Cousins Properties is a REIT that owns, leases, and manages Class A office buildings in Sun Belt markets, including Austin, Atlanta, Charlotte, Tampa, Phoenix, Dallas, and Nashville. Cousins focuses on what it calls "lifestyle office" — newer or recently renovated buildings with high-end amenities in walkable, mixed-use neighborhoods. Its tenants are primarily professional services, financial services, law, and technology firms. Cousins makes money by leasing space and collecting rent, with revenue driven by occupancy, rent per square foot, lease-up of vacant space, and parking income. Cousins is structured as a REIT, so it distributes at least 100% of taxable income to shareholders; FFO is its primary earnings metric. The company's strategy rests on internal growth (driving occupancy and rent), external growth (acquiring trophy assets at or below replacement cost and selective development), and balance sheet discipline. Cousins has been actively recycling capital, selling older, higher-CapEx assets and reinvesting in newer trophy properties. Recent acquisitions include Sail Tower in Austin (804,000 sq ft, 100% leased to Google), Vantage South End in Charlotte (639,000 sq ft, 97% leased), and The Link in Dallas (292,000 sq ft, 94% leased). Cousins also holds a 50% interest in Neuhoff, a mixed-use development in Nashville. The company runs roughly 20M sq ft of office space in total and manages its balance sheet conservatively, with net debt-to-EBITDA at approximately 5x.