Cousins Properties Inc (CUZ) Q3 2023 Earnings: A Detailed Review
Net income available to common stockholders was $19.4 million, or $0.13 per share.
Funds From Operations (FFO) was $99.0 million, or $0.65 per share.
Executed 548,000 square feet of office leases, the highest number this year.
Updated full year 2023 earnings guidance with net income between $0.54 and $0.58 per share, and FFO between $2.60 and $2.64 per share.
On October 26, 2023, Cousins Properties Inc (NYSE:CUZ) released its earnings report for the third quarter of 2023. The report provides a comprehensive overview of the company's financial performance, operational results, and transaction activity during the quarter.
Financial Performance
For the third quarter of 2023, Cousins Properties Inc (NYSE:CUZ) reported a net income available to common stockholders of $19.4 million, or $0.13 per share. This is a significant decrease compared to the $80.6 million, or $0.53 per share, reported for the third quarter of 2022. The 2022 net income included a $56.3 million gain recognized on the sale of the company's interest in a joint venture asset.
The company's Funds From Operations (FFO) for the third quarter of 2023 was $99.0 million, or $0.65 per share, compared to $104.4 million, or $0.69 per share, for the third quarter of 2022.
Operational Results and Leasing Activity
During the third quarter of 2023, Cousins Properties Inc (NYSE:CUZ) executed 548,000 square feet of office leases, marking the highest number this year. The company's same property net operating income (NOI) on a cash-basis increased by 4.6%, and the second generation net rent per square foot on a cash-basis increased by 9.8%.
Transaction Activity
In September 2023, Cousins Properties Inc (NYSE:CUZ) sold a 10.4 acre land parcel outside Atlanta for a gross sales price of $4.25 million and recorded a gain of $507,000.
Earnings Guidance
The company updated its full year 2023 earnings guidance. It now expects net income to be between $0.54 and $0.58 per share, and FFO to be between $2.60 and $2.64 per share. The increase to FFO is primarily driven by a reduction in real estate taxes and a gain from the land sale.
Overall, the third quarter of 2023 saw Cousins Properties Inc (NYSE:CUZ) demonstrating robust operational and financial results, with a strong leasing activity and a solid balance sheet. The company remains well-positioned with a Sun Belt trophy portfolio that provides customers with a compelling lifestyle experience.
Explore the complete 8-K earnings release (here) from Cousins Properties Inc for further details.
This article first appeared on GuruFocus.
