Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (December 2025)
43 slides from Cousins Properties's investor presentation, Dec 9, 2025
Slide 1: Investor Presentation December 2025
Slide 2: Why Cousins?
WHY COUSINS? PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO BENEFITING FROM POWERFUL OFFICE TRENDS POSITIONED FOR ORGANIC GROWTH STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES BALANCE SHEET PRIMED FOR OPPORTUNITIES TRACK RECORD OF SUCCESS @ cousins * 100% Sun Belt / 100% Class A / 2011 avera
Slide 3: Cousins at a Glance
COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT Geographic Concentration! Charlotte 10% Dallas 4% Nashville? Atlanta 32% Phoenix 7% Austin 36% Houston 3% / Tampa 8%
Slide 4: Commodity Office Assets vs Lifestyle Office Assets
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 proximity to thriving and dynamic neighborhoods ✓ Highly-amenitized including on-site retail & food, activated outdoor space,
Slide 5: Premier Sun Belt Lifestyle Office Portfolio
Perel SUN oe re eee 7s @ cousins 5
Slide 6: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO On-Site Dining, Shopping and Entertainment Options Creating Dynamic Environments ® Cousins 6
Slide 7: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO ces to Work, Recharge o @ cousins 7
Slide 8: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO State-of-the-Art Fitness and Wellness Centers ® Cousins 8
Slide 9: Recently Completed Redevelopment
RECENTLY COMPLETED REDEVELOPMENT
Slide 10: Select Repositioning of High-Quality Assets: In-Process Redevelopments
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations IN-PROCESS REDEVELOPMENTS Non i ih Uh ® Cousins 10
Slide 11: Select Repositioning of High-Quality Assets: In-Process Redevelopments
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations IN-PROCESS REDEVELOPMENTS ® Cousins 1
Slide 12: Bank of America Analysis of Portfolio Quality
BANK OF AMERICA ANALYSIS OF PORTFOLIO QUALITY1
Slide 13: Class A Asking Rent ($/SF)
CLASS A ASKING RENT ($/SF)1,2
Slide 14: Benefiting from Powerful Office Trends
BENEFITING FROM POWERFUL OFFICE TRENDS Cousins is Positioned to Outperform in the Current Office Sector Environment THEMES Flight To Quality © Customers are prioritizing high-quality, well-amenitized and well-located buildings to promote employee collaboration and engagement Population Migration @ S
Slide 15: Flight to Quality is Driving Demand for Newer Assets
BENEFITING FROM POWERFUL OFFICE TRENDS Flight to Quality is Driving Demand for Newer, Highly-Amenitized Assets FLIGHT TO QUALITY Net Absorption Since COVID Onset! Atlanta Building Vintage Migration’ ee HE 71% CUZ NO! S = 24 Years ° 5 3 = 1970s -57 1960s Before 1960 a q v I : i -150 100 a fo} ° 50 10
Slide 16: Sun Belt Migration is Leading to Outsized Population Growth
BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Migration is Leading to Outsized Population Growth SUN BELT MIGRATION? Domestic Net Migration 2024! 1. Texas +85k 2. North Carolina +82k 3. ‘South Carolina +68k 4. Florida +64k 5. Tennessee +48k 6. Arizona +35k 7. Alabama +26k 8. Georgia +25k 47. Massa
Slide 17: Population Growth in Cousins' Markets
POPULATION GROWTH IN COUSINS’ MARKETS1
Slide 18: Fortune Office Attendance Policies
FORTUNE 100 OFFICE ATTENDANCE POLICIES1
Slide 19: Leasing Volume vs Pre-Pandemic
LEASING VOLUME vs PRE-PANDEMIC1 (MM SF)
Slide 20: U.S. Office Inventory
U.S. OFFICE INVENTORY1 (MM SF)
Slide 21: Positioned for Organic Growth: Lease Expirations
POSITIONED FOR ORGANIC GROWTH Modest Lease Expirations Well Below Office Sector Average LEASE EXPIRATIONS BY YEAR* 40% ' y Px 30% 3 ta bp a 1A ag 30% = ses Bae — — So ee — ee 1 10% ; . 0% = = DEI PSR. CDP HPP. HIW PDM V ‘ BDN ESRT 2025 2026 ™2027 ® Cousins 21
Slide 22: Cousins Portfolio Occupancy vs Leased
COUSINS PORTFOLIO OCCUPANCY vs LEASED1
Slide 23: Cousins In-Place Gross Rents
COUSINS IN-PLACE GROSS RENTS1
Slide 24: Improving Portfolio Quality Through Capital Recycling
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES Improving Portfolio Quality and Cash Flows Through Capital Recycling ASSET RECYCLING? MM's $1,000 & $800 é $600 $400, $200 ll * Z -$200 -$400 -$600 -$800 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ® Acquisitions ™ Dispositions _™
Slide 25: Current Development Pipeline Nashville
CURRENT DEVELOPMENT PIPELINE NASHVILLE
Slide 26: Recent Acquisitions in Core Sun Belt Markets
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES irced over $1 Billion of Compelling New Acquisitions in Core Sun Belt Markets Since 2024 RECENT ACQUISITIONS UPTOWN Dallas Charlotte 26
Slide 27: Land Bank Supports 5.3MM SF of Mixed-Use Development
pl Relea CAPITAL ALLOCATION papel site OPPORTUNITIES Supports 5.3MM SF! o -Use Development k f ATLANTA AUSTIN 887 WEST PEACHTREE. MIDTOWN BUCKHEAD MIDTOWN DOMAIN as DOMAIN 800K SF 800K SF 200K SF 900K SF 600K SF CHARLOTTE DALLAS LEGACY UNION TWO / THREE SOUTH END 520K SF SOUTH END 650K SF re LEGACY
Slide 28: Balance Sheet Primed for Opportunities
BALANCE SHEET PRIMED FOR OPPORTUNITIES Low Leverage with Substantial Liquidity NET DEBT/EBITDA? 12.0x 10.0x 8.0x CDP _ESRT [cuz] 6.0: x 4.0: x 2.0; x 0.0x @® Cousins 28
Slide 29: Cousins Increase in 2nd Generation Cash Net Rent
COUSINS INCREASE IN 2ND GENERATION CASH NET RENT1
Slide 30: FFO/Share Growth 2023 vs 2025
FFO/SHARE GROWTH 2023 vs 20251
Slide 31: Net Asset Value Appreciation per Green Street
NET ASSET VALUE APPRECIATION PER GREEN STREET1
Slide 32: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Stable, Experienced Leadership M. Colin Connolly Gregg D. Adzema nd Chief Executive 9 Vice Pr ' John S. McColl Vice President pment @ cousins 32
Slide 33: Appendix
Slide 34: Atlanta Market Snapshot
ATLANTA Market Snapshot AVALON —® oO °— NORTHPARK oo, o ‘es MARK 3350 PEACHTREE 3348 PEACHTREE BUCKHEAD PLAZA “toe (© >~ 3344 PEACHTREE TERMINUS \e 4 PROMENADE TOWER y PROSCENIUM. s PROMENADE S —. ‘SPRING & 8TH CENTRAL A 20 ] ow @120 a TRINITY @. “~ 725 PONCE MEDICAL OFFICES AT EMORY e martawa. “9 ®
Slide 35: Austin Market Snapshot
AUSTIN Market Snaps 10 3 RESEARCH PARK PLAZA V » o | DOMAIN 10 ge DOMAIN POINT DOMAIN Tl —e9®DOMAIN 12 rae DOMAIN 2 gi {DOMAIN S DOMAIN 3 ®DOMAINT DOMAIN 4 a » ¢ 7 300 COLORADO, &8 SAIL TOWERS. 56 ee COLORADO TOWER (‘O) ONE ELEVEN CONGRESS name @ SAN JACINTO CENTER THE TERRACE ® Cousins Submarket i
Slide 36: Charlotte Market Snapshot
aa ea Marke VANTAGE THE RAILYARD.9 ® Cousins ba B Submarket 1277) Concentration? & iy ay 2 — % A 277) NG @— FIFTH THIRD CENTER oo oe 3 Sy % a i Ne AL —/ 3 é D6 “50 sours 77] A Y Industry Concentration* 36
Slide 37: Tampa Market Snapshot
TAMPA Market Snapshot . ‘CORPORATE CENTER THE POINTE ® Cousins HEIGHTS UNION Submarket Concentration? Industry Concentration4 37
Slide 38: Phoenix Market Snapshot
PHOENIX Market Snapshot Submarket Concentration” HAYDEN FERRY TM WEST RIO ———® °~ 100 MILL Ric Salado Phony SiR TEMPE GATEWAY Wardst owany ny HAN Industry _ 3 $52 86 Asking Rent Esthst 38 ® Cousins
Slide 39: Dallas Market Snapshot
DALLAS Market Snapshot 8S LEGACY UNION g a = a Oo 5950 SHERRY LANE di Dallas North Tollway o_. @ a ® Cousins Submarket Concentration? Industry Concentration4 39
Slide 40: Endnotes
ENDNOTES Page 2 - Why Cousins? 1. Asof 30-Sept-2025 2. Based on 3Q25 GAAP NOI. Average age is adjusted for ten assets that have been redeveloped over the past seven years, Based on CoStar average asking rents for same pool of Cousins assets from 4Qi9 to 3Q25. 4. Source: CoStar. Weighted average gros
Slide 41: 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 42: Contact
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
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