Cousins Properties Lifts 2019 Profit View

(RTTNews) - Cousins Properties (CUZ) said that it has entered into three strategic transactions in Atlanta that increase its 2019 earnings guidance. Based on these transactions, the company increased its 2019 net income guidance from $0.27 to $0.29 per share to $0.35 to $0.38 per share and its 2019 FFO guidance from $0.61 to $0.65 per share to $0.70 to $0.75 per share.

On February 26, 2019, Cousins closed on the sale of its air rights that cover approximately eight acres within an area of Downtown Atlanta known as The Gulch to developer CIM Group for a gross sale price of $13.25 million. As part of the agreement with CIM, under certain conditions, Cousins retains office development rights on the Gulch site.

On March 1, 2019, Cousins entered into an agreement to develop 650 West Peachtree in Midtown Atlanta on a site it recently acquired near Georgia Tech. Cousins sold the site to Norfolk Southern for its new headquarters and will serve as fee developer. Construction will commence in the first quarter of 2019 with delivery targeted for the third quarter of 2021.