Highlights

• Funds From Operations were $0.21 per share.

• Same property net operating income on a cash basis was up 5.2% over the prior year.

• Second quarter second generation net rent per square foot on a cash basis increased 32.8%.

• Leased or renewed 521,348 square feet of office space, including a 255,413 square foot renewal with Transocean at Greenway Plaza.

• Formed a joint venture to develop a mixed-use project in Chapel Hill, North Carolina. The project is expected to contain 159,000 square feet of office space, 43,000 square feet of retail space and 246 apartment units.

• Initiated sales process for 2100 Ross, an 844,000 square foot office property in Dallas, Texas.

• Subsequent to quarter end, opened Phase II of Emory Point, a mixed-used development in Atlanta, Georgia. The project contains 307 apartment units and 45,000 square feet of retail space;

• Subsequent to quarter end, signed a 15-year, build-to-suit lease with NCR Corporation to develop an approximately 485,000 square foot headquarters building in Midtown Atlanta.

Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended June 30, 2015.

"It was another solid quarter, highlighted by the early renewal of Transocean's lease at Greenway Plaza and the start of Carolina Square in Chapel Hill," said Larry Gellerstedt, President and Chief Executive Officer of Cousins. "Our expanding development pipeline highlights the importance of our development capabilities at this point in the real estate cycle.  Including our recently announced NCR development, we currently have approximately $360 million under development with 68% of the office and retail space pre-leased."

Financial Results

FFO was $45.2 million, or $0.21 per share, for the second quarter of 2015, compared with $35.8 million, or 0.18 per share, for the second quarter of 2014.  FFO was $91.2 million, or $0.42 per share, for the six months ended June 30, 2015, compared with $72.0 million, or $0.37 per share, for the same period in 2014.

Net income available to common stockholders was $8.0 million, or $0.04 per share, for the second quarter of 2015, compared with a net loss of  $(2.2) million, or $(0.01) per share, for the second quarter of 2014.  Net income available to common stockholders was $15.2 million, or $0.07 per share, for the six months ended June 30, 2015, compared with $3.0 million, or $0.02 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 $0.83 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, Emory Point Phase II, Carolina Square, and the NCR project.

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

• Interest and other expenses of $41 million to $43 million, net of capitalized interest. 

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