The company reported a $5-million, or 10-cents-per-share, net loss for the quarter. This compares with net income of $38.1 million, or 72 per share, during the same quarter last year. For the year ending Dec. 31, the company reported net income of $17.7 million, or 34 cents per share, versus net income of $217.4 million, or $4.14 per share, net income in 2006.

"As we've been expecting for some time, the residential market has weakened. The debt problems in the housing market have impacted the commercial sector," said Cousins Properties chairman and CEO Tom Bell, during the call. "These factors will certainly make it challenging to pursue other developments in the future."

With the challenging economic outlook that's being predicted for 2008, the company plans to focus on leasing existing projects and completing projects that are currently under development. "One large positive from 2007 is the work our team did to manage our capital base, recasting our $500-million credit facility and financing several stabilized projects to ensure the company is well-capitalized heading into 2008," Bell said. "Over our 50 years, Cousins has weathered many cycles and I believe we are well-positioned to handle this one."