Cousins Properties Inc (NYSE:CUZ) posted its results of operations for the quarter closed September 30, 2017. The company’s urban office portfolio continues to record outstanding cash flow growth led by robust business conditions and promising real estate fundamentals across company’s Sun Belt markets.
Larry Gellerstedt, the CEO of Cousins and Chairman of the Board, expressed that their strong operating performance so far and robust balance sheet offer a stable foundation to boost the execution of their development pipeline, exhibited by the successful delivery of company’s Carolina Square project this quarter. Net income came at $12.1 million for Q3 2017 versus $11.7 million, for the third quarter of 2016.
Cousins Properties has raised and narrowed its FY2017 net income guidance to $0.46 to $0.48 a share from $0.43 to $0.48 per share. The firm has even raised and narrowed its FY2017 FFO guidance to $0.60 to $0.62 a share from $0.58 to $0.63 per share.
It leaves unchanged previously issued components of its FY2017 FFO and net income guidance, except for these updates: Fee and other income ranged increased to $19 million to $21 million from the initial range of $18.5 million to $20.5 million, mainly due to a jump in termination fees; G&A costs projection range increased to $27 million to $29 million from the previous range of $26 million – $28 million, mainly due to a jump in long-term incentive compensation cost led by better total stockholder return pertaining to the SNL US REIT Office index.
Cousins Properties has revised interest and other expenses range to $40 million – $42 million from the previous range of $45 million – $47 million, mainly due to interest rate variances and transaction timing.
In the last trading session, the stock price of Cousins gained more than 2% to close the day at $9.28. The gains came at a share volume of 13.66 million compared to average share volume of 2.74 million.