Cousins Properties Incorporated (NYSE:CUZ) Q2 2023 Earnings Conference Call July 28, 2023 11:00 AM ET

Company Participants

Colin Connolly - President, Chief Executive Officer

Richard Hickson - Executive Vice President of Operations

Gregg Adzema - Chief Financial Officer

Pamela Roper - General Counsel

Conference Call Participants

Blaine Heck - Wells Fargo

Nick Thillman - Baird

Anthony Powell - Barclay

Regan Sweeney - BMO Capital Markets

Jay Poskitt - Evercore

Camille Bonnel - Bank of America

Peter Abramowitz - Jeffries

Dylan Burzinski - Green Street

Andrew Rosivach - Wolfe Research

Operator

Good day, and welcome to Cousins Properties Second Quarter Conference Call. All participants will be in listen-only mode. [Operator Instructions]. Note that this event is being recorded.

Now, I’d like to turn the call over to Ms. Pamela Roper, General Counsel. Please go ahead.

Pamela Roper

Thank you. Good morning and welcome to Cousins Properties second 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 to 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, www.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 risks 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 second quarter at Cousins. On the earnings front, the team delivered $0.68 per share in FFO and same property net operating income increased 3.7% on a cash basis. We leased 435,000 square feet during the quarter, with a 7.9% cash rent roll-out. New leases and expansions totaled 343,000 square feet, representing 79% of total leasing activity. These are terrific results.