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Dec 31, 2019
Cousins Properties Q4 2019 Earnings Report
Reported solid operating results, highlighted by same property NOI growth and an increase in second generation rents. Earnings exceeded expectations except for an increase in G&A expenses attributable to strong share price performance.
Key Takeaways
Cousins Properties reported solid fourth-quarter operating results, including 6% same property NOI growth and a 12.6% increase in second-generation rents. Net income available to common stockholders was $117.1 million, or $0.80 per share, and FFO was $106.2 million, or $0.72 per share.
Net income per share was $0.80; net income per share was $0.81 before TIER transaction costs.
Funds from operations per share was $0.73 before TIER transaction costs.
Same property net operating income on a cash basis increased 6.0%.
Second generation net rent per square foot on a cash basis increased 12.6%.
Forward Guidance
The Company has raised its 2020 FFO guidance to $2.72 to $2.86 per share from $2.71 to $2.85 per share. The Company leaves unchanged the previously provided assumptions of its 2020 guidance, except for the following updates:
Positive Outlook
- General and administrative expenses of $32 million to $34 million, net of capitalized salaries, down from the previous range of $33 million to $35 million.
- Interest and other expenses, net of capitalized interest, of $68 million to $70 million, down from the previous range of $69 million to $71 million, due to an increase in capitalized interest on projects under development.
- Gain on land sales of $1.4 million, due to the redemption of the remainder of the Wildwood Associates joint venture land occurring in the first quarter of 2020 instead of the fourth quarter of 2019.
- Sale of Woodcrest in the first quarter of 2020 instead of the fourth quarter of 2019.
- Sale of interest in Gateway Village joint venture at the end of the first quarter of 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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