Cousins Properties: 3Q Earnings Snapshot
ATLANTA (AP) _ Cousins Properties Inc. (CUZ) on Wednesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The Atlanta-based real estate investment trust said it had funds from operations of $107.3 million, or 72 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 69 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $20.4 million, or 14 cents per share.
The real estate company posted revenue of $188.3 million in the period. Its adjusted revenue was $180.8 million, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $175 million.
Cousins Properties expects full-year funds from operations in the range of $2.92 to $3 per share.
The company’s shares have risen 19% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $37.74, a climb of 14% in the last 12 months.