CUZ - Is Cousins Properties a Buy Right Now?
Investors have been pretty pessimistic about the office real estate industry since the start of the pandemic. Their concerns over its future are valid. After all, more and more companies are adopting permanent work-from-home policies and hybrid work models.
So what does that mean for Cousins Properties (NYSE: CUZ) , a Sun Belt-focused office real estate investment trust (REIT)? The REIT's shares are down about 30% this year and trading below its pre-pandemic levels. But is it a bargain worth buying, or should investors steer clear?
Cousins Properties is the only office REIT to exclusively own class A office space in the Sun Belt . That's the fastest-growing region of the country in part due to its favorable climate, but more so due to its ample job opportunities. The eight core markets Cousins operates in -- Atlanta; Austin, Texas; Charlotte, North Carolina; Tampa, Florida; Phoenix, Dallas, Houston, and Nashville, Tennessee -- are major business hubs and homes to a growing number of corporations.
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Is Cousins Properties a Buy Right Now?