| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 33 | 704.7x | 17.8x | Bottom tier | |
Growth | 41 | 11.9% | 7.1% | Around median | |
Quality | 43 | 8.5% | 4.5% | Around median | |
Safety | 48 | 3.3x | 2.6x | Around median | |
Capital Return | 42 | 4.61% | 2.12% | Around median | |
Momentum | 70 | 2.2% | 2.9% | Top tier | |
Sentiment | 38 | 3 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Cousins Properties Incorporated is a listed real estate investment trust focused on high-quality office buildings in Sun Belt markets, including Atlanta, Charlotte, Austin, Tampa, Phoenix, Dallas, and Nashville. Its business primarily relies on leasing office space, renewing leases, and raising rents, alongside asset development and redevelopment, property acquisitions, and the sale of non-core assets; the 5th & Walsh investment also added a future interest-income stream with a 10% preferred return. In Q2 of fiscal 2026, the company signed leases covering 924 thousand square feet, with renewals accounting for about 55%, while new leases and expansions represented 395 thousand square feet, or 43% of signed space.
According to EDGAR data, revenue in Q2 of fiscal 2026 was approximately $268.5 million, and gross profit was $183.9 million, equivalent to a calculated gross margin of about 68.5%. Net income was $26.2 million, or approximately 9.8% of revenue, compared with a net loss of $24.9 million in Q1 of fiscal 2026, and earnings per share were $0.16. On the real estate investment trust metric, the company generated funds from operations FFO of $0.75 per share, and same-property cash net operating income increased 5.9% year over year.
The leasing activity mix in Q2 of fiscal 2026 was driven by the technology and legal services sectors, each of which represented about 30% of signed space; these percentages relate to leasing activity and are not a revenue distribution. The office portfolio's leased rate reached 92.8%, while weighted average occupancy was 89.4% after improving by 50 basis points. Cash rents on second-generation leases also increased 9.2%, marking the forty-ninth consecutive quarter of positive rent increases.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is Buy, with an average price target of $32.25, within a relatively wide range of $27 to $35; the average is only about 2.1% below the 52-week range high of $32.95, while the highest target exceeds that high. This valuation reflects expectations of continued FFO growth and improving occupancy, but it also requires balancing net income volatility, potential occupancy gaps in Dallas and Charlotte, and the settlement of 2.9 million forward shares during fiscal 2026.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Revenue was $268.5 million, gross profit was $183.9 million, and net income was $26.2 million in Q2 of fiscal 2026. This equates to a calculated gross margin of about 68.5% and a net income margin of approximately 9.8%, with earnings per share of $0.16. On the FFO metric, Cousins Properties generated approximately $0.75 per share, and same-property cash net operating income increased 5.9% year over year.
The company raised the midpoint of its FFO guidance by $0.01 to $2.95 per share, within a range of $2.92 to $2.98. Management said the increase was primarily driven by leasing activity that exceeded its expectations and the impact of completed asset transactions. The guidance midpoint represents growth of 3.9% over fiscal 2025, with the company targeting a third consecutive year of FFO growth.
The company signed leases covering 924 thousand square feet in Q2 of fiscal 2026, bringing the first-half total to 1.9 million square feet. New leases and expansions accounted for 395 thousand square feet, or 43% of quarterly activity, while renewals represented about 55%. One month into Q3 of fiscal 2026, signed leases or leases under negotiation totaled approximately 820 thousand square feet.
The technology sector represented about 30% of leased space in Q2 of fiscal 2026, and management reported artificial intelligence-related office demand in several markets, with the greatest concentration in Austin. According to data presented by management, artificial intelligence companies' demand for office space in Austin was approximately 1.2 million square feet. The company's leases included space for technology companies in Atlanta, Austin, Nashville, and Phoenix, while Oracle also expanded at Neuhoff, increasing its space to 161 thousand square feet.
The company sold Research Park Plaza 5 in Austin for $42 million, then closed the sale of the 519 thousand-square-foot One Eleven Congress for $208 million. It acquired its partner's 10% interest in 100 Mill for $18.5 million, becoming the sole owner of the asset, which is more than 98% leased. It also entered into a preferred investment of up to $31.5 million in 5th & Walsh with a 10% preferred return, and the project is 58% pre-leased.
At Legacy Union One, leases representing about 80% of the 282 thousand-square-foot space expire in May 2027, and the company may face a revenue interruption from some spaces beginning in June 2027 until new leases commence. In Charlotte, major lease expirations could lead to a modest decline in occupancy in Q3 of fiscal 2026, while occupancy under traditional leases at 201 North Tryon may not begin before late 2027 or 2028. Added to this is net income volatility from a loss of $24.9 million in Q1 of fiscal 2026 to a profit of $26.2 million in Q2, along with potential dilution from the settlement of 2.9 million forward shares.
