Funds from operations per share rose 8% to 70 cents, up from 65 cents for the same period in 1999. FFO increased 9% to $23.2 million in the quarter, from $21.3 million the previous year.
For the six months ended June 30, FFO per share jumped 11% to $1.36, up from $1.22 for the comparable 1999 period. FFO rose 13% to $44.9 million, compared to $39.7 million last year.The REIT currently has $564 million of projects under development and added $51 million during the second quarter, including its new projects in Austin, TX, its first entry into that market.
REITs have won favor from investors recently. As technology stocks become increasingly volatile, investors are sinking dollars into bricks and mortar. Cousins closed July 31 at a 52-week high of $43.63.
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