Cousins Properties Incorporated · NYSE:CUZ

Cousins Properties — Investor Presentation (September 2025)

42 slides from Cousins Properties's investor presentation, Sep 8, 2025

  1. Slide 1: Investor Presentation September 2025

    INVESTOR PRESENTATION September 2025

  2. Slide 2: Why Cousins?

    2 BENEFITING FROM POWERFUL OFFICE TRENDS BALANCE SHEET PRIMED FOR OPPORTUNITIES PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO TRACK RECORD OF SUCCESS WHY COUSINS? • Flight to quality driving demand for newer, highly-amenitized assets5 • Sun Belt migration leading to outsized population and job growth6

  3. Slide 3: Cousins at a Glance

    35 COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT Geographic Concentration1 21.6MM SF portfolio3 2011 average year built4 92.1% leased4 70% of portfolio developed or redeveloped since 20104,5 916K SF development pipeline6 5.3MM SF land bank7 Dallas 2% 97% Leased Charlotte 11% 91% Leased Atl

  4. Slide 4: Lifestyle Office has Emerged as a Distinct and Desirable Property Type

    4 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Lifestyle Office has Emerged as a Distinct and Desirable Property Type COMMODITY OFFICE ASSETS  New or recently redeveloped properties that command premium rents and enjoy higher occupancy  Located in the best markets and submarkets with close proximit

  5. Slide 5: Amenity-Rich Trophy Assets in Leading Sun Belt Markets

    5 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Amenity-Rich Trophy Assets in Leading Sun Belt Markets 725 PONCE Atlanta HEIGHTS UNION Tampa THE RAILYARD Charlotte 100 MILL Phoenix THE DOMAIN Austin PROMENADE CENTRAL Atlanta

  6. Slide 6: On-Site Dining, Shopping and Entertainment Options

    6 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO On-Site Dining, Shopping and Entertainment Options Creating Dynamic Environments

  7. Slide 7: Active Outdoor Spaces to Work, Recharge or Relax

    7 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Active Outdoor Spaces to Work, Recharge or Relax

  8. Slide 8: State-of-the-Art Fitness and Wellness Centers

    8 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO State-of-the-Art Fitness and Wellness Centers

  9. Slide 9: Select Repositioning of High-Quality Assets in Prime Locations

    9 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations HAYDEN FERRY Tempe Phoenix RECENTLY COMPLETED REDEVELOPMENT

  10. Slide 10: Select Repositioning of High-Quality Assets in Prime Locations

    10 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations 201 N TRYON Uptown Charlotte IN-PROCESS/PLANNED REDEVELOPMENTS PROSCENIUM Midtown Atlanta

  11. Slide 11: Select Repositioning of High-Quality Assets in Prime Locations

    11 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations 550 SOUTH Uptown Charlotte IN-PROCESS/PLANNED REDEVELOPMENTS

  12. Slide 12: Cousins Portfolio Quality Ranks at the Top of Office REIT Peers

    12 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Cousins Portfolio Quality Ranks at the Top of Office REIT Peers 0 10 20 30 40 50 60 CUZ BXP PGRE KRC HIW HPP SLG VNO ESRT DEI Rent Score Build Score Amenity Score BANK OF AMERICA ANALYSIS OF PORTFOLIO QUALITY1 “Buildings along the upper tier of the qual

  13. Slide 13: Command Premium Rents 31% Higher than Class A Average

    13 ATLANTA AUSTIN CHARLOTTE DALLAS PHOENIX TAMPA CLASS A ASKING RENT ($/SF)1,2 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Command Premium Rents 31% Higher than Class A Average in Our Core Markets $35.86 $47.88 Total Market $36.88 $66.63 Total Market $33.53 $52.12 Total Market $37.56 $48.13 Total Ma

  14. Slide 14: Cousins is Positioned to Outperform in the Current Office Sector Environment

    14 BENEFITING FROM POWERFUL OFFICE TRENDS Cousins is Positioned to Outperform in the Current Office Sector Environment  Customers prioritizing high-quality, well-amenitized and well-located buildings to promote employee collaboration and engagement Flight To Quality Population Migration Return To N

  15. Slide 15: Flight to Quality is Driving Demand for Newer, Highly-Amenitized Assets

    15 -53 -24 -57 -140 -62 -86 133 -150 -100 -50 0 50 100 150 Before 1960 1960s 1970s 1980s 1990s 2000s 2010-Present Net Absorption Since Covid-19 Onset (SF MM'S) Y ea r of D el iv er y FLIGHT TO QUALITY Net Absorption Since COVID Onset1 BENEFITING FROM POWERFUL OFFICE TRENDS Flight to Quality is Drivi

  16. Slide 16: Sun Belt Migration is Leading to Outsized Population and Job Growth

    16 DOMESTIC NET MIGRATION 20241 BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Migration is Leading to Outsized Population and Job Growth Houston Dallas Austin Nashville Charlotte Atlanta Tampa Phoenix 1. Texas +85k 2. North Carolina +82k 3. South Carolina +68k 47. Massachusetts -27k4. Florida +64k

  17. Slide 17: Long-Term Migration has Led to the Sun Belt Becoming a Top Destination

    17 BENEFITING FROM POWERFUL OFFICE TRENDS Long-Term Migration has Led to the Sun Belt Becoming a Top Destination for Businesses 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1970 1980 1990 2000 2010 2020 Sh ar e of U .S . P op ul at io n South West Midwest Northeast HISTORICAL POPULATION GROWTH1 Nearl

  18. Slide 18: National Return to Office Supports Accelerating Leasing Activity

    18 49 0 10 20 30 40 50 60 70 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 QUARTERLY U.S. LEASING ACTIVITY1 (MM SF) BENEFITING FROM POWERFUL OFFICE TRENDS National Return to Office Supports Accelerating Leasing Activity Leasing velocity in 1H25 has outpaced 1H24 by 6.4%

  19. Slide 19: New Office Supply is Shrinking and Should Create a Shortage

    19 -40 -30 -20 -10 0 10 20 30 40 50 60 70 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 Groundbreakings Inventory Removals U.S. OFFICE INVENTORY1 (MM SF) BENEFITING FROM POWERFUL OFFICE TRENDS New Office Supply is Shrinking and Should Create

  20. Slide 20: Modest Lease Expirations Well Below Office Sector Average

    20 0% 10% 20% 30% 40% 50% DEI FSP CDP HPP HIW PDM PGRE OPI BDN VNO ESRT SLG CUZ KRC DEA BXP 2025 2026 2027 LEASE EXPIRATIONS BY YEAR1 POSITIONED FOR ORGANIC GROWTH Modest Lease Expirations Well Below Office Sector Average 16.1% Avg = 22.5%

  21. Slide 21: Increase Occupancy from Contractual New Leasing

    21 82% 84% 86% 88% 90% 92% 94% 96% 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 % Occupied % Leased COUSINS PORTFOLIO OCCUPANCY vs LEASED1 POSITIONED FOR ORGANIC GROWTH Increase Occupancy from Contractual New Leasing Pre-COVID (1Q17-1Q20) Avg = 94% Leased 2.5% contractual upside from recent leasing

  22. Slide 22: Continue to Roll Up Existing Leases upon Expiration

    22 0% 5% 10% 15% 20% 25% 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 POSITIONED FOR ORGANIC GROWTH Continue to Roll Up Existing Leases upon Expiration COUSINS INCREASE IN 2ND GENERATION CASH NET RENT1 Avg = 9.9%

  23. Slide 23: Improving Portfolio Quality and Cash Flows Through Capital Recycling

    23 -$800 -$600 -$400 -$200 $0 $200 $400 $600 $800 $1,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Acquisitions Dispositions Development Starts ASSET RECYCLING1 STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES Improving Portfolio Quality and Cash Flows Through Capital Recycling

  24. Slide 24: 916K SF Active Development Delivering NOI Growth

    24 STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES 916K SF Active Development Delivering NOI Growth NEUHOFF CURRENT DEVELOPMENT PIPELINE NASHVILLE 395K SF Office 55K SF Retail 542 Apartments 50% Ownership Office 51% Leased1 Apartments 78% Leased1 $295MM CUZ Investment2 2026 Stabilization

  25. Slide 25: Sourced over $1 Billion of Compelling New Acquisitions

    25 STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES Sourced over $1 Billion of Compelling New Acquisitions in Core Sun Belt Markets Since 2024 RECENT ACQUISITIONS MIDTOWN Atlanta PROSCENIUM $16.7MM1 SOUTH END Charlotte VANTAGE $328.5MM UPTOWN Dallas THE LINK $218MM DOWNTOWN Austin SAIL TOWE

  26. Slide 26: Land Bank Supports 5.3MM SF of Additional Development

    26 DOMAIN POINT LEGACY UNION TWO / THREE LEGACY 600K SF DALLAS MIDTOWN 800K SF 887 WEST PEACHTREE 3354 PEACHTREE ATLANTA AUSTIN 715 PONCE MIDTOWN 200K SF DOMAIN 900K SF TAMPA CORPORATE CENTER V WESTSHORE 180K SF DOMAIN CENTRAL CHARLOTTE 303 TREMONT 1435 S. TRYON SOUTH END 650K SF SOUTH END 520K SF S

  27. Slide 27: Low Leverage with Substantial Liquidity

    27 5.1x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x HPP OPI SLG PGRE BDN BXP DEA VNO PDM KRC HIW FSP CDP ESRT CUZ NET DEBT/EBITDA1 $949 Million Liquidity2 BALANCE SHEET PRIMED FOR OPPORTUNITIES Low Leverage with Substantial Liquidity Avg = 7.8x

  28. Slide 28: Forecasting Earnings Growth Despite Interest Rate Headwinds

    28 7.6% -80% -60% -40% -20% 0% 20% HPP OPI FSP ONL BDN PGRE DEI PDM KRC HIW VNO ESRT BXP DEA CUZ CDP SLG FFO/SHARE GROWTH 2023 vs 20251 TRACK RECORD OF SUCCESS Forecasting Earnings Growth Despite Interest Rate Headwinds Avg = -22.8%

  29. Slide 29: Attractive Dividend Growth while Maintaining Conservative Payout Ratio

    29 10.3% -100% -80% -60% -40% -20% 0% 20% PGRE CMCT HPP PDM OPI FSP VNO ESRT DEA DEI BXP BDN SLG HIW CUZ CDP KRC 67% 66% 63% 71% 72% 77% 73% 0% 20% 40% 60% 80% 2019 2020 2021 2022 2023 2024 2025 YTD TRACK RECORD OF SUCCESS Attractive Dividend Growth while Maintaining Conservative Payout Ratio OFFICE

  30. Slide 30: Premier Sun Belt Portfolio Drives Relative NAV Performance

    30 -13% -38% -55% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% NET ASSET VALUE APPRECIATION PER GREEN STREET1 TRACK RECORD OF SUCCESS Premier Sun Belt Portfolio and Development Expertise Drive Relative NAV Performance CUZ Non-Gateway Peer Avg Gateway Peer Avg

  31. Slide 31: Meet Our Executive Team

    31 Pamela F. Roper Executive Vice President, General Counsel and Corporate Secretary M. Colin Connolly President and Chief Executive Officer John S. McColl Executive Vice President, Development Gregg D. Adzema Executive Vice President and Chief Financial Officer Richard Hickson Executive Vice Presid

  32. Slide 32: Appendix

    “APPENDIX.

  33. Slide 33: Atlanta Market Snapshot

    33 Submarket Concentration2 Industry Concentration4 ATLANTA Market Snapshot 8.6MM Total Square Feet1 86% Leased1 $47.88 Average Asking Rent3 Buckhead 43% Midtown 40% Central Perimeter 10% North Fulton 7% Technology 24% Financial Services 23% Professional Services 10% Real Estate 10% Consumer Goods a

  34. Slide 34: Austin Market Snapshot

    34 AUSTIN Market Snapshot 5.7MM Total Square Feet1 95% Leased1 $62.11 Average Asking Rent3 Industry Concentration4 Submarket Concentration2 Technology 53% Legal Services 12% Energy 8% Financial Services 7% Consumer Goods and Services 7% Other 5% Professional Services 4% Marketing 2% Healthcare 2% CB

  35. Slide 35: Charlotte Market Snapshot

    35 CHARLOTTE Market Snapshot 2.1MM Total Square Feet1 91% Leased1 Submarket Concentration2 Industry Concentration4 $50.91 Average Asking Rent3 Financial Services 35% Insurance 15% Legal Services 14% Other 10% Consumer Goods and Services 9% Professional Services 8% Real Estate 5% Transportation 4% Up

  36. Slide 36: Tampa Market Snapshot

    36 95% Leased1 2.0MM Total Square Feet1 $48.13 Average Asking Rent3 TAMPA Market Snapshot Submarket Concentration2 Industry Concentration4 Westshore 80% CBD 20% Healthcare 26% Other 13% Insurance 12% Technology 10% Legal Services 10% Financial Services 8% Consumer Goods and Services 8% Professional

  37. Slide 37: Phoenix Market Snapshot

    37 Tempe 100% PHOENIX Market Snapshot 96% Leased1 1.6MM Total Square Feet1 Submarket Concentration2 Industry Concentration4 $52.12 Average Asking Rent3 Technology 39% Professional Services 24% Other 13% Transportation 6% Construction 5% Consumer Goods and Services 4% Healthcare 3% Real Estate 3% Mar

  38. Slide 38: Dallas Market Snapshot

    38 DALLAS Market Snapshot 97% Leased1 808K Total Square Feet1 $66.63 Average Asking Rent3 Submarket Concentration2 Industry Concentration4 Energy 51% Financial Services 22% Professional Services 7% Construction 6% Legal Services 5% Other 5% Real Estate 4% Preston Center 35% Legacy 65%

  39. Slide 39: Page Footnotes and Sources

    39 Page 17 – Benefiting from Powerful Office Trends 1. Source: U.S. Census Bureau Historical Population Change Data, 1910-2020. Page 18 – Benefiting from Powerful Office Trends 1. Source: JLL U.S. Office Outlook 2Q 2025. Page 19 – Benefiting from Powerful Office Trends 1. Source: JLL U.S. Office Out

  40. Slide 40: Cautionary Statement Regarding Forward-Looking Information

    40 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 informati

  41. Slide 41: Contact Information

    3344 Peachtree Road NE Suite 1800 Atlanta, GA 30326 cousins.comGregg Adzema Executive Vice President and Chief Financial Officer gadzema@cousins.com 404.407.1116 Roni Imbeaux Vice President, Finance and Investor Relations rimbeaux@cousins.com 404.407.1104

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