CUZ - Earnings call transcript Q3 2020 | Cousins Properties Incorporated

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Operator

Good morning, and welcome to the Cousins Properties Third Quarter Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Pam Roper, General Counsel. Please go ahead.

Pamela Roper

Good morning, and welcome to Cousins Properties third quarter earnings conference call. Officer. Colin our President Operations; Executive Adzema, Chief are Officer; Chief and today our Hickson, Richard Vice Financial me Connolly, and our Executive Gregg With President of distributed The yesterday on press X-K. supplemental release package Form afternoon well as and as furnished were the Reg has all G measures the requirements. non-GAAP GAAP measures company directly the most comparable package, in supplemental financial In reconciled to accordance with

of our on call available factors other including the there those that, of and with The posted did including XX-K Colin With matters efforts, In posed If I'll forward-looking and statements, is impacts and Relations any private our with in package aware company COVID-XX update not risks SEC to and along available a or and a risks, direct of customers. to of yesterday, related requirements differ contained those through are COVID-XX, are forth the these set and SEC. actual turn to of our and new is of operating meaning the filings. the receive the condition statements information, risks the documents as discussion scope, undertake materially report from detailed supplemental duty forward-looking the be quarterly uncertainties within securities the not future statements our sector you our The factors, financial full does governmental the Connolly. indirect information variety result the discussed statements and pandemic mitigation responses, of laws, in results on pandemic, may risk these by links on particular, declaration Investor any forward-looking including our page Please significant constitute website, over otherwise. and and that filings and regarding whether events a disclosures due annual have in copy, SEC a may the Form results supplemental and duration related potential federal other and today cousins.com. may uncertainties severity certain to that

Colin Connolly

morning, Thank we believe, employees for strong for our At everyone. our company and shareholders. you, if Pam, drive will customers, our service excellent results good firmly provide dedicated Cousins,

true guiding even circumstances. We have stayed principle the toughest this to under

markets, these pandemic, be lease In than billion the over increased with results. quickly We terrific million-square-foot We Over so pipeline quality a average are three weighted challenging our the a by that caring providing before leased. more $X.XX environment, But have COVID a of our cash reported us rents We discussing navigated and day of normalized office quarter past square these per team. customers. and component debt-to-EBITDA have global customers times a term the from results. is XXX,XXX including environment total while quarters, of XX% and X%. second-generation We six and The to excellent our highlight In our our our office third want the And from quarter I long-term been leased X.X for proud would with development they FFO years. we the $X ably of X.XX closed expect every with liquidity. I results share. of lastly, of portfolio outlook, collected solid net XX% customers. our reinforce of service feet XX% we rent,

cases, in have an was slower to Day, our new encouraging since across Sunbelt and discussions in summer seen we While Labor a COVID due uptick the quarter leasing leasing the portfolio. during spike tours

active with looking out and Northeast, and are Austin, of all Charlotte, Atlanta, to redistribute Phoenix Tampa California. the in agencies development economic addition, prospects Midwest employees potential In Dallas,

of combination to to the impact likely XXXX, turn believe office and to optimism the separate the out-of-market now short-term gives so, for I'll of Sunbelt it's In I trends long-term activity is While the trends. quarters in and COVID-XX trends come. outperformance office critical to into the both shaping duration in-market the us business. market doing

continuing last customers. disconnected companies with driven discussing from whose mentioned the home office users which work vantage speculate our of the from often about are we by a on the have we virtual I At Sunbelt from quarter, the hear to of have businesses As office space. ground from many the headlines, of future office spent benefit are we a what topic Interestingly, in world, are this sector. the considerable implications unique on point Cousins, on time as the trophy

Let me share some of customers. the feedback from our

are pandemic. Corporate not period due productivity, loyalty global of home about worried choice. is a well-being It corporate they working necessity leaders over by culture, to employee at extended erosion of work. of First, increasingly and the an remote are out

to proved safe, we are Thus lockdown. customers to Flexibility trend corporate likely far, largely remote long-term drive and has likely it and to prove Second, are will best is return Pandemics believe grow, done when in in success collaboration office. but in temporary. home working this from cities end, our generally is working due do be of adoption eager to and the person. mentorship to near-universal remaining serviceable however, enthusiastic and

States we office changing. returned Asia the look needs Again, market, to virus Cousins, contained cities have future evaluating a their on the glimpse in At have of for market in-person to that the are headed. our in to into are look constantly effectively more feedback leading we office where work. international want you is United and If customers utilization the largely how

and perspective on second, greater to me of a on a taxes, cost migration newer, familiar, in are. trends years complemented Many a diverse dissatisfaction Sunbelt Sunbelt balance concerns address crafted operating density we their leading business-friendly plan trophy a Cousins more at climate, and third, ago, lower with drive most experiential corporate a position of and platforms. talent and a sheet Let these quality lower the to first, health prioritized properties; will importantly, trends. overly and our sector: search intersection plans. flight these floor portfolio, We pool; local the to open employee the best-in-class believe a office focus they decrease of sound we with strategic the living, amenitized dense strong that by long-term in to trends share If office more

vintage and progress We XXX% have the our of of the strategic made in located properties portfolio among priorities. already great sector, are age on the with average is Class our XXX% an newest are office Sunbelt, building in our XXXX. A,

it we investment appropriately customers believe post-COVID, needs. While meet strategy we their a adapt critical do we these changing And move will trends is to do that our faster, not paradigm accelerate. new long-term as anticipate office our

newer, plan identify opportunities, more we more As we in amenitized attractive recycle and properties best capital-intensive capital-intensive less locations. assets older, into the vintage, to

to consistent to to we will that and sure, can of land and concurrently, won't buy be see have platform allows us you to for follow. expect the time but the on our the state-of-the-art buys Fortunately, a always sites. other if We growing able that future are or with likely existing our sells customers buy be office sell, you properties us assets develop both attractive

keep a our we already are second-generation maintaining we Over generate reduce can affords and us dry strong larger differences that trophy enhance flexibility the powder for CapEx can investment to financial confident we balance while the strength time, unmatched financial In profile. sheet conservative strategic timing returns. portfolio, manage and Our short, opportunities. attractive

markets a Sunbelt Our tailwind. are clear

Our are fortress sheet team assets, balance creative trophy and differentiators.

We will disciplined on strategic our focused compelling stay and plan.

their continues team, to I ethic Before thank which want appreciate Cousins the I'm to all to hard day in be markets. talented part over of turning Cousins. service I to of customer the dedication, Richard, diligently and each Richard? work. call work proud our

Richard Hickson

morning, everyone. Thanks, and Colin, good

remarks, to I report want continued best-in-class solid you to operating that But our Following up portfolio, team move general into quarter hard relative work results, a were Sunbelt to with from pandemic. able operating results. business on update third before to and happy on Colin's we conditions the I deliver I'm

million utilization physical First, by occupancy foot or our customers. portfolio of on our XX.X square update an

our that rent solid. of all quarter. customers of not materially this is will in the sometime note company. below our also move I is sense As you'll again, some customers XX.X% that office are utilization customers first or utilization our rent we of operating at seen XX% XX% properties The of with of XX%. utilization increase, would rent paid recall, rent XXX% average summer, steady pleased from however, third a here collections Labor top the of well until an more. from consistently decidedly Since in trend XX to report recent XX.X% am was have properties utilization currently days pandemic Day, positive, from the We collected and but I of the through higher across the at utilization XXXX. Once quarter. from that remain

began, month our Additionally, and stands XX% October rent pandemic September collections currently was at strongest the since collected.

reflect agreements very happening of date. With in there impact in short, regard at deferral is As activity, rent rent time. these numbers prior this the little deferral completed quarters, to to

gross rent was quarter, As a total quarter added that the or now reminder, of annualized second deferred we rent rents. X.X% deferred X.X% $X.X total, in is In million this contractual cash the such rents. of the X.X% total cash contractual third annualized gross to

annual a deferral office of retail what restructuring very of these is customers. little flexible activity on going As Both revenue. of rental portion and represent and segments with our is today, that customer small

operating on Now results.

at XX.X% our quarter leased, XX.X% a same-property leased. portfolio with total solid ended Our the portfolio third at

We In portfolio respectively. again environment. square record weighted-average foot. rents especially addition, total XX.X% increased as portfolio statistics, fantastic view $XX.XX in also and headline to In-place XX.X%, to the same-property these current a gross portfolio occupancy increased per and

As impacted In rate. square we leases, quarterly our the XXX,XXX about year all, of our run three third of in half expected, leasing quarter. the signed feet pandemic volume

However, activity has decline slowed. down sequentially, XX% only showing was the

long-term drop the This run to were and leases. mix, a leases expansion XX% in years. of rent was demand, volume And a lease unusual year lower quality the lease leasing level Despite three compares signed term a clear free the of X.X new new concessions, in XX% lease healthy held Average third our up of rate defined XX%. of and activity year-to-date the Given well. leasing one very Worth and renewal as and quarter per great activity X/X at for of were was Burnett of materially property renewal Fort One Houston, Plaza. all of tenant lower our almost was in note for year, of of markets that leasing noncore which improvements, rolling a of foot $X.XX. and This per is customer item our the XX,XXX-square-foot place a square $X.XX almost only took our Cousins. X-quarter and average than

to rental Worth other in However, low are markets. rates our relative Fort

$XX.XX. rent a result, at As average in our came quarter net the in third effective lower

growth rent markets, increasing rolling average noncore step I'm in with rents excluding markets, strong of report net growth Excluding basis. more our much cash remained pleased $XX.XX, activity either basis. to our higher rents was exceptionally $XX.XX. net second-generation with is rent a average you in that increased noncore our effective our Again, rent it. a second-generation X-quarter a net cash X.X% slice way strong This on on XX.X% also

address the also Given we leasing in, unique I want our time are pipeline. to

our this quite pipeline size about late-stage XX% is quarter last Looking of the screening at better time bit forward, than a larger.

not back pre-pandemic of levels, is signaling our stage While certainly this pipeline trend. to encouraging an

the good feel our vast majority late-stage of quarters. couple about pipeline next signed converting over also leases We to the of

in cash we've revealing currently three Our consistent XX is of net higher. metric run expansion posted activity. percentage year and late-stage points growth total recent solid growth Last our Again, this late-stage is least, than a our XX% the also on rebound with rent representing new pipeline signed pipeline rate is less in but in activity. the not leasing,

In clear in the terms in tours and month of improvement initial seen earlier-stage activity, past we or have so. inquiries

third-party fly for in town and partners our touring last update all able an of in true our tours." holds up, to As being an part has of to restrictions leasing illustration, people being "Medium-sized markets. This in activity due week travel noted core picked that, one definitely lifted into

and are seeing a in pickup We large searches. new-to-market also

or As of markets. more user every new-to-market or of large responding one today, we are not, tracking to core requirements, or in whether our one actively

time Please economic teams so activity evolve during These pandemic. have encouraging from mind, are hearing keep ever in market that that just in take as groups are busy of a couple been. leaders Our play a of they consistently does though, more stage early that were today this as their ago. and even development also months kind to not signs are

now many, Like it for income an More Austin, all trend on We of win to quarter. for demand, supply on tell A CBD in are previously amount view are Beyond we broadly, general, our Austin, elevated the about that some availability, on motivated recovery hiring this much and submarkets over so. last necessarily clearly similar transact. And will and not of availability growth. sublease trained believe Only are at to Class CoStar we the quarter, sublease was adjust but supply relates market there's and new eventual front. tenants of remain sublease still space just fishing manageable eyes earmarked to as speculation how we also of lower easy rightly end who accommodate most time an to as X.X% other across but represents the Sunbelt or at noticeably companies puts In of last time. not target the inventory this that flagged of short-term focused in much highly which third to attempting this space and quarter. the sublease robust new

Cousins phenomenal in portfolio that, fantastic with of contractual prove pandemic. trophy forward, well will that I Sunbelt call XX.X% and incredibly as we we truly great to With footprint a a over an and XXXX be navigate positioned office emerge the rents expiring Gregg. a hand As this tailwind look from with should unequaled only is and team, XXXX to

Gregg Adzema

have I'll everyone. some discussion quarterly a receivables things up dividend and my including followed relatively our by our and the third were outlook the morning, numbers by providing updated Good results since held my sheet remainder XXXX. information activities, quick of our of data solid brief and balance our a pipeline, quarter and the of on of closing All our well performance, onset Richard. for same-property on with remarks begin Thanks, development our remarks detail overview financial pandemic. before considered,

much a last first our was they XX% same-property down For and FFO months cash a on than basis price X% year. have of about Sunbelt we've share have. actually cash up little from rents roll nine perspective, might quarter you recent remains more on that have fundamentals to Based led during over deteriorated third continued NOI X.X%, think the been positive XXXX. Year-to-date performance, to severely at

call. buildings. a our Turning to with the quarter's quarter which during revenues last compared our comments decline occupancy a income year, performance last X.X% decline to The in same-property earnings within item performance. This on same-property in my operating third and X% Cash remains was fiscal was by the X.X% net driving consistent expenses. declined largest driven our

levels, quarter, compared while parking during and earlier, discussed Richard As improving. pre-COVID income fell income followed did parking last. occupancy but improve still suit. third quarter this during well declining the our below Still not physical After XX% great, to quarter, the XX.X% second

Excluding cash quarter. payment third during income, same-property NOI deferrals the X.X% and increased parking

Before wanted on moving receivables. on I customer pipeline, development to touch to our

a to quarter, due the and third No the in uncollectible items are for quick tied has to reserve first the And write-offs reduced as customers historic from approximately and was a leases. our rate. increase quarters general consistent FFO these of the allowance materially second number taken. been reminder, COVID-XX combination and with $XXX,XXX rents. than our this During specific by of and higher is year is This run not an numbers rent same

development pipeline Turning efforts. a Cousins in represents to $XXX current total assets. investment our million of six The

$XX at million first of next and GAAP quarters, in will fully generating began assets the stabilize XX will anticipate generate NOI. last operating The six we these they point, approximately net quarter, which income all annualized over

for during of joint On a acre the the existing XX-XX in closed parcel one adjacent to through purchase a third we land X.X Austin properties transaction domain acquisition $XX front, quarter, million. our venture the

inventory in site for already Austin relatively small drive upon strategic is years. significant that builds that and growth should a land of this future domain our transaction, While a very

Looking future transactions. at potential

we haven't Fund first Although XXXX. purchase building interest received the yet, likely notice in will headquarters their exercise regional believe their option formal to Dimensional Advisors half we our in of during Charlotte

the of As the are financial in had The supplement, structured basic a in we who ventures. as developed ago. them joint all venture similar headquarters highly property with years Overall, and a space. their corporate occupies developed in joint arrangement XX-XX this when to quick Austin are office with venture our the reminder, with joint terms venture terms very several is our we building joint of XXX% the DFA, this of DFA we outlined

on lease. have investment, the purchase to after It's the to As and $XX DFA for and spread million which paid agreement, completion, on us going-in of buy price out building was they part our cash costs. not option value. years directly the tied the market only two is Dimensional over based covered base this yield calculated against yield current original DFA's a for X.X% X.XX% term spread. at per tenant shareholders. a costs the and it Bottom be being sell basis revenues XXX are sale the will amortized to yield, developed GAAP, line, And terrific points If all it to of occurs, likely an improvements. we'll we Place DFA or through our

Turning net period do times peers. the pipeline. our complete to best the enough low billion We the among sheet. of $X end debt-to-EBITDA, of million liquidity our have is of balance volatility over among more with outstanding only at X.XX than our strength, very to we the the at quarter to leverage Not this development remaining position necessary office $XXX fund financial entered

covered very Our low supported FAD well a safe, by dividend payout remains XX% and ratio. also

most low, exceptionally and taken continue level, a Prior look take even was reduce At G&A COVID, ranges line administrative deferrals, earnings to addressing calls, in Looking expenses. within the previous hard at forward, focus parking and importantly, Spec remain it we the rent income on. further. we and general gave to our in already you our our both steps provided. metrics to currently XXXX assumptions we information the previously with the leasing, load outlook remains we two we the corporate our have

expenses, quarter $XX.X enterprise million XXXX. very of a salaries, operator call forecast With G&A cost over exceptionally turn down range from net basis $XX.X from $X.X your million low provided percentage XX% of we This shareholders is On million. sector. of to the the range Our assumes we or as absolute and is corporate beginning within of range let for me that, office to this capitalized million current represents last at the XXXX the both best the down an the value, back and and is and between provided questions. original the $X.X our among

Operator

[Operator Instructions] go Blaine Wells Heck The first comes question of Please ahead. Fargo. from

Blaine Heck

have just you take? square interest year. in Bank the of space of you guess, I how around and discuss in should America And or XX,XXX guys based you space? tenants the to do this come XXX,XXX Can expect envision guys quarter the many the Charlotte? another taking end so you I of that you interest the sense at had any do think have out backfill how any long there, on we maybe feet

Richard Hickson

I'll we've Sure, Blaine. BofA, This morning. with interest. had Good start is one. decent Richard. this off

the up, up activity our in there. activity have As also pipeline pick seen we picked has some

for recently. have Plaza we looks We've encouraging. did sign floor which candidate full encouraging. one as the as And deal say, partial a BofA in a was had one X-floor quarter, we in right third the for pipeline So That at much tours floor now. candidate

as we be going up, I there, pretty So think mix ultimately, restat is to broad-based. the vacancy

we'll I multi-tenant least of one, floors. over some a able that at then we user, find time, think number probably we'll should, to and larger find be

got we the over square maybe point, a quarter, year. this bulk more, little to back XX,XXX up at the the it giveback So, you're And year, it's feet next balance end do look subject leasing this and the at - past get forward right. the We to pandemic. the we'll this or of early. of We

Colin Connolly

we Charlotte, the that the look market. of large some accommodate as I at it's opportunities is Blaine, I'll very as think the, again, relocation blocks into that, market you unique market, out in as Charlotte space add look positioned user a - at that of of move of could the the the we like are encouraged looking to just ultimately, of - Northeast Colin, into of one kind a and terms BofA

Blaine Heck

Parsley Energy recent is Pioneer, any you by And then about in with had have on with be interest space to the question, second news Parsley, maybe and going the additional them, the needs space? any acquired subletting discussion guys that their

Colin Connolly

they has great I'd and Blaine, they've a Cousins, proud value been certainly of it's by the with start be got Parsley delivered execution that just off should there. relationship Colin. first, and their And they've for just the And had partner team terrific at a saying, shareholders. for that Parsley and relationships we've

We very It's have with with their process obviously merger Pioneer. contact been preliminary in them. in

always some right, project. of again, we again, high-quality think encouraging, But that set the be team interest Cousins, will assets think time I keeping that think many space, talent to think at that whether market be as multi-tenants. engineering inquiries for we said, that that's some about our And interesting, will sublease I locations we good hand build-to-suit some tenants, received will are strong But reverse will or been the great think made, being It But is I recruiting preliminary. really success on very on about as opportunity take as and that Austin advocates market. I for into usability of have their presence and Parsley that all I announcement particular to tell has feel at given have in that. there focused direct. we think

Blaine Heck

to good That's hear.

guys a have balance sheet. very Lastly, you strong

guys guys You actively seeing for? so, leverage you if acquisitions? out types look investment talk of only Are you what and peers. And on the guys you core Can are assets looking are which the there about seeing is way would below of of there whether value-add? market? have there buildings? that Or you're you sales kind And market, what for

Colin Connolly

we've current in for the market. and to market in think, Sunbelt. unique out together we're kind of sales set and liquidity confidence And mentioned, of the and of balance the that's our into particularly, disruption That Blaine, in opportunities think see market, and to great and investment I likely opportunities see one And sheet being the these created diverse And urban strong we as clearly, of environments the submarkets said, out starting both in some you see put question. going has assets to I we're come best a are market. opportunities. coming

traditional, Cousins opportunities. acquisition I think of some kind value-add you'll see

into acquire some I of land take think we'll - opportunities create 'XX core really as we and with to also that wanting to with folks the to or are strategic what me, of we perhaps as value-add get kind of but some to existing later XXXX characterize see combination and type I'd attractive in are create And excuse own that new think already in having control I advantage kind starts returns. that perhaps companies situations their some we interested in some 'XX pair occupancies adjacent - could are to buildings looking development, relocate, discussions environment. starts, particular,

up. market conditions there'll office opens in market do back the deteriorate and if world development some further, even do the as So think we be interest new continued

the and set broad sheet again, a of of got, we've those. opportunities, to So advantage balance take

Operator

from Rodgers comes question Please Baird. next The Instructions] Dave with [Operator go ahead.

David Rodgers

getting more, have tenants little people as maybe space? those spread or of interest in bit And Richard, comment more guess, opportunity because follow-up Maybe Southern spaces blocks you more larger Anthem. you a mean, with available? less you are Blaine's two Maybe, you other those to at the think those spaces have, as about Norfolk those of I and big really out with do BofA. talk And look on I about an to coming wanting

Richard Hickson

are point it's spaces de-densification little it's think space. that And early mean, from headed in activity the be the Atlanta, that fairly - macro I a through the I tell feel that's buildings But Peachtree, environment. say that we question. would there's for at where again, we think similar it overall are at people the a are say multiple good a And it to whether probably - Yes. the and groups where on there XXXX had has We it's would been. have been I'd I And Peachtree at good to both more standpoint. given going the to we what about activity XXXX asking this explicitly in Dave, recently. interest is

Colin Connolly

of have just are locations into had that capital I'd those again, great Dave, Yes. reinvested good buildings add amenities both those. and

And so lot markets - have that space and speculative a way. don't under of in

Certainly, feel We begins And Atlanta, advantage buildings. Bank both those of those see certainly so world the in the in to to up like we leases and on Anthem triple basis. our of do opportunities. that are to take the can with as market in more here expiring leasing America open mid-teens of optimistic, both continue start a rents we bases lease again, of net below we kind of well activity, and the

feel the we a So value, like we've to got even in grow rents drive the opportunity, again, market. softer

So we're encouraged.

David Rodgers

that. for Thanks

XX% utilization, with Labor guys roughly think talked I regard Day. maybe about you to since

know, a sense maybe office and the or XX% requirement be a the But And high-rise most can tenant what you You industry? XX%. us Most small meaningful for up did mention in difference? just or maybe drives a utilization differences you or kind of Is of that your of the asset a certain maybe - are seeing some assets as high give to CBD. by by assets, of But as Maybe I kind type? that are market one was that number? handful.

Colin Connolly

question. I'd Dave, it's we some, a great by And variation although see say market. do small,

they in base local underlying approach. seeing, companies certain national the part, the Perhaps particular decision-making and most - we the, differentiation kind buildings As But some XX%. building. multiple those of of regional I'd across particular around seems of within footprint Dallas Whereas as the a generally single is well, of average. companies have single say kind and variations perhaps specific kind customer local again, smaller other mandate, more bigger that are And the upwards the autonomy in based single more where of we're markets, international differentiator of kind for What larger guidelines. to some that market. factors local seeing, of speaking, really be cautious ahead the and larger the so and are in of kind an Tampa I'd And smaller is of that's the taking example, of - say, market. our markets and have perhaps on some I'd say, have, a

David Rodgers

that's list And kind in terms just Prospect third the of of I the and in lift quarter - is saying I you of and guess, comment. than is all was were quarter than guess, end quarter lastly, getting what about you I better prospect think dovetailing getting that talked at right? then just are numbers better second of were into I foot it the put one; the maybe at point? parking a third to able the maybe Gregg's and Richard, better, second even relative that that parking the lower that that to or per wasn't be in quarter. But square or two, perspective wanted you'd ago a this put to year rate, worse traditionally some numbers where to you you verify foot of around square at I maybe, where

Colin Connolly

I sequentially the at continue. than our slight improvement. again, be in that will a some But certainly a pre-pandemic Well, right, of think that deceleration by in driven level I'll kind just pipeline, the maybe high uptick It's clear, for. terms uptick as, we of quarter of want in time, our of And the of And parking were in increase follow-up again, a as and of that's same kind quarter, seeing we're to would negative. specifics deal leasing second higher utilization. we at third we at of levels. are the looking pipeline But numbers the an actually well the characterize, start again, kind kind not you're you with existing the not

get don't relates until as near-term year, I the, until a think, material see some indicated, breakthroughs you Although, announcements next as see and utilization the on front. in of into and hopefully, we again, therapeutic I change Richard we'll think to it vaccine

In terms some specifics, looking the again, of clarify could of if were perhaps Dave, you metrics you for. maybe

David Rodgers

numbers we year at level, this off-line. an I corporate high from around XQ put of reported, the a for. perspective the from level, of time captured follow if have if you the guys think what level one even that. to metric, when I how Richard last and was any leasing, maybe versus And not, at you looking any guess, about absolute pipeline think the a I if kind can at high you up has you versus that

Richard Hickson

Yes.

at So, the XX% quarter again, time to today in this pipeline - numbers, the terms last is relative it's higher. of just pipeline

not to it's - into still within higher There's quite roughly, the without it's we to and where visibility quarter. XXX,XXX, answer normalizing. It's that the rough helps that last pipeline, activity math, some I more best know I prior are around much the say, I'd normalizing there. time XXX,XXX putting feet there's its So say, pandemic. would the on than way And if but question. the have differences, with I'd this don't that our consistent say it, metrics metrics, late-stage numbers

David Rodgers

what That's I that for. was Yes, does. looking

all. So, thank you

Richard Hickson

Great.

Colin Connolly

all in we're Dave, again, out-of-market there's, few that uptick markets And the And it's will take, But And been normalize. in-market activity think of more that different seeing in again, a quarters activity. fully the been it kind for I - some and again, to some our of again, Sunbelt. has encouraging.

but the direction. interplays, continue again, virus watch and in be to to And a that seems so it positive trending how we'll

Operator

This Colin for back concludes our Connolly to question-and-answer like over would to conference the any turn session. remarks. closing I

Colin Connolly

again, call again, morning. interest I you hopefully to joining at to third of forward many your And seeing Cousins Properties. thank all our you for want Well, quarter appreciate in I look continued And this NAREIT. we conference will

Operator

for The concluded. Thank conference today's has now attending presentation. you

now may You disconnect.

Cousins Properties (CUZ) 31 Oct 202020 Q3 Earnings call transcript