20 customers — 38.6% of revenue (as of December 31, 2025)
“As of December 31, 2025, our top 20 tenants represented 38.6% of total annualized rent with our largest single tenant accounting for 8.9% of annualized rent.”
One customer — 8.9% of revenue (as of December 31, 2025)
“As of December 31, 2025, our top 20 tenants represented 38.6% of total annualized rent with our largest single tenant accounting for 8.9% of annualized rent.”
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Cousins raised its 2026 FFO guidance midpoint to $2.97 per share and expects 90% occupancy by year end. The company leased 546,000 square feet during the quarter and plans construction on 2401 McKinney in 2027.
Cousins reported net income available to common stockholders of $17.0 million and $18.3 million for the three and nine months ended September 30, 2026, while same property NOI increased 3.3% and 2.3%, respectively.
Cousins Properties reported third-quarter FFO of $123.8 million, or $0.75 per share, and raised its FFO guidance to between $2.95 and $2.99 per share.
Useful current figures from the complete screener profile.
* Q4 derived as the full year minus Q1 to Q3.
TL;DR. Cousins raised full-year 2026 FFO guidance and reported stronger third-quarter earnings, with same-property cash NOI up 7.4%, cash second-generation rents up 19.8%, 546,000 square feet of leasing, a 1.4 million-square-foot late-stage pipeline, and progress toward 90% occupancy. Strategic transactions and trophy-office development support future growth, while the year-to-date net-income decline, bifurcated office market, redevelopment downtime, and higher development financing costs remain risks.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Illustrative technical + ownership context — a signal mix, not investment advice.
| Metric | Latest | Period | YoY |
|---|---|---|---|
| Annualized General and Administrative Expenses / Total Undepreciated Assets non-GAAP | 0.43% | 2026 2nd | — |
| Cash-Basis Net Operating Income non-GAAP | 319.58M | Six Months Ended June 30, 2026 | — |
| Cash-Basis Same Property Net Operating Income non-GAAP | 278.63M | Six Months Ended June 30, 2026 | — |
| Change in Cash-Basis NOI (over prior year period) non-GAAP | 5.9% | 2026 2nd | — |
| Change in Cash-Basis Second Generation Net Rent | 9.2% | 2026 2nd | — |
| Change in NOI (over prior year period) non-GAAP | 2% | 2026 2nd | — |
| Change in Second Generation Net Rent | 26.8% | 2026 2nd | — |
| Common Dividend per Share | $0.32 | 2026 2nd | — |
| Common Stock Price Per Share | $29.98 | 2026 2nd | — |
| Common Stock Price Per Share at Period End non-GAAP | $29.98 | 2026 2nd | — |
| Consolidated Operating Properties | 35 | 2026 2nd | — |
| Consolidated Rentable Square Feet | 20.13M | 2026 2nd | — |
| Cousins' share of NOI non-GAAP | 361.76M | Six Months Ended June 30, 2026 | — |
| EBITDAre non-GAAP | $174.49M | 2026 2nd | — |
| End of Period Leased | 92.4% | Three Months Ended June 30, 2026 | — |
| Equity Market Capitalization non-GAAP | $4.94B | 2026 2nd | — |
| FAD non-GAAP | 73.4M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP FFO $124.65M
+$1.51M Non-Cash Debt Amortization
+$3.67M Non-Cash Stock-Based Compensation
+$145K Non-Real Estate Depreciation and Amortization
+$698K Lease Inducement Amortization
-$212K Straight-Line Rent Ground Leases
+$70K Above and Below Market Ground Rent
-$10.09M Deferred Income - Tenant Improvements
-$4.27M Above and Below Market Rents, Net
-$35.91M Second Generation Capital Expenditures (CAPEX)
-$6.86M Straight-Line Rental Revenue
= FAD $73.4M
|
|||
| FAD Payout Ratio non-GAAP | 71.8% | Q2 2026 | — |
| FAD per share non-GAAP | $0.44 | Q2 2026 | — |
| FFO non-GAAP | 247.51M | Six Months Ended June 30, 2026 | — |
| FFO per Share non-GAAP | $1.49 | YTD 2026 | — |
| Fixed Charges Coverage (EBITDAre) non-GAAP | 3.39 | 2026 2nd | — |
| Fixed Rate Debt non-GAAP | $3.33B | 2026 2nd | — |
| Floating Rate Debt non-GAAP | $594.01M | 2026 2nd | — |
| Funds Available for Distribution (FAD) Payout Ratio non-GAAP | 71.8% | 2026 2nd | — |
| Funds From Operations (FFO) Payout Ratio non-GAAP | 42.3% | 2026 2nd | — |
| Funds From Operations Per Diluted Share non-GAAP | $0.75 | Three Months Ended June 30, 2026 filing | — |
| In-Place Gross Rent (per SF) | $50.07 | 2026 2nd | — |
| Increase in cash-basis second generation net rent per square foot | 12.2% | Six Months Ended June 30, 2026 | — |
| Increase in straight-line basis second generation net rent per square foot | 27.8% | Six Months Ended June 30, 2026 | — |
| Net Debt / Total Undepreciated Assets non-GAAP | 34.3% | 2026 2nd | — |
| Net Debt/Annualized EBITDAre non-GAAP | 5.57 | 2026 2nd | — |
| Net Leased during the Period (SF, in thousands) | 924K | 2026 2nd | — |
| Net leased square feet | 1,855,955 | Six Months Ended June 30, 2026 | — |
| Net Operating Income non-GAAP | 362.41M | Six Months Ended June 30, 2026 | — |
| Net Operating Income - Unconsolidated Joint Ventures non-GAAP | $3.54M | 2026 2nd | — |
| Net Rent (per SF) | $41.35 | 2026 2nd | — |
| New and expansion leases | 395,000 | the three months ended June 30, 2026 filing | — |
| Non-Same Property Net Operating Income non-GAAP | 51.56M | Six Months Ended June 30, 2026 | — |
| Number of Common Stock/Units Outstanding at Period End non-GAAP | 164.63M | 2026 2nd | — |
| Number of transactions | 98 | Six Months Ended June 30, 2026 | — |
| Office Percent Leased (period end) | 92.8% | 2026 2nd | — |
| Office Weighted Average Occupancy | 89.4% | 2026 2nd | — |
| Same Property Net Operating Income non-GAAP | 310.85M | Six Months Ended June 30, 2026 | — |
| Same property Net Operating Income increase for consolidated properties and our share of unconso | 2% | the three months ended June 30, 2026 filing | — |
| Same Property Percent Leased (period end) non-GAAP | 92.4% | 2026 2nd | — |
| Same Property Weighted Average Occupancy non-GAAP | 88.8% | 2026 2nd | — |
| Second generation leased square footage | 1,294,174 | Six Months Ended June 30, 2026 | — |
| Square feet of office space leased | 924,000 | the three months ended June 30, 2026 filing | — |
| Straight-line basis net rent per square foot increase for office spaces under lease within the p | 26.8% | the three months ended June 30, 2026 filing | — |
| Total Debt non-GAAP | $3.9B | 2026 2nd | — |
| Total Developable Land | 38.4 | as of June 30, 2026 | — |
| Total Market Capitalization non-GAAP | $8.84B | 2026 2nd | — |
| Total Operating Properties | 39 | 2026 2nd | — |
| Total Rentable Square Feet | 22.27M | 2026 2nd | — |
| Unconsolidated Rentable Square Feet | 2.14M | 2026 2nd | — |
| Weighted Average Interest Rate non-GAAP | 4.89% | 2026 2nd | — |
| Weighted Average Maturity (Years) non-GAAP | 4.2 | 2026 2nd | — |
| Weighted Average Occupancy | 88.7% | Six Months Ended June 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CUZ
this stock
Cousins Properties Inc
|
$4.88B | +15.0% | +16.0% | 329.3 | 8.0% |
|
BXP
BXP, Inc.
|
$10.18B | -5.5% | +2.2% | 19.1 | 8.0% |
|
ARE
Alexandria Real Estate Equities, Inc.
|
$7.64B | -10.4% | -2.9% | — | 3.7% |
|
VNO
Vornado Realty Trust
|
$6.48B | +4.3% | +1.3% | — | 6.5% |
|
KRC
Kilroy Realty Corp
|
$4.19B | -3.6% | -2.0% | 144.2 | 11.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
Cousins reported net income available to common stockholders of $17.0 million and $18.3 million for the three and nine months ended September 30, 2026, while same property NOI increased 3.3% and 2.3%, respectively.
View| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| CUZ | +0.1% | +7.2% | +10.6% | +0.3% | +15.0% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -2.5% | +8.4% | +10.1% | +0.5% | +4.4% |
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
