Cousins Properties Inc (FRA:CPZ1)
€ 28.4 0.2 (0.71%) Market Cap: 4.35 Bil Enterprise Value: 6.77 Bil PE Ratio: 94.12 PB Ratio: 1.07 GF Score: 77/100
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Q2 2024 Cousins Properties Inc Earnings Call Transcript

Jul 26, 2024 / 02:00PM GMT
Release Date Price: €25 (+7.76%)

Key Points

Positve
  • Cousins Properties Inc (CUZ) delivered $0.68 per share in FFO, surpassing street consensus.
  • Reported same property net operating income growth of 5%.
  • Leased 391,000 square feet with a positive cash rent roll-up of 18.2%.
  • Reduced leverage with net debt to EBITDA of 5.12 times at quarter end.
  • Acquired two newly created mezzanine loans secured by interests in lifestyle office properties in Nashville and Charlotte.
Negative
  • The commodity office sector continues to struggle, impacting overall market sentiment.
  • Bank of America's lease expiration in Charlotte next year poses a potential challenge.
  • Domain 4 in Austin will be effectively 42% occupied after August, impacting occupancy rates.
  • Higher leasing concessions this quarter, defined as the sum of free rent and tenant improvements, increased to $9.88.
  • The office sector remains challenged with limited and expensive asset-level debt and equity.
Editor

Please standby for live streaming.

Operator

Good morning, ladies and gentlemen, and welcome to the Cousins Properties Second Quarter Conference Call.

At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question-and-answer session.

Instructions will be provided at that time for you to queue up for a question. If anyone has any difficulties hearing the conference, please press star zero for operator assistance at any time. I would now like to turn the conference over to Pamela Roper, General Counsel. Please go ahead.

Pamela F. Roper
Cousins Properties Incorporated - Executive VP, General Counsel & Corporate Secretary

Thank you. Good morning and welcome to Cousins Properties Second Quarter Earnings Conference Call. With me today are Colin Connolly, our President and Chief Executive Officer, Richard Hickson, our Executive Vice President of Operation, Kerry Hicks, our Executive Vice President and Chief Investment Officer, and Gregg Adzema, our Chief Financial

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