For all of 2002, Cousins reported FFO of $114.4 million or $2.29 per share versus $104.4 million or $2.08 per share in 2001.
Despite tenant lease defaults in some major markets, the Atlanta-based developer's office portfolio ended the year with an average 94% leasing level, with retail properties hitting a 96% leasing mark. "This was in spite of the negative absorption that occurred in some of our major markets such as Atlanta, Dallas and San Francisco," company president/CEO Tom Bell tells shareholders in a statement.
"Looking ahead, 2003 will certainly be a very challenging year," Bell adds. "Office demand is weak and office vacancy rates continue to rise in most of our major markets."
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