Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Stock and Related Stockholder Matters
Market Information and Holders
Our common stock trades on the New York Stock Exchange (ticker symbol CUZ). On January 31, 2021, there were 10,196 stockholders of record of our common stock.
Purchases of Equity Securities
There were no purchases of common stock by the Company during the fourth quarter of 2020.
Performance Graph
The following graph compares the five-year cumulative total return of our common stock with the NYSE Composite Index, the FTSE NAREIT Equity Index, and the SNL US REIT Office Index. The graph assumes a $100 investment in each of the indices on December 31, 2015 and the reinvestment of all dividends.
COMPARISON OF CUMULATIVE TOTAL RETURN OF ONE OR MORE COMPANIES, PEER
GROUPS, INDUSTRY INDICES, AND/OR BROAD MARKETS
Fiscal Year Ended
Index 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
Cousins Properties Incorporated 100.00 128.39 144.42 126.07 169.63 144.53
NYSE Composite Index 100.00 111.94 132.90 121.01 151.87 162.49
FTSE NAREIT Equity Index 100.00 108.52 114.19 108.91 137.23 126.25
SNL US REIT Office Index 100.00 111.59 114.60 94.53 120.51 95.69
24
Table of C ontents
Item 6. Selected Financial Data
The following selected financial data sets forth consolidated financial and operating information on a historical basis. This data has been derived from our consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto. Prior year disclosures have been restated for the reclassification of termination fees from other revenues to rental property revenues as well as for the effect of the one-for-four reverse stock split described in note 1 of the consolidated financial statements.
Year Ended December 31,
2020 2019 2018 2017 2016
(in thousands, except per share amounts)
Revenues:
Rental property revenues $ 721,883 $ 628,751 $ 463,401 $ 455,305 $ 249,936
Fee income 18,226 28,518 10,089 8,632 8,347
Other 231 246 1,722 2,248 928
740,340 657,515 475,212 466,185 259,211
Expenses:
Rental property operating expenses 250,850 222,146 164,678 163,882 96,908
Reimbursed expenses 1,580 4,004 3,782 3,527 3,259
General and administrative expenses 27,034 37,007 22,040 27,523 25,592
Interest expense 60,605 53,963 39,430 33,524 26,650
Impairment 14,829 — — — —
Depreciation and amortization 288,648 257,149 181,382 196,745 97,948
Transaction costs 428 52,881 248 1,661 24,521
Other 2,091 1,109 556 1,796 5,888
646,065 628,259 412,116 428,658 280,766
Income from unconsolidated joint ventures 7,947 12,666 12,224 47,115 10,562
Gain on sales of investments in unconsolidated joint ventures 45,767 — — — —
Gain on investment property transactions 90,125 110,761 5,437 133,059 77,114
Gain (loss) on extinguishment of debt — — 8 2,258 (5,180)
Income from continuing operations 238,114 152,683 80,765 219,959 60,941
Income from discontinued operations — — — — 19,163
Net income 238,114 152,683 80,765 219,959 80,104
Net income attributable to noncontrolling interests (836) (2,265) (1,601) (3,684) (995)
Net income available to common stockholders $ 237,278 $ 150,418 $ 79,164 $ 216,275 $ 79,109
Net income from continuing operations attributable to controlling interest per common share - basic and diluted $ 1.60 $ 1.17 $ 0.75 $ 2.08 $ 0.94
Net income per common share - basic and diluted $ 1.60 $ 1.17 $ 0.75 $ 2.08 $ 1.25
Dividends declared per common share $ 1.20 $ 1.16 $ 1.04 $ 1.20 $ 0.96
Total assets (at year-end) $ 7,107,398 $ 7,151,447 $ 4,146,296 $ 4,204,619 $ 4,171,607
Notes payable (at year-end) $ 2,162,719 $ 2,222,975 $ 1,062,570 $ 1,093,228 $ 1,380,920
Stockholders' investment (at year-end) $ 4,467,134 $ 4,359,274 $ 2,765,865 $ 2,771,973 $ 2,455,557
Common shares outstanding (at year-end) 148,564 146,762 105,096 105,005 98,354
25
Table of C ontents