Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (September 2020)
27 slides from Cousins Properties's investor presentation, Sep 14, 2020
Slide 1: Investor Presentation
INVESTOR PRESENTATION
Slide 2: Rent Collections Update
I RENT COLLECTIONS UPDATE August Office Rent Collections of 99% August Rent Collections August Rent Collections by Industry 99% 98% 100% 100% 100% 91% 80% 80% 60% ss 60% 40% 40% 20% 20% 0% 0% mOffice —mRetail m Total a *. Ss ee vs f 9 < & ee re & August Rent Collections Highlights > Top 20 customers
Slide 3: Simple Strong
aa A 1 4 1 Ne a ee aS BZ = pay peal = (72) Lil S} Z << 4 =.) SIMPLE STRONG
Slide 4: Cousins at a Glance
COUSINS AT A GLANCE Preeminent Sun Belt Office REIT 4.4x 19MM SF! 19.4MM NET DEBT / DEVELOPMENT PIPELINE EBITDA’ SF 82% Leased? $6.5Bn fey *T] ait to TOTAL MARKET $1 Billion CAPITALIZATION’ 1 LEASED! OF LIQUIDITY Charlotte Dallas/ Fort Worth 12% <> LAWS —~ Atlanta
Slide 5: Resilient Market Fundamentals
I RESILIENT MARKET FUNDAMENTALS Cousins is Positioned at the Intersection of Two Powerful Long-Term Trends NET MIGRATION FLIGHT TO QUALITY Top Five States for Net Migration’ Average Annual Demand Growth? 2005-2018 mm | #2FL | #3NC | *4AZ | #5GA se we 2.5% #50 New York 21% Top Source of 2.0% ie Net M
Slide 6: Resilient Market Fundamentals
RESILIENT MARKET FUNDAMENTALS Solid Rent Growth and Absorption Rent Growth! 3.8% 2.0% 1.6% = €@ Cousins Gateway Average US. Average Net Absorption as a % of Total Inventory? 2.0% 1.3% 1.0% © Cousins Gateway Average US. Average
Slide 7: Premier Sun Belt Portfolio
REMIER SUN BELT PORTFOLIO Pure-Play Sun Belt Office REIT with a Differentiated Portfolio CUZ PEERS' 100% % CLASS A 91% AVERAGE YEAR BUILT vesuess Portfolio is well-positioned with 77% of assets in close proximity to mass transit and a parking ratio of 2.9:1000
Slide 8: Premier Sun Belt Portfolio
PREMIER SUN BELT PORTFOLIO Dominant Market Share in Highly-Amenitized Submarkets Atlanta Development/Land Asset Buckhead 18% Class A Market Share’ Atlanta Midtown 12% Class A Market Share’ Austin CBD 17% Class A Market Share’ Austin The Domain 36% Class A Market Share! Charlotte Uptown 12% Class A M
Slide 9: Premier Sun Belt Portfolio
I PREMIER SUN BELT PORTFOLIO Commands Premium Rents in Our Markets SS A ASKING RE $4310 $30.37 $58.42 $35.92 $34.46 $47.83 Atlanta Buckhead Cousins Austin CBD Cousins Charlotte Uptown Buckhead CBD $44.32 $38.46 Be $32.15 $32.44 Dallas Preston Center Cousins Phoenix Tempe Cousins Tampa Westshore Cous
Slide 10: Premier Sun Belt Portfolio
I PREMIER SUN BELT PORTFOLIO Near-Term Lease Expirations In-Line with Peers Lease Expirations by Year’ 40% 35% 30% 25% Avg = 23% 20% 15% 10% 5% 0% VNO PGRE CXP BXP ESRT KRC PDM CLI [ewz] HIW BDN DEA EQC HPP SLG FSP OFC ClO DEI OPI 2020 —2021 ™2022
Slide 11: Compelling Growth Opportunities
COMPELLING GROWTH OPPORTUNITIES $9MM of Development NOI in 2019 Grows to $71MM! in 2022 CURRENT DEVELOPMENT PIPELINE 10000 120 WEST. 300 100 AVALON TRINITY puede DOMAIN0 COLORADO MILL RSF 251K 352K 320K 300K 358K 287K 281K 320K 2.5MM % Leased” 75% 100% 100% 98% 87% 44% 100% 100% 89% 2022 Total a $71
Slide 12: Compelling Growth Opportunities
COMPELLING GROWTH OPPORTUNITIES In-Place Rents Remain Below Current Market Rents Increase in 2nd Generation Cash Net Rent’ 25.0% 20.0% 15.0% 10.0% 5.0% 0.0%
Slide 13: Simple Strong Balance Sheet
SIMPLE STRONG BALANCE SHEET Leverage Significantly Below Peers 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x SLG VNO PGRE FSP Net Debt/EBITDA' Average = 7.2x FSP KRC ESRT BXP CXP BDN CIO OFC DEA ARE OPI PDM HIW [az] 12
Slide 14: Simple Strong Balance Sheet
I SIMPLE STRONG BALANCE SHEET Substantial Liquidity and Access to Capital Markets $1.0 Billion Liquidity’ REVOLVER $iBN Flexible Portfolio? UNENCUMBERED 78% IBS
Slide 15: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Leadership Gregg D. Adzema Executive Vice President and Chief Financial Officer Pamela F. Roper Executive Vice President, General Counsel and Corporate Secretary John S. McColl Executive Vice President, Development 14
Slide 16: Appendix
APPENDIX
Slide 17: Atlanta
ATLANTA 8000 AVALON —® Submarket Concentration 7 F / o j ft —~ NORTHPARK moe |g8 5] Oo é f \ MERIDIAN MARK 3350 PEACHTREE ’ ay 3348 PEACHTREE ; o BUCKHEAD PLAZA a Pages i ae o> 3544 PEACHTREE 7 on 35] Ny TERMINUS : SPRING & 8TH” ¢ = Industry + ee PROMENADE o Concentration 4 (20) \ 1200 PEACHTREE > “
Slide 18: Austin
AUSTIN 4.0MM RESEARCH PARK PLAZA V = Total Square Feet' bmar DOMAIN TI< Covet Gal DOMARI2 Soman 4 Domains DOMAINT o oO) 95% Wan ef 816 CONGRESS ; @ — COLORADO TOWER _) Industry (@~ ONE ELEVEN Concentration (O) {CONGRESS cae < $60.81 ea SAN JACINTO CENTER Services THE TERRACES 9% Professional Servic:
Slide 19: Charlotte
CHARLOTTE 2.3MM Total Square Feet' qi di @ 91% Professional @- FIFTH THIRD CENTER Services 29% * & é AY OF AMERICA &B PLAZA 7 (@— NASCAR PLAZA 77] and Services 9% Industry DIMENSIONAL PLACE é Con centra Marketing 13% 18
Slide 20: Dallas
DALLAS 516K Oo icrumen Total Square Feet' c) ; 97% oS _| 5950 SHERRY LANE L635] Fy e | 8 © ——t $48.72 o 12
Slide 21: Phoenix
PHOENIX 1.3MM Total Square Feet' 98% HAYDEN FERRY d E Rio Salado Phwy Financial Services 13% TWEsT RIO ——® Insurance 10% we TEMPE GATEWAY Industry Concentration 4 Professional Services 27% ony IAN $43.13 20
Slide 22: Tampa
TAMPA Westshore 100% 1.7MM Total Square Feet' Submarket HARBORVIEW PLAZA / / a comonatecemen é Lessa} \! 95% \ ie pomre é Legal Services a (| 4% Industry Concentration 4 & $38.94 a Healthcare 22% 21
Slide 23: 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. Net Operating Income, which is rental property revenues less termination fees and rental property operating e
Slide 24: Endnotes
ENDNOTES Page 1 - Rent Collections Update 1. As reported on April earnings conference call. Page 3 - Cousins at a Glance 1. As of 30-Jun-2020 filings. 2. Represents office leased percentage as of 30-Jun-2020. 3, Represents Cousins’ pro-rata share of NOI per 30-Jun-2020 filings. Page 4- Resilient Mar
Slide 25: 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 26: Pesce reerere!
Pesce reerere! wo Tid rer nen mn ae H O08 Oi wt Win i wh 00 Hn ou a ** Sr Gregg Adzema Roni Imbeaux cousins.com Executive Vice President and Chief Vice President, Finance and Investor Financial Officer Relations 3344 Peachtree Road NE Suite 1800 Atlan zema@cousins.com rimbe 404.407.1N6 404.407.1104
Slide 27: Slide 27
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