ATLANTA, Nov. 7, 2024 /PRNewswire/ -- Cousins Properties Incorporated (the "Company") (NYSE: CUZ) today announced that it has commenced an underwritten public offering of 6,000,000 shares of its common stock. The Company intends to use the net proceeds of the offering to fund a portion of the purchase price of an office property in Charlotte, North Carolina. If this acquisition is not consummated, the net proceeds will be used for general corporate purposes, including the acquisition and development of offi ...

ATLANTA, Nov. 7, 2024 /PRNewswire/ -- Cousins Properties (NYSE: CUZ) announced today that it is under contract to acquire Vantage South End, a 639,000 square foot lifestyle office property in Charlotte, for $328.5 million. The transaction is expected to close in December, subject to customary closing conditions.Vantage South End is located in the heart of the dynamic South End submarket and is approximately two blocks away from Cousins' existing RailYard property as well as its South End Station development ...

Financial Data and Key Metrics Changes - The company reported $0.67 per share in Funds From Operations (FFO) for Q3 2024, with same-property net operating income increasing by 4.4% on a cash basis [4] - GAAP NOI grew by 4.2% and cash NOI increased by 4.4% year-over-year [26] - The portfolio was 88.4% occupied at the end of the quarter, up from 87.6% at the start of the year [6] Business Line Data and Key Metrics Changes - The company leased 763,000 square feet during the quarter, achieving a 7.2% cash rent roll-up, marking the highest quarterly leasing volume since 2019 [4] - Average net rent reached a record-breaking $45.21, with average net effective rent also breaking a company record at $34.57 [12] - The leasing activity included a significant 320,000 square foot lease with IBM at Domain 12 in Austin, extending the lease term from 2031 through 2040 [11] Market Data and Key Metrics Changes - National leasing volume during Q3 was the highest since pre-pandemic levels, indicating a recovery in the office market [5] - In Atlanta, Class A office vacancy dropped for the first time since 2022, with positive absorption across high-quality spaces [14] - The Tampa office market recorded 2.3 million square feet of leasing activity year-to-date, with a decrease in sublease space by nearly 600,000 square feet [18] Company Strategy and Development Direction - The company remains focused on driving earnings growth while maintaining a strong balance sheet, prioritizing both internal and external growth opportunities [6] - The strategy includes investing in properties that can be positioned into lifestyle office spaces in target Sun Belt markets [7] - The company is open to various investment opportunities, including debt, structured transactions, joint ventures, and property acquisitions [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the office market, noting that vacancy rates are expected to peak and market tightening is imminent in the lifestyle office sector [5] - The company anticipates a recovery in occupancy levels, aiming to exceed 90% in the future despite expected downdrafts due to upcoming lease expirations [6][56] - Management highlighted the importance of high-quality assets and the ongoing demand for premium office spaces [9] Other Important Information - The company completed its inaugural unsecured bond issuance of $500 million, with strong investor demand [27] - The current development pipeline includes projects in Nashville and Austin, with estimated stabilization of commercial space expected between late 2025 and early 2026 [28] - The company has a net debt to EBITDA ratio of 5.1x, indicating a strong liquidity position [29] Q&A Session Summary Question: Plans for leveraging current footprint and exploring new markets - Management is constructive on the investment environment and remains focused on the existing Sun Belt footprint while evaluating new markets like Raleigh and South Florida [33] Question: Insights on occupancy levels compared to 2019 - Management noted that current performance metrics are at or better than pre-pandemic levels, with expectations to return to normalized occupancy levels above 90% [35][36] Question: Details on the Saint Ann Court mortgage acquisition - Management expressed confidence in the quality of the collateral and expects to be paid off at maturity, but outcomes remain uncertain [40][41] Question: Potential for large transactions or portfolio acquisitions - Management indicated flexibility in investment strategies, with a focus on property acquisitions as the near-term opportunity [42] Question: Health of tech leasing in the Austin market - Management confirmed significant activity from tech companies, including a recent expansion by PayPal, indicating a positive outlook for tech leasing [47] Question: Conversations about build-to-suits and development opportunities - Management acknowledged ongoing discussions about build-to-suits, but emphasized that near-term acquisitions are the primary focus [59]

Cousins Properties (CUZ) reported third-quarter 2024 funds from operations (FFO) per share of 67 cents, in line with the Zacks Consensus Estimate. The figure improved by 3.1% on a year-over-year basis. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. Results reflected strong leasing activity and higher rent realizations amid rising demand for office spaces. However, rise in interest expenses year over year undermine the results to some extent. CUZ also raised its 2024 outlook for FF ...

Cousins Properties (CUZ) reported $207.26 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 4.5%. EPS of $0.67 for the same period compares to $0.13 a year ago.The reported revenue represents a surprise of -2.96% over the Zacks Consensus Estimate of $213.57 million. With the consensus EPS estimate being $0.67, the company has not delivered EPS surprise.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how ...

Cousins Properties (CUZ) came out with quarterly funds from operations (FFO) of $0.67 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.65 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 $0.66 per share when it actually produced FFO of $0.68, delivering a surprise of 3.03%.Over the last four quarters, the company has surpassed consensus FFO estimates two times.Cousins Proper ...

TABLE OF CONTENTS | --- | --- | --- | --- | --- | |---------------------------------------------|-------|-------|-------|-------| | | | | | | | Consolidated Balance Sheets | 8 | | | | | Consolidated Statements of Operations | 9 | | | | | Key Performance Metrics | 10 | | | | | Funds From Operations - Summary | 13 | | | | | Funds From Operations - Detail | 14 | | | | | Portfolio Statistics | 17 | | | | | Same Property Performance | 20 | | | | | Office Leasing Activity | 21 | | | | | Office Lease Expirations | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 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 (404) 407-1000 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: ...

ATLANTA, Oct. 24, 2024 /PRNewswire/ -- Cousins Properties (NYSE: CUZ) has released its third quarter 2024 results. Please visit the Investor Relations section of Cousins' website at www.cousins.com to access the Earnings Release and Supplemental Information. Cousins will hold a conference call at 10:00 a.m. (Eastern Time) on Friday, October 25, 2024 to discuss its results. The phone number for the conference call is (800) 836-8184. A replay of the conference call will be available for seven days at (888) 66 ...

Shares of Cousins Properties (CUZ) have rallied 27.8% in the past three months, outperforming the industry's growth of 14.3%. Cousins Properties' portfolio of class A office assets is concentrated in the high-growth markets in the Sun Belt region. The company is witnessing higher leasing activity amid tenants' preference for premium office spaces with class-apart amenities. Its capital-recycling efforts and healthy balance sheet augur well. Image Source: Zacks Investment Research Analysts also seem bullish ...