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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%.
Cousins Properties
Cousins Properties
Cousins Properties Revenue by Segment
Revenue by Segment
Rental Property Revenue
CapyFin.comFee Income Revenue
CapyFin.comOther Revenue
CapyFin.com 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.
- Guidance does not include any capital markets transactions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income