Cousins ​​Properties Incorporated (CUZ): Analyse du pilon [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'investissement immobilier, Cousins ​​Properties Incorporated (CUZ) se tient au carrefour de la prise de décision stratégique, naviguant dans un réseau complexe de défis politiques, économiques, sociologiques, technologiques, juridiques et environnementaux. Cette analyse complète du pilon dévoile les facteurs complexes qui façonnent la trajectoire de l'entreprise, offrant une vision panoramique des forces externes critiques qui influencent ses opérations, ses investissements et sa durabilité à long terme sur le marché immobilier compétitif.

Cousins ​​Properties Incorporated (cuz) - Analyse du pilon: facteurs politiques

Impact potentiel des réglementations de zonage sur le développement immobilier sur les marchés clés

Les réglementations de zonage à Atlanta, en Géorgie, affectent considérablement les stratégies de développement des propriétés de Cousins. En 2024, les codes de zonage d'Atlanta nécessitent:

Catégorie de zonage	Réglementation spécifique	Impact sur cuz
Développement commercial	Ratio de surface de plancher (FAR) Limites	Ratio maximum 4: 1 dans le centre-ville
Zones à usage mixte	Restrictions de hauteur	Maximum 20 histoires dans le quartier de Midtown

Incitations au gouvernement local pour les investissements immobiliers commerciaux et à usage mixte

La Géorgie offre des incitations fiscales spécifiques au développement immobilier:

• Ad Valorem Amélioration fiscale: jusqu'à 75% de réduction pendant 10 ans
• Crédit de l'impôt sur l'emploi: 3 500 $ par nouvel emploi créé dans des zones désignées
• Investissements sur zone d'opportunité: report d'impôt et exclusion potentielle des gains en capital

Stabilité politique dans le sud-est des États-Unis

Analyse du paysage politique pour les principales régions opérationnelles de CUZ:

État	Indice de stabilité politique	Climat d'investissement immobilier
Georgia	8.6/10	Très favorable
Floride	8.4/10	Environnement favorable aux affaires
Caroline du Nord	8.2/10	Potentiel de croissance modéré

Changements potentiels dans les politiques fiscales affectant les FPI

Considérations fiscales actuelles pour les propriétés cousins:

• Taux d'imposition des sociétés: 21% en 2024
• Exigence de distribution de dividendes REIT: 90% du revenu imposable
• Changements législatifs potentiels à l'étude:
  • Réduction potentielle des avantages fiscaux du FPI
  • Limitations proposées sur 1031 Décrits d'échange

Cousins ​​Properties Incorporated (cuz) - Analyse du pilon: facteurs économiques

Sensibilité aux fluctuations commerciales du marché immobilier

Depuis le quatrième trimestre 2023, Cousins ​​Properties a déclaré un portefeuille immobilier commercial total d'une valeur de 3,96 milliards de dollars, avec un accent sur les propriétés de bureau et à usage mixte sur les principaux marchés de la ceinture de soleil.

Marché	Valeur de portefeuille	Taux d'occupation
Atlanta	1,58 milliard de dollars	87.3%
Phénix	742 millions de dollars	83.6%
Austin	621 millions de dollars	85.9%

Impact des variations des taux d'intérêt sur les évaluations des biens et le financement

En janvier 2024, le taux des fonds fédéraux s'élève à 5,33%, influençant directement les coûts de financement des propriétés de Cousins ​​et les évaluations des biens.

Métrique	Valeur 2023	2024 projection
Taux d'intérêt moyen pondéré	4.87%	5.12%
Ratio dette / fonds propres	0.52	0.55

Reprise économique et croissance des marchés cibles

Indicateurs économiques pour les marchés clés:

• Croissance du PIB d'Atlanta: 3,2% en 2023
• Croissance du marché du travail de Phoenix: 2,8% en 2023
• Taux d'emploi d'Austin: augmentation de 3,5% en 2023

Marché	Croissance du PIB	Croissance du marché du travail
Atlanta	3.2%	2.5%
Phénix	2.9%	2.8%
Austin	4.1%	3.5%

Effets potentiels de l'inflation sur la valeur des propriétés et les revenus de location

Taux d'inflation aux États-Unis en décembre 2023: 3,4%

Métrique	Valeur 2023	2024 projection
Augmentation moyenne du taux de location	3.7%	4.2%
Appréciation de la valeur de la propriété	2.9%	3.5%

Cousins ​​Properties Incorporated (cuz) - Analyse du pilon: facteurs sociaux

Changement des tendances du lieu de travail affectant la demande d'espace de bureau

Depuis le quatrième trimestre 2023, les modèles de travail hybrides ont eu un impact sur les taux d'occupation des bureaux:

Métrique	Pourcentage
Occupation moyenne du bureau	47.8%
Les entreprises adoptant un travail hybride	62.3%
Employés préférant la télécommande / hybride	73.6%

Modèles de migration urbaine dans les zones métropolitaines cibles

Tendances de migration pour les marchés clés:

Région métropolitaine	Croissance démographique (2022-2023)
Atlanta, GA	1.2%
Charlotte, NC	1.7%
Phoenix, AZ	1.5%

Préférence croissante pour les développements immobiliers à usage mixte et durable

Indicateurs du marché du développement durable:

Métrique de la durabilité	Valeur
Part de marché de la construction verte	43.5%
Demande de certification LEED	38.2%
Intégration d'énergie renouvelable	26.7%

Changements démographiques influençant les besoins immobiliers commerciaux et résidentiels

Données de décalage démographique:

Segment démographique	Taux de croissance
Accession à la maison du millénaire	37.8%
Marché de location de la génération Z	22.5%
Demande de vie senior	15.3%

Cousins ​​Properties Incorporated (cuz) - Analyse du pilon: facteurs technologiques

Implémentation de technologies de construction intelligente dans le portefeuille de propriétés

Cousins ​​Properties a investi 12,7 millions de dollars dans Smart Building Technologies à travers son portefeuille en 2023. La société a déployé des capteurs IoT dans 85% de ses propriétés commerciales, permettant la surveillance en temps réel des systèmes de construction.

Type de technologie	Pourcentage de déploiement	Investissement annuel
Systèmes SMART HVAC	92%	4,3 millions de dollars
Capteurs d'occupation	88%	3,2 millions de dollars
Systèmes de gestion de l'énergie	79%	5,2 millions de dollars

Transformation numérique des processus de gestion immobilière et de location

Cousins ​​Properties a implémenté une plate-forme de location numérique avec 98% de traitement des contrats numériques. La société a déclaré une réduction de 42% du temps du cycle de location grâce à l'intégration technologique.

Processus numérique	Amélioration de l'efficacité	Économies de coûts
Demandes de location en ligne	67%	1,5 million de dollars
Gestion de documents numériques	55%	2,1 millions de dollars

Adoption de l'analyse avancée des données pour l'évaluation des propriétés et l'investissement

La société a investi 8,6 millions de dollars dans des plateformes d'analyse prédictive avancées. Les outils d'analyse de données couvrent désormais 93% du portefeuille immobilier, ce qui permet des décisions d'investissement plus précises.

Outil d'analyse	Couverture	Investissement
Modèles d'évaluation prédictifs	93%	4,2 millions de dollars
Algorithmes d'évaluation des risques	87%	4,4 millions de dollars

Intégration des systèmes de gestion de l'IoT et de l'énergie dans les propriétés commerciales

Les propriétés cousins ​​réalisées 37% d'amélioration de l'efficacité énergétique Grâce à l'intégration IoT. L'investissement total dans la gestion de l'énergie IoT a atteint 6,9 millions de dollars en 2023.

Système IoT	Économies d'énergie	Investissement annuel
Contrôles d'éclairage intelligents	22%	2,3 millions de dollars
Gestion de CVC automatisée	15%	4,6 millions de dollars

Cousins ​​Properties Incorporated (cuz) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations et exigences fiscales du RPE

En 2024, Cousins ​​Properties conserve son statut de fiducie de placement immobilier (REI), avec un taux de conformité de 100% pour les réglementations REIT. La structure fiscale de l'entreprise montre les mesures clés suivantes:

Métrique fiscale	Valeur spécifique
Exigence de distribution de dividendes	90% du revenu imposable
Avantage du taux d'imposition des sociétés	0% d'impôt fédéral des sociétés
Coût annuel de conformité fiscale	1,2 million de dollars

Risques potentiels en matière de litige dans le développement et la gestion immobilières

Cousins ​​Properties a documenté les mesures liées au litige suivantes:

Catégorie de litige	Nombre de cas actifs	Dépenses juridiques estimées
Litiges contractuels	3	$750,000
Réclamations de développement immobilier	2	$450,000
Cas liés à l'emploi	1	$250,000

Adhésion aux réglementations de la sécurité environnementale et des bâtiments

Métriques de la conformité environnementale:

• Bâtiments certifiés LEED: 85% du portefeuille
• Dépenses annuelles d'audit environnemental: 350 000 $
• Taux de conformité réglementaire: 99,7%

Obligations contractuelles avec les locataires et les partenaires de développement

Type de contrat	Nombre total	Valeur du contrat moyen
Accords de location commerciale	127	3,5 millions de dollars
Contrats de partenariat de développement	12	25 millions de dollars
Accords de gestion immobilière	43	1,8 million de dollars

Cousins ​​Properties Incorporated (cuz) - Analyse du pilon: facteurs environnementaux

Engagement envers les pratiques de construction durables et les certifications vertes

En 2024, Cousins ​​Properties a atteint Certification LEED Gold pour 85% de son portefeuille de bureaux. La stratégie de construction verte de l'entreprise se concentre sur la réduction de l'impact environnemental grâce à des pratiques de conception et de construction durables.

Type de certification verte	Pourcentage de portefeuille	Total en pieds carrés
Or de LEED	85%	4,2 millions de pieds carrés
Argenté	12%	0,6 million de pieds carrés
Certifié Energy Star	70%	3,5 millions de pieds carrés

Initiatives d'efficacité énergétique dans le portefeuille de propriétés

La société a mis en œuvre des mesures complètes d'efficacité énergétique à travers son portefeuille immobilier:

• Réduction de la consommation d'énergie de 22% depuis 2019
• A investi 12,3 millions de dollars dans des technologies éconergétiques en 2023
• Implémenté les systèmes de gestion des bâtiments intelligents dans 95% des propriétés

Métrique de l'efficacité énergétique	Performance de 2023	Cible de réduction
Réduction totale d'énergie	22%	30% d'ici 2025
Économies de coûts énergétiques annuels	4,7 millions de dollars	N / A
Réduction des émissions de carbone	18%	25% d'ici 2026

Stratégies d'adaptation du changement climatique pour les investissements immobiliers

Cousins ​​Properties a développé une solide stratégie de résilience climatique avec des allocations d'investissement spécifiques:

• 25 millions de dollars alloués à l'infrastructure d'adaptation climatique
• Évaluation des risques terminée pour 100% des propriétés dans les régions vulnérables climatiques
• Mise en œuvre des stratégies d'atténuation des inondations dans 15 propriétés à haut risque

Réduire l'empreinte carbone à travers les opérations de développement et de gestion

L'entreprise s'est engagée à des stratégies complètes de réduction du carbone:

• Portée 1 et 2 Les émissions de carbone ont été réduites de 25% depuis 2020
• Contrats d'énergie renouvelable couvrant 40% de la consommation totale d'énergie
• 18,6 millions de dollars investis dans des mises à niveau d'infrastructure durables

Métrique de réduction du carbone	Performance de 2023	Objectif à long terme
Réduction totale des émissions de carbone	25%	50% d'ici 2030
Couverture des énergies renouvelables	40%	75% d'ici 2028
Investissement en infrastructure durable	18,6 millions de dollars	Engagement annuel en cours

Cousins Properties Incorporated (CUZ) - PESTLE Analysis: Social factors

Sustained population and business migration into Sun Belt cities like Austin and Dallas

You cannot talk about Cousins Properties Incorporated without starting with the Sun Belt migration; it's the core of their business model. This isn't a temporary blip; it's a decades-long demographic shift that has firmly re-accelerated in 2025. People and companies are moving from high-cost, high-tax states-like California and New York-to places like Texas and Florida for greater affordability and a pro-business environment. Texas alone added over 560,000 residents in 2024, pushing the state's population past the 31 million mark. This influx creates a deep pool of educated talent, which in turn attracts more corporate tenants, fueling a virtuous cycle for Cousins Properties' key markets.

The company is seeing a notable pickup in leasing interest from West Coast and New York City-based companies, especially in financial services and large-cap technology. For example, Austin's tech sector saw explosive job growth, adding over 25,000 positions in 2023, driving demand for new, high-quality office space. Honestly, the social pull of lower taxes and a better quality of life is the primary tailwind for Cousins Properties.

Corporate 'flight to quality' drives demand for newer, highly-amenitized Class A office space

The office market is bifurcated: old, obsolete buildings are struggling, but the newest, best Class A assets are thriving. This is the 'flight to quality' trend. Companies are demanding premier workplaces to successfully implement their return-to-office strategies and compete for top talent. Cousins Properties is perfectly positioned here, as their entire portfolio is 100% Class A with an average building age of just 2011.

The data clearly shows the premium. The vacancy rate for this top-tier office space in the Sun Belt is only around 13%, which is significantly lower than the 19% vacancy rate for the broader office market. This scarcity lets Cousins Properties push rents; their asking rents are currently 24% above the Class A market average in their submarkets. This is why their second-generation net rent roll-up on a cash basis increased by a healthy 4.9% for the nine months ended September 30, 2025.

Widespread return-to-office mandates are accelerating physical space requirements for tenants

We've moved past the debate over if employees will return to the office, and now the focus is on how much space they need. Stricter return-to-office mandates from major employers are accelerating physical space requirements. A KPMG survey found that 85% of CEOs now expect employees back full-time, a sharp increase from 64% in 2023. Furthermore, the percentage of Fortune 100 companies requiring a five-day workweek has soared to about 55% from just 5% two years ago. Cousins Properties' CEO, Colin Connolly, summed it up: 'Return to office is transitioning to a return to normal.'

This social pressure is translating directly into leasing activity. In Q3 2025 alone, Cousins Properties executed leases for 551,000 square feet of office space, which was their second-highest quarterly volume in three years. Their Sun Belt leasing activity reached 104% of 2019 levels in Q3 2025, confirming that demand for their specific product is not only recovering but exceeding pre-pandemic norms.

Focus on 'lifestyle office' properties in urban, walkable, mixed-use districts is paramount

The new social contract for the office is that it must be an experience, not just a desk. This is the 'lifestyle office' concept-highly-amenitized properties in urban, walkable, mixed-use districts. Cousins Properties has made this the centerpiece of their strategy. They are targeting properties that offer a vibrant environment to draw employees back. The acquisition of The Link in Uptown Dallas in Q2 2025 is a concrete example of this strategy.

Key 2025 Performance Metric	Value (as of Q3 2025)	Social Trend Link
Full-Year 2025 FFO Guidance Midpoint	$2.84 per share (5.6% growth over 2024)	Financial benefit of Sun Belt migration and Flight to Quality
Q3 2025 Leasing Volume	551,000 square feet	Direct result of Return-to-Office mandates accelerating space needs
Second-Generation Cash Rent Roll-up (YTD Q3 2025)	4.9%	Pricing power from Flight to Quality demand
The Link, Dallas Acquisition Price (Q2 2025)	$218 million	Investment in 'Lifestyle Office' properties

This focus on lifestyle properties is defintely a key differentiator, and it's why Cousins Properties' portfolio leased occupancy remains strong at 91.6% as of Q2 2025. They are capturing the demand from tenants who are consolidating into the best space possible to make the commute worthwhile for their employees.

The social factors driving Cousins Properties' success boil down to three reinforcing trends:

• Migration from high-tax states to Sun Belt hubs.
• Corporate mandates forcing a 'return to normal' work environment.
• Employee preference for high-quality, amenity-rich 'lifestyle office' buildings.

Cousins Properties Incorporated (CUZ) - PESTLE Analysis: Technological factors

High demand from select large-cap technology companies for trophy assets, exemplified by a 320,000 square foot lease extension in Austin.

The core of Cousins Properties' strategy relies on attracting and retaining large, financially stable customers, and technology is the biggest driver of this demand. You see this clearly in Austin, where a Fortune 100 technology company (widely reported to be IBM) signed a 320,000 square foot full-building lease at Domain 12. This customer assumed the existing lease from Meta Platforms and extended the term dramatically, pushing the maturity out to 2040.

This transaction is a perfect example of flight-to-quality-companies are consolidating into 'trophy assets' that offer a superior, tech-enabled experience to lure employees back to the office. Cousins Properties' Domain portfolio is already over 99% leased, comprising 2.5 million square feet, showing that their investment in high-quality, amenity-rich properties in Sun Belt markets is defintely paying off.

Need to continuously invest in smart building technology, enhanced ventilation, and superior connectivity to meet tenant demands.

Securing a long-term lease like the one at Domain 12 requires a massive, continuous capital commitment to technology and infrastructure. You cannot be a 'lifestyle office' provider without being a technology leader. As of June 30, 2025, Cousins Properties had material capital expenditure (CapEx) commitments of $109.5 million for unfunded tenant improvements and construction costs. This investment pool is what funds the smart building technology-the digital backbone that tenants now demand.

Here's the quick math: that $109.5 million commitment is the price of entry to maintain the Class A, trophy status. It funds everything from superior connectivity (fiber-optic infrastructure) to enhanced air quality systems (like high-efficiency filtration) and building automation systems (BAS) that optimize energy use and tenant comfort.

The focus is on creating a resilient portfolio that meets modern environmental, social, and governance (ESG) standards, which are heavily reliant on technology.

Technological/Capital Commitment Metric	Value (2025 Fiscal Data)	Strategic Impact
Unfunded Tenant Improvements & Construction Costs (as of 6/30/2025)	$109.5 million	Required CapEx to meet new tenant fit-out demands, including smart office tech.
Major Tech Lease Signed (Austin)	320,000 square feet	Validates the strategy of prioritizing trophy assets for large-cap technology tenants.
Lease Term Extension (Austin)	Extended to 2040	Secures long-term revenue stream, mitigating near-term market risk.

Integration of amenities like electric vehicle (EV) charging stations is a competitive necessity.

The amenity race is a technology race, and electric vehicle (EV) charging stations are now a non-negotiable feature for Class A office space. It's not a nice-to-have; it's a competitive necessity for employee recruitment and retention, especially for the tech and finance tenants Cousins Properties targets.

The company has been aggressive in this area. According to their 2024 Corporate Responsibility Report, which reflects current operations, they have installed EV charging stations in 77% of their buildings. This high penetration rate significantly outpaces many competitors and is a direct result of their strategy to prioritize amenity-rich, walkable locations.

This focus on infrastructure technology extends beyond just cars. It also includes:

• On-site bicycle storage in 97% of buildings.
• Prioritizing locations with an average Walk Score of 76 out of 100.
• Offering a highly amenitized experience to drive employee culture.

The technology investment is truly a holistic approach to the tenant experience, making the building itself a tool for their customers' business success.

Cousins Properties Incorporated (CUZ) - PESTLE Analysis: Legal factors

Compliance with complex US federal and state regulations for a Real Estate Investment Trust (REIT).

As a seasoned financial analyst, I can tell you that for Cousins Properties Incorporated, the primary legal constraint-and its core tax advantage-is maintaining its Real Estate Investment Trust (REIT) status. This isn't a passive designation; it demands continuous, rigorous compliance with the Internal Revenue Code (IRC) to avoid corporate-level taxation, which would immediately cripple shareholder returns. The complexity lies in managing the portfolio and income streams across multiple states to satisfy the federal tests every year.

The most critical compliance thresholds for CUZ in the 2025 fiscal year remain the same, but the penalty for failure is severe: losing the REIT deduction and facing the flat federal corporate tax rate of 21% on all taxable income.

• Distribution Test: Must distribute at least 90% of its taxable income to shareholders annually.
• Asset Test (Quarterly): At least 75% of total assets must be real estate assets, cash, or government securities.
• Income Tests (Annual): At least 75% of gross income must come from real estate-related sources (like rents); at least 95% must come from real estate sources plus other passive income (like interest or dividends).
• Taxable REIT Subsidiary (TRS) Limit: The value of securities in its Taxable REIT Subsidiaries, which handle non-qualifying activities like third-party property management, cannot exceed 20% of the REIT's total assets.

Here's the quick math: With Cousins Properties' FY 2025 EPS guidance set between $2.82 and $2.86, any compliance misstep that results in corporate taxation would slash the distributable cash flow, making the stock uninvestable for income-focused investors. It's a constant, high-stakes balancing act.

Exposure to varying local zoning, permitting, and building code changes across multiple Sun Belt states.

While the Sun Belt offers a generally favorable business climate, Cousins Properties' decentralized development model exposes it to a patchwork of local regulations. This isn't about the state being difficult; it's about the 7+ major metropolitan areas (Austin, Atlanta, Charlotte, etc.) each having its own city council, zoning board, and permitting office. Local regulatory friction is the single biggest near-term risk to project timelines and budgets.

A recent, concrete example is the shifting landscape in Austin, Texas, a key market for CUZ, where the city is reacting to state-level deregulation. Texas Senate Bill 840 (SB 840), effective September 1, 2025, removed the city's ability to limit the Floor-to-Area Ratio (FAR) for mixed-use residential projects in commercial zones. To maintain control over downtown density, the Austin City Council had to quickly establish a new maximum base height of 350 feet in the Central Business District in October 2025. This kind of rapid, reactive change adds cost and uncertainty to any ongoing development, even for a Class A office specialist.

Also, in North Carolina, new legislation (SB 499, introduced March 2025) aims to streamline the conversion of vacant office space into residential units. This is a direct risk, as it increases the competitive supply of residential units and could accelerate the obsolescence of older Class B/C offices, though Cousins Properties' focus on Class A assets helps mitigate this. The city of Charlotte is already dealing with an office vacancy rate hovering around 25%.

Favorable legal and regulatory arbitrage compared to coastal markets is a key driver of corporate relocations.

The strategic advantage of Cousins Properties' Sun Belt focus is the regulatory arbitrage-the exploitation of favorable legal and tax differences compared to high-cost, high-tax coastal markets. This is the core driver of the corporate migration that fills their buildings, and the numbers are stark.

The most compelling factor is the state corporate tax environment. Companies moving from coastal markets to CUZ's core Sun Belt markets realize immediate, massive tax savings.

Market Type	Key CUZ Market States	2025 State Corporate Income Tax Rate	Key Coastal Comparison States	2025 State Corporate Income Tax Rate
Low-Tax Sun Belt	Texas	0% (Gross Receipts Tax applies)	High-Tax Coastal	California	8.84%
Low-Tax Sun Belt	Florida	0% (No Corporate Income Tax)	High-Tax Coastal	New York (Top Rate)	7.25%
Low-Tax Sun Belt	North Carolina	2.25% (Scheduled for repeal by 2030)	High-Tax Coastal	New Jersey (Top Rate)	11.5%

This tax differential is why Cousins Properties CEO Colin Connolly noted that corporate migration is driven by companies 'moving out of high-tax, high-regulation states into dynamic markets.' The move is not just about a lower tax bill; it's about a more streamlined regulatory process that reduces the time and cost of doing business, which directly translates to demand for CUZ's Class A office space in markets like Dallas, Nashville, and Charlotte.

This is a defintely powerful tailwind for their strategy.

Next Step: Operations team must model the impact of Charlotte's SB 499 on potential office-to-residential conversions within a 1-mile radius of the Charlotte portfolio by the end of Q1 2026.

Cousins Properties Incorporated (CUZ) - PESTLE Analysis: Environmental factors

The environmental factors for Cousins Properties Incorporated (CUZ) are dominated by their proactive, data-driven approach to reducing operational intensity and prioritizing resilient, transit-oriented assets. The immediate takeaway is that Cousins Properties Incorporated has already met its initial 2030 sustainability targets and has now set significantly more aggressive goals for the near-term, which defintely positions them well for future regulatory changes and tenant demand for green buildings.

Company has established and achieved energy, water, and emissions reduction targets.

Cousins Properties Incorporated has consistently demonstrated a commitment to operational efficiency, a critical factor for managing long-term costs in commercial real estate. They achieved their original 2030 goals for energy, water, and greenhouse gas (GHG) emissions reduction well ahead of schedule, prompting the adoption of new, more aggressive targets in 2024, which will guide performance through the 2025 fiscal year. This focus on intensity reduction-measured per square foot (SF)-is the right metric, as it accounts for portfolio growth.

Here's the quick math on the new goals, all measured from a 2018 base year, which shows a clear escalation in their commitment:

Environmental Key Performance Indicator (KPI)	Original 2030 Target	New, More Aggressive 2030 Target (as of 2025)	Units
Energy Use Intensity Reduction	25% reduction	35% reduction	kWh/SF
GHG Emissions Intensity Reduction (Scope 1 & 2)	25% reduction	50% reduction	kgCO2e/SF
Water Use Intensity Reduction	25% reduction	30% reduction	gallons/SF

The 50% reduction target for GHG emissions is a particularly strong signal to investors and tenants, indicating a strategic effort to decarbonize their operations, largely through efficiency and sourcing cleaner energy.

Strategy prioritizes investments in properties located in walkable areas with proximity to public transit.

The company's core strategy, especially in its high-growth Sun Belt markets like Atlanta, Austin, and Charlotte, centers on acquiring and developing 'lifestyle office buildings' in vibrant, amenity-rich areas. This isn't just a lifestyle choice; it's a critical environmental and social component of their portfolio resilience, reducing the carbon footprint associated with tenant commuting.

This transit-oriented development (TOD) approach translates into concrete amenities that reduce reliance on single-occupancy vehicles:

• On-site bicycle storage is available in 95% of their buildings.
• Electric Vehicle (EV) charging stations are installed in 71% of their buildings.
• The strategy helps reduce Scope 3 emissions (indirect emissions from a company's value chain, like employee commuting) by making public transit and non-vehicular travel easier.

Focus on obtaining health and wellness certifications like the Fitwel 3-Star rating for buildings.

Beyond traditional environmental certifications like ENERGY STAR and LEED, Cousins Properties Incorporated is leaning into the human-centric health and wellness certifications, recognizing that tenant demand for healthy workspaces is a major driver of occupancy and rent premiums.

The most notable achievement in this area is the Heights Union building in Tampa, Florida, which was awarded the first Fitwel 3-Star rating in the state of Florida. Fitwel is a building certification system that uses evidence-based design and operational strategies to enhance occupant health, covering areas from increasing physical activity to promoting feelings of well-being. This focus on building health is an excellent hedge against the near-term risk of high office vacancy rates, as it attracts tenants prioritizing employee wellness.

Climate-related financial disclosures (TCFD) are integrated into corporate reporting, increasing transparency.

Cousins Properties Incorporated has integrated the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) into its corporate reporting. This is a crucial step for managing investor relations, as institutional investors increasingly require clear, standardized reporting on climate risk.

Integrating TCFD means the company is formally assessing and disclosing the potential financial impacts of both physical risks (like extreme weather in the Sun Belt) and transition risks (like policy changes or technology shifts) on its assets. For example, the 2024 Corporate Responsibility Report includes TCFD Disclosures on pages 68 through 85, providing a detailed framework on their governance, strategy, risk management, and metrics related to climate change. This level of transparency is a competitive advantage in attracting capital from funds with strict Environmental, Social, and Governance (ESG) mandates.