Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (February 2017)
21 slides from Cousins Properties's investor presentation, Feb 28, 2017
Slide 1: Investor Presentation March 2017
INVESTOR PRESENTATION March 2017 Simple Platform. Trophy Assets. Opportunistic Investments.
Slide 2: Table of Contents
Table of Contents Cousins Overview Post-Transactions 1 Cousins Strategic Objectives 2 Assemble Trophy Office Portfolio in High Growth Sun Belt Markets 3-5 Achieve Compelling Critical Mass in Leading Urban Submarkets 6-7 Command Premium Rents in Our Markets 8 Secure a Diversified Customer Base 9 Main
Slide 3: Cousins Overview
Cousins Overview Class A Portfolio » 33 first class assets1 » 17 million rentable square feet1 » 81% urban2 » Average 439,000 square feet per office asset3 » Office assets average year built 1997 3 » 93% leased3 High Growth Sunbelt Markets » Atlanta » Austin » Charlotte » Orlando » Phoenix » Tampa S
Slide 4: Cousins Strategic Objectives
Cousins Strategic Objectives Assemble trophy office portfolio in high growth Sun Belt markets 16.2 mm square feet1 of Class A office assets in high growth urban Sun Belt markets Achieve compelling critical mass in leading urban submarkets #1 Class A office owner2 in four of the strongest urban subma
Slide 5: Assemble Trophy Office Portfolio in High Growth Sun Belt Markets
Assemble Trophy Office Portfolio in High Growth Sun Belt Markets Source: Q4 2016 Cousins filings. Promenade / Atlanta, GA 777,000 Sq. Ft.; 95% Leased Terminus / Atlanta, GA 1,226,000 Sq. Ft.; 93% Leased Fifth Third Center / Charlotte, NC 698,000 Sq. Ft.; 97% Leased Hayden Ferry Lakeside / Phoenix, A
Slide 6: Assemble Trophy Office Portfolio in High Growth Sun Belt Markets
Assemble Trophy Office Portfolio in High Growth Sun Belt Markets 4 Source: Q4 2016 Cousins filings. 816 Congress / Austin, TX 435,000 Sq. Ft.; 93% Leased 3344 Peachtree / Atlanta, GA 484,000 Sq. Ft.; 96% Leased Bank of America Center / Orlando, FL 421,000 Sq. Ft.; 88% Leased Northpark Town Center /
Slide 7: Assemble Trophy Office Portfolio in High Growth Sun Belt Markets
Assemble Trophy Office Portfolio in High Growth Sun Belt Markets1 1.4% 1.7% 1.9% 2.2% 2.7% 4.2% Phoenix Charlotte Austin Tampa Atlanta Orlando Employment Growth2 Construction as a % of Total Inventory3 US Avg. 1.4% Phoenix, AZ Austin, TX Tampa, FL Orlando, FL Atlanta, GA Charlotte, NC Year-Over-Year
Slide 8: Achieve Compelling Critical Mass in Leading Urban Submarkets
Achieve Compelling Critical Mass in Leading Urban Submarkets Atlanta - Buckhead Charlotte - Uptown Source: 4Q 2016 CoStar. Based on 100% of building square footage. Does not include owner occupied buildings. 20% Market Share of Class A Office #1 Class A Office Owner by Sq. Ft. 20% Market Share of Cl
Slide 9: Achieve Compelling Critical Mass in Leading Urban Submarkets
7 Austin - CBD Phoenix - Tempe 24% Market Share of Class A Office 28% Market Share of Class A Office #1 Class A Office Owner by Sq. Ft. #1 Class A Office Owner by Sq. Ft. Source: 4Q 2016 CoStar. Based on 100% of building square footage. Does not include owner occupied buildings. Achieve Compelling C
Slide 10: Command Premium Rents in Our Markets
$23.73 $25.47 $27.66 $20 $22 $24 $26 $28 $30 Orlando CBD Cousins CBD $27.96 $32.47 $42.64 $20 $25 $30 $35 $40 $45 Phoenix Tempe Cousins Tempe $26.11 $28.38 $31.96 $20 $25 $30 $35 $40 $45 Tampa Bay Westshore Cousins Westshore $36.77 $48.96 $51.77 $25 $30 $35 $40 $45 $50 $55 $60 Austin CBD Cousins CBD
Slide 11: Secure a Diversified Customer Base
Secure a Diversified Customer Base 9 Customers by Industry1 Note: Does not include NCR or Dimensional Fund Advisors developments. 1. Represents Tenant Industry Diversification as a percentage of total revenue as reported in 31-Dec-2016 Cousins filings. Financial Services 20% Legal Services 15% Profe
Slide 12: Maintain a Conservative Balance Sheet Positioned for Growth
$358MM 5.84% $428MM $204MM 4.88% $12MM $156MM $23MM $250MM $86MM 2017 2018 2019 2020 2021 2022 2023+ $566MM Maintain a Conservative Balance Sheet Positioned for Growth Retired with Asset Sales Wtd. Avg. Interest Rate 5.5% 2.2%2.4% 6.0% 4.3% 3.8% Net Debt / EBITDA1 Debt Maturity Schedule (mm)5 1. HIW
Slide 13: 2017 Strategic Update
Actions » Sell Emory Point I & II » Sell American Cancer Society Center » Sold 25 million shares of common equity3 Atlanta 37% Charlotte 20% Austin 18% Tampa 10% Phoenix 9% Orlando 5% Miami 1% Atlanta 41% Charlotte 19% Austin 17% Tampa 10% Phoenix 8% Orlando 4% Miami 1% 2017 Strategic Update 12/31
Slide 14: Appendix
Appendix 12
Slide 15: Atlanta Snapshot
Atlanta Snapshot Office Portfolio Composition1 Properties 12 Total Square Feet 6,871,000 % Leased 90% % Urban2 79% Average Year Built 1995 Average Asking Rent PSF3 $35.11 10-Year Class-A Office Trends5 Industry Concentration4 13 7.2% 88% 70% 80% 90% 100% -10% 0% 10% 20% 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1
Slide 16: Austin Snapshot
Austin Snapshot Office Portfolio Composition1 Properties 5 Total Square Feet 1,906,000 % Leased 96% % Urban2 97% Average Year Built 1994 Average Asking Rent PSF3 $51.77 10-Year Class-A Office Trends5 Industry Concentration4 14 1. Represents Cousins Portfolio Statistics reported in 31-Dec-2016 Cousin
Slide 17: Charlotte Snapshot
Charlotte Snapshot Office Portfolio Composition1 Properties 4 Total Square Feet 3,119,000 % Leased 98% % Urban2 100% Average Year Built 2002 Average Asking Rent PSF3 $33.36 10-Year Class-A Office Trends5 Industry Concentration4 15 2.2% 89% 70% 80% 90% 100% -10% 0% 10% 20% 2 0 0 7 2 0 0 8 2 0 0 9 2 0
Slide 18: Orlando Snapshot
Financial Services 25% Legal Services 24% Professional Services 17% Government 12% Construction & Design 6% Technology 4% Real Estate 4% Consumer Goods & Services 2%Other 6% Orlando Snapshot Office Portfolio Composition1 Properties 3 Total Square Feet 1,038,000 % Leased 88% % Urban2 100% Average Yea
Slide 19: Phoenix Snapshot
Phoenix Snapshot Office Portfolio Composition1 Properties 3 Total Square Feet 1,278,000 % Leased 96% % Urban2 100% Average Year Built 2008 Average Asking Rent PSF3 $42.64 10-Year Class-A Office Trends5 Industry Concentration4 17 Professional Services 29% Technology 24% Insurance 22% Engineering 4% M
Slide 20: Tampa Snapshot
Tampa Snapshot Office Portfolio Composition1 Properties 3 Total Square Feet 1,682,000 % Leased 88% % Urban2 0% Average Year Built 1999 Average Asking Rent PSF3 $31.96 10-Year Class-A Office Trends5 Industry Concentration4 18 Consumer Goods & Services… Professional Services 20% Legal Services 17% Hea
Slide 21: Contact Information and Disclaimer
Contact Information and Disclaimer Cautionary Note Regarding Forward-Looking Statements This document may include “forward-looking statements” within the meaning of federal and state securities laws and are subject to uncertainties and risks. Words such as “expects,” “anticipates,” “intends,” “plans
Cousins Properties — Investor Presentation (February 2017) on 6ix