Brief: Cousins Properties Concludes Lease Rejection From SVB Financial

Cousins Properties

05/06/2023 23:31

June 5 (Reuters) - Cousins Properties Inc  CUZ.N :
    * COUSINS PROPERTIES - CONCLUDED LEASE REJECTION FROM SVB
FINANCIAL LIKELY, COLLECTION OF RENTS UNDER TERMS OF EXISTING
LEASE NO LONGER PROBABLE
    * COUSINS PROPERTIES INC- AS RESULT OF ANTICIPATED LEASE
REJECTION, WRITING-OFF ABOUT $1.6 MILLION OF NET ASSETS
ASSOCIATED WITH THE SVB FINANCIAL LEASE
    * COUSINS PROPERTIES INC - WRITING-OFF DEPRECIABLE FIXED
ASSETS
ASSOCIATED WITH THE LEASE OF APPROXIMATELY $3.4 MILLION
    * COUSINS PROPERTIES - CONCLUDED THAT FIRST CITIZEN'S
BANCSHARES
UNLIKELY TO EXECUTE A NEW LEASE FOR ANY PORTION OF THE CURRENTLY
LEASED SPACE
    * COUSINS PROPERTIES- ANTICIPATE NEGATIVE IMPACT OF HAYDEN
FERRY I
ASSET WRITE-OFF, ASSOCIATED CHARGES TO BE ABOUT $5.6 MILLION OF
NET INCOME FOR FY23
    * COUSINS PROPERTIES- ANTICIPATE NEGATIVE IMPACT OF HAYDEN
FERRY I
ASSET WRITE-OFF, ASSOCIATED CHARGES TO BE ABOUT $3.0 MILLION OF
FFO FOR FY23
    * COUSINS PROPERTIES INC- MAINTAINING OUR FULL YEAR 2023 FFO
RANGE
OF $2.55 - $2.65 PER SHARE
    * COUSINS PROPERTIES- POST IMPACT AT BOTH HAYDEN FERRY
I,DOMAIN 8
INTO EARNINGS GUIDANCE, DECREASING  FY NET INCOME RANGE TO $0.53
- $0.63 PER SHARE
    * COUSINS PROPERTIES INC- 2023 GUIDANCE DOES NOT INCLUDE ANY
PROJECTED RECOVERY OF UNSECURED CREDITOR'S CLAIM IN  SVB
FINANCIAL BANKRUPTCY CASE

Further company coverage:  CUZ.N 

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