Cousins Properties Included’s CUZ first-quarter 2021 funds from operations (FFO) per share of 69 cents missed the Zacks Consensus Estimate of 70 cents by a whisker. Furthermore, the reported FFO determine is available in decrease than the prior-year quarter’s 76 cents.
Nonetheless, rental property revenues for the quarter have been $184.Eight million, surpassed the Zacks Consensus Estimate of $182.2 million. But, on a year-over-year foundation, rental property revenues for the quarter slipped 2.3%.
Quarterly outcomes replicate a decline in same-property web working revenue (NOI). The REIT famous that throughout the first quarter, it has collected 98.8% of rents, together with 99.1% from workplace clients.
In line with Colin Connolly, president and chief govt officer of Cousins Properties “Whereas Financial institution of America’s lengthy anticipated departure from our One South property affected similar property outcomes, main indicators in our Solar Belt markets are displaying encouraging indicators of acceleration.”
Connolly additional famous, “Particularly, leasing exercise has meaningfully elevated as extra firms announce plans to return to the workplace. Probably the most noticeable enchancment has been in our early-stage leasing pipeline, the place the variety of lively proposals has elevated 68% and the variety of area excursions has elevated 89% in comparison with final quarter.”
Quarter in Element
Cousins Properties executed leases for 271,126 sq. ft of workplace area within the March-end quarter. Similar-property rental property revenues, on a money foundation, fell 1.8% 12 months on 12 months. Similar-property NOI, on a money foundation, for the primary quarter decreased 2.7% from the year-ago interval.
As of Mar 31, 2021, 89.9% of its same-property portfolio was leased, down from 93.5% on the finish of the year-ago interval. Weighted common occupancy for the corporate’s same-property portfolio got here in at 89.3% for first-quarter 2021 in contrast with 90.7% within the year-ago interval.
Nonetheless, second-generation web lease per sq. foot (money foundation) climbed 10.5%.
Additional, the REIT acquired a land parcel neighboring the corporate’s 3350 Peachtree property in Atlanta for $Eight million via a 95% consolidated three way partnership.
The corporate exited first-quarter 2021 with money and money equivalents of $14.6 million in contrast with $4.Three million recorded as of Dec 31, 2020.
Outlook
Cousins Properties revised its outlook and now expects 2021 FFO per share at $2.68-$2.78 from $2.76-$2.86. The Zacks Consensus Estimate for a similar is at present pinned at $2.80.
The revision is completely as a result of sale of Burnett Plaza on Apr 7, 2021, and the anticipated sale of the corporate’s stake in Dimensional Place to its accomplice underneath the phrases of the joint-venture settlement in summer season 2021.
At the moment, Cousins Properties carries a Zacks Rank #3 (Maintain). You’ll be able to see the entire record of at the moment’s Zacks #1 Rank (Robust Purchase) shares right here.
Cousins Properties Included Value, Consensus and EPS Shock
Cousins Properties Included price-consensus-eps-surprise-chart | Cousins Properties Included Quote
We now sit up for the earnings releases of different REITs, together with Vornado Realty Belief VNO, Realty Earnings Company O and Healthpeak Properties, Inc. PEAK, that are slated to report subsequent week.
Be aware: Something associated to earnings introduced on this write-up represents funds from operations (FFO) — a extensively used metric to gauge the efficiency of REITs.
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