Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (May 2025)
40 slides from Cousins Properties's investor presentation, May 5, 2025
Slide 1: Investor Presentation May 2025
INVESTOR EN] ATIO N SS May 2025
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 / 2011 avera
Slide 3: Cousins at a Glance
COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT NOI By Market! Charlotte Nashville? 1% Dallas ® cousins 3
Slide 4: Commodity Office Assets vs Lifestyle Office Assets
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 proximity to thriving and dynamic neighborhoods Highly-amenitized including on-site retail & food, activated outdoor space,
Slide 5: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT bed es bli cies PORTFOLIO A nity-Ric NY bets Bg g Sun Belt Markets ® cousins 5
Slide 6: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO ANCE Th ® cousins 6
Slide 7: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO State-of-the-Art Fitness and Wellness Centers Je a ‘Cousins 7
Slide 8: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO ® cousins 8
Slide 9: Recently Completed and In-Process Redevelopments
RECENTLY COMPLETED REDEVELOPMENTS IN-PROCESS REDEVELOPMENT
Slide 10: Bank of America Analysis of Portfolio Quality
BANK OF AMERICA ANALYSIS OF PORTFOLIO QUALITY1
Slide 11: Class A Asking Rent ($/SF)
CLASS A ASKING RENT ($/SF)1,2
Slide 12: Benefiting from Powerful Office Trends
BENEFITING FROM POWERFUL OFFICE TRENDS Cousins is Well Positioned to Navigate the Current Office Sector Environment Theme Flight to quality Observation Mitigant @ Flight to quality is driving demand for newer, highly-amenitized assets @ More than 60% of U.S. office vacancy is concentrated in 10% of
Slide 13: Flight to Quality Intensifies
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 -86 69% CUZ NOI 1990s 1980s -140 Year of Delivery 1970s 1960s Before 1960 “150 -100 “50 ° 50 100 150
Slide 14: Domestic Net Migration and Office-Using Employment Growth
DOMESTIC NET MIGRATION 20241 2024 OFFICE-USING EMPLOYMENT GROWTH2
Slide 15: Historical Population Growth
HISTORICAL POPULATION GROWTH1
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: Positioned for Organic Growth
POSITIONED FOR ORGANIC GROWTH Modest Lease Expirations Well Below Office Sector Average LEASE EXPIRATIONS BY YEAR? 60% 50% 40% 30% 20% 17:3% “cuz DEA ~ BXP 10% DEI HPP FSP CDP CIO PGRE HIW PDM “pl VNO KRC_ ESRT BDN SLG CUZ 0% 2025 ™ 2026 ™ 2027 a Cousins 18
Slide 19: Cousins Portfolio Occupancy vs Leased
COUSINS PORTFOLIO OCCUPANCY vs LEASED1
Slide 20: Cousins Increase in 2nd Generation Cash Net Rent
COUSINS INCREASE IN 2ND GENERATION CASH NET RENT1
Slide 21: Strategic Capital Allocation: Asset Recycling
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITES Recycled Approximately $1.2 Billion of Older Assets during COVID Pandemic ASSET RECYCLING? _MM's J $1,000 $800 Total Dev. Starts $567MM Avg Initial Rev. Recognition $600 3Q23 $400 $200 $o -$200 -$400 -$600 -$800 2020 2021 @ cousins 21
Slide 22: Current Development Pipeline Nashville
CURRENT DEVELOPMENT PIPELINE NASHVILLE
Slide 23: Sourced Over $1 Billion of New Investments in 2024
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES Sourced over $1 Billion of Compelling New Investments in Core Sun Belt Markets in 2024 2024 NEW INVESTMENTS SAIL TOWER Austin Loan Acquisition $138MM Paid off Jan. 25 Mezz Loan Acquisition $12.5MM" Paid off Mar. 25 : ee N SAINT ANN COURT . Da
Slide 24: Land Bank Supports 51MM SF of New Development
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES Land Bank Supports 51MM SF! of Additional New Development ATLANTA AUSTIN 887 WEST 3354 DO PEACHTREE PEACHTREE | ’ MIDTOWN BUCKHEAD MIDTOWN : DOMAIN DOMAIN 700K SF 740K SF 200K SF 900K SF DALLAS LEGACY UNION TWO / THREE LEGACY 600K SF SOUTH EN
Slide 25: Balance Sheet Primed for Opportunities
BALANCE SHEET PRIMED FOR OPPORTUNITIES Low Leverage with Substantial Liquidity NET DEBT/EBITDA! 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x HPP SLG OPI PGRE VNO BDN BXP DEA PDM CIO FSP KRC HIW CDP ESRT Cuz) @ Cousins 25
Slide 26: FFO/Share Growth 2022 versus 2025
FFO/SHARE GROWTH 2022 VERSUS 20251
Slide 27: Office REIT Dividend Growth and FAD Payout Ratio
OFFICE REIT COMMON DIVIDEND GROWTH (2019 vs CURRENT)1 COUSINS’ FAD PAYOUT RATIO2
Slide 28: Net Asset Value Appreciation per Green Street
NET ASSET VALUE APPRECIATION PER GREEN STREET1
Slide 29: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Stable, Experienced Leadership Executive Chief Fina e President, ® cousins 29
Slide 30: Appendix
Pi h Fb “APPENDIX 2 A
Slide 31: Atlanta Market Snapshot
ATLANTA Market Snapshot AVALON —® o / f °— NORTHPARK ox od *\ MERIDIAN MARK 3350 PEACHTREE wail 3348 PEACHTREE o BUCKHEAD PLAZA “Te (5 5544 PEACHTREE o ” TERMINUS PROMENADE TOWER PROSCENIUM. PROMENADE oO SPRING & 8TH. fe CENTRAL @120 WEST TRINITY @ 725 PONCE MEDICAL OFFICES AT EMORY =] ® cousins Sub
Slide 32: Austin Market Snapshot
AUSTIN 3 RESEARCH PARK PLAZA V » ‘o) 9 DOMAIN 10 <6 @—DOMAIN POINT Submarket : DOMAIN Tl — 60 DOMAIN 12 Concentration’ DOMAIN 2 9% ‘DOMAIN 8& q A DOMAIN 3 ®&DOMAIN7 DOMAIN 4 a 8 300 COLORADO. i 8 a SAIL TOWERS_¢°@ @ — —- COLORADO TOWER fo) ONE ELEVEN CONGRESS FC @ SAN JACINTO CENTER™” THE TERRACE In
Slide 33: Charlotte Market Snapshot
CHARLOTTE Market Sn pshot ad = Submarket A277] Concentration? we oO » Y y _ WZ 7] ey NG & ‘@— FIFTH THIRD CENTER = = OSS, ¢ So %. Yo, es a of wf és hovbigan 9 ©——'550 SOUTH 77) THE RAILYARD.g * ea G Industry Concentration*+ ® cousins 33
Slide 34: Market Snapshot
Submarket Concentration? tansonview PLAZA B « ‘CORPORATE CENTER B® é . vercrtsuidy— the Ponte a oS @ Industry Concentration ® cousins 34
Slide 35: Phoenix Market Snapshot
PHOENIX aes ket Snapshot HAYDEN FERRY / Rio Salado Phy 1 WEST RIO ——® © 100 MILL any uy ® cousins =e TEMPE GATEWAY Ward St z Esthst Tempe Submarket Concentration? Transportation om Industry Concentration 35
Slide 36: Dallas Market Snapshot
DALLAS Market Snapshot *% LEGACY UNION Submarket Concentration? Dallas North Tollway di S di 5950 SHERRY LANE Industry er $63.63 king Rent® @ ai @ a ® cousins 36
Slide 37: Endnotes
ENDNOTES Page 2- Why Cousins? 1. As of 31-Mar-2026. 2, Based on 125 GAAP NOI. Includes ten assets that have undergone redevelopment in past seven years. 3. Based on CoStar average asking rents for same pool of Cousins assets from 49 to 125, 4, Source: CoStar. Represents weighted average gross rental
Slide 38: Cautionary Statement Regarding Forward-Looking Information
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Certain matters contained in this report are “forward-looki |g 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
Slide 39: 3344 Peachtree Road NE Suite 1800 Atlanta, GA 30326 Executive Vice President and Chief
3344 Peachtree Road NE Suite 1800 Atlanta, GA 30326 Executive Vice President and Chief Financial Officer gadzema@cousins.com 404.407.1116 Vice President, Finance and Investor Relations rimbeaux@cousins.com 404.407.1104
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