Cousins Properties Incorporated today reported its results of operations for the quarter ended September 30, 2015.

"During the third quarter we continued to execute our capital allocation strategy by selling our 2100 Ross office tower in Dallas, a very successful investment for Cousins, as well as announcing two new build-to-suit opportunities and initiating a share repurchase plan," said Larry Gellerstedt, Cousins' Chief Executive Officer.

Financial Results

Funds from Operations was $52.5 million, or $0.24 per share, for the third quarter of 2015, compared with $41.7 million, or $0.20 per share, for the third quarter of 2014.  FFO was $143.6 million, or $0.66 per share, for the nine months ended September 30, 2015, compared with $113.6 million, or $0.57 per share, for the same period in 2014.

Net income available to common stockholders was $53.6 million, or $0.25 per share, for the third quarter of 2015, compared with   $19.3 million, or $0.09 per share, for the third quarter of 2014.  Net income available to common stockholders  was $68.8 million, or $0.32 per share, for the nine months ended September 30, 2015, compared with $22.3 million, or $0.11 per share, for the same period in 2014.

2015 FFO Guidance

For the year ending December 31, 2015, the Company expects to report FFO in the range of $0.85 to $0.87 per share. This guidance reflects management's view of current and future market conditions, as well as the earnings impact of events referenced in this release and during our scheduled conference call. This guidance does not include the operational or capital impact of any future unannounced acquisition or disposition activity. This guidance also excludes the operational or capital impact of any development activity other than Research Park V, Carolina Square, and the NCR project.

The Company leaves unchanged previously provided components of its 2015 FFO guidance, except for the following:

• General and administrative expenses of $19 million to $21 million, net of capitalized salaries.

The Company's guidance is provided for information purposes based on current plans and assumptions and is subject to change.