Cousins Properties trims dividend by 12 cents
Atlanta Business Chronicle
Cousins Properties Inc. cut its dividend 32 percent, the Atlanta-based real estate investment trust said Tuesday.
It’s fourth-quarter dividend is 25 cents a share, compared with 37 cents a share in the third quarter.
“Cousins is not under stress from debt commitments or loan maturities, and our balance sheet is strong,” said Jim Fleming, chief financial officer of Cousins, in a news release. “But in today’s environment, the board decided it would be prudent to reduce the dividend to allow the company to retain more capital for the opportunities we believe this difficult market is going to create.”
Cousins (NYSE: CUZ) also said its board pushed back the expiration of the company’s common and preferred stock buy-back program to May 9, 2011. It has expanded the program to include all outstanding shares of Cousins’ series A and series B cumulative redeemable preferred stock.
Related Industry News |
Latest News |
