Cousins Properties Incorporated reported a significant increase in financial performance for the second quarter of 2025, with net income available to common stockholders reaching $14.5 million, compared to $7.8 million in the same period last year. For the first half of 2025, net income totaled $35.4 million, up from $21.1 million in the prior year. Rental property revenues also saw a notable rise, increasing by 12.4% to $237.7 million for the three months ended June 30, 2025, and by 14.1% to $480.7 million for the six-month period. This growth was attributed to a combination of increased leasing activity and higher rental rates, with straight-line net rent per square foot rising by 27.2% for new and expansion leases.
The company experienced a 3.2% increase in same property net operating income (NOI) for the second quarter, reflecting the performance of properties that were stabilized and owned throughout the comparable periods. The total NOI for the second quarter was $163.5 million, a 17.0% increase from the previous year. The increase in NOI was driven by strong leasing activity, with 334,000 square feet of office space leased during the quarter, including 268,000 square feet of new and expansion leases. The company also reported a significant increase in non-same property revenues due to the acquisition of new office properties.
Cousins Properties has been actively expanding its portfolio, acquiring the Vantage South End and Sail Tower office properties in December 2024, which contributed to the increase in rental revenues and NOI. Additionally, the company announced the acquisition of The Link, a 292,000 square foot office building in Dallas, for $218 million, further enhancing its presence in key markets. The company’s strategic focus remains on lifestyle office properties in the Sun Belt markets, which are expected to outperform the broader office sector due to ongoing migration trends and a flight to quality among office users.
Operationally, Cousins Properties reported a total of 873,000 square feet of office space leased or renewed in the first half of 2025, with a 20.8% increase in straight-line net rent per square foot for properties under lease within the past year. The company’s cash and cash equivalents increased significantly to $416.8 million as of June 30, 2025, compared to just $7.3 million at the end of the previous year. This liquidity positions the company well to meet its future capital requirements, including $109.5 million in unfunded tenant improvements and construction costs.
Looking ahead, Cousins Properties remains optimistic about its growth trajectory, supported by a strong balance sheet and a disciplined approach to capital allocation. The company plans to continue pursuing strategic acquisitions and developments while maintaining a focus on enhancing its lifestyle office portfolio. Management anticipates that the favorable market conditions in the Sun Belt region will continue to drive demand for its properties, positioning the company for sustained growth in the coming quarters.
About COUSINS PROPERTIES INC
Cousins Properties Inc. is a fully integrated REIT specializing in the development, ownership, and management of Class A office properties and mixed-use projects primarily in Sun Belt markets like Atlanta, Austin, and Dallas. It focuses on creating value through strategic acquisitions, developments, and dispositions, emphasizing sustainability, operational efficiency, and tenant experience to attract corporate tenants and investors.
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