Cousins Properties Incorporated (CUZ) 10-Year Financial Performance & Capital Metrics

CUZ • • REIT / Real Estate

Real EstateOffice REITsSunbelt & Regional Office REITsSunbelt Growth Market Focus

AboutCousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office towers located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments.Show more

Revenue $857M +6.7%
FFO $411M +3.3%
FFO/Share 2.67 +2.0%
FFO Payout 47.54% -2.7%
FFO per Share 2.67 +2.0%
NOI Margin 67.24% +0.6%
FFO Margin 47.97% -3.2%
ROE 0.98% -45.9%
ROA 0.56% -48.9%
Debt/Assets 35.74% +8.7%
Net Debt/EBITDA 5.82 +17.1%
Book Value/Share 31.62 +5.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 14.3% TTM
✓Sustainable FFO payout ratio of 47.5%
✓High NOI margin of 67.2%
✓Healthy dividend yield of 4.7%
✓Trading at only 0.8x book value

✗Weaknesses

✗Weak 3Y average ROE of 2.1%
✗Profits declining 14.7% over 5 years
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.02%

5Y5.44%

3Y4.3%

TTM16.38%

Profit (Net Income) CAGR

10Y-1.23%

5Y-14.66%

3Y-45.15%

TTM12.71%

EPS CAGR

10Y-10.2%

5Y-17.4%

3Y-40.3%

TTM3.31%

ROCE

10Y Avg2.26%

5Y Avg2.52%

3Y Avg2.5%

Latest2.29%

Peer Comparison

Sunbelt Growth Market Focus

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CUZCousins Properties Incorporated	4.51B	26.85	89.50	6.71%	5.98%	1.21%	3.27%	0.65
FSPFranklin Street Properties Corp.	94.36M	0.91	-1.78	-17.57%	-42.16%	-7.5%		0.38
CIOCity Office REIT, Inc.	282.14M	6.99	-11.10	-4.45%	-75.34%	-20.22%	20.86%	0.88

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	381.64M	259.21M	466.19M	475.21M	657.51M	740.34M	755.07M	762.29M	802.87M	856.76M
Revenue Growth %	0.06%	-0.32%	0.8%	0.02%	0.38%	0.13%	0.02%	0.01%	0.05%	0.07%
Property Operating Expenses	156.16M	96.91M	163.88M	164.68M	222.15M	250.85M	259.46M	258.37M	266.43M	280.66M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	152.51M	123.54M	224.27M	203.42M	294.16M	489.49M	317.41M	323.91M	347.23M	401.61M
G&A Expenses	17.1M	25.59M	27.52M	22.04M	37.01M	27.03M	29.32M	28.32M	32.33M	36.57M
EBITDA+	208.43M	297.02M	471.51M	440.12M	657.51M	587.37M	466.29M	475.6M	504.11M	539.53M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	135.46M	258.25M	393.47M	372.44M	521.41M	288.65M	288.09M	295.59M	314.9M	365.05M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	72.97M	38.76M	78.03M	67.68M	136.1M	0	178.2M	180.01M	189.21M	174.49M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	22.73M	26.65M	33.52M	39.43M	53.96M	60.6M	67.03M	72.54M	105.46M	122.48M
Interest Coverage	3.21x	1.45x	2.33x	1.72x	2.52x	-	2.66x	2.48x	1.79x	1.42x
Non-Operating Income	4.91M	37.8M	4.73M	-39.43M	-65.43M	-298.72M	-167.82M	-59.97M	-67K	5.43M
Pretax Income+	37.52M	-26.73M	39.78M	63.1M	29.26M	238.11M	279M	167.44M	83.82M	46.58M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-88M	-105.84M	-176.49M	-16.06M	-72.31M	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	125.52M	79.11M	216.28M	79.16M	101.57M	237.28M	278.59M	166.79M	82.96M	45.96M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.41%	-0.37%	1.73%	-0.63%	0.28%	1.34%	0.17%	-0.4%	-0.5%	-0.45%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.35%	0.29%	0.81%	-0.26%	0.38%	-0.16%	0.08%	-0.18%	-0.14%	0.03%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	2.32	1.24	2.08	0.74	0.78	1.16	1.41	1.86	0.55	0.30
EPS Growth %	1.64%	-0.47%	0.68%	-0.64%	0.05%	0.49%	0.22%	0.32%	-0.7%	-0.45%
EPS (Basic)	2.32	1.24	2.08	0.75	0.79	1.16	1.41	1.86	0.55	0.30
Diluted Shares Outstanding	53.99M	64.01M	105.82M	106.87M	129.83M	148.64M	148.89M	150.42M	152.04M	154.01M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.6B	4.17B	4.2B	4.15B	7.15B	7.11B	7.31B	7.54B	7.63B	8.8B
Asset Growth %	-0.03%	0.61%	0.01%	-0.01%	0.72%	-0.01%	0.03%	0.03%	0.01%	0.15%
Real Estate & Other Assets+	2.26B	3.61B	3.63B	3.72B	6.24B	6.48B	6.87B	7.07B	7.13B	8.17B
PP&E (Net)	13.52M	15.77M	12.24M	14.94M	17.79M	22.98M	19.51M	19.91M	21.17M	20.52M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	91.64M	118.47M	278.32M	99.63M	504.18M	290.47M	177.59M	197.84M	226.53M	250.92M
Cash & Equivalents	2M	35.69M	148.93M	2.55M	15.6M	4.29M	8.94M	5.14M	6.05M	7.35M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	7.14M	7.2M	52.91M	-4.94M	356.66M	121.5M	-5.77M	0	0	0
Intangible Assets	120.97M	243.85M	184.53M	144.21M	255.97M	187.49M	166.88M	134.57M	108.99M	170.31M
Total Liabilities	911.9M	1.66B	1.38B	1.33B	2.72B	2.61B	2.71B	2.89B	3.09B	3.93B
Total Debt+	718.81M	1.38B	1.09B	1.06B	2.28B	2.22B	2.29B	2.39B	2.51B	3.15B
Net Debt	716.81M	1.35B	944.3M	1.06B	2.27B	2.22B	2.28B	2.38B	2.5B	3.14B
Long-Term Debt	718.81M	1.38B	1.09B	1.06B	2.22B	2.16B	2.24B	2.33B	2.46B	3.1B
Short-Term Borrowings	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	59.59M	6.87M	6.87M	6.87M	161.02M	58.62M	49.47M	53.13M	53.35M	50M
Total Current Liabilities+	102.87M	142.58M	175.29M	151.43M	316.83M	291.67M	336.21M	432.9M	516.38M	656.33M
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	29.79M	33.3M	37.38M	41.27M	85.7M	92.8M	111.69M	161.8M	216.62M	319.08M
Other Liabilities	60.43M	100.56M	73.61M	69.88M	72.16M	36.53M	10.37M	69.43M	58.8M	129.98M
Total Equity+	1.68B	2.51B	2.83B	2.82B	4.43B	4.5B	4.6B	4.65B	4.55B	4.87B
Equity Growth %	0.01%	0.49%	0.12%	-0%	0.57%	0.02%	0.02%	0.01%	-0.02%	0.07%
Shareholders Equity	1.68B	2.46B	2.77B	2.77B	4.36B	4.47B	4.57B	4.63B	4.52B	4.85B
Minority Interest	0	58.68M	53.14M	55.29M	68.56M	28.4M	33.63M	21.29M	24.16M	23.49M
Common Stock	220.26M	403.75M	430.35M	107.68M	149.35M	151.15M	151.27M	154.02M	154.34M	167.66M
Additional Paid-in Capital	1.72B	3.41B	3.6B	3.93B	5.49B	5.54B	5.55B	5.63B	5.64B	5.96B
Retained Earnings	-124.44M	-1.21B	-1.12B	-1.13B	-1.14B	-1.08B	-985.34M	-1.01B	-1.13B	-1.28B
Preferred Stock	0	6.87M	6.87M	1.72M	1.72M	0	0	0	0	0
Return on Assets (ROA)	0.05%	0.02%	0.05%	0.02%	0.02%	0.03%	0.04%	0.02%	0.01%	0.01%
Return on Equity (ROE)	0.07%	0.04%	0.08%	0.03%	0.03%	0.05%	0.06%	0.04%	0.02%	0.01%
Debt / Assets	0.28%	0.33%	0.26%	0.26%	0.32%	0.31%	0.31%	0.32%	0.33%	0.36%
Debt / Equity	0.43x	0.55x	0.39x	0.38x	0.52x	0.49x	0.50x	0.51x	0.55x	0.65x
Net Debt / EBITDA	3.44x	4.53x	2.00x	2.41x	3.45x	3.77x	4.89x	5.01x	4.97x	5.82x
Book Value per Share	31.18	39.28	26.70	26.40	34.10	30.25	30.90	30.89	29.92	31.62

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	151.66M	111.28M	211.65M	229.03M	303.18M	351.09M	389.48M	365.17M	368.36M	400.23M
Operating CF Growth %	0.07%	-0.27%	0.9%	0.08%	0.32%	0.16%	0.11%	-0.06%	0.01%	0.09%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	125.63M	80.1M	219.96M	80.77M	150.42M	238.11M	279M	167.44M	83.82M	45.96M
Depreciation & Amortization	135.46M	145.29M	196.75M	181.38M	257.15M	288.65M	288.09M	295.59M	314.9M	365.05M
Stock-Based Compensation	1.58M	2.15M	2.99M	3.4M	13.73M	5.3M	7.46M	10.14M	11.97M	14.79M
Other Non-Cash Items	-102.96M	-22.94M	-42.55M	-29.98M	-162.61M	-173.19M	-200.8M	-100.56M	-43.06M	-47.64M
Working Capital Changes	-6.47M	-18.59M	5.87M	-5.62M	44.49M	-7.78M	15.73M	-7.45M	748K	22.07M
Cash from Investing+	38.48M	460.94M	112.11M	-284.48M	-357.42M	-132.46M	-191.07M	-334.5M	-295.74M	-1.31B
Acquisitions (Net)	-9.98M	34.66M	-7.57M	-50.93M	85.99M	49.32M	1.99M	-9.06M	-31.39M	0
Purchase of Investments	-9.98M	-26.19M	-20.08M	-50.93M	0	0	0	-47.89M	0	-167.22M
Sale of Investments	1000K	1000K	1000K	-1000K	0	0	0	-1000K	0	0
Other Investing	-97M	15.99M	-118.21M	-228.49M	-443.41M	-181.78M	-193.06M	120.97M	-264.35M	-885.45M
Cash from Financing+	-188.14M	-538.54M	-169.34M	-147.6M	69.16M	-230.09M	-194.38M	-35.69M	-71.72M	906.47M
Dividends Paid	-69.2M	-243.3M	-99.15M	-107.17M	-142.94M	-176.26M	-182.84M	-192.28M	-194.35M	-195.41M
Common Dividends	-69.2M	-50.55M	-99.15M	-107.17M	-142.94M	-176.26M	-182.84M	-192.28M	-194.35M	-195.41M
Debt Issuance (Net)	-1000K	1000K	-1000K	-1000K	1000K	-1000K	-1000K	1000K	1000K	1000K
Share Repurchases	-47.79M	-13.74M	0	0	0	0	0	0	0	-1.11M
Other Financing	-111K	-478.95M	-1.79M	-9.03M	1.78M	3.97M	1.83M	-48.87M	1.95M	-10.66M
Net Change in Cash+	2M	33.68M	154.42M	-203.05M	14.91M	-11.47M	4.03M	-5.02M	902K	1.3M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	0	2M	51.32M	205.75M	2.69M	17.61M	6.14M	10.17M	5.14M	6.05M
Cash at End	2M	35.69M	205.75M	2.69M	17.61M	6.14M	10.17M	5.14M	6.05M	7.35M
Free Cash Flow+	-33.33M	2.23M	-121.71M	-2.92M	303.18M	351.09M	389.48M	22.93M	368.36M	147.5M
FCF Growth %	-1.23%	1.07%	-55.55%	0.98%	104.86%	0.16%	0.11%	-0.94%	15.07%	-0.6%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	4.83	5.27	5.76	4.23	4.8	3.54	3.81	3.07	2.62	2.67
FFO Payout Ratio	26.51%	14.98%	16.26%	23.73%	22.94%	33.51%	32.27%	41.58%	48.85%	47.54%
NOI Margin	59.08%	62.61%	64.85%	65.35%	66.21%	66.12%	65.64%	66.11%	66.81%	67.24%
Net Debt / EBITDA	3.44x	4.53x	2.00x	2.41x	3.45x	3.77x	4.89x	5.01x	4.97x	5.82x
Debt / Assets	27.7%	33.1%	26%	25.63%	31.91%	31.25%	31.33%	31.68%	32.89%	35.74%
Interest Coverage	3.21x	1.45x	2.33x	1.72x	2.52x	-	2.66x	2.48x	1.79x	1.42x
Book Value / Share	31.18	39.28	26.7	26.4	34.1	30.25	30.9	30.89	29.92	31.62
Revenue Growth	5.61%	-32.08%	79.85%	1.94%	38.36%	12.6%	1.99%	0.96%	5.32%	6.71%

Revenue by Segment

	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024
Rental Properties	-	-	-	-	-	-	-	-	799.05M	847.77M
Rental Properties Growth	-	-	-	-	-	-	-	-	-	6.10%
Variable Rental Revenue	-	-	-	-	-	-	199M	212.3M	226.4M	241.3M
Variable Rental Revenue Growth	-	-	-	-	-	-	-	6.68%	6.64%	6.58%
Fee And Other Revenue	-	-	-	13.4M	-	-	16M	8.8M	3.8M	9M
Fee And Other Revenue Growth	-	-	-	-	-	-	-	-45.00%	-56.82%	136.84%
Fees	-	-	-	10.09M	28.52M	18.23M	-	-	-	-
Fees Growth	-	-	-	-	182.66%	-36.09%	-	-	-	-
Product and Service, Other	-	-	-	3.27M	246K	231K	-	-	-	-
Product and Service, Other Growth	-	-	-	-	-92.48%	-6.10%	-	-	-	-
Tenant Reimbursements	-	-	-	79.8M	-	-	-	-	-	-
Tenant Reimbursements Growth	-	-	-	-	-	-	-	-	-	-
Office	-	249.81M	446.04M	-	-	-	-	-	-	-
Office Growth	-	-	78.55%	-	-	-	-	-	-	-
Others	-	-	-	-	-	-	-	-	-	-
Others Growth	-	-	-	-	-	-	-	-	-	-
Mixed-Use	-	-	-	-	-	-	-	-	-	-
Mixed-Use Growth	-	-	-	-	-	-	-	-	-	-
Total	361.38M	-	-	-	-	-	-	-	-	-
Total Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Cousins Properties Incorporated (CUZ) has a price-to-earnings (P/E) ratio of 89.5x. This suggests investors expect higher future growth.

Growth & Financials

Cousins Properties Incorporated (CUZ) reported $964.1M in revenue for fiscal year 2024. This represents a 440% increase from $178.5M in 2011.

Cousins Properties Incorporated (CUZ) grew revenue by 6.7% over the past year. This is steady growth.

Yes, Cousins Properties Incorporated (CUZ) is profitable, generating $57.6M in net income for fiscal year 2024 (5.4% net margin).

Dividend & Returns

Yes, Cousins Properties Incorporated (CUZ) pays a dividend with a yield of 4.73%. This makes it attractive for income-focused investors.

Cousins Properties Incorporated (CUZ) has a return on equity (ROE) of 1.0%. This is below average, suggesting room for improvement.

Industry Metrics

Cousins Properties Incorporated (CUZ) generated Funds From Operations (FFO) of $459.5M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Cousins Properties Incorporated (CUZ) offers a 4.73% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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