EX-99.2 3 a8-kearningsreleaseex9924q.htm EXHIBIT 99.2
Q4 2016 SUPPLEMENTAL INFORMATION
1

TABLE OF CONTENTS

Forward-Looking Statements | 3
Key Performance Metrics | 4
Funds From Operations - Summary | 7
Funds From Operations - Detail | 8
Portfolio Statistics | 12
Same Property Performance | 15
Office Leasin g Activity | 16
Office Lease Expirations | 17
Top 20 Office Tenants | 19
Tenant Industry Diversification | 20
Investment Activity | 21
Development Pipeline | 23
Land Inventory | 24
Debt Schedule | 25
Non-GAAP Financial Measures - Calculations and Reconciliations | 28
Non-GAAP Financial Measures - Discussion | 33

Cousins Properties Incorporated |  | Q4 2016 Supplemental Information

FORWARD-LOOKING STATEMENTS

Certain matters contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized in Item 1A included in the Annual Report on Form 10-K for the year ended December 31, 2015 and in the Quarterly Report on Form 10-Q for the three months ended September 30, 2016. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as, our business and financial strategy; our ability to obtain future financing arrangements; future acquisitions and future dispositions of operating assets; future acquisitions of land; future development and redevelopment opportunities; future dispositions of land and other non-core assets; future repurchases of common stock; projected operating results; market and industry trends; future distributions; projected capital expenditures; interest rates; statements about the benefits of the transactions involving the Company and Parkway Properties Inc. ("Parkway"), including future financial and operating results, plans, objectives, expectations, and intentions; all statements that address operating performance, events, or developments that management expects or anticipates will occur in the future — including statements relating to creating value for stockholders; benefits of the transactions to tenants, employees, stockholders, and other constituents of the combined company; integrating our companies; and cost savings.
Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following: the availability and terms of capital and financing; the ability to refinance or repay indebtedness as it matures; the failure of purchase, sale, or other contracts to ultimately close; the failure to achieve anticipated benefits from acquisitions and investments or from dispositions; the potential dilutive effect of common stock offerings; the failure to achieve benefits from the repurchase of common stock; the availability of buyers and adequate pricing with respect to the disposition of assets; risks and uncertainties related to national and local economic conditions, the real estate industry in general, and the commercial real estate markets in particular; changes to our strategy with regard to land and other non-core holdings that require impairment losses to be recognized; leasing risks, including the ability to obtain new tenants or renew expiring tenants, and the ability to lease newly developed and/or recently acquired space; the adverse change in the financial condition of one or more of our major tenants; volatility in interest rates and insurance rates; the availability of sufficient investment opportunities; competition from other developers or investors; the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk); the loss of key personnel; the potential liability for uninsured losses, condemnation, or environmental issues; the potential liability for a failure to meet regulatory requirements; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust and meet regulatory requirements; the ability to successfully integrate our operations and employees in connection with the transactions with Parkway; the ability to realize anticipated benefits and synergies of the transactions with Parkway; material changes in the dividend rates on securities or the ability to pay dividends on common shares or other securities; potential changes to tax legislation; changes in demand for developed properties; risks associated with the acquisition, development, expansion, leasing and management of properties; risks associated with the geographic concentration of the Company; the potential impact of the transactions with Parkway on relationships, including with tenants, employees, customers, and competitors; the unfavorable outcome of any legal proceedings that have been or may be instituted against the Company, Parkway, or Parkway, Inc.; significant costs related to uninsured losses, condemnation, or environmental issues; the amount of the costs, fees, expenses and charges related to the transactions with Parkway; and those additional risks and factors discussed in reports filed with the Securities and Exchange Commission (“SEC”) by the Company, Parkway, and Parkway, Inc.
The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will,” or similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in any forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise, except as required under U.S. federal securities laws.

Cousins Properties Incorporated | 3 | Q4 2016 Supplemental Information

KEY PERFORMANCE METRICS

| 2014 | 2015 1st | 2015 2nd | 2015 3rd | 2015 4th | 2015 | 2016 1st | 2016 2nd | 2016 3rd | 2016 4th | 2016
Property Statistics |  |  |  |  |  |  |  |  |  |  |
Consolidated Operating Properties | 12 |  | 13 |  | 13 |  | 12 |  | 12 |  | 12 |  | 11 |  | 11 |  | 11 |  | 25 |  | 25 |
Consolidated Rentable Square Feet (in thousands) | 13,034 |  | 13,407 |  | 13,407 |  | 12,563 |  | 12,122 |  | 12,122 |  | 11,993 |  | 11,993 |  | 11,993 |  | 13,024 |  | 13,024 |
Unconsolidated Operating Properties | 5 |  | 5 |  | 5 |  | 6 |  | 6 |  | 6 |  | 6 |  | 6 |  | 6 |  | 8 |  | 8 |
Unconsolidated Rentable Square Feet (in thousands) | 3,129 |  | 3,129 |  | 3,129 |  | 3,431 |  | 3,434 |  | 3,434 |  | 3,435 |  | 3,435 |  | 3,435 |  | 3,999 |  | 3,999 |
Total Operating Properties | 17 |  | 18 |  | 18 |  | 18 |  | 18 |  | 18 |  | 17 |  | 17 |  | 17 |  | 33 |  | 33 |
Total Rentable Square Feet (in thousands) | 16,163 |  | 16,536 |  | 16,536 |  | 15,994 |  | 15,556 |  | 15,556 |  | 15,428 |  | 15,428 |  | 15,428 |  | 17,023 |  | 17,023 |
Office Leasing Activity (1) |  |  |  |  |  |  |  |  |  |  |
Net Leased during the period (square feet in thousands) | 1,874 |  | 441 |  | 521 |  | 770 |  | 1,240 |  | 2,972 |  | 220 |  | 402 |  | 971 |  | 761 | 2,354 |
Net Rent (per square foot) | $22.88 | $18.93 | $23.23 | $23.42 | $15.13 | $18.30 | $23.55 | $22.73 | $23.51 | $26.32 | $24.52
Total Leasing Costs (per square foot) | (5.71) |  | (4.62) |  | (6.27) |  | (5.83) |  | (1.66) |  | (3.64) |  | (6.31) |  | (7.08) |  | (6.18) |  | (6.08) |  | (6.35) |
Net Effective Rent (per square foot) | $17.17 | $14.31 | $16.96 | $17.59 | $13.47 | $14.66 | $17.24 | $15.65 | $17.33 | $20.24 | $18.17
Change in Second Generation Net Rent | 38.0 | % | 33.6 | % | 43.8 | % | 28.1 | % | 38.5 | % | 36.7 | % | 18.9 | % | 17.2 | % | 27.9 | % | 18.7 | % | 20.0 | %
Change in Cash-Basis Second Generation Net Rent | 19.7 | % | 8.0 | % | 32.8 | % | 14.1 | % | 23.8 | % | 19.8 | % | 1.8% |  | 4.3 | % | 9.1 | % | 14.7 | % | 10.3 | %
Same Property Information (2) |  |  |  |  |  |  |  |  |  |  |
Percent Leased (period end) | 91.2 | % | 91.7 | % | 91.7 | % | 91.8 | % | 91.6 | % | 91.6 | % | 90.3 | % | 90.7 | % | 91.2 | % | 91.8 | % | 91.8 | %
Weighted Average Occupancy | 89.7 | % | 91.5 | % | 90.4 | % | 90.6 | % | 90.7 | % | 90.7 | % | 89.4 | % | 89.2 | % | 89.5 | % | 89.4 | % | 89.4 | %
Change in Net Operating Income (over prior year period) | 3.6 | % | 5.2 | % | 1.6 | % | 1.1 | % | 6.2 | % | 3.3 | % | 4.3 | % | 1.4 | % | 3.6 | % | 4.4 | % | 6.1 | %
Change in Cash-Basis Net Operating Income (over prior year period) | 12.3 | % | 15.9 | % | 5.2 | % | 1.2 | % | 8.2 | % | 7.3 | % | 8.6 | % | 3.9 | % | 4.3 | % | 7.1 | % | 8.4 | %
Development Pipeline |  |  |  |  |  |  |  |  |  |  |
Estimated Project Costs (in thousands) (3) | $226,575 | $100,475 | $161,975 | $306,500 | $261,500 | $261,500 | $326,300 | $340,200 | $506,200 | $512,200 | $512,200
Estimated Project Costs (3) / Total Undepreciated Assets | 7.0 | % | 3.0 | % | 4.7 | % | 8.6 | % | 7.6 | % | 7.6 | % | 9.5 | % | 9.6 | % | 13.7 | % | 10.5 | % | 10.5 | %
Market Capitalization (4) |  |  |  |  |  |  |  |  |  |  |
Common Stock Price (period end) | $11.42 | $10.60 | $10.38 | $9.22 | $9.43 | $9.43 | $10.38 | $10.40 | $10.44 | $8.51 | $8.51
Common Shares/Units Outstanding (period end in thousands) | 216,513 |  | 216,470 |  | 216,686 |  | 214,671 |  | 211,513 |  | 211,513 |  | 210,107 |  | 210,171 |  | 210,170 |  | 401,596 |  | 401,596 |
Equity Market Capitalization (in thousands) | $2,472,578 | $2,294,582 | $2,249,201 | $1,979,267 | $1,994,568 | $1,994,568 | $2,180,911 | $2,185,778 | $2,194,175 | $3,417,582 | $3,417,582
Debt (in thousands) | 1,007,502 |  | 1,067,376 |  | 1,075,013 |  | 1,006,764 |  | 947,017 |  | 947,017 |  | 992,241 |  | 999,999 |  | 1,112,322 |  | 1,632,270 |  | 1,632,270 |
Total Market Capitalization (in thousands) | $3,480,080 | $3,361,958 | $3,324,214 | $2,986,031 | $2,941,585 | $2,941,585 | $3,173,152 | $3,185,777 | $3,306,497 | $5,049,852 | $5,049,852
Credit Ratios (4) |  |  |  |  |  |  |  |  |  |  |
Debt/Total Market Capitalization | 29.0 | % | 31.7 | % | 32.3 | % | 33.7 | % | 32.2 | % | 32.2 | % | 31.3 | % | 31.4 | % | 33.6 | % | 32.3 | % | 32.3 | %
Debt/Total Undepreciated Assets | 29.5 | % | 30.7 | % | 30.6 | % | 28.3 | % | 27.5 | % | 27.5 | % | 28.8 | % | 28.3 | % | 30.1 | % | 33.5 | % | 33.5 | %
Fixed Charges Coverage | 4.27 |  | 4.67 |  | 4.54 |  | 5.19 |  | 4.98 |  | 4.84 |  | 4.49 |  | 4.43 |  | 4.46 |  | 5.04 |  | 4.63 |
Debt/Annualized EBITDA | 4.05 |  | 4.77 |  | 4.86 |  | 4.02 |  | 4.00 |  | 4.00 |  | 4.66 |  | 4.51 |  | 4.76 |  | 5.33 |  | 5.33 |
Net Debt/Annualized EBITDA | 4.05 |  | 4.75 |  | 4.85 |  | 4.00 |  | 3.99 |  | 3.99 |  | 4.63 |  | 4.51 |  | 4.34 |  | 5.22 |  | 5.22 |

Cousins Properties Incorporated | 4 | Q4 2016 Supplemental Information

KEY PERFORMANCE METRICS

| 2014 | 2015 1st | 2015 2nd | 2015 3rd | 2015 4th | 2015 | 2016 1st | 2016 2nd | 2016 3rd | 2016 4th | 2016
Dividend Information (4) |  |  |  |  |  |  |  |  |  |  |
Common Dividend per Share | $0.30 | $0.08 | $0.08 | $0.08 | $0.08 | $0.32 | $0.08 | $0.08 | $0.08 | $0.06 | $0.30
FFO Payout Ratio | 37.3 | % | 37.8 | % | 38.3 | % | 33.0 | % | 35.0 | % | 35.9 | % | 38.9 | % | 38.8 | % | 36.2 | % | 85.9 | % | 46.1 | %
FAD Payout Ratio | 60.9 | % | 67.9 | % | 71.5 | % | 54.8 | % | 58.5 | % | 62.5 | % | 56.7 | % | 62.8 | % | 59.0 | % | 61.7 | % | 60.1 | %
Operations Ratios (4) |  |  |  |  |  |  |  |  |  |  |
Annualized General and Administrative Expenses/Total Undepreciated Assets | 0.58 | % | 0.40 | % | 0.67 | % | 0.33 | % | 0.52 | % | 0.49 | % | 0.96 | % | 0.53 | % | 0.47 | % | 0.68 | % | 0.53 | %
Additional Information (4) |  |  |  |  |  |  |  |  |  |  |
Straight Line Rental Revenue | $22,093 | $6,285 | $5,786 | $4,623 | $3,315 | $20,009 | $3,595 | $3,434 | $3,449 | $8,489 | $18,967
Above and Below Market Rents Amortization | $8,047 | $2,030 | $1,973 | $2,030 | $1,948 | $7,981 | $1,834 | $1,854 | $1,907 | $1,502 | $7,097
Second Generation Capital Expenditures | $35,054 | $12,139 | $13,259 | $14,208 | $14,608 | $54,214 | $7,904 | $13,166 | $13,968 | $11,838 | $46,876

(1) See Office Leasing Activity on page 16 for additional detail and explanations.
(2) Same Property Information is derived from the pool of office properties, as defined, in the period originally reported. See Same Property Performance on page 15 and Non-GAAP Financial Measures - Calculations and Reconciliations on page 29 for additional information.
(3) Cousins' share of development expenditures.
(4) See Non-GAAP Financial Measures - Calculations and Reconciliations.

Cousins Properties Incorporated | 5 | Q4 2016 Supplemental Information

KEY PERFORMANCE METRICS

(1) Total rentable square feet is based on the total portfolio.
(2) Office properties only.
Note: See additional information included herein for calculations, definitions, and reconciliations to GAAP financial measures.

Cousins Properties Incorporated | 6 | Q4 2016 Supplemental Information

FUNDS FROM OPERATIONS - SUMMARY

| 2014 | 2015 1st | 2015 2nd | 2015 3rd | 2015 4th | 2015 | 2016 1st | 2016 2nd | 2016 3rd | 2016 4th | 2016
Net Operating Income |  |  |  |  |  |  |  |  |  |  |
Office | $ | 206,551 |  | $ | 56,734 |  | $ | 59,269 |  | $ | 59,308 |  | $ | 59,899 |  | $ | 235,210 |  | $ | 57,894 |  | $ | 57,275 |  | $ | 59,873 |  | $ | 77,837 |  | $ | 252,879 |
Other | 9,122 |  | 1,319 |  | 1,505 |  | 1,487 |  | 1,711 |  | 6,022 |  | 1,619 |  | 1,733 |  | 1,748 |  | 2,302 |  | 7,402 |
Total Net Operating Income | 215,673 |  | 58,053 |  | 60,774 |  | 60,795 |  | 61,610 |  | 241,232 |  | 59,513 |  | 59,008 |  | 61,621 |  | 80,139 |  | 260,281 |
Sales Less Cost of Sales | 3,910 |  | 810 |  | (324 | ) | 3,016 |  | 403 |  | 3,905 |  | — |  | — |  | — |  | 3,770 |  | 3,770 |
Fee Income | 12,520 |  | 1,816 |  | 1,704 |  | 1,686 |  | 2,091 |  | 7,297 |  | 2,199 |  | 1,824 |  | 1,945 |  | 2,379 |  | 8,347 |
Other Income | 5,401 |  | 407 |  | 238 |  | 866 |  | 940 |  | 2,451 |  | 1,121 |  | 280 |  | 287 |  | 3,837 |  | 5,525 |
Reimbursed Expenses | (3,652 | ) | (1,111 | ) | (717 | ) | (686 | ) | (916 | ) | (3,430 | ) | (870 | ) | (798 | ) | (795 | ) | (796 | ) | (3,259 | )
General and Administrative Expenses | (19,787 | ) | (3,493 | ) | (5,936 | ) | (2,976 | ) | (4,513 | ) | (16,918 | ) | (8,242 | ) | (4,691 | ) | (4,368 | ) | (8,290 | ) | (25,591 | )
Interest Expense | (36,474 | ) | (9,498 | ) | (9,696 | ) | (9,518 | ) | (9,466 | ) | (38,178 | ) | (9,421 | ) | (9,360 | ) | (9,748 | ) | (12,566 | ) | (41,095 | )
Other Expenses | (5,009 | ) | (578 | ) | (431 | ) | (302 | ) | (630 | ) | (1,941 | ) | (466 | ) | (2,640 | ) | (2,175 | ) | (40,704 | ) | (45,985 | )
Income Tax Benefit (Provision) | 20 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Depreciation and Amortization of Non-Real Estate Assets | (913 | ) | (471 | ) | (374 | ) | (414 | ) | (410 | ) | (1,669 | ) | (377 | ) | (335 | ) | (328 | ) | (325 | ) | (1,365 | )
Preferred Stock Dividends and Original Issuance Costs | (6,485 | ) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
FFO | $ | 165,204 |  | $ | 45,935 |  | $ | 45,238 |  | $ | 52,467 |  | $ | 49,109 |  | $ | 192,749 |  | $ | 43,457 |  | $ | 43,288 |  | $ | 46,439 |  | $ | 27,444 |  | $ | 160,628 |
Weighted Average Shares - Diluted | 204,460 |  | 216,754 |  | 216,766 |  | 216,374 |  | 213,978 |  | 215,979 |  | 210,974 |  | 210,362 |  | 210,326 |  | 391,413 |  | 256,023 |
FFO per Share | 0.81 |  | 0.21 |  | 0.21 |  | 0.24 |  | 0.23 |  | 0.89 |  | 0.21 |  | 0.21 |  | 0.22 |  | 0.07 |  | 0.63 |

Cousins Properties Incorporated | 7 | Q4 2016 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL

| 2014 | 2015 1st | 2015 2nd | 2015 3rd | 2015 4th | 2015 | 2016 1st | 2016 2nd | 2016 3rd | 2016 4th | 2016
Net Operating Income |  |  |  |  |  |  |  |  |  |  |
Office |  |  |  |  |  |  |  |  |  |  |
Consolidated Properties |  |  |  |  |  |  |  |  |  |  |
Northpark Town Center (1) | 5,794 |  | 5,825 |  | 5,651 |  | 5,127 |  | 5,797 |  | 22,400 |  | 5,607 |  | 5,097 |  | 5,599 |  | 5,841 |  | 22,144 |
Fifth Third Center | 5,631 |  | 3,641 |  | 3,709 |  | 3,770 |  | 3,836 |  | 14,956 |  | 4,238 |  | 4,349 |  | 4,451 |  | 4,463 |  | 17,501 |
Promenade | 11,435 |  | 3,542 |  | 3,581 |  | 3,623 |  | 3,239 |  | 13,985 |  | 3,740 |  | 3,419 |  | 3,839 |  | 3,557 |  | 14,555 |
The American Cancer Society Center | 12,373 |  | 3,114 |  | 3,206 |  | 3,039 |  | 3,073 |  | 12,432 |  | 3,310 |  | 3,151 |  | 3,198 |  | 3,231 |  | 12,890 |
Colorado Tower | — |  | 328 |  | 1,797 |  | 2,156 |  | 2,487 |  | 6,768 |  | 2,724 |  | 3,064 |  | 3,221 |  | 3,399 |  | 12,408 |
816 Congress Avenue | 6,992 |  | 1,858 |  | 2,117 |  | 2,268 |  | 2,283 |  | 8,526 |  | 2,468 |  | 2,555 |  | 2,514 |  | 2,363 |  | 9,900 |
Hearst Tower | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 5,957 |  | 5,957 |
Corporate Center (1) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 5,005 |  | 5,005 |
Hayden Ferry (1) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 3,881 |  | 3,881 |
Meridian Mark Plaza | 3,728 |  | 918 |  | 954 |  | 946 |  | 959 |  | 3,777 |  | 908 |  | 857 |  | 954 |  | 955 |  | 3,674 |
3344 Peachtree | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 3,505 |  | 3,505 |
San Jacinto Center | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 3,456 |  | 3,456 |
One Eleven Congress | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 3,256 |  | 3,256 |
One Buckhead Plaza | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 2,817 |  | 2,817 |
NASCAR Plaza | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 2,507 |  | 2,507 |
3350 Peachtree | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 2,006 |  | 2,006 |
Tempe Gateway | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,966 |  | 1,966 |
3348 Peachtree | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,541 |  | 1,541 |
Bank of America Center | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,451 |  | 1,451 |
Two Buckhead Plaza | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,369 |  | 1,369 |
The Pointe | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,227 |  | 1,227 |
Citrus Center | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,019 |  | 1,019 |
Harborview Plaza | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 898 |  | 898 |
Research Park V | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 144 |  | 288 |  | 412 |  | 844 |
One Orlando Centre | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 795 |  | 795 |
Other (2) | 39,807 |  | 7,798 |  | 8,333 |  | 7,717 |  | 6,816 |  | 30,664 |  | 4,531 |  | 4,300 |  | 4,388 |  | 3,097 |  | 16,316 |
Subtotal - Office Consolidated | 85,760 |  | 27,024 |  | 29,348 |  | 28,646 |  | 28,490 |  | 113,508 |  | 27,526 |  | 26,936 |  | 28,452 |  | 69,974 |  | 152,888 |
Unconsolidated Properties (3) |  |  |  |  |  |  |  |  |  |  |
Terminus 100 | 7,555 |  | 1,922 |  | 1,754 |  | 1,780 |  | 1,812 |  | 7,268 |  | 1,872 |  | 1,978 |  | 1,899 |  | 1,837 |  | 7,586 |
Terminus 200 | 5,504 |  | 1,436 |  | 1,442 |  | 1,575 |  | 1,616 |  | 6,069 |  | 1,658 |  | 1,770 |  | 1,678 |  | 1,648 |  | 6,754 |
Emory University Hospital Midtown Medical Office Tower | 3,960 |  | 987 |  | 996 |  | 992 |  | 999 |  | 3,974 |  | 987 |  | 1,000 |  | 975 |  | 1,008 |  | 3,970 |
Gateway Village (4) | 1,208 |  | 302 |  | 302 |  | 302 |  | 302 |  | 1,208 |  | 536 |  | 451 |  | 460 |  | 1,003 |  | 2,450 |
Courvoisier Centre | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 410 |  | 410 |
111 West Rio (US Airways Bldg) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 220 |  | 220 |
Other (2) | (51 | ) | (5 | ) | (5 | ) | (5 | ) | (3 | ) | (18 | ) | (3 | ) | 14 |  | 1 |  | (2 | ) | 10 |
Subtotal - Office Unconsolidated | 18,176 |  | 4,642 |  | 4,489 |  | 4,644 |  | 4,726 |  | 18,501 |  | 5,050 |  | 5,213 |  | 5,013 |  | 6,124 |  | 21,400 |
Discontinued Operations (5) | 102,615 |  | 25,068 |  | 25,432 |  | 26,018 |  | 26,683 |  | 103,201 |  | 25,318 |  | 25,126 |  | 26,408 |  | 1,739 |  | 78,591 |
Total Office Net Operating Income | 206,551 |  | 56,734 |  | 59,269 |  | 59,308 |  | 59,899 |  | 235,210 |  | 57,894 |  | 57,275 |  | 59,873 |  | 77,837 |  | 252,879 |
Other |  |  |  |  |  |  |  |  |  |  |
Consolidated Properties |  |  |  |  |  |  |  |  |  |  |
Other (2) | 1,383 |  | (24 | ) | 10 |  | — |  | 205 |  | 191 |  | 23 |  | (8 | ) | 1 |  | — |  | 16 |

Cousins Properties Incorporated | 8 | Q4 2016 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL

| 2014 | 2015 1st | 2015 2nd | 2015 3rd | 2015 4th | 2015 | 2016 1st | 2016 2nd | 2016 3rd | 2016 4th | 2016
Unconsolidated Properties (3) |  |  |  |  |  |  |  |  |  |  |
Emory Point Apartments (Phase I) | 4,647 |  | 1,071 |  | 1,244 |  | 1,213 |  | 1,171 |  | 4,699 |  | 1,185 |  | 1,250 |  | 1,014 |  | 1,092 |  | 4,541 |
Emory Point Retail (Phase I) | 1,080 |  | 281 |  | 255 |  | 222 |  | 136 |  | 894 |  | 248 |  | 218 |  | 247 |  | 277 |  | 990 |
Emory Point Retail (Phase II) | — |  | — |  | — |  | 56 |  | 24 |  | 80 |  | 72 |  | 75 |  | 84 |  | 171 |  | 402 |
Emory Point Apartments (Phase II) | — |  | — |  | — |  | 1 |  | 180 |  | 181 |  | 96 |  | 204 |  | 408 |  | 768 |  | 1,476 |
Other (2) | 1,993 |  | (6 | ) | (4 | ) | (5 | ) | (5 | ) | (20 | ) | (5 | ) | (6 | ) | (6 | ) | (6 | ) | (23 | )
Subtotal - Other Unconsolidated | 7,720 |  | 1,346 |  | 1,495 |  | 1,487 |  | 1,506 |  | 5,834 |  | 1,596 |  | 1,741 |  | 1,747 |  | 2,302 |  | 7,386 |
Discontinued Operations (5) | 19 |  | (3 | ) | — |  | — |  | — |  | (3 | ) | — |  | — |  | — |  | — |  | — |
Total Other Net Operating Income | 9,122 |  | 1,319 |  | 1,505 |  | 1,487 |  | 1,711 |  | 6,022 |  | 1,619 |  | 1,733 |  | 1,748 |  | 2,302 |  | 7,402 |
Total Net Operating Income | 215,673 |  | 58,053 |  | 60,774 |  | 60,795 |  | 61,610 |  | 241,232 |  | 59,513 |  | 59,008 |  | 61,621 |  | 80,139 |  | 260,281 |
Sales Less Cost of Sales |  |  |  |  |  |  |  |  |  |  |
Land Sales Less Cost of Sales - Consolidated | 1,703 |  | 810 |  | (566 | ) | 978 |  | 403 |  | 1,625 |  | — |  | — |  | — |  | 3,580 |  | 3,580 |
Land Sales Less Cost of Sales - Unconsolidated (3) | 2,207 |  | — |  | 242 |  | 2,038 |  | — |  | 2,280 |  | — |  | — |  | — |  | 190 |  | 190 |
Total Sales Less Cost of Sales | 3,910 |  | 810 |  | (324 | ) | 3,016 |  | 403 |  | 3,905 |  | — |  | — |  | — |  | 3,770 |  | 3,770 |
Fee Income |  |  |  |  |  |  |  |  |  |  |
Development Fees | 7,265 |  | 308 |  | 461 |  | 531 |  | 478 |  | 1,778 |  | 608 |  | 486 |  | 549 |  | 634 |  | 2,277 |
Management Fees (6) | 5,082 |  | 1,503 |  | 1,184 |  | 1,128 |  | 1,373 |  | 5,188 |  | 1,325 |  | 1,263 |  | 1,253 |  | 1,317 |  | 5,158 |
Leasing & Other Fees | 173 |  | 5 |  | 59 |  | 27 |  | 240 |  | 331 |  | 266 |  | 75 |  | 143 |  | 428 |  | 912 |
Total Fee Income | 12,520 |  | 1,816 |  | 1,704 |  | 1,686 |  | 2,091 |  | 7,297 |  | 2,199 |  | 1,824 |  | 1,945 |  | 2,379 |  | 8,347 |
Other Income |  |  |  |  |  |  |  |  |  |  |
Termination Fees | 569 |  | 120 |  | 28 |  | 308 |  | 361 |  | 817 |  | — |  | — |  | — |  | 3,122 |  | 3,122 |
Termination Fees - Discontinued Operations (5) | 4,006 |  | 73 |  | — |  | 191 |  | 186 |  | 450 |  | 186 |  | 102 |  | — |  | — |  | 288 |
Interest and Other Income | 233 |  | 49 |  | 20 |  | 231 |  | 160 |  | 460 |  | 390 |  | 27 |  | 153 |  | 358 |  | 928 |
Interest and Other Income - Discontinued Operations (5) | 32 |  | 6 |  | 2 |  | 12 |  | (43 | ) | (23 | ) | (1 | ) | — |  | — |  | — |  | (1 | )
Other - Unconsolidated (3) | 561 |  | 159 |  | 188 |  | 124 |  | 276 |  | 747 |  | 546 |  | 151 |  | 134 |  | 357 |  | 1,188 |
Total Other Income | 5,401 |  | 407 |  | 238 |  | 866 |  | 940 |  | 2,451 |  | 1,121 |  | 280 |  | 287 |  | 3,837 |  | 5,525 |
Total Fee and Other Income | 17,921 |  | 2,223 |  | 1,942 |  | 2,552 |  | 3,031 |  | 9,748 |  | 3,320 |  | 2,104 |  | 2,232 |  | 6,216 |  | 13,872 |
Reimbursed Expenses | (3,652 | ) | (1,111 | ) | (717 | ) | (686 | ) | (916 | ) | (3,430 | ) | (870 | ) | (798 | ) | (795 | ) | (796 | ) | (3,259 | )
General and Administrative Expenses | (19,787 | ) | (3,493 | ) | (5,936 | ) | (2,976 | ) | (4,513 | ) | (16,918 | ) | (8,242 | ) | (4,691 | ) | (4,368 | ) | (8,290 | ) | (25,591 | )

Cousins Properties Incorporated | 9 | Q4 2016 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL

| 2014 | 2015 1st | 2015 2nd | 2015 3rd | 2015 4th | 2015 | 2016 1st | 2016 2nd | 2016 3rd | 2016 4th | 2016
Interest Expense |  |  |  |  |  |  |  |  |  |  |
Consolidated Debt |  |  |  |  |  |  |  |  |  |  |
The American Cancer Society Center | (8,710 | ) | (2,131 | ) | (2,147 | ) | (2,164 | ) | (2,157 | ) | (8,599 | ) | (2,126 | ) | (2,119 | ) | (2,134 | ) | (2,127 | ) | (8,506 | )
Promenade | (4,850 | ) | (1,194 | ) | (1,187 | ) | (1,180 | ) | (1,173 | ) | (4,734 | ) | (1,165 | ) | (1,157 | ) | (1,150 | ) | (1,142 | ) | (4,614 | )
Unsecured Credit Facility | (3,354 | ) | (966 | ) | (1,072 | ) | (1,089 | ) | (962 | ) | (4,089 | ) | (832 | ) | (1,053 | ) | (870 | ) | (1,159 | ) | (3,914 | )
816 Congress Avenue | (709 | ) | (817 | ) | (818 | ) | (817 | ) | (817 | ) | (3,269 | ) | (817 | ) | (817 | ) | (817 | ) | (817 | ) | (3,268 | )
Fifth Third Center | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (427 | ) | (1,275 | ) | (1,702 | )
Meridian Mark Plaza | (1,562 | ) | (387 | ) | (385 | ) | (384 | ) | (382 | ) | (1,538 | ) | (381 | ) | (379 | ) | (377 | ) | (375 | ) | (1,512 | )
Colorado Tower | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (353 | ) | (1,059 | ) | (1,412 | )
111 Congress | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (800 | ) | (800 | )
San Jacinto Center | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (632 | ) | (632 | )
3344 Peachtree | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (460 | ) | (460 | )
Two Buckhead Plaza | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (324 | ) | (324 | )
The Pointe | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (171 | ) | (171 | )
Term Loan | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (386 | ) | (386 | )
Other (2) | (4,550 | ) | (1,074 | ) | (1,072 | ) | (1,070 | ) | (869 | ) | (4,085 | ) | (861 | ) | (860 | ) | (856 | ) | (1,070 | ) | (3,647 | )
Capitalized | 2,752 |  | 902 |  | 813 |  | 1,023 |  | 839 |  | 3,577 |  | 742 |  | 1,016 |  | 1,230 |  | 1,709 |  | 4,697 |
Subtotal - Consolidated | (20,983 | ) | (5,667 | ) | (5,868 | ) | (5,681 | ) | (5,521 | ) | (22,737 | ) | (5,440 | ) | (5,369 | ) | (5,754 | ) | (10,088 | ) | (26,651 | )
Unconsolidated Debt (3) |  |  |  |  |  |  |  |  |  |  |
Terminus 100 | (3,494 | ) | (865 | ) | (861 | ) | (857 | ) | (853 | ) | (3,436 | ) | (848 | ) | (844 | ) | (840 | ) | (836 | ) | (3,368 | )
Terminus 200 | (1,560 | ) | (390 | ) | (390 | ) | (390 | ) | (390 | ) | (1,560 | ) | (390 | ) | (389 | ) | (387 | ) | (385 | ) | (1,551 | )
Emory University Hospital Midtown Medical Office Tower | (1,336 | ) | (334 | ) | (334 | ) | (333 | ) | (332 | ) | (1,333 | ) | (330 | ) | (329 | ) | (327 | ) | (325 | ) | (1,311 | )
Emory Point | (974 | ) | (232 | ) | (242 | ) | (265 | ) | (387 | ) | (1,126 | ) | (439 | ) | (464 | ) | (484 | ) | (542 | ) | (1,929 | )
Courvoisier Centre | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (239 | ) | (239 | )
Other (2) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (25 | ) | (25 | )
Subtotal - Unconsolidated | (7,364 | ) | (1,821 | ) | (1,827 | ) | (1,845 | ) | (1,962 | ) | (7,455 | ) | (2,007 | ) | (2,026 | ) | (2,038 | ) | (2,352 | ) | (8,423 | )
Discontinued Operations (5) | (8,127 | ) | (2,010 | ) | (2,001 | ) | (1,992 | ) | (1,983 | ) | (7,986 | ) | (1,974 | ) | (1,965 | ) | (1,956 | ) | (126 | ) | (6,021 | )
Total Interest Expense | (36,474 | ) | (9,498 | ) | (9,696 | ) | (9,518 | ) | (9,466 | ) | (38,178 | ) | (9,421 | ) | (9,360 | ) | (9,748 | ) | (12,566 | ) | (41,095 | )
Other Expenses |  |  |  |  |  |  |  |  |  |  |
Parkway Transaction Costs | — |  | — |  | — |  | — |  | — |  | — |  | (19 | ) | (2,424 | ) | (1,446 | ) | (20,633 | ) | (24,522 | )
Parkway Transaction Costs - Discontinued Operations (5) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (494 | ) | (5,855 | ) | (6,349 | )
Loss on Extinguishment of Debt | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (5,180 | ) | (5,180 | )
Impairment Losses (7) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (4,526 | ) | (4,526 | )
Partners' share of FFO in consolidated joint ventures (Fund II in 2016) | (424 | ) | — |  | — |  | — |  | (111 | ) | (111 | ) | — |  | — |  | — |  | (3,775 | ) | (3,775 | )
Predevelopment & Other | (2,047 | ) | (106 | ) | (187 | ) | (147 | ) | (82 | ) | (522 | ) | (108 | ) | (118 | ) | (140 | ) | (577 | ) | (943 | )
Property Taxes and Other Holding Costs | (1,223 | ) | (287 | ) | (242 | ) | (141 | ) | (158 | ) | (828 | ) | (89 | ) | (98 | ) | (95 | ) | (158 | ) | (440 | )
Severance | (185 | ) | (102 | ) | — |  | 5 |  | (84 | ) | (181 | ) | (250 | ) | — |  | — |  | — |  | (250 | )
Acquisition Costs | (1,130 | ) | (83 | ) | (2 | ) | (19 | ) | (195 | ) | (299 | ) | — |  | — |  | — |  | — |  | — |
Total Other Expenses | (5,009 | ) | (578 | ) | (431 | ) | (302 | ) | (630 | ) | (1,941 | ) | (466 | ) | (2,640 | ) | (2,175 | ) | (40,704 | ) | (45,985 | )
Income Tax Provision (Benefit) | 20 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |

Cousins Properties Incorporated | 10 | Q4 2016 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL

| 2014 | 2015 1st | 2015 2nd | 2015 3rd | 2015 4th | 2015 | 2016 1st | 2016 2nd | 2016 3rd | 2016 4th | 2016
Depreciation and Amortization of Non-Real Estate Assets |  |  |  |  |  |  |  |  |  |  |
Consolidated | (867 | ) | (423 | ) | (374 | ) | (414 | ) | (410 | ) | (1,621 | ) | (377 | ) | (335 | ) | (328 | ) | (325 | ) | (1,365 | )
Unconsolidated (3) | (46 | ) | (48 | ) | — |  | — |  | — |  | (48 | ) | — |  | — |  | — |  | — |  | — |
Total Depreciation and Amortization of Non-Real Estate Assets | (913 | ) | (471 | ) | (374 | ) | (414 | ) | (410 | ) | (1,669 | ) | (377 | ) | (335 | ) | (328 | ) | (325 | ) | (1,365 | )
Preferred Stock Dividends and Original Issuance Costs | (6,485 | ) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
FFO | 165,204 |  | 45,935 |  | 45,238 |  | 52,467 |  | 49,109 |  | 192,749 |  | 43,457 |  | 43,288 |  | 46,439 |  | 27,444 |  | 160,628 |
Weighted Average Shares - Diluted | 204,460 |  | 216,754 |  | 216,766 |  | 216,374 |  | 213,978 |  | 215,979 |  | 210,974 |  | 210,362 |  | 210,326 |  | 391,413 |  | 256,023 |
FFO per Share | 0.81 |  | 0.21 |  | 0.21 |  | 0.24 |  | 0.23 |  | 0.89 |  | 0.21 |  | 0.21 |  | 0.22 |  | 0.07 |  | 0.63 |

Note: Amounts may differ slightly from other schedules contained herein due to rounding.
(1) Contains multiple buildings.
(2) Represents properties sold and loans repaid prior to December 31, 2016 that are not considered discontinued operations.
(3) Unconsolidated amounts include amounts recorded in unconsolidated joint ventures for the respective category 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.
(4) Through December 1, 2016, the Company received an 11.46% current return on its $11.1 million investment in Gateway Village and, when certain other revenue criteria were met, received additional returns. The Company recognized these amounts as NOI from this venture. After December 1, 2016, net income and cash flows were allocated 50% to each joint venture member.
(5) Primarily represents Greenway Plaza and Post Oak Central.
(6) Management Fees include reimbursement of expenses that are included in the "Reimbursed Expenses" line item.
(7) Represents an impairment charge on Callaway Gardens land as a result of the Company withdrawing from the joint venture.

Cousins Properties Incorporated | 11 | Q4 2016 Supplemental Information

PORTFOLIO STATISTICS

| Property Description |  | Metropolitan Area |  | Rentable Square Feet |  | Financial Statement Presentation |  | Company's Ownership Interest |  | End of Period Leased 4Q16 |  | End of Period Leased 3Q16 |  | Weighted Average Occupancy 4Q16 |  | Weighted Average Occupancy 3Q16 |  | % of Total Net Operating Income (1) |  | Property Level Debt ($000) (2)
| OFFICE PROPERTIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Northpark Town Center (3) |  | Atlanta |  | 1,528,000 |  |  | Consolidated |  | 100% |  | 85.2% |  | 87.8% |  | 85.1% |  | 84.7% |  | 7.8 | % |  | $ | — |
| Promenade |  | Atlanta |  | 777,000 |  |  | Consolidated |  | 100% |  | 94.5% |  | 94.6% |  | 91.6% |  | 90.0% |  | 4.7 | % |  | 104,997 |
| 3344 Peachtree |  | Atlanta |  | 484,000 |  |  | Consolidated |  | 100% |  | 96.1% |  | 99.0% |  | 93.4% |  | 96.3% |  | 4.7 | % |  | 80,258 |
| The American Cancer Society Center |  | Atlanta |  | 996,000 |  |  | Consolidated |  | 100% |  | 85.9% |  | 87.3% |  | 83.2% |  | 83.4% |  | 4.3 | % |  | 127,451 |
| One Buckhead Plaza |  | Atlanta |  | 461,000 |  |  | Consolidated |  | 100% |  | 94.2% |  | 96.0% |  | 94.0% |  | 94.8% |  | 3.7 | % |  | — |
| 3350 Peachtree |  | Atlanta |  | 413,000 |  |  | Consolidated |  | 100% |  | 92.9% |  | 93.2% |  | 92.9% |  | 93.2% |  | 2.7 | % |  | — |
| Terminus 100 |  | Atlanta |  | 660,000 |  |  | Unconsolidated |  | 50% |  | 90.6% |  | 90.6% |  | 90.0% |  | 89.6% |  | 2.4 | % |  | 63,256 |
| Terminus 200 |  | Atlanta |  | 566,000 |  |  | Unconsolidated |  | 50% |  | 96.4% |  | 91.9% |  | 91.3% |  | 91.3% |  | 2.2 | % |  | 40,408 |
| 3348 Peachtree |  | Atlanta |  | 258,000 |  |  | Consolidated |  | 100% |  | 91.2% |  | 93.7% |  | 92.8% |  | 93.7% |  | 2.0 | % |  | — |
| Two Buckhead Plaza |  | Atlanta |  | 210,000 |  |  | Consolidated |  | 100% |  | 83.1% |  | 91.0% |  | 81.1% |  | 86.8% |  | 1.8 | % |  | 53,515 |
| Meridian Mark Plaza |  | Atlanta |  | 160,000 |  |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 99.4% |  | 1.3 | % |  | 24,426 |
| Emory University Hospital Midtown Medical Office Tower |  | Atlanta |  | 358,000 |  |  | Unconsolidated |  | 50% |  | 96.2% |  | 96.2% |  | 97.0% |  | 96.3% |  | 1.3 | % |  | 36,258 |
| ATLANTA |  |  |  | 6,871,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 38.9 | % |  | 530,569 |
| Hearst Tower |  | Charlotte |  | 966,000 |  |  | Consolidated |  | 100% |  | 98.7% |  | 98.3% |  | 97.1% |  | 97.1% |  | 7.9 | % |  | — |
| Fifth Third Center |  | Charlotte |  | 698,000 |  |  | Consolidated |  | 100% |  | 96.7% |  | 96.7% |  | 95.9% |  | 91.1% |  | 5.9 | % |  | 148,866 |
| NASCAR Plaza |  | Charlotte |  | 394,000 |  |  | Consolidated |  | 100% |  | 98.2% |  | 98.2% |  | 95.3% |  | 98.2% |  | 3.3 | % |  | — |
| Gateway Village |  | Charlotte |  | 1,061,000 |  |  | Unconsolidated |  | 50% |  | 99.3% |  | 100.0% |  | 94.9% |  | 100.0% |  | 1.3 | % |  | — |
| CHARLOTTE |  |  |  | 3,119,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18.4 | % |  | 148,866 |
| San Jacinto Center |  | Austin |  | 406,000 |  |  | Consolidated |  | 100% |  | 99.8% |  | 100.0% |  | 99.4% |  | 99.5% |  | 4.6 | % |  | 102,562 |
| Colorado Tower |  | Austin |  | 373,000 |  |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 99.2% |  | 4.5 | % |  | 119,069 |
| One Eleven Congress |  | Austin |  | 519,000 |  |  | Consolidated |  | 100% |  | 90.6% |  | 94.4% |  | 81.7% |  | 84% |  | 4.3 | % |  | 130,002 |
| 816 Congress |  | Austin |  | 435,000 |  |  | Consolidated |  | 100% |  | 93.2% |  | 94.6% |  | 91.1% |  | 91.3% |  | 3.1 | % |  | 84,231 |
| Research Park V |  | Austin |  | 173,000 |  |  | Consolidated |  | 100% |  | 97.1% |  | 97.1% |  | 41.3% |  | 33.5% |  | 0.6 | % |  | — |
| AUSTIN |  |  |  | 1,906,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17.1 | % |  | 435,864 |
| Corporate Center (3) |  | Tampa |  | 1,224,000 |  |  | Consolidated |  | 100% |  | 84.4% |  | 84.7% |  | 81.8% |  | 81.4% |  | 6.7 | % |  | — |
| The Pointe |  | Tampa |  | 253,000 |  |  | Consolidated |  | 100% |  | 96.2% |  | 98.9% |  | 96.1% |  | 96.4% |  | 1.6 | % |  | 23,369 |
| Harborview Plaza |  | Tampa |  | 205,000 |  |  | Consolidated |  | 100% |  | 98.0% |  | 98.0% |  | 98.0% |  | 98.0% |  | 1.2 | % |  | — |
| TAMPA |  |  |  | 1,682,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9.5 | % |  | 23,369 |
| Hayden Ferry (3) |  | Phoenix |  | 789,000 |  |  | Consolidated |  | 100% |  | 93.8% |  | 94.7% |  | 88.0% |  | 92.5% |  | 5.2 | % |  | — |
| Tempe Gateway |  | Phoenix |  | 264,000 |  |  | Consolidated |  | 100% |  | 98.4% |  | 98.7% |  | 98.4% |  | 98.7% |  | 2.6 | % |  | — |
| 111 West Rio (US Airways Bldg) |  | Phoenix |  | 225,000 |  |  | Unconsolidated |  | 75% |  | 100.0% |  | 100.0% |  | —% |  | 100.0% |  | 0.3 | % |  | — |
| PHOENIX |  |  |  | 1,278,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.1 | % |  | — |
| Bank of America Center |  | Orlando |  | 421,000 |  |  | Consolidated |  | 100% |  | 87.7% |  | 90.5% |  | 88.3% |  | 90.5% |  | 1.9 | % |  | — |
| Citrus Center |  | Orlando |  | 261,000 |  |  | Consolidated |  | 100% |  | 94.3% |  | 94.4% |  | 91.6% |  | 91.7% |  | 1.4 | % |  | — |
| One Orlando Centre |  | Orlando |  | 356,000 |  |  | Consolidated |  | 100% |  | 82.4% |  | 76.0% |  | 73.2% |  | 73.1% |  | 1.1 | % |  | — |
| ORLANDO |  |  |  | 1,038,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.4 | % |  | — |
| Courvoisier Centre (3) |  | Miami |  | 343,000 |  |  | Unconsolidated |  | 20% |  | 86.5% |  | 85.4% |  | 84.1% |  | 84.2% |  | 0.6 | % |  | 22,309 |
| MIAMI |  |  |  | 343,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.6 | % |  | 22,309 |
| TOTAL OFFICE PROPERTIES |  |  |  | 16,237,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 97.0 | % |  | $ | 1,160,977 |

Cousins Properties Incorporated | 12 | Q4 2016 Supplemental Information

PORTFOLIO STATISTICS

| Property Description |  | Metropolitan Area |  | Rentable Square Feet |  | Financial Statement Presentation |  | Company's Ownership Interest |  | End of Period Leased 4Q16 |  | End of Period Leased 3Q16 |  | Weighted Average Occupancy 4Q16 |  | Weighted Average Occupancy 3Q16 |  | % of Total Net Operating Income (1) |  | Property Level Debt ($000) (2)
| OTHER PROPERTIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Emory Point Apartments (Phase I) (4) |  | Atlanta |  | 404,000 |  |  | Unconsolidated |  | 75% |  | 95.9% |  | 96.2% |  | 95.3% |  | 92.0% |  | 1.4 | % |  | 36,328 |
| Emory Point Apartments (Phase II) (4) |  | Atlanta |  | 257,000 |  |  | Unconsolidated |  | 75% |  | 91.9% |  | 87.0% |  | 87.9% |  | 79.0% |  | 1.0 | % |  | 28,701 |
| Emory Point Retail (Phase I) |  | Atlanta |  | 80,000 |  |  | Unconsolidated |  | 75% |  | 90.0% |  | 84.3% |  | 86.5% |  | 84.7% |  | 0.4 | % |  | 7,194 |
| Emory Point Retail (Phase II) |  | Atlanta |  | 45,000 |  |  | Unconsolidated |  | 75% |  | 78.9% |  | 78.8% |  | 75.0% |  | 69.1% |  | 0.2 | % |  | 5,026 |
| TOTAL OTHER PROPERTIES |  |  |  | 786,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3.0 | % |  | 77,249 |
| TOTAL PORTFOLIO |  |  |  | 17,023,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 100 | % |  | 1,238,226 |
(1) | Net Operating Income represents the Company's share of rental property revenues less rental property operating expenses. Calculation is based on amounts for the three months ended December 31, 2016.
(2) | Property level debt represents the Company's share of total debt as of December 31, 2016.
(3) | Contains multiple buildings that are grouped together for reporting purposes.
(4) | Phase I consists of 443 units and Phase II consists of 307 units. |  |

Cousins Properties Incorporated | 13 | Q4 2016 Supplemental Information

PORTFOLIO STATISTICS

Cousins Properties Incorporated | 14 | Q4 2016 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

| Net Operating Income ($ in thousands) |  |  |  |
| Three Months Ended |  |  |  |
| December 31, 2016 |  |  | December 31, 2015 |  |  | September 30, 2016 |  |  | 4Q16 vs. 4Q15 % Change |  | 4Q16 vs. 3Q16 % Change
Property Revenues (2) | $ | 24,695 |  |  | $ | 23,752 |  |  | $ | 25,293 |  |  | 4.0 | % |  | (2.4 | )%
Property Operating Expenses (2) | 10,093 |  |  | 9,771 |  |  | 10,238 |  |  | 3.3 | % |  | (1.4 | )%
Property Net Operating Income | $ | 14,602 |  |  | $ | 13,981 |  |  | $ | 15,055 |  |  | 4.4 | % |  | (3.0 | )%
Cash Basis Property Revenues (3) | $ | 24,850 |  |  | $ | 23,549 |  |  | $ | 24,982 |  |  | 5.5 | % |  | (0.5 | )%
Cash Basis Property Operating Expenses (4) | 10,105 |  |  | 9,783 |  |  | 10,250 |  |  | 3.3 | % |  | (1.4 | )%
Cash Basis Property Net Operating Income | $ | 14,745 |  |  | $ | 13,766 |  |  | $ | 14,732 |  |  | 7.1 | % |  | 0.1 | %
End of Period Leased | 91.8 | % |  | 91.5 | % |  | 91.8 | % |  |  |  |
Weighted Average Occupancy | 89.4 | % |  | 90.4 | % |  | 89.0 | % |  |  |  |
| Year Ended |  |  |  |
| December 31, 2016 |  |  | December 31, 2015 |  |  | % Change |  |  |  |
Property Revenues (2) | $ | 99,000 |  |  | $ | 95,259 |  |  | 3.9 | % |  |  |  |
Property Operating Expenses (2) | 39,669 |  |  | 39,341 |  |  | 0.8 | % |  |  |  |
Property Net Operating Income | $ | 59,331 |  |  | $ | 55,918 |  |  | 6.1 | % |  |  |  |
Cash Basis Property Revenues (3) | $ | 97,982 |  |  | $ | 93,153 |  |  | 5.2 | % |  |  |  |
Cash Basis Property Operating Expenses (4) | 39,716 |  |  | 39,387 |  |  | 0.8 | % |  |  |  |
Cash Basis Property Net Operating Income | $ | 58,266 |  |  | $ | 53,766 |  |  | 8.4 | % |  |  |  |

(1) | Same Properties include those office properties that were operational and stabilized on January 1, 2015, excluding properties subsequently sold. See Non-GAAP Financial Measures - Calculation and Reconciliations. Properties included in this reporting period are as follows:
| The American Cancer Society Center | Emory University Hospital Midtown Medical Office Tower | Meridian Mark Plaza
| Promenade | Terminus 100 | Terminus 200
| 816 Congress |  |
(2) | Property Revenues and Expenses include results for the Company and its share of unconsolidated joint ventures. Net operating income for unconsolidated joint ventures is calculated as property revenue less property 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 Same Property Revenues include that of the Company and its share of unconsolidated joint ventures. It represents Property Revenues, excluding straight-line rents, amortization of lease inducements, and amortization of acquired above and below market rents.
(4) | Cash Basis Same Property Operating Expenses include that of the Company and its share of unconsolidated joint ventures. It represents Property Operating Expenses, excluding straight-line ground rent expense and amortization of above and below market ground rent expense.

Cousins Properties Incorporated | 15 | Q4 2016 Supplemental Information

OFFICE LEASING ACTIVITY(1)

| Three Months Ended December 31, 2016 |  | Year Ended December 31, 2016
| New |  | Renewal |  | Expansion |  | Total |  | New |  | Renewal |  | Expansion |  | Total
Gross leased (square feet) |  |  |  |  |  |  | 780,743 |  |  |  |  |  |  |  | 2,509,455
Less: Leases one year or less, amenity leases, percentage rent leases, storage leases, intercompany leases, and license agreements |  |  |  |  |  |  | (19,656) |  |  |  |  |  |  |  | (155,216)
Net leased (square feet) | 419,244 |  |  | 231,520 |  |  | 110,323 |  |  | 761,087 |  | 1,378,123 |  | 749,657 |  | 226,459 |  | 2,354,239
Number of transactions | 14 |  |  | 18 |  |  | 10 |  |  | 42 |  | 57 |  | 78 |  | 28 |  | 163
Lease term (years) (2) | 9.6 |  |  | 6.8 |  |  | 6.8 |  |  | 8.3 |  | 11.7 |  | 6.7 |  | 6.6 |  | 9.6
Net rent (per square foot) (2)(3) | $ | 24.70 |  |  | $ | 27.15 |  |  | $ | 30.80 |  |  | $ | 26.32 |  |  | $ | 24.10 |  |  | $ | 24.24 |  |  | $ | 27.04 |  |  | $ | 24.52 |
Total leasing costs (per square foot) (2)(4) | (6.75 | ) |  | (4.49 | ) |  | (6.91 | ) |  | (6.08 | ) |  | (7.39 | ) |  | (4.93 | ) |  | (7.27 | ) |  | (6.35 | )
Net effective rent (per square foot) (2) | $ | 17.95 |  |  | $ | 22.66 |  |  | $ | 23.89 |  |  | $ | 20.24 |  |  | $ | 16.71 |  |  | $ | 19.31 |  |  | $ | 19.77 |  |  | $ | 18.17 |
Second generation leased square feet (2)(5) |  |  |  |  |  |  | 660,377 |  |  |  |  |  |  |  |  | 1,303,753 |
Increase in second generation net rent (2)(3)(5) |  |  |  | 18.7 | % |  |  |  |  |  |  |  | 20.0 | %
Increase in cash basis second generation net rent (2)(5)(6) |  | 14.7 | % |  |  |  |  |  |  |  | 10.3 | %
(1) Excludes apartment and retail leasing at our mixed-use projects.
(2) Weighted average.
(3) Represents straight-lined net rent per square foot (operating expenses deducted from gross leases) over the lease term.
(4) Includes tenant improvements, external leasing commissions, and free rent.
(5) Excludes leases executed for spaces that were vacant upon acquisition, new leases in development properties, and leases for spaces that have been vacant for one year or more.
(6) Represents increase in net rent at the end of term paid by the prior tenant compared to net rent at beginning of term paid by the current tenant. For early renewals, represents increase in net rent at the end of the term of the original lease compared to net rent at the beginning of the extended term of the lease.

Cousins Properties Incorporated | 16 | Q4 2016 Supplemental Information

OFFICE LEASE EXPIRATIONS (1)

Lease Expirations by Year

Year of Expiration |  | Square Feet Expiring |  | % of Leased Space |  | Annual Contractual Rents ($000's) (2) |  | % of Total Annual Contractual Rents |  | Annual Contractual Rent/Sq. Ft. (2)
2017 |  | 754,792 |  |  | 5.6 | % |  | $ | 21,143 |  |  | 5.1 | % |  | $ | 28.01 |
2018 |  | 997,019 |  |  | 7.4 | % |  | 29,353 |  |  | 7.1 | % |  | 29.44 |
2019 |  | 1,116,486 |  |  | 8.3 | % |  | 31,847 |  |  | 7.7 | % |  | 28.52 |
2020 |  | 1,021,135 |  |  | 7.6 | % |  | 30,563 |  |  | 7.4 | % |  | 29.93 |
2021 |  | 1,789,478 |  |  | 13.3 | % |  | 53,535 |  |  | 13.0 | % |  | 29.92 |
2022 |  | 2,065,821 |  |  | 15.3 | % |  | 58,220 |  |  | 14.2 | % |  | 28.18 |
2023 |  | 1,001,575 |  |  | 7.4 | % |  | 30,595 |  |  | 7.5 | % |  | 30.55 |
2024 |  | 918,063 |  |  | 6.8 | % |  | 33,029 |  |  | 8.1 | % |  | 35.98 |
2025 & Thereafter |  | 3,802,231 |  |  | 28.3 | % |  | 122,426 |  |  | 29.9 | % |  | 32.20 |
Total |  | 13,466,600 |  |  | 100.0 | % |  | $ | 410,711 |  |  | 100.0 | % |  | $ | 30.49 |

Lease Expirations Greater than 100,000 Square Feet Through Year End 2020

Expiration Date |  | Tenant |  | Market |  | Building |  | Square Feet Expiring
January 2019 |  | National Union Fire Insurance Company |  | Atlanta |  | Northpark Town Center |  | 105,362 |
April 2020 |  | CO Space Properties, LLC |  | Atlanta |  | American Cancer Society Center |  | 120,298 |

(1) Company's share.
(2) Annual Contractual Rent shown is the rate in the year of expiration. It includes the minimum contractual rent paid by the tenant which may or may not include a base year of operating expenses depending upon the terms of the lease.

Cousins Properties Incorporated | 17 | Q4 2016 Supplemental Information

OFFICE LEASE EXPIRATIONS (1)

Note: Company's share

Cousins Properties Incorporated | 18 | Q4 2016 Supplemental Information

TOP 20 OFFICE TENANTS

| Tenant (1) |  | Company's Share of Square Footage |  | Company's Share of Annualized Base Rent |  | Percentage of Total Company's Share of Annualized Base Rent (2) |  | Average Remaining Lease Term (Years) (3)
1 |  | Bank of America |  | 1,139,724 |  |  | $ | 19,326,949 |  |  | 5.9% |  | 7
2 |  | Wells Fargo Bank, N.A. |  | 277,598 |  |  | 7,736,691 |  |  | 2.3% |  | 5
3 |  | Blue Cross Blue Shield |  | 227,592 |  |  | 6,015,257 |  |  | 1.8% |  | 5
4 |  | McGuireWoods LLP |  | 198,648 |  |  | 5,743,205 |  |  | 1.7% |  | 9
5 |  | Hearst Communications, Inc. |  | 181,323 |  |  | 5,420,943 |  |  | 1.6% |  | 10
6 |  | Smith, Gambrell & Russell, LLP |  | 159,136 |  |  | 4,959,620 |  |  | 1.5% |  | 5
7 |  | American Cancer Society, Inc. |  | 275,160 |  |  | 4,831,741 |  |  | 1.5% |  | 4
8 |  | OSI Restaurant Partners, LLC |  | 167,723 |  |  | 4,766,688 |  |  | 1.4% |  | 8
9 |  | NASCAR Media Group, LLC |  | 139,461 |  |  | 4,658,907 |  |  | 1.4% |  | 4
10 |  | Parsley Energy, LP |  | 135,107 |  |  | 4,016,731 |  |  | 1.2% |  | 8
11 |  | US South Communications |  | 196,223 |  |  | 3,895,888 |  |  | 1.2% |  | 5
12 |  | Board of Regents of the University System of Georgia |  | 135,124 |  |  | 3,884,815 |  |  | 1.2% |  | 7
13 |  | K & L Gates LLP |  | 110,914 |  |  | 3,736,155 |  |  | 1.1% |  | 11
14 |  | Carlton Fields Jorden Burt, PA |  | 93,868 |  |  | 3,661,791 |  |  | 1.1% |  | 9
15 |  | CO Space Properties, LLC |  | 120,298 |  |  | 3,611,153 |  |  | 1.1% |  | 3
16 |  | Chiquita Brands, LLC |  | 137,790 |  |  | 3,260,112 |  |  | 1.0% |  | 4
17 |  | National Union Fire Insurance Company |  | 105,362 |  |  | 2,963,184 |  |  | 0.9% |  | 2
18 |  | Vitera Healthcare Solutions, LLC |  | 86,150 |  |  | 2,852,427 |  |  | 0.9% |  | 11
19 |  | Regus Equity Business Centers, LLC |  | 91,444 |  |  | 2,641,751 |  |  | 0.8% |  | 5
20 |  | Gerdau Ameristeel US, Inc |  | 80,653 |  |  | 2,410,211 |  |  | 0.7% |  | 9
| Grand Total |  | 4,059,298 |  |  | $ | 100,394,219 |  |  | 30.3% |  | 6
(1) |  | In some cases, the actual tenant may be an affiliate of the entity shown.
(2) |  | Annualized Base Rent represents the annualized minimum rent paid by the tenant as of the date of this report. If the tenant is in a free rent period as of the date of this report, Annualized Base Rent represents the annualized minimum contractual rent the tenant will pay in the first month it is required to pay rent which may or may not include a base year of operating expenses depending upon the terms of the lease.
(3) |  | Weighted average.
Note: |  | This schedule includes tenants whose leases have commenced and/or have taken occupancy. Leases that have been signed but have not commenced are excluded from this schedule.

Cousins Properties Incorporated | 19 | Q4 2016 Supplemental Information

TENANT INDUSTRY DIVERSIFICATION

(1) Represents Company's share of total revenues.

Cousins Properties Incorporated | 20 | Q4 2016 Supplemental Information

INVESTMENT ACTIVITY

Completed Property Acquisitions

Property |  | Type |  | Metropolitan Area |  | Company's Ownership Interest |  | Timing |  | Square Feet |  | Gross Purchase Price ($ in thousands)
2016 |  |  |  |  |  |  |  |  |  |  |  |
Parkway Properties |  | Office |  | Various |  | Various |  | 4Q |  | 8,819,000 |  |  | (1 | )
Cousins Fund II, L.P. (2) |  | Office |  | Various |  | 100.0% |  | 4Q |  | (2 | ) |  | $ | 279,100 |
2014 |  |  |  |  |  |  |  |  |  |  |  |
Fifth Third Center |  | Office |  | Charlotte |  | 100.0% |  | 3Q |  | 698,000 |  |  | 215,000 |
Northpark Town Center |  | Office |  | Atlanta |  | 100.0% |  | 4Q |  | 1,528,000 |  |  | 348,000 |
2013 |  |  |  |  |  |  |  |  |  |  |  |
Post Oak Central |  | Office |  | Houston |  | 100.0% |  | 1Q |  | 1,280,000 |  |  | 230,900 |
Terminus 200 |  | Office |  | Atlanta |  | 50.0% |  | 1Q |  | 566,000 |  |  | 164,000 |
816 Congress |  | Office |  | Austin |  | 100.0% |  | 2Q |  | 435,000 |  |  | 102,400 |
Greenway Plaza |  | Office |  | Houston |  | 100.0% |  | 3Q |  | 4,348,000 |  |  | 950,000 |
777 Main |  | Office |  | Fort Worth |  | 100.0% |  | 3Q |  | 980,000 |  |  | 160,000 |
2012 |  |  |  |  |  |  |  |  |  |  |  |
2100 Ross |  | Office |  | Dallas |  | 100.0% |  | 3Q |  | 844,000 |  |  | 59,200 |
|  |  |  |  |  |  |  |  |  | 19,498,000 |  |  | $ | 2,508,600 |

Completed Property Developments

Project |  | Type |  | Metropolitan Area |  | Company's Ownership Interest |  | Timing |  | Square Feet |  | Total Project Cost ($ in thousands)
2015 |  |  |  |  |  |  |  |  |  |  |  |
Colorado Tower |  | Office |  | Austin |  | 100.0% |  | 1Q |  | 373,000 |  |  | $ | 126,100 |
Emory Point - Phase II |  | Mixed |  | Atlanta |  | 75.0% |  | 3Q |  | 302,000 |  |  | 75,400 |
Research Park V |  | Office |  | Austin |  | 100.0% |  | 4Q |  | 173,000 |  |  | 45,000 |
2013 |  |  |  |  |  |  |  |  |  |  |  |
Emory Point - Phase I |  | Mixed |  | Atlanta |  | 75.0% |  | 4Q |  | 484,000 |  |  | 102,300 |
2012 |  |  |  |  |  |  |  |  |  |  |  |
Mahan Village |  | Retail |  | Tallahassee |  | 50.5% |  | 4Q |  | 147,000 |  |  | 25,800 |
|  |  |  |  |  |  |  |  |  | 1,479,000 |  |  | $ | 374,600 |

Cousins Properties Incorporated | 21 | Q4 2016 Supplemental Information

INVESTMENT ACTIVITY

Completed Property Dispositions

Property |  | Type |  | Metropolitan Area |  | Company's Ownership Interest |  | Timing |  | Square Feet |  | Gross Sales Price ($ in thousands)
2016 |  |  |  |  |  |  |  |  |  |  |  |
100 North Point Center East |  | Office |  | Atlanta |  | 100.0% |  | 1Q |  | 129,000 |  |  | $ | 22,000 |
Post Oak Central |  | Office |  | Houston |  | 100.0% |  | 4Q |  | 1,280,000 |  |  | (1 | )
Greenway Plaza |  | Office |  | Houston |  | 100.0% |  | 4Q |  | 4,348,000 |  |  | (1 | )
Two Liberty Place |  | Office |  | Philadelphia |  | 100.0% |  | 4Q |  | 941,000 |  |  | 219,000 |
191 Peachtree |  | Office |  | Atlanta |  | 100.0% |  | 4Q |  | 1,225,000 |  |  | 267,500 |
Lincoln Place |  | Office |  | Miami |  | 100.0% |  | 4Q |  | 140,000 |  |  | 80,000 |
The Forum |  | Office |  | Atlanta |  | 100.0% |  | 4Q |  | 220,000 |  |  | 70,000 |
2015 |  |  |  |  |  |  |  |  |  |  |  |
2100 Ross |  | Office |  | Dallas |  | 100.0% |  | 3Q |  | 844,000 |  |  | 131,000 |
200, 333, and 555 North Point Center East |  | Office |  | Atlanta |  | 100.0% |  | 4Q |  | 411,000 |  |  | 70,300 |
The Points at Waterview |  | Office |  | Dallas |  | 100.0% |  | 4Q |  | 203,000 |  |  | 26,800 |
2014 |  |  |  |  |  |  |  |  |  |  |  |
600 University Park Place |  | Office |  | Birmingham |  | 100.0% |  | 1Q |  | 123,000 |  |  | 19,700 |
Lakeshore Park Plaza |  | Office |  | Birmingham |  | 100.0% |  | 3Q |  | 197,000 |  |  | 25,000 |
Mahan Village |  | Retail |  | Florida |  | 50.5% |  | 4Q |  | 147,000 |  |  | 29,500 |
Cousins Watkins LLC |  | Retail |  | Other |  | 50.5% |  | 4Q |  | 339,000 |  |  | 79,500 |
777 Main |  | Office |  | Fort Worth |  | 100.0% |  | 4Q |  | 980,000 |  |  | 167,000 |
2013 |  |  |  |  |  |  |  |  |  |  |  |
Terminus 100 |  | Office |  | Atlanta |  | 100.0% |  | 1Q |  | 656,000 |  |  | 209,200 |
Tiffany Springs MarketCenter |  | Retail |  | Kansas City |  | 88.5% |  | 3Q |  | 238,000 |  |  | 53,500 |
The Avenue Murfreesboro |  | Retail |  | Nashville |  | 50.0% |  | 3Q |  | 752,000 |  |  | 164,000 |
CP Venture Two LLC |  | Retail |  | Other |  | 10.3% |  | 3Q |  | 934,000 |  |  | 226,100 |
CP Venture Five LLC |  | Retail |  | Other |  | 11.5% |  | 3Q |  | 1,179,000 |  |  | 296,200 |
Inhibitex |  | Office |  | Atlanta |  | 100.0% |  | 4Q |  | 51,000 |  |  | 8,300 |
2012 |  |  |  |  |  |  |  |  |  |  |  |
The Avenue Collierville |  | Retail |  | Memphis |  | 100.0% |  | 2Q |  | 511,000 |  |  | 55,000 |
Galleria 75 |  | Office |  | Atlanta |  | 100.0% |  | 2Q |  | 111,000 |  |  | 9,200 |
Ten Peachtree Place |  | Office |  | Atlanta |  | 50.0% |  | 2Q |  | 260,000 |  |  | 45,300 |
The Avenue Webb Gin |  | Retail |  | Atlanta |  | 100.0% |  | 4Q |  | 322,000 |  |  | 59,600 |
The Avenue Forsyth |  | Retail |  | Atlanta |  | 88.5% |  | 4Q |  | 524,000 |  |  | 119,000 |
Cosmopolitan Center |  | Office |  | Atlanta |  | 100.0% |  | 4Q |  | 51,000 |  |  | 7,000 |
Palisades West |  | Office |  | Austin |  | 50.0% |  | 4Q |  | 373,000 |  |  | 64,800 |
Presbyterian Medical Plaza |  | Office |  | Charlotte |  | 11.5% |  | 4Q |  | 69,000 |  |  | 4,500 |
|  |  |  |  |  |  |  |  |  | 17,558,000 |  |  | $ | 2,529,000 |

(1) This transaction was part of the Parkway Merger. Please see further information in footnote 2 of the Form 10-Q for the three months ended
September 30, 2016 and in reports filed with the SEC by the Company, Parkway, and Parkway, Inc.
(2) Purchased the outside interest (approximately 70%) in a consolidated partnership for $279.1 million; this included cash from the recent sale of Two Liberty Place in
Philadelphia as well as the Hayden Ferry buildings in Tempe and 3344 Peachtree in Atlanta. Cousins now owns 100% of these buildings.

Cousins Properties Incorporated | 22 | Q4 2016 Supplemental Information

DEVELOPMENT PIPELINE (1)

Project |  | Type |  | Metropolitan Area |  | Company's Ownership Interest |  | Project Start Date |  | Number of Square Feet /Apartment Units |  | Estimated Project Cost (2) ($ in thousands) |  | Project Cost Incurred to Date (2) ($ in thousands) |  | Percent Leased |  | Initial Occupancy (3) |  | Estimated Stabilization (4)
Carolina Square |  | Mixed |  | Chapel Hill, NC |  | 50 | % |  | 2Q15 |  |  |  | $ | 123,000 |  |  | $ | 66,845 |  |  |  |  |  |  |
Office |  |  |  |  |  |  |  |  |  | 158,000 |  |  |  |  |  |  | 74 | % |  | 3Q17 |  | 3Q18
Retail |  |  |  |  |  |  |  |  |  | 44,000 |  |  |  |  |  |  | 61 | % |  | 3Q17 |  | 3Q18
Apartments |  |  |  |  |  |  |  |  |  | 246 |  |  |  |  |  |  | — | % |  | 3Q17 |  | 3Q18
864 Spring Street (NCR Phase I) |  | Office |  | Atlanta, GA |  | 100 | % |  | 3Q15 |  | 502,000 |  |  | 219,000 |  |  | 103,994 |  |  | 100 | % |  | 1Q18 |  | 1Q18
8000 Avalon |  | Office |  | Atlanta, GA |  | 90 | % |  | 1Q16 |  | 224,000 |  |  | 73,000 |  |  | 42,152 |  |  | 19 | % |  | 2Q17 |  | 2Q18
858 Spring Street (NCR Phase II) |  | Office |  | Atlanta, GA |  | 100 | % |  | 4Q16 |  | 260,000 |  |  | 119,000 |  |  | 16,242 |  |  | 100 | % |  | 4Q18 |  | 4Q18
Dimensional Place |  | Office |  | Charlotte, NC |  | 50 | % |  | 4Q16 |  |  |  | 94,000 |  |  | 18,549 |  |  |  |  |  |  |
Office |  |  |  |  |  |  |  |  |  | 266,000 |  |  |  |  |  |  | 100 | % |  | 4Q18 |  | 4Q18
Retail |  |  |  |  |  |  |  |  |  | 16,000 |  |  |  |  |  |  | — | % |  | 4Q18 |  | 4Q18
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 628,000 |  |  | $ | 247,782 |  |  |  |  |  |  |

(1) | This schedule shows projects currently under active development and/or projects with a contractual obligation through the substantial completion of construction. Amounts included in the estimated project cost column represent the estimated costs of the project through stabilization. Significant estimation is required to derive these costs, and the final costs may differ from these estimates. The projected stabilization dates are also estimates and are subject to change as the project proceeds through the development process.
(2) | Amount represents 100% of the estimated project cost. Carolina Square is expected to be funded with a combination of equity from the partners and up to $79.8 million from a construction loan, which has $23.7 million outstanding as of December 31, 2016.
(3) | Represents the quarter which the Company estimates the first tenant occupies space.
(4) | Stabilization represents the earlier of the quarter in which the Company estimates it will achieve 90% economic occupancy or one year from initial occupancy.

Cousins Properties Incorporated | 23 | Q4 2016 Supplemental Information

LAND INVENTORY

|  | Metropolitan Area |  | Company's Ownership Interest |  | Total Developable Land (Acres) |  | Company's Share
Commercial |  |  |  |  |  |  |  |
North Point |  | Atlanta |  | 100.0% |  | 12 |  |  |
Wildwood Office Park |  | Atlanta |  | 50.0% |  | 22 |  |  |
The Avenue Forsyth-Adjacent Land |  | Atlanta |  | 100.0% |  | 10 |  |  |
120 West Trinity |  | Atlanta |  | 20.0% |  | 5 |  |  |
Georgia |  |  |  |  |  | 49 |  |  |
Victory Center |  | Dallas |  | 75.0% |  | 3 |  |  |
Texas |  |  |  |  |  | 3 |  |  |
Corporate Center |  | Tampa |  | 100.0% |  | 7 |  |  |
Florida |  |  |  |  |  | 7 |  |  |
Commercial Land Held (Acres) |  |  |  |  |  | 59 |  |  | 43 |
Cost Basis of Commercial Land Held |  |  |  |  |  | $ | 41,726 |  |  | $ | 16,386 |
Residential (1) |  |  |  |  |  |  |  |
Callaway Gardens (2) |  | Atlanta |  | 100.0% |  | 217 |  |  |
Georgia |  |  |  |  |  | 217 |  |  |
Padre Island |  | Corpus Christi |  | 50.0% |  | 15 |  |  |
Texas |  |  |  |  |  | 15 |  |  |
Residential Land Held (Acres) |  |  |  |  |  | 232 |  |  | 225 |
Cost Basis of Residential Land Held |  |  |  |  |  | $ | 6,850 |  |  | $ | 3,544 |
Grand Total Land Held (Acres) |  |  |  |  |  | 291 |  |  | 268 |
Grand Total Cost Basis of Land Held |  |  |  |  |  | $ | 48,576 |  |  | $ | 19,930 |

(1) | Residential represents land that may be sold to third parties as lots or in large tracts for residential development.
(2) | Callaway Gardens was a consolidated joint venture. In January 2017, the Company withdrew from the joint venture. The Company no longer owns the land, but maintains a participation interest in future lot sales.

Cousins Properties Incorporated | 24 | Q4 2016 Supplemental Information

DEBT SCHEDULE

|  |  |  |  |  |  | Company's Share of Debt Maturities and Principal Payments |  |  |  |  |  |  |  |
Description (Interest Rate Base, if not fixed) | Company's Ownership Interest |  | Rate at End of Quarter |  | Maturity Date |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | Thereafter |  | Total Principal |  | Deferred Loan Costs |  | Above/Below Market Value |  | Total |  | Company's Share Recourse (1)
Consolidated Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term Loan, Unsecured (LIBOR + 1.20%-1.70%) (3) | 100% |  | 1.97% |  | 12/2/21 |  | — |  |  | — |  |  | — |  |  | — |  |  | 250,000 |  |  | — |  |  | 250,000 |  |  | (1,826 | ) |  | — |  |  | 248,174 |  |  | 250,000 |
Credit Facility, Unsecured (LIBOR + 1.10%-1.45%) (2) | 100% |  | 1.87% |  | 5/28/19 |  | — |  |  | — |  |  | 134,000 |  |  | — |  |  | — |  |  | — |  |  | 134,000 |  |  | — |  |  | — |  |  | 134,000 |  |  | 134,000 |
Total Floating Rate Debt |  |  |  |  |  |  | — |  |  | — |  |  | 134,000 |  |  | — |  |  | 250,000 |  |  | — |  |  | 384,000 |  |  | (1,826 | ) |  | — |  |  | 382,174 |  |  | 384,000 |
Fixed Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fifth Third Center | 100% |  | 3.37% |  | 10/1/26 |  | 2,959 |  |  | 3,061 |  |  | 3,166 |  |  | 3,274 |  |  | 3,386 |  |  | 133,670 |  |  | 149,516 |  |  | (650 | ) |  | — |  |  | 148,866 |  |  | — |
One Eleven Congress | 100% |  | 6.08% |  | 6/11/17 |  | 128,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 128,000 |  |  | — |  |  | 2,002 |  |  | 130,002 |  |  | — |
The American Cancer Society Center (4) | 100% |  | 6.45% |  | 9/1/17 |  | 127,508 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 127,508 |  |  | (57 | ) |  | — |  |  | 127,451 |  |  | — |
Colorado Tower | 100% |  | 3.45% |  | 9/1/26 |  | — |  |  | 573 |  |  | 2,343 |  |  | 2,425 |  |  | 2,510 |  |  | 112,149 |  |  | 120,000 |  |  | (931 | ) |  | — |  |  | 119,069 |  |  | — |
Promenade | 100% |  | 4.27% |  | 10/1/22 |  | 2,986 |  |  | 3,116 |  |  | 3,252 |  |  | 3,394 |  |  | 3,541 |  |  | 89,053 |  |  | 105,342 |  |  | (345 | ) |  | — |  |  | 104,997 |  |  | — |
San Jacinto | 100% |  | 6.05% |  | 6/11/17 |  | 101,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 101,000 |  |  | — |  |  | 1,562 |  |  | 102,562 |  |  | — |
816 Congress | 100% |  | 3.75% |  | 11/1/24 |  | 1,568 |  |  | 1,628 |  |  | 1,690 |  |  | 1,754 |  |  | 1,821 |  |  | 76,411 |  |  | 84,872 |  |  | (641 | ) |  | — |  |  | 84,231 |  |  | — |
Two Buckhead Plaza | 100% |  | 6.43% |  | 10/1/17 |  | 52,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 52,000 |  |  | — |  |  | 1,515 |  |  | 53,515 |  |  | — |
3344 Peachtree | 100% |  | 4.75% |  | 10/1/17 |  | 78,971 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 78,971 |  |  | — |  |  | 1,287 |  |  | 80,258 |  |  | — |
Meridian Mark Plaza | 100% |  | 6.00% |  | 8/1/20 |  | 484 |  |  | 514 |  |  | 546 |  |  | 22,978 |  |  | — |  |  | — |  |  | 24,522 |  |  | (96 | ) |  | — |  |  | 24,426 |  |  | — |
The Pointe | 100% |  | 4.01% |  | 2/10/19 |  | 439 |  |  | 456 |  |  | 22,050 |  |  | — |  |  | — |  |  | — |  |  | 22,945 |  |  | — |  |  | 424 |  |  | 23,369 |  |  | — |
Total Fixed Rate Debt |  |  |  |  |  |  | 495,915 |  |  | 9,348 |  |  | 33,047 |  |  | 33,825 |  |  | 11,258 |  |  | 411,283 |  |  | 994,676 |  |  | (2,720 | ) |  | 6,790 |  |  | 998,746 |  |  | — |
Total Consolidated Debt |  |  |  |  |  |  | $ | 495,915 |  |  | $ | 9,348 |  |  | $ | 167,047 |  |  | $ | 33,825 |  |  | $ | 261,258 |  |  | $ | 411,283 |  |  | $ | 1,378,676 |  |  | $ | (4,546 | ) |  | $ | 6,790 |  |  | $ | 1,380,920 |  |  | $ | 384,000 |
Unconsolidated Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Emory Point I (LIBOR + 1.75%) (5) | 75% |  | 2.28% |  | 4/9/17 |  | 43,522 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 43,522 |  |  | — |  |  | — |  |  | 43,522 |  |  | — |
Emory Point II (LIBOR + 1.85%, $46mm facility) | 75% |  | 2.38% |  | 4/9/17 |  | 33,727 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 33,727 |  |  | — |  |  | — |  |  | 33,727 |  |  | 3,373 |
Carolina Square (LIBOR + 1.90%, $79.8mm facility) | 50% |  | 2.43% |  | 5/1/18 |  | — |  |  | 11,870 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,870 |  |  | — |  |  | — |  |  | 11,870 |  |  | 2,967 |
Total Floating Rate Debt |  |  |  |  |  |  | 77,249 |  |  | 11,870 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 89,119 |  |  | — |  |  | — |  |  | 89,119 |  |  | 6,340 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | . |  |  |  |  |  |  |  |  |  |
Fixed Rate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Terminus 100 | 50% |  | 5.25% |  | 1/1/23 |  | 1,346 |  |  | 1,418 |  |  | 1,494 |  |  | 1,575 |  |  | 1,660 |  |  | 55,839 |  |  | 63,332 |  |  | (76 | ) |  | — |  |  | 63,256 |  |  | — |
Terminus 200 | 50% |  | 3.79% |  | 1/1/23 |  | 770 |  |  | 800 |  |  | 831 |  |  | 863 |  |  | 896 |  |  | 36,281 |  |  | 40,441 |  |  | (33 | ) |  | — |  |  | 40,408 |  |  | — |
Emory University Hospital Midtown Medical Office Tower | 50% |  | 3.50% |  | 6/1/23 |  | 759 |  |  | 785 |  |  | 813 |  |  | 842 |  |  | 872 |  |  | 32,340 |  |  | 36,411 |  |  | (153 | ) |  | — |  |  | 36,258 |  |  | — |
Courvoisier Centre | 20% |  | 4.60% |  | 3/1/26 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21,300 |  |  | 21,300 |  |  | — |  |  | 1,009 |  |  | 22,309 |  |  | — |
Total Fixed Rate Debt |  |  |  |  |  |  | 2,875 |  |  | 3,003 |  |  | 3,138 |  |  | 3,280 |  |  | 3,428 |  |  | 145,760 |  |  | 161,484 |  |  | (262 | ) |  | 1,009 |  |  | 162,231 |  |  | — |
Total Unconsolidated Debt |  |  |  |  |  |  | $ | 80,124 |  |  | $ | 14,873 |  |  | $ | 3,138 |  |  | $ | 3,280 |  |  | $ | 3,428 |  |  | $ | 145,760 |  |  | $ | 250,603 |  |  | $ | (262 | ) |  | $ | 1,009 |  |  | $ | 251,350 |  |  | $ | 6,340 |
Total Debt |  |  |  |  |  |  | $ | 576,039 |  |  | $ | 24,221 |  |  | $ | 170,185 |  |  | $ | 37,105 |  |  | $ | 264,686 |  |  | $ | 557,043 |  |  | $ | 1,629,279 |  |  | $ | (4,808 | ) |  | $ | 7,799 |  |  | $ | 1,632,270 |  |  | $ | 390,340 |
Total Maturities (5) |  |  |  |  |  |  | $ | 561,840 |  |  | $ | 11,870 |  |  | $ | 156,018 |  |  | $ | 22,644 |  |  | $ | 250,000 |  |  | $ | 514,110 |  |  | $ | 1,516,482 |  |  |  |  |  |  |  |  |
% of Maturities |  |  |  |  |  |  | 38 | % |  | 1 | % |  | 10 | % |  | 2 | % |  | 16 | % |  | 34 | % |  | 100 | % |  |  |  |  |  |  |  |

Cousins Properties Incorporated | 25 | Q4 2016 Supplemental Information

DEBT SCHEDULE

Floating and Fixed Rate Debt Analysis

|  | Total Debt ($) |  | Total Debt (%) |  | Weighted Average Interest Rate |  | Weighted Average Maturity (Yrs.)
Floating Rate Debt |  | $ | 473,119 |  |  | 29 | % |  | 2.06 | % |  | 3.4 |
Fixed Rate Debt |  | 1,156,160 |  |  | 71 | % |  | 4.81 | % |  | 4.6 |
Total Debt |  | $ | 1,629,279 |  |  | 100 | % |  | 4.01 | % |  | 4.3 |

(1) Non-recourse loans are subject to customary carve-outs.
(2) Total borrowing capacity of the Credit Facility as of December 31, 2016 was $500 million. The spread over LIBOR at December 31, 2016 was 1.10%.
(3) Total borrowing capacity of the Term Loan as of December 31, 2016 was $250 million. The spread over LIBOR at December 31, 2016 was 1.20%.
(4) The real estate and other assets of this property are restricted under a loan agreement such that these assets are not available to settle other debts of the Company.
(5) Maturities include lump sum principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.

Cousins Properties Incorporated | 26 | Q4 2016 Supplemental Information

DEBT SCHEDULE

Cousins Properties Incorporated | 27 | Q4 2016 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| 2014 | 2015 1st | 2015 2nd | 2015 3rd | 2015 4th | 2015 | 2016 1st | 2016 2nd | 2016 3rd | 2016 4th | 2016
Income from Discontinued Operations |  |  |  |  |  |  |  |  |  |  |  |
Rental Property Revenues | 182,714 |  | 42,986 |  | 45,228 |  | 45,096 |  | 43,518 |  | 176,828 |  | 43,123 |  | 44,281 |  | 46,046 |  | 3,477 |  | 136,927 |
Rental Property Operating Expenses | (80,099 | ) | (17,921 | ) | (19,796 | ) | (19,078 | ) | (16,835 | ) | (73,630 | ) | (17,805 | ) | (19,155 | ) | (19,638 | ) | (1,738 | ) | (58,336 | )
Net Operating Income | 102,615 |  | 25,065 |  | 25,432 |  | 26,018 |  | 26,683 |  | 103,198 |  | 25,318 |  | 25,126 |  | 26,408 |  | 1,739 |  | 78,591 |
Termination Fees | 4,006 |  | 73 |  | — |  | 191 |  | 186 |  | 450 |  | 186 |  | 102 |  | — |  | — |  | 288 |
Interest and Other Income (Expense) | (8,093 | ) | (2,004 | ) | (1,999 | ) | (1,980 | ) | (2,026 | ) | (8,009 | ) | (1,975 | ) | (1,965 | ) | (1,956 | ) | (126 | ) | (6,022 | )
Transaction Costs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (494 | ) | (5,855 | ) | (6,349 | )
Third Party Management and Leasing Revenues | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Third Party Management and Leasing Expenses | (2 | ) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
FFO from Discontinued Operations | 98,526 |  | 23,134 |  | 23,433 |  | 24,229 |  | 24,843 |  | 95,639 |  | 23,529 |  | 23,263 |  | 23,958 |  | (4,242 | ) | 66,508 |
Depreciation and Amortization of Real Estate | (77,760 | ) | (17,586 | ) | (15,508 | ) | (15,348 | ) | (15,349 | ) | (63,791 | ) | (15,428 | ) | (15,740 | ) | (15,221 | ) | (956 | ) | (47,345 | )
Income (Loss) from Discontinued Operations | 20,766 |  | 5,548 |  | 7,925 |  | 8,881 |  | 9,494 |  | 31,848 |  | 8,101 |  | 7,523 |  | 8,737 |  | (5,198 | ) | 19,163 |
FFO and EBITDA |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders | 45,519 |  | 7,203 |  | 7,951 |  | 53,620 |  | 56,744 |  | 125,518 |  | 22,796 |  | 7,765 |  | 11,657 |  | 36,892 |  | 79,109 |
Depreciation and amortization of real estate assets: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 61,391 |  | 18,138 |  | 18,997 |  | 16,775 |  | 16,093 |  | 70,003 |  | 16,164 |  | 16,306 |  | 16,293 |  | 47,819 |  | 96,583 |
Discontinued properties | 77,760 |  | 17,586 |  | 15,508 |  | 15,348 |  | 15,349 |  | 63,791 |  | 15,428 |  | 15,740 |  | 15,221 |  | 956 |  | 47,345 |
Share of unconsolidated joint ventures | 11,915 |  | 2,743 |  | 2,772 |  | 2,891 |  | 3,239 |  | 11,645 |  | 3,259 |  | 3,231 |  | 3,268 |  | 4,146 |  | 13,904 |
Partners' share of real estate depreciation | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (3,564 | ) | (3,564 | )
(Gain) loss on sale of depreciated properties: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | (30,188 | ) | (286 | ) | 10 |  | (36,167 | ) | (42,316 | ) | (78,759 | ) | (14,190 | ) | 246 |  | — |  | (59,589 | ) | (73,533 | )
Discontinued properties | (1,767 | ) | 551 |  | — |  | — |  | — |  | 551 |  | — |  | — |  | — |  | — |  | — |
Non-controlling interest related to unitholders | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 784 |  | 784 |
Non-controlling interest related to the sale of depreciated properties | 574 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
FFO | 165,204 |  | 45,935 |  | 45,238 |  | 52,467 |  | 49,109 |  | 192,749 |  | 43,457 |  | 43,288 |  | 46,439 |  | 27,444 |  | 160,628 |
Interest Expense | 36,474 |  | 9,498 |  | 9,696 |  | 9,518 |  | 9,466 |  | 38,178 |  | 9,421 |  | 9,359 |  | 9,748 |  | 12,566 |  | 41,094 |
Non-Real Estate Depreciation and Amortization | 913 |  | 423 |  | 374 |  | 414 |  | 410 |  | 1,621 |  | 377 |  | 335 |  | 328 |  | 325 |  | 1,365 |
Income Tax Provision (Benefit) | (20 | ) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Gain on Sale of Third Party Management & Leasing Business | 3 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Acquisition and Merger Costs | 1,130 |  | 83 |  | 2 |  | 19 |  | 195 |  | 299 |  | 19 |  | 2,424 |  | 1,940 |  | 26,488 |  | 30,871 |
Loss on Extinguishment of Debt | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 5,180 |  | 5,180 |
Impairment Loss | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 4,526 |  | 4,526 |
Preferred Stock Dividends and Original Issuance Costs | 6,485 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
EBITDA (2) | 210,189 |  | 55,939 |  | 55,310 |  | 62,418 |  | 59,180 |  | 232,847 |  | 53,274 |  | 55,406 |  | 58,455 |  | 76,529 |  | 243,664 |

Cousins Properties Incorporated | 28 | Q4 2016 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| 2014 | 2015 1st | 2015 2nd | 2015 3rd | 2015 4th | 2015 | 2016 1st | 2016 2nd | 2016 3rd | 2016 4th | 2016
Income (Loss) from Unconsolidated Joint Ventures |  |  |  |  |  |  |  |  |  |  |
Net Operating Income |  |  |  |  |  |  |  |  |  |  |
Office Properties | 18,176 |  | 4,642 |  | 4,489 |  | 4,644 |  | 4,726 |  | 18,501 |  | 5,050 |  | 5,213 |  | 5,013 |  | 6,123 |  | 21,399 |
Other Properties | 7,720 |  | 1,346 |  | 1,495 |  | 1,487 |  | 1,506 |  | 5,834 |  | 1,596 |  | 1,741 |  | 1,747 |  | 2,302 |  | 7,386 |
Net Operating Income | 25,896 |  | 5,988 |  | 5,984 |  | 6,131 |  | 6,232 |  | 24,335 |  | 6,646 |  | 6,954 |  | 6,760 |  | 8,425 |  | 28,785 |
Sales Less Cost of Sales | 2,207 |  | — |  | 242 |  | 2,038 |  | — |  | 2,280 |  | — |  | — |  | — |  | 190 |  | 190 |
Termination Fees | 185 |  | 120 |  | 28 |  | 271 |  | — |  | 419 |  | — |  | — |  | — |  | 3,000 |  | 3,000 |
Interest Expense | (7,364 | ) | (1,822 | ) | (1,827 | ) | (1,845 | ) | (1,961 | ) | (7,455 | ) | (2,007 | ) | (2,026 | ) | (2,038 | ) | (2,352 | ) | (8,423 | )
Other Income/(Expense) | 536 |  | 68 |  | 106 |  | 12 |  | 182 |  | 368 |  | 454 |  | 87 |  | 72 |  | 303 |  | 916 |
Depreciation and Amortization of Non-Real Estate Assets | (46 | ) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Funds from Operations - Unconsolidated Joint Ventures | 21,414 |  | 4,354 |  | 4,533 |  | 6,607 |  | 4,453 |  | 19,947 |  | 5,093 |  | 5,015 |  | 4,794 |  | 9,566 |  | 24,468 |
Gain on Sale of Depreciated Investment Properties, net | 1,767 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Depreciation and Amortization of Real Estate | (11,913 | ) | (2,743 | ) | (2,772 | ) | (2,891 | ) | (3,239 | ) | (11,645 | ) | (3,259 | ) | (3,231 | ) | (3,268 | ) | (4,147 | ) | (13,905 | )
Net Income from Unconsolidated Joint Ventures | 11,268 |  | 1,611 |  | 1,761 |  | 3,716 |  | 1,214 |  | 8,302 |  | 1,834 |  | 1,784 |  | 1,526 |  | 5,419 |  | 10,563 |
Market Capitalization |  |  |  |  |  |  |  |  |  |  |
Common Stock price at Period End | 11.42 |  | 10.60 |  | 10.38 |  | 9.22 |  | 9.43 |  | 9.43 |  | 10.38 |  | 10.40 |  | 10.44 |  | 8.51 |  | 8.51 |
Number of Common Shares/Units Outstanding at Period End | 216,513 |  | 216,470 |  | 216,686 |  | 214,671 |  | 211,513 |  | 211,513 |  | 210,107 |  | 210,171 |  | 210,170 |  | 401,596 |  | 401,596 |
Common Stock Capitalization | 2,472,578 |  | 2,294,582 |  | 2,249,201 |  | 1,979,267 |  | 1,994,568 |  | 1,994,568 |  | 2,180,911 |  | 2,185,778 |  | 2,194,175 |  | 3,417,582 |  | 3,417,582 |
Debt | 792,344 |  | 847,948 |  | 849,772 |  | 779,570 |  | 721,293 |  | 721,293 |  | 767,811 |  | 777,485 |  | 888,378 |  | 1,380,920 |  | 1,380,920 |
Share of Unconsolidated Debt | 215,158 |  | 219,428 |  | 225,241 |  | 227,194 |  | 225,724 |  | 225,724 |  | 224,430 |  | 222,514 |  | 223,944 |  | 251,350 |  | 251,350 |
Debt (2) | 1,007,502 |  | 1,067,376 |  | 1,075,013 |  | 1,006,764 |  | 947,017 |  | 947,017 |  | 992,241 |  | 999,999 |  | 1,112,322 |  | 1,632,270 |  | 1,632,270 |
Total Market Capitalization | 3,480,080 |  | 3,361,958 |  | 3,324,214 |  | 2,986,031 |  | 2,941,585 |  | 2,941,585 |  | 3,173,152 |  | 3,185,777 |  | 3,306,497 |  | 5,049,852 |  | 5,049,852 |
Credit Ratios |  |  |  |  |  |  |  |  |  |  |  |
Debt (2) | 1,007,502 |  | 1,067,376 |  | 1,075,013 |  | 1,006,764 |  | 947,017 |  | 947,017 |  | 992,241 |  | 999,999 |  | 1,112,322 |  | 1,632,270 |  | 1,632,270 |
Total Market Capitalization | 3,480,080 |  | 3,361,958 |  | 3,324,214 |  | 2,986,031 |  | 2,941,585 |  | 2,941,585 |  | 3,173,152 |  | 3,185,777 |  | 3,306,497 |  | 5,049,852 |  | 5,049,852 |
Debt (2) / Total Market Capitalization | 29.0 | % | 31.7 | % | 32.3 | % | 33.7 | % | 32.2 | % | 32.2 | % | 31.3 | % | 31.4 | % | 33.6 | % | 32.3 | % | 32.3 | %
Total Assets - Consolidated | 2,667,330 |  | 2,684,661 |  | 2,685,466 |  | 2,635,397 |  | 2,597,803 |  | 2,597,803 |  | 2,610,408 |  | 2,622,995 |  | 2,760,732 |  | 4,171,607 |  | 4,171,607 |
Accumulated Depreciation - Consolidated | 400,593 |  | 435,939 |  | 470,360 |  | 542,084 |  | 463,008 |  | 463,008 |  | 486,747 |  | 519,075 |  | 539,719 |  | 269,339 |  | 269,339 |
Undepreciated Assets - Unconsolidated (2) | 450,535 |  | 454,835 |  | 466,438 |  | 482,606 |  | 486,941 |  | 486,941 |  | 460,516 |  | 504,408 |  | 507,611 |  | 604,236 |  | 604,236 |
Less: Investment in Unconsolidated Joint Ventures | (100,498 | ) | (100,821 | ) | (103,665 | ) | (103,470 | ) | (102,577 | ) | (102,577 | ) | (110,138 | ) | (114,455 | ) | (116,933 | ) | (179,397 | ) | (179,397 | )
Total Undepreciated Assets (2) | 3,417,960 |  | 3,474,614 |  | 3,518,599 |  | 3,556,617 |  | 3,445,175 |  | 3,445,175 |  | 3,447,533 |  | 3,532,023 |  | 3,691,129 |  | 4,865,785 |  | 4,865,785 |
Debt (2) | 1,007,502 |  | 1,067,376 |  | 1,075,013 |  | 1,006,764 |  | 947,017 |  | 947,017 |  | 992,241 |  | 999,999 |  | 1,112,322 |  | 1,632,270 |  | 1,632,270 |
Undepreciated Assets (2) | 3,417,960 |  | 3,474,614 |  | 3,518,599 |  | 3,556,617 |  | 3,445,175 |  | 3,445,175 |  | 3,447,533 |  | 3,532,023 |  | 3,691,129 |  | 4,865,785 |  | 4,865,785 |
Debt (2) / Total Undepreciated Assets (2) | 29.5 | % | 30.7 | % | 30.6 | % | 28.3 | % | 27.5 | % | 27.5 | % | 28.8 | % | 28.3 | % | 30.1 | % | 33.5 | % | 33.5 | %

Cousins Properties Incorporated | 29 | Q4 2016 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| 2014 | 2015 1st | 2015 2nd | 2015 3rd | 2015 4th | 2015 | 2016 1st | 2016 2nd | 2016 3rd | 2016 4th | 2016
Coverage Ratios (2) |  |  |  |  |  |  |  |  |  |  |
Interest Expense | 36,474 |  | 9,498 |  | 9,696 |  | 9,518 |  | 9,466 |  | 38,178 |  | 9,421 |  | 9,359 |  | 9,748 |  | 12,566 |  | 41,094 |
Scheduled Principal Payments | 9,836 |  | 2,493 |  | 2,477 |  | 2,507 |  | 2,415 |  | 9,892 |  | 2,444 |  | 3,143 |  | 3,344 |  | 2,632 |  | 11,563 |
Preferred Stock Dividends | 2,955 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Fixed Charges | 49,265 |  | 11,991 |  | 12,173 |  | 12,025 |  | 11,881 |  | 48,070 |  | 11,865 |  | 12,502 |  | 13,092 |  | 15,198 |  | 52,657 |
EBITDA | 210,189 |  | 55,939 |  | 55,310 |  | 62,418 |  | 59,180 |  | 232,847 |  | 53,274 |  | 55,406 |  | 58,455 |  | 76,529 |  | 243,664 |
Fixed Charges Coverage Ratio (2) | 4.27 |  | 4.67 |  | 4.54 |  | 5.19 |  | 4.98 |  | 4.84 |  | 4.49 |  | 4.43 |  | 4.46 |  | 5.04 |  | 4.63 |
Debt (2) | 1,007,502 |  | 1,067,376 |  | 1,075,013 |  | 1,006,764 |  | 947,017 |  | 947,017 |  | 992,241 |  | 999,999 |  | 1,112,322 |  | 1,632,270 |  | 1,632,270 |
Net Debt (Debt (2) minus Cash) | 1,007,502 |  | 1,062,988 |  | 1,073,041 |  | 1,001,433 |  | 945,014 |  | 945,014 |  | 986,777 |  | 999,053 |  | 1,015,081 |  | 1,596,583 |  | 1,596,583 |
Annualized EBITDA (3) | 248,556 |  | 223,756 |  | 221,240 |  | 250,260 |  | 236,720 |  | 236,720 |  | 213,096 |  | 221,624 |  | 233,820 |  | 306,116 |  | 306,116 |
Debt (2) / Annualized EBITDA (3) | 4.05 |  | 4.77 |  | 4.86 |  | 4.02 |  | 4.00 |  | 4.00 |  | 4.66 |  | 4.51 |  | 4.76 |  | 5.33 |  | 5.33 |
Net Debt / Annualized EBITDA (3) | 4.05 |  | 4.75 |  | 4.85 |  | 4.00 |  | 3.99 |  | 3.99 |  | 4.63 |  | 4.51 |  | 4.34 |  | 5.22 |  | 5.22 |
Dividend Information |  |  |  |  |  |  |  |  |  |  |
Cash Common Dividends (4) | 61,563 |  | 17,349 |  | 17,328 |  | 17,334 |  | 17,185 |  | 69,196 |  | 16,918 |  | 16,810 |  | 16,821 |  | 23,577 |  | 74,126 |
FFO | 165,204 |  | 45,935 |  | 45,238 |  | 52,467 |  | 49,109 |  | 192,749 |  | 43,457 |  | 43,288 |  | 46,439 |  | 27,444 |  | 160,628 |
FFO Payout Ratio | 37.3 | % | 37.8 | % | 38.3 | % | 33.0 | % | 35.0 | % | 35.9 | % | 38.9 | % | 38.8 | % | 36.2 | % | 85.9 | % | 46.1 | %
FFO | 165,204 |  | 45,935 |  | 45,238 |  | 52,467 |  | 49,109 |  | 192,749 |  | 43,457 |  | 43,288 |  | 46,439 |  | 27,444 |  | 160,628 |
Straight Line Rental Revenue | (22,093 | ) | (6,285 | ) | (5,786 | ) | (4,623 | ) | (3,315 | ) | (20,009 | ) | (3,595 | ) | (3,434 | ) | (3,449 | ) | (8,489 | ) | (18,967 | )
Above and Below Market Rents | (8,047 | ) | (2,030 | ) | (1,973 | ) | (2,030 | ) | (1,948 | ) | (7,981 | ) | (1,834 | ) | (1,854 | ) | (1,907 | ) | (1,502 | ) | (7,097 | )
Amortization of Above and Below Market Debt | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (2,999 | ) | (2,999 | )
Acquisition and Merger Costs | 1,130 |  | 83 |  | 2 |  | 19 |  | 195 |  | 299 |  | 19 |  | 2,424 |  | 1,940 |  | 26,488 |  | 30,871 |
Loss on Extinguishment of Debt | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 5,180 |  | 5,180 |
Impairment Loss | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 4,526 |  | 4,526 |
Second Generation CAPEX | (35,054 | ) | (12,139 | ) | (13,259 | ) | (14,208 | ) | (14,608 | ) | (54,214 | ) | (7,904 | ) | (13,166 | ) | (13,968 | ) | (11,838 | ) | (46,876 | )
Deferred Income - Tenant Improvements | — |  | — |  | — |  | — |  | (48 | ) | (48 | ) | (280 | ) | (488 | ) | (564 | ) | (594 | ) | (1,926 | )
FAD (2) | 101,140 |  | 25,564 |  | 24,222 |  | 31,625 |  | 29,385 |  | 110,796 |  | 29,863 |  | 26,770 |  | 28,491 |  | 38,216 |  | 123,340 |
Cash Common Dividends (4) | 61,563 |  | 17,349 |  | 17,328 |  | 17,334 |  | 17,185 |  | 69,196 |  | 16,918 |  | 16,810 |  | 16,821 |  | 23,577 |  | 74,126 |
FAD Payout Ratio (2) | 60.9 | % | 67.9 | % | 71.5 | % | 54.8 | % | 58.5 | % | 62.5 | % | 56.7 | % | 62.8 | % | 59.0 | % | 61.7 | % | 60.1 | %
Operations Ratios |  |  |  |  |  |  |  |  |  |  |
Total Undepreciated Assets (2) | 3,417,960 |  | 3,474,614 |  | 3,518,599 |  | 3,556,617 |  | 3,445,175 |  | 3,445,175 |  | 3,447,533 |  | 3,532,023 |  | 3,691,129 |  | 4,865,785 |  | 4,865,785 |
General and Administrative Expenses | 19,787 |  | 3,493 |  | 5,936 |  | 2,976 |  | 4,513 |  | 16,918 |  | 8,242 |  | 4,691 |  | 4,368 |  | 8,290 |  | 25,591 |
Annualized General and Administrative Expenses (5) / Total Undepreciated Assets | 0.58 | % | 0.40 | % | 0.67 | % | 0.33 | % | 0.52 | % | 0.49 | % | 0.96 | % | 0.53 | % | 0.47 | % | 0.68 | % | 0.53 | %
2nd Generation TI & Leasing Costs & Building CAPEX |  |  |  |  |  |  |  |  |  |  |
Second Generation Leasing Related Costs | 31,187 |  | 11,632 |  | 12,294 |  | 10,941 |  | 11,954 |  | 46,821 |  | 4,867 |  | 10,356 |  | 7,992 |  | 10,021 |  | 33,236 |
Second Generation Building Improvements | 3,867 |  | 507 |  | 965 |  | 3,267 |  | 2,654 |  | 7,393 |  | 3,037 |  | 2,810 |  | 5,976 |  | 1,817 |  | 13,640 |
| 35,054 |  | 12,139 |  | 13,259 |  | 14,208 |  | 14,608 |  | 54,214 |  | 7,904 |  | 13,166 |  | 13,968 |  | 11,838 |  | 46,876 |

Cousins Properties Incorporated | 30 | Q4 2016 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

(in thousands) | Three Months Ended |  | Year Ended
| December 31, 2016 |  | December 31, 2015 |  | September 30, 2016 |  | December 31, 2016 |  | December 31, 2015
Rental Property Revenues |  |  |  |  |  |  |  |  |
Same Property | $ | 24,695 |  |  | $ | 23,752 |  |  | $ | 25,293 |  |  | $ | 99,000 |  |  | $ | 95,259 |
Non-Same Property | 103,397 |  |  | 76,769 |  |  | 77,854 |  |  | 331,961 |  |  | 315,248 |
| $ | 128,092 |  |  | $ | 100,521 |  |  | $ | 103,147 |  |  | $ | 430,961 |  |  | $ | 410,507 |
Rental Property Operating Expenses |  |  |  |  |  |  |  |  |
Same Property | $ | 10,093 |  |  | $ | 9,771 |  |  | $ | 10,238 |  |  | $ | 39,669 |  |  | $ | 39,341 |
Non-Same Property | 37,860 |  |  | 29,162 |  |  | 31,287 |  |  | 131,010 |  |  | 129,934 |
| $ | 47,953 |  |  | $ | 38,933 |  |  | $ | 41,525 |  |  | $ | 170,679 |  |  | $ | 169,275 |
Rental Property Revenues |  |  |  |  |  |  |  |  |
Consolidated Properties | $ | 111,432 |  |  | $ | 47,324 |  |  | $ | 46,575 |  |  | $ | 249,814 |  |  | $ | 196,244 |
Discontinued Operations | 3,477 |  |  | 43,497 |  |  | 46,046 |  |  | 136,927 |  |  | 176,828 |
Share of Unconsolidated Joint Ventures | 13,183 |  |  | 9,679 |  |  | 10,526 |  |  | 44,220 |  |  | 37,435 |
| $ | 128,092 |  |  | $ | 100,500 |  |  | $ | 103,147 |  |  | $ | 430,961 |  |  | $ | 410,507 |
Rental Property Operating Expenses |  |  |  |  |  |  |  |  |
Consolidated Properties | $ | 41,456 |  |  | $ | 18,650 |  |  | $ | 18,122 |  |  | $ | 96,908 |  |  | $ | 82,545 |
Discontinued Operations | 1,738 |  |  | 16,836 |  |  | 19,638 |  |  | 58,336 |  |  | 73,630 |
Share of Unconsolidated Joint Ventures | 4,759 |  |  | 3,447 |  |  | 3,765 |  |  | 15,435 |  |  | 13,100 |
| $ | 47,953 |  |  | $ | 38,933 |  |  | $ | 41,525 |  |  | $ | 170,679 |  |  | $ | 169,275 |
Cash Basis Rental Property Revenues |  |  |  |  |  |  |  |  |
Rental Property Revenues | $ | 128,092 |  |  | $ | 100,521 |  |  | $ | 103,147 |  |  | $ | 430,961 |  |  | $ | 410,507 |
Less: Straight Line Rent | 8,489 |  |  | 3,315 |  |  | 3,449 |  |  | 18,968 |  |  | 20,008 |
Less: Non-cash Income | 1,887 |  |  | 1,526 |  |  | 2,097 |  |  | 7,500 |  |  | 6,043 |
| $ | 117,716 |  |  | $ | 95,680 |  |  | $ | 97,601 |  |  | $ | 404,493 |  |  | $ | 384,456 |
Cash Basis Rental Property Revenues |  |  |  |  |  |  |  |  |
Same Property | $ | 24,850 |  |  | $ | 23,549 |  |  | $ | 24,982 |  |  | $ | 97,982 |  |  | $ | 93,153 |
Non-Same Property | 92,866 |  |  | 72,131 |  |  | 72,619 |  |  | 306,511 |  |  | 291,303 |
| $ | 117,716 |  |  | $ | 95,680 |  |  | $ | 97,601 |  |  | $ | 404,493 |  |  | $ | 384,456 |
Cash Basis Rental Property Operating Expenses |  |  |  |  |  |  |  |  |
Rental Property Operating Expenses | $ | 47,953 |  |  | $ | 38,933 |  |  | $ | 41,525 |  |  | $ | 170,679 |  |  | $ | 169,275 |
Non-Cash Expense | (148 | ) |  | 19 |  |  | 16 |  |  | (102 | ) |  | (40 | )
| $ | 47,805 |  |  | $ | 38,952 |  |  | $ | 41,541 |  |  | $ | 170,577 |  |  | $ | 169,235 |
Cash Basis Rental Property Operating Expenses |  |  |  |  |  |  |  |  |
Same Property | $ | 10,105 |  |  | $ | 9,783 |  |  | $ | 10,250 |  |  | $ | 39,716 |  |  | $ | 39,387 |
Non-Same Property | 37,700 |  |  | 29,169 |  |  | 31,291 |  |  | 130,861 |  |  | 129,848 |
| $ | 47,805 |  |  | $ | 38,952 |  |  | $ | 41,541 |  |  | $ | 170,577 |  |  | $ | 169,235 |

Cousins Properties Incorporated | 31 | Q4 2016 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| Three Months Ended |  | Year Ended
| December 31, 2016 |  | December 31, 2015 |  | September 30, 2016 |  | December 31, 2016 |  | December 31, 2015
Net Income | $ | 37,887 |  |  | $ | 56,855 |  |  | $ | 11,657 |  |  | $ | 80,104 |  |  | $ | 125,629 |
Net operating income from unconsolidated joint ventures | 8,426 |  |  | 6,232 |  |  | 6,760 |  |  | 28,785 |  |  | 24,335 |
Net operating income from discontinued operations | 1,739 |  |  | 26,683 |  |  | 26,408 |  |  | 78,591 |  |  | 103,198 |
Fee income | (2,379 | ) |  | (2,091 | ) |  | (1,945 | ) |  | (8,347 | ) |  | (7,297 | )
Other income | (481 | ) |  | (499 | ) |  | (152 | ) |  | (1,050 | ) |  | (828 | )
Reimbursed expenses | 796 |  |  | 916 |  |  | 795 |  |  | 3,259 |  |  | 3,430 |
General and administrative expenses | 8,290 |  |  | 4,513 |  |  | 4,368 |  |  | 25,592 |  |  | 16,918 |
Interest expense | 10,089 |  |  | 5,520 |  |  | 5,754 |  |  | 26,650 |  |  | 22,735 |
Depreciation and amortization | 48,145 |  |  | 16,503 |  |  | 16,622 |  |  | 97,948 |  |  | 71,625 |
Acquisition and merger costs | 20,633 |  |  | 195 |  |  | 1,446 |  |  | 24,521 |  |  | 299 |
Other expenses | 5,205 |  |  | 190 |  |  | 173 |  |  | 5,888 |  |  | 1,181 |
Loss on extinguishment of debt | 5,180 |  |  | — |  |  | — |  |  | 5,180 |  |  | — |
Income from unconsolidated joint ventures | (5,418 | ) |  | (1,214 | ) |  | (1,527 | ) |  | (10,562 | ) |  | (8,302 | )
Gain on sale of investment properties | (63,169 | ) |  | (42,720 | ) |  | — |  |  | (77,114 | ) |  | (80,394 | )
Income (loss) from discontinued operations | 5,198 |  |  | (9,494 | ) |  | (8,737 | ) |  | (19,163 | ) |  | (31,297 | )
Net Operating Income | $ | 80,141 |  |  | $ | 61,589 |  |  | $ | 61,622 |  |  | $ | 260,282 |  |  | $ | 241,232 |
Net Operating Income |  |  |  |  |  |  |  |  |
Same Property | $ | 14,602 |  |  | $ | 13,981 |  |  | $ | 15,055 |  |  | $ | 59,331 |  |  | $ | 55,918 |
Non-Same Property | 65,539 |  |  | 47,608 |  |  | 46,567 |  |  | 200,951 |  |  | 185,314 |
| $ | 80,141 |  |  | $ | 61,589 |  |  | $ | 61,622 |  |  | $ | 260,282 |  |  | $ | 241,232 |
(1) Amounts may differ slightly from other schedules contained herein due to rounding.
(2) Includes Company 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.
(3) Annualized equals quarter amount annualized. |  |  |  |  |  |  |  |  |
(4) The fourth quarter 2016 dividend was declared and paid in the first quarter of 2017. It will appear in the first quarter 2017 GAAP financial statements and disclosures.
(5) Quarter amount represents quarter annualized; year-to-date represents year-to-date actual. |  |  |  |

Cousins Properties Incorporated | 32 | Q4 2016 Supplemental Information

NON-GAAP FINANCIAL MEASURES - DISCUSSION

The Company uses non-GAAP financial measures in its filings and other public disclosures. The following is a list of non-GAAP financial measures that the Company commonly uses and a description for each measure of (1) the reasons that management believes the measure is useful to investors and (2) if material, any additional uses of the measure by management of the Company. “2 nd Generation Tenant Improvements and Leasing Costs and Building Capital Expenditures” is used in the valuation and analysis of real estate. Because the Company develops and acquires properties, in addition to operating existing properties, its property acquisition and development expenditures included in the Statements of Cash Flows includes both initial costs associated with developing and acquiring investment assets and those expenditures necessary for operating and maintaining existing properties at historic performance levels. The latter costs are referred to as second generation costs and are useful in evaluating the economic performance of the asset and in valuing the asset. Accordingly, the Company discloses the portion of its property acquisition and development expenditures that pertain to second generation space in its operating properties. The Company excludes from second generation costs amounts incurred to lease vacant space in newly acquired buildings as well as building improvements on newly acquired buildings that management identifies as necessary to bring the building to the Company's operational standards. In addition, the Company excludes leasing costs and building improvements associated with properties identified as under redevelopment or repositioning. “Cash Basis Net Operating Income” represents Net Operating Income excluding straight-line rents, amortization of lease inducements, amortization of acquired above and below market rents, and non-cash ground lease expense. “EBITDA” represents FFO plus consolidated and Company share of unconsolidated interest expense, non-real estate depreciation and amortization, income taxes, impairment losses, predevelopment charges, loss on debt extinguishment, gain on sale of third party business, participation interest income, acquisition and merger costs, and preferred stock dividends and original issuance costs. Management believes that EBITDA provides analysts and investors with appropriate information to use in various ratios that evaluate the Company's level of debt. "Funds Available for Distribution” (“FAD”) represents FFO adjusted to exclude the effect of straight-line rent and above and below market lease amortization less 2 nd Generation Tenant Improvements and Leasing Costs and Building Capital Expenditures. Management believes that FAD provides analysts and investors with information that assists in the comparability of the Company's dividend policy with other real estate companies. “FAD Before Certain Charges” represents FAD before preferred share issuance costs write off, non-depreciable impairment losses, predevelopment and other charges, loss on debt extinguishment, acquisition and merger costs, gain on sale of third party business, participation interest income and separation charges. Management believes that FAD Before Certain Charges provides analysts and investors with appropriate information related to the Company's core operations and for comparability of the results of its operations and dividend policy with other real estate companies. “Funds From Operations Available to Common Stockholders” (“FFO”) is a supplemental operating performance measure used in the real estate industry. The Company calculates FFO in accordance with the National Association of Real Estate Investment |  | Trusts' (“NAREIT”) definition, which is net income (loss) available to common stockholders (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable real property, plus depreciation and amortization of real estate assets, impairment losses on depreciable investment property and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis. FFO is used by industry analysts and investors as a supplemental measure of an equity REIT's operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. Management believes that the use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial, improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Company management evaluates operating performance in part based on FFO. Additionally, the Company uses FFO and FFO per share, along with other measures, as a performance measure for incentive compensation to its officers and other key employees. “FFO Before Certain Charges” represents FFO before preferred share issuance costs write off, non-depreciable impairment losses, predevelopment and other charges, loss on debt extinguishment, acquisition and merger costs, gain on sale of third party business, participation interest income and separation charges. Management believes that FFO Before Certain Charges provides analysts and investors with appropriate information related to the Company's core operations and for comparability of the results of its operations with other real estate companies. “Net Operating Income” is used by industry analysts, investors and Company management to measure operating performance of the Company's properties. Net Operating Income, which is rental property revenues less rental property operating expenses, excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. Certain items, such as interest expense, while included in FFO and net income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a property's performance. Depreciation and amortization are also excluded from Net Operating Income for the reasons described under FFO above. “Same Property Net Operating Income” represents Net Operating Income or Cash Basis Net Operating Income for those office properties that have been fully operational in each of the comparable reporting periods. A fully operational property is one that achieved 90% economic occupancy for each of the two periods presented or has been substantially complete and owned by the Company for each of the two periods presented and the preceding year. Same-Property Net Operating Income or Cash Basis Same Property Net Operating Income allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company's portfolio.

Cousins Properties Incorporated | 33 | Q4 2016 Supplemental Information