Thu, Jul 25, 8:24 PM (44 days ago)
Cousins Properties Inc. reported a net income available to common stockholders of $7.8 million for Q2 2024, down from $22.6 million in Q2 2023. Rental property revenues increased by 6.6% to $210.4 million, driven by higher economic occupancy and tenant-funded improvements. Same Property NOI rose by 4.3%, while Non-Same Property NOI saw a significant increase due to new developments and higher occupancy. Interest expense increased by 14.5% due to higher variable rates and reduced capitalized interest. Depreciation and amortization expenses rose by 18.9% due to more assets in service. Cash flows from operating activities decreased slightly, while investing activities saw a higher outflow due to new real estate debt investments. The company maintains a strong liquidity position with $317.1 million drawn under its credit facility and expects to meet its capital requirements through a combination of cash flows, borrowings, and asset sales.