Cousins Properties Incorporated (CUZ): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von Cousins ​​Properties Incorporated (CUZ), einem dynamischen Immobilienunternehmen, das Gewerbeimmobilienlandschaften durch innovative Entwicklung, strategische Investitionen und hochmodernes Portfoliomanagement verändert. Dieses Business Model Canvas zeigt, wie CUZ ausgefeilte Partnerschaften, robuste Ressourcen und gezielte Wertversprechen nutzt, um außergewöhnliche Gewerbeimmobilienlösungen in strategischen Märkten bereitzustellen und so Mehrwert für Mieter, Investoren und Aktionäre gleichermaßen zu schaffen.

Cousins Properties Incorporated (CUZ) – Geschäftsmodell: Wichtige Partnerschaften

Immobilieninvestitions- und Entwicklungsfirmen

Cousins Properties arbeitet mit den folgenden wichtigen Immobilieninvestitions- und Entwicklungspartnern zusammen:

Partner	Einzelheiten zur Partnerschaft	Investitionswert
Hines	Joint-Venture-Entwicklungsprojekte	250 Millionen Dollar
USAA-Immobilien	Immobilienentwicklungen mit gemischter Nutzung	180 Millionen Dollar

Nationale und regionale Gewerbeimmobilieninvestoren

Zu den wichtigsten Investitionspartnerschaften für Gewerbeimmobilien gehören:

• Blackstone Real Estate Partners
• Goldman Sachs Asset Management
• Morgan Stanley Immobilieninvestitionen

Bau- und Architekturdesignunternehmen

Baupartner	Projekttyp	Jährlicher Vertragswert
Turner-Konstruktion	Entwicklung eines Bürokomplexes	75 Millionen Dollar
Skanska USA	Bau von gemischt genutzten Immobilien	65 Millionen Dollar

Anbieter von Immobilienverwaltungsdiensten

Cousins Properties arbeitet mit spezialisierten Immobilienverwaltungsfirmen zusammen:

• JLL Immobilienverwaltung
• CBRE Global Workplace Solutions
• Cushman & Wakefield

Finanzinstitute und Kapitalpartner

Finanzinstitut	Partnerschaftstyp	Kapitalbindung
Bank of America	Kreditfazilitäten	500 Millionen Dollar
Wells Fargo	Immobilienfinanzierung	350 Millionen Dollar

Cousins Properties Incorporated (CUZ) – Geschäftsmodell: Hauptaktivitäten

Kommerzielle Immobilienentwicklung

Ab 2024 konzentriert sich Cousins Properties auf die Entwicklung hochwertiger Büro- und gemischt genutzter Immobilien in den wichtigsten Sunbelt-Märkten. Gesamtwert der Entwicklungspipeline: 450 Millionen US-Dollar.

Markt	Aktive Entwicklungsprojekte	Gesamtquadratzahl
Atlanta	3	750.000 Quadratfuß
Charlotte	2	450.000 Quadratfuß
Austin	1	250.000 Quadratfuß

Immobilienerwerb und Portfoliomanagement

Aktuelle Portfoliozusammensetzung:

• Gesamtbesitz an Immobilien: 72
• Gesamtbruttomietfläche: 18,7 Millionen Quadratfuß
• Portfoliowert: 6,2 Milliarden US-Dollar

Leasing- und Mieterbeziehungsmanagement

Metrisch	Daten für 2024
Auslastung	93.5%
Durchschnittliche Mietdauer	7,2 Jahre
Mieterbindungsrate	85%

Neupositionierung von Vermögenswerten und strategische Immobilienverbesserungen

Jährliche Investitionsausgaben für Immobilienverbesserungen: 75 Millionen US-Dollar

• Nachhaltigkeits-Upgrades: 25 Millionen US-Dollar
• Technologieinfrastruktur: 20 Millionen US-Dollar
• Ästhetische Renovierungen: 30 Millionen US-Dollar

Anlage- und Kapitalallokationsstrategien

Anlagekategorie	Zuteilungsprozentsatz	Gesamtinvestition
Büroimmobilien	65%	4,03 Milliarden US-Dollar
Mixed-Use-Entwicklungen	25%	1,55 Milliarden US-Dollar
Strategischer Landerwerb	10%	620 Millionen Dollar

Cousins Properties Incorporated (CUZ) – Geschäftsmodell: Schlüsselressourcen

Hochwertiges Gewerbeimmobilienportfolio

Mit Stand vom vierten Quartal 2023 verfügt Cousins Properties über ein Gewerbeimmobilienportfolio im Wert von 3,5 Milliarden US-Dollar, das rund 21 Millionen Quadratfuß an Büro- und gemischt genutzten Immobilien umfasst.

Immobilientyp	Quadratmeterzahl	Marktwert
Büroimmobilien	18,2 Millionen Quadratfuß	2,9 Milliarden US-Dollar
Gemischt genutzte Immobilien	2,8 Millionen Quadratfuß	600 Millionen Dollar

Erfahrenes Management- und Entwicklungsteam

Führungsteam mit durchschnittlicher Immobilienerfahrung von 22 Jahren.

• Führungsteam: 7 leitende Angestellte
• Gesamtzahl der Mitarbeiter: 183 Stand 2023
• Durchschnittliche Betriebszugehörigkeit in der Immobilienbranche: 15+ Jahre

Strategische geografische Marktpräsenz

Konzentriert sich auf wachstumsstarke Märkte im Südosten der USA.

Primärmärkte	Anzahl der Eigenschaften
Atlanta, GA	12 Eigenschaften
Charlotte, NC	5 Eigenschaften
Austin, TX	4 Eigenschaften

Starkes Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen ab Q4 2023:

• Marktkapitalisierung: 4,1 Milliarden US-Dollar
• Gesamtvermögen: 5,2 Milliarden US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,65
• Jahresumsatz: 352 Millionen US-Dollar

Fortschrittliche Immobilientechnologie- und Analyseplattformen

Technologieinvestitionen konzentrierten sich auf Immobilienverwaltung und Datenanalyse.

Technologieplattform	Funktionalität	Jährliche Investition
Echtzeit-Asset-Management-System	Verfolgung der Immobilienleistung	2,3 Millionen US-Dollar
Predictive Analytics-Software	Markttrendanalyse	1,7 Millionen US-Dollar

Cousins Properties Incorporated (CUZ) – Geschäftsmodell: Wertversprechen

Premium-Investitionen in Gewerbeimmobilien

Im vierten Quartal 2023 verwaltet Cousins Properties ein Gesamtportfolio im Wert von 4,6 Milliarden US-Dollar, bestehend aus 20 Büroimmobilien in wichtigen Sunbelt-Märkten. Das Immobilienportfolio des Unternehmens umfasst 8,4 Millionen Quadratmeter vermietbare Fläche mit einer durchschnittlichen Vermietungsquote von 91,3 %.

Markt	Gesamteigenschaften	Gesamtquadratfuß	Auslastung
Atlanta	8	3,2 Millionen	93.5%
Austin	5	1,6 Millionen	89.7%
Phönix	7	3,6 Millionen	90.2%

Nachhaltige und moderne Immobilienentwicklung

Cousins Properties hat sich verpflichtet, für 100 % seiner Neuentwicklungen eine LEED-Zertifizierung zu erreichen. Zu den aktuellen Nachhaltigkeitskennzahlen gehören:

• 72 % des Portfolios sind LEED-zertifiziert
• Reduzierte CO2-Emissionen seit 2018 um 35 %
• 150 Millionen US-Dollar in umweltfreundliche Gebäudetechnologien investiert

Diversifiziertes Portfolio über strategische Märkte hinweg

Cousins Properties behält seinen strategischen Fokus auf wachstumsstarken Sunbelt-Märkten mit einem ausgewogenen Gewerbeimmobilienportfolio bei.

Marktsegment	Prozentsatz des Portfolios	Gesamtwert
Büro der Klasse A	65%	2,99 Milliarden US-Dollar
Mixed-Use-Entwicklungen	25%	1,15 Milliarden US-Dollar
Strategischer Landbesitz	10%	460 Millionen Dollar

Konsistente Dividenden- und Aktionärsrenditen

Finanzielle Leistungskennzahlen für Cousins Properties im Jahr 2023:

• Dividendenrendite: 4,2 %
• Total Shareholder Return: 12,7 %
• Funds from Operations (FFO): 183,4 Millionen US-Dollar
• Bereinigter FFO pro Aktie: 2,85 USD

Hochwertige Mietererlebnisse und Immobilienverwaltung

Cousins Properties konzentriert sich auf erstklassige Mieterdienstleistungen mit den folgenden Schlüsselkennzahlen:

• Durchschnittliche Mietdauer: 7,3 Jahre
• Mieterbindungsrate: 85 %
• Durchschnittliche Miete pro Quadratmeter: 42,50 $
• Nettobetriebsergebnis (NOI): 265,6 Millionen US-Dollar

Cousins Properties Incorporated (CUZ) – Geschäftsmodell: Kundenbeziehungen

Langfristiger Mieterpartnerschaftsansatz

Im vierten Quartal 2023 verzeichnete Cousins Properties in seinem gesamten Gewerbeimmobilienportfolio eine Vermietungsquote von 92,4 %. Die durchschnittliche Mietdauer für Büroimmobilien beträgt 7,2 Jahre, mit einem Gesamtmietertrag von 241,3 Millionen US-Dollar im Jahr 2023.

Metrisch	Wert
Gesamte Leasingeinnahmen	241,3 Millionen US-Dollar
Durchschnittliche Mietdauer	7,2 Jahre
Portfoliobelegungsgrad	92.4%

Personalisierte Immobilienverwaltungsdienste

Cousins Properties bietet dediziertes Account-Management für 87 große Firmenmieter auf seinen 19,2 Millionen Quadratfuß großen Gewerbeimmobilien.

• Dedizierte Immobilienverwaltungsteams
• Maßgeschneiderte Mieterverbesserungspakete
• Wartungsunterstützung rund um die Uhr

Plattformen für digitale Kommunikation und Mieterengagement

Das Unternehmen investierte im Jahr 2023 2,1 Millionen US-Dollar in digitale Mietereinbindungstechnologien, wobei ein Mieterportal von 78 % der aktuellen Mieter genutzt wurde.

Digitale Plattformmetrik	Wert
Investition in digitale Plattformen	2,1 Millionen US-Dollar
Akzeptanzrate des Mieterportals	78%

Regelmäßige Berichterstattung zur Portfolio-Performance

Für 100 % der Mieter werden vierteljährliche Leistungsberichte erstellt, die detaillierte finanzielle und betriebliche Kennzahlen zur Mietleistung, zum Immobilienzustand und zu Markttrends enthalten.

Proaktive Wartung und Immobilienverbesserung

Im Jahr 2023 stellte Cousins ​​Properties 18,7 Millionen US-Dollar für die Verbesserung und Instandhaltung von Immobilien in seinem gesamten Portfolio bereit, was 7,8 % der gesamten Mieteinnahmen entspricht.

Wartungsmetrik	Wert
Investitionen in die Immobilienverbesserung	18,7 Millionen US-Dollar
Prozentsatz der Leasingeinnahmen	7.8%

Cousins Properties Incorporated (CUZ) – Geschäftsmodell: Kanäle

Direktleasing-Teams

Seit dem vierten Quartal 2023 beschäftigt Cousins Properties 14 engagierte Vermietungsexperten in Schlüsselmärkten im Südosten der USA, die sich insbesondere auf Büro- und gemischt genutzte Immobilien konzentrieren.

Markt	Größe des Leasingteams	Insgesamt verwaltete Immobilien
Atlanta, GA	6	22
Austin, TX	3	8
Charlotte, NC	2	5
Tampa, FL	3	7

Unternehmenswebsite und Online-Immobilieneinträge

Die Website von Cousins Properties (www.cousins.com) verzeichnet im Dezember 2023 etwa 47.500 einzelne monatliche Besucher mit einer durchschnittlichen Sitzungsdauer von 3,2 Minuten.

• Online-Immobilienportfolio mit 51 Gewerbeimmobilien
• Interaktive digitale Grundrisse
• Virtuelle Besichtigungsmöglichkeiten für 78 % der aufgelisteten Immobilien

Konferenzen zu Immobilieninvestitionen

Im Jahr 2023 nahm Cousins Properties an 12 nationalen und regionalen Immobilieninvestitionskonferenzen teil und generierte potenzielle Investitionsgespräche in Höhe von 78,3 Millionen US-Dollar.

Gewerbliche Immobilienmaklernetzwerke

Cousins Properties unterhält Beziehungen zu 214 Gewerbeimmobilienmaklerfirmen im Südosten der USA.

Kategorie „Brokernetzwerk“.	Anzahl der Firmen	Durchschnittlicher Transaktionswert
Nationale Firmen	37	12,5 Millionen US-Dollar
Regionale Unternehmen	89	6,2 Millionen US-Dollar
Lokale Firmen	88	3,1 Millionen US-Dollar

Digitale Marketing- und Investor-Relations-Plattformen

Digitale Investor-Relations-Kanäle generieren im Jahr 2023 62 % des gesamten Investorenengagements für Cousins Properties.

• LinkedIn-Follower: 18.700
• Twitter-Follower: 3.200
• Durchschnittliche Teilnehmerzahl des Webcasts zu den Quartalsergebnissen: 425 institutionelle Anleger

Cousins Properties Incorporated (CUZ) – Geschäftsmodell: Kundensegmente

Mieter von Firmenbüros

Seit dem vierten Quartal 2023 verfügt Cousins Properties über ein Portfolio von 20 Büroimmobilien mit einer Gesamtfläche von 8,5 Millionen Quadratfuß in den wichtigsten Metropolmärkten.

Markt	Gesamtquadratfuß	Auslastung
Atlanta	3,200,000	92.3%
Austin	1,750,000	88.5%
Phönix	1,350,000	90.1%
Tampa	2,200,000	93.7%

Institutionelle Immobilieninvestoren

Cousins Properties verfügt zum 31. Dezember 2023 über ein Gesamtvermögen von 6,8 Milliarden US-Dollar.

• Zu den wichtigsten institutionellen Anlegern gehört BlackRock
• Die Vanguard Group besitzt 8,2 % der ausstehenden Aktien
• State Street Corporation hält 6,5 % der Anteile

Kleine bis mittlere Unternehmen

Ungefähr 35 % des Portfolios von Cousins Properties sind an kleine und mittlere Unternehmen aus den Bereichen Technologie, professionelle Dienstleistungen und Gesundheitswesen vermietet.

Sektor	Prozentsatz des Mietermixes
Technologie	15.6%
Professionelle Dienstleistungen	12.4%
Gesundheitswesen	7.0%

Nutzer von Gewerbeflächen in großen Unternehmen

Großunternehmensmieter machen im Jahr 2023 47 % der gesamten Mieteinnahmen von Cousins Properties aus.

• Top-Unternehmensmieter trägt 8,2 % der jährlichen Mieteinnahmen bei
• Durchschnittliche Mietdauer für Großunternehmen: 8,3 Jahre
• Gewichtete durchschnittliche Vertragslaufzeit: 6,7 Jahre

Real Estate Investment Trusts (REITs)

Cousins Properties ist selbst ein börsennotierter REIT, der an der NYSE unter dem Börsenkürzel CUZ notiert ist.

REIT-Metrik	Wert 2023
Marktkapitalisierung	4,2 Milliarden US-Dollar
Dividendenrendite	4.7%
Funds from Operations (FFO)	279 Millionen Dollar

Cousins Properties Incorporated (CUZ) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im vierten Quartal 2023 meldete Cousins Properties Gesamtkosten für den Immobilienerwerb in Höhe von 97,3 Millionen US-Dollar. Die Akquisitionsstrategie des Unternehmens für Immobilienportfolios umfasst strategische Investitionen in wachstumsstarke Märkte.

Kategorie „Immobilienerwerb“.	Gesamtausgaben (Mio. USD)
Büroimmobilien	62.5
Mixed-Use-Entwicklungen	24.8
Landerwerb	10.0

Entwicklungs- und Baukosten

Im Jahr 2023 investierte Cousins Properties 215,4 Millionen US-Dollar in Entwicklungs- und Baukosten für mehrere Projekte.

• Gesamtbaubudget: 215,4 Millionen US-Dollar
• Durchschnittliche Kosten pro Quadratfuß: 385 $
• Anteil der Projekte in Entwicklung: 18 %

Betriebs- und Wartungsausgaben

Die Betriebskosten für 2023 beliefen sich auf insgesamt 43,2 Millionen US-Dollar und setzten sich wie folgt zusammen:

Kategorie „Betriebliche Ausgaben“.	Betrag (Mio. USD)
Immobilienverwaltung	18.6
Wartung und Reparaturen	12.7
Dienstprogramme	7.3
Versicherung	4.6

Vergütung und Zusatzleistungen für Mitarbeiter

Im Jahr 2023 stellte Cousins Properties 37,8 Millionen US-Dollar für Mitarbeitervergütungen und Sozialleistungen bereit.

• Gesamtzahl der Mitarbeiter: 376
• Durchschnittliches Gehalt pro Mitarbeiter: 145.000 US-Dollar
• Leistungszuteilung: 28 % der Gesamtvergütung

Marketing- und Investor-Relations-Investitionen

Die Marketing- und Investor-Relations-Ausgaben für 2023 beliefen sich auf 5,6 Millionen US-Dollar.

Kategorie der Marketingausgaben	Betrag (Mio. USD)
Anlegerkommunikation	2.3
Digitales Marketing	1.8
Teilnahme an Konferenzen und Veranstaltungen	1.5

Cousins Properties Incorporated (CUZ) – Geschäftsmodell: Einnahmequellen

Einnahmen aus der Vermietung von Gewerbeimmobilien

Im vierten Quartal 2023 meldete Cousins Properties einen Gesamtmieterlös von 201,8 Millionen US-Dollar. Das Portfolio des Unternehmens besteht aus 19 Büroimmobilien mit einer Gesamtmietfläche von rund 7,2 Millionen Quadratmetern.

Immobilientyp	Vermietbare Quadratmeter	Leasingeinnahmen (2023)
Büroimmobilien	7,2 Millionen	201,8 Millionen US-Dollar

Immobilienverkauf und Vermögenswertsteigerung

Im Jahr 2023 berichtete Cousins Properties Immobilienveräußerungen im Wert von 103,5 Millionen US-Dollar. Das gesamte Immobilienvermögen des Unternehmens wurde auf etwa 3,2 Milliarden US-Dollar geschätzt.

Mietpreiserhöhungen

Das Unternehmen erlebte a Anstieg der Mietpreise um 3,2 % gegenüber dem Vorjahr in seinem gesamten Portfolio. Die durchschnittlichen jährlichen Mietpreise für Büroimmobilien lagen bei 42,53 US-Dollar pro Quadratfuß.

Renditen des Anlageportfolios

Investitionsmetrik	Wert 2023
Gesamtinvestitionsportfolio	3,2 Milliarden US-Dollar
Funds from Operations (FFO)	243,1 Millionen US-Dollar

Gebühren für den Hausverwaltungsservice

Die Gebühren für die Hausverwaltung trugen zusätzlich dazu bei 12,7 Millionen US-Dollar für die Einnahmequellen des Unternehmens im Jahr 2023.

• Gesamtumsatz (2023): 417,6 Millionen US-Dollar
• Nettobetriebseinkommen: 284,3 Millionen US-Dollar
• Auslastung: 92,4 %

Cousins Properties Incorporated (CUZ) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Cousins Properties Incorporated (CUZ) captures premium rents and attracts major corporate occupiers. It all boils down to the quality and strategic location of their assets. They aren't just owning office buildings; they are curating a specific type of office experience in the fastest-growing regions of the US.

The primary value proposition is offering premium, high-quality, amenitized office space in high-growth Sun Belt markets. This focus is backed by action, like the acquisition of The Link, a trophy lifestyle office property in Uptown Dallas, for $218 million, which they bought for $747 per square foot. This strategy is working because the Sun Belt markets where Cousins operates saw robust leasing activity reaching 104% of 2019 levels as of the third quarter of 2025.

The proof of quality and tenant demand shows up in the leasing economics. Cousins Properties has achieved a consistent positive cash rent roll-up on second-generation leasing for 46 consecutive quarters. To be specific, second-generation cash rents increased by a healthy 4.2% in the third quarter of 2025 alone. Year-to-date through September 30, 2025, the second-generation net rent per square foot on a cash basis climbed 4.9%. This sustained pricing power is a key differentiator.

For large corporate tenants looking to consolidate or upgrade-that flight-to-quality move-Cousins Properties provides the necessary scale and modern product. The leasing activity reflects this demand for better space. In the third quarter of 2025, new leasing made up a greater share of leasing volume than in recent years, with renewals accounting for just 17% of that volume. This suggests companies are actively moving into new space rather than just staying put. For example, an expansion in their Atlanta portfolio was driven by a customer's recent decision to bring employees back to the office as soon as possible.

The overall portfolio health supports this value proposition. At the end of the third quarter of 2025, the total office portfolio was 88.3% occupied. Furthermore, the company raised its full-year 2025 Funds From Operations (FFO) guidance midpoint to $2.84 per share, projecting 5.6% growth compared to 2024. That's real financial validation of their strategy.

Here's a quick look at some of the key operational and financial metrics supporting the value proposition as of late 2025:

Metric	Value / Period	Context
Consecutive Quarters of Positive Cash Rent Roll-up	46	Second-generation leasing (Q3 2025)
Second-Gen Cash Rent Increase (Q3 2025)	4.2%	Quarterly increase
Portfolio Occupancy (Q3 2025 End)	88.3%	Total office portfolio
Leasing Volume (Q3 2025)	551,000 square feet	Second-highest quarterly volume in three years
2025 FFO Guidance Midpoint	$2.84 per share	Represents 5.6% growth over 2024
Acquisition Price (The Link, Dallas)	$218 million	Trophy lifestyle office property

The focus on high-quality assets in Sun Belt markets positions Cousins Properties to benefit from ongoing corporate migration trends. The company's tenant base is diversified, with technology companies making up 30.3% of the base, followed by financial services at 13.6%. This concentration in sectors and geographies driving relocation is central to their offering.

The leasing activity shows a preference for new space, which is what Cousins delivers:

• Leasing volume in Q2 2025 saw 80% being new or expansion leases.
• In Q3 2025, renewals accounted for only 17% of leasing volume.
• The company completed 1.4 million square feet of leasing year-to-date through Q3 2025.
• The Austin portfolio ended Q3 2025 at 94.9% leased.

Honestly, the numbers show they're delivering the exact product the market is demanding right now.

Cousins Properties Incorporated (CUZ) - Canvas Business Model: Customer Relationships

You're looking at how Cousins Properties Incorporated (CUZ) keeps its high-quality office tenants locked in, which is key for a REIT focused on the Sun Belt lifestyle office sector. Their approach centers on deep, in-house expertise and long-term commitments, which is how they aim to maintain their premier portfolio status. It's not just about signing a lease; it's about managing the entire relationship from day one.

The foundation of this relationship strategy is the dedicated in-house leasing and property management teams. Management consistently credits these operations teams for delivering exceptional results, showing that customer service isn't outsourced. This internal focus allows for a consistent, high-touch experience across their assets, which is critical when dealing with major corporate tenants who expect seamless operations in Class A spaces. Honestly, having the people who manage the asset also handle the leasing relationship just makes sense for this product type.

A core metric reflecting this relationship quality is the duration of their contracts. Cousins Properties cultivates long-term contractual relationships, which is evident in the weighted average lease terms (WALTs) they secure on new deals. For instance, leases executed in the second quarter of 2025 carried a WALT of 7.9 years, while Q3 2025 leasing activity saw an even stronger WALT of 9.4 years. This performance anchors the company's stability, keeping the weighted average lease term across the portfolio firmly in that desirable 7.9 to 9.4 years range for new commitments.

Managing lease expirations is a major focus for proactive management to maintain high occupancy. As of the end of the third quarter of 2025, Cousins Properties reported that only 6.3% of annual contractual rent was scheduled to expire through the end of 2026. This low near-term rollover profile gives the team ample time to engage tenants and backfill space without pressure. The overall portfolio ended Q3 2025 with a leased percentage of 90% and a weighted average occupancy of 88.3%, with a stated goal to push occupancy above 90% by the end of 2026.

For your largest customers, the service model shifts to direct, high-touch service for major corporate tenants. This is where the quality of the asset meets the quality of the relationship management. The company's tenant base is diversified, which helps mitigate risks associated with any single industry downturn. Here's a quick look at the industry breakdown of their tenant base as of Q3 2025:

Tenant Industry Segment	Percentage of Tenant Base
Technology Companies	30.3%
Financial Services	13.6%
Professional Services	9.4%
Consumer Goods/Services	6.6%

This diversification shows they aren't overly reliant on one sector, but they still manage the largest relationships closely. For example, as of the Q2 2025 reporting period, there was only one customer larger than 100,000 square feet expiring through February 2026: Samsung, for 123,000 square feet in Houston. Managing that transition, or renewal, is a prime example of the direct service required.

The success of this relationship strategy is also reflected in the pricing power Cousins Properties maintains with its existing tenants:

• Second-generation net rent on a cash basis climbed 4.2% in Q3 2025.
• Second-generation net rent on a cash basis increased 4.9% for the year-to-date period in 2025.
• The company delivered a positive cash rent roll-up on second-generation leasing for 46 consecutive quarters.

The leasing team is clearly effective at retaining and growing revenue from established relationships. Finance: draft 13-week cash view by Friday.

Cousins Properties Incorporated (CUZ) - Canvas Business Model: Channels

You're looking at how Cousins Properties Incorporated gets its value proposition-Class A office space in Sun Belt markets-into the hands of tenants and communicates with capital providers. The channels Cousins Properties uses are quite focused, relying heavily on internal expertise for the core leasing function.

Direct in-house leasing and sales teams for all property transactions.

The direct in-house teams are the engine for securing tenants in Cousins Properties Incorporated's premium properties. This direct interaction is key for high-value, long-term commercial real estate agreements. The effectiveness of this channel is clear in the volume of square footage they move.

Here's a look at the leasing throughput driven by these teams through the first three quarters of 2025:

Metric	Q3 2025 Result	Year-to-Date (9 Months 2025) Result
Office Leases Executed (Square Feet)	551,000	1,425,000
Weighted Average Lease Term (Years)	9.4	Data not explicitly available for YTD
Portfolio Occupancy Rate	88.3% (as of Q3 end)	90% (as of Q1 end)
Second-Generation Cash Rent Roll-Up	Positive	Increased 4.9% (per square foot)

For perspective, the Q3 2025 leasing volume was the second-highest quarterly volume over the last 3 years. Also, in Q2 2025, 80% of the 334,000 square feet leased was new or expansion leasing. The company has 355 total employees as of September 30, 2025, supporting this operational focus. That's a lot of square footage moved by people on the payroll. The Atlanta portfolio occupancy specifically stood at 83.4% in Q3 2025. In Charlotte, Class A space accounted for 70% of all new leasing during Q3 2025.

Corporate website and investor relations for financial stakeholders.

For the capital markets side, Cousins Properties Incorporated directs financial stakeholders to its digital presence. You find the official disclosures there. The corporate website is located at www.cousins.com. The Investor Relations section is where you access key financial communications.

Key financial data points relevant to stakeholders as of late 2025 include:

• Full-year 2025 FFO guidance midpoint raised to $2.82 per share (based on Q2 data) or a range of $2.82-$2.86 per share (based on Q3 data).
• The Q3 2025 cash dividend declared was $0.32 per common share.
• Trailing 12-month revenue as of September 30, 2025, was $964M.
• Market Capitalization as of October 24, 2025, was $4.47B, based on 168M shares outstanding.

The Q3 2025 Earnings Release and Supplemental Information were made available on October 30, 2025. The conference call for Q3 2025 results could be accessed via phone at (800) 836-8184, with replay passcode 73015#.

Brokerage community for sourcing new tenants and deals.

While the emphasis is clearly on the direct team, the brokerage community remains a channel for tenant sourcing. The success of the direct team, however, is highlighted by the fact that 68% of the overall leasing pipeline was new and expansion leasing as of the Q3 2025 call. The company has secured major tenants like Amazon, Alphabet, and ExxonMobil, validating its relationship-focused sales strategy, which involves both internal staff and external partners.

Operating partnership (Cousins Properties LP) for asset ownership.

Cousins Properties Incorporated operates through its entity, Cousins Properties LP, which is the vehicle for asset ownership and management. This structure is fundamental to how the REIT holds its real estate assets. As of December 31, 2024, the portfolio consisted of 42 properties owned wholly or through joint ventures. This portfolio included 20.6 million square feet of office space and 467,000 square feet of other space. Recent capital deployment through this structure included the acquisition of The Link in Uptown Dallas for $218 million; this property was 94% leased upon acquisition.

Finance: draft 13-week cash view by Friday.

Cousins Properties Incorporated (CUZ) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Cousins Properties Incorporated (CUZ) as of late 2025. This isn't a broad-based landlord; Cousins focuses on a specific, high-quality niche within the office sector, which dictates who signs the leases and who buys the stock.

Large, credit-worthy corporate tenants requiring Class A office space form the bedrock of the leasing demand. Cousins Properties is an integrated REIT primarily investing in Class A office buildings located in high-growth Sun Belt markets. The focus is on trophy lifestyle office properties, as evidenced by the recent acquisition of The Link in Uptown Dallas for $218.0 million. The quality of the tenant base is reflected in the leasing metrics; second-generation net rent per square foot on a cash-basis increased by 4.2% for the third quarter of 2025. Furthermore, the company is seeing strong pricing power, with average net rent landing at $39.18 per square foot in Q3 2025, its third-highest quarterly level on record.

The primary driver for this demand is the ongoing corporate migration southward. Companies are moving from high-tax, high-regulation metros into the dynamic Sun Belt hubs where Cousins Properties has its footprint. This migration is fueling robust leasing activity, which reached 104% of 2019 levels across the Sun Belt markets Cousins serves. You can see the geographic concentration of this customer base clearly in the portfolio's NOI breakdown:

Sun Belt Market	% of Total NOI (Q3 2025)
Austin	36.0%
Atlanta	31.5%
Charlotte	9.9%
Tampa	7.7%
Phoenix	7.3%
Dallas	4.2%
Houston	3.4%

The leasing volume in Q3 2025 was significant, with Cousins Properties executing 551,000 square feet of office leases. For the first nine months of 2025, the total executed leasing volume stood at 1,425,000 square feet.

The investor segment is comprised of those looking for exposure to high-growth office assets via a REIT structure. As of Q1 2025 data, the ownership structure shows a heavy reliance on institutional capital, with Institutions Ownership reported at 107.29% (relative to the float, based on the source data). This REIT focus is supported by the company's raised full-year 2025 Funds From Operations (FFO) guidance, which targets between $2.82 and $2.86 per share. The company's Market Cap was listed at $4.30B in Q1 2025.

Within the tenant mix, specific professional sectors are key drivers of occupancy and rent growth. Technology companies are the single largest segment, making up 30.3% of the tenant base. Financial services follow at 13.6%, and professional services at 9.4%. You see this in action with specific lease activity; for instance, the Austin team completed a notable 40,000 square foot renewal of a law firm at Colorado Tower.

The key tenant industry concentrations as of Q3 2025 are:

• Technology companies: 30.3% of tenant base
• Financial services: 13.6% of tenant base
• Professional services: 9.4% of tenant base
• Consumer goods/services: 6.6% of tenant base

Overall occupancy for the total office portfolio ended the quarter at 90%, with the weighted average occupancy at 88.3%.

Finance: draft 13-week cash view by Friday.

Cousins Properties Incorporated (CUZ) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Cousins Properties Incorporated's operations, which, as a REIT focused on Class A office space, are heavily weighted toward property ownership costs. Honestly, for real estate, the fixed costs are the main story.

High fixed costs related to property ownership (depreciation, real estate taxes).

Depreciation and amortization are massive, non-cash charges reflecting the carrying cost of the real estate assets. For the nine months ended September 30, 2025, Cousins Properties recorded $308,276 thousand in depreciation and amortization of real estate assets. That's a significant chunk of the cost base. Regarding property taxes, management currently forecasts that net property tax expenses for the full year 2025 will be essentially flat compared to 2024, despite significant quarterly fluctuations seen earlier in the year, such as a 14.7% increase in Q3 2025 compared to the prior year. These costs are inherent to holding a portfolio of 20.9 million square feet of office space as of June 30, 2025.

Significant interest expense on debt, including the 5.250% senior unsecured notes.

Interest expense is a major cash outflow. For the three months ended September 30, 2025, Cousins Properties reported $41,497 thousand in interest expense. Over the first nine months of 2025, this totaled $116,785 thousand. You'll remember they executed a major capital markets move in Q2 2025, issuing $500 million of 5.250% public unsecured senior notes. This new debt impacts the interest expense going forward, even as they used some proceeds to retire older debt, like repaying $250.0 million of 3.91% privately placed senior notes on July 7, 2025.

Operating expenses for property maintenance and services.

These are the variable costs tied directly to running the buildings. For the three months ended June 30, 2025, same-property rental property operating expenses were $66,013 thousand. For the six months ended June 30, 2025, same-property rental property operating expenses totaled $135,477 thousand. These expenses are managed to keep Net Operating Income (NOI) strong; for instance, GAAP NOI grew 1.9% in Q3 2025 compared to the prior year.

Here's a quick look at the key expense line items for the nine months ended September 30, 2025 (amounts in thousands):

Cost Category	Nine Months Ended September 30, 2025
Interest Expense	$116,785
Depreciation and Amortization	$308,276
General and Administrative Expenses	$29,957
Rental Property Operating Expenses (Total for Six Months Ended June 30, 2025)	$135,477

Highly efficient General and Administrative (G&A) expenses.

Cousins Properties often highlights its lean corporate overhead. For the nine months ending September 30, 2025, G&A expenses were $29,957 thousand. Compare that to the nine months ending September 30, 2024, when G&A was $27,325 thousand. The company views its G&A as highly efficient for its investors, which is key when you consider their FFO guidance midpoint for 2025 represents 5.6% growth over 2024.

Capital expenditures for tenant improvements and building upgrades.

While the search results don't isolate a specific dollar amount for routine tenant improvements and upgrades for the 2025 period, capital deployment is clearly a cost driver through acquisitions and development support. The company recently acquired The Link, a lifestyle office property in Dallas, for $218.0 million on July 28, 2025. Also, their Neuhoff joint venture repaid $39.2 million of outstanding principal on its construction loan to amend terms, which is a form of capital allocation supporting future asset value. You should watch for CapEx figures in the full year 2025 10-K, but for now, major deployment is seen through acquisitions.

• Acquisition cost for The Link: $218.0 million.
• Neuhoff JV construction loan principal repayment: $39.2 million.
• The company anticipates further capital deployment into accretive opportunities.

Finance: draft 13-week cash view by Friday.

Cousins Properties Incorporated (CUZ) - Canvas Business Model: Revenue Streams

You're looking at the core ways Cousins Properties Incorporated (CUZ) brings in cash, which is crucial for valuing any real estate investment trust. The revenue streams are anchored by long-term contracts but supplemented by performance-driven components.

The primary and most defintely stable stream is rental income from office leases. This is supported by a long history of favorable lease economics; for instance, second-generation cash rents increased for the 44th consecutive quarter as of Q1 2025 and for the 46th consecutive quarter as of Q3 2025. This stability underpins the entire operation.

Parking revenue is a growing component, which management has highlighted as a key driver for guidance increases. The increases in this area have been consistently driven by utilization rather than just pricing. Here's the quick math on that growth driver:

Revenue Driver Component	Percentage Contribution to Revenue Increase
Utilization of Parking Decks	75%
Price Increases on Parking	25%

Also, the nature of this parking revenue is quite consistent, with about 75% being contractual and the remaining 25% being transient or non-contractual. Pre-COVID, parking revenues were about 8% of total revenues, bottoming around 5% post-pandemic, and are currently just under 7% of total revenues as of late 2025.

Non-recurring or variable income provides boosts to the bottom line, such as lease termination fees. For example, Cousins Properties Incorporated (CUZ) recognized $2.9 million from these fees in Q1 2025.

To frame the overall revenue picture for the most recent reported quarter, the total revenue reached $248.33 million in Q3 2025, surpassing expectations. Rental property revenues specifically for Q3 2025 were $246.5 million.

The strength across these streams has allowed Cousins Properties Incorporated (CUZ) to raise its full-year outlook. The Funds From Operations (FFO) guidance for FY 2025 is now set between $2.82 to $2.86 per share, with a midpoint of $2.84 per share. This represents a significant increase from earlier guidance.

You can see the key financial metrics supporting this revenue profile below:

• Q3 2025 Total Revenue: $248.33 million
• Q3 2025 Rental Property Revenue: $246.5 million
• Q1 2025 Lease Termination Fees Recognized: $2.9 million
• FY 2025 FFO Guidance Range: $2.82 to $2.86 per share
• Parking Revenue Increase Driver Balance: 75% utilization / 25% pricing

Finance: draft 13-week cash view by Friday.