Cousins ​​Properties Incorporated (CUZ): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de Cousins ​​Properties Incorporated (CUZ), une centrale immobilière dynamique qui transforme les paysages immobiliers commerciaux grâce à un développement innovant, des investissements stratégiques et une gestion de portefeuille de pointe. Cette toile de modèle commercial révèle comment CUZ exploite des partenariats sophistiqués, des ressources robustes et des propositions de valeur ciblées pour fournir des solutions immobilières commerciales exceptionnelles sur les marchés stratégiques, créant de la valeur pour les locataires, les investisseurs et les actionnaires.

Cousins ​​Properties Incorporated (cuz) - Modèle d'entreprise: partenariats clés

Entreprises d'investissement immobilier et de développement

Cousins ​​Properties collabore avec les principaux partenaires de l'investissement et de développement immobiliers suivants:

Partenaire	Détails du partenariat	Valeur d'investissement
Hines	Projets de développement de coentreprise	250 millions de dollars
Immobilier USAA	Développements immobiliers à usage mixte	180 millions de dollars

Investisseurs immobiliers commerciaux nationaux et régionaux

Les principales partenariats d'investissement immobilier commercial comprennent:

• Blackstone Real Estate Partners
• Goldman Sachs Asset Management
• Morgan Stanley Investissement immobilier

Sociétés de conception de construction et d'architectes

Partenaire de construction	Type de projet	Valeur du contrat annuel
Turner Construction	Développement du complexe de bureaux	75 millions de dollars
Skanska USA	Construction de propriétés à usage mixte	65 millions de dollars

Fournisseurs de services de gestion immobilière

Cousins ​​Properties s'associe à des sociétés de gestion immobilière spécialisées:

• Gestion immobilière JLL
• CBRE Global Workplace Solutions
• Cushman & Wakefield

Institutions financières et partenaires capitaux

Institution financière	Type de partenariat	Engagement en capital
Banque d'Amérique	Facilités de crédit	500 millions de dollars
Wells Fargo	Financement immobilier	350 millions de dollars

Cousins ​​Properties Incorporated (cuz) - Modèle d'entreprise: activités clés

Développement immobilier commercial

En 2024, Cousins ​​Properties se concentre sur le développement de propriétés de bureau et à usage mixte de haute qualité sur les principaux marchés de la ceinture de soleil. Valeur totale du pipeline de développement: 450 millions de dollars.

Marché	Projets de développement actif	Total en pieds carrés
Atlanta	3	750 000 pieds carrés
Charlotte	2	450 000 pieds carrés
Austin	1	250 000 pieds carrés

Acquisition de propriétés et gestion du portefeuille

Composition du portefeuille actuel:

• Propriétés totales possédées: 72
• Zone le moins brute: 18,7 millions de pieds carrés
• Valeur de portefeuille: 6,2 milliards de dollars

Location et gestion des relations locataires

Métrique	2024 données
Taux d'occupation	93.5%
Terme de location moyenne	7,2 ans
Taux de rétention des locataires	85%

Repositionnement des actifs et améliorations des biens stratégiques

Dépenses en capital annuelles pour les améliorations des biens: 75 millions de dollars

• Mises à niveau de la durabilité: 25 millions de dollars
• Infrastructure technologique: 20 millions de dollars
• Rénovations esthétiques: 30 millions de dollars

Stratégies d'investissement et d'allocation des capitaux

Catégorie d'investissement	Pourcentage d'allocation	Investissement total
Propriétés du bureau	65%	4,03 milliards de dollars
Développements à usage mixte	25%	1,55 milliard de dollars
Acquisitions stratégiques des terres	10%	620 millions de dollars

Cousins ​​Properties Incorporated (cuz) - Modèle d'entreprise: Ressources clés

Portfolio immobilier commercial de haute qualité

Au quatrième trimestre 2023, Cousins ​​Properties détient un portefeuille immobilier commercial d'une valeur de 3,5 milliards de dollars, comprenant environ 21 millions de pieds carrés de propriétés de bureau et à usage mixte.

Type de propriété	En pieds carrés	Valeur marchande
Propriétés du bureau	18,2 millions de pieds carrés	2,9 milliards de dollars
Propriétés à usage mixte	2,8 millions de pieds carrés	600 millions de dollars

Équipe de gestion et de développement expérimentée

Équipe de direction avec une expérience immobilière moyenne de 22 ans.

• Équipe de direction exécutive: 7 cadres supérieurs
• Total des employés: 183 en 2023
• Tenure moyenne dans l'industrie immobilière: 15 ans et plus

Présence stratégique du marché géographique

Concentré sur des marchés à forte croissance dans le sud-est des États-Unis.

Marchés primaires	Nombre de propriétés
Atlanta, GA	12 propriétés
Charlotte, NC	5 propriétés
Austin, TX	4 propriétés

Capacités financières et investissements solides

Mesures financières auprès du quatrième trimestre 2023:

• Capitalisation boursière: 4,1 milliards de dollars
• Actif total: 5,2 milliards de dollars
• Ratio dette / fonds propres: 0,65
• Revenu annuel: 352 millions de dollars

Plateformes avancées de technologie et d'analyse immobilière

Les investissements technologiques se sont concentrés sur la gestion immobilière et l'analyse des données.

Plate-forme technologique	Fonctionnalité	Investissement annuel
Système de gestion des actifs en temps réel	Suivi des performances de la propriété	2,3 millions de dollars
Logiciel d'analyse prédictif	Analyse des tendances du marché	1,7 million de dollars

Cousins ​​Properties Incorporated (cuz) - Modèle d'entreprise: propositions de valeur

Investissements immobiliers commerciaux premium

Depuis le quatrième trimestre 2023, Cousins ​​Properties gère un portefeuille total d'une valeur de 4,6 milliards de dollars, composé de 20 propriétés de bureau sur les principaux marchés de la ceinture de soleil. Le portefeuille immobilier de la société comprend 8,4 millions de pieds carrés louables avec un taux d'occupation moyen de 91,3%.

Marché	Propriétés totales	Total des pieds carrés	Taux d'occupation
Atlanta	8	3,2 millions	93.5%
Austin	5	1,6 million	89.7%
Phénix	7	3,6 millions	90.2%

Développement immobilier durable et moderne

Cousins ​​Properties s'est engagé à obtenir la certification LEED pour 100% de ses nouveaux développements. Les mesures de durabilité actuelles comprennent:

• 72% du portefeuille est certifié LEED
• Réduction des émissions de carbone de 35% depuis 2018
• 150 millions de dollars investis dans les technologies de construction verte

Portfolio diversifié sur les marchés stratégiques

Cousins ​​Properties maintient un accent stratégique sur les marchés de la ceinture de soleil à forte croissance avec un portefeuille immobilier commercial équilibré.

Segment de marché	Pourcentage de portefeuille	Valeur totale
Bureau de classe A	65%	2,99 milliards de dollars
Développements à usage mixte	25%	1,15 milliard de dollars
Lands stratégiques	10%	460 millions de dollars

Rendement cohérent des dividendes et des actionnaires

Métriques de performance financière pour les propriétés cousins ​​en 2023:

• Rendement des dividendes: 4,2%
• Retour total des actionnaires: 12,7%
• Fonds des opérations (FFO): 183,4 millions de dollars
• FFO ajusté par action: 2,85 $

Expériences de locataires de haute qualité et gestion immobilière

Cousins ​​Properties se concentre sur les services de locataires premium avec les mesures clés suivantes:

• Terme de location moyenne: 7,3 ans
• Taux de rétention des locataires: 85%
• Loyer moyen par pied carré: 42,50 $
• Revenu opérationnel net (NOI): 265,6 millions de dollars

Cousins ​​Properties Incorporated (cuz) - Modèle d'entreprise: relations avec les clients

Approche de partenariat à long terme aux locataires

Depuis le quatrième trimestre 2023, Cousins ​​Properties a maintenu un taux d'occupation de 92,4% dans son portefeuille immobilier commercial. La durée de location moyenne des propriétés des bureaux est de 7,2 ans, avec un chiffre d'affaires total de location de 241,3 millions de dollars en 2023.

Métrique	Valeur
Revenus de location totale	241,3 millions de dollars
Terme de location moyenne	7,2 ans
Taux d'occupation du portefeuille	92.4%

Services de gestion immobilière personnalisés

Cousins ​​Properties fournit une gestion dédiée des comptes pour 87 principaux locataires d'entreprise sur ses 19,2 millions de pieds carrés d'immobilier commercial.

• Équipes de gestion immobilière dédiées
• Packages d'amélioration des locataires personnalisés
• Support de maintenance 24/7

Plate-forme de communication numérique et de locataire

La société a investi 2,1 millions de dollars dans les technologies d'engagement des locataires numériques en 2023, avec un portail de locataire utilisé par 78% des détenteurs de bail actuels.

Métrique de la plate-forme numérique	Valeur
Investissement de plate-forme numérique	2,1 millions de dollars
Taux d'adoption du portail des locataires	78%

Rapports de performance de portefeuille réguliers

Des rapports de performance trimestriels sont générés pour 100% des locataires, avec des mesures financières et opérationnelles détaillées couvrant la performance des bail, les conditions de propriété et les tendances du marché.

Maintenance proactive et amélioration des propriétés

En 2023, Cousins ​​Properties a alloué 18,7 millions de dollars aux améliorations et à la maintenance des biens à travers son portefeuille, ce qui représente 7,8% des revenus totaux de location.

Métrique de maintenance	Valeur
Investissement d'amélioration de la propriété	18,7 millions de dollars
Pourcentage de revenus de location	7.8%

Cousins ​​Properties Incorporated (cuz) - Modèle d'entreprise: canaux

Équipes de location directe

Depuis le quatrième trimestre 2023, Cousins ​​Properties maintient 14 professionnels de la location dédiés sur les principaux marchés du sud-est des États-Unis, ciblant spécifiquement les propriétés des bureaux et à usage mixte.

Marché	Taille de l'équipe de location	Propriétés totales gérées
Atlanta, GA	6	22
Austin, TX	3	8
Charlotte, NC	2	5
Tampa, FL	3	7

Listes de sites Web d'entreprise et de propriétés en ligne

Le site Web de Cousins ​​Properties (www.cousins.com) reçoit environ 47 500 visiteurs mensuels uniques en décembre 2023, avec une durée de session moyenne de 3,2 minutes.

• Portefeuille de propriétés en ligne avec 51 propriétés commerciales
• Plans d'étage numérique interactifs
• Capacités de tournée virtuelle pour 78% des propriétés énumérées

Conférences d'investissement immobilier

En 2023, Cousins ​​Properties a participé à 12 conférences d'investissement immobilier nationales et régionales, générant 78,3 millions de dollars de discussions sur les investissements potentiels.

Réseaux de courtiers immobiliers commerciaux

Cousins ​​Properties entretient des relations avec 214 sociétés de courtage immobilier commerciales dans le sud-est des États-Unis.

Catégorie de réseau de courtiers	Nombre d'entreprises	Valeur de transaction moyenne
Entreprises nationales	37	12,5 millions de dollars
Entreprises régionales	89	6,2 millions de dollars
Entreprises locales	88	3,1 millions de dollars

Plateformes de marketing numérique et de relations avec les investisseurs

Les canaux de relations avec les investisseurs numériques génèrent 62% de l'engagement total des investisseurs pour les propriétés cousins ​​en 2023.

• LinkedIn adepte: 18 700
• Twitter abonnés: 3200
• Génévrage trimestriel sur le Web présence moyenne: 425 investisseurs institutionnels

Cousins ​​Properties Incorporated (cuz) - Modèle d'entreprise: segments de clientèle

Locataires du siège social

Au quatrième trimestre 2023, Cousins ​​Properties conserve un portefeuille de 20 propriétés de bureau totalisant 8,5 millions de pieds carrés sur les principaux marchés métropolitains.

Marché	Total des pieds carrés	Taux d'occupation
Atlanta	3,200,000	92.3%
Austin	1,750,000	88.5%
Phénix	1,350,000	90.1%
Tampa	2,200,000	93.7%

Investisseurs immobiliers institutionnels

Cousins ​​Properties a 6,8 milliards de dollars d'actifs totaux au 31 décembre 2023.

• Les meilleurs investisseurs institutionnels incluent BlackRock
• Vanguard Group détient 8,2% des actions en circulation
• State Street Corporation détient 6,5% des actions

Occupants commerciaux de petite à moyenne

Environ 35% du portefeuille de Cousins ​​Properties est loué aux petites et moyennes entreprises de la technologie, des services professionnels et des secteurs de la santé.

Secteur	Pourcentage de mélange de locataires
Technologie	15.6%
Services professionnels	12.4%
Soins de santé	7.0%

Grands utilisateurs de l'espace commercial d'entreprise

Les principaux locataires de l'entreprise représentent 47% des revenus locatifs totaux des propriétés de Cousins ​​en 2023.

• Les principaux locataires d'entreprise contribuent 8,2% des revenus de location annuels
• Terme de location moyenne pour les grandes entreprises: 8,3 ans
• Expiration du bail moyen pondéré: 6,7 ans

Trusts de placement immobilier (FPI)

Cousins ​​Properties est lui-même une FPI cotée en bourse inscrite sur NYSE sous Ticker Cuz.

Métrique du REIT	Valeur 2023
Capitalisation boursière	4,2 milliards de dollars
Rendement des dividendes	4.7%
Fonds des opérations (FFO)	279 millions de dollars

Cousins ​​Properties Incorporated (cuz) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Au quatrième trimestre 2023, Cousins ​​Properties a déclaré des coûts d'acquisition totale de propriétés de 97,3 millions de dollars. La stratégie d'acquisition du portefeuille immobilier de la société implique des investissements stratégiques sur les marchés à forte croissance.

Catégorie d'acquisition de propriétés	Dépenses totales ($ m)
Propriétés du bureau	62.5
Développements à usage mixte	24.8
Acquisitions de terres	10.0

Coûts de développement et de construction

En 2023, Cousins ​​Properties a investi 215,4 millions de dollars dans les dépenses de développement et de construction dans plusieurs projets.

• Budget total de construction: 215,4 millions de dollars
• Coût moyen par pied carré: 385 $
• Pourcentage de projets en développement: 18%

Dépenses opérationnelles et de maintenance

Les coûts opérationnels pour 2023 ont totalisé 43,2 millions de dollars, avec une rupture comme suit:

Catégorie de dépenses opérationnelles	Montant ($ m)
Gestion immobilière	18.6
Entretien et réparations	12.7
Services publics	7.3
Assurance	4.6

Compensation et avantages sociaux des employés

En 2023, Cousins ​​Properties a alloué 37,8 millions de dollars à la rémunération et aux avantages sociaux des employés.

• Headcount total des employés: 376
• Salaire moyen par employé: 145 000 $
• Attribution des avantages: 28% de la rémunération totale

Investissements de marketing et de relations avec les investisseurs

Les dépenses de marketing et de relations avec les investisseurs pour 2023 s'élevaient à 5,6 millions de dollars.

Catégorie de dépenses de marketing	Montant ($ m)
Communications des investisseurs	2.3
Marketing numérique	1.8
Conférence et participation des événements	1.5

Cousins ​​Properties Incorporated (CUZ) - Modèle d'entreprise: Strots de revenus

Revenu de location de propriétés commerciales

Au quatrième trimestre 2023, Cousins ​​Properties a déclaré des revenus de location totaux de 201,8 millions de dollars. Le portefeuille de la société se compose de 19 propriétés de bureau totalisant environ 7,2 millions de pieds carrés louables.

Type de propriété	Pieds carrés louables	Revenus de location (2023)
Propriétés du bureau	7,2 millions	201,8 millions de dollars

Vente des biens et appréciation des actifs

En 2023, les propriétés cousins ​​ont rapporté 103,5 millions de dollars en dispositions immobilières. Le total des biens immobiliers de la société était évalué à environ 3,2 milliards de dollars.

Escalade de taux de location

L'entreprise a connu un Augmentation de 3,2% en glissement annuel des taux de location à travers son portefeuille. Les taux de location annuels moyens pour les propriétés des bureaux étaient de 42,53 $ par pied carré.

Returns du portefeuille d'investissement

Métrique d'investissement	Valeur 2023
Portefeuille d'investissement total	3,2 milliards de dollars
Fonds des opérations (FFO)	243,1 millions de dollars

Frais de service de gestion immobilière

Les frais de service de gestion immobilière ont contribué à un 12,7 millions de dollars aux sources de revenus de l'entreprise en 2023.

• Revenu total (2023): 417,6 millions de dollars
• Résultat d'exploitation net: 284,3 millions de dollars
• Taux d'occupation: 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.