EX-99.1 2 a8-kearningsreleaseex9.htm EXHIBIT 99.1
1

TABLE OF CONTENTS

Forward-Looking Statements | 3
Earnings Release | 4
Cousins COVID-19 Response | 7
Condensed Consolidated Balance Sheets | 8
Condensed Consolidated Statements of Operations | 9
Key Performance Metrics | 10
Funds From Operations - Summary | 13
Funds From Operations - Detail | 14
Portfolio Statistics | 17
Same Property Performance | 20
Office Leasin g Activity | 21
Office Lease Expirations | 22
Top 20 Office Tenants | 23
Tenant Industry Diversification | 24
Investment Activity | 25
Development Pipeline | 27
Land Inventory | 28
Debt Schedule | 29
Joint Venture Information | 32
Non-GAAP Financial Measures - Calculations and Reconciliations | 33
Non-GAAP Financial Measures - Discussion | 38

Cousins Properties |  | Q1 2020 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, 2019. 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 the following: guidance and underlying assumptions; business and financial strategy; future debt financings; future acquisitions and dispositions of operating assets or joint venture interests; future acquisitions and dispositions of land, including ground leases; future development and redevelopment opportunities, including fee development opportunities; future issuances and repurchases of common stock; future distributions; projected capital expenditures; market and industry trends; entry into new markets; future changes in interest rates; and all statements that address operating performance, events, or developments that we expect or anticipate will occur in the future — including statements relating to creating value for stockholders.
Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information that is 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; 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, investments, or dispositions; the potential dilutive effect of common stock or operating partnership unit issuances; the availability of buyers and pricing with respect to the disposition of assets; changes in national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate, particularly in Atlanta, Austin, Charlotte, Phoenix, Tampa, and Dallas where we have high concentrations of our lease revenues, including the impact of high unemployment, volatility in the public equity and debt markets, and international economic and other conditions; the impact of a public health crisis, including the COVID-19 pandemic, and the governmental and third party response to such a crisis, which may affect our key personnel, our major tenants, and the costs of operating our assets; the impact of social distancing, shelter-in-place, border closings, travel restrictions, remote work requirements, and similar governmental and private measures taken to combat the spread of the COVID-19 pandemic on our operations and our tenants; changes to our strategy with regard to land and other non-core holdings that may require impairment losses to be recognized; leasing risks, including the ability to obtain new tenants or renew expiring tenants, the ability to lease newly developed and/or recently acquired space, the failure of a tenant to occupy leased space, and the risk of declining leasing rates; changes in the needs of our tenants brought about by the desire for co-working arrangements, trends toward utilizing less office space per employee, and the effect of telecommuting; any adverse change in the financial condition of one or more of our tenants; volatility in interest rates and insurance rates; 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); cyber security breaches; changes in senior management, changes in the Board of Directors, and 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; potential changes to state, local, or federal regulations applicable to our business; material changes in the rates, or the ability to pay, dividends on common shares or other securities; potential changes to the tax laws impacting REITs and real estate in general; potential changes to the tax laws impacting REITs and real estate in general; and those additional risks and factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by the Company.
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 | 3 | Q1 2020 Supplemental Information

EARNINGS RELEASE

COUSINS PROPERTIES ANNOUNCES FIRST QUARTER 2020 RESULTS
Reports April Office Rent Collections of 96%
Highlights

• | Net income per share diluted was $1.18.

• | Funds from operations per share was $0.76.

• | Same property net operating income on a cash basis increased 11.4%.

• | Second generation net rent per square foot on a cash basis increased 14.3%.

• | Executed 475,783 square feet of office leases.

• | Sold Hearst Tower, a 966,000 square foot office property in Charlotte, for a gross sales price of $455.5 million and recognized a gain of $90.9 million.

• | Sold its interest in the Gateway Village joint venture to its venture partner for a gross sales price of $52.2 million and recognized a gain of $44.9 million. This sales price generated a 17% internal rate of return for the Company on its invested capital over the life of the venture, as stipulated in the partnership agreement.

• | Sold Woodcrest, a 386,000 square foot office property in Cherry Hill, New Jersey, for a gross sales price of $25.3 million.

• | Sold its remaining interest in the Wildwood Associates joint venture, which owned a 6.3 acre parcel of land in Atlanta, to its venture partner, recognizing a gain of $1.3 million on this transaction.

• | Commenced development of 100 Mill, a 287,000 square foot office building in Phoenix, with a total estimated project cost of $153 million and with pre-leasing of 44%, anchored by a growing Fortune 50 tenant.

ATLANTA (April 30, 2020) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended March 31, 2020.
"At Cousins Properties, the health and safety of our customers and employees is our top priority. This is more important than ever as our country faces the current health crisis. We truly appreciate the efforts of the brave healthcare workers. In these challenging times, I am also proud that we have taken great care to ensure that we are staying true to our values and principles and we are giving back to our communities as well," said Colin Connolly, president and chief executive officer of Cousins Properties.
"While our first quarter results are fantastic, we are laser focused on what is to come. Cousins has planned both operationally and financially for potential disruptions, and we are well-prepared for the unprecedented change in the market. We have a diverse and financially strong customer base in our trophy portfolio in growing Sun Belt markets. Additionally, our balance sheet is exceptionally strong, with low leverage and liquidity of approximately $1.1 billion. Our $566 million development pipeline remains on time and on budget as construction continues across our markets, with 82% of the office pipeline committed.
"Our Cousins team continues to work tirelessly in all of our markets. Our essential property management and engineering teams have provided outstanding service to customers under the most difficult circumstances. I thank our entire team for their resilience and dedication to Cousins."

Cousins Properties | 4 | Q1 2020 Supplemental Information

EARNINGS RELEASE

Financial Results
Net income available to common stockholders was $174.9 million, or $1.18 per share, for the first quarter of 2020, compared with net income available to common stockholders of $35.3 million, or $0.34 per share, for the first quarter of 2019.
Funds From Operations ("FFO") was $112.7 million, or $0.76 per share, for the first quarter of 2020, compared with $84.5 million, or $0.79 per share, for the first quarter of 2019.
2020 Guidance
Due to uncertainty driven by the COVID-19 pandemic, the Company is withdrawing its previous 2020 earnings guidance. However, the Company is providing additional financial information, some of which is related to the effects of COVID-19 and some of which is not, to assist investors as they assess the Company’s outlook for the balance of 2020. This information reflects the Company’s current knowledge and estimates and may change as the impact of COVID-19 continues to develop. All information covers full year 2020 results.

• | An elimination of all remaining speculative leasing commencements for the balance of the year may reduce net operating income by approximately $1.5 million. Although the Company continues to have discussions with potential new customers for 2020 occupancy, the certainty and timing remains fluid.

• | Based on relief agreements we have completed, or are in active negotiations to complete, rent deferrals may reduce net operating income by $1 million to $3 million.

• | A reduction in parking revenue may reduce net operating income by $3.5 million to $9.5 million. This is primarily due to a potential reduction in transient parking, which comprises approximately 20% of total parking revenue.

• | General and administrative expenses may decrease by $3 million to $5 million due to lower long-term compensation and other potential non-compensation cost reduction measures.

• | Interest and other expense, net of capitalized interest, may decrease by $2 million to $4 million primarily due to lower short-term interest rates.

• | Fee and other income will increase by approximately $2 million due to a termination fee received from Parsley Energy at Colorado Tower in Austin. The Company has leased approximately 74,000 square feet of space currently occupied by Parsley to a leading global law firm. There will be a corresponding reduction of approximately $1 million in net operating income as this transition occurs.

This information does not include: 1) any incremental property operating expense increases or decreases, 2) any impacts associated with rent deferral relief agreements beyond those referenced above, and 3) any impacts associated with customer defaults, which although possible, are difficult to predict with any accuracy.

Cousins Properties | 5 | Q1 2020 Supplemental Information

EARNINGS RELEASE

Investor Conference Call and Webcast
The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Friday, May 1, 2020, to discuss the results of the quarter ended March 31, 2020. The number to call for this interactive teleconference is (877) 247-1056. The live webcast of this call can be accessed on the Company's website, www.cousins.com, through the “Cousins Properties First Quarter Conference Call” link on the Investor Relations page. A replay of the conference call will be available for seven days by dialing (877) 344-7529 and entering the passcode 10142121. The playback can also be accessed on the Company's website.
Acting through its operating partnership, Cousins Properties, LP, Cousins Properties is a leading fully-integrated real estate investment trust (REIT) with extensive experience in development, acquisition, financing, management, and leasing. Based in Atlanta, the Company actively invests in top-tier urban office assets and opportunistic mixed-use properties in Sunbelt markets.

Cousins Properties | 6 | Q1 2020 Supplemental Information

COUSINS COVID-19 RESPONSE

Cousins Properties | 7 | Q1 2020 Supplemental Information

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

| March 31, 2020 |  | December 31, 2019
Assets: |  |  |
Real estate assets: |  |  |
Operating properties, net of accumulated depreciation of $633,654 and $577,139 in 2020 and 2019, respectively | $ | 5,740,337 |  |  | $ | 5,669,324 |
Projects under development | 368,414 |  |  | 410,097 |
Land | 97,354 |  |  | 116,860 |
| 6,206,105 |  |  | 6,196,281 |
Real estate assets and other assets held for sale, net of accumulated depreciation and amortization of $61,093 in 2019 | — |  |  | 360,582 |
Cash and cash equivalents | 124,632 |  |  | 15,603 |
Restricted cash | 1,947 |  |  | 2,005 |
Notes and accounts receivable | 28,533 |  |  | 23,680 |
Deferred rents receivable | 109,458 |  |  | 102,314 |
Investment in unconsolidated joint ventures | 128,916 |  |  | 133,884 |
Intangible assets, net | 240,286 |  |  | 257,649 |
Other assets | 62,057 |  |  | 59,449 |
Total assets | $ | 6,901,934 |  |  | $ | 7,151,447 |
Liabilities: |  |  |
Notes payable | $ | 1,944,034 |  |  | $ | 2,222,975 |
Accounts payable and accrued expenses | 144,984 |  |  | 209,904 |
Deferred income | 55,290 |  |  | 52,269 |
Intangible liabilities, net of accumulated amortization of $61,084 and $55,798 in 2020 and 2019, respectively | 77,819 |  |  | 83,105 |
Other liabilities | 120,809 |  |  | 134,128 |
Liabilities of real estate assets held for sale, net of accumulated amortization of $7,771 in 2019 | — |  |  | 21,231 |
Total liabilities | 2,342,936 |  |  | 2,723,612 |
Commitments and contingencies |  |  |
Equity: |  |  |
Stockholders' investment: |  |  |
Preferred stock, $1 par value, 20,000,000 shares authorized, 1,716,837 shares issued and outstanding in 2019 | — |  |  | 1,717 |
Common stock, $1 par value, 300,000,000 shares authorized, 151,124,621 and 149,347,382 shares issued in 2020 and 2019, respectively | 151,125 |  |  | 149,347 |
Additional paid-in capital | 5,538,875 |  |  | 5,493,883 |
Treasury stock at cost, 2,584,933 shares in 2020 and 2019 | (148,473 | ) |  | (148,473 | )
Distributions in excess of cumulative net income | (1,006,820 | ) |  | (1,137,200 | )
Total stockholders' investment | 4,534,707 |  |  | 4,359,274 |
Nonredeemable noncontrolling interests | 24,291 |  |  | 68,561 |
Total equity | 4,558,998 |  |  | 4,427,835 |
Total liabilities and equity | $ | 6,901,934 |  |  | $ | 7,151,447 |

Cousins Properties | 8 | Q1 2020 Supplemental Information

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

| Three Months Ended March 31,
| 2020 |  | 2019
Revenues: |  |  |
Rental property revenues | $ | 189,129 |  |  | $ | 123,865 |
Fee income | 4,732 |  |  | 8,728 |
Other | 37 |  |  | 140 |
| 193,898 |  |  | 132,733 |
Expenses: |  |  |
Rental property operating expenses | 64,538 |  |  | 43,487 |
Reimbursed expenses | 521 |  |  | 932 |
General and administrative expenses | 5,652 |  |  | 11,460 |
Interest expense | 15,904 |  |  | 10,820 |
Depreciation and amortization | 71,614 |  |  | 45,861 |
Transaction costs | 365 |  |  | 3 |
Other | 566 |  |  | 180 |
| 159,160 |  |  | 112,743 |
Income from unconsolidated joint ventures | 3,425 |  |  | 2,904 |
Gain on sales of investments in unconsolidated joint ventures | 46,230 |  |  | — |
Gain on investment property transactions | 90,916 |  |  | 13,111 |
Net income | 175,309 |  |  | 36,005 |
Net income attributable to noncontrolling interests | (366 | ) |  | (664 | )
Net income available to common stockholders | $ | 174,943 |  |  | $ | 35,341 |
Net income per common share — basic | $ | 1.19 |  |  | $ | 0.34 |
Net income per common share — diluted | $ | 1.18 |  |  | $ | 0.34 |
Weighted average shares — basic | 147,424 |  |  | 105,127 |
Weighted average shares — diluted | 148,561 |  |  | 106,901 |

Cousins Properties | 9 | Q1 2020 Supplemental Information

KEY PERFORMANCE METRICS

| 2018 | 2019 1st | 2019 2nd | 2019 3rd | 2019 4th | 2019 | 2020 1st
Property Statistics |  |  |  |  |  |  |
Consolidated Operating Properties | 23 |  | 24 |  | 33 |  | 33 |  | 34 |  | 34 |  | 32 |
Consolidated Rentable Square Feet (in thousands) | 12,203 |  | 12,573 |  | 18,372 |  | 18,372 |  | 19,599 |  | 19,599 |  | 18,249 |
Unconsolidated Operating Properties | 4 |  | 5 |  | 5 |  | 5 |  | 4 |  | 4 |  | 3 |
Unconsolidated Rentable Square Feet (in thousands) | 3,113 |  | 3,394 |  | 3,394 |  | 3,394 |  | 2,168 |  | 2,168 |  | 1,107 |
Total Operating Properties | 27 |  | 29 |  | 38 |  | 38 |  | 38 |  | 38 |  | 35 |
Total Rentable Square Feet (in thousands) | 15,316 |  | 15,967 |  | 21,766 |  | 21,766 |  | 21,767 |  | 21,767 |  | 19,356 |
Office Leasing Activity (1) |  |  |  |  |  |  |
Net Leased during the Period (square feet in thousands) | 1,597 |  | 682 |  | 1,089 |  | 741 |  | 562 |  | 3,074 |  | 476 |
Net Effective Rent Calculation (per square foot) |  |  |  |  |  |  |
Net Rent | $31.01 | $27.86 | $29.34 | $33.66 | $31.38 | $30.43 | $34.88
Net Free Rent | (0.85) |  | (0.49) |  | (0.52) |  | (0.64) |  | (1.01) |  | (0.63) |  | (1.92) |
Leasing Commissions | (2.41) |  | (1.13) |  | (2.34) |  | (2.86) |  | (2.84) |  | (2.29) |  | (2.68) |
Tenant Improvements | (4.40) |  | (1.74) |  | (4.69) |  | (3.13) |  | (4.89) |  | (3.69) |  | (5.27) |
Leasing Costs | (7.66) |  | (3.36) |  | (7.55) |  | (6.63) |  | (8.74) |  | (6.61) |  | (9.87) |
Net Effective Rent | $23.35 | $24.50 | $21.79 | $27.03 | $22.64 | $23.82 | $25.01
Change in Second Generation Net Rent | 32.5 | % | 22.8 | % | 21.5 | % | 17.2 | % | 25.5 | % | 21.3 | % | 26.9 | %
Change in Cash-Basis Second Generation Net Rent | 13.2 | % | 7.1 | % | 4.9 | % | 8.1 | % | 12.6 | % | 7.7 | % | 14.3 | %
Same Property Information (2) |  |  |  |  |  |  |
Percent Leased (period end) | 94.5 | % | 94.4 | % | 93.9 | % | 93.7 | % | 94.6 | % | 94.6 | % | 94.8 | %
Weighted Average Occupancy | 91.9 | % | 92.0 | % | 91.8 | % | 90.9 | % | 91.1 | % | 91.8 | % | 91.4 | %
Change in Net Operating Income (over prior year period) | 2.1 | % | 4.3 | % | 4.5 | % | 0.3 | % | 1.4 | % | 2.6 | % | 3.2 | %
Change in Cash-Basis Net Operating Income (over prior year period) | 4.7 | % | 4.0 | % | 5.5 | % | 2.9 | % | 6.0 | % | 4.8 | % | 11.4 | %
Development Pipeline (3) |  |  |  |  |  |  |
Estimated Project Costs (in thousands) | $245,900 | $199,900 | $427,900 | $427,900 | $565,600 | $565,600 | $565,600
Estimated Project Costs/ Total Undepreciated Assets | 4.7 | % | 3.8 | % | 5.5 | % | 5.4 | % | 6.9 | % | 6.9 | % | 7.1 | %
Market Capitalization (4) |  |  |  |  |  |  |
Common Stock Price (period end) | $31.60 | $38.64 | $36.17 | $37.59 | $41.20 | $41.20 | $29.27
Common Stock/Units Outstanding (period end in thousands) | 106,840 |  | 106,890 |  | 148,507 |  | 148,506 |  | 148,506 |  | 148,506 |  | 148,565 |
Equity Market Capitalization (in thousands) | $3,376,144 | $4,130,230 | $5,371,498 | $5,582,341 | $6,118,447 | $6,118,447 | $4,348,498
Debt (in thousands) | 1,234,016 |  | 1,287,164 |  | 2,007,663 |  | 2,023,136 |  | 2,305,494 |  | 2,305,494 |  | 2,036,955 |
Total Market Capitalization (in thousands) | $4,610,152 | $5,417,403 | $7,379,161 | $7,605,477 | $8,423,941 | $8,423,941 | $6,385,453

Cousins Properties | 10 | Q1 2020 Supplemental Information

KEY PERFORMANCE METRICS

| 2018 | 2019 1st | 2019 2nd | 2019 3rd | 2019 4th | 2019 | 2020 1st
Credit Ratios (4) |  |  |  |  |  |  |
Net Debt/Total Market Capitalization | 26.5 | % | 23.4 | % | 26.8 | % | 26.2 | % | 27.1 | % | 27.1 | % | 29.8 | %
Net Debt/Total Undepreciated Assets | 24.0 | % | 24.1 | % | 25.5 | % | 25.2 | % | 27.8 | % | 27.8 | % | 24.0 | %
Net Debt/Annualized Adjusted EBITDA re (5) | 3.64 |  | 3.26 |  | 5.15 |  | 4.02 |  | 4.55 |  | 4.55 |  | 3.66 |
Fixed Charges Coverage (Adjusted EBITDA re) | 5.46 |  | 6.08 |  | 5.58 |  | 6.21 |  | 5.91 |  | 5.95 |  | 6.22 |
Dividend Information (4) |  |  |  |  |  |  |
Common Dividend per Share | $1.04 | $0.29 | $0.29 | $0.29 | $0.29 | $1.16 | $0.30
Funds From Operations (FFO) Payout Ratio before Transaction Costs | 40.8 | % | 36.1 | % | 52.1 | % | 39.7 | % | 39.3 | % | 41.4 | % | 39.4 | %
Funds Available for Distribution (FAD) Payout Ratio | 61.2 | % | 56.4 | % | 131.6 | % | 53.9 | % | 60.8 | % | 67.2 | % | 59.8 | %
Operations Ratio (4) |  |  |  |  |  |  |
Annualized General and Administrative Expenses/Total Undepreciated Assets | 0.43 | % | 0.87 | % | 0.43 | % | 0.30 | % | 0.55 | % | 0.45 | % | 0.28 | %
Additional Information (4) (in thousands, except per square foot amounts) |  |  |  |  |  |  |
In-Place Gross Rent (per square foot) (6) | $36.41 | $36.95 | $36.98 | $37.26 | $37.44 | $37.44 | $39.29
Straight Line Rental Revenue | $26,017 | $8,732 | $6,068 | $6,522 | $8,123 | $29,445 | $9,895
Above and Below Market Rents Amortization | $6,877 | $1,670 | $1,981 | $3,042 | $2,846 | $9,539 | $2,808
Second Generation Capital Expenditures | $56,667 | $8,074 | $40,604 | $18,946 | $23,085 | $90,709 | $23,817

(1) See Office Leasing Activity on page 21 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 20 and Non-GAAP Financial Measures - Calculations and Reconciliations on page 37 for additional information.
(3) Cousins' share of estimated project costs. See Development Pipeline on page 27 for additional detail.
(4) See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 33.
(5) Given the timing of the closing of the TIER transaction, the actual calculation of this ratio was temporarily high for the second quarter of 2019 and decreased when a full quarter of TIER operations were included in EBITDA re. Second quarter EBITDA re, annualized for the calculation, included 17 days of Legacy TIER operations while the total impact of the TIER transaction was included in net debt as of June 30, 2019.
(6) In-place gross rent equals the annualized cash basis base rent including tenant's share of estimated operating expenses, if applicable, as of the end of the period divided by occupied square feet.

Cousins Properties | 11 | Q1 2020 Supplemental Information

KEY PERFORMANCE METRICS

(1) Office properties only.
Note: See additional information included herein for calculations, definitions, and reconciliations to GAAP financial measures.

Cousins Properties | 12 | Q1 2020 Supplemental Information

FUNDS FROM OPERATIONS - SUMMARY (1)

| (amounts in thousands, except per share amounts)
| 2018 | 2019 1st | 2019 2nd | 2019 3rd | 2019 4th | 2019 | 2020 1st
Net Operating Income | $ | 326,063 |  | $ | 87,731 |  | $ | 97,417 |  | $ | 120,642 |  | $ | 126,000 |  | $ | 431,790 |  | $ | 127,782 |
Gain on Sales of Undepreciated Investment Properties | 3,291 |  | 13,132 |  | 1,337 |  | 21 |  | 3,692 |  | 18,182 |  | 1,335 |
Fee Income | 10,089 |  | 8,728 |  | 7,075 |  | 7,495 |  | 5,220 |  | 28,518 |  | 4,732 |
Other Income | 3,678 |  | 748 |  | 306 |  | 3,671 |  | 3,136 |  | 7,861 |  | 2,994 |
Reimbursed Expenses | (3,782 | ) | (932 | ) | (1,047 | ) | (1,290 | ) | (735 | ) | (4,004 | ) | (521 | )
General and Administrative Expenses | (22,040 | ) | (11,460 | ) | (8,374 | ) | (5,852 | ) | (11,321 | ) | (37,007 | ) | (5,652 | )
Interest Expense | (45,886 | ) | (12,574 | ) | (13,692 | ) | (16,377 | ) | (17,058 | ) | (59,701 | ) | (16,554 | )
Other Expenses | (1,642 | ) | (404 | ) | (50,699 | ) | (1,658 | ) | (2,286 | ) | (55,047 | ) | (1,188 | )
Depreciation and Amortization of Non-Real Estate Assets | (1,872 | ) | (456 | ) | (454 | ) | (443 | ) | (446 | ) | (1,799 | ) | (207 | )
FFO (1) | $ | 267,899 |  | $ | 84,513 |  | $ | 31,869 |  | $ | 106,209 |  | $ | 106,202 |  | $ | 328,793 |  | $ | 112,721 |
TIER transaction costs | — |  | 3 |  | 49,827 |  | 1,048 |  | 1,999 |  | 52,877 |  | 365 |
FFO before TIER transaction costs | $ | 267,899 |  | $ | 84,516 |  | $ | 81,696 |  | $ | 107,257 |  | $ | 108,201 |  | $ | 381,670 |  | $ | 113,086 |
Weighted Average Shares - Diluted | 106,868 |  | 106,901 |  | 114,670 |  | 148,530 |  | 148,534 |  | 129,831 |  | 148,561 |
FFO per Share (1) | $ | 2.51 |  | $ | 0.79 |  | $ | 0.28 |  | $ | 0.72 |  | $ | 0.72 |  | $ | 2.53 |  | $ | 0.76 |
FFO per Share before TIER transaction costs | $ | 2.51 |  | $ | 0.79 |  | $ | 0.71 |  | $ | 0.72 |  | $ | 0.73 |  | $ | 2.94 |  | $ | 0.76 |

(1) See pages 33 and 36 for reconciliations of Funds From Operations to net income available to common shareholders.

Cousins Properties | 13 | Q1 2020 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

| (amounts in thousands, except per share amounts)
| 2018 | 2019 1st | 2019 2nd | 2019 3rd | 2019 4th | 2019 | 2020 1st
Net Operating Income |  |  |  |  |  |  |
Consolidated Properties |  |  |  |  |  |  |
The Domain (2) | $ | — |  | $ | — |  | $ | 1,881 |  | $ | 8,926 |  | $ | 9,138 |  | $ | 19,945 |  | $ | 9,068 |
Spring & 8th (2) | 21,450 |  | 7,218 |  | 7,385 |  | 7,392 |  | 7,374 |  | 29,369 |  | 7,351 |
Terminus (2) (3) | — |  | — |  | — |  | — |  | 7,330 |  | 7,330 |  | 6,949 |
Northpark (2) | 24,418 |  | 6,463 |  | 6,039 |  | 6,521 |  | 6,249 |  | 25,272 |  | 6,916 |
Hayden Ferry (2) | 23,465 |  | 5,945 |  | 6,154 |  | 5,721 |  | 6,118 |  | 23,938 |  | 6,321 |
Corporate Center (2) | 23,946 |  | 6,386 |  | 6,785 |  | 6,619 |  | 6,694 |  | 26,484 |  | 6,157 |
Bank of America Plaza | — |  | — |  | 933 |  | 5,103 |  | 4,569 |  | 10,605 |  | 5,323 |
3344 Peachtree | 12,182 |  | 3,142 |  | 3,328 |  | 3,345 |  | 3,488 |  | 13,303 |  | 5,267 |
BriarLake Plaza (2) | — |  | — |  | 852 |  | 4,623 |  | 4,742 |  | 10,217 |  | 4,681 |
Fifth Third Center | 19,130 |  | 4,735 |  | 4,503 |  | 4,408 |  | 4,347 |  | 17,993 |  | 4,573 |
Promenade | 16,502 |  | 4,788 |  | 4,708 |  | 4,353 |  | 4,510 |  | 18,359 |  | 4,506 |
One Eleven Congress | 16,218 |  | 4,446 |  | 4,515 |  | 4,203 |  | 4,215 |  | 17,379 |  | 4,396 |
The Terrace (2) | — |  | — |  | 749 |  | 3,617 |  | 3,945 |  | 8,311 |  | 3,988 |
Burnett Plaza | — |  | — |  | 710 |  | 3,556 |  | 3,963 |  | 8,229 |  | 3,631 |
Buckhead Plaza (2) | 16,851 |  | 4,047 |  | 3,968 |  | 3,765 |  | 3,299 |  | 15,079 |  | 3,617 |
San Jacinto Center | 14,652 |  | 3,665 |  | 3,679 |  | 3,637 |  | 3,612 |  | 14,593 |  | 3,617 |
Colorado Tower | 13,773 |  | 3,480 |  | 3,483 |  | 3,502 |  | 3,526 |  | 13,991 |  | 3,350 |
NASCAR Plaza | 10,334 |  | 2,538 |  | 2,494 |  | 2,586 |  | 2,682 |  | 10,300 |  | 2,750 |
816 Congress | 11,656 |  | 3,290 |  | 2,879 |  | 2,969 |  | 2,709 |  | 11,847 |  | 2,636 |
3350 Peachtree | 7,633 |  | 2,011 |  | 2,345 |  | 2,329 |  | 2,272 |  | 8,957 |  | 2,450 |
Legacy Union One | — |  | — |  | 450 |  | 2,360 |  | 2,347 |  | 5,157 |  | 2,400 |
1200 Peachtree | — |  | 775 |  | 2,318 |  | 2,332 |  | 2,266 |  | 7,691 |  | 2,332 |
Tempe Gateway | 7,934 |  | 2,165 |  | 1,757 |  | 1,785 |  | 2,043 |  | 7,750 |  | 2,084 |
8000 Avalon | 5,432 |  | 1,714 |  | 1,916 |  | 1,899 |  | 1,879 |  | 7,408 |  | 1,759 |
3348 Peachtree | 5,720 |  | 1,527 |  | 1,499 |  | 1,598 |  | 1,543 |  | 6,167 |  | 1,502 |
111 West Rio | 5,477 |  | 1,381 |  | 1,380 |  | 1,407 |  | 1,391 |  | 5,559 |  | 1,388 |
5950 Sherry Lane | — |  | — |  | 220 |  | 1,056 |  | 1,040 |  | 2,316 |  | 1,239 |
The Pointe | 4,815 |  | 1,255 |  | 1,235 |  | 1,260 |  | 1,339 |  | 5,089 |  | 1,192 |
Domain Point (2) | — |  | — |  | 348 |  | 1,571 |  | 1,139 |  | 3,058 |  | 1,187 |
Meridian Mark Plaza | 3,849 |  | 1,018 |  | 1,163 |  | 1,104 |  | 1,085 |  | 4,370 |  | 1,067 |
Research Park V | 4,066 |  | 1,031 |  | 1,023 |  | 1,006 |  | 1,027 |  | 4,087 |  | 1,029 |
Harborview Plaza | 1,753 |  | 346 |  | 553 |  | 431 |  | 683 |  | 2,013 |  | 795 |
Other (4) | 25,919 |  | 6,492 |  | 6,786 |  | 6,621 |  | 7,312 |  | 27,211 |  | 6,226 |
Subtotal - Consolidated | 297,175 |  | 79,858 |  | 88,038 |  | 111,605 |  | 119,876 |  | 399,377 |  | 121,747 |

Cousins Properties | 14 | Q1 2020 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

| (amounts in thousands, except per share amounts)
| 2018 | 2019 1st | 2019 2nd | 2019 3rd | 2019 4th | 2019 | 2020 1st
Unconsolidated Properties (5) |  |  |  |  |  |  |
Dimensional Place | — |  | 206 |  | 1,770 |  | 1,912 |  | 1,873 |  | 5,761 |  | 1,900 |
Carolina Square (2) | 3,823 |  | 1,097 |  | 1,053 |  | 1,009 |  | 1,208 |  | 4,367 |  | 1,255 |
Emory University Hospital Midtown | 4,024 |  | 1,027 |  | 1,036 |  | 1,072 |  | 1,104 |  | 4,239 |  | 1,078 |
Terminus (2) (3) | 13,501 |  | 3,670 |  | 3,662 |  | 3,216 |  | — |  | 10,548 |  | — |
Other (4) | 7,540 |  | 1,873 |  | 1,858 |  | 1,828 |  | 1,939 |  | 7,498 |  | 1,802 |
Subtotal - Unconsolidated | 28,888 |  | 7,873 |  | 9,379 |  | 9,037 |  | 6,124 |  | 32,413 |  | 6,035 |
Total Net Operating Income (1) | 326,063 |  | 87,731 |  | 97,417 |  | 120,642 |  | 126,000 |  | 431,790 |  | 127,782 |
Gain on Sales of Undepreciated Investment Properties |  |  |  |  |  |  |
Sales Less Cost of Sales - Consolidated | 512 |  | 13,132 |  | 1,337 |  | 21 |  | 3,692 |  | 18,182 |  | — |
Sales Less Cost of Sales - Unconsolidated (5) | 2,779 |  | — |  | — |  | — |  | — |  | — |  | 1,335 |
Total Gain on Sales of Undepreciated Investment Properties | 3,291 |  | 13,132 |  | 1,337 |  | 21 |  | 3,692 |  | 18,182 |  | 1,335 |
Fee Income |  |  |  |  |  |  |
Development Fees | 2,935 |  | 7,022 |  | 5,112 |  | 5,670 |  | 4,254 |  | 22,058 |  | 3,835 |
Management Fees (6) | 5,911 |  | 1,379 |  | 1,548 |  | 1,824 |  | 966 |  | 5,717 |  | 762 |
Leasing & Other Fees | 1,243 |  | 327 |  | 415 |  | 1 |  | — |  | 743 |  | 135 |
Total Fee Income | 10,089 |  | 8,728 |  | 7,075 |  | 7,495 |  | 5,220 |  | 28,518 |  | 4,732 |
Other Income |  |  |  |  |  |  |
Termination Fees | 1,548 |  | 520 |  | 190 |  | 3,575 |  | 2,942 |  | 7,227 |  | 2,844 |
Termination Fees - Unconsolidated (5) | — |  | 3 |  | 4 |  | 9 |  | — |  | 16 |  | 1 |
Interest and Other Income | 1,722 |  | 140 |  | 11 |  | 3 |  | 92 |  | 246 |  | 37 |
Interest and Other Income - Unconsolidated (5) | 315 |  | 85 |  | 101 |  | 84 |  | 102 |  | 372 |  | 112 |
Gain on Extinguishment of Debt | 93 |  | — |  | — |  | — |  | — |  | — |  | — |
Total Other Income | 3,678 |  | 748 |  | 306 |  | 3,671 |  | 3,136 |  | 7,861 |  | 2,994 |
Total Fee and Other Income | 13,767 |  | 9,476 |  | 7,381 |  | 11,166 |  | 8,356 |  | 36,379 |  | 7,726 |
Reimbursed Expenses | (3,782 | ) | (932 | ) | (1,047 | ) | (1,290 | ) | (735 | ) | (4,004 | ) | (521 | )
General and Administrative Expenses | (22,040 | ) | (11,460 | ) | (8,374 | ) | (5,852 | ) | (11,321 | ) | (37,007 | ) | (5,652 | )
Interest Expense |  |  |  |  |  |  |
Consolidated Debt |  |  |  |  |  |  |
Credit Facility, Unsecured | (3,023 | ) | (1,289 | ) | (1,705 | ) | (1,628 | ) | (2,703 | ) | (7,325 | ) | (3,081 | )
2019 Senior Notes, Unsecured ($275M) | — |  | — |  | (366 | ) | (2,744 | ) | (2,743 | ) | (5,853 | ) | (2,744 | )
2017 Senior Notes, Unsecured ($250M) | (9,958 | ) | (2,490 | ) | (2,489 | ) | (2,490 | ) | (2,489 | ) | (9,958 | ) | (2,489 | )
2019 Senior Notes, Unsecured ($250M) | — |  | — |  | (326 | ) | (2,440 | ) | (2,441 | ) | (5,207 | ) | (2,441 | )
Term Loan, Unsecured | (8,495 | ) | (2,422 | ) | (2,421 | ) | (2,302 | ) | (2,049 | ) | (9,194 | ) | (1,891 | )
Terminus (2) (3) | — |  | — |  | — |  | — |  | (1,540 | ) | (1,540 | ) | (1,526 | )
2019 Senior Notes, Unsecured ($125M) | — |  | — |  | (160 | ) | (1,197 | ) | (1,197 | ) | (2,554 | ) | (1,197 | )
Fifth Third Center | (4,951 | ) | (1,221 | ) | (1,215 | ) | (1,208 | ) | (1,202 | ) | (4,846 | ) | (1,194 | )
2017 Senior Notes, Unsecured ($100M) | (4,145 | ) | (1,036 | ) | (1,037 | ) | (1,036 | ) | (1,036 | ) | (4,145 | ) | (1,036 | )
Promenade | (4,360 | ) | (1,069 | ) | (1,060 | ) | (1,052 | ) | (1,043 | ) | (4,224 | ) | (1,034 | )
Colorado Tower | (4,233 | ) | (1,051 | ) | (1,046 | ) | (1,040 | ) | (1,036 | ) | (4,173 | ) | (1,030 | )

Cousins Properties | 15 | Q1 2020 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

| (amounts in thousands, except per share amounts)
| 2018 | 2019 1st | 2019 2nd | 2019 3rd | 2019 4th | 2019 | 2020 1st
816 Congress | (3,173 | ) | (784 | ) | (779 | ) | (776 | ) | (772 | ) | (3,111 | ) | (768 | )
Legacy Union One | — |  | — |  | (98 | ) | (536 | ) | (535 | ) | (1,169 | ) | (528 | )
Other (4) | (1,994 | ) | (473 | ) | (473 | ) | (469 | ) | (468 | ) | (1,883 | ) | (254 | )
Capitalized (7) | 4,902 |  | 1,015 |  | 1,116 |  | 4,218 |  | 4,870 |  | 11,219 |  | 5,309 |
Subtotal - Consolidated | (39,430 | ) | (10,820 | ) | (12,059 | ) | (14,700 | ) | (16,384 | ) | (53,963 | ) | (15,904 | )
Unconsolidated Debt (5) |  |  |  |  |  |  |
Terminus (2) (3) | (3,976 | ) | (1,038 | ) | (905 | ) | (961 | ) | — |  | (2,904 | ) | — |
Carolina Square (2) | (1,223 | ) | (406 | ) | (420 | ) | (409 | ) | (370 | ) | (1,605 | ) | (347 | )
Emory University Hospital Midtown | (1,257 | ) | (310 | ) | (308 | ) | (307 | ) | (304 | ) | (1,229 | ) | (303 | )
Subtotal - Unconsolidated | (6,456 | ) | (1,754 | ) | (1,633 | ) | (1,677 | ) | (674 | ) | (5,738 | ) | (650 | )
Total Interest Expense | (45,886 | ) | (12,574 | ) | (13,692 | ) | (16,377 | ) | (17,058 | ) | (59,701 | ) | (16,554 | )
Other Expenses |  |  |  |  |  |  |
Severance | (60 | ) | (23 | ) | (23 | ) | (84 | ) | (24 | ) | (154 | ) | (51 | )
Partners' Share of FFO in Consolidated Joint Ventures | (558 | ) | (171 | ) | (192 | ) | (249 | ) | (221 | ) | (833 | ) | (213 | )
Property Taxes and Other Holding Costs | (583 | ) | (184 | ) | (209 | ) | (392 | ) | (290 | ) | (1,075 | ) | (356 | )
Loss on Extinguishment of Debt | (85 | ) | — |  | — |  | — |  | — |  | — |  | — |
Income Tax Expense | — |  | — |  | (242 | ) | 242 |  | 298 |  | 298 |  | (50 | )
Predevelopment & Other Costs | (108 | ) | (23 | ) | (206 | ) | (127 | ) | (46 | ) | (402 | ) | (153 | )
Transaction Costs - TIER | — |  | (3 | ) | (49,827 | ) | (1,048 | ) | (1,999 | ) | (52,877 | ) | (365 | )
Transaction/Acquisition Costs - Other | (248 | ) | — |  | — |  | — |  | (4 | ) | (4 | ) | — |
Total Other Expenses | (1,642 | ) | (404 | ) | (50,699 | ) | (1,658 | ) | (2,286 | ) | (55,047 | ) | (1,188 | )
Depreciation and Amortization of Non-Real Estate Assets | (1,872 | ) | (456 | ) | (454 | ) | (443 | ) | (446 | ) | (1,799 | ) | (207 | )
FFO (1) | $ | 267,899 |  | $ | 84,513 |  | $ | 31,869 |  | $ | 106,209 |  | $ | 106,202 |  | $ | 328,793 |  | $ | 112,721 |
TIER transaction costs | — |  | 3 |  | 49,827 |  | 1,048 |  | 1,999 |  | 52,877 |  | 365 |
FFO before TIER transaction costs | $ | 267,899 |  | $ | 84,516 |  | $ | 81,696 |  | $ | 107,257 |  | $ | 108,201 |  | $ | 381,670 |  | $ | 113,086 |
Weighted Average Shares - Diluted | 106,868 |  | 106,901 |  | 114,670 |  | 148,530 |  | 148,534 |  | 129,831 |  | 148,561 |
FFO per Share (1) | $ | 2.51 |  | $ | 0.79 |  | $ | 0.28 |  | $ | 0.72 |  | $ | 0.72 |  | $ | 2.53 |  | $ | 0.76 |
FFO per Share before TIER transaction costs | $ | 2.51 |  | $ | 0.79 |  | $ | 0.71 |  | $ | 0.72 |  | $ | 0.73 |  | $ | 2.94 |  | $ | 0.76 |

Note: Amounts may differ slightly from other schedules contained herein due to rounding.
(1) See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 33.
(2) Contains multiple buildings that are grouped together for reporting purposes.
(3) On October 1, 2019, the Company purchased its partner's 50% interest in Terminus Office Holdings LLC.
(4) Primarily represents properties sold and loans repaid prior to March 31, 2020 that are not considered discontinued operations. The Company sold the Hearst Tower and Woodcrest operating properties and its interest in the Gateway Village unconsolidated joint venture in the first quarter of 2020. Includes preliminary operational activity at 120 West Trinity and 10000 Avalon, which are in the final stages of development.
(5) 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.
(6) Management Fees include reimbursement of expenses that are included in the "Reimbursed Expenses" line item.
(7) Amounts of interest expense related to consolidated debt that is capitalized to consolidated development projects and equity in unconsolidated development projects.

Cousins Properties | 16 | Q1 2020 Supplemental Information

PORTFOLIO STATISTICS

Office Properties |  | Rentable Square Feet |  | Financial Statement Presentation |  | Company's Ownership Interest |  | End of Period Leased |  | Weighted Average Occupancy (1) |  | % of Total Net Operating Income (2) |  | Property Level Debt ($000) (3)
|  |  |  | 1Q20 |  | 4Q19 |  | 1Q20 |  | 4Q19 |  |
Spring & 8th (4) |  | 765,000 |  |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 6.1% |  | $ | — |
Terminus (4) (5) |  | 1,226,000 |  |  | Consolidated |  | 100% |  | 83.5% |  | 83.3% |  | 78.2% |  | 78.8% |  | 5.8% |  | 201,376 |
Northpark (4) |  | 1,539,000 |  |  | Consolidated |  | 100% |  | 93.1% |  | 92.8% |  | 88.5% |  | 85.7% |  | 5.8% |  | — |
3344 Peachtree |  | 484,000 |  |  | Consolidated |  | 100% |  | 97.1% |  | 94.2% |  | 86.4% |  | 89.3% |  | 4.4% |  | — |
Promenade |  | 777,000 |  |  | Consolidated |  | 100% |  | 90.5% |  | 90.5% |  | 89.6% |  | 89.6% |  | 3.8% |  | 95,005 |
Buckhead Plaza (4) |  | 667,000 |  |  | Consolidated |  | 100% |  | 77.5% |  | 75.6% |  | 72.6% |  | 73.9% |  | 3.0% |  | — |
3350 Peachtree |  | 413,000 |  |  | Consolidated |  | 100% |  | 95.2% |  | 95.2% |  | 95.2% |  | 95.0% |  | 2.0% |  | — |
1200 Peachtree (5) |  | 370,000 |  |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1.9% |  | — |
8000 Avalon |  | 229,000 |  |  | Consolidated |  | 90% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1.6% |  | — |
3348 Peachtree |  | 258,000 |  |  | Consolidated |  | 100% |  | 92.3% |  | 92.3% |  | 91.7% |  | 92.1% |  | 1.3% |  | — |
Emory University Hospital Midtown |  | 358,000 |  |  | Unconsolidated |  | 50% |  | 98.3% |  | 99.1% |  | 97.7% |  | 98.5% |  | 0.9% |  | 33,771 |
Meridian Mark Plaza |  | 160,000 |  |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 0.9% |  | — |
ATLANTA |  | 7,246,000 |  |  |  |  |  |  | 91.6% |  | 91.2% |  | 88.4% |  | 88.2% |  | 37.5% |  | 330,152 |
The Domain (4) (5) |  | 1,287,000 |  |  | Consolidated |  | 100% |  | 99.7% |  | 99.7% |  | 89.3% |  | 89.2% |  | 7.6% |  | — |
One Eleven Congress |  | 519,000 |  |  | Consolidated |  | 100% |  | 95.0% |  | 97.1% |  | 88.8% |  | 88.3% |  | 3.7% |  | — |
The Terrace (4) (5) |  | 619,000 |  |  | Consolidated |  | 100% |  | 89.9% |  | 89.9% |  | 86.6% |  | 88.5% |  | 3.3% |  | — |
San Jacinto Center |  | 399,000 |  |  | Consolidated |  | 100% |  | 96.2% |  | 97.9% |  | 87.8% |  | 89.9% |  | 3.0% |  | — |
Colorado Tower |  | 373,000 |  |  | Consolidated |  | 100% |  | 97.8% |  | 100.0% |  | 98.7% |  | 100.0% |  | 2.8% |  | 115,868 |
816 Congress |  | 435,000 |  |  | Consolidated |  | 100% |  | 90.2% |  | 88.8% |  | 86.3% |  | 88.8% |  | 2.2% |  | 79,177 |
Domain Point (4) (5) |  | 243,000 |  |  | Consolidated |  | 96.5% |  | 90.6% |  | 88.1% |  | 76.8% |  | 79.6% |  | 1.0% |  | — |
Research Park V |  | 173,000 |  |  | Consolidated |  | 100% |  | 97.1% |  | 97.1% |  | 97.1% |  | 97.1% |  | 0.9% |  | — |
AUSTIN |  | 4,048,000 |  |  |  |  |  |  | 95.4% |  | 95.8% |  | 88.8% |  | 89.8% |  | 24.5% |  | 195,045 |
Bank of America Plaza (5) |  | 891,000 |  |  | Consolidated |  | 100% |  | 85.6% |  | 90.4% |  | 90.3% |  | 88.4% |  | 4.4% |  | — |
Fifth Third Center |  | 692,000 |  |  | Consolidated |  | 100% |  | 99.8% |  | 96.2% |  | 96.2% |  | 92.6% |  | 3.8% |  | 139,091 |
NASCAR Plaza |  | 394,000 |  |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 99.3% |  | 98.4% |  | 2.3% |  | — |
Dimensional Place (5) |  | 281,000 |  |  | Unconsolidated |  | 50% |  | 95.6% |  | 95.6% |  | 94.7% |  | 94.7% |  | 1.6% |  | — |
CHARLOTTE |  | 2,258,000 |  |  |  |  |  |  | 93.6% |  | 94.4% |  | 94.2% |  | 92.1% |  | 12.1% |  | 139,091 |
Hayden Ferry (4) |  | 789,000 |  |  | Consolidated |  | 100% |  | 97.8% |  | 97.8% |  | 93.5% |  | 92.8% |  | 5.3% |  | — |
Tempe Gateway |  | 264,000 |  |  | Consolidated |  | 100% |  | 94.8% |  | 94.8% |  | 94.8% |  | 94.8% |  | 1.7% |  | — |
111 West Rio |  | 225,000 |  |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1.2% |  | — |
PHOENIX |  | 1,278,000 |  |  |  |  |  |  | 97.6% |  | 97.6% |  | 94.9% |  | 94.5% |  | 8.2% |  | — |
Corporate Center (4) |  | 1,226,000 |  |  | Consolidated |  | 100% |  | 97.9% |  | 98.6% |  | 93.2% |  | 96.3% |  | 5.1% |  | — |
The Pointe |  | 253,000 |  |  | Consolidated |  | 100% |  | 94.4% |  | 94.9% |  | 93.4% |  | 96.1% |  | 1.0% |  | — |
Harborview Plaza |  | 205,000 |  |  | Consolidated |  | 100% |  | 80.0% |  | 80.0% |  | 79.1% |  | 62.8% |  | 0.7% |  | — |
TAMPA |  | 1,684,000 |  |  |  |  |  |  | 95.2% |  | 95.7% |  | 91.5% |  | 92.2% |  | 6.8% |  | — |

Cousins Properties | 17 | Q1 2020 Supplemental Information

PORTFOLIO STATISTICS

Office Properties |  | Rentable Square Feet |  | Financial Statement Presentation |  | Company's Ownership Interest |  | End of Period Leased |  | Weighted Average Occupancy (1) |  | % of Total Net Operating Income (2) |  | Property Level Debt ($000) (3)
|  |  |  | 1Q20 |  | 4Q19 |  | 1Q20 |  | 4Q19 |  |
Legacy Union One (5) |  | 319,000 |  |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 2.0% |  | 67,976 |
5950 Sherry Lane (5) |  | 197,000 |  |  | Consolidated |  | 100% |  | 93.1% |  | 90.3% |  | 88.7% |  | 83.5% |  | 1.0% |  | — |
DALLAS |  | 516,000 |  |  |  |  |  |  | 97.4% |  | 96.3% |  | 95.7% |  | 93.7% |  | 3.0% |  | 67,976 |
BriarLake Plaza - Houston (4) (5) |  | 835,000 |  |  | Consolidated |  | 100% |  | 89.2% |  | 89.2% |  | 88.3% |  | 88.0% |  | 3.9% |  | — |
Burnett Plaza - Fort Worth (5) |  | 1,023,000 |  |  | Consolidated |  | 100% |  | 87.6% |  | 86.4% |  | 86.6% |  | 86.4% |  | 3.0% |  | — |
Carolina Square - Chapel Hill |  | 158,000 |  |  | Unconsolidated |  | 50% |  | 93.3% |  | 93.4% |  | 79.5% |  | 79.5% |  | 0.3% |  | 12,842 |
OTHER OFFICE |  | 2,016,000 |  |  |  |  |  |  | 88.6% |  | 87.9% |  | 87.1% |  | 86.8% |  | 7.2% |  | 12,842 |
TOTAL OFFICE |  | 19,046,000 |  |  |  |  |  |  | 93.3% |  | 93.2% |  | 89.9% |  | 89.8% |  | 99.3% |  | $ | 745,106 |
Other Properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carolina Square Apartment - Chapel Hill (246 units) |  | 266,000 |  |  | Unconsolidated |  | 50% |  | 100.0% |  | 99.6% |  | 99.9% |  | 99.6% |  | 0.6% |  | 21,619 |
Carolina Square Retail - Chapel Hill |  | 44,000 |  |  | Unconsolidated |  | 50% |  | 89.8% |  | 89.3% |  | 89.8% |  | 89.3% |  | 0.1% |  | 3,576 |
TOTAL OTHER |  | 310,000 |  |  |  |  |  |  | 98.6% |  | 98.1% |  | 98.4% |  | 98.1% |  | 0.7% |  | $ | 25,195 |
TOTAL |  | 19,356,000 |  |  |  |  |  |  | 93.3% |  | 93.2% |  | 90.0% |  | 89.9% |  | 100.0% |  | $ | 770,301 |
See next page for footnotes

Cousins Properties | 18 | Q1 2020 Supplemental Information

PORTFOLIO STATISTICS

(1 | ) | Represents the weighted average occupancy of the property over the period for which the property was available for occupancy.
(2 | ) | The Company's share of net operating income for the three months ended March 31, 2020.
(3 | ) | The Company's share of property specific mortgage debt, including premiums and net of unamortized loan costs, as of March 31, 2020.
(4 | ) | Contains two or more buildings that are grouped together for reporting purposes.
(5 | ) | Not included in Same Property as of March 31, 2020.

Cousins Properties | 19 | Q1 2020 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

| Net Operating Income ($ in thousands)
| Three Months Ended March 31,
| 2020 |  | 2019 |  | % Change
Rental Property Revenues (2) | $ | 115,251 |  |  | $ | 115,042 |  |  | 0.2 | %
Rental Property Operating Expenses (2) | 39,073 |  |  | 41,195 |  |  | (5.2 | )%
Same Property Net Operating Income | $ | 76,178 |  |  | $ | 73,847 |  |  | 3.2 | %
Cash-Basis Rental Property Revenues (3) | $ | 109,999 |  |  | $ | 104,832 |  |  | 4.9 | %
Cash-Basis Rental Property Operating Expenses (4) | 38,907 |  |  | 41,030 |  |  | (5.2 | )%
Cash-Basis Same Property Net Operating Income | $ | 71,092 |  |  | $ | 63,802 |  |  | 11.4 | %
End of Period Leased | 94.8 | % |  | 94.5 | % |  |
Weighted Average Occupancy | 91.4 | % |  | 92.0 | % |  |

(1) | Same Properties include those office properties that were fully operational in each of the comparable reporting periods. See Portfolio Statistics beginning on page 17 for footnotes indicating which properties are not included in Same Property. See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 33.
(2) | Rental Property Revenues and Expenses include results for the Company and its share of unconsolidated joint ventures and exclude termination fee income. Net operating income for unconsolidated joint ventures is calculated as rental property revenues less termination fee income and rental property expenses at the joint ventures multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures, but believes that including these amounts with consolidated net operating income is meaningful to investors and analysts.
(3) | Cash-Basis Rental Property Revenues include that of the Company and its share of unconsolidated joint ventures. It represents Rental Property Revenues, excluding termination fee income, straight-line rents, amortization of lease inducements, and amortization of acquired above and below market rents.
(4) | Cash-Basis Rental Property Operating Expenses include that of the Company and its share of unconsolidated joint ventures. It represents Rental Property Operating Expenses, excluding straight-line ground rent expense and amortization of above and below market ground rent expense.

Cousins Properties | 20 | Q1 2020 Supplemental Information

OFFICE LEASING ACTIVITY(1)

| Three Months Ended March 31, 2020
| New |  | Renewal |  | Expansion |  | Total
Gross leased (square feet) |  |  |  |  |  |  | 632,090 |
Less: Leases one year or less, amenity leases, percentage rent leases, storage leases, intercompany leases, and license agreements |  |  |  |  |  |  | (156,307 | )
Net leased (square feet) | 249,494 |  |  | 130,322 |  |  | 95,967 |  |  | 475,783 |
Number of transactions | 14 |  |  | 17 |  |  | 8 |  |  | 39 |
Lease term (years) (2) | 8.4 |  |  | 5.5 |  |  | 7.8 |  |  | 7.5 |
Net Effective Rent Calculation (per square foot per year) (2) |  |  |  |  |  |  |
Net annualized rent (3) | $ | 39.35 |  |  | $ | 29.99 |  |  | $ | 29.88 |  |  | $ | 34.88 |
Net free rent | (2.64 | ) |  | (1.42 | ) |  | (0.73 | ) |  | (1.92 | )
Leasing commissions | (2.86 | ) |  | (2.62 | ) |  | (2.32 | ) |  | (2.68 | )
Tenant improvements | (6.83 | ) |  | (2.35 | ) |  | (5.16 | ) |  | (5.27 | )
Leasing Costs | (12.33 | ) |  | (6.39 | ) |  | (8.21 | ) |  | (9.87 | )
Net effective rent | $ | 27.02 |  |  | $ | 23.60 |  |  | $ | 21.67 |  |  | $ | 25.01 |
Second generation leased square footage (4)(5) |  |  |  |  |  |  | 245,802 |
Increase in second generation net rent per square foot (2)(3)(4)(5) |  |  |  | 26.9 | %
Increase in cash-basis second generation net rent per square foot (2)(4)(5) |  | 14.3 | %
(1) Office leasing activity is comprised of total square feet leased, unadjusted for ownership share, and excluding apartment and retail leasing.
(2) Weighted average.
(3) Straight-line net rent per square foot (operating expenses deducted from gross leases) over the lease term.
(4) 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.
(5) Increase in net rent at the end of term paid by the prior tenant compared to net rent at the beginning of term paid by the current tenant. For early renewals, the increase in net rent at the end of term of the original lease is compared to net rent at the beginning of the extended term of the lease.

Cousins Properties | 21 | Q1 2020 Supplemental Information

OFFICE LEASE EXPIRATIONS

Lease Expirations by Year (1)

Year of Expiration |  | Square Feet Expiring |  | % of Leased Space |  | Annual Contractual Rent (in thousands) (2) |  | % of Annual Contractual Rent |  | Annual Contractual Rent/Sq. Ft.
2020 |  | 1,065,756 |  |  | 6.1 | % |  | $ | 35,008 |  |  | 4.5 | % |  | $ | 32.85 |
2021 |  | 2,027,468 |  |  | 11.6 | % |  | 76,511 |  |  | 9.8 | % |  | 37.74 |
2022 |  | 1,313,119 |  |  | 7.5 | % |  | 55,406 |  |  | 7.1 | % |  | 42.19 |
2023 |  | 1,734,101 |  |  | 9.9 | % |  | 72,322 |  |  | 9.2 | % |  | 41.71 |
2024 |  | 1,107,943 |  |  | 6.3 | % |  | 46,988 |  |  | 6.0 | % |  | 42.41 |
2025 |  | 1,979,304 |  |  | 11.3 | % |  | 89,746 |  |  | 11.5 | % |  | 45.34 |
2026 |  | 1,511,826 |  |  | 8.6 | % |  | 70,392 |  |  | 9.0 | % |  | 46.56 |
2027 |  | 1,502,737 |  |  | 8.6 | % |  | 63,513 |  |  | 8.1 | % |  | 42.27 |
2028 |  | 1,242,532 |  |  | 7.1 | % |  | 56,702 |  |  | 7.3 | % |  | 45.63 |
2029 &Thereafter |  | 4,003,913 |  |  | 23.0 | % |  | 214,895 |  |  | 27.5 | % |  | 53.67 |
Total |  | 17,488,699 |  |  | 100.0 | % |  | $ | 781,483 |  |  | 100.0 | % |  | $ | 44.69 |

(1) Company's share.
(2) Annual Contractual Rent is the estimated rent in the year of expiration. It includes the minimum base rent and an estimate of operating expenses, if applicable, as defined in the respective leases.

Cousins Properties | 22 | Q1 2020 Supplemental Information

TOP 20 OFFICE TENANTS

| Tenant (1) |  | Number of Properties Occupied |  | Number of Markets Occupied |  | Company's Share of Square Footage |  | Company's Share of Annualized Rent (2) |  | Percentage of Company's Share of Annualized Rent |  | Weighted Average Remaining Lease Term (Years)
1 |  | NCR Corporation |  | 1 |  | 1 |  | 762,090 |  |  | $ | 35,578,695 |  |  | 5.4% |  | 13
2 |  | Amazon |  | 4 |  | 3 |  | 430,099 |  |  | 20,315,885 |  |  | 3.1% |  | 5
3 |  | Bank of America |  | 4 |  | 1 |  | 616,423 |  |  | 18,019,916 |  |  | 2.7% |  | 3
4 |  | Expedia, Inc. |  | 1 |  | 1 |  | 296,955 |  |  | 13,893,857 |  |  | 2.1% |  | 9
5 |  | Norfolk Southern Corporation |  | 2 |  | 1 |  | 394,621 |  |  | 9,701,740 |  |  | 1.5% |  | 2
6 |  | Apache Corporation |  | 1 |  | 1 |  | 210,012 |  |  | 9,048,341 |  |  | 1.4% |  | 5
7 |  | Americredit Financial Services (dba GM Financial) |  | 2 |  | 2 |  | 333,782 |  |  | 8,804,286 |  |  | 1.3% |  | 10
8 |  | Parsley Energy, L.P. |  | 1 |  | 1 |  | 135,107 |  |  | 8,569,405 |  |  | 1.3% |  | 5
9 |  | Wells Fargo Bank, NA |  | 4 |  | 3 |  | 198,376 |  |  | 8,469,674 |  |  | 1.3% |  | 6
10 |  | Ovintiv USA Inc. (fka Encana Oil & Gas (USA) Inc.) (3) |  | 1 |  | 1 |  | 318,582 |  |  | 7,831,964 |  |  | 1.2% |  | 7
11 |  | ADP, LLC |  | 1 |  | 1 |  | 225,000 |  |  | 7,561,812 |  |  | 1.2% |  | 8
12 |  | Westrock Shared Services, LLC |  | 1 |  | 1 |  | 205,185 |  |  | 6,789,331 |  |  | 1.1% |  | 10
13 |  | McGuirewoods LLP |  | 3 |  | 3 |  | 197,282 |  |  | 6,762,058 |  |  | 1.0% |  | 6
14 |  | Dimensional Fund Advisors LP |  | 1 |  | 1 |  | 132,434 |  |  | 6,760,473 |  |  | 1.0% |  | 14
15 |  | Samsung Engineering America |  | 1 |  | 1 |  | 133,860 |  |  | 6,019,230 |  |  | 0.9% |  | 7
16 |  | Anthem |  | 1 |  | 1 |  | 198,834 |  |  | 6,012,164 |  |  | 0.9% |  | 1
17 |  | Regus Equity Business Centers, LLC |  | 6 |  | 4 |  | 146,852 |  |  | 5,967,803 |  |  | 0.9% |  | 5
18 |  | Morgan Stanley |  | 2 |  | 2 |  | 130,863 |  |  | 5,662,738 |  |  | 0.9% |  | 8
19 |  | General Services Administration |  | 3 |  | 3 |  | 220,600 |  |  | 5,613,079 |  |  | 0.9% |  | 3
20 |  | OneTrust LLC |  | 1 |  | 1 |  | 175,833 |  |  | 5,591,435 |  |  | 0.9% |  | 5
| Total |  |  |  |  |  | 5,462,790 |  |  | $ | 202,973,886 |  |  | 31.0% |  | 9
(1) |  | In some cases, the actual tenant may be an affiliate of the entity shown.
(2) |  | Annualized Rent represents the annualized rent including tenant's share of estimated operating expenses, if applicable, 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 Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay rent.
(3) |  | Ovintiv USA Inc. has multiple subleases for substantially all of its space. In the event of termination of the Ovintiv lease, such subleases would become direct leases with Cousins.
Note: |  | This schedule includes tenants whose leases have commenced and/or who have taken occupancy. Leases that have been signed but have not commenced are excluded.

Cousins Properties | 23 | Q1 2020 Supplemental Information

TENANT INDUSTRY DIVERSIFICATION

Note: Management uses SIC codes when available, along with judgment, to determine tenant industry classification.
(1) Several of our Energy & Utilities tenants have entered into subleases with unaffiliated parties for large portions of their space. In the event of lease terminations, generally such subleases would become direct leases with the Company, although the lease term and rent due under such subleases may differ from the prime lease. In addition, in April 2020, one of our larger energy tenants executed a partial termination, and the Company released the surrendered space to a legal tenant. After considering these subleases and this April 2020 activity, the portion of our rent from Energy & Utilities tenants is reduced to 3.7%. Note that the chart above has not been adjusted to reflect the various industry sectors of such subtenants or the change from this April 2020 activity.

Cousins Properties | 24 | Q1 2020 Supplemental Information

INVESTMENT ACTIVITY

Completed Property Acquisitions

Property |  | Type |  | Market |  | Company's Ownership Interest |  | Timing |  | Square Feet |  | Gross Purchase Price ($ in thousands) (1)
2019 |  |  |  |  |  |  |  |  |  |  |  |
1200 Peachtree |  | Office |  | Atlanta |  | 100% |  | 1Q |  | 370,000 |  |  | $ | 82,000 |
TIER REIT, Inc. |  | Office |  | Various |  | Various |  | 2Q |  | 5,799,000 |  |  | (2 | )
Terminus (3) |  | Office |  | Atlanta |  | 100% |  | 4Q |  | 1,226,000 |  |  | 246,000 |
2017 |  |  |  |  |  |  |  |  |  |  |  |
111 West Rio (4) |  | Office |  | Phoenix |  | 100% |  | 1Q |  | 225,000 |  |  | 19,600 |
2016 |  |  |  |  |  |  |  |  |  |  |  |
Parkway Properties |  | Office |  | Various |  | Various |  | 4Q |  | 8,819,000 |  |  | (5 | )
Cousins Fund II, L.P. (6) |  | Office |  | Various |  | 100% |  | 4Q |  | (6 | ) |  | 279,100 |
|  |  |  |  |  |  |  |  |  | 16,439,000 |  |  | $ | 626,700 |

Completed Property Developments

Project |  | Type |  | Market |  | Company's Ownership Interest |  | Timing |  | Square Feet |  | Total Project Cost ($ in thousands) (1)
2019 |  |  |  |  |  |  |  |  |  |  |  |
Dimensional Place |  | Office |  | Charlotte |  | 50% |  | 1Q |  | 281,000 |  |  | 96,000 |
2018 |  |  |  |  |  |  |  |  |  |  |  |
Spring & 8th |  | Office |  | Atlanta |  | 100% |  | 1Q/4Q |  | 765,000 |  |  | 332,500 |
2017 |  |  |  |  |  |  |  |  |  |  |  |
8000 Avalon |  | Office |  | Atlanta |  | 90% |  | 2Q |  | 229,000 |  |  | 73,000 |
Carolina Square |  | Mixed |  | Chapel Hill |  | 50% |  | 3Q |  | 468,000 |  |  | 123,000 |
2015 |  |  |  |  |  |  |  |  |  |  |  |
Colorado Tower |  | Office |  | Austin |  | 100% |  | 1Q |  | 373,000 |  |  | 126,100 |
Emory Point - Phase II |  | Mixed |  | Atlanta |  | 75% |  | 3Q |  | 302,000 |  |  | 75,400 |
Research Park V |  | Office |  | Austin |  | 100% |  | 4Q |  | 173,000 |  |  | 45,000 |
|  |  |  |  |  |  |  |  |  | 2,591,000 |  |  | $ | 871,000 |

(1) Except as otherwise noted, amounts represent total purchase prices, total project cost paid by the company, and, where applicable, its joint venture partner, including certain allocated costs required by GAAP that are not incurred in a joint venture.
(2) Properties acquired in the merger with TIER REIT, Inc.
(3) Purchased outside interest of 50% in Terminus Office Holdings for $246 million before reductions for existing mortgage debt.
(4) Purchased outside interest of 25.4% in 111 West Rio.
(5) Properties acquired in the merger with Parkway Properties, Inc.
(6) Purchased the outside interest (approximately 70%) in a consolidated partnership for $279.1 million.

Cousins Properties | 25 | Q1 2020 Supplemental Information

INVESTMENT ACTIVITY

Completed Property Dispositions

Property |  | Type |  | Market |  | Company's Ownership Interest |  | Timing |  | Square Feet |  | Gross Sales Price ($ in thousands) (1)
2020 |  |  |  |  |  |  |  |  |  |  |  |
Hearst Tower |  | Office |  | Charlotte |  | 100% |  | 1Q |  | 966,000 |  |  | $ | 455,500 |
Gateway Village (2) |  | Office |  | Charlotte |  | 50% |  | 1Q |  | 1,061,000 |  |  | 52,200 |
Woodcrest |  | Office |  | Cherry Hill |  | 100% |  | 1Q |  | 386,000 |  |  | 25,300 |
2017 |  |  |  |  |  |  |  |  |  |  |  |
Emory Point I and II |  | Mixed |  | Atlanta |  | 75% |  | 2Q |  | 786,000 |  |  | 199,000 |
American Cancer Society Center |  | Office |  | Atlanta |  | 100% |  | 2Q |  | 996,000 |  |  | 166,000 |
Bank of America Center, One Orlando ---Centre, and Citrus Center |  | Office |  | Orlando |  | 100% |  | 4Q |  | 1,038,000 |  |  | 208,100 |
Courvoisier Centre (3) |  | Office |  | Miami |  | 20% |  | 4Q |  | 343,000 |  |  | 33,900 |
2016 |  |  |  |  |  |  |  |  |  |  |  |
100 North Point Center East |  | Office |  | Atlanta |  | 100% |  | 1Q |  | 129,000 |  |  | 22,000 |
Post Oak Central and Greenway Plaza (4) |  | Office |  | Houston |  | 100% |  | 4Q |  | 5,628,000 |  |  | — |
Two Liberty Place |  | Office |  | Philadelphia |  | 100% |  | 4Q |  | 941,000 |  |  | 219,000 |
191 Peachtree |  | Office |  | Atlanta |  | 100% |  | 4Q |  | 1,225,000 |  |  | 267,500 |
Lincoln Place |  | Office |  | Miami |  | 100% |  | 4Q |  | 140,000 |  |  | 80,000 |
The Forum |  | Office |  | Atlanta |  | 100% |  | 4Q |  | 220,000 |  |  | 70,000 |
2015 |  |  |  |  |  |  |  |  |  |  |  |
2100 Ross |  | Office |  | Dallas |  | 100% |  | 3Q |  | 844,000 |  |  | 131,000 |
200, 333, and 555 North Point Center East |  | Office |  | Atlanta |  | 100% |  | 4Q |  | 411,000 |  |  | 70,300 |
The Points at Waterview |  | Office |  | Dallas |  | 100% |  | 4Q |  | 203,000 |  |  | 26,800 |
|  |  |  |  |  |  |  |  |  | 15,317,000 |  |  | $ | 2,026,600 |

(1) Except as otherwise noted, amounts represent total gross sales prices received by the Company and, where applicable, its joint venture partner.
(2) The Company sold its interest in the joint venture to its partner for $52.2 million. The proceeds represent a 17% internal rate of return for the Company on its invested capital, as stipulated in the partnership agreement.
(3) The Company sold its partnership interest for $12.6 million in a transaction that valued its interest in the property at $33.9 million, prior to deduction for existing mortgage debt.
(4) After the merger with Parkway Properties, Inc., these properties were spun off in a related transaction to Parkway, Inc.

Cousins Properties | 26 | Q1 2020 Supplemental Information

DEVELOPMENT PIPELINE (1)

Project |  | Type |  | Market |  | Company's Ownership Interest |  | Construction Start Date |  | Number of Square Feet /Apartment Units |  | Estimated Project Cost (1) (2) ($ in thousands) |  | Company's Share of Estimated Project Cost (2) ($ in thousands) |  | Project Cost Incurred to Date (2) ($ in thousands) |  | Company's Share of Project Cost Incurred to Date (2) ($ in thousands) |  | Percent Leased |  | Initial Revenue Recognition (3) |  | Estimated Stabilization (4)
120 West Trinity |  | Mixed |  | Atlanta |  | 20 | % |  | 1Q17 |  |  |  | $ | 85,000 |  |  | $ | 17,000 |  |  | $ | 80,507 |  |  | $ | 16,101 |  |  |  |  |  |  |
Office |  |  |  |  |  |  |  |  |  | 33,000 |  |  |  |  |  |  |  |  |  |  | 100 | % |  | 2Q20 |  | 3Q20
Retail |  |  |  |  |  |  |  |  |  | 19,000 |  |  |  |  |  |  |  |  |  |  | 12 | % |  | 3Q20 |  | 4Q20
Apartments |  |  |  |  |  |  |  |  |  | 330 |  |  |  |  |  |  |  |  |  |  | 31 | % |  | 4Q19 |  | 4Q20
10000 Avalon |  | Office |  | Atlanta |  | 90 | % |  | 3Q18 |  | 251,000 |  |  | 96,000 |  |  | 86,400 |  |  | 92,260 |  |  | 83,034 |  |  | 75 | % |  | 1Q20 |  | 1Q21
300 Colorado (5) |  | Office |  | Austin |  | 50 | % |  | 4Q18 |  | 358,000 |  |  | 193,000 |  |  | 96,500 |  |  | 133,759 |  |  | 66,880 |  |  | 87 | % |  | 1Q21 |  | 1Q22
Domain 10 |  | Office |  | Austin |  | 100 | % |  | 4Q18 |  | 300,000 |  |  | 111,000 |  |  | 111,000 |  |  | 80,265 |  |  | 80,265 |  |  | 98 | % |  | 4Q20 |  | 3Q21
Domain 12 |  | Office |  | Austin |  | 100 | % |  | 2Q18 |  | 320,000 |  |  | 117,000 |  |  | 117,000 |  |  | 88,160 |  |  | 88,160 |  |  | 100 | % |  | 2Q20 |  | 3Q20
100 Mill |  | Office |  | Phoenix |  | 90 | % |  | 1Q20 |  | 287,000 |  |  | 153,000 |  |  | 137,700 |  |  | 34,181 |  |  | 30,763 |  |  | 44 | % |  | 1Q22 |  | 1Q23
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 755,000 |  |  | $ | 565,600 |  |  | $ | 509,132 |  |  | $ | 365,203 |  |  |  |  |  |  |

(1) | This schedule shows projects currently under active development through the substantial completion of construction. Amounts included in the estimated project cost column are 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.
(2) | Estimated and incurred project costs include financing costs only on project-specific debt, and exclude certain allocated capitalized costs required by GAAP that are not incurred in a joint venture and fair value adjustments for legacy TIER projects that were recorded as a result of the Merger.
(3) | Initial revenue recognition represents the quarter within which the Company estimates it will begin recognizing revenue under GAAP.
(4) | Estimated stabilization is the quarter within which the Company estimates it will achieve 90% economic occupancy. Interest, taxes, and operating expenses are capitalized on the unoccupied portion of the building for the period beginning with initial occupancy until the earlier of the achievement of 90% economic occupancy or one year.
(5) | 300 Colorado estimated project cost will be funded with a combination of $67 million of equity contributed by the joint venture partners, followed by a $126 million construction loan.

Cousins Properties | 27 | Q1 2020 Supplemental Information

LAND INVENTORY

|  | Market |  | Type |  | Company's Ownership Interest |  | Total Developable Land (Acres) |  | Cost Basis of Land ($ in thousands)
3354 Peachtree | Atlanta |  | Commercial |  | 95% |  | 3.0 |  |  |
901 West Peachtree (1) | Atlanta |  | Commercial |  | 100% |  | 1.0 |  |  |
The Avenue Forsyth-Adjacent Land | Atlanta |  | Commercial |  | 100% |  | 10.4 |  |  |
Domain 9 | Austin |  | Commercial |  | 100% |  | 2.5 |  |  |
Domain 14 & 15 | Austin |  | Commercial |  | 100% |  | 5.6 |  |  |
Legacy Union 2 & 3 | Dallas |  | Commercial |  | 95% |  | 4.0 |  |  |
Victory Center | Dallas |  | Commercial |  | 75% |  | 3.0 |  |  |
Burnett Plaza-Adjacent Land | Fort Worth |  | Commercial |  | 100% |  | 1.4 |  |  |
Corporate Center 5 & 6 (2) | Tampa |  | Commercial |  | 100% |  | 14.1 |  |  |
Padre Island | Corpus Christi |  | Residential |  | 50% |  | 15.0 |  |  |
Total |  |  |  |  |  |  |  | 60.0 |  |  | $ | 119,154 |
Company's Share |  |  |  |  |  |  |  | 51.4 |  |  | $ | 110,150 |

(1) | As of March 31, 2020, included two ground leases with future obligations to purchase. In April 2020, the Company purchased one of the two ground leased parcels.
(2) | Corporate Center 5 is controlled through a long-term ground lease.

Cousins Properties | 28 | Q1 2020 Supplemental Information

DEBT SCHEDULE

|  |  |  |  |  |  | Company's Share of Debt Maturities and Principal Payments |  |  |  |  |  |
|  |  |  |  |  |  | ($ in thousands) |  |  |  |  |  |
Description (Interest Rate Base, if not fixed) | Company's Ownership Interest |  | Rate at End of Quarter |  | Maturity Date |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter |  | Total Principal |  | Deferred Loan Costs |  | Above / Below Market Value |  | Total
Consolidated Debt - Floating Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term Loan, Unsecured (LIBOR + 1.20%-1.70%) (1) | 100% |  | 2.19% |  | 12/2/21 |  | — |  |  | 250,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 250,000 |  |  | (673 | ) |  | — |  |  | 249,327 |
Credit Facility, Unsecured (LIBOR + 1.05%-1.45%) (2) | 100% |  | 2.04% |  | 1/3/23 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Floating Rate Debt |  |  |  |  |  |  | — |  |  | 250,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 250,000 |  |  | (673 | ) |  | — |  |  | 249,327 |
Consolidated Debt - Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2019 Senior Notes, Unsecured | 100% |  | 3.95% |  | 7/6/29 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 275,000 |  |  | 275,000 |  |  | (1,039 | ) |  | — |  |  | 273,961 |
2017 Senior Notes, Unsecured | 100% |  | 3.91% |  | 7/6/25 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 250,000 |  |  | 250,000 |  |  | (961 | ) |  | — |  |  | 249,039 |
2019 Senior Notes, Unsecured | 100% |  | 3.86% |  | 7/6/28 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 250,000 |  |  | 250,000 |  |  | (936 | ) |  | — |  |  | 249,064 |
Fifth Third Center | 100% |  | 3.37% |  | 10/1/26 |  | 2,465 |  |  | 3,386 |  |  | 3,502 |  |  | 3,622 |  |  | 3,746 |  |  | 122,802 |  |  | 139,522 |  |  | (431 | ) |  | — |  |  | 139,091 |
2019 Senior Notes, Unsecured | 100% |  | 3.78% |  | 7/6/27 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 125,000 |  |  | 125,000 |  |  | (463 | ) |  | — |  |  | 124,537 |
Terminus 100 | 100% |  | 5.25% |  | 1/1/23 |  | 2,378 |  |  | 3,319 |  |  | 3,497 |  |  | 108,181 |  |  | — |  |  | — |  |  | 117,375 |  |  | — |  |  | 6,577 |  |  | 123,952 |
Colorado Tower | 100% |  | 3.45% |  | 9/1/26 |  | 1,826 |  |  | 2,510 |  |  | 2,598 |  |  | 2,689 |  |  | 2,783 |  |  | 104,080 |  |  | 116,486 |  |  | (618 | ) |  | — |  |  | 115,868 |
2017 Senior Notes, Unsecured | 100% |  | 4.09% |  | 7/6/27 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 100,000 |  |  | 100,000 |  |  | (387 | ) |  | — |  |  | 99,613 |
Promenade | 100% |  | 4.27% |  | 10/1/22 |  | 2,559 |  |  | 3,541 |  |  | 89,052 |  |  | — |  |  | — |  |  | — |  |  | 95,152 |  |  | (147 | ) |  | — |  |  | 95,005 |
816 Congress | 100% |  | 3.75% |  | 11/1/24 |  | 1,322 |  |  | 1,821 |  |  | 1,891 |  |  | 1,963 |  |  | 72,558 |  |  | — |  |  | 79,554 |  |  | (377 | ) |  | — |  |  | 79,177 |
Terminus 200 | 100% |  | 3.79% |  | 1/1/23 |  | 1,301 |  |  | 1,791 |  |  | 1,861 |  |  | 70,700 |  |  | — |  |  | — |  |  | 75,654 |  |  | — |  |  | 1,770 |  |  | 77,424 |
Legacy Union One | 100% |  | 4.24% |  | 1/1/23 |  | — |  |  | — |  |  | — |  |  | 66,000 |  |  | — |  |  | — |  |  | 66,000 |  |  | — |  |  | 1,976 |  |  | 67,976 |
Total Fixed Rate Debt |  |  |  |  |  |  | 11,851 |  |  | 16,368 |  |  | 102,401 |  |  | 253,155 |  |  | 79,087 |  |  | 1,226,882 |  |  | 1,689,743 |  |  | (5,359 | ) |  | 10,323 |  |  | 1,694,707 |
Total Consolidated Debt |  |  |  |  |  |  | 11,851 |  |  | 266,368 |  |  | 102,401 |  |  | 253,155 |  |  | 79,087 |  |  | 1,226,882 |  |  | 1,939,743 |  |  | (6,032 | ) |  | 10,323 |  |  | 1,944,034 |
Unconsolidated Debt - Floating Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carolina Square (LIBOR + 1.90%) (3) | 50% |  | 2.89% |  | 5/1/20 |  | 38,037 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 38,037 |  |  | — |  |  | — |  |  | 38,037 |
300 Colorado (LIBOR + 2.25%) (4) | 50% |  | 3.24% |  | 1/17/22 |  | — |  |  | — |  |  | 21,113 |  |  | — |  |  | — |  |  | — |  |  | 21,113 |  |  | — |  |  | — |  |  | 21,113 |
Total Floating Rate Debt |  |  |  |  |  |  | 38,037 |  |  | — |  |  | 21,113 |  |  | — |  |  | — |  |  | — |  |  | 59,150 |  |  | — |  |  | — |  |  | 59,150 |
Unconsolidated Debt - Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Emory University Hospital Midtown | 50% |  | 3.50% |  | 6/1/23 |  | 634 |  |  | 872 |  |  | 903 |  |  | 31,436 |  |  | — |  |  | — |  |  | 33,846 |  |  | (75 | ) |  |  |  | 33,771 |
Total Fixed Rate Debt |  |  |  |  |  |  | 634 |  |  | 872 |  |  | 903 |  |  | 31,436 |  |  | — |  |  | — |  |  | 33,846 |  |  | (75 | ) |  | — |  |  | 33,771 |
Total Unconsolidated Debt |  |  |  |  |  |  | 38,671 |  |  | 872 |  |  | 22,016 |  |  | 31,436 |  |  | — |  |  | — |  |  | 92,996 |  |  | (75 | ) |  | — |  |  | 92,921 |
Total Debt |  |  |  |  |  |  | $ | 50,522 |  |  | $ | 267,240 |  |  | $ | 124,417 |  |  | $ | 284,591 |  |  | $ | 79,087 |  |  | $ | 1,226,882 |  |  | $ | 2,032,739 |  |  | $ | (6,107 | ) |  | $ | 10,323 |  |  | $ | 2,036,955 |
Total Maturities (5) |  |  |  |  |  |  | $ | 37,872 |  |  | $ | 250,000 |  |  | $ | 104,230 |  |  | $ | 275,932 |  |  | $ | 70,865 |  |  | $ | 1,215,159 |  |  | $ | 1,954,058 |  |  |  |  |  |  |
% of Maturities |  |  |  |  |  |  | 2 | % |  | 13 | % |  | 5 | % |  | 14 | % |  | 4 | % |  | 62 | % |  | 100 | % |  |  |  |  |  |

Cousins Properties | 29 | Q1 2020 Supplemental Information

DEBT SCHEDULE

Floating and Fixed Rate Debt Analysis

|  | Total Debt Principal ($) |  | Total Debt (%) |  | Weighted Average Interest Rate |  | Weighted Average Maturity (Yrs.)
Floating Rate Debt |  | $ | 309,150 |  |  | 15 | % |  | 2.34 | % |  | 1.5 |
Fixed Rate Debt |  | 1,723,589 |  |  | 85 | % |  | 3.94 | % |  | 6.2 |
Total Debt |  | $ | 2,032,739 |  |  | 100 | % |  | 3.70 | % |  | 5.5 |

(1) The spread over LIBOR at March 31, 2020 was 1.20%.
(2) As of March 31, 2020, the Company had no amount drawn under the Credit Facility and had the ability to borrow the full $1.0 billion available. The spread over LIBOR at March 31, 2020 was 1.05%.
(3) The Company's share of the total borrowing capacity of the facility is $39.9 million. In April 2020, the Carolina Square Holdings LP joint venture executed an amendment for its associated construction loan, extending the maturity date to May 2021 and reducing the spread over LIBOR from 1.90% to 1.25%.
(4) The Company's share of the total borrowing capacity of the facility is $63.0 million.
(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 | 30 | Q1 2020 Supplemental Information

DEBT SCHEDULE

(1) In April 2020, the Carolina Square Holdings LP joint venture executed an amendment for its associated construction loan, extending the maturity date to May 2021 and reducing the spread over LIBOR from 1.90% to 1.25%.

Cousins Properties | 31 | Q1 2020 Supplemental Information

JOINT VENTURE INFORMATION (1)

Joint Venture |  | Property |  | Cash Flows to Cousins (2) |  | Options
AMCO 120 WT Holdings, LLC |  | 120 West Trinity |  | 20% of cash flows. |  | Cousins or Partner can trigger a buyout beginning 24 months after construction completion, upon which Cousins would receive the office component and Partner would receive the multifamily component, with a net settlement at a then agreed upon value.
Austin 300 Colorado Project, LP |  | 300 Colorado |  | 50% of cash flows. |  | Partners can put their combined interest to Cousins, or Cousins can call Partners' combined interest, at a then agreed upon value during a 24-month period following final phase rent commencement.
Carolina Square Holdings LP |  | Carolina Square |  | 50% of cash flows. |  | Cousins or Partner can trigger sale process, subject to a right of first offer that can be exercised by the non-triggering party.
Crawford Long-CPI, LLC |  | Emory University Hospital Midtown |  | 50% of cash flows. |  | Cousins can put its interest to Partner, or Partner can call Cousins' interest, at a value determined by appraisal.
DC Charlotte Plaza, LLLP |  | Dimensional Place |  | 50% of cash flows. |  | Partner can purchase Cousins' interest during Q2 2021 at a value determined by appraisal and subject to a cap rate range.
HICO 100 Mill, LLC |  | 100 Mill |  | 90% of cash flows until return of contributed capital to both partners. |  | Cousins can trigger sale process following construction completion, subject to a right of first offer that can be exercised by Partner.
HICO Avalon II, LLC |  | 10000 Avalon |  | 90% of cash flows until return of contributed capital to both Partners. |  | Cousins or Partner can trigger sale process 24 months after construction completion, subject to a right of first offer that can be exercised by the non-triggering party.
HICO Avalon, LLC |  | 8000 Avalon |  | 90% of cash flows until return of contributed capital to both Partners. |  | Cousins or Partner can trigger sale process, subject to a right of first offer that can be exercised by the non-triggering party.
TR Domain Point LLC |  | Domain Point |  | Preferred return on preferred equity contribution, then 90% of remaining cash flows. |  | Partner has put option beginning Q1 2023 under various circumstances.

(1 | ) | This schedule only contains information related to joint ventures that hold an ownership interest in operating assets or projects under development.
(2 | ) | Each respective joint venture agreement may contain additional terms that affect the distribution of operating cash flows and capital transaction proceeds that are not yet effective, including the distribution of promoted interest.

Cousins Properties | 32 | Q1 2020 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| 2018 | 2019 1st | 2019 2nd | 2019 3rd | 2019 4th | 2019 | 2020 1st
FFO and EBITDA re |  |  |  |  |  |  |
Net income (loss) available to common stockholders | $ | 79,164 |  | $ | 35,341 |  | $ | (22,409 | ) | $ | 20,374 |  | $ | 117,112 |  | $ | 150,418 |  | $ | 174,943 |
Depreciation and amortization of real estate assets: |  |  |  |  |  |  |
Consolidated properties | 179,510 |  | 45,405 |  | 50,450 |  | 81,569 |  | 77,925 |  | 255,349 |  | 71,406 |
Share of unconsolidated joint ventures | 13,078 |  | 3,254 |  | 4,154 |  | 4,148 |  | 2,602 |  | 14,158 |  | 2,347 |
Partners' share of real estate depreciation | (302 | ) | (96 | ) | (99 | ) | (171 | ) | (155 | ) | (521 | ) | (149 | )
(Gain) loss on sale of depreciated properties: |  |  |  |  |  |  |
Consolidated properties | (4,925 | ) | 21 |  | 33 |  | 48 |  | (92,680 | ) | (92,578 | ) | (90,916 | )
Share of unconsolidated joint ventures | 29 |  | — |  | 5 |  | — |  | 10 |  | 15 |  | (318 | )
Investments in unconsolidated joint ventures | — |  | — |  | — |  | — |  | — |  | — |  | (44,894 | )
Non-controlling interest related to unit holders | 1,345 |  | 588 |  | (265 | ) | 241 |  | 1,388 |  | 1,952 |  | 302 |
FFO | 267,899 |  | 84,513 |  | 31,869 |  | 106,209 |  | 106,202 |  | 328,793 |  | 112,721 |
Interest Expense | 45,886 |  | 12,574 |  | 13,692 |  | 16,377 |  | 17,058 |  | 59,701 |  | 16,554 |
Income Tax Expenses | — |  | — |  | 242 |  | (242 | ) | (298 | ) | (298 | ) | 50 |
Non-Real Estate Depreciation and Amortization | 1,872 |  | 456 |  | 454 |  | 443 |  | 446 |  | 1,799 |  | 207 |
EBITDA re (1) | 315,657 |  | 97,543 |  | 46,257 |  | 122,787 |  | 123,408 |  | 389,995 |  | 129,532 |
Transaction Costs (2) | 248 |  | 3 |  | 49,827 |  | 1,048 |  | 2,003 |  | 52,881 |  | 365 |
Gain on Extinguishment of Debt | (8 | ) | — |  | — |  | — |  | — |  | — |  | — |
Adjusted EBITDA re (1) | 315,897 |  | 97,546 |  | 96,084 |  | 123,835 |  | 125,411 |  | 442,876 |  | 129,897 |
Income from Unconsolidated Joint Ventures |  |  |  |  |  |  |
Net Operating Income |  |  |  |  |  |  |
Office Properties | 26,644 |  | 7,006 |  | 8,670 |  | 8,369 |  | 5,310 |  | 29,355 |  | 5,219 |
Other Properties | 2,244 |  | 867 |  | 709 |  | 668 |  | 814 |  | 3,058 |  | 816 |
Net Operating Income | 28,888 |  | 7,873 |  | 9,379 |  | 9,037 |  | 6,124 |  | 32,413 |  | 6,035 |
Sales Less Cost of Sales | 2,779 |  | — |  | — |  | — |  | — |  | — |  | — |
Interest Expense | (6,456 | ) | (1,754 | ) | (1,633 | ) | (1,677 | ) | (674 | ) | (5,738 | ) | (650 | )
Termination Fee Income | — |  | 3 |  | 4 |  | 9 |  | — |  | 16 |  | 1 |
Other Income | 120 |  | 36 |  | 43 |  | 20 |  | 49 |  | 148 |  | 68 |
Funds from Operations - Unconsolidated Joint Ventures | 25,331 |  | 6,158 |  | 7,793 |  | 7,389 |  | 5,499 |  | 26,839 |  | 5,454 |
Gain (Loss) on Sale of Depreciated Investment Properties, net | (29 | ) | — |  | (4 | ) | — |  | (10 | ) | (15 | ) | 318 |
Depreciation and Amortization of Real Estate | (13,078 | ) | (3,254 | ) | (4,154 | ) | (4,148 | ) | (2,602 | ) | (14,158 | ) | (2,347 | )
Income from Unconsolidated Joint Ventures | 12,224 |  | 2,904 |  | 3,634 |  | 3,241 |  | 2,887 |  | 12,666 |  | 3,425 |
Market Capitalization |  |  |  |  |  |  |
Common Stock Price at Period End | $ | 31.60 |  | $ | 38.64 |  | $ | 36.17 |  | $ | 37.59 |  | $ | 41.20 |  | $ | 41.20 |  | $ | 29.27 |
Number of Common Stock/Units Outstanding at Period End | 106,840 |  | 106,890 |  | 148,507 |  | 148,506 |  | 148,506 |  | 148,506 |  | 148,565 |
Equity Market Capitalization | 3,376,144 |  | 4,130,230 |  | 5,371,498 |  | 5,582,341 |  | 6,118,447 |  | 6,118,447 |  | 4,348,498 |
Consolidated Debt | 1,062,570 |  | 1,116,474 |  | 1,837,449 |  | 1,850,817 |  | 2,222,975 |  | 2,222,975 |  | 1,944,034 |
Share of Unconsolidated Debt | 171,446 |  | 170,690 |  | 170,214 |  | 172,319 |  | 82,519 |  | 82,519 |  | 92,921 |
Debt (1) | 1,234,016 |  | 1,287,164 |  | 2,007,663 |  | 2,023,136 |  | 2,305,494 |  | 2,305,494 |  | 2,036,955 |
Total Market Capitalization | 4,610,152 |  | 5,417,403 |  | 7,379,161 |  | 7,605,477 |  | 8,423,941 |  | 8,423,941 |  | 6,385,453 |

Cousins Properties | 33 | Q1 2020 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| 2018 | 2019 1st | 2019 2nd | 2019 3rd | 2019 4th | 2019 | 2020 1st
Credit Ratios |  |  |  |  |  |  |
Debt (1) | 1,234,016 |  | 1,287,164 |  | 2,007,663 |  | 2,023,136 |  | 2,305,494 |  | 2,305,494 |  | 2,036,955 |
Less: Cash and Cash Equivalents | (2,547 | ) | (3,456 | ) | (11,885 | ) | (12,396 | ) | (15,603 | ) | (15,603 | ) | (124,632 | )
Less: Share of Unconsolidated Cash and Cash Equivalents | (10,302 | ) | (13,427 | ) | (15,671 | ) | (20,154 | ) | (8,634 | ) | (8,634 | ) | (9,516 | )
Net Debt | 1,221,167 |  | 1,270,281 |  | 1,980,107 |  | 1,990,586 |  | 2,281,257 |  | 2,281,257 |  | 1,902,807 |
Total Market Capitalization | 4,610,152 |  | 5,417,403 |  | 7,379,161 |  | 7,605,477 |  | 8,423,941 |  | 8,423,941 |  | 6,385,453 |
Net Debt / Total Market Capitalization | 26.5 | % | 23.4 | % | 26.8 | % | 26.2 | % | 27.1 | % | 27.1 | % | 29.8 | %
Total Assets - Consolidated | 4,146,296 |  | 4,251,193 |  | 6,676,672 |  | 6,704,120 |  | 7,151,447 |  | 7,151,447 |  | 6,901,934 |
Accumulated Depreciation - Consolidated | 566,749 |  | 643,140 |  | 696,531 |  | 781,998 |  | 802,807 |  | 802,807 |  | 878,199 |
Undepreciated Assets - Unconsolidated (1) | 530,076 |  | 553,098 |  | 568,387 |  | 590,183 |  | 391,457 |  | 391,457 |  | 290,134 |
Less: Investment in Unconsolidated Joint Ventures | (161,907 | ) | (167,429 | ) | (176,169 | ) | (186,079 | ) | (133,884 | ) | (133,884 | ) | (128,916 | )
Total Undepreciated Assets (1) | 5,081,214 |  | 5,280,002 |  | 7,765,421 |  | 7,890,222 |  | 8,211,827 |  | 8,211,827 |  | 7,941,351 |
Net Debt | 1,221,167 |  | 1,270,281 |  | 1,980,107 |  | 1,990,586 |  | 2,281,257 |  | 2,281,257 |  | 1,902,807 |
Net Debt / Total Undepreciated Assets (1) | 24.0 | % | 24.1 | % | 25.5 | % | 25.2 | % | 27.8 | % | 27.8 | % | 24.0 | %
Coverage Ratios (1) |  |  |  |  |  |  |
Interest Expense | 45,886 |  | 12,574 |  | 13,692 |  | 16,377 |  | 17,058 |  | 59,701 |  | 16,554 |
Scheduled Principal Payments | 12,008 |  | 3,481 |  | 3,516 |  | 3,551 |  | 4,178 |  | 14,726 |  | 4,334 |
Fixed Charges | 57,894 |  | 16,055 |  | 17,208 |  | 19,928 |  | 21,236 |  | 74,427 |  | 20,888 |
EBITDA re | 315,657 |  | 97,543 |  | 46,257 |  | 122,787 |  | 123,408 |  | 389,995 |  | 129,532 |
Fixed Charges Coverage Ratio (EBITDA re) (1) | 5.45 |  | 6.08 |  | 2.69 |  | 6.16 |  | 5.81 |  | 5.24 |  | 6.20 |
Adjusted EBITDA re | 315,897 |  | 97,546 |  | 96,084 |  | 123,835 |  | 125,411 |  | 442,876 |  | 129,897 |
Fixed Charges Coverage Ratio (Adjusted EBITDA re) (1) | 5.46 |  | 6.08 |  | 5.58 |  | 6.21 |  | 5.91 |  | 5.95 |  | 6.22 |
Net Debt | 1,221,167 |  | 1,270,281 |  | 1,980,107 |  | 1,990,586 |  | 2,281,257 |  | 2,281,257 |  | 1,902,807 |
Annualized EBITDA re (3) | 334,968 |  | 390,172 |  | 185,028 |  | 491,148 |  | 493,632 |  | 493,632 |  | 518,128 |
Net Debt / Annualized EBITDA re (3) | 3.65 |  | 3.26 |  | 10.70 |  | 4.05 |  | 4.62 |  | 4.62 |  | 3.67 |
Annualized Adjusted EBITDA re (3) | 335,048 |  | 390,184 |  | 384,336 |  | 495,340 |  | 501,644 |  | 501,644 |  | 519,588 |
Net Debt / Annualized Adjusted EBITDA re (3) | 3.64 |  | 3.26 |  | 5.15 |  | 4.02 |  | 4.55 |  | 4.55 |  | 3.66 |
Dividend Information |  |  |  |  |  |  |
Common Dividends | 109,291 |  | 30,492 |  | 42,562 |  | 42,559 |  | 42,561 |  | 158,174 |  | 44,562 |
FFO | 267,899 |  | 84,513 |  | 31,869 |  | 106,209 |  | 106,202 |  | 328,793 |  | 112,721 |
FFO Payout Ratio | 40.8 | % | 36.1 | % | 133.6 | % | 40.1 | % | 40.1 | % | 48.1 | % | 39.5 | %
Transaction Costs (2) | 248 |  | 3 |  | 49,827 |  | 1,048 |  | 2,003 |  | 52,881 |  | 365 |
FFO before Transaction Costs (2) | 268,147 |  | 84,516 |  | 81,696 |  | 107,257 |  | 108,205 |  | 381,674 |  | 113,086 |
FFO Payout Ratio before Transaction Costs (2) | 40.8 | % | 36.1 | % | 52.1 | % | 39.7 | % | 39.3 | % | 41.4 | % | 39.4 | %

Cousins Properties | 34 | Q1 2020 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| 2018 | 2019 1st | 2019 2nd | 2019 3rd | 2019 4th | 2019 | 2020 1st
FFO | 267,899 |  | 84,513 |  | 31,869 |  | 106,209 |  | 106,202 |  | 328,793 |  | 112,721 |
Amortization of Deferred Financing Costs | 2,417 |  | 615 |  | 630 |  | 692 |  | 693 |  | 2,630 |  | 700 |
Non-Cash Stock-Based Compensation | 2,257 |  | 607 |  | 625 |  | 615 |  | 621 |  | 2,468 |  | 696 |
Non-Real Estate Depreciation and Amortization | 1,872 |  | 456 |  | 454 |  | 443 |  | 446 |  | 1,799 |  | 207 |
Lease Inducements | 760 |  | 157 |  | (401 | ) | (537 | ) | (514 | ) | (1,295 | ) | (532 | )
Straight Line Rent Ground Leases | 589 |  | 127 |  | 124 |  | 123 |  | 126 |  | 500 |  | 126 |
Above and Below Market Ground Rent | 158 |  | 39 |  | 40 |  | 39 |  | 40 |  | 158 |  | 39 |
Transaction Costs (2) | 248 |  | 3 |  | 49,827 |  | 1,048 |  | 2,003 |  | 52,881 |  | 365 |
Debt Premium Amortization | (880 | ) | — |  | (34 | ) | (180 | ) | (916 | ) | (1,130 | ) | (1,130 | )
Gain on Extinguishment of Debt | (8 | ) | — |  | — |  | — |  | — |  | — |  | — |
Deferred Income - Tenant Improvements | (3,772 | ) | (870 | ) | (940 | ) | (923 | ) | (932 | ) | (3,665 | ) | (851 | )
Above and Below Market Rents | (6,877 | ) | (1,670 | ) | (1,981 | ) | (3,042 | ) | (2,846 | ) | (9,539 | ) | (2,808 | )
Second Generation Capital Expenditures (CAPEX) | (56,667 | ) | (8,074 | ) | (40,604 | ) | (18,946 | ) | (23,085 | ) | (90,709 | ) | (23,817 | )
Straight Line Rental Revenue | (26,017 | ) | (8,732 | ) | (6,068 | ) | (6,522 | ) | (8,123 | ) | (29,445 | ) | (9,895 | )
Gain on Sales of Undepreciated Investment Properties | (3,291 | ) | (13,132 | ) | (1,337 | ) | (21 | ) | (3,692 | ) | (18,182 | ) | (1,335 | )
FAD (1) | 178,688 |  | 54,039 |  | 32,204 |  | 78,998 |  | 70,023 |  | 235,264 |  | 74,486 |
Common Dividends (4) | 109,291 |  | 30,492 |  | 42,562 |  | 42,559 |  | 42,561 |  | 158,174 |  | 44,562 |
FAD Payout Ratio (1) | 61.2 | % | 56.4 | % | 132.2 | % | 53.9 | % | 60.8 | % | 67.2 | % | 59.8 | %
Operations Ratio |  |  |  |  |  |  |
Total Undepreciated Assets (1) | 5,081,214 |  | 5,280,002 |  | 7,765,421 |  | 7,890,222 |  | 8,211,827 |  | 8,211,827 |  | 7,941,351 |
General and Administrative Expenses | 22,040 |  | 11,460 |  | 8,374 |  | 5,852 |  | 11,321 |  | 37,007 |  | 5,652 |
Annualized General and Administrative Expenses (4) / Total Undepreciated Assets | 0.43 | % | 0.87 | % | 0.43 | % | 0.30 | % | 0.55 | % | 0.45 | % | 0.28 | %
2nd Generation TI & Leasing Costs & Building CAPEX |  |  |  |  |  |  |
Second Generation Leasing Related Costs | 51,149 |  | 7,527 |  | 39,834 |  | 15,891 |  | 17,248 |  | 80,500 |  | 19,444 |
Second Generation Building Improvements | 5,518 |  | 547 |  | 770 |  | 3,055 |  | 5,837 |  | 10,209 |  | 4,373 |
| 56,667 |  | 8,074 |  | 40,604 |  | 18,946 |  | 23,085 |  | 90,709 |  | 23,817 |
(1) 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.
(2) In 2018, transaction costs related primarily to the transactions with Parkway Properties, Inc. In 2019 and 2020, transaction costs relate primarily to the merger with TIER REIT, Inc.
(3) Annualized equals quarter amount annualized. Given the timing of the closing of the transactions with TIER, the actual calculation of this ratio was unusually high for the second quarter of 2019 and decreased once a full quarter of TIER operations was included in EBITDA re. Second quarter EBITADA re, annualized for the calculation, included 17 days of Legacy TIER operations while the total impact of the TIER transactions was included in net debt as of June 30, 2019.
(4) Quarter amount represents quarter annualized; year-to-date represents year-to-date actual annualized.
Note: Amounts may differ slightly from other schedules contained herein due to rounding.

Cousins Properties | 35 | Q1 2020 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS
(unaudited; in thousands, except per share amounts)

| Three Months Ended March 31,
| 2020 |  | 2019
| Dollars |  | Weighted Average Common Shares |  | Per Share Amount |  | Dollars |  | Weighted Average Common Shares |  | Per Share Amount
Net Income Available to Common Stockholders | $ | 174,943 |  |  | 147,424 |  |  | $ | 1.19 |  |  | $ | 35,341 |  |  | 105,127 |  |  | $ | 0.34 |
Noncontrolling interest related to unitholders | 302 |  |  | 1,120 |  | (0.01 | ) |  | 588 |  |  | 1,744 |  |  | — |
Conversion of stock options | — |  |  | 15 |  | — |  |  | — |  |  | 30 |  |  | — |
Conversion of unvested restricted stock units | — |  |  | 2 |  | — |  |  | — |  |  | — |  |  | — |
Net Income — Diluted | 175,245 |  |  | 148,561 |  |  | 1.18 |  |  | 35,929 |  |  | 106,901 |  |  | 0.34 |
Depreciation and amortization of real estate assets: |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 71,406 |  |  | — |  |  | 0.48 |  |  | 45,405 |  |  | — |  |  | 0.42 |
Share of unconsolidated joint ventures | 2,347 |  |  | — |  |  | 0.02 |  |  | 3,254 |  |  | — |  |  | 0.03 |
Partners' share of real estate depreciation | (149 | ) |  | — |  |  | — |  |  | (96 | ) |  | — |  |  | — |
(Gain) loss on sale of depreciated properties: |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | (90,916 | ) |  | — |  |  | (0.61 | ) |  | 21 |  |  | — |  |  | — |
Share of unconsolidated joint ventures | (318 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investments in unconsolidated joint ventures | (44,894 | ) |  | — |  |  | (0.31 | ) |  | — |  |  | — |  |  | — |
Funds From Operations | $ | 112,721 |  |  | 148,561 |  |  | $ | 0.76 |  |  | $ | 84,513 |  |  | 106,901 |  |  | $ | 0.79 |
TIER transaction costs | 365 |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |
Funds From Operations before TIER transaction costs | $ | 113,086 |  |  | 148,561 |  |  | $ | 0.76 |  |  | $ | 84,516 |  |  | 106,901 |  |  | $ | 0.79 |

The table above shows Funds From Operations (“FFO”) and the related reconciliation to Net Income Available to Common Stockholders for Cousins Properties Incorporated and Subsidiaries. The Company calculated 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 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 along with other measures, to assess performance in connection with evaluating and granting incentive compensation to its officers and other key employees.

Cousins Properties | 36 | Q1 2020 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| Three Months Ended
Net Operating Income (in thousands) | March 31, 2020 |  | March 31, 2019
Net income | $ | 175,309 |  |  | $ | 36,005 |
Net operating income from unconsolidated joint ventures | 6,035 |  |  | 7,873 |
Fee income | (4,732 | ) |  | (8,728 | )
Termination fee income | (2,844 | ) |  | (520 | )
Other income | (37 | ) |  | (140 | )
Reimbursed expenses | 521 |  |  | 932 |
General and administrative expenses | 5,652 |  |  | 11,460 |
Interest expense | 15,904 |  |  | 10,820 |
Depreciation and amortization | 71,614 |  |  | 45,861 |
Transaction costs | 365 |  |  | 3 |
Other expenses | 566 |  |  | 180 |
Income from unconsolidated joint ventures | (3,425 | ) |  | (2,904 | )
Gain on sale of investment in unconsolidated joint ventures | (46,230 | ) |  | — |
Gain on investment property transactions | (90,916 | ) |  | (13,111 | )
Net Operating Income | $ | 127,782 |  |  | $ | 87,731 |
Straight line rent | (9,895 | ) |  | (8,731 | )
Non-cash income | (4,192 | ) |  | (2,383 | )
Non-cash expense | 165 |  |  | 177 |
Cash Basis Net Operating Income | $ | 113,860 |  |  | $ | 76,794 |
Net Operating Income |  |  |
Same Property | $ | 76,178 |  |  | $ | 73,847 |
Non-Same Property | 51,604 |  |  | 13,884 |
| $ | 127,782 |  |  | $ | 87,731 |
Cash Basis Net Operating Income |  |  |
Same Property | $ | 71,092 |  |  | $ | 63,802 |
Non-Same Property | 42,768 |  |  | 12,992 |
| $ | 113,860 |  |  | $ | 76,794 |

Cousins Properties | 37 | Q1 2020 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.
“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 re” is a supplemental operating performance measure used in the real estate industry. The Company calculates EBITDA re 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”)) plus interest expense, income tax expense, depreciation and amortization, losses (gains) on the disposition of depreciated property, and impairment losses. All additions include the Company's share of unconsolidated joint ventures. Management believes that EBITDA re provides analysts and investors with uniform and appropriate information to use in various ratios that evaluate the Company's level of debt.
“Adjusted EBITDA re” represents EBITDA re plus loss on debt extinguishment and transaction costs. Management believes that Adjusted EBITDA re 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 non-cash items, gains (losses) on undepreciated real estate sales, and transaction costs. 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.
“Funds From Operations” (“FFO”) is a supplemental operating performance measure used in the real estate industry. The Company calculates FFO in accordance with the NAREIT definition, which is net income (loss) available to common stockholders (computed in accordance with 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.
“Net Debt” represents the Company's consolidated debt plus the Company's share of unconsolidated debt less cash and cash equivalents. The Company believes excluding cash and cash equivalents from total debt, provides an estimate of the net contractual amount of borrowed capital to be repaid, which it believes is a beneficial disclosure to investors and analysts.
“Net Operating Income” ("NOI") 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 termination fees and 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 or has been substantially complete and owned by the Company for each of the two periods presented. 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.
“Second 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.
“Net Income and FFO Before Transaction Costs” represents net income and FFO before costs associated with the merger with TIER. Management believes that Net Income and FFO Before Transaction Costs 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.

Cousins Properties | 38 | Q1 2020 Supplemental Information