$CUZ

COUSINS PROPERTIES INC

CIK:0000025232|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total Revenues	$ 268,528	$ 240,128	$ 531,637	$ 490,456
Expenses:
Rental property operating expenses	84,666	74,179	167,251	151,335
Reimbursed expenses	172	119	292	296
General and administrative expenses	12,115	9,738	23,955	20,447
Interest expense	47,064	38,514	92,165	75,288
Depreciation and amortization	104,845	100,890	213,251	203,004
Other expenses	389	443	827	865
Total costs and expenses	249,251	223,883	534,341	451,235
Loss from unconsolidated joint ventures	(2,215)	(1,587)	(4,857)	(3,470)
Loss on Investment Property Transactions	9,172	0	9,125	0
Net income	26,234	14,658	1,564	35,751
Net income attributable to noncontrolling interests	(76)	(175)	(262)	(371)
Net income available to common stockholders	$ 26,158	$ 14,483	$ 1,302	$ 35,380
Net income per common share — basic (in usd per share)	$ 0.16	$ 0.09	$ 0.01	$ 0.21
Net income per common share — diluted (in usd per share)	$ 0.16	$ 0.09	$ 0.01	$ 0.21
Weighted average common shares — basic (in shares)	164,561	167,930	165,685	167,870
Weighted average common shares — diluted (in shares)	165,292	168,765	166,486	168,679
Operating Property Impairment	$ 0	$ 0	$ 36,600	$ 0
Rental property revenues
Revenues:
Total Revenues	265,714	237,715	526,822	480,742
Fee income
Revenues:
Total Revenues	2,267	494	3,512	990
Other
Revenues:
Total Revenues	$ 547	$ 1,919	$ 1,303	$ 8,724

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,564	$ 35,751
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on investment property transaction	(9,125)	0
Depreciation and amortization	213,251	203,004
Amortization of deferred financing costs, debt premiums, and debt discounts, net	2,717	2,100
Equity-classified stock-based compensation expense, net of forfeitures	9,685	9,741
Effect of non-cash adjustments to rental revenues	(41,985)	(45,666)
Loss from unconsolidated joint ventures	4,857	3,470
Operating distributions from unconsolidated joint ventures	1,248	1,343
Changes in other operating assets and liabilities, net of acquisitions:
Operating Property Impairment	36,600	0
Change in receivables and other assets, net	(2,964)	(7,003)
Change in operating liabilities, net	(18,863)	(35,428)
Net cash provided by operating activities	196,985	167,312
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from Sale of Other Real Estate	77,119	0
Capital expenditures	(133,635)	(126,273)
Property acquisitions	(317,261)	(37,837)
Proceeds from borrower repayment of investments in real estate debt	18,218	150,791
Investments in real estate debt	0	(586)
Contributions to unconsolidated joint ventures	(3,820)	(11,506)
Net cash used in investing activities	(359,379)	(25,411)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility	1,029,000	231,601
Repayment of credit facility	(978,000)	(343,931)
Bond issuance, net of original issue discount	496,295	499,935
Repayment of term loans	(150,000)	0
Purchase of shares under share repurchase program	(90,044)	0
Repayment of mortgages	(3,464)	(3,348)
Repurchase of shares withheld for taxes on restricted stock vestings	(1,681)	(1,908)
Payment of deferred financing costs	(11,678)	(5,364)
Payment of issuance of common stock costs	0	(315)
Common dividends paid	(107,958)	(108,302)
Acquisition of partners' noncontrolling interests	18,531	0
Contributions from noncontrolling interests	0	7
Distributions to noncontrolling interests	566	785
Net cash provided by financing activities	163,373	267,590
NET INCREASE IN CASH AND CASH EQUIVALENTS	979	409,491
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	5,720	7,349
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 6,699	$ 416,840

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate assets:
Operating properties, net of accumulated depreciation of $1,944,115 and $1,922,394 in 2026 and 2025, respectively	$ 7,872,060	$ 7,894,846
Land	135,869	135,870
Total properties	8,007,929	8,030,716
Real estate assets and other assets held for sale, net	223,586	61,489
Cash and cash equivalents	6,699	5,720
Investments in real estate debt, at fair value	19,586	37,804
Accounts receivable	15,608	17,578
Deferred rents receivable	276,351	269,282
Investments in unconsolidated joint ventures	212,792	215,301
Intangible assets, net	175,884	164,738
Other assets, net	102,438	87,504
Total assets	9,040,873	8,890,132
Liabilities:
Notes payable	3,732,064	3,340,815
Accounts payable and accrued expenses	294,261	314,317
Deferred income	286,872	301,358
Intangible liabilities, net	121,790	117,085
Other liabilities	106,583	111,506
Liabilities of real estate assets held for sale, net	7,736	2,849
Total liabilities	4,549,306	4,187,930
Commitments and contingencies
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 164,602,058 and 167,981,990 issued and outstanding in 2026 and 2025, respectively	164,602	167,982
Additional paid-in capital	5,886,169	5,971,762
Distributions in excess of cumulative net income	(1,567,095)	(1,460,154)
Total stockholders' investment	4,483,676	4,679,590
Nonredeemable noncontrolling interests	7,891	22,612
Total equity	4,491,567	4,702,202
Total liabilities and equity	$ 9,040,873	$ 8,890,132