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Cousins Properties (CUZ) investor relations material

Cousins Properties Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary31 Oct, 2025

Executive summary

  • Reported strong Q3 2025 results with FFO per share of $0.69, robust leasing activity totaling 551,000 sq. ft., and raised full-year FFO guidance midpoint to $2.84 per share, supported by Sun Belt market strength and the acquisition of The Link in Dallas for $218 million.

  • Net income for Q3 2025 was $8.6 million ($0.05/share), down from $11.2 million ($0.07/share) in Q3 2024; FFO rose to $116.5 million ($0.69/share) from $102.3 million ($0.67/share) year-over-year.

  • For the nine months ended September 30, 2025, net income was $44.0 million ($0.26/share) and FFO was $358.9 million ($2.13/share), both up from the prior year period.

  • Portfolio focused on high-growth, amenity-rich Sun Belt markets, with strong demand from financial services and tech tenants.

  • Portfolio occupancy at quarter-end was 88.3%–90.0%, reflecting some large lease expirations but supported by a robust leasing pipeline.

Financial highlights

  • Q3 2025 FFO per share was $0.69; full-year 2025 FFO guidance raised to $2.82–$2.86 per share.

  • Q3 2025 net income available to common stockholders: $8.6 million; nine months: $44.0 million.

  • Q3 2025 rental property revenues: $246.5 million, up from $207.3 million in Q3 2024; nine months: $727.2 million.

  • Same property GAAP NOI grew 1.9% and cash NOI grew 0.3% year-over-year in Q3, with nine-month cash NOI up 1.2%.

  • Second-generation net rent per square foot (cash-basis) up 4.2% in Q3 and 4.9% for nine months; average net rent reached $39.18.

Outlook and guidance

  • 2025 net income guidance raised to $0.30–$0.34/share; FFO guidance increased to $2.82–$2.86/share, driven by higher parking income, termination fees, and interest income.

  • Targeting portfolio occupancy of 90% or higher by year-end 2026, with ramp weighted toward the back half of the year.

  • Guidance excludes future acquisitions, dispositions, development starts, and capital markets transactions.

  • Expect continued FFO growth into 2026, with demand accelerating and new supply at historical lows.

  • Sufficient liquidity with $916.3 million available under the credit facility and $4.7 million in cash as of September 30, 2025.

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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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