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Cousins Properties Incorporated (CUZ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025] |
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Cousins Properties Incorporated (CUZ) Bundle
Sumérgete en el modelo estratégico de Cousins Properties Incorporated (CUZ), una potencia inmobiliaria dinámica que transforma los paisajes de propiedades comerciales a través de un desarrollo innovador, inversiones estratégicas y gestión de cartera de vanguardia. Este lienzo de modelo de negocio revela cómo cuz aprovecha las asociaciones sofisticadas, los recursos sólidos y las propuestas de valor específicas para ofrecer soluciones de bienes raíces comerciales excepcionales en los mercados estratégicos, creando valor para inquilinos, inversores y accionistas por igual.
Cousins Properties Incorporated (CUZ) - Modelo de negocios: asociaciones clave
Empresas de inversión y desarrollo inmobiliario
Cousins Properties colabora con los siguientes socios clave de inversión inmobiliaria y desarrollo:
| Pareja | Detalles de la asociación | Valor de inversión |
|---|---|---|
| Hino | Proyectos de desarrollo de empresas conjuntas | $ 250 millones |
| OSAA Real Estate | Desarrollos de propiedades de uso mixto | $ 180 millones |
Inversores de propiedades comerciales nacionales y regionales
Las asociaciones clave de inversión en propiedades comerciales incluyen:
- Blackstone Real Estate Partners
- Goldman Sachs Asset Management
- Morgan Stanley Investing Real Estate
Empresas de construcción y diseño arquitectónico
| Socio de construcción | Tipo de proyecto | Valor anual del contrato |
|---|---|---|
| Construcción de Turner | Desarrollo complejo de oficinas | $ 75 millones |
| Skanska USA | Construcción de propiedades de uso mixto | $ 65 millones |
Proveedores de servicios de administración de propiedades
Cousins Properties Partners con empresas especializadas de administración de propiedades:
- Administración de propiedades de JLL
- CBRE Global Workplace Solutions
- Cushman & Wakefield
Instituciones financieras y socios de capital
| Institución financiera | Tipo de asociación | Compromiso de capital |
|---|---|---|
| Banco de América | Facilidades de crédito | $ 500 millones |
| Wells Fargo | Financiamiento de bienes raíces | $ 350 millones |
Cousins Properties Incorporated (CUZ) - Modelo de negocio: actividades clave
Desarrollo inmobiliario comercial
A partir de 2024, Cousins Properties se centra en desarrollar propiedades de alta calidad y de uso mixto en los principales mercados de Sunbelt. Valor de tubería de desarrollo total: $ 450 millones.
| Mercado | Proyectos de desarrollo activo | Hoques cuadrados totales |
|---|---|---|
| Atlanta | 3 | 750,000 pies cuadrados |
| Charlotte | 2 | 450,000 pies cuadrados |
| Austin | 1 | 250,000 pies cuadrados |
Adquisición de propiedades y gestión de cartera
Composición de cartera actual:
- Propiedades totales de propiedad: 72
- Área leable bruto total: 18.7 millones de pies cuadrados
- Valor de cartera: $ 6.2 mil millones
Gestión de la relación de arrendamiento y inquilinos
| Métrico | 2024 datos |
|---|---|
| Tasa de ocupación | 93.5% |
| Término de arrendamiento promedio | 7.2 años |
| Tasa de retención de inquilinos | 85% |
Reposicionamiento de activos y mejoras de propiedad estratégica
Gastos de capital anuales para mejoras de propiedad: $ 75 millones
- Actualizaciones de sostenibilidad: $ 25 millones
- Infraestructura tecnológica: $ 20 millones
- Renovaciones estéticas: $ 30 millones
Estrategias de inversión y asignación de capital
| Categoría de inversión | Porcentaje de asignación | Inversión total |
|---|---|---|
| Propiedades de la oficina | 65% | $ 4.03 mil millones |
| Desarrollos de uso mixto | 25% | $ 1.55 mil millones |
| Adquisiciones de tierras estratégicas | 10% | $ 620 millones |
Cousins Properties Incorporated (CUZ) - Modelo de negocio: recursos clave
Cartera de bienes raíces comerciales de alta calidad
A partir del cuarto trimestre de 2023, Cousins Properties tiene una cartera de bienes raíces comerciales valorada en $ 3.5 mil millones, que comprende aproximadamente 21 millones de pies cuadrados de propiedad y propiedades de uso mixto.
| Tipo de propiedad | Pies cuadrados | Valor comercial |
|---|---|---|
| Propiedades de la oficina | 18.2 millones de pies cuadrados | $ 2.9 mil millones |
| Propiedades de uso mixto | 2.8 millones de pies cuadrados | $ 600 millones |
Equipo experimentado de gestión y desarrollo
Equipo de liderazgo con experiencia inmobiliaria promedio de 22 años.
- Equipo de liderazgo ejecutivo: 7 ejecutivos altos
- Total de empleados: 183 a partir de 2023
- Promedio de tenencia en la industria de bienes raíces: más de 15 años
Presencia del mercado geográfico estratégico
Concentrado en mercados de alto crecimiento en el sureste de los Estados Unidos.
| Mercados primarios | Número de propiedades |
|---|---|
| Atlanta, GA | 12 propiedades |
| Charlotte, NC | 5 propiedades |
| Austin, TX | 4 propiedades |
Capacidades de capital financiero y de inversión sólidos
Métricas financieras a partir del cuarto trimestre 2023:
- Capitalización de mercado: $ 4.1 mil millones
- Activos totales: $ 5.2 mil millones
- Relación de deuda / capital: 0.65
- Ingresos anuales: $ 352 millones
Plataformas avanzadas de tecnología y análisis de bienes raíces
Las inversiones tecnológicas se centraron en la gestión de propiedades y el análisis de datos.
| Plataforma tecnológica | Funcionalidad | Inversión anual |
|---|---|---|
| Sistema de gestión de activos en tiempo real | Seguimiento de rendimiento de la propiedad | $ 2.3 millones |
| Software de análisis predictivo | Análisis de tendencias de mercado | $ 1.7 millones |
Cousins Properties Incorporated (CUZ) - Modelo de negocio: propuestas de valor
Inversiones de propiedad comercial premium
A partir del cuarto trimestre de 2023, Cousins Properties administra una cartera total valorada en $ 4.6 mil millones, que consta de 20 propiedades de oficina en los mercados clave de SunBelt. La cartera de propiedades de la compañía abarca 8.4 millones de pies cuadrados alquilados con una tasa de ocupación promedio del 91.3%.
| Mercado | Propiedades totales | Total de pies cuadrados | Tasa de ocupación |
|---|---|---|---|
| Atlanta | 8 | 3.2 millones | 93.5% |
| Austin | 5 | 1.6 millones | 89.7% |
| Fénix | 7 | 3.6 millones | 90.2% |
Desarrollo inmobiliario sostenible y moderno
Cousins Properties se ha comprometido a lograr la certificación LEED para el 100% de sus nuevos desarrollos. Las métricas de sostenibilidad actuales incluyen:
- El 72% de la cartera está certificada por LEED
- Reducidas emisiones de carbono en un 35% desde 2018
- $ 150 millones invertidos en tecnologías de construcción ecológica
Cartera diversificada en los mercados estratégicos
Cousins Properties mantiene un enfoque estratégico en los mercados Sunbelt de alto crecimiento con una cartera de bienes raíces comerciales equilibradas.
| Segmento de mercado | Porcentaje de cartera | Valor total |
|---|---|---|
| Oficina de clase A | 65% | $ 2.99 mil millones |
| Desarrollos de uso mixto | 25% | $ 1.15 mil millones |
| Propiedad de tierras estratégicas | 10% | $ 460 millones |
Dividendos consistentes y rendimientos de los accionistas
Métricas de rendimiento financiero para propiedades de primos en 2023:
- Rendimiento de dividendos: 4.2%
- Retorno total de los accionistas: 12.7%
- Fondos de Operaciones (FFO): $ 183.4 millones
- FFO ajustado por acción: $ 2.85
Experiencias de inquilinos de alta calidad y gestión de propiedades
Cousins Properties se centra en los servicios de inquilinos premium con las siguientes métricas clave:
- Término de arrendamiento promedio: 7.3 años
- Tasa de retención de inquilinos: 85%
- Alquiler promedio por pie cuadrado: $ 42.50
- Ingresos operativos netos (NOI): $ 265.6 millones
Cousins Properties Incorporated (CUZ) - Modelo de negocio: relaciones con los clientes
Enfoque de asociación de inquilinos a largo plazo
A partir del cuarto trimestre de 2023, Cousins Properties mantuvo una tasa de ocupación del 92.4% en su cartera de bienes raíces comerciales. El plazo de arrendamiento promedio para las propiedades de la oficina es de 7.2 años, con ingresos de arrendamiento total de $ 241.3 millones en 2023.
| Métrico | Valor |
|---|---|
| Ingresos totales de arrendamiento | $ 241.3 millones |
| Término de arrendamiento promedio | 7.2 años |
| Tasa de ocupación de cartera | 92.4% |
Servicios de administración de propiedades personalizados
Cousins Properties ofrece una gestión de cuentas dedicada para 87 inquilinos corporativos importantes en sus 19.2 millones de pies cuadrados de bienes raíces comerciales.
- Equipos de administración de propiedades dedicados
- Paquetes de mejora de inquilinos personalizados
- Soporte de mantenimiento 24/7
Plataformas de comunicación digital y compromiso de inquilinos
La compañía invirtió $ 2.1 millones en tecnologías de participación de inquilinos digitales en 2023, con un portal de inquilinos utilizado por el 78% de los titulares de arrendamiento actuales.
| Métrica de plataforma digital | Valor |
|---|---|
| Inversión de plataforma digital | $ 2.1 millones |
| Tasa de adopción del portal del inquilino | 78% |
Informes regulares de rendimiento de la cartera
Se generan informes de rendimiento trimestrales para el 100% de los inquilinos, con métricas financieras y operativas detalladas que cubren el rendimiento del arrendamiento, las condiciones de propiedad y las tendencias del mercado.
Mantenimiento proactivo y mejora de la propiedad
En 2023, Cousins Properties asignó $ 18.7 millones a mejoras y mantenimiento de la propiedad en su cartera, lo que representa el 7.8% de los ingresos totales de arrendamiento.
| Métrico de mantenimiento | Valor |
|---|---|
| Inversión de mejora de la propiedad | $ 18.7 millones |
| Porcentaje de ingresos por arrendamiento | 7.8% |
Cousins Properties Incorporated (CUZ) - Modelo de negocios: canales
Equipos de arrendamiento directo
A partir del cuarto trimestre de 2023, Cousins Properties mantiene 14 profesionales de arrendamiento dedicados en los mercados clave en el sureste de los Estados Unidos, específicamente dirigidos a la oficina y las propiedades de uso mixto.
| Mercado | Tamaño del equipo de arrendamiento | Propiedades totales administradas |
|---|---|---|
| Atlanta, GA | 6 | 22 |
| Austin, TX | 3 | 8 |
| Charlotte, NC | 2 | 5 |
| Tampa, FL | 3 | 7 |
Sitio web corporativo y listados de propiedades en línea
El sitio web de Cousins Properties (www.cousins.com) recibe aproximadamente 47,500 visitantes mensuales únicos a diciembre de 2023, con una duración de sesión promedio de 3.2 minutos.
- Portafolio de propiedades en línea con 51 propiedades comerciales
- Planos de planta digital interactivos
- Capacidades de gira virtual para el 78% de las propiedades enumeradas
Conferencias de inversión inmobiliaria
En 2023, Cousins Properties participó en 12 conferencias nacionales y regionales de inversión inmobiliaria, generando $ 78.3 millones en posibles discusiones de inversión.
Redes de corredores de bienes raíces comerciales
Cousins Properties mantiene relaciones con 214 empresas de corretaje de bienes raíces comerciales en todo el sureste de los Estados Unidos.
| Categoría de red de corredores | Número de empresas | Valor de transacción promedio |
|---|---|---|
| Empresas nacionales | 37 | $ 12.5 millones |
| Empresas regionales | 89 | $ 6.2 millones |
| Empresas locales | 88 | $ 3.1 millones |
Plataformas de marketing digital y relaciones con los inversores
Los canales de relaciones con inversores digitales generan el 62% del total de participación de los inversores para las propiedades de primos en 2023.
- Seguidores de LinkedIn: 18,700
- Seguidores de Twitter: 3.200
- Ganancias trimestrales de transmisión web ASISTENCIA PROMEDIO: 425 inversores institucionales
Cousins Properties Incorporated (CUZ) - Modelo de negocio: segmentos de clientes
Inquilinos de oficinas corporativas
A partir del cuarto trimestre de 2023, Cousins Properties mantiene una cartera de 20 propiedades de oficina con un total de 8.5 millones de pies cuadrados en los principales mercados metropolitanos.
| Mercado | Total de pies cuadrados | Tasa de ocupación |
|---|---|---|
| Atlanta | 3,200,000 | 92.3% |
| Austin | 1,750,000 | 88.5% |
| Fénix | 1,350,000 | 90.1% |
| Tampa | 2,200,000 | 93.7% |
Inversores inmobiliarios institucionales
Cousins Properties tiene $ 6.8 mil millones en activos totales al 31 de diciembre de 2023.
- Los principales inversores institucionales incluyen BlackRock
- Vanguard Group posee el 8.2% de las acciones en circulación
- State Street Corporation posee el 6.5% de las acciones
Ocupantes comerciales pequeños a medianos
Aproximadamente el 35% de la cartera de Cousins Properties se alquila a pequeñas y medianas empresas en todos los sectores de tecnología, servicios profesionales y atención médica.
| Sector | Porcentaje de mezcla de inquilinos |
|---|---|
| Tecnología | 15.6% |
| Servicios profesionales | 12.4% |
| Cuidado de la salud | 7.0% |
Usuarios de espacios comerciales de gran empresa
Los principales inquilinos empresariales representan el 47% de los ingresos totales de alquiler de Cousins Properties en 2023.
- El inquilino empresarial superior contribuye al 8.2% de los ingresos anuales de alquiler
- Término de arrendamiento promedio para grandes empresas: 8.3 años
- Vestimato de arrendamiento promedio ponderado: 6.7 años
Fideicomisos de inversión inmobiliaria (REIT)
Cousins Properties es en sí mismo un REIT que cotiza en bolsa en NYSE bajo Ticker Cuz.
| Métrica de reit | Valor 2023 |
|---|---|
| Capitalización de mercado | $ 4.2 mil millones |
| Rendimiento de dividendos | 4.7% |
| Fondos de Operaciones (FFO) | $ 279 millones |
Cousins Properties Incorporated (CUZ) - Modelo de negocio: Estructura de costos
Gastos de adquisición de propiedades
A partir del cuarto trimestre de 2023, Cousins Properties informó costos totales de adquisición de propiedades de $ 97.3 millones. La estrategia de adquisición de cartera de bienes raíces de la compañía implica inversiones estratégicas en mercados de alto crecimiento.
| Categoría de adquisición de propiedades | Gastos totales ($ M) |
|---|---|
| Propiedades de la oficina | 62.5 |
| Desarrollos de uso mixto | 24.8 |
| Adquisiciones de tierras | 10.0 |
Costos de desarrollo y construcción
En 2023, Cousins Properties invirtió $ 215.4 millones en gastos de desarrollo y construcción en múltiples proyectos.
- Presupuesto total de construcción: $ 215.4 millones
- Costo promedio por pie cuadrado: $ 385
- Porcentaje de proyectos en desarrollo: 18%
Gastos operativos y de mantenimiento
Los costos operativos para 2023 totalizaron $ 43.2 millones, con un desglose de la siguiente manera:
| Categoría de gastos operativos | Cantidad ($ m) |
|---|---|
| Administración de propiedades | 18.6 |
| Mantenimiento y reparaciones | 12.7 |
| Utilidades | 7.3 |
| Seguro | 4.6 |
Compensación y beneficios de los empleados
En 2023, Cousins Properties asignó $ 37.8 millones a la compensación y beneficios de los empleados.
- Personal de empleado total: 376
- Salario promedio por empleado: $ 145,000
- Asignación de beneficios: 28% de la compensación total
Inversiones de marketing y relaciones con los inversores
Los gastos de marketing y relaciones con los inversores para 2023 ascendieron a $ 5.6 millones.
| Categoría de gastos de marketing | Cantidad ($ m) |
|---|---|
| Comunicaciones de los inversores | 2.3 |
| Marketing digital | 1.8 |
| Participación de la conferencia y eventos | 1.5 |
Cousins Properties Incorporated (CUZ) - Modelo de negocios: flujos de ingresos
Ingresos de arrendamiento de propiedades comerciales
A partir del cuarto trimestre de 2023, Cousins Properties reportó ingresos totales de arrendamiento de $ 201.8 millones. La cartera de la compañía consta de 19 propiedades de oficina con un total de aproximadamente 7.2 millones de pies cuadrados alquilados.
| Tipo de propiedad | Pies cuadrados alquilados | Ingresos de arrendamiento (2023) |
|---|---|---|
| Propiedades de la oficina | 7.2 millones | $ 201.8 millones |
Venta de propiedad y apreciación de los activos
En 2023, Cousins Properties informó $ 103.5 millones en disposiciones de propiedad. Los activos inmobiliarios totales de la compañía se valoraron en aproximadamente $ 3.2 mil millones.
Escalas de tasa de alquiler
La compañía experimentó un 3.2% Aumento año tras año en las tasas de alquiler a través de su cartera. Las tarifas de alquiler anuales promedio para las propiedades del consultorio fueron de $ 42.53 por pie cuadrado.
Rendimientos de la cartera de inversiones
| Métrico de inversión | Valor 2023 |
|---|---|
| Cartera de inversiones totales | $ 3.2 mil millones |
| Fondos de Operaciones (FFO) | $ 243.1 millones |
Tarifas de servicio de administración de propiedades
Las tarifas del servicio de administración de propiedades contribuyeron con un adicional $ 12.7 millones para las fuentes de ingresos de la compañía en 2023.
- Ingresos totales (2023): $ 417.6 millones
- Ingresos operativos netos: $ 284.3 millones
- Tasa de ocupación: 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.
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