Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — BofA investor presentation (September 2022)
31 slides from Cousins Properties's conference presentation, Sep 12, 2022
Slide 1: Nn fe) A ke G E oO fe o a n
Nn fe) A ke G 9 E oO fe o a n
Slide 2: Why Cousins?
WHY COUSINS? PREMIER SUN BELT PORTFOLIO BENEFITING FROM POWERFUL OFFICE TRENDS POSITIONED FOR ORGANIC GROWTH ATTRACTIVE DEVELOPMENT PIPELINE FOR FUTURE GROWTH BALANCE SHEET PRIMED FOR OPPORTUNITIES TRACK RECORD OF SUCCESS * 100% Sun Belt / 100% Class A / 2004 average year built! * 32% of portfolio l
Slide 3: Cousins at a Glance
COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT NOI By Market! Charlotte Nashville? 10% ® cousins 3
Slide 4: Premier Sun Belt Portfolio
PREMIER SUN BELT PORTFOLIO
Slide 5: Premier Sun Belt Portfolio
PREMIER SUN BELT PORTFOLIO ae lit cepositioning of MIgh-Vluality PROMENADE TOWER BUCKHEAD PLAZA Midtown Atlanta Buckhead Atlanta Fa Ss oe > el i Kk # Mh ad | PROMENADE CENTRAL et == * Midtown Atlanta | 3350 PEACHTREE Buckhead Atlanta ® cousins 5
Slide 6: Premier Sun Belt Portfolio: Premium Rents
PREMIER SUN BELT PORTFOLIO mand Premium Rents 24% Higher than.Class A Average in Our Marke CLASS A ASKING RENT ($/SF)? ATLANTA AUSTIN CHARLOTTE $62.77 eat 85 $51.80 $39.27 $36.79 - a i Total Market ® cousins Total Market @ cousins Total Market ® cousins DALLAS PHOENIX TAMPA $55.44 Td $44.30 8 $33.47
Slide 7: Benefiting from Powerful Office Trends: Sun Belt Migration
BENEFITING FROM POWERFUL OFFICE TRENDS lt Migration adir oula jayst SUN BELT MIGRATION RedFin’s Top Migration Markets 2021' Phoenix, AZ Dallas, TX Orlando, FL Atlanta, GA Tampa, FL ‘Austin, TX Las Vegas, NV Charlotte, NC Denver, CO 10. San Antonio, TX Zillow's Hottest Markets 2022? Tampa, FL 2S ON o
Slide 8: Relocations and Expansions Target Sun Belt Markets
BENEFITING FROM POWERFUL OFFICE TRENDS Relocations and Expansions larget Sun Belt Mart @, Opendoor Robinhood @ @cousins | 8
Slide 9: Flight to Quality Driving Demand
| | ANS BENEFITING yO" HOMES OFFICE TRENDS Flight to Quality i: ng Demand for Newer, Highly-Amenitized Assets FLIGHT TO QUALITY Net Absorption by Building Age’ 2015-Present 2010-2014 2000s 1990s Building Age 1980s 1970s 1960s Pre 1960 100 50 ° 50 100 Net Absorption Since Covid-19 Onset (SF MMs) ® co
Slide 10: Positioned for Organic Growth: Lease Expirations
Y POSITIONED FOR ORGANIC GROWTH Low Portfolio Risk as Large Move-outs are in the Rearview Mirror LEASE EXPIRATIONS BY YEAR* 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Avg = 24% vaiiuiilit DEA 'CUZ |ESRT BXP KRC PGRE BDN SLG ARE VNO HIW NYC PDM FSP OFC OPI CIO HPP EQC DEI 2022 M2023 ™ 2024 @ cousins | 10
Slide 11: Cousins' Portfolio Occupancy vs Leased
COUSINS’ PORTFOLIO OCCUPANCY vs LEASED1
Slide 12: Cousins' Increase in 2nd Generation Cash Net Rent
COUSINS’ INCREASE IN 2ND GENERATION CASH NET RENT1
Slide 13: Current Development Pipeline
CURRENT DEVELOPMENT PIPELINE
Slide 14: Attractive Development Pipeline: Land Bank
ATTRACTIVE DEVEL Land Bank Supports 4.6MM ATLANTA 887 WEST DOMA PEACHTREE J Gi RA BUCKHEAD MIDTOWN DOMAIN DOMAIN 500K SF 200K SF 900K SF CHARLOTTE DALLAS LEGACY UNION SOUTH END io 700K SF LEGACY 600K SF
Slide 15: Attractive Development Pipeline for Future Growth
ATTRACTIVE DEVELOPMENT PIPELINE FOR FUTURE GROWTH Significant Opportunities to Grow in Domain Submarket of Austin = ste @ cousin 15
Slide 16: Balance Sheet Primed for Opportunities
1 ICN BALANCE SHEET PRIMED FOR OPPORTUNITIES ith Substantial Liquidity Significantly Below NET DEBT/EBITDA* 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x Avg = 7.0x 4.9% SLG PGRE VNO_ FSP HPP BXP BDN DEA OPI OFC ESRT KRC CIO PDM ARE HIW CUZ @ cousins | 16
Slide 17: Cousins' In-Place Gross Rent per SF
COUSINS’ IN-PLACE GROSS RENT PER SF1
Slide 18: Cousins' Annual FAD per Share
COUSINS’ ANNUAL FAD PER SHARE1
Slide 19: Net Asset Value Appreciation per Green Street
NET ASSET VALUE APPRECIATION PER GREEN STREET1
Slide 20: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Stable, Experienced Leadership aon! fae) ey 8 Richard Hickson ‘ Pamela F. Roper ce Presiden f ; Executive Vice President, General m Counsel and Corporate Secretary John S. McColl ® cousins | 20
Slide 21: Fie a
ie P: a a =I =) Fie a i § ieee f a5.) * 7 ARS et hekes = 8 | a
Slide 22: Atlanta Market Snapshot
ATLANTA Market Snapshot AVALON —® tal ff N Submarket Concentration? ‘ae ’ oO Pd f. °o—~ NORTHPARK oS; od s “ MERIDIAN MARK 3350 PEACHTREE 3348 PEACHTREE ; rence BUCKHEAD PLAZA “~~ ©} > 3344 PEACHTREE [oes] ¥ TERMINUS Noainca ent PROMENADE CENTRAL PROMENADE TOWER 4 Industry 120 WEST TRINITY i 725 PON
Slide 23: Austin Market Snapshot
RESEARCH PARK PLAZA V » > 7 Domaihi0 @ DOMAIN POINT DOMAIN TI Fok vomain 2 DOMAIN 2 “30 DOMAIN & DOMAINS © 8 @ pomaIN7 DOMAIN 4 Submarket Concentration? o 8 @ é 5 As z f Industry Concentration4 , oy 300 COLORADO —® @¢—— COLORADO TOWER @_ ONE ELEVEN @) ° {CONGRESS e SAN JACINTO CENTER" THE TERRACE 23
Slide 24: Charlotte Market Snapshot
THE RAILYARD.g @——'s50 SOUTH aS oo qi Submarket Concentration? Industry Concentration* Consumer Goods and Services 24
Slide 25: Dallas Market Snapshot
DALLAS Market Snapshot a \Lecacy UNION Submarket Concentration? Dallas North Tollway di S S950 SHERRY LANE @& Industry Concentration B Dallas North Tollway [o) di © 5 di
Slide 26: Phoenix Market Snapshot
PHOENIX Market Snapshot Submarket Concentration? HAYDEN FERRY spate wae d TIWEST RIO ——® Rio Salado Phy - as © ‘TEMPE GATEWAY Wardst Industry Concentration4 feay sy Soy DN ~ $47.42 king Rent ® cousins | 26
Slide 27: Tampa Market Snapshot
Submarket Concentration? 8 >) HARBORVIEW @ ic) PLAZA gf CORPORATE B® CENTER HEIGHTS UNION. P= | THE POINTE eI? o @ a C) @ ® Industry , Concentration* \ Technology ® cousins | 27
Slide 28: Endnotes
ENDNOTES Page 2- Why Cousins? As of 30-Jun-2022. See endnote 4 for Page 3 Based on CoStar average asking rents for same pool of Cousins’ assets from 4Q19 to 3Q22. See endnote 1 for Page 6. See endnote for Page 10. Per Cousins’ quarterly supplemental reports from 3Q20 - 2Q22. ‘See endnotes 1 and 2 fo
Slide 29: 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 14 included in the Annual Report on Form 10-K for the
Slide 30: Gregg Adzema, Executive Vice President
A Gregg Adzema Executive Vice Pres
Slide 31: Slide 31
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