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Dec 31, 2021
Cousins Properties Q4 2021 Earnings Report
Cousins Properties reported fourth quarter and full year 2021 results and provided initial 2022 earnings guidance.
Key Takeaways
Cousins Properties reported a strong fourth quarter with high leasing volume and net effective rent. Net income available to common stockholders was $167.3 million, or $1.12 per share, and FFO was $102.8 million, or $0.69 per share.
Signed 743,000 square feet of leases during the fourth quarter, the highest leasing volume since 2019.
New and expansion leases represent 86% of the total.
The average lease term is 9.1 years.
The net effective rent on those leases, at $28.69 per square foot, is the highest in the Company's history.
Forward Guidance
For the year ending December 31, 2022, Cousins Properties expects to report net income in the range of $0.75 to $0.83 per share and FFO in the range of $2.70 to $2.78 per share.
Positive Outlook
- Settlement, during the first half of 2022, of forward contracts outstanding for 2.6 million shares of common stock sold under the Company's ATM program.
- Gross proceeds of approximately $105 million will fund the Company's recent acquisition of Heights Union on a leverage neutral basis.
- Expects to report net income in the range of $0.75 to $0.83 per share.
- Expects to report FFO in the range of $2.70 to $2.78 per share.
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.
- Guidance reflects management’s current plans and assumptions as of the date of this report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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