Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (March 2026)
43 slides from Cousins Properties's investor presentation, March 2026
Slide 1: Investor Presentation March 2026
THE LINK Dallas INVESTOR PRESENTATION March 2026
Slide 2: Why Cousins?
WHY COUSINS? PREMIER SUN BELT • 100% Sun Belt / 100% Class A / 2011 average year built1 LIFESTYLE OFFICE • 72% of portfolio delivered or redeveloped since 20102 PORTFOLIO • CUZ asking rents 20% higher than pre-pandemic levels and 31% higher than Class A avg3,4 BENEFITING FROM • Flight to quality dri
Slide 3: Cousins at a Glance
COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT Geographic Concentration1 Charlotte 9% Dallas 5% Nashville2 Atlanta 31% Phoenix 8% Austin 36% Houston 3% Tampa 8% 22.2MM SF 90.7% 2011 72% 916K SF 5.3MM SF portfolio3 leased4 average of portfolio development land bank7 year built4 developed or
Slide 4: Lifestyle Office has Emerged as a Distinct and Desirable Property Type
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Lifestyle Office has Emerged as a Distinct and Desirable Property Type LIFESTYLE OFFICE ASSETS COMMODITY OFFICE ASSETS New or recently redeveloped properties that × Older vintage assets with few or no in-building command premium rents and enjoy higher am
Slide 5: Amenity-Rich Trophy Assets in Leading Sun Belt Markets
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Amenity-Rich Trophy Assets in Leading Sun Belt Markets THE DOMAIN PROMENADE CENTRAL HEIGHTS UNION Austin Atlanta Tampa THE RAILYARD 725 PONCE 100 MILL Charlotte Atlanta Phoenix 5
Slide 6: On-Site Dining, Shopping and Entertainment Options
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO On-Site Dining, Shopping and Entertainment Options Creating Dynamic Environments BUCKHEAD PLAZA Atlanta NEUHOFF VANTAGE THE RAILYARD Nashville Charlotte Charlotte 6
Slide 7: Active Outdoor Spaces to Work, Recharge or Relax
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Active Outdoor Spaces to Work, Recharge or Relax THE LINK 725 PONCE Dallas Atlanta 3350 PEACHTREE 100 MILL HEIGHTS UNION Atlanta Phoenix Tampa 7
Slide 8: State-of-the-Art Fitness and Wellness Centers
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO State-of-the-Art Fitness and Wellness Centers THE LINK SPRING & 8th Dallas Atlanta SPRING & 8th PROMENADE NEUHOFF Atlanta Atlanta Nashville 8
Slide 9: Select Repositioning: Hayden Ferry Recently Completed Redevelopment
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations RECENTLY COMPLETED REDEVELOPMENT HAYDEN FERRY Tempe Phoenix 9
Slide 10: In-Process Redevelopments: 201 N Tryon and Proscenium
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations IN-PROCESS REDEVELOPMENTS 201 N TRYON PROSCENIUM Uptown Charlotte Midtown Atlanta 10
Slide 11: In-Process Redevelopments: 550 South
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Select Repositioning of High-Quality Assets in Prime Locations IN-PROCESS REDEVELOPMENTS 550 SOUTH Uptown Charlotte 11
Slide 12: Portfolio Quality Ranks at the Top of Office REIT Peers
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Cousins Portfolio Quality Ranks at the Top of Office REIT Peers BANK OF AMERICA ANALYSIS OF PORTFOLIO QUALITY1 60 Rent Score Build Score Amenity Score 50 40 30 20 10 0 CUZ BXP PGRE KRC HIW HPP SLG VNO ESRT DEI “Buildings along the upper tier of the quality
Slide 13: Premium Rents 32% Higher than Class A Average
PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO Command Premium Rents 32% Higher than Class A Average in Our Core Markets CLASS A ASKING RENT ($/SF)1,2 ATLANTA AUSTIN CHARLOTTE $61.46 $51.50 $52.51 $48.42 $42.49 $36.79 Total Market Total Market Total Market DALLAS PHOENIX TAMPA $73.50 $55.34 $51.62 $39.
Slide 14: Positioned to Outperform in the Current Office Sector Environment
BENEFITING FROM POWERFUL OFFICE TRENDS Cousins is Positioned to Outperform in the Current Office Sector Environment THEMES Flight To Customers are prioritizing high-quality, well-amenitized and well-located buildings to promote Quality employee collaboration and engagement Sun Belt Sun Belt mark
Slide 15: Flight to Quality is Driving Demand
BENEFITING FROM POWERFUL OFFICE TRENDS Flight to Quality is Driving Demand for Newer, Highly-Amenitized Assets FLIGHT TO QUALITY Net Absorption Since COVID Onset1 2010-Present 133 2000s -86 72% CUZ NOI generated from assets 1990s -62 developed or Year of Delivery redeveloped since 20102 1980s -140 1
Slide 16: Sun Belt Migration is Leading to Outsized Population Growth
BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Migration is Leading to Outsized Population Growth SUN BELT MIGRATION1 Domestic Net Migration 20251 1. North Carolina +84k 2. Texas +67k 3. South Carolina +67k 4. Tennessee +42k 5. Arizona +31k 6. Georgia +27k 7. Alabama +23k 8. Florida +23k Nashville
Slide 17: Sun Belt Migration is Not a New Phenomenon
BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Migration is Not a New Phenomenon POPULATION GROWTH IN COUSINS’ MARKETS1 MM’s 100 90 86MM 80 +161% 26% of U.S. 70 Population Increase 60 50 40 33MM 30 16% of U.S. 20 Population 10 0 1970 1980 1990 2000 2010 2020 Arizona Tennessee North Carolina Georgia
Slide 18: Customers Returning to Normal In-Office Work
BENEFITING FROM POWERFUL OFFICE TRENDS Customers Returning to Normal In-Office Work FORTUNE 100 OFFICE ATTENDANCE POLICIES1 6% Fully In-office 56% 81% Hybrid 41% Team- 10% Dependent/Other 1% Average weekly requirement: 4.0 days 3% Fully Remote 2% 0% 10% 20% 30% 40% 50% 60% 70% 80% Q3 2023 Q3 2025 18
Slide 19: Sun Belt Leasing Has Exceeded Pre-Pandemic Levels
BENEFITING FROM POWERFUL OFFICE TRENDS Sun Belt Leasing Has Exceeded Pre-Pandemic Levels For More Than a Year LEASING VOLUME vs PRE-PANDEMIC1 (MM SF) 104% Sun Belt Growth Markets Atlanta, Austin, Charlotte, Dallas, 110% Denver, Miami/South FL, Nashville, Phoenix, Raleigh, San Diego, Tampa 100% Trail
Slide 20: Office Supply is Shrinking
BENEFITING FROM POWERFUL OFFICE TRENDS Office Supply is Shrinking and Should Create a Shortage of New, High-Quality Space U.S. OFFICE INVENTORY1 (MM SF) 25 2.0% 20 1.5% 15 1.0% 10 0.5% 5 0.0% 0 Inventory is shrinking as conversions accelerate and groundbreakings are at all-time lows -5 -0.5% 2016 20
Slide 21: Modest Lease Expirations Well Below Office Sector Average
POSITIONED FOR ORGANIC GROWTH Modest Lease Expirations Well Below Office Sector Average LEASE EXPIRATIONS BY YEAR1 50% 40% 30% Avg = 27.4% 20.3% 20% 10% 0% HPP DEI CDP HIW PDM BDN ESRT KRC VNO CUZ SLG DEA BXP 2026 2027 2028 21
Slide 22: Increase Occupancy from Contractual and New Leasing
POSITIONED FOR ORGANIC GROWTH Increase Occupancy from Contractual and New Leasing COUSINS PORTFOLIO OCCUPANCY vs LEASED1 100% Pre-COVID (1Q17-1Q20) Avg = 94% Leased Record level 95% leasing pipeline with over Pre-COVID Avg = 91% Occupancy 1.2MM SF in lease 90% negotiations or already signed quarter-
Slide 23: Driving In-Place Rent Growth with New Leasing
POSITIONED FOR ORGANIC GROWTH Driving In-Place Rent Growth with New Leasing COUSINS IN-PLACE GROSS RENTS1 $/SF $49.91 $50.00 $48.00 $46.00 +48% $44.00 Increase $42.00 $40.00 $38.00 $36.00 $33.70 $34.00 $32.00 $30.00 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 23
Slide 24: Improving Portfolio Quality Through Capital Recycling
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES Improving Portfolio Quality and Cash Flows Through Capital Recycling ASSET RECYCLING1 MM’s Portfolio Portfolio $1,000 Avg Age Avg Age 28 Yrs 15 Yrs $800 $600 $400 $200 $0 -$200 -$400 -$600 -$800 2015 2016 2017 2018 2019 2020 2021 2022 2023 20
Slide 25: Sourced over $1.4 Billion of New Acquisitions Since 2024
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES Sourced over $1.4 Billion of Compelling New Acquisitions in Core Sun Belt Markets Since 2024 RECENT ACQUISITIONS 300 S Tryon THE LINK $317.5MM $218MM UPTOWN UPTOWN Charlotte Dallas SAIL TOWER VANTAGE $521.8MM $328.5MM DOWNTOWN SOUTH END Austi
Slide 26: Active Development Delivering NOI Growth
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES 916K SF Active Development Delivering NOI Growth CURRENT DEVELOPMENT PIPELINE NEUHOFF NASHVILLE 395K SF Office 55K SF Retail 542 Apartments 50% Ownership Office 53% Leased1 Apartments 89% Leased1 $295MM CUZ Investment2 2026 Stabilization 26
Slide 27: Land Bank Supports 5.3MM SF of Additional Development
STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES Land Bank Supports 5.3MM SF1 of Additional New Office or Mixed-Use Development ATLANTA AUSTIN 887 WEST 3354 715 DOMAIN DOMAIN PEACHTREE PEACHTREE PONCE CENTRAL POINT MIDTOWN BUCKHEAD MIDTOWN DOMAIN DOMAIN 800K SF 800K SF 200K SF 900K SF 600K
Slide 28: Low Leverage with Substantial Liquidity
BALANCE SHEET PRIMED FOR OPPORTUNITIES Low Leverage with Substantial Liquidity NET DEBT/EBITDA1 12.0x $890 Million Liquidity2 10.0x 8.0x Avg = 7.6x 6.0x 5.3x 4.0x 2.0x 0.0x HPP SLG BDN BXP VNO DEA PDM HIW KRC FSP ESRT CDP CUZ 28
Slide 29: Increased Cash Rents for Consecutive Quarters
TRACK RECORD OF SUCCESS Increased Cash Rents for 47 Consecutive Quarters COUSINS INCREASE IN 2ND GENERATION CASH NET RENT1 25% 20% 15% 10% Avg = 9.6% 5% 0% 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 29
Slide 30: Industry Leading Earnings Growth
TRACK RECORD OF SUCCESS Industry Leading Earnings Growth FFO/SHARE GROWTH 2023 vs 20261 20% 11.5% 0% Avg = -9.3% -20% -40% -60% -80% BDN KRC DEI PDM VNO HIW SLG BXP ESRT DEA CUZ CDP 30
Slide 31: Relative NAV Performance
TRACK RECORD OF SUCCESS Premier Sun Belt Portfolio and Development Expertise Drive Relative NAV Performance NET ASSET VALUE CHANGE PER GREEN STREET1 30% 20% CUZ 10% Non-Gateway Peer Avg 0% Gateway Peer Avg -10% -14% -20% -30% -37% -40% -50% -51% -60% 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 31
Slide 32: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Stable, Experienced Leadership M. Colin Connolly Gregg D. Adzema President and Chief Executive Executive Vice President and Officer Chief Financial Officer Kennedy Hicks Richard Hickson Executive Vice President and Executive Vice President, Chief Investment Officer Operations
Slide 33: Appendix
725 PONCE Atlanta APPENDIX
Slide 34: Atlanta Market Snapshot
ATLANTA Market Snapshot Buckhead 43% 8.6MM North Fulton 7% Central Perimeter Submarket 10% Concentration2 Total Square Feet1 Midtown 40% 89% Leased1 Construction 3% Insurance 4% Healthcare Technology 5% 23% Other 6% Legal Services 8% Industry $48.42 Consumer Concentration4 Goods and Services 8% Fina
Slide 35: Austin Market Snapshot
AUSTIN Market Snapshot Northwest 2% Southwest 5.7MM 7% CBD 52% Submarket Concentration2 Total Square Feet1 Domain 39% Healthcare 95% 2% Marketing Leased1 Professional 2% Services Other 4% 4% Consumer Goods and Services 7% Financial Services 7% Industry $61.46 Concentration4 Technology 53% Energy 9%
Slide 36: Charlotte Market Snapshot
CHARLOTTE Market Snapshot South End 66% Submarket 2.7MM Concentration2 Total Square Feet1 Uptown 34% 75% Real Healthcare 5% Leased1 Estate 5% Financial Services 19% Transportation 7% Consumer Goods and Services 8% Industry $51.50 Concentration4 Insurance Professional 17% Services 10% Other Average A
Slide 37: Tampa Market Snapshot
TAMPA Market Snapshot Westshore 80% Submarket 2.0MM Concentration2 Total Square Feet1 CBD 20% 96% Real Estate 6% Leased1 Professional Services 7% Healthcare Consumer 25% Goods and Services 7% Financial Industry $51.62 Services 9% Concentration4 Other 13% Legal Services 10% Average Asking Rent3 Techn
Slide 38: Phoenix Market Snapshot
PHOENIX Market Snapshot Tempe 100% Submarket 1.6MM Concentration2 Total Square Feet1 Marketing 97% 3% Healthcare Leased1 3% Transportation 6% Real Estate 6% Technology 36% Construction 7% Industry Concentration4 Other 12% $55.34 Average Asking Rent3 Professional Services 27% 38
Slide 39: Dallas Market Snapshot
DALLAS Market Snapshot Preston Center 17% Submarket 808K Concentration2 Legacy Total Square Feet1 Uptown 29% 54% 95% Other Professional 2% Leased1 Services 4% Real Estate Construction 9% 3% Financial Services 29% Marketing Industry $73.50 14% Concentration4 Legal Services 14% Energy Average Asking R
Slide 40: Endnotes
ENDNOTES Page 2 – Why Cousins? Page 17 – Benefiting from Powerful Office Trends 1. As of 31-Dec-2025. 1. Source: U.S. Census Bureau Historical Population Change Data. 2. Based on 4Q25 GAAP NOI. Average age is adjusted for ten assets that have been redeveloped over Page 18 – Benefiting from Powerful
Slide 41: 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 herein. These forward-looking statements include information
Slide 42: Contact
NEUHOFF Nashville Gregg Adzema Roni Imbeaux cousins.com Executive Vice President and Chief Financial Officer Senior Vice President, Finance and Investor Relations 3344 Peachtree Road NE gadzema@cousins.com rimbeaux@cousins.com Suite 1800 404.407.1116 404.407.1104 Atlanta, GA 30326
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