Q1 2026 Cousins Properties Inc Earnings Call Transcript
Key Points
- Cousins Properties Inc (CUZ) reported $0.73 per share in FFO for the quarter, exceeding consensus by $0.02.
- The company increased its full-year FFO guidance midpoint to $2.94 per share, representing a 3.5% growth over 2025.
- Leasing activity was robust, with 932,000 square feet of leases completed, marking one of the highest quarterly volumes in company history.
- Cousins Properties Inc (CUZ) achieved a 15.2% cash rent roll-up on second-generation leasing, marking 48 consecutive quarters of positive rent roll-ups.
- The company increased occupancy to 88.9% across its portfolio, driven by strong leasing activity and strategic acquisitions.
- Despite strong leasing activity, the company faces ongoing macroeconomic concerns and public market volatility.
- The office market is experiencing a shortage of premier lifestyle office space, which could limit future growth opportunities.
- Cousins Properties Inc (CUZ) has modest lease expirations this year, which may impact short-term occupancy growth.
- The company's leverage is slightly elevated at 5.66 times net debt to EBITDA, although this is expected to normalize after asset sales.
- There is uncertainty regarding the impact of artificial intelligence on long-term demand for office space, despite current positive trends.
Good morning, ladies and gentlemen, and welcome to the Cousins Properties' first-quarter conference call.
(Operator Instructions)
This call is being recorded on Thursday, April 30, 2026. I would now like to turn the conference over to Pamela Roper, General Counsel. Please go ahead.
Thank you. Good morning, and welcome to Cousins Properties 1st quarter earnings conference call. With me today are Colin Connolly, our President and Chief Executive Officer, Richard Hickson, our Executive Vice President of Operations, Kennedy Hicks, our Executive Vice President and Chief Investment Officer, and Gregg Adzema, our Executive Vice President and Chief Financial Officer. The press release and supplemental package were distributed yesterday afternoon as well as furnished on Form 8-K.
In the supplemental package, the company has reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Regulation
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