Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (May 2026)
43 slides from Cousins Properties's investor presentation, May 4, 2026
Slide 1: Investor Presentation May 2026
INVESTOR PRESENTATION May 2026 300 COLORADO Austin
Slide 2: Why Cousins?
2 BENEFITING FROM POWERFUL OFFICE TRENDS BALANCE SHEET PRIMED FOR OPPORTUNITIES PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO TRACK RECORD OF SUCCESS WHY COUSINS? • Flight to quality driving demand for newer, highly-amenitized assets5 • Sun Belt migration leading to outsized population growth6 • Recor
Slide 3: Cousins at a Glance
35 COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT Geographic Concentration1 22.9MM SF portfolio2 2013 average year built2 91.8% leased2 76% of portfolio developed or redeveloped since 20102,3 5.6MM SF land bank5 Dallas 5% Charlotte 11% Atlanta 31% Houston 3% Phoenix 8% Tampa 7% Nashville 1%
Slide 4: Lifestyle Office has Emerged as a Distinct and Desirable Property Type
4 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Lifestyle Office has Emerged as a Distinct and Desirable Property Type COMMODITY OFFICE ASSETS New or recently redeveloped properties that command premium rents and enjoy higher occupancy Located in the best markets and submarkets with close proximit
Slide 5: Amenity-Rich Trophy Assets in Leading Sun Belt Markets
5 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Amenity-Rich Trophy Assets in Leading Sun Belt Markets 725 PONCE Atlanta HEIGHTS UNION Tampa VANTAGE Charlotte 100 MILL Phoenix THE DOMAIN Austin SAIL TOWER Austin
Slide 6: On-Site Dining, Shopping and Entertainment Options
6 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO On-Site Dining, Shopping and Entertainment Options Creating Dynamic Environments NEUHOFF Nashville BUCKHEAD PLAZA Atlanta THE RAILYARD Charlotte VANTAGE Charlotte
Slide 7: Active Outdoor Spaces to Work, Recharge or Relax
7 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Active Outdoor Spaces to Work, Recharge or Relax 3350 PEACHTREE Atlanta THE LINK Dallas 725 PONCE Atlanta 100 MILL Phoenix HEIGHTS UNION Tampa
Slide 8: State-of-the-Art Fitness and Wellness Centers
8 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO State-of-the-Art Fitness and Wellness Centers THE LINK Dallas SPRING & 8th Atlanta SPRING & 8th Atlanta PROMENADE Atlanta NEUHOFF Nashville
Slide 9: Select Repositioning of High-Quality Assets in Prime Locations
9 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations HAYDEN FERRY Tempe Phoenix RECENTLY COMPLETED REDEVELOPMENT
Slide 10: Select Repositioning of High-Quality Assets in Prime Locations
10 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations 201 N TRYON Uptown Charlotte IN-PROCESS REDEVELOPMENTS PROSCENIUM Midtown Atlanta
Slide 11: Select Repositioning of High-Quality Assets in Prime Locations
11 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations 550 SOUTH Uptown Charlotte IN-PROCESS REDEVELOPMENTS
Slide 12: Cousins Portfolio Quality Ranks at the Top of Office REIT Peers
12 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Cousins Portfolio Quality Ranks at the Top of Office REIT Peers 0 10 20 30 40 50 60 CUZ BXP PGRE KRC HIW HPP SLG VNO ESRT DEI Rent Score Build Score Amenity Score BANK OF AMERICA ANALYSIS OF PORTFOLIO QUALITY1 “Buildings along the upper tier of the qual
Slide 13: Command Premium Rents 30% Higher than Class A Average
13 ATLANTA AUSTIN CHARLOTTE DALLAS PHOENIX TAMPA CLASS A ASKING RENT ($/SF)1,2 PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Command Premium Rents 30% Higher than Class A Average in Our Core Markets $37.93 $48.83 Total Market $39.10 $73.51 Total Market $35.80 $57.02 Total Market $40.14 $52.54 Total Ma
Slide 14: Cousins is Positioned to Outperform in the Current Office Sector Environment
14 BENEFITING FROM POWERFUL OFFICE TRENDS Cousins is Positioned to Outperform in the Current Office Sector Environment Customers are prioritizing high-quality, well-amenitized and well-located buildings to promote employee collaboration and engagement Flight To Quality Sun Belt Migration Return To
Slide 15: Flight to Quality is Driving Demand for Newer, Highly-Amenitized Assets
15 -53 -24 -57 -140 -62 -86 133 -150 -100 -50 0 50 100 150 Before 1960 1960s 1970s 1980s 1990s 2000s 2010-Present Net Absorption Since Covid-19 Onset (SF MM'S) Y ea r of D el iv er y FLIGHT TO QUALITY Net Absorption Since COVID Onset1 BENEFITING FROM POWERFUL OFFICE TRENDS Flight to Quality is Drivi
Slide 16: Sun Belt Migration is Reaccelerating
16 Domestic Net Migration 20251 SUN BELT MIGRATION1 BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Migration is Reaccelerating Houston Dallas Austin Nashville Charlotte Atlanta Tampa Phoenix 1. Texas +84k 2. North Carolina +67k 3. South Carolina +67k 47. Massachusetts -33k 4. Florida +42k 48. New J
Slide 17: Sun Belt Migration is Not a New Phenomenon
17 33MM 86MM 0 10 20 30 40 50 60 70 80 90 100 1970 1980 1990 2000 2010 2020 Arizona Tennessee North Carolina Georgia Florida Texas BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Migration is Not a New Phenomenon POPULATION GROWTH IN COUSINS’ MARKETS1 MM’s +161% Increase 26% of U.S. Population 16% o
Slide 18: Customers Returning to Normal In-Office Work
18 FORTUNE 100 OFFICE ATTENDANCE POLICIES1 BENEFITING FROM POWERFUL OFFICE TRENDS Customers Returning to Normal In-Office Work 6% 10% 3% 56% 41% 1% 2% 0% 10% 20% 30% 40% 50% 60% 70% 80% Fully In-office Hybrid Team- Dependent/Other Fully Remote Q3 2023 Q3 2025 Average weekly requirement: 4.0 days 81%
Slide 19: Sun Belt Leasing Has Exceeded Pre-Pandemic Levels
19 LEASING VOLUME vs PRE-PANDEMIC1 (MM SF) BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Leasing Has Exceeded Pre-Pandemic Levels For More Than a Year 104% Sun Belt Growth Markets Atlanta, Austin, Charlotte, Dallas, Denver, Miami/South FL, Nashville, Phoenix, Raleigh, San Diego, Tampa 40% 50% 60%
Slide 20: Office Supply is Shrinking
20 U.S. OFFICE INVENTORY1 (MM SF) BENEFITING FROM POWERFUL OFFICE TRENDS Office Supply is Shrinking and Creating a Shortage of New, High-Quality Space -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% -5 0 5 10 15 20 25 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Deliveries Net change in supply Inventory is shri
Slide 21: Modest Lease Expirations Well Below Office Sector Average
21 0% 10% 20% 30% 40% 50% HPP DEI CDP HIW PDM BDN VNO KRC ESRT CUZ SLG DEA BXP 2026 2027 2028 LEASE EXPIRATIONS BY YEAR1 POSITIONED FOR ORGANIC GROWTH Modest Lease Expirations Well Below Office Sector Average 16.5% Avg = 25.1%
Slide 22: Increase Occupancy from Contractual and New Leasing
22 70% 75% 80% 85% 90% 95% 100% 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26 COUSINS PORTFOLIO OCCUPANCY vs LEASED1 POSITIONED FOR ORGANIC GROWTH Increase Occupancy from Contractual and New Leasing Pre-COVID (1Q17-1Q20) Avg = 94% Leased Pre-COVID Avg = 91% Occupancy Near record- level leasing p
Slide 23: Driving In-Place Rent Growth with New Leasing
23 $33.70 $50.50 $30.00 $32.00 $34.00 $36.00 $38.00 $40.00 $42.00 $44.00 $46.00 $48.00 $50.00 $52.00 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26 COUSINS IN-PLACE GROSS RENTS1 POSITIONED FOR ORGANIC GROWTH Driving In-Place Rent Growth with New Leasing +50% Increase $/SF
Slide 24: Improving Portfolio Quality Through Capital Recycling
24 -$800 -$600 -$400 -$200 $0 $200 $400 $600 $800 $1,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Acquisitions Dispositions Development Starts ASSET RECYCLING1 STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES Improving Portfolio Quality and Cash Flows Through Capital Recy
Slide 25: Sourced over $1.4 Billion of Compelling New Acquisitions
25 STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES Sourced over $1.4 Billion of Compelling New Acquisitions in Core Sun Belt Markets Since 2024 RECENT ACQUISITIONS UPTOWN Charlotte 300 S Tryon $317.5MM SOUTH END Charlotte VANTAGE $328.5MM UPTOWN Dallas THE LINK $218MM DOWNTOWN Austin SAIL
Slide 26: 903K SF Development Delivering NOI Growth
26 STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES 903K SF Development Delivering NOI Growth NEUHOFF CURRENT DEVELOPMENT PIPELINE NASHVILLE 396K SF Office 53K SF Retail 542 Apartments 50% Ownership Office 84% Leased1 Apartments 93% Leased1
Slide 27: Land Bank Supports 5.6MM SF of Additional Development
27 DOMAIN POINT LEGACY UNION TWO / THREE LEGACY 600K SF DALLAS MIDTOWN 800K SF 887 WEST PEACHTREE 3354 PEACHTREE ATLANTA AUSTIN 715 PONCE MIDTOWN 200K SF DOMAIN 900K SF TAMPA CORPORATE CENTER V WESTSHORE 180K SF DOMAIN CENTRAL CHARLOTTE 303 TREMONT 1435 S. TRYON SOUTH END 650K SF SOUTH END 520K SF S
Slide 28: Low Leverage with Substantial Liquidity
28 5.7x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x SLG HPP BDN BXP VNO KRC DEA PDM ESRT HIW FSP CDP CUZ NET DEBT/EBITDA1 $988 Million Liquidity2 BALANCE SHEET PRIMED FOR OPPORTUNITIES Low Leverage with Substantial Liquidity Avg = 8.0x
Slide 29: Increased Cash Rents for 48 Consecutive Quarters
29 0% 5% 10% 15% 20% 25% 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26 TRACK RECORD OF SUCCESS Increased Cash Rents for 48 Consecutive Quarters COUSINS INCREASE IN 2ND GENERATION CASH NET RENT1 Avg = 9.9%
Slide 30: Industry Leading Earnings Growth
30 12.2% -80% -60% -40% -20% 0% 20% BDN DEI KRC PDM VNO SLG HIW BXP ESRT DEA CUZ CDP FFO/SHARE GROWTH 2023 vs 20261 TRACK RECORD OF SUCCESS Industry Leading Earnings Growth Avg = -9.0%
Slide 31: Relative NAV Performance
31 -12% -38% -52% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26 NET ASSET VALUE CHANGE PER GREEN STREET1 TRACK RECORD OF SUCCESS Premier Sun Belt Portfolio and Development Expertise Drive Relative NAV Performance CUZ Non-Gateway Peer Avg Gateway Peer
Slide 32: Meet Our Executive Team
32 Pamela F. Roper Executive Vice President, General Counsel and Corporate Secretary M. Colin Connolly President and Chief Executive Officer John S. McColl Executive Vice President, Development Gregg D. Adzema Executive Vice President and Chief Financial Officer Richard Hickson Executive Vice Presid
Slide 33: Appendix
APPENDIX 725 PONCE Atlanta
Slide 34: Atlanta Market Snapshot
34 Buckhead 42% Midtown 40% Central Perimeter 10% North Fulton 8% Technology 23% Financial Services 22% Professional Services 12% Real Estate 9% Legal Services 8% Consumer Goods and Services 8% Other 6% Healthcare 5% Insurance 4% Construction 3% Submarket Concentration2 Industry Concentration4 ATLAN
Slide 35: Austin Market Snapshot
35 Technology 53% Legal Services 11% Energy 9% Financial Services 7% Consumer Goods and Services 6% Other 5% Professional Services 4% Marketing 3% Healthcare 2% CBD 52% Domain 39% Southwest 7% Northwest 2% AUSTIN Market Snapshot 5.7MM Total Square Feet1 95% Leased1 $61.89 Average Asking Rent3 Indust
Slide 36: Charlotte Market Snapshot
36 Uptown 49% South End 51% Legal Services 23% Financial Services 16% Real Estate 14% Other 14% Insurance 12% Professional Services 7% Consumer Goods and Services 6% Transportation 5% Healthcare 3% CHARLOTTE Market Snapshot 2.7MM Total Square Feet1 81% Leased1 Submarket Concentration2 Industry Conce
Slide 37: Tampa Market Snapshot
37 Healthcare 25% Other 13% Insurance 12% Technology 10% Legal Services 10% Professional Services 9% Financial Services 8% Consumer Goods and Services 7% Real Estate 6% Westshore 80% CBD 20% 97% Leased1 1.8MM Total Square Feet1 $52.54 Average Asking Rent3 TAMPA Market Snapshot Submarket Concentratio
Slide 38: Phoenix Market Snapshot
38 Technology 36% Professional Services 24% Other 15% Construction 7% Real Estate 6% Transportation 5% Legal Services 4% Healthcare 3% Tempe 100% PHOENIX Market Snapshot 97% Leased1 1.6MM Total Square Feet1 Submarket Concentration2 Industry Concentration4 $57.02 Average Asking Rent3
Slide 39: Dallas Market Snapshot
39 Uptown 54% Preston Center 16% Legacy 30% Energy 35% Financial Services 25% Marketing 12% Marketing 12% Real Estate 8% Professional Services 3% Construction 3% Other 2% DALLAS Market Snapshot 98% Leased1 808K Total Square Feet1 $73.51 Average Asking Rent3 Submarket Concentration2 Industry Concentr
Slide 40: Footnotes and Sources
40 Page 17 – Benefiting from Powerful Office Trends 1. Source: U.S. Census Bureau Historical Population Change Data. Page 18 – Benefiting from Powerful Office Trends 1. Source: JLL Office Market Dynamics 3Q25. Page 19 – Benefiting from Powerful Office Trends 1. Source: JLL Research. Page 20 – Benefi
Slide 41: Cautionary Statement Regarding Forward-Looking Information
41 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 herein. These forward-looking statements include informati
Slide 42: Contact Information
3344 Peachtree Road NE Suite 1800 Atlanta, GA 30326 cousins.comGregg Adzema Executive Vice President and Chief Financial Officer gadzema@cousins.com 404.407.1116 Roni Imbeaux Senior Vice President, Finance and Investor Relations rimbeaux@cousins.com 404.407.1104 NEUHOFF Nashville
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