In a prepared statement, Mark Russell, Cousins' senior vice president and senior investment officer says, "Like many other publicly held real estate and retail companies, Cousins is reviewing its accounting treatment for operating leases, including accounting for rent holidays and accounting for landlord/tenant incentives, in light of a Feb. 7, 2005 letter from the chief accountant of the SEC to the American Institute of Certified Public Accountants that attempted to clarify these matters."
Cousins is also consulting with its accountant, Deloitte & Touche, and is reviewing its accounting for stock options "following the adjustments which were made as a result of special dividend payments to the company's shareholders totaling $9.22 per share for 2003 and 2004," Russell says.
He adds, "Cousins believes that the results of changes to these accounting policies, if any, will not affect its cash position or cash flows and will not materially affect is financial position."
The company's portfolio consists of interests in 7.2 million sf of office and medical office space, 3.1 million sf of retail space, over 3,000 acres of strategically located land tracts for sale or future development, and prime land holdings for development of single-family residential communities.
Cousins also provides leasing and management services to third-party investors. The REIT's client-services portfolio comprises 10.6 million sf of office space.
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