Cousins to Re-Buy Up to $136M in Company Stock

ATLANTA-Cousins Properties Inc. plans to repurchase up to five million shares of the company’s stock, according to an investment plan adopted by the firm’s directors. Based on the closing market price on April 14, the purchase price for the common shares would be about $136M.Under the company’s previous stock repurchase plans, Cousins repurchased 2.7 million shares for an aggregate price of $64.9 million. The old plan expired Dec. 31, 2003. The newly acquired stock would offset dilution from stock and stock-option grants made under the company’s officer-and-director stock plans. The company intends to finance repurchases from cash generated from operations, project financing, borrowings under its credit facility and/or asset sales.The directors also announced they will be paying a regular quarterly cash dividend on the series A Cumulative Redeemable Preferred Stock. The dividend of 48 cents per share or about $1.94 is expected on an annualized basis. The board is also paying a regular quarterly cash dividend of 37 cents per share or $1.48 on an annualized basis.