Cousins Properties Inc (NYSE: CUZ) is a real estate investment trust that owns and operates office properties concentrated in Sun Belt markets. Revenue comes primarily from tenant leases on office space, with tenants paying cash rent plus a share of estimated operating expenses. As of December 31, 2025, the portfolio totaled approximately 21,609,000 rentable square feet across consolidated and unconsolidated properties, with annualized rent of $892.5 million. Austin represented the largest market at 5,585,000 square feet and 36.0% of total net operating income. In-place gross rent was $49.91 per square foot as of December 31, 2025, against average effective annual rent of $38.31 per square foot after netting free rent, leasing commissions, and tenant improvements. Total property-level debt across the portfolio was $482.0 million as of December 31, 2025. CEO is M. Colin Connolly and CFO is Gregg D. Adzema, both signing the 10-K filed February 5, 2026.

Revenue model

Rental income from office tenants under lease agreements. Tenants pay cash rent plus their share of estimated operating expenses. The REIT structure requires distributing the majority of taxable income to shareholders.

Products and services

Office property leases. Named properties include The Domain (2,080,000 sq ft, Austin), Sail Tower (804,000 sq ft, 100% leased as of December 31, 2025), 300 Colorado (378,000 sq ft), Terminus (1,226,000 sq ft, Atlanta), Spring & 8th (Atlanta), Vantage South End (acquired December 2024), and The Link (acquired July 2025 for $215.0 million). One minority-interest apartment asset, 120 West Trinity (330 units, Atlanta, 20% ownership, 96.6% leased as of December 31, 2025), and a parking garage in Charlotte are also held.

Customers and end markets

Office tenants across Sun Belt markets. The filing does not disclose individual tenant names or customer concentration percentages. End market demand is driven by office occupancy trends in Austin, Atlanta, and other Sun Belt cities.

Value-chain role

Property owner and operator. Acquires, develops, redevelops, leases, and manages office buildings. Acts as landlord in direct lease relationships with tenants.

Geographic exposure

Concentrated in Sun Belt markets. Austin is the largest market at 36.0% of total net operating income as of December 31, 2025. Atlanta properties include Terminus, Spring & 8th, Buckhead Plaza, Promenade Central, and Vantage South End. Phoenix and Charlotte are also represented in the portfolio.

Source: SEC 10-K, filed 2026-02-05

Industry: Real Estate Investment Trusts Peers: Alexandria Real Estate Equities, Inc BXP Inc EQC Liquidating Trust COPT Defense Properties Douglas Emmett Inc Highwoods Properties Inc Kilroy Realty Corp SL Green Realty Corp Vornado Realty Trust