Net income available to common stockholders per share increased 403% to $4.83 for the year ended Dec. 31, the company reports. Funds from operations per share rose 11% to $2.53 for the year.
For the fourth quarter, however, net income decreased 39% to 17 cents per share. FFO decreased 15% to 52 cents per share. Tom G. Charlesworth, the REIT's executive vice president, chief financial officer and chief investment officer, blames the fourth-quarter performance on lower rental property revenue, less rental property operating expenses from early lease terminations and property sales.
"Net income available and FFO increased for the year due to an increase in lease termination fees and increases in net profits from residential lot and tract sales," Charlesworth says. The numbers were offset by decreases in rental property revenue, less rental property operating expenses from property sales and early lease terminations.
Net income available also increased for the year from gains on asset sales. The company's portfolio of operational office and medical office buildings is 91% leased. The operational retail centers are 93% leased. The portfolio's overall leasing level is 91%.
Among Cousins' fourth-quarter highlights were the acquisition of 58 acres in Brevard County, FL where the company is developing the Avenue Viera in Viera, FL. When the shopping center opens in fall 2004, Cousins will own 333,000 sf of the 408,000-sf property which will include 85 retailers and several restaurants. Cousins already has the property 27% leased with a commitment from tenants for another 52% of the total rentable space, Charlesworth says.
The REIT also opened the Shops of Lake Tuscaloosa, a 62,000-sf property in Alabama which is 85% leased. In Atlanta, the Avenue West Cobb, which opened in October 2003, is 92% leased.
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