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Cousins Inks Lease Deals for Atlanta's 191 Peachtree Tower
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On May 19, Cousins Properties Incorporated (CUZ - Free Report) disclosed the signing of two new leases at One Ninety One Peachtree Tower in Atlanta. The new leases involve 50,940 square feet of space in aggregate.
Notably, One Ninety One Peachtree Tower in downtown Atlanta is a 50-story Class A office tower that includes 1.2 million square-feet of space. Space in this property seems to be in demand for doing business downtown now with its leasing reaching 92% from 89% at the end of the first quarter. The building is one the most accessible office buildings in Atlanta for its strategic downtown location.
Cousins Properties had acquired One Ninety One Peachtree Tower from Equity Office Properties in 2006. The company then transferred its headquarters to this building but spaces are also leased to other tenants.
The signing of the two new leases is a positive for this real estate investment trust, especially after it failed to impress us in recent times. This is because, earlier this month, Cousins Properties reported first-quarter 2016 funds from operations (“FFO”) of 21 cents per share, missing the Zacks Consensus Estimate by a penny and remaining flat year over year. Results reflected a decline in rental property revenues.
However, the company has been in news as it disclosed a definitive agreement with Parkway Properties, Inc. for a stock-for-stock merger and the simultaneous spin-off of the Houston-based assets of both companies into a new publicly traded REIT. As a result, Cousins Properties is set to emerge as a premier Sun Belt urban office REIT with a class A office portfolio.
Shares of Cousins Properties climbed 1.35% to $10.53 during Friday’s trading session.
Cousins Properties currently has a Zacks Rank #4 (Sell). However, investors interested in the REIT industry can consider better-placed stocks like PS Business Parks Inc. and Whitestone REIT (WSR - Free Report) . Both stocks have a Zacks Rank #2 (Buy).
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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Cousins Inks Lease Deals for Atlanta's 191 Peachtree Tower
On May 19, Cousins Properties Incorporated (CUZ - Free Report) disclosed the signing of two new leases at One Ninety One Peachtree Tower in Atlanta. The new leases involve 50,940 square feet of space in aggregate.
Notably, One Ninety One Peachtree Tower in downtown Atlanta is a 50-story Class A office tower that includes 1.2 million square-feet of space. Space in this property seems to be in demand for doing business downtown now with its leasing reaching 92% from 89% at the end of the first quarter. The building is one the most accessible office buildings in Atlanta for its strategic downtown location.
Cousins Properties had acquired One Ninety One Peachtree Tower from Equity Office Properties in 2006. The company then transferred its headquarters to this building but spaces are also leased to other tenants.
The signing of the two new leases is a positive for this real estate investment trust, especially after it failed to impress us in recent times. This is because, earlier this month, Cousins Properties reported first-quarter 2016 funds from operations (“FFO”) of 21 cents per share, missing the Zacks Consensus Estimate by a penny and remaining flat year over year. Results reflected a decline in rental property revenues.
However, the company has been in news as it disclosed a definitive agreement with Parkway Properties, Inc. for a stock-for-stock merger and the simultaneous spin-off of the Houston-based assets of both companies into a new publicly traded REIT. As a result, Cousins Properties is set to emerge as a premier Sun Belt urban office REIT with a class A office portfolio.
Shares of Cousins Properties climbed 1.35% to $10.53 during Friday’s trading session.
Cousins Properties currently has a Zacks Rank #4 (Sell). However, investors interested in the REIT industry can consider better-placed stocks like PS Business Parks Inc. and Whitestone REIT (WSR - Free Report) . Both stocks have a Zacks Rank #2 (Buy).
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.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>