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Cousins Properties Incorporated (CUZ - Free Report) reported fourth-quarter 2018 funds from operations (FFO) per share of 17 cents, beating the Zacks Consensus Estimate by a whisker. Further, the figure comes in higher than the prior-year tally of 15 cents.
Cousin Properties’ Q4 revenue figure recorded year-over-year growth. This was supported by increment in same-property cash net operating income (NOI).
Rental property revenues for the quarter came in at $119.4 million, which compares favorably with $110 million witnessed in the year-ago quarter. Moreover, the figure outpaced the Zacks Consensus Estimate of $117.9 million.
For full-year 2018, the FFO per share came in at 63 cents, beating the Zacks Consensus Estimate of 62 cents. The figure improved 3.3% year over year. Revenues for full-year 2018 improved 3.5% year over year to $461.8 million. The revenue figure also beat the Zacks Consensus Estimate of $460.4 million.
Quarter in Detail
Cousins Properties executed leases for 454,629 square feet of office space in the Oct-Dec quarter. Same-property NOI, on a cash basis, inched up 1.2% from the year-ago quarter. Moreover, second-generation net rent per square foot (cash basis) increased 13.1%.
During the quarter, the company commenced operations at the final phase of Spring & 8th, NCR's headquarters located in Midtown Atlanta.
Total expenses came in at nearly $102.5 million, up 3.2% from the prior-year quarter.
Cousins Properties exited the fourth quarter with cash and cash equivalents of $2.5 million compared with $148.9 million recorded as of Dec 31, 2017.
2019 Outlook
Cousins Properties has provided its guidance for full-year 2019 FFO per share. The company expects FFO per share to be in the band of 61-65 cents. The Zacks Consensus Estimate for the current-year FFO per share is currently pinned at 64 cents.
Conclusion
The company’s properties located in premium sun-belt markets have enabled it to enjoy robust rent growth that boosted its top-line performance during the quarter. Further, year-over-year growth in fee income supported results.
However, amid rising interest-rate environment, the company’s interest expense has been flaring up. This, in turn, impacted the company’s bottom-line growth.
Cousins Properties Incorporated Price, Consensus and EPS Surprise
Duke Realty Corporation’s fourth-quarter 2018 core FFO per share of 35 cents came in line with the Zacks Consensus Estimate. Moreover, the figure came in a penny ahead of the prior-year figure of 30 cents.
Alexandria Real Estate Equities, Inc. (ARE - Free Report) reported fourth-quarter 2018 adjusted FFO of $1.68 per share, missing the Zacks Consensus Estimate by a whisker.
Boston Properties Inc.’s (BXP - Free Report) fourth-quarter 2018 FFO per share of $1.59 also missed the Zacks Consensus Estimate of $1.68. The figure, however, came in 7% higher than the prior-year tally.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Zacks' Top 10 Stocks for 2019
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From more than 4,000 companies covered by the Zacks Rank, these 10 were picked by a process that consistently beats the market. Even during 2018 while the market dropped -5.2%, our Top 10s were up well into double-digits. And during bullish 2012 – 2017, they soared far above the market's +126.3%, reaching +181.9%.
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Cousins Properties (CUZ) Q4 FFO & Revenues Surpass Estimates
Cousins Properties Incorporated (CUZ - Free Report) reported fourth-quarter 2018 funds from operations (FFO) per share of 17 cents, beating the Zacks Consensus Estimate by a whisker. Further, the figure comes in higher than the prior-year tally of 15 cents.
Cousin Properties’ Q4 revenue figure recorded year-over-year growth. This was supported by increment in same-property cash net operating income (NOI).
Rental property revenues for the quarter came in at $119.4 million, which compares favorably with $110 million witnessed in the year-ago quarter. Moreover, the figure outpaced the Zacks Consensus Estimate of $117.9 million.
For full-year 2018, the FFO per share came in at 63 cents, beating the Zacks Consensus Estimate of 62 cents. The figure improved 3.3% year over year. Revenues for full-year 2018 improved 3.5% year over year to $461.8 million. The revenue figure also beat the Zacks Consensus Estimate of $460.4 million.
Quarter in Detail
Cousins Properties executed leases for 454,629 square feet of office space in the Oct-Dec quarter. Same-property NOI, on a cash basis, inched up 1.2% from the year-ago quarter. Moreover, second-generation net rent per square foot (cash basis) increased 13.1%.
During the quarter, the company commenced operations at the final phase of Spring & 8th, NCR's headquarters located in Midtown Atlanta.
Total expenses came in at nearly $102.5 million, up 3.2% from the prior-year quarter.
Cousins Properties exited the fourth quarter with cash and cash equivalents of $2.5 million compared with $148.9 million recorded as of Dec 31, 2017.
2019 Outlook
Cousins Properties has provided its guidance for full-year 2019 FFO per share. The company expects FFO per share to be in the band of 61-65 cents. The Zacks Consensus Estimate for the current-year FFO per share is currently pinned at 64 cents.
Conclusion
The company’s properties located in premium sun-belt markets have enabled it to enjoy robust rent growth that boosted its top-line performance during the quarter. Further, year-over-year growth in fee income supported results.
However, amid rising interest-rate environment, the company’s interest expense has been flaring up. This, in turn, impacted the company’s bottom-line growth.
Cousins Properties Incorporated Price, Consensus and EPS Surprise
Cousins Properties Incorporated Price, Consensus and EPS Surprise | Cousins Properties Incorporated Quote
Currently, Cousins Properties has a Zacks Rank #3 (Hold). You can the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other REITs
Duke Realty Corporation’s fourth-quarter 2018 core FFO per share of 35 cents came in line with the Zacks Consensus Estimate. Moreover, the figure came in a penny ahead of the prior-year figure of 30 cents.
Alexandria Real Estate Equities, Inc. (ARE - Free Report) reported fourth-quarter 2018 adjusted FFO of $1.68 per share, missing the Zacks Consensus Estimate by a whisker.
Boston Properties Inc.’s (BXP - Free Report) fourth-quarter 2018 FFO per share of $1.59 also missed the Zacks Consensus Estimate of $1.68. The figure, however, came in 7% higher than the prior-year tally.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, wouldn't you like to know about our 10 finest buy-and-holds for the year?
From more than 4,000 companies covered by the Zacks Rank, these 10 were picked by a process that consistently beats the market. Even during 2018 while the market dropped -5.2%, our Top 10s were up well into double-digits. And during bullish 2012 – 2017, they soared far above the market's +126.3%, reaching +181.9%.
This year, the portfolio features a player that thrives on volatility, an AI comer, and a dynamic tech company that helps doctors deliver better patient outcomes at lower costs.
See Stocks Today >>