EX-99.1 2 aearningsreleaseex9914q20.htm EX-99.1

TABLE OF CONTENTS

Forward-Looking Statements | 3
Earnings Release | 4
Condensed Consolidated Balance Sheets | 6
Condensed Consolidated Statements of Operations | 7
Key Performance Metrics | 8
Funds From Operations - Summary | 11
Funds From Operations - Detail | 12
Portfolio Statistics | 15
Same Property Performance | 18
Office Leasing Activity | 20
Office Lease Expirations | 21
Top 20 Office Tenants | 22
Tenant Industry Diversification | 23
Investment Activity | 24
Development Pipeline | 26
Land Inventory | 27
Debt Schedule | 28
Joint Venture Information | 31
Non-GAAP Financial Measures - Calculations and Reconciliations | 32
Non-GAAP Financial Measures - Discussion | 39

Cousins Properties |  | Q4 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, 2020. 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, limited partnership units, or preferred stock; future distributions; projected capital expenditures; market and industry trends; entry into new markets or changes in existing market concentrations; 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 (including supply and demand changes), 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 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 a public health crisis on our operations and our tenants; sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political activism which may result in a disruption of day-to-day building operations; changes to our strategy with regard to land and other non-core holdings that may require impairment 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 commence or complete tenant improvements on schedule or 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 employees working remotely; 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; 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 | Q4 2020 Supplemental Information

EARNINGS RELEASE

COUSINS PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS
Provides Initial 2021 Earnings Guidance
Highlights
•Net income was $0.07 per share for the quarter and $1.60 for the year.
•Funds from operations w as $0.68 per share for the quarter and $2.78 for the year.
•Same property net operating income on a cash basis decrease d 3.3% for the quarter and increased 0.7% for the year.
•Same property net operating income on a cash basis, adjusted for temporary COVID-19 payment deferrals and reduced parking income, increas ed 1.7% for the quarter and increased 4.5% fo r the year.
•Second generation net rent per square foot on a cash basis incr eased 8.9% for the quarter and increased 13.1% for the year.
•Ex ecuted 387,611 square feet of office leases during the quarter and 1,421,213 square feet during the year.
•Executed COVID-19 related rent deferral agreements representing 0.3% of annualized contractual rents during the quarter and 1.5% during the year.
•Collec ted 98.8% of rents, i ncluding 99.2% from office customers, during the quarter and collected 99.1% of rents, including 99.4% from office customers, in December.
•Acquired a 329,000 square foot creative office asset in the South End submarket of Charlotte known as The RailYard for $201 million.
•Acquired South End Station, a 3.4 acre parcel of land, and 303 Tremont, a 2.4 acre parcel of land, in the South End submarket of Charlotte, for a combined gross purchase price of $47 million.
ATLANTA (February 11, 2021) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter and year ended December 31, 2020.
“We took advantage of economic uncertainty during the fourth quarter and made several significant investments in Charlotte that will provide a solid foundation for growth in that dynamic city for years to come,” said Colin Connolly, president and chief executive officer of Cousins Properties. “While the COVID-19 pandemic will likely continue to impact the office industry through the first half of 2021, we remain confident in the long-term power of our Sun Belt strategy and firmly believe additional compelling investment opportunities will emerge that will allow us to take advantage of our unique operating platform and best-in-class balance sheet to create substantial value for our shareholders.”

Cousins Properties | 4 | Q4 2020 Supplemental Information

EARNINGS RELEASE

Financial Results
Net income available to common stockholde rs was $11.1 million, or $0.07 per share, for the fourth quarter of 2020, compared with net income available to common stockholders of $117.1 million, or $0.80 per share, for the fourth quarter of 2019. Net income available to common stockholders was $237.3 million, or $1.60 per share, for the year ended December 31, 2020, compared with $150.4 million, or $1.17 per share, for the year ended December 31, 2019.
Funds From Operations ("FFO") was $100.6 million, or $0.68 per share, for the fourth quarter of 2020, compared with $106.2 million, or $0.72 per share for the fourth quarter of 2019. FFO was $413.2 million, or $2.78 per share, for the year ended December 31, 2020, compared with $328.8 million, or $2.53 per share, for the year ended December 31, 2019.
Variances in net income and FFO were significantly impacted by transaction costs associated with the Company's 2019 merger with TIER REIT, Inc.
2021 Guidance
For the year ending December 31, 2021, the Company expects to report net income in the range of $0.83 to $0.93 per share and FFO in the range of $2.76 to $2.86 per share. This guidance does not include any property acquisitions, property dispositions, or development starts during 2021. In addition, this guidance assumes physical occupancy remains significantly below normalized levels until the second half of 2021. The Company anticipates providing additional assumptions behind its earnings guidance as the year progresses.
The above guidance reflects management’s current plans and assumptions as of the date of this report, including those related to the pace and strength of recovery from the COVID-19 pandemic, and it is subject to the risks and uncertainties more fully described in our Securities and Exchange Commission filings. Actual results could differ materially from this guidance.
Investor Conference Call and Webcast
The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Friday, February 12, 2021, to discuss the results of the quarter and year ended December 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 Fourth 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 10151322. 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 | 5 | Q4 2020 Supplemental Information

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

| December 31, 2020 |  | December 31, 2019
Assets: | (unaudited) |  |
Real estate assets: |  |  |
Operating properties, net of accumulated depreciation of $803,073 and $577,139 in 2020 and 2019, respectively | $ | 6,232,546 |  |  | $ | 5,669,324 |
Projects under development | 57,389 |  |  | 410,097 |
Land | 162,406 |  |  | 116,860 |
| 6,452,341 |  |  | 6,196,281 |
Real estate assets and other assets held for sale, net of accumulated depreciation and amortization of $14,188 and $61,093 in 2020 and 2019, respectively | 125,746 |  |  | 360,582 |
Cash and cash equivalents | 4,290 |  |  | 15,603 |
Restricted cash | 1,848 |  |  | 2,005 |
Notes and accounts receivable | 20,248 |  |  | 23,680 |
Deferred rents receivable | 138,341 |  |  | 102,314 |
Investment in unconsolidated joint ventures | 125,481 |  |  | 133,884 |
Intangible assets, net | 189,164 |  |  | 257,649 |
Other assets | 49,939 |  |  | 59,449 |
Total assets | $ | 7,107,398 |  |  | $ | 7,151,447 |
Liabilities: |  |  |
Notes payable | $ | 2,162,719 |  |  | $ | 2,222,975 |
Accounts payable and accrued expenses | 186,267 |  |  | 209,904 |
Deferred income | 62,319 |  |  | 52,269 |
Intangible liabilities, net of accumulated amortization of $73,967 and $55,798 in 2020 and 2019, respectively | 69,846 |  |  | 83,105 |
Other liabilities | 118,103 |  |  | 134,128 |
Liabilities of real estate assets held for sale, net of accumulated amortization of $1,205 and $7,771 in 2020 and 2019, respectively | 12,606 |  |  | 21,231 |
Total liabilities | 2,611,860 |  |  | 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; no shares were issued or outstanding in 2020 | — |  |  | 1,717 |
Common stock, $1 par value, 300,000,000 shares authorized, and 151,149,289 and 149,347,382 shares issued and outstanding in 2020 and 2019, respectively | 151,149 |  |  | 149,347 |
Additional paid-in capital | 5,542,762 |  |  | 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 | (1,078,304) |  |  | (1,137,200) |
Total stockholders' investment | 4,467,134 |  |  | 4,359,274 |
Nonredeemable noncontrolling interests | 28,404 |  |  | 68,561 |
Total equity | 4,495,538 |  |  | 4,427,835 |
Total liabilities and equity | $ | 7,107,398 |  |  | $ | 7,151,447 |

Cousins Properties | 6 | Q4 2020 Supplemental Information

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

| Three Months Ended December 31, |  | Year Ended December 31, |
| 2020 |  | 2019 |  | 2020 |  | 2019 |
Revenues: |  |  |  |  |  |  |  |
Rental property revenues | $ | 178,631 |  |  | $ | 189,127 |  |  | $ | 721,883 |  |  | $ | 628,751 |  |
Fee income | 4,454 |  |  | 5,220 |  |  | 18,226 |  |  | 28,518 |  |
Other | 62 |  |  | 92 |  |  | 231 |  |  | 246 |  |
| 183,147 |  |  | 194,439 |  |  | 740,340 |  |  | 657,515 |  |
Expenses: |  |  |  |  |  |  |  |
Rental property operating expenses | 61,847 |  |  | 66,308 |  |  | 250,850 |  |  | 222,146 |  |
Reimbursed expenses | 364 |  |  | 735 |  |  | 1,580 |  |  | 4,004 |  |
General and administrative expenses | 7,181 |  |  | 11,321 |  |  | 27,034 |  |  | 37,007 |  |
Interest expense | 15,650 |  |  | 16,384 |  |  | 60,605 |  |  | 53,963 |  |
Impairment (1) | 14,829 |  |  | — |  |  | 14,829 |  |  | — |  |
Depreciation and amortization | 72,668 |  |  | 78,372 |  |  | 288,648 |  |  | 257,149 |  |
Transaction costs | — |  |  | 2,003 |  |  | 428 |  |  | 52,881 |  |
Other | 250 |  |  | 8 |  |  | 2,091 |  |  | 1,109 |  |
| 172,789 |  |  | 175,131 |  |  | 646,065 |  |  | 628,259 |  |
Income from unconsolidated joint ventures | 1,196 |  |  | 2,887 |  |  | 7,947 |  |  | 12,666 |  |
Gain (loss) on sales of investments in unconsolidated joint ventures | (173) |  |  | — |  |  | 45,767 |  |  | — |  |
Gain (loss) on investment property transactions | (67) |  |  | 96,373 |  |  | 90,125 |  |  | 110,761 |  |
Net income | 11,314 |  |  | 118,568 |  |  | 238,114 |  |  | 152,683 |  |
Net income attributable to noncontrolling interests | (195) |  |  | (1,456) |  |  | (836) |  |  | (2,265) |  |
Net income available to common stockholders | $ | 11,119 |  |  | $ | 117,112 |  |  | $ | 237,278 |  |  | $ | 150,418 |  |
Net income per common share — basic and diluted | $ | 0.07 |  |  | $ | 0.80 |  |  | $ | 1.60 |  |  | $ | 1.17 |  |
Weighted average shares — basic | 148,564 |  |  | 146,762 |  |  | 148,277 |  |  | 128,060 |  |
Weighted average shares — diluted | 148,669 |  |  | 148,534 |  |  | 148,636 |  |  | 129,831 |  |

(1) |  | Impairment relates to Burnett Plaza in Fort Worth, Texas, which is held for sale as of December 31, 2020.

Cousins Properties | 7 | Q4 2020 Supplemental Information

KEY PERFORMANCE METRICS

| 2018 | 2019 1st | 2019 2nd | 2019 3rd | 2019 4th | 2019 | 2020 1st | 2020 2nd | 2020 3rd | 2020 4th | 2020
Property Statistics |  |  |  |  |  |  |  |  |  |  |
Consolidated Operating Properties | 23 | 24 | 33 | 33 | 34 | 34 | 32 | 32 | 32 | 33 | 33
Consolidated Rentable Square Feet (in thousands) | 12,203 | 12,573 | 18,372 | 18,372 | 19,599 | 19,599 | 18,249 | 18,249 | 18,245 | 18,897 | 18,897
Unconsolidated Operating Properties | 4 | 5 | 5 | 5 | 4 | 4 | 3 | 3 | 3 | 3 | 3
Unconsolidated Rentable Square Feet (in thousands) | 3,113 | 3,394 | 3,394 | 3,394 | 2,168 | 2,168 | 1,107 | 1,107 | 1,107 | 1,107 | 1,107
Total Operating Properties | 27 | 29 | 38 | 38 | 38 | 38 | 35 | 35 | 35 | 36 | 36
Total Rentable Square Feet (in thousands) | 15,316 | 15,967 | 21,766 | 21,766 | 21,767 | 21,767 | 19,356 | 19,356 | 19,352 | 20,004 | 20,004
Office Leasing Activity (1) |  |  |  |  |  |  |  |  |  |  |
Net Leased during the Period (square feet in thousands) | 1,597 | 682 | 1,089 | 741 | 562 | 3,074 | 476 | 303 | 255 | 387 | 1,421
Net Effective Rent Calculation (per square foot) |  |  |  |  |  |  |  |  |  |  |
Net Rent | $31.01 | $27.86 | $29.34 | $33.66 | $31.38 | $30.43 | $34.88 | $33.54 | $26.63 | $31.54 | $32.20
Net Free Rent | (0.85) | (0.49) | (0.52) | (0.64) | (1.01) | (0.63) | (1.92) | (0.92) | (1.23) | (1.16) | (1.38)
Leasing Commissions | (2.41) | (1.13) | (2.34) | (2.86) | (2.84) | (2.29) | (2.68) | (3.02) | (2.37) | (2.20) | (2.57)
Tenant Improvements | (4.40) | (1.74) | (4.69) | (3.13) | (4.89) | (3.69) | (5.27) | (4.17) | (1.57) | (2.99) | (3.75)
Leasing Costs | (7.66) | (3.36) | (7.55) | (6.63) | (8.74) | (6.61) | (9.87) | (8.11) | (5.17) | (6.35) | (7.70)
Net Effective Rent | $23.35 | $24.50 | $21.79 | $27.03 | $22.64 | $23.82 | $25.01 | $25.43 | $21.46 | $25.19 | $24.50
Change in Second Generation Net Rent | 32.5 | % | 22.8 | % | 21.5 | % | 17.2 | % | 25.5 | % | 21.3 | % | 26.9 | % | 31.8 | % | 24.7 | % | 24.7 | % | 27.2 | %
Change in Cash-Basis Second Generation Net Rent | 13.2 | % | 7.1 | % | 4.9 | % | 8.1 | % | 12.6 | % | 7.7 | % | 14.3 | % | 20.6 | % | 8.9 | % | 8.9 | % | 13.1 | %
Same Property Information (2) |  |  |  |  |  |  |  |  |  |  |
Percent Leased (period end) | 94.5 | % | 94.4 | % | 93.9 | % | 93.7 | % | 94.6 | % | 94.6 | % | 94.8 | % | 94.4 | % | 93.6 | % | 92.7 | % | 92.7 | %
Weighted Average Occupancy | 91.9 | % | 92.0 | % | 91.8 | % | 90.9 | % | 91.1 | % | 91.8 | % | 91.4 | % | 91.5 | % | 91.9 | % | 92.4 | % | 91.8 | %
Change in Net Operating Income (over prior year period) | 2.1 | % | 4.3 | % | 4.5 | % | 0.3 | % | 1.4 | % | 2.6 | % | 3.2 | % | (2.4) | % | (0.4) | % | (2.3) | % | (0.5) | %
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 | % | (1.6) | % | (3.0) | % | (3.3) | % | 0.7 | %
Development Pipeline (3) |  |  |  |  |  |  |  |  |  |  |
Estimated Project Costs (in thousands) | $245,900 | $199,900 | $427,900 | $427,900 | $565,600 | $565,600 | $565,600 | $565,600 | $566,400 | $449,400 | $449,400
Estimated Project Costs/ Total Undepreciated Assets | 4.7 | % | 3.8 | % | 5.5 | % | 5.4 | % | 6.9 | % | 6.9 | % | 7.1 | % | 7.0 | % | 7.0 | % | 5.4 | % | 5.4 | %
Market Capitalization (4) |  |  |  |  |  |  |  |  |  |  |
Common Stock Price (period end) | $31.60 | $38.64 | $36.17 | $37.59 | $41.20 | $41.20 | $29.27 | $29.83 | $28.59 | $33.50 | $33.50
Common Stock/Units Outstanding (period end in thousands) | 106,840 | 106,890 | 148,507 | 148,506 | 148,506 | 148,506 | 148,565 | 148,593 | 148,589 | 148,589 | 148,589
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 | $4,432,529 | $4,248,160 | $4,977,732 | $4,977,732
Debt (in thousands) | 1,234,016 | 1,287,164 | 2,007,663 | 2,023,136 | 2,305,494 | 2,305,494 | 2,036,955 | 2,038,271 | 2,042,161 | 2,277,759 | 2,277,759
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 | $6,470,800 | $6,290,321 | $7,255,491 | $7,255,491

Cousins Properties | 8 | Q4 2020 Supplemental Information

KEY PERFORMANCE METRICS

| 2018 | 2019 1st | 2019 2nd | 2019 3rd | 2019 4th | 2019 | 2020 1st | 2020 2nd | 2020 3rd | 2020 4th | 2020
Credit Ratios (4) |  |  |  |  |  |  |  |  |  |  |
Net Debt/Total Market Capitalization | 26.5 | % | 23.4 | % | 26.8 | % | 26.2 | % | 27.1 | % | 27.1 | % | 29.8 | % | 30.9 | % | 31.7 | % | 31.2 | % | 31.2 | %
Net Debt/Total Undepreciated Assets | 24.0 | % | 24.1 | % | 25.5 | % | 25.2 | % | 27.8 | % | 27.8 | % | 24.0 | % | 24.9 | % | 24.6 | % | 27.0 | % | 27.0 | %
Net Debt/Annualized Adjusted EBITDA re (5) | 3.64 | 3.26 | 5.15 | 4.02 | 4.55 | 4.55 | 3.66 | 4.44 | 4.24 | 4.84 | 4.84
Fixed Charges Coverage (Adjusted EBITDA re) | 5.46 | 6.08 | 5.58 | 6.21 | 5.91 | 5.95 | 6.28 | 6.04 | 5.95 | 5.74 | 6.00
Dividend Information (4) |  |  |  |  |  |  |  |  |  |  |
Common Dividend per Share | $1.04 | $0.29 | $0.29 | $0.29 | $0.29 | $1.16 | $0.30 | $0.30 | $0.30 | $0.30 | $1.20
Funds From Operations (FFO) Payout Ratio before Transaction Costs | 40.8 | % | 36.1 | % | 52.1 | % | 39.7 | % | 39.3 | % | 41.4 | % | 39.4 | % | 45.5 | % | 43.7 | % | 44.3 | % | 43.1 | %
Funds Available for Distribution (FAD) Payout Ratio | 61.2 | % | 56.4 | % | 131.6 | % | 53.9 | % | 60.8 | % | 67.2 | % | 59.7 | % | 77.4 | % | 65.0 | % | 76.4 | % | 68.5 | %
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 | % | 0.43 | % | 0.28 | % | 0.34 | % | 0.32 | %
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 | $39.48 | $39.72 | $40.26 | $40.26
Straight Line Rental Revenue | $26,017 | $8,732 | $6,068 | $6,522 | $8,123 | $29,445 | $9,895 | $11,238 | $13,054 | $8,394 | $42,581
Below Market Rents Amortization, net | $6,877 | $1,670 | $1,981 | $3,042 | $2,846 | $9,539 | $2,808 | $2,737 | $2,534 | $2,523 | $10,602
Second Generation Capital Expenditures | $56,667 | $8,074 | $40,604 | $18,946 | $23,085 | $90,709 | $23,817 | $25,716 | $17,718 | $30,624 | $97,875

(1) |  | See Office Leasing Activity on page 20 for additional detail and explanations.
(2) |  | Same Property Information is derived fro m the pool of office properties, as defined, in the period originally reported. See Same Property Performance on page 18 and Non-GAAP Financial Measures - Calculations and Reconciliations on page 32 for additional information.
(3) |  | Cousins' share of estimated project costs. See Development Pipeline on page 26 for additional detail.
(4) |  | See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 32.
(5) |  | Given the timing of the closing of the TIER merger, 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 2019 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 | 9 | Q4 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 | 10 | Q4 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 | 2020 2nd | 2020 3rd | 2020 4th | 2020
Net Operating Income | $ | 326,063 |  | $ | 87,731 |  | $ | 97,417 |  | $ | 120,642 |  | $ | 126,000 |  | $ | 431,790 |  | $ | 127,782 |  | $ | 117,132 |  | $ | 120,016 |  | $ | 121,104 |  | $ | 486,034 |
Gain (loss) on Sales of Undepreciated Investment Properties | 3,291 |  | 13,132 |  | 1,337 |  | 21 |  | 3,692 |  | 18,182 |  | 1,335 |  | — |  | — |  | (723) |  | 612 |
Fee Income | 10,089 |  | 8,728 |  | 7,075 |  | 7,495 |  | 5,220 |  | 28,518 |  | 4,732 |  | 4,689 |  | 4,351 |  | 4,454 |  | 18,226 |
Other Income | 3,678 |  | 748 |  | 306 |  | 3,671 |  | 3,136 |  | 7,861 |  | 2,994 |  | 726 |  | 406 |  | 199 |  | 4,325 |
Reimbursed Expenses | (3,782) |  | (932) |  | (1,047) |  | (1,290) |  | (735) |  | (4,004) |  | (521) |  | (322) |  | (373) |  | (364) |  | (1,580) |
General and Administrative Expenses | (22,040) |  | (11,460) |  | (8,374) |  | (5,852) |  | (11,321) |  | (37,007) |  | (5,652) |  | (8,543) |  | (5,658) |  | (7,181) |  | (27,034) |
Interest Expense | (45,886) |  | (12,574) |  | (13,692) |  | (16,377) |  | (17,058) |  | (59,701) |  | (16,554) |  | (14,543) |  | (15,497) |  | (16,082) |  | (62,676) |
Other Expenses | (1,642) |  | (404) |  | (50,699) |  | (1,658) |  | (2,286) |  | (55,047) |  | (1,188) |  | (1,007) |  | (1,113) |  | (664) |  | (3,972) |
Depreciation and Amortization of Non-Real Estate Assets | (1,872) |  | (456) |  | (454) |  | (443) |  | (446) |  | (1,799) |  | (207) |  | (173) |  | (154) |  | (154) |  | (688) |
FFO (1) | $ | 267,899 |  | $ | 84,513 |  | $ | 31,869 |  | $ | 106,209 |  | $ | 106,202 |  | $ | 328,793 |  | $ | 112,721 |  | $ | 97,959 |  | $ | 101,978 |  | $ | 100,589 |  | $ | 413,247 |
Weighted Average Shares - Diluted | 106,868 |  | 106,901 |  | 114,670 |  | 148,530 |  | 148,534 |  | 129,831 |  | 148,561 |  | 148,580 |  | 148,606 |  | 148,669 |  | 148,636 |
FFO per Share (1) | $ | 2.51 |  | $ | 0.79 |  | $ | 0.28 |  | $ | 0.72 |  | $ | 0.72 |  | $ | 2.53 |  | $ | 0.76 |  | $ | 0.66 |  | $ | 0.69 |  | $ | 0.68 |  | $ | 2.78 |

(1) See pages 32 and 35 for reconciliations of Funds From Operations to net income available to common shareholders.

Cousins Properties | 11 | Q4 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 | 2020 2nd | 2020 3rd | 2020 4th | 2020
Net Operating Income |  |  |  |  |  |  |  |  |  |  |
Consolidated Properties |  |  |  |  |  |  |  |  |  |  |
The Domain (2) | $ | — |  | $ | — |  | $ | 1,881 |  | $ | 8,926 |  | $ | 9,138 |  | $ | 19,945 |  | $ | 9,068 |  | $ | 9,899 |  | $ | 11,053 |  | $ | 11,701 |  | $ | 41,721 |
Spring & 8th (2) | 21,450 |  | 7,218 |  | 7,385 |  | 7,392 |  | 7,374 |  | 29,369 |  | 7,351 |  | 7,255 |  | 7,340 |  | 7,286 |  | 29,232 |
Terminus (2) (3) | — |  | — |  | — |  | — |  | 7,330 |  | 7,330 |  | 6,949 |  | 6,899 |  | 7,227 |  | 6,620 |  | 27,695 |
Northpark (2) | 24,418 |  | 6,463 |  | 6,039 |  | 6,521 |  | 6,249 |  | 25,272 |  | 6,916 |  | 6,983 |  | 7,087 |  | 6,682 |  | 27,668 |
Corporate Center (2) | 23,946 |  | 6,386 |  | 6,785 |  | 6,619 |  | 6,694 |  | 26,484 |  | 6,157 |  | 5,928 |  | 6,113 |  | 7,199 |  | 25,397 |
Hayden Ferry (2) | 23,465 |  | 5,945 |  | 6,154 |  | 5,721 |  | 6,118 |  | 23,938 |  | 6,321 |  | 5,676 |  | 6,069 |  | 6,280 |  | 24,346 |
One South at the Plaza (fka Bank of America Plaza) (2) | — |  | — |  | 933 |  | 5,103 |  | 4,569 |  | 10,605 |  | 5,323 |  | 5,028 |  | 5,191 |  | 4,478 |  | 20,020 |
Fifth Third Center | 19,130 |  | 4,735 |  | 4,503 |  | 4,408 |  | 4,347 |  | 17,993 |  | 4,573 |  | 4,791 |  | 4,643 |  | 4,347 |  | 18,354 |
BriarLake Plaza (2) | — |  | — |  | 852 |  | 4,623 |  | 4,742 |  | 10,217 |  | 4,681 |  | 4,367 |  | 4,359 |  | 4,697 |  | 18,104 |
One Eleven Congress | 16,218 |  | 4,446 |  | 4,515 |  | 4,203 |  | 4,215 |  | 17,379 |  | 4,396 |  | 4,496 |  | 4,565 |  | 4,573 |  | 18,030 |
Promenade | 16,502 |  | 4,788 |  | 4,708 |  | 4,353 |  | 4,510 |  | 18,359 |  | 4,506 |  | 3,950 |  | 4,256 |  | 4,101 |  | 16,813 |
The Terrace (2) | — |  | — |  | 749 |  | 3,617 |  | 3,945 |  | 8,311 |  | 3,988 |  | 3,998 |  | 4,003 |  | 4,152 |  | 16,141 |
3344 Peachtree | 12,182 |  | 3,142 |  | 3,328 |  | 3,345 |  | 3,488 |  | 13,303 |  | 5,267 |  | 2,966 |  | 3,352 |  | 3,498 |  | 15,083 |
San Jacinto Center | 14,652 |  | 3,665 |  | 3,679 |  | 3,637 |  | 3,612 |  | 14,593 |  | 3,617 |  | 4,290 |  | 3,745 |  | 3,314 |  | 14,966 |
Burnett Plaza | — |  | — |  | 710 |  | 3,556 |  | 3,963 |  | 8,229 |  | 3,631 |  | 3,649 |  | 3,725 |  | 3,158 |  | 14,163 |
Colorado Tower | 13,773 |  | 3,480 |  | 3,483 |  | 3,502 |  | 3,526 |  | 13,991 |  | 3,350 |  | 3,303 |  | 3,055 |  | 2,640 |  | 12,348 |
Buckhead Plaza (2) | 16,851 |  | 4,047 |  | 3,968 |  | 3,765 |  | 3,299 |  | 15,079 |  | 3,617 |  | 2,783 |  | 2,984 |  | 2,894 |  | 12,278 |
NASCAR Plaza | 10,334 |  | 2,538 |  | 2,494 |  | 2,586 |  | 2,682 |  | 10,300 |  | 2,750 |  | 2,655 |  | 2,845 |  | 2,470 |  | 10,720 |
816 Congress | 11,656 |  | 3,290 |  | 2,879 |  | 2,969 |  | 2,709 |  | 11,847 |  | 2,636 |  | 2,754 |  | 2,645 |  | 2,587 |  | 10,622 |
3350 Peachtree | 7,633 |  | 2,011 |  | 2,345 |  | 2,329 |  | 2,272 |  | 8,957 |  | 2,450 |  | 2,849 |  | 2,162 |  | 2,190 |  | 9,651 |
Legacy Union One | — |  | — |  | 450 |  | 2,360 |  | 2,347 |  | 5,157 |  | 2,400 |  | 2,396 |  | 2,390 |  | 2,399 |  | 9,585 |
1200 Peachtree | — |  | 775 |  | 2,318 |  | 2,332 |  | 2,266 |  | 7,691 |  | 2,332 |  | 2,318 |  | 2,371 |  | 2,319 |  | 9,340 |
Tempe Gateway | 7,934 |  | 2,165 |  | 1,757 |  | 1,785 |  | 2,043 |  | 7,750 |  | 2,084 |  | 1,835 |  | 1,827 |  | 1,770 |  | 7,516 |
8000 Avalon | 5,432 |  | 1,714 |  | 1,916 |  | 1,899 |  | 1,879 |  | 7,408 |  | 1,759 |  | 1,867 |  | 1,856 |  | 1,721 |  | 7,203 |
Domain Point (2) | — |  | — |  | 348 |  | 1,571 |  | 1,139 |  | 3,058 |  | 1,187 |  | 1,435 |  | 1,482 |  | 1,640 |  | 5,744 |
111 West Rio | 5,477 |  | 1,381 |  | 1,380 |  | 1,407 |  | 1,391 |  | 5,559 |  | 1,388 |  | 1,411 |  | 1,309 |  | 1,389 |  | 5,497 |
3348 Peachtree | 5,720 |  | 1,527 |  | 1,499 |  | 1,598 |  | 1,543 |  | 6,167 |  | 1,502 |  | 1,309 |  | 1,308 |  | 1,341 |  | 5,460 |
5950 Sherry Lane | — |  | — |  | 220 |  | 1,056 |  | 1,040 |  | 2,316 |  | 1,239 |  | 1,184 |  | 1,298 |  | 1,280 |  | 5,001 |
The Pointe | 4,815 |  | 1,255 |  | 1,235 |  | 1,260 |  | 1,339 |  | 5,089 |  | 1,192 |  | 1,230 |  | 1,254 |  | 1,076 |  | 4,752 |
Meridian Mark Plaza | 3,849 |  | 1,018 |  | 1,163 |  | 1,104 |  | 1,085 |  | 4,370 |  | 1,067 |  | 846 |  | 1,129 |  | 1,117 |  | 4,159 |
Research Park V | 4,066 |  | 1,031 |  | 1,023 |  | 1,006 |  | 1,027 |  | 4,087 |  | 1,029 |  | 1,029 |  | 1,055 |  | 1,012 |  | 4,125 |
Harborview Plaza | 1,753 |  | 346 |  | 553 |  | 431 |  | 683 |  | 2,013 |  | 795 |  | 840 |  | 863 |  | 793 |  | 3,291 |
The RailYard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 929 |  | 929 |
Other (4) | 25,919 |  | 6,492 |  | 6,786 |  | 6,621 |  | 7,312 |  | 27,211 |  | 6,226 |  | 720 |  | 1,247 |  | 3,051 |  | 11,244 |
Subtotal - Consolidated | 297,175 |  | 79,858 |  | 88,038 |  | 111,605 |  | 119,876 |  | 399,377 |  | 121,747 |  | 112,939 |  | 115,808 |  | 116,704 |  | 467,198 |

Cousins Properties | 12 | Q4 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 | 2020 2nd | 2020 3rd | 2020 4th | 2020
Unconsolidated Properties (5) |  |  |  |  |  |  |  |  |  |  |
Dimensional Place | — |  | 206 |  | 1,770 |  | 1,912 |  | 1,873 |  | 5,761 |  | 1,900 |  | 1,955 |  | 1,964 |  | 1,840 |  | 7,659 |
Carolina Square (2) | 3,823 |  | 1,097 |  | 1,053 |  | 1,009 |  | 1,208 |  | 4,367 |  | 1,255 |  | 1,210 |  | 1,163 |  | 1,312 |  | 4,940 |
Emory University Hospital Midtown | 4,024 |  | 1,027 |  | 1,036 |  | 1,072 |  | 1,104 |  | 4,239 |  | 1,078 |  | 962 |  | 1,080 |  | 1,090 |  | 4,210 |
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 |  | 66 |  | 1 |  | 158 |  | 2,027 |
Subtotal - Unconsolidated | 28,888 |  | 7,873 |  | 9,379 |  | 9,037 |  | 6,124 |  | 32,413 |  | 6,035 |  | 4,193 |  | 4,208 |  | 4,400 |  | 18,836 |
Total Net Operating Income (1) | 326,063 |  | 87,731 |  | 97,417 |  | 120,642 |  | 126,000 |  | 431,790 |  | 127,782 |  | 117,132 |  | 120,016 |  | 121,104 |  | 486,034 |
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 |  | — |  | — |  | (723) |  | 612 |
Total Gain on Sales of Undepreciated Investment Properties | 3,291 |  | 13,132 |  | 1,337 |  | 21 |  | 3,692 |  | 18,182 |  | 1,335 |  | — |  | — |  | (723) |  | 612 |
Fee Income |  |  |  |  |  |  |  |  |  |  |
Development Fees | 2,935 |  | 7,022 |  | 5,112 |  | 5,670 |  | 4,254 |  | 22,058 |  | 3,835 |  | 3,846 |  | 3,804 |  | 3,849 |  | 15,334 |
Management Fees (6) | 5,911 |  | 1,379 |  | 1,548 |  | 1,824 |  | 966 |  | 5,717 |  | 762 |  | 843 |  | 546 |  | 605 |  | 2,756 |
Leasing & Other Fees | 1,243 |  | 327 |  | 415 |  | 1 |  | — |  | 743 |  | 135 |  | — |  | 1 |  | — |  | 136 |
Total Fee Income | 10,089 |  | 8,728 |  | 7,075 |  | 7,495 |  | 5,220 |  | 28,518 |  | 4,732 |  | 4,689 |  | 4,351 |  | 4,454 |  | 18,226 |
Other Income |  |  |  |  |  |  |  |  |  |  |
Termination Fees | 1,548 |  | 520 |  | 190 |  | 3,575 |  | 2,942 |  | 7,227 |  | 2,844 |  | 539 |  | 372 |  | 79 |  | 3,834 |
Termination Fees - Unconsolidated (5) | — |  | 3 |  | 4 |  | 9 |  | — |  | 16 |  | 1 |  | 2 |  | 5 |  | 1 |  | 9 |
Interest and Other Income | 1,722 |  | 140 |  | 11 |  | 3 |  | 92 |  | 246 |  | 37 |  | 126 |  | 6 |  | 62 |  | 231 |
Interest and Other Income - Unconsolidated (5) | 315 |  | 85 |  | 101 |  | 84 |  | 102 |  | 372 |  | 112 |  | 59 |  | 23 |  | 57 |  | 251 |
Gain on Extinguishment of Debt | 93 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total Other Income | 3,678 |  | 748 |  | 306 |  | 3,671 |  | 3,136 |  | 7,861 |  | 2,994 |  | 726 |  | 406 |  | 199 |  | 4,325 |
Total Fee and Other Income | 13,767 |  | 9,476 |  | 7,381 |  | 11,166 |  | 8,356 |  | 36,379 |  | 7,726 |  | 5,415 |  | 4,757 |  | 4,653 |  | 22,551 |
Reimbursed Expenses | (3,782) |  | (932) |  | (1,047) |  | (1,290) |  | (735) |  | (4,004) |  | (521) |  | (322) |  | (373) |  | (364) |  | (1,580) |
General and Administrative Expenses | (22,040) |  | (11,460) |  | (8,374) |  | (5,852) |  | (11,321) |  | (37,007) |  | (5,652) |  | (8,543) |  | (5,658) |  | (7,181) |  | (27,034) |
Interest Expense |  |  |  |  |  |  |  |  |  |  |
Consolidated Debt |  |  |  |  |  |  |  |  |  |  |
2019 Senior Notes, Unsecured ($275M) | — |  | — |  | (366) |  | (2,744) |  | (2,743) |  | (5,853) |  | (2,744) |  | (2,744) |  | (2,743) |  | (2,744) |  | (10,975) |
2017 Senior Notes, Unsecured ($250M) | (9,958) |  | (2,490) |  | (2,489) |  | (2,490) |  | (2,489) |  | (9,958) |  | (2,489) |  | (2,490) |  | (2,490) |  | (2,489) |  | (9,958) |
2019 Senior Notes, Unsecured ($250M) | — |  | — |  | (326) |  | (2,440) |  | (2,441) |  | (5,207) |  | (2,441) |  | (2,441) |  | (2,441) |  | (2,441) |  | (9,764) |
Terminus (2) (3) | — |  | — |  | — |  | — |  | (1,540) |  | (1,540) |  | (1,526) |  | (1,511) |  | (1,497) |  | (1,482) |  | (6,016) |
Credit Facility, Unsecured | (3,023) |  | (1,289) |  | (1,705) |  | (1,628) |  | (2,703) |  | (7,325) |  | (3,081) |  | (773) |  | (827) |  | (1,087) |  | (5,768) |
Term Loan, Unsecured | (8,495) |  | (2,422) |  | (2,421) |  | (2,302) |  | (2,049) |  | (9,194) |  | (1,891) |  | (1,190) |  | (994) |  | (981) |  | (5,056) |
2019 Senior Notes, Unsecured ($125M) | — |  | — |  | (160) |  | (1,197) |  | (1,197) |  | (2,554) |  | (1,197) |  | (1,197) |  | (1,198) |  | (1,197) |  | (4,789) |
Fifth Third Center | (4,951) |  | (1,221) |  | (1,215) |  | (1,208) |  | (1,202) |  | (4,846) |  | (1,194) |  | (1,188) |  | (1,181) |  | (1,174) |  | (4,737) |
2017 Senior Notes, Unsecured ($100M) | (4,145) |  | (1,036) |  | (1,037) |  | (1,036) |  | (1,036) |  | (4,145) |  | (1,036) |  | (1,037) |  | (1,036) |  | (1,036) |  | (4,145) |
Colorado Tower | (4,233) |  | (1,051) |  | (1,046) |  | (1,040) |  | (1,036) |  | (4,173) |  | (1,030) |  | (1,026) |  | (1,020) |  | (1,015) |  | (4,091) |
Promenade | (4,360) |  | (1,069) |  | (1,060) |  | (1,052) |  | (1,043) |  | (4,224) |  | (1,034) |  | (1,025) |  | (1,016) |  | (1,006) |  | (4,081) |

Cousins Properties | 13 | Q4 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 | 2020 2nd | 2020 3rd | 2020 4th | 2020
816 Congress | (3,173) |  | (784) |  | (779) |  | (776) |  | (772) |  | (3,111) |  | (768) |  | (763) |  | (760) |  | (755) |  | (3,046) |
Legacy Union One | — |  | — |  | (98) |  | (536) |  | (535) |  | (1,169) |  | (528) |  | (527) |  | (536) |  | (536) |  | (2,127) |
Other (4) | (1,994) |  | (473) |  | (473) |  | (469) |  | (468) |  | (1,883) |  | (254) |  | (40) |  | (41) |  | (41) |  | (376) |
Capitalized (7) | 4,902 |  | 1,015 |  | 1,116 |  | 4,218 |  | 4,870 |  | 11,219 |  | 5,309 |  | 3,959 |  | 2,722 |  | 2,334 |  | 14,324 |
Subtotal - Consolidated | (39,430) |  | (10,820) |  | (12,059) |  | (14,700) |  | (16,384) |  | (53,963) |  | (15,904) |  | (13,993) |  | (15,058) |  | (15,650) |  | (60,605) |
Unconsolidated Debt (5) |  |  |  |  |  |  |  |  |  |  |
Emory University Hospital Midtown | (1,257) |  | (310) |  | (308) |  | (307) |  | (304) |  | (1,229) |  | (303) |  | (301) |  | (301) |  | (297) |  | (1,202) |
Carolina Square (2) | (1,223) |  | (406) |  | (420) |  | (409) |  | (370) |  | (1,605) |  | (347) |  | (249) |  | (138) |  | (135) |  | (869) |
Terminus (2) (3) | (3,976) |  | (1,038) |  | (905) |  | (961) |  | — |  | (2,904) |  | — |  | — |  | — |  | — |  | — |
Subtotal - Unconsolidated | (6,456) |  | (1,754) |  | (1,633) |  | (1,677) |  | (674) |  | (5,738) |  | (650) |  | (550) |  | (439) |  | (432) |  | (2,071) |
Total Interest Expense | (45,886) |  | (12,574) |  | (13,692) |  | (16,377) |  | (17,058) |  | (59,701) |  | (16,554) |  | (14,543) |  | (15,497) |  | (16,082) |  | (62,676) |
Other Expenses |  |  |  |  |  |  |  |  |  |  |
Severance | (60) |  | (23) |  | (23) |  | (84) |  | (24) |  | (154) |  | (51) |  | (17) |  | — |  | (1) |  | (69) |
Partners' Share of FFO in Consolidated Joint Ventures | (558) |  | (171) |  | (192) |  | (249) |  | (221) |  | (833) |  | (213) |  | (342) |  | (343) |  | (365) |  | (1,263) |
Property Taxes and Other Holding Costs | (583) |  | (184) |  | (209) |  | (392) |  | (290) |  | (1,075) |  | (356) |  | (380) |  | (353) |  | (74) |  | (1,163) |
Loss on Extinguishment of Debt | (85) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Income Tax Expense | — |  | — |  | (242) |  | 242 |  | 298 |  | 298 |  | (50) |  | 50 |  | — |  | — |  | — |
Predevelopment & Other Costs | (108) |  | (23) |  | (206) |  | (127) |  | (46) |  | (402) |  | (153) |  | (255) |  | (417) |  | (224) |  | (1,049) |
Transaction Costs | (248) |  | (3) |  | (49,827) |  | (1,048) |  | (2,003) |  | (52,881) |  | (365) |  | (63) |  | — |  | — |  | (428) |
Total Other Expenses | (1,642) |  | (404) |  | (50,699) |  | (1,658) |  | (2,286) |  | (55,047) |  | (1,188) |  | (1,007) |  | (1,113) |  | (664) |  | (3,972) |
Depreciation and Amortization of Non-Real Estate Assets | (1,872) |  | (456) |  | (454) |  | (443) |  | (446) |  | (1,799) |  | (207) |  | (173) |  | (154) |  | (154) |  | (688) |
FFO (1) | $ | 267,899 |  | $ | 84,513 |  | $ | 31,869 |  | $ | 106,209 |  | $ | 106,202 |  | $ | 328,793 |  | $ | 112,721 |  | $ | 97,959 |  | $ | 101,978 |  | $ | 100,589 |  | $ | 413,247 |
Weighted Average Shares - Diluted | 106,868 |  | 106,901 |  | 114,670 |  | 148,530 |  | 148,534 |  | 129,831 |  | 148,561 |  | 148,580 |  | 148,606 |  | 148,669 |  | 148,636 |
FFO per Share (1) | $ | 2.51 |  | $ | 0.79 |  | $ | 0.28 |  | $ | 0.72 |  | $ | 0.72 |  | $ | 2.53 |  | $ | 0.76 |  | $ | 0.66 |  | $ | 0.69 |  | $ | 0.68 |  | $ | 2.78 |

Note: Amounts may differ slightly from other schedules contained herein due to rounding.
(1) See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 32.
(2) Contains multiple buildings that are grouped together for reporting purposes.
(3) 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 December 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 10000 Avalon, 120 West Trinity and Domain 10, which are in the final stages of development and not yet stabilized.
(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 | 14 | Q4 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) |
|  |  |  |  |  | 4Q20 |  | 3Q20 |  | 4Q20 |  | 3Q20 |  |  |
| Spring & 8th (4) |  | 765,000 |  |  | Consolidated |  |  |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 6.2% |  | $ | — |  |
| Terminus (4) (5) |  | 1,226,000 |  |  | Consolidated |  |  |  | 100% |  | 85.1% |  | 83.0% |  | 81.7% |  | 83.2% |  | 5.7% |  | 195,489 |  |
| Northpark (4) |  | 1,539,000 |  |  | Consolidated |  |  |  | 100% |  | 90.9% |  | 92.2% |  | 91.5% |  | 91.9% |  | 5.7% |  | — |  |
| Promenade |  | 777,000 |  |  | Consolidated |  |  |  | 100% |  | 89.6% |  | 90.4% |  | 90.8% |  | 90.5% |  | 3.5% |  | 92,492 |  |
| 3344 Peachtree |  | 484,000 |  |  | Consolidated |  |  |  | 100% |  | 95.3% |  | 95.3% |  | 91.4% |  | 88.9% |  | 3.0% |  | — |  |
| Buckhead Plaza (4) |  | 666,000 |  |  | Consolidated |  |  |  | 100% |  | 73.2% |  | 73.8% |  | 70.9% |  | 71.7% |  | 2.5% |  | — |  |
| 1200 Peachtree (5) |  | 370,000 |  |  | Consolidated |  |  |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 2.0% |  | — |  |
| 3350 Peachtree |  | 413,000 |  |  | Consolidated |  |  |  | 100% |  | 95.2% |  | 95.2% |  | 95.2% |  | 95.2% |  | 1.9% |  | — |  |
| 8000 Avalon |  | 229,000 |  |  | Consolidated |  |  |  | 90% |  | 97.8% |  | 97.8% |  | 97.8% |  | 97.8% |  | 1.5% |  | — |  |
| 3348 Peachtree |  | 258,000 |  |  | Consolidated |  |  |  | 100% |  | 91.0% |  | 91.0% |  | 90.8% |  | 91.0% |  | 1.1% |  | — |  |
| Meridian Mark Plaza |  | 160,000 |  |  | Consolidated |  |  |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1.0% |  | — |  |
| Emory University Hospital Midtown |  | 358,000 |  |  | Unconsolidated |  |  |  | 50% |  | 98.6% |  | 98.6% |  | 98.6% |  | 97.7% |  | 0.9% |  | 33,098 |
| ATLANTA |  | 7,245,000 |  |  |  |  |  |  |  |  | 90.7% |  | 90.7% |  | 89.9% |  | 90.1% |  | 35.0% |  | 321,079 |  |
| The Domain (4) (5) |  | 1,603,000 |  |  | Consolidated |  |  |  | 100% |  | 100.0% |  | 100.0% |  | 95.8% |  | 94.8% |  | 10.0% |  | — |  |
| One Eleven Congress |  | 519,000 |  |  | Consolidated |  |  |  | 100% |  | 87.6% |  | 91.8% |  | 91.1% |  | 90.1% |  | 3.9% |  | — |  |
| The Terrace (4) (5) |  | 619,000 |  |  | Consolidated |  |  |  | 100% |  | 90.6% |  | 88.8% |  | 87.4% |  | 85.7% |  | 3.6% |  | — |  |
| San Jacinto Center |  | 399,000 |  |  | Consolidated |  |  |  | 100% |  | 93.9% |  | 96.5% |  | 94.4% |  | 96.5% |  | 2.8% |  | — |  |
| Colorado Tower |  | 373,000 |  |  | Consolidated |  |  |  | 100% |  | 99.1% |  | 99.1% |  | 86.0% |  | 92.1% |  | 2.3% |  | 114,114 |  |
| 816 Congress |  | 435,000 |  |  | Consolidated |  |  |  | 100% |  | 83.9% |  | 85.0% |  | 84.6% |  | 85.8% |  | 2.2% |  | 77,917 |  |
| Domain Point (4) (5) |  | 243,000 |  |  | Consolidated |  |  |  | 96.5% |  | 90.6% |  | 90.6% |  | 90.6% |  | 90.6% |  | 1.4% |  | — |  |
| Research Park V |  | 173,000 |  |  | Consolidated |  |  |  | 100% |  | 97.1% |  | 97.1% |  | 97.1% |  | 97.1% |  | 0.9% |  | — |  |
| AUSTIN |  | 4,364,000 |  |  |  |  |  |  |  |  | 94.3% |  | 94.5% |  | 91.8% |  | 91.6% |  | 27.1% |  | 192,031 |  |
| Fifth Third Center |  | 692,000 |  |  | Consolidated |  |  |  | 100% |  | 99.5% |  | 99.6% |  | 99.5% |  | 99.8% |  | 3.7% |  | 136,676 |  |
| One South at the Plaza (fka Bank of America Plaza) (5) |  | 891,000 |  |  | Consolidated |  |  |  | 100% |  | 58.0% |  | 76.9% |  | 76.3% |  | 79.9% |  | 3.8% |  | — |  |
| NASCAR Plaza |  | 394,000 |  |  | Consolidated |  |  |  | 100% |  | 99.4% |  | 99.4% |  | 99.6% |  | 99.6% |  | 2.1% |  | — |  |
| Dimensional Place (5) |  | 281,000 |  |  | Unconsolidated |  |  |  | 50% |  | 95.6% |  | 95.6% |  | 95.6% |  | 95.6% |  | 1.6% |  | — |  |
| The RailYard (5) |  | 329,000 |  |  | Consolidated |  |  |  | 100% |  | 96.8% |  | —% |  | 96.8% |  | —% |  | —% |  | — |  |
| CHARLOTTE |  | 2,587,000 |  |  |  |  |  |  |  |  | 83.8% |  | 89.7% |  | 90.5% |  | 91.1% |  | 11.2% |  | 136,676 |  |
| Hayden Ferry (4) |  | 792,000 |  |  | Consolidated |  |  |  | 100% |  | 97.9% |  | 98.2% |  | 97.6% |  | 94.4% |  | 5.3% |  | — |  |
| Tempe Gateway |  | 264,000 |  |  | Consolidated |  |  |  | 100% |  | 78.1% |  | 89.3% |  | 81.5% |  | 94.8% |  | 1.4% |  | — |  |
| 111 West Rio |  | 225,000 |  |  | Consolidated |  |  |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1.2% |  | — |  |
| PHOENIX |  | 1,281,000 |  |  |  |  |  |  |  |  | 94.2% |  | 96.7% |  | 94.7% |  | 95.4% |  | 7.9% |  | — |  |
| Corporate Center (4) |  | 1,227,000 |  |  | Consolidated |  |  |  | 100% |  | 97.0% |  | 97.1% |  | 96.5% |  | 89.0% |  | 6.2% |  | — |  |
| The Pointe |  | 253,000 |  |  | Consolidated |  |  |  | 100% |  | 89.6% |  | 91.4% |  | 90.6% |  | 91.4% |  | 0.9% |  | — |  |
| Harborview Plaza |  | 205,000 |  |  | Consolidated |  |  |  | 100% |  | 76.3% |  | 76.3% |  | 76.3% |  | 76.3% |  | 0.7% |  | — |  |
| TAMPA |  | 1,685,000 |  |  |  |  |  |  |  |  | 93.4% |  | 93.7% |  | 93.1% |  | 87.8% |  | 7.8% |  | — |  |
| Continued on next page

Cousins Properties | 15 | Q4 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) |
|  |  |  |  |  | 4Q20 |  | 3Q20 |  | 4Q20 |  | 3Q20 |  |  |
| Legacy Union One (5) |  | 319,000 |  |  | Consolidated |  |  |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 2.1% |  | 67,437 |  |
| 5950 Sherry Lane (5) |  | 197,000 |  |  | Consolidated |  |  |  | 100% |  | 85.6% |  | 93.1% |  | 87.8% |  | 91.8% |  | 1.0% |  | — |  |
| DALLAS |  | 516,000 |  |  |  |  |  |  |  |  | 94.5% |  | 97.4% |  | 95.3% |  | 96.9% |  | 3.1% |  | 67,437 |  |
| BriarLake Plaza - Houston (4) (5) |  | 835,000 |  |  | Consolidated |  |  |  | 100% |  | 84.9% |  | 84.1% |  | 84.1% |  | 84.1% |  | 4.0% |  | — |  |
| Burnett Plaza - Fort Worth (5) |  | 1,023,000 |  |  | Consolidated |  |  |  | 100% |  | 86.1% |  | 87.2% |  | 78.7% |  | 88.0% |  | 2.7% |  | — |  |
| Carolina Square - Chapel Hill |  | 158,000 |  |  | Unconsolidated |  |  |  | 50% |  | 94.5% |  | 94.5% |  | 94.5% |  | 94.1% |  | 0.4% |  | 13,004 |  |
| OTHER OFFICE |  | 2,016,000 |  |  |  |  |  |  |  |  | 85.9% |  | 86.2% |  | 81.7% |  | 86.6% |  | 7.1% |  | 13,004 |  |
| TOTAL OFFICE |  | 19,694,000 |  |  |  |  |  |  |  |  | 90.7% |  | 91.8% |  | 90.3% |  | 90.5% |  | 99.2% |  | $ | 730,227 |  |
| Other Properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Carolina Square Apartment - Chapel Hill (246 units) (5) |  | 266,000 |  |  | Unconsolidated |  |  |  | 50% |  | 100.0% |  | 100.0% |  | 100.0% |  | 98.1% |  | 0.7% |  | 21,892 |  |
| Carolina Square Retail - Chapel Hill |  | 44,000 |  |  | Unconsolidated |  |  |  | 50% |  | 89.8% |  | 89.8% |  | 89.8% |  | 89.8% |  | 0.1% |  | 3,621 |  |
| TOTAL OTHER |  | 310,000 |  |  |  |  |  |  |  |  | 98.6% |  | 98.6% |  | 98.6% |  | 96.9% |  | 0.8% |  | $ | 25,513 |  |
| TOTAL |  | 20,004,000 |  |  |  |  |  |  |  |  | 90.8% |  | 91.9% |  | 90.4% |  | 90.6% |  | 100.0% |  | $ | 755,740 |  |

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

Cousins Properties | 16 | Q4 2020 Supplemental Information

PORTFOLIO STATISTICS

Cousins Properties | 17 | Q4 2020 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

| ($ in thousands)
| Three Months Ended December 31,
| 2020 |  | 2019 |  | % Change
Rental Property Revenues (2) | $ | 110,171 |  |  | $ | 113,978 |  |  | (3.3) | %
Rental Property Operating Expenses (2) | 38,330 |  |  | 40,442 |  |  | (5.2) | %
Same Property Net Operating Income | $ | 71,841 |  |  | $ | 73,536 |  |  | (2.3) | %
Cash-Basis Rental Property Revenues (3) | $ | 103,913 |  |  | $ | 108,255 |  |  | (4.0) | %
Cash-Basis Rental Property Operating Expenses (4) | 38,174 |  |  | 40,277 |  |  | (5.2) | %
Cash-Basis Same Property Net Operating Income | $ | 65,739 |  |  | $ | 67,978 |  |  | (3.3) | %
Add: Payment Deferrals (5) | 794 |  |  | — |  |  | 100.0 | %
Cash-Basis Same Property Net Operating Income Adjusted for Payment Deferrals (5) | $ | 66,533 |  |  | $ | 67,978 |  |  | (2.1) | %
Less: Parking Net Operating Income | (5,121) |  |  | (7,610) |  |  | (32.7) | %
Cash-Basis Same Property Net Operating Income Adjusted for Payment Deferrals and Parking (6) | $ | 61,412 |  |  | $ | 60,368 |  |  | 1.7 | %
End of Period Leased | 92.7 | % |  | 94.5 | % |  |
Weighted Average Occupancy | 92.4 | % |  | 91.3 | % |  |
| Year Ended December 31,
| 2020 |  | 2019 |  | % Change
Rental Property Revenues (2) | $ | 449,241 |  |  | $ | 460,640 |  |  | (2.5) | %
Rental Property Operating Expenses (2) | 155,891 |  |  | 165,832 |  |  | (6.0) | %
Same Property Net Operating Income | $ | 293,350 |  |  | $ | 294,808 |  |  | (0.5) | %
Cash-Basis Rental Property Revenues (3) | $ | 423,737 |  |  | $ | 431,747 |  |  | (1.9) | %
Cash-Basis Rental Property Operating Expenses (4) | 155,243 |  |  | 165,175 |  |  | (6.0) | %
Cash-Basis Same Property Net Operating Income | $ | 268,494 |  |  | $ | 266,572 |  |  | 0.7 | %
Add: Payment Deferrals (5) | 2,691 |  |  | — |  |  | 100.0 | %
Cash-Basis Same Property Net Operating Income Adjusted for Payment Deferrals (5) | $ | 271,185 |  |  | $ | 266,572 |  |  | 1.7 | %
Less: Parking Net Operating Income | (24,116) |  |  | (30,125) |  |  | (19.9) | %
Cash-Basis Same Property Net Operating Income Adjusted for Payment Deferrals and Parking (6) | $ | 247,069 |  |  | $ | 236,447 |  |  | 4.5 | %
Weighted Average Occupancy | 91.8 | % |  | 91.8 | % |  |

See next page for footnotes

Cousins Properties | 18 | Q4 2020 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

(1) | Same Properties include those office properties that were fully operational and owned by the Company for the entirety of the comparable reporting periods. See Portfolio Statistics beginning on page 15 for footnotes indicating which properties are not included in Same Property. See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 32.
(2) | Rental Property Revenues and 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.
(5) | As a result of the COVID-19 pandemic, the Company has entered into lease amendments with certain tenants to provide payment deferrals without lease extensions. Management believes that Cash-Basis Same Property Net Operating Income Adjusted for Payment Deferrals (net of any repayments made) provides analysts and investors with useful information related to the Company's core operations before the impact of certain lease amendments with tenants who have experienced disruptions in their business as a result of the COVID-19 pandemic and allows for comparability of the results of its operations with other real estate companies.
(6) | Cash-Basis Same Property Net Operating Income Adjusted for Payment Deferrals and Parking represents Cash-Basis Net Operating Income Adjusted for Payment Deferrals before parking net operating income and is intended to provide analysts and investors with useful information related to the Company's core operations before the impact of significant changes in physical occupancy at the Company's properties as a result of the COVID-19 pandemic, which is materially impacting parking net operating income.

Cousins Properties | 19 | Q4 2020 Supplemental Information

OFFICE LEASING ACTIVITY(1)

| Three Months Ended December 31, 2020 |  | Year Ended December 31, 2020
| New |  | Renewal |  | Expansion |  | Total |  | New |  | Renewal |  | Expansion |  | Total
Gross leased (square feet) |  |  |  |  |  |  | 571,193 |  |  |  |  |  |  |  | 2,845,979
Less exclusions (2) |  |  |  |  |  |  | (183,582) |  |  |  |  |  |  |  | (1,424,766)
Net leased (square feet) | 22,847 |  |  | 334,572 |  |  | 30,192 |  |  | 387,611 |  | 416,657 |  | 864,892 |  | 139,664 |  | 1,421,213
Number of transactions | 6 |  |  | 12 |  |  | 3 |  |  | 21 |  | 32 |  | 55 |  | 14 |  | 101
Lease term (years) (3) | 6.4 |  |  | 6.5 |  |  | 7.1 |  |  | 6.6 |  | 8.5 |  | 6.2 |  | 7.4 |  | 7.0
Net effective rent calculation (per square foot per year) (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net annualized rent (4) | $ | 30.06 |  |  | $ | 31.91 |  |  | $ | 28.62 |  |  | $ | 31.54 |  |  | $ | 38.86 |  |  | $ | 29.33 |  |  | $ | 30.13 |  |  | $ | 32.20 |
Net free rent | (1.57) |  |  | (0.99) |  |  | (2.81) |  |  | (1.16) |  |  | (2.12) |  |  | (1.06) |  |  | (1.12) |  |  | (1.38) |
Leasing commissions | (2.70) |  |  | (2.15) |  |  | (2.41) |  |  | (2.20) |  |  | (3.14) |  |  | (2.33) |  |  | (2.36) |  |  | (2.57) |
Tenant improvements | (2.89) |  |  | (2.71) |  |  | (6.28) |  |  | (2.99) |  |  | (6.78) |  |  | (2.07) |  |  | (5.14) |  |  | (3.75) |
Leasing costs | (7.16) |  |  | (5.85) |  |  | (11.50) |  |  | (6.35) |  |  | (12.04) |  |  | (5.46) |  |  | (8.62) |  |  | (7.70) |
Net effective rent | $ | 22.90 |  |  | $ | 26.06 |  |  | $ | 17.12 |  |  | $ | 25.19 |  |  | $ | 26.82 |  |  | $ | 23.87 |  |  | $ | 21.51 |  |  | $ | 24.50 |
Second generation leased square footage (5)(6) |  |  |  |  |  |  | 347,605 |  |  |  |  |  |  |  | 1,116,758
Increase in second generation net rent per square foot (3)(4)(5)(6) |  |  |  | 24.7 | % |  |  |  |  |  |  |  | 27.2 | %
Increase in cash-basis second generation net rent per square foot (3)(5)(6) |  | 8.9 | % |  |  |  |  |  |  | 13.1 | %
(1) Office leasing activity is comprised of total square feet leased, unadjusted for ownership share, and excluding apartment property leasing and retail property leasing.
(2) Adjusted for leases one year or less, leases for office property retail, amenity, storage, percentage rent, intercompany space, and rent deferrals/extension agreements related to the COVID-19 pandemic.
(3) Weighted average.
(4) Straight-line net rent per square foot (operating expenses deducted from gross leases) over the lease term.
(5) Excludes leases executed for spaces that were vacant upon acquisition, new leases in development properties, and leases for spaces that have been vacant for one year or more.
(6) 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 | 20 | Q4 2020 Supplemental Information

OFFICE LEASE EXPIRATIONS

Lease Expirations by Year (1)

Year of Expiration |  | Square Feet Expiring |  | % of Leased Space |  | Annual Contractual Rent ($000's) (2) |  | % of Annual Contractual Rent |  | Annual Contractual Rent/Sq. Ft.
2021 |  | 1,988,585 |  |  | 11.0 | % |  | $ | 69,480 |  |  | 8.5 | % |  | $ | 34.94 |
2022 |  | 1,359,054 |  |  | 7.5 | % |  | 57,939 |  |  | 7.1 | % |  | 42.63 |
2023 |  | 1,552,657 |  |  | 8.6 | % |  | 65,266 |  |  | 8.0 | % |  | 42.04 |
2024 |  | 1,163,934 |  |  | 6.4 | % |  | 48,649 |  |  | 5.9 | % |  | 41.80 |
2025 |  | 2,023,617 |  |  | 11.2 | % |  | 90,328 |  |  | 11.0 | % |  | 44.64 |
2026 |  | 1,622,577 |  |  | 9.0 | % |  | 75,691 |  |  | 9.2 | % |  | 46.65 |
2027 |  | 1,506,613 |  |  | 8.3 | % |  | 63,785 |  |  | 7.8 | % |  | 42.34 |
2028 |  | 1,301,956 |  |  | 7.2 | % |  | 59,948 |  |  | 7.3 | % |  | 46.04 |
2029 |  | 1,067,126 |  |  | 5.9 | % |  | 49,907 |  |  | 6.1 | % |  | 46.77 |
2030 & Thereafter |  | 4,490,339 |  |  | 24.9 | % |  | 237,849 |  |  | 29.1 | % |  | 52.97 |
Total |  | 18,076,458 |  |  | 100.0 | % |  | $ | 818,842 |  |  | 100.0 | % |  | $ | 45.30 |

(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 tenant's share of operating expenses, if applicable, as defined in the respective leases.

Cousins Properties | 21 | Q4 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 |  |  | $ | 35,754,771 |  |  | 5.1% |  | 13
2 |  | Amazon |  | 4 |  | 3 |  | 602,945 |  |  | 28,185,712 |  |  | 4.0% |  | 6
3 |  | Expedia, Inc. |  | 1 |  | 1 |  | 363,751 |  |  | 17,379,131 |  |  | 2.5% |  | 9
4 |  | Facebook,Inc. |  | 1 |  | 1 |  | 323,328 |  |  | 16,944,648 |  |  | 2.4% |  | 9
5 |  | Bank of America |  | 2 |  | 1 |  | 513,724 |  |  | 15,943,460 |  |  | 2.3% |  | 3
6 |  | Norfolk Southern Corporation |  | 2 |  | 1 |  | 394,621 |  |  | 9,716,585 |  |  | 1.4% |  | 1
7 |  | Apache Corporation |  | 1 |  | 1 |  | 210,012 |  |  | 9,150,550 |  |  | 1.3% |  | 4
8 |  | Americredit Financial Services (dba GM Financial) |  | 2 |  | 2 |  | 333,782 |  |  | 9,136,376 |  |  | 1.3% |  | 9
9 |  | Pioneer Natural Resources Company (fka Parsley Energy, L.P.) |  | 2 |  | 1 |  | 135,612 |  |  | 8,570,098 |  |  | 1.2% |  | 6
10 |  | Wells Fargo Bank, NA |  | 4 |  | 3 |  | 198,376 |  |  | 8,518,272 |  |  | 1.2% |  | 5
11 |  | Ovintiv USA Inc (fka Encana Oil & Gas (USA) Inc.) (3) |  | 1 |  | 1 |  | 318,582 |  |  | 7,949,937 |  |  | 1.1% |  | 6
12 |  | Allstate |  | 2 |  | 2 |  | 214,380 |  |  | 7,561,934 |  |  | 1.1% |  | 7
13 |  | ADP, LLC |  | 1 |  | 1 |  | 225,000 |  |  | 7,479,972 |  |  | 1.1% |  | 7
14 |  | SVB Financial Group |  | 1 |  | 1 |  | 188,940 |  |  | 7,397,135 |  |  | 1.0% |  | 5
15 |  | Regus Equity Business Centers, LLC |  | 6 |  | 4 |  | 158,740 |  |  | 7,067,647 |  |  | 1.0% |  | 5
16 |  | Westrock Shared Services, LLC |  | 1 |  | 1 |  | 205,185 |  |  | 6,955,383 |  |  | 1.0% |  | 9
17 |  | Dimensional Fund Advisors LP |  | 1 |  | 1 |  | 132,434 |  |  | 6,871,718 |  |  | 1.0% |  | 13
18 |  | McGuirewoods LLP |  | 3 |  | 3 |  | 197,282 |  |  | 6,864,549 |  |  | 1.0% |  | 6
19 |  | RigUp, Inc. |  | 1 |  | 1 |  | 93,210 |  |  | 6,386,794 |  |  | 0.9% |  | 8
20 |  | Samsung Engineering America |  | 1 |  | 1 |  | 133,860 |  |  | 6,153,090 |  |  | 0.8% |  | 6
| Total |  |  |  |  |  | 5,705,854 |  |  | $ | 229,987,762 |  |  | 32.7% |  | 7
(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 leases that have commenced. Leases that have been signed but have not commenced are excluded.

Cousins Properties | 22 | Q4 2020 Supplemental Information

TENANT INDUSTRY DIVERSIFICATION

Note: Management uses SIC codes when available, along with judgment, to determine tenant industry classification.
(1) 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 full rent.
(2) Several of our Energy & Utilities tenants have entered into subleases with unaffiliated parties for large portions of their space or have executed amendments to surrender portions of their currently leased 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 primary lease. After considering the industry classification of these subleases and considering contractual space surrender obligations, the portion of our rent from Energy & Utilities tenants is reduced to 4.1%. Note that the industry percentages in the chart above have not been adjusted to reflect the various industry sectors of such subtenants, with the exception of Energy & Utilities.

Cousins Properties | 23 | Q4 2020 Supplemental Information

INVESTMENT ACTIVITY

Completed Property Acquisitions

Property |  | Type |  | Market |  | Company's Ownership Interest |  | Timing |  | Square Feet |  | Gross Purchase Price ($ in thousands) (1)
2020 |  |  |  |  |  |  |  |  |  |  |  |
The RailYard |  | Office |  | Charlotte |  | 100% |  | 4Q |  | 329,000 |  |  | 201,000 |
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 |
|  |  |  |  |  |  |  |  |  | 16,768,000 |  |  | $ | 827,700 |

Completed Property Developments

Project |  | Type |  | Market |  | Company's Ownership Interest |  | Timing |  | Square Feet |  | Total Project Cost ($ in thousands) (1)
2020 |  |  |  |  |  |  |  |  |  |  |  |
Domain 12 |  | Office |  | Austin |  | 100% |  | 4Q |  | 320,000 |  |  | $ | 117,000 |
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 |
|  |  |  |  |  |  |  |  |  | 2,911,000 |  |  | $ | 988,000 |

(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 were not incurred by the joint venture.
(2) Properties acquired in the merger with TIER REIT, Inc.
(3) Purchased outside interest of 50% in Terminus Office Holdings, LLC 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 | 24 | Q4 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 | 25 | Q4 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 |  |  |  | $ | 89,000 |  |  | $ | 17,800 |  |  | $ | 87,872 |  |  | $ | 17,574 |  |  |  |  |  |  |
Office (5) |  |  |  |  |  |  |  |  |  | 52,000 |  |  |  |  |  |  |  |  |  |  | 68 | % |  | 2Q20 |  | 2Q21
Apartments |  |  |  |  |  |  |  |  |  | 330 |  |  |  |  |  |  |  |  |  |  | 66 | % |  | 4Q19 |  | 4Q20
10000 Avalon |  | Office |  | Atlanta |  | 90 | % |  | 3Q18 |  | 251,000 |  |  | 96,000 |  |  | 86,400 |  |  | 94,771 |  |  | 85,294 |  |  | 75 | % |  | 1Q20 |  | 1Q21
300 Colorado (6) |  | Office |  | Austin |  | 50 | % |  | 4Q18 |  | 358,000 |  |  | 193,000 |  |  | 96,500 |  |  | 154,476 |  |  | 77,238 |  |  | 87 | % |  | 1Q21 |  | 1Q22
Domain 10 |  | Office |  | Austin |  | 100 | % |  | 4Q18 |  | 300,000 |  |  | 111,000 |  |  | 111,000 |  |  | 93,987 |  |  | 93,987 |  |  | 98 | % |  | 3Q20 |  | 3Q21
100 Mill |  | Office |  | Phoenix |  | 90 | % |  | 1Q20 |  | 287,000 |  |  | 153,000 |  |  | 137,700 |  |  | 54,848 |  |  | 49,364 |  |  | 44 | % |  | 1Q22 |  | 1Q23
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 642,000 |  |  | $ | 449,400 |  |  | $ | 485,954 |  |  | $ | 323,457 |  |  |  |  |  |  |

(1) | This schedule shows projects currently under active development through the substantial completion of construction as well as properties in an initial lease up period prior to stabilization. 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 by the 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. Beginning with initial economic occupancy, until the earlier of the achievement of 90% economic occupancy or one year, interest, taxes, and operating expenses are capitalized on the portion of the building that remains under development.
(5) | The 120 West Trinity office component has 33,000 square feet of office space and 19,000 square feet of retail space.
(6) | 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 | 26 | Q4 2020 Supplemental Information

LAND INVENTORY

|  | Market |  | Company's Ownership Interest |  | Financial Statement Presentation |  | Total Developable Land (Acres) |  | Cost Basis of Land ($ in thousands)
3354 Peachtree |  | Atlanta |  | 95% |  | Consolidated |  | 3.0 |  |  |
901 West Peachtree (1) |  | Atlanta |  | 100% |  | Consolidated |  | 1.0 |  |  |
The Avenue Forsyth-Adjacent Land |  | Atlanta |  | 100% |  | Consolidated |  | 10.4 |  |  |
Domain Point 3 |  | Austin |  | 90% |  | Consolidated |  | 1.7 |  |  |
Domain 9 |  | Austin |  | 100% |  | Consolidated |  | 2.5 |  |  |
Domain Central (Domain 14 & 15) |  | Austin |  | 100% |  | Consolidated |  | 5.6 |  |  |
South End Station |  | Charlotte |  | 100% |  | Consolidated |  | 3.4 |  |  |
303 Tremont |  | Charlotte |  | 100% |  | Consolidated |  | 2.4 |  |  |
Legacy Union 2 & 3 |  | Dallas |  | 95% |  | Consolidated |  | 4.0 |  |  |
Victory Center | Dallas |  | 75% |  | Unconsolidated |  | 3.0 |  |  |
100 Mill-Adjacent Land |  | Phoenix |  | 90% |  | Consolidated |  | 0.7 |  |  |
Corporate Center 5 & 6 (2) |  | Tampa |  | 100% |  | Consolidated |  | 14.1 |  |  |
Total |  |  |  |  |  |  | 51.8 |  |  | $ | 172,185 |
Company's Share |  |  |  |  |  |  | 50.5 |  |  | $ | 167,383 |

(1) | Includes a ground lease with future obligation to purchase.
(2) | Corporate Center 5 is controlled through a long-term ground lease.

Cousins Properties | 27 | Q4 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 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 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% |  | 1.34% |  | 12/2/21 |  | 250,000 |  | — |  | — |  | — |  | — |  | — |  | 250,000 |  |  | (415) |  |  | — |  |  | 249,585 |
Credit Facility, Unsecured (LIBOR + 1.05%-1.45%) (2) |  | 100% |  | 1.19% |  | 1/3/23 |  | — |  | — |  | 232,400 |  | — |  | — |  | — |  | 232,400 |  |  | — |  |  | — |  |  | 232,400 |
Total Floating Rate Debt |  |  |  |  |  |  |  | 250,000 |  | — |  | 232,400 |  | — |  | — |  | — |  | 482,400 |  |  | (415) |  |  | — |  |  | 481,985 |
Consolidated Debt - Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2019 Senior Notes, Unsecured |  | 100% |  | 3.95% |  | 7/6/29 |  | — |  | — |  | — |  | — |  | — |  | 275,000 |  | 275,000 |  |  | (955) |  |  | — |  |  | 274,045 |
2017 Senior Notes, Unsecured |  | 100% |  | 3.91% |  | 7/6/25 |  | — |  | — |  | — |  | — |  | 250,000 |  | — |  | 250,000 |  |  | (824) |  |  | — |  |  | 249,176 |
2019 Senior Notes, Unsecured |  | 100% |  | 3.86% |  | 7/6/28 |  | — |  | — |  | — |  | — |  | — |  | 250,000 |  | 250,000 |  |  | (851) |  |  | — |  |  | 249,149 |
Fifth Third Center |  | 100% |  | 3.37% |  | 10/1/26 |  | 3,385 |  | 3,502 |  | 3,622 |  | 3,746 |  | 3,874 |  | 118,928 |  | 137,057 |  |  | (381) |  |  | — |  |  | 136,676 |
2019 Senior Notes, Unsecured |  | 100% |  | 3.78% |  | 7/6/27 |  | — |  | — |  | — |  | — |  | — |  | 125,000 |  | 125,000 |  |  | (414) |  |  | — |  |  | 124,586 |
Terminus 100 |  | 100% |  | 5.25% |  | 1/1/23 |  | 3,319 |  | 3,497 |  | 108,181 |  | — |  | — |  | — |  | 114,997 |  |  | — |  |  | 4,836 |  |  | 119,833 |
Colorado Tower |  | 100% |  | 3.45% |  | 9/1/26 |  | 2,510 |  | 2,598 |  | 2,689 |  | 2,783 |  | 2,881 |  | 101,199 |  | 114,660 |  |  | (546) |  |  | — |  |  | 114,114 |
2017 Senior Notes, Unsecured |  | 100% |  | 4.09% |  | 7/6/27 |  | — |  | — |  | — |  | — |  | — |  | 100,000 |  | 100,000 |  |  | (346) |  |  | — |  |  | 99,654 |
Promenade |  | 100% |  | 4.27% |  | 10/1/22 |  | 3,541 |  | 89,052 |  | — |  | — |  | — |  | — |  | 92,593 |  |  | (101) |  |  | — |  |  | 92,492 |
816 Congress |  | 100% |  | 3.75% |  | 11/1/24 |  | 1,821 |  | 1,891 |  | 1,963 |  | 72,558 |  | — |  | — |  | 78,232 |  |  | (315) |  |  | — |  |  | 77,917 |
Terminus 200 |  | 100% |  | 3.79% |  | 1/1/23 |  | 1,792 |  | 1,861 |  | 70,701 |  | — |  |  |  | — |  | 74,354 |  |  | — |  |  | 1,301 |  |  | 75,655 |
Legacy Union One |  | 100% |  | 4.24% |  | 1/1/23 |  | — |  | — |  | 66,000 |  | — |  | — |  | — |  | 66,000 |  |  | — |  |  | 1,437 |  |  | 67,437 |
Total Fixed Rate Debt |  |  |  |  |  |  |  | 16,368 |  | 102,401 |  | 253,156 |  | 79,087 |  | 256,755 |  | 970,127 |  | 1,677,893 |  |  | (4,733) |  |  | 7,574 |  |  | 1,680,734 |
Total Consolidated Debt |  |  |  |  |  |  |  | 266,368 |  | 102,401 |  | 485,556 |  | 79,087 |  | 256,755 |  | 970,127 |  | 2,160,293 |  |  | (5,148) |  |  | 7,574 |  |  | 2,162,719 |
Unconsolidated Debt - Floating Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carolina Square (LIBOR + 1.25%) (3) |  | 50% |  | 1.39% |  | 5/1/21 |  | 38,517 |  | — |  | — |  | — |  | — |  | — |  | 38,517 |  |  | — |  |  | — |  |  | 38,517 |
300 Colorado (LIBOR + 2.25%) (4) |  | 50% |  | 2.39% |  | 1/17/22 |  | — |  | 43,424 |  | — |  | — |  | — |  | — |  | 43,424 |  |  | — |  |  | — |  |  | 43,424 |
Total Floating Rate Debt |  |  |  |  |  |  |  | 38,517 |  | 43,424 |  | — |  | — |  | — |  | — |  | 81,941 |  |  | — |  |  | — |  |  | 81,941 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | . |  |  |  |  |  |  |  |
Unconsolidated Debt - Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Emory University Hospital Midtown |  | 50% |  | 3.50% |  | 6/1/23 |  | 872 |  | 903 |  | 31,436 |  | — |  | — |  | — |  | 33,211 |  |  | (113) |  |  | — |  |  | 33,098 |
Total Fixed Rate Debt |  |  |  |  |  |  |  | 872 |  | 903 |  | 31,436 |  | — |  | — |  | — |  | 33,211 |  |  | (113) |  |  | — |  |  | 33,098 |
Total Unconsolidated Debt |  |  |  |  |  |  |  | 39,389 |  | 44,327 |  | 31,436 |  | — |  | — |  | — |  | 115,153 |  | (113) |  |  | — |  |  | 115,040 |
Total Debt |  |  |  |  |  |  |  | $ | 305,757 |  | $ | 146,728 |  | $ | 516,992 |  | $ | 79,087 |  | $ | 256,755 |  | $ | 970,127 |  | $ | 2,275,446 |  | $ | (5,261) |  |  | $ | 7,574 |  |  | $ | 2,277,759 |
Total Maturities (5) |  |  |  |  |  |  |  | $ | 288,517 |  | $ | 129,719 |  | $ | 508,332 |  | $ | 70,865 |  | $ | 250,000 |  | $ | 965,159 |  | $ | 2,212,592 |  |  |  |  |  |
% of Maturities |  |  |  |  |  |  |  | 13 | % |  | 6 | % |  | 23 | % |  | 3 | % |  | 11 | % |  | 44 | % |  | 100 | % |  |  |  |  |  |

Cousins Properties | 28 | Q4 2020 Supplemental Information

DEBT SCHEDULE

Floating and Fixed Rate Debt Analysis

|  | Total Debt Principal ($ in thousands) |  | Total Debt (%) |  | Weighted Average Interest Rate |  | Weighted Average Maturity (Yrs.)
Floating Rate Debt |  | $ | 564,341 |  |  | 24 | % |  | 1.37 | % |  | 1.3 |
Fixed Rate Debt |  | 1,711,105 |  |  | 76 | % |  | 3.94 | % |  | 5.4 |
Total Debt |  | $ | 2,275,446 |  |  | 100 | % |  | 3.30 | % |  | 4.4 |

(1) The spread over LIBOR, under the Term Loan, at December 31, 2020 wa s 1.20%.
(2) As of December 31, 2020, the company had $232.4 million drawn under the Credit Facility and had the ability to borrow the full $767.6 million available. The spread over LIBOR, under the Credit Facility, at December 31, 2020 was 1.05%.
(3) The Company's share of the total borrowing capacity of the facility is $39.9 million.
(4) The Company's share of the total borrowing capacity of the fac ility 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 | 29 | Q4 2020 Supplemental Information

DEBT SCHEDULE

Cousins Properties | 30 | Q4 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 of 6.5% to 8.0%.
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 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.
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.
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 active development.
(2) |  | Each respective joint venture agreement may contain additional terms that affect the distribution of operating cash flows and capital transaction proceeds that are not yet effective, including the distribution of promoted interest.

Cousins Properties | 31 | Q4 2020 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| (in thousands, except per share amounts)
| 2018 | 2019 1st | 2019 2nd | 2019 3rd | 2019 4th | 2019 | 2020 1st | 2020 2nd | 2020 3rd | 2020 4th | 2020
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 |  | $ | 23,101 |  | $ | 28,115 |  | $ | 11,119 |  | $ | 237,278 |
Depreciation and amortization of real estate assets: |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 179,510 |  | 45,405 |  | 50,450 |  | 81,569 |  | 77,925 |  | 255,349 |  | 71,406 |  | 72,694 |  | 71,345 |  | 72,515 |  | 287,960 |
Share of unconsolidated joint ventures | 13,078 |  | 3,254 |  | 4,154 |  | 4,148 |  | 2,602 |  | 14,158 |  | 2,347 |  | 2,106 |  | 2,125 |  | 2,162 |  | 8,740 |
Partners' share of real estate depreciation | (302) |  | (96) |  | (99) |  | (171) |  | (155) |  | (521) |  | (149) |  | (212) |  | (209) |  | (172) |  | (742) |
(Gain) loss on sale of depreciated properties: |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | (4,925) |  | 21 |  | 33 |  | 48 |  | (92,680) |  | (92,578) |  | (90,916) |  | 201 |  | 523 |  | 87 |  | (90,105) |
Share of unconsolidated joint ventures | 29 |  | — |  | 5 |  | — |  | 10 |  | 15 |  | (318) |  | (168) |  | 15 |  | 21 |  | (450) |
Investments in unconsolidated joint ventures | — |  | — |  | — |  | — |  | — |  | — |  | (44,894) |  | 232 |  | 59 |  | 25 |  | (44,578) |
Impairment | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 14,829 |  | 14,829 |
Non-controlling interest related to unit holders | 1,345 |  | 588 |  | (265) |  | 241 |  | 1,388 |  | 1,952 |  | 302 |  | 5 |  | 5 |  | 3 |  | 315 |
FFO | 267,899 |  | 84,513 |  | 31,869 |  | 106,209 |  | 106,202 |  | 328,793 |  | 112,721 |  | 97,959 |  | 101,978 |  | 100,589 |  | 413,247 |
Interest Expense | 45,886 |  | 12,574 |  | 13,692 |  | 16,377 |  | 17,058 |  | 59,701 |  | 16,554 |  | 14,543 |  | 15,497 |  | 16,082 |  | 62,676 |
Income Tax Expenses | — |  | — |  | 242 |  | (242) |  | (298) |  | (298) |  | 50 |  | (50) |  | — |  | — |  | — |
Non-Real Estate Depreciation and Amortization | 1,872 |  | 456 |  | 454 |  | 443 |  | 446 |  | 1,799 |  | 207 |  | 173 |  | 154 |  | 154 |  | 688 |
EBITDA re (1) | 315,657 |  | 97,543 |  | 46,257 |  | 122,787 |  | 123,408 |  | 389,995 |  | 129,532 |  | 112,625 |  | 117,629 |  | 116,825 |  | 476,611 |
Transaction Costs (2) | 248 |  | 3 |  | 49,827 |  | 1,048 |  | 2,003 |  | 52,881 |  | 365 |  | 63 |  | — |  | — |  | 428 |
Gain on Extinguishment of Debt | (8) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Adjusted EBITDA re (1) | 315,897 |  | 97,546 |  | 96,084 |  | 123,835 |  | 125,411 |  | 442,876 |  | 129,897 |  | 112,688 |  | 117,629 |  | 116,825 |  | 477,039 |
Income from Unconsolidated Joint Ventures |  |  |  |  |  |  |  |  |  |  |
Net Operating Income |  |  |  |  |  |  |  |  |  |  |
Office Properties | 26,644 |  | 7,006 |  | 8,670 |  | 8,369 |  | 5,310 |  | 29,355 |  | 5,219 |  | 3,404 |  | 3,457 |  | 3,545 |  | 15,625 |
Other Properties | 2,244 |  | 867 |  | 709 |  | 668 |  | 814 |  | 3,058 |  | 816 |  | 789 |  | 751 |  | 855 |  | 3,211 |
Net Operating Income | 28,888 |  | 7,873 |  | 9,379 |  | 9,037 |  | 6,124 |  | 32,413 |  | 6,035 |  | 4,193 |  | 4,208 |  | 4,400 |  | 18,836 |
Sales Less Cost of Sales | 2,779 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (598) |  | (598) |
Interest Expense | (6,456) |  | (1,754) |  | (1,633) |  | (1,677) |  | (674) |  | (5,738) |  | (650) |  | (550) |  | (439) |  | (432) |  | (2,071) |
Termination Fee Income | — |  | 3 |  | 4 |  | 9 |  | — |  | 16 |  | 1 |  | 2 |  | 5 |  | 1 |  | 9 |
Other Income | 120 |  | 36 |  | 43 |  | 20 |  | 49 |  | 148 |  | 68 |  | 8 |  | (23) |  | 8 |  | 61 |
Funds from Operations - Unconsolidated Joint Ventures | 25,331 |  | 6,158 |  | 7,793 |  | 7,389 |  | 5,499 |  | 26,839 |  | 5,454 |  | 3,653 |  | 3,751 |  | 3,379 |  | 16,237 |
Gain (Loss) on Sale of Depreciated Investment Properties, net | (29) |  | — |  | (4) |  | — |  | (10) |  | (15) |  | 318 |  | 168 |  | (15) |  | (21) |  | 450 |
Depreciation and Amortization of Real Estate | (13,078) |  | (3,254) |  | (4,154) |  | (4,148) |  | (2,602) |  | (14,158) |  | (2,347) |  | (2,106) |  | (2,125) |  | (2,162) |  | (8,740) |
Income from Unconsolidated Joint Ventures | 12,224 |  | 2,904 |  | 3,635 |  | 3,241 |  | 2,887 |  | 12,666 |  | 3,425 |  | 1,715 |  | 1,611 |  | 1,196 |  | 7,947 |
Market Capitalization |  |  |  |  |  |  |  |  |  |  |
Common Stock Price at Period End | $ | 31.60 |  | $ | 38.64 |  | $ | 36.17 |  | $ | 37.59 |  | $ | 41.20 |  | $ | 41.20 |  | $ | 29.27 |  | $ | 29.83 |  | $ | 28.59 |  | $ | 33.50 |  | $ | 33.50 |
Number of Common Stock/Units Outstanding at Period End | 106,840 |  | 106,890 |  | 148,507 |  | 148,506 |  | 148,506 |  | 148,506 |  | 148,565 |  | 148,593 |  | 148,589 |  | 148,589 |  | 148,589 |
Equity Market Capitalization | 3,376,144 |  | 4,130,230 |  | 5,371,498 |  | 5,582,341 |  | 6,118,447 |  | 6,118,447 |  | 4,348,498 |  | 4,432,529 |  | 4,248,160 |  | 4,977,732 |  | 4,977,732 |
Consolidated Debt | 1,062,570 |  | 1,116,474 |  | 1,837,449 |  | 1,850,817 |  | 2,222,975 |  | 2,222,975 |  | 1,944,034 |  | 1,939,517 |  | 1,934,905 |  | 2,162,719 |  | 2,162,719 |
Share of Unconsolidated Debt | 171,446 |  | 170,690 |  | 170,214 |  | 172,319 |  | 82,519 |  | 82,519 |  | 92,921 |  | 98,754 |  | 107,256 |  | 115,040 |  | 115,040 |
Debt (1) | 1,234,016 |  | 1,287,164 |  | 2,007,663 |  | 2,023,136 |  | 2,305,494 |  | 2,305,494 |  | 2,036,955 |  | 2,038,271 |  | 2,042,161 |  | 2,277,759 |  | 2,277,759 |
Total Market Capitalization | 4,610,152 |  | 5,417,403 |  | 7,379,161 |  | 7,605,477 |  | 8,423,941 |  | 8,423,941 |  | 6,385,453 |  | 6,470,800 |  | 6,290,321 |  | 7,255,491 |  | 7,255,491 |

Cousins Properties | 32 | Q4 2020 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| (in thousands, except per share amounts)
| 2018 | 2019 1st | 2019 2nd | 2019 3rd | 2019 4th | 2019 | 2020 1st | 2020 2nd | 2020 3rd | 2020 4th | 2020
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 |  | 2,038,271 |  | 2,042,161 |  | 2,277,759 |  | 2,277,759 |
Less: Cash and Cash Equivalents | (2,547) |  | (3,456) |  | (11,885) |  | (12,396) |  | (15,603) |  | (15,603) |  | (124,632) |  | (28,255) |  | (36,872) |  | (4,290) |  | (4,290) |
Less: Share of Unconsolidated Cash and Cash Equivalents | (10,302) |  | (13,427) |  | (15,671) |  | (20,154) |  | (8,634) |  | (8,634) |  | (9,516) |  | (8,826) |  | (12,098) |  | (9,419) |  | (9,419) |
Net Debt | 1,221,167 |  | 1,270,281 |  | 1,980,107 |  | 1,990,586 |  | 2,281,257 |  | 2,281,257 |  | 1,902,807 |  | 2,001,190 |  | 1,993,191 |  | 2,264,050 |  | 2,264,050 |
Total Market Capitalization | 4,610,152 |  | 5,417,403 |  | 7,379,161 |  | 7,605,477 |  | 8,423,941 |  | 8,423,941 |  | 6,385,453 |  | 6,470,800 |  | 6,290,321 |  | 7,255,491 |  | 7,255,491 |
Net Debt / Total Market Capitalization | 26.5 | % | 23.4 | % | 26.8 | % | 26.2 | % | 27.1 | % | 27.1 | % | 29.8 | % | 30.9 | % | 31.7 | % | 31.2 | % | 31.2 | %
Total Assets - Consolidated | 4,146,296 |  | 4,251,193 |  | 6,676,672 |  | 6,704,120 |  | 7,151,447 |  | 7,151,447 |  | 6,901,934 |  | 6,908,448 |  | 6,886,596 |  | 7,107,398 |  | 7,107,398 |
Accumulated Depreciation - Consolidated | 566,749 |  | 643,140 |  | 696,531 |  | 781,998 |  | 802,807 |  | 802,807 |  | 878,199 |  | 954,352 |  | 1,028,975 |  | 1,090,566 |  | 1,090,566 |
Undepreciated Assets - Unconsolidated (1) | 530,076 |  | 553,098 |  | 568,387 |  | 590,183 |  | 391,457 |  | 391,457 |  | 290,134 |  | 294,987 |  | 304,976 |  | 304,539 |  | 304,539 |
Less: Investment in Unconsolidated Joint Ventures | (161,907) |  | (167,429) |  | (176,169) |  | (186,079) |  | (133,884) |  | (133,884) |  | (128,916) |  | (129,857) |  | (129,814) |  | (125,481) |  | (125,481) |
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 |  | 8,027,930 |  | 8,090,733 |  | 8,377,022 |  | 8,377,022 |
Net Debt | 1,221,167 |  | 1,270,281 |  | 1,980,107 |  | 1,990,586 |  | 2,281,257 |  | 2,281,257 |  | 1,902,807 |  | 2,001,190 |  | 1,993,191 |  | 2,264,050 |  | 2,264,050 |
Net Debt / Total Undepreciated Assets (1) | 24.0 | % | 24.1 | % | 25.5 | % | 25.2 | % | 27.8 | % | 27.8 | % | 24.0 | % | 24.9 | % | 24.6 | % | 27.0 | % | 27.0 | %
Coverage Ratios (1) |  |  |  |  |  |  |  |  |  |  |
Interest Expense | 45,886 |  | 12,574 |  | 13,692 |  | 16,377 |  | 17,058 |  | 59,701 |  | 16,554 |  | 14,543 |  | 15,497 |  | 16,082 |  | 62,676 |
Scheduled Principal Payments | 12,008 |  | 3,481 |  | 3,516 |  | 3,551 |  | 4,178 |  | 14,726 |  | 4,126 |  | 4,120 |  | 4,282 |  | 4,284 |  | 16,812 |
Fixed Charges | 57,894 |  | 16,055 |  | 17,208 |  | 19,928 |  | 21,236 |  | 74,427 |  | 20,680 |  | 18,663 |  | 19,779 |  | 20,366 |  | 79,488 |
EBITDA re | 315,657 |  | 97,543 |  | 46,257 |  | 122,787 |  | 123,408 |  | 389,995 |  | 129,532 |  | 112,625 |  | 117,629 |  | 116,825 |  | 476,611 |
Fixed Charges Coverage Ratio (EBITDA re) (1) | 5.45 |  | 6.08 |  | 2.69 |  | 6.16 |  | 5.81 |  | 5.24 |  | 6.26 |  | 6.03 |  | 5.95 |  | 5.74 |  | 6.00 |
Adjusted EBITDA re | 315,897 |  | 97,546 |  | 96,084 |  | 123,835 |  | 125,411 |  | 442,876 |  | 129,897 |  | 112,688 |  | 117,629 |  | 116,825 |  | 477,039 |
Fixed Charges Coverage Ratio (Adjusted EBITDA re) (1) | 5.46 |  | 6.08 |  | 5.58 |  | 6.21 |  | 5.91 |  | 5.95 |  | 6.28 |  | 6.04 |  | 5.95 |  | 5.74 |  | 6.00 |
Net Debt | 1,221,167 |  | 1,270,281 |  | 1,980,107 |  | 1,990,586 |  | 2,281,257 |  | 2,281,257 |  | 1,902,807 |  | 2,001,190 |  | 1,993,191 |  | 2,264,050 |  | 2,264,050 |
Annualized EBITDA re (3) | 334,968 |  | 390,172 |  | 185,028 |  | 491,148 |  | 493,632 |  | 493,632 |  | 518,128 |  | 450,500 |  | 470,516 |  | 467,300 |  | 467,300 |
Net Debt / Annualized EBITDA re (3) | 3.65 |  | 3.26 |  | 10.70 |  | 4.05 |  | 4.62 |  | 4.62 |  | 3.67 |  | 4.44 |  | 4.24 |  | 4.84 |  | 4.84 |
Annualized Adjusted EBITDA re (3) | 335,048 |  | 390,184 |  | 384,336 |  | 495,340 |  | 501,644 |  | 501,644 |  | 519,588 |  | 450,752 |  | 470,516 |  | 467,300 |  | 467,300 |
Net Debt / Annualized Adjusted EBITDA re (3) | 3.64 |  | 3.26 |  | 5.15 |  | 4.02 |  | 4.55 |  | 4.55 |  | 3.66 |  | 4.44 |  | 4.24 |  | 4.84 |  | 4.84 |
Dividend Information |  |  |  |  |  |  |  |  |  |  |
Common Dividends | 109,291 |  | 30,492 |  | 42,562 |  | 42,559 |  | 42,561 |  | 158,174 |  | 44,562 |  | 44,570 |  | 44,570 |  | 44,561 |  | 178,263 |
FFO | 267,899 |  | 84,513 |  | 31,869 |  | 106,209 |  | 106,202 |  | 328,793 |  | 112,721 |  | 97,959 |  | 101,978 |  | 100,589 |  | 413,247 |
FFO Payout Ratio | 40.8 | % | 36.1 | % | 133.6 | % | 40.1 | % | 40.1 | % | 48.1 | % | 39.5 | % | 45.5 | % | 43.7 | % | 44.3 | % | 43.1 | %
Transaction Costs (2) | 248 |  | 3 |  | 49,827 |  | 1,048 |  | 2,003 |  | 52,881 |  | 365 |  | 63 |  | — |  | — |  | 428 |
FFO before Transaction Costs (2) | 268,147 |  | 84,516 |  | 81,696 |  | 107,257 |  | 108,205 |  | 381,674 |  | 113,086 |  | 98,022 |  | 101,978 |  | 100,589 |  | 413,675 |
FFO Payout Ratio before Transaction Costs (2) | 40.8 | % | 36.1 | % | 52.1 | % | 39.7 | % | 39.3 | % | 41.4 | % | 39.4 | % | 45.5 | % | 43.7 | % | 44.3 | % | 43.1 | %

Cousins Properties | 33 | Q4 2020 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| (in thousands, except per share amounts)
| 2018 | 2019 1st | 2019 2nd | 2019 3rd | 2019 4th | 2019 | 2020 1st | 2020 2nd | 2020 3rd | 2020 4th | 2020
FFO | 267,899 |  | 84,513 |  | 31,869 |  | 106,209 |  | 106,202 |  | 328,793 |  | 112,721 |  | 97,959 |  | 101,978 |  | 100,589 |  | 413,247 |
Amortization of Deferred Financing Costs | 2,417 |  | 615 |  | 630 |  | 692 |  | 693 |  | 2,630 |  | 700 |  | 686 |  | 691 |  | 700 |  | 2,777 |
Non-Cash Stock-Based Compensation | 2,257 |  | 607 |  | 625 |  | 615 |  | 621 |  | 2,468 |  | 1,285 |  | 1,139 |  | 931 |  | 883 |  | 4,238 |
Non-Real Estate Depreciation and Amortization | 1,872 |  | 456 |  | 454 |  | 443 |  | 446 |  | 1,799 |  | 207 |  | 173 |  | 154 |  | 154 |  | 688 |
Lease Inducements | 760 |  | 157 |  | (401) |  | (537) |  | (514) |  | (1,295) |  | (532) |  | (508) |  | (506) |  | (478) |  | (2,024) |
Straight Line Rent Ground Leases | 589 |  | 127 |  | 124 |  | 123 |  | 126 |  | 500 |  | 126 |  | 128 |  | 120 |  | 116 |  | 490 |
Above and Below Market Ground Rent | 158 |  | 39 |  | 40 |  | 39 |  | 40 |  | 158 |  | 39 |  | 40 |  | 39 |  | 40 |  | 158 |
Transaction Costs (2) | 248 |  | 3 |  | 49,827 |  | 1,048 |  | 2,003 |  | 52,881 |  | 365 |  | 63 |  | — |  | — |  | 428 |
Debt Premium Amortization | (880) |  | — |  | (34) |  | (180) |  | (916) |  | (1,130) |  | (916) |  | (916) |  | (916) |  | (916) |  | (3,664) |
Gain on Extinguishment of Debt | (8) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Deferred Income - Tenant Improvements | (3,772) |  | (870) |  | (940) |  | (923) |  | (932) |  | (3,665) |  | (851) |  | (1,073) |  | (595) |  | (1,921) |  | (4,440) |
Above and Below Market Rents | (6,877) |  | (1,670) |  | (1,981) |  | (3,042) |  | (2,846) |  | (9,539) |  | (2,808) |  | (2,737) |  | (2,534) |  | (2,523) |  | (10,602) |
Second Generation Capital Expenditures (CAPEX) | (56,667) |  | (8,074) |  | (40,604) |  | (18,946) |  | (23,085) |  | (90,709) |  | (23,817) |  | (25,716) |  | (17,718) |  | (30,624) |  | (97,875) |
Straight Line Rental Revenue | (26,017) |  | (8,732) |  | (6,068) |  | (6,522) |  | (8,123) |  | (29,445) |  | (9,895) |  | (11,238) |  | (13,054) |  | (8,394) |  | (42,581) |
Gain (loss) on Sales of Undepreciated Investment Properties | (3,291) |  | (13,132) |  | (1,337) |  | (21) |  | (3,692) |  | (18,182) |  | (1,335) |  | — |  | — |  | 723 |  | (612) |
FAD (1) | 178,688 |  | 54,039 |  | 32,204 |  | 78,998 |  | 70,023 |  | 235,264 |  | 75,289 |  | 58,000 |  | 68,590 |  | 58,349 |  | 260,228 |
Common Dividends (4) | 109,291 |  | 30,492 |  | 42,562 |  | 42,559 |  | 42,561 |  | 158,174 |  | 44,562 |  | 44,570 |  | 44,570 |  | 44,561 |  | 178,263 |
FAD Payout Ratio (1) | 61.2 | % | 56.4 | % | 132.2 | % | 53.9 | % | 60.8 | % | 67.2 | % | 59.2 | % | 77.4 | % | 65.0 | % | 76.4 | % | 68.5 | %
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 |  | 8,027,930 |  | 8,090,733 |  | 8,377,022 |  | 8,377,022 |
General and Administrative Expenses | 22,040 |  | 11,460 |  | 8,374 |  | 5,852 |  | 11,321 |  | 37,007 |  | 5,652 |  | 8,543 |  | 5,658 |  | 7,181 |  | 27,034 |
Annualized General and Administrative Expenses (4) / Total Undepreciated Assets | 0.43 | % | 0.87 | % | 0.43 | % | 0.30 | % | 0.55 | % | 0.45 | % | 0.28 | % | 0.43 | % | 0.28 | % | 0.34 | % | 0.32 | %
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 |  | 21,386 |  | 13,534 |  | 23,812 |  | 78,176 |
Second Generation Building Improvements | 5,518 |  | 547 |  | 770 |  | 3,055 |  | 5,837 |  | 10,209 |  | 4,373 |  | 4,330 |  | 4,184 |  | 6,812 |  | 19,699 |
| 56,667 |  | 8,074 |  | 40,604 |  | 18,946 |  | 23,085 |  | 90,709 |  | 23,817 |  | 25,716 |  | 17,718 |  | 30,624 |  | 97,875 |
(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.
Note: Amounts may differ slightly from other schedules contained herein due to rounding.

Cousins Properties | 34 | Q4 2020 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

| (in thousands, except per share amounts) |  |  |  |
| Three Months Ended December 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 | $ | 11,119 |  |  | 148,564 |  | $ | 0.07 |  |  | $ | 117,112 |  |  | 146,762 |  |  | $ | 0.80 |  |  |  |  |
Noncontrolling interest related to unitholders | 3 |  |  | 25 |  | — |  |  | 1,388 |  |  | 1,744 |  |  | — |  |  |  |  |
Conversion of stock options | — |  |  | 7 |  | — |  |  | — |  |  | 28 |  |  | — |  |  |  |  |
Conversion of unvested restricted stock units | — |  |  | 73 |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Net Income — Diluted | 11,122 |  |  | 148,669 |  | 0.07 |  |  | 118,500 |  |  | 148,534 |  |  | 0.80 |  |  |  |  |
Depreciation and amortization of real estate assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 72,515 |  |  | — |  |  | 0.49 |  |  | 77,925 |  |  | — |  |  | 0.52 |  |  |  |  |
Share of unconsolidated joint ventures | 2,162 |  |  | — |  |  | 0.02 |  |  | 2,602 |  |  | — |  |  | 0.02 |  |  |  |  |
Partners' share of real estate depreciation | (172) |  |  | — |  |  | — |  |  | (155) |  |  | — |  |  | — |  |  |  |  |
Gain/loss on sale of depreciated properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 87 |  |  | — |  |  | — |  |  | (92,680) |  |  | — |  |  | (0.62) |  |  |  |  |
Share of unconsolidated joint ventures | 21 |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  |  |  |
Investments in unconsolidated joint ventures | 25 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Impairment | 14,829 |  |  | — |  |  | 0.10 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Funds From Operations | $ | 100,589 |  |  | 148,669 |  |  | $ | 0.68 |  |  | $ | 106,202 |  |  | 148,534 |  |  | $ | 0.72 |  |  |  |  |

Cousins Properties | 35 | Q4 2020 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

| (in thousands, except per share amounts)
| Year Ended December 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 | $ | 237,278 |  |  | 148,277 |  |  | $ | 1.60 |  |  | $ | 150,418 |  |  | 128,060 |  |  | $ | 1.17 |
Noncontrolling interest related to unitholders | 315 |  |  | 297 |  |  | — |  |  | 1,952 |  |  | 1,744 |  |  | — |
Conversion of stock options | — |  |  | 8 |  |  | — |  |  | — |  |  | 27 |  |  | — |
Conversion of unvested restricted stock units | — |  |  | 54 |  |  | — |  |  | — |  |  | — |  |  | — |
Net Income — Diluted | 237,593 |  |  | 148,636 |  |  | 1.60 |  |  | 152,370 |  |  | 129,831 |  |  | 1.17 |
Depreciation and amortization of real estate assets: |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 287,960 |  |  | — |  |  | 1.94 |  |  | 255,349 |  |  | — |  |  | 1.97 |
Share of unconsolidated joint ventures | 8,740 |  |  | — |  |  | 0.06 |  |  | 14,158 |  |  | — |  |  | 0.11 |
Partners' share of real estate depreciation | (742) |  |  | — |  |  | — |  |  | (521) |  |  | — |  |  | — |
Gain/loss on sale of depreciated properties: |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | (90,105) |  |  | — |  |  | (0.61) |  |  | (92,578) |  |  | — |  |  | (0.72) |
Share of unconsolidated joint ventures | (450) |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |
Investments in unconsolidated joint ventures | (44,578) |  |  | — |  |  | (0.31) |  |  | — |  |  | — |  |  | — |
Impairment | 14,829 |  |  | — |  |  | 0.10 |  |  | — |  |  | — |  |  | — |
Funds From Operations | $ | 413,247 |  |  | 148,636 |  |  | 2.78 |  |  | $ | 328,793 |  |  | 129,831 |  |  | 2.53 |

The tables above show 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 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.

Cousins Properties | 36 | Q4 2020 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| ($ in thousands)
| Three Months Ended |  | Year Ended
Net Operating Income | December 31, 2020 |  | December 31, 2019 |  | December 31, 2020 |  | December 31, 2019
Net income | $ | 11,314 |  |  | $ | 118,568 |  |  | $ | 238,114 |  |  | $ | 152,683 |
Net operating income from unconsolidated joint ventures | 4,400 |  |  | 6,124 |  |  | 18,836 |  |  | 32,413 |
Fee income | (4,454) |  |  | (5,220) |  |  | (18,226) |  |  | (28,518) |
Termination fee income | (80) |  |  | (2,943) |  |  | (3,835) |  |  | (7,228) |
Other income | (62) |  |  | (92) |  |  | (231) |  |  | (246) |
Reimbursed expenses | 364 |  |  | 735 |  |  | 1,580 |  |  | 4,004 |
General and administrative expenses | 7,181 |  |  | 11,321 |  |  | 27,034 |  |  | 37,007 |
Interest expense | 15,650 |  |  | 16,384 |  |  | 60,605 |  |  | 53,963 |
Impairment | 14,829 |  |  | — |  |  | 14,829 |  |  | — |
Depreciation and amortization | 72,668 |  |  | 78,372 |  |  | 288,648 |  |  | 257,149 |
Transaction costs | — |  |  | 2,003 |  |  | 428 |  |  | 52,881 |
Other expenses | 250 |  |  | 8 |  |  | 2,091 |  |  | 1,109 |
Income from unconsolidated joint ventures | (1,196) |  |  | (2,887) |  |  | (7,947) |  |  | (12,666) |
Gain/loss on sale of investment in unconsolidated joint ventures | 173 |  |  | — |  |  | (45,767) |  |  | — |
Gain/loss on investment property transactions | 67 |  |  | (96,373) |  |  | (90,125) |  |  | (110,761) |
Net Operating Income | 121,104 |  |  | 126,000 |  |  | 486,034 |  |  | 431,790 |
Less: |  |  |  |  |  |  |
Partners' share of NOI from consolidated joint ventures | (411) |  |  | (228) |  |  | (1,302) |  |  | (848) |
Cousins' Share of NOI | 120,693 |  |  | 125,772 |  |  | 484,732 |  |  | 430,942 |
Straight line rent | 8,394 |  |  | 8,122 |  |  | 42,582 |  |  | 29,445 |
Non-cash income | 3,986 |  |  | 4,291 |  |  | 16,129 |  |  | 14,499 |
Non-cash expense | (156) |  |  | (165) |  |  | (648) |  |  | (658) |
Cash Basis Net Operating Income | $ | 108,880 |  |  | $ | 113,752 |  |  | $ | 544,097 |  |  | $ | 388,504 |
Net Operating Income |  |  |  |  |  |  |
Same Property | $ | 71,841 |  |  | $ | 73,536 |  |  | $ | 293,350 |  |  | $ | 294,808 |
Non-Same Property | 49,263 |  |  | 52,464 |  |  | 192,684 |  |  | 136,982 |
| $ | 121,104 |  |  | $ | 126,000 |  |  | $ | 486,034 |  |  | $ | 431,790 |
Cash Basis Net Operating Income |  |  |  |  |  |  |
Same Property | $ | 65,739 |  |  | $ | 67,978 |  |  | $ | 268,494 |  |  | $ | 266,572 |
Non-Same Property | 43,141 |  |  | 45,774 |  |  | 275,603 |  |  | 121,932 |
| $ | 108,880 |  |  | $ | 113,752 |  |  | $ | 544,097 |  |  | $ | 388,504 |

Cousins Properties | 37 | Q4 2020 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

RECONCILIATION OF 2021 PROJECTED NET INCOME AVAILABLE
TO COMMON STOCKHOLDERS TO 2021 PROJECTED FFO

| Full Year 2021 Guidance
| ($ in thousands, except per share amounts)
| Low |  | High
| Dollars |  |  |  | Per Share Amount (1) |  | Dollars |  |  |  | Per Share Amount (1)
Net Income Available to Common Stockholders | $ | 123,398 |  |  |  |  | $ | 0.83 |  |  | $ | 138,277 |  |  |  |  | $ | 0.93 |
Add: Noncontrolling interest related to unitholders | 26 |  |  |  |  | $ | — |  |  | 26 |  |  |  |  | $ | — |
Net Income | 123,424 |  |  |  |  | $ | 0.83 |  |  | 138,303 |  |  |  |  | $ | 0.93 |
Add: Depreciation and amortization of real estate assets | 287,238 |  |  |  |  | $ | 1.93 |  |  | 287,238 |  |  |  |  | $ | 1.93 |
Funds From Operations | $ | 410,662 |  |  |  |  | $ | 2.76 |  |  | $ | 425,541 |  |  |  |  | $ | 2.86 |
(1) Calculated based on projected weighted average shares outstanding of 148.8 million. |  |  |  |  |  |

Cousins Properties | 38 | Q4 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 GAAP) plus interest expense, income tax expense, depreciation and amortization, losses (gains) on the disposition of depreciated property, and impairment. 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 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. NOI, which is rental property revenues (excluding termination fees) less rental property operating expenses, excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. Certain items, such as interest expense, while included in FFO and net income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a property's performance. Depreciation, amortization, and impairment are also excluded from NOI 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, building improvements on newly acquired buildings that management identifies as necessary to bring the building to the Company's operational standards, and leasing costs and building improvements associated with properties identified as under redevelopment or repositioning. In addition, the Company excludes building improvements intended to attract tenants to increase revenues and/or occupancy rates.
“Net Income and FFO Before Transaction Costs” represents net income and FFO before costs associated with the mergers with Parkway Properties and TIER. Management believes that Net Income and FFO Before Transaction Costs provides analysts and investors with user information related to the Company’s core operations and for comparability of the results of its operations with other real estate companies.

Cousins Properties | 39 | Q4 2020 Supplemental Information

NON-GAAP FINANCIAL MEASURES - DISCUSSION

“Cash-Basis Same Property NOI Adjusted for Payment Deferrals" represents Cash-Basis Same Property NOI after excluding the impact of payment deferrals without extensions. As a result of the COVID-19 pandemic, the Company has entered into lease amendments with certain tenants who have experienced disruptions in their business as a result of the COVID-19 pandemic to provide payment deferrals without lease extensions. Management believes that Cash-Basis Same Property NOI Adjusted for Payment Deferrals provides analysts and investors with useful information related to the Company's core operations before the impact of certain lease amendments with tenants and allows for comparability of the results of its operations with other real estate companies.
“Cash-Basis Same Property NOI Adjusted for Payment Deferrals and Parking" represents Cash-Basis Same Property NOI Adjusted for Payment Deferrals before parking net operating income and is intended to provide analysts and investors with useful information related to the Company's core operations before the impact of significant changes in physical occupancy at the Company's properties as a result of the COVID-19 pandemic, which is materially impacting parking net operating income, and allows for comparability of the results of its operations with other real estate companies.

Cousins Properties | 40 | Q4 2020 Supplemental Information