The underlying operational improvement (NOI growth, strong leasing) and FFO beat support the stock, but the impairment and GAAP net loss add overhang. Watch for execution on asset sales (One Eleven Congress) and continued leasing momentum to confirm the recovery trajectory.
Price Chart
Executive Summary
Cousins Properties reported Q1 2026 GAAP net loss of $0.15/share due to a $36.6M impairment, but core FFO per share of $0.73 beat consensus of $0.71. Same-property cash-basis NOI grew 5.5% YoY and leasing activity was strong. Full-year 2026 FFO guidance was raised to $2.90-$2.98 from $2.87-$2.97, though GAAP EPS guidance was lowered on the impairment charge.
Key Financial Metrics
Key Facts
- Q1 2026 FFO per share $0.73 vs consensus $0.71 (beat 2.8%)
- Same-property cash-basis NOI increased 5.5% YoY
- Executed 932,000 square feet of office leases, 52% new/expansion
- Full-year 2026 FFO guidance raised to $2.90-$2.98 (from $2.87-$2.97)
- GAAP net loss of $24.9M due to $36.6M impairment on One Eleven Congress
- Repurchased 3.9M shares at $23.36/share; buyback authorization increased to $500M
- Issued $500M of 4.875% senior notes due 2033
Financial Impact
Q1 FFO beat by $0.02/share; full-year FFO guidance raised by $0.01-$0.03/share
Risk Factors
- Further impairment charges on properties held for sale
- Rising interest rates pressure refinancing costs and cap rates
- Office occupancy and leasing demand may slow if economic conditions weaken
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000025232-26-000043 |
| Document: cuz-20260429.htm | 0000025232-26-000043 |
| Document: 0000025232-26-000043-index-headers.html | 0000025232-26-000043 |
| Document: 0000025232-26-000043-index.html | 0000025232-26-000043 |
| Document: 0000025232-26-000043.txt | 0000025232-26-000043 |
| 8-K Data (Synthetic) | 0000025232-26-000043 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 16d ago | 8-K | $28.27 $28.25 | ▼ −0.07% | ▼ −2.63% | $28.01 (−0.92%) |
May 4, 2026 21w ago | 8-K | $26.05 $26.43 | ▲ +1.46% | ▼ −0.53% | $28.01 (+7.52%) |
Apr 29, 2026 22w ago | 8-K | $25.61 $26.25 | ▲ +2.50% | ▲ +0.77% | $28.01 (+9.37%) |
Mar 18, 2026 28w ago | DEFA14A | $22.72 $21.47 | ▼ −5.51% | ▼ −3.30% | $28.01 (+23.27%) |
US Market Status
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