Slide 1: Investor Presentation June 2024
Slide 2: Why Cousins?
WHY COUSINS? PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO BENEFITING FROM POWERFUL OFFICE TRENDS POSITIONED FOR ORGANIC GROWTH STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES BALANCE SHEET PRIMED FOR OPPORTUNITIES TRACK RECORD OF SUCCESS @ Cousins * 100% Sun Belt / 100% Class A / 2004 avera
Slide 3: Cousins at a Glance
COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT NOI By Market! Charlotte Dallas F 3% Nashville? 8% Atlanta 36% Phoenix 8% Houston 33% 9% ® cousins 3
Slide 4: Lifestyle Office Assets vs Commodity Office Assets
LIFESTYLE OFFICE ASSETS COMMODITY OFFICE ASSETS ✓ New or recently redeveloped properties that × Older vintage assets with few or no in-building command premium rents and enjoy higher amenities and limited outdoor activation occupancy × Proximity to single-use office districts with challenging ✓ Loca
Slide 5: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO @ Cousins 5
Slide 6: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO @ Cousins 6
Slide 7: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO State-of-the-Art Fitness and Wellness Centers
Slide 8: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO On-Site Retail and Food Amenities that Promote Live-Work-Play ® cousins 8
Slide 9: Recently Completed and In-Process Redevelopments
RECENTLY COMPLETED REDEVELOPMENTS IN-PROCESS REDEVELOPMENT
Slide 10: Class A Asking Rent ($/SF)
CLASS A ASKING RENT ($/SF)1,2
Slide 11: Benefiting from Powerful Office Trends
BENEFITING FROM POWERFUL OFFICE TRENDS Cousins is Well Positioned to Navigate the Current Office Sector Environment Theme Observation Mitigant Flight to quality Population migration @ Flight to quality is driving demand for newer, highly-amenitized assets @ More than 60% of U.S. office vacancy is co
Slide 12: Flight to Quality
BENEFITING FROM POWERFUL OFFICE TRENDS Flight to Quality Intensifies and is Driving Demand for Newer, Highly-Amenitized Assets FLIGHT TO QUALITY Net Absorption Since COVID Onset! 2010-Present 2000s 62% CUZ NOI > 1990s ie o & & = 1980s -130 6 ra 5 o > 1970s 1960s Before 1960 -150 -100 -50 ° 50 100 15
Slide 13: Flight to Quality: Vacancy Concentration
BENEFITING FROM POWERFUL OFFICE TRENDS Majority of Vacancy Concentrated within a Small Subset of Office Assets FLIGHT TO QUALITY? 18% More than of office vacancy is 16% concentrated in of inventory 14% no vacant space 39% of buildings have 12% 17% of total U.S. vacancy 60% of total office vacancy 90
Slide 14: Sun Belt Migration
BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Migration is Leading to Outsized Population and Job Growth SUN BELT MIGRATION Domestic Net Migration 2023} - 2023 Office-Using Employment Growth? Dallas Winston-Salem | Miami Raleigh Jacksonville Baltimore Boston Austin Triad Atlanta Houston Richmond N
Slide 15: Sun Belt Migration: Population and Employment Growth
BENEFITING FROM POWERFUL OFFICE TRENDS Cousins’ Footprint is Well-Positioned to Meet Demand from the Demographic Shift SUN BELT MIGRATION? Cumulative Population Growth B National average ™@ CUZ markets 7.3% 5.8% 4.2% 3.0% 1.7% 1.52%. 1.1% 0.9% 1.0% a 0.6% 2019 2020 2021 2022 2023 Cumulative Employme
Slide 16: Quarterly U.S. Leasing Activity
QUARTERLY U.S. LEASING ACTIVITY1 (MM SF)
Slide 17: U.S. Office Inventory
U.S. OFFICE INVENTORY1 (MM SF)
Slide 18: Lease Expirations by Year
POSITIONED FOR ORGANIC GROWTH Modest Lease Expirations Well Below Office Sector Average LEASE EXPIRATIONS BY YEAR? 50% 40% 30% 20% 10% O% DE! CDP HPP @ cousins 18
Slide 19: Short-Term Lease Expirations (Next Three Years)
SHORT-TERM LEASE EXPIRATIONS (NEXT THREE YEARS)1
Slide 20: Cousins Portfolio Occupancy vs Leased
COUSINS PORTFOLIO OCCUPANCY vs LEASED1
Slide 21: Increase in 2nd Generation Cash Net Rent
COUSINS INCREASE IN 2ND GENERATION CASH NET RENT1
Slide 22: Asset Recycling
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITES Recycled Over $1 Billion of Older Assets during COVID Pandemic ASSET RECYCLING? MM’s $1,000 $800 Total Dev. Starts $567MM Avg Initial Rev. Recognition 3Q23 $600 $400 $200 $o -$200 -$400 -$600 -$800 2020 2021 @ cousins 22
Slide 23: Current Development Pipeline
CURRENT DEVELOPMENT PIPELINE AUSTIN NASHVILLE
Slide 24: Strategic Capital Allocation Creates Growth Opportunities
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITES ATLANTA AUSTIN 887 WEST DOMA DOMAIN PEACHTREE jaa a | PEACHTREE MIDTOWN DOMAIN DOMAIN 200K SF 900K SF 600K SF BUCKHEAD 740K SF MIDTOWN 700K SF DALLAS ® cousins 24
Slide 25: Net Debt/EBITDA
BALANCE SHEET PRIMED FOR OPPORTUNITIES Low Leverage with Substantial Liquidity NET DEBT/EBITDA! 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x SLG HPP PGRE OPI VNO_ BDN BXP DEA PDM CIO KRC CDP HIW FSP ESRT CUZ @ cousins 25
Slide 26: Debt Maturity Schedule
BALANCE SHEET PRIMED FOR OPPORTUNITIES Minimal Near-Term Debt Maturities DEBT MATURITY SCHEDULE? 30% 25% 20% 15% 10% 5% 0% SLG OPI CIO DEA BXP BDN VNO HPP KRC PDM DEI PGRE ESRT CDP EQC_ FSP~HIW 2024 §2025 @ cousins 26
Slide 27: Cousins' In-Place Gross Rent per SF
COUSINS’ IN-PLACE GROSS RENT PER SF1
Slide 28: Office REIT Dividend Growth and FAD Payout Ratio
OFFICE REIT COMMON DIVIDEND GROWTH (2019 vs CURRENT)1 COUSINS’ FAD PAYOUT RATIO2
Slide 29: Net Asset Value Appreciation per Green Street
NET ASSET VALUE APPRECIATION PER GREEN STREET1
Slide 30: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Stable, Experienced Leadership Gregg D. ae dent and ® cousins 30
Slide 31: Appendix
Slide 32: Atlanta
ATLANTA AVALON —® Pe, ., e, °— norTHPaRK MERIDIAN MARK 3350 PEACHTREE a 3348 PEACHTREE ~~} bes ] BUCKHEAD PLAZA a “l~—~e eS > 3344 PEACHTREE S ° TERMINUS ° KPRINGe STN PROMENADE CENTRAL foo PROMENADE — * TOWER o o Lg 6 120 WEST TRINITY 3% SS 725 PONCE 4¢) “MEDICAL OFFICES AT EMORY ° e — eae martawa.
Slide 33: Austin
AUSTIN &3 RESEARCH PARK PLAZA V » a 9 DOMAIN 10 @ DOMAIN POINT DOMAIN Tl —6° DOMAIN 12 DOMAIN 2 =<% DOMAIN 8 DOMAIN3 °° © DOMAIN7 DOMAIN 4 oS ®D f fa & 3 > - @ é cs) oh 300 COLORADO.-——® @ — COLORADO TOWER [o) ONE ELEVEN CONGRESS es Pre @ SAN JACINTO CENTER “* THE TERRACE ® cousins Submarket Concent
Slide 34: Tampa
TAMPA @ in B® . ¥ verre On ‘THE POINTE. — 9 S ® cousins Submarket Concentration? Professional Services 85% Industry Concentration4 34
Slide 35: Phoenix
PHOENIX HAYDEN FERRY pwn sande ri une E Rio Salado Pkwy 11 WEST RIO ——® © j00 MILL =< TEMPE GATEWAY Ward St . z S z g 2 E sth St ° @ Cousins Tempe 100% Submarket Concentration? Industry Concentration4 35
Slide 36: Charlotte
CHARLOTTE C77] Submarket Concentration? ey — & » 177] b> y = » @ Ree ao %, . & @— FIFTH THIRD CENTER ‘, é %, sO “Ge iy os SS é i és me Ne, s ae “% eS 1277] @—— 550 SOUTH 77] THE RAILYARD. e Industry Concentration4 Legal Services 12% ® cousins 5°
Slide 37: Dallas
DALLAS LEGACY UNION Dallas North Tollway di da 5950 SHERRY LANE Dallas North Tollway ® cousins di 8% Concentration? Submarket Professional Services Industry Concentration4 37
Slide 38: Endnotes
ENDNOTES Page 2- Why Cousins? L 14. 15. 1%. As of 31Mar-2024, Based on 1Q24 NOI. Includes ten assets that have undergone redevelopments in past six years. Based on CoStar average asking rents for same pool of Cousins assets from 4Q19 to 124. Source: CoStar. Represents weighted average gross rental r
Slide 39: 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 40: Investor Relations Contacts
Executive Vice President and Chief Financial Officer Vice President, Finance and Investor Relations 3344 Peachtree Road NE gadzema@cousins.com rimbeaux@cousins.com Suite 1800 404.407.1116 404.407.1104 Atlanta, GA 30326
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