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Mar 31, 2023
Cousins Properties Q1 2023 Earnings Report
Cousins Properties reported first quarter 2023 results with increased same property cash NOI and second generation cash rent growth.
Key Takeaways
Cousins Properties reported solid increases in same property cash NOI and second generation cash rent growth in the first quarter of 2023. The late-stage leasing pipeline has meaningfully accelerated, including opportunities at the Neuhoff development project in Nashville.
Net income available to common stockholders was $22.2 million, or $0.15 per share.
Funds From Operations (FFO) was $98.1 million, or $0.65 per share.
Same property net operating income (NOI) on a cash-basis increased 4.9%.
Second generation net rent per square foot on a cash-basis increased 6.1%.
Cousins Properties
Cousins Properties
Forward Guidance
Full year 2023 earnings guidance updated as follows:
Positive Outlook
- Net income between $0.56 and $0.66 per share, updated from previous guidance of $0.57 and $0.69 per share.
- FFO between $2.55 and $2.65 per share, up from previous guidance between $2.52 and $2.64 per share.
- The change to FFO is primarily driven by higher parking income and anticipated termination fees.
- Guidance does not include any operating property acquisitions, operating property dispositions, or development starts.
- Guidance reflects management’s current plans and assumptions as of the date of this report and is subject to the risks and uncertainties more fully described in our Securities and Exchange Commission filings.
Challenges Ahead
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