Exceeding Earnings Expectations
Cousins Properties delivered $0.70 per share in FFO, which was $0.01 above consensus expectations.
Strong Leasing Activity
Completed 334,000 square feet of leases during the quarter, with 80% being new or expansion leases. Second-generation cash rents increased by 10.9% in the quarter.
Strategic Acquisition in Dallas
Post quarter-end acquisition of The Link, a lifestyle office property in Uptown Dallas, for $218 million, which is anticipated to be immediately accretive to earnings with a cash yield of 6.7% and a GAAP yield of 8.3%.
Guidance Increase
Increased the midpoint of full-year guidance to $2.82 per share, representing a 4.8% growth rate over last year.
Improving Market Dynamics
Net absorption turned positive, and vacancy levels are declining in key markets like Atlanta, Austin, and Dallas.