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Jun 30, 2023
Cousins Properties Q2 2023 Earnings Report
Cousins Properties reported second quarter 2023 results, raising full year 2023 FFO guidance.
Key Takeaways
Cousins Properties reported strong second quarter results driven by customers returning to in-person work. The company's late-stage leasing pipeline remains encouraging. Full year 2023 FFO guidance was raised.
Net income available to common stockholders was $22.6 million, or $0.15 per share.
Funds From Operations (FFO) was $103.0 million, or $0.68 per share.
Same property net operating income (NOI) on a cash-basis increased 3.7%.
Executed 435,000 square feet of office leases, including 343,000 square feet of new and expansion leases.
Forward Guidance
Full year 2023 earnings guidance updated.
Positive Outlook
- Net income between $0.53 and $0.61 per share.
- FFO between $2.57 and $2.65 per share, up from previous guidance between $2.55 and $2.65 per share.
- The change to FFO is primarily driven by an assumed effective termination date of September 30, 2023 for SVB Financial (previously assumed to be June 30, 2023) and higher parking income.
- 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
- Actual results could differ materially from this guidance.
- The availability and terms of capital
- The ability to refinance or repay indebtedness as it matures
Historical Earnings Impact
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Avg. Return Before/After Earnings
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