The following is a summary of the Cousins Properties Incorporated (CUZ) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Cousins Properties delivered $0.65 a share in FFO, beating street consensus, and raised their full year guidance.

• The company reported same property net operating income growth of 6.6%.

• Cousins Properties leased 404,000 square feet with a positive cash rent roll up of 5.3%.

• They ended the quarter with net debt to EBITDA of 5.25 times, one of the lowest in the office sector.

• Received a BBB debt rating from S&P and a Baa2 debt rating from Moody's.

Business Progress:

• The company aims to drive growth through leasing and investments, enhancing geographic diversification, and maintaining financial strength.

• The strategy is to return occupancy to normalized levels and thoughtfully allocate capital.

• Focus on Sun Belt properties for potentially new acquisitions that can be repositioned into lifestyle office properties.

• Healthy leasing pipeline and early stage leasing activity support future growth despite potential lower total volume in forthcoming quarters.

• The company holds a positive view for the future given the trend of increasing demand for lifestyle office products and stalling of new office supplies.

• There's an ongoing plan to upgrade the Fifth Third Center building in Uptown, Charlotte.

• Cousins Properties anticipates full year FFO between $2.60 and $2.67 per share in 2024 earnings guidance.

• Due to the strength of their lifestyle Sun Belt portfolio, they believe it is possible to return occupancy to normalized levels of 92%-93%.

• A resurgence in in-migration is expected to lead to increased leasing activity and have a positive influence on occupancy levels in 2025 and 2026.

• There's a shift in the customer base's mindset, with companies starting to think about their long-term real estate needs. This is beneficial for Cousins Properties, which leases space to these companies.

• Increase exposure to quintessential Sun Belt markets like Dallas, Charlotte, Nashville, and Tampa in the long term.

• The company is considering new investment ventures in some Sun Belt markets where it currently has no investment and also aims to diversify within the Sun Belt region.

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