NYSE : CUZ
Cousins Properties Incorporated — Financial statements
Real Estate · REIT - Office · United States
Last price 29.55 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.86B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 1.04B | 980.55M | 847.77M | 799.05M | 753.51M | 739.06M |
| Property Management Fees | 5.48M | 2.04M | 1.76M | 1.37M | 6.12M | 15.56M |
| Other Revenue | -5.83M | 3.07M | 4.43M | 4.75M | 5.86M | 7.25M |
| Total Revenue | 1.04B | 985.66M | 853.96M | 805.17M | 765.49M | 761.87M |
| Property Expenses | 330.48M | 314.50M | 280.66M | 266.43M | 258.37M | 259.46M |
| Selling, General & Administrative | 42.49M | 38.64M | 36.57M | 32.33M | 28.32M | 29.32M |
| Depreciation & Amortization | 423.59M | 415.36M | 365.05M | 314.90M | 295.59M | 288.09M |
| Other Operating Expenses | 555.00K | 544.00K | 634.00K | 608.00K | 2.02M | 2.48M |
| Total Operating Expenses | 797.12M | 769.04M | 682.91M | 614.27M | 584.30M | 579.35M |
| Operating Income | 240.00M | 216.61M | 171.06M | 190.90M | 181.19M | 182.52M |
| Interest Expense | -180.20M | -159.24M | -122.48M | -105.46M | -72.54M | -67.03M |
| Other Non-Operating Income | -2.20M | -1.80M | -2.10M | -2.13M | -2.13M | -2.13M |
| EBT Excluding Unusual Items | 57.60M | 55.57M | 46.48M | 83.31M | 106.52M | 113.37M |
| Gain (Loss) on Sale of Investments | 60.77M | 13.08M | ||||
| Gain (Loss) on Sale of Assets | 8.62M | 98.00K | 504.00K | -9.00K | 152.55M | |
| Asset Writedown | -50.92M | -14.32M | ||||
| Other Unusual Items | 169.00K | |||||
| Pretax Income | 15.30M | 41.25M | 46.58M | 83.82M | 167.44M | 279.00M |
| Earnings From Continuing Operations | 15.30M | 41.25M | 46.58M | 83.82M | 167.44M | 279.00M |
| Net Income to Company | 15.30M | 41.25M | 46.58M | 83.82M | 167.44M | 279.00M |
| Minority Interest in Earnings | -461.00K | -749.00K | -619.00K | -853.00K | -652.00K | -410.00K |
| Net Income | 14.84M | 40.50M | 45.96M | 82.96M | 166.79M | 278.59M |
| Net Income to Common | 14.84M | 40.50M | 45.96M | 82.96M | 166.79M | 278.59M |
| Basic Shares Outstanding | 165.99M | 167.92M | 153.41M | 151.71M | 150.11M | 148.67M |
| Diluted Shares Outstanding | 166.88M | 168.72M | 154.01M | 152.04M | 150.42M | 148.89M |
| EPS (Basic) | 0.09 | 0.24 | 0.30 | 0.55 | 1.11 | 1.87 |
| EPS (Diluted) | 0.09 | 0.24 | 0.30 | 0.55 | 1.11 | 1.87 |
| Dividend Per Share | 1.28 | 1.28 | 1.28 | 1.28 | 1.28 | 1.24 |
| Operating Margin | 23.14% | 21.98% | 20.03% | 23.71% | 23.67% | 23.96% |
| Profit Margin | 1.43% | 4.11% | 5.38% | 10.30% | 21.79% | 36.57% |
| EBITDA | 660.89M | 631.97M | 536.10M | 505.80M | 469.92M | 459.02M |
| EBITDA Margin | 63.72% | 64.12% | 62.78% | 62.82% | 61.39% | 60.25% |
| D&A For Ebitda | 420.90M | 415.36M | 365.05M | 314.90M | 288.73M | 276.50M |
| EBIT | 240.00M | 216.61M | 171.06M | 190.90M | 181.19M | 182.52M |
| EBIT Margin | 23.14% | 21.98% | 20.03% | 23.71% | 23.67% | 23.96% |
| Funds From Operations (FFO) | 490.82M | 478.40M | 414.09M | 398.29M | 408.76M | 409.20M |
| FFO Per Share | 2.94 | 2.84 | 2.69 | 2.62 | 2.72 | 2.75 |
| Adjusted Funds From Operations (AFFO) | 478.40M | 414.09M | 398.29M | 408.76M | 409.20M | |
| AFFO Per Share | 2.84 | 2.69 | 2.62 | 2.72 | 2.75 | |
| FFO Payout Ratio | 43.68% | 45.11% | 47.19% | 48.80% | 47.04% | 44.68% |
| Revenue as Reported | 1.05B | 993.82M | 856.76M | 802.87M | 762.29M | 755.07M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 8.06B | 8.04B | 7.95B | 7.07B | 7.02B | 6.85B |
| Cash & Equivalents | 5.21M | 5.72M | 7.35M | 6.05M | 5.14M | 8.94M |
| Accounts Receivable | 302.49M | 286.86M | 243.57M | 220.48M | 192.70M | 167.42M |
| Investment In Debt and Equity Securities | 19.59M | 37.80M | 167.22M | |||
| Goodwill | 1.67M | 1.67M | 1.67M | 1.67M | 1.67M | 1.67M |
| Other Intangible Assets | 167.37M | 163.06M | 170.31M | 108.99M | 134.57M | 166.88M |
| Restricted Cash | 1.23M | |||||
| Other Current Assets | 38.28M | 68.83M | 4.49M | 8.70M | 6.44M | 7.00M |
| Deferred Long-Term Charges | 93.49M | 71.34M | 72.24M | 71.41M | 63.65M | 27.92M |
| Other Long-Term Assets | 195.70M | 215.30M | 185.48M | 143.83M | 112.84M | 77.81M |
| Total Assets | 8.88B | 8.89B | 8.80B | 7.63B | 7.54B | 7.31B |
| Current Portion of Long-Term Debt | 840.94M | 870.13M | 250.00M | 72.56M | ||
| Current Portion of Leases | 2.01M | 2.08M | ||||
| Long-Term Debt | 2.74B | 2.47B | 2.85B | 2.39B | 2.33B | 2.24B |
| Long-Term Leases | 67.88M | 48.18M | 50.00M | 53.35M | 53.13M | 50.94M |
| Accounts Payable | 307.01M | 282.12M | 337.25M | 299.77M | 271.10M | 224.52M |
| Other Current Liabilities | 114.00K | 35.05M | ||||
| Long-Term Unearned Revenue | 328.18M | 343.64M | 319.08M | 216.62M | 161.80M | 111.69M |
| Other Long-Term Liabilities | 139.28M | 136.12M | 129.98M | 58.80M | 69.43M | 84.89M |
| Total Liabilities | 4.42B | 4.19B | 3.93B | 3.09B | 2.89B | 2.71B |
| Common Stock | 164.60M | 167.98M | 167.66M | 154.34M | 154.02M | 151.27M |
| Additional Paid-In Capital | 5.89B | 5.97B | 5.96B | 5.64B | 5.63B | 5.55B |
| Distributions in Excess of Earnings | -1.60B | -1.46B | -1.28B | -1.13B | -1.01B | -985.34M |
| Treasury Stock | -145.70M | -147.16M | -148.47M | |||
| Comprehensive Income & Other | -105.00K | 2.19M | 1.77M | |||
| Total Common Equity | 4.45B | 4.68B | 4.85B | 4.52B | 4.63B | 4.57B |
| Minority Interest | 9.20M | 22.61M | 23.49M | 24.16M | 21.29M | 33.63M |
| Shareholders' Equity | 4.46B | 4.70B | 4.87B | 4.55B | 4.65B | 4.60B |
| Total Liabilities & Equity | 8.88B | 8.89B | 8.80B | 7.63B | 7.54B | 7.31B |
| Total Debt | 3.65B | 3.39B | 3.15B | 2.51B | 2.39B | 2.29B |
| Net Cash (Debt) | -3.64B | -3.39B | -3.14B | -2.50B | -2.38B | -2.28B |
| Net Cash Per Share | -21.83 | -20.06 | -20.38 | -16.48 | -15.84 | -15.32 |
| Filing Date Shares Outstanding | 164.60M | 167.98M | 167.66M | 151.77M | 151.53M | 148.69M |
| Total Common Shares Outstanding | 164.60M | 167.98M | 167.66M | 151.80M | 151.46M | 148.69M |
| Book Value Per Share | 27.03 | 27.86 | 28.91 | 29.80 | 30.54 | 30.71 |
| Tangible Book Value | 4.28B | 4.51B | 4.67B | 4.41B | 4.49B | 4.40B |
| Tangible Book Value Per Share | 26.00 | 26.88 | 27.88 | 29.07 | 29.64 | 29.58 |
| Land | 201.78M | 948.98M | 154.73M | 154.73M | 158.43M | 157.68M |
| Buildings | 9.00B | |||||
| Construction In Progress | 132.88M | 111.40M | 174.80M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 14.84M | 40.50M | 45.96M | 82.96M | 166.79M | 278.59M |
| Depreciation & Amortization | 420.90M | 415.36M | 365.05M | 314.90M | 288.73M | 276.50M |
| Other Amortization | 5.35M | 4.49M | 4.03M | 4.14M | -99.00K | |
| Gain (Loss) on Sale of Assets | -8.62M | -98.00K | -504.00K | 9.00K | -152.55M | |
| Gain (Loss) on Sale of Investments | -56.27M | -13.08M | ||||
| Asset Writedown | 50.92M | 14.32M | ||||
| Stock-Based Compensation | 16.78M | 16.45M | 14.79M | 11.97M | 10.14M | 7.46M |
| Income (Loss) on Equity Investments | 11.51M | 9.62M | 6.41M | 1.36M | -2.30M | 4.74M |
| Change in Accounts Receivable | -13.99M | -8.76M | -2.13M | -7.72M | 1.72M | 5.50M |
| Change in Other Net Operating Assets | 3.41M | -3.68M | 24.20M | 8.47M | -9.17M | 10.23M |
| Other Operating Activities | -78.32M | -86.03M | -57.97M | -47.22M | -34.39M | -27.91M |
| Operating Cash Flow | 422.77M | 402.27M | 400.23M | 368.36M | 365.17M | 389.48M |
| Acquisition of Real Estate Assets | -652.62M | -515.08M | -1.09B | -279.52M | -342.24M | -787.81M |
| Sale of Real Estate Assets | 271.24M | 4.25M | 555.33M | |||
| Net Sale / Acq. of Real Estate Assets | -381.39M | -515.08M | -1.09B | -275.27M | -342.24M | -232.48M |
| Investment in Marketable & Equity Securities | 25.47M | 89.42M | -214.72M | -20.46M | 7.74M | 41.41M |
| Investing Cash Flow | -355.92M | -425.66M | -1.31B | -295.74M | -334.50M | -191.07M |
| Long-Term Debt Issued | 1.02B | 2.34B | 382.90M | 870.82M | 1.21B | |
| Long-Term Debt Repaid | -776.20M | -1.70B | -262.67M | -769.00M | -1.22B | |
| Net Debt Issued (Repaid) | 271.48M | 246.85M | 644.54M | 120.23M | 101.82M | -13.37M |
| Issuance of Common Stock | 468.00M | 443.00K | 103.63M | |||
| Repurchase of Common Stock | -91.72M | -1.91M | -1.11M | |||
| Common Dividends Paid | -214.38M | -215.80M | -195.41M | -194.35M | -192.28M | -182.84M |
| Other Financing Activities | -31.69M | -7.38M | -9.55M | 1.95M | -48.87M | 1.83M |
| Net Cash Flow | 538.00K | -1.63M | 1.30M | 902.00K | -5.02M | 4.03M |
| Levered Free Cash Flow | 137.57M | 77.22M | 180.09M | 103.50M | 47.53M | 502.07M |
| Unlevered Free Cash Flow | 244.85M | 172.26M | 252.62M | 165.27M | 92.96M | 543.97M |
| Cash Interest Paid | 176.89M | 141.47M | 107.68M | 100.55M | 70.09M | 68.00M |
| Cash Income Tax Paid | 38.00K | 155.00K | ||||
| Change in Working Capital | -10.59M | -12.44M | 22.07M | 748.00K | -7.45M | 15.73M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.86B | 4.33B | 5.14B | 3.70B | 3.83B | 5.99B |
| Enterprise Value | 8.51B | 7.71B | 7.80B | 6.18B | 6.19B | 8.12B |
| Last Close Price | 29.55 | 24.56 | 27.95 | 21.08 | 20.67 | 31.63 |
| Price/FFO Ratio | 9.29 | 8.65 | 10.39 | 8.05 | 7.60 | 11.50 |
| Price/AFFO Ratio | 8.66 | 10.40 | 8.05 | 7.61 | 11.51 | |
| PE Ratio | 332.35 | 106.91 | 111.75 | 44.55 | 22.96 | 21.50 |
| PS Ratio | 4.69 | 4.39 | 6.01 | 4.59 | 5.00 | 7.86 |
| PB Ratio | 1.09 | 0.92 | 1.05 | 0.81 | 0.82 | 1.30 |
| P/OCF Ratio | 11.51 | 10.76 | 12.83 | 10.03 | 10.49 | 15.38 |
| EV/Sales Ratio | 8.20 | 7.82 | 9.13 | 7.68 | 8.09 | 10.66 |
| EV/EBITDA Ratio | 12.87 | 12.20 | 14.54 | 12.22 | 13.17 | 17.70 |
| EV/EBIT Ratio | 35.44 | 35.58 | 45.57 | 32.39 | 34.16 | 44.50 |
| Debt / Equity Ratio | 0.82 | 0.72 | 0.65 | 0.55 | 0.51 | 0.50 |
| Debt / EBITDA Ratio | 5.49 | 5.34 | 5.84 | 4.94 | 5.05 | 4.95 |
| Net Debt / Equity Ratio | 0.82 | 0.72 | 0.64 | 0.55 | 0.51 | 0.50 |
| Net Debt / EBITDA Ratio | 5.51 | 5.36 | 5.85 | 4.95 | 5.07 | 4.97 |
| Asset Turnover | 0.12 | 0.11 | 0.10 | 0.11 | 0.10 | 0.11 |
| Quick Ratio | 0.27 | 0.25 | 0.43 | 0.61 | 0.73 | 0.78 |
| Current Ratio | 0.30 | 0.30 | 0.43 | 0.63 | 0.75 | 0.81 |
| Return on Equity (ROE) | 0.33% | 0.86% | 0.99% | 1.82% | 3.62% | 6.13% |
| Return on Assets (ROA) | 1.69% | 1.53% | 1.30% | 1.57% | 1.52% | 1.58% |
| Earnings Yield | 0.30% | 0.94% | 0.90% | 2.25% | 4.35% | 4.65% |
| Dividend Yield | 4.33% | 4.97% | 4.18% | 5.26% | 5.06% | 3.08% |
| Payout Ratio | 1,439.63% | 532.81% | 425.16% | 234.26% | 115.28% | 65.63% |
| Buyback Yield / Dilution | -0.48% | -9.54% | -1.30% | -1.08% | -1.03% | -0.17% |
| Total Shareholder Return | 3.85% | -4.58% | 2.88% | 4.18% | 4.04% | 2.91% |