On October 26, 2023, Cousins Properties Inc (CUZ, Financial) released its earnings report for the third quarter of 2023. The report provides a comprehensive overview of the company's financial performance, operational results, and transaction activity during the quarter.
Financial Performance
For the third quarter of 2023, Cousins Properties Inc (CUZ, Financial) reported a net income available to common stockholders of $19.4 million, or $0.13 per share. This is a significant decrease compared to the $80.6 million, or $0.53 per share, reported for the third quarter of 2022. The 2022 net income included a $56.3 million gain recognized on the sale of the company's interest in a joint venture asset.
The company's Funds From Operations (FFO) for the third quarter of 2023 was $99.0 million, or $0.65 per share, compared to $104.4 million, or $0.69 per share, for the third quarter of 2022.
Operational Results and Leasing Activity
During the third quarter of 2023, Cousins Properties Inc (CUZ, Financial) executed 548,000 square feet of office leases, marking the highest number this year. The company's same property net operating income (NOI) on a cash-basis increased by 4.6%, and the second generation net rent per square foot on a cash-basis increased by 9.8%.
Transaction Activity
In September 2023, Cousins Properties Inc (CUZ, Financial) sold a 10.4 acre land parcel outside Atlanta for a gross sales price of $4.25 million and recorded a gain of $507,000.
Earnings Guidance
The company updated its full year 2023 earnings guidance. It now expects net income to be between $0.54 and $0.58 per share, and FFO to be between $2.60 and $2.64 per share. The increase to FFO is primarily driven by a reduction in real estate taxes and a gain from the land sale.
Overall, the third quarter of 2023 saw Cousins Properties Inc (CUZ, Financial) demonstrating robust operational and financial results, with a strong leasing activity and a solid balance sheet. The company remains well-positioned with a Sun Belt trophy portfolio that provides customers with a compelling lifestyle experience.
Explore the complete 8-K earnings release (here) from Cousins Properties Inc for further details.
