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Corporate Profile Cousins Properties Incorporated (the Registrant or Cousins ), a Georgia corporation, is a fully integrated, self-administered, and self-managed real estate investment trust ( REIT ). Cousins conducts substantially all of its business through Cousins Properties LP ("CPLP").
67.75% operating margin is above average. ROIC at 6.62%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 16.0%, still solid.
Net debt of $3.39B represents 25.1x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.01B
▲ +16.0% YoY
Net Income (TTM)
-$5M
▼ -11.9% YoY
Op. Margin
68.36%
▲ +1.2pp YoY
ROIC
6.63%
▲ +0.6pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$135M
▼ -8.4% YoY
Op. Cash Flow (TTM)
$398M
▲ +0.5% YoY
Net Debt
$3.82B
Cash & Equiv.
$6M
5Y CAGR: +6.1%
3Y CAGR: +80.6%
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