CUZ · Cousins Properties Incorporated

Cousins Properties reported a net loss of $24.9 million or $0.15 per share for Q1 2026, compared to net income of $20.9 million or $0.12 per share in Q1 2025, primarily due to an impairment charge. FFO came in at $122.9 million or $0.73 per share, slightly below prior year $124.8 million or $0.74 per share, attributed to a one-time gain from the SVB Financial Group bankruptcy claim sale in Q1 2025. Operationally, the company delivered robust performance with same property cash-basis NOI up 5.5% and second-generation net rent per square foot rising 15.2%. Leasing was exceptional at 932,000 square feet, with 52% comprising new and expansion leases, fueled by Sun Belt migration and tightening trophy office fundamentals as noted by CEO Colin Connolly. Investing activity included the $317.5 million acquisition of 300 South Tryon (638,000 sq ft) in Charlotte, repayment of an $18.2 million mezzanine loan, and $39.5 million sale of Harborview Plaza in Tampa, with an agreement to sell One Eleven Congress (519,000 sq ft) in Austin expected in Q3 2026. Financing saw $500 million in 4.875% senior notes issued due 2033 (net proceeds $492.1 million) and repurchase of 3.9 million shares at $23.36 average. Post-quarter, share repurchase authorization doubled to $500 million and a new $1.2 billion credit facility was closed with improved terms. Updated 2026 guidance raised FFO to $2.90-$2.98 per share from $2.87-$2.97, driven by buybacks and debt execution, assuming no SOFR cuts and excluding speculative deals. This positions the portfolio well amid emerging office space shortages in Sun Belt markets.