Cousins Properties Inc. Files 2024 10-K

TL;DR

Cousins Properties filed its 2024 10-K. All systems go.

AI Summary

Cousins Properties Inc. filed its 2024 10-K on February 6, 2025, reporting on its fiscal year ending December 31, 2024. The company, a Real Estate Investment Trust based in Atlanta, GA, operates primarily in the real estate sector. The filing details its financial performance and operational status for the year.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Cousins Properties' financial health, operational performance, and strategic direction for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not contain immediate red flags or significant new risks.

Key Numbers

• 2024 — Fiscal Year (Reporting period for the 10-K)
• 1231 — Fiscal Year End (Indicates the end of the reporting period)

Key Players & Entities

• COUSINS PROPERTIES INC (company) — Filer
• 0000025232 (company) — Central Index Key
• Atlanta, GA (location) — Company Headquarters
• 2024-12-31 (date) — Fiscal Year End
• 2025-02-06 (date) — Filing Date

FAQ

Key Financial Figures

• $1 — ange on which registered Common Stock ($1 par value) CUZ New York Stock Exchange
• $521.8 million — owntown Austin, for a purchase price of $521.8 million (the "Sail Tower Acquisition"). Acquir
• $328.5 million — End Charlotte, for a purchase price of $328.5 million (the "Vantage Acquisition"). Acquired
• $16.7 million — wn Atlanta, through a joint venture for $16.7 million. Acquired two mezzanine loans, secured
• $27.2 million — loans, secured by equity interests, for $27.2 million. The weighted average spread over SOFR
• $138.0 m — t office property in Dallas, at par for $138.0 million, which was subsequently paid in f
• $500.0 million — nuary 2025. Financing Activity Issued $500.0 million aggregate principal amount of our 5.875
• $498.5 million — l bond offering, generating proceeds of $498.5 million. Issued $400.0 million aggregate princ
• $400.0 million — ing proceeds of $498.5 million. Issued $400.0 million aggregate principal amount of our 5.375
• $397.9 million — e "2032 Notes"), generating proceeds of $397.9 million. Issued 15,500,000 shares of common st
• $468.9 m — stock, generating aggregate proceeds of $468.9 million, net of underwriting discounts.
• $70.9 million — Table of Contents Repaid in full the $70.9 million remaining balance on the mortgage secur
• $200 million — xed interest rate swap on the remaining $200 million of the $400 million Term Loan maturing
• $400 million — ap on the remaining $200 million of the $400 million Term Loan maturing March 2025, fixing t
• $294.6 million — of the total expected project costs is $294.6 million. Commenced initial operations at our D

Filing Documents

• cuz-20241231.htm (10-K) — 2972KB
• cuz-exhibit194q24.htm (EX-19) — 157KB
• cuz-exhibit214q24.htm (EX-21) — 65KB
• cuz-exhibit224q24.htm (EX-22) — 2KB
• cuz-exhibit234q24.htm (EX-23) — 2KB
• cuz-exhibit3114q24.htm (EX-31.1) — 9KB
• cuz-exhibit3124q24.htm (EX-31.2) — 10KB
• cuz-exhibit3214q24.htm (EX-32.1) — 4KB
• cuz-exhibit3224q24.htm (EX-32.2) — 4KB
• cuz-20241231_g1.jpg (GRAPHIC) — 136KB
• 0000025232-25-000012.txt ( ) — 15753KB
• cuz-20241231.xsd (EX-101.SCH) — 120KB
• cuz-20241231_cal.xml (EX-101.CAL) — 131KB
• cuz-20241231_def.xml (EX-101.DEF) — 552KB
• cuz-20241231_lab.xml (EX-101.LAB) — 1088KB
• cuz-20241231_pre.xml (EX-101.PRE) — 834KB
• cuz-20241231_htm.xml (XML) — 2495KB

Risk Factors

Item 1A. Risk Factors 4

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 19

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 21

Legal Proceedings

Item 3. Legal Proceedings 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26 Item X. Executive Officers of the Registrant 27 PART II

Market for Registrant's Common Stock and Related Stockholder Matters

Item 5. Market for Registrant's Common Stock and Related Stockholder Matters 28

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosure about Market Risk

Item 7A. Quantitative and Qualitative Disclosure about Market Risk 42

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 43

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 43

Controls and Procedures

Item 9A. Controls and Procedures 43 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 45

Executive Compensation

Item 11. Executive Compensation 45

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 45

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 45

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 45 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 46

SIGNATURES

SIGNATURES 50 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain matters contained in this report are "forward-looking statements" within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized herein. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, and objectives. Examples of forward-looking statements in this Annual Report on Form 10-K include the Company's business and financial strategy; objectives of management; future debt financings; future acquisitions and dispositions of operating assets, joint venture interests, and land; future acquisitions of investments in real estate debt; future development and redevelopment opportunities; future issuances of common stock, limited partnership units, or preferred stock; future distributions; projected capital expenditures; market and industry trends; future occupancy or volume and velocity of leasing activity; entry into new markets or changes in existing market concentrations; future changes in interest rates and liquidity of capital markets; and all statements that address operating performance, events, investments, or developments that we expect or anticipate will occur in the future. Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following: the risks and uncertainties related to the impact of changes in general economic and capital market conditions (on an inter

Business

Item 1. Business Corporate Profile Cousins Properties Incorporated (the "Registrant" or "Cousins"), a Georgia corporation, is a fully integrated, self-administered, and self-managed real estate investment trust ("REIT"). Cousins conducts substantially all of its business through Cousins Properties LP ("CPLP"). Cousins owns in excess of 99% of CPLP and consolidates CPLP. CPLP wholly owns Cousins TRS Services LLC ("CTRS"), a taxable entity that owns and manages its own real estate portfolio and performs certain real estate related services. Cousins, CPLP, CTRS, and their subsidiaries develop, acquire, lease, manage, and own primarily Class A office properties and opportunistic mixed-use developments in the Sun Belt markets of the United States with a focus on Atlanta, Austin, Tampa, Charlotte, Phoenix, Dallas, and Nashville. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute at least 100% of its net taxable income to stockholders. Cousins' common stock trades on the New York Stock Exchange under the symbol "CUZ." Cousins, CPLP, their subsidiaries, and CTRS combined are hereafter referred to as "we," "us," "our," and the "Company." Our operations are conducted principally in the office real estate segment which we measure by geographical area. Company Strategy Our strategy is to create value for our stockholders through ownership of the premier office portfolio in the Sun Belt markets of the United States, with a particular focus on Atlanta, Austin, Tampa, Charlotte, Phoenix, Dallas, and Nashville. This strategy is based on a disciplined approach to capital allocation that includes opportunistic acquisitions, selective developments, and timely dispositions of non-core assets, with a goal of maintaining a portfolio of newer and more efficient properties with lower capital expenditure requirements. To implement this disciplined approach, we maintain a simple, flexible, and low-leveraged balance sheet, which allows us to pursue

Risk Factors

Item 1A. Risk Factors Set forth below are the risks we believe investors should consider carefully in evaluating an investment in the securities of Cousins Properties Incorporated. General Risks of Owning and Operating Real Estate Our ownership of commercial real estate involves a number of risks, the effects of which could adversely affect our business. General economic and market risks . In a general economic decline or recessionary climate, our commercial real estate assets may not generate sufficient cash to pay expenses, service debt, or cover operational, improvement, or maintenance costs, and, as a result, our results of operations and cash flows may be adversely affected. Factors that may adversely affect the economic performance and value of our properties inclu

View Full Filing

View this 10-K filing on SEC EDGAR