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Cousins and Hines Ink Lease with Crown Castle at 8000 Avalon
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Atlanta-based REIT, Cousins Properties Inc. (CUZ - Free Report) , and privately owned global real estate investment firm, Hines, recently signed a lease with Crown Castle at 8000 Avalon in Atlanta, GA. This deal brings a high quality tenant to the company’s roster and makes 8000 Avalon 65% leased, at present.
Crown Castle, which is a leading provider of shared wireless infrastructure, has specifically signed a 55,622 square-foot lease at this 224,000 square foot Class A office development. The company is expected to join the Avalon community this November.
Per Cousins Properties, 8000 Avalon is the only high-rise office building in Avalon, which is a mixed-use development in North Atlanta. Cousins and Hines, in a joint venture, is developing this $73 million project that is presently under construction.
Moreover, late last month, Cousins Properties reported better-than-expected first-quarter 2017 funds from operations ("FFO") per share, delivering a positive surprise of 13.3%. The quarter witnessed solid leasing activity and strong NOI growth.
The company owns an unmatched portfolio of Class A office assets located in Sun Belt markets. Also, in Oct 2016, the company closed the merger with Parkway Properties and spun-off the Houston-based assets of the combined company into a publicly-traded REIT. This move was a strategic fit as it aided the company in boosting its portfolio and exiting the challenging Houston office market.
Moving ahead, Cousins Properties’ diversified portfolio, presence of high-quality tenants in its roster, opportunistic investments in best sub-markets and a conservative balance sheet is likely to drive growth. However, stiff competition and hike in interest rate remain concerns.
In the last six months, shares of Cousins Properties have underperformed the Zacks categorized REIT and Equity Trust – Other industry. During the time frame, shares of the company increased 8.3%, whereas the industry gained 9.0%.
Cousins Properties currently carries a Zacks Rank #3 (Hold).
PS Business Parks’ estimates for 2017 FFO per share increased 3.6% to $6.09, over the past 30 days.
Prologis’ estimates for 2017 FFO per share moved north nearly 3.8% to $2.76, over the past 60 days.
Sunstone Hotel currently has long-term growth rate of 5.0%.
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.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>
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Cousins and Hines Ink Lease with Crown Castle at 8000 Avalon
Atlanta-based REIT, Cousins Properties Inc. (CUZ - Free Report) , and privately owned global real estate investment firm, Hines, recently signed a lease with Crown Castle at 8000 Avalon in Atlanta, GA. This deal brings a high quality tenant to the company’s roster and makes 8000 Avalon 65% leased, at present.
Crown Castle, which is a leading provider of shared wireless infrastructure, has specifically signed a 55,622 square-foot lease at this 224,000 square foot Class A office development. The company is expected to join the Avalon community this November.
Per Cousins Properties, 8000 Avalon is the only high-rise office building in Avalon, which is a mixed-use development in North Atlanta. Cousins and Hines, in a joint venture, is developing this $73 million project that is presently under construction.
Moreover, late last month, Cousins Properties reported better-than-expected first-quarter 2017 funds from operations ("FFO") per share, delivering a positive surprise of 13.3%. The quarter witnessed solid leasing activity and strong NOI growth.
The company owns an unmatched portfolio of Class A office assets located in Sun Belt markets. Also, in Oct 2016, the company closed the merger with Parkway Properties and spun-off the Houston-based assets of the combined company into a publicly-traded REIT. This move was a strategic fit as it aided the company in boosting its portfolio and exiting the challenging Houston office market.
Moving ahead, Cousins Properties’ diversified portfolio, presence of high-quality tenants in its roster, opportunistic investments in best sub-markets and a conservative balance sheet is likely to drive growth. However, stiff competition and hike in interest rate remain concerns.
In the last six months, shares of Cousins Properties have underperformed the Zacks categorized REIT and Equity Trust – Other industry. During the time frame, shares of the company increased 8.3%, whereas the industry gained 9.0%.
Cousins Properties currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Investors can also consider better-ranked stocks in the REIT space like PS Business Parks, Inc. , Prologis, Inc. (PLD - Free Report) and Sunstone Hotel Investors, Inc. (SHO - Free Report) . All the three stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
PS Business Parks’ estimates for 2017 FFO per share increased 3.6% to $6.09, over the past 30 days.
Prologis’ estimates for 2017 FFO per share moved north nearly 3.8% to $2.76, over the past 60 days.
Sunstone Hotel currently has long-term growth rate of 5.0%.
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.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>