Cousins Properties Inc 8-K, filed Mar 31, 2020
Cousins Properties Inc (CUZ)
8-K
2020-03-31
For: 2020-03-31
View Original
Added on
April 09, 2026
About this 8-K
Cousins Properties Inc filed this 8-K on March 31, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 31, 2020
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)
(Address of principal executive offices)
Registrant’s telephone number, including area code: (404 ) 407-1000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||
("NYSE") | |||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the securities Act of 1933 (§230.405 of this chapter) or Rule 12b-12 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
On March 31, 2020, Cousins Properties Incorporated (the “Company”) issued press releases announcing that it has completed two previously-disclosed dispositions in Charlotte. A copy of the press releases are attached as Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K. Neither press release shall be deemed "filed" with the Securities and Exchange Commission; nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1993, as amended.
Item 9.01. Financial Statements and Exhibits.
(a) Exhibits
Exhibit Number Exhibit Description
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 31, 2020
COUSINS PROPERTIES INCORPORATED
By: | /s/ Pamela F. Roper |
Pamela F. Roper
Executive Vice President, General Counsel, and Corporate Secretary
CONTACT: Roni Imbeaux News Release Vice President, Finance and Investor Relations 404-407-1104 rimbeaux@cousins.com COUSINS PROPERTIES COMPLETES SALE OF HEARST TOWER TO TRUIST ATLANTA (March 31, 2020) — Cousins Properties (NYSE: CUZ) announced today that it has completed the sale of Hearst Tower, its 966,000 square foot office tower in Uptown Charlotte, to Truist Financial Corporation for a gross price of $455.5 million. The terms of this transaction did not change from those originally announced on December 11, 2019. "Cousins is proud to have partnered with Truist as the bank establishes its corporate headquarters in Charlotte,” said Colin Connolly, President and Chief Executive Officer of Cousins Properties. “After the completion of this sale, Cousins continues to own a large portfolio of trophy office assets in Charlotte and looks forward to future opportunities to create value for our shareholders in this core Sun Belt city.” About Cousins Properties Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office towers located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. For more information, please visit www.cousins.com.
CONTACT: Roni Imbeaux News Release Vice President, Finance and Investor Relations 404-407-1104 rimbeaux@cousins.com COUSINS PROPERTIES COMPLETES SALE OF GATEWAY VILLAGE ATLANTA (March 31, 2020) — Cousins Properties (NYSE: CUZ) announced today that it has completed the sale of its interest in Gateway Village, a one million square foot office property in Uptown Charlotte, to its joint venture partner for $52.2 million. The proceeds represent a 17% internal rate of return for Cousins on its invested capital, as stipulated in the partnership agreement. The terms of this transaction did not change from those originally announced on February 5, 2020. With this transaction, Cousins has generated total gross sales proceeds of approximately $533 million during the first quarter of 2020, which also include the sales of Hearst Tower in Charlotte and Woodcrest in New Jersey. As of March 31, 2020, the Company has over $1.1 billion of available liquidity comprised of its $1 billion undrawn credit facility and approximately $115 million of cash. About Cousins Properties Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office towers located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. For more information, please visit www.cousins.com.