Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (June 2023)
35 slides from Cousins Properties's investor presentation, Jun 5, 2023
Slide 1: Cousins Properties Investor Presentation June 2023
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Slide 2: Why Cousins
WHY COUSINS PREMIER 100% Sun Belt / 100% Class A / 2004 average year built! SUN BELT 41% of portfolio delivered or redeveloped since 2015" PORTFOLIO CUZ asking rents 9% higher than pre-pandemic levels and 23% higher than Class A avg>+ BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt migration leading
Slide 3: Cousins at a Glance
COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT NOI By Market! Charlotte Nashville? 9% Dallas Phoenix BESS
Slide 4: Premier Sun Belt Portfolio
PREMIER SUN BELT PORTFOLIO
Slide 5: Outdoor Spaces to Collaborate and Enhance the Work Experience
PREMIER SUN BELT PORTFOLIO Outdoor Spaces to Collaborate and Enhance the Work Experience @ cousins 5
Slide 6: State-of-the-Art Fitness and Wellness Centers
PREMIER SUN BELT PORTFOLIO State-of-the-Art Fitness and Wellness Centers
Slide 7: Premier Sun Belt Portfolio
PREMIER SUN BELT PORTFOLIO ® cousins Zz
Slide 8: Premier Sun Belt Portfolio
PREMIER SUN BELT PORTFOLIO C BUCKHEAD PLAZA ’ a PROMENADE TOWER Buckhead Atlanta egal Midtown Atlanta 3350 PEACHTREE PROMENADE CENTRAI Buckhead Atlanta a Midtown Atlanta @ Cousins 8
Slide 9: Command Premium Rents 23% Higher than Class A Average
PREMIER SUN BELT PORTFOLIO Command Premium Rents 23% Higher than Class A Average in Our Core Markets CLASS A ASKING RENT ($/SF)? ATLANTA AUSTIN CHARLOTTE $63.09 1.0. $41.91 Se E $41.27 $37.54 H a i i Total Market @ cousins Total Market @ cousins Total Market ® cousins DALLAS PHOENIX TAMPA $55.00 uit
Slide 10: Sun Belt Migration is Leading to Outsized Population and Job Growth
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 Mas Biche oti BME Jefsey 49 Ilinoig io. ‘New tile
Slide 11: Flight to Quality is Driving Demand for Newer Assets
BENEFITING FROM POWERFUL OFFICE TRENDS Flight to Quality is Driving Demand for Newer, Highly-Amenitized Assets FLIGHT TO QUALITY Net Absorption by Building Age! Rent Premium / Discount by Building Age? 60% 2015-Present 103 g “o 50% o> 2010-2014 S 2 40% < 2000s BS 30% > 2 5 5 4 1990s Pa 20% 3 2 ts =
Slide 12: Opportunistically Recycled Over $1 Billion of Older Assets
POSITIONED FOR ORGANIC GROWTH Opportunistically Recycled Over $1 Billion of Older Assets During COVID Pandemic Asset Recycling? $MM's $600 $400 Total Acquisitions $646 Million $200 Wgt Avg Year Built 2019 $0 Total Dispositions -$200 $1,177 Million Wgt Avg Year Built 1991 -$400 -$600 -$800 2020 2021
Slide 13: Low Portfolio Risk as Large Move-Outs Are in the Rearview Mirror
POSITIONED FOR ORGANIC GROWTH Low Portfolio Risk as Large Move-Outs are:in the Rearview Mirror LEASE EXPIRATIONS BY YEAR? 35% 30% 25% 20% Avg = 17.6% DEl» EQC HPP OP! OFC FSP CIO VNO HIW PDM BDN KRC..ARE ESRT BXP.PGRE SLG DEA cuz] 15% 10% 5% 0% 2023 2024 ® cousins 13
Slide 14: Cousins' Portfolio Occupancy vs Leased
COUSINS’ PORTFOLIO OCCUPANCY vs LEASED1
Slide 15: Cousins' Increase in 2nd Generation Cash Net Rent
COUSINS’ INCREASE IN 2ND GENERATION CASH NET RENT1
Slide 16: Current Development Pipeline Austin Nashville
CURRENT DEVELOPMENT PIPELINE AUSTIN NASHVILLE
Slide 17: Attractive Development Pipeline for Future Growth
Bn TBE IVE seg harr cilia PIPELINE FOR FUTURE GROWTH onal Ne 887 WEST 3354 PEACHTREE PEACHTREE MIDTOWN : DOMAIN = DOMAIN MIDTOWN BUCKHEAD 700K SF 740K SF 200K SF 900K SF 600K SF DALLAS TAMPA LEGACY UNION TWO / THREE LEGACY 600K SF SOUTHEND [ souTH END 585K SF 560K SF @ cousins 7
Slide 18: Significant Opportunities to Grow in Domain Submarket of Austin
ATTRACTIVE DEVELOPMENT PIPELINE FOR FUTURE GROWTH Significant Opportunities to Grow in Domain Submarket of Austin ss Cousins Domain Portfolio @ cousins 18
Slide 19: Leverage Below Peers with Substantial Liquidity
BALANCE SHEET PRIMED FOR OPPORTUNITIES Leverage Below Peers with Substantial Liquidity NET DEBT/EBITDA! 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x SLG VNO HPP PGRE OPI BXP BDN.ESRT DEA FSP CIO PDM OFC HIW KRC ARE CUZ @ Cousins 19
Slide 20: Debt Maturity Schedule
DEBT MATURITY SCHEDULE1 (INCLUDES ALL DISCLOSED EXTENSION OPTIONS)
Slide 21: Cousins' In-Place Gross Rent Per SF
COUSINS’ IN-PLACE GROSS RENT PER SF1
Slide 22: Cousins' Common Dividend Per Share and Payout Ratio
COUSINS’ COMMON DIVIDEND PER SHARE AND PAYOUT RATIO1
Slide 23: Net Asset Value Appreciation per Green Street
NET ASSET VALUE APPRECIATION PER GREEN STREET1
Slide 24: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Stable, Experienced Leadership Gregg D. Adzem Pre John S. McColl Vice President, @ Cousins 24
Slide 25: Appendix
Slide 26: Atlanta
ATLANTA Market S 5 AVALON —® o d i °o—~ NorTHPARK — c. cy eo ™ ry ‘\ MERIDIAN MARK 3350 PEACHTREE ne 3348 PEACHTREE ’ o BUCKHEAD PLAZA “le ©} >~ 5544 PEACHTREE [255] ry TERMINUS : PROMENADE CENTRAL SPRING & 8TH a = 2 Ui - PROMENADE TOWER «, © 120 WEST TRINITY @_°~ 725 PONCE <) EMORY HOSPITAL MIDTOWN
Slide 27: Austin
AUSTIN Mark Snapshot RESEARCH PARK PLAZA V » oO L DOMAIN POINT DOMAIN 10 oe DOMAIN TI Fee vomain 12 DOMAIN 2 “4m “DOMAIN 8 DOMAIN 3 @ DOMAIN7 DOMAIN 4 oS 8 “ 6 ¢ i i é ay é ig 300 COLORADO ——® @¢ — COLORADO TOWER ONE ELEVEN @ ° (CONGRESS > Cn @ _SANJACINTO CENTER” * THE TERRACE @ cousins Submarket C
Slide 28: Tampa
TAMPA Marke HARBORVIEW PLAZA Bo THE POINTE @ cousins CORPORATE CENTER B B® HEIGHTS UNION— | __ Submarket Concentration? Industry Concentration 28
Slide 29: Phoenix
PHOENIX Market Snapshot Tempe Submarket Concentration? HAYDEN FERRY . wre J Efi Salado Phy mwestRio——® — © joo mit os 8 TEMPE GATEWAY wardst z z z zr Esthst . Industry Concentration @ cousins
Slide 30: Charlotte
CHARLOTTE Market Snapshot Submarket 6 Concentration? » —_ i by, < ws L & @— FIFTH THIRD CENTER *, eS che, ores cf veo & é Yo, “er oa he — @—— 550 SOUTH 7] THE RAILYARD.g ie Industry s Concentration* @ Cousins 30
Slide 31: Dallas
DALLAS Market Snapshot \Lecacy UNION @ a 5950 SHERRYLANE 0) Dallas North Tollway di - 5 @ cousins Submarket Concentration? Industry Concentration | ® 3!
Slide 32: Endnotes
ENDNOTES Page 2- Why Cousins? 1. As of 3+Mar-2023. 2. Includes seven assets that have undergone redevelopments in past five years. 3, Based on CoStar average asking rents for same pool of Cousins assets from 4Qi9 to 1Q2s. 4. Source: CoStar. Represents weighted average gross rental rates of 4 & 5 sta
Slide 33: 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 34: 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
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