Cousins Real Estate Investment Project

Summary

REIT Name: Cousins Properties, Inc.

REIT Ticker Symbol: Cousins Properties Inc. trades publicly on the New York Stock Exchange under the ticker symbol "CUZ".

Location of Company Headquarters: Atlanta, Georgia

Description:

Cousins was founded in 1958 by Tom Cousins, went public in 1962, and became a REIT in 1987. Cousins operates in five real estate segments including office, retail, land, CPS (Cousins Property Services) third party management, and leasing. According to the firm's 10-K filing with the Securities and Exchange Commission, Cousins strategy is "To produce stockholder returns through the acquisition, management and development of high quality office and retail properties in its core markets of Georgia, North Carolina and Texas." Cousins also strives to create shareholder value through maximizing portfolio lease ups, controlling costs, and providing superior customer service to all of its tenants. Currently, Cousins predominantly dominates in three major metropolitan areas, and as such is actively working to diversify their portfolio along geographical terms for sustainable long term performance. Cousins focuses on specialization in two property types: office and retail throughout major metropolitan areas primarily in the three states mentioned above, but also has ownership interests in Alabama, Tennessee, Missouri, Florida, Virginia and California. The REIT has an ownership interest in twenty one office properties and seventeen retail properties throughout the continental United States. In addition to the properties under full operation by Cousins, Cousins also has numerous properties in their development pipeline including an apartment complex and retail shopping center that are both currently under construction. To further the portfolio of Cousins Properties, Cousins maintains a diverse land portfolio including fourteen residential land sites and nineteen commercial property land sites.

Investment Recommendation and Justification:

Given the magnitude and scope of Cousins, a REIT that has developed more than twenty million square feet of office and retail space, manages over twelve million square feet of rentable space (as of 12/31/11), has numerous development projects in the pipeline, and continuously merges and acquires new land and properties for future development and management, Cousins is a REIT in which investors should buy into and hold for the long run. The buy investment recommendation of Cousins Properties is based on the strong standing position of Cousins. Cousins has been able to stabilize its financial position throughout the housing and financial crisis by simplifying its business platforms and selling off non-core assets by exiting the condominium segment and