Research Desk Line-up: VEREIT Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 20, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Cousins Properties Inc. (NYSE: CUZ), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=CUZ, following the Company's release of its financial results on October 25, 2017, for the third quarter of the fiscal year 2017. The Atlanta, Georgia-based Company's total revenues grew on a year-over-year basis, outpacing market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the REIT - Diversified industry. Pro-TD has currently selected VEREIT, Inc. (NYSE: VER) for due-diligence and potential coverage as the Company announced on November 08, 2017, its operating results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on VEREIT when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CUZ; also brushing on VER. With the links below you can directly download the report of your stock of interest free of charge at:
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Earnings Reviewed
During Q3 FY17, Cousins Properties' total revenues surged to $113.16 million from $48.67 million in Q3 FY16, beating market expectations of $112.8 million. The Company's rental property revenues rose to $109.57 million in Q3 FY17 from $46.58 million in Q3 FY16, while fee income rose to $2.60 million in the reported period from $1.95 million in Q3 FY16.
The real estate investment trust reported net income available for common stockholders of $12.07 million, or $0.03 per diluted share, in Q3 FY17 compared to $11.66 million, or $0.06 per diluted share, in Q3 FY16. The Company's funds from operations (FFO) came in at $62.33 million, or $0.15 per diluted share, for Q3 FY17 versus $46.44 million, or $0.22 per diluted share, in Q3 FY16. The Company's FFO of $0.15 per diluted share were in-line with Wall Street's expectations.
Earnings Metrics
Cousins Properties' rental property operating expenses were $40.69 million compared to $18.12 million in the last year's same quarter. The Company's total expenses also increased to $103.73 million in Q3 FY17 from $47.28 million in Q3 FY16. Additionally, the Company's earnings before interest, tax, depreciation, and amortization (EBITDA) increased to $71.05 million in Q3 FY17 from $58.46 million in Q3 FY16.
The Company's weighted average occupancy came in flat at 89.1% in Q3 FY17. The net leased office space declined to 335 thousand square feet in Q3 FY17 from 971 thousand square feet in in Q3 FY16. However, net rent per square foot increased to $26.57 in the quarter ended September 30, 2017, from $23.51 in the last year's comparable quarter.
Cash Flow and Balance Sheet
In the nine months ended September 30, 2017, net cash provided by operating activities was $194.91 million, up from $119.25 million in the prior year's corresponding period. At the close of books on September 30, 2017, Cousins Properties had $62.17 million in cash and cash equivalents compared to $35.69 million at the close of books on December 31, 2016. The Company's notes payables balance as on September 30, 2017, was $1.10 billion versus $1.38 billion as on December 31, 2016. Furthermore, debt-to-annualized EBITDA ratio as on September 30, 2017, stood at 4.31x versus 4.34x as on September 30, 2016.
Outlook
In its guidance for the full-year FY17, Cousins Properties expects fee and other income to be in the band of $19 million to $21 million, up from the previous range of $18.5 million to $20.5 million, primarily due to an increase in termination fees. General and administrative costs are also forecasted to increase in the band of $27 million to $29 million, up from the previous range of $26 million to $28 million. Furthermore, FFO outlook for FY17 is projected to lie between $0.60 per share and $0.62 per share.
Stock Performance
Cousins Properties' share price finished last Friday's trading session at $8.97, slightly sliding 0.55%. A total volume of 5.42 million shares have exchanged hands, which was higher than the 3-month average volume of 2.54 million shares. The Company's stock price surged 4.79% in the past six months and 14.41% in the previous twelve months. Additionally, the stock gained 5.41% since the start of the year. Shares of the Company have a PE ratio of 15.39 and have a dividend yield of 2.68%. The stock currently has a market cap of $3.79 billion.
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