Cousins Properties (CUZ) Q3 2025 earnings summary

Executive summary

• Delivered Q3 2025 FFO of $0.69 per share, with 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 expansion and The Link acquisition 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.

• Portfolio occupancy at quarter-end was 88.3%–90.0%, reflecting the Bank of America lease expiration in Charlotte and strong leasing pipelines.

• Sun Belt markets and modern, amenity-rich office properties continue to outperform, with leasing demand from financial services and tech tenants.

• Record leasing pipeline and strategic acquisitions position the portfolio for continued growth.

Financial highlights

• Q3 2025 same property GAAP NOI grew 1.9% and cash NOI grew 0.3% year-over-year; Q3 NOI was $165.9 million, up 18.2% year-over-year.

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

• Paid off $250 million note using proceeds from a $500 million bond offering in June 2025.

• Net debt/annualized EBITDAre: 5.38x; net debt/total market capitalization: 41.6%; fixed charge coverage: 3.75x.

• Dividend per share YTD: $0.96; FFO payout ratio: 44.9%.

Outlook and guidance

• Full-year 2025 FFO guidance raised to $2.82–$2.86 per share, with a midpoint of $2.84; net income guidance raised to $0.30–$0.34 per share.

• Guidance increase driven by higher parking income, termination fees, lower SOFR, and interest income from a joint venture loan.

• Targeting portfolio occupancy of 90% or higher by year-end 2026, with growth expected to be back-end loaded.

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

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