Cousins Properties Inc. Files Q3 2024 10-Q

TL;DR

Cousins Properties filed its Q3 10-Q. Financials are in.

AI Summary

Cousins Properties Inc. filed its 10-Q for the period ending September 30, 2024. The company, a real estate investment trust, reported financial results for the third quarter and the first nine months of the year. Specific financial figures and operational details are contained within the filing.

Why It Matters

This filing provides investors with an update on Cousins Properties' financial performance and operational status, crucial for understanding the company's current health and future prospects in the real estate market.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Cousins Properties is subject to market fluctuations, interest rate changes, and economic conditions that can impact its portfolio and profitability.

Key Numbers

• 2024 Q3 — Reporting Period (The filing covers the third quarter of 2024.)
• 2024-09-30 — Period End Date (The financial data reported is as of this date.)
• 2024-10-24 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• COUSINS PROPERTIES INC (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241024 (date) — Filing date
• 30326 (dollar_amount) — ZIP code for business and mailing address
• GA (company) — State of incorporation and business location

FAQ

Key Financial Figures

• $1 — ange on which registered Common Stock, $1 par value per share CUZ New York Stock

Filing Documents

• cuz-20240930.htm (10-Q) — 1708KB
• cuz-exhibit2213q24.htm (EX-22.1) — 1KB
• cuz-exhibit3113q24.htm (EX-31.1) — 10KB
• cuz-exhibit3123q24.htm (EX-31.2) — 10KB
• cuz-exhibit3213q24.htm (EX-32.1) — 4KB
• cuz-exhibit3223q24.htm (EX-32.2) — 4KB
• 0000025232-24-000057.txt ( ) — 8779KB
• cuz-20240930.xsd (EX-101.SCH) — 65KB
• cuz-20240930_cal.xml (EX-101.CAL) — 68KB
• cuz-20240930_def.xml (EX-101.DEF) — 300KB
• cuz-20240930_lab.xml (EX-101.LAB) — 568KB
• cuz-20240930_pre.xml (EX-101.PRE) — 446KB
• cuz-20240930_htm.xml (XML) — 1587KB

-FINANCIAL INFORMATION

PART I-FINANCIAL INFORMATION 3

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 CONSOLIDATED BALANCE SHEETS 3 CONSOLIDATED STATEMENTS OF OPERATIONS 4 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 5 CONSOLIDATED STATEMENTS OF EQUITY 6 CONSOLIDATED STATEMENTS OF CASH FLOWS 8 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 32

OTHER INFORMATION

PART II. OTHER INFORMATION 32

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Exhibits

Item 6. Exhibits 34

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 in Item 1A included in the Annual Report on Form 10-K for the year ended December 31, 2023, the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and as itemized herein. These forward-looking statements include information about the Company's possible or assumed future results of the business and the Company's financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as: guidance and underlying assumptions; business and financial strategy; future debt financings; future acquisitions and dispositions of operating assets or joint venture interests; future acquisitions and dispositions of land, including ground leases; future acquisitions of investments in real estate debt; future development and redevelopment opportunities; future issuances and repurchases 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, changes in existing market concentrations, or exits from existing markets; 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 — including statements relating to creating value for stockholders. 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 even

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements. COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) September 30, 2024 December 31, 2023 (unaudited) Assets: Real estate assets: Operating properties, net of accumulated depreciation of $ 1,551,232 a nd $ 1,329,406 in 2024 and 2023, respectively $ 6,905,956 $ 6,775,093 Projects under development — 132,884 Land 154,727 154,728 7,060,683 7,062,705 Cash and cash equivalents 76,143 6,047 Investments in real estate debt, at fair value 28,636 — Accounts receivable 11,788 11,109 Deferred rents receivable 226,299 209,370 Investment in unconsolidated joint ventures 182,130 143,831 Intangible assets, net 93,712 110,667 Other assets, net 91,140 90,745 Total assets $ 7,770,531 $ 7,634,474 Liabilities: Notes payable $ 2,661,292 $ 2,457,627 Accounts payable and accrued expenses 269,661 299,767 Deferred income 263,192 181,744 Intangible liabilities, net 35,984 42,193 Other liabilities 100,804 104,830 Total liabilities 3,330,933 3,086,161 Commitments and contingencies Equity: Stockholders' investment: Common stock, $ 1 par value per share, 300,000,000 shares authorized, 152,140,188 a nd 154,335,798 issued, and 152,140,188 and 151,799,215 outstanding in 2024 and 2023, respectively 152,140 154,336 Additional paid-in capital 5,504,035 5,638,709 Treasury stock at cost, 2,536,583 shares in 2023 — ( 145,696 ) Distributions in excess of cumulative net income ( 1,240,104 ) ( 1,125,390 ) Accumulated other comprehensive income (loss) ( 102 ) 2,192 Total stockholders' investment 4,415,969 4,524,151 Nonredeemable noncontrolling interests 23,629 24,162 Total equity 4,439,598 4,548,313 Total liabilities and equity $ 7,770,531 $ 7,634,474 See accompanying notes. 3 COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited; in thousands, except per share amounts) Three Months

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View this 10-Q filing on SEC EDGAR