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What factors drove the changes in Cousins Properties's revenue and profit?

- **Record Q3 Leasing**: 551K sq. ft. leased at 9.4-year terms, 4.2% cash rent roll-up, and 90%+ occupancy in key Sunbelt markets.
- **Guidance Raised**: 2025 FFO midpoint increased to $2.84 (56% growth), driven by $218M Link acquisition and 715K sq. ft. pipeline.
- **Balance Sheet Strength**: 5.38x leverage ratio, $500M bond issuance, and ATM program flexibility for accretive investments.
- **Sunbelt Growth**: Dallas, Atlanta, Austin, and Nashville markets showing 16%-20% QoQ leasing growth, outpacing gateway cities.
- **AI Resilience**: 75% of tenants are front-office roles, with Amazon, Oracle, and Goldman Sachs expanding in Sunbelt hubs.

**【CEO Summary Section】**
- Delivered $0.69 FFO per share, raising the midpoint of 2025 guidance to $2.84, representing 56% growth over 2024.
- Completed 551,000 sq. ft. of leases, achieving a 4.2% cash rent roll-up and 90%+ occupancy in key markets.
- Acquired the Link in Dallas for $218M, expanding presence in a fast-growing Sunbelt market.
- Highlighted accelerating office demand driven by corporate relocations and return-to-office trends, countering AI and layoff concerns.

**【CFO Financial Commentary】**
- Third-quarter GAAP NOI grew 0.3% YoY, with cash NOI up 9.0%, despite Bank of America lease expiration.
- Raised 2025 FFO guidance to $2.82-$2.86, driven by higher parking income, termination fees, and lower SOFR rates.
- Maintained industry-leading balance sheet with 5.38x net debt/EBITDA, allowing flexibility for accretive investments.

**【Q&A Highlights】**
- **Leverage Strategy**: CFO Gregg Adzema noted willingness to increase leverage to 6x, up from current 5.38x, for strategic acquisitions.
- **Parking Income Growth**: 75% of parking revenue is contractual, with utilization rates near 75%, supporting 8%+ of total revenue.
- **Occupancy Outlook**: Target 90%+ occupancy by end-2026, driven by 715,000 sq. ft. late-stage pipeline (77% new leases).
- **Market Resilience**: CEO Colin Connolly emphasized Sunbelt's appeal for front-office roles, countering AI displacement fears.
- **Dallas Expansion**: Acquired the Link for $218M, with plans to multi-tenant the 319K sq. ft. Ovintiv building post-2026 expiration.


Cousins Properties Incorporated (CUZ) Q3 2025 Earnings Call Transcript

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