Cousins Properties Q1 Profit Declines; Revenue Surges - Quick Facts

(RTTNews) - Cousins Properties Inc (CUZ) reported that its first-quarter net income available to common stockholders tumbled to $5.2 million or $0.03 per share from $53.2 million or $0.51 per share reported a year ago.

The three months ended March 31, 2013 included gains on the sale of 50% of the company's interest in Terminus 100 and the acquisition, achieved in stages, of Terminus 200, the company noted.

FFO was $36.2 million or $0.19 per share, higher than the $11.5 million or $0.11 per share in the prior year quarter.

On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.17 for the quarter. Analysts' estimates typically exclude special items.

Revenues surged to $81.72 million from $38.26 million a year ago. Rental property revenues rose to $77.48 million from the prior year's $33.12 million. Analysts expected revenue of $77.92 million for the quarter.

Costs and expenses climbed to $83.3 million from the previous year's $41.06 million.