Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Q1 2023 Earnings Presentation
34 slides from Cousins Properties's earnings presentation, Apr 28, 2023
Slide 1: Investor Presentation May 2023
Slide 2: Why Cousins?
WHY COUSINS? PREMIER * 100% Sun Belt / 100% Class A / 2004 average year built! SUN BELT * 41% of portfolio delivered or redeveloped since 2015!” PORTFOLIO * CUZ asking rents 9% higher than pre-pandemic levels and 23% higher than Class A avg3:4 BENEFITING FROM POWERFUL OFFICE TRENDS * Migration to th
Slide 3: Cousins at a Glance
COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT NOI By Market! Charlotte Nashville? 9% Phoenix 9% Houston 3% ® cousins 3
Slide 4: Premier Sun Belt Portfolio
PREMIER SUN BELT PORTFOLIO YT Teas La @ Cousins
Slide 5: Premier Sun Belt Portfolio: Outdoor Spaces
PREMIER SUN BELT PORTFOLIO Outdoor Spaces to Collaborate and Enhance the Work Experience ® cousins 5
Slide 6: Premier Sun Belt Portfolio: Fitness and Wellness Centers
PREMIER SUN BELT PORTFOLIO State-of-the-Art Fitness and Wellness Centers
Slide 7: Premier Sun Belt Portfolio: Retail and Food Amenities
PREMIER SUN BELT PORTFOLIO On-Site Retail and Food Amenities that Promote Live-Work-Play | ® cousins 7
Slide 8: Premier Sun Belt Portfolio
PREMIER SUN BELT PORTFOLIO - net all Mt ] = BUCKHEAD PLAZA — ? [ PROMENADE TOWER Buckhead Atlanta | Midtown Atlanta 3350 PEACHTREE < PROMENADE CENTRAL —— SS Buckhead Atlanta all > Midtown Atlanta @ Cousins
Slide 9: Class A Asking Rent ($/SF)
PREMIER SUN BELT PORTFOLIO Command Premium Rents 23% Higher than Class A Average in Our Core Markets CLASS A ASKING RENT ($/SF)! ATLANTA AUSTIN CHARLOTTE $63.09 1.04 $41.91 7 $41.27 $37.54 a : L a _ Total Market @ cousins Total Market @ cousins Total Market @ cousins DALLAS PHOENIX TAMPA $55.00 $48.
Slide 10: Sun Belt Migration
BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Migration is Leading to Outsized Population and Job Growth SUN BELT MIGRATION Zillow's Hottest Markets 2022! 1. Tampa, FL 2. Jacksonville, FL 3. Raleigh, NC 4. San Antonio, TX : 5. Charlotte, NC Projected 6." Nashville, TN Population Growth 7. Atlanta,
Slide 11: Flight to Quality
BENEFITING FROM POWERFUL OFFICE TRENDS Flight to Quality is Driving Demand for Newer, Highly-Amenitized Assets FLIGHT TO QUALITY Net Absorption by Building Age’ 2015-Present 2010-2014 2000s 1990s 1980s Year of Delivery 1970s 1960s Pre 1950 -104 103 “125, 75 = 715) 25 75 125 Net Absorption Since Covi
Slide 12: Lease Expirations by Year
POSITIONED FOR ORGANIC GROWTH Low Portfolio Risk as Large Move-Outs are-in the Rearview Mirror LEASE EXPIRATIONS BY YEAR+ 35% 30% 25% 20% Avg = 17.6% 15% 10% 5% 0% DEl» EQC HPP OPI OFC FSP CIO VNO HIW PDM BDN KRC ARE ESRT BXP..PGRE SLG DEA | CUZ | 2023 §2024 @ cousins 12
Slide 13: Cousins' Portfolio Occupancy vs Leased
COUSINS’ PORTFOLIO OCCUPANCY vs LEASED1
Slide 14: Cousins' Increase in 2nd Generation Cash Net Rent
COUSINS’ INCREASE IN 2ND GENERATION CASH NET RENT1
Slide 15: Current Development Pipeline
CURRENT DEVELOPMENT PIPELINE AUSTIN NASHVILLE
Slide 16: Attractive Development Pipeline for Future Growth
ATTRACTIVE DEVELOPMENT PIPELINE FOR FUTURE GROWTH Land Bank Supports 4.6MM SF! of Additional New Development ATLANTA AUSTIN 887 WEST 3354 A DOMAIN PEACHTREE PEACHTREE i RA Fis MIDTOWN | BUCKHEAD MIDTOWN DOMAIN DOMAIN 420K SF 500K SF 200K SF 9ooK SF 600K SF CHARLOTTE DALLAS TAMPA 303 TREMONT SOUTH EN
Slide 17: Significant Opportunities to Grow in Domain Submarket of Austin
ATTRACTIVE DEVELOPMENT PIPELINE FOR FUTURE GROWTH Significant Opportunities to Grow in Domain Submarket of Austin Future Redevelopment 2 — A een, ee. + ¥ ne > -< . z . ~N Cousins Domain Portfolio Operating Properties Current Development Pipeline : — : a ” ZZ EP, = ® cousins 7
Slide 18: Net Debt/EBITDA
BALANCE SHEET PRIMED FOR OPPORTUNITIES Leverage Below Peers with Substantial Liquidity NET DEBT/EBITDA! 14.0x 12.0x 10.0x 8.0x 6.0x. 4.0x 2.0x 0.0x SLG VNO HPP PGRE OPI BXP BDN.ESRT DEA FSP ClO. PDM OFC HIW KRC ARE CUZ @® cousins 18
Slide 19: 2-Year Debt Maturity Schedule
2-YEAR DEBT MATURITY SCHEDULE1 (INCLUDES ALL DISCLOSED EXTENSION OPTIONS)
Slide 20: Cousins' In-Place Gross Rent per SF
COUSINS’ IN-PLACE GROSS RENT PER SF1
Slide 21: Cousins' Annual Dividend per Share and Payout Ratio
COUSINS’ ANNUAL DIVIDEND PER SHARE AND PAYOUT RATIO1
Slide 22: Net Asset Value Appreciation per Green Street
NET ASSET VALUE APPRECIATION PER GREEN STREET1
Slide 23: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Stable, Experienced Leadership Gregg D. aoe dent and ® cousins 23
Slide 24: Appendix
Slide 25: Atlanta
ATLANTA North Fulton 85% Submarket Concentration? AVALON —® 7 °s—~ NORTHPARK Md — es o-;. ry nS MERIDIAN MARK 3350 PEACHTREE , mond 3348 PEACHTREE ~~} o BUCKHEAD PLAZA A Se 3344 PEACHTREE Pe TERMINUS Technology 25% e PROMENADE CENTRAL a Oo é SPRING & 8TH rs 4 wh eo PROMENADE i > TOWER o @120 WEST TR
Slide 26: Austin
AUSTIN RESEARCH PARK PLAZA V DOMAIN 10 DOMAIN POINT DOMAIN 11 —@@®DOMAIN 12 2s DOMAIN 279 DOMAIN & DOMAIN 3 © DOMAIN 7 DOMAIN 4 € ? & LJ me 300 COLORADO ——® @——— COLORADO TOWER ONE ELEVEN (@) ° {CONGRESS Cn Chane SAN JACINTO CENTER THE TERRACE ® cousins Submarket Concentration? Energy Industry 12% C
Slide 27: Tampa
TAMPA Submarket Concentration? B HARBORVIEW &® PLAZA »~ CORPORATE RCD) CENTER HEIGHTS UNION—_ é THE POINTE Or] a @ @ @ Industry Concentration4 Technology 10% Legal sé ® cousins 27
Slide 28: Phoenix
PHOENIX HAYDEN FERRY oss / ww Rie 1 WEST RIO ——® o 100 MILL #4. TEMPE GATEWAY E Rio Salado Phwy Wardst z z z i ; Esthst @ Cousins Tempe 100% Submarket Concentration? Industry Concentration 28
Slide 29: Charlotte
CHARLOTTE s _— i77) J 4, 3 ‘moe ey @ ee gs Sg, b & @— FIFTH THIRD CENTER es Ss %, we °b oe 3 / 6 Ye, o , ss ONS 2 —_f Ge 550 SOUTH 77] THE RAILYARD.g S s G 3 ® cousins Submarket Concentration? Industry Concentration4 Consumer Goodst and Services 12% 29
Slide 30: Dallas
DALLAS di @ ai ® cousins di Dallas North Tollway e LEGACY UNION di 5950 SHERRY LANE Dallas North Tollway di i) 1) Submarket Concentration? Industry Concentration4 30
Slide 31: Endnotes
ENDNOTES Page 2- Why Cousins? 1 2. 3. 4. As of 3+-Mar-2023. Includes seven assets that have undergone redevelopments in past five years. Based on CoStar average asking rents for same pool of Cousins assets from 4Q19 to 1Q23. Source: CoStar. Represents weighted average gross rental rates of 4 & 5 sta
Slide 32: Cautionary Statement Regarding Forward-Looking Information
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Certain matters contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized in Item 1A included in the Annual Report on Form 10-K for the
Slide 33: Investor Relations Contacts
Executive Vice President and Chief Financial Officer Vice President, Finance and Investor Relations 3344 Peachtree Road NE gadzema@cousins.com rimbeaux@cousins.com Suite 1800 404.407.1116 404.407.1104 Atlanta, GA 30326
Slide 34: Slide 34