cousinslogoa10.jpg

News Release
CONTACT:            
Gregg D. Adzema
 
Marli Quesinberry
Executive Vice President and
 
Vice President, Investor Relations and
Chief Financial Officer
 
Corporate Communications
(404) 407-1116
 
(404) 407-1898
greggadzema@cousinsproperties.com
 
marliquesinberry@cousinsproperties.com
COUSINS PROPERTIES REPORTS RESULTS FOR
THE QUARTER AND YEAR ENDED DECEMBER 31, 2016
Highlights
Net income available to common stockholders for the fourth quarter was $0.10 per share, $0.18 per share before special items.
Funds From Operations for the fourth quarter were $0.07 per share, $0.15 per share before special items.
Same property net operating income on a cash basis increased 7.1% during the fourth quarter.
Second generation net rent per square foot on a cash basis increased 14.7% during the fourth quarter.
Leased or renewed 761,087 square feet of office space during the fourth quarter.

ATLANTA (February 8, 2017)
- Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter and year ended December 31, 2016.
“We concluded a transformational 2016 with several compelling, strategic transactions,” said Larry Gellerstedt, president and chief executive officer of Cousins Properties. “Looking forward, we are now ready to capitalize on the solid foundation we have built over the last few years and unlock the underlying potential of our unique strategy.”
Financial Results
Net income available to common stockholders was $36.9 million, or $0.10 per share, for the fourth quarter of 2016, compared with $56.7 million, or $0.27 per share, for the fourth quarter of 2015. Net income available to common stockholders was $79.1 million, or $0.31 per share for the year ended December 31, 2016, compared with $125.5 million, or $0.58 per share, for the year ended December 31, 2015.
Funds From Operations ("FFO") was $27.4 million, or $0.07 per share, for the fourth quarter of 2016, compared with $49.1 million, or $0.23 per share, for the fourth quarter of 2015. FFO was $160.6 million, or $0.63 per share for the year ended December 31, 2016, compared with $192.7 million, or $0.89 per share, for the year ended December 31, 2015.
The Company recorded expenses during the quarter and the year ended December 31, 2016 associated with the transactions with Parkway Properties, Inc. ("Parkway") and Parkway, Inc., a separate, publicly-traded REIT ("New Parkway"). In addition, the Company recorded prepayment penalties and other associated expenses in connection with the repayment of indebtedness and the termination of interest rate swap agreements, collectively titled Loss on Extinguishment of Debt, during the fourth quarter of 2016. The following table summarizes these special items:
 
 
Three Months Ended December 31, 2016
 
Year Ended December 31, 2016
Parkway Transaction Costs
 
$
26,488

 
$
30,871

Loss on Extinguishment of Debt
 
5,180

 
5,180

Total Special Items
 
$
31,668

 
$
36,051

Net income available to common stockholders excluding these special items was $68.6 million, or $0.18 per share, for the fourth quarter of 2016 and was $115.2 million, or $0.45 per share, for the year ended December 31, 2016. FFO excluding these special



The following information was filed by Cousins Properties Inc (CUZ) on Wednesday, February 8, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Cousins Properties Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Cousins Properties Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account