- The deal allows investors in Parkway Properties (PKY +9.8%) and Cousins Properties (CUZ flat) to continue to be owners of Sun Belt office properties, but without exposure to energy-exposed Houston.
- Of Cousins' $237M in annual NOI, Houston is responsible for 45%. Of Parkway's $242M, Houston is responsible for 29%. All Houston properties will be spun off into a new publicly traded REIT with $177M of annual NOI.
- Dropping Houston, the merged company will operate in seven markets, with Atlanta accounting for 49% of square footage. Next up is Charlotte at 16%, then Austin at 12%. Other markets are Tampa, Orlando, Phoenix, and Miami.
- Presentation slides
- Previously: Cousins Properties and Parkway Properties to merge, spin-off Houston assets (April 29)