We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Cousins Properties (CUZ) Q3 FFO In Line, Revenues Fall Y/Y
Read MoreHide Full Article
Cousins Properties Inc. (CUZ - Free Report) reported third-quarter 2016 funds from operations (“FFO”) of 22 cents per share, in line with the Zacks Consensus Estimate. FFO for third-quarter 2015 was 24 cents per share.
Quarter in Detail
During the quarter, rental property revenues came in at $92.6 million, down 3.5% year over year. However, the figure beat the Zacks Consensus Estimate of $91 million.
Cousins Properties leased or renewed 970,707 square feet of office space in the quarter. Same property net operating income, on cash basis, rose 4.3% year over year. Moreover, second generation net rent per square foot (cash basis) moved 9.1% north.
Finally, Cousins Properties exited the quarter with cash and cash equivalents of $97.2 million, up from $2.0 million at the end of the prior year.
Subsequent Events
Subsequent to the quarter, Cousins Properties closed a merger deal with Parkway Properties, Inc. which combined the operations of these two entities and spun off the Houston assets of this combined entity into a separate public REIT.
The company sold Two Liberty Place, a Philadelphia-based office building for $219 million. Also, it sold One Ninety One Peachtree, an Atlanta-based office building for $268 million.
2016 Outlook
Cousins Properties has withdrawn its 2016 FFO guidance, taking into consideration the transaction with Parkway.
Our Take
While we are encouraged by the transaction with Parkway Properties, the year-over-year decline in revenues clearly remains a concern.
Two REITs which are slated to report results this week are EPR Properties (EPR - Free Report) and Lamar Advertising Co. (LAMR - Free Report) .
Note: All EPS numbers presented in this write up represent funds from operations (“FFO”) per share. 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.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Cousins Properties (CUZ) Q3 FFO In Line, Revenues Fall Y/Y
Cousins Properties Inc. (CUZ - Free Report) reported third-quarter 2016 funds from operations (“FFO”) of 22 cents per share, in line with the Zacks Consensus Estimate. FFO for third-quarter 2015 was 24 cents per share.
Quarter in Detail
During the quarter, rental property revenues came in at $92.6 million, down 3.5% year over year. However, the figure beat the Zacks Consensus Estimate of $91 million.
Cousins Properties leased or renewed 970,707 square feet of office space in the quarter. Same property net operating income, on cash basis, rose 4.3% year over year. Moreover, second generation net rent per square foot (cash basis) moved 9.1% north.
Finally, Cousins Properties exited the quarter with cash and cash equivalents of $97.2 million, up from $2.0 million at the end of the prior year.
Subsequent Events
Subsequent to the quarter, Cousins Properties closed a merger deal with Parkway Properties, Inc. which combined the operations of these two entities and spun off the Houston assets of this combined entity into a separate public REIT.
The company sold Two Liberty Place, a Philadelphia-based office building for $219 million. Also, it sold One Ninety One Peachtree, an Atlanta-based office building for $268 million.
2016 Outlook
Cousins Properties has withdrawn its 2016 FFO guidance, taking into consideration the transaction with Parkway.
Our Take
While we are encouraged by the transaction with Parkway Properties, the year-over-year decline in revenues clearly remains a concern.
Currently, Cousins Properties carries a Zacks Rank #4 (Sell), and Parkway has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
COUSIN PROP INC Price, Consensus and EPS Surprise
COUSIN PROP INC Price, Consensus and EPS Surprise | COUSIN PROP INC Quote
Two REITs which are slated to report results this week are EPR Properties (EPR - Free Report) and Lamar Advertising Co. (LAMR - Free Report) .
Note: All EPS numbers presented in this write up represent funds from operations (“FFO”) per share. 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.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>