CUZ · CIK 25232
What Cousins Properties Incorporated told the SEC could break it.
Cousins Properties is a pure-play office REIT concentrated in a handful of Sun Belt markets — Atlanta, Austin, Charlotte, Phoenix, Tampa and Dallas — so its results ride on those regional office economies and occupancy trends. Several of its properties sit in hurricane, hail and flood zones, and in Tampa and Houston its windstorm insurance carries high deductibles of 2% to 5% of the affected building's value, leaving meaningful storm-damage exposure. Its financial flexibility is also tied to leverage: under its credit-agreement covenants, it can generally pay common dividends only while leverage stays below 60% and it remains out of default.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Climate & physical
- hurricane / hail / flood exposure (Tampa, Houston)medium
A number of properties sit in hurricane/hail/flood zones; in Tampa and Houston, windstorm insurance carries high deductibles of 2%–5% of affected building value.
“In Tampa and Houston, our wind storm insurance is subject to deductibles from 2% to 5% of the value of the affected building.”
SEC filing →As of 2026
Geographic concentration
- Sun Belt office markets (Atlanta, Austin, Charlotte, Phoenix, Tampa, Dallas)medium
Cousins is a pure-play office REIT concentrated in a handful of Sun Belt markets, tying its results to those regional office economies and occupancy trends.
“Our executive offices are located at 3344 Peachtree Road NE, Suite 1800, Atlanta, Georgia 30326-4802, and we maintain regional offices in each of our additional key operating markets of Austin, Charlotte, Phoenix, Tampa, and Dallas.”
SEC filing →As of 2026
Liquidity & debt
- credit-facility leverage covenant constraining dividendslow
Cousins' credit-agreement covenants generally cap common-dividend flexibility unless leverage stays below 60%, linking distributions and liquidity to debt levels and covenant compliance.
“In general, common dividends of any amount can be paid as long as leverage, as defined in our credit agreements, is less than 60% and we are not in default under our facility.”
SEC filing →As of 2026
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