Cousins Properties (CUZ) Reports Q1 FFO of $0.76

Cousins Properties (NYSE: CUZ) reported Q1 FFO of $0.76, versus $0.79 reported last year.

2020 Guidance
Due to uncertainty driven by the COVID-19 pandemic, the Company is withdrawing its previous 2020 earnings guidance. However, the Company is providing additional financial information, some of which is related to the effects of COVID-19 and some of which is not, to assist investors as they assess the Company’s outlook for the balance of 2020. This information reflects the Company’s current knowledge and estimates and may change as the impact of COVID-19 continues to develop. All information covers full year 2020 results.

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An elimination of all remaining speculative leasing commencements for the balance of the year may reduce net operating income by approximately $1.5 million. Although the Company continues to have discussions with potential new customers for 2020 occupancy, the certainty and timing remains fluid.

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Based on relief agreements we have completed, or are in active negotiations to complete, rent deferrals may reduce net operating income by $1 million to $3 million.

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A reduction in parking revenue may reduce net operating income by $3.5 million to $9.5 million. This is primarily due to a potential reduction in transient parking, which comprises approximately 20% of total parking revenue.

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General and administrative expenses may decrease by $3 million to $5 million due to lower long-term compensation and other potential non-compensation cost reduction measures.

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Interest and other expense, net of capitalized interest, may decrease by $2 million to $4 million primarily due to lower short-term interest rates.

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Fee and other income will increase by approximately $2 million due to a termination fee received from Parsley Energy at Colorado Tower in Austin. The Company has leased approximately 74,000 square feet of space currently occupied by Parsley to a leading global law firm. There will be

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

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