CUZ - Cousins Properties Incorporated (CUZ) Q1 2024 Earnings Call Transcript
2024-04-26 19:04:08 ET
Cousins Properties Incorporated (CUZ)
Q1 2024 Earnings Call Transcript
April 26, 2024, 10:00 AM ET
Company Participants
Pamela Roper - General Counsel
Colin Connolly - President and CEO
Richard Hickson - EVP of Operations
Gregg Adzema - CFO
Conference Call Participants
Blaine Heck - Wells Fargo
John Kim - BMO Capital Markets
Anthony Paolone - JP Morgan
Camille Bonnel - Bank of America
Steve Sakwa - Evercore
Nick Thillman - Baird
Brendan Lynch - Barclays
Dylan Burzinski - Green Street
Upal Rana - KeyBanc
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to the Cousins Properties First Quarter Conference Call. At this time, all lines in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Friday, April 26, 2024. I would now like to turn the conference over to Pamela Roper, General Counsel. Go ahead.
Pamela Roper
Thank you. Good morning and welcome to Cousins Properties first quarter earnings conference call. With me today are Colin Connolly, our President and Chief Executive Officer; Richard Hickson, our Executive Vice President of Operations; and Gregg Adzema, our Chief Financial Officer. The press release and supplemental package were distributed yesterday afternoon as well as furnished on Form 8-K. In the supplemental package, the company has reconciled all non-GAAP financial measures, the most directly comparable GAAP measures, in accordance with Reg G requirements. If you did not receive a copy, these documents are available through the quarterly disclosures and supplemental SEC information links on the Investor Relations page of our website, cousins.com.
Please be aware that certain matters discussed today may constitute forward-looking statements within the meaning of federal securities laws, and actual results may differ materially from these statements due to a variety of risks and uncertainties and other factors, including the risk factors set forth in our annual report on Form 10-K and our other SEC filings. The company does not undertake any duty to update any forward-looking statements, whether as a result of new information, future events, or otherwise. The full declaration regarding forward-looking statements is available in the supplemental package posted yesterday, and a detailed discussion of some potential risk is contained in our filings with the SEC.
With that, I'll turn the call over to Colin Connolly.
Colin Connolly
Thank you, Pam. And good morning, everyone. We had a strong start to 2024 at Cousins. To summarize, we delivered $0.65 a share in FFO, which beat street consensus, and we raised our full year guidance. We reported same property net operating income growth of 6.6%. We leased 404,000 square feet with a positive cash rent roll up of 5.3%. This marks our 40th consecutive quarter with a positive cash rent roll up. We ended the quarter with net debt to EBITDA of 5.25 times, which is among the lowest in the office sector....
Cousins Properties Incorporated (CUZ) Q1 2024 Earnings Call Transcript