Cousins Pays Dividends on Three Stocks

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ATLANTA-Cousins Properties Inc. directors have approved third-quarter cash dividends on three stock issues. On its Series A Cumulative Redeemable Preferred stock, the developer will be paying 48 cents per share or $1.93 per share on an annualized basis on Aug. 15 to stockholders of record on Aug. 1.

Cousins is also paying about 47 cents per share or $1.88 on an annualized basis on its Series B Cumulative Redeemable stock. Holders of record on Aug. 1 will receive the dividend Aug. 15. On its common stock, the developer is paying 37 cents per share or $1.48 on an annualized basis Aug. 25 to holders of record on Aug. 11.

Among the directors who approved the cash dividends was John J. Mack, the new chairman and CEO of Morgan Stanley. Mack is resigning from the board due to pressure of business at Morgan Stanley, says Tom Bell, president and CEO of Cousins.

The company’s portfolio consists of equity interests in 7.8 million sf office and medical office space, 3.4 million sf of retail, 400,000 sf of industrial, more than 3,300 acres of prime developable land and large land holdings for the development of single-family residential communities. The developer, which is a publicly traded real estate investment trust on the New York Stock Exchange, also provides leasing and management services to third-party investors. Cousins’ client-services portfolio comprises 11.2 million sf of office space.