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Cousins & Hines Ink Lease With Microsoft at 8000 Avalon
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Cousins Properties Incorporated (CUZ - Free Report) , the Atlanta, GA-based real estate investment trust (“REIT”) and Hines, the Houston, TX-based real estate firm announced that the global technology major – Microsoft Corp.– has inked a lease deal at 8000 Avalon. The 43,000 square-foot lease transaction signed at the 224,000 square foot Class A office development in Atlanta, GA, with Microsoft anchoring the office development, is likely to be accretive for Cousins Properties, going forward.
Notably, Cousins Properties and Hines signed a joint venture deal to develop the $72 million Class A office project which is presently under construction. Microsoft is expected to take the initial occupancy in second-quarter 2017. With this lease deal, 8000 Avalon is currently 19% leased.
Past Performance
Cousins Properties is engaged in the acquisition, ownership, development and management of upscale office and mixed-use properties throughout the Sunbelt markets of the U.S., with special focus on Georgia, Texas and North Carolina. Last month, the company reported first-quarter 2016 funds from operation (“FFO”) of 21 cents per share that missed the Zacks Consensus Estimate by a penny but remained flat year over year. Results reflected a decline in rental property revenues.
Zacks Rank & Stocks to Consider
The stock presently has a Zacks Rank #3 (Hold).
However, investors interested in the REIT sector can consider stocks like Brookfield Canada Office Properties , Summit Hotel Properties, Inc. (INN - Free Report) and W. P. Carey Inc. (WPC - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong 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 & Hines Ink Lease With Microsoft at 8000 Avalon
Cousins Properties Incorporated (CUZ - Free Report) , the Atlanta, GA-based real estate investment trust (“REIT”) and Hines, the Houston, TX-based real estate firm announced that the global technology major – Microsoft Corp.– has inked a lease deal at 8000 Avalon. The 43,000 square-foot lease transaction signed at the 224,000 square foot Class A office development in Atlanta, GA, with Microsoft anchoring the office development, is likely to be accretive for Cousins Properties, going forward.
Notably, Cousins Properties and Hines signed a joint venture deal to develop the $72 million Class A office project which is presently under construction. Microsoft is expected to take the initial occupancy in second-quarter 2017. With this lease deal, 8000 Avalon is currently 19% leased.
Past Performance
Cousins Properties is engaged in the acquisition, ownership, development and management of upscale office and mixed-use properties throughout the Sunbelt markets of the U.S., with special focus on Georgia, Texas and North Carolina. Last month, the company reported first-quarter 2016 funds from operation (“FFO”) of 21 cents per share that missed the Zacks Consensus Estimate by a penny but remained flat year over year. Results reflected a decline in rental property revenues.
Zacks Rank & Stocks to Consider
The stock presently has a Zacks Rank #3 (Hold).
However, investors interested in the REIT sector can consider stocks like Brookfield Canada Office Properties , Summit Hotel Properties, Inc. (INN - Free Report) and W. P. Carey Inc. (WPC - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong 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 >>