o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
By: | /s/ Pamela F. Roper |
Gregg D. Adzema | Marli Quesinberry | |
Executive Vice President and | Director, Investor Relations and | |
Chief Financial Officer | Corporate Communications | |
(404) 407-1116 | (404) 407-1898 | |
greggadzema@cousinsproperties.com | marliquesinberry@cousinsproperties.com |
• | Purchased Teachers Retirement Systems of Texas' equity interest in Fund II for $279 million. Fund II was comprised of cash from the recent sale of Two Liberty Place in Philadelphia as well as the Hayden Ferry buildings in Tempe and 3344 Peachtree in Atlanta. Cousins now owns 100% of these buildings. Simultaneous with this purchase, the mortgages secured by Hayden Ferry were repaid and the associated swaps were terminated. |
• | Sold Lincoln Place, a 140,000 square-foot office building in Miami, for gross proceeds of $80 million. |
• | Sold The Forum, a 220,000 square-foot office building in Atlanta, for gross proceeds of $70 million. |
• | Closed a five-year, $250 million senior unsecured term loan. |
• | Repaid two mortgages totaling $55 million secured by Citrus Center in Orlando and Corporate Center IV in Tampa. |
• | Executed an agreement with US Airways to terminate their full building lease in Tempe and simultaneously executed an 11-year lease with ADP to backfill the entire building. As part of the agreement, Cousins will purchase US Airways' 25% ownership interest in the building for $19.6 million during the first quarter of 2017. |
• | Same property NOI growth of 2% to 4% on a GAAP basis. |
• | Fee and other income of $9 million to $11 million. Guidance does not include potential termination fees. |
• | General and administrative expenses of $23 million to $25 million, net of capitalized salaries. |
• | Interest and other expenses of $45 million to $47 million, net of capitalized interest. |
• | Additional merger and spin-off transaction costs of $1 million to $3 million. |
• | No new development starts. |
• | Acquisition activity of $19.6 million. |
• | Disposition activity of $450 million to $550 million, before transaction costs and debt payments. |
• | GAAP straight-lined rental income of $28 million to $30 million. |
• | Above and below market rental income of $6 million to $8 million. |
D!
M\@'Z @,"# (4 AT")@(O C@"00)+ E0"70)G G$">@*$ HX"F *B JP"M@+!
M LL"U0+@ NL"]0, PL#%@,A RT#. -# T\#6@-F W(#?@.* Y8#H@.N [H#
MQP/3 ^ #[ /Y! 8$$P0@!"T$.P1(!%4$8P1Q!'X$C 2:!*@$M@3$!-,$X03P
M!/X%#044%]@8&!A8&)P8W!D@&
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M',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4'[\?ZB 5($$@
M;""8(,0@\"$<(4@A=2&A( &YXS'DJ>8EYYWI&
M>J5[!'MC>\)\(7R!?.%]07VA?@%^8G["?R-_A'_E@$> J($*@6N!S8(P@I*"
M](-7@[J$'82 A..%1X6KA@Z&W3J]CKE-1M?KTZG49HR!7/RW/C"SB,TMO9W
M:J,F*!I8I/P+Y%'AGQ')X@-VSV_V;[/(B*C',G(YW=.