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Cousins Properties’ (CUZ - Free Report) office assets have been experiencing decent demand from existing tenants. Recently, the company signed a renewal and expansion lease with Bank of America, N.A. for office space at Fifth Third Center.
Specifically, the bank renewed its 294,000-square-foot lease and signed for another 24,000 square feet of space at the property. Per the deal, Bank of America will occupy nearly half of the 698,000-square-foot office tower in Charlotte’s Uptown submarket.
The deal enables the bank to occupy a total of 318,000 square feet of space and extend its lease maturity from 2022 to 2025. With its headquarters just one block away from the Fifth Third Center, this lease expansion is a strategic fit for Bank of America.
While such deals with well-known companies instill confidence in its assets, the company has also been making diligent efforts to develop other premium office assets. Recently, it signed a joint-venture (JV) deal with Riverside Resources and Ironwood Real Estate, for development of a 309,000-square-foot office tower — 300 Colorado — in Downtown Austin. Cousins Properties will hold 50% ownership interest in this property. With estimated development cost of $175 million, the office tower is expected to be delivered in December 2020.
Cousins Properties’ high-quality office assets located in the Sun Belt region have the capacity to drive long-term growth. However, the company faces intense competition from other market players. This impacts its ability to retain and attract tenants at higher rents. Moreover, despite improvement in the job market, fundamentals of the office real estate market might be adversely affected due to rise in new deliveries of office space.
Cousins Properties currently carries a Zacks Rank #4 (Sell). In the past six months, shares of the company have outperformed the industry. While the stock has gained 0.9%, the industry has incurred loss of 5.4% during the same time period. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Better-ranked stocks in the REIT space include American Tower Corporation (AMT - Free Report) , Easterly Government Properties (DEA - Free Report) and Outfront Media (OUT - Free Report) . All three carry a Zacks Rank of 2 (Buy).
American Tower Corporation’s Zacks Consensus Estimates for fourth-quarter 2017 funds from operations (FFO) per share remained unchanged at $1.68 over the past month. Its shares have rallied 28.6% in a year’s time.
Easterly Government Properties’ Zacks Consensus Estimate for the fourth-quarter FFO has remained unchanged at 32 cents in a month’s time. Also, its shares have gained 3.3% over the past year.
Outfront Media’s FFO per share estimates for fourth-quarter 2017 remained unchanged at 56 cents over the past month. The stock has lost 17.7% over the past year.
Note: All EPS numbers presented in this report 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.
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Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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Cousins Properties (CUZ) Signs Renewal & Expansion Lease
Cousins Properties’ (CUZ - Free Report) office assets have been experiencing decent demand from existing tenants. Recently, the company signed a renewal and expansion lease with Bank of America, N.A. for office space at Fifth Third Center.
Specifically, the bank renewed its 294,000-square-foot lease and signed for another 24,000 square feet of space at the property. Per the deal, Bank of America will occupy nearly half of the 698,000-square-foot office tower in Charlotte’s Uptown submarket.
The deal enables the bank to occupy a total of 318,000 square feet of space and extend its lease maturity from 2022 to 2025. With its headquarters just one block away from the Fifth Third Center, this lease expansion is a strategic fit for Bank of America.
While such deals with well-known companies instill confidence in its assets, the company has also been making diligent efforts to develop other premium office assets. Recently, it signed a joint-venture (JV) deal with Riverside Resources and Ironwood Real Estate, for development of a 309,000-square-foot office tower — 300 Colorado — in Downtown Austin. Cousins Properties will hold 50% ownership interest in this property. With estimated development cost of $175 million, the office tower is expected to be delivered in December 2020.
Cousins Properties’ high-quality office assets located in the Sun Belt region have the capacity to drive long-term growth. However, the company faces intense competition from other market players. This impacts its ability to retain and attract tenants at higher rents. Moreover, despite improvement in the job market, fundamentals of the office real estate market might be adversely affected due to rise in new deliveries of office space.
Cousins Properties currently carries a Zacks Rank #4 (Sell). In the past six months, shares of the company have outperformed the industry. While the stock has gained 0.9%, the industry has incurred loss of 5.4% during the same time period. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Better-ranked stocks in the REIT space include American Tower Corporation (AMT - Free Report) , Easterly Government Properties (DEA - Free Report) and Outfront Media (OUT - Free Report) . All three carry a Zacks Rank of 2 (Buy).
American Tower Corporation’s Zacks Consensus Estimates for fourth-quarter 2017 funds from operations (FFO) per share remained unchanged at $1.68 over the past month. Its shares have rallied 28.6% in a year’s time.
Easterly Government Properties’ Zacks Consensus Estimate for the fourth-quarter FFO has remained unchanged at 32 cents in a month’s time. Also, its shares have gained 3.3% over the past year.
Outfront Media’s FFO per share estimates for fourth-quarter 2017 remained unchanged at 56 cents over the past month. The stock has lost 17.7% over the past year.
Note: All EPS numbers presented in this report 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.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>