Open the filing on EDGARTABLE 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 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 - DEFINITIONS
20242025 1st2025 2nd2025 3rd2025 4th20252026 1stTotal Assets - Consolidated8,802,1468,663,3609,051,8638,900,4818,890,1328,890,1329,087,843Accumulated Depreciation - Consolidated1,821,5591,893,2151,982,7002,045,7112,120,9302,120,9302,164,229Undepreciated Assets - Unconsolidated (1)356,091363,789368,322375,572376,850376,850378,996Less: Investment in Unconsolidated Joint Ventures(185,478)(191,505)(192,420)(215,507)(215,301)(215,301)(213,988)Total Undepreciated Assets (1)10,794,31810,728,85911,210,46511,106,25711,172,61111,172,61111,417,080Net Debt (1)3,260,2183,191,8143,239,3203,463,9613,495,6673,495,6673,926,121Net Debt / Total Undepreciated Assets (1)30.2%29.7%28.9%31.2%31.3%31.3%34.4%Coverage Ratios (1)Interest Expense126,96038,76340,75344,32745,106168,94947,834Scheduled Principal Payments8,2221,6671,6811,6961,7106,7541,725Fixed Charges135,18240,43042,43446,02346,816175,70349,559EBITDAre541,513163,714158,368160,984164,773647,839170,841EBITDAre / Fixed Charges (1)4.014.053.733.503.523.693.45Net Debt3,260,2183,191,8143,239,3203,463,9613,495,6673,495,6673,926,121Annualized EBITDAre (2)632,139654,856633,472643,936659,092659,092694,096Net Debt / Annualized EBITDAre5.164.875.115.385.305.305.66Dividend InformationCommon Dividends199,67953,73253,74653,74653,754214,97852,646FFO414,092124,834117,494116,536119,537478,401122,867FFO Payout Ratio48.2%43.0%45.7%46.1%45.0%44.9%42.8%Operations RatioTotal Undepreciated Assets (1)10,794,31810,728,85911,210,46511,106,25711,172,61111,172,61111,417,080General and Administrative Expenses36,56610,7099,7389,5108,68538,64211,840Annualized General and Administrative Expenses (2) / Total Undepreciated Assets0.34%0.40%0.35%0.34%0.31%0.31%0.41%Continued on next page 20242025 1st2025 2nd2025 3rd2025 4th20252026 1stNet income (loss) available to common stockholders$45,962$20,897$14,483$8,590$(3,467)$40,503$(24,856)Depreciation and amortization of real estate assets368,223103,934103,008107,945109,718424,605111,080Loss on depreciated property transactions(101) - - - - - 47Operating property impairment - - - - 13,28613,28636,600Non-controlling interest related to unitholders8331 - 7(4)FFO (1)414,092124,834117,494116,536119,537478,401122,867Non-Cash Debt Amortization4,0681,0569971,2901,1884,5311,229Non-Cash Stock-Based Compensation14,7825,9933,7463,3793,35616,4746,013Non-Real Estate Depreciation and Amortization461117121121130489140Lease Inducement Amortization2,1695312679386502,386431Straight-Line Rent Ground Leases4701181187210040899Above and Below Market Ground Rent24052535212528271Deferred Income - Tenant Improvements(28,598)(8,472)(8,947)(9,147)(9,353)(35,919)(9,522)Above and Below Market Rents, Net(6,167)(2,845)(2,828)(3,422)(3,514)(12,609)(4,104)Second Generation Capital Expenditures (CAPEX)(116,093)(33,281)(28,636)(29,981)(47,457)(139,355)(26,625)Straight-Line Rental Revenue(24,508)(12,477)(11,283)(9,424)(6,117)(39,301)(9,544)Land and Related Predevelopment Costs Impairment - - - - 1,0341,034 - Loss on Sales of Undepreciated Investment Properties3 - - - - - - FAD (1)260,91975,62671,10270,41459,679276,82181,055Weighted Average Shares - Diluted154,015168,593168,765168,738168,770168,716167,681FAD per share$1.69$0.45$0.42$0.42$0.35$1.64$0.48Common Dividends on outstanding shares199,67953,73253,74653,74653,754214,97852,646Common Dividends per share$1.28$0.32$0.32$0.32$0.32$1.28$0.32FAD Payout Ratio76.5%71.0%75.6%76.3%90.1%77.7%65.0%2nd Generation CAPEXSecond Generation Leasing Related Costs86,82924,78921,47518,94436,482101,69016,863Second Generation Building Improvements29,2648,4927,16111,03710,97537,6659,762116,09333,28128,63629,98147,457139,35526,625(1) Includes the Company's share of unconsolidated joint ventures. These amounts are derived from the amounts in the categories indicated that are recorded at the joint venture multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures but believes that including these amounts in the categories indicated is meaningful to investors and analysts.(2) Amounts represent most recent quarter annualized with the exception of annualized EBITDAre, which includes adjustments to reflect a full year of NOI from operating properties acquired during the most recent quarter.Note: Amounts may differ slightly from other schedules contained herein due to rounding. ($ in thousands)Three Months EndedNet Operating IncomeMarch 31, 2026March 31, 2025Net income (loss)$(24,670)$21,093Net operating income from unconsolidated joint ventures3,3712,223Fee income(1,245)(496)Termination fee income(1,831)(2,866)Other income(756)(6,805)Reimbursed expenses120177General and administrative expenses11,84010,709Interest expense45,10136,774Operating property impairment36,600 - Depreciation and amortization108,406102,114Other expenses438422Loss from unconsolidated joint ventures2,6421,883Loss on investment property transactions47 - Net Operating Income180,063165,228Less:Partners' share of NOI from consolidated joint ventures(453)(470)Cousins' share of NOI$179,610$164,758 Net Operating Income$180,063$165,228Non-cash income(22,764)(23,752)Non-cash expense227273Cash-Basis Net Operating Income$157,526$141,749Net Operating IncomeSame Property$161,411$158,745Non-Same Property18,6526,483$180,063$165,228Cash-Basis Net Operating IncomeSame Property$144,108$136,586Non-Same Property13,4185,163$157,526$141,749 COUSINS PROPERTIES REPORTS FIRST QUARTER 2026 RESULTS (unaudited; in thousands, except per share amounts) 20242025 1st2025 2nd2025 3rd2025 4th20252026 1stProperty StatisticsConsolidated Operating Properties36363637373737Consolidated Rentable Square Feet (in thousands)19,87720,08120,08120,37320,37320,37320,805Unconsolidated Operating Properties3333334Unconsolidated Rentable Square Feet (in thousands)1,2361,2361,2361,2361,2361,2362,139Total Operating Properties39393940404041Total Rentable Square Feet (in thousands)21,11321,31721,31721,60921,60921,60922,944Office Percent Leased (period end) 91.6%92.1%91.6%90.0%90.7%90.7%91.8%Office Weighted Average Occupancy 88.6%90.0%89.1%88.3%88.3%88.8%88.9%Office Leasing Activity (2)Net Leased during the Period (SF, in thousands)2,0205393345517002,125932Net Rent (per SF)$39.77$35.87$40.95$39.18$36.52$37.76$44.54Net Free Rent (per SF)(1.97)(1.77)(2.08)(1.97)(2.40)(2.07)(1.86)Leasing Commissions (per SF)(2.81)(2.81)(3.18)(2.69)(2.76)(2.82)(3.26)Tenant Improvements (per SF)(6.82)(6.23)(7.34)(6.15)(8.18)(7.01)(7.14)Leasing Costs (per SF)(11.60)(10.81)(12.60)(10.81)(13.34)(11.90)(12.26)Net Effective Rent (per SF)$28.17$25.06$28.35$28.37$23.18$25.86$32.28Change in Second Generation Net Rent28.2%18.3%27.2%23.8%19.9%21.5%28.7%Change in Cash-Basis Second Generation Net Rent8.5%3.2%10.9%4.2%0.2%3.5%15.2%Same Property Information (3)Percent Leased (period end)91.2%91.7%91.1%89.3%90.1%90.1%91.5%Weighted Average Occupancy 88.6%89.4%88.4%87.4%87.4%88.1%88.5%Change in NOI (over prior year period)5.1%4.0%3.2%1.9%0.4%2.4%1.7%Change in Cash-Basis NOI (over prior year period)4.8%2.0%1.2%0.3%0.03%0.9%5.5%Development Pipeline (4)Estimated Project Costs (in thousands)$441,550$294,550$294,550$294,550$294,550$294,550 - Estimated Project Costs/Total Undepreciated Assets4.1%2.7%2.6%2.7%2.6%2.6% - Continued on next page 20242025 1st2025 2nd2025 3rd2025 4th20252026 1stMarket Capitalization Common Stock Price Per Share$30.64$29.50$30.03$28.94$25.78$25.78$22.57Common Stock/Units Outstanding (in thousands)167,685167,933167,992167,990168,007168,007164,566Equity Market Capitalization (in thousands)$5,137,868$4,954,024$5,044,800$4,861,631$4,331,220$4,331,220$3,714,255Debt (in thousands)3,274,3883,203,4763,660,6083,475,1203,507,0203,507,0203,938,750Total Market Capitalization (in thousands)$8,412,256$8,157,500$8,705,408$8,336,751$7,838,240$7,838,240$7,653,005Credit Ratios Net Debt/Total Market Capitalization38.8%39.1%37.2%41.6%44.6%44.6%51.3%Net Debt/Total Undepreciated Assets30.2%29.7%28.9%31.2%31.3%31.3%34.4%Net Debt/Annualized EBITDAre5.164.875.115.385.305.305.66Fixed Charges Coverage (EBITDAre)4.014.053.733.503.523.693.45Dividend Information Common Dividend per Share$1.28$0.32$0.32$0.32$0.32$1.28$0.32Funds From Operations (FFO) Payout Ratio48.2%43.0%45.7%46.1%45.0%44.9%42.8%Funds Available for Distribution (FAD) Payout Ratio76.5%71.0%75.6%76.3%90.1%77.7%65.0%Operations Ratio Annualized General and Administrative Expenses/ Total Undepreciated Assets0.34%0.40%0.35%0.34%0.31%0.31%0.41%Additional InformationIn-Place Gross Rent (per SF) (5)$47.94$48.66$49.07$49.76$49.91$49.91$50.50Straight-Line Rental Revenue (in thousands) $24,508$12,477$11,283$9,424$6,117$39,301$9,544Above and Below Market Rents Amortization, Net (in thousands) $6,167$2,845$2,828$3,422$3,514$12,609$4,104Second Generation Capital Expenditures (in thousands) $116,093$33,281$28,636$29,981$47,457$139,355$26,625 (amounts in thousands, except per share amounts)20242025 1st2025 2nd2025 3rd2025 4th20252026 1stNet Income (Loss)$46,581$21,093$14,658$8,778$(3,277)$41,252$(24,670)Fee and Other Income(12,390)(10,168)(2,411)(2,378)(3,398)(18,355)(3,833)General and Administrative Expenses36,56610,7099,7389,5108,68538,64211,840Interest Expense122,47636,77438,51441,49742,456159,24145,101Operating Property Impairment (1) - - - - 13,28613,28636,600Land and Related Predevelopment Cost Impairment (2) - - - - 1,0341,034 - Depreciation and Amortization365,045102,114100,890105,272107,083415,359108,406Reimbursed and Other Expenses2,7316005605656192,344559Loss from Unconsolidated Joint Ventures2,7961,8831,5872,6822,0078,1592,642NOI from Unconsolidated Joint Ventures6,6172,2233,1653,2563,70512,3493,371Transaction Loss (Gain)(98) - - - - - 47NOI (3)$570,324$165,228$166,701$169,182$172,200$673,311$180,063Fee and Other Income (3)12,52210,1832,4502,4003,44518,4783,865General and Administrative Expenses(36,566)(10,709)(9,738)(9,510)(8,685)(38,642)(11,840)Interest Expense (3)(126,960)(38,763)(40,753)(44,327)(45,106)(168,949)(47,834)Reimbursed and Other Expenses (3)(3,047)(521)(625)(659)(725)(2,530)(817)Land and Related Predevelopment Cost Impairment (2) - - - - (1,034)(1,034) - Loss on Sales of Undepreciated Investment Properties (3)(3) - - - - - - Depreciation and Amortization of Non-Real Estate Assets(461)(117)(121)(121)(129)(488)(140)Partners' Share of FFO in Consolidated Joint Ventures(1,717)(467)(420)(429)(429)(1,745)(430)FFO (3)$414,092$124,834$117,494$116,536$119,537$478,401$122,867Weighted Average Common Shares - Diluted154,015168,593168,765168,738168,770168,716167,681FFO per Share (3)$2.69$0.74$0.70$0.69$0.71$2.84$0.73 (amounts in thousands, except per share amounts)20242025 1st2025 2nd2025 3rd2025 4th20252026 1stNOIConsolidated PropertiesThe Domain (2)$78,929$20,825$21,725$22,055$22,130$86,735$22,185Sail Tower1,84311,68211,77111,72611,78046,95911,800Corporate Center (2)30,2848,0948,4588,4688,60333,6238,790Terminus (2)31,9108,2528,5668,6447,91933,3818,472Spring & 8th (2)29,4717,3757,3697,4127,38029,5367,344Vantage South End (2)2,3387,1367,0317,1407,14828,4557,243300 Colorado24,0626,5416,7266,6866,82026,7736,812Buckhead Plaza (2)22,3806,4716,2236,5376,48025,7116,796Promenade Tower16,7145,4335,5015,7615,98422,6796,657Hayden Ferry (2)17,8184,5604,6214,5595,12918,8696,065BriarLake Plaza (2)22,3635,6865,5335,6605,62722,5065,558San Jacinto Center20,1614,4954,4094,5474,71018,1614,993One Eleven Congress17,1274,5925,1214,6074,76319,0834,909300 South Tryon - - - - - - 4,770The Link - - - 3,2584,4837,7414,515Avalon (2)16,8213,4833,6253,6463,89214,6464,468Colorado Tower17,6554,2523,6633,5504,08515,5504,233725 Ponce17,9134,1624,1464,1564,12116,5854,186The Terrace (2)15,9144,1524,0063,9864,07816,2224,168Northpark (2)20,6524,8183,9203,8223,85716,4173,983100 Mill15,1283,9923,7823,8563,85115,4813,8403344 Peachtree15,6523,7454,0514,0064,14115,9433,831The RailYard12,2623,0273,0583,1472,99612,2282,956201 North Tryon19,1684,7954,9833,4422,96816,1882,7683350 Peachtree6,7481,9702,2742,5112,7099,4642,677Legacy Union One9,5052,3722,3602,3672,3589,4572,545Heights Union (2)10,6062,6232,6772,6142,65710,5712,506Tempe Gateway6,0032,1222,1062,3422,3528,9222,439Promenade Central7,1572,3492,3332,2552,3329,2692,382Domain Point (2)8,3322,0402,0401,8432,0457,9681,963111 West Rio5,6481,4191,4001,4081,4245,6511,3963348 Peachtree4,9261,3011,1568861,3204,6631,3945950 Sherry Lane4,4321,2441,2831,4561,4225,4051,359The Pointe4,9061,3161,2511,2231,3175,1071,351Meridian Mark Plaza4,4941,1581,2801,3011,2394,9781,296550 South8,3961,8751,8591,8611,5057,1001,284Research Park V4,4251,1811,1391,1681,1704,6581,160Other (3)11,5642,4672,0902,0201,7008,2771,598Subtotal - Consolidated563,707163,005163,536165,926168,495660,962176,692Continued on next page (amounts in thousands, except per share amounts)20242025 1st2025 2nd2025 3rd2025 4th20252026 1stUnconsolidated Properties (4)Neuhoff (5)1134001,3281,4362,0315,1951,772Medical Offices at Emory Hospital4,6611,1761,1881,2271,1984,7891,205120 West Trinity (2)1,1002862282442431,001240Proscenium7433614213492331,364154Subtotal - Unconsolidated6,6172,2233,1653,2563,70512,3493,371Total Net Operating Income (1)570,324165,228166,701169,182172,200673,311180,063Fee and Other IncomeManagement Fees (6)1,7614964224544231,795449Termination Fees3,4052,866 - 5121,7095,0871,831Leasing & Other Fees - - 33 - 235725Development Fees - - 397210221372Interest Income from Real Estate Debt (7)5,7722,1495686061,0974,420727Other Income (8)1,4524,6561,350734656,80529Other Income - Unconsolidated (4)1321638224712332Total Fee and Other Income12,52210,1832,4502,4003,44518,4783,865General and Administrative Expenses(36,566)(10,709)(9,738)(9,510)(8,685)(38,642)(11,840)Interest ExpenseConsolidated Interest ExpensePublic Senior Notes, Unsecured ($500M)(11,201)(7,474)(7,468)(7,485)(7,480)(29,907)(7,480)Public Senior Notes, Unsecured ($500M) - - (1,798)(6,724)(6,742)(15,264)(6,749)Public Senior Notes, Unsecured ($400M)(830)(5,551)(5,548)(5,544)(5,543)(22,186)(5,546)Term Loan, Unsecured ($400M)(23,510)(5,539)(5,356)(5,425)(5,221)(21,541)(4,919)Credit Facility, Unsecured(17,324)(1,725)(1,390)(1,353)(2,331)(6,799)(3,646)Terminus (2)(14,055)(3,514)(3,514)(3,514)(3,513)(14,055)(3,514)Public Senior Notes, Unsecured ($500M) - - - - - - (2,881)Privately Placed Senior Notes, Unsecured ($275M)(10,975)(2,744)(2,744)(2,743)(2,744)(10,975)(2,744)Privately Placed Senior Notes, Unsecured ($250M)(9,764)(2,441)(2,441)(2,441)(2,441)(9,764)(2,441)Term Loan, Unsecured ($100M)(17,967)(3,482)(3,486)(3,598)(3,373)(13,939)(2,226)Privately Placed Senior Notes, Unsecured ($125M)(4,789)(1,197)(1,198)(1,197)(1,197)(4,789)(1,197)Privately Placed Senior Notes, Unsecured ($100M)(4,146)(1,036)(1,036)(1,037)(1,036)(4,145)(1,036)201 North Tryon(4,265)(1,046)(1,038)(1,030)(1,023)(4,137)(1,015)Colorado Tower(3,732)(918)(911)(905)(905)(3,639)(899)Other (9)(12,467)(2,490)(2,489)(135) - (5,114) - Capitalized (10)12,5492,3831,9031,6341,0937,0131,192Subtotal - Consolidated Interest Expense(122,476)(36,774)(38,514)(41,497)(42,456)(159,241)(45,101)Unconsolidated Interest Expense (4) Neuhoff (5)(2,452)(1,481)(1,731)(2,322)(2,142)(7,676)(2,225)Medical Offices at Emory Hospital(2,032)(508)(508)(508)(508)(2,032)(508)Subtotal - Unconsolidated Interest Expense(4,484)(1,989)(2,239)(2,830)(2,650)(9,708)(2,733)Total Interest Expense(126,960)(38,763)(40,753)(44,327)(45,106)(168,949)(47,834)Continued on next page (amounts in thousands, except per share amounts)20242025 1st2025 2nd2025 3rd2025 4th20252026 1stReimbursed and Other ExpensesReimbursed Expenses (6)(634)(177)(120)(123)(124)(544)(120)Property Taxes and Other Land Holding Costs (4)(976)(344)(386)(319)(334)(1,383)(359)Severance(44)(11)(1)(1) - (13)(57)Predevelopment & Other Costs (4)(1,393)11(118)(216)(267)(590)(281)Land and Related Predevelopment Cost Impairment - - - - (1,034)(1,034) - Total Reimbursed and Other Expenses(3,047)(521)(625)(659)(1,759)(3,564)(817)Loss on Sales of Undepreciated Investment PropertiesConsolidated(3) - - - - - - Total Loss on Sales of Undepreciated Investment Properties(3) - - - - - - - Depreciation and Amortization of Non-Real Estate Assets(461)(117)(121)(121)(129)(488)(140) - Partners' Share of FFO in Consolidated Joint Ventures(1,717)(467)(420)(429)(429)(1,745)(430)FFO $414,092$124,834$117,494$116,536$119,537$478,401$122,867Weighted Average Shares - Diluted154,015168,593168,765168,738168,770168,716167,681FFO per Share$2.69$0.74$0.70$0.69$0.71$2.84$0.73 Office Properties Rentable Square FeetFinancial Statement PresentationCompany's Ownership InterestEnd of Period LeasedWeighted Average Occupancy (2)% of Total NOI / 1Q264Q251Q264Q251Q26The Domain (3) (4)2,080,000Consolidated100%97.9%97.6%97.9%97.9%12.4%Sail Tower804,000Consolidated100%100.0%100.0%100.0%100.0%6.6%300 Colorado378,000Consolidated100%100.0%100.0%100.0%100.0%3.8%One Eleven Congress519,000Consolidated100%86.4%90.2%82.7%82.7%2.7%San Jacinto Center399,000Consolidated100%90.3%90.3%85.9%87.6%2.7%Colorado Tower373,000Consolidated100%89.7%89.7%89.7%89.7%2.4%The Terrace (3)619,000Consolidated100%88.1%89.6%79.4%83.4%2.3%Domain Point (3)240,000Consolidated96.5%93.6%93.6%93.6%93.6%1.1%Research Park V173,000Consolidated100%93.0%97.1%93.0%94.4%0.6%AUSTIN5,585,00094.8%95.3%93.1%93.7%34.6%Terminus (3)1,226,000Consolidated100%83.9%83.8%81.6%81.8%4.7%Spring & 8th (3)765,000Consolidated100%100.0%100.0%100.0%100.0%4.1%Buckhead Plaza (3)678,000Consolidated100%95.1%95.8%93.2%92.7%3.8%Promenade Tower777,000Consolidated100%87.1%87.0%80.5%85.1%3.7%Avalon (3)480,000Consolidated100%99.2%100.0%88.8%98.3%2.5%725 Ponce372,000Consolidated100%87.6%87.6%87.6%87.6%2.3%Northpark (3)1,405,000Consolidated100%82.2%83.7%69.1%69.3%2.2%3344 Peachtree484,000Consolidated100%94.5%94.5%96.7%94.5%2.1%3350 Peachtree413,000Consolidated100%90.8%91.8%90.8%91.8%1.5%Promenade Central367,000Consolidated100%83.2%84.3%78.4%78.7%1.3%3348 Peachtree258,000Consolidated100%77.0%77.0%77.0%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%99.2%99.1%99.2%0.7%Proscenium525,000Unconsolidated20%44.8%61.6%46.9%44.8%0.1%120 West Trinity Office43,000Unconsolidated20%74.2%74.2%74.2%74.2%0.1%ATLANTA8,311,00088.5%89.3%84.2%85.2%30.6%Vantage South End (3) 639,000Consolidated100%97.4%97.4%97.4%97.4%4.0%300 South Tryon (5)638,000Consolidated100%N/A100.0%N/A100.0%2.6%The RailYard329,000Consolidated100%99.0%99.0%98.1%98.1%1.6%201 North Tryon692,000Consolidated100%52.6%49.0%53.1%48.8%1.5%550 South394,000Consolidated100%55.8%77.9%61.6%55.8%0.7%CHARLOTTE2,692,00074.6%81.4%75.7%77.6%10.4%Hayden Ferry (3) (6)792,000Consolidated100%95.4%95.4%92.2%92.2%3.4%100 Mill 288,000Consolidated90%98.1%98.1%98.1%98.1%2.1%Tempe Gateway264,000Consolidated100%95.9%98.4%95.7%95.7%1.4%111 West Rio225,000Consolidated100%100.0%100.0%100.0%100.0%0.8%PHOENIX1,569,00096.8%97.3%95.4%95.4%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 / 1Q264Q251Q264Q251Q26Corporate Center (3)1,227,000Consolidated100%97.6%96.5%94.5%95.6%4.9%Heights Union (3)294,000Consolidated100%100.0%100.0%100.0%100.0%1.4%The Pointe253,000Consolidated100%93.9%93.2%90.3%89.3%0.8%TAMPA1,774,00097.5%96.6%94.8%95.5%7.1%The Link (5)292,000Consolidated100%93.6%95.8%93.6%93.6%2.5%Legacy Union One319,000Consolidated100%100.0%100.0%100.0%100.0%1.4%5950 Sherry Lane197,000Consolidated100%90.2%98.5%90.6%87.3%0.8%DALLAS808,00095.3%98.1%95.4%94.6%4.7%BriarLake Plaza (3)835,000Consolidated100%97.4%97.0%97.4%94.1%3.1%HOUSTON835,00097.4%97.0%97.4%94.1%3.1%Neuhoff Office (5) (7)396,000Unconsolidated50%55.3%84.3%49.6%50.0%0.4%NASHVILLE396,00055.3%84.3%49.6%50.0%0.4%TOTAL OFFICE 21,970,00090.8%91.8%88.5%88.9%98.6%Other Properties (5) Neuhoff Apartments - Nashville (542 units) (7)454,000Unconsolidated50%91.0%92.6%85.3%87.5%0.6%College Street Garage - CharlotteN/AConsolidated100%N/AN/AN/AN/A0.5%120 West Trinity Apartments - Atlanta (330 units)310,000Unconsolidated20%96.6%96.3%96.0%95.5%0.1%Neuhoff Retail - Nashville (7)53,000Unconsolidated50%45.2%46.6%43.9%46.6%0.1%Domain 4 - Austin (4)157,000Consolidated100%33.4%33.4%33.4%33.4%0.1%TOTAL OTHER974,0001.4%TOTAL22,944,000100.0% 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 Quarter (2)Maturity Date (3)20262027202820292030ThereafterTotal PrincipalOriginal Issue DiscountDeferred Loan Costs Total Consolidated DebtConsolidated Debt - Floating RateTerm Loan, Unsecured (SOFR + 0.800%) (4)100%4.430%8/11/27$ - $100,000$ - $ - $ - $ - $100,000$ - $(83)$99,917Term Loan, Unsecured (SOFR + 0.800%) (5)100%4.430%3/3/28 - - 200,000 - - - 200,000 - (125)199,875Credit Facility, Unsecured (SOFR + 0.725%) (6)100%4.355%4/1/31 - - - - - 206,500206,500 - - 206,500Total Consolidated Floating Rate Debt - 100,000200,000 - - 206,500506,500 - (208)506,292Consolidated Debt - Fixed RateColorado Tower 100%3.450%9/1/26100,463 - - - - - 100,463 - (29)100,434201 North Tryon100%3.370%10/1/26117,939 - - - - - 117,939 - (25)117,914Privately Placed Senior Notes, Unsecured100%4.090%7/6/27 - 100,000 - - - - 100,000 - (56)99,944Privately Placed Senior Notes, Unsecured100%3.780%7/6/27 - 125,000 - - - - 125,000 - (78)124,922Term Loan, Unsecured (5)100%4.418%3/3/28 - - 200,000 - - - 200,000 - (125)199,875Privately Placed Senior Notes, Unsecured100%3.860%7/6/28 - - 250,000 - - - 250,000 - (254)249,746Privately Placed Senior Notes, Unsecured100%3.950%7/6/29 - - - 275,000 - - 275,000 - (363)274,637Public Senior Notes, Unsecured (7)100%5.250%7/15/30 - - - - 500,000 - 500,000(56)(3,633)496,311Terminus (8)100%6.340%1/15/31 - - - - - 221,000221,000 - (215)220,785Public Senior Notes, Unsecured (9)100%5.375%2/15/32 - - - - - 400,000400,000(1,811)(2,919)395,270Public Senior Notes, Unsecured (10)100%4.875%3/1/33 - - - - - 500,000500,000(3,669)(4,184)492,147Public Senior Notes, Unsecured (11)100%5.875%10/1/34 - - - - - 500,000500,000(1,281)(4,814)493,905Total Consolidated Fixed Rate Debt218,402225,000450,000275,000500,0001,621,0003,289,402(6,817)(16,695)3,265,890Total Consolidated Debt218,402325,000650,000275,000500,0001,827,5003,795,902(6,817)(16,903)3,772,182Unconsolidated DebtUnconsolidated Debt - Floating RateNeuhoff (SOFR + 3.000%) (12)50%6.680%9/30/27 - 125,563 - - - - 125,563 - (249)125,314.Unconsolidated Debt - Fixed RateMedical Offices at Emory Hospital 50%4.800%6/1/32 - - - - - 41,50041,500 - (246)41,254Total Unconsolidated Debt - 125,563 - - - 41,500167,063 - (495)166,568Total Debt$218,402$450,563$650,000$275,000$500,000$1,869,000$3,962,965$(6,817)$(17,398)$3,938,750Total Maturities (13)$215,159$450,563$650,000$275,000$500,000$1,869,000$3,959,722% of Maturities5%11%16%7%13%48%100% ($ in thousands)Three Months Ended March 31,20252026$ Change% ChangeRental Property Revenues (2)$234,097$238,791$4,6942.0%Rental Property Operating Expenses (2)75,35277,3802,0282.7%Same Property Net Operating Income$158,745$161,411$2,6661.7%Cash-Basis Rental Property Revenues (3)$211,754$221,326$9,5724.5%Cash-Basis Rental Property Operating Expenses (4)75,16877,2182,0502.7%Cash-Basis Same Property Net Operating Income$136,586$144,108$7,5225.5%End of Period Leased 92.0%91.5%Weighted Average Occupancy 89.9%88.5% 20242025 1st2025 2nd2025 3rd2025 4th20252026 1stFFO and EBITDAreNet income (loss) available to common stockholders$45,962$20,897$14,483$8,590$(3,467)$40,503$(24,856)Depreciation and amortization of real estate assets:Consolidated properties364,584101,996100,769105,152106,954414,871108,267Share of unconsolidated joint ventures4,7452,2122,4893,0343,00410,7393,053Partners' share of real estate depreciation(1,106)(274)(250)(241)(240)(1,005)(240)Operating property impairment - - - - 13,28613,28636,600Loss (gain) on depreciated property transactions:Consolidated properties(101) - - - - - 47Non-controlling interest related to unitholders8331 - 7(4)FFO (1)414,092124,834117,494116,536119,537478,401122,867Interest Expense126,96038,76340,75344,32745,106168,94947,834Non-Real Estate Depreciation and Amortization461117121121130489140EBITDAre (1)541,513163,714158,368160,984164,773647,839170,841FFO and Net Operating Income from Unconsolidated Joint VenturesIncome (loss) from Unconsolidated Joint Ventures(2,796)(1,883)(1,587)(2,682)(2,007)(8,159)(2,642)Depreciation and Amortization of Real Estate Assets4,7452,2122,4893,0343,00410,7393,053FFO - Unconsolidated Joint Ventures1,9493299023529972,580411Interest Expense4,4841,9892,2392,8302,6509,7082,733Other Expense316(79)6299102184259Other Income(132)(16)(38)(25)(44)(123)(32)Net Operating Income - Unconsolidated Joint Ventures6,6172,2233,1653,2563,70512,3493,371Market CapitalizationCommon Stock Price Per Share at Period End$30.64$29.50$30.03$28.94$25.78$25.78$22.57Number of Common Stock/Units Outstanding at Period End167,685167,933167,992167,990168,007168,007164,566Equity Market Capitalization5,137,8684,954,0245,044,8004,861,6314,331,2204,331,2203,714,255Consolidated Debt3,095,6663,020,7413,476,7613,309,3833,340,8153,340,8153,772,182Share of Unconsolidated Debt178,722182,735183,847165,737166,205166,205166,568Debt (1)3,274,3883,203,4763,660,6083,475,1203,507,0203,507,0203,938,750Total Market Capitalization8,412,2568,157,5008,705,4088,336,7517,838,2407,838,2407,653,005Credit RatiosDebt (1) 3,274,3883,203,4763,660,6083,475,1203,507,0203,507,0203,938,750Less: Cash and Cash Equivalents(7,349)(5,330)(416,840)(4,675)(5,720)(5,720)(6,296)Less: Share of Unconsolidated Cash and Cash Equivalents (1)(6,821)(6,332)(4,448)(6,484)(5,633)(5,633)(6,333)Net Debt (1)3,260,2183,191,8143,239,3203,463,9613,495,6673,495,6673,926,121Total Market Capitalization8,412,2568,157,5008,705,4088,336,7517,838,2407,838,2407,653,005Net Debt / Total Market Capitalization38.8%39.1%37.2%41.6%44.6%44.6%51.3%Continued on next page disclosures. The following lists non-GAAP financial measures that the Company share of unconsolidated debt, less consolidated cash and cash equivalents and our (in thousands, except share and per share amounts) Lease Expirations by Year (1) Tenant (1)Number of Properties OccupiedNumber of Markets Occupied Company's Share of Square FootageCompany's Share of Annualized Rent ($ in thousands) (2)Percentage of Company's Share of Annualized Rent Weighted Average Remaining Lease Term (Years)1Amazon531,461,805$80,0938.6%5.42Alphabet11799,14955,1635.9%11.83NCR Voyix22815,63443,9824.7%7.24ExxonMobil11298,39621,8622.3%6.85IBM11319,86318,6692.0%14.46Expedia11315,88217,3441.8%5.07Apache11362,80314,5671.5%12.88Ovintiv USA (3)11318,58213,8681.5%1.09Barings11203,3199,5741.0%6.410Deloitte43193,7519,1991.0%7.611McGuireWoods LLP22176,4988,5530.9%16.212ADP11225,0008,1510.9%2.013Wells Fargo53159,1147,9050.8%3.714BlackRock11131,6567,8980.8%10.215McKinsey & Company33138,5327,2860.8%6.516Smurfit Westrock11181,3517,0410.7%4.117Amgen11163,1696,9800.7%2.618Rig Up 1193,2106,6980.7%2.319International Workplace Group44123,6256,5540.7%6.120Time Warner Cable21119,0186,4320.7%2.5Total6,600,357$357,81938.0%6.7(1)In some cases, the actual tenant may be an affiliate of the entity shown, and the entity shown may not be a guarantor of the obligations of that tenant.(2)Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of March 31, 2026. If the tenant was in a free rent period as of March 31, 2026, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent.(3)In the third quarter of 2025, the Company proactively entered into an early termination agreement with Ovintiv. Approximately 88% of Ovintiv’s premises is subleased and upon Ovintiv’s expiration the subtenants will become direct tenants. Each subtenant’s remaining lease term is included in the remaining lease term reflected for Ovintiv above. ProjectTypeMarketCompany's Ownership InterestConstruction Start DateSquare Feet/UnitsEstimated Project Cost ($ in thousands)Company's Share of Estimated Project Cost ($ in thousands)Project Cost Incurred to Date($ in thousands)Company's Share of Project Cost Incurred to Date ($ in thousands)Percent LeasedInitial OccupancyEstimated Stabilization 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
Updates 2026 Earnings Guidance Financing Activity Floating and Fixed Rate Debt Analysis
THE COMPANY Three Months Ended March 31, 2026NewRenewalExpansionTotalNet leased square feet (1)405,617448,25877,694931,569Number of transactions18191249Lease term in years (2)8.44.77.86.6Net effective rent calculation (per square foot per year) (2) Net annualized rent (3)$43.57$44.34$50.79$44.54Net free rent(3.26)(0.51)(2.32)(1.86)Leasing commissions(3.54)(2.90)(3.92)(3.26)Tenant improvements(10.54)(3.97)(7.66)(7.14)Total leasing costs(17.34)(7.38)(13.90)(12.26)Net effective rent$26.23$36.96$36.89$32.28Second generation leased square footage (4)656,433Increase in straight-line basis second generation net rent per square foot (5)28.7%Increase in cash-basis second generation net rent per square foot (6)15.2% 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. March 31, 2026December 31, 2025Assets: Real estate assets: Operating properties, net of accumulated depreciation of $1,960,227 and $1,922,394 in 2026 and 2025, respectively$8,114,853$7,894,846Land135,869135,8708,250,7228,030,716Real estate assets and other assets held for sale, net 23,23761,489Cash and cash equivalents6,2965,720Investments in real estate debt, at fair value19,58637,804Accounts receivable15,94617,578Deferred rents receivable278,450269,282Investments in unconsolidated joint ventures213,988215,301Intangible assets, net183,796164,738Other assets, net95,82287,504Total assets$9,087,843$8,890,132Liabilities:Notes payable$3,772,182$3,340,815Accounts payable and accrued expenses247,716314,317Deferred income297,607301,358Intangible liabilities, net 126,841117,085Other liabilities110,409111,506Liabilities of real estate assets held for sale, net 392,849Total liabilities4,554,7944,187,930Commitments and contingenciesEquity:Stockholders' investment:Common stock, $1 par value per share, 300,000,000 shares authorized, 164,541,670 and 167,981,990 issued and outstanding in 2026 and 2025, respectively164,542167,982Additional paid-in capital5,885,4555,971,762Distributions in excess of cumulative net income(1,539,263)(1,460,154) Total stockholders' investment4,510,7344,679,590Nonredeemable noncontrolling interests22,31522,612Total equity4,533,0494,702,202Total liabilities and equity$9,087,843$8,890,132 Three Months EndedMarch 31, 20262025Revenues: Rental property revenues$261,108$243,027Fee income1,245496Other7566,805 263,109250,328Expenses:Rental property operating expenses82,58577,156Reimbursed expenses120177General and administrative expenses11,84010,709Interest expense45,10136,774Operating property impairment36,600 - Depreciation and amortization108,406102,114Other438422 285,090227,352Loss from unconsolidated joint ventures(2,642)(1,883)Loss on investment property transaction(47) - Net income (loss)(24,670)21,093Net income attributable to noncontrolling interests(186)(196)Net income (loss) available to common stockholders$(24,856)$20,897Net income (loss) per common share - basic and diluted$(0.15)$0.12Weighted average common shares - basic166,399167,809Weighted average common shares - diluted166,399168,593 Year of Expiration Square Feet Expiring % of LeasedSpace AnnualContractual Rent($ in thousands) (2) % of AnnualContractualRent AnnualContractualRent/Sq. Ft.2026815,5484.3%$38,3253.5%$46.9920271,108,1325.8%52,6714.8%47.5320281,737,7489.2%89,3428.2%51.4120291,910,45710.1%98,1219.0%51.3620301,813,1299.6%94,9928.7%52.3920311,551,1328.2%88,3568.1%56.9620322,695,60314.2%159,79714.7%59.2820331,321,2427.0%80,0557.4%60.5920341,267,9676.7%73,9586.8%58.332035 & Thereafter4,744,29824.9%313,19228.8%66.01Total18,965,256100.0%$1,088,809100.0%$57.41 uncertainties and risks, as itemized herein. These forward-looking statements include information about possible or assumed future results of the PropertyTypeMarketCompany's Ownership InterestTimingSquare FeetGross Purchase Price($ in thousands) (1)2026300 South TryonOfficeCharlotte100%1Q638,000$317,5002025The LinkOfficeDallas100%3Q292,000218,0002024ProsceniumOfficeAtlanta20%3Q525,00083,250Sail TowerOfficeAustin100%4Q804,000521,800Vantage South EndOfficeCharlotte100%4Q639,000328,5002022Avalon (2)OfficeAtlanta100%2Q480,00043,4002021725 PonceOfficeAtlanta100%3Q372,000300,200Heights UnionOfficeTampa100%4Q294,000144,8004,044,000$1,957,450 MarketCompany's Ownership InterestFinancial Statement PresentationTotal Developable Land (Acres)3354/3356 PeachtreeAtlanta95%Consolidated3.2715 PonceAtlanta50%Unconsolidated1.0887 West PeachtreeAtlanta100%Consolidated1.6Domain Point 3Austin90%Consolidated1.7Domain CentralAustin100%Consolidated5.6South End StationCharlotte100%Consolidated3.4303 Tremont (1)Charlotte100%Consolidated2.4Legacy Union 2 & 3Dallas95%Consolidated4.0Neuhoff Commercial - Phase II (2)Nashville50%Unconsolidated1.4Corporate Center 5 & 6 (3)Tampa100%Consolidated14.1Total38.4Total Cost Basis of Land ($ in thousands)$234,286Company's Share of Cost Basis of Land ($ in thousands)$191,742 believes the measure is useful to investors and, if material, additional uses of the cash and cash equivalents from total debt provides an estimate of the net contractual FUNDS FROM OPERATIONS RECONCILIATION OF 2026 PROJECTED NET INCOME AVAILABLE For first quarter 2026: ATLANTA, GA (April 29, 2026) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended March 31, business and our financial condition, liquidity, results of operations, plans, expectations, and objectives. Examples of forward-looking statements in measure by management of the Company. amount of borrowed capital to be repaid, which it believes is a beneficial disclosure to TO COMMON STOCKHOLDERS TO 2026 PROJECTED FFO First Quarter 2026 Portfolio NOI by Market 2026. Total Principal ($ in thousands)Total Debt (%)Weighted Average Interest RateWeighted Average Maturity (Years) (2)Floating Rate Debt$632,06316%4.85%2.8Fixed Rate Debt3,330,90284%4.90%4.7Total Debt$3,962,965100%4.89%4.4 this earnings release and supplemental information include the Company’s guidance and underlying assumptions; projected capital expenditures;
- Issued $500.0 million of 4.875% public unsecured senior notes due 2033 with a yield to maturity of 5.001%, generating net investors and analysts. Forward-Looking Statements2Earnings Release3Company Information 5Consolidated Balance Sheets7Consolidated Statements of Operations8Key Performance Metrics9Funds From Operations - Summary12Funds From Operations - Detail13Portfolio Statistics16Same Property Performance19Office Leasing Activity20Office Lease Expirations21Top 20 Office Tenants22Tenant Industry Diversification23Investment Activity24Development Pipeline26Land Inventory27Debt Schedule28Joint Venture Information31Non-GAAP Financial Measures - Calculations and Reconciliations32Non-GAAP Financial Measures - Definitions38 (in thousands, except per share amounts)Three Months Ended March 31,20262025DollarsWeighted Average Common SharesPer Share AmountDollarsWeighted Average Common SharesPer Share AmountNet Income (Loss) Available to Common Stockholders$(24,856)166,399$(0.15)$20,897167,809$0.12Noncontrolling interest related to unitholders - - - 325 - Conversion of unvested restricted stock units - - - - 759 - Net Income (Loss) - Diluted(24,856)166,399(0.15)20,900168,5930.12Noncontrolling interest related to unitholders(4)25 - - - - Conversion of unvested restricted stock units - 846 - - - - Unvested restricted stock - 411 - - - - Depreciation and amortization of real estate assets:Consolidated properties108,267 - 0.64101,996 - 0.61Share of unconsolidated joint ventures3,053 - 0.022,212 - 0.01Partners' share of real estate depreciation(240) - - (274) - - Loss on investment property transactions47 - - - - - Operating property impairment36,600 - 0.22 - - - Funds From Operations$122,867167,681$0.73$124,834168,593$0.74 “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. proceeds of $492.1 million. "We had an outstanding start to 2026" said Colin Connolly, President and Chief Executive Officer of Cousins Properties. "The 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, acceleration in Sun Belt migration drove one of the best office leasing quarters in the history of the company, and our late-stage leasing and below market rents, and non-cash ground lease expense. Company management to measure operating performance of the Company's •Repurchased 3.9 million shares at a weighted average price of $23.36 per share. Subsequent to quarter end, the Board of primarily invests in Class A office buildings located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder Completed Operating Property Dispositions Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into pipeline is exceptionally strong. Trophy office fundamentals in the Sun Belt continue to tighten with increasing demand and virtually no properties. NOI, which is rental property revenues (excluding termination fee income) Directors authorized an increase of the Company's share repurchase program from $250 million to $500 million. 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 account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not new construction. Our best-in-class portfolio is extraordinarily well-positioned for an emerging shortage of lifestyle office space." less rental property operating expenses, excludes certain components from net Nashville 1.1% Charlotte10.9% 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 The Company had no projects under active development as of March 31, 2026. •Subsequent to quarter end, closed a new five-year $1.2 billion unsecured credit facility, increasing the prior facility that was 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 Credit Facility$207M Dallas4.7% Full Year 2026 Guidance(in thousands, except per share amounts)LowHighDollarsPer Share Amount (1)DollarsPer Share Amount (1)Net Income Available to Common Stockholders $3,103$0.02$16,493$0.10Add: Noncontrolling interest related to unitholders4 - 4 - Net Loss3,1070.0216,4970.10Add: Depreciation and amortization of real estate assets445,6452.66445,6452.66Add: Operating property impairment36,6000.2236,6000.22Add: Loss on investment property transactions47 - 47 - Funds From Operations$485,399$2.90$498,789$2.98(1) Calculated based on projected weighted average shares outstanding of 167.4 million.R2 Weight Average Shares167,379166,185.95 definition, which is net income (loss) available to common stockholders (computed in PropertyTypeMarketCompany's Ownership InterestTimingSquare FeetGross Sales Price($ in thousands)2026Harborview PlazaOfficeTampa100%1Q206,000$39,5002022Carolina SquareMixedCharlotte50%3Q468,000105,000(1)2021Burnett PlazaOfficeFort Worth100%2Q1,023,000137,500One South at the PlazaOfficeCharlotte100%3Q891,000271,500Dimensional Place OfficeCharlotte50%3Q281,00060,800(1)816 CongressOfficeAustin100%4Q435,000174,0003,304,000$788,300 information, please visit www.cousins.com. scheduled to mature in April 2027 by $200 million. Also amended our existing $400 million and $100 million unsecured term 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 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 loans, adding two six-month extension options to each. The borrowing spread improved by fifteen basis points on both the 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 incurred at the corporate level as opposed to the property level. As a result, credit facility and the $400 million term loan and by thirty basis points on the $100 million term loan. 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 For first quarter 2026: 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 unconsolidated joint ventures. Management believes that EBITDAre provides analysts property level to evaluate a property's performance. Depreciation, amortization, Construction Loan$125M Earnings Guidance 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 $24.9 million, or $0.15 per share, compared to net income of $20.9 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 (1)All amounts are presented at Company share.(2)Rates represent the current rates as of March 31, 2026, except for the term loans and credit facility which represent SOFR as of March 31, 2026, plus applicable spreads under the April 1, 2026 amendments.(3)Maturity dates shown assume the Company exercises all extensions available as of the date of this report.(4)The Company exercised the fourth of its initial four consecutive options to extend the maturity date of this term loan. This extension became effective on February 20, 2026, and extended the maturity date to August 19, 2026. The spread over SOFR at March 31, 2026, was 1.00%. In February of 2026, the Company paid $150 million towards the principal of the term loan. Subsequent to quarter end, on April 1, the Company entered into the fourth amendment of the term loan agreement, which granted two additional 180 day extension options, extending the final maturity date to August 11, 2027, and updated the spread over SOFR of 1.00% to 0.80%. (5)The Company exercised the third of its initial four consecutive options to extend the maturity date of this term loan. This extension became 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 third extension the Company elected six month Term SOFR +0.85% for $200 million of the debt outstanding, fixing the underlying SOFR interest rate at 3.618% through September 3, 2026. As of March 31, 2026, the spread over SOFR of the remaining $200 million of the term loan was 0.85%. Subsequent to quarter end, on April 1, 2026, we entered into second amendment to the delayed draw term loan, which granted two additional six month extension options, extending the final maturity date to March 3, 2028, and reducing the spread over SOFR of 0.850% to the spread over SOFR +0.800%. (6)As of March 31, 2026, the spread over SOFR was 0.775% and the Company had the ability to borrow an additional $793.5 million. Subsequent to quarter end, on April 1, 2026, the Company entered into the sixth amendment to the Credit Facility, which increased the facility's capacity to $1.2 billion and extended the maturity date from April 30, 2027 to April 1, 2031. Additionally, the amendment reduced the spread over SOFR of 0.775% to the spread over SOFR of 0.725%.(7)This note has a coupon of 5.25% with an effective rate of 5.251% including the original issue discount.(8)Represents $123.0 million and $98.0 million non-cross collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.(9)This note has a coupon of 5.375% with an effective rate of 5.464% including the original issue discount.(10)This note has a coupon of 4.875% with an effective rate of 5.001% including the original issue discount.(11)This note has a coupon of 5.875% with an effective rate of 5.912% including the original issue discount.(12)The Company's share of the total borrowing capacity of the construction loan is approximately $136.8 million. The maturity date of the construction loan is September 30, 2026, and the spread in excess of SOFR is 3.00%. The joint venture has an option to extend the maturity date an additional 12 months, subject to certain conditions.(13)Maturities include principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date. $0.12 per share, for first quarter 2025. The decline in net income is primarily attributable to an impairment charge. 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. For year ending December 31, 2026: 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 $122.9 million, or $0.73 per share, compared to $124.8 million, or $0.74 per share, for first "Funds Available for Distribution” (“FAD”) represents FFO adjusted to exclude “Same Property Net Operating Income” represents Net Operating Income or •Net income between $0.02 and $0.10 per share, updated from $0.23 and $0.33 per share, primarily driven by a first quarter preferences regarding space utilization; changes in customers’ financial condition; the availability, cost, and adequacy of insurance coverage; (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. quarter 2025. The decline in FFO is primarily attributable to a gain generated by the sale of our bankruptcy claim with SVB 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 impairment charge. 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 Financial Group in first quarter 2025. Mortgage$71 owned by the Company for the entirety of all comparable reporting periods Unsecured Senior Notes$250M 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 •FFO between $2.90 and $2.98 per share, up from $2.87 and $2.97 per share. presented. Same Property Net Operating Income or Cash-Basis Same Property Net 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 operating properties sold prior to March 31, 2026 and also includes the College Street Garage and Domain 4. The Company plans to hold the Domain 4 site for future development.(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 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 prior to March 31, 2026. (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. Operations and Leasing Activity •The increase in FFO per share is primarily driven by share repurchases as well as better than forecasted execution on debt partnership unit issuances; threatened terrorist attacks or sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political Phoenix7.7% Atlanta30.7% Completed Property Developments operations and evaluate the growth trend of the Company's portfolio. “Funds From Operations” (“FFO”) is a supplemental operating performance Mortgage $42M financings, both discussed above, partially offset by the elimination of a prior mid-year SOFR cut assumption. Our updated 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 For first quarter 2026: Term Loan$100M measure used in the real estate industry. The Company calculates FFO in accordance ProjectTypeMarketCompany's Ownership InterestTiming (3)Square FeetTotal Project Cost ($ in thousands) (1)2026Neuhoff Commercial - Phase 1MixedNashville50%(4)450,000$306,000Neuhoff ApartmentResidentialNashville50%1Q454,000217,0002025Domain 9OfficeAustin100%1Q338,000147,0002022300 ColoradoOfficeAustin100%1Q369,000193,000100 MillOfficePhoenix90%4Q288,000156,000202110000 Avalon (2)OfficeAtlanta90%1Q251,00096,000120 West TrinityMixedAtlanta20%2Q353,00089,000Domain 10OfficeAustin100%3Q300,000111,0002,803,000$1,315,000 “Second Generation Tenant Improvements and Leasing Costs and Building guidance assumes no SOFR cuts during 2026. Same Property NOI Change Second Generation Net Rent Change In-Place Gross Rent (per SF) (1) 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 •Same property net operating income ("NOI") on a cash-basis increased 5.5%. (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. 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 Credit Facility$207M
- Guidance assumes the 3.9 million share repurchase is funded during the second quarter with proceeds from the settlement of develops and acquires properties, in addition to operating existing properties, its Construction Loan$126M
- Second generation net rent per square foot on a cash-basis increased 15.2%. 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 Unsecured Senior Notes$400M Unsecured Senior Notes Unsecured Senior Notes property acquisition and development expenditures included in the Statements of 2.9 million shares previously issued at $30.44 per share on a forward basis under the Company's ATM program. Unsecured Senior Notes 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 Term Loan$400M requirements to qualify for taxation as a real estate investment trust; the financial condition and liquidity of, or disputes with, joint venture partners; •Executed 932,000 square feet of office leases, including 483,000 square feet of new and expansion leases, representing 52% of Cash Flows includes both initial costs associated with developing and acquiring adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the (1)303 Tremont is under contract for sale and is expected to close in the second half of 2026.(2)The cost basis for the Neuhoff Commercial - Phase II land site of $73 million includes costs related to initial parking and infrastructure work completed during the construction of Phase I, of which the Company's share is 50%.(3)Corporate Center 5 is controlled through a long-term ground lease. •Guidance assumes the 300 South Tryon acquisition is funded with proceeds from the Harborview and One Eleven Congress sales material changes in dividend rates on common shares or other securities or the ability to pay those dividends; the impact of changes to applicable total leasing activity. investment assets and those expenditures necessary for operating and maintaining same basis. FFO is used by industry analysts and investors as a supplemental measure discussed above, as well as the sale of our 303 Tremont land parcel. (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. Pictured Above: 300 Colorado, Austin, TXPictured on Cover: 300 South Tryon, Charlotte, NC 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 of an equity REIT's operating performance. Historical cost accounting for real estate Houston3.1% 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; Unsecured Senior Notes $225M Austin34.7% Unsecured Senior Notes (1)Represents the Company's operating properties, excluding properties in the development pipeline and properties sold prior to March 31, 2026.(2)The weighted average occupancy of the property over the period for which the property was available for occupancy during the respective quarters.(3)Contains two or more buildings that are grouped together for reporting purposes.(4)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. 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.(5)Not included in Same Property.(6)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.(7)Following substantial completion in the first quarter of 2026, Phase I of our Neuhoff joint venture's development project was removed from our development pipeline and included above. Until stabilization this property will be excluded from the Total Office end of period leased and weighted average occupancy calculations. The joint venture has a construction loan with a capacity of $273.5 million and $251.1 million outstanding as of March 31, 2026, of which our share is $125.6 million, that is secured by the entire project including the commercial office, commercial retail, and residential components. •Guidance does not include any speculative property acquisitions, dispositions, or development starts. assets implicitly assumes that the value of real estate assets diminishes predictably Mortgages Mortgages$221M Investing Activity the asset and in valuing the asset. Accordingly, the Company discloses the portion of 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 its property acquisition and development expenditures that pertain to second •Guidance reflects management’s current plans and assumptions as of the date of this earnings release and are subject to change (1) The operating property impairments related to One Eleven Congress and Harborview in the first quarter of 2026 and the fourth quarter of 2025, respectively. | Tampa7.1% |
| For first quarter 2026: conditions, many industry investors and analysts have considered presentation of generation space in its operating properties. The Company excludes from second (2) The land and related predevelopment cost impairment in the fourth quarter of 2025 related to a land parcel at 303 Tremont. The bases of the land and predevelopment cost were $18.9 million as well as the risks and uncertainties more fully described in our SEC filings. Actual results could differ materially from this | |
| 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 and $5.8 million, respectively, prior to impairment charges. generation costs amounts incurred to lease vacant space in newly acquired buildings, •Acquired 300 South Tryon, a 638,000 square foot office property in Charlotte, for $317.5 million on February 2, 2026. guidance. 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 | |
| (3) 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 leasing costs for spaces that have been vacant for one year or more, building | |
| REIT operating performance that excludes historical cost depreciation, among other March 31, 2026. If the tenant was in a free rent period as of March 31, 2026, Annualized Rent represents the annualized contractual rent the tenant will pay 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 ventures but believes including these amounts are meaningful to investors and analysts. •Received repayment at par of the $18.2 million mezzanine loan investment secured by an equity interest in 110 East in Charlotte improvements on newly acquired buildings that management identifies as necessary items, from GAAP net income. Management believes that the use of FFO, combined in the first month the tenant is required to pay full rent. Investor Conference Call and Webcast (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 on February 5, 2026. The tables above show FFO and the related reconciliation from Net Income Available to Common Stockholders for Cousins Properties Incorporated and Subsidiaries. to bring the building to the Company's operational standards, and building with the required primary GAAP presentations, has been fundamentally beneficial, events, or other matters, except as otherwise required by law. See page 39 for definition of FFO. improvements associated with properties identified as under redevelopment or The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Thursday, April 30, 2026 to discuss the results of the quarter improving the understanding of operating results of REITs among the investing public •Sold Harborview Plaza, a 206,000 square foot office property in Tampa, for $39.5 million on February 25, 2026. 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 ended March 31, 2026. The number to call for this interactive teleconference is (800) 836-8184. The live webcast of this call can be and making comparisons of REIT operating results more meaningful. Company have commenced. Leases that have been signed but have not commenced are excluded. attract tenants to increase revenues and/or occupancy rates. •Entered into an agreement to sell One Eleven Congress, a 519,000 square foot office property in Austin. The sale is expected to accessed on the Company's website, www.cousins.com, through the “Cousins Properties First Quarter Conference Call” link on the management evaluates operating performance in part based on FFO. Additionally, | |
| (1) Company's share of leases expiring after March 31, 2026. 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. close early in the third quarter of 2026. the Company uses FFO and FFO per share, along with other measures, as a (1) Office properties only. Investors page. A replay of the conference call will be available for seven days by dialing (888) 660-6345 and entering the passcode (1) Except as otherwise noted, amounts represent total purchase prices, total project costs paid by the Company and, where applicable, its joint venture partner. | |
| 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 performance measure for incentive compensation to its officers and other key | |
| 49629#. The playback can also be accessed on the Company's website. of 10% in HICO Avalon LLC and HICO Avalon II LLC for $43 million in a transaction that valued the properties at $302 million. employees. Note: See additional information included herein for calculations, definitions, and reconciliations to GAAP financial measures. Continued on next page | |
| (3) Represents timing of stabilization. | |
| Pictured Above: Sail Tower, Austin, TX (4) While construction is substantially complete, this operating property has not yet reached stabilization. | |
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