Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (November 2023)
36 slides from Cousins Properties's investor presentation, Nov 13, 2023
Slide 1: Investor Presentation November 2023
se ANFVESTOR » PRESENTATION November 2023 ~
Slide 2: Why Cousins?
WHY COUSINS? PREMIER SUN BELT 100% Sun Belt / 100% Class A / 2004 average year built LIFESTYLE OFFICE 43% of portfolio delivered or redeveloped since 2015'? PORTFOLIO CUZ asking rents 10% higher than pre-pandemic levels and 24% higher than Class A avg34 BENEFITING FROM Sun Belt migration leading to
Slide 3: Cousins at a Glance
COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT NOI By Market! Bail Charlotte Nashville? 9% ® cousins 3
Slide 4: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Leading Sun Belt Markets NSS RSs
Slide 5: Premier Sun Belt Lifestyle Office Portfolio
nies Huei SUN Pan Cineerare OFFICE pablo, sborate and Enhance the ® cousins
Slide 6: Premier Sun Belt Lifestyle Office Portfolio: Fitness and Wellness Centers
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO State-of-the-Art Fitness and Wellness Centers ® cousins 6
Slide 7: Premier Sun Belt Lifestyle Office Portfolio: On-Site Amenities
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO On-Site Retail and Food Amenities that Promote Live-Work-Play ca ® cousins 7
Slide 8: Premier Sun Belt Lifestyle Office Portfolio: Repositioning
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations ® cousins 8
Slide 9: Class A Asking Rent ($/SF)
CLASS A ASKING RENT ($/SF)1,2
Slide 10: Benefiting from Powerful Office Trends: 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 2022! 1. Florida 2. Texas. 3. North Carolina 4. South Carolina 5. Tennessee 6. Georgia 7. Arizona BA Masichili otis B@eNew Jersey 49, Wlinoig BO. NewyY
Slide 11: Benefiting from Powerful Office Trends: Flight to Quality
BENEFITING FROM POWERFUL OFFICE TRENDS Flight to Quality Intensities and is Driving Demand for Newer, Highly-Amenitized Assets U.S. OFFICE PERFORMANCE Net Absorption Rent Premium / Discount by Building Age! by Building Age? 215 Prevent ay mo 50% 2010-2014 -8 | 40% 30% 20% Year of Delivery Rent Premi
Slide 12: Cousins Portfolio Performance
COUSINS PORTFOLIO PERFORMANCE
Slide 13: Select Return to Work Mandates
SELECT RETURN TO WORK MANDATES1
Slide 14: Positioned for Organic Growth
POSITIONED FOR ORGANIC GROWTH Modest Lease Expirations Well Below Office Sector Average LEASE EXPIRATIONS BY YEAR? 50% 25% 20% 15% Avg = 12.6% DEI EQC OPI DEI CDP FSP PDM SLG CIO PGRE HIW ARE VNO BDN ESRT BXP KRC [cuz] DEA 10% 5% 0% 2023 © 2024 @ cousins 14
Slide 15: Cousins Portfolio Occupancy vs Leased
COUSINS PORTFOLIO OCCUPANCY vs LEASED1
Slide 16: Cousins Increase in 2nd Generation Cash Net Rent
COUSINS INCREASE IN 2ND GENERATION CASH NET RENT1
Slide 17: Strategic Capital Allocation Creates Growth Opportunities
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. $60 Recognition 3Q23 $400 $200 $o -$200 -$400 -$600 -$800 2020 2021 @ cousins 7
Slide 18: Current Development Pipeline Austin Nashville
CURRENT DEVELOPMENT PIPELINE AUSTIN NASHVILLE
Slide 19: Strategic Capital Allocation Creates Growth Opportunities
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITES 5.IMM SF" « al New Developrr Additior ank Supports 5 ATLANTA 887 WEST 3354 DO PEACHTREE | PEACHTREE MIDTOWN BUCKHEAD MIDTOWN DOMAIN DOMAIN 740K SF 200K SF 900K SF 600K SF DALLAS LEGACY UNION TWO / THREE LEGACY 600K SF SOUTH END 4 ‘ SOUTH END m
Slide 20: Balance Sheet Primed for Opportunities: Low Leverage
BALANCE SHEET PRIMED FOR OPPORTUNITIES Low Leverage with Substantial Liquidity NET DEBT/EBITDA? 14.0x 12.0x 10.0x 8.0x Aug = 7.2x 6.0x 5.0x A.Ox 2.0x 0.0x SLG PGRE HPP OPI BDN VNO BXP DEA FSP CIO PDM CDP KRC HIW ESRT ARE CUZ ® Cousins 20
Slide 21: Balance Sheet Primed for Opportunities: Debt Maturities
BALANCE SHEET PRIMED FOR OPPORTUNITIES Minimal Near-Term Debt Maturities DEBT MATURITY SCHEDULE* 30% B 79% 25% 20% 15% 10%, 5% Ean. FSP OPI BDN PGRE ClO DEA SLG HPP VNO KRC_ BXP ESRT [cuz] PDM DEI CDP EQC ARE HIW 2023 ©2024 0% @® cousins 21
Slide 22: Cousins' In-Place Gross Rent per SF
COUSINS’ IN-PLACE GROSS RENT PER SF1
Slide 23: Cousins' Common Dividend per Share and FAD Payout Ratio
COUSINS’ COMMON DIVIDEND PER SHARE AND FAD PAYOUT RATIO1
Slide 24: Net Asset Value Appreciation per Green Street
NET ASSET VALUE APPRECIATION PER GREEN STREET1
Slide 25: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Stable, Experienced Leadership M. Colin Connolly Gregg D. Adzema nd Chief Executive <.. E Vice Pr | John S. McColl Vice President pment ® cousins 25
Slide 26: Appendix
Slide 27: Atlanta Market Snapshot
ATLANTA Market Snapshot AVALON —® °— NorTHPARK . MERIDIAN MARK 3350 PEACHTREE , aad 3348 PEACHTREE ~~ o BUCKHEAD PLAZA a @>__>—~ 3544 PEACHTREE [25] TERMINUS SPRING & STHN_o* PROMENADE CENTRAL Yeo pRoMENADE @&® eS ~ as @120 a TRINITY o 3&8 725 PONCE ° MEDICAL OFFICES AT EMORY : J — martawa. “9 oS ®
Slide 28: Austin Market Snapshot
AUSTIN Market Snapshot 8 RESEARCH PARK PLAZA V » a So DOMAIN 10 <9, @ -DOMAIN POINT DOMAIN 11 —@g®DOMAIN 12, 2% DOMAIN 2 g% “DOMAIN 8 DOMAIN 3 © DOMAIN7 DOMAIN 4 6 eo 8 j, a 4 »® ‘ou d 8 3500 COLORADO —® @-g = COLORADO TOWER fo) ONE ELEVEN CONGRESS Cone © SAN JACINTO CENTER” THE TERRACE ® cousins f
Slide 29: Tampa Market Snapshot
TAMPA Market Snapshot HAREORVIEW PLAZA THE POINTE ® cousins ‘CORPORATE CENTER HEIGHTS UNION Submarket Concentration” Industry Concentration4 29
Slide 30: Phoenix Market Snapshot
PHOENIX Market Snapshot Tempe Submarket Concentration” HAYDEN FERRY << / 1 WEST RIO ———® 100 MILL SiR TEMPE GATEWAY Rio Salado Phy wade z z Technology 4 ; 37% Esthst Industry Concentration4 ® cousins 30
Slide 31: Charlotte Market Snapshot
CHARLOTTE Market Snapshot L77) Submarket ‘ee & Concentration” & — os @o bs y = “SD @ vg & Q ip Le @— FIFTH THIRD CENTER % < % yA “% oe & J & Ye o Se anf of @ "550 SOUTH 7) THE RAILYARD. e eo E 4s Industry Concentration* ® cousins 31
Slide 32: Dallas Market Snapshot
DALLAS Market Snapshot *S LEGACY UNION E a = & o So 5950 SHERRY LANE [sss] © a @ a ® cousins Submarket Concentration? Industry Concentrationé | 32
Slide 33: Endnotes
ENDNOTES Page 2 - Why Cousins? 1 2 3 4 oe 1, 1%, w Page 3 - Cousins at a Gl 4 2 3 4 5. Page 9 - Premier Sun Belt Lifestyle Office Portf 1 2 As of 30-Sept-2023. Includes eight assets that have undergone redevelopments in past five years. Based on CoStar average asking rents for same pool of Cousins a
Slide 34: 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 35: 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
Slide 36: Slide 36
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