Cousins Properties Incorporated (CUZ) is experiencing solid demand for its One Ninety One Peachtree Tower in downtown Atlanta. The company inked three leases for the property covering 77,302 square feet. This brought the total leasing percentage to 92%, up from 87% at 2013 end, marking the highest level since its acquisition by Cousins in 2006.
Reflecting positive sentiments, the shares of Cousins Properties touched a new 52-week high of $13.20 on Sep 5, climbing 1.7% from the previous closing price. The stock has achieved a solid year-to-date return of 32.3% and the trading volume for the session was 2.5 million shares.
Specifically, for this 50-story, 1.2 million square-foot Class A office tower, the lease deals were signed with Dixon Hughes Goodman, LLP for a space of 51,066 square feet, and Association County Commissioners of Georgia for 17,956 square feet.
The third deal was with a repeat customer, Hall Booth Smith, P.C., who has been leasing space in this building since 2009. On account of expansion moves, Hall Booth Smith has now inked a deal for 8,100 square feet, increasing its total leasing area to 64,359 square feet.
As a matter of fact, Cousins Properties has been continuing with its efforts to strategically reposition its portfolio. In August, the company disclosed the acquisition of two trophy office assets – Fifth Third Centerin Charlotte, NC and Northpark Town Center in Atlanta, GA. With completion of both the buyouts, Cousins Properties’ portfolio will stand among the five exclusively targeted Sunbelt markets of the U.S.
Notably, Cousins Properties is making dedicated efforts to simplify its business by targeting trophy assets and opportunistic mixed-use developments in the best urban submarkets. Also, the company aims toward maintaining a flexible balance sheet with ample liquidity, not only to capitalize on opportunistic acquisitions but also to leverage on improving market fundamentals and raise operational efficiency.
Cousins Properties currently carries a Zacks Rank #3 (Hold). Investors interested in the REIT industry may consider better-ranked stocks like DCT Industrial Trust Inc. (DCT), Omega Healthcare Investors Inc. (OHI) and Gladstone Commercial Corp. (GOOD). All these stocks have a Zacks Rank #2 (Buy).
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