ATLANTA – ATLANTA (AP) _ Cousins Properties Inc. (CUZ) on Wednesday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Atlanta, said it had funds from operations of $67.5 million, or 16 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 15 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $19.5 million, or 5 cents per share.
The real estate company posted revenue of $118.7 million in the period. Its adjusted revenue was $115.4 million, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $116.2 million.
Cousins Properties expects full-year funds from operations to be 60 cents to 63 cents per share.
The company's shares have declined 11 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.25, a fall of 11 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on CUZ at https://www.zacks.com/ap/CUZ