Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (September 2023)
37 slides from Cousins Properties's investor presentation, Sep 11, 2023
Slide 1: Investor Presentation September 2023
INVESTOR PRESENTATION September 2023 ~
Slide 2: Why Cousins?
WHY COUSINS? PREMIER SUN BELT 100% Sun Belt / 100% Class A / 2004 average year built LIFESTYLE OFFICE 43% of portfolio delivered or redeveloped since 2015'? PORTFOLIO CUZ asking rents 9% higher than pre-pandemic levels and 24% higher than Class A avg>+ BENEFITING FROM Sun Belt migration leading to o
Slide 3: Cousins at a Glance
COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT NOI By Market! Bail Charlotte Nashville? 9% ® cousins 3
Slide 4: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Leading Sun Belt Markets NSS RSs
Slide 5: Premier Sun Belt Lifestyle Office Portfolio
nies Huei SUN Pan Cineerare OFFICE pablo, sborate and Enhance the ® cousins
Slide 6: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO State-of-the-Art Fitness and Wellness Centers ® cousins 6
Slide 7: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO On-Site Retail and Food Amenities that Promote Live-Work-Play ca ® cousins 7
Slide 8: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations ® cousins 8
Slide 9: Command Premium Rents 24% Higher than Class A Average
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Command Premium Rents 24% Higher than Class A Average in Our Core Markets CLASS A ASKING RENT ($/SF)? ATLANTA AUSTIN CHARLOTTE $63.09 $50.45 $41.95 $41.27 $37.76 - a i a 7 Total Market ® cousins Total Market @ cousins Total Market @® cousins DALLAS PHOENIX
Slide 10: Benefiting from Powerful Office Trends
BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Migration.is Leading to Outsized Population and Job Growth SUN BELT MIGRATION Domestic Net Migration 2022! 1. Florida 2. Texas. 3. North Carolina 4. South Carolina 5. Tennessee 6. Georgia 7. Arizona BA Masichili otis B@eNew Jersey 49, Wlinoig BO. NewyY
Slide 11: Benefiting from Powerful Office Trends
BENEFITING FROM POWERFUL OFFICE TRENDS Flight to Quality Intensities and is Driving Demand for Newer, Highly-Amenitized Assets U.S. OFFICE PERFORMANCE Net Absorption Rent Premium / Discount by Building Age! by Building Age? 60% 2015-Present 3, zg @ 50% 2010-2014 8 | e 2 40% < 2000s -62 || & 30% > a
Slide 12: Cousins Portfolio Performance
COUSINS PORTFOLIO PERFORMANCE
Slide 13: Select Return to Work Mandates
SELECT RETURN TO WORK MANDATES1
Slide 14: U.S. Employees Subject to Newly Effective RTO Mandates
U.S. EMPLOYEES SUBJECT TO NEWLY EFFECTIVE RTO MANDATES1
Slide 15: Positioned for Organic Growth
POSITIONED FOR ORGANIC GROWTH Modest Lease Expirations Well Below Office Sector Average LEASE EXPIRATIONS BY YEAR? 50% 25% 20% Avg = 14.4% DE! HPP OPI. EQC OFC FSP CIO HIW PDM PGRE VNO ARE BDN KRC BXP ESRT [euz] SLG DEA 15% 10% 5% 0% 2023 © 2024 @ cousins 15
Slide 16: Cousins' Portfolio Occupancy vs Leased
COUSINS’ PORTFOLIO OCCUPANCY vs LEASED1
Slide 17: Cousins Increase in 2nd Generation Cash Net Rent
COUSINS INCREASE IN 2ND GENERATION CASH NET RENT1
Slide 18: Strategic Capital Allocation Creates Growth Opportunities
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITES Recycled Over $1 Billion of Older Assets during COVID Pandemic ASSET RECYCLING? MM's— $1,000 $800 Total Dev. Starts $567MM Avg Initial Rev. $60 Recognition 3Q23 $400 $200 $o -$200 -$400 -$600 -$800 2020 2021 @ cousins 18
Slide 19: Current Development Pipeline Austin Nashville
CURRENT DEVELOPMENT PIPELINE AUSTIN NASHVILLE
Slide 20: Strategic Capital Allocation Creates Growth Opportunities
STRATEGIC CAPITAL ALLOCATION CREATES raealll OPPORTUNITES k Supports 51MM SF of Additional New De ATLANTA 887 WEST 3354 DO PEACHTREE | PEACHTREE MIDTOWN BUCKHEAD MIDTOWN DOMAIN DOMAIN 740K SF 200K SF 900K SF 600K SF DALLAS LEGACY UNION TWO / THREE LEGACY 600K SF SOUTH END 4 ‘ SOUTH END m 585K SF 560
Slide 21: Balance Sheet Primed for Opportunities
BALANCE SHEET PRIMED FOR OPPORTUNITIES Low Leverage with Substantial Liquidity NET DEBT/EBITDA? 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x SLG PGRE HPP BDN OPI VNO FSP BXP DEA PDM CIO OFC HIW ESRT KRC ARE CUZ ® Cousins 21
Slide 22: Balance Sheet Primed for Opportunities
BALANCE SHEET PRIMED FOR OPPORTUNITIES Minimal Near-Term Debt Maturities DEBT MATURITY SCHEDULE? 80% 70% 60% 50% 40% 30% 20% 10% FSP OP! CIO BDN PDM PGRE SLG DEA BXP HPP KRC VNO ESRT DEI |CUZ| OFC EQC ARE HIW 2023 ©2024 0% @® cousins 22
Slide 23: Cousins' In-Place Gross Rent per SF
COUSINS’ IN-PLACE GROSS RENT PER SF1
Slide 24: Cousins' Common Dividend per Share and FAD Payout Ratio
COUSINS’ COMMON DIVIDEND PER SHARE AND FAD PAYOUT RATIO1
Slide 25: Net Asset Value Appreciation per Green Street
NET ASSET VALUE APPRECIATION PER GREEN STREET1
Slide 26: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Stable, Experienced Leadership M. Colin Connolly Gregg D. Adzema nd Chief Executive <.. E Vice Pr | John S. McColl Vice President pment @ Cousins 26
Slide 27: Appendix
Slide 28: Atlanta Market Snapshot
ATLANTA Market Snapshot AVALON —® / i "" °>—~ norTHPARK , oS \ MERIDIAN MARK 3350 PEACHTREE 3348 PEACHTREE BUCKHEAD PLAZA “~—~e oS > ~ 3544 PEACHTREE o TERMINUS Sprincasn PROMENADE CENTRAL Yeo promenacne i TOWER o o e., ©120 WEST TRINITY RN 725 PONCE EMORY HOSPITAL MIDTOWN : — — Mmarta™a.. » o 20] ®
Slide 29: Austin Market Snapshot
AUSTIN Market Snapshot RESEARCH PARK PLAZA V. » — Oo LJ DOMAIN POINT DOMAIN 10 oe DOMAIN TI Fee vomain 12 DOMAIN 2 “4m “DOMAIN 8 DOMAIN 3 @ DOMAIN7 DOMAIN 4 oS 8 “ 6 f ; i Wy, & ah 300 COLORADO —® COLORADO TOWER ONE ELEVEN @ ° (CONGRESS > Cn @ _SANJACINTO CENTER” * THE TERRACE ® cousins Submarket Co
Slide 30: Tampa Market Snapshot
TAMPA Market S HARBORVIEW PLAZA a THE POINTE ® cousins ot CORPORATE CENTER a ® B B® HEIGHTS UNION __ Submarket Concentration” Industry Concentration¢ | 30
Slide 31: Phoenix Market Snapshot
PHOENIX Mar t Snapshot HAYDEN FERRY ek salad! wre E Rio Salado Phy mwestRio——® = > oo mit a TEMPE GATEWAY Worst z z Esth St . ® cousins Submarket Concentration” Industry Concentration4 31
Slide 32: Charlotte Market Snapshot
CHARLOTTE Market Snapshot THE RAILYARD.g ® cousins yy yy eee 77 *, a @~ FIFTH THIRD CENTER @—— 550 SOUTH 77) | Submarket Concentration” Industry Concentration* 32
Slide 33: Dallas Market Snapshot
DALLAS Market Snapshot \cecacy UNION i 2 a a @ 9 S 5950 SHERRY LANE F | B BS: © S di ® cousins S ® Submarket Concentration? Industry Concentration4 33
Slide 34: Endnotes
ENDNOTES Page 2- Why Cousins? 1. As of 30-Jun-2023. 2. Includes eight assets that have undergone redevelopments in past five years. 3. Based on CoStar average asking rents for same pool of Cousins assets from a@ig to 2Q25. 4. Source: CoStar. Represents weighted average gross rental rates of 4 & 5 st
Slide 35: 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 36: 3344 Peachtree Road NE Suite 1800 Atlanta, GA 30326 Executive Vice President and Chief
3344 Peachtree Road NE Suite 1800 Atlanta, GA 30326 Executive Vice President and Chief Financial Officer gadzema@cousins.com 404.407.1116 Vice President, Finance and Investor Relations rimbeaux@cousins.com 404.407.1104
Slide 37: Slide 37
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