ATLANTA—Cousins Properties Inc. has completed its $2-billion merger with Parkway Properties and completed the spin-off of its Houston assets into a separate publicly traded company. The spin-off, Parkway Inc., will trade on the New York Stock Exchange under the symbol PKY. Shares of the post-merger Cousins will continue to trade under the CUZ symbol.
When the Cousins/Parkway Properties merger was announced in April, Cousins president and CEO Larry Gellerstedt said it would “continue Cousins' heritage as a proven 'sharpshooter' in the growing Sun Belt markets, deepening our presence in Atlanta, Austin and Charlotte and establishing a strong presence in Phoenix, Orlando and Tampa. We firmly believe our shareholders will benefit by having an expanded portfolio of office towers in key urban submarkets, greater tenant and geographic diversity and enhanced access to the capital markets.” At the same time, he added, “we believe that unlocking the value in our Houston portfolio allows us to capitalize on that market's eventual resurgence.”
Parkway Inc. will be a self-managed office REIT focusing on ownership, acquisition, development and leasing of class A office assets in key Houston submarkets. Its portfolio at present consists of five office assets comprising 19 buildings and totaling approximately 8.7 million rentable square feet in the Greenway, Galleria and Westchase submarkets of Houston. Fee-based real estate services will be offered through wholly owned subsidiaries of Parkway Inc., which in total will manage or lease approximately 2.7 million square feet primarily for third-party owners. Parkway Properties CEO Jim Heistand now serves in that capacity for the spin-off REIT.
Stockholders of both Cousins and Parkway Properties voted overwhelmingly in favor of the merger at special meetings held August 23. In connection with the merger, Parkway Properties shareholders received 1.63 shares of Cousins stock for each share of Parkway stock. Post spin-off, Cousins and Parkway Properties shareholders now own approximately 52% and 48%, respectively, of both Cousins and Parkway Inc.
ATLANTA—Cousins Properties Inc. has completed its $2-billion merger with Parkway Properties and completed the spin-off of its Houston assets into a separate publicly traded company. The spin-off, Parkway Inc., will trade on the
When the Cousins/Parkway Properties merger was announced in April, Cousins president and CEO Larry Gellerstedt said it would “continue Cousins' heritage as a proven 'sharpshooter' in the growing Sun Belt markets, deepening our presence in Atlanta, Austin and Charlotte and establishing a strong presence in Phoenix, Orlando and Tampa. We firmly believe our shareholders will benefit by having an expanded portfolio of office towers in key urban submarkets, greater tenant and geographic diversity and enhanced access to the capital markets.” At the same time, he added, “we believe that unlocking the value in our Houston portfolio allows us to capitalize on that market's eventual resurgence.”
Parkway Inc. will be a self-managed office REIT focusing on ownership, acquisition, development and leasing of class A office assets in key Houston submarkets. Its portfolio at present consists of five office assets comprising 19 buildings and totaling approximately 8.7 million rentable square feet in the Greenway, Galleria and Westchase submarkets of Houston. Fee-based real estate services will be offered through wholly owned subsidiaries of Parkway Inc., which in total will manage or lease approximately 2.7 million square feet primarily for third-party owners. Parkway Properties CEO Jim Heistand now serves in that capacity for the spin-off REIT.
Stockholders of both Cousins and Parkway Properties voted overwhelmingly in favor of the merger at special meetings held August 23. In connection with the merger, Parkway Properties shareholders received 1.63 shares of Cousins stock for each share of Parkway stock. Post spin-off, Cousins and Parkway Properties shareholders now own approximately 52% and 48%, respectively, of both Cousins and Parkway Inc.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.