Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (June 2021)
29 slides from Cousins Properties's investor presentation, Jun 8, 2021
Slide 1: Presentation
© Cousins PRESENTATION...
Slide 2: Cousins at a Glance
COUSINS AT A GLANCE Preeminent Sun Belt Office REIT NOI By Market? Charlotte Phoenix Bx “Houston Austin’ 4% 27~ 13. MM SF? development pipeline 25% 79% Leased’ of portfolio 2003 less than 5 years old 90.2% average year built 19 MM SF2 leased> portfolio x ® cousins
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: Market Rent Growth and Net Absorption
MARKET RENT GROWTH 1Q21 YEAR OVER YEAR1 MARKET NET ABSORPTION / TOTAL INVENTORY LAST 12 MONTHS2
Slide 7: Cousins' In-Place Gross Rent per SF
COUSINS’ IN-PLACE GROSS RENT PER SF1
Slide 8: Premier Sun Belt Portfolio: Atlanta Market Share
PREMIER SUN BELT PORTFOLIO Dominant Market Share in Highly-Amenitized Submarkets ATLANTA MIDTOWN 11% Class A Market Share! 18% Class A Market Share! iN 40% Class A Market Share’ Class A @ Cousins 8
Slide 9: Premier Sun Belt Portfolio: Charlotte Market Share
PREMIER SUN BELT PORTFOLIO Dominant Market Share in Highly-Amenitized Submarkets CHARLOTTE FH Operating Asset Development/Land Asset UPTOWN = a 11% “i H Class A Market Share’ 22% Class A 21% Class A Market Share! SS 15% Class A Market Share! @ cousins 9
Slide 10: Premier Sun Belt Portfolio: Premium Rents
PREMIER SUN BELT PORTFOLIO rmmands Premium Rents in Our Markets CLASS A ASKING RENT ($/SF)* ATLANTA AUSTIN CHARLOTTE $60.53 $41.20 $39.30 $47.24 $35.20 - | | Total Market @® cousins Total Market @cousins Total Market @ cousins DALLAS PHOENIX TAMPA $50.22 $44.12 $38.94 $33.22 : - | Total Market @® co
Slide 11: Manageable Near-Term Lease Expirations
PREMIER SUN BELT PORTFOLIO Manageable Near-Term Lease Expirations LEASE EXPIRATIONS BY YEAR? 45% 40% 35% 30% Average = 26% 25% 22% 20% 10% ‘ i I Hil 0% on BXP KRC PGRE DEA BDN alll HIW = SLG CXP VNO PDM_ FSP HPP EQC OFC OPI clo DEI 2021 2022 2023 @® cousins "
Slide 12: $54MM of Annualized Development NOI by Year-End 2022
COMPELLING GROWTH OPPORTUNITIES $54MM of Annualized Development NOI by Year-End 2022 RECENT DELIVERIES ATLANTA AUSTIN rcCoO PHOENIX ATLANTA AUSTIN AUSTIN RSF % Leased! QUARTERLY NOI? $54MM 5 Annualized 10 = z ca 7 7 Z_ 7 7 g a 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 m@ Recent Del
Slide 13: Attractive Land Bank Supports Additional New Development
COMPELLING GROWTH OPPORTUNITIES Attractive Land Bank Supports 5.2MM SF? of Additional New Development ATLANTA AUSTIN 901 WEST — PEACHTREE MIDTOWN BUCKHEAD DOMAIN DOMAIN DOMAIN 390K SF 560K SF 335K SF 800K SF 600K SF CHARLOTTE DALLAS TAMPA SOUTH END STATION 303 TREMONT Bac MNES TWO / THREE VICTORY CE
Slide 14: Increase in 2nd Generation Cash Net Rent
INCREASE IN 2ND GENERATION CASH NET RENT1
Slide 15: Simple Strong Balance Sheet: Net Debt/EBITDA
SIMPLE STRONG BALANCE SHEET verage Significantly B. NET DEBT/EBITDA? 12.0x 10.0x 8.0x Average = 7.0x SLG VNO FSP PGRE CXP BXP DEA ESRT clo KRC HIW [cuz] 6.0x 4.0x 2.0x 0.0x @ Cousins 15
Slide 16: Simple Strong Balance Sheet: Liquidity
SIMPLE STRONG BALANCE SHEET CASH ENCUMBERED 21% Flexible Property Portfolio? $726 Million Liquidity’ REVOLVER $71MM UNENCUMBERED 79% @® cousins 16
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 AVALON —® Submarket a Concentration North Foon °—~ NorTHPARK " ~ — .) Oo 4 | “\ MERIDIAN MARK 3350 PEACHTREE , eer 3348 PEACHTREE Zz o Teper ea BUCKHEAD PLAZA + 3344 PEACHTREE | Cs oO : TERMINUS SPRING & 8TH A / ame : — promenade Industry [20] 1200 PEACHTREE Concentration4 P, *\
Slide 20: Austin Market Snapshot
apd RESEARCH PARK PLAZA V » — l MM MAIN Te @ DOMAIN POINT bd 4 DOMAIN T Pe: Mo DOMAINS Submarket ‘ DOMAIN2 —@ & Domain 4 Concentration? Total Square F DOMAINS 79” ®DOMAIN7 { j 3 bs] é 4 3 ratte e ri 4 6 Hf : y Teslea? £ 816 CONGRESS ; d “ Wong Industry * © cotoravo tower Concentration‘ eT one ELEVEN
Slide 21: Charlotte Market Snapshot
CHARLOTTE cet 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 Concentration4 a
Slide 22: Dallas Market Snapshot
DALLAS Market Snapshot \cecacy UNION Submarket Concentration? Dallas North Tollway 6% S950SHERRY LANE & Industry : Concentration* O) Dalles North Tollway di © So) 5 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 id ® cousins Submarket Concentration? Marketing se Industry Ue Concentration4 23
Slide 24: Tampa Market Snapshot
aaa Gueponte ai ® cousins Submarket ion? o-— TRMPNTERNaTIONAL Concentration ‘CORPORATE CENTER Il ‘CORPORATE CENTER I CORPORATE CENTERIY, © Industry Concentration Technoology 139% Legal Services 13 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 Page 2 - Cousins at a Glance 1. Represents Cousins’ pro-rata share of first quarter NOI per 31-Mar-2021 filings, excluding Burnett Plaza which was sold on 7-Apr-2021. 2. As of 31-Mar-2021 filings, excluding Burnett Plaza which was sold on 7-Apr-2021. 3. Represents office leased percentage a
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
Slide 28: ig, o_o L
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Slide 29: Slide 29
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