Company says late-stage leasing pipeline remains robust
Cousins Properties sees tightening fundamentals in Sun Belt trophy office markets
Result drivers
Leasing activity - Co executed 924,000 sq ft of office leases in Q2, including 395,000 sq ft of new and expansion leases, raising portfolio occupancy to 92.8%
Property sale gain - Increase in Q2 net income was primarily due to a gain on the sale of an investment property
Rental growth - Second generation net rent per sq ft on a cash-basis increased 9.2% in Q2
Analyst coverage and valuation
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "hold"
Wall Street's median 12-month price target for Cousins Properties Inc is $33.00, about 2.2% above its July 29 closing price of $32.30
The stock recently traded at 101 times the next 12-month earnings vs. a P/E of 72 three months ago
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