Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (February 2021)
29 slides from Cousins Properties's investor presentation, Feb 24, 2021
Slide 1: Cousins Presentation
© Cousins PRESENTATION...
Slide 2: Cousins at a Glance
COUSINS AT A GLANCE Preeminent Sun Belt Office REIT NOI By Market* Charlotte 12% Dallas/ Fort Worth 1 6% 4 Phoenix Bx 7 “Houston Austin’ 4% 27~ 25% of portfolio 2002 less than 5 years old average year built 92.7% 20 MM SF! leased? portfolio ® cousins 15MM SF development pipeline 77% Leased3
Slide 3: Why Cousins?
WHY: COUSINS? RESILIENT MARKET FUNDAMENTALS PREMIER SUN BELT PORTFOLIO COMPELLING GROWTH OPPORTUNITIES SIMPLE STRONG BALANCE SHEET @ cousins
Slide 4: Flight to Quality Sun Belt Migration
FLIGHT TO QUALITY SUN BELT MIGRATION
Slide 5: Recent Corporate Relocations and Expansions
RECENT CORPORATE RELOCATIONS AND EXPANSIONS AUSTIN CHARLOTTE TAMPA PHOENIXATLANTA DALLAS
Slide 6: Rent Growth and Net Absorption
RENT GROWTH 4Q YEAR OVER YEAR1 NET ABSORPTION / TOTAL INVENTORY LAST 12 MONTHS2
Slide 7: Resilient Market Fundamentals
RESILIENT MARKET FUNDAMENTALS Persistent |n-Pla IN-PLACE GROSS RENT PER SF* $41.00 $40.26 $40.00 11% INCREASE $39.00 $38.00 $37.00 $36.41 $36.00 $35.00 $34.00 4Q18 119 2Q19 3Q19 4Qi9 1Q20 2Q20 3Q20 4Q20 @ cousins
Slide 8: Premier Sun Belt Portfolio
PREMIER SUN BELT PORTFOLIO Dominant Market Share in Highly-Amenitized Submarkets ATLANTA HH Operating Asset Development/Land Asset MIDTOWN BUCKHEAD 12% Class A Market Share! 18% Class A Market Share! iN 38% Class A Market Share’ Class A @ cousins 8
Slide 9: Premier Sun Belt Portfolio
PREMIER SUN BELT PORTFOLIO Dominant Market Share in Highly-Amenitized Submarkets CHARLOTTE UPTOWN = 12% > Class A Market Share! 24% Class A TAMPA PHOENIX 22% Class A Market Share! SS 16% Class A Market Share! @ cousins 9
Slide 10: Premier Sun Belt Portfolio: Premium Rents
PREMIER SUN BELT PORTFOLIO ymmands Premium Rents in Our Marke CLASS A ASKING RENT ($/SF)* ATLANTA AUSTIN CHARLOTTE $37.95 $41.20 $60.08 ABH - \ ; L a Total Market @ Cousins Total Market @ cousins Total Market @ cousins DALLAS PHOENIX TAMPA $38.94 iia $44.63 $33.39 S| 37 = a Total Maret @ cousins Tot
Slide 11: Premier Sun Belt Portfolio: Lease Expirations
PREMIER SUN BELT PORTFOLIO Manageable Near-Term Lease Ext rations LEASE EXPIRATIONS BY YEAR? 30% 25% a Average = 18.5% 15.6% 15% 10% : . 0% KRC VNO- BXP PGRE CXP_ DEA [cuz ] HIW PDM SLG EQC BDN ESRT_ OPI HPP OFC FSP CIO DEI 2021 ™ 2022 @® cousins "
Slide 12: Compelling Growth Opportunities
COMPELLING GROWTH OPPORTUNITIES $53MM of Annualized Development NOI by Year-End 2022 PHOENIX ATLANTA RECENT DELIVERY AUSTIN AUSTIN ATLANTA AUSTIN RSF % Leased! QUARTERLY NOI? $53MM Annualized © = a - = = = 4 | 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Recent Delivery 3Q22 4Q22 = Current Deve
Slide 13: Compelling Growth Opportunities: Land Bank
COMPELLING GROWTH OPPORTUNITIES Attractive Land Bank Supports 5.2MM SF? of Additional New Development ATLANTA AUSTIN 901 WEST — PEACHTREE MIDTOWN BUCKHEAD DOMAIN DOMAIN DOMAIN 455K SF 560K SF 330K SF 800K SF 600K SF CHARLOTTE DALLAS TAMPA LEGACY UNION CORPORATE CENTER SOUTH END STATION 303 TREMONT T
Slide 14: Increase in 2nd Generation Cash Net Rent
INCREASE IN 2ND GENERATION CASH NET RENT1
Slide 15: Simple Strong Balance Sheet
SIMPLE STRONG BALANCE SHEET verage Significantly B. NET DEBT/EBITDA? 14.0x 12.0x. 10.0x 8.0x Average = 7.0x SLG PGRE FSP. VNO BXP XP KRC OFC OP! DEA ESRT PDM ARE HIW [cuz | 6.0x 4.0x 2.0x 0.0x @ Cousins 15
Slide 16: Simple Strong Balance Sheet
SIMPLE STRONG BALANCE SHEET Substantial Liquidity and A t ypital Market CASH $4MM Flexible Property Portfolio? $772 Million Liquidity’ REVOLVER UNENCUMBERED $768MM 78% @® cousins
Slide 17: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Stable, Experienced Leadership Toe ‘ae a Gregg D. Adzema tent and Richard Hickson ‘ Pamela F. Roper utive Vice President f ; Executive Vice President, General ‘ Counsel and Corporate Secretary @ Cousins 7
Slide 18: Cousins
© Cousins
Slide 19: Atlanta Market Snapshot
ATLANTA Market Snaps 8000 AVALON —® Submarket Concentration? o °—~ NorTHPARK — e an o; 9 rN H “\ MERIDIAN MARK 3350 PEACHTREE , - 3348 PEACHTREE Zz o Tranaportation BUCKHEAD PLAZA + 3344 PEACHTREE | Cs Oo : TERMINUS SPRING & 8TH r a ae — promenade oO a 1200 PEACHTREE oe’ ~EMORY HOSPITAL MIDTOWN ot .
Slide 20: Austin Market Snapshot
apd RESEARCH PARK PLAZA V » — 9 Loh Ht 6 @ DOMAIN POINT DOMAIN 11. he ro” DOMAIN 8 DOMAIN 2 @ DOMAIN 4 DOMAIN agere © DOMAINT di on ° is) (if : Oo Hf & é 816 CONGRESS See eo. COLORADO TOWER o) 9 concn &3 ‘Chay @ _ SAN JACINTO CENTER™* THE TERRACES ® cousins Submarket Concentration? | Rel Estate 3% T
Slide 21: Charlotte Market Snapshot
CHARLOTTE ket Snaps qi (@- FIFTH THIRD CENTER ~~ ONESSOUTH AT THE PLAZA THE RAILYARD g, — NASCAR PLAZA 1277] DIMENSIONAL PLACE - r “ee e ® cousins Submarket Concentration? Professional Services 5% Industry Concentration a
Slide 22: Dallas Market Snapshot
DALLAS Market Snapshot \cecacy UNION Submarket Concentration? Dallas North Tollway S 5950 SHERRY LANE 35) Industry Concentration* C) a @ a io) 22 ® cousins
Slide 23: Phoenix Market Snapshot
PHOENIX cet Snaps HAYDEN FERRY “sore Rio Salado Phy TWEST RIO ——® pe TEMPE GATEWAY Wardst E i ? z EsthSt # ® cousins Submarket Concentration? Industry Concentration4 Insurance co 23
Slide 24: Tampa Market Snapshot
aia \inerowre ® cousins crap ai Submarket TAMPA INTERNATIONAL © anor Concentration? ‘CORPORATE CENTER I conronat exreR / ‘CORPORATE CENTERIV, \v ‘CORPORATE CENTER! i / Industry 7, Concentration* Technology 15% Legal Services 24
Slide 25: 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. NOI, which is rental property revenues (excluding termination fees) less rental property operating expenses, ex
Slide 26: Endnotes
ENDNOTES 1. As of 31-Dec-2020 filings. 2. Represents same property leased percentage as of 31-Dec-2020 filings. 3. Represents office leased percentage as of 31-Dec-2020. 4. Represents Cousins’ pro-rata share of forth quarter NOI per 31-Dec-2020 filings. Page 4- Resilient Market Fundamentals 1. Sourc
Slide 27: 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
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