other material
confidence high
sentiment positive
materiality 0.50
Cousins Properties presents at Nareit: 90.2% occupied, 4.75x leverage, $704M liquidity, 1.5M SF pipeline
COUSINS PROPERTIES INC
- Portfolio: 18.8M SF, 90.2% leased, average year built 2004, 34% less than 5 years old or redeveloped.
- Balance sheet: Net Debt/EBITDA 4.75x, only 1.3% debt maturing 2022-2023, $704M liquidity.
- Rent growth: In-place gross rent up 33% since 2017; FAD per share up 23% since 2017; NAV up 13% per Green Street.
- Development: 1.5M SF active pipeline (92% pre-leased in Austin, 97% in Phoenix), land bank supports 4.6M SF.
- Leasing: Second-gen cash net rent rolled up 11.7% avg over past two years; lease expirations well below peer avg.