Cousins Properties Incorporated today reported its results of operations for the quarter and year ended December 31, 2015.

"We had an outstanding fourth quarter highlighted by strong same property net operating income growth and over 1.2 million square feet of leasing," said Larry Gellerstedt, President and Chief Executive Officer of Cousins. "Looking to 2016, we are keenly focused on our Houston portfolio as office market fundamentals have weakened in reaction to depressed energy prices. However, as a result of our aggressive action of executing several large leases in Houston very early in this cycle, we now own a stable portfolio in the most protected submarkets with minimal lease expiration exposure over the next few years. Meanwhile, office fundamentals in our other Sun Belt markets are outstanding as they continue to benefit from strong employment growth and limited new office supply."

Financial Results

Funds From Operations was $49.1 million, or $0.23 per share, for the fourth quarter of 2015, compared with $51.6 million, or $0.24 per share, for the fourth quarter of 2014.  FFO was $192.7 million, or $0.89 per share, for the year ended December 31, 2015, compared with $165.2 million, or $0.81 per share, for the same period in 2014.

Net income available to common stockholders was $56.7 million, or $0.27 per share, for the fourth quarter of 2015, compared with $23.2 million, or $0.11 per share, for the fourth quarter of 2014.  Net income available to common stockholders  was $125.5 million, or $0.58 per share, for the year ended December 31, 2015, compared with $45.5 million, or $0.22 per share, for the same period in 2014.

2016 FFO Guidance

For the year ending December 31, 2016, the Company expects to report FFO in the range of $0.86 to $0.92 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 Carolina Square and the NCR project.

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