Q2 2025 Cousins Properties Inc Earnings Call Transcript
Key Points
- Cousins Properties Inc (CUZ) reported a strong second quarter with $0.70 per share in FFO, surpassing consensus by $0.01.
- Same-property net operating income increased by 1.2% on a cash basis and 1.6% year-to-date.
- Leasing activity was robust, with 334,000 square feet of leases completed, 80% of which were new or expansion leases.
- The company acquired The Link, a trophy lifestyle office property in Uptown Dallas, which is expected to be immediately accretive to earnings.
- Cousins Properties Inc (CUZ) increased the midpoint of its guidance to $2.82 per share, representing a 4.8% growth rate over the previous year.
- Occupancy rates declined due to the known move-out of OneTrust at North Park in Atlanta and the expiration of Bank of America's lease in Charlotte.
- The office market remains uncertain with ongoing concerns about tariffs and interest rates.
- Phoenix was the only market that did not post rent roll-ups, facing tough comparisons.
- The Neuhoff project in Nashville experienced a lull in office leasing activity earlier in the year.
- Despite strong leasing activity, the overall volume was down sequentially compared to the previous quarter.
Good morning, ladies and gentlemen, and welcome to the Cousins Properties second quarter conference Call. (Operator Instructions) This call is being recorded on Friday, August 1, 2025.
I would now like to turn the conference over to Pamela Roper, General Counsel. Please go ahead.
Thank you. Good morning, and welcome to Cousins Properties second quarter earnings conference call. With me today are Colin Connolly, our President and Chief Executive Officer; Richard Hickson, our Executive Vice President of Operations; Gregg Adzema, our Executive Vice President and Chief Financial Officer; and Kennedy Hicks, our Executive Vice President and Chief Investment Officer.
The press release and supplemental package were distributed yesterday afternoon as well as furnished on Form 8-K. In the supplemental package, the company has reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Reg G requirements.
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