CUZ on NYSE

Cousins Properties

Logo: cousinsproperties.com4

American real estate company

Cousins Properties Incorporated is an American publicly traded real estate investment trust (REIT) that invests in office buildings in Atlanta, Charlotte, Austin, Phoenix, Tampa, and Chapel Hill, North Carolina. The company has developed notable properties including CNN Center, Omni Coliseum, 191 Peachtree Tower, and Emory Point in Atlanta.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

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  • TickerCUZ on NYSE1
  • IndustryReal Estate Investment Trusts1
  • HeadquartersAtlanta1
  • Websitewww.cousinsproperties.com
  • Incorporated inGA5
  • Business address3344 Peachtree Road, Ne, Suite 1800, Atlanta, Ga 303265
  • Filer categoryLarge accelerated filer5

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Photo: connor.carey ( talk ), CC BY-SA 3.0, via Wikimedia Commons7

Cousins Properties Incorporated is an American publicly traded real estate investment trust (REIT) that invests in office buildings in Atlanta, Charlotte, Austin, Phoenix, Tampa, and Chapel Hill, North Carolina. The company has developed notable properties including CNN Center, Omni Coliseum, 191 Peachtree Tower, and Emory Point in Atlanta.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

67.8%Operating margin8
4.1%Net margin8
16.0%Revenue growth, 20258
0.9%Return on equity8
0.71×Debt to equity8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Rental Properties brought in 65% of the revenue Cousins Properties broke down this way in fiscal 2025.

  1. Rental Properties$998.1M865%up 17% from 2024
  2. Variable Rental Revenue$274.7M818%up 14% from 2024
  3. Tenant Reimbursements$197.0M813%up 11% from 2024
  4. Tenant Funded Improvements$34.6M82%up 22% from 2024
  5. Fee And Other Revenue$13.3M81%up 48% from 2024
  6. Product and Service, Other$11.2M81%up 55% from 2024
  7. Termination Fee$5.1M80%up 49% from 2024
  8. Fees$2.0M80%up 16% from 2024
Products and services by year
Products and services202320242025
Rental Properties$800.7M$856.4M$998.1M
Variable Rental Revenue$226.4M$241.3M$274.7M
Tenant Reimbursements$163.2M$176.7M$197.0M
Tenant Funded Improvements$20.0M$28.4M$34.6M
Fee And Other Revenue$3.8M$9.0M$13.3M
Product and Service, Other$2.5M$7.2M$11.2M
Termination Fee$7.3M$3.4M$5.1M
Fees$1.4M$1.8M$2.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue32¢$314.5M
  • Other costs48¢$479.6M
  • Interest16¢$159.2M
  • Profit4¢$40.5M

Out of $993.8M in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid54¢$215.8M
  • Kept or used elsewhere46¢$186.5M

Out of $402.3M of cash from operations.8

Financial statements

Revenue91011128$993.8M in 2025+51% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $657.5M$657.5M20192020: $740.3M$740.3M2020+13%2021: $755.1M$755.1M2021+2%2022: $762.3M$762.3M2022+1%2023: $802.9M$802.9M2023+5%2024: $856.8M$856.8M2024+7%2025: $993.8M$993.8M2025+16%
Operating income91011128$673.3M in 2025+56% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $431.8M$431.8M20192020: $486.0M$486.0M2020+13%2021: $493.7M$493.7M2021+2%2022: $502.2M$502.2M2022+2%2023: $531.1M$531.1M2023+6%2024: $570.3M$570.3M2024+7%2025: $673.3M$673.3M2025+18%
Net income91011128$40.5M in 2025−73% since 2019
0$100.0M$200.0M$300.0M2019: $152.7M$152.7M20192020: $237.3M$237.3M2020+55%2021: $278.6M$278.6M2021+17%2022: $166.8M$166.8M2022−40%2023: $83.0M$83.0M2023−50%2024: $46.0M$46.0M2024−45%2025: $40.5M$40.5M2025−12%

Every line of the income statement in the latest annual report, as filed.8

Period ending2025-12-312024-12-312023-12-31
Total Revenues$993.8M$856.8M$802.9M
Rental property operating expenses$314.5M$280.7M$266.4M
Reimbursed expenses$544.0K$634.0K$608.0K
General and administrative expenses$38.6M$36.6M$32.3M
Interest expense$159.2M$122.5M$105.5M
Operating property impairment$13.3M$0$0
Land and related predevelopment cost impairment$1.0M$0$0
Depreciation and amortization$415.4M$365.0M$314.9M
Other$1.8M$2.1M$2.1M
Total costs and expenses$944.4M$807.5M$721.9M
Income (Loss) from Equity Method Investments-$8.2M-$2.8M$2.3M
Gain on investment property transactions$0$98.0K$504.0K
Net income$41.3M$46.6M$83.8M
Net income attributable to noncontrolling interests-$749.0K-$619.0K-$853.0K
Net Income (Loss) Attributable to Parent, Total$40.5M$46.0M$83.0M
Net income per common share basic (in usd per share)$0.24$0.30$0.55
Net income per common share diluted (in usd per share)$0.24$0.30$0.55
Weighted average common shares - basic (in shares)167.9M shares153.4M shares151.7M shares
Weighted average common shares diluted (in shares)168.7M shares154.0M shares152.0M shares
Dividends declared per common share (in usd per share)$1.28$1.28$1.28

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The story

Founded by Tom Cousins.1

The company was founded in 1958 by Tom Cousins.

In 1962, the company became a public company via an initial public offering.

In 1965, the company built an office building in downtown Atlanta.

In the 1970s, the company expanded into regional malls, real estate finance, and insurance but pared back after the economy softened.

In 1987, Tom Cousins formed the Cousins Foundation and funded it with stock in the company.

In 2002, Thomas Cousins retired from his position as CEO, but remained chairman of the board of directors until the end of 2006, at which time he retired. R. Dary Stone also stepped down from the president and COO positions in 2002.

In 2004, the company partnered with Jim Wilson and Associates, Inc. to develop The Avenue at Carriage Crossing.

In 2016, the company acquired Parkway Properties and spun off its Houston assets into Parkway, Inc.

From Wikipedia’s article on Cousins Properties, shared under CC BY-SA 4.0.6

Leadership

Who has led Cousins Properties, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Thomas D. Bell Jr.2003–2009
  2. Lawrence L. Gellerstedt Iii.2009–2018
  3. Michael Colin Connolly2019–now

Chair

  1. Tom Cousins2004–2006
  2. Thomas D. Bell Jr.2007–2009

President

  1. Thomas D. Bell Jr.2003–2007
  2. Lawrence L. Gellerstedt Iii.2005–2017
  3. Bruce E. Smith2005
  4. Forrest W. Robinson2005–2007
  5. Daniel M. Dupree2007–2008
  6. Michael Colin Connolly2018–now

Chief financial officer

  1. James A. Fleming2008–2010
  2. Gregg D. Adzema2010–now

Chief operating officer

  1. Daniel M. Dupree2007–2008
  2. Lawrence L. Gellerstedt Iii.2009
  3. Michael Colin Connolly2018
20052010201520202025
Board members and other officers (40)

Timeline

  1. Jan 31, 2019New chief executive Michael Colin Connolly becomes CEO16
  2. Sep 16, 2009New chief executive Lawrence L. Gellerstedt Iii. becomes CEO17
  3. Dec 12, 2003New chief executive Thomas D. Bell Jr. becomes CEO18

Recent filings

  1. Sep 15, 20268-K
  2. Aug 20, 2026144
  3. Aug 20, 20264 PRIMARY DOCUMENT
  4. Jul 30, 20268-K
  5. Jul 30, 202610-Q
  6. Jun 3, 20264 PRIMARY DOCUMENT
  7. Jun 3, 20264 PRIMARY DOCUMENT
  8. Jun 3, 20264 PRIMARY DOCUMENT
  9. Jun 3, 20264 PRIMARY DOCUMENT
  10. Jun 3, 20264 PRIMARY DOCUMENT
  11. Jun 3, 20264 PRIMARY DOCUMENT
  12. Jun 3, 20264 PRIMARY DOCUMENT
  13. Jun 3, 20264 PRIMARY DOCUMENT
  14. May 6, 2026S-8
  15. May 4, 20268-K

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

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