Cousins Properties Q4 FFO Rises 2.9%; Leases 2.1M Sq Ft, $317.5M Acquisition
Cousins Properties reported Q4 2025 FFO per share of $0.71, up 2.9% year-over-year and in line with consensus, despite higher interest expenses and a dip in occupancy. The REIT executed 167 leases totaling 2.1 million sq ft and acquired a 638,000 sq ft asset for $317.5 million.
1. Q4 2025 Financial Results
Cousins Properties reported Q4 2025 FFO per share of $0.71, reflecting a 2.9% year-over-year increase and matching consensus estimates. Growth was partly offset by a decline in weighted average occupancy and higher interest expenses, which weighed on net operating income.
2. Leasing Activity and Occupancy Trends
During 2025 the REIT executed 167 leases covering 2.1 million square feet of Class A office space, benefiting from corporate relocations to Sun Belt markets. Despite strong leasing volume, the weighted average occupancy rate decreased slightly due to expirations and renewals at higher rates.
3. Capital Recycling and Acquisitions
In February 2026, Cousins acquired the 638,000 sq ft 300 South Tryon tower for $317.5 million, part of its ongoing capital-recycling strategy. Since 2020 the company has invested $1.84 billion in 3.7 million sq ft of operating properties while divesting non-core assets to fund high-growth trophy acquisitions.
4. Balance Sheet and Liquidity Position
As of December 31, 2025, the company held $5.7 million in cash and equivalents, with net debt to EBITDAre at 5.30x. It had $116 million drawn on a $1 billion credit facility, providing flexibility to pursue new investments in high-growth markets.