ATLANTA - Cousins Properties Incorporated (NYSE: NYSE:CUZ), an Atlanta-based real estate investment trust (REIT) with a market capitalization of $4.75 billion, has initiated an underwritten public offering of 9.5 million shares of its common stock, the company announced today. The proceeds from the offering are earmarked for a portion of the purchase price for an office property in Downtown Austin. If the acquisition does not proceed, Cousins Properties plans to allocate the funds for general corporate purposes, which may include office property acquisitions and development, other investments, and debt repayment. According to InvestingPro data, the stock is currently trading above its Fair Value after surging 39% over the past six months.
The sole book-running manager for the transaction is J.P. Morgan. The offering is being made under a prospectus supplement and the related prospectus, part of the company's shelf registration statement filed on May 8, 2024.
Cousins Properties, founded in 1958, focuses on investing in Class A office buildings in the Sun Belt's high-growth markets. The company prides itself on creating shareholder value through the development, acquisition, leasing, and management of quality real estate assets. With a current dividend yield of 4.13%, InvestingPro analysis reveals the company has maintained dividend payments for 45 consecutive years, demonstrating strong commitment to shareholder returns. For deeper insights into CUZ's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
Investors can access more detailed information about Cousins Properties and this public offering by reading the prospectus supplement and other documents filed with the Securities and Exchange Commission, which are available for free on the SEC's EDGAR website.
The press release contains forward-looking statements, which involve risks and uncertainties, and there is no guarantee that the results will align with the projections. The company's financial statements and the risk factors outlined in its annual and quarterly reports filed with the SEC provide further context for these statements.
This announcement of the public offering is based on a press release statement from Cousins Properties.
In other recent news, Cousins Properties is set to acquire Austin's Sail Tower for $521.8 million, further expanding its office portfolio. The company also announced a public offering of 6 million shares, aiming to raise approximately $188 million. This move is overseen by Bank of America Securities and is part of Cousins Properties' strategy to create shareholder value. In addition, Cousins Properties recently acquired Vantage South End, an office property in Charlotte, for $328.5 million.
The company reported strong third-quarter results, with Funds From Operations (FFO) reaching $0.67 per share and a 4.4% increase in same-property net operating income. This performance led to an upgrade in the company's 2024 FFO guidance to between $2.66 and $2.70 per share. Analyst firm Baird upgraded its price target for Cousins Properties from $31.00 to $33.00, maintaining an Outperform rating, while BMO Capital moved its rating to 'Market Perform' following a strong performance in 2024.
These recent developments reflect Cousins Properties' continued growth and strategic positioning in its target markets. The company's commitment to enhancing its portfolio with prime properties in sought-after locations, coupled with its strong financial performance, underscores its potential for future success.
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