operates in five segments: Office, Retail, Land, Third-Party Management and Multi-Family. The Office segment includes results of operations for office properties. The Retail segment includes results of operations for retail centers. The Land segment includes results of operations for various tracts of land that are held for investment or future development, and single-family residential communities that are parceled into lots and sold to various homebuilders or sold as undeveloped tracts of land. The Third-Party Management segment includes fee income where the Company manages, leases and/or develops properties for other owners. The Multi-Family segment includes results of operations for the development and sale of multi-family real estate.

Development

The Development Group is responsible for all development activities of the Company. This group is charged with identifying new development projects among all product types and managing all phases of the development and construction process through project stabilization or sale. This process includes not only construction management, but also leasing and tenant coordination for first generation office and retail space. It also includes marketing, selling and move-in coordination for multi-family projects. In addition, this group is responsible for all residential lot and tract development from project identification to lot and tract sales to end users. The Development Group also performs fee-based development and construction services for third parties.

Leasing and Asset Management

The Leasing and Asset Management Group is responsible for the activities of all stabilized operating properties that the Company owns. These activities include property management, leasing and asset management of each property. As of December 31, 2009, the Company owned directly or through joint ventures 22 operating office properties equaling 6.9 million square feet, 14 operating retail centers equaling 4.7 million square feet and three operating industrial properties equaling 2.0 million square feet. In addition, the Leasing and Asset Management Group is responsible for the Company’s third party management and leasing business. As of December 31, 2009, the Company managed and/or leased properties totaling 14.3 million square feet.

Investment and Corporate

The Investment and Corporate groups evaluate the capital structure of the Company, investment opportunities and perform general functions, including regulatory compliance and reporting, treasury and finance. The Company’s financing strategy is to provide capital to fund its investment activities while maintaining a relatively conservative debt level.

Founded by Thomas G. Cousins

Business Line
Real estate investment trust that specializes in developing office buildings, mixed-use developments, community shopping centers and residential communities
Subsidiary
250 WILLIAMS STREET LLC
Advisor
DELOITTE & TOUCHE LLP
IPO date
9/2/1992
US SIC Code
6798
Company Address
Suite 3600
191, Peachtree Street NE
City province or state postal code
30303, ATLANTA, GA
Phone: +1 404 407 1000
Fax: +1 404 407 1002
Country address: UNITED STATES OF AMERICA
Website url: www.cousinsproperties.com