The following is a summary of the Cousins Properties Incorporated (CUZ) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Cousins Properties reported Q4 FFO per share of $0.65, with same-property net operating income increasing by 3.5%.

• During Q4, the company leased 453,000 square feet, and throughout the year, 1.7 million square feet, with a 5.8% cash rent rollout.

• 2024 guidance anticipates a flat year-over-year FFO.

• The weighted average in-place gross rent at the year-end 2023 was $46.95 per square foot, a 25% increase over 2019.

• Full-year FFO was reported at $2.62 per share, exceeding the original 2023 guidance midpoint of $2.58 per share. Full year same property NOI was a solid 4.2% on a cash basis.

• Net debt-to-EBITDA ratio was reported to be 5.1x with a $185 million outstanding on a $1 billion credit facility.

Business Progress:

• Cousins Properties identifies as a Sun Belt lifestyle office REIT, aiming at driving occupancy over 90%.

• There is a focus on market-leading lifestyle office and mixed-use projects integral to its growth strategy, with potential significant contributions from current development and redevelopment projects.

• Despite COVID-19 disruptions, net operating income was 23% higher in 2023 compared to 2019, showcasing the resilience of their strategy.

• Cousins Properties is in active lease negotiations with WeWork for its locations at Terminus and 120 West Trinity. The premises leased by WeWork represent 1.1% of Cousins Properties annualized rent.

• A new development project in Nashville reached 88% office lease completion and 22% overall lease completion.

• It expects to maintain its occupancy level through the end of the 2024.

• Sublease availability in Atlanta and Austin showed stability in Q4 2023, indicating a positive momentum in leasing activity.

• Development pipeline includes 50% interest in Neuhoff in Nashville and 100% of Domain 9 in Austin with estimated development costs for these projects are $70 million.

• Bank of America lease expiry's impact for '25 and '26 periods will be offset by the stabilization of several developments notwithstanding absence of impact on '24 guidance.

More details: Cousins Properties Inc IR

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