Cousins Properties Inc. reports financial results

Business Wire, Feb 16, 1995

ATLANTA--(BUSINESS WIRE)--Feb. 16, 1995--Cousins Properties Incorporated (NYSE), today reported results for calendar year 1994.

Net income was $26,895,000 ($.97 per share) in 1994, compared with $11,965,000 ($.53 per share) in 1993, an 83% increase on a per share basis. Net income before gain on sale of investment properties was $20,539,000 ($.74 per share) in 1994, compared with $10,038,000 ($.44 per share) in 1993, a 68% increase on a per share basis; and gain on sale of investment properties was $6,356,000 ($.23 per share) in 1994 compared with $1,927,000 ($.09 per share) in 1993.

Funds From Operations in 1994 were $31,686,000 ($1.14 per share) compared with $19,979,000 ($.88 per share) in 1993, a 30% increase on a per share basis. For the fourth quarter of 1994, Cousins had Funds From Operations of $9,244,000 ($.33 per share), a 22% increase over the $6,907,000 ($.27 per share) in 1993. The 1994 increases reflect the results of properties completed in late 1993 and during 1994, as well as lower joint venture debt levels resulting from the Company s stock offering in October 1993.

Separately, Cousins announced the start of two new retail developments. Cousins acquired Colonial Plaza Mall in Orlando, Florida, and is starting the conversion of the 39 year old mall to a 543,000 square foot retail power center at a total cost of approximately $45 million. Anchor tenants will occupy approximately 80% of the project.

Cousins also purchased a 13-acre tract of land located adjacent to Mansell Crossing Shopping Center in Alpharetta, Georgia, an Atlanta suburb, for development of a 100,000 square foot addition to the center. The existing 429,947 square foot center was previously developed by Cousins for a third party, and is 100% leased to nine anchor tenants and eleven small shop tenants. The property purchased is also adjacent to Cousins 400 acres at North Point, where it previously developed 90 acres for retail use, and is currently constructing a 125,000 rentable square foot office building.

-0-

       COUSINS PROPERTIES INCORPORATED AND CONSOLIDATED ENTITIES
                   CONSOLIDATED STATEMENTS OF INCOME
     FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 1993 AND 1994
                              (UNAUDITED)
              ($ in thousands, except per share amounts)