CUZNYSE

COUSINS PROPERTIES INC

Real Estate Investment Trusts · GA · CIK 25232

Develops, acquires, leases, manages, and owns Class A office and mixed-use properties in Sun Belt markets

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$4.77B

Market cap

$30.15

Last close

+0.6%

+5.9%

1.5M

Volume

Price · last 39 sessions+18.3%

May 4L $25.48 · H $30.15Jun 29

335

Total filings

May 4, 2026

Last filing

12/31

Fiscal year end

All 8-K · 179 10-Q · 46 424B5 · 23 425 · 21 DEF 14A · 16 10-K · 16 SC 13G · 13 DEFA14A · 12

What Changed

Risk factors · Feb 6, 2025 → Feb 5, 2026

58 added · 60 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.

Newly disclosed

For example, a cyberattack impacting a building system could result in our inability to maintain that system (or related systems), and if any impacted system is relied upon by our customers for their efficient use of their leased space, then the continuation of that circumstance could entitle the affected tenants to abate a portion of their rent.
While certain aspects of a credit rating downgrade are quantifiable, the impact that such a downgrade would have on our liquidity, business, and results of operations in future periods is inherently uncertain and would depend on a number of factors. 10 Table of Contents Real Estate Acquisition and Development Risks We face risks associated with operating property acquisitions.
We have developed and maintain an information security program that is designed to assess, identify, and manage the risks of cyberattacks, and the continued development and maintenance of this program is costly and requires ongoing monitoring and updating as technologies change (including as a result of the proliferation of artificial intelligence (“AI”) tools) and efforts to overcome security measures become more sophisticated.
We utilize our strong local operating platforms within each of our major markets to implement this strategy. 2025 Activities During 2025, we acquired one office property, completed an offering of senior unsecured notes, and generated positive operating results in our property portfolio.
The following is a summary of our significant 2025 activities: Investment Activity • Acquired The Link, a 292,000 square foot lifestyle office property in Uptown Dallas, for a purchase price of $218.0 million. • Sold our bankruptcy claim with SVB Financial Group for $4.6 million. • Received repayment at par of the $138.0 million mortgage loan investment secured by Saint Ann Court in Dallas. • Received repayment at par of the $12.8 million mezzanine loan investment secured by Radius in Nashville. • Loaned our Neuhoff joint venture partner $19.6 million at an interest rate of SOFR plus 625 basis points.
Financing Activity • Issued $500.0 million of 5.250% public unsecured senior notes due 2030 ("2030 Notes"), generating net proceeds of $496.9 million. • Repaid in full $250.0 million of our 3.91% privately placed senior notes at maturity in July 2025. 1 Table of Contents • Sold 2.9 million shares under our at-the-market stock offering program ("ATM"), on a forward basis, at an average price of $30.44 per share. • Our 50% owned Neuhoff joint venture amended its existing construction loan, with the joint venture repaying $39.2 million of the outstanding principal, extending the maturity date to September 2026, and lowering the spread over SOFR to 300 basis points from 345 basis points.
Portfolio Activity • Executed 2.1 million square feet of office leases, including 1.2 million square feet of new and expansion leasing, representing 55% of total leasing activity. • Increased second generation net rent per square foot by 3.5% on a cash-basis. • Increased same property net operating income by 0.9% on a cash-basis. • As of December 31, 2025, the leased percentage of our stabilized office portfolio was 90.7%. • For the three months ended December 31, 2025, the weighted average economic occupancy of our stabilized office portfolio was 88.3%.
The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the TCJA and the restoration of favorable tax treatment for certain business provisions, including 100% bonus depreciation and the business interest expense limitation.
In addition, the cross default provisions on the Credit Facility, senior unsecured notes and term loans may affect business decisions on other debt.
The project is owned and being developed by a 50%-owned joint venture, and our share of the total expected project costs is $294.6 million. • Stabilized the operations of our recently developed Domain 9 office building in Austin.
We consider “lifestyle offices” to be well-located buildings that are modern structures or have been modernized to compete with newer buildings, are professionally managed and maintained, and offer a number and type of amenities that are in high demand by customers that are focused on the importance of the physical work environment in recruiting and retaining employees.
We pursue this vision by creating and maintaining a portfolio of high-quality and resilient lifestyle office buildings that are operated in an environmentally efficient and socially responsible manner, which we believe encourages office users to select us for their corporate operations, while enhancing the communities in which our buildings are located.

No longer disclosed

The following is a summary of our significant 2024 activities: Investment Activity • Acquired Sail Tower, an 804,000 square foot lifestyle office property in Downtown Austin, for a purchase price of $521.8 million (the "Sail Tower Acquisition"). • Acquired Vantage South End, a 639,000 square foot lifestyle office property in South End Charlotte, for a purchase price of $328.5 million (the "Vantage Acquisition"). • Acquired a 20% interest in Proscenium, a 525,000 square foot building in Midtown Atlanta, through a joint venture for $16.7 million. • Acquired two mezzanine loans, secured by equity interests, for $27.2 million.
Except for the documents specifically incorporated by reference into this Annual Report on Form 10-K, information contained in our CR Reports or on our website or that can be accessed through our website is not incorporated by reference into this Annual Report on Form 10-K.
In addition, the cross default provisions on the Credit Facility, senior unsecured notes and term loans may affect business decisions on other debt. 10 Table of Contents Some of our mortgages contain customary negative covenants, including limitations on our ability, without the lender’s prior consent, to further mortgage that specific property, to enter into new leases, to modify existing leases, or to redevelop or sell the property.
Other factors that influence our credit ratings include changes to the rating agencies' methodologies for our industry or certain security types; the rating agencies' assessment of the general operating environment for financial services companies; our relative positions in the markets in which we compete; our various risk exposures and risk management policies and activities; pending litigation and other contingencies; our reputation; our liquidity position, diversity of funding sources and funding costs; the current and expected level and volatility of our earnings; our capital position and capital management practices; our corporate governance; current or future regulatory and legislative initiatives; and the agencies' views on whether the U.S. government would provide meaningful support to us or our subsidiaries in a crisis.
We utilize our strong local operating platforms within each of our major markets to implement this strategy. 2024 Activities During 2024, we acquired three office properties, one of which was acquired though a joint venture, acquired investments in real estate debt, completed several financing transactions, including offerings of our senior unsecured notes and our common stock, commenced initial operations at our Domain 9 development project, and generated positive operating results in our property portfolio.
The weighted average spread over SOFR for these loans is 8.68%. • Acquired a mortgage loan, secured by the Saint Ann Court office property in Dallas, at par for $138.0 million, which was subsequently paid in full by the borrower in January 2025.
Financing Activity • Issued $500.0 million aggregate principal amount of our 5.875% senior unsecured notes (the "2034 Notes") in our inaugural bond offering, generating proceeds of $498.5 million. • Issued $400.0 million aggregate principal amount of our 5.375% senior unsecured notes (the "2032 Notes"), generating proceeds of $397.9 million. • Issued 15,500,000 shares of common stock, generating aggregate proceeds of $468.9 million, net of underwriting discounts. 1 Table of Contents • Repaid in full the $70.9 million remaining balance on the mortgage secured by our Domain 10 property in Austin. • Entered into a floating-to-fixed interest rate swap on the remaining $200 million of the $400 million Term Loan maturing March 2025, fixing the underlying SOFR rate at 4.6675%.
Our 2023 Corporate Responsibility Report ("CR Report"), published in June 2024, included goals to reduce energy, greenhouse gas emissions, and water usage, as well as in respect of LEED and Energy Star ratings, and to attain healthy building certifications.
Since 2016, we have participated in the annual Global Real Estate Sustainability Benchmark ("GRESB") assessment, which validates Environmental, Social, and Corporate Governance ("ESG") performance data of property portfolios around the world and creates peer benchmarks for use by investors.
Since 2017, we have scored at or above our peer group average in the GRESB Public Disclosure assessment, which GRESB has indicated is intended to represent an overall measure of disclosure by listed real estate companies on matters related to the environment, social, and governance practices, based on a selection of indicators aligned with the GRESB Annual Sustainability Benchmark assessment.
Our 2024 scores (based on 2023 data), along with additional information on our sustainability and other corporate social responsibility initiatives, will be included under the caption "Sustainability and Corporate Responsibility" in the Proxy Statement relating to our 2025 Annual Meeting of Stockholders.
As of December 31, 2024, we had 306 full-time employees, which includes the seven executive officers listed on page 27, with women representing 39% of our workforce and with 46% of the workforce self-identifying as a minority.

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