Cousins Properties closed a five‑year, $1.2 billion unsecured credit facility on April 1 2026. The new line replaces an existing facility that was set to mature in April 2027 and adds $200 million of additional borrowing capacity, giving the REIT a higher ceiling for future acquisitions and development projects.
The facility carries a 72.5‑basis‑point spread over SOFR for the revolving portion and an 80‑basis‑point spread over SOFR for the $400 million and $100 million term loans. Each term loan includes two six‑month extension options, allowing Cousins to extend maturities without refinancing. J.P. Morgan Chase Bank, BofA Securities, Truist Securities, and PNC Capital Markets served as joint lead arrangers and bookrunners, with Bank of America as the administrative agent and J.P. Morgan Chase Bank as the syndication agent.
By increasing its unsecured credit capacity, Cousins positions itself to pursue additional lifestyle‑office acquisitions in high‑growth Sun Belt markets while maintaining a low leverage profile. The company’s Net Debt/EBITDA was 5.3× as of December 31 2025, the lowest in the office sector, and the new facility’s lower spreads reflect the REIT’s strong credit rating and disciplined balance sheet. The lower‑cost capital source is expected to support the company’s strategy of acquiring and developing trophy assets at attractive cap rates, reinforcing its competitive advantage in a tightening credit environment.
Cousins CFO Gregg Adzema said, "These transactions underscore the strength of our long‑term relationships with our banking group, and we appreciate their continued support." He added, "The additional capacity from this facility provides Cousins with ample liquidity and financial flexibility to continue executing our Sun Belt lifestyle office strategy."
The new facility follows a $1 billion unsecured credit line closed in May 2022 that carried a 90‑basis‑point spread over adjusted SOFR. Since that time, Cousins has completed several high‑profile acquisitions—including Sail Tower in Austin, Vantage South End in Charlotte, 300 South Tryon in Charlotte, and The Link in Dallas—and has secured a 116,000‑square‑foot lease with Oracle at its Neuhoff development in Nashville. These transactions demonstrate the REIT’s ongoing focus on high‑quality, amenity‑rich Class A office properties in growth markets, and the expanded credit line will provide the financial flexibility needed to sustain that momentum.
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