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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.
Cousins Properties
Cousins Properties
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.
- Actual results could differ materially from this guidance.