Cousins Properties Q2 FFO Rises - Quick Facts

(RTTNews) - Cousins Properties Inc. (CUZ) Monday said second-quarter FFO improved to $14.2 million or $0.12 per share from $13.2 million or $0.13 per share in the comparable quarter last year.

On average, five analysts polled by Thomson Reuters expected the company to earn $0.11 per share for the quarter. Analysts' estimates typically exclude special items.

For the quarter, the company recorded a loss of $5.6 million or $0.05 per share, compared to a profit of $6.4 million or $0.06 per share last year.

Revenues totaled $44.16 million, up from $32.50 million last year. Analysts expected revenues of $39.21 million.

The company has also announced agreement to acquire Greenway Plaza, a 10-building office portfolio in Houston, and 777 Main Street, an office tower in Fort Worth, Texas, for a cash offer of approximately $1.1 billion from a joint venture operated by Crescent Real Estate Holdings LLC.

The company expects to fund the transaction through proceeds from a common stock offering, as well as the anticipated sale of non-core assets and mortgage financing. The acquisition is anticipated to close by mid-September 2013.

"Greenway Plaza and 777 Main Street are an excellent fit with our portfolio as they are high-quality urban properties with embedded NOI growth and future development potential," said Larry Gellerstedt, President and CEO.