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TABLE OF CONTENTS FORWARD-LOOKING STATEMENTS EARNINGS RELEASE EARNINGS RELEASE COMPANY INFORMATION COMPANY INFORMATION CONSOLIDATED BALANCE SHEETS CONSOLIDATED STATEMENTS OF OPERATIONS KEY PERFORMANCE METRICS (1) KEY PERFORMANCE METRICS (1) KEY PERFORMANCE METRICS FUNDS FROM OPERATIONS - SUMMARY FUNDS FROM OPERATIONS - DETAIL (1) FUNDS FROM OPERATIONS - DETAIL (1) FUNDS FROM OPERATIONS - DETAIL (1) PORTFOLIO STATISTICS (1) PORTFOLIO STATISTICS (1) PORTFOLIO STATISTICS SAME PROPERTY PERFORMANCE (1) OFFICE LEASING ACTIVITY OFFICE LEASE EXPIRATIONS TOP 20 OFFICE TENANTS TENANT INDUSTRY DIVERSIFICATION INVESTMENT ACTIVITY INVESTMENT ACTIVITY DEVELOPMENT PIPELINE (1) LAND INVENTORY DEBT SCHEDULE (1) DEBT SCHEDULE (1) DEBT SCHEDULE (1) JOINT VENTURE INFORMATION (1) NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS NON-GAAP FINANCIAL MEASURES - DEFINITIONS
20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rd2025 YTDTotal Assets - Consolidated7,634,4747,682,9817,700,5287,770,5318,802,1468,802,1468,663,3609,051,8638,900,4818,900,481Accumulated Depreciation - Consolidated1,518,5721,596,1161,664,9501,740,8561,821,5591,821,5591,893,2151,982,7002,045,7112,045,711Undepreciated Assets - Unconsolidated (1)289,202304,617316,303352,427356,091356,091363,789368,322375,572375,572Less: Investment in Unconsolidated Joint Ventures(143,831)(155,210)(160,873)(182,130)(185,478)(185,478)(191,505)(192,420)(215,507)(215,507)Total Undepreciated Assets (1)9,298,4179,428,5049,520,9089,681,68410,794,31810,794,31810,728,85911,210,46511,106,25711,106,257Net Debt (1)2,600,5862,712,3092,742,4422,748,6063,260,2183,260,2183,191,8143,239,3203,463,9613,463,961Net Debt / Total Undepreciated Assets (1)28.0%28.8%28.8%28.4%30.2%30.2%29.7%28.9%31.2%31.2%Coverage Ratios (1)Interest Expense107,13929,43630,37832,28034,866126,96038,76340,75344,327123,843Scheduled Principal Payments8,6582,1142,1322,1511,8258,2221,6671,6811,6965,044Fixed Charges115,79731,55032,51034,43136,691135,18240,43042,43446,023128,887EBITDAre505,876129,047133,840134,731143,895541,513163,714158,368160,984483,066EBITDAre / Fixed Charges (1)4.374.094.123.913.924.014.053.733.503.75Net Debt2,600,5862,712,3092,742,4422,748,6063,260,2183,260,2183,191,8143,239,3203,463,9613,463,961Annualized EBITDAre (2)505,468516,188535,360538,924632,139632,139654,856633,472643,936643,936Net Debt / Annualized EBITDAre5.145.255.125.105.165.164.875.115.385.38Dividend InformationCommon Dividends194,24848,65848,68548,68553,651199,67953,73253,74653,746161,224FFO398,28999,496103,346102,334108,916414,092124,834117,494116,536358,864FFO Payout Ratio48.8%48.9%47.1%47.6%49.3%48.2%43.0%45.7%46.1%44.9%Operations RatioTotal Undepreciated Assets (1)9,298,4179,428,5049,520,9089,681,68410,794,31810,794,31810,728,85911,210,46511,106,25711,106,257General and Administrative Expenses32,3319,2148,9079,2049,24136,56610,7099,7389,51029,957Annualized General and Administrative Expenses (2) / Total Undepreciated Assets0.32%0.39%0.37%0.38%0.34%0.34%0.40%0.35%0.34%0.34%Continued on next page 20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rd2025 YTDNet income available to common stockholders$82,963$13,288$7,840$11,198$13,636$45,962$20,897$14,483$8,590$43,970Depreciation and amortization of real estate assets315,31086,30795,50491,13595,277368,223103,934103,008107,945314,887Loss (gain) on depreciated property transactions2(101) - - - (101) - - - - Non-controlling interest related to unitholders14221383317FFO (1)398,28999,496103,346102,334108,916414,092124,834117,494116,536358,864Non-Cash Debt Amortization4,1751,0519841,0201,0134,0681,0569971,2903,343Non-Cash Stock-Based Compensation11,9004,3123,4673,4883,51514,7825,9933,7463,37913,118Non-Real Estate Depreciation and Amortization448115116117113461117121121359Lease Inducement Amortization3,5625395305515492,1695312679381,736Straight-Line Rent Ground Leases48111611811811847011811872308Above and Below Market Ground Rent32882535253240525352157Deferred Income - Tenant Improvements(19,276)(6,167)(6,974)(7,466)(7,991)(28,598)(8,472)(8,947)(9,147)(26,566)Above and Below Market Rents, Net(6,876)(1,460)(1,559)(1,484)(1,664)(6,167)(2,845)(2,828)(3,422)(9,095)Second Generation Capital Expenditures (CAPEX)(96,908)(30,212)(17,270)(26,190)(42,421)(116,093)(33,281)(28,636)(29,981)(91,898)Straight-Line Rental Revenue(25,500)(8,604)(4,423)(5,374)(6,107)(24,508)(12,477)(11,283)(9,424)(33,184)Loss (Gain) on Sales of Undepreciated Investment Properties(506) - 3 - - 3 - - - - FAD (1)270,11759,26878,39167,16656,094260,91975,62671,10270,414217,142Weighted Average Shares - Diluted152,040152,385152,614152,812158,249154,015168,593168,765168,738168,698FAD per share$1.79$0.39$0.51$0.44$0.35$1.69$0.45$0.42$0.42$1.29Common Dividends on outstanding shares194,24848,65848,68548,68553,651199,67953,73253,74653,746161,224Common Dividends per share$1.28$0.32$0.32$0.32$0.32$1.28$0.32$0.32$0.32$0.96FAD Payout Ratio (3)71.9%82.1%62.1%72.5%95.6%76.5%71.0%75.6%76.3%74.2%2nd Generation CAPEXSecond Generation Leasing Related Costs70,83023,11014,21017,15732,35286,82924,78921,47518,94465,208Second Generation Building Improvements26,0787,1023,0609,03310,06929,2648,4927,16111,03726,69096,90830,21217,27026,19042,421116,09333,28128,63629,98191,898(1) Includes the Company's share of unconsolidated joint ventures. These amounts are derived from the amounts in the categories indicated that are recorded at the joint venture multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures but believes that including these amounts in the categories indicated is meaningful to investors and analysts.(2) Amounts represent most recent quarter annualized with the exception of annualized EBITDAre for the fourth quarter of 2024, which includes annualization of Sail Tower and Vantage South End to reflect a full year of NOI from these properties acquired in December 2024.(3) The calculation of this ratio for the fourth quarter of 2024 does not include a full quarter of FAD from Sail Tower and Vantage South End, acquired in December, but does include the full increase in dividends from the 15.5 million shares issued to fund these acquisitions.Note: Amounts may differ slightly from other schedules contained herein due to rounding. ($ in thousands)($ in thousands)Three Months EndedNine Months EndedNet Operating IncomeSeptember 30, 2025September 30, 2024September 30, 2025September 30, 2024Net income$8,778$11,356$44,529$32,768Net operating income from unconsolidated joint ventures3,2561,7168,6444,629Fee income(526)(495)(1,516)(1,280)Termination fee income(512)(895)(3,378)(2,451)Other income(1,339)(1,457)(10,063)(2,599)Reimbursed expenses124188420479General and administrative expenses9,5109,20429,95727,325Interest expense41,49730,773116,78589,424Depreciation and amortization105,27289,784308,276271,429Other expenses4403271,3051,602Loss from unconsolidated joint ventures2,6821,5756,152788Gain on investment property transactions - - - (98)Net Operating Income169,182142,076501,111422,016Less:Partners' share of NOI from consolidated joint ventures(510)(1,082)(1,430)(1,972)Cousins' share of NOI$168,672$140,994$499,681$420,044 Net Operating Income$169,182$142,076$501,111$422,016Non-cash income(21,989)(14,162)(68,304)(43,869)Non-cash expense178178678562Cash-Basis Net Operating Income$147,371$128,092$433,485$378,709Net Operating IncomeSame Property$139,228$136,671$420,246$407,949Non-Same Property29,9545,40580,86514,067$169,182$142,076$501,111$422,016Cash-Basis Net Operating IncomeSame Property$124,138$123,740$370,947$366,688Non-Same Property23,2334,35262,53812,021$147,371$128,092$433,485$378,709 (unaudited; in thousands, except per share amounts) 20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rdYTD 2025Property StatisticsConsolidated Operating Properties34343434363636363737Consolidated Rentable Square Feet (in thousands)18,43418,43418,43418,43419,87719,87720,08120,08120,37320,373Unconsolidated Operating Properties2223333333Unconsolidated Rentable Square Feet (in thousands)7117117111,2361,2361,2361,2361,2361,2361,236Total Operating Properties36363637393939394040Total Rentable Square Feet (in thousands)19,14519,14519,14519,67021,11321,11321,31721,31721,60921,609Office Percent Leased (period end) 90.9%90.8%91.2%91.0%91.6%91.6%92.1%91.6%90.0%90.0%Office Weighted Average Occupancy 87.5%88.4%88.5%88.4%89.2%88.6%90.0%89.1%88.3%89.2%Office Leasing Activity (2)Net Leased during the Period (SF, in thousands)1,6944043917634622,0205393345511,425Net Rent (per SF)$35.15$36.06$37.64$45.21$35.81$39.77$35.87$40.95$39.18$38.34Net Free Rent (per SF)(2.25)(2.10)(2.51)(1.51)(2.13)(1.97)(1.77)(2.08)(1.97)(1.92)Leasing Commissions (per SF)(2.62)(2.61)(2.91)(2.91)(2.72)(2.81)(2.81)(3.18)(2.69)(2.85)Tenant Improvements (per SF)(5.72)(7.15)(7.37)(6.22)(7.08)(6.82)(6.23)(7.34)(6.15)(6.46)Leasing Costs (per SF)(10.59)(11.86)(12.79)(10.64)(11.93)(11.60)(10.81)(12.60)(10.81)(11.23)Net Effective Rent (per SF)$24.56$24.20$24.85$34.57$23.88$28.17$25.06$28.35$28.37$27.11Change in Second Generation Net Rent20.2%20.1%37.6%30.7%22.7%28.2%18.3%27.2%23.8%22.1%Change in Cash-Basis Second Generation Net Rent5.8%5.3%18.2%7.2%6.7%8.5%3.2%10.9%4.2%4.9%Same Property Information (3)Percent Leased (period end)90.6%90.8%91.2%91.1%91.2%91.2%91.7%91.1%89.3%89.3%Weighted Average Occupancy 87.3%88.4%88.5%88.4%89.1%88.6%89.4%88.4%87.4%88.4%Change in NOI (over prior year period)5.0%6.6%4.2%4.2%5.3%5.1%4.0%3.2%1.9%3.0%Change in Cash-Basis NOI (over prior year period)4.2%6.6%5.1%4.4%3.4%4.8%2.0%1.2%0.3%1.2%Development Pipeline (4)Estimated Project Costs (in thousands)$428,500$437,950$441,550$441,550$441,550$441,550$294,550$294,550$294,550$294,550Estimated Project Costs/Total Undepreciated Assets4.6%4.6%4.6%4.6%4.1%4.1%2.7%2.6%2.7%2.7%Continued on next page 20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rdYTD 2025Market Capitalization Common Stock Price Per Share$24.35$24.04$23.15$29.48$30.64$30.64$29.50$30.03$28.94$28.94Common Stock/Units Outstanding (in thousands)151,824152,096152,165152,165167,685167,685167,933167,992167,990167,990Equity Market Capitalization (in thousands)$3,696,914$3,656,388$3,522,620$4,485,824$5,137,868$5,137,868$4,954,024$5,044,800$4,861,631$4,861,631Debt (in thousands)2,608,6752,723,9782,754,3582,834,9593,274,3883,274,3883,203,4763,660,6083,475,1203,475,120Total Market Capitalization (in thousands)$6,305,589$6,380,366$6,276,978$7,320,783$8,412,256$8,412,256$8,157,500$8,705,408$8,336,751$8,336,751Credit Ratios Net Debt/Total Market Capitalization41.2%42.5%43.7%37.5%38.8%38.8%39.1%37.2%41.6%41.6%Net Debt/Total Undepreciated Assets28.0%28.8%28.8%28.4%30.2%30.2%29.7%28.9%31.2%31.2%Net Debt/Annualized EBITDAre5.145.255.125.105.165.164.875.115.385.38Fixed Charges Coverage (EBITDAre)4.374.094.123.913.924.014.053.733.503.75Dividend Information Common Dividend per Share$1.28$0.32$0.32$0.32$0.32$1.28$0.32$0.32$0.32$0.96Funds From Operations (FFO) Payout Ratio48.8%48.9%47.1%47.6%49.3%48.2%43.0%45.7%46.1%44.9%Funds Available for Distribution (FAD) Payout Ratio71.9%82.1%62.1%72.5%95.6%76.5%71.0%75.6%76.3%74.2%Operations Ratio Annualized General and Administrative Expenses/ Total Undepreciated Assets0.32%0.39%0.37%0.38%0.34%0.34%0.40%0.35%0.34%0.34%Additional InformationIn-Place Gross Rent (per SF) (5)$46.95$46.82$46.75$46.95$47.94$47.94$48.66$49.07$49.76$49.76Straight-Line Rental Revenue (in thousands) $25,500$8,604$4,423$5,374$6,107$24,508$12,477$11,283$9,424$33,184Above and Below Market Rents Amortization, Net (in thousands) $6,876$1,460$1,559$1,484$1,664$6,167$2,845$2,828$3,422$9,095Second Generation Capital Expenditures (in thousands) $96,908$30,212$17,270$26,190$42,421$116,093$33,281$28,636$29,981$91,898 (amounts in thousands, except per share amounts)20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rdYTD 2025Net Income$83,816$13,451$7,961$11,356$13,813$46,581$21,093$14,658$8,778$44,529Fee and Other Income(11,170)(893)(2,590)(2,847)(6,060)(12,390)(10,168)(2,411)(2,378)(14,957)General and Administrative Expenses32,3319,2148,9079,2049,24136,56610,7099,7389,51029,957Interest Expense105,46328,90829,74330,77333,052122,47636,77438,51441,497116,785Depreciation and Amortization314,89786,23095,41589,78493,616365,045102,114100,890105,272308,276Reimbursed and Other Expenses2,7368127545156502,7316005605651,725Loss (Income) from Unconsolidated Joint Ventures(2,299)(348)(439)1,5752,0082,7961,8831,5872,6826,152NOI from Unconsolidated Joint Ventures5,8241,3521,5611,7161,9886,6172,2233,1653,2568,644Transaction Loss (Gain)(504)(101)3 - - (98) - - - - NOI (1)$531,094$138,625$141,315$142,076$148,308$570,324$165,228$166,701$169,182$501,111Fee and Other Income (1)11,3109082,6302,9096,07512,52210,1832,4502,40015,033General and Administrative Expenses(32,331)(9,214)(8,907)(9,204)(9,241)(36,566)(10,709)(9,738)(9,510)(29,957)Interest Expense (1)(107,139)(29,436)(30,378)(32,280)(34,866)(126,960)(38,763)(40,753)(44,327)(123,843)Reimbursed and Other Expenses (1)(2,794)(843)(769)(632)(803)(3,047)(521)(625)(659)(1,805)Gain (Loss) on Sales of Undepreciated Investment Properties (1)506 - (3) - - (3) - - - - Depreciation and Amortization of Non-Real Estate Assets(448)(115)(116)(117)(113)(461)(117)(121)(121)(359)Partners' Share of FFO in Consolidated Joint Ventures(1,909)(429)(426)(418)(444)(1,717)(467)(420)(429)(1,316)FFO (1)$398,289$99,496$103,346$102,334$108,916$414,092$124,834$117,494$116,536$358,864Weighted Average Common Shares - Diluted152,040152,385152,614152,812158,249154,015168,593168,765168,738168,698FFO per Share (1)$2.62$0.65$0.68$0.67$0.69$2.69$0.74$0.70$0.69$2.13 (amounts in thousands, except per share amounts)20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rdYTD 2025NOIConsolidated PropertiesThe Domain (2)$68,822$18,159$20,276$20,296$20,198$78,929$20,825$21,725$22,055$64,605Sail Tower - - - - 1,8431,84311,68211,77111,72635,179Terminus (2)33,8048,0878,0807,7597,98431,9108,2528,5668,64425,462Corporate Center (2)30,2007,3217,4377,7087,81830,2848,0948,4588,46825,020Spring & 8th (2)29,3557,3637,3447,3887,37629,4717,3757,3697,41222,156Vantage South End (2) - - - - 2,3382,3387,1367,0317,14021,307300 Colorado18,9745,7565,6965,9946,61624,0626,5416,7266,68619,953Buckhead Plaza (2)20,9675,3215,3015,7026,05622,3806,4716,2236,53719,231BriarLake Plaza (2)14,6775,5795,6565,6515,47722,3635,6865,5335,66016,879Promenade Tower13,6943,4323,9974,4364,84916,7145,4335,5015,76116,695One Eleven Congress17,6834,1904,1384,2954,50417,1274,5925,1214,60714,320Hayden Ferry (2)20,8194,6004,4994,3114,40817,8184,5604,6214,55913,740San Jacinto Center16,2375,0765,1975,2404,64820,1614,4954,4094,54713,451201 N. Tryon18,9594,7594,6884,7474,97419,1684,7954,9833,44213,220Northpark (2)20,5694,9805,0725,3595,24120,6524,8183,9203,82212,560725 Ponce19,3985,0324,7354,3073,83917,9134,1624,1464,15612,464The Terrace (2)15,5163,9393,9134,0284,03415,9144,1524,0063,98612,1443344 Peachtree16,0584,0233,9623,7813,88615,6523,7454,0514,00611,802100 Mill13,7263,8423,5873,7283,97115,1283,9923,7823,85611,630Colorado Tower15,4104,2344,5654,4274,42917,6554,2523,6633,55011,465Avalon (2)16,8824,4254,4113,9913,99416,8213,4833,6253,64610,754The RailYard13,1693,0813,0923,0203,06912,2623,0273,0583,1479,232Heights Union (2)10,0712,6212,7502,6202,61510,6062,6232,6772,6147,914Legacy Union One9,4412,3802,3822,3672,3769,5052,3722,3602,3677,099Promenade Central3,8091,5701,7611,8262,0007,1572,3492,3332,2556,9373350 Peachtree4,5141,3631,7291,3892,2676,7481,9702,2742,5116,755Tempe Gateway4,0261,2591,3781,4211,9456,0032,1222,1062,3426,570Domain Point (2)8,6372,1832,0322,0522,0658,3322,0402,0401,8435,923550 South10,9962,5272,0021,9161,9518,3961,8751,8591,8615,595111 West Rio5,6071,4111,4101,4071,4205,6481,4191,4001,4084,2275950 Sherry Lane3,6331,0781,0291,1961,1294,4321,2441,2831,4563,983The Pointe3,2691,1681,1911,3931,1544,9061,3161,2511,2233,790Meridian Mark Plaza4,7961,2158691,2161,1944,4941,1581,2801,3013,739Research Park V4,1091,0871,0661,0961,1764,4251,1811,1391,1683,4883348 Peachtree4,6061,1631,2171,2501,2964,9261,3011,1568863,343The Link - - - - - - - - 3,2583,258Harborview Plaza3,3948359599368563,5861,1448227012,667Other (3)9,4432,2142,3332,1071,3247,9781,3231,2681,3193,910Subtotal - Consolidated525,270137,273139,754140,360146,320563,707163,005163,536165,926492,467Continued on next page (amounts in thousands, except per share amounts)20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rdYTD 2025Unconsolidated Properties (4)Medical Offices at Emory Hospital4,5881,1161,2121,1701,1634,6611,1761,1881,2273,591Proscenium - - - 3653787433614213491,131120 West Trinity (2)1,2473193641652521,100286228244758Other (5)(11)(83)(15)161951134001,3281,4363,164Subtotal - Unconsolidated5,8241,3521,5611,7161,9886,6172,2233,1653,2568,644Total Net Operating Income (1)531,094138,625141,315142,076148,308570,324165,228166,701169,182501,111Fee and Other IncomeManagement Fees (6)1,3733794064954811,7614964224541,372Termination Fees7,3434711,0858959543,4052,866 - 5123,378Leasing & Other Fees - - - - - - - 33 - 33Development Fees - - - - - - - 3972111Interest Income from Real Estate Debt (7) - - 3671,0114,3945,7722,1495686063,323Other Income (8)2,454447314462311,4524,6561,3507346,740Other Income - Unconsolidated (4)1401441621513216382276Total Fee and Other Income11,3109082,6302,9096,07512,52210,1832,4502,40015,033General and Administrative Expenses(32,331)(9,214)(8,907)(9,204)(9,241)(36,566)(10,709)(9,738)(9,510)(29,957)Interest ExpenseConsolidated Interest ExpensePublic Senior Notes, Unsecured ($500M) - - - (3,732)(7,469)(11,201)(7,474)(7,468)(7,485)(22,427)Public Senior Notes, Unsecured ($400M) - - - - (830)(830)(5,551)(5,548)(5,544)(16,643)Term Loan, Unsecured ($400M)(24,679)(6,050)(5,805)(5,829)(5,826)(23,510)(5,539)(5,356)(5,425)(16,320)Term Loan, Unsecured ($250M)(19,865)(4,892)(4,909)(4,371)(3,795)(17,967)(3,482)(3,486)(3,598)(10,566)Terminus (2)(14,055)(3,514)(3,514)(3,514)(3,513)(14,055)(3,514)(3,514)(3,514)(10,542)Public Senior Notes, Unsecured ($500M) - - - - - - - (1,798)(6,724)(8,522)Privately Placed Senior Notes, Unsecured ($275M)(10,975)(2,744)(2,744)(2,743)(2,744)(10,975)(2,744)(2,744)(2,743)(8,231)Privately Placed Senior Notes, Unsecured ($250M)(9,764)(2,441)(2,441)(2,441)(2,441)(9,764)(2,441)(2,441)(2,441)(7,323)Credit Facility, Unsecured(14,155)(5,449)(6,047)(3,596)(2,232)(17,324)(1,725)(1,390)(1,353)(4,468)Privately Placed Senior Notes, Unsecured ($125M)(4,789)(1,197)(1,198)(1,197)(1,197)(4,789)(1,197)(1,198)(1,197)(3,592)201 N. Tryon(4,388)(1,078)(1,070)(1,062)(1,055)(4,265)(1,046)(1,038)(1,030)(3,114)Privately Placed Senior Notes, Unsecured ($100M)(4,145)(1,036)(1,037)(1,036)(1,037)(4,146)(1,036)(1,036)(1,037)(3,109)Colorado Tower(3,826)(942)(936)(930)(924)(3,732)(918)(911)(905)(2,734)Other (9)(13,189)(3,271)(3,240)(3,236)(2,720)(12,467)(2,490)(2,489)(135)(5,114)Capitalized (10)18,3673,7063,1982,9142,73112,5492,3831,9031,6345,920Subtotal - Consolidated Interest Expense(105,463)(28,908)(29,743)(30,773)(33,052)(122,476)(36,774)(38,514)(41,497)(116,785)Unconsolidated Interest Expense (4) Medical Offices at Emory Hospital(1,659)(508)(508)(508)(508)(2,032)(508)(508)(508)(1,524)Other (9)(17)(20)(127)(999)(1,306)(2,452)(1,481)(1,731)(2,322)(5,534)Subtotal - Unconsolidated Interest Expense(1,676)(528)(635)(1,507)(1,814)(4,484)(1,989)(2,239)(2,830)(7,058)Total Interest Expense(107,139)(29,436)(30,378)(32,280)(34,866)(126,960)(38,763)(40,753)(44,327)(123,843)Continued on next page (amounts in thousands, except per share amounts)20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rdYTD 2025Reimbursed and Other ExpensesReimbursed Expenses (6)(608)(140)(151)(188)(155)(634)(177)(120)(123)(420)Property Taxes and Other Land Holding Costs (4)(1,390)(389)59(320)(326)(976)(344)(386)(319)(1,049)Severance(392)2 - - (46)(44)(11)(1)(1)(13)Predevelopment & Other Costs (4)(404)(316)(677)(124)(276)(1,393)11(118)(216)(323)Total Reimbursed and Other Expenses(2,794)(843)(769)(632)(803)(3,047)(521)(625)(659)(1,805)Gain (Loss) on Sales of Undepreciated Investment PropertiesConsolidated506 - (3) - - (3) - - - - Total Gain (Loss) on Sales of Undepreciated Investment Properties506 - (3) - - (3) - - - - - Depreciation and Amortization of Non-Real Estate Assets(448)(115)(116)(117)(113)(461)(117)(121)(121)(359) - Partners' Share of FFO in Consolidated Joint Ventures(1,909)(429)(426)(418)(444)(1,717)(467)(420)(429)(1,316)FFO $398,289$99,496$103,346$102,334$108,916$414,092$124,834$117,494$116,536$358,864Weighted Average Shares - Diluted152,040152,385152,614152,812158,249154,015168,593168,765168,738168,698FFO per Share$2.62$0.65$0.68$0.67$0.69$2.69$0.74$0.70$0.69$2.13 Office Properties Rentable Square FeetFinancial Statement PresentationCompany's Ownership InterestEnd of Period LeasedWeighted Average Occupancy (2)% of Total NOI / 3Q25Property Level Debt ($ in thousands) (3)2Q253Q252Q253Q25The Domain (4) (5)2,080,000Consolidated100%97.9%97.9%98.0%97.9%13.1%$ - Sail Tower (6)804,000Consolidated100%100.0%100.0%100.0%100.0%7.0% - 300 Colorado378,000Consolidated100%100.0%100.0%100.0%100.0%4.0% - One Eleven Congress519,000Consolidated100%86.4%86.4%82.7%82.7%2.8% - San Jacinto Center399,000Consolidated100%87.6%87.6%83.5%82.5%2.7% - The Terrace (4)619,000Consolidated100%90.0%90.0%80.4%78.4%2.4% - Colorado Tower373,000Consolidated100%95.4%92.2%88.5%86.7%2.1%101,840Domain Point (4)240,000Consolidated96.5%96.5%93.6%95.0%95.5%1.1% - Research Park V173,000Consolidated100%93.0%93.0%93.0%93.0%0.7% - AUSTIN5,585,00095.3%94.9%93.1%92.7%35.9%101,840Terminus (4)1,226,000Consolidated100%82.9%82.6%82.1%82.0%5.1%220,764Spring & 8th (4)765,000Consolidated100%100.0%100.0%100.0%100.0%4.4% - Buckhead Plaza (4)678,000Consolidated100%92.9%93.8%92.5%92.3%3.9% - Promenade Tower777,000Consolidated100%86.2%86.3%80.0%79.7%3.4% - 725 Ponce372,000Consolidated100%87.6%87.6%87.6%87.6%2.5% - 3344 Peachtree484,000Consolidated100%97.2%96.7%96.0%96.4%2.4% - Northpark (4)1,405,000Consolidated100%70.7%70.8%69.3%69.0%2.3% - Avalon (4)480,000Consolidated100%99.2%99.2%83.2%84.1%2.2% - 3350 Peachtree413,000Consolidated100%91.1%91.1%78.9%87.0%1.5% - Promenade Central367,000Consolidated100%78.4%78.4%78.4%78.4%1.3% - Meridian Mark Plaza160,000Consolidated100%100.0%100.0%100.0%100.0%0.9% - Medical Offices at Emory Hospital358,000Unconsolidated50%99.1%99.1%97.9%98.7%0.7%41,2343348 Peachtree258,000Consolidated100%81.3%77.0%69.2%67.4%0.5% - Proscenium (6)525,000Unconsolidated20%58.0%58.5%57.9%58.5%0.2% - 120 West Trinity Office43,000Unconsolidated20%74.2%74.2%74.2%74.2%0.1% - ATLANTA8,311,00086.3%86.2%83.1%83.4%31.4%261,998Vantage South End (4) (6)639,000Consolidated100%97.4%97.4%97.4%97.4%4.2% - 201 N. Tryon692,000Consolidated100%92.5%52.6%92.4%66.2%2.1%119,847The RailYard329,000Consolidated100%98.7%98.1%98.7%98.5%1.9% - 550 South394,000Consolidated100%73.4%73.2%73.2%73.4%1.1% - CHARLOTTE2,054,00091.4%77.8%91.3%82.5%9.3%119,847Corporate Center (4)1,227,000Consolidated100%97.4%96.5%93.7%94.0%5.0% - Heights Union (4)294,000Consolidated100%100.0%100.0%100.0%100.0%1.6% - The Pointe253,000Consolidated100%90.1%90.1%86.3%87.9%0.7% - Harborview Plaza206,000Consolidated100%80.8%79.4%77.5%69.3%0.4% - TAMPA1,980,00095.1%94.4%92.0%91.6%7.7% - Continued on next page Office Properties Rentable Square FeetFinancial Statement PresentationCompany's Ownership InterestEnd of Period LeasedWeighted Average Occupancy (2)% of Total NOI / 3Q25Property Level Debt ($ in thousands) (3)2Q253Q252Q253Q25Hayden Ferry (4) (7)792,000Consolidated100%93.4%92.3%87.2%85.8%2.8% - 100 Mill 288,000Consolidated90%98.1%98.1%98.1%98.1%2.3% - Tempe Gateway264,000Consolidated100%95.7%95.9%92.7%95.7%1.4% - 111 West Rio225,000Consolidated100%100.0%100.0%100.0%100.0%0.8% - PHOENIX1,569,00095.9%95.4%92.5%92.5%7.3% - The Link (6) 292,000Consolidated100%N/A93.0%N/A93.0%1.9% - Legacy Union One319,000Consolidated100%100.0%100.0%100.0%100.0%1.4% - 5950 Sherry Lane197,000Consolidated100%92.7%92.9%85.7%91.3%0.9% - DALLAS808,00097.2%95.8%94.5%95.4%4.2% - BriarLake Plaza (4)835,000Consolidated100%97.4%97.4%97.2%97.4%3.4% - HOUSTON835,00097.4%97.4%97.2%97.4%3.4% - TOTAL OFFICE 21,142,00091.6%90.0%89.1%88.3%99.2%$483,685Other Properties (6) College Street Garage - CharlotteN/AConsolidated100%N/AN/AN/AN/A0.6% - 120 West Trinity Apartment - Atlanta (330 units)310,000Unconsolidated20%92.0%92.0%90.5%90.5%0.1% - Domain 4 (5)157,000Consolidated100%33.4%33.4%33.4%33.4%0.1% - TOTAL OTHER467,0000.8%$ - TOTAL21,609,000100.0%$483,685 The Company uses non-GAAP financial measures in its filings and other public “Net Debt” represents the Company's consolidated debt plus the Company's COMPANY INFORMATIONEQUITY RESEARCH COVERAGE (1)Corporate HeadquartersInvestor RelationsBarclaysBofA SecuritiesBMO Capital3344 Peachtree Road NESuite 1800Atlanta GA 30326404.407.1000Roni Imbeaux Vice President, Finance & Investor Relationsrimbeaux@cousins.com404.407.1104Brendan Lynch212.526.9428Jana Galan646.855.5042John Kim212.885.4115Evercore ISIGreen StreetJefferiesTransfer AgentEquiniti Trust Companyequiniti.com866.627.2649Stock ExchangeNYSE: CUZSteve Sakwa212.446.9462Dylan Burzinski949.640.8780Joe Dickstein 212.778.8771J.P. MorganKeyBancMizuho SecuritiesRATING AGENCIES (1)Anthony Paolone212.622.6682Upal Rana917.368.2316Vikram Malhotra212.282.3827S&P Global RatingsMoody's Investors ServiceRW BairdTruist SecuritiesWells FargoHannah Gray212.438.0244Current Corporate Credit Rating: BBBChristian Azzi212.553.9342Current Corporate Credit Rating: Baa2Nicholas Thillman414.298.5053Michael Lewis212.319.5659Blaine Heck410.662.2556Wolfe ResearchOutlook: StableOutlook: StableAlly Yaseen646.582.9253(1) Please note that any opinions, estimates, or forecasts regarding Cousins' performance made by the analysts and rating agencies listed above are theirs alone and do not represent opinions, forecasts, or predictions of Cousins or its management. Cousins does not, by its reference above or distribution, imply its endorsement of, or concurrence with, such information, conclusions, or recommendations. Company's Share of Debt Maturities and Principal Payments($ in thousands)Description (Interest Rate Base, if not fixed)Company's Ownership InterestRate at End of QuarterMaturity Date (2)20252026202720282029ThereafterTotal PrincipalOriginal Issue DiscountDeferred Loan Costs Total Consolidated Debt - Floating RateTerm Loan, Unsecured (Adjusted SOFR + 0.85% to 1.65%) (3)100%5.22%8/20/26$ - $250,000$ - $ - $ - $ - $250,000$ - $(158)$249,842Credit Facility, Unsecured (Adjusted SOFR + 0.725% to 1.40%) (4)100%4.995%4/30/27 - - 83,714 - - - 83,714 - - 83,714Total Consolidated Floating Rate Debt - 250,00083,714 - - - 333,714 - (158)333,556Consolidated Debt - Fixed RateColorado Tower 100%3.45%9/1/26729101,199 - - - - 101,928 - (88)101,840201 N. Tryon100%3.37%10/1/26981118,928 - - - - 119,909 - (62)119,847Term Loan, Unsecured (5)100%4.971%3/3/27 - - 400,000 - - - 400,000 - (209)399,791Privately Placed Senior Notes, Unsecured100%4.09%7/6/27 - - 100,000 - - - 100,000 - (84)99,916Privately Placed Senior Notes, Unsecured100%3.78%7/6/27 - - 125,000 - - - 125,000 - (110)124,890Privately Placed Senior Notes, Unsecured100%3.86%7/6/28 - - - 250,000 - - 250,000 - (309)249,691Privately Placed Senior Notes, Unsecured100%3.95%7/6/29 - - - - 275,000 - 275,000 - (419)274,581Public Senior Notes, Unsecured (6)100%5.25%7/15/30 - - - - - 500,000500,000(62)(3,994)495,944Terminus (7)100%6.34%1/15/31 - - - - - 221,000221,000 - (236)220,764Public Senior Notes, Unsecured (8)100%5.375%2/15/32 - - - - - 400,000400,000(1,941)(3,128)394,931Public Senior Notes, Unsecured (9)100%5.875%10/1/34 - - - - - 500,000500,000(1,338)(5,030)493,632Total Consolidated Fixed Rate Debt1,710220,127625,000250,000275,0001,621,0002,992,837(3,341)(13,669)2,975,827Total Consolidated Debt1,710470,127708,714250,000275,0001,621,0003,326,551(3,341)(13,827)3,309,383Unconsolidated Debt - Floating RateNeuhoff (SOFR + 3.00%) (10)50%7.18%9/30/27 - - 125,000 - - - 125,000 - (497)124,503.Unconsolidated Debt - Fixed RateMedical Offices at Emory Hospital 50%4.80%6/1/32 - - - - - 41,50041,500 - (266)41,234Total Unconsolidated Debt - - 125,000 - - 41,500166,500 - (763)165,737Total Debt$1,710$470,127$833,714$250,000$275,000$1,662,500$3,493,051$(3,341)$(14,590)$3,475,120Total Maturities (11)$ - $465,159$833,714$250,000$275,000$1,662,500$3,486,373% of Maturities - %13%24%7%8%48%100% ($ in thousands)Three Months Ended September 30,20242025$ Change% ChangeRental Property Revenues (2)$201,503$210,699$9,1964.6%Rental Property Operating Expenses (2)64,83271,4716,63910.2%Same Property Net Operating Income$136,671$139,228$2,5571.9%Cash-Basis Rental Property Revenues (3)$188,395$195,439$7,0443.7%Cash-Basis Rental Property Operating Expenses (4)64,65571,3016,64610.3%Cash-Basis Same Property Net Operating Income$123,740$124,138$3980.3%End of Period Leased 90.8%89.3%Weighted Average Occupancy 88.1%87.4%Nine Months Ended September 30,20242025$ Change% ChangeRental Property Revenues (2)$612,208$628,470$16,2622.7%Rental Property Operating Expenses (2)204,259208,2243,9651.9%Same Property Net Operating Income$407,949$420,246$12,2973.0%Cash-Basis Rental Property Revenues (3)$570,387$578,521$8,1341.4%Cash-Basis Rental Property Operating Expenses (4)203,699207,5743,8751.9%Cash-Basis Same Property Net Operating Income$366,688$370,947$4,2591.2%Weighted Average Occupancy 88.6%88.4% 20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rd2025 YTDFFO and EBITDAreNet income available to common stockholders$82,963$13,288$7,840$11,198$13,636$45,962$20,897$14,483$8,590$43,970Depreciation and amortization of real estate assets:Consolidated properties314,44986,11695,29989,66793,502364,584101,996100,769105,152307,917Share of unconsolidated joint ventures1,9314595131,7282,0454,7452,2122,4893,0347,735Partners' share of real estate depreciation(1,070)(268)(308)(260)(270)(1,106)(274)(250)(241)(765)Loss (gain) on depreciated property transactions:Consolidated properties2(101) - - - (101) - - - - Non-controlling interest related to unitholders14221383317FFO (1)398,28999,496103,346102,334108,916414,092124,834117,494116,536358,864Interest Expense107,13929,43630,37832,28034,866126,96038,76340,75344,327123,843Non-Real Estate Depreciation and Amortization448115116117113461117121121359EBITDAre (1)505,876129,047133,840134,731143,895541,513163,714158,368160,984483,066FFO and Net Operating Income from Unconsolidated Joint VenturesIncome (loss) from Unconsolidated Joint Ventures2,299348439(1,575)(2,008)(2,796)(1,883)(1,587)(2,682)(6,152)Depreciation and Amortization of Real Estate Assets1,9314595131,7282,0454,7452,2122,4893,0347,735FFO - Unconsolidated Joint Ventures4,230807952153371,9493299023521,583Interest Expense1,6765286351,5071,8144,4841,9892,2392,8307,058Other Expense583115118152316(79)629982Other Income(140)(14)(41)(62)(15)(132)(16)(38)(25)(79)Net Operating Income - Unconsolidated Joint Ventures5,8241,3521,5611,7161,9886,6172,2233,1653,2568,644Market CapitalizationCommon Stock Price Per Share at Period End$24.35$24.04$23.15$29.48$30.64$30.64$29.50$30.03$28.94$28.94Number of Common Stock/Units Outstanding at Period End151,824152,096152,165152,165167,685167,685167,933167,992167,990167,990Equity Market Capitalization3,696,9143,656,3883,522,6204,485,8245,137,8685,137,8684,954,0245,044,8004,861,6314,861,631Consolidated Debt2,457,6272,563,3322,586,7322,661,2923,095,6663,095,6663,020,7413,476,7613,309,3833,309,383Share of Unconsolidated Debt151,048160,646167,626173,667178,722178,722182,735183,847165,737165,737Debt (1)2,608,6752,723,9782,754,3582,834,9593,274,3883,274,3883,203,4763,660,6083,475,1203,475,120Total Market Capitalization6,305,5896,380,3666,276,9787,320,7838,412,2568,412,2568,157,5008,705,4088,336,7518,336,751Credit RatiosDebt (1) 2,608,6752,723,9782,754,3582,834,9593,274,3883,274,3883,203,4763,660,6083,475,1203,475,120Less: Cash and Cash Equivalents(6,047)(5,452)(5,954)(76,143)(7,349)(7,349)(5,330)(416,840)(4,675)(4,675)Less: Share of Unconsolidated Cash and Cash Equivalents (1)(2,042)(6,217)(5,962)(10,210)(6,821)(6,821)(6,332)(4,448)(6,484)(6,484)Net Debt (1)2,600,5862,712,3092,742,4422,748,6063,260,2183,260,2183,191,8143,239,3203,463,9613,463,961Total Market Capitalization6,305,5896,380,3666,276,9787,320,7838,412,2568,412,2568,157,5008,705,4088,336,7518,336,751Net Debt / Total Market Capitalization41.2%42.5%43.7%37.5%38.8%38.8%39.1%37.2%41.6%41.6%Continued on next page (in thousands, except per share amounts)Nine Months Ended September 30, 20252024DollarsWeighted Average Common SharesPer Share AmountDollarsWeighted Average Common SharesPer Share AmountNet Income Available to Common Stockholders$43,970167,902$0.26$32,326152,060$0.21Noncontrolling interest related to unitholders725 - 525 - Potentially dilutive common shares - ESPP - - - - 2 - Conversion of unvested restricted stock units - 771 - - 517 - Net Income - Diluted43,977168,6980.2632,331152,6040.21Depreciation and amortization of real estate assets:Consolidated properties307,917 - 1.83271,082 - 1.78Share of unconsolidated joint ventures7,735 - 0.042,700 - 0.02Partners' share of real estate depreciation(765) - - (836) - (0.01)Gain on depreciated property transactions:Consolidated properties - - - (101) - - Funds From Operations$358,864168,698$2.13$305,176152,604$2.00 disclosures. The following lists non-GAAP financial measures that the Company share of unconsolidated debt, less consolidated cash and cash equivalents and our (in thousands, except share and per share amounts) Lease Expirations by Year (1) Tenant (1)Number of Properties OccupiedNumber of Markets Occupied Company's Share of Square FootageCompany's Share of Annualized Rent ($ in thousands) (2)Percentage of Company's Share of Annualized Rent Weighted Average Remaining Lease Term (Years)1Amazon531,461,805$79,4478.9%4.92Alphabet11799,14954,9366.2%12.33NCR Voyix22815,63442,4934.8%7.74ExxonMobil11298,39621,8502.5%7.35IBM 11319,86319,0322.2%14.96Expedia11315,88217,5462.0%5.57Apache11362,80314,7711.7%13.28Ovintiv USA (3)11318,5828,5641.0%1.59Deloitte43193,7518,4261.0%8.110ADP11225,0008,0990.9%2.511Wells Fargo53159,1147,8290.9%4.212BlackRock11131,6567,6110.9%10.713Smurfit Westrock11181,2866,8630.8%4.614McKinsey & Company22130,5136,7940.8%7.115RigUp (fka Workrise Technologies)1193,2106,7730.8%2.816Amgen11163,1696,7380.8%3.117Samsung Engineering America11133,8606,5070.7%1.218International Workplace Group44123,6256,4600.7%6.619Allstate11148,2626,1650.6%4.320Morgan Stanley11120,6536,0880.6%3.4Total6,496,213$342,99238.8%7.1(1)In some cases, the actual tenant may be an affiliate of the entity shown, and the entity shown may not be a guarantor of the obligations of that tenant.(2)Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of September 30, 2025. If the tenant is in a free rent period as of September 30, 2025, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent.(3)Our current lease with Ovintiv USA is a triple net lease. Therefore, the Company’s share of annualized rent represents only base rent. In the third quarter of 2025, the Company proactively entered into an early termination agreement with Ovintiv. Approximately 88% of Ovintiv’s premises is subleased and upon Ovintiv’s expiration the subtenants will become direct tenants. Each subtenant’s remaining lease term is included in the remaining lease term reflected for Ovintiv above. ProjectTypeMarketCompany's Ownership InterestConstruction Start DateSquare Feet/UnitsEstimated Project Cost (1)($ in thousands)Company's Share of Estimated Project Cost (1) ($ in thousands)Project Cost Incurred to Date (1)($ in thousands)Company's Share of Project Cost Incurred to Date (1)($ in thousands)Percent LeasedInitial Occupancy (2)Estimated Stabilization (3)Neuhoff (4)MixedNashville50%3Q21$589,100$294,550$580,840$290,420Office and Retail450,00053%4Q233Q26Apartments54286%2Q244Q25 Completed Operating Property Acquisitions COUSINS PROPERTIES REPORTS THIRD QUARTER 2025 RESULTS Certain matters contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to
Floating and Fixed Rate Debt Analysis THE COMPANY
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025NewRenewalExpansionTotalNewRenewalExpansionTotalNet leased square feet (1)147,767342,61561,016551,398489,932743,103191,7941,424,829Number of transactions2016440605018128Lease term in years (2)7.310.68.29.47.77.98.37.9Net effective rent calculation (per square foot per year) (2) Net annualized rent (3)$41.25$38.01$40.78$39.18$40.46$36.39$40.48$38.34Net free rent(1.92)(2.22)(0.69)(1.97)(2.22)(1.84)(1.45)(1.92)Leasing commissions(3.47)(2.50)(1.95)(2.69)(3.34)(2.55)(2.79)(2.85)Tenant improvements(8.35)(5.58)(4.01)(6.15)(8.56)(4.96)(6.88)(6.46)Total leasing costs(13.74)(10.30)(6.65)(10.81)(14.12)(9.35)(11.12)(11.23)Net effective rent$27.51$27.71$34.13$28.37$26.34$27.04$29.36$27.11Second generation leased square footage (4)482,9511,115,440Increase in straight-line basis second generation net rent per square foot (5)23.8%22.1%Increase in cash-basis second generation net rent per square foot (6)4.2%4.9% commonly uses, a description for each measure, the reasons that management share of unconsolidated cash and cash equivalents. The Company believes excluding Total Rentable Square Feet Equity Market Capitalization Net Debt / Annualized EBITDAre Joint VenturePropertyCash Flows to Cousins (2)OptionsConsolidated:HICO 100 Mill LLC100 Mill90% of cash flows until return of contributed capital to partners; portions of cash amounts received in excess of contributed capital are paid to our partner as a promote.Cousins can trigger a sale process, subject to a right of first offer that can be exercised by partner.TR Domain Point LLCDomain PointPreferred return on preferred equity contribution, then 96.5% of remaining cash flows.Partner has put options under various circumstances.Unconsolidated:AMCO 120 WT Holdings LLC120 West Trinity20% of cash flows.Cousins or partner can trigger a buyout upon which Cousins would receive the office component, and partner would receive the multifamily component, with a net settlement at a then agreed upon value.Crawford Long-CPI, LLCMedical Offices at Emory Hospital50% of cash flows.Cousins can put its interest to partner, or partner can call Cousins' interest, at a value determined by appraisal.Neuhoff Holdings LLCNeuhoff50% of cash flows until return of contributed capital to partners; portions of cash amounts received in excess of contributed capital to equity partners are paid to development partner as a promote.Cousins or its equity partner can trigger a sale process, subject to a right of first offer that can be exercised by the non-triggering party.TL CO Proscenium JV LLCProscenium20% of cash flows.Cousins' equity partner can trigger a sale process, subject to a right of first offer that can be exercised by Cousins. Additionally, Cousins has a put option under various circumstances. FUNDS FROM OPERATIONS RECONCILIATION OF 2025 PROJECTED NET INCOME AVAILABLE September 30, 2025December 31, 2024Assets: Real estate assets: Operating properties, net of accumulated depreciation of $1,850,379 and $1,627,251 in 2025 and 2024, respectively$7,950,610$7,785,597Land154,724154,7268,105,3347,940,323Cash and cash equivalents4,6757,349Investments in real estate debt, at fair value36,766167,219Accounts receivable11,70411,491Deferred rents receivable263,867232,078Investments in unconsolidated joint ventures215,507185,478Intangible assets, net171,721171,989Other assets, net90,90786,219Total assets$8,900,481$8,802,146Liabilities:Notes payable$3,309,383$3,095,666Accounts payable and accrued expenses307,176337,248Deferred income300,650277,132Intangible liabilities, net 121,494111,221Other liabilities104,115110,712Total liabilities4,142,8183,931,979Commitments and contingenciesEquity:Stockholders' investment:Common stock, $1 par value per share, 300,000,000 shares authorized, 167,965,499 and 167,660,480 issued and outstanding in 2025 and 2024, respectively167,965167,660Additional paid-in capital5,968,4705,959,670Distributions in excess of cumulative net income(1,401,660)(1,280,547)Accumulated other comprehensive loss - (105) Total stockholders' investment4,734,7754,846,678Nonredeemable noncontrolling interests22,88823,489Total equity4,757,6634,870,167Total liabilities and equity$8,900,481$8,802,146 Three Months EndedNine Months EndedSeptember 30,September 30, 2025202420252024Revenues: Rental property revenues$246,461$207,260$727,203$627,552Fee income5264951,5161,280Other1,3391,45710,0632,599 248,326209,212738,782631,431Expenses:Rental property operating expenses80,02366,005231,358207,714Reimbursed expenses124188420479General and administrative expenses9,5109,20429,95727,325Interest expense41,49730,773116,78589,424Depreciation and amortization105,27289,784308,276271,429Other4403271,3051,602 236,866196,281688,101597,973Loss from unconsolidated joint ventures(2,682)(1,575)(6,152)(788)Gain on investment property transactions - - - 98Net income8,77811,35644,52932,768Net income attributable to noncontrolling interests(188)(158)(559)(442)Net income available to common stockholders$8,590$11,198$43,970$32,326Net income per common share - basic and diluted$0.05$0.07$0.26$0.21Weighted average common shares - basic167,967152,140167,902152,060Weighted average common shares - diluted168,738152,812168,698152,604 Third Quarter 2025 Portfolio NOI by Market Year of Expiration Square Feet Expiring % of LeasedSpace AnnualContractual Rent($ in thousands) (2) % of AnnualContractualRent AnnualContractualRent/Sq. Ft.2025205,8861.1%$7,9970.8%$38.8420261,182,3106.5%54,6595.5%46.2320271,386,4877.7%68,4016.9%49.3320281,757,9169.7%90,2749.1%51.3520291,750,4139.7%91,7569.2%52.4220301,671,3579.2%87,2928.8%52.2320311,439,3048.0%81,4248.2%56.5720322,262,87012.5%131,39513.2%58.0720331,296,5557.2%76,9407.7%59.342034 & Thereafter5,145,76028.4%304,14230.6%59.11Total18,098,858100.0%$994,280100.0%$54.94 uncertainties and risks, as itemized herein. These forward-looking statements include information about possible or assumed future results of the PropertyTypeMarketCompany's Ownership InterestTimingSquare FeetGross Purchase Price($ in thousands) (1)2025The LinkOfficeDallas100%3Q292,000$218,0002024ProsceniumOfficeAtlanta20%3Q525,00083,250Sail TowerOfficeAustin100%4Q804,000521,800Vantage South EndOfficeCharlotte100%4Q639,000328,5002022Avalon (2)OfficeAtlanta100%2Q480,00043,4002021725 PonceOfficeAtlanta100%3Q372,000300,200Heights UnionOfficeTampa100%4Q294,000144,8002020The RailYardOfficeCharlotte100%4Q329,000201,3003,735,000$1,841,250 MarketCompany's Ownership InterestFinancial Statement PresentationTotal Developable Land (Acres)3354/3356 PeachtreeAtlanta95%Consolidated3.2715 PonceAtlanta50%Unconsolidated1.0887 West PeachtreeAtlanta100%Consolidated1.6Domain Point 3Austin90%Consolidated1.7Domain CentralAustin100%Consolidated5.6South End StationCharlotte100%Consolidated3.4303 TremontCharlotte100%Consolidated2.4Legacy Union 2 & 3Dallas95%Consolidated4.0Corporate Center 5 & 6 (1)Tampa100%Consolidated14.1Total37.0Total Cost Basis of Land ($ in thousands)$162,809Company's Share of Cost Basis of Land ($ in thousands)$156,004 Raises 2025 Earnings Guidance believes the measure is useful to investors and, if material, additional uses of the cash and cash equivalents from total debt provides an estimate of the net contractual Investing and Finance Activity TO COMMON STOCKHOLDERS TO 2025 PROJECTED FFO business and our financial condition, liquidity, results of operations, plans, and objectives. Examples of forward-looking statements in this earnings measure by management of the Company. amount of borrowed capital to be repaid, which it believes is a beneficial disclosure to (in thousands, except per share amounts)Three Months Ended September 30,20252024DollarsWeighted Average Common SharesPer Share AmountDollarsWeighted Average Common SharesPer Share AmountNet Income Available to Common Stockholders$8,590167,967$0.05$11,198152,140$0.07Noncontrolling interest related to unitholders125 - 125 - Potentially dilutive common shares - ESPP - - - - 5 - Conversion of unvested restricted stock units - 746 - - 642 - Net Income - Diluted8,591168,7380.0511,199152,8120.07Depreciation and amortization of real estate assets:Consolidated properties105,152 - 0.6289,667 - 0.59Share of unconsolidated joint ventures3,034 - 0.021,728 - 0.01Partners' share of real estate depreciation(241) - - (260) - - Funds From Operations$116,536168,738$0.69$102,334152,812$0.67 For third quarter 2025: Total Principal ($ in thousands)Total Debt (%)Weighted Average Interest RateWeighted Average Maturity (Years) (2)Floating Rate Debt$458,71413%5.71%1.3Fixed Rate Debt3,034,33787%4.94%4.6Total Debt$3,493,051100%5.04%4.1 release and supplemental information include the Company’s guidance and underlying assumptions; projected capital expenditures; industry trends; investors and analysts. Forward-Looking Statements2Earnings Release3Company Information 5Consolidated Balance Sheets7Consolidated Statements of Operations8Key Performance Metrics9Funds From Operations - Summary12Funds From Operations - Detail13Portfolio Statistics16Same Property Performance19Office Leasing Activity20Office Lease Expirations21Top 20 Office Tenants22Tenant Industry Diversification23Investment Activity24Development Pipeline26Land Inventory27Debt Schedule28Joint Venture Information31Non-GAAP Financial Measures - Calculations and Reconciliations32Non-GAAP Financial Measures - Definitions39 “Cash-Basis Net Operating Income” represents Net Operating Income excluding Cousins Properties Incorporated ("Cousins" or the "Company") is a fully integrated, self-administered, and self-managed real estate future occupancy or volume and velocity of leasing activity; and entry into new markets. ATLANTA, GA (October 30, 2025) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended
- Repaid in full $250.0 million of 3.91% privately placed senior notes on July 7, 2025. Completed Operating Property Dispositions straight-line rents, amortization of lease inducements, amortization of acquired above “Net Operating Income” ("NOI") is used by industry analysts, investors and investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP,
| September 30, 2025. and below market rents, and non-cash ground lease expense. Company management to measure operating performance of the Company's •Acquired The Link, a 292,000 square foot lifestyle office property in Uptown Dallas, for $218.0 million on July 28, 2025. primarily invests in Class A office buildings located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder | Charlotte9.9% |
| Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into properties. NOI, which is rental property revenues (excluding termination fee income) Dallas4.2% | |
| "This was a strong quarter for Cousins and we are pleased to raise FFO guidance for the balance of the year. Leasing activity is robust value through its extensive expertise in the development, acquisition, leasing, and management of high-quality real estate assets. The “EBITDAre” is a supplemental operating performance measure used in the real Nashville (1) account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not •Our Neuhoff joint venture amended its existing construction loan, repaying $39.2 million of the outstanding principal, extending less rental property operating expenses, excludes certain components from net PropertyTypeMarketCompany's Ownership InterestTimingSquare FeetGross Sales Price($ in thousands)2022Carolina SquareMixedCharlotte50%3Q468,000$105,000(1)2021Burnett PlazaOfficeFort Worth100%2Q1,023,000137,500One South at the PlazaOfficeCharlotte100%3Q891,000271,500Dimensional Place OfficeCharlotte50%3Q281,00060,800(1)816 CongressOfficeAustin100%4Q435,000174,0002020Hearst TowerOfficeCharlotte100%1Q966,000455,500Gateway Village OfficeCharlotte50%1Q1,061,00052,200(1)WoodcrestOfficeCherry Hill100%1Q386,00025,3005,511,000$1,281,800 | |
| Full Year 2025 Guidance(in thousands, except per share amounts)LowHighDollarsPer Share Amount (1)DollarsPer Share Amount (1)Net Income Available to Common Stockholders and Net Income$51,268$0.30$58,016$0.34Add: Noncontrolling interest related to unitholders15 - 15 - Net Income51,2830.3058,0310.34Add: Depreciation and amortization of real estate assets424,5052.52424,5052.52Funds From Operations$475,788$2.82$482,536$2.86(1) Calculated based on projected weighted average shares outstanding of 168.7 million.R3 Weight Average Shares168,719 and our pipeline continues to grow, driven by the re-acceleration of corporate migration into our Sun Belt markets," said Colin Connolly, estate industry. The Company calculates EBITDAre in accordance with the Nareit | |
| Company has a comprehensive strategy in place based on a simple platform, trophy assets, and opportunistic investments. For more all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those income in order to provide results that are more closely related to a property's results the maturity date to September 30, 2027 assuming future exercise of a 12 month extension option, and lowering the spread | |
| President and Chief Executive Officer of Cousins Properties. "We also expanded our presence in Dallas with the acquisition of The Link, definition, which is net income (loss) available to common stockholders (computed in information, please visit www.cousins.com. of operations. Certain items, such as interest expense, while included in FFO and net expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following: the risks over SOFR to 300 basis points from 345 basis points. accordance with GAAP) plus interest expense, income tax expense, depreciation and a trophy lifestyle office property located in the Uptown submarket. Amid growing demand and declining supply, market conditions are income, do not affect the operating performance of a real estate asset and are often and uncertainties related to the impact of changes in general economic and capital market conditions (on an international or national basis or within amortization, losses (gains) on the disposition of depreciated property, and improving for our lifestyle office portfolio. These tailwinds are supportive of our efforts to increase occupancy at our properties and Construction Loan$125M | |
| (1)This schedule shows projects currently under active development as of September 30, 2025 through the substantial completion of construction as well as properties in an initial lease up period prior to stabilization. Significant estimation is required to derive these costs, and the final costs may differ from these estimates. Estimated and incurred project costs are construction costs, initial leasing costs, and financing costs on project-specific debt. Neuhoff has a project-specific construction loan (see footnote 4). The above schedule excludes any financing cost assumptions for projects without project-specific debt and any other incremental capitalized costs required by GAAP.(2)Initial occupancy represents the quarter within which the Company first recognized, or estimates it will begin recognizing, revenue under GAAP. The Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of office and retail properties, which have ongoing construction of tenant improvements, until the earlier of (i) the date on which the project achieves 90% economic occupancy or (ii) one year from cessation of major construction activity. For residential project construction, the Company continues to capitalize interest, real estate taxes, and certain operating expenses until cessation of major construction activity.(3)Reflects the estimated quarter of economic stabilization for each project.(4)The Neuhoff estimated project cost is being funded with a combination of $315.6 million of equity contributed by the joint venture partners and a construction loan with a current capacity of $273.5 million of which the Company's share is $136.8 million. See footnote 10 on page 30 for additional information on the construction loan. These costs include approximately $66 million of site and associated infrastructure work related to a future phase. The estimated project cost includes revisions related to updated initial leasing costs and construction loan interest costs. •In connection with the above Neuhoff debt amendment, we loaned our joint venture partner $19.6 million at an interest rate of incurred at the corporate level as opposed to the property level. As a result, the markets in which we operate), including changes in inflation, changes in interest rates, supply chain disruptions, labor market disruptions (including MANAGEMENT impairment. All additions include the Company's share of unconsolidated joint identify accretive investment opportunities." SOFR plus 625 basis points, which the partner used to fund their portion of the repayment. management uses only those income and expense items that are incurred at the changes in unemployment), dislocation and volatility in capital markets, and potential longer-term changes in consumer and customer behavior ventures. Management believes that EBITDAre provides analysts and investors with property level to evaluate a property's performance. Depreciation, amortization, | |
| M. Colin ConnollyGregg D. AdzemaKennedy HicksRichard G. Hickson IVPresident & Chief Executive OfficerExecutive Vice President & Chief Financial OfficerExecutive Vice President & Chief Investment OfficerExecutive Vice President, OperationsJohn S. McCollPamela F. RoperJeffrey D. SymesExecutive Vice President, DevelopmentExecutive Vice President, General Counsel & Corporate SecretarySenior Vice President & Chief Accounting Officer resulting from the severity and duration of any downturn, adverse conditions or uncertainty in the U.S. or global economy; risks affecting the real uniform and appropriate information to use in various ratios that evaluate the gains or losses on sales of depreciated investment assets, and impairment are also (1)All amounts are presented at Company share.(2)Maturity dates shown assume the Company exercises all available extension options.(3)The Company exercised the third of four consecutive options to extend the maturity date of this term loan. This extension became effective on August 25, 2025 and extended the maturity date to February 20, 2026. One additional 180 day extension option remains unexercised. The spread over Adjusted SOFR (SOFR + 0.10%) at September 30, 2025 was 1%.(4)The Company had $83.7 million drawn under the Credit Facility and had the ability to borrow an additional $916.3 million. The spread over Adjusted SOFR (SOFR + 0.10%) under the Credit Facility at September 30, 2025 was 0.775%.(5)The Company exercised the second of four consecutive options to extend the maturity date of this term loan. This extension became effective September 3, 2025 and extended the maturity date to March 3, 2026. Two additional six month extension options remain unexercised. At the time of the first extension the Company elected 6 month Term SOFR, fixing the underlying SOFR interest rate at 4.262% through September 3, 2025. As of September 30, 2025, the spread over Adjusted SOFR (SOFR + 0.10%) under the $400 million Term Loan was 0.85%. In March 2025, the floating-to-fixed interest rate swaps entered into in the second quarter of 2023 and first quarter of 2024 expired.(6)This note has a coupon of 5.25% with an effective rate of 5.251% including the original issue discount.(7)Represents $123.0 million and $98.0 million non-cross collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.(8)This note has a coupon of 5.375% with an effective rate of 5.464% including the original issue discount.(9)This note has a coupon of 5.875% with an effective rate of 5.912% including the original issue discount.(10)The Company's share of the total borrowing capacity of the construction loan is approximately $136.8 million. In September of 2025, the joint venture entered into the first amendment to the construction loan, repaid $39.2 million of outstanding principal, extended the maturity date to September 30, 2026, and decreased the spread in excess of SOFR from 3.45% to 3.00%. The joint venture has an option to extend the maturity date an additional 12 months, subject to certain conditions.(11)Maturities include principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date. Credit Facility$84M | |
| Company's level of debt. estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms (and on anticipated schedules)); any adverse excluded from NOI for the reasons described under FFO. Financial Results Earnings Guidance change in the financial condition or liquidity of one or more of our tenants or borrowers under our real estate debt investments; changes in customer | |
| "Funds Available for Distribution” (“FAD”) represents FFO adjusted to exclude | |
| “Same Property Net Operating Income” represents Net Operating Income or For third quarter 2025: preferences regarding space utilization; changes in customers’ financial condition; the availability, cost, and adequacy of insurance coverage; For year ending December 31, 2025: the effect of non-cash items and transaction costs and include deductions for second | |
| Cash-Basis Net Operating Income for those office properties that were stabilized and competition from other developers, investors, owners, and operators of real estate; the failure to achieve anticipated benefits from intended or generation Capital Expenditures ("CAPEX"). Management believes that FAD provides Unsecured Senior Notes$225M | |
- Net income available to common stockholders was $8.6 million, or $0.05 per share, compared to $11.2 million, or $0.07 per owned by the Company for the entirety of all comparable reporting periods •Net income between $0.30 and $0.34 per share, increased from $0.28 and $0.34 per share. completed acquisitions, developments, investments, or dispositions; the cost and availability of financing, the effectiveness of any interest rate analysts and investors with information that assists in the comparability of the Phoenix7.3% Atlanta31.5% share, for third quarter 2024. presented. Same Property Net Operating Income or Cash-Basis Same Property Net Note:Amounts may differ slightly from other schedules contained herein due to rounding.(1) See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 32.(2) Contains multiple buildings that are grouped together for reporting purposes.(3) Primarily represents the College Street Garage and Domain 4. The Company plans to hold the Domain 4 site for future development once the building's leases expire.(4) Unconsolidated amounts included in the reconciliation above represent amounts recorded in unconsolidated joint ventures multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures but believes including these amounts in the categories indicated is meaningful to investors and analysts.(5) Primarily represents NOI from unconsolidated investments not yet stabilized.(6) Reimbursed Expenses include costs incurred by the Company for management services provided to our unconsolidated joint ventures. The reimbursement of these costs by the unconsolidated joint ventures is included in Management Fees.(7) Included in Interest Income from Real Estate Debt for the first quarter of 2025 is $858,000 related to a minimum interest guaranty paid by the borrower of the Radius loan upon early repayment. (8) Included in Other Income for the first quarter of 2025 is $4.6 million from the sale of our SVB bankruptcy claim.(9) Primarily represents interest on consolidated loans repaid and our share of interests on loans of unconsolidated investments sold prior to September 30, 2025. Also includes interest expense from unconsolidated investments not yet stabilized.(10) Amounts of consolidated interest expense related to consolidated debt that are capitalized to consolidated development and redevelopment projects as well as to equity in unconsolidated development projects. Company's dividend policy with other real estate companies. hedging contracts, and any failure to comply with debt covenants under credit agreements; the effect of common stock, debt, or operating •FFO between $2.82 and $2.86 per share, increased from $2.79 and $2.85 per share. Operating Income allows analysts, investors, and management to analyze continuing Completed Property Developments •Funds From Operations ("FFO") was $116.5 million, or $0.69 per share, compared to $102.3 million, or $0.67 per share, for third partnership unit issuances; threatened terrorist attacks or sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political operations and evaluate the growth trend of the Company's portfolio. “Funds From Operations” (“FFO”) is a supplemental operating performance •The increase in FFO is driven by higher parking income, higher termination fees, lower SOFR, and interest income from the loan Mortgage $42M quarter 2024. ProjectTypeMarketCompany's Ownership InterestTiming (3)Square FeetTotal Project Cost ($ in thousands) (1)2025Domain 9OfficeAustin100%1Q338,000$147,0002022300 ColoradoOfficeAustin100%1Q369,000193,000100 MillOfficePhoenix90%4Q288,000156,000202110000 Avalon (2)OfficeAtlanta90%1Q251,00096,000120 West TrinityMixedAtlanta20%2Q353,00089,000Domain 10OfficeAustin100%3Q300,000111,0002020Domain 12OfficeAustin100%4Q320,000117,0002,219,000$909,000 activism and the potential impact of the same upon our day-to-day building operations; the immediate and long-term impact of the outbreak of a measure used in the real estate industry. The Company calculates FFO in accordance to our joint venture partner noted above. “Second Generation Tenant Improvements and Leasing Costs and Building Same Property NOI Change Second Generation Net Rent Change In-Place Gross Rent (per SF) (1) For nine months ended September 30, 2025: highly infectious or contagious disease on our and our customers’ financial condition; risks associated with security breaches through cyberattacks, with the Nareit definition: net income (loss) available to common stockholders Mortgages$215M CAPEX” is used in the valuation and analysis of real estate. Because the Company Cash-Basis (1) Cash-Basis(1) (1)Comprised of total square feet leased, unadjusted for ownership share. Excludes leases approximately one year or less, along with apartment, retail, amenity, storage, and intercompany space leases.(2)Weighted average of net leased square feet.(3)Straight-line net rent per square foot (operating expense reimbursements deducted from gross leases) over the lease term, prior to any deductions for leasing costs. Excludes percent rent leases.(4)Excludes leases executed for spaces that were vacant upon acquisition, new leases in development properties, percentage rent leases, and leases for spaces that have been vacant for one year or more.(5)Increase in second generation straight-line basis net annualized rent on a weighted average basis.(6)Increase in second generation net cash rent at the end of the term paid by the prior tenant compared to net cash rent at the beginning of the term (after any free rent period) paid by the current tenant on a weighted average basis. For early renewals, the final net cash rent paid under the original lease is compared to the first net cash rent paid under the terms of the renewal. Net cash rent is net of any recovery of operating expenses but prior to any deductions for leasing costs. cyber intrusions, or otherwise; changes in senior management, the Board of Directors, or key personnel; the potential liability for existing or future BOARD OF DIRECTORS (computed in accordance with GAAP), excluding depreciation and amortization •Guidance does not include any operating property acquisitions, operating property dispositions, or development starts. •Net income available to common stockholders was $44.0 million, or $0.26 per share, compared to $32.3 million, or $0.21 per develops and acquires properties, in addition to operating existing properties, its Unsecured Senior Notes related to real estate, gains and losses from sales of depreciable property, gains and Unsecured Senior Notes environmental or other applicable regulatory requirements, including the requirements to qualify for taxation as a real estate investment trust; the share, for the nine months ended September 30, 2024. property acquisition and development expenditures included in the Statements of (1)Corporate Center 5 is controlled through a long-term ground lease. •Guidance does not include any capital markets transactions. Robert M. ChapmanCharles T. CannadaM. Colin ConnollyNon-executive Chairman of Cousins Properties, former Chief Executive Officer of Centerpoint Properties TrustPrivate InvestorPresident and Chief Executive Officer of Cousins PropertiesScott W. FordhamSusan L. GivensR. Kent Griffin Jr.Former Chief Executive Officer and Director of TIER REIT, Inc.Former executive with BlackstoneManaging Director of Phicas InvestorsDonna W. HylandDionne NelsonR. Dary StonePresident and Chief Executive Officer of Children's Healthcare of AtlantaPresident and Chief Executive Officer of Laurel Street ResidentialPresident and Chief Executive Officer of R.D. Stone Interests losses from changes in control, impairment of depreciable real estate and after Unsecured Senior Notes$400M financial condition and liquidity of, or disputes with, joint venture partners; material changes in dividend rates on common shares or other securities or Cash Flows includes both initial costs associated with developing and acquiring Term Loan$400M
- Funds From Operations ("FFO") was $358.9 million, or $2.13 per share, compared to $305.2 million, or $2.00 per share, for the Houston3.4% adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the (1) Amount represents proceeds, before debt and other adjustments, received by the Company for the sale of its unconsolidated interest in the joint venture to its partner. the ability to pay those dividends; the impact of changes to applicable laws, including the tax laws impacting REITs and the passage of the One Big The tables above show FFO and the related reconciliation from Net Income Available to Common Stockholders for Cousins Properties Incorporated and Subsidiaries. •Guidance reflects management’s current plans and assumptions as of the date of this earnings release and is subject to the risks investment assets and those expenditures necessary for operating and maintaining (1) The above amounts include our share of amounts from unconsolidated joint ventures for the respective category. The Company does not control the operations of these unconsolidated joint Austin36.0% nine months ended September 30, 2024. same basis. FFO is used by industry analysts and investors as a supplemental measure See page 39 for definition of FFO. Beautiful Bill Act, and the impact of newly adopted accounting principles on our accounting policies and on period to period comparison of financial existing properties at historic performance levels. The latter costs are referred to as (1)Represents the Company's operating properties, excluding properties in the development pipeline and properties sold prior to September 30, 2025.(2)The weighted average economic occupancy of the property over the period for which the property was available for occupancy during the respective quarters.(3)The Company's share of property-specific mortgage debt, net of unamortized loan costs, as of September 30, 2025.(4)Contains two or more buildings that are grouped together for reporting purposes.(5)Effective September 1, 2024, Domain 4 was excluded from the office square footage, end of period leased, weighted average occupancy, and Same Property. The Company plans to hold the Domain 4 site for future development once the building's leases expire. Domain 9 stabilized on March 1, 2025 and was added to the portfolio statistics at that time. Domain 9 is not included in Same Property.(6)Not included in Same Property.(7)Effective October 1, 2023, Hayden Ferry I, a 207,000 square foot building, in this group of buildings was excluded from Same Property, end of period leased, and weighted average occupancy due to commencement of the current full redevelopment of this building. It is also excluded from the Phoenix and Total Office end of period leased and weighted average occupancy calculations. and uncertainties more fully described in our SEC filings. Actual results could differ materially from this guidance. ventures but believes including these amounts are meaningful to investors and analysts. Unsecured Senior Notes Unsecured Senior Notes Tampa7.7% of an equity REIT's operating performance. Historical cost accounting for real estate Continued on next page (1)Same Properties include those office properties that were stabilized and owned by the Company for the entirety of all comparable reporting periods presented. See Portfolio Statistics on pages 16 and 17 for footnotes indicating which properties are not included in Same Property. See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 32.(2)Rental Property Revenues and Operating Expenses include results for the Company and its share of unconsolidated joint ventures and exclude termination fee income. Net operating income for unconsolidated joint ventures is calculated as Rental Property Revenues less termination fee income and Rental Property Operating Expenses at the joint ventures, multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures but believes that including these amounts with consolidated net operating income is meaningful to investors and analysts.(3)Cash-Basis Rental Property Revenues include that of the Company and its share of unconsolidated joint ventures. It represents Rental Property Revenues, excluding termination fee income, straight-line rents, other deferred income amortization, amortization of lease inducements, and amortization of acquired above and below market rents.(4)Cash-Basis Rental Property Operating Expenses include that of the Company and its share of unconsolidated joint ventures. It represents Rental Property Operating Expenses, excluding straight-line ground rent expense and amortization of above and below market ground rent expense. Unsecured Senior Note (9) Term Loan$250M second generation costs and are useful in evaluating the economic performance of results; risks associated with climate change and severe weather events; and those additional risks and factors discussed in reports filed with the assets implicitly assumes that the value of real estate assets diminishes predictably Mortgages the asset and in valuing the asset. Accordingly, the Company discloses the portion of Operations and Leasing Activity Securities and Exchange Commission ("SEC") by the Company. over time. Since real estate values instead have historically risen or fallen with market Pictured Above: Buckhead Plaza, Atlanta, GAPictured on Cover: Hayden Ferry, Phoenix, AZ Pictured Above: Buckhead Plaza, Atlanta, GAPictured on Cover: Hayden Ferry, Phoenix, AZ its property acquisition and development expenditures that pertain to second Investor Conference Call and Webcast conditions, many industry investors and analysts have considered presentation of For third quarter 2025: generation space in its operating properties. The Company excludes from second These forward-looking statements are not exhaustive, speak only as of the date of issuance of this report and are not guarantees of future (1)For Non-GAAP Financial Measures, see the calculations and reconciliations on pages 32 through 38.(2)See Office Leasing Activity on page 20 for additional detail and explanations.(3)Same Property Information is derived from the pool of same office properties that existed in the period as originally reported. See Same Property Performance on page 19 and Non-GAAP Financial Measures - Calculations and Reconciliations starting on page 32 for additional information. (4)The Company's share of estimated project costs. See Development Pipeline on page 26 for additional detail.(5)In-place gross rent equals the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, as of the end of the period divided by occupied square feet. operating results for real estate companies that use historical cost accounting to be generation costs amounts incurred to lease vacant space in newly acquired buildings, The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Friday, October 31, 2025 to discuss the results of the •Same property net operating income ("NOI") on a cash-basis increased 0.3%. results, performance, or achievements. Additional risk factors that could adversely affect our business and financial performance can be found in Part insufficient by themselves. Thus, Nareit created FFO as a supplemental measure of (1) Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of leasing costs for spaces that have been vacant for one year or more, building quarter ended September 30, 2025. The number to call for this interactive teleconference is (800) 836-8184. The live webcast of this call REIT operating performance that excludes historical cost depreciation, among other September 30, 2025. If the tenant is in a free rent period as of September 30, 2025, Annualized Rent represents the annualized contractual rent the tenant 1, Item 1A. Risk Factors, of our Annual Report on Form 10-K, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, including •Second generation net rent per square foot on a cash-basis increased 4.2%. improvements on newly acquired buildings that management identifies as necessary can be accessed on the Company's website, www.cousins.com, through the “Cousins Properties Third Quarter Conference Call” link on items, from GAAP net income. Management believes that the use of FFO, combined will pay in the first month the tenant is required to pay full rent. (1)This schedule only contains information related to joint ventures that hold an ownership interest in operating office buildings or projects under active development.(2)Each respective joint venture agreement may contain additional terms that affect the distribution of operating cash flows and capital transaction proceeds that are not yet effective, including the distribution of promoted interest. Part II, Item 1A. Risk Factors, and are specifically incorporated by reference herein. The Company does not undertake a duty to update or revise any to bring the building to the Company's operational standards, and building •Executed 551,000 square feet of office leases. the Investor Relations page. A replay of the conference call will be available for seven days by dialing (888) 660-6345 and entering the with the required primary GAAP presentations, has been fundamentally beneficial, forward-looking statement, whether as a result of new information, future events, or other matters, except as otherwise required by law. improvements associated with properties identified as under redevelopment or passcode 73015#. The playback can also be accessed on the Company's website. improving the understanding of operating results of REITs among the investing public For nine months ended September 30, 2025: repositioning. In addition, the Company excludes building improvements intended to Note: Management uses SIC codes when available, along with their judgment, to determine tenant industry classification. This schedule includes leases that (1) The Company owns 50% of Neuhoff, a mixed-use development in Nashville, through a joint venture. It has commenced initial operations but is not yet stabilized. See pages 26 and 31 for (1) Except as otherwise noted, amounts represent total purchase prices, total project costs paid by the Company and, where applicable, its joint venture partner. and making comparisons of REIT operating results more meaningful. Company Continued on next page (2) Developed 8000 Avalon and 10000 Avalon as the majority partner in 90-10 joint ventures, HICO Avalon LLC and HICO Avalon II LLC, respectively. In 2022, we purchased the outside interest additional details. have commenced. Leases that have been signed but have not commenced are excluded. attract tenants to increase revenues and/or occupancy rates. •Same property net operating income ("NOI") on a cash-basis increased 1.2%. management evaluates operating performance in part based on FFO. Additionally, of 10% in HICO Avalon LLC and HICO Avalon II LLC for $43 million in a transaction that valued the properties at $302 million. (1) Company's share of leases expiring after September 30, 2025. Expiring square footage for which new leases have been executed is reflected based on the expiration date of the new lease.(2) Annual Contractual Rent is the estimated rent in the year of expiration. It includes the minimum base rent and an estimate of the tenant's share of operating expenses, if applicable, as defined in the respective leases. (3) Represents timing of stabilization. the Company uses FFO and FFO per share, along with other measures, as a (1) Office properties only. •Second generation net rent per square foot on a cash-basis increased 4.9%. Continued on next page performance measure for incentive compensation to its officers and other key
- Executed 1,425,000 square feet of office leases. employees. Note: See additional information included herein for calculations, definitions, and reconciliations to GAAP financial measures.
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Unsecured Senior Note Mortgage$71 Term Loan$400M Unsecured Senior Notes$225 Unsecured Senior Notes$400M Unsecured Senior Notes