Stock Monitor: Ares Commercial Real Estate Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 08, 2018 / Active-Investors.com has just released a free earnings report on Cousins Properties Inc. (NYSE: CUZ). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CUZ. The Company posted its financial results on February 07, 2018, for the fourth quarter fiscal 2017 (Q4 FY17) and for the full fiscal year 2017 (FY17). The Company's funds from operations (FFO) grew on a y-o-y basis, outpacing market consensus estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Ares Commercial Real Estate Corporation (NYSE: ACRE), which also belongs to the Financial sector as the Company Cousins Properties. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Cousins Properties most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
During Q4 FY17, Cousins Properties' total revenues were $114.11 million versus $114.29 million in Q4 FY16. The Company's rental property revenues fell to $109.94 million in Q4 FY17 from $111.43 million in Q4 FY16, and beat market expectations of $109 million. Furthermore, the Company's fee income came in at $2.25 million in Q4 FY17.
The real estate investment trust reported a net income available to common stockholders of $31.37 million, or $0.07 per diluted share, in Q4 FY17 compared to $36.89 million, or $0.10 per diluted share, in Q4 FY16. The Company's FFO came in at $64.17 million, or $0.15 per diluted share, in Q4 FY17 versus $27.44 million, or $0.07 per diluted share, in Q4 FY16. Meanwhile, Wall Street had expected the Company report FFO of $0.14 per diluted share.
The Atlanta, Georgia-based Company's total revenues were $466.19 million in FY17, which came in above $259.21 million in FY16. Cousins Properties reported a net income available for common stockholders of $216.28 million, or $0.52 per share, in FY17, up from $79.11 million, or $0.31 per share, in FY16. Moreover, the Company's FFO came in at $259.90 million, or $0.61 per diluted share, in FY17 compared to $160.63 million, or $0.63 per diluted share, in FY16.
Cousins Properties' rental property operating expenses were $40.17 million in Q4 FY17 compared to $41.46 million in the last year's comparable quarter. The Company's total expenses fell to $99.33 million in Q4 FY17 from $134.61 million in Q4 FY16. Additionally, the Company's earnings before interest, tax, depreciation, and amortization (EBITDA) fell to $74.34 million in Q4 FY17 from $76.53 million in Q4 FY16.
The Company's weighted average occupancy was 87.7% in Q4 FY17 compared to 89.4% in Q4 FY16. The net leased office space increased to 943 thousand square feet in Q4 FY17 from 761 thousand square feet in Q4 FY16. Furthermore, the Company's net rent per square foot increased to $32.73 in the quarter ended December 31, 2017, from $26.32 in the last year's corresponding quarter.
Cash Flow and Balance Sheet
In the twelve months ended December 31, 2017, Cousins Properties' net cash provided by operating activities was $211.65 million, up from $117.70 million in the previous year. At the close of books on December 31, 2017, Cousins Properties had $148.93 million in cash and cash equivalents compared to $35.69 million at the close of books on December 31, 2016. The Company's notes payable balance was $1.09 billion as on December 31, 2017, versus $1.38 billion as on December 31, 2016. Furthermore, the Company's debt-to-annualized EBITDA ratio stood at 3.75x as on December 31, 2017, versus 5.22x as on December 31, 2016.
Outlook for FY18
In its guidance for the full year FY18, Cousins Properties expects fee and other income to be in the range of $10 million to $12 million. The Company's general and administrative (G&A) expenses are forecasted to be in the band of $24 million to $26 million. The Company's net income per share is anticipated to be between $0.15 and $0.19. Furthermore, the Company's FFO per share outlook is projected to be between $0.59 and $0.63.
Stock Performance Snapshot
March 07, 2018 - At Wednesday's closing bell, Cousins Properties' stock slightly rose 0.59%, ending the trading session at $8.57.
Volume traded for the day: 3.27 million shares.
Stock performance in the last month – up 0.71%; and past twelve-month period – up 2.15%
After yesterday's close, Cousins Properties' market cap was at $3.57 billion.
Price to Earnings (P/E) ratio was at 16.90.
The stock has a dividend yield of 2.80%.
The stock is part of the Financial sector, categorized under the REIT - Diversified industry.
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