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CUZ

Cousins Properties Incorporated

CUZ

Cousins Properties Incorporated • NYSE
$25.78 ▼ -0.08% (-0.02)
Market Cap $4.33 B
52w High $31.85
52w Low $24.07
Dividend Yield 1.28%
P/E 73.66
Volume 714.13K
Outstanding Shares 167.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $248.326M ▲ $114.782M ▲ $8.59M ▼ 3.459% ▼ $0.051 ▼ $155.547M ▲
Q2-2025 $240.128M ▼ $110.628M ▼ $14.483M ▼ 6.031% ▼ $0.086 ▼ $154.062M ▼
Q1-2025 $250.328M ▲ $112.823M ▲ $20.897M ▲ 8.348% ▲ $0.12 ▲ $159.981M ▲
Q4-2024 $225.327M ▲ $102.857M ▲ $13.636M ▲ 6.052% ▲ $0.087 ▲ $142.489M ▲
Q3-2024 $209.212M $98.988M $11.198M 5.352% $0.074 $133.488M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.675M ▼ $8.9B ▼ $4.143B ▼ $4.735B ▼
Q2-2025 $416.84M ▲ $9.052B ▲ $4.251B ▲ $4.778B ▼
Q1-2025 $5.33M ▼ $8.663B ▼ $3.826B ▼ $4.814B ▼
Q4-2024 $7.349M ▼ $8.802B ▲ $3.932B ▲ $4.847B ▲
Q3-2024 $76.143M $7.771B $3.331B $4.416B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.778M ▼ $120.491M ▼ $-310.101M ▼ $-222.555M ▼ $-412.165M ▼ $-181.541M ▼
Q2-2025 $14.658M ▼ $122.554M ▲ $-112.527M ▼ $401.483M ▲ $411.51M ▲ $50.628M ▲
Q1-2025 $21.093M ▲ $44.758M ▼ $87.116M ▲ $-133.893M ▼ $-2.019M ▲ $-9.589M ▲
Q4-2024 $13.636M ▲ $129.038M ▲ $-1.052B ▼ $853.691M ▲ $-68.794M ▼ $-123.693M ▼
Q3-2024 $11.356M $117.388M $-72.604M $25.405M $70.189M $253.494M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Fees
Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Product and Service Other
Product and Service Other
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Rental Properties
Rental Properties
 $430.00M ▲$240.00M ▼$240.00M ▲$250.00M ▲
Fee And Other Revenue
Fee And Other Revenue
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Variable Rental Revenue
Variable Rental Revenue
 $120.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended upward over the past five years, with a noticeable pickup in the most recent period. Operating profits have been fairly steady, suggesting that the core property portfolio continues to generate stable income. However, net income has fallen sharply in the last two years after a strong run, which likely reflects rising costs, interest expenses, and valuation or one‑time items that are common in real estate. Overall, the business shows resilient recurring revenue but more volatile bottom‑line earnings.

Balance Sheet

Balance Sheet The balance sheet shows a gradually expanding asset base, consistent with ongoing development and acquisitions. Debt has increased over time but is paired with a solid and growing equity base, which helps support the company’s “fortress” profile often highlighted in REIT discussions. Cash on hand is very small, so liquidity relies more on credit access and property cash flows than on large cash reserves. The picture is one of a capital‑intensive owner with meaningful leverage, but not an overextended one based on the equity cushion.

Cash Flow

Cash Flow Cash generated from day‑to‑day operations has been steady and slightly improving, a positive sign for the underlying health of the portfolio. Free cash flow has swung from negative to strongly positive and then moderated again, largely driven by how much the company spends on new projects and upgrades in any given year. When investment spending is high, free cash flow dips; when spending pauses, free cash flow jumps. This pattern is typical for a growth‑oriented REIT and suggests the business is choosing to reinvest rather than reflecting weakness in property cash flows.

Competitive Edge

Competitive Edge Cousins is focused on high‑end office buildings in fast‑growing Sun Belt cities, which places it in the “better part” of a challenged office sector. Its properties tend to be newer, well‑located, and heavily amenitized, allowing it to benefit from the trend of tenants trading up to higher‑quality space. Concentration in a few key markets brings both strength and risk: deep local expertise and strong tenant relationships, but also exposure to regional slowdowns. Within the office REIT space, Cousins appears positioned toward the premium, more resilient corner of the market, but still faces the broad headwinds of hybrid work and elevated vacancy in older buildings.

Innovation and R&D

Innovation and R&D Innovation here is less about lab research and more about how buildings are designed and operated. Cousins emphasizes “lifestyle office” concepts: walkable locations, strong amenities, outdoor spaces, and modern interiors, backed by smart‑building systems, access controls, and sustainability technologies. The company is also focused on upgrading older but well‑located assets to current standards, and selectively adopting property‑technology tools that improve tenant experience and building efficiency. This is an incremental, practical form of innovation that aims to keep the portfolio on the right side of the flight‑to‑quality trend rather than relying on headline‑grabbing new tech.

Summary

Cousins combines a steadily growing revenue base and stable operating performance with more volatile net earnings, which is common in real estate but still worth monitoring. Its balance sheet supports continued investment, though leverage has crept higher and cash balances are thin, reinforcing the importance of reliable property cash flows and capital‑market access. Cash generation from operations looks solid, with swings in free cash flow driven mainly by the timing of development and redevelopment spending. Strategically, the focus on top‑tier Sun Belt offices and “lifestyle” assets gives the company a relative edge in a difficult office market, but it remains exposed to broader risks from hybrid work, interest rates, and property valuations. Overall, the story is one of a quality‑oriented office REIT leaning into high‑end markets and amenities, with stable core cash flows but meaningful cyclical and structural uncertainties.

NEWS

October 30, 2025 · 4:15 PM UTC

Cousins Properties Releases Third Quarter 2025 Results

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September 30, 2025 · 4:15 PM UTC

Cousins Properties Announces Dates for Third Quarter 2025 Earnings Release and Conference Call

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September 17, 2025 · 4:15 PM UTC

Cousins Properties Announces Its Third Quarter 2025 Common Stock Dividend

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