Cousins Properties(CUZ)

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Cousins Properties(CUZ) - 2023 Q3 - Earnings Call Presentation
2023-10-27 14:00
Financial Performance - Net income available to common stockholders was $19361 thousand, or $013 per share, compared to $80639 thousand, or $053 per share, for third quarter 2022[34] - Funds From Operations (FFO) was $98972 thousand, or $065 per share, compared to $104410 thousand, or $069 per share, for third quarter 2022[34] - For nine months ended September 30, 2023, FFO was $300017 thousand, or $197 per share, compared to $308566 thousand, or $206 per share, for nine months ended September 30, 2022[34] - The company updated its full year 2023 FFO guidance to between $260 and $264 per share[27] Leasing Activity - The company executed 548000 square feet of office leases during the third quarter of 2023[11] - For the nine months ended September 30, 2023, the company executed 1241000 square feet of office leases[25] - Same property net operating income (NOI) on a cash-basis increased 46% for the third quarter of 2023[25] - Second generation net rent per square foot on a cash-basis increased 98% for the third quarter of 2023[25] - The office percent leased (period end) was 911%[35] Portfolio Statistics - Total rentable square feet was 19145 thousand as of September 30, 2023[35] - Equity market capitalization was $3092 million as of September 30, 2023[63] - Net debt/annualized EBITDAre was 502 as of September 30, 2023[64] - The company's share of debt maturities and principal payments is projected to be $429087 thousand in 2024, $758306 thousand in 2025, and $220127 thousand in 2026[122]
Cousins Properties(CUZ) - 2023 Q3 - Quarterly Report
2023-10-25 16:00
Financial Performance - For the three months ended September 30, 2023, net income available to common stockholders was $19.4 million, down from $80.6 million in the same period of 2022, representing a decrease of 76.1%[117] - For the nine months ended September 30, 2023, net income available to common stockholders was $64.2 million, compared to $142.7 million for the same period in 2022, a decrease of 55.1%[117] - Funds From Operations (FFO) for the three months ended September 30, 2023, was $98,972,000, a decrease from $104,410,000 in the same period of 2022[134] - FFO per share for the three months ended September 30, 2023, was $0.65, compared to $0.69 for the same period in 2022[134] - Net income available to common stockholders for the three months ended September 30, 2023, was $19,361,000, down from $80,639,000 in 2022[134] Revenue and Income Sources - Total rental property revenues for the three months ended September 30, 2023, were $198.4 million, a 2.6% increase from $193.5 million in the same period of 2022[120] - Non-same property rental property revenues increased by 41.6% for the three months ended September 30, 2023, compared to the same period in 2022[120] - Same property net operating income (NOI) increased by 4.1% for the three months ended September 30, 2023, and by 5.3% for the nine months ended September 30, 2023, compared to the same periods in 2022[114][115] - Same property rental property revenues increased primarily due to an increase in economic occupancy at key office properties[120] - Income from unconsolidated joint ventures decreased by $52,000 (8.2%) to $582,000 for the three months ended September 30, 2023, and by $5,030,000 (71.5%) to $2,008,000 for the nine months ended September 30, 2023[129] - Net operating income from unconsolidated joint ventures fell by $1,255,000 (44.5%) to $1,564,000 for the three months ended September 30, 2023, and by $3,548,000 (43.9%) to $4,532,000 for the nine months ended September 30, 2023[129] Expenses and Costs - Interest expense increased by $8.6 million, or 46.9%, for the three months ended September 30, 2023, compared to the same period in 2022[125] - Fee income decreased by $1.4 million, or 81.0%, for the three months ended September 30, 2023, compared to the same period in 2022[124] - Tenant improvement and leasing costs for new leases increased to $12.64 per square foot in Q3 2023, compared to $12.33 in Q3 2022[150] - Capital expenditures decreased by $64.6 million to $198.3 million for the nine months ended September 30, 2023, compared to $262.8 million in 2022[149] Cash Flow and Liquidity - Net cash provided by operating activities increased by $5.2 million to $277.5 million for the nine months ended September 30, 2023, compared to $272.3 million in 2022[145] - Net cash used in investing activities decreased by $36.3 million to $212.1 million for the nine months ended September 30, 2023, compared to $248.4 million in 2022[146] - Cash flows used in financing activities increased by $36.3 million to $63.6 million for the nine months ended September 30, 2023, compared to $27.3 million in 2022[147] - The company expects to meet its liquidity needs through retained cash from operations and third-party capital sources[141] - The company expects to fund future quarterly common dividends with cash from operating activities and proceeds from investment property sales[152] Debt and Financing - The company had $161.7 million in unfunded tenant improvements and construction costs as of September 30, 2023[138] - The company had $144.5 million drawn under its credit facility with the ability to borrow an additional $855.5 million as of September 30, 2023[138] - The company had aggregate outstanding indebtedness to third parties of $282.9 million as of September 30, 2023, primarily from mortgage or construction loans[155] - 86% of the company's consolidated debt bears interest at a fixed rate, while 14% is based on SOFR[139] - The company monitors its common dividend payments in light of covenants under credit agreements, ensuring leverage remains below 60%[153] Operational Highlights - The company leased or renewed 548,000 square feet of office space during the quarter, with a straight-line basis net rent per square foot increase of 28.7% for those spaces leased within the past year[114] - The company expects a gradual increase in physical occupancy, which has already driven an increase in parking revenue and certain operating expenses[116] - Operating cash flows were positively impacted by increased physical occupancy at Domain and Buckhead Plaza properties[145] - Common dividends paid increased to $145.9 million for the nine months ended September 30, 2023, from $143.8 million in 2022[152]
Cousins Properties(CUZ) - 2023 Q2 - Earnings Call Transcript
2023-07-28 18:51
Cousins Properties Incorporated (NYSE:CUZ) Q2 2023 Earnings Conference Call July 28, 2023 11:00 AM ET Company Participants Colin Connolly - President, Chief Executive Officer Richard Hickson - Executive Vice President of Operations Gregg Adzema - Chief Financial Officer Pamela Roper - General Counsel Conference Call Participants Blaine Heck - Wells Fargo Nick Thillman - Baird Anthony Powell - Barclay Regan Sweeney - BMO Capital Markets Jay Poskitt - Evercore Camille Bonnel - Bank of America Peter Abramowitz ...
Cousins Properties(CUZ) - 2023 Q2 - Quarterly Report
2023-07-26 16:00
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-11312 COUSINS PROPERTIES INCORPORATED (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...
Cousins Properties (CUZ) Investor Presentation - Slideshow
2023-05-16 14:46
BALANCE SHEET PRIMED FOR OPPORTUNITIES Leverage Below Peers with Substantial Liquidity NET DEBT/EBITDA1 14.0x $831MM 12.0x Liquidity² 10.0x 8.0x Avg = 7.3x 6.0x 5.1x 4.0x 2.0x 0.0x HPP PGRE BXP BDN ESRT OFC HIW KRC SLG VNO OPI DEA FSP CIO ARE cuz PDM Cousins 18 | --- | --- | --- | --- | --- | --- | --- | --- | |---------|-------|------------------------------|---------------------------------------------------------------------------|----------------------------------------------|-------------|-------|----- ...
Cousins Properties(CUZ) - 2023 Q1 - Earnings Call Transcript
2023-04-28 19:22
Cousins Properties Incorporated (NYSE:CUZ) Q1 2023 Results Conference Call April 28, 2023 11:00 AM ET Company Participants Pamela Roper - General Counsel Colin Connolly - President and Chief Executive Officer Richard Hickson - Executive Vice President of Operations Gregg Adzema - Chief Financial Officer Conference Call Participants Blaine Heck - Wells Fargo Anthony Powell - Barclays John Kim - BMO Capital Dylan Burzynski - Green Street Camille Bonnel - Bank of America Operator Good day, and welcome to the C ...
Cousins Properties(CUZ) - 2023 Q1 - Quarterly Report
2023-04-26 16:00
Credit Facility Secured Mortgage Notes The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations for the three months ended March 31, 2023 and 2022 ($ in thousands): For the three months ended March 31, 2023, the Company recognized fee and other revenue of $2.7 million. For the three months ended March 31, 2022, the Company recognized fee and other revenue of $3.7 million. The $3.7 million fee and other revenue includes $814,000 of inc ...
Cousins Properties(CUZ) - 2022 Q4 - Earnings Call Transcript
2023-02-10 22:18
Cousins Properties Incorporated (NYSE:CUZ) Q4 2022 Earnings Conference Call February 10, 2023 10:00 AM ET Company Participants Pam Roper - General Counsel Colin Connolly - President and Chief Executive Officer Richard Hickson - Executive Vice President of Operations Gregg Adzema - Chief Financial Officer Conference Call Participants Anthony Powell - Barclays John Kim - BMO Capital Markets Camille Bonnel - Bank of America Jay Poskitt - Evercore ISI Young Ku - Wells Fargo Operator Good morning, and welcome to ...
Cousins Properties(CUZ) - 2022 Q4 - Earnings Call Presentation
2023-02-10 19:32
INVESTMENT ACTIVITY Completed Operating Property Dispositions | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------|--------|-------------|-------------------------------|--------|-------------|-------|------------------------------------|-------| | Property | Type | Market | Company's Ownership Interest | Timing | Square Feet | | Gross Sales Price ($ in thousands) | | | 2022 | | | | | | | | | | Carolina Square | Mixed | Charlotte | 50% | | | | 3Q 468,000 $ 105,000 (1) | | | 20 ...
Cousins Properties(CUZ) - 2022 Q4 - Annual Report
2023-02-08 16:00
Our executive offices are located at 3344 Peachtree Road NE, Suite 1800, Atlanta, Georgia 30326-4802, and we maintain regional offices in each of our additional key operating markets of Austin, Charlotte, Phoenix, Tampa, and Dallas. We recognize that our achievements and progress on our corporate strategy are made possible by the attraction, development, and retention of our dedicated employees. We regularly evaluate, modify, and enhance our internal processes and technologies to increase employee engagemen ...