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Cousins Properties (CUZ) Reports Q2 FFO of $0.66

July 30, 2020 5:05 PM EDT

Cousins Properties (NYSE: CUZ) reported Q2 FFO of $0.66, versus $0.71 reported last year. Revenue for the quarter came in at $179.92 million versus the consensus estimate of $174.88 million.

2020 Guidance:

Due to uncertainty driven by the COVID-19 pandemic, the Company withdrew its earnings guidance in April 2020. However, at that time the Company provided financial information to assist investors as they assessed the Company’s outlook for the balance of 2020. Based on actual results to date as well as the Company’s current outlook, this previously provided information remains unchanged except for the following updates. All information covers full year 2020 results.

• The Company acquired a parking garage in Charlotte on May 4th that is anticipated to generate net operating income of $1.5 million to $2.0 million during the Company's ownership period in 2020. Stabilized annual net operating income is anticipated to be $4.5 million to $5.0 million. This acquisition was funded with cash on hand.

• General and administrative expenses are anticipated to decline by an additional $1 million on top of the $3 million to $5 million decline announced last quarter. The Company now anticipates full year general and administrative expenses of $27 million to $29 million, net of capitalized salaries, down 18% from its original range of $33 million to $35 million.

• A decline in parking revenue is anticipated to reduce net operating income by $5.5 million to $9.5 million compared to a prior range of $3.5 million to $9.5 million due to a revised outlook on the duration of the pandemic.

• Fee and other income is anticipated to decline by $2 million while property level net operating income is anticipated to increase by $300,000 due to the previously disclosed Parsley Energy lease amendment at Colorado Tower being accounted for as a lease modification rather than a termination.

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



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