Cousins Properties Earnings Call Transcripts
Fiscal Year 2026
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Q1 results exceeded expectations with strong FFO growth, robust leasing, and rising occupancy. Portfolio optimization continued through strategic acquisitions, dispositions, and share repurchases, while guidance for 2026 was raised amid strong Sun Belt office demand and limited new supply.
Fiscal Year 2025
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Q4 and full-year 2025 FFO grew, driven by robust leasing and strategic acquisitions, with Sunbelt markets showing strong demand and limited new supply. 2026 guidance projects continued FFO growth, with a focus on occupancy gains, disciplined capital allocation, and a robust leasing pipeline.
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Q3 delivered strong FFO growth, robust leasing, and a raised full-year guidance. Portfolio occupancy dipped due to a major lease expiration but is expected to rebound, with record leasing pipelines and strategic Sun Belt acquisitions supporting future growth.
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Q2 delivered strong FFO, NOI, and leasing results, with robust rent growth and a major Dallas acquisition. 2025 FFO guidance was raised, supported by accretive investments and a healthy Sun Belt office market. Portfolio occupancy is expected to rebound after Q3.
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Q1 2025 saw strong FFO, NOI, and leasing growth, with occupancy up to 90% and robust demand across Sunbelt markets. Guidance for full-year FFO was raised, supported by low leverage, high liquidity, and a healthy leasing pipeline.
Fiscal Year 2024
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Q4 results exceeded guidance with strong leasing, NOI growth, and $1B in accretive Sun Belt acquisitions. 2025 FFO guidance implies 3.5% growth, supported by high occupancy, robust balance sheet, and improving office fundamentals.
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Q3 delivered strong FFO, record leasing, and positive NOI growth, with robust Sun Belt market demand and major new leases. Guidance for 2024 FFO was raised, and liquidity remains excellent, despite anticipated 2025 occupancy dips from large expirations.
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Q2 results exceeded expectations with strong FFO, NOI growth, and robust leasing across Sunbelt markets. Portfolio occupancy rose, guidance was raised, and two mezzanine loans were acquired, all supported by a sector-leading balance sheet and improving office fundamentals.