ATLANTA--(BUSINESS WIRE)--Aug. 11, 2008--Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three and six months ended June 30, 2008. All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release. "With economic conditions continuing to deteriorate, leasing remains a top priority for us, and our team is looking for distressed transactions where we can use our expertise to create value for our shareholders," said Tom Bell, (top right photo) chairman and CEO of Cousins.
"Fortunately, our tract sales business - selling entitled land to users or other developers - continues to be a bright spot this year and highlights a sometimes overlooked but important recurring business for Cousins."During the second half of the year, we will continue to press on the lease-up of our existing projects while aggressively pursuing opportunities that result from this down cycle," Bell added.
Funds from Operations Available to Common Stockholders ("FFO") was $16.1 million, or $0.31 per share, for the second quarter of 2008 compared with FFO of $9.4 million, or $0.18 per share, for the second quarter of 2007. FFO was $29.9 million, or $0.58 per share, for the six months ended June 30, 2008, compared to $33.9 million, or $0.63 per share, for the same period in 2007.
Net Income Available to Common Stockholders ("Net IncomeAvailable") was $2.9 million, or $0.06 per share, for the second quarter
of 2008 compared with Net Income Available of $395,000, or $0.01 per share, for the second quarter of 2007.
of 2008 compared with Net Income Available of $395,000, or $0.01 per share, for the second quarter of 2007.Net Income Available was $4.8 million, or $0.09 per share, for the six months ended June30, 2008, compared with $14.8 million, or $0.28 per share, for the same period in 2007.
For a complete detailed copy of the company's news release, please contact James A. Fleming, Executive Vice President and Chief Financial Officer, 404-407-1150, jimfleming@cousinsproperties.com or Matt Gove, Senior Vice President, 404-407-1490, mattgove@cousinsproperties.com
For a complete detailed copy of the company's news release, please contact James A. Fleming, Executive Vice President and Chief Financial Officer, 404-407-1150, jimfleming@cousinsproperties.com or Matt Gove, Senior Vice President, 404-407-1490, mattgove@cousinsproperties.com
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