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Mar 31, 2022
Cousins Properties Q1 2022 Earnings Report
Reported first quarter 2022 results.
Key Takeaways
Cousins Properties reported a net income available to common stockholders of $28.0 million, or $0.19 per share, and FFO of $99.4 million, or $0.67 per share, for the quarter ended March 31, 2022.
Net income available to common stockholders was $28.0 million, or $0.19 per share, compared to $29.1 million, or $0.20 per share, for first quarter 2021.
Funds From Operations (FFO) was $99.4 million, or $0.67 per share, compared to $102.0 million, or $0.69 per share, for first quarter 2021.
Same property net operating income (NOI) on a cash-basis increased 0.1%.
Executed 324,000 square feet of office leases, including 224,000 square feet of new and expansion leases, representing 69% of total leasing activity.
Forward Guidance
Full year 2022 earnings guidance remains unchanged from the previous quarter.
Positive Outlook
- Net income in the range of $0.75 to $0.83 per share.
- FFO in the range of $2.70 to $2.78 per share.
- Guidance includes settlement, during the first half of 2022, of forward contracts outstanding for 2.6 million shares of common stock sold under the Company's ATM program.
- Gross proceeds of approximately $105 million will fund the Company's recent acquisition of Heights Union on a leverage neutral basis.
- Guidance reflects management’s current plans and assumptions as of the date of this report, and it is subject to the risks and uncertainties more fully described in our Securities and Exchange Commission filings.
Challenges Ahead
- Guidance does not include any speculative operating property acquisitions.
- Guidance does not include operating property dispositions.
- Guidance does not include development starts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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