Cousins Properties (CUZ) Q4 2025 earnings summary

Executive summary

• Delivered Q4 2025 FFO of $0.71 per share and full-year FFO of $2.84 per share, both up year-over-year, with 700,000 sq ft of leases executed in Q4 and a late-stage pipeline of 1.1 million sq ft.

• Acquired 300 South Tryon in Charlotte for $317.5 million in February 2026, part of $1.4 billion in Sunbelt lifestyle office acquisitions over six quarters.

• Portfolio upgrades in Sunbelt trophy assets have been immediately accretive to earnings and support industry-leading quality.

• Portfolio focused on high-growth Sunbelt markets, with strong leasing momentum and robust demand for large blocks, especially in redevelopments.

Financial highlights

• Q4 2025 FFO: $119.5 million ($0.71/share); full-year FFO: $478.4 million ($2.84/share), both up from 2024.

• Q4 2025 net loss available to common stockholders was $3.5 million ($0.02/share), down from net income of $13.6 million ($0.09/share) in Q4 2024, due to impairment charges.

• 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%.

• Second generation net rent per sq ft (cash-basis) rose 0.23% in Q4 and 3.53% for the year; excluding Northpark, Q4 increase was 10.44% and full-year 8.40%.

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

Outlook and guidance

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

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

• Guidance assumes refinancing of $250M term loan and two mortgage loans maturing in 2026, and funding of 300 South Tryon acquisition via asset sales and $200M in additional non-core sales.

• No speculative acquisitions or development starts included in 2026 guidance.

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