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Cousins Properties updates guidance, closes $503M deal

Cousins Properties Inc., in reporting its third-quarter earnings, raised and narrowed its funds from operations per share guidance for the full year, excluding transaction costs, to a range of $2.92 to $3.00 from $2.81 to $2.93.

For the 2020 full year, the real estate investment trust provided an FFO per share guidance range, excluding transaction costs, of between $2.71 and $2.85.

The S&P Global Market Intelligence FFO per share consensus for 2019 and 2020 is $2.86 and $2.78, respectively.

The company also closed the acquisition of a 50% stake in Terminus Office Holdings LLC from its joint venture partner in a deal that valued the assets at $503 million.

As part of the Terminus buildings acquisition, the company also realized an associated gain on the deal of approximately $94 million.