Cousins Properties
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Cousins Properties (CUZ) investor relations material

Cousins Properties Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary6 Feb, 2026

Executive summary

  • Delivered Q4 FFO of $0.71 per share and full-year 2025 FFO of $2.84 per share, up 5.6% year-over-year, with net loss of $3.5M in Q4 2025 due to impairment charges.

  • Full-year 2025 net income was $40.5M, down from $46.0M in 2024, impacted by impairments.

  • Completed 700,000 sq ft of leases in Q4 and 2.1M sq ft for the year, with a late-stage pipeline of 1.1M sq ft.

  • Acquired 300 South Tryon in Charlotte for $317–$317.5M, part of $1.4B in lifestyle office acquisitions over six quarters.

  • Portfolio quality and balance sheet remain industry-leading, focused on Sunbelt lifestyle office assets.

Financial highlights

  • Q4 FFO: $0.71 per share; full-year 2025 FFO: $2.84 per share, up from $2.69 in 2024.

  • Same-property GAAP NOI increased 0.4% and Cash NOI increased 0.03% year-over-year in Q4; full-year cash NOI up 0.87%.

  • Recognized $13.3M impairment at Harborview Plaza and $1M at 303 Tremont.

  • No common shares sold in Q4, but 2.9M shares sold on a forward basis through ATM at $30.44 per share.

  • FFO payout ratio for 2025 was 44.9%; FAD payout ratio was 77.7%.

Outlook and guidance

  • 2026 FFO guidance set at $2.92 per share midpoint, range $2.87–$2.97, implying 2.8% growth over 2025.

  • 2026 net income guidance: $0.23–$0.33 per share.

  • Targeting portfolio occupancy of 90% or higher by year-end 2026, up from 88.3% at Q4-end.

  • Guidance includes refinancing $465M in debt maturing in 2026 and assumes $200M in additional non-core asset sales.

  • No additional property acquisitions or development starts included in 2026 guidance.

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Frequently asked questions

Cousins Properties Incorporated is a real estate investment trust that acquires, develops, and manages Class A office properties. Its portfolio is concentrated in high-growth Sun Belt markets such as Atlanta, Austin, and Charlotte, and serves a range of corporate tenants across sectors. The company focuses on urban office districts with strong demand and long-term leasing potential. The company is headquartered in Atlanta, Georgia, and its shares are listed on the NYSE.

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