Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (February 2023)
34 slides from Cousins Properties's investor presentation, Feb 21, 2023
Slide 1: Pra
Pra i= r |
Slide 2: Why Cousins?
WHY COUSINS? PREMIER 100% Sun Belt / 100% Class A / 2004 average year built SUN BELT 34% of portfolio less than 5 years old or recently redeveloped’? PORTFOLIO CUZ asking rents 9% higher than pre-pandemic levels and 24% higher than Class A avg>+ BENEFITING FROM POWERFUL OFFICE TRENDS Migration to th
Slide 3: Cousins at a Glance
COUSINS AT A GLANCE The Preeminent Sun Belt Office REIT NOI By Market! pili Charlotte Nashville? 9% ® cousins 3
Slide 4: Premier Sun Belt Portfolio
PREMIER SUN BELT PORTFOLIO _ RS Ty n Leading Sun Belt Markets = a Cousins 4
Slide 5: Premier Sun Belt Portfolio: Outdoor Spaces
PREMIER SUN BELT PORTFOLIO Outdoor Spaces to Collaborate and Enhance the Work Experience ® cousins 5
Slide 6: Premier Sun Belt Portfolio: Fitness and Wellness Centers
PREMIER SUN BELT PORTFOLIO State-of-the-Art Fitness and Wellness Centers ® cousins 6
Slide 7: Premier Sun Belt Portfolio: On-Site Retail and Food
PREMIER SUN BELT PORTFOLIO On-Site Retail and Food Amenities that Promote Live-Work-Play ® cousins 7
Slide 8: Premier Sun Belt Portfolio: High-Quality Assets
PREMIER SUN BELT PORTFOLIO igh-Quality As ie ae BUCKHEAD PLAZA : =| PROMENADE TOWER Buckhead Atlanta : Midtown Atlanta 3350 PEACHTREE Buckhead Atlanta a Midtown Atlanta ® cousins 8
Slide 9: Command Premium Rents 24% Higher than Class A Average
PREMIER SUN BELT PORTFOLIO Command Premium Rents 24% Higher than Class A Average in Our Core Markets CLASS A ASKING RENT ($/SF)? ATLANTA AUSTIN CHARLOTTE $62.77 6: $41.91 Mi $41.27 $37.08 - y lj Total Market @® cousins Total Market @® cousins Total Market @® cousins DALLAS PHOENIX TAMPA $55.00 bail
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 Zillow's Hottest Markets 2022! 1. Tampa, FL 2. Jacksonville, FL 3. Raleigh, NC 4. San Antonio, TX ; 5. Charlotte, NC Projected 6." Nashville, TN Population Growth 7. Atlanta,
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 95 gz ra a 2010-2014 7 © 40% $ < 2000s -49 @ = re Uae 2ORe i g = Post-Pandemic is
Slide 12: Positioned for Organic Growth: Lease Expirations
POSITIONED FOR ORGANIC GROWTH Low Portfolio Risk as Large Move-Outs are:in the Rearview Mirror LEASE EXPIRATIONS BY YEAR? 40% 35% 30% 25% 20% 15% 10% 5% 0% DEI Avg = 19.6% 10.3% FSP EQC HPP OPI OFC CIO PDM HIW VNO ARE PGRE.BDN SLG ESRT.BXP DEA KRC 2023 M2024 CUZ @® cousins 12
Slide 13: Cousins' Portfolio Occupancy vs Leased
COUSINS’ PORTFOLIO OCCUPANCY vs LEASED1
Slide 14: Cousins' Increase in 2nd Generation Cash Net Rent
COUSINS’ INCREASE IN 2ND GENERATION CASH NET RENT1
Slide 15: Current Development Pipeline: Austin, Nashville
CURRENT DEVELOPMENT PIPELINE AUSTIN NASHVILLE
Slide 16: Attractive Development Pipeline for Future Growth
ATTRACTIVE DEVELOPMENT PIPELINE FOR FETE GROWTH and Bank Supports 4.6MM SF' of Additional New Deve ATLANTA AUSTIN 887 WEST 3354 JOM/ DOMAIN PEACHTREE ‘ _ 7 PEACHTREE CENTRAL | MIDTOWN BUCKHEAD MIDTOWN DOMAIN DOMAIN 420K SF 500K SF 200K SF 900K SF 600K SF CHARLOTTE DALLAS LEGACY UNION TWO / THREE WES
Slide 17: Significant Opportunities to Grow in Domain Submarket of Austin
ATTRACTIVE DEVELOPMENT PIPELINE FOR FUTURE GROWTH Significant Opportunities to Grow in Domain Submarket of Austin a ei Se = ® cousins 7
Slide 18: Balance Sheet Primed for Opportunities
BALANCE SHEET PRIMED FOR OPPORTUNITIES Leverage Below Peers with Substantial Liquidity NET DEBT/EBITDA? 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x SLG PGRE OPI BXP DEA HPP BDN.VNO OFC FSP CIO PDM HIW ESRT KRC ARE CUZ ® Cousins 18
Slide 19: 2023 Peer Debt Maturity Schedules
2023 PEER DEBT MATURITY SCHEDULES1
Slide 20: Cousins' In-Place Gross Rent per SF
COUSINS’ IN-PLACE GROSS RENT PER SF1
Slide 21: Cousins' Annual Dividend per Share
COUSINS’ ANNUAL DIVIDEND PER SHARE1
Slide 22: Net Asset Value Appreciation per Green Street
NET ASSET VALUE APPRECIATION PER GREEN STREET1
Slide 23: Meet Our Executive Team
MEET OUR EXECUTIVE TEAM Stable, Experienced Leadership " John S. McColl Vice President lopment ® cousins 23
Slide 24: Appendix
Slide 25: Atlanta Market Snapshot
ATLANTA Market Snapshot AVALON —® / i "" °>—~ norTHPARK , oS \ MERIDIAN MARK 3350 PEACHTREE 3348 PEACHTREE BUCKHEAD PLAZA “~—~e oS > ~ 3544 PEACHTREE o TERMINUS Sprincasn PROMENADE CENTRAL Yeo promenacne i TOWER o o e., ©120 WEST TRINITY RN 725 PONCE EMORY HOSPITAL MIDTOWN : — — Mmarta™a.. » o 20] ®
Slide 26: Austin Market Snapshot
BUSTIN, Market Snapshot RESEARCH PARK PLAZA V. » [o) T DOMAIN 10 eDOMAIN: POINT DOMAINTI Teh DOMAIN 2 DOMAIN 2 = 2-8 DOMAIN 8& DOMAIN 3 0% @ DOMAIN7 DOMAIN 4 8 9 [if “ © ¢ 3 i ; mm J 300 COLORADO ——® COLORADO TOWER ONE ELEVEN @ ° weaucness "Con e SAN JACINTO CENTER™ THE TERRACE ® cousins Submarket C
Slide 27: Tampa Market Snapshot
TAMPA Market Sna Submarket Concentration” HARBORVIEW ic) @® PLAZA b~ corporate &3 B® CENTER HEIGHTS UNION | __ THE POINTE 7s) @ vo Industry Concentration4 Technology ® cousins 27
Slide 28: Phoenix Market Snapshot
PHOENIX Mar t Snapshot HAYDEN FERRY ee nee J Rio Salado Phy mwestRio——® — © oo mitt = 5 TEMPE GATEWAY Wardst ony uy ny IN Esthst ® cousins Submarket Concentration” Industry Concentration4 28
Slide 29: Charlotte Market Snapshot
CHARLOTTE Market Snapshot THE RAILYARD.g ® cousins yy yy eee 77 *, a @~ FIFTH THIRD CENTER g $ s 2 @ Submarket Concentration” Industry Concentration* 29
Slide 30: Dallas Market Snapshot
DALLAS Market Snapshot \cecacy UNION i 2 a a @ 9 S 5950 SHERRY LANE F | B BS: © S di ® cousins S ® Submarket Concentration? Industry Concentrationé | 30
Slide 31: Endnotes
ENDNOTES Page 2- Why Cousins? 1. As of sDec-2022. 2, Includes five assets that have undergone major redevelopments in past five years. 3. Based on CoStar average asking rents for same pool of Cousins assets from 4Qi9 to 422 4, Source: CoStar, Represents weighted average gross rental rates of 4 & 5 s
Slide 32: 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 33: Contact details
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 34: Slide 34
Cousins Properties — Investor Presentation (February 2023) on 6ix