COUSINS PROPERTIES INCCUZ
COUSINS PROPERTIES INC Segments Disclosure
REPORTABLE SEGMENTS
The Company's segments are based on the method of internal reporting with operating segments being each of the operating office properties. These operating segments are aggregated for reporting by geographical area, with these geographical regions being: Austin, Atlanta, Charlotte, Tampa, Phoenix, Dallas, and other markets. Included in other markets for the periods presented are properties located in Houston and Nashville.
Company management evaluates the performance of its reportable segments in part based on Net Operating Income ("NOI"). Office Property NOI is regularly reported to the Chief Operating Decision Maker ("CODM") by segment. The CODM is the Company's President and Chief Executive Officer. Each segment includes both consolidated operations and the Company's share of unconsolidated joint venture operations.
Segment net income, individually significant components of rental property operating expenses, amount of capital expenditures, and total assets are not presented in this note because the CODM does not utilize these measures when analyzing segments or when making resource allocation decisions. The below presentation has been recast for all years presented to comply with updates to ASC 280 required by Accounting Standards Update 2023-07 "ASU 2023-07," "Segment Reporting" issued by the Financial Accounting Standards Board in November 2023. Information on the Company's segments along with a reconciliation of NOI to net income for years ended December 31, 2025, 2024, and 2023 are as follows ($ in thousands):
| Year Ended December 31, 2025 | Rental Property Revenues | Rental Property Operating Expenses | NOI | |||||||||||||||||
| Austin | $ | 352,437 | $ | 110,013 | $ | 242,424 | ||||||||||||||
| Atlanta | 326,918 | 117,456 | 209,462 | |||||||||||||||||
| Charlotte | 87,089 | 23,118 | 63,971 | |||||||||||||||||
| Tampa | 81,498 | 28,845 | 52,653 | |||||||||||||||||
| Phoenix | 66,436 | 17,513 | 48,923 | |||||||||||||||||
| Dallas | 29,495 | 6,891 | 22,604 | |||||||||||||||||
| Other | 40,435 | 14,648 | 25,787 | |||||||||||||||||
| Segment Totals | $ | 984,308 | $ | 318,484 | $ | 665,824 | ||||||||||||||
| Non - Office Properties | $ | 13,828 | $ | 6,341 | $ | 7,487 | ||||||||||||||
| Portfolio Totals | $ | 998,136 | $ | 324,825 | $ | 673,311 | ||||||||||||||
| Less: Company's share from unconsolidated joint ventures | $ | (22,676) | $ | (10,327) | ||||||||||||||||
| Termination Fees | 5,087 | — | ||||||||||||||||||
| Consolidated Totals | $ | 980,547 | $ | 314,498 | ||||||||||||||||
Year Ended December 31, 2024 | Rental Property Revenues | Rental Property Operating Expenses | NOI | |||||||||||||||||
| Atlanta | $ | 309,807 | $ | 109,534 | $ | 200,273 | ||||||||||||||
| Austin | 287,659 | 95,901 | 191,758 | |||||||||||||||||
| Tampa | 77,238 | 27,855 | 49,383 | |||||||||||||||||
| Phoenix | 60,397 | 15,801 | 44,596 | |||||||||||||||||
| Charlotte | 59,008 | 16,844 | 42,164 | |||||||||||||||||
| Dallas | 17,683 | 3,746 | 13,937 | |||||||||||||||||
| Other | 35,144 | 12,108 | 23,036 | |||||||||||||||||
| Segment Totals | $ | 846,936 | $ | 281,789 | $ | 565,147 | ||||||||||||||
| Other Non - Office Properties | $ | 9,501 | $ | 4,324 | $ | 5,177 | ||||||||||||||
| Portfolio Totals | $ | 856,437 | $ | 286,113 | $ | 570,324 | ||||||||||||||
| Less: Company's share from unconsolidated joint ventures | $ | (12,069) | $ | (5,452) | ||||||||||||||||
| Termination Fees | 3,405 | — | ||||||||||||||||||
| Consolidated Totals | $ | 847,773 | $ | 280,661 | ||||||||||||||||
| Year Ended December 31, 2023 | Rental Property Revenues | Rental Property Operating Expenses | NOI | |||||||||||||||||
| Atlanta | $ | 295,255 | $ | 101,950 | $ | 193,305 | ||||||||||||||
| Austin | 259,683 | 89,580 | 170,103 | |||||||||||||||||
| Tampa | 74,813 | 27,880 | 46,933 | |||||||||||||||||
| Phoenix | 60,540 | 16,363 | 44,177 | |||||||||||||||||
| Charlotte | 58,348 | 15,224 | 43,124 | |||||||||||||||||
| Dallas | 16,924 | 3,850 | 13,074 | |||||||||||||||||
| Other | 26,081 | 11,412 | 14,669 | |||||||||||||||||
| Segment Totals | $ | 791,644 | $ | 266,259 | $ | 525,385 | ||||||||||||||
| Other Non - Office Properties | $ | 9,021 | $ | 3,312 | $ | 5,709 | ||||||||||||||
| Portfolio Totals | $ | 800,665 | $ | 269,571 | $ | 531,094 | ||||||||||||||
| Less: Company's share from unconsolidated joint ventures | $ | (8,961) | $ | (3,137) | ||||||||||||||||
| Termination Fees | 7,343 | — | ||||||||||||||||||
| Consolidated Totals | $ | 799,047 | $ | 266,434 | ||||||||||||||||
The following reconciles Net Income to Net Operating Income for each of the periods presented ($ in thousands):
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Net income | $ | 41,252 | $ | 46,581 | $ | 83,816 | ||||||||||||||
| Fee income | (2,044) | (1,761) | (1,373) | |||||||||||||||||
| Termination fee income | (5,087) | (3,405) | (7,343) | |||||||||||||||||
| Other income | (11,225) | (7,224) | (2,454) | |||||||||||||||||
| General and administrative expenses | 38,642 | 36,566 | 32,331 | |||||||||||||||||
| Interest expense | 159,241 | 122,476 | 105,463 | |||||||||||||||||
| Depreciation and amortization | 415,359 | 365,045 | 314,897 | |||||||||||||||||
| Reimbursed expenses | 544 | 634 | 608 | |||||||||||||||||
| Operating property impairment | 13,286 | — | — | |||||||||||||||||
| Land and related predevelopment cost impairment | 1,034 | — | — | |||||||||||||||||
| Other expenses | 1,801 | 2,097 | 2,128 | |||||||||||||||||
| Loss (income) from unconsolidated joint ventures | 8,159 | 2,796 | (2,299) | |||||||||||||||||
| Net operating income from unconsolidated joint ventures | 12,349 | 6,617 | 5,824 | |||||||||||||||||
| Gain on investment property transactions | — | (98) | (504) | |||||||||||||||||
| Net Operating Income | $ | 673,311 | $ | 570,324 | $ | 531,094 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 5, 2026 | Showing above |
| 2024 | Feb 6, 2025 | |
| 2023 | Feb 7, 2024 | |
| 2022 | Feb 9, 2023 | |
| 2021 | Feb 3, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | Feb 5, 2020 | |
| 2018 | Feb 6, 2019 | |
| 2017 | Feb 7, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 10, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.