Accelerates Earnings Call to July 30 at 1 p.m. ET
ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE:CUZ):
Highlights
-
Funds From Operations for the second quarter was $0.18 per share, or
$0.20 per share before non-cash preferred share original issuance
charge.
-
Cash basis same property net operating income for the second quarter
was up 15.0% over the prior year.
-
Subsequent to quarter end, entered into an agreement to acquire Fifth
Third Center in Charlotte, North Carolina for $215.0 million.
Cousins Properties Incorporated (NYSE:CUZ) today reported its results of
operations for the quarter ended June 30, 2014.
“We took advantage of our recovering Sunbelt office markets by signing a
significant number of new leases during the second quarter at improving
economics to us,” said Larry Gellerstedt, President and Chief Executive
Officer of Cousins. “In addition, our pending purchase of Fifth Third
Center is an exceptional strategic fit for us. We are purchasing this
Class A office tower below replacement cost and with a real value
creation opportunity through the lease-up of vacant space.”
Portfolio Activity
-
Leased or renewed 416,000 square feet of office and retail space
during the second quarter.
Transaction Activity
-
Sold all remaining land at the Round Rock, Texas site for $10.0
million and recognized a gain of $1.3 million.
-
Subsequent to quarter end, entered into an agreement to acquire Fifth
Third Center, a 698,000 square foot Class A office tower located in
Uptown Charlotte, North Carolina, for a gross purchase price of $215.0
million. The Company expects Fifth Third Center to be 82% leased upon
closing.
Financing Activity
-
Recast the credit facility to, among other things, increase the size
to $500 million, extend the maturity to May 28, 2019, and reduce the
per annum variable interest rate spread and other fees. At current
leverage levels, the reduction in the spread and other fees resulted
in a savings of 45 basis points.
-
Redeemed all outstanding shares of the Company’s Series B Cumulative
Redeemable Preferred Stock for $94.8 million, excluding accrued
dividends. The Company has no preferred stock outstanding.
Financial Results
FFO was $35.8 million, or $0.18 per share, for the second quarter of
2014, compared with $14.2 million, or $0.12 per share, for the second
quarter of 2013. FFO was $72.0 million, or $0.37 per share, for the six
months ended June 30, 2014, compared with $25.6 million, or $0.23 per
share, for same period in 2013. In connection with the redemption of
preferred stock, the Company decreased net income available for common
shareholders by $3.5 million (non-cash), or $0.02 per share, which
represents the original issuance costs applicable to the shares
redeemed. FFO per share before the effect of this reduction was $0.20
and $0.39 for the three and six months ended June 30, 2014, respectively.
Net loss available to common stockholders was $(2.2) million, or $(0.01)
per share, for the second quarter of 2014, compared with $(5.6) million,
or $(0.05) per share, for the second quarter of 2013. Net income
available to common stockholders was $3.0 million, or $0.02 per share,
for the six months ended June 30, 2014, compared with $47.6 million, or
$0.43 per share, for same period in 2013. The six months ended June 30,
2013 included $56.8 million in gains recognized on the sale of 50% of
the Company’s interest in Terminus 100 and on the acquisition of
Terminus 200, which was achieved in stages.
The Company customarily provides net operating income guidance for
specific assets where historical performance may not exist, or where
historical performance may not be a good guidepost for future
performance, along with guidance on fee income and general and
administrative expenses. No update on previously provided guidance is
necessary for this quarter.
Investor Conference Call and Webcast
The Company will conduct a conference call at 1 p.m. (Eastern Time) on
Wednesday, July 30, 2014, to discuss the results of the quarter ended
June 30, 2014. The number to call for this interactive teleconference is
(212) 231-2920.
A replay of the conference call will be available for 14 days by dialing
(402) 977-9140 and entering the passcode 21728998. The replay can be
accessed on the Company’s website, www.cousinsproperties.com,
through the “Q2 2014 Cousins Properties Incorporated Earnings Conference
Call” link on the Investor Relations page.
Cousins Properties Incorporated is a leading fully-integrated real
estate investment trust (REIT) with extensive experience in development,
acquisition, financing, management, and leasing. Based in Atlanta, the
Company actively invests in top-tier urban office assets and
opportunistic mixed-use properties in Sunbelt markets.
The Consolidated Statements of Operations, Consolidated Balance Sheets,
a schedule entitled Funds From Operations, which reconciles Net Income
(Loss) Available to FFO and defines net effective rent, and a schedule
entitled Same Property Information, which reconciles cash basis 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) 407-1898.
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; the failure of purchase, sale, or
other contracts to ultimately close; the failure to achieve anticipated
benefits from acquisitions and investments or from dispositions; the
potential dilutive effect of common stock offerings; the availability of
buyers and adequate pricing with respect to the disposition of assets;
risks related to the geographic concentration of our portfolio; risks
and uncertainties related to national and local economic conditions, the
real estate industry in general, and the commercial real estate markets
in particular; changes to the Company’s strategy with regard to land and
other non-core holdings that require impairment losses to be recognized;
leasing risks, including the ability to obtain new tenants or renew
expiring tenants, and the ability to lease newly developed and/or
recently acquired space; the 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 (such
as zoning approval, receipt of required permits, construction delays,
cost overruns, and leasing risk); the loss of key personnel; the
potential liability for uninsured losses, condemnation, or environmental
issues; the 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; 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,
2013. 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, |
| | | 2014 | | | 2013 | | | 2014 | | | 2013 |
| Revenues: | | | | | | | | | | | | |
|
Rental property revenues
| | | $ | 80,034 | | | |
$
|
37,100
| | | | $ | 157,518 | | | |
$
|
70,224
| |
|
Fee income
| | | | 2,025 | | | | |
2,931
| | | | | 4,363 | | | | |
6,511
| |
|
Other
| | |
| 2,446 |
| | |
|
2,490
|
| | |
| 4,347 |
| | |
|
4,049
|
|
| | |
| 84,505 |
| | |
|
42,521
|
| | |
| 166,228 |
| | |
|
80,784
|
|
| Costs and expenses: | | | | | | | | | | | | |
|
Rental property operating expenses
| | | | 35,959 | | | | |
17,868
| | | | | 70,816 | | | | |
33,079
| |
|
Reimbursed expenses
| | | | 988 | | | | |
1,359
| | | | | 1,920 | | | | |
3,268
| |
|
General and administrative expenses
| | | | 5,756 | | | | |
4,552
| | | | | 11,366 | | | | |
10,622
| |
|
Interest expense
| | | | 6,970 | | | | |
4,241
| | | | | 14,137 | | | | |
9,176
| |
|
Depreciation and amortization
| | | | 35,135 | | | | |
14,928
| | | | | 69,274 | | | | |
26,176
| |
|
Separation expenses
| | | | - | | | | |
-
| | | | | 84 | | | | |
-
| |
|
Acquisition and related costs
| | | | 149 | | | | |
333
| | | | | 171 | | | | |
568
| |
|
Other
| | |
| 877 |
| | |
|
731
|
| | |
| 1,370 |
| | |
|
2,186
|
|
| | |
| 85,834 |
| | |
|
44,012
|
| | |
| 169,138 |
| | |
|
85,075
|
|
| Loss from continuing operations before taxes, unconsolidated
joint ventures, and sale of investment properties | | | | (1,329 | ) | | | |
(1,491
|
)
| | | | (2,910 | ) | | | |
(4,291
|
)
|
| Benefit (provision) for income taxes from operations | | | | 9 | | | | |
(1
|
)
| | | | 21 | | | | |
(2
|
)
|
| Income from unconsolidated joint ventures | | |
| 2,027 |
| | |
|
1,132
|
| | |
| 3,313 |
| | |
|
2,784
|
|
| Loss from continuing operations before gain on sale of investment
properties | | | | 707 | | | | |
(360
|
)
| | | | 424 | | | | |
(1,509
|
)
|
| Gain on sale of investment properties | | |
| 1,327 |
| | |
|
406
|
| | |
| 1,488 |
| | |
|
57,560
|
|
| Income (loss) from continuing operations | | | | 2,034 | | | | |
46
| | | | | 1,912 | | | | |
56,051
| |
| Income from discontinued operations: | | | | | | | | | | | | |
|
Income from discontinued operations
| | | | 566 | | | | |
687
| | | | | 1,457 | | | | |
1,470
| |
|
Gain on sale of investment properties
| | |
| 14 |
| | |
|
86
|
| | |
| 6,379 |
| | |
|
204
|
|
| | | | 580 | | | | |
773
| | | | | 7,836 | | | | |
1,674
| |
| Net income | | | | 2,614 | | | | |
819
| | | | | 9,748 | | | | |
57,725
| |
| Net income attributable to noncontrolling interests | | |
| (129 | ) | | |
|
(515
|
)
| | |
| (284 | ) | | |
|
(1,022
|
)
|
| Net income attributable to controlling interests | | | | 2,485 | | | | |
304
| | | | | 9,464 | | | | |
56,703
| |
| Preferred share original issuance costs | | | | (3,530 | ) | | | |
(2,656
|
)
| | | | (3,530 | ) | | | |
(2,656
|
)
|
| Dividends to preferred stockholders | | |
| (1,178 | ) | | |
|
(3,227
|
)
| | |
| (2,955 | ) | | |
|
(6,454
|
)
|
| Net income available to common stockholders | | | $ | (2,223 | ) | | |
$
|
(5,579
|
)
| | | $ | 2,979 |
| | |
$
|
47,593
|
|
| Per common share information — basic and diluted: | | | | | | | | | | | | |
|
Income (loss) from continuing operations attributable to controlling
interest
| | | $ | (0.01 | ) | | |
$
|
(0.06
|
)
| | | $ | (0.02 | ) | | |
$
|
0.41
| |
|
Income from discontinued operations
| | |
| - |
| | |
|
0.01
|
| | |
| 0.04 |
| | |
|
0.02
|
|
|
Net income available to common stockholders
| | | $ | (0.01 | ) | | |
$
|
(0.05
|
)
| | | $ | 0.02 |
| | |
$
|
0.43
|
|
| Weighted average shares — basic | | |
| 198,440 |
| | |
|
118,661
|
| | |
| 195,108 |
| | |
|
111,430
|
|
| Weighted average shares — diluted | | |
| 198,440 |
| | |
|
118,661
|
| | |
| 195,347 |
| | |
|
111,593
|
|
| Dividends declared per common share | | | $ | 0.075 |
| | |
$
|
0.045
|
| | | $ | 0.150 |
| | |
$
|
0.090
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
| COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES |
| FUNDS FROM OPERATIONS |
|
(unaudited; in thousands, except per share amounts)
|
|
|
| |
|
| |
|
| |
|
| |
| | | Three Months Ended June 30, | | | Six Months Ended June 30, |
| | | 2014 | | | 2013 | | | 2014 | | | 2013 |
| Net Income Available to Common Stockholders | | | $ | (2,223 | ) | | |
$
|
(5,579
|
)
| | | $ | 2,979 | | | |
$
|
47,593
| |
|
Depreciation and amortization of real estate assets:
| | | | | | | | | | | | |
|
Consolidated properties
| | | | 34,934 | | | | |
14,739
| | | | | 68,888 | | | | |
25,804
| |
|
Discontinued properties
| | | | — | | | | |
1,047
| | | | | — | | | | |
2,098
| |
|
Share of unconsolidated joint ventures
| | | | 3,088 | | | | |
4,167
| | | | | 6,086 | | | | |
7,371
| |
|
(Gain) loss on sale of depreciated properties:
| | | | | | | | | | | | |
|
Consolidated properties
| | | | (1 | ) | | | |
(130
|
)
| | | | (1 | ) | | | |
(57,043
|
)
|
|
Discontinued properties
| | | | (14 | ) | | | |
(86
|
)
| | | | (6,373 | ) | | | |
(204
|
)
|
|
Share of unconsolidated joint ventures
| | |
| — |
| | |
|
—
|
| | |
| 387 |
| | |
|
—
|
|
| Funds From Operations Available to Common Stockholders | | | $ | 35,784 |
| | |
$
|
14,158
|
| | | $ | 71,966 |
| | |
$
|
25,619
|
|
| Per Common Share — Basic and Diluted: | | |
| | |
| | |
| | |
|
|
Net Income Available
| | | $ | (0.01 | ) | | |
$
|
(0.05
|
)
| | | $ | 0.02 |
| | |
$
|
0.43
|
|
|
Funds From Operations
| | | $ | 0.18 |
| | |
$
|
0.12
|
| | | $ | 0.37 |
| | |
$
|
0.23
|
|
| Weighted Average Shares — Basic | | |
| 198,440 |
| | |
|
118,661
|
| | |
| 195,108 |
| | |
|
111,430
|
|
| Weighted Average Shares — Diluted | | |
| 198,702 |
| | |
|
118,845
|
| | |
| 195,347 |
| | |
|
111,593
|
|
| | | | | | | | | | | |
|
The table above shows Funds From Operations Available to Common
Stockholders (“FFO”) and the related reconciliation to Net Income
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.
|
|
|
Net effective rent represents base rent less operating expense
reimbursements and leasing costs. Second generation leases exclude
leases executed for spaces that were vacant upon acquisition, new
leases in a development property, and leases for spaces that have
been vacant for one year or more.
|
|
|
|
|
| COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS |
|
(in thousands, except share and per share amounts)
|
|
|
| |
|
| |
| | | June 30, 2014 | | | December 31, 2013 |
| | |
(unaudited)
| | | |
| Assets: | | | | | | |
|
Real estate assets:
| | | | | | |
|
Operating properties, net of accumulated depreciation of $283,119
and $235,707 in 2014 and 2013, respectively
| | | $ | 1,817,439 | | | |
$
|
1,828,437
| |
|
Projects under development
| | | | 56,760 | | | | |
21,681
| |
|
Land
| | |
| 26,790 |
| | |
|
35,053
|
|
| | | | 1,900,989 | | | | |
1,885,171
| |
|
Operating properties and related assets held for sale, net of
accumulated depreciation of $12,001 and $21,444 in 2014 and 2013,
respectively
| | | | 11,396 | | | | |
24,554
| |
|
Cash and cash equivalents
| | | | 6,257 | | | | |
975
| |
|
Restricted cash
| | | | 3,912 | | | | |
2,810
| |
|
Notes and accounts receivable, net of allowance for doubtful
accounts of $1,335 and $1,827 in 2014 and 2013, respectively
| | | | 10,733 | | | | |
11,778
| |
|
Deferred rents receivable
| | | | 51,555 | | | | |
39,969
| |
|
Investment in unconsolidated joint ventures
| | | | 111,164 | | | | |
107,082
| |
|
Intangible assets, net of accumulated amortization of $60,591 and
$37,544 in 2014 and 2013, respectively
| | | | 147,721 | | | | |
170,973
| |
|
Other assets
| | |
| 35,773 |
| | |
|
29,894
|
|
|
Total assets
| | | $ | 2,279,500 |
| | |
$
|
2,273,206
|
|
| Liabilities: | | | | | | |
|
Notes payable
| | | $ | 665,852 | | | |
$
|
630,094
| |
|
Accounts payable and accrued expenses
| | | | 72,577 | | | | |
76,668
| |
|
Deferred income
| | | | 23,681 | | | | |
25,754
| |
|
Intangible liabilities, net of accumulated amortization of $11,993
and $6,323 in 2014 and 2013, respectively
| | | | 60,806 | | | | |
66,476
| |
|
Other liabilities
| | |
| 15,704 |
| | |
|
15,242
|
|
|
Total liabilities
| | | | 838,620 | | | | |
814,234
| |
| Commitments and contingencies | | | | - | | | | |
-
| |
| Equity: | | | | | | |
Stockholders’ investment:
| | | | | | |
|
Preferred stock, 7.50% Series B cumulative redeemable preferred
stock, $1 par value, $25 liquidation preference, 20,000,000 shares
authorized, -0- and 3,791,000 shares issued and outstanding in 2014
and 2013, respectively
| | | | - | | | | |
94,775
| |
|
Common stock, $1 par value, 350,000,000 and 250,000,000 shares
authorized, 202,043,854 and 193,236,454 shares issued in 2014 and
2013, respectively
| | | | 202,044 | | | | |
193,236
| |
|
Additional paid-in capital
| | | | 1,514,959 | | | | |
1,420,951
| |
|
Treasury stock at cost, 3,570,082 shares in 2014 and 2013
| | | | (86,840 | ) | | | |
(86,840
|
)
|
|
Distributions in excess of cumulative net income
| | |
| (190,857 | ) | | |
|
(164,721
|
)
|
Total stockholders’ investment
| | | | 1,439,306 | | | | |
1,457,401
| |
|
Nonredeemable noncontrolling interests
| | |
| 1,574 |
| | |
|
1,571
|
|
|
Total equity
| | |
| 1,440,880 |
| | |
|
1,458,972
|
|
|
Total liabilities and equity
| | | $ | 2,279,500 |
| | |
$
|
2,273,206
|
|
| | | | | | | | | |
|
|
|
| COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES |
| SAME PROPERTY INFORMATION |
|
(unaudited, in thousands)
|
|
|
| |
|
| |
|
| |
|
| |
| | | Three Months Ended June 30, | | | Six Months Ended June 30, |
| | | 2014 | | | 2013 | | | 2014 | | | 2013 |
|
Net Operating Income - Consolidated Properties | | | | | | | | | | | | |
|
Rental property revenues
| | | $ | 80,034 | | | |
$
|
37,100
| | | | $ | 157,518 | | | |
$
|
70,224
| |
|
Rental property expenses
| | |
| (35,959 | ) | | |
|
(17,868
|
)
| | |
| (70,816 | ) | | |
|
(33,079
|
)
|
| | | | 44,075 | | | | |
19,232
| | | | | 86,702 | | | | |
37,145
| |
|
Net Operating Income - Discontinued Operations
| | | | | | | | | | | | |
|
Rental property revenues
| | | | 967 | | | | |
2,940
| | | | | 2,323 | | | | |
5,940
| |
|
Rental property expenses
| | |
| (402 | ) | | |
|
(1,182
|
)
| | |
| (866 | ) | | |
|
(2,373
|
)
|
| | | | 565 | | | | |
1,758
| | | | | 1,457 | | | | |
3,567
| |
|
Net Operating Income - Unconsolidated Joint Ventures | | |
| 6,648 |
| | |
|
7,576
|
| | |
| 13,147 |
| | |
|
14,030
|
|
|
Total Net Operating Income
| | | $ | 51,288 |
| | |
$
|
28,566
|
| | | $ | 101,306 |
| | |
$
|
54,742
|
|
| | | | | | | | | | | |
|
|
Net Operating Income
| | | | | | | | | | | | |
|
Same Property
| | | $ | 15,751 | | | |
$
|
14,629
| | | | $ | 30,998 | | | |
$
|
29,491
| |
|
Non-Same Property
| | |
| 35,537 |
| | |
|
13,937
|
| | |
| 70,308 |
| | |
|
25,251
|
|
| | | $ | 51,288 |
| | |
$
|
28,566
|
| | | $ | 101,306 |
| | |
$
|
54,742
|
|
| | | | | | | | | | | |
|
|
Non-Cash Items
| | | | | | | | | | | | |
|
Straight-line rent
| | | $ | 4,904 | | | |
$
|
2,203
| | | | $ | 12,649 | | | |
$
|
4,765
| |
|
Other
| | |
| 1,622 |
| | |
|
262
|
| | |
| 3,207 |
| | |
|
149
|
|
| | | | 6,526 | | | | |
2,465
| | | | | 15,856 | | | | |
4,914
| |
|
Cash Basis Property Net Operating Income
| | | | | | | | | | | | |
|
Same Property
| | | | 15,706 | | | | |
13,663
| | | | | 30,256 | | | | |
26,962
| |
|
Non-Same Property
| | |
| 29,056 |
| | |
|
12,438
|
| | |
| 55,194 |
| | |
|
22,866
|
|
| | | $ | 44,762 |
| | |
$
|
26,101
|
| | | $ | 85,450 |
| | |
$
|
49,828
|
|
| | | | | | | | | | | |
|
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 properties that have been fully operational in each
of the comparable reporting periods. A fully operational property
is one that has 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.
|
|
|
Cash Basis Same Property Net Operating Income represents Net
Operating Income excluding straight-line rents, amortization of
lease inducements, and amortization of acquired above and below
market rents.
|
|
|
Cousins Properties Incorporated
Gregg D. Adzema, 404-407-1116
Executive
Vice President and Chief Financial Officer
greggadzema@cousinsproperties.com
or
Marli
Quesinberry, 404-407-1898
Director, Investor Relations and
Corporate Communications
marliquesinberry@cousinsproperties.com
Source: Cousins Properties Incorporated