Cousins Properties: 2Q Earnings Snapshot
ATLANTA (AP) _ Cousins Properties Inc. (CUZ) on Wednesday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in Atlanta, said it had funds from operations of $81.7 million, or 71 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 72 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 a loss of $22.4 million, or 20 cents per share.
The real estate company posted revenue of $142 million in the period. Its adjusted revenue was $134.9 million.
Cousins Properties expects full-year funds from operations in the range of $2.81 to $2.93 per share.
The company’s shares have risen 17% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $36.99, a decrease of nearly 1% in the last 12 months.