Cousins Properties expects SVB lease rejection, lowers net income guidance, signs new Domain 8 lease

COUSINS PROPERTIES INC

SVB Financial lease rejection likely; write-off $1.6M net assets and $3.4M depreciable fixed assets; estimated allowed damages claim $8.8M.
Full-year 2023 net income per share guidance reduced to $0.53-$0.63 from $0.56-$0.66; FFO guidance maintained at $2.55-$2.65.
New 102,000 sq ft lease signed at Domain 8 with large tech firm; Meta paid early termination fee; positive FFO impact ~$3.0M in 2023.
Net negative impact from Hayden Ferry I: $5.6M on net income, $3.0M on FFO for full year 2023 based on effective termination June 30.
Repositioning Hayden Ferry I for redevelopment; capitalize operating/interest expenses, cease depreciation until 90% occupied or 1 yr after redevelopment.

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