Cousins Properties (CUZ) Financials

Financial Overview of Cousins Properties (CUZ) - Last Four Years

Cousins Properties has displayed a mixture of financial performance trends over the past several years, with notable fluctuations in net income and cash flows reflecting its real estate investment activities. Below are the key highlights from its quarterly financial statements.

• Consistent Positive Net Income to Common Shareholders: CUZ has maintained positive net income attributable to common shareholders each quarter, e.g., $20.9M in Q1 2025, improving from $13.7M in Q4 2024 and $11.2M in Q3 2024, suggesting some growth in profitability.
• Stable Dividend Payments: The company consistently paid $0.32 per share dividend each quarter across multiple years, indicating a commitment to returning value to shareholders.
• Strong Depreciation and Amortization Expense Reflects Growth in Asset Base: Depreciation expenses have increased over time (e.g., from $75.8M in Q1 2023 to $102.1M in Q1 2025), which suggests ongoing investments in property and equipment.
• Increase in Trading Account Securities: The asset base includes a growing position in trading account securities, rising from approximately $136.7M in Q1 2023 to $191.5M in Q1 2025, indicating a strategy to bolster liquidity or income from securities.
• Significant Increase in Premises and Equipment, Net: Assets in property and equipment have increased substantially from ~$7.0B in Q3 2022 to about $7.9B in Q1 2025, supporting expansion or improvements in real estate holdings.
• Fluctuation in Total Revenue and Non-Interest Income: Total revenue and non-interest income varied significantly, with very low or zero reported revenue in many quarters, possibly reflecting an accounting classification or business model focused on investment property income rather than traditional operating revenue.
• Variable Cash Flows From Operating Activities: Net cash provided by operating activities varies quarter to quarter, ranging from roughly $28M to over $134M, reflecting timing in collections and payments tied to real estate operations and investments.
• Debt Levels Fluctuate with Issuance and Repayment: Long-term debt has ranged from ~$2.3B in mid-2022 to over $3B in early 2025, with frequent issuances and repayments indicating active capital management to fund property acquisitions or refinance.
• Q1 2025 Loss in Pre-Tax Income but Positive Net Income Due to Adjustments: Despite a significant pre-tax loss of $227M in Q1 2025, other adjustments resulted in a positive consolidated net income of $21M, indicating reliance on non-operational gains/losses which may not be sustainable.
• Large Operating Expenses Growth: Net occupancy and equipment expense increased from about $64M in Q4 2022 to $77M in Q1 2025, which may pressure margins if not matched by corresponding revenue growth.

Overall, Cousins Properties demonstrates a solid asset growth trajectory with active balance sheet management but faces challenges in translating its asset base into consistent operational profitability. The stable dividends and increasing asset base are positives for investors, yet attention should be paid to the variability in operating income and reliance on non-operational adjustments to achieve net profitability.