Thu, Oct 24, 8:18 PM (69 days ago)
Cousins Properties Incorporated (CUZ) reported its Q3 2024 results, showing a decline in net income available to common stockholders to $11.2 million from $19.4 million in Q3 2023. Quarterly rental revenues increased by 4.1% to $207.3 million, driven by a 3.1% rise in same property revenues and a notable 29.9% increase in non-same property revenues. Operating expenses rose 1.8%, leading to a 5.3% increase in net operating income (NOI) to $140.4 million. The company’s interest expense increased by 13.9% due to higher variable rates and increased borrowings, while depreciation and amortization rose by 12.9% reflecting new assets coming online. Cash flow from operating activities decreased slightly to $271.2 million. The company maintains a robust liquidity position with $76.1 million in cash and no outstanding amounts under its $1 billion credit facility. Cousins continues to focus on strategic acquisitions and maintaining a premier urban office portfolio in Sun Belt markets, anticipating continued growth despite broader economic uncertainties. Future capital requirements will be met through retained cash flows and potential asset sales.