Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (February 2020)
27 slides from Cousins Properties's investor presentation, Feb 25, 2020
Slide 1: Investor Presentation
INVESTOR PRESENTATION
Slide 2: Cousins at a Glance
I COUSINS AT A GLANCE Preeminent 21.8MM 4.55x NET DEBT / EBITDA 93.6% LEASED! $8.4Bn TOTAL MARKET 0, 100% CAPITALIZATION CLASS A Charlotte Dallas/ Fort Worth . > Atlanta Phoenix Houston Austin Tampa Land Bank Supports Additional Development of 3.4MM SF In-Place Rents 8% - 10% Below Market 32 Consecu
Slide 3: Simple Strong Balance Sheet
MPLE STRONG B ALANCE SHEET
Slide 4: Healthy Market Fundamentals
I HEALTHY MARKET FUNDAMENTALS Cousins is Positioned at the Intersection of Two Powerful Long-Term Trends NET MIGRATION FLIGHT TO QUALITY Top Five States for Net Migration’ Average Annual Net Absorption” 2005-2018 3.0% mi | #2FL | #3NC | *4AZ | #5GA Ae 2.5% #50 New York 20 Top Source of a22 17% Net M
Slide 5: Healthy Market Fundamentals
I HEALTHY MARKET FUNDAMENTALS Outstanding Office Employment Growth Constrained New Supply Office Employment Growth! 2.8% 1.3% 1.4% ® Cousins Gateway Average US. Average Construction as a % of Total Inventory? 3.1% 2.6% 2.0% €© Cousins Gateway Average US. Average
Slide 6: Healthy Market Fundamentals
HEALTHY MARKET FUNDAMENTALS Solid Supply/Demand Characteristics Robust Rent Growth and Absorption Rent Growth! Top Rent Growth Markets’ 5.4% Charlotte es °.2°: 3.7% wee East Bay [I 6.4% _ ] i IT ‘np I 5.3 @cosn ore sae Snacks I 65, Seattle (II ss. Net Absorption as a % of Total Inventory? SEFC Ee 3.
Slide 7: Premier Sun Belt Portfolio
~. i 2 ' | PREMIER SUN BELT PORTFOLIO CUZ Pure-Play Sun Belt Office REIT with a Differentiated Portfolio AVERAGE BUILDING SIZE % SUN BELT % CLASS A % OFFICE % NEAR TRANSIT? AVERAGE YEAR BUILT 87%
Slide 8: Premier Sun Belt Portfolio
PREMIER SUN BELT PORTFOLIO Dominant Market Share in Highly-Amenitized Submarkets Atlanta Buckhead 18% Class A Market Share Atlanta Midtown 13% Class A Market Share! Development/Land Asset Austin CBD 18% Class A Market Share! Austin The Domain 36% Class A Market Share! Charlotte Uptown 24% Class A Ma
Slide 9: Premier Sun Belt Portfolio
I PREMIER SUN BELT PORTFOLIO Commands Premium Rents in Our Markets Atlanta Buckhead Cousins Austin CBD Cousins Charlotte Uptown Cousins Buckhead CBD Uptown $32.01 Dallas Preston Center Cousins Phoenix Tempe Cousins Tampa Westshore Cousins Preston Center Tess Westshore 8
Slide 10: Superior Operating Performance
I SUPERIOR OPERATING PERFORMANCE 32 Consecutive Quarters Of Same Property NOI Growth Same Property Cash NOI Growth Year-Over-Year! 16% 15% 14% 13% 12% 10%
Slide 11: Compelling Growth Opportunities
COMPELLING GROWTH OPPORTUNITIES $9MM of Development NOI in 2019 Grows to $70MM! in 2022 CURRENT DEVELOPMENT PIPELINE 10000 120 WEST. 300 100 AVALON TRINITY BSED DOMAIN 0 COLORADO MILL RSF 251K 352K 320K 300K 358K 287K % Leased” 59% 100% 100% 98% 87% 44% 2022 Total +$19MM a $70MM 18 2021 Total _ % *8
Slide 12: Compelling Growth Opportunities
I COMPELLING GROWTH OPPORTUNITIES Attractive Land Bank Supports 3.4MM SF! of Additional New Development MIDTOWN BUCKHEAD LEGACY UPTOWN 455K SF 560K SF 600K SF 460K SF DOMAIN DOMAIN WESTSHORE 330K SF 800K SF 170K SF nN
Slide 13: Compelling Growth Opportunities
I COMPELLING GROWTH OPPORTUNITIES Significant Mark-to-Market Opportunity Increase in 2nd Generation Cash Net Rent! 20% 15% 10% Avg = 9 1% | U oe e ry 1 ze o8 Lh eee & & £ ie ce & market rents
Slide 14: Simple Strong Balance Sheet
SIMPLE STRONG BALANCE SHEET Leverage Significantly Below Peers 0.0x SLG Net Debt/EBITDA' Average = 6.5x 4.6x PGRE CXP VNO DEA FSP KRC CIO BXP OP! OFC BDN ARE HIW PDM CUZ _ ESRT TO FUND CURRENT DEVELOPMENT PIPELINE OR TO REDUCE LEVERAGE
Slide 15: Simple Strong Balance Sheet
I SIMPLE STRONG BALANCE SHEET Substantial Liquidity and Access to Capital Markets $764 Million Liquidity’ REVOLVER $749MM Portfolio? UNENCUMBERED 78% 14
Slide 16: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Leadership Larry L. Gellerstedt III Executive Chairman Pamela F. Roper Executive Vice President, General Counsel and Corporate Secretary John S. McColl Executive Vice President, Development Kennedy Hicks Senior Vice President, Investments
Slide 17: Appendix
APPENDIX
Slide 18: Atlanta
ATLANTA 8000 AVALON —® Sa / L7) / ft —~ NORTHPARK maa g o Oo é f \ MERIDIAN MARK 3350 PEACHTREE t ey 3348 PEACHTREE ; o BUCKHEAD PLAZA a i eee 0} 5344 PEACHTREE 35] fy TERMINUS e SPRING & 8TH_® : = a PROMENADE o 20 ‘ 200 PEACHTREE 3 *\ EMORY HOSPITAL MIDTOWN x ile —_ martawa. °9 oa Transportation 5%
Slide 19: Austin
AUSTIN 4.0MM RESEARCH PARK PLAZA V Total Square Feet' e oe Subm o * DOMAIN POINT DOMAIN TI ee T@e—DOMAINS DOMAIN 2 —@ "DOMAIN 4 e DOMAIN 3 DOMAIN 7 d P 96% one ef 816 CONGRESS @-— coLorapo Tower (@~ ONE ELEVEN (O) ° {CONGRESS a SAN JACINTO CENTER THE TERRACES Industry Financial Services ~ $58.00 age
Slide 20: Charlotte
CHARLOTTE V7] 9 GATEWAY VILLAGE * NY, 7] Py vs L & (@- FIFTH THIRD CENTER 4 @— Hearst TOWER %, * AD OF AMERICA PLAZA 4, (o me, ig = Gg (@— NASCAR PLAZA 77] DIMENSIONAL PLACE a e * ration Industry Concentra Other Professional 4% Services 4% Technology 4% Marketing Insurance 5% 4.3MM Total Square Feet
Slide 21: Dallas
DALLAS 516K e Total Square Feet' LEGACY UNION 8 96% ‘= S ! 5950 SHERRY LANE L635] 2@ 3 & o 3 @ oS di 20
Slide 22: Phoenix
PHOENIX Tempe 100% 1.3MM Total Square Feet' arket ntration 98% HAYDEN FERRY d Ric Salado Pkwy Financial Services 3 TWEST RIO ——® ieee om “i. TEMPE GATEWAY Industry Conbanee Ward St Concentration + [Goad and, Services z g x 3% > ? Professional 3 ? fessional é EsthSt Real Estate Marketing 6% 5% 21
Slide 23: Tampa
TAMPA Westshore 100% 1.7MM Total Square Feet' Submarket Concentration ‘CORPORATE CENTER I HARBORMEW PLAZA vi conporarecenten i / wa] (ee 96% CORPORATE CENTER, \treponre Ser ai al $38.86 Insurance 5% 22
Slide 24: Definitions of Non-GAAP Measures
| DEFINITIONS OF NON-GAAP MEASURES “NET OPERATING INCOME” (“NOI”) is used by industry analysts, investors and Company management to measure operating performance of the Company's properties. Net Operating Income, which is rental property revenues less termination fees and rental property operating e
Slide 25: Endnotes
ENDNOTES Page 1 - Cousins at a Glance 1, All figures are as of 31-Dec-2019 and included in Cousins filings unless otherwise noted. 2. Represents office leased percentage as of 31-Dec-2019. 3. Represents estimated developable SF. 4. Represents Cousins’ pro-rata share of NOI per 31-Dec-2019 filings. P
Slide 26: Gregg Adzema, Roni Imbeaux
Gregg Adzema Roni Imbeaux Executive Vice President and Chief Vice President, Finance and Investor Financial Officer Relations 404.407.1N6 404,407.NO4 Cautionary Statement Regarding Forward-Looking Information This communication contains forward-looking statements within the meaning of the federal se
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