Cousins Properties Inc (NYSE:CUZ) as hit the reset button


Dallas, Texas 10/02/2013 (Financialstrend) – Cousins Properties Inc (NYSE:CUZ), it appears, is set on the re-strategizing path.  A known name in commercial real estate segment, CUZ operates as a Real Estate Investment Trust (REIT). It has a major presence in Georgia, North Carolina and Texas with its speciality being catering to the office space segment.

Strategy: Exit non-core holdings

Cousins Properties Inc (NYSE:CUZ) recently announced its disinvestment in two of its retail projects. This was in line with its strategy to move away from sections or holdings that were not its core line of business.

Both of the projects that Cousins Properties Inc (NYSE:CUZ) announced its exit from were joint ventures, involved in developing 21 million square feet, in eight retail canters across four market areas. With the exit of Cousins Properties as a joint venture partner, Prudential Insurance Company with 89-percent stake is the sole owner of the projects.  Prudential Insurance Company had to shell out $57 million ahead of property level debt allocation.

Recently, CUZ has also sold its Missouri, Kansas City power centre called Tiffany Springs Market Centre for $54million.

Focus: Class-‘A’ office holdings and mixed use properties

Cousins Properties Inc (NYSE:CUZ) with a recognized portfolio of some high-profile office commercial spaces is now focusing on growing within this segment. CUZ continues its interest in projects that can be positioned as ‘mixed-use’ assets in the future.

Adding to its trophy assets in the office towers segment are two new properties, Post Oak Central and Promenade, bought in Feb 2013. In the first week of September, Cousins announced the closure of mortgage on the two, earning revenues of $303million.

Cousins Properties Inc (NYSE:CUZ) has invested nearly $1.1 billion of the proceeds it received in a Texas office property, Greenway Plaza, located in Fort Worth. This property has a 980,000 square foot built up area. CUZ shares were trading at $10.38 as of 30 September close of business with close to 2.2 million transaction volume. Its 52-Week High was #11.28 while its 52-week low was $7.67.