Cousins Properties: 4Q Earnings Snapshot
ATLANTA (AP) _ Cousins Properties Inc. (CUZ) on Wednesday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Atlanta, said it had funds from operations of $71.2 million, or 17 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 16 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $22.4 million, or 5 cents per share.
The real estate company posted revenue of $122.7 million in the period. Its adjusted revenue was $119.4 million, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $117.9 million.
For the year, the company reported funds from operations of $267.9 million. Revenue was reported as $461.9 million.
Cousins Properties expects full-year funds from operations to be 61 cents to 65 cents per share.
The company’s shares have risen 14 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9, a climb of 6 percent in the last 12 months.