Accelerates Earnings Call to July 30 at 8 a.m. ET
ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE:CUZ):
Highlights
-
Funds From Operations for the quarter was $0.12 per share, $0.14 per
share before preferred stock redemption charges.
-
Same property net operating income for the quarter increased 4.7% over
prior year.
-
Leased or renewed 413,000 square feet of office and retail space.
-
Acquired 816 Congress, a 435,000-square-foot Class-A office tower in
downtown Austin, Texas.
-
Commenced construction of Colorado Tower, a 371,000-square-foot
Class-A office tower in downtown Austin, Texas.
Cousins Properties Incorporated (NYSE:CUZ) today reported its results of
operations for the quarter ended June 30, 2013.
“It was another solid quarter, highlighted by the 816 Congress
acquisition and the commencement of Colorado Tower in Austin,” said
Larry Gellerstedt, President and Chief Executive Officer of Cousins. “We
were also pleased with our leasing progress, particularly at Promenade
and 2100 Ross, where our re-positioning efforts continue to drive
results.”
Portfolio Activity
-
Leased or renewed 367,000 square feet of office space and 46,000
square feet of retail space.
-
The office and retail portfolios finished the quarter 90% occupied on
a same property basis, up from 87% in the prior year.
Transaction Activity
-
Completed a public offering of 16.5 million shares of common stock at
$10.45 per share, generating net proceeds of $165.1 million.
-
Redeemed all outstanding shares of the Company’s Series A Cumulative
Redeemable Preferred Stock for approximately $75 million.
-
Acquired 816 Congress, a Class-A office tower in downtown Austin,
Texas, for $102.4 million, after adjusting for rent credits.
-
Commenced construction of Colorado Tower, a Class-A office tower in
downtown Austin, Texas for an estimated total cost of $126.1 million.
-
Refinanced the mortgage on Emory University Hospital Midtown Medical
Office Tower, lowering the interest rate to 3.5% from 5.9%.
-
Sold all remaining land at the Company’s Jefferson Mill project for
$2.9 million.
-
Entered into a contract to sell Tiffany Springs MarketCenter.
-
Entered into a contract to sell The Avenue Murfreesboro.
Financial Results
FFO was $14.2 million, or $0.12 per share, for the second quarter of
2013 compared with $13.2 million, or $0.13 per share, for the second
quarter of 2012. FFO was $25.6 million, or $0.23 per share, for the six
months ended June 30, 2013, compared with $26.6 million, or $0.26 per
share, for the same period in 2012.
Net loss available to common stockholders was ($5.6) million, or ($0.05)
per share, for the second quarter of 2013, compared with net income
available of $6.4 million, or $0.06 per share, for the second quarter of
2012. Net income available was $47.6 million, or $0.43 per share, for
the six months ended June 30, 2013, compared to net loss available of
($6.7) million, or ($0.06) per share, for the same period in 2012.
In connection with the redemption of the Series A preferred stock in the
second quarter of 2013, net income available was reduced by $2.7
million, or $0.02 per share. This amount represents the original
issuance costs associated with the preferred stock. FFO before the
effect of this reduction was $0.14 per share.
Investor Conference Call and Webcast
The Company will conduct a conference call at 8 a.m. (Eastern Time) on
Tuesday, July 30, 2013, to discuss the results of the quarter ended June
30, 2013. The number to call for this interactive teleconference is
(212) 231-2917.
A replay of the conference call will be available for 14 days by dialing
(402) 977-9140 and entering the passcode 21669478. The replay can be
accessed on the Company’s website, www.cousinsproperties.com,
through the “Q2 2013 Cousins Properties Incorporated Earnings Conference
Call” link on the Investor Relations page.
Cousins Properties Incorporated is a fully integrated, self-administered
and self-managed real estate investment trust (REIT). The Company, based
in Atlanta, GA, primarily invests in Class-A office towers located in
high growth Sunbelt markets, with a focus on Georgia, Texas and North
Carolina.
The Consolidated Statements of Operations, Consolidated Balance Sheets,
a schedule entitled Funds From Operations, which reconciles Net Income
(Loss) Available to FFO, and a schedule entitled Same Property
Information, which reconciles same property net operating income to
rental property revenues and rental property expenses, are attached to
this press release. More detailed information on Net Income (Loss)
Available and FFO results is included in the “Net Income and Funds From
Operations – Supplemental Detail” schedule, which is included along with
other supplemental information in the Company’s Current Report on Form
8-K, which the Company is furnishing to the Securities and Exchange
Commission (“SEC”), and which can be viewed through the “Supplemental
Information” and “SEC Filings” links on the “Investor Information &
Filings” link of the Investor Relations page of the Company’s website at www.cousinsproperties.com.
This information may also be obtained by calling the Company’s Investor
Relations Department at (404) 407-1984.
Certain matters discussed in this news release are “forward-looking
statements” within the meaning of the federal securities laws and are
subject to uncertainties and risk. These include, but are not limited
to, the availability and terms of capital and financing; the ability to
refinance indebtedness as it matures; failure of purchase, sale or other
contracts to ultimately close; the availability of buyers and adequate
pricing with respect to the disposition of assets; risks and
uncertainties related to national and local economic conditions, the
real estate industry in general and in specific markets, and the
commercial markets in particular; market conditions and changes to the
Company's strategy with regard to land and other non-core holdings that
require impairment losses to be recognized; the effects of the sale of
the Company's third party management business; leasing risks, including
the ability to obtain new tenants or renew expiring tenants on favorable
terms, and the ability to lease newly developed, recently acquired or
current vacant space; financial condition of existing tenants;
volatility in interest rates and insurance rates; the availability of
sufficient investment opportunities; competition from other developers
or investors; the risks associated with real estate developments and
acquisitions (such as construction delays, cost overruns and leasing
risk); loss of key personnel; potential liability for uninsured losses,
condemnation or environmental issues; potential liability for a failure
to meet regulatory requirements; the financial condition and liquidity
of, or disputes with, joint venture partners; any failure to comply with
debt covenants under credit agreements; and any failure to continue to
qualify for taxation as a real estate investment trust and other risks
detailed from time to time in the Company’s filings with the Securities
and Exchange Commission, including those described in Part I, Item 1A of
the Company’s Annual Report on Form 10-K for the year ended December 31,
2012. The words “believes,” “expects,” “anticipates,” “estimates,”
”plans,” “may,” “intend,” “will” or similar expressions are intended to
identify forward-looking statements. Although the Company believes that
its plans, intentions and expectations reflected in any forward-looking
statement are reasonable, the Company can give no assurance that such
plans, intentions or expectations will be achieved. Such forward-looking
statements are based on current expectations and speak as of the date of
such statements. The Company undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of future
events, new information or otherwise, except as required under U.S.
federal securities laws.
|
|
| COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(unaudited; in thousands, except per share amounts)
|
|
| |
| |
| |
| |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2013 | | 2012 | | 2013 | | 2012 |
| REVENUES: | | | | | | | | |
|
Rental property revenues
| | $ | 38,729 | | |
$
|
28,922
| | | $ | 73,477 | | |
$
|
57,221
| |
|
Fee income
| | | 2,931 | | | |
2,786
| | | | 6,511 | | | |
5,642
| |
|
Land sales
| | | 433 | | | |
535
| | | | 1,396 | | | |
1,484
| |
|
Other
| |
| 2,065 |
| |
|
253
|
| |
| 2,668 |
| |
|
1,526
|
|
| |
| 44,158 |
| |
|
32,496
|
| |
| 84,052 |
| |
|
65,873
|
|
| | | | | | | |
|
| COSTS AND EXPENSES: | | | | | | | | |
|
Rental property operating expenses
| | | 18,576 | | | |
12,521
| | | | 34,406 | | | |
24,370
| |
|
Reimbursed expenses
| | | 1,359 | | | |
1,357
| | | | 3,268 | | | |
2,732
| |
|
General and administrative expenses
| | | 4,552 | | | |
5,644
| | | | 10,622 | | | |
12,267
| |
|
Land cost of sales
| | | 433 | | | |
416
| | | | 1,396 | | | |
980
| |
|
Interest expense
| | | 4,241 | | | |
5,875
| | | | 9,176 | | | |
12,143
| |
|
Depreciation and amortization
| | | 15,450 | | | |
9,783
| | | | 27,240 | | | |
19,796
| |
|
Separation expenses
| | | - | | | |
79
| | | | - | | | |
292
| |
|
Other
| |
| 631 |
| |
|
566
|
| |
| 1,358 |
| |
|
1,246
|
|
| |
| 45,242 |
| |
|
36,241
|
| |
| 87,466 |
| |
|
73,826
|
|
| | | | | | | |
|
| LOSS ON EXTINGUISHMENT OF DEBT | |
| - |
| |
|
-
|
| |
| - |
| |
|
(94
|
)
|
| | | | | | | |
|
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED
JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES | | | (1,084 | ) | | |
(3,745
|
)
| | | (3,414 | ) | | |
(8,047
|
)
|
| | | | | | | |
|
| PROVISION FOR INCOME TAXES FROM OPERATIONS | | | (1 | ) | | |
(33
|
)
| | | (2 | ) | | |
(60
|
)
|
| | | | | | | |
|
| INCOME FROM UNCONSOLIDATED JOINT VENTURES | |
| 1,132 |
| |
|
9,762
|
| |
| 2,784 |
| |
|
11,948
|
|
| | | | | | | |
|
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF
INVESTMENT PROPERTIES | | | 47 | | | |
5,984
| | | | (632 | ) | | |
3,841
| |
| | | | | | | |
|
| GAIN ON SALE OF INVESTMENT PROPERTIES | |
| 406 |
| |
|
29
|
| |
| 57,583 |
| |
|
86
|
|
| | | | | | | |
|
| INCOME FROM CONTINUING OPERATIONS | | | 453 | | | |
6,013
| | | | 56,951 | | | |
3,927
| |
| | | | | | | |
|
| INCOME (LOSS) FROM DISCONTINUED OPERATIONS: | | | | | | | | |
|
Income (loss) from discontinued operations
| | | 280 | | | |
3,543
| | | | 593 | | | |
(5,811
|
)
|
|
Gain on sale of discontinued operations
| |
| 86 |
| |
|
674
|
| |
| 181 |
| |
|
760
|
|
| |
| 366 |
| |
|
4,217
|
| |
| 774 |
| |
|
(5,051
|
)
|
| | | | | | | |
|
| NET INCOME (LOSS) | | | 819 | | | |
10,230
| | | | 57,725 | | | |
(1,124
|
)
|
| | | | | | | | | | | | | | | |
|
| NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
| (515 | ) | |
|
(602
|
)
| |
| (1,022 | ) | |
|
867
|
|
| | | | | | | |
|
| NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | | | 304 | | | |
9,628
| | | | 56,703 | | | |
(257
|
)
|
| | | | | | | |
|
| PREFERRED SHARE ORIGINAL ISSUANCE COSTS | | | (2,656 | ) | | |
-
| | | | (2,656 | ) | | |
-
| |
| | | | | | | |
|
| DIVIDENDS TO PREFERRED STOCKHOLDERS | |
| (3,227 | ) | |
|
(3,227
|
)
| |
| (6,454 | ) | |
|
(6,454
|
)
|
| | | | | | | |
|
| NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS | | $ | (5,579 | ) | |
$
|
6,401
|
| | $ | 47,593 |
| |
$
|
(6,711
|
)
|
| | | | | | | |
|
| PER COMMON SHARE INFORMATION - BASIC AND DILUTED: | | | | | | | | |
|
Income (loss) from continuing operations attributable to controlling
interest
| | $ | (0.05 | ) | |
$
|
0.02
| | | $ | 0.42 | | |
$
|
(0.01
|
)
|
|
Income (loss) from discontinued operations
| |
| 0.00 |
| |
$
|
0.04
|
| | $ | 0.01 |
| |
$
|
(0.05
|
)
|
|
Net income (loss) available to common stockholders
| |
| (0.05 | ) | |
$
|
0.06
|
| | $ | 0.43 |
| |
$
|
(0.06
|
)
|
| | | | | | | |
|
| WEIGHTED AVERAGE SHARES - BASIC | |
| 118,661 |
| |
|
104,165
|
| |
| 111,430 |
| |
|
104,082
|
|
| WEIGHTED AVERAGE SHARES - DILUTED | |
| 118,661 |
| |
|
104,165
|
| |
| 111,593 |
| |
|
104,082
|
|
| DIVIDENDS PER COMMON SHARE | | $ | 0.045 |
| |
$
|
0.045
|
| | $ | 0.09 |
| |
$
|
0.09
|
|
| | | | | | | |
|
|
|
| COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES |
| FUNDS FROM OPERATIONS |
| FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND 2012 |
|
(Unaudited, in thousands, except per share amounts)
|
|
| |
| |
| |
| |
| | Three Months Ended | | Six Months Ended |
| | June 30, | | June 30, |
| | 2013 | | 2012 | | 2013 | | 2012 |
| | | | | | | |
|
| Net Income (Loss) Available to Common Stockholders | | $ | (5,579 | ) | | $ | 6,401 | | | $ | 47,593 | | | $ | (6,711 | ) |
|
Depreciation and amortization of real estate assets:
| | | | | | | | |
|
Consolidated properties
| | |
15,262
| | | |
9,560
| | | |
26,869
| | | |
19,209
| |
|
Discontinued properties
| | |
524
| | | |
2,967
| | | |
1,033
| | | |
7,210
| |
|
Share of unconsolidated joint ventures
| | |
4,167
| | | |
2,495
| | | |
7,371
| | | |
5,156
| |
Impairment loss on depreciable investment property net of amounts
attributable to noncontrolling interests
| | |
-
| | | |
-
| | | |
-
| | | |
10,190
| |
|
Gain on sale of depreciated properties:
| | | | | | | | |
|
Consolidated
| | |
(130
|
)
| | |
(59
|
)
| | |
(57,066
|
)
| | |
(116
|
)
|
|
Discontinued properties
| | |
(86
|
)
| | |
(674
|
)
| | |
(181
|
)
| | |
(760
|
)
|
|
Share of unconsolidated joint ventures
| | |
-
| | | |
(7,509
|
)
| | |
-
| | | |
(7,509
|
)
|
|
Other
| |
|
-
|
| |
|
(29
|
)
| |
|
-
|
| |
|
(29
|
)
|
| | | | | | | |
|
| Funds From Operations Available to Common Stockholders | | $ | 14,158 |
| | $ | 13,152 |
| | $ | 25,619 |
| | $ | 26,640 |
|
| | | | | | | |
|
| | | | | | | |
|
| Per Common Share - Basic and Diluted: | | | | | | | | |
| | | | | | | |
|
| Net Income (Loss) Available | | $ | (.05 | ) | | $ | .06 |
| | $ | .43 |
| | $ | (.06 | ) |
| | | | | | | |
|
| Funds From Operations | | $ | .12 |
| | $ | .13 |
| | $ | .23 |
| | $ | .26 |
|
| | | | | | | |
|
| Weighted Average Shares - Basic | |
| 118,661 |
| |
| 104,165 |
| |
| 111,430 |
| |
| 104,082 |
|
| Weighted Average Shares - Diluted | |
| 118,845 |
| |
| 104,165 |
| |
| 111,593 |
| |
| 104,082 |
|
| | | | | | | |
|
The table above shows Funds From Operations Available to Common
Stockholders (“FFO”) and the related reconciliation to Net Income
(Loss) Available to Common Stockholders for Cousins Properties
Incorporated and Subsidiaries. The Company calculated FFO in
accordance with the National Association of Real Estate Investment
Trusts' ("NAREIT") definition, which is net income (loss)
available to common stockholders (computed in accordance with
accounting principles generally accepted in the United States
("GAAP")), excluding extraordinary items, cumulative effect of
change in accounting principle and gains or losses from sales of
depreciable property, plus depreciation and amortization of real
estate assets, impairment losses on depreciable investment
property and after adjustments for unconsolidated partnerships and
joint ventures to reflect FFO on the same basis.
|
| | | | | | | |
|
FFO is used by industry analysts and investors as a supplemental
measure of an equity REIT’s operating performance. Historical cost
accounting for real estate assets implicitly assumes that the
value of real estate assets diminishes predictably over
time. Since real estate values instead have historically risen or
fallen with market conditions, many industry investors and
analysts have considered presentation of operating results for
real estate companies that use historical cost accounting to be
insufficient by themselves. Thus, NAREIT created FFO as a
supplemental measure of REIT operating performance that excludes
historical cost depreciation, among other items, from GAAP net
income. Management believes that the use of FFO, combined with
the required primary GAAP presentations, has been fundamentally
beneficial, improving the understanding of operating results of
REITs among the investing public and making comparisons of REIT
operating results more meaningful. Company management evaluates
operating performance in part based on FFO. Additionally, the
Company uses FFO along with other measures, to assess performance
in connection with evaluating and granting incentive compensation
to its officers and other key employees.
|
| | | | | | | |
|
|
|
| COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS |
|
(in thousands, except share and per share amounts)
|
|
| |
| |
| | | |
|
| | June 30, 2013 | | December 31, 2012 |
ASSETS | |
(unaudited)
| | |
| PROPERTIES: | | | | |
Operating properties, net of accumulated depreciation of $221,331
and $255,128 in 2013 and 2012, respectively
| | $ | 838,826 | | |
$
|
669,652
| |
Projects under development, net of accumulated depreciation of $0
and $183 in 2013 and 2012, respectively
| | | 5,819 | | | |
25,209
| |
|
Land
| | | 38,039 | | | |
42,187
| |
|
Other
| |
| - |
| |
|
151
|
|
|
Total properties
| | | 882,684 | | | |
737,199
| |
| | | |
|
| | | |
|
OPERATING PROPERTIES AND RELATED ASSETS HELD FOR SALE, net
of accumulated depreciation of $12,139 and $2,947 in 2013 and
2012, respectively
| | | 51,301 | | | |
1,866
| |
| | | |
|
| CASH AND CASH EQUIVALENTS | | | 4,925 | | | |
176,892
| |
| RESTRICTED CASH | | | 3,230 | | | |
2,852
| |
NOTES AND ACCOUNTS RECEIVABLE, net of allowance for
doubtful accounts of $1,700 and $1,743 in 2013 and 2012,
respectively
| | | 8,539 | | | |
9,972
| |
| DEFERRED RENTS RECEIVABLE | | | 34,707 | | | |
39,378
| |
| INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | | | 127,948 | | | |
97,868
| |
| OTHER ASSETS | |
| 87,454 |
| |
|
58,215
|
|
| | | |
|
| TOTAL ASSETS | | $ | 1,200,788 |
| |
$
|
1,124,242
|
|
| | | |
|
LIABILITIES AND EQUITY | | | | |
| NOTES PAYABLE | | $ | 340,374 | | |
$
|
425,410
| |
| ACCOUNTS PAYABLE AND ACCRUED EXPENSES | | | 34,433 | | | |
34,751
| |
| DEFERRED INCOME | | | 25,785 | | | |
11,888
| |
| OTHER LIABILITIES | |
| 26,582 |
| |
|
9,240
|
|
| TOTAL LIABILITIES | | | 427,174 | | | |
481,289
| |
| | | |
|
| COMMITMENTS AND CONTINGENT LIABILITIES | | | | |
| | | |
|
| STOCKHOLDERS’ INVESTMENT: | | | | |
|
Preferred stock, 20,000,000 shares authorized, $1 par value:
| | | | |
7.75% Series A cumulative redeemable preferred stock, $25
liquidation preference; 0 and 2,993,090 shares issued and
outstanding in 2013 and 2012, respectively
| | | - | | | |
74,827
| |
7.50% Series B cumulative redeemable preferred stock, $25
liquidation preference; 3,791,000 shares issued and outstanding in
2013 and 2012
| | | 94,775 | | | |
94,775
| |
Common stock, $1 par value, 250,000,000 shares authorized,
124,257,723 and 107,660,080 shares issued in 2013 and 2012,
respectively
| | | 124,258 | | | |
107,660
| |
|
Additional paid-in capital
| | | 825,777 | | | |
690,024
| |
|
Treasury stock at cost, 3,570,082 shares in 2013 and 2012
| | | (86,840 | ) | | |
(86,840
|
)
|
|
Distributions in excess of cumulative net income
| |
| (206,995 | ) | |
|
(260,104
|
)
|
| TOTAL STOCKHOLDERS’ INVESTMENT | | | 750,975 | | | |
620,342
| |
| | | |
|
|
Nonredeemable noncontrolling interests
| |
| 22,639 |
| |
|
22,611
|
|
| TOTAL EQUITY | |
| 773,614 |
| |
|
642,953
|
|
| | | |
|
| TOTAL LIABILITIES AND EQUITY | | $ | 1,200,788 |
| |
$
|
1,124,242
|
|
| | | |
|
|
|
| COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES |
| SAME PROPERTY INFORMATION |
| FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND 2012 |
|
(Unaudited, in thousands)
|
|
| |
| |
| |
| |
| | Three Months Ended | | Six Months Ended |
| | June 30, | | June 30, |
| | 2013 | | 2012 | | 2013 | | 2012 |
| | | | | | | |
|
| Net Operating Income - Consolidated Properties | | | | | | | | |
|
Rental property revenues
| |
$
|
38,729
| |
$
|
28,922
| |
$
|
73,477
| |
$
|
57,221
|
|
Rental property expenses
| |
|
18,576
| |
$
|
12,521
| |
|
34,406
| |
$
|
24,370
|
| Net Operating Income - Consolidated Properties | | | 20,153 | | | 16,401 | | | 39,071 | | | 32,851 |
| | | | | | | |
|
| Net Operating Income - Discontinued Operations | | | | | | | | |
|
Rental property revenues
| | |
1,311
| | |
7,753
| | |
2,687
| | |
16,946
|
|
Rental property expenses
| |
|
474
| |
|
2,663
| |
|
1,047
| |
|
5,321
|
| Net Operating Income - Discontinued Operations | | | 837 | | | 5,090 | | | 1,640 | | | 11,625 |
| | | | | | | |
|
| Net Operating Income - Unconsolidated Joint Ventures | |
| 7,582 | |
| 5,937 | |
| 14,029 | |
| 12,206 |
| Total Net Operating Income | | $ | 28,572 | | $ | 27,428 | | $ | 54,740 | | $ | 56,682 |
| | | | | | | |
|
| Net Operating Income: | | | | | | | | |
|
Same property
| | |
18,611
| | |
17,768
| | |
37,605
| | |
35,850
|
|
Non-same property
| |
|
9,962
| |
|
9,660
| |
|
17,136
| |
|
20,832
|
| Net Operating Income | | $ | 28,572 | | $ | 27,428 | | $ | 54,740 | | $ | 56,682 |
| | | | | | | |
|
This schedule shows same property net operating income and the
related reconciliation to rental property revenues and rental
property expenses. Net Operating Income is used by industry
analysts, investors and Company management to measure operating
performance of the Company’s properties. Net Operating Income,
which is rental property revenues less rental property operating
expenses, excludes certain components from net income in order to
provide results that are more closely related to a property’s
results of operations. Certain items, such as interest expense,
while included in FFO and net income, do not affect the operating
performance of a real estate asset and are often incurred at the
corporate level as opposed to the property level. As a result,
management uses only those income and expense items that are
incurred at the property level to evaluate a property’s
performance. Depreciation and amortization are also excluded from
Net Operating Income. Same Property Net Operating Income includes
those office and retail properties that have been fully
operational in each of the comparable reporting periods. A fully
operational property is one that achieved 90% economic occupancy
for each of the two periods presented or has been substantially
complete and owned by the Company for each of the two periods
presented and the preceding year. Same Property Net Operating
Income allows analysts, investors and management to analyze
continuing operations and evaluate the growth trend of the
Company’s portfolio.
|
| | | | | | | |
|
Cousins Properties Incorporated
Gregg D. Adzema, 404-407-1116
Executive
Vice President and Chief Financial Officer
greggadzema@cousinsproperties.com
or
Cameron
Golden, 404-407-1984
Vice President, Investor Relations and
Corporate Communications
camerongolden@cousinsproperties.com
Source: Cousins Properties Incorporated