Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (February 2022)
31 slides from Cousins Properties's investor presentation, Feb 23, 2022
Slide 1: Investor Presentation February 2022
Slide 2: Cousins at a Glance
COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT NOI By Market! ball Charlotte - 10% Atlanta 38% P| Phoenix 7% } ) ® cousins
Slide 3: Market Fundamentals / Simple Strong Balance Sheet
mt Lt MARKET FUNDAMEN TALS th RS a San Se ~ SIMPLE STRONG BALANCE SHEET > Accoirsing” BAe
Slide 4: Resilient Market Fundamentals: Sun Belt Migration
RESILIENT MARKET FUNDAMENTALS | | ) Powerful T | SUN BELT MIGRATION RedFin's Top Migration Markets 2021! 1. Phoenix, AZ 2. Dallas, TX 3. Orlando, FL 4, Atlanta, GA Zillow's 5) ‘Tampa,FL Hottest Markets 6. Austin, TX ee 7. Las Vegas, NV 8. Charlotte, NC 1. Tampa, FL. 9. Denver, CO 2. Jacksonville, FL
Slide 5: Resilient Market Fundamentals: Flight to Quality
RESILIENT MARKET FUNDAMENTALS Cousins is Positioned at the Interse stion of Two Powerful Long erm Trends FLIGHT TO QUALITY Leasing Activity vs. Inventory by Age! 2010-Pres 27.5% Net Absorption by. Age? 18.9% 2010-Pres || 47.8 1990-2010 eae © 44.9% oy eee eee || D> a < < E ‘s mael os 2 28.4% Ff © 197
Slide 6: Resilient Market Fundamentals
RESILIENT MARKET FUNDAMENTALS te Relocations 41, Expansions Jarget SumBelt Mar! Robinhood @ @® cousins
Slide 7: Market Rent Growth and Net Absorption
MARKET RENT GROWTH 4Q21 year-over-year1 MARKET NET ABSORPTION / TOTAL INVENTORY Last 12 months2 3 3
Slide 8: Cousins' In-Place Gross Rent per SF
COUSINS’ IN-PLACE GROSS RENT PER SF1
Slide 9: Premier Sun Belt Portfolio: Dominant Market Share
PREMIER SUN BELT PORTFOLIO Dominant Market Share in Highly-Amenitized Submarkets Atlanta ee Atlanta MIDTOWN : BUCKHEAD 18% —. ? oe Class A Market Share’ Austin THE DOMAIN
Slide 10: Premier Sun Belt Portfolio: Dominant Market Share
PREMIER SUN BELT PORTFOLIO Dominant Market Share in Highly- sulbmark Charlotte ® : ® Charlotte fe UPTOWN j : = = Class.A. Market Share! 15% | Class A Market Share! ® cousins Development/Land Asset
Slide 11: Premier Sun Belt Portfolio: Commands Premium Rents
PREMIER SUN BELT PORTFOLIO Commands Premium’ Rents in Our Market CLASS A ASKING RENT ($/SF)? ATLANTA AUSTIN CHARLOTTE $61.81 $41.62 $41.22 $50.59 7 $35.86 : a a Total Market @ cousins Total Market @ Cousins Total Market ® cousins DALLAS PHOENIX TAMPA $54.22 $47.12 $40.94 $33.31 $32.80 $32.41 a Total
Slide 12: Premier Sun Belt Portfolio: Manageable Lease Expirations
PREMIER SUN BELT PORTFOLIO Manageable Near-Term Lease Expirations LEASE EXPIRATIONS BY YEAR? 45% 40% 35% Avg = 29% 30% 25% 20% 19% 15% 10% 5% 0% DEA | CUZ | BXP KRC SLG PGRE VNO BDN ESRT PDM HIW NYG FSP OFC OPI HPP CIO EQC DEI 2022 ™ 2023 & 2024 @ cousins 12
Slide 13: Compelling Growth Opportunities: Development NOI
COMPELLING GROWTH OPPORTUNITIES $61MM of Annualized Development NOI by 4Q25 NASHVILLE PHOENIX AUSTIN NEUHOFF DOMAIN? 100 MILL 300 COLORADO RSF g4K 338K 287K 369K % Leased! 2 QUARTERLY NOI $e1MM 46 Annualized 12 = 5 8 a [| | i ll I ° 4Q22 4Q23 4Q24 4Q25 ® cousins 13
Slide 14: Attractive Land Bank Supports Additional Development
COMPELLING GROWTH OPPORTUNITIES Attractive Land Bank Supports 5.1MM SF! of Additional New Development ATLANTA AUSTIN CENTR. MIDTOWN BUCKHEAD MIDTOWN DOMAIN 420K SF 500K SF 200K SF 900K SF 600K SF CHARLOTTE RY ENTER SOUTH END SOUTH END LEGACY UPTOWN WESTSHORE 700K SF 550K SF 600K SF 460K SF 170K SF ®
Slide 15: Opportunities to Grow in Domain Submarket of Austin
COMPELLING GROWTH OPPORTUNITIES Significant Opportunities to Grow in Domain Submarket of Austin Domain 9 Current De Z ss ae Ze Cousins Domain Portfol ® cousins 15
Slide 16: Increase in 2nd Generation Cash Net Rent
INCREASE IN 2ND GENERATION CASH NET RENT1
Slide 17: Simple Strong Balance Sheet: Leverage Below Peers
SIMPLE STRONG BALANCE SHEET Leverage Consistently and Significantly Below Peers NET DEBT/EBITDA* 14.0x 12,0x 10.0x 8.0x Avg = 7.0x 6.0 A.9x 4.0: 2.0: 0.0x SLG PGRE VNO BXP OPI HPP BDN OFC ESRT FSP DEA PDM CIO KRC HIW CUZ x x x @® cousins 7
Slide 18: Simple Strong Balance Sheet: Liquidity
SIMPLE STRONG BALANCE SHEET CASH $9MM ENCUMBERED 22% Flexible Property Portfolio? $781 Million Liquidity’ UNENCUMBERED 78% REVOLVER $772MM @ cousins 18
Slide 19: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Stable, Experienced Leadership Toe ‘ae a Gregg D. Adzema Jent and Richard Hickson ‘ Pamela F. Roper utive Vice President f ; Executive Vice President, General ‘ Counsel and Corporate Secretary @ Cousins 19
Slide 20: Fie a
ie P: a a =I =) Fie a i § ieee f a5.) * 7 ARS et hekes = 8 | a
Slide 21: Atlanta Market Snapshot
ATLANTA Market Snapshot Midtown AVALON —® North Fulton Submarket — ? | Concentration? o , °F —~ NORTHPARK j ae 2 ae « wckheac y hw = 2 {MERIDIAN MARK 3350 PEACHTREE a? 3348 PEACHTREE H o BUCKHEAD PLAZA “~~ (@3_>~ 3344 PEACHTREE o ey TERMINUS SPRING & 8TH” f es io PROMENADE go : = ~ TOWER eS PROMENAD
Slide 22: Austin Market Snapshot
AUSTIN Market Snapshot RESEARCH PARK PLAZA V 2 ® DOMAELIO @ DOMAIN POINT DOMAIN 11 —6@~DOMAIN 12 DOMAIN 2 —& Spomain 8 DOMAIN 3 sf ®@ DomaIN7 DOMAIN 4 di @-—— COLORADO ToweR Go INE ELEVEN (@) f {CONGRESS i} SAN JACIN Me Oy ‘0 CENTER “* THE TERRACE ® cousins Submarket Concentration? Industry Concentr
Slide 23: Charlotte Market Snapshot
CHARLOTTE Market Snapshot Submarket Concentration? THE RAILYARD.g Ka Industry ia Concentration ® cousins 23
Slide 24: Dallas Market Snapshot
DALLAS Market Snapshot Dallas North Tollway di @ a a ® cousins \ecacy UNION Oo S950 SHERRY LANE @& B Dallas North Tollway @® 2] Submarket Concentration? Industry Concentration* 24
Slide 25: Phoenix Market Snapshot
PHOENIX Market Sna HAYDEN FERRY <a Rio Salado Phy TIWEST RIO ——® as © TEMPE GATEWAY Wards a z g z z z ; > EsthSt . ® cousins Submarket Concentration? Industry Concentration* 25
Slide 26: Tampa Market Snapshot
& snagonvew? @ ic) gf CORPORATE B® CENTER HEIGHTS UNION) o THE POINTE @ a C) @ ® ® cousins Submarket Concentration? Industry Concentration* Legal Services. 26
Slide 27: 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 28: Endnotes
ENDNOTES Page 2 - Cousins at a Glance 1. Represents Cousins’ pro-rata share of fourth quarter NOI per 31-Dec-2021 filings, including partially income producing developments. Chapel Hill is included in Charlotte percentage. 2. As of 31-Dec-2021 filings. Page 4- Resilient Market Fundamentals 1. Source
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 1A included in the Annual Report on Form 10-K for the
Slide 30: ins.com
ins.com ee Road NE 404.407.1116 =
Slide 31: Slide 31
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