Cousins Properties Incorporated (
recently inked a lease agreement with Lockton Companies for a
99,000 square feet office space at a Class A office building -
2100 Ross - in the Arts District. This strategic move was in line
with the company's intention of strengthening its bond with
BANK OF AMER CP (BAC): Free Stock Analysis
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PRUDENTIAL FINL (PRU): Free Stock Analysis
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Notably, the new lease deal signifies office expansion for
Lockton companies at the property. The company will occupy 11th
through 14th floor of the office building. Kansas City,
Miss.-based Lockton is the world's largest, privately-owned,
independent insurance broker. It provides insurance, benefits and
risk management services for business improvement to over 15,000
clients across the globe.
The 33-story, 2100 Ross building spans 844,000 square feet and is
positioned at the City Center District of downtown Dallas, Texas.
The property is currently 78% occupied and boasts some
industry-leading tenants such as
CBRE Group Inc. (
, Prudential Mortgage Capital of
Prudential Financial Inc. (
and Bank of America Merrill Lynch of
Bank of America Corporation (
Cousins Properties acquired 2100 Ross building in Aug 2012 and it
was 67% occupied that time. Notably, this real estate investment
trust (REIT) invested in a comprehensive capital improvement plan
for the development of the building.
We remain impressed with the Cousins Properties' abovementioned
leasing deal as the latter will strengthen its foothold in
vibrant downtown Dallas market. Moreover, it will augment the
Cousins Properties' strong tenant base.
Last month, Cousins Properties reported fourth quarter 2012 core
FFO (fund from operations) per share of 15 cents, beating the
Zacks Consensus Estimate by a nickel. However, core FFO missed
the year-ago figure by a penny.
The solid performance was attributable to strong leasing activity
and successful execution of other strategic initiatives. Notably,
Cousins Properties leased 184,000 square feet of office space and
106,000 square feet of retail space during the fourth quarter.
Cousins Properties currently carries a Zacks Rank #2 (Buy).
Note: FFO, a widely used metric to gauge the performance of
REITs, are obtained after adding depreciation, amortization and
other non-cash expenses to net income.