Cousins Houses (CUZ) This autumn FFO Meets Estimates, Revenues Beat

This tale firstly seemed on Zacks

Cousins Houses Included’s CUZ fourth-quarter 2021 price range from operations (FFO) in line with percentage of 69 cents got here in keeping with the Zacks Consensus Estimate. The determine additionally advanced 1.5% from the prior-year quarter’s determine.

The condo estate revenues got here in at $187 million, which exceeded the Zacks Consensus Estimate of $185.4 million. The reported determine additionally climbed 4.7% on a year-over-year foundation.

In step with Colin Connolly, president and leader government officer, Cousins Houses, “We signed 743,000 sq. toes of rentals throughout the fourth quarter, our very best leasing quantity since 2019 and the second-best quarter during the last 5 years.”

For 2021, Cousins Houses reported FFO in line with percentage of $2.75, down 1.1% from the prior yr’s $2.78. The reported determine was once in keeping with the Zacks Consensus Estimate. Overall revenues of $755.1 million higher 2% yr over yr.

Identical-property NOI, on a money foundation, inched up 3.5% for 2021from the year-ago duration’s determine.

Quarter in Element

Cousins Houses completed rentals for 743,000 sq. toes of place of business house within the December quarter, together with 639,000 sq. toes of latest and growth rentals. The similar-property condo estate revenues, on a money foundation, have been up 3.4% yr over yr. The similar-property NOI, on a money foundation, higher 2.1% from the year-ago duration’s studying.

As of Dec 31, 2021, 90.5% of its same-property portfolio was once leased, down from 92.8% on the finish of the year-ago duration. The weighted moderate occupancy for CUZ’s same-property portfolio got here in at 88.1% for fourth-quarter 2021 in comparison with the year-ago duration’s 91.8%. The second one-generation web hire in line with sq. foot (money foundation) climbed 6%.

Cousins Houses exited fourth-quarter 2021 with money and money equivalents of $8.9 million in comparison with $4.3 million recorded as of Dec 31, 2020.

Portfolio Process

Throughout the fourth quarter, Cousins Houses received Heights Union, a 294,000 sq. foot place of business estate in Tampa, for a gross worth of $144.8 million. CUZ additionally acquired50% passion in 300 Colorado, a 369,000 sq. foot place of business development in downtown Austin, for a gross worth of $162.5 million.

Cousins Houses bought 816 Congress, a 435,000 sq. foot place of business development in downtown Austin, for a gross worth of $174.0 million.

Outlook

Cousins Houses expects 2022 FFO in line with percentage of $2.70-$2.78. The Zacks Consensus Estimate for a similar is pegged at $2.77.

CUZ these days carries a Zacks Rank #4 (Promote).

You’ll see all the listing of these days’s Zacks #1 Rank (Robust Purchase) shares right here.

We now stay up for the income releases of different REITs, together with Outfront Media Inc. OUT scheduled to be out on Feb 10, Welltower Inc. WELL scheduled to be out on Feb 15 and Federal Realty Funding Consider FRT , scheduled to be out on Feb 23.

Observe: Anything else associated with income introduced on this write-up constitute price range from operations (FFO) — a extensively used metric to gauge the efficiency of REITs.

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