Here are 1-3 brief analogies for Cousins Properties (CUZ):

• Simon Property Group for Class A office buildings: Like Simon Property Group (SPG) manages a portfolio of high-end shopping malls, Cousins Properties owns, develops, and manages a portfolio of premium office buildings, primarily in the US Sun Belt.
• Marriott for premium office buildings: Imagine a company that develops and operates a collection of high-quality office towers, similar to how Marriott manages a network of premium hotels.

• Office and Mixed-Use Space Leasing: Cousins Properties generates revenue primarily by leasing out premium office and mixed-use spaces in its Class A properties to various tenants.
• Property Management: The company provides comprehensive management services for its owned real estate portfolio, ensuring operational efficiency and tenant satisfaction.
• Real Estate Development and Redevelopment: Cousins Properties engages in the ground-up development of new Class A office and mixed-use projects, as well as the redevelopment of existing properties, to expand and enhance its portfolio.

Major Customers of Cousins Properties (CUZ)

• Google LLC (Parent company: Alphabet Inc., NASDAQ: GOOGL / GOOG)

Colin Connolly President and Chief Executive Officer

Colin Connolly serves as President and Chief Executive Officer of Cousins Properties. He joined Cousins in 2011, initially as Senior Vice President focusing on acquisitions and dispositions. He progressed through various leadership roles, including Senior Vice President and Chief Investment Officer, Executive Vice President and Chief Investment Officer, and Executive Vice President and Chief Operating Officer, before being elected President and CEO in January 2019. Prior to joining Cousins, Mr. Connolly was an Executive Director and Vice President with Morgan Stanley from 2006 to 2011. Before Morgan Stanley, he worked in the Investments Group at CarrAmerica Realty Corporation, where he focused on the acquisition and disposition of office properties. Mr. Connolly played a critical role in Cousins' 2016 merger with Parkway Properties.

Gregg Adzema Executive Vice President and Chief Financial Officer

Gregg Adzema is the Executive Vice President and Chief Financial Officer for Cousins Properties, a position he assumed in November 2010. In this role, he oversees accounting, tax, treasury, banking and finance, capital markets, financial planning, investor relations, and information technology. Prior to joining Cousins, Mr. Adzema had a 31-year career in senior financial, investment, and advisory roles in commercial real estate. Notably, he served as Executive Vice President and Chief Financial Officer for Summit Properties, a publicly traded apartment REIT, from 1996 to 2005. He successfully led Summit Properties' sale to Camden Property Trust during his tenure. He was also previously Chief Investment Officer and Executive Vice President for two advisory and real estate firms in Charlotte, NC, and held positions at Arthur Andersen, PulteGroup, and Wells Fargo.

Kennedy Hicks Executive Vice President, Chief Investment Officer and Managing Director - Atlanta

Kennedy Hicks is the Executive Vice President, Chief Investment Officer, and Managing Director of the Atlanta market for Cousins Properties. She is responsible for acquisitions, dispositions, investments in development, and portfolio strategy. Ms. Hicks joined Cousins in 2018 as Senior Vice President and was promoted to Chief Investment Officer in December 2022. Before her time at Cousins, she was a Managing Director with Eastdil Secured, a global real estate investment banking company, where she advised clients on equity sales and ventures for institutional office properties throughout the Sun Belt. Her experience also includes a role as Director of Finance with CBRE's Southeast Office Investment Team.

John McColl Executive Vice President - Development

John McColl serves as the Executive Vice President of Development for Cousins Properties, a role in which he manages development and property operations. He has more than 35 years of experience in commercial real estate development and finance and has been involved in significant Cousins developments like Norfolk Southern's Headquarters and NCR. Before joining Cousins in 1996, Mr. McColl specialized in investment and acquisition for Hutchinson Capital Group and Quest Capital Corp., where he managed and grew a portfolio of 20 operating companies with combined revenues of $1.6 billion. He also previously worked as an assistant vice president for Wachovia Bank's Commercial Real Estate Finance Division.

Richard Hickson Executive Vice President - Operations

Richard Hickson is the Executive Vice President of Operations at Cousins Properties, responsible for all leasing, property operations, and asset management for the company's Sun Belt portfolio. He joined Cousins in 2016 as Senior Vice President of Asset Management and was promoted to his current role in October 2018. Mr. Hickson brings over 20 years of commercial real estate and finance experience. Prior to Cousins, he spent eight years at Parkway Properties, Inc., a publicly traded REIT, where he held various operations and finance roles, including serving as Executive Vice President and Chief Financial Officer for two years. His career began in investment banking with Lehman Brothers and First Union Securities.

Key Risks to Cousins Properties (CUZ)

1. Office Real Estate Market Headwinds and Leasing Risk: Cousins Properties, as an office Real Estate Investment Trust (REIT), is significantly exposed to the challenges within the office real estate market. These challenges include increased market availability, leading to higher vacancy rates and potentially lower rent growth. The company's operating revenues are directly dependent on its ability to secure and retain tenants at favorable rates. A specific concern highlighted is the risk of major tenants, such as Google at Sail Tower, not fully occupying their leased space, which could lead to subleasing scenarios and a reduction in property value.
2. Interest Rate Fluctuations and Debt & Financing Risks: The company faces considerable financial risks due to interest rate fluctuations and its real estate debt investments. Changes in interest rates can lead to prepayment risks, forcing the company to reinvest in lower-yielding securities, and can adversely affect the market value of its debt investments. Furthermore, unfavorable interest rates can impact the cost of projects and current earnings, and covenants in credit facilities and mortgages could restrict operational flexibility. Macroeconomic sensitivity and front-loaded debt also contribute to these risks.
3. General Economic Conditions and Cyclical Nature of Real Estate: The overall health of the economy directly influences Cousins Properties' business. Uncertain economic conditions can negatively impact the financial stability of current and prospective tenants, affecting their ability to pay rents or renew leases. The real estate industry is inherently cyclical, and economic downturns, including corporate caution leading to reduced demand or continued increases in long-term Treasury yields, could significantly temper the company's performance and margin of safety. Regional economic downturns could also impact occupancy and revenue growth.

The evolving and potentially permanent structural reduction in overall demand for office space due to the widespread adoption of hybrid work models. This trend is causing many companies to re-evaluate their physical footprint, leading to potential long-term decreases in leased square footage and a smaller total addressable market for traditional office space, even for high-quality Class A properties.

Cousins Properties (CUZ) primarily focuses on the ownership, management, and development of Class A office buildings and mixed-use developments in the U.S. Sun Belt region. Their main products and services revolve around the leasing and management of these premium office spaces. The addressable market size can be identified by the total inventory of office space, particularly Class A, within their key operating regions.

The estimated addressable markets for Cousins Properties' main products and services, represented by the total office square footage in their primary markets in the U.S. Sun Belt, are as follows:

• Atlanta, U.S.: The office market totals approximately 150 million square feet. Other reports indicate an inventory of 168.9 million square feet.
• Austin, U.S.: The total office real estate inventory is approximately 122 million square feet, with 5 million square feet of new space under construction as of Q2 2024.
• Charlotte, U.S.: The office market inventory is 56.9 million square feet.
• Dallas-Fort Worth, U.S.: While a total inventory number isn't explicitly stated, the market has seen significant activity, with a development pipeline of 2.8 million square feet as of Q1 2025.
• Nashville, U.S.: The office market amounts to 17.9 million square feet as of March 2024.
• Phoenix, U.S.: The total office inventory in Phoenix amounts to 105 million square feet.
• Tampa, U.S.: The office market inventory is 40.5 million square feet. The region also has a substantial medical office inventory totaling 47.5 million square feet.

Cousins Properties (CUZ) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strong Leasing Activity and Increased Occupancy in Sun Belt Markets: Cousins Properties is focused on capitalizing on the ongoing demand for high-quality office spaces in its core Sun Belt markets, including Atlanta, Austin, Charlotte, and Dallas. The company has demonstrated robust leasing activity, with a goal to increase occupancy rates to 90% or higher by the end of 2026. For instance, in Q3 2025, the company completed 551,000 square feet of leases, marking its second-highest quarterly volume in three years.

2. Strategic Acquisitions of Lifestyle Office Properties: Cousins Properties is actively expanding its portfolio through strategic acquisitions of "trophy lifestyle office properties" in high-growth Sun Belt urban centers. A notable example is the acquisition of The Link in Uptown Dallas in July 2025, which has enhanced the company's market presence and contributed to increased rental income. These acquisitions are aimed at immediately enhancing earnings and maintaining a strong balance sheet for further investments.

3. Rental Rate Increases (Pricing Power): The company has shown an ability to achieve positive cash rent roll-ups and increases in second-generation net rent per square foot. This indicates Cousins Properties' pricing power for its premium office portfolio in desirable Sun Belt locations, driven by factors such as robust demand from sectors like financial services and technology.

4. Development and Redevelopment Opportunities: Cousins Properties anticipates that its development and redevelopment projects will contribute to revenue growth, offsetting negative impacts from lease expirations in 2025 and 2026. The company is exploring future development opportunities, particularly in high-demand areas like Austin. This ongoing pipeline of new and repositioned assets is crucial for long-term value creation.

These drivers collectively underpin analyst projections for Cousins Properties, with revenues forecast to rise approximately 2.6% to 6.1% annually.

Share Issuance

• Cousins Properties priced an underwritten public offering of 6,000,000 shares of its common stock in November 2024, expecting gross proceeds of approximately $188 million.
• In December 2024, the company commenced an underwritten public offering of 9,500,000 shares of common stock, intended to help fund the purchase of an office property in Downtown Austin or for general corporate purposes.
• The company issued a total of 15.5 million shares of common stock in the fourth quarter of 2024.

Outbound Investments

• In the second half of 2024, Cousins Properties invested nearly $1 billion in office properties, acquiring three trophy assets.
• Significant acquisitions in December 2024 included the nearly $522 million Sail Tower in downtown Austin, Texas, and the $328.5 million Vantage South End office campus in Charlotte.
• In August 2024, Cousins Properties, in a joint venture with Town Lane (Cousins owning 20%), acquired Proscenium, a Class A office building in Midtown Atlanta, for approximately $83 million.

Capital Expenditures

• Explicit dollar values for consolidated capital expenditures on existing properties and specific projections for the upcoming year with a primary focus are not readily available in the provided information. The company does mention planning significant capital upgrades to modernize and reposition the Proscenium building as part of its acquisition in Midtown Atlanta.