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Jun 30, 2024
Cousins Properties Q2 2024 Earnings Report
Second quarter results for 2024 were reported, highlighted by improved office fundamentals and strategic capital deployment.
Key Takeaways
Cousins Properties reported a solid second quarter in 2024, driven by improving office fundamentals in Sun Belt markets. The company is deploying capital into accretive investment opportunities as the market re-balances.
Net income available to common stockholders was $7.8 million, or $0.05 per share.
Funds From Operations (FFO) was $103.3 million, or $0.68 per share.
Same property net operating income (NOI) on a cash-basis increased 5.1%.
Second generation net rent per square foot on a cash-basis increased 18.2%.
Revenue by Segment
Forward Guidance
Full year 2024 earnings guidance updated as follows:
Positive Outlook
- Net income between $0.31 and $0.36 per share, updated from previous guidance of $0.32 and $0.39 per share.
- FFO between $2.63 and $2.68 per share, updated from previous guidance of $2.60 and $2.67 per share.
- The increase in FFO is primarily driven by improved leasing activity
- The increase in FFO is primarily driven by higher parking income
- The increase in FFO is primarily driven by the recent acquisition of two mezzanine loans.
Challenges Ahead
- Guidance does not include any benefit from our approximately $9.6 million SVB Financial Group bankruptcy claim.
- Guidance does not include any operating property acquisitions
- Guidance does not include any operating property dispositions
- Guidance does not include any development starts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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