Cousins Properties Inc. (CUZ)
NYSE:CUZ
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Cousins Properties
(NYSE:CUZ)
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Rating:60Neutral
Price Target:
$26.00
â–²(7.93% Upside)
Action:ReiteratedDate:04/30/26
CUZ scores a 60 primarily because financial performance is under pressure (sharp TTM revenue decline and negative free cash flow), partially offset by a strong and improving operating backdrop communicated on the earnings call (FFO beat, raised guidance, robust leasing and rent growth). Technicals are supportive, while valuation is a meaningful headwind due to the very high P/E despite a solid dividend yield.
Positive Factors
Exceptional Leasing Volume
Sustained, large-volume leasing with a long weighted-average lease term materially boosts durable cash flow visibility and reduces near-term rollover risk. Broad-based new/expansion activity across markets indicates structural tenant demand for quality Sun Belt product, supporting occupancy and multi-year rent collections.
Negative Factors
Declining Revenue and Negative Free Cash Flow
A sharp top-line reset and negative trailing free cash flow weaken the firm's internal funding capacity. Over several quarters this erodes the cushion for distributions, capex and opportunistic investment, increasing reliance on external financing and raising medium-term execution risk if cash generation does not recover.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional Leasing Volume
Sustained, large-volume leasing with a long weighted-average lease term materially boosts durable cash flow visibility and reduces near-term rollover risk. Broad-based new/expansion activity across markets indicates structural tenant demand for quality Sun Belt product, supporting occupancy and multi-year rent collections.
Read all positive factors
Cousins Properties (CUZ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.23B
Dividend Yield5.08%
Average Volume (3M)1.98M
Price to Earnings (P/E)―
Beta (1Y)0.87
Revenue Growth12.11%
EPS Growth-109.72%
CountryUS
Employees306
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)-0.15
Shares Outstanding164,540,330
10 Day Avg. Volume2,019,015
30 Day Avg. Volume1,979,100
Financial Highlights & Ratios
PEG Ratio-5.34
Price to Book (P/B)0.93
Price to Sales (P/S)4.36
P/FCF Ratio32.06
Enterprise Value/Market Cap1.90
Enterprise Value/Revenue7.99
Enterprise Value/Gross Profit13.88
Enterprise Value/Ebitda13.38
Forecast
1Y Price Target
$29.67Price Target Upside23.15% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.27
Revenue Forecast (FY)$1.04B
Cousins Properties Business Overview & Revenue Model
Company Description
Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A o...
How the Company Makes Money
Cousins Properties makes money primarily by generating rental and related property income from its portfolio of office buildings. The main revenue stream is base rent paid by tenants under office lease agreements, typically contracted over multi-y...
Cousins Properties Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum: an earnings beat, a raised FFO guidance midpoint, record-level leasing (932k sq ft), meaningful rent roll-ups (+15.2%), same-property NOI growth (+5.5% YoY), improved occupancy trends and an accretive trophy acquisition. Capital markets execution was solid (bond issuance, new $1.2B facility) and buybacks were accelerated with additional authorization. Key near-term risks are primarily execution and timing-related—elevated net leverage (5.66x) that management expects to normalize with planned asset sales, unsettled forward share settlements used in modeling, potentially higher second-generation CapEx/FAD outflows tied to strong leasing, and sensitivity to interest rates (no SOFR cut assumed). Overall, positive operating fundamentals and balance-sheet actions outweigh the execution/timing risks.Positive Updates
FFO Beat and Guidance Raise
Reported FFO of $0.73 per share in Q1, $0.02 above consensus; raised 2026 FFO guidance midpoint to $2.94 (guidance range $2.90–$2.98), representing ~3.5% growth over 2025 and a 3.9% CAGR since 2023.
Negative Updates
Elevated Leverage (Timing Issue)
Net debt to EBITDA is 5.66x this quarter (above the company's target of low-5x), though management characterizes this as a timing issue tied to pending asset sales and repurchase funding.
Read all updates
Q1-2026 Updates
Positive
Negative
FFO Beat and Guidance Raise
Reported FFO of $0.73 per share in Q1, $0.02 above consensus; raised 2026 FFO guidance midpoint to $2.94 (guidance range $2.90–$2.98), representing ~3.5% growth over 2025 and a 3.9% CAGR since 2023.
Read all positive updates
Company Guidance
Cousins updated 2026 FFO guidance to $2.90–$2.98 per share (midpoint $2.94, up from a prior midpoint of $2.92), implying ~3.5% growth versus 2025 (Q1 FFO was $0.73, $0.02 above consensus), and said the guidance bump was driven primarily by the recent 3.9 million share repurchase (weighted average price $23.36) and stronger-than-forecast debt execution (including a $500 million seven‑year bond at a 5% yield and a new $1.2 billion five‑year unsecured credit facility closed April 1), while eliminating any assumed SOFR cut in 2026; modeling assumptions include settlement of 2.9 million forward shares issued in 2025 (avg. $30.44) to fund the repurchase, funding the 300 South Tryon acquisition with proceeds from asset sales (Harborview Plaza sold for $39.5M; 111 Congress and 303 Tremont are under contract—the latter at $23.7M), and no additional property acquisitions, dispositions, or development starts in 2026, with leverage currently at 5.66x net debt/EBITDA expected to move back toward the low‑5x target after the contemplated asset sales.Cousins Properties Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
61
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.01B | 993.82M | 856.76M | 802.87M | 762.29M | 755.07M |
| Gross Profit | 579.46M | 263.42M | 576.10M | 536.44M | 503.92M | 495.61M |
| EBITDA | 601.03M | 638.33M | 534.10M | 504.18M | 535.57M | 634.12M |
| Net Income | -5.25M | 40.50M | 45.96M | 82.96M | 166.79M | 278.59M |
Balance Sheet | ||||||
| Total Assets | 9.09B | 8.89B | 8.80B | 7.63B | 7.54B | 7.31B |
| Cash, Cash Equivalents and Short-Term Investments | 6.30M | 5.72M | 7.35M | 6.05M | 5.14M | 8.94M |
| Total Debt | 3.82B | 3.68B | 3.15B | 2.51B | 2.39B | 2.29B |
| Total Liabilities | 4.55B | 4.19B | 3.93B | 3.09B | 2.89B | 2.71B |
| Stockholders Equity | 4.51B | 4.68B | 4.85B | 4.52B | 4.63B | 4.57B |
Cash Flow | ||||||
| Free Cash Flow | -122.41M | 135.04M | 147.50M | 88.84M | 22.93M | 389.48M |
| Operating Cash Flow | 397.98M | 402.27M | 400.23M | 368.36M | 365.17M | 389.48M |
| Investing Cash Flow | -835.75M | -425.66M | -1.31B | -295.74M | -334.50M | -191.07M |
| Financing Cash Flow | 438.74M | 21.76M | 906.47M | -71.72M | -35.69M | -194.38M |
Cousins Properties Technical Analysis
Positive
24.09
Price Trends
22.85
Positive
23.97
Positive
25.35
Negative
Market Momentum
0.24
Negative
64.84
Neutral
90.64
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CUZ, the sentiment is Positive. The current price of 24.09 is above the 20-day moving average (MA) of 22.34, above the 50-day MA of 22.85, and below the 200-day MA of 25.35, indicating a neutral trend. The MACD of 0.24 indicates Negative momentum. The RSI at 64.84 is Neutral, neither overbought nor oversold. The STOCH value of 90.64 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CUZ.
Cousins Properties Risk Analysis
Cousins Properties disclosed 26 risk factors in its most recent earnings report. Cousins Properties reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cousins Properties Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $7.01B | 22.37 | 10.14% | 4.30% | 3.86% | 10.60% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $2.72B | 18.44 | 2.55% | 7.83% | 0.88% | -47.90% | |
62 Neutral | $3.95B | -43.06 | 4.05% | 5.75% | -1.42% | 8.81% | |
60 Neutral | $4.23B | -37.77 | 0.41% | 5.08% | 12.11% | -109.72% | |
53 Neutral | $3.26B | -8.32 | -3.89% | 6.95% | 7.51% | -476.96% | |
45 Neutral | $1.83B | -67.23 | 0.82% | 6.45% | 1.77% | -33.56% |
* Real Estate Sector Average
CUZ
Cousins Properties
25.69
-0.78
-2.94%
DEI
Douglas Emmett
10.94
-2.34
-17.64%
HIW
Highwoods Properties
24.71
-2.43
-8.96%
KRC
Kilroy Realty
33.64
3.68
12.26%
SLG
SL Green Realty
42.85
-9.22
-17.71%
CDP
COPT Defense Properties
31.01
5.89
23.44%
Cousins Properties Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Cousins Properties Expands Revolving Credit Facility, Extends Maturities
Positive
Apr 1, 2026
On April 1, 2026, Cousins Properties entered into a Sixth Amended and Restated Credit Agreement, creating a new $1.2 billion senior unsecured revolving credit facility that extends the maturity of its prior line of credit to April 1, 2031. The fac...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Cousins Properties Highlights Sun Belt Office Growth Strategy
Positive
Mar 9, 2026
On March 9, 2026, Cousins Properties released an investor presentation ahead of meetings in New York outlining how its Sun Belt lifestyle office portfolio is positioned to benefit from sector trends such as the post-pandemic “flight to quali...
Private Placements and FinancingRegulatory Filings and Compliance
Cousins Properties Issues New Senior Notes for Financing
Positive
Feb 20, 2026
On February 10, 2026, Cousins Properties LP and Cousins Properties Incorporated entered into an underwriting agreement with J.P. Morgan Securities LLC, BofA Securities, Inc., Morgan Stanley Co. LLC and PNC Capital Markets LLC for the sale and pur...
Business Operations and StrategyStock Buyback
Cousins Properties Authorizes $250 Million Share Repurchase Program
Positive
Feb 17, 2026
On February 17, 2026, Cousins Properties announced that its board had authorized a new share repurchase program allowing the company to buy back up to $250 million of its outstanding common stock. The move underscores management’s willingnes...
Business Operations and StrategyM&A Transactions
Cousins Properties Expands Charlotte Portfolio With Major Acquisition
Positive
Feb 5, 2026
On February 5, 2026, Cousins Properties announced that it acquired 300 South Tryon, a 638,000-square-foot lifestyle office tower in the Uptown submarket of Charlotte, for $317.5 million, with the transaction having closed on February 2, 2026. Buil...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.