Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (September 2026)
41 slides from Cousins Properties's investor presentation, September 2026
Slide 1: Investor Presentation September 2026
550 SOUTH Charlotte INVESTOR PRESENTATION September 2026
Slide 2: Why Cousins?
WHY COUSINS? PREMIER SUN BELT • 100% Sun Belt / 100% Class A / 2014 average year built1 LIFESTYLE OFFICE • 76% of portfolio NOI delivered or redeveloped since 20102 PORTFOLIO • CUZ asking rents 28% higher than pre-pandemic levels and 35% higher than Class A avg3,4 BENEFITING FROM • Flight to quality
Slide 3: Cousins at a Glance
COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT Geographic Concentration1 Charlotte 13% Dallas 5% Nashville 1% Atlanta 32% Phoenix 7% Austin 32% Houston 3% Tampa 7% 22.3MM SF 92.8% 2014 76% 903K SF 5.1MM SF portfolio2 leased2 average of portfolio NOI recently land bank5 year built2 developed
Slide 4: Lifestyle Office has Emerged as a Distinct and Desirable Property Type
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Lifestyle Office has Emerged as a Distinct and Desirable Property Type LIFESTYLE OFFICE ASSETS COMMODITY OFFICE ASSETS New or recently redeveloped properties that × Older vintage assets with few or no in-building command premium rents and enjoy higher am
Slide 5: Amenity-Rich Trophy Assets in Leading Sun Belt Markets
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Amenity-Rich Trophy Assets in Leading Sun Belt Markets VANTAGE SAIL TOWER HEIGHTS UNION Charlotte Austin Tampa 100 MILL 725 PONCE THE DOMAIN Phoenix Atlanta Austin 5
Slide 6: Select Repositioning of High-Quality Assets in Prime Locations
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations RECENT REDEVELOPMENTS TERMINUS 200 PROSCENIUM Buckhead Atlanta Midtown Atlanta 550 SOUTH HAYDEN FERRY Uptown Charlotte Tempe Phoenix 6
Slide 7: In-Process Redevelopment: 201 N Tryon
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations IN-PROCESS REDEVELOPMENT 201 N TRYON Uptown Charlotte 7
Slide 8: Cousins Portfolio Quality Ranks at the Top of Office REIT Peers
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Cousins Portfolio Quality Ranks at the Top of Office REIT Peers BANK OF AMERICA ANALYSIS OF PORTFOLIO QUALITY1 60 Rent Score Build Score Amenity Score 50 40 30 20 10 0 CUZ BXP PGRE KRC HIW HPP SLG VNO ESRT DEI “Flight-to-quality is structural…Buildings tha
Slide 9: Command Premium Rents 35% Higher than Class A Average
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Command Premium Rents 35% Higher than Class A Average in Our Core Markets CLASS A ASKING RENT ($/SF)1,2 ATLANTA AUSTIN CHARLOTTE $64.90 $55.09 $51.30 $52.47 $44.34 $38.65 Total Market Total Market Total Market DALLAS PHOENIX TAMPA $79.12 $62.36 $53.61 $41.
Slide 10: Flight to Quality is Driving Demand for Newer, Highly-Amenitized Assets
BENEFITING FROM POWERFUL OFFICE TRENDS Flight to Quality is Driving Demand for Newer, Highly-Amenitized Assets FLIGHT TO QUALITY Net Absorption Since COVID Onset1 2010-Present 133 2000s -86 76% CUZ NOI generated from assets 1990s -62 developed or Year of Delivery redeveloped since 20102 1980s -140 1
Slide 11: Sun Belt Migration is Reaccelerating
BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Migration is Reaccelerating SUN BELT MIGRATION1 Domestic Net Migration 20251 1. North Carolina +84k 2. Texas +67k 3. South Carolina +67k 4. Tennessee +42k 5. Arizona +31k 6. Georgia +27k 7. Alabama +23k 8. Florida +23k Nashville Charlotte . Phoenix . .
Slide 12: Sun Belt Migration is Not a New Phenomenon
BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Migration is Not a New Phenomenon POPULATION GROWTH IN COUSINS MARKETS1 MM’s 100 90 86MM 80 +161% 26% of U.S. 70 Population Increase 60 50 40 33MM 30 16% of U.S. 20 Population 10 0 1970 1980 1990 2000 2010 2020 Arizona Tennessee North Carolina Georgia
Slide 13: A Resurgence of Corporate Relocations and Expansions in Sun Belt Markets
BENEFITING FROM POWERFUL OFFICE TRENDS A Resurgence of Corporate Relocations and Expansions in Sun Belt Markets HEADLINES1 Apollo Selects Austin for Strategic Hub for Starbucks Selects Tennessee Talent, Innovation and Long-Term Growth for Southeast Corporate Office - August 2026 - April 2026 Goldman
Slide 14: Sun Belt Leasing Activity Has Exceeded Pre-Pandemic Levels
BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Leasing Activity Has Exceeded Pre-Pandemic Levels For More Than a Year LEASING VOLUME vs PRE-PANDEMIC1 104% Sun Belt Growth Markets Atlanta, Austin, Charlotte, Dallas, 110% Denver, Miami/South FL, Nashville, Phoenix, Raleigh, San Diego, Tampa 100% Trai
Slide 15: Office Supply is Shrinking and Creating a Shortage of New Space
BENEFITING FROM POWERFUL OFFICE TRENDS Office Supply is Shrinking and Creating a Shortage of New, High-Quality Space U.S. OFFICE INVENTORY1 (MM SF) 20 1.6% 15 1.2% 10 0.8% 5 0.4% 0 0.0% -5 Inventory is shrinking as -0.4% conversions accelerate and groundbreakings are at all-time lows -10 -0.8% 2016
Slide 16: Modest Lease Expirations Well Below Office Sector Average
POSITIONED FOR ORGANIC GROWTH Modest Lease Expirations Well Below Office Sector Average LEASE EXPIRATIONS BY YEAR1 40% 30% Avg = 22.4% 20% 13.3% 10% 0% DEI HPP CDP PDM HIW BDN VNO KRC ESRT DEA SLG CUZ BXP 2026 2027 2028 16
Slide 17: Increasing Occupancy from Contractual and New Leasing
POSITIONED FOR ORGANIC GROWTH Increasing Occupancy from Contractual and New Leasing COUSINS PORTFOLIO OCCUPANCY vs LEASED1 95% Pre-COVID2 Avg = 94% Leased 92.8% Pre-COVID2 Avg = 91% Occupancy 90% 89.4% Near record- level leasing pipeline with 1MM SF 85% in lease negotiations or already signed quarte
Slide 18: Recent Leasing Acceleration to Near-Record Levels
POSITIONED FOR ORGANIC GROWTH Recent Leasing Acceleration to Near-Record Levels COUSINS QUARTERLY LEASING VOLUME1 SF 000’s 1,200 1,000 800 600 400 200 - 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26 18
Slide 19: Net Effective Rents Above Pre-Pandemic Levels
POSITIONED FOR ORGANIC GROWTH Net Effective Rents Above Pre-Pandemic Levels COUSINS ANNUALIZED NET EFFECTIVE RENT1 $/SF $31.00 $30.20 $29.00 +33% Increase $27.00 $25.00 $23.00 $22.64 $21.00 $19.00 $17.00 $15.00 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD 19
Slide 20: Improving Portfolio Quality and Cash Flows Through Capital Recycling
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES Improving Portfolio Quality and Cash Flows Through Capital Recycling ASSET RECYCLING1, MM’s Portfolio Portfolio $1,000 Avg Age Avg Age2 28 Yrs 12 Yrs $800 $600 $400 $200 $0 -$200 -$400 -$600 -$800 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 21: Sourced over $1.4 Billion of New Acquisitions Since 2024
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES Sourced over $1.4 Billion of Compelling New Acquisitions in Core Sun Belt Markets Since 20241 RECENT ACQUISITIONS 300 SOUTH TRYON THE LINK $317.5MM $218MM UPTOWN UPTOWN Charlotte Dallas SAIL TOWER VANTAGE $521.8MM $328.5MM DOWNTOWN SOUTH END
Slide 22: Recently Delivered Development: Neuhoff
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES 903K SF Development Delivering NOI Growth RECENTLY DELIVERED DEVELOPMENT NEUHOFF NASHVILLE 396K SF Office 53K SF Retail 542 Apartments 50% Ownership Office 96% Leased1 Apartments 93% Leased1 22
Slide 23: Land Bank Supports 5.1MM SF of Additional Development
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES Land Bank Supports 5.1MM SF1 of Additional New Office or Mixed-Use Development ATLANTA AUSTIN 887 WEST 3354 715 DOMAIN DOMAIN PEACHTREE PEACHTREE PONCE CENTRAL POINT MIDTOWN BUCKHEAD MIDTOWN DOMAIN DOMAIN 800K SF 800K SF 200K SF 900K SF 600K
Slide 24: Low Leverage with Substantial Liquidity
BALANCE SHEET PRIMED FOR OPPORTUNITIES Low Leverage with Substantial Liquidity NET DEBT/EBITDA1 14.0x $1.1 Billion Liquidity2 12.0x 10.0x 8.0x Avg = 7.8x 6.0x 5.6x 4.0x 2.0x 0.0x SLG HPP BDN VNO BXP DEA KRC PDM ESRT FSP HIW CDP CUZ 24
Slide 25: Lowest Cost of Debt Capital Among Office REITs
BALANCE SHEET PRIMED FOR OPPORTUNITIES Lowest Cost of Debt Capital Among Office REITs UNSECURED DEBT SPREADS1 $1.9 Billion 180 Outstanding public notes across four 160 issuances since 2024 2 140 120 bps Indicative 10-Yr Spreads (bps) 120 100 80 60 40 20 0 KRC PDM VNO HIW BXP CUZ 25
Slide 26: Increased Cash Rents for Consecutive Quarters
TRACK RECORD OF SUCCESS Increased Cash Rents for 49 Consecutive Quarters COUSINS INCREASE IN 2ND GENERATION CASH NET RENT1 25% 20% 15% Avg = 9.6% 10% 5% 0% 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26 26
Slide 27: Industry Leading Earnings Growth
TRACK RECORD OF SUCCESS Industry Leading Earnings Growth ANNUAL FFO/SHARE GROWTH 2024 vs 20261 9.7% 10% 0% -10% Avg = -8.5% -20% -30% -40% BDN SLG ESRT KRC DEI BXP HIW VNO PDM DEA CDP CUZ 27
Slide 28: Earnings Growth Supports Valuation Consistent With Other Property Types
TRACK RECORD OF SUCCESS Earnings Growth Supports Valuation Consistent With Other Property Types 2026 FFO MULTIPLES (Top 3 by Size1) 20.0 19.5 16.2 15.0 14.4 FFO Multiple 2 11.4 9.6 10.0 5.0 0.0 CUZ Industrial Residential Retail Office CUZ FFO Growth 3.9% 0.1% 2.5% (4.1%) 4.9% (‘24-’26 CAGR3) Dividen
Slide 29: Relative NAV Performance
TRACK RECORD OF SUCCESS Premier Sun Belt Portfolio and Development Expertise Drive Relative NAV Performance NET ASSET VALUE CHANGE PER GREEN STREET1 30% CUZ 20% Non-Gateway Peer Avg 10% 0% -7% -10% Gateway Peer Avg -20% -30% -34% -40% -50% -50% -60% 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26
Slide 30: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Stable, Experienced Leadership M. Colin Connolly Gregg D. Adzema President and Chief Executive Executive Vice President and Officer Chief Financial Officer Kennedy Hicks Richard Hickson Executive Vice President and Executive Vice President, Chief Investment Officer Operations
Slide 31: Appendix
300 COLORADO Austin APPENDIX
Slide 32: Atlanta Market Snapshot
ATLANTA Market Snapshot Buckhead 42% 8.6MM North Fulton 9% Central Submarket Perimeter 9% Concentration2 Total Square Feet1 Midtown 40% 92% Leased1 Construction 3% Insurance Healthcare 5% 5% Technology 23% Other 6% Consumer Goods and Services Industry $51.30 7% Concentration4 Legal Services 8% Finan
Slide 33: Austin Market Snapshot
AUSTIN Market Snapshot Northwest 2% Southwest 5.1MM 7% CBD 52% Submarket Concentration2 Total Square Feet1 Domain 39% 97% Leased1 Healthcare Professional 2% Services 2% Marketing Financial Other 3% Services 4% 5% Consumer Goods and Services 8% Industry $64.90 Concentration4 Technology Energy 55% 10%
Slide 34: Charlotte Market Snapshot
CHARLOTTE Market Snapshot 2.7MM Uptown 54% Submarket Concentration2 Total Square Feet1 South End 46% 82% Healthcare Leased1 Real 3% Marketing Estate 3% 4% Financial Services Transportation 25% 5% Consumer Goods and Services 9% Industry $55.09 Professional Concentration4 Services 7% Other Legal Servi
Slide 35: Tampa Market Snapshot
TAMPA Market Snapshot Westshore 82% Submarket 1.8MM Concentration2 Total Square Feet1 CBD 18% 97% Leased1 Professional Services Real Estate 5% 7% Healthcare 22% Consumer Goods and Services 8% Financial Services 8% Industry $53.61 Concentration4 Insurance 15% Legal Services 11% Technology Average Ask
Slide 36: Phoenix Market Snapshot
PHOENIX Market Snapshot Tempe 100% Submarket 1.6MM Concentration2 Total Square Feet1 Healthcare 97% 3% Legal Services Leased1 4% Transportation 5% Real Estate 6% Technology 37% Construction 7% Industry Concentration4 Other 14% $62.36 Average Asking Rent3 Professional Services 24% 36
Slide 37: Dallas Market Snapshot
DALLAS Market Snapshot 808K Uptown 53% Preston Center 18% Submarket Concentration2 Total Square Feet1 Legacy 29% 98% Professional Services Leased1 3% Other Real Estate 4% 8% Energy 35% Marketing 12% Industry $79.12 Concentration4 Legal 12% Average Asking Rent3 Financial Services 26% 37
Slide 38: Endnotes
ENDNOTES Page 2 – Why Cousins? Page 17 – Positioned for Organic Growth 1. See endnote 1 page 20 Strategic Capital Allocation Creates Growth Opportunities. 1. Per Cousins’ quarterly supplemental reports. 2. See endnote 2 page 10 Benefitting from Powerful Office Trends. 2. Pre-COVID defined as 1Q17 –
Slide 39: 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 herein. These forward-looking statements include information
Slide 40: Contact: Gregg Adzema, Roni Imbeaux
HAYDEN FERRY Tempe Gregg Adzema Roni Imbeaux cousins.com Executive Vice President and Chief Financial Officer Senior 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
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