Cousins Properties Stock Earnings Reports

Cousins Properties reported a strong Q3 2025 with FFO of $0.69/share and raised the midpoint of full-year guidance to $2.84 (now implying ~5.6% growth vs. 2024). Leasing momentum was a highlight: 551k sq ft signed in Q3 (second‑highest quarterly volume in 3 years), positive second‑generation cash rent roll-ups (4.2% on cash rents), and record‑high leasing pipeline with a large share of new/expansion activity. Portfolio occupancy was 88.3% (90.0% end‑of‑period lease), with management expecting occupancy to stabilize then increase and a goal of 90%+ by year‑end 2026 (back‑loaded). Management closed the $218M Link acquisition in Dallas (immediately accretive) and continues to pursue Sunbelt lifestyle office opportunities while emphasizing disciplined capital deployment. Balance sheet remains a key strategic asset: low leverage today, the company has options to fund acquisitions (asset sales, ATM settlements, or incremental debt) and stated flexibility to modestly increase leverage opportunistically. Same‑property cash NOI was roughly flat year‑over‑year in Q3 (GAAP NOI +1.9%, cash NOI +0.3%), with results affected by the Bank of America move‑out at 201 N Tryon in Charlotte — redevelopment underway (~$40M) expecting completion in early 2027. Parking income, lower SOFR and other items helped lift guidance; parking remains a recoverable upside with utilization gains. Management reiterated confidence in Sunbelt demand, emphasized that return‑to‑office trends outweigh near‑term layoff noise (including AI concerns), and signaled readiness to selectively pursue accretive growth while maintaining an investment‑grade balance sheet.