Company profile

Ticker
CUZ
Exchange
CEO
M. Colin Connolly
Employees
Incorporated in
Location
Fiscal year end
SEC CIK
IRS number
580869052

CUZ stock data

(
)

Calendar

30 Apr 20
8 Jul 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 193.9M 194.44M 188.32M 142.02M
Net income 175.31M 118.57M 20.69M -22.58M
Diluted EPS 1.18 0.9 0.14 -0.2
Net profit margin 90.41% 60.98% 10.99% -15.90%
Operating income 127.78M 126M 120.64M 97.42M
Net change in cash 109.03M 3.21M 511K 8.43M
Cash on hand 124.63M 15.6M 12.4M 11.89M
Cost of revenue 64.54M 66.31M 65.65M 46.71M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 657.52M 475.21M 466.19M 259.21M
Net income 152.68M 80.77M 219.96M 80.1M
Diluted EPS 1.17 0.75 2.08 0.31
Net profit margin 23.22% 17.00% 47.18% 30.90%
Operating income 431.79M 326.06M 313.21M 260.28M
Net change in cash 13.06M -146.38M 113.24M 33.68M
Cash on hand 15.6M 2.55M 148.93M 35.69M
Cost of revenue 222.15M 164.68M 163.88M 96.91M

Financial data from company earnings reports

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
1 Jun 20 Cannada Charles T Common Stock Grant Aquire A No 29.59 2,027 59.98K 35,690
1 Jun 20 Cannada Charles T Common Stock Grant Aquire A No 31.15 2,889 89.99K 33,663
1 Jun 20 Griffin R Kent Jr Common Stock Grant Aquire A No 29.59 2,027 59.98K 36,515
1 Jun 20 Griffin R Kent Jr Common Stock Grant Aquire A No 31.15 2,889 89.99K 34,488
1 Jun 20 Stone R Dary Common Stock Grant Aquire A No 29.59 2,027 59.98K 48,222
1 Jun 20 Stone R Dary Common Stock Grant Aquire A No 31.15 2,889 89.99K 46,195
1 Jun 20 Giornelli Lillian C Common Stock Grant Aquire A No 29.59 1,013 29.97K 40,817
1 Jun 20 Giornelli Lillian C Common Stock Grant Aquire A No 31.15 2,889 89.99K 39,804
1 Jun 20 Fordham Scott W Common Stock Grant Aquire A No 31.15 2,889 89.99K 237,929
97.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 307 311 -1.3%
Opened positions 51 47 +8.5%
Closed positions 55 42 +31.0%
Increased positions 97 106 -8.5%
Reduced positions 102 100 +2.0%
13F shares
Current Prev Q Change
Total value 43.07B 77.3B -44.3%
Total shares 142.57M 146.99M -3.0%
Total puts 99.5K 51.1K +94.7%
Total calls 10.9K 9.1K +19.8%
Total put/call ratio 9.1 5.6 +62.6%
Largest owners
Shares Value Change
Vanguard 21.76M $636.94M +1.1%
BLK BlackRock 19.58M $573.15M +1.3%
PFG Principal Financial 8.33M $243.77M -4.9%
STT State Street 7.13M $208.62M +1.7%
Alliancebernstein 3.95M $115.6M -5.5%
DSECF Daiwa Securities 3.68M $107.76M -7.9%
CNS Cohen & Steers 3.66M $107.2M -7.7%
NTRS Northern Trust 3.24M $94.96M +7.4%
DB Deutsche Bank 3.16M $92.4M +25.7%
APG Asset Management US 3.1M $90.8M 0.0%
Largest transactions
Shares Bought/sold Change
Ceredex Value Advisors 0 -2.72M EXIT
Zimmer Partners 0 -1.83M EXIT
Norges Bank 0 -1.69M EXIT
Centersquare Investment Management 2.22M +1.03M +87.1%
Westfield Capital Management 728.55K +728.55K NEW
DB Deutsche Bank 3.16M +645.9K +25.7%
Scout Investments 411.84K -617.8K -60.0%
Long Pond Capital 609.05K +609.05K NEW
Millennium Management 705.77K -579.69K -45.1%
Cbre Clarion Securities 1.94M -508.18K -20.7%

Financial report summary

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Risks
  • Our ownership of commercial real estate involves a number of risks, the effects of which could adversely affect our business.
  • At certain times, interest rates and other market conditions for obtaining capital are unfavorable, and, as a result, we may be unable to raise the capital needed to invest in acquisition or development opportunities, maintain our properties, or otherwise satisfy our commitments on a timely basis, or we may be forced to raise capital at a higher cost or under restrictive terms, which could adversely affect returns on our investments, our cash flows, and results of operations.
  • Any additional indebtedness incurred may have a material adverse effect on our financial condition and results of operations.
  • Covenants contained in our Credit Facility, senior unsecured notes, term loans, and mortgages could restrict our operational flexibility, which could adversely affect our results of operations.
  • Our degree of leverage could limit our ability to obtain additional financing or affect the market price of our securities.
  • Changes in, or a discontinuation of, LIBOR could have an adverse impact on operations.
  • We face risks associated with operating property acquisitions.
  • We face risks associated with the development of real estate.
  • We may be unable to integrate the business of TIER successfully and realize the related benefits, or do so within the anticipated time frame.
  • As a result of the Merger, the composition of our Board of Directors has changed.
  • Our future results will suffer if we do not effectively manage our operations following the Merger.
  • We are dependent upon the services of certain key personnel, including members of the Board of Directors, the loss of any of whom could adversely impact our ability to execute our business.
  • Employee misconduct or misconduct by members of the Board of Directors could adversely impact our ability to execute our business.
  • Our restated and amended articles of incorporation contain limitations on ownership of our stock, which may prevent a change in control that might otherwise be in the best interest of our stockholders.
  • The market price of our common stock may fluctuate.
  • If our future operating performance does not meet the projections of our analysts or investors, our stock price could decline.
  • We face risks associated with security breaches through cyber attacks, cyber intrusions, or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems.
  • Any failure to continue to qualify as a REIT for federal income tax purposes could have a material adverse impact on us and our stockholders.
  • Certain property transfers may be characterized as prohibited transactions.
  • We may face risks in connection with Section 1031 Exchanges.
  • Recent changes to the U.S. tax laws could have an adverse impact on our business operations, financial condition, and earnings.
  • Our business could be adversely impacted if we have deficiencies in our disclosure controls and procedures or internal control over financial reporting.
Management Discussion
  • Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations
  • Cousins Properties Incorporated ("Cousins") (and collectively, with its subsidiaries, the "Company," "we," "our," or "us") is a publicly traded (NYSE: CUZ), self-administered, and self-managed real estate investment trust, or REIT. Cousins conducts substantially all of its business through Cousins Properties, LP ("CPLP"). Cousins owns over 99% of CPLP and consolidates CPLP. CPLP owns Cousins TSR Services LLC, a taxable entity which owns and manages its own real estate portfolio and performs certain real estate related services for other parties. Our strategy is to create value for our stockholders through ownership of the premier urban office portfolio in the Sun Belt markets, with a particular focus on Georgia, Texas, North Carolina, Arizona, and Florida. This strategy is based on a disciplined approach to capital allocation that includes strategic acquisitions, selective development projects, and timely dispositions of non-core assets. This strategy is also based on a simple, flexible, and low-leveraged balance sheet that allows us to pursue investment opportunities at the most advantageous points in the cycle. To implement this strategy, we leverage our strong local operating platforms within each of our major markets.
  • Consistent with this strategy, on June 14, 2019, we merged with TIER REIT, Inc. ("TIER") in a stock-for-stock transaction (the "Merger"). As a result, we acquired interests in nine operating properties containing 5.8 million square feet of space, two office properties under development that are expected to add 620,000 square feet of space upon completion, and seven strategically located land parcels on which up to 2 million square feet of additional space may be developed. As a part of this transaction, we issued $650 million in senior unsecured debt at a weighted average interest rate of 3.88%, which effectively replaced the majority of the TIER debt assumed in the Merger. We believe that this merger creates a company with an attractive portfolio of trophy office assets balanced across the premier Sun Belt markets. We believe that the Merger will enhance our position in our existing markets of Austin and Charlotte, provide a strategic entry into Dallas, and balance our exposure in Atlanta. The Merger is also expected to enhance growth and to provide value-add opportunities as a result of TIER's active and attractive development portfolio and land bank. As of March 31, 2020, our portfolio of real estate assets consisted of interests in 35 operating properties (34 office and one mixed-use), containing 19.4 million square feet of space, and six projects (five office and one mixed-use) under active development.
Content analysis ?
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