Net income available to common stockholders per share increased 396% to $1.19 for the quarter compared to 24 cents per share in the comparable 2002 period. Available net income rose 393% to $59.2 million for the quarter versus $12 million a year ago.
For the nine months ended Sept. 30, net income increased 588% to $4.68 per share from 68 cents per share for the same period last year. Net income available jumped by 577% to $230.3 million from $34 million in the first nine months last year.
Funds from operations for the quarter decreased 16% to 51 cents per share compared to 61 cents for the third quarter of 2002. FFO decreased 17% to $25.5 million from $30.6million. For the nine months, however, FFO per share increased 21% to $2.01 from $1.66 per share for the same 2002 period. FFO increased 18% to $99 million against $83.7 million in the comparable 2002 period.
Rental property revenues, less rental property operating expenses, decreased in both the third quarter and nine-month period this year.
Cousins president and CEO Tom Bell says these decreases were partially offset by the receipt of about $1.2 million of lease termination fees during the third quarter and fully offset by the receipt of about $23.7 million of lease termination fees in the first nine months of this year.
Bell says the company's successful July public offering of four million shares of 7.75% series A cumulative redeemable preferred stock netted Cousins about $96.5 million that was used to pay down the company's unsecured credit facility and for general corporate purposes. The stock sale "provided funding for future investment activity in a very cost-effective manner from the standpoint of our common stockholders," the he says.
The company's office portfolio is 90% leased, "an accomplishment in this (economic) environment," Bell says. The total portfolio is at 91% occupancy.
Cousins owns interests in 13.9 million sf of general office and medical office space; 2.1 million sf of retail; and more than 300 acres of strategically located land for future commercial development in various US markets.
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