In a notable development, Cousins Properties Incorporated CUZ recently renewed a lease deal with Bank of America, N.A. for a period of 10 years. This renewal lease deal for a 922,684-square foot property at Gateway Village in Charlotte, NC will likely be accretive for Cousins Properties, going forward. It also indicates how strategic relationships can generate huge opportunities for shareholders of a company.
Atlanta, GA-based Cousins Properties is a real estate investment trust (“REIT”) in the U.S. that engages in acquisition, ownership, development and management of upscale office and retail properties throughout the Sunbelt markets of the U.S., with special focus on Georgia, Texas and North Carolina. Notably, Gateway Village, a 50/50 joint venture (“JV”) between Cousins Properties and Bank of America, is a 1,060,901-square foot office asset situated in Uptown Charlotte.
Cousins Properties reported third-quarter 2015 funds from operations (“FFO”) of 24 cents per share, beating the Zacks Consensus Estimate by 3 cents. The figure also came 4 cents ahead of the year-ago tally. Results were aided by growth in same property net operating income.
Cousins Properties currently carries a Zacks Rank #2 (Buy).
Investors interested in the REIT space may also consider stocks like Hersha Hospitality Trust HT, Getty Realty Corp. GTY and Mack-Cali Realty Corp. CLI All three stocks sport a Zacks Rank #1 (Strong Buy).
Note: FFO, a widely used metric to gauge the performance of REITs, are obtained after adding depreciation and amortization and other non-cash expenses to net income.
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