Real estate investment trust Cousins Properties Incorporated has reported a third quarter fund from operations of $25.7 million, which is equivalent to 25 cents per share, in comparison with just $14.3 million and 14 cents per share in the same quarter last year.
Not counting some non-recurring items, the recurring fund from operations for the third quarter of 2012 was 15 cents a share, with the recurring fund from operations beating the Zacks Consensus Estimate by $00.20.
The total revenues during the third quarter of this year were $43.7 million, in comparison to $31.5 million in the same quarter in 2011. The total revenue during the third quarter of this year also succeeded in beating the $37 million predicted by the Zacks Consensus Estimate.
During the course of the third quarter, the company executed strong leasing activities and succeeded in leasing 119,000 square feet of retail space and 175,000 square feet of office space. By the end of the third quarter, Cousin Properties’ same-store office portfolio was 91% leased, with its retail properties being 89% leased. After the end of the third quarter, the firm executed 25,000 square feet of extra leases at Promenade in Atlanta, Georgia.
The total same-store revenue increased by 0.1% in the third quarter of this year in comparison to the quarter a year earlier, with retail up by 2% and office down slightly by 0.5%. The operating expenses decreasing by 4.1%, with retail down 8.2% and office down 3.2%. The total same-store net operating income increased by 2.9% on a year-on-year basis, with retail up by 6.4% and office up by 1.6% during the quarter.