ATLANTA-Cousins Properties Inc.'s board of directors has adopted a plan authorizing the company to repurchase up to five million shares of its common stock.

Under the plan, the company has until May 9, 2009 to purchase the stock in open market transactions under a 10b5-1 purchase plan and in negotiated and block transactions as market and business conditions warrant. Based on the market value of shares at the close of business on May 8, five million shares would be worth about $155 million.

Matt Gove, Cousins' vice president of corporate communications, tells GlobeSt.com that in repurchase plans in past years, the company has repurchased 2, 691,582 shares for a total cost of $64.8 million. However, in the most recently passed repurchase plan which ran from April 15, 2004 to April 15, 2006 the company did not repurchase any stock.

Future repurchased stock would be paid with cash generated from operations, project financing, credit facility and/or asset sales. The company uses to repurchase plan partly to offset stock and stock options grants issued under the company's officer and director stock plans. "The decision would be made based on price and a number of other factors, such as the dilution of stock through stock and stock option grants," Gove says.

"Two years ago, our board authorized a stock repurchase plan, which expired last month. We feel it is prudent to have a plan in place in order to make purchases if market conditions are favorable," says Jim Fleming, the company's executive vice president and chief financial officer, in a prepared statement.

The decision was made at the company's board of directors meeting Tuesday. In other business at the meeting, William B. Harrison, Jr. was elected to the board of directors, bringing the total number of members to 10. Harrison is chairman of the board of JPMorgan Chase & Co.