Cousins Properties Announces Pricing of Senior Notes Offering

Rhea-AI Summary

Cousins Properties (NYSE:CUZ) priced $500 million of 4.875% senior unsecured notes due 2033 at 99.259% of principal. The offering is expected to close on February 20, 2026, subject to customary closing conditions.

Net proceeds are intended to repay borrowings under its credit facility tied to the acquisition of 300 South Tryon (638,000 sq ft) with remaining amounts for working capital, capex and other corporate purposes. The notes will be fully guaranteed by the company; J.P. Morgan, BofA Securities, Morgan Stanley and PNC are joint book-running managers.

Positive

• Secured $500 million long-term financing due 2033
• Proceeds targeted to repay credit facility tied to 300 South Tryon
• Notes fully and unconditionally guaranteed by the company

Negative

• Adds $500 million senior unsecured debt maturing in 2033
• Fixed interest cost at 4.875% increases long-term interest obligations
• Closing is subject to customary conditions; not yet completed

Key Figures

Senior notes size: $500 million Coupon rate: 4.875% Issue price: 99.259% +3 more

6 metrics

Senior notes size $500 million Aggregate principal amount of senior unsecured notes offering

Coupon rate 4.875% Interest rate on senior unsecured notes due 2033

Issue price 99.259% Pricing as percentage of principal amount

Maturity year 2033 Maturity of senior unsecured notes

Expected closing date February 20, 2026 Expected closing of senior notes offering

Property size 638,000 square feet Size of 300 South Tryon lifestyle office property

Market Reality Check

Price: $25.18 Vol: Volume 1,396,449 is below...

normal vol

$25.18 Last Close

Volume Volume 1,396,449 is below the 20-day average of 1,935,797 (about 0.72x average activity). normal

Technical Shares at $25.32 are trading below the 200-day MA of $27.37 and sit 19.26% under the 52-week high and 5.19% above the 52-week low.

Peers on Argus

CUZ fell 1.21% with light volume as key office REIT peers like SLG (-0.65%), KRC...

CUZ fell 1.21% with light volume as key office REIT peers like SLG (-0.65%), KRC (-0.58%), CDP (-1.33%) and DEI (-0.66%) also traded lower, while VNO was roughly flat (+0.06%), pointing to mainly stock-specific pressure rather than a strong sector-wide move.

Previous Offering Reports

4 past events · Latest: Dec 11 (Neutral)

Same Type Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Dec 11	Equity offering priced	Neutral	+0.2%	Pricing of 9,500,000-share underwritten common stock offering for capital needs.
Dec 10	Equity offering announced	Neutral	+0.2%	Announcement of 9,500,000-share offering mainly to fund Austin office purchase.
Nov 08	Equity offering priced	Neutral	+0.2%	Pricing of 6,000,000-share common stock offering for acquisition and general uses.
Nov 07	Equity offering announced	Neutral	+0.2%	Announcement of 6,000,000-share offering to help fund Charlotte office purchase.

Pattern Detected

Prior equity offerings around acquisitions saw modestly positive next-day moves of about 0.23%, suggesting a history of balanced reactions to capital-raising news.

Recent Company History

Over the past year, Cousins has repeatedly tapped the capital markets via common stock offerings tied to office acquisitions in Austin and Charlotte. These transactions, conducted under an effective registration statement, produced small positive next-day moves of about 0.22–0.23%. Today’s senior notes pricing to help fund and refinance debt linked to 300 South Tryon fits this pattern of using capital markets to support portfolio expansion and balance sheet management.

Historical Comparison

offering

+0.2 %

Average Historical Move

Historical Analysis

Past offering headlines for CUZ led to average next-day moves of about 0.23%. Today’s -1.21% pre-news decline stands weaker than those prior, generally mild reactions.

Typical Pattern

Historically, CUZ used common stock offerings to fund office acquisitions. The current transaction extends that funding playbook into senior unsecured notes, aligning capital structure decisions with recent trophy office purchases like 300 South Tryon.

Market Pulse Summary

This announcement details a $500 million senior unsecured notes offering at 4.875% due 2033, priced ...

Analysis

This announcement details a $500 million senior unsecured notes offering at 4.875% due 2033, priced at 99.259% of par and guaranteed by the company. Net proceeds are earmarked mainly to repay credit facility borrowings related to the 638,000-square-foot 300 South Tryon acquisition, with flexibility for other corporate purposes. Investors may focus on how this financing reshapes the debt stack, interest costs, and future capacity for additional acquisitions.

Key Terms

senior unsecured notes, credit facility, term loan, joint book-running managers, +1 more

5 terms

senior unsecured notes financial

"has priced an offering of $500 million aggregate principal amount of 4.875% senior unsecured notes"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

credit facility financial

"use the net proceeds from the offering to repay a portion of borrowings under its credit facility"

A credit facility is a flexible loan arrangement that allows a borrower to access funds up to a set limit whenever needed, similar to a company having an overdraft option on a bank account. It matters to investors because it indicates how easily a business can secure cash when required, affecting its ability to manage expenses, invest, or respond to financial challenges.

term loan financial

"may include repayment of other outstanding indebtedness (including a portion of its term loan)"

A term loan is a type of loan that is borrowed for a set period of time, with a fixed schedule for repaying the money, usually in regular payments. It matters to investors because it represents a company's borrowing costs and financial stability; reliable repayment of these loans can indicate strong financial health, while difficulties may signal potential risks.

joint book-running managers financial

"J.P. Morgan, BofA Securities, Morgan Stanley and PNC Capital Markets LLC are acting as joint book-running managers"

Joint book-running managers are the lead banks or financial firms responsible for organizing and overseeing the sale of a large financial offering, such as a company’s stock or bonds. They coordinate efforts to set the price, attract investors, and ensure the offering is successful. Their role is important to investors because they help ensure the offering is well-managed, properly priced, and accessible to a wide range of buyers.

prospectus supplement regulatory

"The offering may be made only by means of a prospectus supplement and accompanying prospectus"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. Not financial advice.

ATLANTA, Feb. 10, 2026 /PRNewswire/ -- Cousins Properties Incorporated (the "Company" or "Cousins") (NYSE:CUZ) announced today that its operating partnership, Cousins Properties LP (the "Operating Partnership"), has priced an offering of $500 million aggregate principal amount of 4.875% senior unsecured notes due 2033 at 99.259% of the principal amount. The offering is expected to close on February 20, 2026, subject to the satisfaction of customary closing conditions.

Cousins intends to use the net proceeds from the offering to repay a portion of borrowings under its credit facility, which were partially incurred in connection with the acquisition of 300 South Tryon, a 638,000 square foot trophy lifestyle office property in Charlotte, with any remaining amounts being used for working capital, capital expenditures and other general corporate purposes, which may include repayment of other outstanding indebtedness (including a portion of its term loan).

The notes will be fully and unconditionally guaranteed on a senior unsecured basis by the Company.

J.P. Morgan, BofA Securities, Morgan Stanley and PNC Capital Markets LLC are acting as joint book-running managers.

A shelf registration statement relating to these securities is effective with the Securities and Exchange Commission. The offering may be made only by means of a prospectus supplement and accompanying prospectus. Copies of these documents may be obtained by contacting J.P. Morgan Securities LLC, 270 Park Avenue, New York, New York, 10017, Attention: Investment Grade Syndicate Desk, telephone collect at 1-212-834-4533; BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC  28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@bofa.com; Morgan Stanley & Co. LLC, 1585 Broadway, 29th Floor, New York, New York 10036, toll-free at 1-866-718-1649; or PNC Capital Markets LLC, 300 Fifth Ave, 10th Floor, Pittsburgh, PA 15222 toll-free at  1-855-881-0697 or by email pnccmprospectus@pnc.com. Electronic copies of these documents are also available from the Securities and Exchange Commission's website at www.sec.gov.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the notes, nor shall it constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale is unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Cousins Properties

Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust ("REIT"). The Company, based in Atlanta, GA and acting through the Operating Partnership, primarily invests in Class A office buildings located in high growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing, and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets, and opportunistic investments.

Forward-Looking Statements

Certain matters contained in this press release 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 Company's Annual Report on Form 10-K for the year ended December 31, 2025.

These forward-looking statements include information about the Company's possible or assumed future results of the business and the Company's 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: business and financial strategy; objectives of management; future debt financings; future acquisitions and dispositions of operating assets, joint venture interests, and land; future acquisitions of investments in real estate debt; future development and redevelopment opportunities; future issuances of common stock, limited partnership units, or preferred stock; future distributions; projected capital expenditures; market and industry trends; future occupancy or volume and velocity of leasing activity; entry into new markets or changes in existing market concentrations; future changes in interest rates and liquidity of capital markets; and all statements that address operating performance, events, investments, or developments that we expect or anticipate will occur in the future.

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 risks and uncertainties related to the impact of changes in general economic and capital market conditions (on an international or national basis or within the markets in which we operate), including changes in inflation, changes in interest rates, supply chain disruptions, labor market disruptions (including changes in unemployment), dislocation and volatility in capital markets, and potential longer-term changes in consumer and customer behavior resulting from the severity and duration of any downturn, adverse conditions or uncertainty in the U.S. or global economy; risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms (and on anticipated schedules)); any adverse change in the financial condition or liquidity of one or more of our tenants or borrowers under our real estate debt investments; changes in customer preferences regarding space utilization; changes in customers' financial condition; the availability, cost, and adequacy of insurance coverage; competition from other developers, investors, owners, and operators of real estate; the failure to achieve anticipated benefits from intended or completed acquisitions, developments, investments, or dispositions; the cost and availability of financing, the effectiveness of any interest rate hedging contracts, and any failure to comply with debt covenants under credit agreements; the effect of common stock, debt, or operating partnership unit issuances; threatened terrorist attacks or sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political activism and the potential impact of the same upon our day-to-day building operations; the immediate and long-term impact of the outbreak of a highly infectious or contagious disease on our and our customers' financial condition; risks associated with security breaches through cyberattacks, cyber intrusions, or otherwise; risks associated with the adoption and usage of artificial intelligence; changes in senior management, the board of directors, or key personnel; the potential liability for existing or future environmental or other applicable regulatory requirements, including the requirements to qualify for taxation as a real estate investment trust; the financial condition and liquidity of, or disputes with, joint venture partners; material changes in dividend rates on common shares or other securities or the ability to pay those dividends; the impact of changes to applicable laws, including the tax laws impacting REITs and the passage of the One Big Beautiful Bill Act, and the impact of newly adopted accounting principles on our accounting policies and on period to period comparison of financial results; risks associated with climate change and severe weather events; and those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by the Company.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any such forward-looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Roni Imbeaux
Senior Vice President, Finance and Investor Relations
404-407-1104
rimbeaux@cousins.com

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SOURCE Cousins Properties

FAQ

What did Cousins Properties (CUZ) announce about the senior notes on February 10, 2026?

According to the company, Cousins priced $500 million of 4.875% senior unsecured notes due 2033 at 99.259%. The offering is expected to close on February 20, 2026, with proceeds to repay credit facility borrowings and for general corporate purposes.

How will the CUZ offering proceeds be used and what specific asset is referenced?

According to the company, net proceeds will repay borrowings under its credit facility related to the acquisition of 300 South Tryon, a 638,000 square-foot office property. Remaining proceeds may fund working capital, capital expenditures and other corporate purposes.

When does Cousins expect the CUZ senior notes transaction to close and what condition applies?

According to the company, the offering is expected to close on February 20, 2026. The closing remains subject to customary closing conditions, so completion is contingent on satisfying those customary requirements.

What are the coupon and pricing details for the CUZ senior notes due 2033?

According to the company, the notes carry a fixed coupon of 4.875% and were priced at 99.259% of principal. This implies the notes were issued at a small discount to par to achieve the stated yield.

Are the CUZ notes guaranteed and who managed the offering?

According to the company, the notes will be fully and unconditionally guaranteed on a senior unsecured basis by Cousins. J.P. Morgan, BofA Securities, Morgan Stanley and PNC Capital Markets served as joint book-running managers.