A Look At Cousins Properties (CUZ) Valuation After $500 Million Notes Deal And 300 South Tryon Acquisition
Why Cousins Properties Stock Is Back on Investors’ Radar
Cousins Properties (CUZ) has drawn fresh attention after announcing a $500 million senior unsecured notes offering, tied to funding and refinancing related to its recent 300 South Tryon office acquisition in Charlotte.
See our latest analysis for Cousins Properties.
The notes announcement comes after a busy start to 2026, with Cousins reporting full year 2025 revenue of US$993.82 million and acquiring the fully leased 300 South Tryon office tower in Charlotte for US$317.5 million, while planning to sell Harborview Plaza in Tampa and a Charlotte land parcel for US$63.2 million in combined proceeds.
Despite the refinancing plan and recent acquisition, the share price has been under pressure, with a 30 day share price return showing a decline of 15.56% and a 1 year total shareholder return showing a decline of 21.53%. This points to momentum that has been fading rather than building.
If this kind of real estate news has you thinking more broadly about where growth could come from next, it might be worth scanning 23 top founder-led companies as a way to spot other potential opportunities.
With Cousins shares down over the past year but trading at a sizeable discount to analyst targets and some estimates of intrinsic value, you have to ask: is this a genuine mispricing, or is the market already factoring in future growth?
Most Popular Narrative: 27.7% Undervalued
With Cousins Properties last closing at $22.46 against a narrative fair value of $31.08, the current setup frames a clear valuation gap for investors to weigh.
The company's continued capital recycling out of older, low-occupancy/high CapEx assets and reinvestment into trophy lifestyle office properties in premier Sun Belt submarkets (e.g., Uptown Dallas, Austin Domain) is elevating portfolio quality and generating accretive growth, improving FFO and net margins.
Curious what kind of revenue trajectory, margin profile, and future earnings multiple sit behind that fair value number? The narrative leans on specific growth, profitability, and valuation assumptions that are very different from current market pricing.
Result: Fair Value of $31.08 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, the narrative could easily wobble if large tenants relocate or if Sun Belt office demand softens, which would pressure occupancy, cash flow, and rent assumptions.
Find out about the key risks to this Cousins Properties narrative.
Another Way to Look at Valuation
The narrative and DCF views lean toward Cousins Properties looking undervalued, but its current P/E of 93.2x tells a very different story. That is far above the Global Office REITs average of 21.1x, the peer average of 15x, and even the fair ratio estimate of 41.4x. For you, that raises a simple question: is the market overpaying today for expected earnings growth, or is the DCF framework being too generous about the future?
See what the numbers say about this price — find out in our valuation breakdown.
Build Your Own Cousins Properties Narrative
If you see the story differently, or prefer to test your own assumptions against the numbers, you can build a custom view in minutes: Do it your way.
A great starting point for your Cousins Properties research is our analysis highlighting 3 key rewards and 3 important warning signs that could impact your investment decision.
Looking for more investment ideas?
If Cousins Properties has you rethinking where you put your money next, this is the moment to widen your search and line up your next potential moves.
- Target quality at a discount by reviewing our list of 53 high quality undervalued stocks that combine solid fundamentals with prices that may not fully reflect their potential.
- Secure reliable income potential by checking out 13 dividend fortresses, focused on companies offering 5%+ yields with an emphasis on resilience.
- Prioritise resilience by scanning 85 resilient stocks with low risk scores that score well on financial strength and risk, so you are not caught off guard by surprises.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com