Cousins Properties(CUZ) - 2025 Q3 - Quarterly Results

Financial Performance - Net income available to common stockholders for Q3 2025 was $8.6 million, or $0.05 per share, compared to $11.2 million, or $0.07 per share in Q3 2024[12]. - Funds From Operations (FFO) for Q3 2025 was $116.5 million, or $0.69 per share, compared to $102.3 million, or $0.67 per share in Q3 2024[12]. - Rental property revenues for Q3 2025 reached $246.461 million, a 19% increase from $207.260 million in Q3 2024[32]. - Net income available to common stockholders for Q3 2025 was $8.590 million, compared to $11.198 million in Q3 2024, reflecting a decrease of 23%[32]. - Funds from Operations (FFO) for Q4 2024 reached $108,916,000, up from $99,496,000 in Q3 2024, representing an increase of 14.3%[45]. - The company reported a Net Income of $13,813,000 in Q4 2024, compared to $11,356,000 in Q3 2024, an increase of 21.6%[45]. - Funds From Operations (FFO) for the nine months ended September 30, 2025, reached $358,864,000, translating to $2.13 per share, up from $305,176,000 and $2.00 per share in 2024[111]. - Full Year 2025 Guidance projects Net Income Available to Common Stockholders between $51,268,000 and $58,016,000, with per share amounts ranging from $0.30 to $0.34[115]. - Projected Funds From Operations (FFO) for 2025 is estimated to be between $475,788,000 and $482,536,000, equating to $2.82 to $2.86 per share[115]. Asset and Liability Management - Total assets increased to $8.900 billion as of September 30, 2025, compared to $8.802 billion at the end of 2024[28]. - Total liabilities increased to $4.142 billion in 2025 from $3.932 billion in 2024, marking a rise of 5.3%[30]. - Total equity decreased to $4.758 billion in 2025 from $4.870 billion in 2024, a decline of 2.3%[30]. - Total consolidated debt amounts to $3.3 billion, with 87% being fixed-rate debt at a weighted average interest rate of 4.94%[96]. - Floating rate debt constitutes 13% of total debt, amounting to approximately $458.7 million, with a weighted average interest rate of 5.71%[96]. - The company has a total of $1.7 billion in principal payments due in 2025, representing 13% of total maturities[92]. - The company’s total debt maturities are structured with 48% due thereafter, indicating a long-term debt strategy[92]. Operational Metrics - Same property net operating income (NOI) on a cash-basis increased by 0.3% for Q3 2025[20]. - The office percent leased at the end of Q3 2025 was 90.0%, down from 91.6% in Q4 2024[33]. - The company reported a net effective rent per square foot of $27.11 for YTD 2025, compared to $24.56 in 2023, indicating an increase of 10.4%[35]. - The total rentable square feet increased to 21,609 thousand in Q3 2025 from 21,113 thousand in Q4 2024, an increase of 2.3%[33]. - The company experienced a change in NOI of 3.0% over the prior year period for YTD 2025[35]. - The weighted average occupancy for Q3 2025 improved to 88.1%, compared to 87.4% in Q3 2024[70]. - The company’s portfolio includes 21,142,000 square feet of office properties, with a net operating income (NOI) of $483,685,000[63]. Market Activity and Acquisitions - The company executed 551,000 square feet of office leases in Q3 2025[20]. - The company acquired The Link, a 292,000 square foot lifestyle office property in Uptown Dallas, for $218.0 million on July 28, 2025[21]. - Completed property acquisitions include The Link Office in Dallas for $218,000,000 and Proscenium in Atlanta for $83,250,000[85]. - The company sold Carolina Square in Charlotte for a gross sales price of $105,000,000, representing a 50% ownership interest[88]. - The company completed the sale of Burnett Plaza in Fort Worth for $137,500,000, with a total square footage of 1,023,000[88]. - The company has a development pipeline totaling 3,735,000 square feet with a total project cost of $1,841,250,000[85]. - The company anticipates significant future growth through its development pipeline and strategic acquisitions[84]. Future Projections and Guidance - The company raised its FFO guidance for the year ending December 31, 2025, to between $2.82 and $2.86 per share, up from the previous range of $2.79 to $2.85 per share[21]. - The company anticipates a steady increase in NOI across various properties, with the highest projected for the 4th quarter of 2024 at $146,320,000[47]. - The total NOI for the 1st quarter of 2025 is expected to reach $163,005,000, indicating a positive growth trajectory[47]. - The company is committed to ongoing investment in new technologies and property enhancements to support future growth[47]. Shareholder Information - The Company’s common stock price per share at the end of Q3 2025 was $28.94, with 167,990 shares outstanding[102]. - The weighted average shares diluted increased from 152,040 in 2023 to a projected 168,698 in YTD 2025, indicating potential shareholder dilution[52]. - Common dividends are expected to total $199.7 million in 2024, with a per-share dividend of $1.28[106].