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Sep 30, 2023
Cousins Properties Q3 2023 Earnings Report
Reported strong operational and financial results, executing significant office leases and maintaining a robust pipeline.
Key Takeaways
Cousins Properties reported strong third-quarter results, marked by 548,000 square feet of office leases executed and a 4.6% increase in same property NOI on a cash basis. The company has updated its full-year 2023 FFO guidance to between $2.60 and $2.64 per share.
Net income available to common stockholders was $19.4 million, or $0.13 per share.
Funds From Operations (FFO) was $99.0 million, or $0.65 per share.
Same property net operating income (NOI) on a cash-basis increased 4.6%.
Executed 548,000 square feet of office leases.
Forward Guidance
Full year 2023 earnings guidance is updated with net income between $0.54 and $0.58 per share and FFO between $2.60 and $2.64 per share.
Positive Outlook
- Increase to FFO is primarily driven by a reduction in real estate taxes and a gain from land sale.
- Guidance reflects management’s current plans and assumptions as of the date of this earnings release.
- Company executed 548,000 square feet of office leases, the highest number this year.
- Cousins remains well-positioned with a fortress balance sheet
- The pipeline remains robust, including at the Neuhoff development in Nashville
Challenges Ahead
- Guidance does not include any operating property acquisitions.
- Guidance does not include any operating property dispositions.
- Guidance does not include any development starts.
- Actual results could differ materially from this guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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