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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 4th2025Total Assets - Consolidated7,634,4747,682,9817,700,5287,770,5318,802,1468,802,1468,663,3609,051,8638,900,4818,890,1328,890,132Accumulated Depreciation - Consolidated1,518,5721,596,1161,664,9501,740,8561,821,5591,821,5591,893,2151,982,7002,045,7112,120,9302,120,930Undepreciated Assets - Unconsolidated (1)289,202304,617316,303352,427356,091356,091363,789368,322375,572376,850376,850Less: Investment in Unconsolidated Joint Ventures(143,831)(155,210)(160,873)(182,130)(185,478)(185,478)(191,505)(192,420)(215,507)(215,301)(215,301)Total Undepreciated Assets (1)9,298,4179,428,5049,520,9089,681,68410,794,31810,794,31810,728,85911,210,46511,106,25711,172,61111,172,611Net Debt (1)2,600,5862,712,3092,742,4422,748,6063,260,2183,260,2183,191,8143,239,3203,463,9613,495,6673,495,667Net Debt / Total Undepreciated Assets (1)28.0%28.8%28.8%28.4%30.2%30.2%29.7%28.9%31.2%31.3%31.3%Coverage Ratios (1)Interest Expense107,13929,43630,37832,28034,866126,96038,76340,75344,32745,106168,949Scheduled Principal Payments8,6582,1142,1322,1511,8258,2221,6671,6811,6961,7106,754Fixed Charges115,79731,55032,51034,43136,691135,18240,43042,43446,02346,816175,703EBITDAre505,876129,047133,840134,731143,895541,513163,714158,368160,984164,773647,839EBITDAre / Fixed Charges (1)4.374.094.123.913.924.014.053.733.503.523.69Net Debt2,600,5862,712,3092,742,4422,748,6063,260,2183,260,2183,191,8143,239,3203,463,9613,495,6673,495,667Annualized EBITDAre (2)505,468516,188535,360538,924632,139632,139654,856633,472643,936659,092659,092Net Debt / Annualized EBITDAre5.145.255.125.105.165.164.875.115.385.305.30Dividend InformationCommon Dividends194,24848,65848,68548,68553,651199,67953,73253,74653,74653,754214,978FFO398,28999,496103,346102,334108,916414,092124,834117,494116,536119,537478,401FFO Payout Ratio48.8%48.9%47.1%47.6%49.3%48.2%43.0%45.7%46.1%45.0%44.9%Operations RatioTotal Undepreciated Assets (1)9,298,4179,428,5049,520,9089,681,68410,794,31810,794,31810,728,85911,210,46511,106,25711,172,61111,172,611General and Administrative Expenses32,3319,2148,9079,2049,24136,56610,7099,7389,5108,68538,642Annualized 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%0.31%0.31%Continued on next page 20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rd2025 4th2025Net income (loss) available to common stockholders$82,963$13,288$7,840$11,198$13,636$45,962$20,897$14,483$8,590$(3,467)$40,503Depreciation and amortization of real estate assets315,31086,30795,50491,13595,277368,223103,934103,008107,945109,718424,605Loss (gain) on depreciated property transactions2(101) - - - (101) - - - - - Operating property impairment - - - - - - - - - 13,28613,286Non-controlling interest related to unitholders1422138331 - 7FFO (1)398,28999,496103,346102,334108,916414,092124,834117,494116,536119,537478,401Non-Cash Debt Amortization4,1751,0519841,0201,0134,0681,0569971,2901,1884,531Non-Cash Stock-Based Compensation11,9004,3123,4673,4883,51514,7825,9933,7463,3793,35616,474Non-Real Estate Depreciation and Amortization448115116117113461117121121130489Lease Inducement Amortization3,5625395305515492,1695312679386502,386Straight-Line Rent Ground Leases48111611811811847011811872100408Above and Below Market Ground Rent32882535253240525352125282Deferred Income - Tenant Improvements(19,276)(6,167)(6,974)(7,466)(7,991)(28,598)(8,472)(8,947)(9,147)(9,353)(35,919)Above and Below Market Rents, Net(6,876)(1,460)(1,559)(1,484)(1,664)(6,167)(2,845)(2,828)(3,422)(3,514)(12,609)Second Generation Capital Expenditures (CAPEX)(96,908)(30,212)(17,270)(26,190)(42,421)(116,093)(33,281)(28,636)(29,981)(47,457)(139,355)Straight-Line Rental Revenue(25,500)(8,604)(4,423)(5,374)(6,107)(24,508)(12,477)(11,283)(9,424)(6,117)(39,301)Land and Related Predevelopment Costs Impairment - - - - - - - - - 1,0341,034Loss (Gain) on Sales of Undepreciated Investment Properties(506) - 3 - - 3 - - - - - FAD (1)270,11759,26878,39167,16656,094260,91975,62671,10270,41459,679276,821Weighted Average Shares - Diluted152,040152,385152,614152,812158,249154,015168,593168,765168,738168,770168,716FAD per share$1.79$0.39$0.51$0.44$0.35$1.69$0.45$0.42$0.42$0.35$1.64Common Dividends on outstanding shares194,24848,65848,68548,68553,651199,67953,73253,74653,74653,754214,978Common Dividends per share$1.28$0.32$0.32$0.32$0.32$1.28$0.32$0.32$0.32$0.32$1.28FAD Payout Ratio (3)71.9%82.1%62.1%72.5%95.6%76.5%71.0%75.6%76.3%90.1%77.7%2nd Generation CAPEXSecond Generation Leasing Related Costs70,83023,11014,21017,15732,35286,82924,78921,47518,94436,482101,690Second Generation Building Improvements26,0787,1023,0609,03310,06929,2648,4927,16111,03710,97537,66596,90830,21217,27026,19042,421116,09333,28128,63629,98147,457139,355(1) Includes the Company's share of unconsolidated joint ventures. These amounts are derived from the amounts in the categories indicated that are recorded at the joint venture multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures but believes that including these amounts in the categories indicated is meaningful to investors and analysts.(2) Amounts represent most recent quarter annualized with the exception of annualized EBITDAre for the fourth quarter of 2024, which includes annualization of Sail Tower and Vantage South End to reflect a full year of NOI from these properties acquired in December 2024.(3) The calculation of this ratio for the fourth quarter of 2024 does not include a full quarter of FAD from Sail Tower and Vantage South End, acquired in December, but does include the full increase in dividends from the 15.5 million shares issued to fund these acquisitions.Note: Amounts may differ slightly from other schedules contained herein due to rounding. ($ in thousands)($ in thousands)Three Months EndedYear EndedNet Operating IncomeDecember 31, 2025December 31, 2024December 31, 2025December 31, 2024Net income (loss)$(3,277)$13,813$41,252$46,581Net operating income from unconsolidated joint ventures3,7051,98812,3496,617Fee income(528)(481)(2,044)(1,761)Termination fee income(1,709)(954)(5,087)(3,405)Other income(1,162)(4,625)(11,225)(7,224)Reimbursed expenses124155544634General and administrative expenses8,6859,24138,64236,566Interest expense42,45633,052159,241122,476Operating property impairment13,286 - 13,286 - Land and related predevelopment costs impairment1,034 - 1,034 - Depreciation and amortization107,08393,616415,359365,045Other expenses4964951,8012,097Loss from unconsolidated joint ventures2,0072,0088,1592,796Gain on investment property transactions - - - (98)Net Operating Income172,200148,308673,311570,324Less:Partners' share of NOI from consolidated joint ventures(510)(471)(1,430)(1,804)Cousins' share of NOI$171,690$147,837$671,881$568,520 Net Operating Income$172,200$148,308$673,311$570,324Non-cash income(21,573)(15,705)(89,874)(59,574)Non-cash expense189176869739Cash-Basis Net Operating Income$150,816$132,779$584,306$511,489Net Operating IncomeSame Property$139,901$139,320$560,147$547,239Non-Same Property32,2998,988113,16423,085$172,200$148,308$673,311$570,324Cash-Basis Net Operating IncomeSame Property$125,621$125,585$496,568$492,274Non-Same Property25,1957,19487,73819,215$150,816$132,779$584,306$511,489 COUSINS PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS Investing and Finance Activity (unaudited; in thousands, except per share amounts) 20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rd2025 4th2025Property StatisticsConsolidated Operating Properties3434343436363636373737Consolidated Rentable Square Feet (in thousands)18,43418,43418,43418,43419,87719,87720,08120,08120,37320,37320,373Unconsolidated Operating Properties22233333333Unconsolidated Rentable Square Feet (in thousands)7117117111,2361,2361,2361,2361,2361,2361,2361,236Total Operating Properties3636363739393939404040Total Rentable Square Feet (in thousands)19,14519,14519,14519,67021,11321,11321,31721,31721,60921,60921,609Office Percent Leased (period end) 90.9%90.8%91.2%91.0%91.6%91.6%92.1%91.6%90.0%90.7%90.7%Office Weighted Average Occupancy 87.5%88.4%88.5%88.4%89.2%88.6%90.0%89.1%88.3%88.3%88.8%Office Leasing Activity (2)Net Leased during the Period (SF, in thousands)1,6944043917634622,0205393345517002,125Net Rent (per SF)$35.15$36.06$37.64$45.21$35.81$39.77$35.87$40.95$39.18$36.52$37.76Net Free Rent (per SF)(2.25)(2.10)(2.51)(1.51)(2.13)(1.97)(1.77)(2.08)(1.97)(2.40)(2.07)Leasing Commissions (per SF)(2.62)(2.61)(2.91)(2.91)(2.72)(2.81)(2.81)(3.18)(2.69)(2.76)(2.82)Tenant Improvements (per SF)(5.72)(7.15)(7.37)(6.22)(7.08)(6.82)(6.23)(7.34)(6.15)(8.18)(7.01)Leasing Costs (per SF)(10.59)(11.86)(12.79)(10.64)(11.93)(11.60)(10.81)(12.60)(10.81)(13.34)(11.90)Net Effective Rent (per SF)$24.56$24.20$24.85$34.57$23.88$28.17$25.06$28.35$28.37$23.18$25.86Change in Second Generation Net Rent20.2%20.1%37.6%30.7%22.7%28.2%18.3%27.2%23.8%19.9%21.5%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%0.2%3.5%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%90.1%90.1%Weighted Average Occupancy 87.3%88.4%88.5%88.4%89.1%88.6%89.4%88.4%87.4%87.4%88.1%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%0.4%2.4%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%0.03%0.9%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$294,550$294,550Estimated Project Costs/Total Undepreciated Assets4.6%4.6%4.6%4.6%4.1%4.1%2.7%2.6%2.7%2.6%2.6%Continued on next page 20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rd2025 4th2025Market Capitalization Common Stock Price Per Share$24.35$24.04$23.15$29.48$30.64$30.64$29.50$30.03$28.94$25.78$25.78Common Stock/Units Outstanding (in thousands)151,824152,096152,165152,165167,685167,685167,933167,992167,990168,007168,007Equity 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$4,331,220$4,331,220Debt (in thousands)2,608,6752,723,9782,754,3582,834,9593,274,3883,274,3883,203,4763,660,6083,475,1203,507,0203,507,020Total 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$7,838,240$7,838,240Credit Ratios Net Debt/Total Market Capitalization41.2%42.5%43.7%37.5%38.8%38.8%39.1%37.2%41.6%44.6%44.6%Net Debt/Total Undepreciated Assets28.0%28.8%28.8%28.4%30.2%30.2%29.7%28.9%31.2%31.3%31.3%Net Debt/Annualized EBITDAre5.145.255.125.105.165.164.875.115.385.305.30Fixed Charges Coverage (EBITDAre)4.374.094.123.913.924.014.053.733.503.523.69Dividend Information Common Dividend per Share$1.28$0.32$0.32$0.32$0.32$1.28$0.32$0.32$0.32$0.32$1.28Funds From Operations (FFO) Payout Ratio48.8%48.9%47.1%47.6%49.3%48.2%43.0%45.7%46.1%45.0%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%90.1%77.7%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%0.31%0.31%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$49.91$49.91Straight-Line Rental Revenue (in thousands) $25,500$8,604$4,423$5,374$6,107$24,508$12,477$11,283$9,424$6,117$39,301Above 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$3,514$12,609Second Generation Capital Expenditures (in thousands) $96,908$30,212$17,270$26,190$42,421$116,093$33,281$28,636$29,981$47,457$139,355 (amounts in thousands, except per share amounts)20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rd2025 4th2025Net Income (Loss)$83,816$13,451$7,961$11,356$13,813$46,581$21,093$14,658$8,778$(3,277)$41,252Fee and Other Income(11,170)(893)(2,590)(2,847)(6,060)(12,390)(10,168)(2,411)(2,378)(3,398)(18,355)General and Administrative Expenses32,3319,2148,9079,2049,24136,56610,7099,7389,5108,68538,642Interest Expense105,46328,90829,74330,77333,052122,47636,77438,51441,49742,456159,241Operating Property Impairment - - - - - - - - - 13,28613,286Land and Related Predevelopment Cost Impairment - - - - - - - - - 1,0341,034Depreciation and Amortization314,89786,23095,41589,78493,616365,045102,114100,890105,272107,083415,359Reimbursed and Other Expenses2,7368127545156502,7316005605656192,344Loss (Income) from Unconsolidated Joint Ventures(2,299)(348)(439)1,5752,0082,7961,8831,5872,6822,0078,159NOI from Unconsolidated Joint Ventures5,8241,3521,5611,7161,9886,6172,2233,1653,2563,70512,349Transaction 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$172,200$673,311Fee and Other Income (1)11,3109082,6302,9096,07512,52210,1832,4502,4003,44518,478General and Administrative Expenses(32,331)(9,214)(8,907)(9,204)(9,241)(36,566)(10,709)(9,738)(9,510)(8,685)(38,642)Interest Expense (1)(107,139)(29,436)(30,378)(32,280)(34,866)(126,960)(38,763)(40,753)(44,327)(45,106)(168,949)Reimbursed and Other Expenses (1)(2,794)(843)(769)(632)(803)(3,047)(521)(625)(659)(725)(2,530)Land and Related Predevelopment Cost Impairment - - - - - - - - - (1,034)(1,034)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)(129)(488)Partners' Share of FFO in Consolidated Joint Ventures(1,909)(429)(426)(418)(444)(1,717)(467)(420)(429)(429)(1,745)FFO (1)$398,289$99,496$103,346$102,334$108,916$414,092$124,834$117,494$116,536$119,537$478,401Weighted Average Common Shares - Diluted152,040152,385152,614152,812158,249154,015168,593168,765168,738168,770168,716FFO per Share (1)$2.62$0.65$0.68$0.67$0.69$2.69$0.74$0.70$0.69$0.71$2.84 (amounts in thousands, except per share amounts)20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rd2025 4th2025NOIConsolidated PropertiesThe Domain (2)$68,822$18,159$20,276$20,296$20,198$78,929$20,825$21,725$22,055$22,130$86,735Sail Tower - - - - 1,8431,84311,68211,77111,72611,78046,959Corporate Center (2)30,2007,3217,4377,7087,81830,2848,0948,4588,4688,60333,623Terminus (2)33,8048,0878,0807,7597,98431,9108,2528,5668,6447,91933,381Spring & 8th (2)29,3557,3637,3447,3887,37629,4717,3757,3697,4127,38029,536Vantage South End (2) - - - - 2,3382,3387,1367,0317,1407,14828,455300 Colorado18,9745,7565,6965,9946,61624,0626,5416,7266,6866,82026,773Buckhead Plaza (2)20,9675,3215,3015,7026,05622,3806,4716,2236,5376,48025,711Promenade Tower13,6943,4323,9974,4364,84916,7145,4335,5015,7615,98422,679BriarLake Plaza (2)14,6775,5795,6565,6515,47722,3635,6865,5335,6605,62722,506One Eleven Congress17,6834,1904,1384,2954,50417,1274,5925,1214,6074,76319,083Hayden Ferry (2)20,8194,6004,4994,3114,40817,8184,5604,6214,5595,12918,869San Jacinto Center16,2375,0765,1975,2404,64820,1614,4954,4094,5474,71018,161725 Ponce19,3985,0324,7354,3073,83917,9134,1624,1464,1564,12116,585Northpark (2)20,5694,9805,0725,3595,24120,6524,8183,9203,8223,85716,417The Terrace (2)15,5163,9393,9134,0284,03415,9144,1524,0063,9864,07816,222201 N. Tryon18,9594,7594,6884,7474,97419,1684,7954,9833,4422,96816,1883344 Peachtree16,0584,0233,9623,7813,88615,6523,7454,0514,0064,14115,943Colorado Tower15,4104,2344,5654,4274,42917,6554,2523,6633,5504,08515,550100 Mill13,7263,8423,5873,7283,97115,1283,9923,7823,8563,85115,481Avalon (2)16,8824,4254,4113,9913,99416,8213,4833,6253,6463,89214,646The RailYard13,1693,0813,0923,0203,06912,2623,0273,0583,1472,99612,228Heights Union (2)10,0712,6212,7502,6202,61510,6062,6232,6772,6142,65710,5713350 Peachtree4,5141,3631,7291,3892,2676,7481,9702,2742,5112,7099,464Legacy Union One9,4412,3802,3822,3672,3769,5052,3722,3602,3672,3589,457Promenade Central3,8091,5701,7611,8262,0007,1572,3492,3332,2552,3329,269Tempe Gateway4,0261,2591,3781,4211,9456,0032,1222,1062,3422,3528,922Domain Point (2)8,6372,1832,0322,0522,0658,3322,0402,0401,8432,0457,968The Link - - - - - - - - 3,2584,4837,741550 South10,9962,5272,0021,9161,9518,3961,8751,8591,8611,5057,100111 West Rio5,6071,4111,4101,4071,4205,6481,4191,4001,4081,4245,6515950 Sherry Lane3,6331,0781,0291,1961,1294,4321,2441,2831,4561,4225,405The Pointe3,2691,1681,1911,3931,1544,9061,3161,2511,2231,3175,107Meridian Mark Plaza4,7961,2158691,2161,1944,4941,1581,2801,3011,2394,9783348 Peachtree4,6061,1631,2171,2501,2964,9261,3011,1568861,3204,663Research Park V4,1091,0871,0661,0961,1764,4251,1811,1391,1681,1704,658Harborview Plaza3,3948359599368563,5861,1448227016853,352Other (3)9,4432,2142,3332,1071,3247,9781,3231,2681,3191,0154,925Subtotal - Consolidated525,270137,273139,754140,360146,320563,707163,005163,536165,926168,495660,962Continued on next page (amounts in thousands, except per share amounts)20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rd2025 4th2025Unconsolidated Properties (4)Neuhoff (5)(33)(83)(15)161951134001,3281,4362,0315,195Medical Offices at Emory Hospital4,5881,1161,2121,1701,1634,6611,1761,1881,2271,1984,789Proscenium - - - 3653787433614213492331,364120 West Trinity (2)1,2473193641652521,1002862282442431,001Other (6)22 - - - - - - - - - - Subtotal - Unconsolidated5,8241,3521,5611,7161,9886,6172,2233,1653,2563,70512,349Total Net Operating Income (1)531,094138,625141,315142,076148,308570,324165,228166,701169,182172,200673,311Fee and Other IncomeManagement Fees (7)1,3733794064954811,7614964224544231,795Termination Fees7,3434711,0858959543,4052,866 - 5121,7095,087Leasing & Other Fees - - - - - - - 33 - 235Development Fees - - - - - - - 3972102213Interest Income from Real Estate Debt (8) - - 3671,0114,3945,7722,1495686061,0974,420Other Income (9)2,454447314462311,4524,6561,350734656,805Other Income - Unconsolidated (4)1401441621513216382247123Total Fee and Other Income11,3109082,6302,9096,07512,52210,1832,4502,4003,44518,478General and Administrative Expenses(32,331)(9,214)(8,907)(9,204)(9,241)(36,566)(10,709)(9,738)(9,510)(8,685)(38,642)Interest ExpenseConsolidated Interest ExpensePublic Senior Notes, Unsecured ($500M) - - - (3,732)(7,469)(11,201)(7,474)(7,468)(7,485)(7,480)(29,907)Public Senior Notes, Unsecured ($400M) - - - - (830)(830)(5,551)(5,548)(5,544)(5,543)(22,186)Term Loan, Unsecured ($400M)(24,679)(6,050)(5,805)(5,829)(5,826)(23,510)(5,539)(5,356)(5,425)(5,221)(21,541)Public Senior Notes, Unsecured ($500M) - - - - - - - (1,798)(6,724)(6,742)(15,264)Terminus (2)(14,055)(3,514)(3,514)(3,514)(3,513)(14,055)(3,514)(3,514)(3,514)(3,513)(14,055)Term Loan, Unsecured ($250M)(19,865)(4,892)(4,909)(4,371)(3,795)(17,967)(3,482)(3,486)(3,598)(3,373)(13,939)Privately Placed Senior Notes, Unsecured ($275M)(10,975)(2,744)(2,744)(2,743)(2,744)(10,975)(2,744)(2,744)(2,743)(2,744)(10,975)Privately Placed Senior Notes, Unsecured ($250M)(9,764)(2,441)(2,441)(2,441)(2,441)(9,764)(2,441)(2,441)(2,441)(2,441)(9,764)Credit Facility, Unsecured(14,155)(5,449)(6,047)(3,596)(2,232)(17,324)(1,725)(1,390)(1,353)(2,331)(6,799)Privately Placed Senior Notes, Unsecured ($125M)(4,789)(1,197)(1,198)(1,197)(1,197)(4,789)(1,197)(1,198)(1,197)(1,197)(4,789)Privately Placed Senior Notes, Unsecured ($100M)(4,145)(1,036)(1,037)(1,036)(1,037)(4,146)(1,036)(1,036)(1,037)(1,036)(4,145)201 N. Tryon(4,388)(1,078)(1,070)(1,062)(1,055)(4,265)(1,046)(1,038)(1,030)(1,023)(4,137)Colorado Tower(3,826)(942)(936)(930)(924)(3,732)(918)(911)(905)(905)(3,639)Other (10)(13,189)(3,271)(3,240)(3,236)(2,720)(12,467)(2,490)(2,489)(135) - (5,114)Capitalized (11)18,3673,7063,1982,9142,73112,5492,3831,9031,6341,0937,013Subtotal - Consolidated Interest Expense(105,463)(28,908)(29,743)(30,773)(33,052)(122,476)(36,774)(38,514)(41,497)(42,456)(159,241)Unconsolidated Interest Expense (4) Medical Offices at Emory Hospital(1,659)(508)(508)(508)(508)(2,032)(508)(508)(508)(508)(2,032)Other (10)(17)(20)(127)(999)(1,306)(2,452)(1,481)(1,731)(2,322)(2,142)(7,676)Subtotal - Unconsolidated Interest Expense(1,676)(528)(635)(1,507)(1,814)(4,484)(1,989)(2,239)(2,830)(2,650)(9,708)Total Interest Expense(107,139)(29,436)(30,378)(32,280)(34,866)(126,960)(38,763)(40,753)(44,327)(45,106)(168,949)Continued on next page (amounts in thousands, except per share amounts)20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rd2025 4th2025Reimbursed and Other ExpensesReimbursed Expenses (7)(608)(140)(151)(188)(155)(634)(177)(120)(123)(124)(544)Property Taxes and Other Land Holding Costs (4)(1,390)(389)59(320)(326)(976)(344)(386)(319)(334)(1,383)Severance(392)2 - - (46)(44)(11)(1)(1) - (13)Predevelopment & Other Costs (4)(404)(316)(677)(124)(276)(1,393)11(118)(216)(267)(590)Land and Related Predevelopment Cost Impairment (12) - - - - - - - - - (1,034)(1,034)Total Reimbursed and Other Expenses(2,794)(843)(769)(632)(803)(3,047)(521)(625)(659)(1,759)(3,564)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)(129)(488) - Partners' Share of FFO in Consolidated Joint Ventures(1,909)(429)(426)(418)(444)(1,717)(467)(420)(429)(429)(1,745)FFO $398,289$99,496$103,346$102,334$108,916$414,092$124,834$117,494$116,536$119,537$478,401Weighted Average Shares - Diluted152,040152,385152,614152,812158,249154,015168,593168,765168,738168,770168,716FFO per Share$2.62$0.65$0.68$0.67$0.69$2.69$0.74$0.70$0.69$0.71$2.84 Office Properties Rentable Square FeetFinancial Statement PresentationCompany's Ownership InterestEnd of Period LeasedWeighted Average Occupancy (2)% of Total NOI / 4Q25Property Level Debt ($ in thousands) (3)3Q254Q253Q254Q25The Domain (4) (5)2,080,000Consolidated100%97.9%97.9%97.9%97.9%12.8%$ - Sail Tower (6)804,000Consolidated100%100.0%100.0%100.0%100.0%6.9% - 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%90.3%82.5%85.9%2.8% - The Terrace (4)619,000Consolidated100%90.0%88.1%78.4%79.4%2.4% - Colorado Tower373,000Consolidated100%92.2%89.7%86.7%89.7%2.4%101,140Domain Point (4)240,000Consolidated96.5%93.6%93.6%95.5%93.6%1.2% - Research Park V173,000Consolidated100%93.0%93.0%93.0%93.0%0.7% - AUSTIN5,585,00094.9%94.8%92.7%93.1%36.0%101,140Terminus (4)1,226,000Consolidated100%82.6%83.9%82.0%81.6%4.8%220,775Spring & 8th (4)765,000Consolidated100%100.0%100.0%100.0%100.0%4.3% - Buckhead Plaza (4)678,000Consolidated100%93.8%95.1%92.3%93.2%3.8% - Promenade Tower777,000Consolidated100%86.3%87.1%79.7%80.5%3.5% - 725 Ponce372,000Consolidated100%87.6%87.6%87.6%87.6%2.4% - 3344 Peachtree484,000Consolidated100%96.7%94.5%96.4%96.7%2.4% - Northpark (4)1,405,000Consolidated100%70.8%82.2%69.0%69.1%2.3% - Avalon (4)480,000Consolidated100%99.2%99.2%84.1%88.8%2.3% - 3350 Peachtree413,000Consolidated100%91.1%90.8%87.0%90.8%1.6% - Promenade Central367,000Consolidated100%78.4%83.2%78.4%78.4%1.4% - 3348 Peachtree258,000Consolidated100%77.0%77.0%67.4%77.0%0.8% - Meridian Mark Plaza160,000Consolidated100%100.0%100.0%100.0%100.0%0.7% - Medical Offices at Emory Hospital358,000Unconsolidated50%99.1%99.1%98.7%99.1%0.7%41,244Proscenium (6)525,000Unconsolidated20%58.5%44.8%58.5%46.9%0.1% - 120 West Trinity Office43,000Unconsolidated20%74.2%74.2%74.2%74.2%0.1% - ATLANTA8,311,00086.2%88.5%83.4%84.2%31.2%262,019Vantage South End (4) (6)639,000Consolidated100%97.4%97.4%97.4%97.4%4.2% - The RailYard329,000Consolidated100%98.1%99.0%98.5%98.1%1.8% - 201 N. Tryon692,000Consolidated100%52.6%52.6%66.2%53.1%1.7%118,885550 South394,000Consolidated100%73.2%55.8%73.4%61.6%0.9% - CHARLOTTE2,054,00077.8%74.6%82.5%75.7%8.6%118,885Corporate Center (4)1,227,000Consolidated100%96.5%97.6%94.0%94.5%5.0% - Heights Union (4)294,000Consolidated100%100.0%100.0%100.0%100.0%1.6% - The Pointe253,000Consolidated100%90.1%93.9%87.9%90.3%0.8% - Harborview Plaza206,000Consolidated100%79.4%80.9%69.3%64.7%0.4% - TAMPA1,980,00094.4%95.8%91.6%91.7%7.8% - Continued on next page Office Properties Rentable Square FeetFinancial Statement PresentationCompany's Ownership InterestEnd of Period LeasedWeighted Average Occupancy (2)% of Total NOI / 4Q25Property Level Debt ($ in thousands) (3)3Q254Q253Q254Q25Hayden Ferry (4) (7)792,000Consolidated100%92.3%95.4%85.8%92.2%3.0% - 100 Mill 288,000Consolidated90%98.1%98.1%98.1%98.1%2.3% - Tempe Gateway264,000Consolidated100%95.9%95.9%95.7%95.7%1.4% - 111 West Rio225,000Consolidated100%100.0%100.0%100.0%100.0%0.8% - PHOENIX1,569,00095.4%96.8%92.5%95.4%7.5% - The Link (6) 292,000Consolidated100%93.0%93.6%93.0%93.6%2.6% - Legacy Union One319,000Consolidated100%100.0%100.0%100.0%100.0%1.4% - 5950 Sherry Lane197,000Consolidated100%92.9%90.2%91.3%90.6%0.8% - DALLAS808,00095.8%95.3%95.4%95.4%4.8% - BriarLake Plaza (4)835,000Consolidated100%97.4%97.4%97.4%97.4%3.3% - HOUSTON835,00097.4%97.4%97.4%97.4%3.3% - TOTAL OFFICE 21,142,00090.0%90.7%88.3%88.3%99.2%$482,044Other Properties (6) College Street Garage - CharlotteN/AConsolidated100%N/AN/AN/AN/A0.6% - 120 West Trinity Apartment - Atlanta (330 units)310,000Unconsolidated20%92.0%96.6%90.5%96.0%0.1% - Domain 4 (5)157,000Consolidated100%33.4%33.4%33.4%33.4%0.1% - TOTAL OTHER467,0000.8%$ - TOTAL21,609,000100.0%$482,044 Floating and Fixed Rate Debt Analysis The Company uses non-GAAP financial measures in its filings and other public “Net Debt” represents the Company's consolidated debt plus the Company's COMPANY INFORMATIONEQUITY RESEARCH COVERAGE (1)Corporate HeadquartersInvestor RelationsBarclaysBofA SecuritiesBMO Capital3344 Peachtree Road NESuite 1800Atlanta GA 30326404.407.1000Roni Imbeaux Senior Vice President, Finance & Investor Relationsrimbeaux@cousins.com404.407.1104Brendan Lynch212.526.9428Jana Galan646.855.5042John Kim212.885.4115Evercore ISIGreen StreetJefferiesTransfer AgentEquiniti Trust Companyequiniti.com866.627.2649Stock ExchangeNYSE: CUZSteve Sakwa212.446.9462Dylan Burzinski949.640.8780Joe Dickstein 212.778.8771J.P. MorganKeyBancMizuho SecuritiesRATING AGENCIES (1)Anthony Paolone212.622.6682Upal Rana917.368.2316Vikram Malhotra212.282.3827S&P Global RatingsMoody's Investors ServiceRW BairdTruist SecuritiesWells FargoHannah Gray212.438.0244Current Corporate Credit Rating: BBBChristian Azzi212.553.9342Current Corporate Credit Rating: Baa2Nicholas Thillman414.298.5053Michael Lewis212.319.5659Blaine Heck410.662.2556Wolfe ResearchOutlook: StableOutlook: StableAlly Yaseen646.582.9253(1) Please note that any opinions, estimates, or forecasts regarding Cousins' performance made by the analysts and rating agencies listed above are theirs alone and do not represent opinions, forecasts, or predictions of Cousins or its management. Cousins does not, by its reference above or distribution, imply its endorsement of, or concurrence with, such information, conclusions, or recommendations. Company's Share of Debt Maturities and Principal Payments($ in thousands)Description (Interest Rate Base, if not fixed)Company's Ownership InterestRate at End of QuarterMaturity Date (2)20262027202820292030ThereafterTotal PrincipalOriginal Issue DiscountDeferred Loan Costs Total Consolidated DebtConsolidated Debt - Floating RateTerm Loan, Unsecured (Adjusted SOFR + 0.85% to 1.65%) (3)100%4.76%8/17/26$250,000 - - - - - 250,000 - (64)249,936Credit Facility, Unsecured (Adjusted SOFR + 0.725% to 1.40%) (4)100%4.535%4/30/27 - 116,000$ - $ - $ - $ - 116,000$ - $ - $116,000Total Consolidated Floating Rate Debt250,000116,000 - - - - 366,000 - (64)365,936Consolidated Debt - Fixed RateColorado Tower 100%3.45%9/1/26101,199 - - - - - 101,199 - (59)101,140201 N. Tryon100%3.37%10/1/26118,928 - - - - - 118,928 - (43)118,885Term Loan, Unsecured (5)100%4.971%3/3/27 - 400,000 - - - - 400,000 - (76)399,924Privately Placed Senior Notes, Unsecured100%4.09%7/6/27 - 100,000 - - - - 100,000 - (70)99,930Privately Placed Senior Notes, Unsecured100%3.78%7/6/27 - 125,000 - - - - 125,000 - (94)124,906Privately Placed Senior Notes, Unsecured100%3.86%7/6/28 - - 250,000 - - - 250,000 - (281)249,719Privately Placed Senior Notes, Unsecured100%3.95%7/6/29 - - - 275,000 - - 275,000 - (391)274,609Public Senior Notes, Unsecured (6)100%5.25%7/15/30 - - - - 500,000 - 500,000(59)(3,817)496,124Terminus (7)100%6.34%1/15/31 - - - - - 221,000221,000 - (225)220,775Public Senior Notes, Unsecured (8)100%5.375%2/15/32 - - - - - 400,000400,000(1,877)(3,025)395,098Public Senior Notes, Unsecured (9)100%5.875%10/1/34 - - - - - 500,000500,000(1,310)(4,921)493,769Total Consolidated Fixed Rate Debt220,127625,000250,000275,000500,0001,121,0002,991,127(3,246)(13,002)2,974,879Total Consolidated Debt470,127741,000250,000275,000500,0001,121,0003,357,127(3,246)(13,066)3,340,815Unconsolidated DebtUnconsolidated Debt - Floating RateNeuhoff (SOFR + 3.00%) (10)50%6.76%9/30/27 - 125,334 - - - - 125,334 - (373)124,961.Unconsolidated Debt - Fixed RateMedical Offices at Emory Hospital 50%4.80%6/1/32 - - - - - 41,50041,500 - (256)41,244Total Unconsolidated Debt - 125,334 - - - 41,500166,834 - (629)166,205Total Debt$470,127$866,334$250,000$275,000$500,000$1,162,500$3,523,961$(3,246)$(13,695)$3,507,020Total Maturities (11)$465,159$866,334$250,000$275,000$500,000$1,162,500$3,518,993% of Maturities13%25%7%8%14%33%100% ($ in thousands)Three Months Ended December 31,20242025$ Change% ChangeRental Property Revenues (2)$209,916$213,156$3,2401.54%Rental Property Operating Expenses (2)70,59673,2552,6593.77%Same Property Net Operating Income$139,320$139,901$5810.42%Cash-Basis Rental Property Revenues (3)$196,005$198,679$2,6741.36%Cash-Basis Rental Property Operating Expenses (4)70,42073,0582,6383.75%Cash-Basis Same Property Net Operating Income$125,585$125,621$360.03%End of Period Leased 91.0%90.1%Weighted Average Occupancy 88.8%87.4%Year Ended December 31,20242025$ Change% ChangeRental Property Revenues (2)$822,124$841,626$19,5022.37%Rental Property Operating Expenses (2)274,885281,4796,5942.40%Same Property Net Operating Income$547,239$560,147$12,9082.36%Cash-Basis Rental Property Revenues (3)$766,392$777,200$10,8081.41%Cash-Basis Rental Property Operating Expenses (4)274,118280,6326,5142.38%Cash-Basis Same Property Net Operating Income$492,274$496,568$4,2940.87%Weighted Average Occupancy 88.9%88.1% 20232024 1st2024 2nd2024 3rd2024 4th20242025 1st2025 2nd2025 3rd2025 4th2025FFO and EBITDAreNet income (loss) available to common stockholders$82,963$13,288$7,840$11,198$13,636$45,962$20,897$14,483$8,590$(3,467)$40,503Depreciation and amortization of real estate assets:Consolidated properties314,44986,11695,29989,66793,502364,584101,996100,769105,152106,954414,871Share of unconsolidated joint ventures1,9314595131,7282,0454,7452,2122,4893,0343,00410,739Partners' share of real estate depreciation(1,070)(268)(308)(260)(270)(1,106)(274)(250)(241)(240)(1,005)Operating property impairment - - - 13,28613,286Loss (gain) on depreciated property transactions:Consolidated properties2(101) - - - (101) - - - - - Non-controlling interest related to unitholders1422138331 - 7FFO (1)398,28999,496103,346102,334108,916414,092124,834117,494116,536119,537478,401Interest Expense107,13929,43630,37832,28034,866126,96038,76340,75344,32745,106168,949Non-Real Estate Depreciation and Amortization448115116117113461117121121130489EBITDAre (1)505,876129,047133,840134,731143,895541,513163,714158,368160,984164,773647,839FFO 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)(2,007)(8,159)Depreciation and Amortization of Real Estate Assets1,9314595131,7282,0454,7452,2122,4893,0343,00410,739FFO - Unconsolidated Joint Ventures4,230807952153371,9493299023529972,580Interest Expense1,6765286351,5071,8144,4841,9892,2392,8302,6509,708Other Expense583115118152316(79)6299102184Other Income(140)(14)(41)(62)(15)(132)(16)(38)(25)(44)(123)Net Operating Income - Unconsolidated Joint Ventures5,8241,3521,5611,7161,9886,6172,2233,1653,2563,70512,349Market 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$25.78$25.78Number of Common Stock/Units Outstanding at Period End151,824152,096152,165152,165167,685167,685167,933167,992167,990168,007168,007Equity Market Capitalization3,696,9143,656,3883,522,6204,485,8245,137,8685,137,8684,954,0245,044,8004,861,6314,331,2204,331,220Consolidated Debt2,457,6272,563,3322,586,7322,661,2923,095,6663,095,6663,020,7413,476,7613,309,3833,340,8153,340,815Share of Unconsolidated Debt151,048160,646167,626173,667178,722178,722182,735183,847165,737166,205166,205Debt (1)2,608,6752,723,9782,754,3582,834,9593,274,3883,274,3883,203,4763,660,6083,475,1203,507,0203,507,020Total Market Capitalization6,305,5896,380,3666,276,9787,320,7838,412,2568,412,2568,157,5008,705,4088,336,7517,838,2407,838,240Credit RatiosDebt (1) 2,608,6752,723,9782,754,3582,834,9593,274,3883,274,3883,203,4763,660,6083,475,1203,507,0203,507,020Less: Cash and Cash Equivalents(6,047)(5,452)(5,954)(76,143)(7,349)(7,349)(5,330)(416,840)(4,675)(5,720)(5,720)Less: Share of Unconsolidated Cash and Cash Equivalents (1)(2,042)(6,217)(5,962)(10,210)(6,821)(6,821)(6,332)(4,448)(6,484)(5,633)(5,633)Net Debt (1)2,600,5862,712,3092,742,4422,748,6063,260,2183,260,2183,191,8143,239,3203,463,9613,495,6673,495,667Total Market Capitalization6,305,5896,380,3666,276,9787,320,7838,412,2568,412,2568,157,5008,705,4088,336,7517,838,2407,838,240Net Debt / Total Market Capitalization41.2%42.5%43.7%37.5%38.8%38.8%39.1%37.2%41.6%44.6%44.6%Continued on next page disclosures. The following lists non-GAAP financial measures that the Company share of unconsolidated debt, less consolidated cash and cash equivalents and our (in thousands, except share and per share amounts) Lease Expirations by Year (1) Tenant (1)Number of Properties OccupiedNumber of Markets Occupied Company's Share of Square FootageCompany's Share of Annualized Rent ($ in thousands) (2)Percentage of Company's Share of Annualized Rent Weighted Average Remaining Lease Term (Years)1Amazon531,461,805$79,7418.9%4.72Alphabet11799,14954,9366.1%12.13NCR Voyix22815,63442,6924.8%7.44ExxonMobil11298,39621,8502.4%7.05IBM11319,86319,0322.1%14.76Expedia11315,88217,5462.0%5.27Apache11362,80314,7431.6%12.98Ovintiv USA (3)11318,5828,5641.0%1.29Deloitte43193,7518,4780.9%7.910McGuireWoods LLP22176,4988,2110.9%16.411ADP11225,0008,0990.9%2.212Wells Fargo53159,1147,8330.9%4.013BlackRock11131,6567,7450.9%10.414Smurfit Westrock11181,2867,0280.8%4.315Amgen11163,1696,8740.8%2.816McKinsey & Company22130,5136,7940.8%6.917RigUp1193,2106,7730.8%2.618International Workplace Group44123,6256,5520.7%6.319Samsung Engineering America11133,8606,5070.7%0.920Time Warner Cable21119,0186,3010.6%2.8Total6,522,814$346,29938.6%7.1(1)In some cases, the actual tenant may be an affiliate of the entity shown, and the entity shown may not be a guarantor of the obligations of that tenant.(2)Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of December 31, 2025. If the tenant is in a free rent period as of December 31, 2025, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent.(3)Our current lease with Ovintiv USA is a triple net lease. Therefore, the Company’s share of annualized rent represents only base rent. In the third quarter of 2025, the Company proactively entered into an early termination agreement with Ovintiv. Approximately 88% of Ovintiv’s premises is subleased and upon Ovintiv’s expiration the subtenants will become direct tenants. Each subtenant’s remaining lease term is included in the remaining lease term reflected for Ovintiv above. ProjectTypeMarketCompany's Ownership InterestConstruction Start DateSquare Feet/UnitsEstimated Project Cost (1)($ 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 Leased Initial Occupancy (2)Estimated Stabilization (3)Neuhoff (4)MixedNashville50%3Q21$589,100$294,550$582,617$291,309Office and Retail450,00053%4Q233Q26Apartments54289%2Q241Q26 Completed Operating Property Acquisitions Certain matters contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to For fourth quarter 2025:
Provides Initial 2026 Earnings Guidance
THE COMPANY Three Months Ended December 31, 2025Year Ended December 31, 2025NewRenewalExpansionTotalNewRenewalExpansionTotalNet leased square feet (1)448,599206,90744,623700,129938,531950,010236,4172,124,958Number of transactions1616739766625167Lease term in years (2)10.87.38.69.69.27.88.38.5Net effective rent calculation (per square foot per year) (2) Net annualized rent (3)$36.38$36.34$39.49$36.52$38.51$36.38$40.33$37.76Net free rent(2.53)(2.16)(1.94)(2.40)(2.37)(1.91)(1.52)(2.07)Leasing commissions(2.75)(2.74)(3.10)(2.76)(3.06)(2.57)(2.84)(2.82)Tenant improvements(8.42)(6.73)(13.00)(8.18)(8.49)(5.32)(7.80)(7.01)Total leasing costs(13.70)(11.63)(18.04)(13.34)(13.92)(9.80)(12.16)(11.90)Net effective rent (4)$22.68$24.71$21.45$23.18$24.59$26.58$28.17$25.86Second generation leased square footage (5)459,5581,574,998Increase in straight-line basis second generation net rent per square foot (6)19.9%21.5%Increase in cash-basis second generation net rent per square foot (7)0.2%3.5%Adjusted increase in cash-basis second generation net rent per square foot (7) (8)10.4%8.4% 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. December 31, 2025December 31, 2024Assets: Real estate assets: Operating properties, net of accumulated depreciation of $1,922,394 and $1,627,251 in 2025 and 2024, respectively$7,894,846$7,785,597Land135,870154,7268,030,7167,940,323Real estate assets and other assets held for sale, net 61,489 - Cash and cash equivalents5,7207,349Investments in real estate debt, at fair value37,804167,219Accounts receivable17,57811,491Deferred rents receivable269,282232,078Investments in unconsolidated joint ventures215,301185,478Intangible assets, net164,738171,989Other assets, net87,50486,219Total assets$8,890,132$8,802,146Liabilities:Notes payable$3,340,815$3,095,666Accounts payable and accrued expenses314,317337,248Deferred income301,358277,132Intangible liabilities, net 117,085111,221Other liabilities111,506110,712Liabilities of real estate assets held for sale, net 2,849 - Total liabilities4,187,9303,931,979Commitments and contingenciesEquity:Stockholders' investment:Common stock, $1 par value per share, 300,000,000 shares authorized, 167,981,990 and 167,660,480 issued and outstanding in 2025 and 2024, respectively167,982167,660Additional paid-in capital5,971,7625,959,670Distributions in excess of cumulative net income(1,460,154)(1,280,547)Accumulated other comprehensive loss - (105) Total stockholders' investment4,679,5904,846,678Nonredeemable noncontrolling interests22,61223,489Total equity4,702,2024,870,167Total liabilities and equity$8,890,132$8,802,146 Three Months EndedYear EndedDecember 31,December 31, 2025202420252024Revenues: Rental property revenues$253,344$220,221$980,547$847,773Fee income5284812,0441,761Other1,1624,62511,2257,224 255,034225,327993,816856,758Expenses:Rental property operating expenses83,14072,947314,498280,661Reimbursed expenses124155544634General and administrative expenses8,6859,24138,64236,566Interest expense42,45633,052159,241122,476Operating property impairment13,286 - 13,286 - Land and related predevelopment cost impairment1,034 - 1,034 - Depreciation and amortization107,08393,616415,359365,045Other4964951,8012,097 256,304209,506944,405807,479Loss from unconsolidated joint ventures(2,007)(2,008)(8,159)(2,796)Gain on investment property transactions - - - 98Net income (loss)(3,277)13,81341,25246,581Net income attributable to noncontrolling interests(190)(177)(749)(619)Net income (loss) available to common stockholders$(3,467)$13,636$40,503$45,962Net income (loss) per common share - basic and diluted$(0.02)$0.09$0.24$0.30Weighted average common shares - basic167,611157,473167,919153,413Weighted average common shares - diluted167,611158,249168,716154,015 Fourth Quarter 2025 Portfolio NOI by Market Year of Expiration Square Feet Expiring % of LeasedSpace AnnualContractual Rent($ in thousands) (2) % of AnnualContractualRent AnnualContractualRent/Sq. Ft.20261,049,1195.7%$48,1934.8%$45.9420271,370,3957.5%67,5506.7%49.2920281,728,4999.4%88,8428.8%51.4020291,763,4329.6%92,6369.1%52.5320301,694,8689.2%88,4558.7%52.1920311,511,1228.2%84,8798.4%56.1720322,284,53712.4%131,79013.0%57.6920331,296,6247.1%76,9437.6%59.3420341,140,4596.2%65,1866.4%57.162035 & Thereafter4,516,25724.7%268,19026.5%59.38Total18,355,312100.0%$1,012,664100.0%$55.17 uncertainties and risks, as itemized herein. These forward-looking statements include information about possible or assumed future results of the PropertyTypeMarketCompany's Ownership InterestTimingSquare FeetGross Purchase Price($ 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$1,841,250 MarketCompany's Ownership InterestFinancial Statement PresentationTotal Developable Land (Acres)3354/3356 PeachtreeAtlanta95%Consolidated3.2715 PonceAtlanta50%Unconsolidated1.0887 West PeachtreeAtlanta100%Consolidated1.6Domain Point 3Austin90%Consolidated1.7Domain CentralAustin100%Consolidated5.6South End StationCharlotte100%Consolidated3.4303 Tremont (1)Charlotte100%Consolidated2.4Legacy Union 2 & 3Dallas95%Consolidated4.0Corporate Center 5 & 6 (2)Tampa100%Consolidated14.1Total37.0Total Cost Basis of Land ($ in thousands)$162,809Company's Share of Cost Basis of Land ($ in thousands)$156,003 Total Principal ($ in thousands)Total Debt (%)Weighted Average Interest RateWeighted Average Maturity (Years) (2)Floating Rate Debt$491,33414%5.22%1.1Fixed Rate Debt3,032,62786%4.94%4.3Total Debt$3,523,961100%4.98%3.9 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 •Entered into agreements to sell our Harborview Plaza operating property ("Harborview") in Tampa for gross proceeds of $39.5 ATLANTA, GA (February 5, 2026) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended business and our financial condition, liquidity, results of operations, plans, expectations, and objectives. Examples of forward-looking statements in measure by management of the Company. amount of borrowed capital to be repaid, which it believes is a beneficial disclosure to RECONCILIATION OF 2026 PROJECTED NET INCOME AVAILABLE million and our land parcel at 303 Tremont ("Tremont") in Charlotte for gross proceeds of $23.7 million. Harborview is expected December 31, 2025. this earnings release and supplemental information include the Company’s guidance and underlying assumptions; projected capital expenditures; 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 FUNDS FROM OPERATIONS TO COMMON STOCKHOLDERS TO 2026 PROJECTED FFO to close in the first half of 2026 and Tremont is expected to close in the second half of 2026. “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 industry trends; future occupancy or volume and velocity of leasing activity; and entry into new markets. "Improving office fundamentals are providing strong tailwinds for Cousins. We executed 700,000 square feet of leases during the fourth 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,
- Subsequent to year end, on February 2, 2026, acquired 300 South Tryon, a 638,000 square foot lifestyle office property in quarter and currently have a late-stage leasing pipeline of approximately 1.1 million square feet," said Colin Connolly, President and Charlotte9.2% and below market rents, and non-cash ground lease expense. Company management to measure operating performance of the Company's (in thousands, except per share amounts)Three Months Ended December 31,20252024DollarsWeighted Average Common SharesPer Share AmountDollarsWeighted Average Common SharesPer Share AmountNet Income (Loss) Available to Common Stockholders$(3,468)167,611$(0.02)$13,636157,473$0.09Noncontrolling interest related to unitholders - - - 325 - Conversion of unvested restricted stock units - - - - 751 - Net Income (Loss) - Diluted(3,468)167,611(0.02)13,639158,2490.09Noncontrolling interest related to unitholders - 25 - - - - Conversion of unvested restricted stock units - 773 - - - - Unvested restricted stock - 361 - - - - Depreciation and amortization of real estate assets:Consolidated properties106,954 - 0.6393,502 - 0.59Share of unconsolidated joint ventures3,004 - 0.022,045 - 0.01Partners' share of real estate depreciation(240) - - (270) - - Operating property impairment13,286 - 0.08 - - - Funds From Operations$119,536168,770$0.71$108,916158,249$0.69 (in thousands, except per share amounts)Year Ended December 31, 20252024DollarsWeighted Average Common SharesPer Share AmountDollarsWeighted Average Common SharesPer Share AmountNet Income Available to Common Stockholders$40,503167,919$0.24$45,962153,413$0.30Noncontrolling interest related to unitholders725 - 825 - Potentially dilutive common shares - ESPP - - - - 2 - Conversion of unvested restricted stock units - 772 - - 575 - Net Income - Diluted40,510168,7160.2445,970154,0150.30Depreciation and amortization of real estate assets:Consolidated properties414,871 - 2.47364,584 - 2.37Share of unconsolidated joint ventures10,739 - 0.064,745 - 0.03Partners' share of real estate depreciation(1,005) - (0.01)(1,106) - (0.01)Gain on depreciated property transactions:Consolidated properties - - - (101) - - Operating property impairment13,286 - 0.08 - - - Funds From Operations$478,401168,716$2.84$414,092154,015$2.69 primarily invests in Class A office buildings located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder Uptown Charlotte, for $317.5 million. Additional details on this acquisition are provided in a press release and presentation Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into Chief Executive Officer of Cousins Properties. "Earlier this week, we closed on the acquisition of 300 South Tryon in Uptown Charlotte. properties. NOI, which is rental property revenues (excluding termination fee income) Dallas4.8% 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 issued on February 5, 2026, each of which which are available on the Company's website. Nashville (1) account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not Over the last six quarters, we have purchased $1.4 billion of lifestyle office properties, all of which have upgraded the quality of our Sun less rental property operating expenses, excludes certain components from net PropertyTypeMarketCompany's Ownership InterestTimingSquare FeetGross Sales Price($ 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 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 Belt trophy portfolio and have been immediately accretive to earnings. Our 2026 earnings guidance reflects this strong performance." Earnings Guidance definition, which is net income (loss) available to common stockholders (computed in Credit Facility$116M 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 Full Year 2026 Guidance(in thousands, except per share amounts)LowHighDollarsPer Share Amount (1)DollarsPer Share Amount (1)Net Income Available to Common Stockholders and Net Income$39,570$0.23$56,477$0.33Add: Noncontrolling interest related to unitholders7 - 7 - Net Income39,5770.2356,4840.33Add: Depreciation and amortization of real estate assets445,6452.64445,6452.64Funds From Operations$485,222$2.87$502,129$2.97(1) Calculated based on projected weighted average shares outstanding of 169.1 million.R3 Weight Average Shares169,067 accordance with GAAP) plus interest expense, income tax expense, depreciation and income, do not affect the operating performance of a real estate asset and are often For year ending December 31, 2026: and uncertainties related to the impact of changes in general economic and capital market conditions (on an international or national basis or within Financial Results amortization, losses (gains) on the disposition of depreciated property, and (1)This schedule shows projects currently under active development as of December 31, 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. 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 of depreciated property. All additions include the Company's share of •Net income between $0.23 and $0.33 per share. For fourth quarter 2025: management uses only those income and expense items that are incurred at the Construction Loan$125M (1)All amounts are presented at Company share.(2)Maturity dates shown assume the Company exercises all extensions.(3)The Company exercised the fourth of four consecutive options to extend the maturity date of this term loan. This extension becomes effective on February 20, 2026 and extends the maturity date to August 17, 2026. The spread over Adjusted SOFR (SOFR + 0.10%) at December 31, 2025 was 1.00%.(4)The Company had $116.0 million drawn under the Credit Facility and had the ability to borrow an additional $884.0 million. The spread over Adjusted SOFR (SOFR + 0.10%) under the Credit Facility at December 31, 2025 was 0.775%.(5)The Company exercised the third of four consecutive options to extend the maturity date of this term loan. This extension becomes effective March 3, 2026 and extended the maturity date to September 3, 2026. One additional six month extension option remains unexercised. At the time of the second extension the Company elected 6 month Term SOFR, fixing the underlying SOFR interest rate at 4.021% through March 2, 2026. As of December 31, 2025, the spread over Adjusted SOFR (SOFR + 0.10%) under the $400 million Term Loan was 0.85%.(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. changes in unemployment), dislocation and volatility in capital markets, and potential longer-term changes in consumer and customer behavior unconsolidated joint ventures. Management believes that EBITDAre provides analysts property level to evaluate a property's performance. Depreciation, amortization, Unsecured Senior Notes$225
- FFO between $2.87 and $2.97 per share. 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 •Net loss available to common stockholders was $3.5 million, or $0.02 per share, compared to net income of $13.6 million, or resulting from the severity and duration of any downturn, adverse conditions or uncertainty in the U.S. or global economy; risks affecting the real and investors with uniform and appropriate information to use in various ratios that gains or losses on sales of depreciated investment assets, and impairment are also $0.09 per share, for fourth quarter 2024. The decrease in net income is attributable to impairment charges. evaluate the 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. •Guidance includes an assumed refinancing of the $250.0 million term loan that matures August 17, 2026, the Colorado Tower 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 From Operations ("FFO") was $119.5 million, or $0.71 per share, compared to $108.9 million, or $0.69 per share, for "Funds Available for Distribution” (“FAD”) represents FFO adjusted to exclude mortgage loan that matures September 1, 2026, and the 201 North Tryon mortgage loan that matures October 1, 2026. “Same Property Net Operating Income” represents Net Operating Income or preferences regarding space utilization; changes in customers’ financial condition; the availability, cost, and adequacy of insurance coverage; fourth quarter 2024. the effect of non-cash items and transaction costs and include deductions for second Mortgage$71 Unsecured Senior Notes $225M Unsecured Senior Notes$225M Cash-Basis Net Operating Income for those office properties that were stabilized and •Guidance assumes the 300 South Tryon acquisition is funded with proceeds from the Harborview and Tremont sales discussed 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 For full year 2025: owned by the Company for the entirety of all comparable reporting periods above as well as approximately $200 million in additional non-core asset sales in 2026. The size and timing of these additional 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 Phoenix7.5% Atlanta31.3% presented. Same Property Net Operating Income or Cash-Basis Same Property Net •Net income available to common stockholders was $40.5 million, or $0.24 per share, compared to $46.0 million, or $0.30 per non-core asset sales may change, and the sales may be partially or completely replaced with future debt offerings and/or the 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 Operating Income allows analysts, investors, and management to analyze continuing 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) Represents the initial operations at our Neuhoff property which is included on our development pipeline on page 26.(6) Primarily represents NOI from unconsolidated investments not yet stabilized.(7) 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.(8) 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. (9) Included in Other Income for the first quarter of 2025 is $4.6 million from the sale of our SVB bankruptcy claim.(10) Primarily represents interest on consolidated loans repaid and our share of interests on loans of unconsolidated investments sold prior to December 31, 2025. Also includes interest expense from unconsolidated investments not yet stabilized.(11) 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.(12) Represents impairment charge to our 303 Tremont land parcel and its related predevelopment cost. The basis of the land and predevelopment cost was $18.9 million and $5.8 million, respectively, prior to impairment charges. Completed Property Developments Mortgage $42M share, for the year ended December 31, 2024. The decrease in net income is attributable to impairment charges. settlement of common shares previously issued on a forward basis under the Company’s ATM program. partnership unit issuances; threatened terrorist attacks or sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political operations and evaluate the growth trend of the Company's portfolio. “Funds From Operations” (“FFO”) is a supplemental operating performance ProjectTypeMarketCompany's Ownership InterestTiming (3)Square FeetTotal Project Cost ($ 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 •Funds From Operations ("FFO") was $478.4 million, or $2.84 per share, compared to $414.1 million, or $2.69 per share, for the Mortgages$215M Term Loan$400M 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
- Guidance does not include any speculative property acquisitions or development starts. “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) year ended December 31, 2024. 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 CAPEX” is used in the valuation and analysis of real estate. Because the Company Unsecured Senior Notes$400M Unsecured Senior Notes
- Guidance reflects management’s current plans and assumptions as of the date of this earnings release and is subject to the risks Cash-Basis (1) Cash-Basis(1) cyber intrusions, or otherwise; risks associated with the adoption and usage of artificial intelligence; changes in senior management, the Board of BOARD OF DIRECTORS (computed in accordance with GAAP), excluding depreciation and amortization Operations and Leasing Activity develops and acquires properties, in addition to operating existing properties, its Unsecured Senior Notes and uncertainties more fully described in our SEC filings. Actual results could differ materially from this guidance. related to real estate, gains and losses from sales of depreciable property, gains and Directors, or key personnel; the potential liability for existing or future environmental or other applicable regulatory requirements, including the (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)Excluding 211,000 square feet of leases signed at Northpark, the weighted average net effective rent for leases signed during the three months ended December 31, 2025, was $27.96 per square foot. Excluding 382,000 square feet of leases signed at Northpark, the weighted average net effective rent for leases signed during the year ended December 31, 2025, was $28.45 per square foot.(5)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.(6)Increase in second generation straight-line basis net annualized rent on a weighted average basis.(7)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.(8)Excludes 172,000 and 304,000 square feet of leases signed at Northpark during the three months and year ended December 31, 2025, respectively. property acquisition and development expenditures included in the Statements of (1)303 Tremont is under contract for sale and is expected to close in the second half of 2026.(2)Corporate Center 5 is controlled through a long-term ground lease. For fourth quarter 2025: 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 requirements to qualify for taxation as a real estate investment trust; the financial condition and liquidity of, or disputes with, joint venture partners; Term Loan$400M Cash Flows includes both initial costs associated with developing and acquiring Investor Conference Call and Webcast Houston3.3% 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. material changes in dividend rates on common shares or other securities or the ability to pay those dividends; the impact of changes to applicable •Same property net operating income ("NOI") on a cash-basis increased 0.03%. investment assets and those expenditures necessary for operating and maintaining Term Loan$250M Austin36.1% same basis. FFO is used by industry analysts and investors as a supplemental measure The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Friday, February 6, 2026 to discuss the results of the quarter laws, including the tax laws impacting REITs and the passage of the One Big Beautiful Bill Act, and the impact of newly adopted accounting principles 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 December 31, 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 December 31, 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. This building will be excluded from the Phoenix and Total Office end of period leased and weighted average occupancy calculations until stabilized. •Second generation net rent per square foot on a cash-basis increased 0.23%. Unsecured Senior Notes Unsecured Senior Notes Tampa7.8% of an equity REIT's operating performance. Historical cost accounting for real estate (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. Mortgages ended December 31, 2025. The number to call for this interactive teleconference is (800) 836-8184. The live webcast of this call can be second generation costs and are useful in evaluating the economic performance of on our accounting policies and on period to period comparison of financial results; risks associated with climate change and severe weather events; assets implicitly assumes that the value of real estate assets diminishes predictably •Executed 700,000 square feet of office leases, including 493,000 square feet of new and expansion leases, representing 70% of the asset and in valuing the asset. Accordingly, the Company discloses the portion of accessed on the Company's website, www.cousins.com, through the “Cousins Properties Fourth Quarter Conference Call” link on the and those additional risks and factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by the Company. over time. Since real estate values instead have historically risen or fallen with market total leasing activity. Pictured Above: Buckhead Plaza, Atlanta, GAPictured on Cover: Neuhoff, Nashville, TN its property acquisition and development expenditures that pertain to second Investors page. A replay of the conference call will be available for seven days by dialing (888) 660-6345 and entering the passcode (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 conditions, many industry investors and analysts have considered presentation of generation space in its operating properties. The Company excludes from second ventures but believes including these amounts are meaningful to investors and analysts. •Excluding 172,000 square feet of leases signed at our Northpark property in Atlanta, second generation net rent per square foot 88017#. The playback can also be accessed on the Company's website. 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, on a cash-basis increased 10.44%. 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 REIT operating performance that excludes historical cost depreciation, among other December 31, 2025. If the tenant is in a free rent period as of December 31, 2025, Annualized Rent represents the annualized contractual rent the tenant 1, Item 1A. Risk Factors, of our Annual Report on Form 10-K for the year ended December 31, 2025, and are specifically incorporated by reference For full year 2025: Continued on next page The tables above show FFO and the related reconciliation from Net Income Available to Common Stockholders for Cousins Properties Incorporated and Subsidiaries. improvements on newly acquired buildings that management identifies as necessary 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. herein. The Company does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future See page 39 for definition of FFO. to bring the building to the Company's operational standards, and building
- Same property net operating income ("NOI") on a cash-basis increased 0.87%. with the required primary GAAP presentations, has been fundamentally beneficial, events, or other matters, except as otherwise required by law. improvements associated with properties identified as under redevelopment or improving the understanding of operating results of REITs among the investing public •Second generation net rent per square foot on a cash-basis increased 3.53%. 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 (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. •Executed 2,125,000 square feet of office leases, including 1,175,000 square feet of new and expansion leases, representing 55% 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 December 31, 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. Continued on next page of total leasing activity. (3) Represents timing of stabilization. the Company uses FFO and FFO per share, along with other measures, as a (1) Office properties only.
Continued on next page
performance measure for incentive compensation to its officers and other key •Excluding 304,000 square feet of leases signed at our Northpark property in Atlanta, second generation net rent per square foot employees. Note: See additional information included herein for calculations, definitions, and reconciliations to GAAP financial measures. on a cash-basis increased 8.40%. Pictured Above: The Link, Dallas, TX
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