Company Quick10K Filing
Cousins Properties
Price37.53 EPS0
Shares149 P/E163
MCap5,574 P/FCF28
Net Debt1,840 EBIT72
TEV7,415 TEV/EBIT103
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-05
10-Q 2019-09-30 Filed 2019-10-23
10-Q 2019-06-30 Filed 2019-07-24
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-06
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-07
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-21
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-10
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-28
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-12
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-13
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-29
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-13
10-Q 2012-09-30 Filed 2012-10-30
10-Q 2012-06-30 Filed 2012-07-31
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-21
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-06-01
8-K 2020-04-30
8-K 2020-04-21
8-K 2020-03-31
8-K 2020-02-26
8-K 2020-02-25
8-K 2020-02-05
8-K 2019-12-12
8-K 2019-12-11
8-K 2019-12-09
8-K 2019-11-15
8-K 2019-11-12
8-K 2019-10-23
8-K 2019-09-23
8-K 2019-09-09
8-K 2019-07-25
8-K 2019-07-24
8-K 2019-06-14
8-K 2019-06-14
8-K 2019-06-12
8-K 2019-04-24
8-K 2019-03-25
8-K 2019-03-25
8-K 2019-03-04
8-K 2019-02-06
8-K 2018-11-05
8-K 2018-10-24
8-K 2018-09-18
8-K 2018-07-25
8-K 2018-04-25
8-K 2018-02-07
8-K 2018-01-04

CUZ 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 cuz-exhibit3112q20.htm
EX-31.2 cuz-exhibit3122q20.htm
EX-32.1 cuz-exhibit3212q20.htm
EX-32.2 cuz-exhibit3222q20.htm

Cousins Properties Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.20.10.10.0-0.0-0.12012201420172020
Rev, G Profit, Net Income
1.00.60.2-0.3-0.7-1.12012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-11312
COUSINS PROPERTIES INCORPORATED
(Exact name of registrant as specified in its charter)
Georgia58-0869052
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3344 Peachtree Road NESuite 1800AtlantaGeorgia30326-4802
(Address of principal executive offices)(Zip Code)
(404407-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1 par value per shareCUZNew York Stock Exchange ("NYSE")
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at July 24, 2020
Common Stock, $1 par value per share 148,568,109 shares


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FORWARD-LOOKING STATEMENTS

Certain matters contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized in Item 1A included in the Annual Report on Form 10-K for the year ended December 31, 2019, and as itemized herein. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as:
guidance and underlying assumptions;
business and financial strategy;
future debt financings;
future acquisitions and dispositions of operating assets or joint venture interests;
future acquisitions and dispositions of land, including ground leases;
future development and redevelopment opportunities, including fee development opportunities;
future issuances and repurchases of common stock;
future distributions;
projected capital expenditures;
market and industry trends;
entry into new markets;
future changes in interest rates; and
all statements that address operating performance, events, or developments that we expect or anticipate will occur in the future — including statements relating to creating value for stockholders.
Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following:
the availability and terms of capital;
the ability to refinance or repay indebtedness as it matures;
the failure of purchase, sale, or other contracts to ultimately close;
the failure to achieve anticipated benefits from acquisitions, investments, or dispositions;
the potential dilutive effect of common stock or operating partnership unit issuances;
the availability of buyers and pricing with respect to the disposition of assets;
changes in national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate, particularly in Atlanta, Austin, Charlotte, Phoenix, Tampa, and Dallas where we have high concentrations of our lease revenues, including the impact of high unemployment, volatility in the public equity and debt markets, and international economic and other conditions;
the impact of a public health crisis, including the COVID-19 pandemic, and the governmental and third party response to such a crisis, which may affect our key personnel, our tenants, and the costs of operating our assets;
the impact of social distancing, shelter-in-place, border closings, travel restrictions, remote work requirements, and similar governmental and private measures taken to combat the spread of the COVID-19 pandemic on our operations and our tenants;
changes to our strategy with regard to land and other non-core holdings that may require impairment losses to be recognized;
leasing risks, including the ability to obtain new tenants or renew expiring tenants, the ability to lease newly developed and/or recently acquired space, the failure of a tenant to commence or complete tenant improvements on schedule or to occupy leased space, and the risk of declining leasing rates;
changes in the needs of our tenants brought about by the desire for co-working arrangements, trends toward utilizing less office space per employee, and the effect of telecommuting;
any adverse change in the financial condition of one or more of our tenants;
volatility in interest rates and insurance rates;
competition from other developers or investors;
the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk);
cyber security breaches;
changes in senior management, changes in the Board of Directors, and the loss of key personnel;
the potential liability for uninsured losses, condemnation, or environmental issues;
the potential liability for a failure to meet regulatory requirements;
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the financial condition and liquidity of, or disputes with, joint venture partners;
any failure to comply with debt covenants under credit agreements;
any failure to continue to qualify for taxation as a real estate investment trust and meet regulatory requirements;
potential changes to state, local, or federal regulations applicable to our business;
material changes in the rates, or the ability to pay, dividends on common shares or other securities;
potential changes to the tax laws impacting REITs and real estate in general; and
those additional risks and factors discussed in reports filed with the Securities and Exchange Commission (“SEC”) by the Company.

The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will,” or similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in any forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise, except as required under U.S. federal securities laws.
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PART I — FINANCIAL INFORMATION
Item 1. Financial Statements.

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
June 30, 2020December 31, 2019
 (unaudited) 
Assets:  
Real estate assets: 
Operating properties, net of accumulated depreciation of $692,126 and $577,139 in 2020 and 2019, respectively
$6,011,375  $5,669,324  
Projects under development205,376  410,097  
Land97,196  116,860  
6,313,947  6,196,281  
Real estate assets and other assets held for sale, net of accumulated depreciation and amortization of $61,093 in 2019
  360,582  
Cash and cash equivalents28,255  15,603  
Restricted cash1,947  2,005  
Notes and accounts receivable35,078  23,680  
Deferred rents receivable119,982  102,314  
Investment in unconsolidated joint ventures129,857  133,884  
Intangible assets, net224,066  257,649  
Other assets55,316  59,449  
Total assets$6,908,448  $7,151,447  
Liabilities:
Notes payable$1,939,517  $2,222,975  
Accounts payable and accrued expenses183,350  209,904  
Deferred income57,199  52,269  
Intangible liabilities, net of accumulated amortization of $66,343 and $55,798 in 2020 and 2019, respectively
72,560  83,105  
Other liabilities115,493  134,128  
Liabilities of real estate assets held for sale, net of accumulated amortization of $7,771 in 2019
  21,231  
Total liabilities2,368,119  2,723,612  
Commitments and contingencies
Equity:
  Stockholders' investment:  
Preferred stock, $1 par value, 20,000,000 shares authorized, 1,716,837 shares issued and outstanding in 2019
  1,717  
Common stock, $1 par value, 300,000,000 shares authorized, 151,153,042 and 149,347,382 shares issued, and 148,568,109 and 146,762,449 shares outstanding in 2020 and 2019, respectively
151,153  149,347  
Additional paid-in capital5,540,945  5,493,883  
Treasury stock at cost, 2,584,933 shares in 2020 and 2019
(148,473) (148,473) 
Distributions in excess of cumulative net income(1,028,289) (1,137,200) 
Total stockholders' investment4,515,336  4,359,274  
Nonredeemable noncontrolling interests24,993  68,561  
Total equity4,540,329  4,427,835  
Total liabilities and equity$6,908,448  $7,151,447  
See accompanying notes.
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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except per share amounts)

Three Months EndedSix Months Ended
June 30,June 30,
 2020201920202019
Revenues:  
Rental property revenues$175,099  $134,933  $364,228  $258,798  
Fee income4,690  7,076  9,422  15,804  
Other126  11  163  151  
 179,915  142,020  373,813  274,753  
Expenses:  
Rental property operating expenses61,621  46,705  126,159  90,192  
Reimbursed expenses322  1,047  843  1,979  
General and administrative expenses8,543  8,374  14,195  19,834  
Interest expense13,993  12,059  29,897  22,879  
Depreciation and amortization72,868  50,904  144,482  96,765  
Transaction costs63  49,827  428  49,830  
Other552  624  1,118  804  
157,962  169,540  317,122  282,283  
Income from unconsolidated joint ventures1,715  3,634  5,140  6,538  
Gain (loss) on sales of investments in unconsolidated joint ventures(231)   45,999    
Gain (loss) on investment property transactions(201) 1,304  90,715  14,415  
Net income (loss)23,236  (22,582) 198,545  13,423  
Net (income) loss attributable to noncontrolling interests(135) 173  (501) (491) 
Net income (loss) available to common stockholders$23,101  $(22,409) $198,044  $12,932  

  
Net income (loss) per common share — basic and diluted

$0.16  $(0.20) $1.34  $0.12  
Weighted average shares — basic148,548  112,926  147,986  109,049  
Weighted average shares — diluted148,580  114,670  148,570  110,822  

See accompanying notes.
5

Table of Contents

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited; in thousands except per share amounts)

Three Months Ended June 30, 2020
Preferred
Stock
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Stockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance March 31, 2020$  $151,125  $5,538,875  $(148,473) $(1,006,820) $4,534,707  $24,291  $4,558,998  
Net income—  —  —  —  23,101  23,101  135  23,236  
Common stock issued pursuant to stock based compensation
—  30  928  —  —  958  —  958  
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures
—  (2) 1,142  —  —  1,140  —  1,140  
Contributions from nonredeemable noncontrolling interests
—  —  —  —  —  —  780  780  
Distributions to nonredeemable noncontrolling interests
—  —  —  —  —  —  (213) (213) 
Common dividends ($0.30 per share)
—  —  —  —  (44,570) (44,570) —  (44,570) 
Balance June 30, 2020$  $151,153  $5,540,945  $(148,473) $(1,028,289) $4,515,336  $24,993  $4,540,329  
Three Months Ended June 30, 2019
Preferred
Stock
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Stockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance March 31, 2019$1,717  $107,731  $3,934,038  $(148,473) $(1,124,596) $2,770,417  $57,812  $2,828,229  
Net loss—  —  —  —  (22,409) (22,409) (173) (22,582) 
Common stock issued in merger—  41,576  1,556,613  —  —  1,598,189  —  1,598,189  
Common stock issued pursuant to stock based compensation
—  41  1,373  —  —  1,414  —  1,414  
Amortization of stock options and restricted stock, net of forfeitures
—  —  624  —  —  624  —  624  
Nonredeemable noncontrolling
interests acquired in merger
—  —  —  —  —  —  5,187  5,187  
Contributions from nonredeemable noncontrolling interests
—  —  —  —  —  —  1,660  1,660  
Distributions to nonredeemable noncontrolling interests
—  —  —  —  —  —  (541) (541) 
Common dividends ($0.29 per share)
—  —  —  —  (42,562) (42,562) —  (42,562) 
Balance June 30, 2019
$1,717  $149,348  $5,492,648  $(148,473) $(1,189,567) $4,305,673  $63,945  $4,369,618  



















6

Table of Contents



COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited; in thousands except per share amounts)

Six Months Ended June 30, 2020
Preferred
Stock
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Distributions in
Excess of
Net Income
Stockholders’
Investment
Nonredeemable
Noncontrolling
Interests
Total
Equity
Balance December 31, 2019$1,717  $149,347  $5,493,883  $(148,473) $(1,137,200) $4,359,274  $68,561  $4,427,835  
Net income—  —  —  —  198,044  198,044  501  198,545  
Common stock issued pursuant to stock based compensation
—  90  (397) —