Cousins Properties (CUZ) Reports Q1 EPS of $0.16

Cousins Properties (NYSE: CUZ) reported Q1 EPS of $0.16, versus $0.21 reported last year.

Net income available to common stockholders for the first quarter was $0.01 per share, $0.02 per share before transaction costs.

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Funds From Operations for the first quarter were $0.16 per share, $0.17 per share before transaction costs.

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Same property net operating income on a cash basis increased 5.4% during the first quarter.

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Second generation net rent per square foot on a cash basis increased 3.3% during the first quarter.

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Leased or renewed 570,744 square feet of office space during the first quarter.

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Completed an issuance of 63.6 million shares of common stock during the first quarter, consisting of 25.0 million newly issued shares and 38.6 million shares owned by existing stockholders, resulting in gross proceeds to the Company of $212.9 million.

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Acquired the remaining 25.4% interest in 111 West Rio, a 225,000 square foot office building in Tempe, Arizona, for a purchase price of $19.6 million during the first quarter.

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Subsequent to quarter end, the Company closed a $350 million private placement of senior unsecured debt, which will be drawn in two tranches. The first tranche of $100 million was drawn in April 2017, has a 10-year maturity and a fixed rate of 4.09%. The second tranche of $250 million will be drawn in July 2017, will have an 8-year maturity and a fixed rate of 3.91%.

For earnings history and earnings-related data on Cousins Properties (CUZ) click here.

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