Financial Data and Key Metrics Changes - The company reported $0.71 per share in FFO for Q4 2025, aligning with consensus expectations, and $2.84 per share for the full year, reflecting a 5.6% growth over 2024 [5] - The portfolio was 88.3% occupied at the end of the quarter, with a goal to achieve 90% occupancy by year-end 2026 [9][10] - 2026 FFO guidance was introduced at $2.92 per share, implying a 2.8% growth over 2025, marking the third consecutive year of FFO growth [11][12] Business Line Data and Key Metrics Changes - The company completed 700,000 sq ft of leases in Q4, the second-highest quarterly volume in four years, with 70% of this being new and expansion leases [14] - Average net rent for the quarter was $36.52, with leasing concessions at $10.58, resulting in an average net effective rent of $23.18 [14] - Cash rents increased by 0.2% overall, but excluding Northpark, they rose by 10.4% [15] Market Data and Key Metrics Changes - Atlanta saw a 5.8% increase in leasing volume quarter-over-quarter, with the company signing 361,000 sq ft of leases, the highest since Q1 2019 [16] - In Austin, leasing activity reached its highest level since 2021, with 98,000 sq ft signed in Q4 [17] - Charlotte experienced a 72% year-over-year increase in leasing activity, with three-quarters being new and expansion leases [17][18] Company Strategy and Development Direction - The company aims to grow occupancy and execute additional accretive investment opportunities, focusing on lifestyle office properties in target Sunbelt markets [9][10] - The acquisition of 300 South Tryon for $317 million is a strategic move to enhance the portfolio in a high-demand area [22][23] - The company plans to remain agile in acquisitions and dispositions, prioritizing earnings accretion while maintaining financial strength [10][24] Management's Comments on Operating Environment and Future Outlook - Management noted that office fundamentals are improving, with demand growing and vacancy rates declining as remote work phases out [6][7] - The company anticipates a significant shortage of high-quality office space by 2028-2030, positioning itself to capitalize on this trend [8][11] - Despite concerns about a slowing labor market, management believes demand for office space is accelerating due to return-to-office mandates [8][12] Other Important Information - The company is under contract to sell Harborview Plaza for $39.5 million and a land parcel in Charlotte for $23.7 million, indicating a strategy to rotate into higher-quality assets [25][26] - Neuhoff, a mixed-use development project in Nashville, is progressing well, with the apartment component reaching over 90% leased [28] Q&A Session Summary Question: Can you talk about which markets are most supportive of development from a yield perspective? - Management indicated that Uptown Dallas, Charlotte, and Buckhead are markets with strong potential for new development due to tight conditions and rising rents [36] Question: Can you provide insights on the late-stage leasing pipeline and rent spreads? - Management confirmed visibility into the late-stage pipeline, expecting continued positive cash rent roll-ups [38][39] Question: How are you thinking about funding the 300 South Tryon acquisition? - Management highlighted the flexibility in funding options, balancing financial and strategic aspects, with a focus on dispositions that yield comparable returns [40][41] Question: What is the expected tenant retention rate and how many leases are signed but not yet commenced? - Management expects a retention rate around 50% and noted that approximately 460,000 sq ft of leases signed in Q4 will commence in 2026 [68][69] Question: How is the demand for office space evolving in your markets? - Management observed significant activity from West Coast and New York companies, particularly in Austin and Charlotte, indicating a robust demand environment [45]

Cousins Properties (NYSE:CUZ) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsAnthony Paolone - Executive DirectorBrendan Lynch - DirectorColin Connolly - President and CEOGregg Adzema - EVP and CFOKennedy Hicks - EVP and Chief Investment OfficerPamela Roper - General CounselRichard Hickson - EVP of OperationsConference Call ParticipantsAndrew Berger - AnalystBlaine Heck - AnalystDylan Burzinski - Senior AnalystJohn Kim - AnalystNick Thillman - AnalystShashank Saravanan - AnalystUpal ...

Cousins Properties (NYSE:CUZ) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Speaker5Good morning, ladies and gentlemen, and welcome to the Cousins Properties fourth-quarter conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star 0 for the operator. This call is being recorded on Friday, February 6, 2026. I would now like to turn the co ...

Key Takeaways CUZ reported Q4 FFO of $0.71 per share, up 2.9% year over year, with total revenues rising 11.6%.Cousins Properties saw leasing, but occupancy fell to 87.4%, and interest expense jumped 28.5%.CUZ bought 300 South Tryon for $317.5M, sold assets and guided 2026 FFO per share of $2.87-$2.97.Cousins Properties (CUZ) reported fourth-quarter 2025 funds from operations (FFO) per share of 71 cents, in line with the Zacks Consensus Estimate. The figure increased 2.9% on a year-over-year basis.Cousins P ...

For the quarter ended December 2025, Cousins Properties (CUZ) reported revenue of $253.34 million, up 15% over the same period last year. EPS came in at $0.71, compared to $0.09 in the year-ago quarter.The reported revenue represents a surprise of +0.49% over the Zacks Consensus Estimate of $252.1 million. With the consensus EPS estimate being $0.71, the company has not delivered EPS surprise.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expecta ...

Cousins Properties (CUZ) came out with quarterly funds from operations (FFO) of $0.71 per share, in line with the Zacks Consensus Estimate . This compares to FFO of $0.69 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this real estate company would post FFO of $0.69 per share when it actually produced FFO of $0.69, delivering no surprise.Over the last four quarters, the company has surpassed consensus FFO estimates just once.Cousins Properties, ...

Rent and Lease Information - The annualized rent as of December 31, 2025, is $892.5 million, including $52.3 million related to tenants in free rent periods[121] - The average effective annual rent per square foot increased to $38.31 in 2025 from $37.60 in 2024, reflecting a growth of 1.9%[121] - As of December 31, 2025, leases expiring in 2026 represent 5.7% of leased space, with an annual contractual rent of $48.2 million[124] - The top 20 office tenants contribute $346.3 million, accounting for 38.6% of the company's share of annualized rent[127] - The technology sector represents 30.5% of the company's share of annualized rent, making it the largest industry segment[132] Project and Development Information - The Neuhoff project in Nashville has an estimated project cost of $589.1 million, with $582.6 million incurred to date[134] - The company plans to replace Domain 4 with future development once its leases expire, indicating a strategy for market expansion[119] - As of December 31, 2025, the total developable land owned by the company is 37.0 acres, with a total cost basis of land amounting to $162.809 million[137] - The company has a construction loan capacity of $273.5 million for the Neuhoff project, with a share of $136.8 million[136] - The 303 Tremont property is under contract for sale, expected to close in the second half of 2026[137] - Corporate Center 5 is controlled through a long-term ground lease, contributing to the company's land holdings[137] Debt and Financial Information - The company has $3.0 billion of fixed rate debt outstanding at a weighted average interest rate of 4.94% as of December 31, 2025, compared to $2.7 billion at 4.85% in 2024[253] - The company holds $366.0 million of variable rate debt, including $116.0 million from the Credit Facility at an interest rate of 4.535% and $250 million from the 2021 Term Loan at 4.76%[254] - If interest rates had been 1% higher, the interest incurred on average variable rate debt would have increased by $3.3 million in 2025[254] - The company mitigates market risk primarily by limiting total debt exposure and favoring fixed-rate debt in its portfolio[252] - The company’s variable rate debt in 2024 was $362.3 million, with a Credit Facility interest rate of 5.185%[254] Land and Cost Basis Information - The company’s share of the cost basis of land is $156.003 million[137] - The company's share of property-specific mortgage debt as of December 31, 2025, is not specified but is critical for financial analysis[119] - The weighted average economic occupancy for the properties is not explicitly stated but is essential for assessing performance[118] Financial Strategy - The company’s strategy includes using derivative financial instruments to convert some variable rate debt to fixed rate debt[252]

TABLE OF CONTENTS | Forward-Looking Statements | 2 | | --- | --- | | Earnings Release | 3 | | Company Information | 5 | | Consolidated Balance Sheets | 7 | | Consolidated Statements of Operations | 8 | | Key Performance Metrics | 9 | | Funds From Operations - Summary | 12 | | Funds From Operations - Detail | 13 | | Portfolio Statistics | 16 | | Same Property Performance | 19 | | Office Leasing Activity | 20 | | Office Lease Expirations | 21 | | Top 20 Office Tenants | 22 | | Tenant Industry Diversification ...

ATLANTA, Feb. 5, 2026 /PRNewswire/ -- Cousins Properties (NYSE: CUZ) announced today that it has acquired 300 South Tryon, a 638,000 square foot lifestyle office property in Charlotte, for $317.5 million. Located in the Uptown submarket of Charlotte, 300 South Tryon was built in 2017 and is currently 100% leased with a weighted average lease term of six years. The acquisition will be funded with a combination of proceeds from non-core asset sales, debt financing and/or the settlement of common shares previ ...

Core Viewpoint - Office REITs are at a turning point as macroeconomic conditions improve, with demand recovering due to stronger employment and a shift towards higher-quality office spaces [2][4]. Group 1: Office REITs Overview - Several office REITs, including BXP Inc., Cousins Properties, SL Green, and Highwoods Properties, are set to report earnings soon, which will provide insights into leasing velocity and rent growth [3]. - The office real estate market is showing signs of recovery, with national net absorption turning positive and Class A absorption particularly strong [4]. Group 2: Market Fundamentals - Overall vacancy rates have stabilized near 20.5%, with a slight increase of 5 basis points from the previous quarter, marking the smallest annualized rise since 2020 [4]. - Asking rents have increased to approximately $38.37 per square foot, while sublease inventories have significantly declined, tightening available space in major markets [4][5]. Group 3: Construction Activity - Construction activity remains muted, with less than 20 million square feet under construction and a 35% decline in the construction pipeline in 2025 [5]. - The reduction in supply, combined with concentrated demand in gateway and Sun Belt markets, is supporting a firmer leasing environment [5][6]. Group 4: Company-Specific Insights - BXP Inc. is the largest publicly traded U.S. office REIT, managing a portfolio of 54.6 million square feet across 187 properties, and has completed asset dispositions worth over $1 billion [7][8]. - Cousins Properties is experiencing higher leasing activity in its Class A office assets due to tenant preferences for premium spaces, with a fourth-quarter revenue estimate of $248.65 million, indicating a 12.91% year-over-year increase [10][11]. - SL Green, focused on Manhattan office assets, is facing intense competition and is offering rent concessions, which may impact revenue growth; its fourth-quarter revenue estimate is $147.03 million, reflecting a 5.32% year-over-year rise [12][13]. - Highwoods Properties, with a strong focus on the Sun Belt, is well-positioned to benefit from tenant preferences for quality office spaces, with a fourth-quarter revenue estimate of $208.23 million, suggesting a 1.31% year-over-year rise [14][15].