COUSINS PROPERTIES INC CUZ
Cousins Properties Incorporated (the "Registrant" or "Cousins"), a Georgia corporation, is a fully integrated, self-administered, and self-managed real estate investment trust ("REIT"). Cousins conducts substantially all of its business through Cousins Properties LP ("CPLP"). Cousins owns in excess of 99% of CPLP and consolidates CPLP. CPLP wholly owns Cousins TRS Services LLC ("CTRS"), a taxable entity that owns and manages its own real estate portfolio and performs certain real estate related services.
Cousins, CPLP, CTRS, and their subsidiaries develop, acquire, lease, manage, and own primarily Class A office properties and opportunistic mixed-use developments in the Sun Belt markets of the United States with a focus on lifestyle office properties in Austin, Atlanta, Charlotte, Tampa, Phoenix, Dallas, and Nashville. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute at least 100% of its net taxable income to stockholders. Cousins' common stock trades on the New York Stock Exchange under the symbol "CUZ." Cousins, CPLP, their subsidiaries, and CTRS combined are hereafter referred to as "we," "us," "our," and the "Company."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $993.8M | $856.8M | $802.9M | $762.3M | $755.1M | $740.3M | $657.5M | $475.2M | $466.2M | $259.2M |
| Cost of revenue | $314.5M | $280.7M | $266.4M | $258.4M | $259.5M | $250.8M | $222.1M | $164.7M | $163.9M | $96.9M |
| Gross profit | $679.3M | $576.1M | $536.4M | $503.9M | $495.6M | $489.5M | $435.4M | $310.5M | $302.3M | $162.3M |
| Total operating expenses | $944.4M | $807.5M | $721.9M | $659.0M | $648.5M | $646.1M | $628.3M | $412.1M | $428.7M | $280.8M |
| Operating income | $673.3M | $570.3M | $531.1M | $502.2M | $493.7M | $486.0M | $431.8M | $326.1M | $313.2M | $260.3M |
| Interest expense | $159.2M | $122.5M | $105.5M | $72.5M | $67.0M | $60.6M | $54.0M | $39.4M | $33.5M | $26.6M |
| Pre-tax income | — | — | — | — | — | — | — | $63.1M | $39.8M | -$26.7M |
| Income tax | — | — | — | — | — | — | — | — | — | $0 |
| Net income | $40.5M | $46.0M | $83.0M | $166.8M | $278.6M | $237.3M | $152.7M | $80.8M | $220.0M | $80.1M |
| EPS, basic | 0.24 | 0.30 | 0.55 | 1.11 | 1.87 | 1.60 | 1.17 | 0.75 | 2.08 | 0.31 |
| EPS, diluted | 0.24 | 0.30 | 0.55 | 1.11 | 1.87 | 1.60 | 1.17 | 0.75 | 2.08 | 0.31 |
| Shares, diluted (wtd. avg.) | $168.7M | $154.0M | $152.0M | $150.4M | $148.9M | $148.6M | $129.8M | $106.9M | $105.8M | $256.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.7M | $7.3M | $6.0M | $5.1M | $10.2M | $6.1M | $17.6M | $2.7M | $205.7M | $51.3M |
| Goodwill | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M |
| Total assets | $8.89B | $8.80B | $7.63B | $7.54B | $7.31B | $7.11B | $7.15B | $4.15B | $4.20B | $4.17B |
| Long-term debt | $3.34B | $3.10B | $2.46B | $2.33B | $2.24B | $2.16B | $2.22B | $1.06B | $1.09B | $1.38B |
| Total liabilities | $4.19B | $3.93B | $3.09B | $2.89B | $2.71B | $2.61B | $2.72B | $1.33B | $1.38B | $1.66B |
| Total equity | $4.68B | $4.85B | $4.55B | $4.65B | $4.60B | $4.50B | $4.43B | $2.82B | $2.83B | $2.51B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $402.3M | $400.2M | $368.4M | $365.2M | $389.5M | $351.1M | $303.2M | $229.0M | $211.6M | $117.7M |
| Depreciation and amortisation | $415.4M | $365.0M | $314.9M | $295.6M | $288.1M | $288.6M | $257.1M | $181.4M | $196.7M | $97.9M |
| Capital expenditure | $267.2M | $252.7M | $279.5M | $342.2M | — | — | — | — | — | — |
| Investing cash flow | -$425.7M | -$1.31B | -$295.7M | -$334.5M | -$191.1M | -$132.5M | -$357.4M | -$284.5M | $112.1M | $465.8M |
| Financing cash flow | $21.8M | $906.5M | -$71.7M | -$35.7M | -$194.4M | -$230.1M | $69.2M | -$147.6M | -$169.3M | -$538.5M |
| Dividends paid | $215.8M | $195.4M | $194.3M | $192.3M | $182.8M | $176.3M | $142.9M | $107.2M | $99.2M | $50.5M |
| Buybacks | — | — | — | — | — | — | — | $0 | $0 | $13.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000025232-26-000014.
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