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Dec 31, 2023
Cousins Properties Q4 2023 Earnings Report
Cousins Properties reported solid results and provided initial earnings guidance for 2024.
Key Takeaways
Cousins Properties Incorporated reported solid fourth quarter results, with a focus on improving demand for lifestyle office spaces and robust leasing activity. Same property net operating income increased, and the company is well-positioned for the current market with a strong balance sheet.
Net income available to common stockholders was $18.8 million, or $0.12 per share.
Funds From Operations (FFO) was $98.3 million, or $0.65 per share.
Same property net operating income (NOI) on a cash-basis increased 3.5%.
Second generation net rent per square foot on a cash-basis increased 0.8%.
Forward Guidance
Cousins Properties provided initial earnings guidance for the year ending December 31, 2024, anticipating net income between $0.43 and $0.53 per share, and FFO between $2.57 and $2.67 per share. The guidance accounts for WeWork's bankruptcy proceedings and excludes potential benefits from the SVB Financial Group bankruptcy claim, operating property transactions, or capital markets transactions.
Positive Outlook
- Net income between $0.43 and $0.53 per share.
- FFO between $2.57 and $2.67 per share.
- Assumes one WeWork lease is accepted without modification (The RailYard).
- Assumes two WeWork leases are modified to lower lease rates and reduce square footage by one-third at each property (Terminus and 120 W Trinity).
- Guidance reflects management’s current plans and assumptions as of the date of this earnings release.
Challenges Ahead
- Guidance assumes one WeWork lease is rejected (725 Ponce).
- Guidance does not include any benefit from approximately $10 million SVB Financial Group bankruptcy claim.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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