Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (November 2021)
30 slides from Cousins Properties's investor presentation, Nov 9, 2021
Slide 1: Investor Presentation
PRESENTARION ae
Slide 2: Cousins at a Glance
COUSINS AT A GLANCE Preeminent Sun Belt Office REIT NOI By Market! paix Charlotte 10% Phoenix 8%
Slide 3: Why Cousins?
Slide 4: Flight to Quality, Sun Belt Migration
FLIGHT TO QUALITY SUN BELT MIGRATION
Slide 5: Resilient Market Fundamentals
RESILIENT MARKET FUNDAMENTALS Corporate Relocations and Expansions Target Sun Belt Markets ATLANTA AUSTIN CHARLOTTE VISA G TT G Honeywell Lowe's | Q El © lendingtree airbnb | | | ORACLE’ DALLAS NASHVILLE PHOENIX TAMPA aoiaran . SM JPMorgan O a. Q PELOTON @ ] Pfizer ARK @D Bl Robinhood #? AMGEN TOYOT
Slide 6: Market Rent Growth and Net Absorption
MARKET RENT GROWTH 3Q21 year over year1 MARKET NET ABSORPTION / TOTAL INVENTORY Last 12 months2
Slide 7: Cousins' In-Place Gross Rent per SF
COUSINS’ IN-PLACE GROSS RENT PER SF1
Slide 8: Premier Sun Belt Portfolio
PREMIER SUN BELT PORTFOLIO Dominant Market Share in Highly-Amenitized Submarkets Atlanta — Atlanta MIDTOWN : BUCKHEAD 18% = - Ba Class A Market Share’ Austin THE DOMAIN a _ : "e Class A Be, Market Share’
Slide 9: Premier Sun Belt Portfolio
PREMIER SUN BELT PORTFOLIO Dominant Market Share in Highly- sulbmark Charlotte ® : ® Charlotte fe UPTOWN j : = = Class.A. Market Share! 15% | Class A Market Share' ® cousins Development/Land Asset
Slide 10: Premier Sun Belt Portfolio: Premium Rents
PREMIER SUN BELT PORTFOLIO mn 1s Premium R in Our Market CLASS A ASKING RENT ($/SF)? ATLANTA AUSTIN CHARLOTTE 60. $41.54 goes $41.22 $48.20 78 7 i a : 7 i Total Market @ cousins Total Market @ Cousins Total Market @ cousins DALLAS PHOENIX TAMPA $52.22 $2 is $40.69 a 13 $52.63 a Total Market @ cousin
Slide 11: Manageable Near-Term Lease Expirations
PREMIER SUN BELT PORTFOLIO Manageable Near-Term Lease Expirations LEASE EXPIRATIONS BY YEAR? 45% 40% 35% 30% 25% Average = 21% 20% 15% 10% 5% 0% DEA BXP PGRE [cuz | ESRT KRC BDN VNO SLG HIW PDM FSP CXP OPI OFC HPP EQC CIO _ DEI 2021 2022 2023 ® cousins u
Slide 12: Compelling Growth Opportunities
COMPELLING GROWTH OPPORTUNITIES $52MM of Annualized Development NOI by 2Q25 NASHVILLE PHOENIX AUSTIN NEUHOFF 300 COLORADO RSF a AK DOMAIN? 100 MILL 338K % Leased! 287K 369K QUARTERLY NOI? 15 $52MM Annualized 12 9 6 , a 2Q22 2Q23 2Q24 ® cousins ($MM) 2Q25
Slide 13: Attractive Land Bank Supports Additional Development
COMPELLING GROWTH OPPORTUNITIES Attractive Land Bank Supports 5.1MM SF! of Additional New Development ATLANTA AUSTIN PEACHTREE MIDTOWN BUCKHEAD MIDTOWN DOMAIN 420K SF 500K SF 200K SF 900K SF 600K SF CHARLOTTE / THREE SOUTH END SOUTH END LEGACY UPTOWN WESTSHORE 700K SF 550K SF 600K SF 460K SF 170K SF
Slide 14: Opportunities to Grow in Domain Submarket of Austin
COMPELLING GROWTH OPPORTUNITIES Significant Opportunities to Grow in Domain Submarket of Austin ® cousins Domain 9 Current De Domain 3 & 4 Low-rise operating properties with up to 2M SF jevelopment potential 4 Domain 2 Proactively replaced full- building Expedia lease with new Fortune 50 technology
Slide 15: Increase in 2nd Generation Cash Net Rent
INCREASE IN 2ND GENERATION CASH NET RENT1
Slide 16: Simple Strong Balance Sheet
SIMPLE STRONG BALANCE SHEET je Significantly F NET DEBT/EBITDA* 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x Average = 7.1x SLG FSP CXP PGRE VNO BXP HPP OPI BDN KRC OFC DEA CIO ARE PDM HIW_ ESRT @® cousins 16
Slide 17: Simple Strong Balance Sheet
SIMPLE STRONG BALANCE SHEET CASH $6MM ENCUMBERED 22% Flexible Property Portfolio? $972 Million Liquidity’ UNENCUMBERED 78% REVOLVER $966MM © cousins V7
Slide 18: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Stable, Experienced Leadership aon! fae) ey 8 Gregg D. Adzema uti Richard Hickson ‘ Pamela F. Roper ce Presiden f ; Executive Vice President, General m Counsel and Corporate Secretary John S. McColl @ Cousins 18
Slide 19: Appendix
Slide 20: Atlanta
ATLANTA Market Snapshot AVALON —® ‘, : NORTHPARK oe o a MERIDIAN MARK 3350 PEACHTREE 3348 PEACHTREE ~~ fos] BUCKHEAD PLAZA a “~—~e ©} >~ 3344 PEACHTREE [25] TERMINUS SPRING & 8TH a “ESS PROMENADE? 1200 PEACHTREE Go 4 3% S725 PONCE EMORY HOSPITAL MIDTOWN . e a _ martaya. “9 0 ® cousins | | Submarket
Slide 21: Austin
AUSTIN Market Snap RESEARCH PARK PLAZA V » — 9 Loh Ht 6 @ DOMAIN POINT DOMAIN 11. he ro” DOMAIN 8 DOMAIN 2 @ DOMAIN 4 DOMAIN agere © DoMAIN7 di on ° rs} e f 6 Py & é 816 CONGRESS See eo. COLORADO TOWER o) 9 concn &3 Che @ _ SAN JACINTO CENTER™* THE TERRACE ® cousins Submarket Concentration? Industry
Slide 22: Charlotte
CHARLOTTE Market Snapshot = rc} Submarket i277) Concentration? oy o Ig » = » 7) 4 & “s . & ‘@— FIFTH THIRD CENTER %, s hay, ae “4 SAS B d @ THE RAILYARD.9 Industry Concentration4 Services 12% ® cousins 22
Slide 23: Dallas
DALLAS Market Snapshot Dallas North Tollway di @ a a ® cousins \ecacy UNION Oo S950 SHERRY LANE @& B Dallas North Tollway @® 2] Submarket Concentration? Industry Concentration 23
Slide 24: Phoenix
PHOENIX rket Snaps HAYDEN FERRY <a Rio Salado Phy TIWEST RIO ——® as © TEMPE GATEWAY Wards a z g z z z ; > EsthSt . ® cousins Submarket Concentration? Industry Concentration4 Asking R ent® 24
Slide 25: Tampa
Submarket Concentration? 8 ‘TAMPA INTERNATIONAL @ 7" HARBORVIEW = PLACE (<>) b~ CORPORATE 8 CENTERS “SS HEIGHTS UNION) i o IE POINTE WESTSHORE So $9] | ccwnrcmncsen-\, @ Industry Concentration ’~ $40.69 Technology Asking Rent @ cousins 2
Slide 26: 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. NOI, which is rental property revenues (excluding termination fees) less rental property operating expenses, ex
Slide 27: Endnotes
1 2 3. P. L ENDNOTES ‘age 2 - Cousins at a Glance Represents Cousins’ pro-rata share of third quarter NOI per 30-Sep-2021 filings, adjusted for the acquisition of Heights Union. As of 30-Sep-2021 filings, adjusted for the acquisition of Heights Union. Adjusted for the acquisition of Heights Union. a
Slide 28: 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 29: Gregg Adzema
Gregg Adzema Executive Vice President and Chief Financial Officer gadzema@cousins.com 404.407.1116 Roni Imbeaux Vice President, Finance and Investor Relations 404.407.1104 cousins.com 3344 Peachtree Road NE Suite 1800 Atlanta, GA 30326
Slide 30: Slide 30
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