Cousins Properties Incorporated (NYSE:CUZ) Q3 2022 Earnings Conference Call October 28, 2022 11:00 AM ET

Company Participants

Pamela Roper - General Counsel

Michael Connolly - President and CEO

Richard Hickson - EVP, Operations

Gregg Adzema - CFO

Conference Call Participants

Blaine Heck - Wells Fargo

Dave Rodgers - Baird

Brian Spahn - Evercore ISI

Camille Bonnel - Bank of America

Vikram Malhotra - Mizuho

Anthony Powell - Barclays

Daniel Ismail - Green Street

Operator

Good morning, and welcome to the Cousins Properties Third Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Pam Roper, General Counsel. Please go ahead.

Pamela Roper

Thank you. Good morning, and welcome to Cousins Properties third 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, 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 the potential risks is contained in our filings with the SEC.

With that, I'll turn the call over to Colin Connolly.

Michael Connolly

Thank you, Pam, and good morning, everyone.

We had a very strong third quarter at Cousins. On the earnings front, the team delivered $0.69 per share in FFO and same property net operating income increased 1.5% on a cash basis. Importantly, we leased 431,000 square feet during the quarter, with a 4.8% cash rent roll up, and 7.3% excluding our non-core asset in Houston.