CUZCOUSINS PROPERTIES INC

Real Estate Investment Trusts

Revenue: $994M; 16% YoY
Operating margin: 67.8%; 1.8% YoY
EBITDA: $1.1B; 16% YoY
Market cap: $4.9B
Employees: 351; $3M revenue each
Net debt / EBITDA: 3.3×; $3.6B net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
993% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
54% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$3M · 74th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 45th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$178K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$755M	$762M	$803M	$857M	$994M	16%
Operating income	$494M	$502M	$531M	$570M	$673M	18%
Net income	$279M	$167M	$83M	$46M	$41M	12%
Operating cash flow	$389M	$365M	$368M	$400M	$402M	0.5%
Capex	—	$342M	$280M	$253M	$267M	5.7%
Stock-based comp	$11M	$10M	$12M	$15M	$16M	11%
Dividends	$183M	$192M	$194M	$195M	$216M	10%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $178K · 1
Net: −$178K

Pay vs performance

No pay-versus-performance disclosure yet.