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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 (1) 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 - CALCULATIONS AND RECONCILIATIONS NON-GAAP FINANCIAL MEASURES - DEFINITIONS
20242025 1st2025 2nd2025 3rd2025 4th20252026 1st2026 2ndYTD 2026Total Assets - Consolidated8,802,1468,663,3609,051,8638,900,4818,890,1328,890,1329,087,8439,040,8739,040,873Accumulated Depreciation - Consolidated1,821,5591,893,2151,982,7002,045,7112,120,9302,120,9302,164,2292,134,7982,134,798Undepreciated Assets - Unconsolidated (1)356,091363,789368,322375,572376,850376,850378,996382,902382,902Less: Investment in Unconsolidated Joint Ventures(185,478)(191,505)(192,420)(215,507)(215,301)(215,301)(213,988)(212,792)(212,792)Total Undepreciated Assets (1)10,794,31810,728,85911,210,46511,106,25711,172,61111,172,61111,417,08011,345,78111,345,781Net Debt (1)3,260,2183,191,8143,239,3203,463,9613,495,6673,495,6673,926,1213,887,2053,887,205Net Debt / Total Undepreciated Assets (1)30.2%29.7%28.9%31.2%31.3%31.3%34.4%34.3%34.3%Coverage Ratios (1)Interest Expense126,96038,76340,75344,32745,106168,94947,83449,69997,533Scheduled Principal Payments8,2221,6671,6811,6961,7106,7541,7251,7403,465Fixed Charges135,18240,43042,43446,02346,816175,70349,55951,439100,998EBITDAre541,513163,714158,368160,984164,773647,839170,841174,489345,330EBITDAre / Fixed Charges (1)4.014.053.733.503.523.693.453.393.42Net Debt3,260,2183,191,8143,239,3203,463,9613,495,6673,495,6673,926,1213,887,2053,887,205Annualized EBITDAre (2)632,139654,856633,472643,936659,092659,092694,096697,956697,956Net Debt / Annualized EBITDAre5.164.875.115.385.305.305.665.575.57Dividend InformationCommon Dividends199,67953,73253,74653,74653,754214,97852,64652,672105,318FFO414,092124,834117,494116,536119,537478,401122,867124,645247,512FFO Payout Ratio48.2%43.0%45.7%46.1%45.0%44.9%42.8%42.3%42.6%Operations RatioTotal Undepreciated Assets (1)10,794,31810,728,85911,210,46511,106,25711,172,61111,172,61111,417,08011,345,78111,345,781General and Administrative Expenses36,56610,7099,7389,5108,68538,64211,84012,11523,955Annualized General and Administrative Expenses (2) / Total Undepreciated Assets0.34%0.40%0.35%0.34%0.31%0.31%0.41%0.43%0.43%Continued on next page 20242025 1st2025 2nd2025 3rd2025 4th20252026 1st2026 2ndYTD 2026Net income (loss) available to common stockholders$45,962$20,897$14,483$8,590$(3,467)$40,503$(24,856)$26,158$1,302Depreciation and amortization of real estate assets368,223103,934103,008107,945109,718424,605111,080107,655218,735Loss (gain) on depreciated property transactions(101) - - - - - 47(9,172)(9,125)Operating property impairment - - - - 13,28613,28636,600 - 36,600Non-controlling interest related to unitholders8331 - 7(4)4 - FFO (1)414,092124,834117,494116,536119,537478,401122,867124,645247,512Non-Cash Debt Amortization4,0681,0569971,2901,1884,5311,2291,5112,740Non-Cash Stock-Based Compensation14,7825,9933,7463,3793,35616,4746,0133,6709,683Non-Real Estate Depreciation and Amortization461117121121130489140145285Lease Inducement Amortization2,1695312679386502,3864316981,129Straight-Line Rent Ground Leases4701181187210040899(212)(113)Above and Below Market Ground Rent2405253521252827170141Deferred Income - Tenant Improvements(28,598)(8,472)(8,947)(9,147)(9,353)(35,919)(9,522)(10,088)(19,610)Above and Below Market Rents, Net(6,167)(2,845)(2,828)(3,422)(3,514)(12,609)(4,104)(4,266)(8,370)Second Generation Capital Expenditures (CAPEX)(116,093)(33,281)(28,636)(29,981)(47,457)(139,355)(26,625)(35,914)(62,539)Straight-Line Rental Revenue(24,508)(12,477)(11,283)(9,424)(6,117)(39,301)(9,544)(6,861)(16,405)Land and Related Predevelopment Costs Impairment - - - - 1,0341,034 - - - Loss on Sales of Undepreciated Investment Properties3 - - - - - - - - FAD (1)260,91975,62671,10270,41459,679276,82181,05573,398154,453Weighted Average Shares - Diluted154,015168,593168,765168,738168,770168,716167,681165,292166,486FAD per share$1.69$0.45$0.42$0.42$0.35$1.64$0.48$0.44$0.93Common Dividends on outstanding shares199,67953,73253,74653,74653,754214,97852,64652,672105,318Common Dividends per share$1.28$0.32$0.32$0.32$0.32$1.28$0.32$0.32$0.64FAD Payout Ratio76.5%71.0%75.6%76.3%90.1%77.7%65.0%71.8%68.2%2nd Generation CAPEXSecond Generation Leasing Costs86,82924,78921,47518,94436,482101,69016,86325,83642,699Second Generation Building Improvements29,2648,4927,16111,03710,97537,6659,76210,07819,840116,09333,28128,63629,98147,457139,35526,62535,91462,539(1) Includes the Company's share of unconsolidated joint ventures. These amounts are derived from the amounts in the categories indicated that are recorded at the joint venture multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures but believes that including these amounts in the categories indicated is meaningful to investors and analysts.(2) Amounts represent most recent quarter annualized with the exception of annualized EBITDAre, which includes adjustments to reflect a full year of NOI from operating properties acquired during the most recent quarter.Note: Amounts may differ slightly from other schedules contained herein due to rounding. ($ in thousands)($ in thousands)Three Months EndedSix Months EndedNet Operating IncomeJune 30, 2026June 30, 2025June 30, 2026June 30, 2025Net income$26,234$14,658$1,564$35,751Net operating income from unconsolidated joint ventures3,5353,1656,9065,388Fee income(2,267)(494)(3,512)(990)Termination fee income(2,239) - (4,070)(2,866)Other income(547)(1,919)(1,303)(8,724)Reimbursed expenses172119292296General and administrative expenses12,1159,73823,95520,447Interest expense47,06438,51492,16575,288Operating property impairment - - 36,600 - Depreciation and amortization104,845100,890213,251203,004Other expenses389443827865Loss from unconsolidated joint ventures2,2151,5874,8573,470Gain on investment property transactions(9,172) - (9,125) - Net Operating Income182,344166,701362,407331,929Less:Partners' share of NOI from consolidated joint ventures(192)(450)(645)(920)Cousins' share of NOI$182,152$166,251$361,762$331,009 Net Operating Income$182,344$166,701$362,407$331,929Non-cash income(20,252)(22,563)(43,017)(46,315)Non-cash expense(36)227192501Cash-Basis Net Operating Income$162,056$144,365$319,582$286,115Net Operating IncomeSame Property$155,508$152,450$310,851$305,422Non-Same Property26,83614,25151,55626,507$182,344$166,701$362,407$331,929Cash-Basis Net Operating IncomeSame Property$140,691$132,835$278,631$263,808Non-Same Property21,36511,53040,95122,307$162,056$144,365$319,582$286,115 COUSINS PROPERTIES REPORTS SECOND QUARTER 2026 RESULTS Investing & Financing Activity (unaudited; in thousands, except per share amounts) 20242025 1st2025 2nd2025 3rd2025 4th20252026 1st2026 2ndYTD 2026Property StatisticsConsolidated Operating Properties363636373737373535Consolidated Rentable Square Feet (in thousands)19,87720,08120,08120,37320,37320,37320,80520,13020,130Unconsolidated Operating Properties333333444Unconsolidated Rentable Square Feet (in thousands)1,2361,2361,2361,2361,2361,2362,1392,1402,140Total Operating Properties393939404040413939Total Rentable Square Feet (in thousands)21,11321,31721,31721,60921,60921,60922,94422,27022,270Office Percent Leased (period end) 91.6%92.1%91.6%90.0%90.7%90.7%91.9%92.8%92.8%Office Weighted Average Occupancy 88.6%90.0%89.1%88.3%88.3%88.8%88.9%89.4%89.2%Office Leasing Activity (2)Net Leased during the Period (SF, in thousands)2,0205393345517002,1259329241,856Net Rent (per SF)$39.77$35.87$40.95$39.18$36.52$37.76$44.54$41.35$42.96Net Free Rent (per SF)(1.97)(1.77)(2.08)(1.97)(2.40)(2.07)(1.86)(2.47)(2.16)Leasing Commissions (per SF)(2.81)(2.81)(3.18)(2.69)(2.76)(2.82)(3.26)(3.13)(3.20)Tenant Improvements (per SF)(6.82)(6.23)(7.34)(6.15)(8.18)(7.01)(7.14)(7.70)(7.40)Leasing Costs (per SF)(11.60)(10.81)(12.60)(10.81)(13.34)(11.90)(12.26)(13.30)(12.76)Net Effective Rent (per SF)$28.17$25.06$28.35$28.37$23.18$25.86$32.28$28.05$30.20Change in Second Generation Net Rent28.2%18.3%27.2%23.8%19.9%21.5%28.7%26.8%27.8%Change in Cash-Basis Second Generation Net Rent8.5%3.2%10.9%4.2%0.2%3.5%15.2%9.2%12.2%Same Property Information (3)Percent Leased (period end)91.2%91.7%91.1%89.3%90.1%90.1%91.5%92.4%92.4%Weighted Average Occupancy 88.6%89.4%88.4%87.4%87.4%88.1%88.5%88.8%88.7%Change in NOI (over prior year period)5.1%4.0%3.2%1.9%0.4%2.4%1.7%2.0%1.8%Change in Cash-Basis NOI (over prior year period)4.8%2.0%1.2%0.3%0.03%0.9%5.5%5.9%5.6%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 1st2026 2ndYTD 2026Market Capitalization Common Stock Price Per Share$30.64$29.50$30.03$28.94$25.78$25.78$22.57$29.98$29.98Common Stock/Units Outstanding (in thousands)167,685167,933167,992167,990168,007168,007164,566164,627164,627Equity Market Capitalization (in thousands)$5,137,868$4,954,024$5,044,800$4,861,631$4,331,220$4,331,220$3,714,255$4,935,517$4,935,517Debt (in thousands)3,274,3883,203,4763,660,6083,475,1203,507,0203,507,0203,938,7503,900,2183,900,218Total Market Capitalization (in thousands)$8,412,256$8,157,500$8,705,408$8,336,751$7,838,240$7,838,240$7,653,005$8,835,735$8,835,735Credit Ratios Net Debt/Total Market Capitalization38.8%39.1%37.2%41.6%44.6%44.6%51.3%44.0%44.0%Net Debt/Total Undepreciated Assets30.2%29.7%28.9%31.2%31.3%31.3%34.4%34.3%34.3%Net Debt/Annualized EBITDAre5.164.875.115.385.305.305.665.575.57Fixed Charges Coverage (EBITDAre)4.014.053.733.503.523.693.453.393.42Dividend Information Common Dividend per Share$1.28$0.32$0.32$0.32$0.32$1.28$0.32$0.32$0.64Funds From Operations (FFO) Payout Ratio48.2%43.0%45.7%46.1%45.0%44.9%42.8%42.3%42.6%Funds Available for Distribution (FAD) Payout Ratio76.5%71.0%75.6%76.3%90.1%77.7%65.0%71.8%68.2%Operations Ratio Annualized General and Administrative Expenses/ Total Undepreciated Assets0.34%0.40%0.35%0.34%0.31%0.31%0.41%0.43%0.43%Additional InformationIn-Place Gross Rent (per SF) (5)$47.94$48.66$49.07$49.76$49.91$49.91$50.50$50.07$50.07Straight-Line Rental Revenue (in thousands) $24,508$12,477$11,283$9,424$6,117$39,301$9,544$6,861$16,405Above and Below Market Rents Amortization, Net (in thousands) $6,167$2,845$2,828$3,422$3,514$12,609$4,104$4,266$8,370Second Generation Capital Expenditures (in thousands) $116,093$33,281$28,636$29,981$47,457$139,355$26,625$35,914$62,539 (amounts in thousands, except per share amounts)20242025 1st2025 2nd2025 3rd2025 4th20252026 1st2026 2ndYTD 2026Net Income (Loss)$46,581$21,093$14,658$8,778$(3,277)$41,252$(24,670)$26,234$1,564Fee and Other Income(12,390)(10,168)(2,411)(2,378)(3,398)(18,355)(3,833)(5,052)(8,885)General and Administrative Expenses36,56610,7099,7389,5108,68538,64211,84012,11523,955Interest Expense122,47636,77438,51441,49742,456159,24145,10147,06492,165Operating Property Impairment (1) - - - - 13,28613,28636,600 - 36,600Land and Related Predevelopment Cost Impairment (2) - - - - 1,0341,034 - - - Depreciation and Amortization365,045102,114100,890105,272107,083415,359108,406104,845213,251Reimbursed and Other Expenses2,7316005605656192,3445595601,119Loss from Unconsolidated Joint Ventures2,7961,8831,5872,6822,0078,1592,6422,2154,857NOI from Unconsolidated Joint Ventures6,6172,2233,1653,2563,70512,3493,3713,5356,906Transaction Loss (Gain)(98) - - - - - 47(9,172)(9,125)NOI (3)$570,324$165,228$166,701$169,182$172,200$673,311$180,063$182,344$362,407Fee and Other Income (3)12,52210,1832,4502,4003,44518,4783,8655,0968,961General and Administrative Expenses(36,566)(10,709)(9,738)(9,510)(8,685)(38,642)(11,840)(12,115)(23,955)Interest Expense (3)(126,960)(38,763)(40,753)(44,327)(45,106)(168,949)(47,834)(49,699)(97,533)Reimbursed and Other Expenses (3)(3,047)(521)(625)(659)(725)(2,530)(817)(663)(1,480)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)(145)(285)Partners' Share of FFO in Consolidated Joint Ventures(1,717)(467)(420)(429)(429)(1,745)(430)(173)(603)FFO (3)$414,092$124,834$117,494$116,536$119,537$478,401$122,867$124,645$247,512Weighted Average Common Shares - Diluted154,015168,593168,765168,738168,770168,716167,681165,292166,486FFO per Share (3)$2.69$0.74$0.70$0.69$0.71$2.84$0.73$0.75$1.49 (amounts in thousands, except per share amounts)20242025 1st2025 2nd2025 3rd2025 4th20252026 1st2026 2ndYTD 2026NOIConsolidated PropertiesThe Domain (2)$78,929$20,825$21,725$22,055$22,130$86,735$22,185$22,849$45,034Sail Tower1,84311,68211,77111,72611,78046,95911,80011,61023,410Corporate Center (2)30,2848,0948,4588,4688,60333,6238,7909,02417,814Terminus (2)31,9108,2528,5668,6447,91933,3818,4728,51316,985Vantage South End (2)2,3387,1367,0317,1407,14828,4557,2437,51114,754Spring & 8th (2)29,4717,3757,3697,4127,38029,5367,3447,36714,711Buckhead Plaza (2)22,3806,4716,2236,5376,48025,7116,7966,84613,642300 Colorado24,0626,5416,7266,6866,82026,7736,8126,68313,495Promenade Tower16,7145,4335,5015,7615,98422,6796,6576,82613,483300 South Tryon - - - - - - 4,7707,22411,994Hayden Ferry (2)17,8184,5604,6214,5595,12918,8696,0655,74111,806BriarLake Plaza (2)22,3635,6865,5335,6605,62722,5065,5585,21010,768San Jacinto Center20,1614,4954,4094,5474,71018,1614,9934,5989,591Avalon (2)16,8213,4833,6253,6463,89214,6464,4684,8909,358The Link - - - 3,2584,4837,7414,5154,5699,084The Terrace (2)15,9144,1524,0063,9864,07816,2224,1684,3108,478725 Ponce17,9134,1624,1464,1564,12116,5854,1864,1728,358Colorado Tower17,6554,2523,6633,5504,08515,5504,2334,0238,256Northpark (2)20,6524,8183,9203,8223,85716,4173,9834,1748,1573344 Peachtree15,6523,7454,0514,0064,14115,9433,8313,9717,802100 Mill15,1283,9923,7823,8563,85115,4813,8403,7417,581The RailYard12,2623,0273,0583,1472,99612,2282,9563,0385,9943350 Peachtree6,7481,9702,2742,5112,7099,4642,6772,7295,406201 North Tryon19,1684,7954,9833,4422,96816,1882,7682,6225,390Legacy Union One9,5052,3722,3602,3672,3589,4572,5452,5175,062Promenade Central7,1572,3492,3332,2552,3329,2692,3822,5554,937Heights Union (2)10,6062,6232,6772,6142,65710,5712,5062,3614,867Tempe Gateway6,0032,1222,1062,3422,3528,9222,4392,3294,768Domain Point (2)8,3322,0402,0401,8432,0457,9681,9631,9713,9345950 Sherry Lane4,4321,2441,2831,4561,4225,4051,3591,4902,849111 West Rio5,6481,4191,4001,4081,4245,6511,3961,4062,802550 South8,3961,8751,8591,8611,5057,1001,2841,4892,773The Pointe4,9061,3161,2511,2231,3175,1071,3511,4002,7513348 Peachtree4,9261,3011,1568861,3204,6631,3941,2142,608Meridian Mark Plaza4,4941,1581,2801,3011,2394,9781,2961,0412,337Other (3)33,1168,2408,3507,7957,63332,0187,6676,79514,462Subtotal - Consolidated563,707163,005163,536165,926168,495660,962176,692178,809355,501Continued on next page (amounts in thousands, except per share amounts)20242025 1st2025 2nd2025 3rd2025 4th20252026 1st2026 2ndYTD 2026Unconsolidated Properties (4)Neuhoff (5)1134001,3281,4362,0315,1951,7721,9423,714Medical Offices at Emory Hospital4,6611,1761,1881,2271,1984,7891,2051,1422,347120 West Trinity (2)1,1002862282442431,001240268508Proscenium7433614213492331,364154183337Subtotal - Unconsolidated6,6172,2233,1653,2563,70512,3493,3713,5356,906Total Net Operating Income (1)570,324165,228166,701169,182172,200673,311180,063182,344362,407Fee and Other IncomeManagement Fees (6)1,7614964224544231,795449511960Termination Fees3,4052,866 - 5121,7095,0871,8312,2404,071Leasing & Other Fees - - 33 - 2357251,7012,426Development Fees - - 39721022137254126Interest Income from Real Estate Debt (7)5,7722,1495686061,0974,4207274851,212Other Income (8)1,4524,6561,350734656,805296190Other Income - Unconsolidated (4)13216382247123324476Total Fee and Other Income12,52210,1832,4502,4003,44518,4783,8655,0968,961General and Administrative Expenses(36,566)(10,709)(9,738)(9,510)(8,685)(38,642)(11,840)(12,115)(23,955)Interest ExpenseConsolidated Interest ExpensePublic Senior Notes, Unsecured ($500M)(11,201)(7,474)(7,468)(7,485)(7,480)(29,907)(7,480)(7,487)(14,967)Public Senior Notes, Unsecured ($500M) - - (1,798)(6,724)(6,742)(15,264)(6,749)(6,745)(13,494)Public Senior Notes, Unsecured ($400M)(830)(5,551)(5,548)(5,544)(5,543)(22,186)(5,546)(5,548)(11,094)Term Loan, Unsecured ($400M)(23,510)(5,539)(5,356)(5,425)(5,221)(21,541)(4,919)(4,620)(9,539)Public Senior Notes, Unsecured ($500M) - - - - - - (2,881)(6,310)(9,191)Credit Facility, Unsecured(17,324)(1,725)(1,390)(1,353)(2,331)(6,799)(3,646)(3,520)(7,166)Terminus (2)(14,055)(3,514)(3,514)(3,514)(3,513)(14,055)(3,514)(3,514)(7,028)Privately Placed Senior Notes, Unsecured ($275M)(10,975)(2,744)(2,744)(2,743)(2,744)(10,975)(2,744)(2,744)(5,488)Privately Placed Senior Notes, Unsecured ($250M)(9,764)(2,441)(2,441)(2,441)(2,441)(9,764)(2,441)(2,441)(4,882)Term Loan, Unsecured ($100M)(17,967)(3,482)(3,486)(3,598)(3,373)(13,939)(2,226)(1,125)(3,351)Privately Placed Senior Notes, Unsecured ($125M)(4,789)(1,197)(1,198)(1,197)(1,197)(4,789)(1,197)(1,198)(2,395)Privately Placed Senior Notes, Unsecured ($100M)(4,146)(1,036)(1,036)(1,037)(1,036)(4,145)(1,036)(1,037)(2,073)201 North Tryon(4,265)(1,046)(1,038)(1,030)(1,023)(4,137)(1,015)(1,006)(2,021)Colorado Tower(3,732)(918)(911)(905)(905)(3,639)(899)(890)(1,789)Other (9)(12,467)(2,490)(2,489)(135) - (5,114) - - - Capitalized (10)12,5492,3831,9031,6341,0937,0131,1921,1212,313Subtotal - Consolidated Interest Expense(122,476)(36,774)(38,514)(41,497)(42,456)(159,241)(45,101)(47,064)(92,165)Unconsolidated Interest Expense (4) Neuhoff (5)(2,452)(1,481)(1,731)(2,322)(2,142)(7,676)(2,225)(2,127)(4,352)Medical Offices at Emory Hospital(2,032)(508)(508)(508)(508)(2,032)(508)(508)(1,016)Subtotal - Unconsolidated Interest Expense(4,484)(1,989)(2,239)(2,830)(2,650)(9,708)(2,733)(2,635)(5,368)Total Interest Expense(126,960)(38,763)(40,753)(44,327)(45,106)(168,949)(47,834)(49,699)(97,533)Continued on next page (amounts in thousands, except per share amounts)20242025 1st2025 2nd2025 3rd2025 4th20252026 1st2026 2ndYTD 2026Reimbursed and Other ExpensesReimbursed Expenses (6)(634)(177)(120)(123)(124)(544)(120)(172)(292)Property Taxes and Other Land Holding Costs (4)(1,020)(355)(387)(320)(334)(1,396)(416)(367)(783)Predevelopment & Other Costs (4)(1,393)11(118)(216)(267)(590)(281)(124)(405)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)(663)(1,480)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)(145)(285) - Partners' Share of FFO in Consolidated Joint Ventures(1,717)(467)(420)(429)(429)(1,745)(430)(173)(603)FFO $414,092$124,834$117,494$116,536$119,537$478,401$122,867$124,645$247,512Weighted Average Shares - Diluted154,015168,593168,765168,738168,770168,716167,681165,292166,486FFO per Share$2.69$0.74$0.70$0.69$0.71$2.84$0.73$0.75$1.49 Office Properties Rentable Square FeetFinancial Statement PresentationCompany's Ownership InterestEnd of Period LeasedWeighted Average Occupancy (2)% of Total NOI / 2Q261Q262Q261Q262Q26The Domain (3) (4)2,080,000Consolidated100%97.6%99.2%97.9%97.6%12.9%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%San Jacinto Center399,000Consolidated100%90.3%82.3%87.6%82.2%2.6%The Terrace (3)619,000Consolidated100%89.6%91.3%83.4%84.3%2.4%Colorado Tower373,000Consolidated100%89.7%96.3%89.7%89.7%2.3%Domain Point (3)240,000Consolidated96.5%93.6%93.6%93.6%93.6%1.1%AUSTIN4,893,00095.8%96.5%94.9%94.5%31.7%Terminus (3)1,227,000Consolidated100%83.8%89.3%81.8%83.1%4.7%Spring & 8th (3)765,000Consolidated100%100.0%100.0%100.0%100.0%4.1%Buckhead Plaza (3)680,000Consolidated100%95.8%95.4%92.7%92.4%3.9%Promenade Tower777,000Consolidated100%87.0%88.8%85.1%86.6%3.9%Avalon (3)481,000Consolidated100%100.0%100.0%98.3%100.0%2.8%725 Ponce372,000Consolidated100%87.6%100.0%87.6%87.6%2.4%Northpark (3)1,407,000Consolidated100%83.7%84.5%69.3%69.4%2.4%3344 Peachtree485,000Consolidated100%94.5%96.5%94.5%94.2%2.3%3350 Peachtree409,000Consolidated100%91.8%92.5%91.8%92.5%1.5%Promenade Central367,000Consolidated100%84.3%92.7%78.7%81.1%1.5%3348 Peachtree258,000Consolidated100%77.0%75.4%77.0%74.3%0.7%Meridian Mark Plaza160,000Consolidated100%100.0%100.0%100.0%100.0%0.6%Medical Offices at Emory Hospital359,000Unconsolidated50%99.2%99.0%99.2%99.0%0.6%Proscenium525,000Unconsolidated20%61.6%62.9%44.8%44.8%0.1%120 West Trinity Office43,000Unconsolidated20%74.2%74.2%74.2%74.2%0.1%ATLANTA8,315,00089.3%91.6%85.2%85.7%31.6%Vantage South End (3) 639,000Consolidated100%97.4%97.5%97.4%97.5%4.3%300 South Tryon (5)637,000Consolidated100%100.0%100.0%100.0%100.0%4.1%The RailYard329,000Consolidated100%99.0%97.8%98.1%98.3%1.7%201 North Tryon687,000Consolidated100%49.0%49.3%48.8%49.3%1.5%550 South399,000Consolidated100%77.9%71.1%55.8%65.4%0.8%CHARLOTTE2,691,00082.9%81.9%77.6%81.1%12.4%Hayden Ferry (3) (6)805,000Consolidated100%95.4%96.3%92.2%90.1%3.3%100 Mill 287,000Consolidated100%98.1%98.2%98.1%98.2%2.1%Tempe Gateway265,000Consolidated100%98.4%94.6%95.7%94.2%1.3%111 West Rio225,000Consolidated100%100.0%100.0%100.0%100.0%0.8%PHOENIX1,582,00097.3%97.0%95.4%94.1%7.5%Continued on next page Office Properties Rentable Square FeetFinancial Statement PresentationCompany's Ownership InterestEnd of Period LeasedWeighted Average Occupancy (2)% of Total NOI / 2Q261Q262Q261Q262Q26Corporate Center (3)1,229,000Consolidated100%96.5%96.5%95.6%94.9%5.1%Heights Union (3)294,000Consolidated100%100.0%100.0%100.0%100.0%1.3%The Pointe253,000Consolidated100%93.2%94.6%89.3%93.1%0.8%TAMPA1,776,00096.6%96.8%95.5%95.5%7.2%The Link (5)292,000Consolidated100%95.8%95.9%93.6%94.5%2.6%Legacy Union One319,000Consolidated100%100.0%100.0%100.0%100.0%1.4%5950 Sherry Lane197,000Consolidated100%98.5%95.7%87.3%86.8%0.8%DALLAS808,00098.1%97.5%94.6%94.8%4.8%BriarLake Plaza (3)835,000Consolidated100%97.0%97.2%94.1%94.8%3.0%HOUSTON835,00097.0%97.2%94.1%94.8%3.0%Neuhoff Office (5) (7)396,000Unconsolidated50%84.3%95.8%50.0%56.1%0.5%NASHVILLE396,00084.3%95.8%50.0%56.1%0.5%TOTAL OFFICE 21,296,00091.9%92.8%88.9%89.4%98.7%Other Properties (5) Neuhoff Apartments - Nashville (542 units) (7)454,000Unconsolidated50%92.6%93.2%87.5%87.8%0.6%College Street Garage - CharlotteN/AConsolidated100%N/AN/AN/AN/A0.5%120 West Trinity Apartments - Atlanta (330 units)310,000Unconsolidated20%96.3%98.5%95.5%95.1%0.1%Neuhoff Retail - Nashville (7)53,000Unconsolidated50%46.6%46.6%46.6%46.6%0.1%Domain 4 - Austin (4)157,000Consolidated100%33.4% - %33.4% - % - %TOTAL OTHER974,0001.3%TOTAL22,270,000100.0% Completed Operating Property Acquisitions 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 (SOFR + 0.800%) (3)100%4.420%8/11/27$ - $100,000$ - $ - $ - $ - $100,000$ - $(20)$99,980Term Loan, Unsecured (SOFR + 0.800%) (4)100%4.420%3/3/28 - - 200,000 - - - 200,000 - (50)199,950Credit Facility, Unsecured (SOFR + 0.725%) (5)100%4.345%4/1/31 - - - - - 167,000167,000 - - 167,000Total Consolidated Floating Rate Debt - 100,000200,000 - - 167,000467,000 - (70)466,930Consolidated Debt - Fixed RateColorado Tower 100%3.450%9/1/2699,721 - - - - - 99,721 - - 99,721201 North Tryon100%3.370%10/1/26116,941 - - - - - 116,941 - (6)116,935Privately Placed Senior Notes, Unsecured100%4.090%7/6/27 - 100,000 - - - - 100,000 - (42)99,958Privately Placed Senior Notes, Unsecured100%3.780%7/6/27 - 125,000 - - - - 125,000 - (62)124,938Term Loan, Unsecured (4)100%4.418%3/3/28 - - 200,000 - - - 200,000 - (50)199,950Privately Placed Senior Notes, Unsecured100%3.860%7/6/28 - - 250,000 - - - 250,000 - (224)249,776Privately Placed Senior Notes, Unsecured100%3.950%7/6/29 - - - 275,000 - - 275,000 - (335)274,665Public Senior Notes, Unsecured (6)100%5.250%7/15/30 - - - - 500,000 - 500,000(53) - (3,401)496,546Terminus (7)100%6.340%1/15/31 - - - - - 221,000221,000 - (204)220,796Public Senior Notes, Unsecured (8)100%5.375%2/15/32 - - - - - 400,000400,000(1,745)(2,813)395,442Public Senior Notes, Unsecured (9)100%4.875%3/1/33 - - - - - 500,000500,000(3,568)(4,069)492,363Public Senior Notes, Unsecured (10)100%5.875%10/1/34 - - - - - 500,000500,000(1,252)(4,704)494,044Total Consolidated Fixed Rate Debt216,662225,000450,000275,000500,0001,621,0003,287,662(6,618)(15,910)3,265,134Total Consolidated Debt216,662325,000650,000275,000500,0001,788,0003,754,662(6,618)(15,980)3,732,064Unconsolidated DebtUnconsolidated Debt - Floating RateNeuhoff (SOFR + 3.000%) (11)50%6.630%9/30/27 - 127,014 - - - - 127,014 - (124)126,890.Unconsolidated Debt - Fixed RateMedical Offices at Emory Hospital 50%4.800%6/1/32 - - - - - 41,50041,500 - (236)41,264Total Unconsolidated Debt - 127,014 - - - 41,500168,514 - (360)168,154Total Debt$216,662$452,014$650,000$275,000$500,000$1,829,500$3,923,176$(6,618)$(16,340)$3,900,218Total Maturities (12)$215,159$452,014$650,000$275,000$500,000$1,829,500$3,921,673% of Maturities5%12%17%7%13%46%100% ($ in thousands)Three Months Ended June 30,20252026$ Change% ChangeRental Property Revenues (2)$219,735$231,052$11,3175.2%Rental Property Operating Expenses (2)67,28575,5448,25912.3%Same Property Net Operating Income$152,450$155,508$3,0582.0%Cash-Basis Rental Property Revenues (3)$199,942$216,309$16,3678.2%Cash-Basis Rental Property Operating Expenses (4)67,10775,6188,51112.7%Cash-Basis Same Property Net Operating Income$132,835$140,691$7,8565.9%End of Period Leased 92.2%92.4%Weighted Average Occupancy 90.1%88.8%Six Months Ended June 30,20252026$ Change% ChangeRental Property Revenues (2)$444,201$459,914$15,7133.5%Rental Property Operating Expenses (2)138,779149,06310,2847.4%Same Property Net Operating Income$305,422$310,851$5,4291.8%Cash-Basis Rental Property Revenues (3)$402,226$427,606$25,3806.3%Cash-Basis Rental Property Operating Expenses (4)138,418148,97510,5577.6%Cash-Basis Same Property Net Operating Income$263,808$278,631$14,8235.6%Weighted Average Occupancy 89.7%88.7% 20242025 1st2025 2nd2025 3rd2025 4th20252026 1st2026 2ndYTD 2026FFO and EBITDAreNet income (loss) available to common stockholders$45,962$20,897$14,483$8,590$(3,467)$40,503$(24,856)$26,158$1,302Depreciation and amortization of real estate assets:Consolidated properties364,584101,996100,769105,152106,954414,871108,267104,699212,966Share of unconsolidated joint ventures4,7452,2122,4893,0343,00410,7393,0533,0576,110Partners' share of real estate depreciation(1,106)(274)(250)(241)(240)(1,005)(240)(101)(341)Operating property impairment - - - - 13,28613,28636,600 - 36,600Loss (gain) on depreciated property transactions:Consolidated properties(101) - - - - - 47(9,172)(9,125)Non-controlling interest related to unitholders8331 - 7(4)4 - FFO (1)414,092124,834117,494116,536119,537478,401122,867124,645247,512Interest Expense126,96038,76340,75344,32745,106168,94947,83449,69997,533Non-Real Estate Depreciation and Amortization461117121121130489140145285EBITDAre (1)541,513163,714158,368160,984164,773647,839170,841174,489345,330FFO and Net Operating Income from Unconsolidated Joint VenturesLoss from Unconsolidated Joint Ventures(2,796)(1,883)(1,587)(2,682)(2,007)(8,159)(2,642)(2,215)(4,857)Depreciation and Amortization of Real Estate Assets4,7452,2122,4893,0343,00410,7393,0533,0576,110FFO - Unconsolidated Joint Ventures1,9493299023529972,5804118421,253Interest Expense4,4841,9892,2392,8302,6509,7082,7332,6355,368Other Expense316(79)6299102184259101360Other Income(132)(16)(38)(25)(44)(123)(32)(43)(75)Net Operating Income - Unconsolidated Joint Ventures6,6172,2233,1653,2563,70512,3493,3713,5356,906Market CapitalizationCommon Stock Price Per Share at Period End$30.64$29.50$30.03$28.94$25.78$25.78$22.57$29.98$29.98Number of Common Stock/Units Outstanding at Period End167,685167,933167,992167,990168,007168,007164,566164,627164,627Equity Market Capitalization5,137,8684,954,0245,044,8004,861,6314,331,2204,331,2203,714,2554,935,5174,935,517Consolidated Debt3,095,6663,020,7413,476,7613,309,3833,340,8153,340,8153,772,1823,732,0643,732,064Share of Unconsolidated Debt178,722182,735183,847165,737166,205166,205166,568168,154168,154Debt (1)3,274,3883,203,4763,660,6083,475,1203,507,0203,507,0203,938,7503,900,2183,900,218Total Market Capitalization8,412,2568,157,5008,705,4088,336,7517,838,2407,838,2407,653,0058,835,7358,835,735Credit RatiosDebt (1) 3,274,3883,203,4763,660,6083,475,1203,507,0203,507,0203,938,7503,900,2183,900,218Less: Cash and Cash Equivalents(7,349)(5,330)(416,840)(4,675)(5,720)(5,720)(6,296)(6,699)(6,699)Less: Share of Unconsolidated Cash and Cash Equivalents (1)(6,821)(6,332)(4,448)(6,484)(5,633)(5,633)(6,333)(6,314)(6,314)Net Debt (1)3,260,2183,191,8143,239,3203,463,9613,495,6673,495,6673,926,1213,887,2053,887,205Total Market Capitalization8,412,2568,157,5008,705,4088,336,7517,838,2407,838,2407,653,0058,835,7358,835,735Net Debt / Total Market Capitalization38.8%39.1%37.2%41.6%44.6%44.6%51.3%44.0%44.0%Continued on next page disclosures. The following lists non-GAAP financial measures that the Company share of unconsolidated debt, less consolidated cash and cash equivalents and our (in thousands, except share and per share amounts) Lease Expirations by Year (1) Tenant (2)Number of Properties OccupiedNumber of Markets Occupied Company's Share of Square FootageCompany's Share of Annualized Rent ($ in thousands) (3)Percentage of Company's Share of Annualized Rent Weighted Average Remaining Lease Term (Years)1Amazon531,461,805$80,4779.0%5.52Alphabet (4)11799,14948,1285.4%11.63NCR Voyix22815,63443,9824.9%6.94ExxonMobil11298,39621,8622.4%6.55IBM11319,86318,9822.1%14.26Expedia11315,88217,6032.0%4.87Apache11362,80314,5671.6%12.58Ovintiv USA (5)11318,58213,8681.5%0.89Barings11203,3199,6441.1%5.310Deloitte43193,7519,3371.0%8.011McGuireWoods LLP22176,4988,6851.0%14.512ADP11225,0008,3200.9%1.813BlackRock11131,6567,8980.9%9.914McKinsey & Company33138,5327,3580.8%6.315Smurfit Westrock11181,3517,0410.8%3.816Amgen11163,1697,0030.8%2.317Time Warner Cable21119,0186,4320.7%2.318Samsung (6)11133,8606,3760.7%1.019Workday, Inc.11131,9526,3420.7%7.020Allstate11148,2626,3270.7%3.5Total6,638,482$350,23239.0%6.4(1)Excludes leases at properties held for sale as of June 30, 2026.(2)In some cases, the actual tenant may be an affiliate of the entity shown, and the entity shown may not be a guarantor of the obligations of that tenant.(3)Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of June 30, 2026. If the tenant was in a free rent period as of June 30, 2026, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent.(4)Effective June 1, 2026, Alphabet began to self manage the property, including directly paying some operating expenses. As a result, operating expenses paid directly by Alphabet are no longer included in annualized rent.(5)In the third quarter of 2025, the Company proactively entered into an early termination agreement with Ovintiv. Approximately 88% of Ovintiv's premises were previously subleased and following Ovintiv's expiration on June 30, 2026, the subtenants became direct tenants. The above reflects these subtenants' remaining lease term as of June 30, 2026.(6)The weighted average lease term includes a second quarter 2026 eight year partial renewal of 11,000 square feet. ProjectTypeMarketCompany's Ownership InterestConstruction Start DateSquare Feet/UnitsEstimated Project Cost ($ 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 PropertyTypeMarketCompany's Ownership InterestTimingSquare FeetGross Purchase Price($ in thousands) (1)2026300 South TryonOfficeCharlotte100%1Q638,000$317,500100 Mill (2)OfficePhoenix100%2Q288,00018,5002025The LinkOfficeDallas100%3Q292,000218,0002024ProsceniumOfficeAtlanta20%3Q525,00083,250Sail TowerOfficeAustin100%4Q804,000521,800Vantage South EndOfficeCharlotte100%4Q639,000328,5002022Avalon (3)OfficeAtlanta100%2Q480,00043,4002021725 PonceOfficeAtlanta100%3Q372,000300,200Heights UnionOfficeTampa100%4Q294,000144,8004,332,000$1,975,950 Certain matters contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to (in thousands, except per share amounts)Six Months Ended June 30,20262025DollarsWeighted Average Common SharesPer Share AmountDollarsWeighted Average Common SharesPer Share AmountNet Income Available to Common Stockholders$1,302165,685$0.01$35,380167,870$0.21Noncontrolling interest related to unitholders - 25 - 625 - Conversion of unvested restricted stock units - 776 - - 784 - Net Income - Diluted1,302166,4860.0135,386168,6790.21Depreciation and amortization of real estate assets:Consolidated properties212,966 - 1.27202,765 - 1.20Share of unconsolidated joint ventures6,110 - 0.044,701 - 0.03Partners' share of real estate depreciation(341) - - (524) - - Gain on investment property transactions(9,125) - (0.05) - - - Operating property impairment36,600 - 0.22 - - - Funds From Operations$247,512166,486$1.49$242,328168,679$1.44 For second quarter 2026:
Raises 2026 Earnings Guidance Midpoint Floating and Fixed Rate Debt Analysis
THE COMPANY Three Months Ended June 30, 2026Six Months Ended June 30, 2026NewRenewalExpansionTotalNewRenewalExpansionTotalNet leased square feet (1)331,726529,76762,893924,386737,343978,025140,5871,855,955Number of transactions251954943381798Lease term in years (2)9.08.49.68.78.76.88.67.7Net effective rent calculation (per square foot per year) (2) Net annualized rent (3)$41.22$39.73$55.62$41.35$42.51$42.09$51.24$42.96Net free rent(2.84)(2.03)(4.19)(2.47)(3.07)(1.33)(3.07)(2.16)Leasing commissions(3.55)(2.75)(4.10)(3.13)(3.54)(2.84)(3.85)(3.20)Tenant improvements(10.67)(5.45)(10.97)(7.70)(10.60)(4.80)(8.76)(7.40)Total leasing costs(17.06)(10.23)(19.26)(13.30)(17.21)(8.97)(15.68)(12.76)Net effective rent$24.16$29.50$36.36$28.05$25.30$33.12$35.56$30.20Second generation leased square footage (4)637,7411,294,174Increase in straight-line basis second generation net rent per square foot (5)26.8%27.8%Increase in cash-basis second generation net rent per square foot (6)9.2%12.2% 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: TR Domain Point LLCDomain PointPreferred return on preferred equity contribution, then 96.5% of remaining cash flows.Partner has put options under various circumstances.Unconsolidated:AMCO 120 WT Holdings LLC120 West Trinity20% of cash flows.Cousins or partner can trigger a buyout upon which Cousins would receive the office component, and partner would receive the multifamily component, with a net settlement at a then agreed upon value.Crawford Long-CPI, LLCMedical Offices at Emory Hospital50% of cash flows.Cousins can put its interest to partner, or partner can call Cousins' interest, at a value determined by appraisal.Neuhoff Holdings LLCNeuhoff50% of cash flows until return of contributed capital to partners; portions of cash amounts received in excess of contributed capital to equity partners are paid to development partner as a promote.Cousins or its equity partner can trigger a sale process, subject to a right of first offer that can be exercised by the non-triggering party.TL CO Proscenium JV LLCProscenium20% of cash flows.Cousins' equity partner can trigger a sale process, subject to a right of first offer that can be exercised by Cousins. Additionally, Cousins has a put option under various circumstances. FUNDS FROM OPERATIONS June 30, 2026December 31, 2025Assets: Real estate assets: Operating properties, net of accumulated depreciation of $1,944,115 and $1,922,394 in 2026 and 2025, respectively$7,872,060$7,894,846Land135,869135,8708,007,9298,030,716Real estate assets and other assets held for sale, net 223,58661,489Cash and cash equivalents6,6995,720Investments in real estate debt, at fair value19,58637,804Accounts receivable15,60817,578Deferred rents receivable276,351269,282Investments in unconsolidated joint ventures212,792215,301Intangible assets, net175,884164,738Other assets, net102,43887,504Total assets$9,040,873$8,890,132Liabilities:Notes payable$3,732,064$3,340,815Accounts payable and accrued expenses294,261314,317Deferred income286,872301,358Intangible liabilities, net 121,790117,085Other liabilities106,583111,506Liabilities of real estate assets held for sale, net 7,7362,849Total liabilities4,549,3064,187,930Commitments and contingenciesEquity:Stockholders' investment:Common stock, $1 par value per share, 300,000,000 shares authorized, 164,602,058 and 167,981,990 issued and outstanding in 2026 and 2025, respectively164,602167,982Additional paid-in capital5,886,1695,971,762Distributions in excess of cumulative net income(1,567,095)(1,460,154) Total stockholders' investment4,483,6764,679,590Nonredeemable noncontrolling interests7,89122,612Total equity4,491,5674,702,202Total liabilities and equity$9,040,873$8,890,132 Three Months EndedSix Months EndedJune 30,June 30, 2026202520262025Revenues: Rental property revenues$265,714$237,715$526,822$480,742Fee income2,2674943,512990Other5471,9191,3038,724 268,528240,128531,637490,456Expenses:Rental property operating expenses84,66674,179167,251151,335Reimbursed expenses172119292296General and administrative expenses12,1159,73823,95520,447Interest expense47,06438,51492,16575,288Operating property impairment - - 36,600 - Depreciation and amortization104,845100,890213,251203,004Other389443827865 249,251223,883534,341451,235Loss from unconsolidated joint ventures(2,215)(1,587)(4,857)(3,470)Gain on investment property transaction9,172 - 9,125 - Net income 26,23414,6581,56435,751Net income attributable to noncontrolling interests(76)(175)(262)(371)Net income available to common stockholders$26,158$14,483$1,302$35,380Net income per common share - basic and diluted$0.16$0.09$0.01$0.21Weighted average common shares - basic164,561167,930165,685167,870Weighted average common shares - diluted165,292168,765166,486168,679 Year of Expiration Square Feet Expiring % of LeasedSpace AnnualContractual Rent($ in thousands) (2) % of AnnualContractualRent AnnualContractualRent/Sq. Ft.2026435,5782.3%$19,8531.9%$45.582027835,0874.5%38,4933.6%46.1020281,663,6199.0%82,7627.8%49.7520291,910,00010.3%96,9579.2%50.7620301,735,3899.3%90,4188.5%52.1020311,421,9567.6%81,9377.7%57.6220321,867,63510.1%104,2879.8%55.8420332,221,60812.0%138,00213.0%62.1220341,351,0587.3%78,5367.4%58.132035 & Thereafter5,123,80827.6%330,13131.1%64.43Total18,565,738100.0%$1,061,376100.0%$57.17 uncertainties and risks, as itemized herein. These forward-looking statements include information about possible or assumed future results of the MarketCompany's Ownership InterestFinancial Statement PresentationTotal Developable Land (Acres)3354/3356 PeachtreeAtlanta95%Consolidated3.2715 PonceAtlanta50%Unconsolidated1.0887 West PeachtreeAtlanta100%Consolidated1.6Domain Point 3Austin90%Consolidated1.7Domain CentralAustin100%Consolidated5.6South End StationCharlotte100%Consolidated3.4303 Tremont (1)Charlotte100%Consolidated2.4Legacy Union 2 & 3Dallas95%Consolidated4.0Neuhoff Commercial - Phase II (2)Nashville50%Unconsolidated1.4Corporate Center 5 & 6 (3)Tampa100%Consolidated14.1Total38.4Total Cost Basis of Land ($ 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 RECONCILIATION OF 2026 PROJECTED NET INCOME AVAILABLE •Closed a new five-year $1.2 billion unsecured credit facility, replacing the prior $1.0 billion facility that was scheduled to mature Second Quarter 2026 Portfolio NOI by Market ATLANTA, GA (July 30, 2026) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended June 30, 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 (in thousands, except per share amounts)Three Months Ended June 30,20262025DollarsWeighted Average Common SharesPer Share AmountDollarsWeighted Average Common SharesPer Share AmountNet Income Available to Common Stockholders$26,158164,561$0.16$14,483167,930$0.09Noncontrolling interest related to unitholders425 - 325 - Conversion of unvested restricted stock units - 706 - - 810 - Net Income - Diluted26,162165,2920.1614,486168,7650.09Depreciation and amortization of real estate assets:Consolidated properties104,699 - 0.63100,769 - 0.60Share of unconsolidated joint ventures3,057 - 0.022,489 - 0.01Partners' share of real estate depreciation(101) - - (250) - - Gain on investment property transactions(9,172) - (0.06) - - - Funds From Operations$124,645165,292$0.75$117,494168,765$0.70 TO COMMON STOCKHOLDERS TO 2026 PROJECTED FFO in April 2027, added two six-month extensions to our existing $400 million and $100 million unsecured term loans, and improved 2026. Total Principal ($ in thousands)Total Debt (%)Weighted Average Interest RateWeighted Average Maturity (Years) (2)Floating Rate Debt$594,01415%4.87%2.4Fixed Rate Debt3,329,16285%4.90%4.5Total Debt$3,923,176100%4.89%4.2 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 the borrowing spread by fifteen basis points on both the credit facility and the $400 million term loan and by thirty basis points “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. "We had a busy and productive second quarter," said Colin Connolly, President and Chief Executive Officer of Cousins Properties. on the $100 million term loan. 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, "We leased more than 920,000 square feet of office space during the second quarter, increasing our portfolio to 92.8% leased - the and below market rents, and non-cash ground lease expense. Company management to measure operating performance of the Company's primarily invests in Class A office buildings located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder •Purchased our joint venture partner's 10% interest in 100 Mill, a 287,000 square foot office property in Phoenix, for $18.5 million. Completed Operating Property Dispositions Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into highest level since the first quarter of 2020. We also completed several strategic property transactions that further enhanced the quality properties. NOI, which is rental property revenues (excluding termination fee income) Nashville 1.2% Charlotte12.9% 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 The purchase price included a promote to our partner in excess of its partnership interest and was based on a value for the account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not of our lifestyle office portfolio. We are well-positioned for the second half of 2026 as our late-stage leasing pipeline remains robust and less rental property operating expenses, excludes certain components from net Dallas4.8% 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 June 30, 2026. property of $158.7 million. trophy office fundamentals in the Sun Belt are tightening." 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 Full Year 2026 Guidance(in thousands, except per share amounts)LowHighDollarsPer Share Amount (1)DollarsPer Share Amount (1)Net Income Available to Common Stockholders $14,860$0.08$24,861$0.14Add: Noncontrolling interest related to unitholders2 - 4 - Net Income14,8620.0824,8650.14Add: Depreciation and amortization of real estate assets444,5062.67444,5062.67Add: Operating property impairment36,6000.2236,6000.22Subtract: Gain on investment property transactions(9,125)(0.05)(9,125)(0.05)Funds From Operations$486,843$2.92$496,846$2.98(1) Calculated based on projected weighted average shares outstanding of 166.7 million.R2 Weight Average Shares166,72724.57 definition, which is net income (loss) available to common stockholders (computed in PropertyTypeMarketCompany's Ownership InterestTimingSquare FeetGross Sales Price($ in thousands)2026Harborview PlazaOfficeTampa100%1Q206,000$39,500Research Park VOfficeAustin100%2Q173,00042,0002022Carolina 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%4Q435,000174,0003,477,000$830,300 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 •Sold Research Park Plaza V, a 173,000 square foot office property in Austin, for a gross sales price of $42.0 million resulting in a 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 and uncertainties related to the impact of changes in general economic and capital market conditions (on an international or national basis or within amortization, losses (gains) on the disposition of depreciated property, and gain of $9.2 million. incurred at the corporate level as opposed to the property level. As a result, Financial Results 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 management uses only those income and expense items that are incurred at the •Subsequent to quarter end, acquired a preferred equity interest in 5th & Walsh, a 199,000 square foot office development in 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 For second quarter 2026: property level to evaluate a property's performance. Depreciation, amortization, Construction Loan$125M Austin. Our funding commitment of $31.5 million is expected to be invested in 2027. M. Colin ConnollyGregg D. AdzemaKennedy HicksRichard G. Hickson IVPresident & Chief Executive OfficerExecutive Vice President & Chief Financial OfficerExecutive Vice President & Chief Investment OfficerExecutive Vice President, OperationsJohn S. McCollPamela F. RoperJeffrey D. SymesExecutive Vice President, DevelopmentExecutive Vice President, General Counsel & Corporate SecretarySenior Vice President & Chief Accounting Officer resulting from the severity and duration of any downturn, adverse conditions or uncertainty in the U.S. or global economy; risks affecting the real 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)Maturity dates shown assume the Company exercises all extensions available as of the date of this report.(3)The Company exercised the fifth of its six consecutive options to extend the maturity date of this term loan. This extension will become effective August 19, 2026, and will extend the maturity date to February 12, 2027. One additional six month extension option remains unexercised. The spread over SOFR at June 30, 2026, was 1.00%. In February 2026, the Company paid $150 million towards the principal of the term loan. In April 2026, 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%. (4)The Company exercised the fourth of its six consecutive options to extend the maturity date of this term loan. This extension will become effective September 3, 2026, and will extend the maturity date to March 3, 2027. Two additional six month extension options remain 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. In April 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 0.85% to the spread over SOFR +0.80%. As of June 30, 2026, the spread over SOFR of the remaining $200 million of the term loan was 0.80%.(5)In April 2026, the Company entered into the sixth amendment to the Credit Facility, which increased the facility's capacity from $1.0 billion 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%. As of June 30, 2026, the Company had $167.0 million drawn under the Credit Facility and had the ability to borrow an additional $1.0 billion. (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 4.875% with an effective rate of 5.001% including the original issue discount.(10)This note has a coupon of 5.875% with an effective rate of 5.912% including the original issue discount.(11)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.(12)Maturities include principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.
- Net income available to common stockholders was $26.2 million, or $0.16 per share, compared to net income of $14.5 million, or 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. •Subsequent to quarter end, sold One Eleven Congress, a 519,000 square foot office property in Austin, for a gross sales price of $0.09 per share, for second quarter 2025. The increase in net income is primarily attributable to a gain on the sale of an change in the financial condition or liquidity of one or more of our tenants or borrowers under our real estate debt investments; changes in customer "Funds Available for Distribution” (“FAD”) represents FFO adjusted to exclude $208.0 million on July 29, 2026. “Same Property Net Operating Income” represents Net Operating Income or investment property. preferences regarding space utilization; changes in customers’ financial condition; the availability, cost, and adequacy of insurance coverage; the effect of non-cash items and transaction costs and include deductions for second Cash-Basis Net Operating Income for those operating office properties that were competition from other developers, investors, owners, and operators of real estate; the failure to achieve anticipated benefits from intended or •Funds From Operations ("FFO") was $124.6 million, or $0.75 per share, compared to $117.5 million, or $0.70 per share, for generation Capital Expenditures ("CAPEX"). Management believes that FAD provides Mortgage$71 Earnings Guidance 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 or held for sale as of June 30, 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 June 30, 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. stabilized and owned by the Company for the entirety of all comparable reporting Unsecured Senior Notes$250M completed acquisitions, developments, investments, or dispositions; the cost and availability of financing, the effectiveness of any interest rate analysts and investors with information that assists in the comparability of the second quarter 2025. periods presented. Same Property Net Operating Income or Cash-Basis Same Completed Property Developments For year ending December 31, 2026: Company's dividend policy with other real estate companies. hedging contracts, and any failure to comply with debt covenants under credit agreements; the effect of common stock, debt, or operating Phoenix7.5% Atlanta31.7% Property Net Operating Income allows analysts, investors, and management to For the six months ended June 30, 2026: ProjectTypeMarketCompany's Ownership InterestTiming (4)Square FeetTotal Project Cost ($ in thousands) (1)2026Neuhoff Commercial - Phase 1MixedNashville50%(5)450,000$306,000Neuhoff ApartmentResidentialNashville50%1Q454,000217,0002025Domain 9OfficeAustin100%1Q338,000147,0002022300 ColoradoOfficeAustin100%1Q369,000193,000100 Mill (2)OfficePhoenix90%4Q288,000156,000202110000 Avalon (3)OfficeAtlanta90%1Q251,00096,000120 West TrinityMixedAtlanta20%2Q353,00089,000Domain 10OfficeAustin100%3Q300,000111,0002,803,000$1,315,000 partnership unit issuances; threatened terrorist attacks or sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political analyze continuing operations and evaluate the growth trend of the Company's “Funds From Operations” (“FFO”) is a supplemental operating performance •Net income between $0.08 and $0.14 per share, up from $0.02 and $0.10 per share.
- Net income available to common stockholders was $1.3 million, or $0.01 per share, compared to net income of $35.4 million, or 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 portfolio. Term Loan$100M Mortgage $42M measure used in the real estate industry. The Company calculates FFO in accordance $0.21 per share, for the six months ended June 30, 2025. The decline in net income is primarily attributable to an impairment •FFO between $2.92 and $2.98 per share, up from $2.90 and $2.98 per share. 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 “Second Generation Leasing Costs" and "Second Generation Building (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. charge. 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
- The increase in FFO per share is primarily driven by leasing activity that exceeded our prior forecast and the transaction activity Improvements” is used in the valuation and analysis of real estate. Because the Construction Loan$127M Credit Facility$167M 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 •Funds From Operations ("FFO") was $247.5 million, or $1.49 per share, compared to $242.3 million, or $1.44 per share, for the Unsecured Senior Notes$400M Unsecured Senior Notes Unsecured Senior Notes Company develops and acquires properties, in addition to operating existing The tables above show FFO and the related reconciliation from Net Income Available to Common Stockholders for Cousins Properties Incorporated and Subsidiaries. discussed above. 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; six months ended June 30, 2025. properties, its property acquisition and development expenditures included in the See page 39 for definition of FFO. 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 2.9 million common shares previously issued on a forward basis are settled during the third quarter. material changes in dividend rates on common shares or other securities or the ability to pay those dividends; the impact of changes to applicable Statements of Cash Flows includes both initial costs associated with developing and Pictured Above: Promenade Central, Atlanta, GAPictured on Cover: 300 Colorado and Colorado Tower, Austin, TX same basis. FFO is used by industry analysts and investors as a supplemental measure Houston3.0% 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 acquiring investment assets and those expenditures necessary to lease, operate, and (1)Represents the Company's operating properties, excluding properties in the development pipeline and properties sold prior to or held for sale as of June 30, 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 occupancy stabilizes. The renovation is substantially complete, and as of June 30, 2026, the building was 95.7% leased and had a weighted average occupancy of 50.5%. (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. Austin31.7%
- Guidance assumes the sale of our 303 Tremont land parcel during the fourth quarter. of an equity REIT's operating performance. Historical cost accounting for real estate (1)Same Properties include those operating 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. (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. Operations and Leasing Activity maintain existing properties at historic performance levels. The latter costs are Unsecured Senior Notes $225M on our accounting policies and on period to period comparison of financial results; risks associated with climate change and severe weather events; (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. Unsecured Senior Notes Tampa7.2%
| assets implicitly assumes that the value of real estate assets diminishes predictably Mortgages referred to as second generation costs and are useful in evaluating the economic •Guidance does not include any speculative property acquisitions, dispositions, or development starts. For second quarter 2026: 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 | Mortgages$221M |
| Continued on next page performance of the asset and in valuing the asset. Accordingly, the Company (1) The operating property impairments relate to One Eleven Congress in the first quarter of 2026 and Harborview in the fourth quarter of 2025. conditions, many industry investors and analysts have considered presentation of •Guidance reflects management’s current plans and assumptions as of the date of this earnings release and are subject to change •Same property net operating income ("NOI") on a cash-basis increased 5.9%. discloses the portion of its property acquisition and development expenditures that (2) The land and related predevelopment cost impairment in the fourth quarter of 2025 relate to a land parcel at 303 Tremont. The bases of the land and predevelopment cost were $18.9 million and | |
| 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 operating 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. (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 as well as the risks and uncertainties more fully described in our SEC filings. Actual results could differ materially from this $5.8 million, respectively, prior to impairment charges. pertain to second generation space in its operating properties. The Company | |
- Second generation net rent per square foot on a cash-basis increased 9.2%. 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 guidance. excludes from second generation leasing costs for vacant space in newly acquired REIT operating performance that excludes historical cost depreciation, among other June 30, 2026. If the tenant was in a free rent period as of June 30, 2026, Annualized Rent represents the annualized contractual rent the tenant will pay in •Executed 924,000 square feet of office leases, including 395,000 square feet of new and expansion leases, representing 43% of 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. buildings, leasing costs for spaces that have been vacant for one year or more, items, from GAAP net income. Management believes that the use of FFO, combined the first month the tenant is required to pay full rent. total leasing activity. herein. The Company does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future building improvements on newly acquired buildings that management identifies as Investor Conference Call and Webcast with the required primary GAAP presentations, has been fundamentally beneficial, events, or other matters, except as otherwise required by law. necessary to bring the building to the Company's operational standards, and building For the six months ended June 30, 2026: improving the understanding of operating results of REITs among the investing public The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Friday, July 31, 2026 to discuss the results of the quarter improvements associated with properties identified as under redevelopment or Note: Management uses SIC codes when available, along with their judgment, to determine tenant industry classification. This schedule includes leases that and making comparisons of REIT operating results more meaningful. Company •Same property net operating income ("NOI") on a cash-basis increased 5.6%. ended June 30, 2026. The number to call for this interactive teleconference is (800) 836-8184. The live webcast of this call can be have commenced. Leases that have been signed but have not commenced and leases at properties held for sale as of June 30, 2026 are excluded. (1) Except as otherwise noted, amounts represent total purchase prices, total project costs paid by the Company and, where applicable, its joint venture partner. repositioning. In addition, the Company excludes building improvements intended to management evaluates operating performance in part based on FFO. Additionally, (2) Developed 100 Mill as the majority partner in a 90-10 joint venture, HICO 100 Mill LLC. In 2026, we purchased the outside interest of 10% in HICO 100 Mill LLC for $18.5 million in a attract tenants to increase revenues and/or occupancy rates. accessed on the Company's website, www.cousins.com, through the “Cousins Properties Second Quarter Conference Call” link on the (1) Company's share of leases expiring after June 30, 2026, excluding leases at properties held for sale as of June 30, 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. •Second generation net rent per square foot on a cash-basis increased 12.2%. transaction that valued the property at $158.7 million. 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 (3) 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 Continued on next page performance measure for incentive compensation to its officers and other key •Executed 1,856,000 square feet of office leases, including 878,000 square feet of new and expansion leases, representing 47% of of 10% in HICO Avalon LLC and HICO Avalon II LLC for $43 million in a transaction that valued the properties at $302 million. 33580#. The playback can also be accessed on the Company's website. employees. Note: See additional information included herein for calculations, definitions, and reconciliations to GAAP financial measures. Continued on next page total leasing activity. (4) Represents timing of stabilization. Pictured Above: Sail Tower, Austin, TX (5) While construction is substantially complete, this operating property has not yet reached stabilization.
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