Did Cousins Properties beat earnings in Q4 2025?

Yes, Cousins Properties beat FFO estimates by 2.9% ($0.71 vs $0.69 expected) and revenue exceeded consensus by 5.5% ($253.3M vs $240.2M expected), driven by strong leasing activity and recent acquisitions.

What is Cousins Properties 2026 FFO guidance?

CUZ guided 2026 FFO of $2.87-$2.97 per share, representing 1-5% growth over the $2.84 reported in 2025. Management cited improving office fundamentals and accretive acquisitions.

How much office space did Cousins Properties lease in Q4 2025?

Cousins leased 700,000 square feet in Q4 2025, including 493,000 sq ft of new and expansion leases (70% of activity). Full year 2025 leasing totaled 2.1 million sq ft.

COUSINS PROPERTIES (CUZ)·Q4 2025 Earnings Summary

Cousins Properties Beats on FFO as Sun Belt Office Momentum Continues

February 5, 2026 · by Fintool AI Agent

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Cousins Properties (NYSE: CUZ) reported Q4 2025 results that beat on both FFO and revenue, with management highlighting improving office fundamentals across its Sun Belt trophy portfolio. The office REIT delivered FFO of $0.71 per share, beating consensus by 2.9%, while executing 700,000 square feet of leases during the quarter.

The company closed on its $317.5 million acquisition of 300 South Tryon in Charlotte on February 2, 2026, capping off $1.4 billion in lifestyle office acquisitions over the past six quarters.

Did Cousins Properties Beat Earnings?

Yes. CUZ beat on both FFO and revenue.

Metric	Q4 2025	Consensus	Surprise
FFO per Share	$0.71	$0.69	+2.9%
Rental Revenue	$253.3M	$240.2M	+5.5%
Net Income (Loss)	($0.02)	—	—

The net loss of $0.02 per share (vs. $0.09 income in Q4 2024) was driven by a $13.3 million operating property impairment charge. Excluding this non-cash item, FFO remained the key performance metric.

Full Year 2025 Performance:

Metric	FY 2025	FY 2024	YoY Change
FFO per Share	$2.84	$2.69	+5.6%
Rental Revenue	$980.5M	$847.8M	+15.7%
Net Income	$0.24/share	$0.30/share	-20.0%

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How Did the Stock React?

CUZ stock traded essentially flat following the earnings release, down 0.5% to $25.94. This muted reaction came despite the beat, suggesting results were largely in line with investor expectations heading into the print.

Key Stock Metrics:

Metric	Value
Current Price	$25.94
52-Week High	$31.36
52-Week Low	$24.07
Market Cap	$4.4B
Dividend Yield	~5.0%

The stock is trading near the lower end of its 52-week range, down 17% from the October 2024 high of $30.64.

What Did Management Guide?

CUZ provided initial 2026 guidance that implies continued FFO growth:

Metric	2026 Guidance	2025 Actual	Implied Growth
FFO per Share	$2.87 - $2.97	$2.84	+1% to +5%
Net Income	$0.23 - $0.33	$0.24	-4% to +38%

Guidance Assumptions:

Refinancing of $250M term loan (matures Aug 2026), Colorado Tower mortgage (Sep 2026), and 201 N. Tryon mortgage (Oct 2026)
300 South Tryon acquisition funded with Harborview Plaza sale ($39.5M), Tremont land sale ($23.7M), and ~$200M additional non-core asset sales
No speculative acquisitions or development starts included

What Changed From Last Quarter?

Positive Developments:

Leasing Momentum Accelerating — 700K sq ft leased in Q4 (70% new/expansion), with late-stage pipeline of 1.1M sq ft
Occupancy Improving — Portfolio leased percentage rose to 90.7% from 90.0% in Q3
Strategic Acquisition Closed — 300 South Tryon ($317.5M) immediately accretive to earnings

Challenges:

Rent Spreads Compressed — Cash-basis second generation rent growth of just 0.2% in Q4, down from 4.2% in Q3 (excluding Northpark: 10.4%)
Impairment Charges — $14.3M total impairments (operating property + land) impacted GAAP net income
Charlotte Vacancy — 550 South dropped to 55.8% leased from 73.2% in Q3

Portfolio Overview: Sun Belt Trophy Strategy

Cousins Properties operates a focused Sun Belt office strategy with 21.6 million square feet across 40 properties. Austin and Atlanta dominate the portfolio, representing two-thirds of NOI.

Market Breakdown

Q4 2025 Portfolio Statistics:

Market	% of NOI	Occupancy	Key Properties
Austin	36.1%	93.1%	The Domain, Sail Tower, 300 Colorado
Atlanta	31.3%	84.2%	Terminus, Spring & 8th, Buckhead Plaza
Charlotte	9.2%	75.7%	Vantage South End, The RailYard
Tampa	7.8%	91.7%	Corporate Center, Heights Union
Phoenix	7.5%	95.4%	Hayden Ferry, 100 Mill
Dallas	4.8%	95.4%	The Link, Legacy Union One
Houston	3.3%	97.4%	BriarLake Plaza

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Top Tenant Concentration

Amazon and Alphabet anchor the portfolio, representing 15% of annualized rent between them:

Tenant	Sq Ft	% of Rent	Avg Remaining Lease
Amazon	1.46M	8.9%	4.7 years
Alphabet	799K	6.1%	12.1 years
NCR Voyix	816K	4.8%	7.4 years
ExxonMobil	298K	2.4%	7.0 years
IBM	320K	2.1%	14.7 years

The top 20 tenants represent 38.6% of annualized rent with a weighted average remaining lease term of 7.1 years, providing solid visibility into future cash flows.

Balance Sheet and Leverage

CUZ maintains a moderate leverage profile with investment-grade credit ratings:

Metric	Q4 2025	Q4 2024
Total Debt	$3.51B	$3.27B
Net Debt / EBITDA	5.30x	5.16x
Net Debt / Total Market Cap	44.6%	38.8%
Fixed Charges Coverage	3.52x	3.92x

Credit Ratings: BBB (S&P Global, Stable) / Baa2 (Moody's, Stable)

2026 Debt Maturities:

$250M term loan (Aug 2026)
Colorado Tower mortgage - $101M (Sep 2026)
201 N. Tryon mortgage - $119M (Oct 2026)

Management expects to refinance these maturities, with proceeds from asset sales providing additional flexibility.

Capital Allocation and Dividends

CUZ paid $0.32 per share in quarterly dividends ($1.28 annually), representing a 44.9% FFO payout ratio — below the REIT sector average and providing cushion for reinvestment.

Recent Investment Activity:

Property	Type	Size	Value	Timing
300 South Tryon (Acquired)	Office	638K sq ft	$317.5M	Feb 2026
The Link (Acquired Q3 2025)	Office	292K sq ft	$218.0M	Q3 2025
Harborview Plaza (Pending Sale)	Office	206K sq ft	$39.5M	H1 2026
303 Tremont Land (Pending Sale)	Land	2.4 acres	$23.7M	H2 2026

Key Management Commentary

"Improving office fundamentals are providing strong tailwinds for Cousins. We executed 700,000 square feet of leases during the fourth quarter and currently have a late-stage leasing pipeline of approximately 1.1 million square feet."

— Colin Connolly, President & CEO

"Over the last six quarters, we have purchased $1.4 billion of lifestyle office properties, all of which have upgraded the quality of our Sun Belt trophy portfolio and have been immediately accretive to earnings."

— Colin Connolly, President & CEO

Forward Catalysts

Near-Term (H1 2026):

Harborview Plaza sale closing
Integration of 300 South Tryon
Debt refinancing execution

Medium-Term:

Lease-up at 550 South Charlotte (currently 55.8% leased)
Neuhoff Nashville development stabilization (estimated Q3 2026)
Conversion of 1.1M sq ft late-stage pipeline to signed leases

The Bottom Line

Cousins Properties delivered solid Q4 results that validated its Sun Belt trophy office strategy. The FFO beat, active acquisition pipeline, and strong leasing velocity suggest the company is well-positioned to benefit from improving office fundamentals. However, compressed rent spreads and rising leverage bear watching.

With the stock trading near 52-week lows and offering a ~5% dividend yield, CUZ offers a value-oriented play on office recovery — but investors should monitor tenant retention and same-property NOI growth as leading indicators.

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Data sources: Cousins Properties Q4 2025 8-K filing, S&P Global estimates.