Cousins Properties Incorporated · NYSE:CUZ
Cousins Properties — Investor Presentation (June 2017)
25 slides from Cousins Properties's investor presentation, Jun 5, 2017
Slide 1: Investor Presentation
@ Cousins INVESTOR PRESENTATION _ she 2017
Slide 2: Table of Contents
Table of Contents Cousins Overview Cousins Key Messages Sun Belt Office Fundamentals Remain Robust Value Enhancing Growth Catalysts Superior Performance During Current Cycle Well Positioned for Next Cycle Appendix Footnotes Market Snapshots Contact Information and Disclaimer
Slide 3: Premier Urban Sun Belt Office REIT
Premier Urban Sun Belt Office REIT Class A Portfolio 30 office assets! 15.2 million square feet! 82% urban? 423,000 average square feet per building? 94% leased! Strong, Simple Balance Sheet = 45x net deb/EBITDAt = No significant debt maturities until 20215 Value Creation Opportunities « $529 millio
Slide 4: Cousins Key Messages
Cousins Key Messages Sun Belt Office Fundamentals Remain Robust Value Enhancing Growth Catalysts Superior Performance During Current Cycle Well Positioned for Next Cycle
Slide 5: Positive Demand
Positive Demand Employment Growth Year-Over-Year’ 2.9% 5 1.4% CUZ Average Sun Bett Average Gateway Average LACE IIPLLG LEP OS “we
Slide 6: Constrained Supply
Constrained Supply Construction as a % of Total Inventory’ 2. 2.0% 7 1.5% CUZ Average ‘Sun Belt Average Gateway Average & 3 WLLL bef YECPtls mm 06% H02% 04% ® cousins
Slide 7: Supply / Demand Characteristics: Occupancy
Supply / Demand Characteristics Result in Strong Fundamentals BRE Occupancy’ 88.7% 88.4% CUZ Average ‘Sun Belt Average Gateway Average 92.4% 86.8% i 8.5% — a &: a «7. 93.0% WW LOL ® cousins
Slide 8: Supply / Demand Characteristics: Rent Growth
Supply / Demand Characteristics Result in Strong Fundamentals Rent Growth Year-Over-Year? 42% 2.6% CUZ Average Sun Bett Average Gateway Average Bm 1t% 106% os 2 S € ¢ POCLOPLLOEL ES ft ttdp @ cousins
Slide 9: $529 Million Development Pipeline
$529 Million Development Pipeline (Office Portion 92% Pre-leased)' “unique opportunity 2 A “Phenomenatsite “urban living in ina tighyooccesar “Mites oroict it agegyidtown cation for NC's global forDravssteteok——_—iigh-deman urban mixed-use 2 ini headquarters” the-art east coast supply constrained ba
Slide 10: Significant Mark-to-Market Opportunity
Significant Mark-to-Market Opportunity Net Rent Per Square Foot* ary Despite strong ineriete ly growth, in-place rents remain 8% - 10% below current market rents? 912015 Qt 2017
Slide 11: Simplified Platform and Upgraded Asset Quality
Simplified Platform and Upgraded Asset Quality Q1 2009' Qi 20177 Industrial 19% Property Type? é Office 100% Property Location?
Slide 12: Improved Operating Efficiency
Improved Operating Efficiency Reduced Overhead Expenses Decreased Non-Core Land Holdings G&AlTotal Undepreciated Assets’ Land/Total Undepreciated Assets? 13.0% q \ 1.8%. | | | 0.4% | | i li... 1009 2009 2010 2011 2012 2013 2014 2015 2016 1017 1009 2009 2010 2011 2012 2013 2014 2018 20168 1017
Slide 13: Active and Disciplined Capital Markets and Investment Strategy
Active and Disciplined Capital Markets and Investment Strategy Transitioned from Value-Add Acqui Increased Equity Market to Development as Cycle Matured Capitalization SMM New Investments? SMM Equity Market Cap 1,800 4,000 ‘ 3.5B 1,600 [1 | 3,500 1,400 3,000 1.200 2,500 1,000 2,000 800 oo [| 1,500 6
Slide 14: Strengthened Balance Sheet
Strengthened Balance Sheet Reduced Leverage DebtiTotal Mkt Capt Net DebtEBITDA2 80.0% 73.4% 16.0% 44.4% 70.0% 14.0% 000% 12.0% 50.0% 10.0% 40.0% 8.0x 0.0% aun 6.x 5x 20.0% 4.0% ‘oon oo Daal 0.0% 0.0% 109 2009 2010 2011 2012 2013 2014 2015 2016 1017 109 2009 2010 2011 2012 2013 2014 2018 2016 1017 In
Slide 15: Portfolio 94% leased
Portfolio 94% leased" Compelling critical mass in leading urban submarkets Portfolio commands 15% - 51% rent premiums? Less than 12% of leases expire in next two years? No single industry represents more than 20% of customer base® Unique, Trophy Portfolio
Slide 16: Strong, Flexible Balance Sheet
Strong, Flexible Balance Sheet Low Leve rage Net Debt/EBITDA' 4.5x net debt/EBITDA | Among best in the office REIT industry Simple capital structure Average = 6.2x 45x LH PEG LESS EP SEE SE ESES Outstanding Debt Maturity Schedule? Debt Maturity Schedule2* No significant debt maturities until 2021 We
Slide 17: Stable, Experienced Leadership
Stable, Experienced Leadership The Same Team Since 2011 @ Cousins
Slide 18: Footnotes
Footnotes Paget 1. Represents Cousins Porto Statities as rpoced 31-Ni-2017. adusted for announced Alspositons — Ewory Poit 181! (sed 10ay-2017) and Amerean Cancer Society Center larder contactte be soll in 20 2017). CGhulaton i based om pro rata GAAP NDI of Cousing assets as reported in 31-Mar-2017
Slide 19: Atlanta Snapshot
Atlanta Snapshot — scsiauion Office Portfolio Composition’ Industry Concentration* Properties “ pemtes | °— noeninane a a Total Square Feet 6,876,000 o % Leased 92% wool cares % Urban? 76% Ss Tenus7o0. 200 may ows L Averaye Asking Eclat, Rent PSF? oS oS o Fepreserts Cousins Pitblio Satstos eprted i
Slide 20: Austin Snapshot
Austin Snapshot Office Portfolio Composition’ Industry Concentration* _grveormainanay a [o) Properties 6 Total square Feet 4,906,000 o 8 4s peace eo% B 4% Urban? 97% re S Rent PSF? Salat os oF oanevncons (3 nc toe 2 1. Resets Couns Pte sates pated St:4r2017 Cousins. Calculation isbased on pro aia GA
Slide 21: Charlotte Snapshot
Charlotte Snapshot a e B Office Portfolio Composition! Industry Concentration* Properties 4 o 7 Total S = Square Feet 3,119,000 : 7] ‘ (Femi nano conten ye tence ee (© nearer rower f %% Urban? 100% ~ Z Srrcession average sting — ein oS oo ent PSF other as °F eS sscanrth 10% 68% “a ain < Remreumermnc
Slide 22: Orlando Snapshot
Orlando Snapshot o Office Portfolio Composition’ Industry Concentration* 3 Properties gi Somos Total Square Fot 1038000 > o% e *8 Urban? 100% A Average Asking i] Rom PSE" ease crTRUs CENTER 100% 10% 2% 95% o% 90% 1. Represents Cousins Pot la Statsos pore in t-ar201? Cousins. 9% 85% 2. Caleiation is
Slide 23: Phoenix Snapshot
Phoenix Snapshot @ Office Portfolio Composition’ Industry Concentration* pees 3 Total square Feet 4,279,000 _ ent cd fran Pg %% Leased 6% -_: “ ‘iain ee ome ‘00% Ser he ix TEMPE GATEWAY Average Asking = . Rent PSF* Seebt Office Trends® if Z7% 100% 7 85% 90% 1. fants Cons Pte Subs mpd StMarc0 Cou, (e
Slide 24: Tampa Snapshot
Tampa Snapshot —a @ EEE Office Portfolio Composition! Industry Concentration? @< prea @ \ of Properties 3 ee » Serer = Total Square F eet 1,682,000 oie ® we Mtewset 05% % Urban? 0% s Average Asking Rent PSF* vols Ss Office Trends® 1. presets ous Pot tases ported in 1-201? Cosi. 2 GRURGe etaswd on em
Slide 25: Contact Information and Disclaimer
Contact Information and Disclaimer Contact Information Gregg Adzera Marli Quesinberry Executive Vice President and Vice President, Investor Relations and Chief Financial Officer Corporate Communications Greavadzema@cousinsproperties com marliquesinberry@cousinsnroperties com (404) 407-1116 (404) 407
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