Cousins Properties, Inc. (NYSE:CUZ) Q2 2022 Earnings Conference Call July 29, 2022 11:00 AM ET

Company Participants

Pamela Roper - EVP, General Counsel & Corporate Secretary

Michael Connolly - President, CEO & Director

Richard Hickson - EVP, Operations

Gregg Adzema - EVP & CFO

Conference Call Participants

Anthony Powell - Barclays Bank

Blaine Heck - Wells Fargo Securities

James Feldman - Bank of America Merrill Lynch

Daniel Ismail - Green Street Advisors

Vikram Malhotra - Mizuho Securities

David Rodgers - Robert W. Baird & Co.

Operator

Good morning, and welcome to the Cousins Properties Second Quarter Conference Call. [Operator Instructions].

Please do note that this event is being recorded. I would now like to turn the conference over to 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 Conley, 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 or 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 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. Before providing some observations on the macro environment and trends, I want to provide a quick overview of our second quarter financial highlights. On the earnings front, the team delivered $0.70 per share in FFO. Importantly, we leased 588,000 square feet during the quarter with an 11.6% cash rent roll-up. These are strong results, and we remain encouraged by the leasing pipeline in front of us. Looking at the macro environment, I'll highlight 3 important trends. First, as we all know, unprecedented fiscal and monetary stimulus supply chain disruptions from COVID were in Europe and an extraordinarily tight labor market have created inflation levels not seen in decades.