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Cousins Properties - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Cousins Properties Inc (ISIN: US2227951066, WKN: 870827) Kursdatum: 21.07.2017 Kurs: 8,920 USD
Beschreibung Daten
Symbol CUZ
Marktkapitalisierung 2.283.725.056,00 USD
Land Vereinigte Staaten von Amerika
Indizes NO INDEX
Sektor Immobilien
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2016-10-07 - 1417:1000 | 2000-10-03 - 3:2 |
Internet www.cousinsproperties.com
Letztes Bilanz Update 21.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
-27,61 20,52 3,36% 1,90 58,86 28,77 8,81 0,93

Firmenbeschreibung

Firmenstrategie

RevenueRecognitionPolicyTextBlock

Revenue Recognition

Rental Property Revenues: The Company recognizes contractual revenues from leases on a straight-line basis over the term of the respective lease. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. Percentage rents are recognized once the specified sales target is achieved. In addition, leases typically provide for reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses to the Company. Operating expense reimbursements are recognized as the related expenses are incurred. During 2015, 2014, and 2013, the Company recognized $93.3 million, $86.0 million, and $43.9 million, respectively, in revenues, including discontinued operations, from tenants related to operating expenses.

The Company makes valuation adjustments to all tenant-related accounts receivable based upon its estimate of the likelihood of collectibility of amounts due from the tenant. The amount of any valuation adjustment is based on the tenant’s credit and business risk, history of payment, and other factors considered by management.

Fee Income: The Company recognizes development, management and leasing fees when earned. The Company recognizes development and leasing fees received from unconsolidated joint ventures and related salaries and other direct costs incurred by the Company as income and expense based on the percentage of the joint venture which the Company does not own. Correspondingly, the Company adjusts the investment in unconsolidated joint ventures asset when fees are paid to the Company by a joint venture in which the Company has an ownership interest. See note 5 for more information related to fee income received by unconsolidated joint ventures.

Gain on Sale of Investment Properties: The Company recognizes a gain on sale of investment property when the sale of a property is consummated, the buyer’s initial and continuing investment is adequate to demonstrate commitment to pay, any receivable obtained is not subject to future subordination, the usual risks and rewards of ownership are transferred, and the Company has no substantial continuing involvement with the property. If the Company has a commitment to the buyer and that commitment is a specific dollar amount, this commitment is accrued and the gain on sale that the Company recognizes is reduced. If the Company has a construction commitment to the buyer, management makes an estimate of this commitment, defers a portion of the profit from the sale, and recognizes the deferred profit as or when the commitment is fulfilled.

SegmentReportingDisclosureTextBlock

REPORTABLE SEGMENTS

The Company's segments are based on the method of internal reporting which classifies operations by property type and geographical area. The segments by property type are: Office, Mixed Use, and Other. The segments by geographical region are: Atlanta, Houston, Austin, Charlotte, and Other. In 2014 and 2013, the Company's reportable segments were Office, Retail, Land and Other. In 2014, the Company sold the remaining stand-alone retail properties, completing a strategic shift to focus on office properties. In conjunction, segment reporting has been adjusted to reflect the current Company profile and internal reporting. These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker based on similar economic characteristics that include the type of product and the geographical location. Prior period information has been revised to reflect the change in segment reporting. Each segment includes both consolidated operations and the Company's share of joint venture operations.

Company management evaluates the performance of its reportable segments in part based on net operating income (“NOI”). NOI represents rental property expenses less rental property operating expenses. NOI is not a measure of cash flows or operating results as measured by GAAP, is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income as it helps both management and investors understand the core operations of the Company's operating assets. NOI excludes corporate general and administrative expenses, interest expense, depreciation and amortization, impairments, gains/loss on sales of real estate, and other non-operating items.

Segment net income, amount of capital expenditures, and total assets are not presented in the following tables because management does not utilize these measures when analyzing its segments or when making resource allocation decisions. Information on the Company's segments along with a reconciliation of NOI to net income available to common stockholders is as follows (in thousands):

EarningsPerSharePolicyTextBlock

Earnings per Share (“EPS”)

Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period, including nonvested restricted stock which has nonforfeitable dividend rights. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period. Diluted weighted average number of common shares uses the same weighted average share number as in the basic calculation and adds the potential dilution that would occur if stock options (or any other contracts to issue common stock) were exercised and resulted in additional common shares outstanding, calculated using the treasury stock method. The numerator is reduced for the effect of preferred dividends in both the basic and diluted net income per share calculations.

Stock options are dilutive when the average market price of the Company’s stock during the period exceeds the option exercise price.

Year ended December 31, 2015
 
Office
 
Mixed-Use
 
Other
 
Total
Net Operating Income:
 
 
 
 
 
 
 
 
Houston
 
$
103,210

 
$

 
$

 
$
103,210

Atlanta
 
93,438

 
5,854

 

 
99,292

Austin
 
15,294

 

 

 
15,294

Charlotte
 
16,164

 

 

 
16,164

Other
 
7,104

 

 
168

 
7,272

Total Net Operating Income
 
$
235,210


$
5,854

 
$
168

 
241,232

 
 
 
 
 
 
 
 
 
Net operating income from unconsolidated joint ventures
 
 
 
 
 
 
 
(24,335
)
Net operating loss from discontinued operations
 
 
 
 
 
 
 
14

Fee income
 
 
 
 
 
 
 
7,297

Other income
 
 
 
 
 
 
 
1,278

General and administrative expenses
 
 
 
 
 
 
 
(17,099
)
Reimbursed expenses
 
 
 
 
 
 
 
(3,430
)
Interest expense
 
 
 
 
 
 
 
(30,723
)
Depreciation and amortization
 
 
 
 
 
 
 
(135,416
)
Other expenses
 
 
 
 
 
 
 
(1,299
)
Income from unconsolidated joint ventures
 
 
 
 
 
 
 
8,302

Loss from discontinued operations
 
 
 
 
 
 
 
(586
)
Gain on sale of investment properties
 
 
 
 
 
 
 
80,394

Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
(111
)
Net income available to common stockholders