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ATLANTA - Cousins Properties Incorporated (NYSE: CUZ), an Atlanta-based real estate investment trust (REIT) with a market capitalization of $4.66 billion, has priced a $500 million offering of senior unsecured notes at 5.250% due 2030. The transaction is slated to close on June 6, 2025, with customary closing conditions applying. According to InvestingPro analysis, the company currently trades above its Fair Value.
The company intends to utilize the net proceeds to repay its privately placed senior notes due 2025, with the remaining funds earmarked for reducing borrowings under its credit facility and general corporate purposes. With total debt of $3.07 billion and a current ratio of 0.23, InvestingPro data indicates that short-term obligations exceed liquid assets. These senior notes are guaranteed by Cousins Properties on an unsecured basis.
Major financial institutions including Wells Fargo Securities, BofA Securities, and J.P. Morgan are among the joint book-running managers for this offering. The offering is made through a shelf registration statement with the Securities and Exchange Commission, and the prospectus supplement and accompanying prospectus are available upon request from the managing banks.
Cousins Properties, founded in 1958, specializes in Class A office buildings in the Sun Belt markets. The company focuses on shareholder value through development, acquisition, leasing, and management of high-quality real estate assets. The REIT has maintained dividend payments for 46 consecutive years, currently offering a 4.6% yield. For deeper insights into Cousins Properties’ financial health and growth potential, access the comprehensive Pro Research Report available on InvestingPro.
The press release also contains forward-looking statements that are subject to risks and uncertainties, which could cause actual results to differ materially. These statements are based on management’s current beliefs and expectations about future events such as financial strategy, market trends, and capital expenditures.
Investors are cautioned not to place undue reliance on these forward-looking statements, which are valid only as of the date of the press release. Cousins Properties does not intend to update these statements publicly, even if new information becomes available or other events occur in the future.
This news is based on a press release statement and does not constitute an offer to purchase or a solicitation of an offer to sell the notes.
In other recent news, Cousins Properties Incorporated reported its first-quarter 2025 earnings, revealing an earnings per share (EPS) of $0.12, which did not meet analysts’ expectations of $0.16. However, the company exceeded revenue forecasts, achieving $250.33 million compared to the anticipated $230.51 million. Despite the EPS miss, Cousins Properties raised its full-year funds from operations (FFO) guidance to $2.79 per share, indicating a 3.7% growth. The company’s portfolio occupancy improved to 90%, up from 88.4% in the previous year, showcasing positive leasing momentum. Analysts from Evercore ISI and BMO Capital Markets noted continued strong leasing activity and a diversified pipeline across various industries and markets. The firm also highlighted its strategic focus on lifestyle office assets in Sunbelt markets, with potential rent increases as supply tightens. Additionally, Cousins Properties maintained a strong financial position with a net debt to EBITDA ratio of 4.9x, reflecting its financial health.
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