ATLANTA—Cousins Properties is reporting secondquarter earnings. The company reported 18 cents earnings per share,beating the Street by a penny. Total revenue was $84.51 million onthe quarter, compared to $78.24 analysts estimated. Year-over-year,the company's revenue was up 98.8%.


Cash basis same property net operating income for the secondquarter was up 15% over the prior year. Before the end of thequarter, Cousins entered into an agreement to acquire Fifth ThirdCenter in Charlotte, NC for $215 million. The company expects FifthThird Center to be 82% leased upon closing.


“We took advantage of our recovering Sunbelt office markets bysigning a significant number of new leases during the secondquarter at improving economics to us,” says Larry Gellerstedt,president and CEO of Cousins. “In addition, our pending purchase ofFifth Third Center is an exceptional strategic fit for us. We arepurchasing this class A office tower below replacement cost andwith a real value creation opportunity through the lease up ofvacant space.”


Cousins leased or renewed 416,000 square feet of office andretail space during the second quarter and soldall remaining land at the Round Rock, TX site for $10 million for a$1.3 million gain. The six months ended June 30, 2013 included$56.8 million in gains recognized on the sale of 50% of thecompany's interest in Terminus 100 and on the acquisition ofTerminus 200, which was achieved in stages.

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