Slide 1: Earnings Release & Supplemental Information
, a ne WY EARNINGS RELEASE & SUPPLEMENTAL INFORMATION
Slide 2: Table of Contents
TABLE OF CONTENTS Forward-Looking Statements 2 Earnings Release 3 Company Information 5 Consolidated Balance Sheets 7 Consolidated Statements of Operations 8 Key Performance Metrics 9 Funds From Operations - Summary 12 Funds From Operations - Detail 13 Portfolio Statistics 16 Same Property Performan
Slide 3: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS 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 herein. These forward-looking statements include information about possible or assumed future
Slide 4: Cousins Properties Reports Third Quarter 2025 Results
EARNINGS RELEASE COUSINS PROPERTIES REPORTS THIRD QUARTER 2025 RESULTS Raises 2025 Earnings Guidance ATLANTA, GA (October 30, 2025) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended September 30, 2025. "This was a strong quarter for Cousins and we are ple
Slide 5: Earnings Release: Investing and Finance Activity, Guidance
EARNINGS RELEASE Investing and Finance Activity For third quarter 2025: • Repaid in full $250.0 million of 3.91% privately placed senior notes on July 7, 2025. • Acquired The Link, a 292,000 square foot lifestyle office property in Uptown Dallas, for $218.0 million on July 28, 2025. • Our Neuhoff jo
Slide 6: Company Information
COMPANY INFORMATION THE COMPANY Cousins Properties Incorporated ("Cousins" or the "Company") is a fully integrated, self-administered, and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primaril
Slide 7: Company Information
COMPANY INFORMATION COMPANY INFORMATION EQUITY RESEARCH COVERAGE (1) Corporate Headquarters Investor Relations Barclays BofA Securities BMO Capital 3344 Peachtree Road NE Roni Imbeaux Brendan Lynch Jana Galan John Kim Suite 1800 Vice President, Finance & 212.526.9428 646.855.5042 212.885.4115 Atlant
Slide 8: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) September 30, 2025 December 31, 2024 Assets: Real estate assets: Operating properties, net of accumulated depreciation of $1,850,379 and $1,627,251 in 2025 and 2024, $ 7,950,610 $ 7,785,597 respectively Land 154,724 154,7
Slide 9: Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited; in thousands, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Revenues: Rental property revenues $ 246,461 $ 207,260 $ 727,203 $ 627,552 Fee income 526 495 1,516 1,280 Other 1,339 1,457 1
Slide 10: Key Performance Metrics
KEY PERFORMANCE METRICS (1) 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd YTD 2025 Property Statistics Consolidated Operating Properties 34 34 34 34 36 36 36 36 37 37 Consolidated Rentable Square Feet (in thousands) 18,434 18,434 18,434 18,434 19,877 19,877 20,081 20,081 2
Slide 11: Key Performance Metrics
KEY PERFORMANCE METRICS (1) 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd YTD 2025 Market Capitalization Common Stock Price Per Share $24.35 $24.04 $23.15 $29.48 $30.64 $30.64 $29.50 $30.03 $28.94 $28.94 Common Stock/Units Outstanding (in thousands) 151,824 152,096 152,165
Slide 12: Key Performance Metrics
KEY PERFORMANCE METRICS Total Rentable Square Feet Equity Market Capitalization Net Debt / Annualized EBITDAre 30,000 8,000 8.00 25,000 21,113 21,609 6,000 6.00 5.38 19,145 5,138 4,862 5.14 5.16 20,000 (in thousands) ($ in millions) 15,000 4,000 3,697 4.00 10,000 2,000 2.00 5,000 0 0 0.00 12/31/23 1
Slide 13: Funds From Operations - Summary
FUNDS FROM OPERATIONS - SUMMARY (amounts in thousands, except per share amounts) 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd YTD 2025 Net Income $ 83,816 $ 13,451 $ 7,961 $ 11,356 $ 13,813 $ 46,581 $ 21,093 $ 14,658 $ 8,778 $ 44,529 Fee and Other Income (11,170) (893) (2
Slide 14: Funds From Operations - Detail
FUNDS FROM OPERATIONS - DETAIL (1) (amounts in thousands, except per share amounts) 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd YTD 2025 NOI Consolidated Properties The Domain (2) $ 68,822 $ 18,159 $ 20,276 $ 20,296 $ 20,198 $ 78,929 $ 20,825 $ 21,725 $ 22,055 $ 64,605 S
Slide 15: Funds From Operations - Detail
FUNDS FROM OPERATIONS - DETAIL (1) (amounts in thousands, except per share amounts) 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd YTD 2025 Unconsolidated Properties (4) Medical Offices at Emory Hospital 4,588 1,116 1,212 1,170 1,163 4,661 1,176 1,188 1,227 3,591 Proscenium
Slide 16: Funds From Operations - Detail
FUNDS FROM OPERATIONS - DETAIL (1) (amounts in thousands, except per share amounts) 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd YTD 2025 Reimbursed and Other Expenses Reimbursed Expenses (6) (608) (140) (151) (188) (155) (634) (177) (120) (123) (420) Property Taxes and O
Slide 17: Portfolio Statistics
PORTFOLIO STATISTICS (1) Weighted Average Rentable Financial Company's End of Period Leased Occupancy (2) Square Statement Ownership % of Total Property Level Debt Office Properties Feet Presentation Interest 2Q25 3Q25 2Q25 3Q25 NOI / 3Q25 ($ in thousands) (3) The Domain (4) (5) 2,080,000 Consolidat
Slide 18: Portfolio Statistics
PORTFOLIO STATISTICS (1) Weighted Average Rentable Financial Company's End of Period Leased Occupancy (2) Square Statement Ownership % of Total Property Level Debt Office Properties Feet Presentation Interest 2Q25 3Q25 2Q25 3Q25 NOI / 3Q25 ($ in thousands) (3) Hayden Ferry (4) (7) 792,000 Consolidat
Slide 19: Third Quarter 2025 Portfolio NOI by Market
PORTFOLIO STATISTICS Third Quarter 2025 Portfolio NOI by Market Charlotte Dallas 9.9% Nashville (1) 4.2% Phoenix Atlanta 7.3% 31.5% Houston Austin 3.4% 36.0% Tampa 7.7% (1) The Company owns 50% of Neuhoff, a mixed-use development in Nashville, through a joint venture. It has commenced initial operat
Slide 20: Same Property Performance
SAME PROPERTY PERFORMANCE (1) ($ in thousands) Three Months Ended September 30, 2024 2025 $ Change % Change Rental Property Revenues (2) $ 201,503 $ 210,699 $ 9,196 4.6 % Rental Property Operating Expenses (2) 64,832 71,471 6,639 10.2 % Same Property Net Operating Income $ 136,671 $ 139,228 $ 2,557
Slide 21: Office Leasing Activity
OFFICE LEASING ACTIVITY Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 New Renewal Expansion Total New Renewal Expansion Total Net leased square feet (1) 147,767 342,615 61,016 551,398 489,932 743,103 191,794 1,424,829 Number of transactions 20 16 4 40 60 50 18 128 Lease
Slide 22: Office Lease Expirations
OFFICE LEASE EXPIRATIONS Lease Expirations by Year (1) Annual % of Annual Annual Square Feet % of Leased Contractual Rent Contractual Contractual Year of Expiration Expiring Space ($ in thousands) (2) Rent Rent/Sq. Ft. 2025 205,886 1.1 % $ 7,997 0.8 % $ 38.84 2026 1,182,310 6.5 % 54,659 5.5 % 46.23
Slide 23: Top 20 Office Tenants
TOP 20 OFFICE TENANTS Company's Share of Percentage of Weighted Number Number Company's Annualized Company's Average of of Share of Rent Share of Remaining Properties Markets Square ($ in thousands) Annualized Lease Term Tenant (1) Occupied Occupied Footage (2) Rent (Years) 1 Amazon 5 3 1,461,805 $
Slide 24: Tenant Industry Diversification
TENANT INDUSTRY DIVERSIFICATION Percentage of Company's Share of Annualized Rent (1) Technology 30.3% Financial 13.6% Legal 9.6% Construction/Design 2.0% Marketing/Media/Telecom 2.4% Professional Services 9.4% Insurance 4.0% Other 4.8% Consumer Goods & Services 6.6% Health Care 5.2% Real Estate 5.5%
Slide 25: Investment Activity
INVESTMENT ACTIVITY Completed Operating Property Acquisitions Gross Purchase Company's Ownership Price Property Type Market Interest Timing Square Feet ($ in thousands) (1) 2025 The Link Office Dallas 100% 3Q 292,000 $ 218,000 2024 Proscenium Office Atlanta 20% 3Q 525,000 83,250 Sail Tower Office Au
Slide 26: Investment Activity
INVESTMENT ACTIVITY Completed Operating Property Dispositions Company's Ownership Gross Sales Price Property Type Market Interest Timing Square Feet ($ in thousands) 2022 Carolina Square Mixed Charlotte 50% 3Q 468,000 $ 105,000 (1) 2021 Burnett Plaza Office Fort Worth 100% 2Q 1,023,000 137,500 One S
Slide 27: Development Pipeline
DEVELOPMENT PIPELINE (1) Company's Company's Share of Project Cost Share of Project Company's Estimated Project Estimated Incurred to Cost Incurred to Ownership Construction Square Cost (1) Project Cost (1) Date (1) Date (1) Percent Initial Estimated Project Type Market Interest Start Date Feet/Unit
Slide 28: Land Inventory
LAND INVENTORY Company's Total Ownership Financial Statement Developable Land Market Interest Presentation (Acres) 3354/3356 Peachtree Atlanta 95% Consolidated 3.2 715 Ponce Atlanta 50% Unconsolidated 1.0 887 West Peachtree Atlanta 100% Consolidated 1.6 Domain Point 3 Austin 90% Consolidated 1.7 Dom
Slide 29: Debt Schedule
DEBT SCHEDULE (1) Company's Share of Debt Maturities and Principal Payments ($ in thousands) Company's Rate at Original Deferred Ownership End of Maturity Total Issue Loan Description (Interest Rate Base, if not fixed) Interest Quarter Date (2) 2025 2026 2027 2028 2029 Thereafter Principal Discount
Slide 30: Debt Schedule
DEBT SCHEDULE (1) Debt Maturity Schedule as of September 30, 2025 (2) (11) 1,000,000 900,000 $833,714 800,000 Construction Loan $125M 700,000 Credit Facility $84M 600,000 ($ in thousands) Unsecured Senior Notes $500,000 $500,000 500,000 $465,159 $225M $441,500 Mortgage 400,000 $42M Mortgages $215M U
Slide 31: Debt Schedule
DEBT SCHEDULE (1) Floating and Fixed Rate Debt Analysis Total Principal Total Debt Weighted Average Weighted Average ($ in thousands) (%) Interest Rate Maturity (Years) (2) Floating Rate Debt $ 458,714 13 % 5.71 % 1.3 Fixed Rate Debt 3,034,337 87 % 4.94 % 4.6 Total Debt $ 3,493,051 100 % 5.04 % 4.1
Slide 32: Joint Venture Information
JOINT VENTURE INFORMATION (1) Joint Venture Property Cash Flows to Cousins (2) Options Consolidated: HICO 100 Mill LLC 100 Mill 90% of cash flows until return of Cousins can trigger a sale process, subject to a right of contributed capital to partners; first offer that can be exercised by partner. p
Slide 33: Non-GAAP Financial Measures - Calculations and Reconciliations
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd 2025 YTD FFO and EBITDAre Net income available to common stockholders $ 82,963 $ 13,288 $ 7,840 $ 11,198 $ 13,636 $ 45,962 $ 20,897 $ 14,483 $ 8,590 $ 43,970 Deprec
Slide 34: Non-GAAP Financial Measures - Calculations and Reconciliations
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd 2025 YTD Total Assets - Consolidated 7,634,474 7,682,981 7,700,528 7,770,531 8,802,146 8,802,146 8,663,360 9,051,863 8,900,481 8,900,481 Accumulated Depreciation -
Slide 35: Non-GAAP Financial Measures - Calculations and Reconciliations
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd 2025 YTD Net income available to common stockholders $ 82,963 $ 13,288 $ 7,840 $ 11,198 $ 13,636 $ 45,962 $ 20,897 $ 14,483 $ 8,590 $ 43,970 Depreciation and amorti
Slide 36: Non-GAAP Financial Measures - Calculations and Reconciliations
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS FUNDS FROM OPERATIONS (in thousands, except per share amounts) Three Months Ended September 30, 2025 2024 Weighted Weighted Average Per Average Per Common Share Common Share Dollars Shares Amount Dollars Shares Amount Net Income Availabl
Slide 37: Non-GAAP Financial Measures - Calculations and Reconciliations
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS (in thousands, except per share amounts) Nine Months Ended September 30, 2025 2024 Weighted Weighted Average Per Average Per Common Share Common Share Dollars Shares Amount Dollars Shares Amount Net Income Available to Common Stockholder
Slide 38: Non-GAAP Financial Measures - Calculations and Reconciliations
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS ($ in thousands) ($ in thousands) Three Months Ended Nine Months Ended Net Operating Income September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net income $ 8,778 $ 11,356 $ 44,529 $ 32,768 Net operating income fr
Slide 39: Reconciliation of 2025 Projected Net Income to Projected FFO
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS RECONCILIATION OF 2025 PROJECTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS TO 2025 PROJECTED FFO Full Year 2025 Guidance (in thousands, except per share amounts) Low High Per Share Per Share Dollars Amount (1) Dollars Amount (1) Net In
Slide 40: Non-GAAP Financial Measures - Definitions
NON-GAAP FINANCIAL MEASURES - DEFINITIONS The Company uses non-GAAP financial measures in its filings and other public “Net Debt” represents the Company's consolidated debt plus the Company's disclosures. The following lists non-GAAP financial measures that the Company share of unconsolidated debt,