Search
 

Cousins Posts Higher Q2 FFO

ATLANTA-The diversified developer says leasing and land sales are priorities.

By Carl Cronan | Updated on August 11, 2008

ATLANTA-Cousins Properties Inc. on Monday reported 71% higher funds from operations for the second quarter compared with the same period last year, though its first-half results were 12% lower than in 2007. FFO to common stockholders for the three months ending June 30 was $16.1 million or 31 cents per share, compared with $9.4 million or 18 cents in last year’s second quarter.

Through the first six months of this year, Atlanta-based Cousins reported FFO of $29.9 million or 58 cents per share, down from $33.9 million or 63 cents per share through the first half of 2007. Net income was $2.9 million for the second quarter and $4.8 million for the first half of 2008.

“With economic conditions continuing to deteriorate, leasing remains a top priority for us, and our team is looking for distressed transactions where we can use our expertise to create value for our shareholders,” Tom Bell, chairman and CEO of Cousins, stated in a release. He added that sales of entitled land to users or other developers continues to be a bright spot for its business, even though it is often overlooked.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.