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Cousins Properties' Q2 FFO Beats Estimates, Revenues Up - Analyst Blog

Zacks Equity Research
Updated

Cousins Properties Inc. CUZ reported second-quarter 2015 FFO (funds from operations) of 21 cents per share, beating the Zacks Consensus Estimate by a penny. The figure also came 3 cents ahead of the year-ago tally. Results were aided by strong growth in same property net operating income (“NOI”).

Rental property revenues for the quarter came in at $96.2 million, up 20.2% year over year. Further, the figure surpassed the Zacks Consensus Estimate of $93 million.

Quarter in Details

For the second quarter, same property NOI, on cash basis, climbed 5.2% year over year. Cousins Properties leased or renewed 521,348 square feet of office space in the quarter. Moreover, second generation net office rent per square foot (cash basis) moved north 32.8%.

Also, the company set up a joint venture (“JV”) for developing a mixed-use project located at Chapel Hill, North Carolina. Additionally, it kick started the divestiture of 2100 Ross in Dallas, TX.
 
2015 Outlook Up

Cousins Properties revised its 2015 FFO per share upward to a range of 83–87 cents from the earlier guidance range of 82–86 cents. The Zacks Consensus Estimate of 84 cents lies within the guided range.

Our Take

Keeping its winning streak alive, Cousins Properties came up with strong results yet again, driven by impressive performance of its operating portfolio.

Cousins Properties remains focused on simplifying its business by specifically targeting trophy assets and opportunistic investments. This ensures a steady revenue stream.

Cousins Properties currently carries a Zacks Rank #4 (Sell). We now look forward to other REIT stocks that are scheduled to release second-quarter 2015 results next week. These include General Growth Properties, Inc GGP, Vornado Realty Trust VNO and Highwoods Properties Inc. HIW.


Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.

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HIGHWOODS PPTYS (HIW): Free Stock Analysis Report
 
VORNADO RLTY TR (VNO): Free Stock Analysis Report
 
COUSIN PROP INC (CUZ): Free Stock Analysis Report
 
GENL GRWTH PPTY (GGP): Free Stock Analysis Report
 
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Zacks Investment Research