Cousins president-select ready to take office

ATLANTA — As R. Dary Stone prepares to take the reins as president and COO of Atlanta-based Cousins Properties Inc., his goal is to continue the company's reputation as a leader in office and retail development throughout the country. Despite some industry speculation that his office background will encourage him to favor that sector over retail, Stone emphasized he has no such agenda.

Article Tools

Latest News

More Latest News

“I have no intention of favoring one over the other,” Stone said. “I am surprised by the amount of speculation people are making. This is an incredibly run business, and I do not want to do anything to hinder that. The company will be involved in whatever the markets allow us to be involved in at that time. That will be the litmus test.”

The fully integrated REIT (NYSE: CUZ) has been publicly traded since 1962 and has achieved a 21% annualized total return for its shareholders during the past five years. As of Feb. 23, shares closed at $26.02, off a 52-week high of $30.41.

Stone will replace current president Dan DuPree, who will step down March 31 after five years at the helm. DuPree is leaving the company because he wants a reprieve after working “nonstop for 20 years” in real estate, although he did say he is not retiring permanently.

Stone joins Cousins from Dallas-based Cousins Stone LP, an affiliate of Cousins Properties, where he was president and a board member. Stone will relocate to Atlanta from Dallas and will start his new position April 1.

“I am honored and overwhelmed to be selected,” Stone said. “I was happy where I was at Cousins Stone, but I decided to make this move because of Tom Cousins. He is truly one of the most well-regarded and respected men in the commercial real estate industry. I want to help him and his purposes. If it were not for him, I would not have taken the position.”

Stone founded the predecessor to Cousins Stone, originally named R.D. Stone Interests, 10 years ago. In 1999, Cousins acquired a 50% interest in the company and renamed it Cousins Stone. Stone built his reputation in the Dallas office market and is currently chairman of Cousins Stone LP, of which Cousins Properties now owns 75%. Stone owns the remaining 25%. Dary Stone will sell his Cousins Stone holdings for an estimated $4 million with his after-tax proceeds likely to be reinvested in Cousins stock.

“Our goals as a company are to develop more deals and expand the relationships we have now,” Stone said. “Cousins has always taken care of those relationships and I want to further that. It is a blessing to have that base and harvest available.”


Acceptable Use Policy
blog comments powered by Disqus

Photo Galleries

New York's Star Deals

http://nreionline.com/images/nyc_big_deals_homepage_thumb.jpgThe city that never sleeps is also the city that never stops growing, not even in the midst of recession. And deals, both bold and unprecedented, continue to be done. Check out image of New York's big deals.

Hudson Yards Development

http://nreionline.com/photo_gallery/hudson_yardsCheck out images for Coach's new global headquarters, which will anchor the initial tower of the Eastern Rail Yards site within the 26-acre mixed-

Videos

JLL at ICSC 2012

http://nreionline.com/video/bjorson_thumbnail.jpgCheck out these videos from JLL at ICSC 2012 in Las Vegas...

 

Click here to view more videos.


Blogs


http://nreionline.com/blog/schein_blog_headshot.jpg

Real Vox

Traffic Court

The Full Nelson

Events

Strategic Real Estate Investment Conference

Date: Thursday, June 7, 2012
Time: 7:45AM-6:00PM
Place: 1290 Avenue of the America, 5th Floor
What: A full-day event exploring portfolio diversification through opportunistic and alternative investments....

Click here to view more events...

http://nreionline.com/nrei-300x125-house-091211-resourcebook-jpg.jpg

This Week's Most Popular

Current Issue

http://nreionline.com/april2012_cover.jpg

NREI Newsletters



Retail Traffic Newsletters

View NREI Newsletters

NREI Newsline
NREI Seniors Housing Finance and Development
NREI The Green Sheet
NREI Institutional Outlook
NREI Distressed Real Estate Strategies
NREI Daily/Central
NREI Daily/New York
NREI Daily/New Jersey
NREI Weekender
NREI Global Real Estate Monitor
REIT Insider
Retail Traffic Online
The Site Optimizer

Join the Conversation