Cousins Properties’ Revenue Rises – Analyst Blog

Filed in silver, ubs by on May 11, 2010 0 Comments

Cousins Properties Inc. ( CUZ ), a real estate investment trust (REIT), reported first quarter 2010 FFO (fund from operations) of $14.0 million or 14 cents per share, compared with $7.6 million or 15 cents per share in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation, amortization and other non-cash expenses to net income.   Total revenues were $69.6 million during the quarter versus $49.1 million in the year-ago period. During the quarter, Cousins Properties executed or renewed leases totaling 232,000 square feet of office space and 162,000 square feet of retail space. The company sold 19 units at 10 Terminus Place – a mixed-use project at Atlanta; and Glenmore Garden Villas – a condo project in Charlotte, North Carolina, generating FFO of approximately $2.2 million and $369,000 respectively, during the quarter.   In addition, Cousins Properties also sold nine outparcels at three retail centers, generating FFO of approximately $4.7 million. At quarter end, the office portfolio was 88% leased, while the retail and industrial portfolio was 85% and 64% leased, respectively.   Subsequent to the end of the quarter, Cousins Properties reduced its ownership interest in Terminus 200, a high-rise building in Atlanta, from 50% to 20%. At the same time, the company extended the construction loan for the project and leased top five floors of the building. Furthermore, Cousins Properties executed a leasing agreement for 459,000 square feet of space with a Fortune 1000 company at Jefferson Mill Business Park – a large distribution park in Georgia, bringing the building to 100% leased.   Subsequent to the quarter end, the company also sold 44 acres of land at King Mill Distribution Park, an industrial park in Georgia. Cousins Properties is currently shoring up its balance sheet and increasing its liquidity by selling non-core assets. At the same time, the company remains focused on leasing activities and intends to maintain steady occupancy levels across its portfolio. At quarter end, Cousins Properties had cash and cash

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Cousins Properties’ Revenue Rises – Analyst Blog

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