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Cousins Properties Beats Estimates - Analyst Blog
11/6/2012 11:30:00 AM
Cousins Properties Incorporated (
, a real estate investment trust (REIT), reported third quarter
2012 FFO (fund from operations) of $25.7 million or 25 cents per
share, compared with $14.3 million or 14 cents in the
During third quarter 2012, Cousins Properties entered into agreements to divest two retail lifestyle centers in Atlanta, Georgia. Additionally the company completed the sale of Cousins Properties Services - a business unit providing third-party services to Class A office buildings for a gain of $7.4 million. Subsequent to the quarter end, the company sold Cosmopolitan Center - an office complex in Atlanta, Georgia for $7.0 million.
The asset sale was part of the long-term strategy of the company to upgrade its overall portfolio by acquiring newer high-quality properties and divesting non-core assets. During the reported quarter, Cousins Properties also acquired Ross Avenue, a Class-A office tower spanning 844,000 square feet in Dallas, Texas for $59.2 million. Additionally, the company commenced operations at Emory Point in Atlanta, Georgia and Mahan Village in Tallahassee, Florida.
Cousins Properties is currently shoring up its balance sheet
and increasing liquidity by selling non-core assets. At the same
time, the company remains focused on leasing activities and
continues to pursue attractive investment opportunities. At
quarter-end, Cousins Properties had cash and cash equivalents of
COUSIN PROP INC (CUZ): Free Stock Analysis Report
DUKE REALTY CP (DRE): Free Stock Analysis Report
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