Cousins Reports Mixed Results - Analyst Blog
May 05 2011 - 12:18PM
Zacks
Cousins Properties Inc. (CUZ) reported first
quarter 2011 FFO (fund from operations) of $8.1 million or 8 cents
per share, compared with $14.0 million or 14 cents in the
year-earlier quarter.
Funds 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.
Excluding certain non-recurring items, recurring FFO for the
reported quarter was 11 cents per share. The recurring FFO was in
line with the Zacks Consensus Estimate.
Total revenues were $48.9 million during the quarter versus
$67.2 million in the year-ago period. Total revenues for the
reported quarter were well ahead of the Zacks Consensus Estimate of
$37 million.
During the quarter, Cousins Properties executed strong leasing
activities spanning 113,000 square feet of office space and 165,000
square feet of retail space. Total leased space during the quarter
for office properties increased 92% compared with 88.0% from the
prior year period.
Retail space increased 87.0% in the current quarter compared
with 85.0% from the year earlier quarter. Industrial space
increased 96% compared with 64% in the prior-year period.
Cousins Properties is currently shoring up its balance sheet and
increasing 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. Cousins
Properties sold Jefferson Mill Business Park Building A for $22.0
million.
In the first quarter 2011, Cousins Properties realized gains of
$246,000 from the sale of 61 lots and 20
acre of residential land. Also the company has finalized its
exit from the residential condominium business. At the
quarter end, Cousins Properties had cash and cash
equivalents of $5.1 million.
Cousins Properties currently retain a Zacks #3 Rank, which
translates into a short-term Hold rating. We are also maintaining
our long-term Neutral recommendation on the stock. One of its
competitors, Duke Realty Corp. (DRE) currently
retains a Zacks #3 Rank, which translates into a short-term Hold
rating.
COUSIN PROP INC (CUZ): Free Stock Analysis Report
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