Cousins Properties Incorporated

Overview

• Company type: Fully integrated, self-administered, and self-managed real estate investment trust (REIT) based in Georgia.
• Core business model: Owns, develops, leases, and manages real estate assets. The company operates primarily through its subsidiary, Cousins Properties LP (CPLP), of which the company owns more than 99% and consolidates. CPLP wholly owns CTRS, a taxable entity that owns and manages a real estate portfolio and provides related services.
• Primary property type: Class A office properties and opportunistic mixed-use developments.
• Primary markets: Sun Belt United States, with emphasis on lifestyle office properties in Austin, Atlanta, Charlotte, Tampa, Phoenix, Dallas, and Nashville.
• Tax status: Elected REIT status; intends to distribute at least 100% of net taxable income to stockholders.
• Stock: Common stock trades on the NYSE under the symbol CUZ.

Employees and governance

• Employees: 351 full-time employees as of December 31, 2025.
• Executive tenure: Average tenure of the executive team is 15 years.
• Board and committees: Board-level Sustainability Committee and four primary committees: Audit; Compensation & Human Capital; Nominating & Governance; Sustainability.

Portfolio and operating scale (as of December 31, 2025)

• Office portfolio size: 21.142 million rentable square feet.
• Leasing and occupancy (three months ended December 31, 2025): Office properties end-of-period leased 90.7%; weighted average occupancy 88.3%. Stabilized portfolio leased 90.7% at year-end 2025.
• Regional concentration by NOI (year-end): Austin 36.0% of NOI. Atlanta and Charlotte are also major contributors. Other regional shares: Tampa 7.8%, Phoenix 7.5%, Dallas 4.8%, Houston 3.3%.
• Annualized rent across operating properties: $892.5 million (reflects cash rent plus tenant share of operating expenses where applicable). $52.3 million of this annualized rent relates to tenants in free rent periods as of December 31, 2025.
• Top tenants and concentration:
  • Top 20 office tenants account for 38.6% of annualized rent. Total annualized rent for the Top 20 tenants: $346.299 million.
  • Largest single tenant (as of 12/31/2025): Amazon, representing 8.9% of annualized rent across five properties.
  • Other large tenants include Alphabet, NCR Voyix, ExxonMobil, IBM, Expedia, Apache, Ovintiv USA, Deloitte, Wells Fargo, BlackRock, Smurfit WestRock, Amgen, McKinsey & Company, RigUp, International Workplace Group, Samsung Engineering America, and Time Warner Cable.
• Selected property highlights:
  • The Domain (Austin) — 2.08 million SF; 100% ownership; end-of-period leased 97.9%; 12.8% of NOI.
  • Sail Tower (Austin) — 804k SF; 100% ownership; 100% leased; 6.9% of NOI.
  • Additional properties in Atlanta, Charlotte, Tampa, Phoenix, Dallas, and Houston with varying leased percentages and NOI shares.
  • Unconsolidated interests include Medical Offices at Emory Hospital (50% share) and Proscenium (20% share).
• Land and development land:
  • Total developable land: 37.0 acres (as of 12/31/2025).
  • Cost basis of land: Total $162.809 million; company’s share $156.003 million.
• Ground leases and other real estate arrangements:
  • Eight ground-leased parcels totaling 2.4 million square feet, representing 12.3% of total NOI in the three months ended 12/31/2025.

Development pipeline

• Neuhoff (Nashville): Mixed-use project in a 50% JV including office, retail, and 542 apartments. Total project cost $589.1 million; company’s share $294.6 million; incurred to date $291.309 million. Project scope includes 450,000 SF of office and 542 residential units. Leasing reported at 53% and overall occupancy referenced at 89% in the project timeline. Project is funded via JV equity and a construction loan; company share of construction loan capacity is approximately $136.8 million. Site infrastructure is included in project costs and final costs will depend on construction and leasing outcomes.

2025 development and capital activity — highlights

• Acquisitions and dispositions:
  • Acquired The Link, a 292,000 SF lifestyle office property in Uptown Dallas, for $218 million.
  • Sold a bankruptcy claim with SVB Financial Group for $4.6 million.
  • Received repayment at par of a $138.0 million mortgage loan investment secured by Saint Ann Court (Dallas).
  • Received repayment at par of a $12.8 million mezzanine loan investment secured by Radius (Nashville).
• Financing activity:
  • Issued $500.0 million of 5.250% senior unsecured notes due 2030; net proceeds approximately $496.9 million.
  • Repaid $250.0 million of 3.91% privately placed notes at maturity (July 2025).
  • Sold 2.9 million shares under the ATM program (forward basis) at an average price of $30.44 per share.
  • Neuhoff JV amended its construction loan: repaid $39.2 million of principal, extended maturity to September 2026, and reduced the spread over SOFR to 300 basis points from 345 basis points.
• Portfolio and leasing activity:
  • Executed 2.1 million SF of office leases in 2025; 1.2 million SF was new or expansion leasing (55% of total leasing activity).
  • Second-generation net rent per SF increased 3.5% on a cash basis.
  • Same-property net operating income increased 0.9% on a cash basis.
• Debt and leverage:
  • Outstanding indebtedness totaled approximately $3.3 billion as of December 31, 2025.
  • The company maintains a focus on a flexible, low-leverage balance sheet to pursue growth opportunities.

Revenue and income framing

• Revenue proxy: Annualized rent across operating properties reported at $892.5 million.
• NOI reporting: NOI contributions are presented by property as percentages of total NOI (for example, The Domain 12.8% of NOI; Sail Tower 6.9%). The office NOI category represents the majority of disclosed NOI.
• Free rent: Approximately $52.3 million of annualized rent relates to tenants in free rent periods as of December 31, 2025.

Executive officers (as of date provided)

• M. Colin Connolly — 49, President, Chief Executive Officer, and Director.
• Gregg D. Adzema — 60, Executive Vice President and Chief Financial Officer.
• J. Kennedy Hicks — 42, Executive Vice President, Chief Investment Officer.
• Richard G. Hickson IV — 51, Executive Vice President, Operations.
• John S. McColl — 63, Executive Vice President, Development.
• Pamela F. Roper — 52, Executive Vice President, General Counsel and Corporate Secretary.
• Jeffrey D. Symes — 60, Senior Vice President and Chief Accounting Officer.

Business focus

• Strategy centers on disciplined capital allocation through opportunistic acquisitions, selective development, and timely dispositions of non-core assets.
• The core portfolio targets high-quality lifestyle office properties in major Sun Belt markets, with an emphasis on modernized buildings and amenities to attract and retain tenants.