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Sep 30, 2024
Cousins Properties Q3 2024 Earnings Report
Reported strong third quarter results with significant leasing and strategic investments, raising FFO guidance
Key Takeaways
Cousins Properties reported a net income of $11.2 million and FFO of $102.3 million. They leased 763,000 square feet, the highest quarterly volume since 2019. The company also completed an unsecured bond issuance and made accretive new investments.
Leased 763,000 square feet of office space, the highest quarterly volume since 2019.
Same property net operating income (NOI) on a cash-basis increased 4.4%.
Second generation net rent per square foot on a cash-basis increased 7.2%.
Acquired a 20% interest in a newly formed joint venture that purchased Proscenium in Midtown Atlanta.
Revenue by Segment
Forward Guidance
Cousins Properties revised its full-year 2024 earnings guidance, projecting net income between $0.26 and $0.30 per share and FFO between $2.66 and $2.70 per share.
Positive Outlook
- The increase in FFO is primarily driven by lower short-term interest rates.
- The increase in FFO is primarily driven by lower real estate taxes.
- The increase in FFO is primarily driven by new investment activity.
- Guidance does not include any operating property acquisitions.
- Guidance does not include any operating property dispositions.
Challenges Ahead
- Net income guidance was updated from $0.31-$0.36 per share to $0.26-$0.30 per share.
- FFO guidance was updated from $2.63-$2.68 per share to $2.66-$2.70 per share.
- Guidance does not include any operating property acquisitions.
- Guidance does not include any operating property dispositions.
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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