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Dec 31, 2025
Cousins Properties Q4 2025 Earnings Report
Cousins Properties reported a net loss available to common stockholders of $3.5 million, or $0.02 per share, for the fourth quarter ended December 31, 2025.
Key Takeaways
Cousins Properties experienced a net loss in Q4 2025, primarily due to impairment charges, despite strong leasing activity and strategic acquisitions. The company executed 700,000 square feet of leases and acquired 300 South Tryon in Uptown Charlotte, enhancing its Sun Belt trophy portfolio.
Net loss available to common stockholders was $3.5 million, or $0.02 per share, in Q4 2025, down from net income of $13.6 million, or $0.09 per share, in Q4 2024, primarily due to impairment charges.
Funds From Operations (FFO) increased to $119.5 million, or $0.71 per share, in Q4 2025, up from $108.9 million, or $0.69 per share, in Q4 2024.
The company executed 700,000 square feet of office leases in Q4 2025, with 70% being new and expansion leases.
Same property net operating income (NOI) on a cash-basis increased by 0.03% in Q4 2025 compared to Q4 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Cousins Properties provides initial earnings guidance for the full year 2026, projecting net income between $0.23 and $0.33 per share, and FFO between $2.87 and $2.97 per share.
Positive Outlook
- Guidance reflects strong performance from recent acquisitions, including 300 South Tryon.
- Assumed refinancing of maturing term loans and mortgage loans in 2026.
- Funding of the 300 South Tryon acquisition with proceeds from Harborview and Tremont sales, along with additional non-core asset sales.
- Potential for future debt offerings and/or settlement of common shares to replace non-core asset sales.
- Management's current plans and assumptions support the projected earnings.
Challenges Ahead
- Guidance does not include any speculative property acquisitions, which could limit future growth opportunities not currently factored in.
- Guidance does not include any development starts, which could impact long-term portfolio expansion.
- The size and timing of additional non-core asset sales may change, introducing uncertainty.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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