S and P 500 Stock Buybacks Continue at Lower Levels; Retreat 48% in Third Quarter

/PRNewswire/ -- Standard & Poor's, the world's leading index provider, announced today that preliminary results show S&P 500 stock buybacks posting $89.7 billion in stock repurchases during the third quarter of 2008, representing a 47.8% decline over the record setting $172.0 billion spent during the third quarter of 2007.

"Starting in the fourth quarter of last year, companies began to retreat from stock buybacks," says Howard Silverblatt, Senior Index Analyst at Standard & Poor's. "Year-to-date, Standard & Poor's data shows that stock buybacks are coming in at $156 billion less than this time last year."

"Cash levels for the third quarter of 2008 were near an all-time high, so it's not that companies can't fulfill buyback programs," continues Silverblatt. "They are instead choosing to hold onto the cash, unsure of what the near-term may bring."

On a sector basis, Standard & Poor's notes that Energy was the only sector to increase buybacks during the third quarter of '08 versus the third quarter of '07. Information Technology continued to account for a quarter of all buybacks, with Energy now accounting for 18%.

"Given the current economic uncertainty, fewer employee options in the money, and the lack of alternative financing, Standard & Poor's expects fourth quarter buybacks to drop from the current level, with the full year posting a 35% decline," adds Silverblatt.

Since the buyback boom began during the fourth quarter of 2004, S&P 500 issues have spent approximately $1.73 trillion on stock buybacks compared to $1.87 trillion on Capital Expenditures and $907 billion on dividends.

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Post Properties Announces Reduced Quarterly Dividend, Departure of Chief Investment Officer and New Stock Repurchase Program

(BUSINESS WIRE)--Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced that its Board of Directors has reduced the quarterly dividend rate on its common stock to $0.20 per share for the fourth quarter of 2008. The Board of Directors currently anticipates maintaining this dividend rate throughout 2009, for an annualized dividend level of $0.80 per share. However, the amount of dividends to be paid by the Company will continue to be determined quarterly by the Board of Directors. The dividend is payable on January 15, 2009 to all common stock shareholders of record as of January 2, 2009.

“We believe that reducing the dividend level on the common stock is in the best interests of our shareholders,” said David P. Stockert, President and Chief Executive Officer. “Along with continuing to reduce costs, adjusting the dividend is an important part of our strategy to maintain the strength of our balance sheet and to provide financial flexibility through uncertain economic times. We expect that taking this step will help us preserve capital and improve our competitive position through the current business cycle.”

Post also announced today that Thomas D. Senkbeil, Executive Vice President and Chief Investment Officer, will leave the Company, effective on December 31, 2008. Mr. Senkbeil's responsibilities will be assumed by other members of Post’s Investment Group. The Company expects to record a charge in the fourth quarter related to contractual arrangements with Mr. Senkbeil.

Said Mr. Stockert, “With his considerable background and experience in real estate, Tom Senkbeil has made substantial contributions to Post, and attracted talented individuals to the Company. We appreciate his many accomplishments and wish him every continued success.”

Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock and its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock. On its 8.5 percent Series A Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $1.0625 per share for the fourth quarter. The dividend is payable on December 31, 2008 to all Series A preferred stock shareholders of record as of December 15, 2008. On its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $0.47656 per share for the fourth quarter. The dividend is payable on December 31, 2008 to all Series B preferred stock shareholders of record as of December 15, 2008. Dividends on the Company’s Series A and Series B preferred stock are unchanged from prior quarterly dividend levels.

Post also announced today that its Board of Directors adopted a new stock repurchase program under which Post may repurchase up to $200 million of common stock or preferred stock at market prices from time to time until December 31, 2010. Under its previous stock repurchase program which expires on December 31, 2008, Post repurchased approximately $3.7 million of common stock during 2007 and 2008. The Board of Directors also authorized Post’s management to explore opportunistic repurchases of debt in open market transactions from time to time.

Forward Looking Statement:

Certain statements made in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and the Company’s future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Examples of such statements in this press release include expectations with respect to the anticipated future dividend rate and capital preservation. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. In particular, the Company notes that there can be no assurance that the current dividend level will maintained in future periods. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

The following are some of the factors that could cause the Company’s actual expectations to differ materially from those described in the Company’s forward-looking statements: the success of the Company’s business strategies discussed in its Annual Report on Form 10-K dated December 31, 2007, as amended and in previous filings with the SEC; future conditions in the global capital markets, including changes in the availability of credit and liquidity; future local and national economic conditions, including changes in levels of employment, interest rates, the availability of mortgage and other financing and related factors; uncertainties associated with the timing and amount of asset sales, the market for asset sales and the resulting gains/losses associated with such asset sales; conditions affecting ownership of residential real estate and general conditions in the multifamily residential real estate market. Other important risk factors regarding the Company are included under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, as amended, and under the caption “Risk Factors” in the Company’s quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2008 and may be discussed in subsequent filings with the SEC. The risk factors discussed in Form 10-K, as amended, and Form 10-Q under the caption “Risk Factors” are specifically incorporated by reference into this press release.

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Cousins Properties Authorized to Repurchase Preferred Stock

(BUSINESS WIRE)--Cousins Properties Incorporated (NYSE: CUZ) today announced that its Board of Directors has adopted a new plan authorizing the expenditure of up to $20 million to repurchase the Company's Series A and Series B Cumulative Redeemable Preferred Stock. The Company may repurchase the shares from time to time in open market transactions, pursuant to a 10b5-1 purchase plan and in negotiated and block transactions as market and business conditions warrant on or before May 6, 2009.

Celebrating its 50th anniversary in 2008, Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office, multi-family, retail, industrial and land development projects. Since its founding, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 4,000 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more, please visit www.cousinsproperties.com.

Certain matters discussed in this news release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk. These include, but are not limited to, general and local economic conditions (including the current general recession and state of the credit markets), local real estate conditions (including the overall condition of the residential markets), the activity of others developing competitive projects, the risks associated with development projects (such as delay, cost overruns and leasing/sales risk of new properties), the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company’s ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the ability of the Company to close properties under contract and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007. The words “believes,” “expects,” “anticipates,” “estimates” and similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that these plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

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Aflac To Take Early Delivery of Shares from Repurchase Agreement

PRNewswire-FirstCall/ -- Aflac Incorporated announced today that it will take early delivery of 10.7 million common shares that were acquired through a previously announced repurchase agreement. The company will also receive $141.8 million of unused funds. This will bring the total number of shares Aflac has repurchased in 2008 to 23.2 million.

Commenting on the announcement, Chairman and Chief Executive Officer Daniel P. Amos stated: "Given the uncertainties in the marketplace, we felt it was best to take early delivery of the shares and terminate the agreement at this time. However, we still believe that repurchasing our shares is the best use of excess capital, and we will continue to purchase our shares in a way that is consistent with our financial objectives. At the same time, we continue to believe we are well-positioned to achieve our objectives for earnings-per-share growth for this year and next. Our goal for 2008 is a 14% to 15% increase in operating earnings per share, excluding the impact of foreign currency. Our objective for 2009 is to increase operating earnings per share 13% to 15%, excluding the impact of foreign currency."

For more than 50 years, Aflac products have given policyholders the opportunity to direct cash where it is needed most when a life-interrupting medical event causes financial challenges. Aflac is the number one provider of guaranteed-renewable insurance in the United States and the number one insurance company in terms of individual insurance policies in force in Japan. Our insurance products provide protection to more than 40 million people worldwide. Aflac has been included in Fortune magazine's list of America's Most Admired Companies for seven years and in Fortune magazine's list of the 100 Best Companies to Work For in America for ten consecutive years. Aflac has been recognized three times by both Fortune magazine's list of the Top 50 Employers for Minorities and Working Mother magazine's list of the 100 Best Companies for Working Mothers and has also been included in Ethisphere magazine's list of the World's Most Ethical Companies for two consecutive years. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange under the symbol AFL. To find out more about Aflac, visit aflac.com.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. We desire to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by company officials in communications with the financial community and contained in documents filed with the Securities and Exchange Commission (SEC).

Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks, and uncertainties. In particular, statements containing words such as "expect," "anticipate," "believe," "goal," "objective," "may," "should," "estimate," "intends," "projects," "will," "assumes," "potential," "target" or similar words as well as specific projections of future results, generally qualify as forward-looking. Aflac undertakes no obligation to update such forward-looking statements. We caution readers that the following factors, in addition to other factors mentioned from time to time could cause actual results to differ materially from those contemplated by the forward- looking statements: legislative and regulatory developments, including changes to health care and health insurance delivery; assessments for insurance company insolvencies; competitive conditions in the United States and Japan; new product development and customer response to new products and new marketing initiatives; ability to attract and retain qualified sales associates and employees; ability to repatriate profits from Japan; changes in U.S. and/or Japanese tax laws or accounting requirements; credit and other risks associated with Aflac's investment activities; significant changes in investment yield rates; fluctuations in foreign currency exchange rates; deviations in actual experience from pricing and reserving assumptions including, but not limited to, morbidity, mortality, persistency, expenses and investment yields; level and outcome of litigation; downgrades in the company's credit rating; changes in rating agency policies or practices; subsidiary's ability to pay dividends to the parent company; ineffectiveness of hedging strategies; catastrophic events; and general economic conditions in the United States and Japan, including increased uncertainty in the U.S. and international financial markets.

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