Housing Woes Lead to $5M Q4 Net Loss for Cousins

ATLANTA-Although leasing activity was stronger than expected in 2007, the weak residential market had a dampening effect on results for the fourth quarter and the year, locally based Cousins Properties executives said during a Q4 earnings call Tuesday.

The company reported a $5-million, or 10-cents-per-share, net loss for the quarter. This compares with net income of $38.1 million, or 72 per share, during the same quarter last year. For the year ending Dec. 31, the company reported net income of $17.7 million, or 34 cents per share, versus net income of $217.4 million, or $4.14 per share, net income in 2006.

“As we’ve been expecting for some time, the residential market has weakened. The debt problems in the housing market have impacted the commercial sector,” said Cousins Properties chairman and CEO Tom Bell, during the call. “These factors will certainly make it challenging to pursue other developments in the future.”