Fourth quarter 2005 net income was $12.6 million, or 24 cents per diluted share, compared with $118.5 million, or $2.29 per share, in fourth quarter 2004. Funds from operations totaled $22.8 million, or 44 cents per share, versus $27.3 million or 53 cents in last year's fourth period.
For the entire 2005, net income was $34.5 million, or 67 cents per share, compared with $399.7 million, or $7.84 per share, in the comparable 2004 period. FFO was $73.7 million, or $1.43 per share, compared with $108.9 million or $2.13 per share in 2004.
"2005 was an extremely active and successful year for Cousins," Bell says in a prepared statement. "All of our divisions launched significant new projects, and as a result we began over $400 million of new development."
As an example of "generating value through new development projects," Bell cites the company's 651,000-sf Terminus 100 office development in Buckhead. "After just eight months of construction, [the project] is already 41% leased and 53% committed," he says. Cousins signed four tenants to a total 128,000 sf.
Bell says the company's portfolio of operational office buildings was 88% leased at Dec. 31, 2005 compared with 85% at Sept. 30, 2005. Cousins' active retail centers were 95% leased versus 96% at Sept. 30. "Retail development remained the leading performer for Cousins in 2005," Bell says.
He cites the 786,000-sf Avenue Carriage Crossing in suburban Memphis as the company's largest retail project to date. Cousins also broke ground in 2005 on the San Jose MarketCenter and Atlanta's Avenue Webb Gin, both scheduled to open this month.
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