Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Nareit REITweek: REIT World Investor Presentation 2024
39 slides from Cousins Properties's conference presentation, Nov 18, 2024
Slide 1: Slide 1
Slide 2: Why Cousins?
WHY COUSINS? PREMIER SUN BELT 100% Sun Belt / 100% Class A / 2010 average year built LIFESTYLE OFFICE 64% of portfolio delivered or redeveloped since 20107 PORTFOLIO CUZ asking rents 16% higher than pre-pandemic levels and 25% higher than Class A avg>+ BENEFITING FROM Flight to quality driving deman
Slide 3: Cousins at a Glance
COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT NOI By Market! Bdliss Charlotte Nashville? 8%
Slide 4: Commodity Office 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: PRE Pen at wal peg sina sili ean
PRE Pen at wal peg sina sili ean @ Cousins 5
Slide 6: Premier Sun Belt Lifestyle Office Portfolio
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Outdoor Spaces to Collaborate and Enhance the Work Experience ® cousins 6
Slide 7: Premier Sun Belt Lifestyle Office Portfolio: Fitness and Wellness
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO State-of-the-Art Fitness and Wellness Centers ® cousins 7
Slide 8: Premier Sun Belt Lifestyle Office Portfolio: Retail and Food
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO On-Site Retail and Food and Beverage Amenities that Promote Live-Work-Play =—aSee |e ia Za) ® 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 Harborview decreased slightly has $55/sf for
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 Population migration Observation @ Flight to quality is driving demand for newer, highly-amenitized assets @ More than 60% of U.S. office vacancy is concentrate
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! 21 aaa Po yi aa i? Pe 1990s ie 64% CUZ NOI 1980s -134 “150 -100 50 fo} 50 100. 150 Year of Delivery Square Feet (MM's) @
Slide 14: Sun Belt Migration Leading to Outsized Growth
BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Migration is Leading to Outsized Population and Job Growth SUN BELT MIGRATION man. Domestic Net Migration 2023} - Raleigh — Jacksonville Baltimore Boston. | Austin Triad Atlanta Houston Richmond Nashville Philadelphia 1. Florida 194k : Charlotte 2. Tex
Slide 15: Quarterly U.S. Leasing Activity
QUARTERLY U.S. LEASING ACTIVITY1 (MM SF)
Slide 16: U.S. Office Inventory
U.S. OFFICE INVENTORY1 (MM SF)
Slide 17: Positioned for Organic Growth: Lease Expirations
POSITIONED FOR ORGANIC GROWTH Modest Lease Expirations Well Below Office Sector Average LEASE EXPIRATIONS BY YEAR* 35% 30% 25% 20% 15% 10% 5% 0% DEI FSP CDP HPP PGRE HIW CIC 2024 ™2025 #2026 @ cousins 7
Slide 18: Cousins Portfolio Occupancy vs Leased
COUSINS PORTFOLIO OCCUPANCY vs LEASED1
Slide 19: Increase in 2nd Generation Cash Net Rent
COUSINS INCREASE IN 2ND GENERATION CASH NET RENT1
Slide 20: Strategic Capital Allocation: 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. $60 Recognition 3Q23 $400 $200 $o -$200 -$400 -$600 -$800 2020 2021 @ cousins 20
Slide 21: Current Development Pipeline Austin Nashville
CURRENT DEVELOPMENT PIPELINE AUSTIN NASHVILLE
Slide 22: Sourced Over $500MM of New Investments
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES Sourced over $500MM of Compelling New Investments in Core Sun Belt Markets 2024 NEW INVESTMENTS Loan Acquisition MM! Loan Acquisition Loan Acquisition $14.7MM' $138MM' 1S St AeA | SER EEEREENN ; oe ae ee ON = io EAST i i) SAINT ANN COURT Char
Slide 23: Land Bank Supports 5.1MM SF of New Development
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES 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
Slide 24: Net Debt/EBITDA and Liquidity
NET DEBT/EBITDA1 Liquidity pro for St Ann? We did a pro for the bond last Q
Slide 25: Cousins' Net Operating Income
COUSINS’ NET OPERATING INCOME1
Slide 26: Office REIT Dividend Growth and FAD Payout Ratio
OFFICE REIT COMMON DIVIDEND GROWTH (2019 vs CURRENT)1 COUSINS’ FAD PAYOUT RATIO2
Slide 27: Net Asset Value Appreciation per Green Street
NET ASSET VALUE APPRECIATION PER GREEN STREET1
Slide 28: 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 28
Slide 29: Slide 29
Slide 30: Atlanta Market Snapshot
ATLANTA Market Snapshot buck AVALON —® ~~ | ‘ | 7 _ Submarket | Concentration? — J q oO f °S— NORTHPARK / £\ veripian MARK 3350 PEACHTREE , aad 3348 PEACHTREE H o BUCKHEAD PLAZA “le (© 5544 PEACHTREE a 4 TERMINUS Pe PROMENADE TOWER PROSCENIUM PROMENADE @ SPRING & 8TH fe CENTRAL oO an @120 WEST TRINI
Slide 31: 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 Su
Slide 32: Tampa Market Snapshot
TAMPA Market Snapshot i) © » The Pomre 7) rd ® cousins eis UO o Submarket Concentration” Industry Concentration4 32
Slide 33: Phoenix Market Snapshot
PHOENIX Market Snapshot HAYDEN FERRY / Rio Salado Phy 1 WEST RIO ———® 100 MILL Ward St ony sy Esthst ® cousins ny ht N SiR TEMPE GATEWAY Tempe Submarket Concentration” Industry Concentration4 33
Slide 34: Charlotte Market Snapshot
CHARLOTTE Market Snapshot THE RAILYARD. ® cousins Submarket Concentration” _ Industry _, Concentration* 34
Slide 35: Dallas Market Snapshot
DALLAS Market Snapshot *S LEGACY UNION z 3 Submarket Concentration? Dallas di S 5950 SHERRY LANE [sss] Industry | Concentration4 © a @ a 35 ® cousins
Slide 36: Endnotes
ENDNOTES Page 2- Why Cousins? 1. Asof 30-Sept-2024. 2. Based on 3@2a NOI. Includes ten assets that have undergone redevelopment in past six years. 3. Based on CoStar average asking rents for same pool of Cousins assets from aQig to 324. 4. Source: CoStar. Represents weighted average gross rental rat
Slide 37: 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 38: Contact Information
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 39: Slide 39
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