ATLANTA, March 18, 2024 /PRNewswire/ -- Cousins Properties (NYSE: CUZ) announced today that its Board of Directors has declared a cash dividend of $0.32 per common share for the first quarter of 2024. The first quarter dividend will be payable on April 15, 2024 to common shareholders of record on April 4, 2024.  About Cousins Properties Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its o ...

Cousins Properties Incorporated (NYSE:CUZ) Q4 2023 Results Conference Call February 8, 2024 11:00 AM ET Company Participants Pamela Roper - Executive Vice President, General Counsel and Corporate Secretary Colin Connolly - President and Chief Executive Officer Richard Hickson - Executive Vice President, Operations Gregg Adzema - Chief Financial Officer Conference Call Participants Jay Poskitt - Evercore ISI Blaine Heck - Wells Fargo Camille Bonnel - Bank of America Tony Paolone - JPMorgan John Kim - BMO Cap ...

Cousins Properties’ (CUZ) fourth-quarter 2023 funds from operations (FFO) per share of 65 cents were in line with the Zacks Consensus Estimate.Results reflect year-over-year growth in the top line, aided by healthy leasing activity, a rise in occupancy levels, and decent improvement in second-generation net rent per square foot. However, higher same-property rental property operating expenses are a headwind in the quarter. CUZ also issued its 2024 outlook for FFO per share.Quarterly rental property revenues ...

For the quarter ended December 2023, Cousins Properties (CUZ) reported revenue of $196.59 million, up 1.5% over the same period last year. EPS came in at $0.65, compared to $0.16 in the year-ago quarter.The reported revenue represents a surprise of -2.85% over the Zacks Consensus Estimate of $202.36 million. With the consensus EPS estimate being $0.65, the company has not delivered EPS surprise.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they c ...

Cousins Properties (CUZ) came out with quarterly funds from operations (FFO) of $0.65 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.66 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate company would post FFO of $0.65 per share when it actually produced FFO of $0.65, delivering no surprise.Over the last four quarters, the company has surpassed consensus FFO estimates two times.Cousins Properties, wh ...

30326-4802 (ZipCode) Washington, D.C. 20549 COUSINS PROPERTIES INCORPORATED Portions of the Registrant's proxy statement for the annual stockholders meeting to be held on April 23, 2024 are incorporated by reference into Part III of this Form 10-K. FORWARD-LOOKING STATEMENTS Suite 1800Atlanta (Addressofprincipalexecutiveoffices) SECURITIES AND EXCHANGE COMMISSION ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION ...

Financial Data and Key Metrics Changes - The company reported a solid third quarter with FFO of $0.65 per share and a 4.6% increase in same-property net operating income on a cash basis [105][141] - Average net rent for the quarter was $33.94, with average net effective rent at $23.77, only about 2% below the last four-quarter run rate [137][141] - The company raised its full-year 2023 FFO guidance to between $2.60 and $2.64 per share, up from a previous midpoint of $2.61 [143] Business Line Data and Key Metrics Changes - The company completed 32 office leases totaling 548,000 square feet in Q3, with a weighted average lease term of 8.6 years [10] - Second-generation net rent growth improved to 9.8% on a cash basis, with cash net rent growth observed in every market [11][141] - In Atlanta, 257,000 square feet of leases were signed, with over 80% of the activity in Midtown and Buckhead [138] Market Data and Key Metrics Changes - The office market is experiencing a flight to quality, with properties built since 2010 accounting for significant positive net absorption, while older properties face negative absorption [5][37] - The company noted that its Austin portfolio was 94.6% leased, with a strong cash net rent roll-up of 24.9% [139] - The overall leasing activity in the Sun Belt markets remains robust, with a strong prospect list of over 140,000 square feet of active proposals [38] Company Strategy and Development Direction - The company focuses on premier lifestyle office and mixed-use properties in vibrant Sunbelt neighborhoods, differentiating itself from commodity office spaces [106][108] - The company is strategically positioned in the right Sun Belt markets with a fortress balance sheet and minimal near-term debt maturities [7] - The company is monitoring the evolving situation with WeWork and exploring various alternatives for its leases [34][110] Management's Comments on Operating Environment and Future Outlook - Management expressed realism about the potential negative impacts of higher interest rates but emphasized the company's ability to thrive in various economic cycles [7] - There is a growing trend of companies mandating in-person work, which is expected to continue, enhancing demand for office space [31] - The company remains patient and disciplined in its investment strategy, focusing on cash flow and maintaining a strong balance sheet [109][155] Other Important Information - The company has a strong liquidity position with only $144.5 million outstanding on its $1 billion unsecured credit facility [15] - The company has letters of credit in place for two leases with WeWork, covering all balance sheet exposure and lost revenue for the remainder of the year [119][135] - The company is seeing a bifurcation in the office market, with lifestyle office properties outperforming lower-quality office spaces [32][132] Q&A Session Summary Question: Can you break down the leasing pipeline between new and renewals? - The leasing pipeline consists of both new and renewal leases, with fluctuations driven by the expiration schedule [123] Question: What gives you confidence in the two remaining current leases with WeWork? - The situation is fluid, but the company is monitoring physical activity in the spaces and remains in dialogue with WeWork [84] Question: How are you addressing the challenges in the North Park and 111 Congress properties? - North Park has faced challenges, but 111 Congress is expected to see increased activity once the right customer is found [76][79] Question: What are your thoughts on the current investment sales market? - The investment sales market is currently frozen, with a meaningful bid/ask spread emerging due to rising interest rates [130] Question: How do you view the potential for redevelopment projects given high cost barriers? - The company is tracking opportunities and remains patient, waiting for the right time to engage in redevelopment projects [147][164]

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]

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]

Financial Data and Key Metrics Changes - The company reported a strong second quarter with FFO of $0.68 per share and a 3.7% increase in same property net operating income on a cash basis [17][49] - Average net effective rents reached $28.20, marking the second highest quarterly level in the company's history [127] - The weighted average occupancy increased by 0.5% to 87.7% [126] Business Line Data and Key Metrics Changes - The company executed 40 office leases totaling 435,000 square feet, with new and expansion leasing volume accounting for 79% of total activity [137] - In Atlanta, 21 leases totaling 147,000 square feet were signed, with significant activity in Midtown and Buckhead [13] - The Neuhoff mixed-use development in Nashville completed its first two office leases totaling just under 50,000 square feet [46] Market Data and Key Metrics Changes - The flight to quality in the office market is evident, with 75% of vacancy in Atlanta concentrated in just 20% of the inventory [7] - The U.S. office space inventory is projected to shrink in 2023 for the first time on record, indicating a rebalancing of supply and demand [8] - Austin ranks first nationally for projected job growth through 2027, supporting the company's optimistic outlook for its portfolio in that market [23] Company Strategy and Development Direction - The company is focusing on high-quality lifestyle office properties in the Sun Belt markets, which are expected to outperform the broader market [134][124] - The company plans to redevelop Hayden Ferry One following the lease rejection by SVB Financial, aiming to enhance the overall project [44][141] - The company maintains a strong balance sheet with minimal near-term debt maturities, positioning itself to capitalize on future investment opportunities [135][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the potential impact of higher interest rates but believes the company is well-positioned to thrive in various economic cycles [19] - There is a noted increase in office utilization as companies bring employees back to work, which is reflected in the positive leasing momentum [20][129] - The company remains patient and disciplined in pursuing new investments, monitoring the market for attractive opportunities [43][113] Other Important Information - The company recognized $6.6 million in termination fees during the quarter, primarily from two customers, which have been backfilled at equal or higher rents [25] - Parking revenues increased over 6% compared to the prior quarter, indicating a recovery in physical utilization [26] - The company raised its FFO guidance for the full year 2023 to between $2.57 and $2.65 per share [156] Q&A Session Summary Question: What is the current state of AI and office leasing in Austin? - Management noted that while there is speculation about AI-related leasing in San Francisco, they expect similar activity to emerge in Austin over time [30][107] Question: Can you provide details on parking fees and potential increases? - Management confirmed that parking revenues have been a source of upside and there are opportunities to increase fees as more people return to work [31][108] Question: What is the breakdown of new leases versus renewals? - Management indicated that there is more activity on the renewal side, but new expansion activity remains encouraging [55][146] Question: How is the company addressing the NCR Corp sublease situation? - Management confirmed they are working with NCR as they restructure and sublease their space [79][80] Question: What gives the company confidence in increasing occupancy in 2024? - Management highlighted the positive leasing momentum and low upcoming lease expirations as key factors for confidence [178][165]