Cousins Properties Incorporated (NYSE:CUZ) has announced a new $250 million share repurchase program. This program, authorized by the company's board of directors, will allow for the repurchase of outstanding common shares. The funding for this program is expected to come from a variety of sources, including proceeds from non-core asset sales, retained cash, debt financing, and/or the settlement of common shares previously issued on a forward basis under Cousins' ATM program.
The share repurchases will be executed through open market transactions, privately negotiated transactions, or other methods as permitted by federal securities laws and legal requirements. The specific timing, manner, price, and size of the repurchases will depend on prevailing stock prices, general economic and market conditions, and other relevant considerations. Importantly, the program does not have an expiration date, does not obligate the company to repurchase any specific dollar amount or number of shares, and may be suspended or discontinued at any time.
Cousins Properties, based in Atlanta, GA, is a fully integrated, self-administered, and self-managed real estate investment trust (REIT) that primarily invests in class A office buildings located in high-growth Sun Belt markets. The company was founded in 1958 and creates shareholder value through its expertise in the development, acquisition, leasing, and management of high-quality real estate assets.
This announcement reflects the company's intention to utilize its financial resources to potentially enhance shareholder value through the repurchase of its outstanding common shares. It also underscores the company's confidence in its long-term prospects and its commitment to deploying capital in a manner that aligns with its strategic objectives. As a result of these announcements, the company's shares have moved 0.52% on the market, and are now trading at a price of $26.99. For more information, read the company's full 8-K submission here.
