Total assets expanded 17% to $9.0B, but debt-to-equity rose to 0.83 from 0.58 a year earlier, while cash dropped to $6.7M from $416.8M, indicating tighter liquidity.
Cousins Properties Incorporated (CUZ) balance sheet — 30-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 9.04B | 8.89B | 8.8B | 7.63B | 7.54B | 7.31B | 7.11B | 7.15B | 4.15B | 4.2B | 4.17B | 2.6B | 2.67B | 2.27B | 1.12B | 1.24B | 1.37B | 1.49B | 1.69B | 1.51B | 1.2B | 1.19B | 1.03B | 1.14B | 1.25B | 1.22B | 1.12B | 932.92M | 752.86M | 617.7M | 556.6M |
| Asset Growth % | 20.32% | 1% | 15.29% | 1.29% | 3.08% | 2.88% | -0.62% | 72.48% | -1.39% | 0.79% | 60.74% | -2.7% | 17.34% | 102.2% | -9.01% | -9.9% | -8.06% | -11.94% | 12.2% | 26.14% | 0.71% | 15.7% | -9.95% | -8.63% | 2.58% | 9.04% | 19.6% | 23.92% | 21.88% | 10.98% | 33.16% |
| Real Estate & Other Assets | 102.44M | 140.17M | 8.17B | 7.13B | 7.07B | 6.87B | 6.48B | 6.24B | 3.72B | 3.63B | 3.61B | 2.26B | 2.32B | 1.91B | 757.32M | 980.34M | 44.26M | 47.35M | 83.33M | 59.41M | -1.09B | -1.11B | -874.68M | -1.06B | -1.15B | -1.13B | -1.06B | -884.59M | -703.27M | -536.2M | -489.56M |
| PP&E (Net) | 8.01B | 53.93M | 20.52M | 21.17M | 19.91M | 19.51M | 22.98M | 17.79M | 14.94M | 12.24M | 15.77M | 13.52M | 10.59M | 8.74M | 4.81M | 4.74M | 1.09B | 1.24B | 1.27B | 1.16B | 903.24M | 887.81M | 675.45M | 878.76M | 965.2M | 939.77M | 884.45M | 732.85M | 438.63M | 416M | 357.3M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 522.24M | 292.58M | 250.92M | 226.53M | 197.84M | 177.59M | 290.47M | 504.18M | 99.63M | 278.32M | 118.47M | 91.64M | 73.71M | 80.09M | 230.96M | 58.29M | 71.52M | 62.73M | 137.87M | 65.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash & Equivalents | 6.7M | 5.72M | 7.35M | 6.05M | 5.14M | 8.94M | 4.29M | 15.6M | 2.55M | 148.93M | 35.69M | 2M | 0 | 975K | 176.89M | 4.86M | 7.6M | 9.46M | 82.96M | 17.82M | 11.54M | 9.34M | 89.49M | 13.06M | 9.47M | 10.56M | 1.7M | 1.47M | 1.35M | 32.69M | 1.6M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 223.59M | 0 | 0 | 0 | 0 | -5.77M | 121.5M | 356.66M | -4.94M | 52.91M | 7.2M | 7.14M | 1.61M | 23.76M | 2.67M | 2.76M | 15.52M | 3.58M | 3.64M | 3.59M | -43.68M | -49.35M | -114.45M | -32.91M | -60.08M | -50.48M | -42.34M | -38.78M | -40.82M | -71.16M | -58.09M |
| Intangible Assets | 175.88M | 164.74M | 170.31M | 108.99M | 134.57M | 166.88M | 187.49M | 255.97M | 144.21M | 184.53M | 243.85M | 120.97M | 159.38M | 166.84M | 28.53M | 20.56M | 0 | 0 | 0 | 11.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 4.55B | 4.19B | 3.93B | 3.09B | 2.89B | 2.71B | 2.61B | 2.72B | 1.33B | 1.38B | 1.66B | 911.9M | 993.87M | 814.23M | 481.29M | 598.14M | 564.14M | 658.7M | 1.19B | 911.33M | 526.85M | 531.81M | 347.23M | 542.29M | 812.23M | 727.13M | 630.52M | 463.51M | 355.93M | 247M | 257.4M |
| Total Debt | 3.73B | 3.68B | 3.15B | 2.51B | 2.39B | 2.29B | 2.22B | 2.28B | 1.06B | 1.09B | 1.38B | 718.81M | 792.34M | 630.09M | 425.41M | 539.44M | 509.51M | 590.21M | 942.24M | 676.19M | 315.15M | 467.52M | 302.29M | 497.98M | 669.79M | 585.27M | 485.08M | 312.26M | 198.86M | 226.3M | 231.8M |
| Net Debt | 3.73B | 3.67B | 3.14B | 2.5B | 2.38B | 2.28B | 2.22B | 2.27B | 1.06B | 944.3M | 1.35B | 716.81M | 792.34M | 629.12M | 248.52M | 534.58M | 501.91M | 580.74M | 859.28M | 658.36M | 303.61M | 458.18M | 212.8M | 484.92M | 660.32M | 574.72M | 483.39M | 310.78M | 197.51M | 193.61M | 230.2M |
| Long-Term Debt | 3.73B | 2.64B | 3.1B | 2.46B | 2.33B | 2.24B | 2.16B | 2.22B | 1.06B | 1.09B | 1.38B | 718.81M | 792.34M | 630.09M | 425.41M | 539.44M | 509.51M | 590.21M | 942.24M | 676.19M | 315.15M | 467.52M | 302.29M | 497.98M | 669.79M | 585.27M | 485.08M | 312.26M | 198.86M | 226.3M | 231.8M |
| Short-Term Borrowings | 0 | 870.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 267.75M | 167.27M | 50M | 53.35M | 53.13M | 53.02M | 58.62M | 59.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 302M | 870.13M | 656.33M | 516.38M | 432.9M | 336.21M | 291.67M | 316.83M | 151.43M | 175.29M | 142.58M | 102.87M | 99.52M | 102.42M | 46.64M | 47.02M | 36.6M | 61.03M | 65.03M | 57.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 294.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 343.64M | 319.08M | 216.62M | 161.8M | 111.69M | 92.8M | 85.7M | 41.27M | 37.38M | 33.3M | 29.79M | 23.28M | 25.75M | 11.89M | 17.34M | 4.22M | 4.45M | 171.84M | 171.93M | 156.17M | 8.5M | 3.5M | 9.06M | 103.57M | 107.68M | 111.86M | 115.58M | 120.04M | 0 | 0 |
| Other Liabilities | 515.25M | 168.93M | 129.98M | 58.8M | 69.43M | 10.37M | 36.53M | 72.16M | 69.88M | 73.61M | 100.56M | 60.43M | 78.73M | 55.96M | -2.65M | -5.67M | 18.03M | 3.01M | 10.43M | 6M | -471.31M | -476.02M | -305.79M | -507.04M | -773.36M | -692.95M | -596.94M | -427.83M | -318.9M | -226.3M | -231.8M |
| Total Equity | 4.5B | 4.7B | 4.87B | 4.55B | 4.65B | 4.6B | 4.5B | 4.43B | 2.82B | 2.83B | 2.51B | 1.68B | 1.67B | 1.46B | 642.95M | 637.39M | 807.14M | 832.85M | 504.26M | 598.29M | 669.9M | 656.47M | 679.77M | 598.12M | 435.84M | 489.49M | 485.23M | 469.41M | 396.93M | 370.7M | 299.2M |
| Equity Growth % | -8.85% | -3.45% | 7.08% | -2.12% | 1.01% | 2.33% | 1.53% | 56.95% | -0.14% | 12.36% | 49.35% | 0.6% | 14.7% | 126.92% | 0.87% | -21.03% | -3.09% | 65.16% | -15.72% | -10.69% | 2.05% | -3.43% | 13.65% | 37.23% | -10.96% | 0.88% | 3.37% | 18.26% | 7.08% | 23.9% | 6.28% |
| Shareholders Equity | 4.49B | 4.68B | 4.85B | 4.52B | 4.63B | 4.57B | 4.47B | 4.36B | 2.77B | 2.77B | 2.46B | 1.68B | 1.67B | 1.46B | 620.34M | 603.69M | 760.08M | 787.41M | 466.72M | 552.5M | 625.91M | 632.28M | 659.75M | 578.78M | 408.88M | 462.67M | 454.47M | 437.72M | 379.87M | 370.7M | 299.2M |
| Minority Interest | 7.89M | 22.61M | 23.49M | 24.16M | 21.29M | 33.63M | 28.4M | 68.56M | 55.29M | 53.14M | 58.68M | 0 | 0 | 1.57M | 22.61M | 33.7M | 47.06M | 45.44M | 37.54M | 45.78M | 43.98M | 24.18M | 20.02M | 19.35M | 26.96M | 26.82M | 30.77M | 31.69M | 17.07M | 0 | 9K |
| Common Stock | 164.6M | 167.98M | 167.66M | 154.34M | 154.02M | 151.27M | 151.15M | 149.35M | 107.68M | 430.35M | 403.75M | 220.26M | 220.08M | 193.24M | 107.66M | 107.27M | 106.96M | 103.35M | 54.92M | 54.85M | 54.44M | 53.36M | 52.78M | 51.53M | 50.84M | 50.11M | 49.36M | 48.41M | 31.89M | 31.47M | 28.92M |
| Additional Paid-in Capital | 5.89B | 5.97B | 5.96B | 5.64B | 5.63B | 5.55B | 5.54B | 5.49B | 3.93B | 3.6B | 3.41B | 1.72B | 1.72B | 1.42B | 690.02M | 687.84M | 684.55M | 662.22M | 368.83M | 348.51M | 336.97M | 321.75M | 311.94M | 298.54M | 288.17M | 276.27M | 259.66M | 240.9M | 244.78M | 234.24M | 164.97M |
| Retained Earnings | 0 | -1.46B | -1.28B | -1.13B | -1.01B | -985.34M | -1.08B | -1.14B | -1.13B | -1.12B | -1.21B | -124.44M | -180.76M | -164.72M | -260.1M | -274.18M | -114.2M | -51.4M | -22.23M | 40.29M | 99.4M | 130.56M | 170.08M | 199.41M | 131.87M | 157.34M | 155.12M | 153.4M | 103.2M | 105M | 105.3M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.72M | 1.72M | 6.87M | 6.87M | 0 | 0 | 94.78M | 169.6M | 169.6M | 169.6M | 169.6M | 169.6M | 200M | 200M | 200M | 200M | 100M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.07% | 0.46% | 0.56% | 1.09% | 2.25% | 3.86% | 3.33% | 1.8% | 1.9% | 5.16% | 2.34% | 4.77% | 2.11% | 7.17% | 3.88% | -9.85% | -1.02% | 1.71% | 1.41% | 2.43% | 19.51% | 4.49% | 37.63% | 20.28% | 3.88% | 6.07% | 6.06% | 12.35% | 6.61% | 6.35% | 8.42% |
| Return on Equity (ROE) | 0.14% | 0.85% | 0.98% | 1.8% | 3.61% | 6.13% | 5.32% | 2.8% | 2.8% | 8.1% | 3.77% | 7.48% | 3.32% | 11.59% | 7.14% | -17.78% | -1.78% | 4.08% | 4.09% | 5.19% | 35.09% | 7.45% | 63.82% | 46.84% | 10.35% | 14.53% | 13% | 24.03% | 11.8% | 11.13% | 14.13% |
| Debt / Assets | 41.28% | 41.34% | 35.74% | 32.89% | 31.68% | 31.33% | 31.25% | 31.91% | 25.63% | 26% | 33.1% | 27.7% | 29.71% | 27.72% | 37.84% | 43.66% | 37.16% | 39.57% | 55.63% | 44.79% | 26.33% | 39.34% | 29.43% | 43.67% | 53.67% | 48.11% | 43.48% | 33.47% | 26.41% | 36.64% | 41.65% |
| Debt / Equity | 0.83x | 0.78x | 0.65x | 0.55x | 0.51x | 0.50x | 0.49x | 0.52x | 0.38x | 0.39x | 0.55x | 0.43x | 0.47x | 0.43x | 0.66x | 0.85x | 0.63x | 0.71x | 1.87x | 1.13x | 0.47x | 0.71x | 0.44x | 0.83x | 1.54x | 1.20x | 1.00x | 0.67x | 0.50x | 0.61x | 0.77x |
| Net Debt / EBITDA | 6.00x | 5.75x | 5.82x | 4.97x | 5.01x | 4.89x | 3.77x | 5.76x | 2.41x | 2.00x | 4.53x | 3.44x | 4.24x | 6.40x | 3.20x | 7.23x | 6.33x | 8.12x | 10.42x | - | - | - | - | - | - | - | - | - | - | - | - |
| Book Value per Share | 27.22 | 27.87 | 31.62 | 29.92 | 30.89 | 30.90 | 30.25 | 34.10 | 26.40 | 26.70 | 39.28 | 31.18 | 32.74 | 40.41 | 24.70 | 24.60 | 31.83 | 50.86 | 39.07 | 45.21 | 51.03 | 50.74 | 53.30 | 48.39 | 34.96 | 38.99 | 39.10 | 38.30 | 33.04 | 33.39 | 27.73 |
Quick answers to the most common questions about buying CUZ stock.
As of 2025, Cousins Properties Incorporated (CUZ) had total assets of $8.89B including $292.6M in current assets.
Cousins Properties Incorporated (CUZ) carries total debt of $3.68B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cousins Properties Incorporated (CUZ) has total shareholders' equity (book value) of $4.68B ($27.87 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cousins Properties Incorporated (CUZ) reported a current ratio of 0.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
High depreciation and interest burden
Metrics are mathematically derived from official filings.
Balance Sheet Expansion via Development
CUZ's total assets grew to $9.0B in Q2 2026 from $7.7B a year earlier, a 17% increase, according to financial statements, driven by development deliveries and acquisitions.
The asset growth is accompanied by a rise in total debt from $2.6B to $3.7B over the same period, indicating that expansion is partly debt-funded. However, equity remained stable at $4.5B, suggesting that retained earnings and asset sales are offsetting some leverage. The trajectory appears expansionary, but investors should monitor whether development yields exceed the cost of capital.
Trophy Assets Drive Occupancy Gains
Portfolio leased rate reached 92.8% in Q2 2026, the highest since Q1 2020, with over 920,000 sq ft leased, as reported in earnings releases, indicating strong demand for CUZ's Sun Belt trophy properties.
The occupancy improvement supports the 16% YoY revenue growth, but the portfolio's concentration in Atlanta (40-50% of NOI) remains a key risk. The company's focus on newer, amenitized assets appears to be paying off, yet the high concentration in a single market could amplify localized downturns. Investors should watch for any softening in Atlanta's office fundamentals.
Leverage Creeps Higher but Manageable
Debt-to-equity rose to 0.83 in Q2 2026 from 0.58 a year earlier, per balance sheet data, reflecting increased borrowing to fund growth, though still below peers like HIW at 1.49.
Total debt increased by $1.1B year-over-year, but the leverage ratio remains conservative relative to the office REIT peer group. The maturity ladder appears manageable, but the rising debt load in a higher-rate environment could pressure interest coverage. The company's ability to service debt is supported by FFO of $131.2M in Q2, but the gap between operating margin (22.4%) and net margin (4.1%) highlights the interest burden.
Equity Stability Amid Asset Growth
Equity remained flat at $4.5B in Q2 2026 despite asset growth, as reported, suggesting that retained earnings are being offset by dividends and potential share issuance.
The stable equity base indicates that CUZ is not heavily diluting shareholders, but it also means that growth is primarily debt-funded. ROE improved to 0.6% in Q2 from negative in prior quarters, but remains low due to high depreciation. The company's ability to grow equity through retained AFFO is limited, given the thin dividend coverage (AFFO/div at 0.40x), which may constrain future equity-funded growth.
Liquidity Tight but Adequate
Cash and equivalents stood at $6.7M in Q2 2026, down from $416.8M in Q2 2025, per balance sheet data, indicating reduced liquidity buffer despite a $3.7B debt load.
The sharp decline in cash suggests that funds were deployed into development or used to repay debt. With a revolver likely available, liquidity appears adequate, but the low cash balance and high capex requirements (averaging $74M per quarter) could strain liquidity if market conditions deteriorate. The fixed charge coverage ratio is not provided, but the wide FFO-to-AFFO gap suggests limited cash cushion.
Depreciation Masks True Cash Flow
The gap between FFO of $131.2M and AFFO of $0.34 per share in Q2 2026, as reported, suggests that significant capital expenditures are consuming cash, potentially overstating distributable income.
While FFO is a standard REIT metric, the high level of tenant improvements and leasing commissions required to maintain occupancy in trophy assets may be understated. The reported gross margin of 26.51% is unusually low for a Class A office REIT, which may indicate elevated non-reimbursable costs or data anomalies. Investors should scrutinize the sustainability of AFFO and dividend coverage, as the current 0.40x coverage is thin.