EX-99.1 2 aearningsreleaseex9912q21.htm EX-99.1

TABLE OF CONTENTS

Forward-Looking Statements | 3
Earnings Release | 4
Consolidated Balance Sheets | 6
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 | 19
Office Lease Expirations | 20
Top 20 Office Tenants | 21
Tenant Industry Diversification | 22
Investment Activity | 23
Development Pipeline | 25
Land Inventory | 26
Debt Schedule | 27
Joint Venture Information | 30
Non-GAAP Financial Measures - Calculations and Reconciliations | 31
Non-GAAP Financial Measures - Discussion | 38

Cousins Properties |  | Q2 2021 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, and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. 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: 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, Dallas, and Nashville 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 in regard to our real estate assets 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 | Q2 2021 Supplemental Information

EARNINGS RELEASE

COUSINS PROPERTIES REPORTS SECOND QUARTER 2021 RESULTS
Raises 2021 FFO Guidance
Highlights
•Net income wa s $0.19 per share for the quarter.
•Funds from operations was $0.69 p er share for the quarter.
•Same property net operating income on a cash-ba sis increased 7.1% for the quart er.
•Second generation net rent per square f oot on a cash-basis increased 12.9% for the quarter.
•Ex ecuted 484,000 square feet of office leases during the quarter, including 361,000 square feet of new and expansion leases which represents 74% of total leasing activity.
•Closed a $350 million unsecured term loan that matures in third quarter 2024, replacing a $250 million unsecured term loan that was scheduled to mature in fourth quarter 2021. The applicable LIBOR spread was reduced by 15 basis points.
•Sold Burnett Plaza, a one million square foot office property in Fort Worth, TX, for a gross sales price of $137.5 million.
•Commenced development of Domain 9, a 338,000 square foot office property in Austin, TX. Total development costs are expected to be $147.0 million.
•Joint venture partner exercised option to purchase our 50% interest in Dimensional Place, a 281,000 square foot office property in Charlotte, NC. The sale is expected to close at the end of the third quarter.
•Dionne Nelson elected to the Board of Directors effective May 21, 2021.
•Subsequent to quarter end:
◦Sold One South at the Plaza, a 891,000 square foot office property in Charlotte, NC, for a gross sales price of $271.5 million.
◦Acquired 725 Ponce, a 372,000 square foot office property in Atlanta, GA, for a purchase price of $300.2 million.
◦Entered into 50/50 joint venture to develop Neuhoff, a mixed-use project in Nashville, TN, which will include 448,000 square feet of office and retail space as well as 542 multi-family units for an estimated investment of $275 million.
◦Entered into a 50/50 joint venture, with an initial contribution of $4.0 million, which owns a land parcel adjacent to 725 Ponce upon which a 150,000-200,000 square foot property can be developed.
◦Sold a 0.7 acre land parcel adjacent to our 100 Mill development in Phoenix, AZ to a hotel developer for a gross sales price of $6.4 million.
ATLANTA (July 29, 2021) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended June 30, 2021.
“It was a terrific quarter, driven by solidly improving office fundamentals in all of our Sun Belt markets.” said Colin Connolly, president and chief executive officer of Cousins Properties. “In particular, leasing volume increased to a level generally consistent with pre-Covid activity, with a very encouraging 74% of leases signed during the quarter representing new and expansion space. As companies plan their return to the office, they are focused on being in an environment where employees are excited to come to work and collaborate with one another. We are well positioned to meet this demand.”

Cousins Properties | 4 | Q2 2021 Supplemental Information

EARNINGS RELEASE

Financial Results
Net income available to common stockholders was $28.2 million, or $0.19 per share, for the second quarter of 2021, compared with net income available to common stockholders of $23.1 million, or $0.16 per share, for the second quarter of 2020. Net income available to common stockholders was $57.3 million, or $0.39 per share, for the six months ended June 30, 2021, compared with net income available to common stockholders of $198.0 million, or $1.34 per share, for the six months ended June 30, 2020. Variances in net income were impacted by gains on sales of assets in 2020.
Funds From Operations ("FFO") was $102.1 million, or $0.69 per shar e, for the second quarter of 2021, compared with $98.0 million, or $0.66 per share, for the second quarter of 2020. Funds From Operations ("FFO") w as $204.0 million, or $1.37 per share, for the six months ended June 30, 2021, c ompared with $210.7 million, or $1.42 per share, for the six months ended June 30, 2020.
Updated 2021 Guidance
The Company has updated its 2021 net income guidance to $0.73 to $0.81 per share from $0.74 to $0.84 per share. The Company has raised its 2021 FFO guidance to $2.70 to $2.78 per share up from $2.68 to $2.78 per share, increasing the midpoint to $2.74 from $2.73 per share. This guidance incorporates all of the transactions included in this earnings release. There are no other dispositions, acquisitions, or development starts included in this guidance.
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, July 30, 2021 to discuss the results of the quarter ended June 30, 2021. 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 Second 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 10158383. The playback can also be accessed on the Company's website.
Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office buildings located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing, and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets, and opportunistic investments. For more information, please visit www.cousins.com.

Cousins Properties | 5 | Q2 2021 Supplemental Information

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

| June 30, 2021 |  | December 31, 2020
Assets: | (unaudited) |  |
Real estate assets: |  |  |
Operating properties, net of accumulated depreciation of $791,431 and $803,073 in 2021 and 2020, respectively | $ | 5,917,710 |  |  | $ | 6,232,546 |
Projects under development | 113,841 |  |  | 57,389 |
Land | 153,938 |  |  | 162,406 |
| 6,185,489 |  |  | 6,452,341 |
Real estate assets and other assets held for sale, net | 260,247 |  |  | 125,746 |
Cash and cash equivalents | 9,792 |  |  | 4,290 |
Restricted cash | 1,256 |  |  | 1,848 |
Accounts receivable | 22,626 |  |  | 20,248 |
Deferred rents receivable | 146,712 |  |  | 138,341 |
Investment in unconsolidated joint ventures | 112,718 |  |  | 125,481 |
Intangible assets, net | 155,918 |  |  | 189,164 |
Other assets | 51,212 |  |  | 49,939 |
Total assets | $ | 6,945,970 |  |  | $ | 7,107,398 |
Liabilities: |  |  |
Notes payable | $ | 2,050,173 |  |  | $ | 2,162,719 |
Accounts payable and accrued expenses | 172,172 |  |  | 186,267 |
Deferred income | 78,331 |  |  | 62,319 |
Intangible liabilities, net | 55,313 |  |  | 69,846 |
Other liabilities | 111,695 |  |  | 118,103 |
Liabilities of real estate assets held for sale, net | 10,882 |  |  | 12,606 |
Total liabilities | 2,478,566 |  |  | 2,611,860 |
Commitments and contingencies |  |  |
Equity: |  |  |
Stockholders' investment: |  |  |
Common stock, $1 par value per share, 300,000,000 shares authorized, 151,272,969 and 151,149,289 shares issued and outstanding in 2021 and 2020, respectively | 151,273 |  |  | 151,149 |
Additional paid-in capital | 5,546,336 |  |  | 5,542,762 |
Treasury stock at cost, 2,584,933 shares in 2021 and 2020 | (148,473) |  |  | (148,473) |
Distributions in excess of cumulative net income | (1,113,273) |  |  | (1,078,304) |
Total stockholders' investment | 4,435,863 |  |  | 4,467,134 |
Nonredeemable noncontrolling interests | 31,541 |  |  | 28,404 |
Total equity | 4,467,404 |  |  | 4,495,538 |
Total liabilities and equity | $ | 6,945,970 |  |  | $ | 7,107,398 |

Cousins Properties | 6 | Q2 2021 Supplemental Information

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

| Three Months Ended |  | Six Months Ended |
| June 30, |  | June 30, |
| 2021 |  | 2020 |  | 2021 |  | 2020 |
Revenues: |  |  |  |  |  |  |  |
Rental property revenues | $ | 181,766 |  |  | $ | 175,099 |  |  | $ | 366,573 |  |  | $ | 364,228 |  |
Fee income | 4,803 |  |  | 4,690 |  |  | 9,332 |  |  | 9,422 |  |
Other | 68 |  |  | 126 |  |  | 282 |  |  | 163 |  |
| 186,637 |  |  | 179,915 |  |  | 376,187 |  |  | 373,813 |  |
Expenses: |  |  |  |  |  |  |  |
Rental property operating expenses | 63,716 |  |  | 61,621 |  |  | 130,111 |  |  | 126,159 |  |
Reimbursed expenses | 398 |  |  | 322 |  |  | 766 |  |  | 843 |  |
General and administrative expenses | 7,313 |  |  | 8,543 |  |  | 14,046 |  |  | 14,195 |  |
Interest expense | 16,656 |  |  | 13,993 |  |  | 33,864 |  |  | 29,897 |  |
Depreciation and amortization | 71,456 |  |  | 72,868 |  |  | 142,326 |  |  | 144,482 |  |
Transaction costs | — |  |  | 63 |  |  | — |  |  | 428 |  |
Other | 824 |  |  | 552 |  |  | 1,414 |  |  | 1,118 |  |
| 160,363 |  |  | 157,962 |  |  | 322,527 |  |  | 317,122 |  |
Income from unconsolidated joint ventures | 1,795 |  |  | 1,715 |  |  | 3,698 |  |  | 5,140 |  |
Gain (loss) on sales of investments in unconsolidated joint ventures | — |  |  | (231) |  |  | 39 |  |  | 45,999 |  |
Gain (loss) on investment property transactions | (9) |  |  | (201) |  |  | (26) |  |  | 90,715 |  |
Net income | 28,060 |  |  | 23,236 |  |  | 57,371 |  |  | 198,545 |  |
Net loss (income) attributable to noncontrolling interests | 93 |  |  | (135) |  |  | (108) |  |  | (501) |  |
Net income available to common stockholders | $ | 28,153 |  |  | $ | 23,101 |  |  | $ | 57,263 |  |  | $ | 198,044 |  |
Net income per common share — basic and diluted | $ | 0.19 |  |  | $ | 0.16 |  |  | $ | 0.39 |  |  | $ | 1.34 |  |
Weighted average shares — basic | 148,665 |  |  | 148,548 |  |  | 148,644 |  |  | 147,986 |  |
Weighted average shares — diluted | 148,740 |  |  | 148,580 |  |  | 148,716 |  |  | 148,570 |  |

Cousins Properties | 7 | Q2 2021 Supplemental Information

KEY PERFORMANCE METRICS

| 2019 | 2020 1st | 2020 2nd | 2020 3rd | 2020 4th | 2020 | 2021 1st | 2021 2nd |  |  | YTD 2021
Property Statistics |  |  |  |  |  |  |  |  |  |  |
Consolidated Operating Properties | 34 | 32 | 32 | 32 | 33 | 33 | 33 | 32 |  |  | 32
Consolidated Rentable Square Feet (in thousands) | 19,599 | 18,249 | 18,249 | 18,245 | 18,897 | 18,897 | 19,145 | 18,122 |  |  | 18,122
Unconsolidated Operating Properties | 4 | 3 | 3 | 3 | 3 | 3 | 3 | 4 |  |  | 4
Unconsolidated Rentable Square Feet (in thousands) | 2,168 | 1,107 | 1,107 | 1,107 | 1,107 | 1,107 | 1,107 | 1,460 |  |  | 1,460
Total Operating Properties | 38 | 35 | 35 | 35 | 36 | 36 | 36 | 36 |  |  | 36
Total Rentable Square Feet (in thousands) | 21,767 | 19,356 | 19,356 | 19,352 | 20,004 | 20,004 | 20,252 | 19,582 |  |  | 19,582
Office Leasing Activity (1) |  |  |  |  |  |  |  |  |  |  |
Net Leased during the Period (square feet, in thousands) | 3,074 | 476 | 303 | 255 | 387 | 1,421 | 271 | 484 |  |  | 755
Net Effective Rent Calculation (per square foot) |  |  |  |  |  |  |  |  |  |  |
Net Rent | $30.43 | $34.88 | $33.54 | $26.63 | $31.54 | $32.20 | $31.12 | $32.38 |  |  | $31.93
Net Free Rent | (0.63) | (1.92) | (0.92) | (1.23) | (1.16) | (1.38) | (1.70) | (1.33) |  |  | (1.46)
Leasing Commissions | (2.29) | (2.68) | (3.02) | (2.37) | (2.20) | (2.57) | (2.26) | (2.70) |  |  | (2.54)
Tenant Improvements | (3.69) | (5.27) | (4.17) | (1.57) | (2.99) | (3.75) | (3.63) | (4.58) |  |  | (4.24)
Leasing Costs | (6.61) | (9.87) | (8.11) | (5.17) | (6.35) | (7.70) | (7.59) | (8.61) |  |  | (8.24)
Net Effective Rent | $23.82 | $25.01 | $25.43 | $21.46 | $25.19 | $24.50 | $23.53 | $23.77 |  |  | $23.69
Change in Second Generation Net Rent | 21.3 | % | 26.9 | % | 31.8 | % | 24.7 | % | 24.7 | % | 27.2 | % | 21.5 | % | 21.7 | % |  |  | 21.6 | %
Change in Cash-Basis Second Generation Net Rent | 7.7 | % | 14.3 | % | 20.6 | % | 8.9 | % | 8.9 | % | 13.1 | % | 10.5 | % | 12.9 | % |  |  | 12.0 | %
Same Property Information (2) |  |  |  |  |  |  |  |  |  |  |
Percent Leased (period end) | 94.6 | % | 94.8 | % | 94.4 | % | 93.6 | % | 92.7 | % | 92.7 | % | 89.9 | % | 90.7 | % |  |  | 90.7 | %
Weighted Average Occupancy | 91.8 | % | 91.4 | % | 91.5 | % | 91.9 | % | 92.4 | % | 91.8 | % | 89.3 | % | 90.7 | % |  |  | 90.9 | %
Change in Net Operating Income (over prior year period) | 2.6 | % | 3.2 | % | (2.4) | % | (0.4) | % | (2.3) | % | (0.5) | % | (4.1) | % | 1.4 | % |  |  | (0.1) | %
Change in Cash-Basis Net Operating Income (over prior year period) | 4.8 | % | 11.4 | % | (1.6) | % | (3.0) | % | (3.3) | % | 0.7 | % | (2.7) | % | 7.1 | % |  |  | 3.5 | %
Development Pipeline (3) |  |  |  |  |  |  |  |  |  |  |
Estimated Project Costs (in thousands) | $565,600 | $565,600 | $565,600 | $566,400 | $449,400 | $449,400 | $363,000 | $492,200 |  |  | $492,200
Estimated Project Costs/ Total Undepreciated Assets | 6.9 | % | 7.1 | % | 7.0 | % | 7.0 | % | 5.4 | % | 5.4 | % | 4.3 | % | 6.1 | % |  |  | 6.1 | %
Market Capitalization (4) |  |  |  |  |  |  |  |  |  |  |
Common Stock Price (period end) | $41.20 | $29.27 | $29.83 | $28.59 | $33.50 | $33.50 | $35.35 | $36.78 |  |  | $36.78
Common Stock/Units Outstanding (period end, in thousands) | 148,506 | 148,565 | 148,593 | 148,589 | 148,589 | 148,589 | 148,679 | 148,713 |  |  | 148,713
Equity Market Capitalization (in thousands) | $6,118,447 | $4,348,498 | $4,432,529 | $4,248,160 | $4,977,732 | $4,977,732 | $5,255,803 | $5,469,664 |  |  | $5,469,664
Debt (in thousands) | 2,305,494 | 2,036,955 | 2,038,271 | 2,042,161 | 2,277,759 | 2,277,759 | 2,358,860 | 2,195,653 |  |  | 2,195,653
Total Market Capitalization (in thousands) | $8,423,941 | $6,385,453 | $6,470,800 | $6,290,321 | $7,255,491 | $7,255,491 | $7,614,663 | $7,665,317 |  |  | $7,665,317
Continued on next page

Cousins Properties | 8 | Q2 2021 Supplemental Information

KEY PERFORMANCE METRICS

| 2019 | 2020 1st | 2020 2nd | 2020 3rd | 2020 4th | 2020 | 2021 1st | 2021 2nd |  |  | YTD 2021
Credit Ratios (4) |  |  |  |  |  |  |  |  |  |  |
Net Debt/Total Market Capitalization | 27.1 | % | 29.8 | % | 30.9 | % | 31.7 | % | 31.2 | % | 31.2 | % | 30.7 | % | 28.4 | % |  |  | 28.4 | %
Net Debt/Total Undepreciated Assets | 27.8 | % | 24.0 | % | 24.9 | % | 24.6 | % | 27.0 | % | 27.0 | % | 27.6 | % | 26.9 | % |  |  | 26.9 | %
Net Debt/Annualized Adjusted EBITDA re | 4.55 | 3.66 | 4.44 | 4.24 | 4.84 | 4.84 | 4.87 | 4.55 |  |  | 4.55
Fixed Charges Coverage (Adjusted EBITDA re) | 5.95 | 6.28 | 6.04 | 5.95 | 5.74 | 6.00 | 5.42 | 5.43 |  |  | 5.43
Dividend Information (4) |  |  |  |  |  |  |  |  |  |  |
Common Dividend per Share | $1.16 | $0.30 | $0.30 | $0.30 | $0.30 | $1.20 | $0.31 | $0.31 |  |  | $0.62
Funds From Operations (FFO) Payout Ratio | 48.1 | % | 39.5 | % | 45.5 | % | 43.7 | % | 44.3 | % | 43.1 | % | 45.2 | % | 45.1 | % |  |  | 45.2 | %
Funds Available for Distribution (FAD) Payout Ratio | 66.8 | % | 59.0 | % | 75.1 | % | 64.8 | % | 76.0 | % | 67.9 | % | 57.8 | % | 64.6 | % |  |  | 61.0 | %
Operations Ratio (4) |  |  |  |  |  |  |  |  |  |  |
Annualized General and Administrative Expenses/Total Undepreciated Assets | 0.45 | % | 0.28 | % | 0.43 | % | 0.28 | % | 0.34 | % | 0.32 | % | 0.32 | % | 0.36 | % |  |  | 0.35 | %
Additional Information (in thousands, except per square foot amounts) |  |  |  |  |  |  |  |  |  |  |
In-Place Gross Rent (per square foot) (5) | $37.44 | $39.29 | $39.48 | $39.72 | $40.26 | $40.26 | $40.71 | $42.00 |  |  | $42.00
Straight Line Rental Revenue (4) | $29,391 | $9,859 | $11,137 | $12,935 | $8,284 | $42,215 | $7,739 | $5,625 |  |  | $13,364
Above and Below Market Rents Amortization, Net (4) | $9,472 | $2,590 | $2,519 | $2,449 | $2,503 | $10,061 | $2,388 | $2,069 |  |  | $4,457
Second Generation Capital Expenditures (4) | $90,704 | $23,817 | $25,724 | $17,718 | $30,524 | $97,783 | $12,093 | $23,118 |  |  | $35,211

(1) |  | See Office Leasing Activity on page 19 for additional detail and explanations.
(2) |  | Same Property Information is derived fro m the pool of office properties, as existed in the period originally reported. See Same Property Performance on page 18 and Non-GAAP Financial Measures - Calculations and Reconciliations on page 31 for additional information.
(3) |  | Cousins' share of estimated project costs. See Development Pipeline on page 25 for additional detail.
(4) |  | See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 31.
(5) |  | 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 | Q2 2021 Supplemental Information

KEY PERFORMANCE METRICS

Total Rentable Square Feet Equity Market Capitalization Net Debt / Annualized Adjusted EBITDA re
Same Property Net Operating Income Change Second Generation Net Rent Change Annualized General & Administrative
Cash-Basis (1) Cash-Basis (1) Expenses / Total Undepreciated Assets
(1) Office properties only.
Note: See additional information included herein for calculations, definitions, and reconciliations to GAAP financial measures.

Cousins Properties | 10 | Q2 2021 Supplemental Information

FUNDS FROM OPERATIONS - SUMMARY (1)

| (amounts in thousands, except per share amounts)
| 2019 | 2020 1st | 2020 2nd | 2020 3rd | 2020 4th | 2020 | 2021 1st | 2021 2nd |  |  | YTD 2021
Net Operating Income | $ | 431,790 |  | $ | 127,782 |  | $ | 117,132 |  | $ | 120,016 |  | $ | 121,104 |  | $ | 486,034 |  | $ | 123,124 |  | $ | 122,705 |  |  |  | $ | 245,829 |
Gain (Loss) on Sales of Undepreciated Investment Properties | 18,182 |  | 1,335 |  | — |  | — |  | (723) |  | 612 |  | — |  | — |  |  |  | — |
Fee Income | 28,518 |  | 4,732 |  | 4,689 |  | 4,351 |  | 4,454 |  | 18,226 |  | 4,530 |  | 4,803 |  |  |  | 9,333 |
Other Income | 7,861 |  | 2,994 |  | 726 |  | 406 |  | 199 |  | 4,325 |  | 298 |  | 897 |  |  |  | 1,195 |
Reimbursed Expenses | (4,004) |  | (521) |  | (322) |  | (373) |  | (364) |  | (1,580) |  | (368) |  | (398) |  |  |  | (766) |
General and Administrative Expenses | (37,007) |  | (5,652) |  | (8,543) |  | (5,658) |  | (7,181) |  | (27,034) |  | (6,733) |  | (7,313) |  |  |  | (14,046) |
Interest Expense | (59,701) |  | (16,554) |  | (14,543) |  | (15,497) |  | (16,082) |  | (62,676) |  | (17,723) |  | (17,519) |  |  |  | (35,242) |
Other Expenses | (55,047) |  | (1,188) |  | (1,007) |  | (1,113) |  | (664) |  | (3,972) |  | (1,010) |  | (967) |  |  |  | (1,977) |
Depreciation and Amortization of Non-Real Estate Assets | (1,799) |  | (207) |  | (173) |  | (154) |  | (154) |  | (688) |  | (158) |  | (157) |  |  |  | (315) |
FFO (1) | $ | 328,793 |  | $ | 112,721 |  | $ | 97,959 |  | $ | 101,978 |  | $ | 100,589 |  | $ | 413,247 |  | $ | 101,960 |  | $ | 102,051 |  |  |  | $ | 204,011 |
Weighted Average Shares - Diluted | 129,831 |  | 148,561 |  | 148,580 |  | 148,606 |  | 148,669 |  | 148,636 |  | 148,725 |  | 148,740 |  |  |  | 148,716 |
FFO per Share (1) | $ | 2.53 |  | $ | 0.76 |  | $ | 0.66 |  | $ | 0.69 |  | $ | 0.68 |  | $ | 2.78 |  | $ | 0.69 |  | $ | 0.69 |  |  |  | $ | 1.37 |

(1) See pages 31 and 34 for reconciliations of Funds From Operations to net income available to common shareholders.

Cousins Properties | 11 | Q2 2021 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

| (amounts in thousands, except per share amounts)
| 2019 | 2020 1st | 2020 2nd | 2020 3rd | 2020 4th | 2020 | 2021 1st | 2021 2nd |  |  | YTD 2021
Net Operating Income |  |  |  |  |  |  |  |  |  |  |
Consolidated Properties |  |  |  |  |  |  |  |  |  |  |
The Domain (2) | $ | 19,945 |  | $ | 9,068 |  | $ | 9,899 |  | $ | 11,053 |  | $ | 11,701 |  | $ | 41,721 |  | $ | 12,127 |  | $ | 13,194 |  |  |  | $ | 25,321 |
Spring & 8th (2) | 29,369 |  | 7,351 |  | 7,255 |  | 7,340 |  | 7,286 |  | 29,232 |  | 7,367 |  | 7,320 |  |  |  | 14,687 |
Corporate Center (2) | 26,484 |  | 6,157 |  | 5,928 |  | 6,113 |  | 7,199 |  | 25,397 |  | 7,371 |  | 7,157 |  |  |  | 14,528 |
Terminus (2) (3) | 7,330 |  | 6,949 |  | 6,899 |  | 7,227 |  | 6,620 |  | 27,695 |  | 7,192 |  | 6,461 |  |  |  | 13,653 |
Northpark (2) | 25,272 |  | 6,916 |  | 6,983 |  | 7,087 |  | 6,682 |  | 27,668 |  | 6,760 |  | 6,588 |  |  |  | 13,348 |
Hayden Ferry (2) | 23,938 |  | 6,321 |  | 5,676 |  | 6,069 |  | 6,280 |  | 24,346 |  | 6,221 |  | 6,079 |  |  |  | 12,300 |
Fifth Third Center | 17,993 |  | 4,573 |  | 4,791 |  | 4,643 |  | 4,347 |  | 18,354 |  | 4,782 |  | 4,963 |  |  |  | 9,745 |
One Eleven Congress | 17,379 |  | 4,396 |  | 4,496 |  | 4,565 |  | 4,573 |  | 18,030 |  | 4,564 |  | 4,466 |  |  |  | 9,030 |
BriarLake Plaza (2) | 10,217 |  | 4,681 |  | 4,367 |  | 4,359 |  | 4,697 |  | 18,104 |  | 4,483 |  | 4,530 |  |  |  | 9,013 |
The Terrace (2) | 8,311 |  | 3,988 |  | 3,998 |  | 4,003 |  | 4,152 |  | 16,141 |  | 4,341 |  | 4,213 |  |  |  | 8,554 |
Promenade | 18,359 |  | 4,506 |  | 3,950 |  | 4,256 |  | 4,101 |  | 16,813 |  | 4,060 |  | 4,116 |  |  |  | 8,176 |
Avalon (2) | 7,408 |  | 1,821 |  | 2,587 |  | 3,065 |  | 3,526 |  | 10,999 |  | 3,714 |  | 3,993 |  |  |  | 7,707 |
San Jacinto Center | 14,593 |  | 3,617 |  | 4,290 |  | 3,745 |  | 3,314 |  | 14,966 |  | 3,750 |  | 3,912 |  |  |  | 7,662 |
3344 Peachtree | 13,303 |  | 5,267 |  | 2,966 |  | 3,352 |  | 3,498 |  | 15,083 |  | 3,549 |  | 3,690 |  |  |  | 7,239 |
The RailYard | — |  | — |  | — |  | — |  | 929 |  | 929 |  | 3,175 |  | 3,112 |  |  |  | 6,287 |
Colorado Tower | 13,991 |  | 3,350 |  | 3,303 |  | 3,055 |  | 2,640 |  | 12,348 |  | 2,382 |  | 3,253 |  |  |  | 5,635 |
Buckhead Plaza (2) | 15,079 |  | 3,617 |  | 2,783 |  | 2,984 |  | 2,894 |  | 12,278 |  | 2,509 |  | 2,980 |  |  |  | 5,489 |
One South at the Plaza (4) | 10,605 |  | 5,323 |  | 4,651 |  | 4,656 |  | 4,063 |  | 18,693 |  | 2,477 |  | 2,879 |  |  |  | 5,356 |
NASCAR Plaza | 10,300 |  | 2,750 |  | 2,655 |  | 2,845 |  | 2,470 |  | 10,720 |  | 2,687 |  | 2,626 |  |  |  | 5,313 |
816 Congress | 11,847 |  | 2,636 |  | 2,754 |  | 2,645 |  | 2,587 |  | 10,622 |  | 2,456 |  | 2,348 |  |  |  | 4,804 |
Legacy Union One | 5,157 |  | 2,400 |  | 2,396 |  | 2,390 |  | 2,399 |  | 9,585 |  | 2,363 |  | 2,371 |  |  |  | 4,734 |
1200 Peachtree | 7,691 |  | 2,332 |  | 2,318 |  | 2,371 |  | 2,319 |  | 9,340 |  | 2,286 |  | 2,278 |  |  |  | 4,564 |
3350 Peachtree | 8,957 |  | 2,450 |  | 2,849 |  | 2,162 |  | 2,190 |  | 9,651 |  | 2,280 |  | 2,255 |  |  |  | 4,535 |
Tempe Gateway | 7,750 |  | 2,084 |  | 1,835 |  | 1,827 |  | 1,770 |  | 7,516 |  | 1,417 |  | 1,452 |  |  |  | 2,869 |
111 West Rio | 5,559 |  | 1,388 |  | 1,411 |  | 1,309 |  | 1,389 |  | 5,497 |  | 1,387 |  | 1,397 |  |  |  | 2,784 |
3348 Peachtree | 6,167 |  | 1,502 |  | 1,309 |  | 1,308 |  | 1,341 |  | 5,460 |  | 1,262 |  | 1,258 |  |  |  | 2,520 |
Domain Point (2) | 3,058 |  | 1,187 |  | 1,435 |  | 1,482 |  | 1,640 |  | 5,744 |  | 1,265 |  | 1,243 |  |  |  | 2,508 |
5950 Sherry Lane | 2,316 |  | 1,239 |  | 1,184 |  | 1,298 |  | 1,280 |  | 5,001 |  | 1,188 |  | 1,200 |  |  |  | 2,388 |
The Pointe | 5,089 |  | 1,192 |  | 1,230 |  | 1,254 |  | 1,076 |  | 4,752 |  | 1,199 |  | 1,043 |  |  |  | 2,242 |
Meridian Mark Plaza | 4,370 |  | 1,067 |  | 846 |  | 1,129 |  | 1,117 |  | 4,159 |  | 1,018 |  | 1,040 |  |  |  | 2,058 |
Research Park V | 4,087 |  | 1,029 |  | 1,029 |  | 1,055 |  | 1,012 |  | 4,125 |  | 1,038 |  | 985 |  |  |  | 2,023 |
Harborview Plaza | 2,013 |  | 795 |  | 840 |  | 863 |  | 793 |  | 3,291 |  | 831 |  | 720 |  |  |  | 1,551 |
Other (5) | 35,440 |  | 9,795 |  | 4,026 |  | 4,298 |  | 4,819 |  | 22,938 |  | 4,869 |  | 2,146 |  |  |  | 7,015 |
Subtotal - Consolidated | 399,377 |  | 121,747 |  | 112,939 |  | 115,808 |  | 116,704 |  | 467,198 |  | 118,370 |  | 117,268 |  |  |  | 235,638 |
Continued on next page

Cousins Properties | 12 | Q2 2021 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

| (amounts in thousands, except per share amounts)
| 2019 | 2020 1st | 2020 2nd | 2020 3rd | 2020 4th | 2020 | 2021 1st | 2021 2nd |  |  | YTD 2021
Unconsolidated Properties (6) |  |  |  |  |  |  |  |  |  |  |
Dimensional Place | 5,761 |  | 1,900 |  | 1,955 |  | 1,964 |  | 1,840 |  | 7,659 |  | 1,878 |  | 1,919 |  |  |  | 3,797 |
Carolina Square (2) | 4,367 |  | 1,255 |  | 1,210 |  | 1,163 |  | 1,312 |  | 4,940 |  | 1,315 |  | 1,517 |  |  |  | 2,832 |
Emory University Hospital Midtown | 4,239 |  | 1,078 |  | 962 |  | 1,080 |  | 1,090 |  | 4,210 |  | 1,048 |  | 1,094 |  |  |  | 2,142 |
120 West Trinity (2) | (48) |  | (60) |  | (13) |  | 28 |  | (4) |  | (49) |  | 151 |  | 204 |  |  |  | 355 |
Terminus (2) (3) | 10,548 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |  |  | — |
Other (5) | 7,546 |  | 1,862 |  | 79 |  | (27) |  | 162 |  | 2,076 |  | 362 |  | 703 |  |  |  | 1,065 |
Subtotal - Unconsolidated | 32,413 |  | 6,035 |  | 4,193 |  | 4,208 |  | 4,400 |  | 18,836 |  | 4,754 |  | 5,437 |  |  |  | 10,191 |
Total Net Operating Income (1) | 431,790 |  | 127,782 |  | 117,132 |  | 120,016 |  | 121,104 |  | 486,034 |  | 123,124 |  | 122,705 |  |  |  | 245,829 |
Gain (Loss) on Sales of Undepreciated Investment Properties |  |  |  |  |  |  |  |  |  |  |
Consolidated | 18,182 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |  |  | — |
Unconsolidated (6) | — |  | 1,335 |  | — |  | — |  | (723) |  | 612 |  | — |  | — |  |  |  | — |
Total Gain (Loss) on Sales of Undepreciated Investment Properties | 18,182 |  | 1,335 |  | — |  | — |  | (723) |  | 612 |  | — |  | — |  |  |  | — |
Fee Income |  |  |  |  |  |  |  |  |  |  |
Development Fees | 22,058 |  | 3,835 |  | 3,846 |  | 3,804 |  | 3,849 |  | 15,334 |  | 3,900 |  | 4,173 |  |  |  | 8,073 |
Management Fees (7) | 5,717 |  | 762 |  | 843 |  | 546 |  | 605 |  | 2,756 |  | 579 |  | 616 |  |  |  | 1,195 |
Leasing & Other Fees | 743 |  | 135 |  | — |  | 1 |  | — |  | 136 |  | 51 |  | 14 |  |  |  | 65 |
Total Fee Income | 28,518 |  | 4,732 |  | 4,689 |  | 4,351 |  | 4,454 |  | 18,226 |  | 4,530 |  | 4,803 |  |  |  | 9,333 |
Other Income |  |  |  |  |  |  |  |  |  |  |
Termination Fees | 7,227 |  | 2,844 |  | 539 |  | 372 |  | 79 |  | 3,834 |  | 42 |  | 782 |  |  |  | 824 |
Termination Fees - Unconsolidated (6) | 16 |  | 1 |  | 2 |  | 5 |  | 1 |  | 9 |  | — |  | 7 |  |  |  | 7 |
Interest and Other Income | 246 |  | 37 |  | 126 |  | 6 |  | 62 |  | 231 |  | 213 |  | 68 |  |  |  | 281 |
Interest and Other Income - Unconsolidated (6) | 372 |  | 112 |  | 59 |  | 23 |  | 57 |  | 251 |  | 43 |  | 40 |  |  |  | 83 |
Total Other Income | 7,861 |  | 2,994 |  | 726 |  | 406 |  | 199 |  | 4,325 |  | 298 |  | 897 |  |  |  | 1,195 |
Total Fee and Other Income | 36,379 |  | 7,726 |  | 5,415 |  | 4,757 |  | 4,653 |  | 22,551 |  | 4,828 |  | 5,700 |  |  |  | 10,528 |
Reimbursed Expenses (7) | (4,004) |  | (521) |  | (322) |  | (373) |  | (364) |  | (1,580) |  | (368) |  | (398) |  |  |  | (766) |
General and Administrative Expenses | (37,007) |  | (5,652) |  | (8,543) |  | (5,658) |  | (7,181) |  | (27,034) |  | (6,733) |  | (7,313) |  |  |  | (14,046) |
Interest Expense |  |  |  |  |  |  |  |  |  |  |
Consolidated Debt |  |  |  |  |  |  |  |  |  |  |
2019 Senior Notes, Unsecured ($275M) | (5,853) |  | (2,744) |  | (2,744) |  | (2,743) |  | (2,744) |  | (10,975) |  | (2,744) |  | (2,744) |  |  |  | (5,488) |
2017 Senior Notes, Unsecured ($250M) | (9,958) |  | (2,489) |  | (2,490) |  | (2,490) |  | (2,489) |  | (9,958) |  | (2,490) |  | (2,489) |  |  |  | (4,979) |
2019 Senior Notes, Unsecured ($250M) | (5,207) |  | (2,441) |  | (2,441) |  | (2,441) |  | (2,441) |  | (9,764) |  | (2,441) |  | (2,441) |  |  |  | (4,882) |
Credit Facility, Unsecured | (7,325) |  | (3,081) |  | (773) |  | (827) |  | (1,087) |  | (5,768) |  | (1,710) |  | (1,299) |  |  |  | (3,009) |
Terminus (2) (3) | (1,540) |  | (1,526) |  | (1,511) |  | (1,497) |  | (1,482) |  | (6,016) |  | (1,468) |  | (1,452) |  |  |  | (2,920) |
2019 Senior Notes, Unsecured ($125M) | (2,554) |  | (1,197) |  | (1,197) |  | (1,198) |  | (1,197) |  | (4,789) |  | (1,197) |  | (1,198) |  |  |  | (2,395) |
Fifth Third Center | (4,846) |  | (1,194) |  | (1,188) |  | (1,181) |  | (1,174) |  | (4,737) |  | (1,168) |  | (1,159) |  |  |  | (2,327) |
2017 Senior Notes, Unsecured ($100M) | (4,145) |  | (1,036) |  | (1,037) |  | (1,036) |  | (1,036) |  | (4,145) |  | (1,036) |  | (1,037) |  |  |  | (2,073) |
Colorado Tower | (4,173) |  | (1,030) |  | (1,026) |  | (1,020) |  | (1,015) |  | (4,091) |  | (1,009) |  | (1,005) |  |  |  | (2,014) |
Promenade | (4,224) |  | (1,034) |  | (1,025) |  | (1,016) |  | (1,006) |  | (4,081) |  | (997) |  | (988) |  |  |  | (1,985) |
Term Loan, Unsecured | (9,194) |  | (1,891) |  | (1,190) |  | (994) |  | (981) |  | (5,056) |  | (948) |  | (950) |  |  |  | (1,898) |
Continued on next page

Cousins Properties | 13 | Q2 2021 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

| (amounts in thousands, except per share amounts)
| 2019 | 2020 1st | 2020 2nd | 2020 3rd | 2020 4th | 2020 | 2021 1st | 2021 2nd |  |  | YTD 2021
816 Congress (9) | (3,111) |  | (768) |  | (763) |  | (760) |  | (755) |  | (3,046) |  | (751) |  | (731) |  |  |  | (1,482) |
Legacy Union One | (1,169) |  | (528) |  | (527) |  | (536) |  | (536) |  | (2,127) |  | (520) |  | (528) |  |  |  | (1,048) |
Domain 10 (9) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (17) |  |  |  | (17) |
Other (10) | (1,883) |  | (254) |  | (40) |  | (41) |  | (41) |  | (376) |  | (41) |  | (37) |  |  |  | (78) |
Capitalized (8) | 11,219 |  | 5,309 |  | 3,959 |  | 2,722 |  | 2,334 |  | 14,324 |  | 1,312 |  | 1,419 |  |  |  | 2,731 |
Subtotal - Consolidated Interest Expense | (53,963) |  | (15,904) |  | (13,993) |  | (15,058) |  | (15,650) |  | (60,605) |  | (17,208) |  | (16,656) |  |  |  | (33,864) |
Unconsolidated Debt (6) |  |  |  |  |  |  |  |  |  |  |
Emory University Hospital Midtown | (1,229) |  | (303) |  | (301) |  | (301) |  | (297) |  | (1,202) |  | (296) |  | (293) |  |  |  | (589) |
Carolina Square (2) | (1,605) |  | (347) |  | (249) |  | (138) |  | (135) |  | (869) |  | (134) |  | (416) |  |  |  | (550) |
300 Colorado | — |  | — |  | — |  | — |  | — |  | — |  | (85) |  | (154) |  |  |  | (239) |
Terminus (2) (3) | (2,904) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |  |  | — |
Subtotal - Unconsolidated Interest Expense | (5,738) |  | (650) |  | (550) |  | (439) |  | (432) |  | (2,071) |  | (515) |  | (863) |  |  |  | (1,378) |
Total Interest Expense | (59,701) |  | (16,554) |  | (14,543) |  | (15,497) |  | (16,082) |  | (62,676) |  | (17,723) |  | (17,519) |  |  |  | (35,242) |
Other Expenses |  |  |  |  |  |  |  |  |  |  |
Property Taxes and Other Holding Costs | (1,075) |  | (356) |  | (380) |  | (353) |  | (74) |  | (1,163) |  | (345) |  | (164) |  |  |  | (509) |
Partners' Share of FFO in Consolidated Joint Ventures | (833) |  | (213) |  | (342) |  | (343) |  | (365) |  | (1,263) |  | (407) |  | (129) |  |  |  | (536) |
Severance | (154) |  | (51) |  | (17) |  | — |  | (1) |  | (69) |  | (308) |  | (19) |  |  |  | (327) |
Predevelopment & Other Costs | (402) |  | (153) |  | (255) |  | (417) |  | (224) |  | (1,049) |  | 50 |  | (655) |  |  |  | (605) |
Income Tax Expense | 298 |  | (50) |  | 50 |  | — |  | — |  | — |  | — |  | — |  |  |  | — |
Transaction Costs | (52,881) |  | (365) |  | (63) |  | — |  | — |  | (428) |  | — |  | — |  |  |  | — |
Total Other Expenses | (55,047) |  | (1,188) |  | (1,007) |  | (1,113) |  | (664) |  | (3,972) |  | (1,010) |  | (967) |  |  |  | (1,977) |
Depreciation and Amortization of Non-Real Estate Assets | (1,799) |  | (207) |  | (173) |  | (154) |  | (154) |  | (688) |  | (158) |  | (157) |  |  |  | (315) |
FFO (1) | $ | 328,793 |  | $ | 112,721 |  | $ | 97,959 |  | $ | 101,978 |  | $ | 100,589 |  | $ | 413,247 |  | $ | 101,960 |  | $ | 102,051 |  |  |  | $ | 204,011 |
Weighted Average Shares - Diluted | 129,831 |  | 148,561 |  | 148,580 |  | 148,606 |  | 148,669 |  | 148,636 |  | 148,725 |  | 148,740 |  |  |  | 148,716 |
FFO per Share (1) | $ | 2.53 |  | $ | 0.76 |  | $ | 0.66 |  | $ | 0.69 |  | $ | 0.68 |  | $ | 2.78 |  | $ | 0.69 |  | $ | 0.69 |  |  |  | $ | 1.37 |

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 31.
(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) Prior period amounts adjusted to exclude College Street Garage, which was not included in the July 2021 sale of One South at the Plaza. See note 5.
(5) Primarily represents properties sold prior to June 30, 2021, see page 24. Also, includes College Street Garage and preliminary operational activity at Domain 10 and 300 Colorado, which are in the final stages of development and not yet stabilized.
(6) 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.
(7) Reimbursed Expenses include costs incurred by the Company for management services provided to our unconsolidated joint ventures. The reimbursement of these costs by the unconsolidated joint ventures is included Management Fees.
(8) Amounts of consolidated interest expense related to consolidated debt that are capitalized to consolidated development projects and equity in unconsolidated development projects.
(9) In June 2021, we executed a collateral swap for the mortgage previously secured by the Company's 816 Congress property. The mortgage is now secured by the Company's Domain 10 property. Terms of the mortgage remain unchanged.
(10) Primarily represents interest on loans repaid prior to June 30, 2021.

Cousins Properties | 14 | Q2 2021 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) |  |
|  |  |  |  |  | 2Q21 |  | 1Q21 |  | 2Q21 |  | 1Q21 |  |  |  |
| Spring & 8th (4) |  | 765,000 |  |  | Consolidated |  |  |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 6.1% |  | $ | — |  |  |
| Northpark (4) |  | 1,539,000 |  |  | Consolidated |  |  |  | 100% |  | 86.5% |  | 87.9% |  | 86.7% |  | 88.8% |  | 5.5% |  | — |  |  |
| Terminus (4) |  | 1,226,000 |  |  | Consolidated |  |  |  | 100% |  | 87.9% |  | 81.8% |  | 79.6% |  | 81.6% |  | 5.4% |  | 191,490 |  |  |
| Promenade |  | 777,000 |  |  | Consolidated |  |  |  | 100% |  | 90.7% |  | 89.1% |  | 89.0% |  | 89.3% |  | 3.4% |  | 90,770 |  |  |
| Avalon (5) |  | 480,000 |  |  | Consolidated |  |  |  | 90% |  | 86.0% |  | 86.0% |  | 86.0% |  | 86.0% |  | 3.3% |  | — |  |  |
| 3344 Peachtree |  | 484,000 |  |  | Consolidated |  |  |  | 100% |  | 95.3% |  | 95.3% |  | 95.3% |  | 95.3% |  | 3.1% |  | — |  |  |
| Buckhead Plaza (4) |  | 666,000 |  |  | Consolidated |  |  |  | 100% |  | 80.7% |  | 77.0% |  | 72.5% |  | 70.1% |  | 2.4% |  | — |  |  |
| 1200 Peachtree |  | 370,000 |  |  | Consolidated |  |  |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1.9% |  | — |  |  |
| 3350 Peachtree |  | 413,000 |  |  | Consolidated |  |  |  | 100% |  | 45.5% |  | 95.2% |  | 94.8% |  | 95.2% |  | 1.9% |  | — |  |  |
| 3348 Peachtree |  | 258,000 |  |  | Consolidated |  |  |  | 100% |  | 90.1% |  | 90.1% |  | 89.7% |  | 89.0% |  | 1.0% |  | — |  |  |
| Emory University Hospital Midtown |  | 358,000 |  |  | Unconsolidated |  |  |  | 50% |  | 97.3% |  | 98.0% |  | 97.6% |  | 98.4% |  | 0.9% |  | 32,735 |  |
| Meridian Mark Plaza |  | 160,000 |  |  | Consolidated |  |  |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 0.9% |  | — |  |  |
| 120 West Trinity (6) |  | 43,000 |  |  | Unconsolidated |  |  |  | 20% |  | 90.4% |  | NA |  | 77.3% |  | NA |  | 0.1% |  |  |  |
| ATLANTA |  | 7,539,000 |  |  |  |  |  |  |  |  | 87.7% |  | 89.3% |  | 88.2% |  | 88.8% |  | 35.9% |  | 314,995 |  |  |
| The Domain (5) |  | 1,603,000 |  |  | Consolidated |  |  |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 95.8% |  | 11.0% |  | — |  |  |
| One Eleven Congress |  | 519,000 |  |  | Consolidated |  |  |  | 100% |  | 94.9% |  | 94.9% |  | 94.9% |  | 94.9% |  | 3.7% |  | — |  |  |
| The Terrace (4) |  | 619,000 |  |  | Consolidated |  |  |  | 100% |  | 92.4% |  | 89.4% |  | 88.1% |  | 88.9% |  | 3.5% |  | — |  |  |
| San Jacinto Center |  | 399,000 |  |  | Consolidated |  |  |  | 100% |  | 93.9% |  | 93.9% |  | 93.9% |  | 92.9% |  | 3.3% |  | — |  |  |
| Colorado Tower |  | 373,000 |  |  | Consolidated |  |  |  | 100% |  | 100.0% |  | 99.1% |  | 92.6% |  | 81.6% |  | 2.7% |  | 112,917 |  |  |
| 816 Congress |  | 435,000 |  |  | Consolidated |  |  |  | 100% |  | 76.7% |  | 76.0% |  | 76.0% |  | 80.6% |  | 2.0% |  | — |  |  |
| Domain Point (4) |  | 240,000 |  |  | Consolidated |  |  |  | 96.5% |  | 83.3% |  | 83.3% |  | 74.9% |  | 74.9% |  | 1.0% |  | — |  |  |
| Research Park V |  | 173,000 |  |  | Consolidated |  |  |  | 100% |  | 97.1% |  | 97.1% |  | 97.1% |  | 97.1% |  | 0.8% |  | — |  |  |
| AUSTIN |  | 4,361,000 |  |  |  |  |  |  |  |  | 94.4% |  | 93.9% |  | 92.7% |  | 90.7% |  | 28.0% |  | 112,917 |  |  |
| Fifth Third Center |  | 692,000 |  |  | Consolidated |  |  |  | 100% |  | 94.4% |  | 98.0% |  | 98.0% |  | 99.5% |  | 4.1% |  | 135,030 |  |  |
| The RailYard (6) |  | 329,000 |  |  | Consolidated |  |  |  | 100% |  | 96.8% |  | 96.8% |  | 96.8% |  | 96.8% |  | 2.6% |  | — |  |  |
| One South at the Plaza (6) (7) |  | 891,000 |  |  | Consolidated |  |  |  | 100% |  | 57.6% |  | 57.6% |  | 57.1% |  | 57.3% |  | 2.4% |  | — |  |  |
| NASCAR Plaza |  | 394,000 |  |  | Consolidated |  |  |  | 100% |  | 97.8% |  | 98.0% |  | 97.8% |  | 97.8% |  | 2.2% |  | — |  |  |
| Dimensional Place (6) (8) |  | 281,000 |  |  | Unconsolidated |  |  |  | 50% |  | 96.9% |  | 95.6% |  | 95.6% |  | 95.6% |  | 1.6% |  | — |  |  |
| CHARLOTTE |  | 2,587,000 |  |  |  |  |  |  |  |  | 82.0% |  | 83.0% |  | 82.8% |  | 83.3% |  | 12.9% |  | 135,030 |  |  |
| Corporate Center (4) |  | 1,227,000 |  |  | Consolidated |  |  |  | 100% |  | 97.0% |  | 97.0% |  | 97.0% |  | 97.0% |  | 5.9% |  | — |  |  |
| The Pointe |  | 253,000 |  |  | Consolidated |  |  |  | 100% |  | 89.6% |  | 90.5% |  | 90.1% |  | 89.6% |  | 0.9% |  | — |  |  |
| Harborview Plaza |  | 205,000 |  |  | Consolidated |  |  |  | 100% |  | 77.5% |  | 76.3% |  | 76.7% |  | 76.3% |  | 0.6% |  | — |  |  |
| TAMPA |  | 1,685,000 |  |  |  |  |  |  |  |  | 93.5% |  | 93.5% |  | 93.5% |  | 93.4% |  | 7.4% |  | — |  |  |
| Hayden Ferry (4) |  | 792,000 |  |  | Consolidated |  |  |  | 100% |  | 93.7% |  | 97.5% |  | 95.7% |  | 98.1% |  | 5.0% |  | — |  |  |
| Tempe Gateway |  | 264,000 |  |  | Consolidated |  |  |  | 100% |  | 78.1% |  | 78.1% |  | 78.1% |  | 78.1% |  | 1.2% |  | — |  |  |
| 111 West Rio |  | 225,000 |  |  | Consolidated |  |  |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1.2% |  | — |  |  |
| PHOENIX |  | 1,281,000 |  |  |  |  |  |  |  |  | 91.6% |  | 93.9% |  | 92.9% |  | 94.3% |  | 7.4% |  | — |  |  |
| Continued on next page |

Cousins Properties | 15 | Q2 2021 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) |  |
|  |  |  |  |  | 2Q21 |  | 1Q21 |  | 2Q21 |  | 1Q21 |  |  |  |
| Legacy Union One |  | 319,000 |  |  | Consolidated |  |  |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 2.1% |  | 67,078 |  |  |
| 5950 Sherry Lane |  | 197,000 |  |  | Consolidated |  |  |  | 100% |  | 84.9% |  | 85.6% |  | 85.1% |  | 85.6% |  | 0.9% |  | — |  |  |
| DALLAS |  | 516,000 |  |  |  |  |  |  |  |  | 94.2% |  | 94.5% |  | 94.3% |  | 94.5% |  | 3.0% |  | 67,078 |  |  |
| BriarLake Plaza - Houston (4) |  | 835,000 |  |  | Consolidated |  |  |  | 100% |  | 84.9% |  | 84.9% |  | 84.9% |  | 84.9% |  | 3.8% |  | — |  |  |
| Carolina Square - Chapel Hill |  | 158,000 |  |  | Unconsolidated |  |  |  | 50% |  | 94.5% |  | 94.5% |  | 94.5% |  | 94.5% |  | 0.5% |  | 22,582 |  |  |
| OTHER OFFICE |  | 993,000 |  |  |  |  |  |  |  |  | 85.7% |  | 85.7% |  | 85.7% |  | 85.7% |  | 4.3% |  | 22,582 |  |  |
| TOTAL OFFICE |  | 18,962,000 |  |  |  |  |  |  |  |  | 89.4% |  | 90.2% |  | 89.4% |  | 89.3% |  | 98.9% |  | $ | 652,602 |  |  |
| Other Properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Carolina Square Apartment - Chapel Hill (246 units) (6) |  | 266,000 |  |  | Unconsolidated |  |  |  | 50% |  | 96.7% |  | 100.0% |  | 92.4% |  | 99.9% |  | 0.8% |  | 38,017 |  |  |
| Carolina Square Retail - Chapel Hill (6) |  | 44,000 |  |  | Unconsolidated |  |  |  | 50% |  | 87.1% |  | 87.1% |  | 87.1% |  | 82.2% |  | 0.1% |  | 6,288 |  |  |
| College Street Garage - Charlotte (6) |  | NA |  | Consolidated |  |  |  | 100% |  | NA |  | NA |  | NA |  | NA |  | 0.1% |  | — |  |
| 120 West Trinity Apartment - Atlanta (330 units) (6)(9) |  | 310,000 |  |  | Unconsolidated |  |  |  | 20% |  | 97.9% |  | NA |  | 85.9% |  | NA |  | 0.1% |  | — |  |  |
| TOTAL OTHER |  | 620,000 |  |  |  |  |  |  |  |  | 96.1% |  | 98.2% |  | 90.0% |  | 97.4% |  | 1.1% |  | $ | 44,305 |  |  |
| TOTAL |  | 19,582,000 |  |  |  |  |  |  |  |  | 89.5% |  | 90.3% |  | 89.4% |  | 89.4% |  | 100.0% |  | $ | 696,907 |  |  |

(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 June 30, 2021.
(3) |  | The Company's share of property-specific mortgage debt, including premiums and net of unamortized loan costs, as of June 30, 2021.
(4) |  | Contains two or more buildings that are grouped together for reporting purposes.
(5) |  | Contains two or more buildings that are grouped together for reporting purposes, some of which are not included in Same Property as of June 30, 2021.
(6) |  | Not included in Same Property as of June 30, 2021.
(7) |  | Held for sale as of June 30, 2021 and sold subsequent to quarter end.
(8) |  | The Company's partner in this unconsolidated joint venture has exercised their option to purchase the Company's 50% interest in accordance with the terms of the partnership agreement. The sale is expected to close at the end of the third quarter 2021.
(9) |  | Includes 9,000 square feet of retail space that was 25.1% leased as of June 30, 2021 and had a 25.1% weighted average occupancy during the second quarter of 2021.

Cousins Properties | 16 | Q2 2021 Supplemental Information

PORTFOLIO STATISTICS

Cousins Properties | 17 | Q2 2021 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

| ($ in thousands)
| Three Months Ended June 30,
| 2021 |  | 2020 |  | % Change
Rental Property Revenues (2) | $ | 161,096 |  |  | $ | 156,679 |  |  | 2.8 | %
Rental Property Operating Expenses (2) | 57,216 |  |  | 54,185 |  |  | 5.6 | %
Same Property Net Operating Income | $ | 103,880 |  |  | $ | 102,494 |  |  | 1.4 | %
Cash-Basis Rental Property Revenues (3) | $ | 155,635 |  |  | $ | 146,015 |  |  | 6.6 | %
Cash-Basis Rental Property Operating Expenses (4) | 57,064 |  |  | 54,018 |  |  | 5.6 | %
Cash-Basis Same Property Net Operating Income | $ | 98,571 |  |  | $ | 91,997 |  |  | 7.1 | %
End of Period Leased | 90.7 | % |  | 93.3 | % |  |
Weighted Average Occupancy | 90.7 | % |  | 91.0 | % |  |
| Six Months Ended June 30,
| 2021 |  | 2020 |  | % Change
Rental Property Revenues (2) | $ | 321,221 |  |  | $ | 318,088 |  |  | 1.0 | %
Rental Property Operating Expenses (2)(5) | 114,307 |  |  | 110,876 |  |  | 3.1 | %
Same Property Net Operating Income | $ | 206,914 |  |  | $ | 207,212 |  |  | (0.1) | %
Cash-Basis Rental Property Revenues (3) | $ | 308,184 |  |  | $ | 298,152 |  |  | 3.4 | %
Cash-Basis Rental Property Operating Expenses (4)(5) | 114,003 |  |  | 110,543 |  |  | 3.1 | %
Cash-Basis Same Property Net Operating Income | $ | 194,181 |  |  | $ | 187,609 |  |  | 3.5 | %
Weighted Average Occupancy | 90.9 | % |  | 90.8 | % |  |

(1) | Same Properties include those office properties that were stabilized 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 31.
(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 and other deferred income amortization, amortization of lease inducements, and amortization of acquired above and below market rents.
(4) | Cash-Basis Rental Property Operating Expenses include that of the Company and its share of unconsolidated joint ventures. It represents Rental Property Operating Expenses, excluding straight-line ground rent expense and amortization of above and below market ground rent expense.
(5) | Same Property Rental Property Operating Expenses and Cash-Basis Same Property Rental Property Operating Expenses for the six months ended June 30, 2020 have been adjusted to remove a $1.8 million one-time credit for construction-related legal expenses that were recovered through settlement during the three months ended March 31, 2020.

Cousins Properties | 18 | Q2 2021 Supplemental Information

OFFICE LEASING ACTIVITY

| Three Months Ended June 30, 2021 |  | Six Months Ended June 30, 2021
| New |  | Renewal |  | Expansion |  | Total |  | New |  | Renewal |  | Expansion |  | Total
Gross leased square feet (1) |  |  |  |  |  |  | 560,678 |  |  |  |  |  |  |  | 1,000,044
Less exclusions (2) |  |  |  |  |  |  | (76,342) |  |  |  |  |  |  |  | (244,582)
Net leased square feet | 255,051 |  |  | 123,637 |  |  | 105,648 |  |  | 484,336 |  | 315,628 |  | 314,675 |  | 125,159 |  | 755,462
Number of transactions | 19 |  |  | 14 |  |  | 6 |  |  | 39 |  | 29 |  | 31 |  | 9 |  | 69
Lease term in years (3) | 7.3 |  |  | 5.6 |  |  | 6.5 |  |  | 6.7 |  | 7.0 |  | 4.8 |  | 6.5 |  | 6.0
Net effective rent calculation (per square foot per year) (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net annualized rent (4) | $ | 33.71 |  |  | $ | 31.40 |  |  | $ | 30.33 |  |  | $ | 32.38 |  | $ | 33.70 |  |  | $ | 30.79 |  |  | $ | 30.32 |  |  | $ | 31.93 |
Net free rent | (1.03) |  |  | (0.89) |  |  | (2.56) |  |  | (1.33) |  | (1.24) |  |  | (1.27) |  |  | (2.52) |  |  | (1.46) |
Leasing commissions | (2.88) |  |  | (2.54) |  |  | (2.47) |  |  | (2.70) |  | (2.88) |  |  | (2.23) |  |  | (2.49) |  |  | (2.54) |
Tenant improvements | (4.61) |  |  | (3.23) |  |  | (6.10) |  |  | (4.58) |  | (4.96) |  |  | (2.76) |  |  | (6.15) |  |  | (4.24) |
Total leasing costs | (8.52) |  |  | (6.66) |  |  | (11.13) |  |  | (8.61) |  | (9.08) |  |  | (6.26) |  |  | (11.16) |  |  | (8.24) |
Net effective rent | $ | 25.19 |  |  | $ | 24.74 |  |  | $ | 19.20 |  |  | $23.77 |  | $ | 24.62 |  |  | $ | 24.53 |  |  | $ | 19.16 |  |  | $ | 23.69 |
Second generation leased square footage (5) |  |  |  |  |  |  | 358,006 |  |  |  |  |  |  |  | 579,649
Increase in straight-line basis second generation net rent per square foot (6) |  |  |  | 21.7 | % |  |  |  |  |  |  |  | 21.6 | %
Increase in cash-basis second generation net rent per square foot (7) |  | 12.9 | % |  |  |  |  |  |  | 12.0 | %

(1) | Comprised of total square feet leased, unadjusted for ownership share, and excluding apartment leasing.
(2) | Adjusted for leases one year or less, leases for retail, amenity, storage, percentage rent, intercompany space, and rent deferrals/extension agreements related to the COVID-19 pandemic.
(3) | Weighted average of net leased square feet.
(4) | Straight-line net rent per square foot (operating expenses deducted from gross leases) over the lease term prior to any deductions for leasing costs.
(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 second generation straight-line basis net annualized rent on a weighted average basis.
(7) | Increase in net cash rent at the end of the term paid by the prior tenant compared to net cash rent at the beginning of the term (after any free rent period) paid by the current tenant on a weighted average basis. For early renewals, the increase in net cash rent at the end of the term of the original lease is compared to net cash rent at the beginning of the extended term of the lease. Net cash rent is net of any recovery of operating expenses but prior to any deductions for leasing costs.

Cousins Properties | 19 | Q2 2021 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 |  | 1,089,864 |  |  | 6.8 | % |  | $ | 39,623 |  |  | 4.9 | % |  | $ | 34.59 |
2022 |  | 1,163,844 |  |  | 7.1 | % |  | 52,073 |  |  | 6.5 | % |  | 43.65 |
2023 |  | 1,573,444 |  |  | 9.3 | % |  | 69,138 |  |  | 8.6 | % |  | 43.94 |
2024 |  | 1,172,527 |  |  | 7.1 | % |  | 50,994 |  |  | 6.3 | % |  | 42.74 |
2025 |  | 1,953,032 |  |  | 11.6 | % |  | 89,121 |  |  | 11.1 | % |  | 45.63 |
2026 |  | 1,521,899 |  |  | 9.0 | % |  | 73,423 |  |  | 9.1 | % |  | 48.15 |
2027 |  | 1,582,800 |  |  | 9.4 | % |  | 69,877 |  |  | 8.7 | % |  | 43.88 |
2028 |  | 1,279,778 |  |  | 7.8 | % |  | 62,245 |  |  | 7.7 | % |  | 47.48 |
2029 |  | 1,215,766 |  |  | 7.3 | % |  | 58,687 |  |  | 7.3 | % |  | 47.90 |
2030 & Thereafter |  | 4,133,438 |  |  | 24.6 | % |  | 238,663 |  |  | 29.8 | % |  | 57.02 |
Total |  | 16,686,392 |  |  | 100.0 | % |  | $ | 803,844 |  |  | 100.0 | % |  | $ | 47.57 |

(1) Company's share of leases expiring after June 30, 2021.
(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 | 20 | Q2 2021 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 |  |  | $ | 35,789,947 |  |  | 5.3% |  | 12
2 |  | Amazon |  | 4 |  | 3 |  | 564,033 |  |  | 27,098,541 |  |  | 4.0% |  | 6
3 |  | Expedia, Inc. |  | 1 |  | 1 |  | 430,547 |  |  | 22,014,129 |  |  | 3.3% |  | 7
4 |  | Facebook, Inc. |  | 1 |  | 1 |  | 323,328 |  |  | 16,900,122 |  |  | 2.5% |  | 8
5 |  | Bank of America |  | 2 |  | 2 |  | 344,601 |  |  | 11,517,146 |  |  | 1.7% |  | 4
6 |  | Pioneer Natural Resources Company (fka Parsley Energy, L.P.) |  | 2 |  | 1 |  | 160,730 |  |  | 9,956,499 |  |  | 1.6% |  | 9
7 |  | Norfolk Southern Corporation |  | 2 |  | 1 |  | 394,621 |  |  | 9,920,450 |  |  | 1.5% |  | 1
8 |  | Apache Corporation |  | 1 |  | 1 |  | 210,012 |  |  | 9,168,766 |  |  | 1.3% |  | 3
9 |  | Wells Fargo Bank, NA |  | 4 |  | 3 |  | 198,376 |  |  | 8,748,345 |  |  | 1.3% |  | 5
10 |  | Ovintiv USA Inc (fka Encana Oil & Gas (USA) Inc.) (3) |  | 1 |  | 1 |  | 318,582 |  |  | 7,949,937 |  |  | 1.2% |  | 6
11 |  | Allstate |  | 2 |  | 2 |  | 214,380 |  |  | 7,749,926 |  |  | 1.1% |  | 6
12 |  | ADP, LLC |  | 1 |  | 1 |  | 225,000 |  |  | 7,596,540 |  |  | 1.1% |  | 7
13 |  | SVB Financial Group |  | 1 |  | 1 |  | 188,940 |  |  | 7,554,435 |  |  | 1.1% |  | 5
14 |  | Regus Equity Business Centers, LLC |  | 6 |  | 4 |  | 158,740 |  |  | 7,350,039 |  |  | 1.1% |  | 4
15 |  | McGuirewoods LLP |  | 3 |  | 3 |  | 197,282 |  |  | 7,036,205 |  |  | 1.0% |  | 5
16 |  | Westrock Shared Services, LLC |  | 1 |  | 1 |  | 205,185 |  |  | 6,991,587 |  |  | 1.0% |  | 9
17 |  | Dimensional Fund Advisors LP |  | 1 |  | 1 |  | 132,434 |  |  | 6,577,075 |  |  | 1.0% |  | 13
18 |  | Workrise Technologies, Inc. (fka RigUp, Inc.) |  | 1 |  | 1 |  | 93,210 |  |  | 6,549,563 |  |  | 1.0% |  | 7
19 |  | Samsung Engineering America |  | 1 |  | 1 |  | 133,860 |  |  | 6,193,830 |  |  | 0.9% |  | 5
20 |  | Amgen Inc. |  | 1 |  | 1 |  | 163,169 |  |  | 5,977,974 |  |  | 0.8% |  | 7
| Total |  |  |  |  |  | 5,419,120 |  |  | $ | 228,641,056 |  |  | 33.8% |  | 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 June 30, 2021. If the tenant is in a free rent period as of June 30, 2021, 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 | 21 | Q2 2021 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.

Cousins Properties | 22 | Q2 2021 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 |
|  |  |  |  |  |  |  |  |  | 7,949,000 |  |  | $ | 548,600 |

Completed Property Developments

Project |  | Type |  | Market |  | Company's Ownership Interest |  | Timing |  | Square Feet |  | Total Project Cost ($ in thousands) (1)
2021 |  |  |  |  |  |  |  |  |  |  |  |
10000 Avalon |  | Office |  | Atlanta |  | 90% |  | 1Q |  | 251,000 |  |  | $ | 96,000 |
120 West Trinity |  | Mixed |  | Atlanta |  | 20% |  | 2Q |  | 353,000 |  |  | 89,000 |
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 |
|  |  |  |  |  |  |  |  |  | 2,667,000 |  |  | $ | 926,500 |

(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.

Cousins Properties | 23 | Q2 2021 Supplemental Information

INVESTMENT ACTIVITY

Completed Operating Property Dispositions

Property |  | Type |  | Market |  | Company's Ownership Interest |  | Timing |  | Square Feet |  | Gross Sales Price ($ in thousands) (1)
2021 |  |  |  |  |  |  |  |  |  |  |  |
Burnett Plaza |  | Office |  | Fort Worth |  | 100% |  | 2Q |  | 1,023,000 |  |  | $ | 137,500 |
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 |
|  |  |  |  |  |  |  |  |  | 6,599,000 |  |  | $ | 1,277,500 |

(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.

Cousins Properties | 24 | Q2 2021 Supplemental Information

DEVELOPMENT PIPELINE (1)

Project |  | Type |  | Market |  | Company's Ownership Interest |  | Construction Start Date |  | Square Feet |  | 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)
Domain 10 |  | Office |  | Austin |  | 100 | % |  | 4Q18 |  | 300,000 |  | $ | 111,000 |  |  | $ | 111,000 |  |  | $ | 98,452 |  |  | $ | 98,452 |  |  | 100 | % |  | 3Q20 |  | 3Q21
300 Colorado (5) |  | Office |  | Austin |  | 50 | % |  | 4Q18 |  | 369,000 |  | 193,000 |  |  | 96,500 |  |  | 165,567 |  |  | 82,783 |  |  | 88 | % |  | 1Q21 |  | 1Q22
100 Mill |  | Office |  | Phoenix |  | 90 | % |  | 1Q20 |  | 287,000 |  | 153,000 |  |  | 137,700 |  |  | 88,410 |  |  | 79,569 |  |  | 48 | % |  | 1Q22 |  | 1Q23
Domain 9 |  | Office |  | Austin |  | 100 | % |  | 2Q21 |  | 338,000 |  | 147,000 |  |  | 147,000 |  |  | 20,389 |  |  | 20,389 |  |  | — | % |  | 2Q23 |  | 2Q24
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 604,000 |  |  | $ | 492,200 |  |  | $ | 372,818 |  |  | $ | 281,193 |  |  |  |  |  |  |

(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 are construction costs plus financing costs on 300 Colorado, which has project-specific debt. They exclude any financing cost assumptions for projects without project-specific debt and any other incremental capitalized costs required by GAAP. They also exclude 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 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 | 25 | Q2 2021 Supplemental Information

LAND INVENTORY

|  | Market |  | Company's Ownership Interest |  | Financial Statement Presentation |  | Total Developable Land (Acres) |  | Cost Basis of Land ($ in thousands)
3354/3356 Peachtree |  | Atlanta |  | 95% |  | Consolidated |  | 3.2 |  |  |
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 Central |  | 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 (2) |  | Phoenix |  | 100% |  | Consolidated |  | 0.7 |  |  |
Corporate Center 5 & 6 (3) |  | Tampa |  | 100% |  | Consolidated |  | 14.1 |  |  |
Total |  |  |  |  |  |  | 49.5 |  |  | $ | 163,718 |
Company's Share |  |  |  |  |  |  | 48.2 |  |  | $ | 158,511 |

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

Cousins Properties | 26 | Q2 2021 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 Market Premium |  | Total
Consolidated Debt - Floating Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term Loan, Unsecured (LIBOR + 1.05% to 1.65%) (1) |  | 100% |  | 1.15% |  | 8/30/24 |  | — |  | — |  | — |  | 350,000 |  | — |  | — |  | 350,000 |  |  | (2,271) |  |  | — |  |  | 347,729 |
Credit Facility, Unsecured (LIBOR + 1.05% to 1.45%) (2) |  | 100% |  | 1.15% |  | 1/3/23 |  | — |  | — |  | 32,000 |  | — |  | — |  | — |  | 32,000 |  |  | — |  |  | — |  |  | 32,000 |
Total Floating Rate Debt |  |  |  |  |  |  |  | — |  | — |  | 32,000 |  | 350,000 |  | — |  | — |  | 382,000 |  |  | (2,271) |  |  | — |  |  | 379,729 |
Consolidated Debt - Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2019 Senior Notes, Unsecured |  | 100% |  | 3.95% |  | 7/6/29 |  | — |  | — |  | — |  | — |  | — |  | 275,000 |  | 275,000 |  |  | (899) |  |  | — |  |  | 274,101 |
2017 Senior Notes, Unsecured |  | 100% |  | 3.91% |  | 7/6/25 |  | — |  | — |  | — |  | — |  | 250,000 |  | — |  | 250,000 |  |  | (732) |  |  | — |  |  | 249,268 |
2019 Senior Notes, Unsecured |  | 100% |  | 3.86% |  | 7/6/28 |  | — |  | — |  | — |  | — |  | — |  | 250,000 |  | 250,000 |  |  | (794) |  |  | — |  |  | 249,206 |
Fifth Third Center |  | 100% |  | 3.37% |  | 10/1/26 |  | 1,707 |  | 3,502 |  | 3,622 |  | 3,745 |  | 3,874 |  | 118,928 |  | 135,378 |  |  | (348) |  |  | — |  |  | 135,030 |
2019 Senior Notes, Unsecured |  | 100% |  | 3.78% |  | 7/6/27 |  | — |  | — |  | — |  | — |  | — |  | 125,000 |  | 125,000 |  |  | (382) |  |  | — |  |  | 124,618 |
Terminus 100 |  | 100% |  | 5.25% |  | 1/1/23 |  | 1,681 |  | 3,498 |  | 108,181 |  | — |  | — |  | — |  | 113,360 |  |  | — |  |  | 3,676 |  |  | 117,036 |
Colorado Tower |  | 100% |  | 3.45% |  | 9/1/26 |  | 1,266 |  | 2,598 |  | 2,689 |  | 2,783 |  | 2,880 |  | 101,199 |  | 113,415 |  |  | (498) |  |  | — |  |  | 112,917 |
2017 Senior Notes, Unsecured |  | 100% |  | 4.09% |  | 7/6/27 |  | — |  | — |  | — |  | — |  | — |  | 100,000 |  | 100,000 |  |  | (318) |  |  | — |  |  | 99,682 |
Promenade |  | 100% |  | 4.27% |  | 10/1/22 |  | 1,789 |  | 89,052 |  | — |  | — |  | — |  | — |  | 90,841 |  |  | (71) |  |  | — |  |  | 90,770 |
Domain 10 (3) |  | 100% |  | 3.75% |  | 11/1/24 |  | 919 |  | 1,891 |  | 1,963 |  | 72,558 |  | — |  | — |  | 77,331 |  |  | (1,047) |  |  | — |  |  | 76,284 |
Terminus 200 |  | 100% |  | 3.79% |  | 1/1/23 |  | 905 |  | 1,860 |  | 70,701 |  | — |  | — |  | — |  | 73,466 |  |  | — |  |  | 988 |  |  | 74,454 |
Legacy Union One |  | 100% |  | 4.24% |  | 1/1/23 |  | — |  | — |  | 66,000 |  | — |  | — |  | — |  | 66,000 |  |  | — |  |  | 1,078 |  |  | 67,078 |
Total Fixed Rate Debt |  |  |  |  |  |  |  | 8,267 |  | 102,401 |  | 253,156 |  | 79,086 |  | 256,754 |  | 970,127 |  | 1,669,791 |  |  | (5,089) |  |  | 5,742 |  |  | 1,670,444 |
Total Consolidated Debt |  |  |  |  |  |  |  | 8,267 |  | 102,401 |  | 285,156 |  | 429,086 |  | 256,754 |  | 970,127 |  | 2,051,791 |  |  | (7,360) |  |  | 5,742 |  |  | 2,050,173 |
Unconsolidated Debt - Floating Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carolina Square (LIBOR + 1.80%) |  | 50% |  | 1.90% |  | 3/18/26 |  | 510 |  | 1,020 |  | 1,020 |  | 1,020 |  | 1,020 |  | 63,015 |  | 67,605 |  |  | (718) |  |  | — |  |  | 66,887 |
300 Colorado (LIBOR + 2.25%) (4) |  | 50% |  | 2.35% |  | 1/17/22 |  | — |  | 45,993 |  | — |  | — |  | — |  | — |  | 45,993 |  |  | (135) |  |  | — |  |  | 45,858 |
Total Floating Rate Debt |  |  |  |  |  |  |  | 510 |  | 47,013 |  | 1,020 |  | 1,020 |  | 1,020 |  | 63,015 |  | 113,598 |  |  | (853) |  |  | — |  |  | 112,745 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | . |  |  |  |  |  |  |  |
Unconsolidated Debt - Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Emory University Hospital Midtown |  | 50% |  | 3.50% |  | 6/1/23 |  | 440 |  | 903 |  | 31,436 |  | — |  | — |  | — |  | 32,779 |  |  | (44) |  |  | — |  |  | 32,735 |
Total Fixed Rate Debt |  |  |  |  |  |  |  | 440 |  | 903 |  | 31,436 |  | — |  | — |  | — |  | 32,779 |  |  | (44) |  |  | — |  |  | 32,735 |
Total Unconsolidated Debt |  |  |  |  |  |  |  | 950 |  | 47,916 |  | 32,456 |  | 1,020 |  | 1,020 |  | 63,015 |  | 146,377 |  | (897) |  |  | — |  |  | 145,480 |
Total Debt |  |  |  |  |  |  |  | $ | 9,217 |  | $ | 150,317 |  | $ | 317,612 |  | $ | 430,106 |  | $ | 257,774 |  | $ | 1,033,142 |  | $ | 2,198,168 |  | $ | (8,257) |  |  | $ | 5,742 |  |  | $ | 2,195,653 |
Total Maturities (5) |  |  |  |  |  |  |  | $ | — |  | $ | 131,234 |  | $ | 307,932 |  | $ | 420,865 |  | $ | 250,000 |  | $ | 1,027,919 |  | $ | 2,137,950 |  |  |  |  |  |
% of Maturities |  |  |  |  |  |  |  | — | % |  | 6 | % |  | 14 | % |  | 20 | % |  | 12 | % |  | 48 | % |  | 100 | % |  |  |  |  |  |

Cousins Properties | 27 | Q2 2021 Supplemental Information

DEBT SCHEDULE

Floating and Fixed Rate Debt Analysis

|  | Total Principal ($ in thousands) |  | Total Debt (%) |  | Weighted Average Interest Rate |  | Weighted Average Maturity (Yrs.)
Floating Rate Debt |  | $ | 495,598 |  |  | 23 | % |  | 1.36 | % |  | 3.0 |
Fixed Rate Debt |  | 1,702,570 |  |  | 77 | % |  | 3.94 | % |  | 5.0 |
Total Debt |  | $ | 2,198,168 |  |  | 100 | % |  | 3.36 | % |  | 4.5 |

(1) |  | On June 28, 2021, we entered into an Amended and Restated Term Loan Agreement under which we have a $350.0 million unsecured term loan. See footnote 7 of our Quarterly Report on Form 10-Q. The spread over LIBOR under the Term Loan at June 30, 2021 was 1.05%.
(2) |  | As of June 30, 2021, the company had $32.0 million drawn under the Credit Facility and had the ability to borrow the remaining $968.0 million. The spread over LIBOR under the Credit Facility at June 30, 2021 was 1.05%.
(3) |  | In June 2021, we executed a collateral swap for the mortgage previously secured by the Company's 816 Congress property in Austin. The mortgage is now secured by the Company's Domain 10 property in Austin. All other terms of the note were unchanged.
(4) |  | The Company's share of the total borrowing capacity of the construction loan 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 | 28 | Q2 2021 Supplemental Information

DEBT SCHEDULE

Cousins Properties | 29 | Q2 2021 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 Q4 2021, 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. |  | In the second quarter of 2021, our Partner exercised their option to purchase Cousins' interest at a value determined by appraisal and subject to a cap rate range of 6.5% to 8.0%. The sale is expected to close at the end of the third quarter of 2021.
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 beginning Q1 2022, 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 96.5% 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 | 30 | Q2 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| (in thousands, except per share amounts)
| 2019 | 2020 1st | 2020 2nd | 2020 3rd | 2020 4th | 2020 | 2021 1st | 2021 2nd |  |  | YTD 2021
FFO and EBITDA re |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders | $ | 150,418 |  | $ | 174,943 |  | $ | 23,101 |  | $ | 28,115 |  | $ | 11,119 |  | $ | 237,278 |  | $ | 29,110 |  | $ | 28,153 |  |  |  | $ | 57,263 |
Depreciation and amortization of real estate assets: |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 255,349 |  | 71,406 |  | 72,694 |  | 71,345 |  | 72,515 |  | 287,960 |  | 70,712 |  | 71,299 |  |  |  | 142,011 |
Share of unconsolidated joint ventures | 14,158 |  | 2,347 |  | 2,106 |  | 2,125 |  | 2,162 |  | 8,740 |  | 2,365 |  | 2,810 |  |  |  | 5,175 |
Partners' share of real estate depreciation | (521) |  | (149) |  | (212) |  | (209) |  | (172) |  | (742) |  | (211) |  | (228) |  |  |  | (439) |
(Gain) loss on sale of depreciated properties: |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | (92,578) |  | (90,916) |  | 201 |  | 523 |  | 87 |  | (90,105) |  | 17 |  | 9 |  |  |  | 26 |
Share of unconsolidated joint ventures | 15 |  | (318) |  | (168) |  | 15 |  | 21 |  | (450) |  | — |  | 3 |  |  |  | 3 |
Investments in unconsolidated joint ventures | — |  | (44,894) |  | 232 |  | 59 |  | 25 |  | (44,578) |  | (39) |  | — |  |  |  | (39) |
Impairment | — |  | — |  | — |  | — |  | 14,829 |  | 14,829 |  | — |  | — |  |  |  | — |
Non-controlling interest related to unitholders | 1,952 |  | 302 |  | 5 |  | 5 |  | 3 |  | 315 |  | 6 |  | 5 |  |  |  | 11 |
FFO | 328,793 |  | 112,721 |  | 97,959 |  | 101,978 |  | 100,589 |  | 413,247 |  | 101,960 |  | 102,051 |  |  |  | 204,011 |
Interest Expense | 59,701 |  | 16,554 |  | 14,543 |  | 15,497 |  | 16,082 |  | 62,676 |  | 17,723 |  | 17,519 |  |  |  | 35,242 |
Income Tax Expenses | (298) |  | 50 |  | (50) |  | — |  | — |  | — |  | — |  | — |  |  |  | — |
Non-Real Estate Depreciation and Amortization | 1,799 |  | 207 |  | 173 |  | 154 |  | 154 |  | 688 |  | 158 |  | 157 |  |  |  | 315 |
EBITDA re (1) | 389,995 |  | 129,532 |  | 112,625 |  | 117,629 |  | 116,825 |  | 476,611 |  | 119,841 |  | 119,727 |  |  |  | 239,568 |
Transaction Costs (2) | 52,881 |  | 365 |  | 63 |  | — |  | — |  | 428 |  | — |  |  |  |  | — |
Adjusted EBITDA re (1) | 442,876 |  | 129,897 |  | 112,688 |  | 117,629 |  | 116,825 |  | 477,039 |  | 119,841 |  | 119,727 |  |  |  | 239,568 |
Income from Unconsolidated Joint Ventures |  |  |  |  |  |  |  |  |  |  |
Net Operating Income |  |  |  |  |  |  |  |  |  |  |
Office Properties | 29,355 |  | 5,219 |  | 3,404 |  | 3,457 |  | 3,545 |  | 15,625 |  | 3,785 |  | 4,338 |  |  |  | 8,123 |
Other Properties | 3,058 |  | 816 |  | 789 |  | 751 |  | 855 |  | 3,211 |  | 969 |  | 1,099 |  |  |  | 2,068 |
Net Operating Income | 32,413 |  | 6,035 |  | 4,193 |  | 4,208 |  | 4,400 |  | 18,836 |  | 4,754 |  | 5,437 |  |  |  | 10,191 |
Loss on Sale of Undepreciated Property | — |  | — |  | — |  | — |  | (598) |  | (598) |  | — |  | — |  |  |  | — |
Interest Expense | (5,738) |  | (650) |  | (550) |  | (439) |  | (432) |  | (2,071) |  | (515) |  | (863) |  |  |  | (1,378) |
Termination Fee Income | 16 |  | 1 |  | 2 |  | 5 |  | 1 |  | 9 |  | — |  | 7 |  |  |  | 7 |
Other Income | 148 |  | 68 |  | 8 |  | (23) |  | 8 |  | 61 |  | 29 |  | 27 |  |  |  | 56 |
Funds from Operations - Unconsolidated Joint Ventures | 26,839 |  | 5,454 |  | 3,653 |  | 3,751 |  | 3,379 |  | 16,237 |  | 4,268 |  | 4,608 |  |  |  | 8,876 |
Gain (Loss) on Sale of Depreciated Investment Properties, net | (15) |  | 318 |  | 168 |  | (15) |  | (21) |  | 450 |  | — |  | (3) |  |  |  | (3) |
Depreciation and Amortization of Real Estate | (14,158) |  | (2,347) |  | (2,106) |  | (2,125) |  | (2,162) |  | (8,740) |  | (2,365) |  | (2,810) |  |  |  | (5,175) |
Income from Unconsolidated Joint Ventures | 12,666 |  | 3,425 |  | 1,715 |  | 1,611 |  | 1,196 |  | 7,947 |  | 1,903 |  | 1,795 |  |  |  | 3,698 |
Market Capitalization |  |  |  |  |  |  |  |  |  |  |
Common Stock Price at Period End | $ | 41.20 |  | $ | 29.27 |  | $ | 29.83 |  | $ | 28.59 |  | $ | 33.50 |  | $ | 33.50 |  | $ | 35.35 |  | $ | 36.78 |  |  |  | $ | 36.78 |
Number of Common Stock/Units Outstanding at Period End | 148,506 |  | 148,565 |  | 148,593 |  | 148,589 |  | 148,589 |  | 148,589 |  | 148,679 |  | 148,713 |  |  |  | 148,713 |
Equity Market Capitalization | 6,118,447 |  | 4,348,498 |  | 4,432,529 |  | 4,248,160 |  | 4,977,732 |  | 4,977,732 |  | 5,255,803 |  | 5,469,664 |  |  |  | 5,469,664 |
Consolidated Debt | 2,222,975 |  | 1,944,034 |  | 1,939,517 |  | 1,934,905 |  | 2,162,719 |  | 2,162,719 |  | 2,214,692 |  | 2,050,173 |  |  |  | 2,050,173 |
Share of Unconsolidated Debt | 82,519 |  | 92,921 |  | 98,754 |  | 107,256 |  | 115,040 |  | 115,040 |  | 144,168 |  | 145,480 |  |  |  | 145,480 |
Debt (1) | 2,305,494 |  | 2,036,955 |  | 2,038,271 |  | 2,042,161 |  | 2,277,759 |  | 2,277,759 |  | 2,358,860 |  | 2,195,653 |  |  |  | 2,195,653 |
Total Market Capitalization | 8,423,941 |  | 6,385,453 |  | 6,470,800 |  | 6,290,321 |  | 7,255,491 |  | 7,255,491 |  | 7,614,663 |  | 7,665,317 |  |  |  | 7,665,317 |
Continued on next page

Cousins Properties | 31 | Q2 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| (in thousands, except per share amounts)
| 2019 | 2020 1st | 2020 2nd | 2020 3rd | 2020 4th | 2020 | 2021 1st | 2021 2nd |  |  | YTD 2021
Credit Ratios |  |  |  |  |  |  |  |  |  |  |
Debt (1) | 2,305,494 |  | 2,036,955 |  | 2,038,271 |  | 2,042,161 |  | 2,277,759 |  | 2,277,759 |  | 2,358,860 |  | 2,195,653 |  |  |  | 2,195,653 |
Less: Cash and Cash Equivalents | (15,603) |  | (124,632) |  | (28,255) |  | (36,872) |  | (4,290) |  | (4,290) |  | (14,576) |  | (9,792) |  |  |  | (9,792) |
Less: Share of Unconsolidated Cash and Cash Equivalents | (8,634) |  | (9,516) |  | (8,826) |  | (12,098) |  | (9,419) |  | (9,419) |  | (7,518) |  | (7,598) |  |  |  | (7,598) |
Net Debt | 2,281,257 |  | 1,902,807 |  | 2,001,190 |  | 1,993,191 |  | 2,264,050 |  | 2,264,050 |  | 2,336,766 |  | 2,178,263 |  |  |  | 2,178,263 |
Total Market Capitalization | 8,423,941 |  | 6,385,453 |  | 6,470,800 |  | 6,290,321 |  | 7,255,491 |  | 7,255,491 |  | 7,614,663 |  | 7,665,317 |  |  |  | 7,665,317 |
Net Debt / Total Market Capitalization | 27.1 | % | 29.8 | % | 30.9 | % | 31.7 | % | 31.2 | % | 31.2 | % | 30.7 | % | 28.4 | % |  |  | 28.4 | %
Total Assets - Consolidated | 7,151,447 |  | 6,901,934 |  | 6,908,448 |  | 6,886,596 |  | 7,107,398 |  | 7,107,398 |  | 7,106,182 |  | 6,945,970 |  |  |  | 6,945,970 |
Accumulated Depreciation - Consolidated | 802,807 |  | 878,199 |  | 954,352 |  | 1,028,975 |  | 1,090,566 |  | 1,090,566 |  | 1,164,427 |  | 975,658 |  |  |  | 975,658 |
Undepreciated Assets - Unconsolidated (1) | 391,457 |  | 290,134 |  | 294,987 |  | 304,976 |  | 304,539 |  | 304,539 |  | 303,472 |  | 302,630 |  |  |  | 302,630 |
Less: Investment in Unconsolidated Joint Ventures | (133,884) |  | (128,916) |  | (129,857) |  | (129,814) |  | (125,481) |  | (125,481) |  | (113,353) |  | (112,718) |  |  |  | (112,718) |
Total Undepreciated Assets (1) | 8,211,827 |  | 7,941,351 |  | 8,027,930 |  | 8,090,733 |  | 8,377,022 |  | 8,377,022 |  | 8,460,728 |  | 8,111,540 |  |  |  | 8,111,540 |
Net Debt | 2,281,257 |  | 1,902,807 |  | 2,001,190 |  | 1,993,191 |  | 2,264,050 |  | 2,264,050 |  | 2,336,766 |  | 2,178,263 |  |  |  | 2,178,263 |
Net Debt / Total Undepreciated Assets (1) | 27.8 | % | 24.0 | % | 24.9 | % | 24.6 | % | 27.0 | % | 27.0 | % | 27.6 | % | 26.9 | % |  |  | 26.9 | %
Coverage Ratios (1) |  |  |  |  |  |  |  |  |  |  |
Interest Expense | 59,701 |  | 16,554 |  | 14,543 |  | 15,497 |  | 16,082 |  | 62,676 |  | 17,723 |  | 17,519 |  |  |  | 35,242 |
Scheduled Principal Payments | 14,726 |  | 4,126 |  | 4,120 |  | 4,282 |  | 4,284 |  | 16,812 |  | 4,370 |  | 4,544 |  |  |  | 8,914 |
Fixed Charges | 74,427 |  | 20,680 |  | 18,663 |  | 19,779 |  | 20,366 |  | 79,488 |  | 22,093 |  | 22,063 |  |  |  | 44,156 |
EBITDA re | 389,995 |  | 129,532 |  | 112,625 |  | 117,629 |  | 116,825 |  | 476,611 |  | 119,841 |  | 119,727 |  |  |  | 239,568 |
Fixed Charges Coverage Ratio (EBITDA re) (1) | 5.24 |  | 6.26 |  | 6.03 |  | 5.95 |  | 5.74 |  | 6.00 |  | 5.42 |  | 5.43 |  |  |  | 5.43 |
Adjusted EBITDA re | 442,876 |  | 129,897 |  | 112,688 |  | 117,629 |  | 116,825 |  | 477,039 |  | 119,841 |  | 119,727 |  |  |  | 239,568 |
Fixed Charges Coverage Ratio (Adjusted EBITDA re) (1) | 5.95 |  | 6.28 |  | 6.04 |  | 5.95 |  | 5.74 |  | 6.00 |  | 5.42 |  | 5.43 |  |  |  | 5.43 |
Net Debt | 2,281,257 |  | 1,902,807 |  | 2,001,190 |  | 1,993,191 |  | 2,264,050 |  | 2,264,050 |  | 2,336,766 |  | 2,178,263 |  |  |  | 2,178,263 |
Annualized EBITDA re (3) | 493,632 |  | 518,128 |  | 450,500 |  | 470,516 |  | 467,300 |  | 467,300 |  | 479,364 |  | 478,908 |  |  |  | 479,136 |
Net Debt / Annualized EBITDA re | 4.62 |  | 3.67 |  | 4.44 |  | 4.24 |  | 4.84 |  | 4.84 |  | 4.87 |  | 4.55 |  |  |  | 4.55 |
Annualized Adjusted EBITDA re (3) | 501,644 |  | 519,588 |  | 450,752 |  | 470,516 |  | 467,300 |  | 467,300 |  | 479,364 |  | 478,908 |  |  |  | 479,136 |
Net Debt / Annualized Adjusted EBITDA re | 4.55 |  | 3.66 |  | 4.44 |  | 4.24 |  | 4.84 |  | 4.84 |  | 4.87 |  | 4.55 |  |  |  | 4.55 |
Dividend Information |  |  |  |  |  |  |  |  |  |  |
Common Dividends | 158,174 |  | 44,562 |  | 44,570 |  | 44,570 |  | 44,561 |  | 178,263 |  | 46,135 |  | 46,038 |  |  |  | 92,173 |
FFO | 328,793 |  | 112,721 |  | 97,959 |  | 101,978 |  | 100,589 |  | 413,247 |  | 101,960 |  | 102,051 |  |  |  | 204,011 |
FFO Payout Ratio | 48.1 | % | 39.5 | % | 45.5 | % | 43.7 | % | 44.3 | % | 43.1 | % | 45.2 | % | 45.1 | % |  |  | 45.2 | %
Continued on next page

Cousins Properties | 32 | Q2 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| (in thousands, except per share amounts)
| 2019 | 2020 1st | 2020 2nd | 2020 3rd | 2020 4th | 2020 | 2021 1st | 2021 2nd |  |  | YTD 2021
FFO | 328,793 |  | 112,721 |  | 97,959 |  | 101,978 |  | 100,589 |  | 413,247 |  | 101,960 |  | 102,051 |  |  |  | 204,011 |
Amortization of Deferred Financing Costs | 2,630 |  | 700 |  | 686 |  | 691 |  | 700 |  | 2,777 |  | 698 |  | 698 |  |  |  | 1,396 |
Non-Cash Stock-Based Compensation | 3,830 |  | 1,285 |  | 2,199 |  | 931 |  | 883 |  | 5,298 |  | 1,667 |  | 1,708 |  |  |  | 3,375 |
Non-Real Estate Depreciation and Amortization | 1,799 |  | 207 |  | 173 |  | 154 |  | 154 |  | 688 |  | 158 |  | 157 |  |  |  | 315 |
Lease Inducements | 886 |  | 233 |  | 251 |  | 253 |  | 281 |  | 1,018 |  | 1,035 |  | 1,032 |  |  |  | 2,067 |
Straight Line Rent Ground Leases | 500 |  | 126 |  | 128 |  | 120 |  | 116 |  | 490 |  | 112 |  | 112 |  |  |  | 224 |
Above and Below Market Ground Rent | 158 |  | 39 |  | 40 |  | 39 |  | 40 |  | 158 |  | 39 |  | 40 |  |  |  | 79 |
Transaction Costs (2) | 52,881 |  | 365 |  | 63 |  | — |  | — |  | 428 |  | — |  | — |  |  |  | — |
Debt Premium Amortization | (1,130) |  | (916) |  | (916) |  | (916) |  | (916) |  | (3,664) |  | (916) |  | (916) |  |  |  | (1,832) |
Deferred Income - Tenant Improvements | (5,808) |  | (1,606) |  | (1,816) |  | (1,328) |  | (2,658) |  | (7,408) |  | (2,683) |  | (2,769) |  |  |  | (5,452) |
Above and Below Market Rents, Net | (9,472) |  | (2,590) |  | (2,519) |  | (2,449) |  | (2,503) |  | (10,061) |  | (2,388) |  | (2,069) |  |  |  | (4,457) |
Second Generation Capital Expenditures (CAPEX) | (90,704) |  | (23,817) |  | (25,724) |  | (17,718) |  | (30,524) |  | (97,783) |  | (12,093) |  | (23,118) |  |  |  | (35,211) |
Straight Line Rental Revenue | (29,391) |  | (9,859) |  | (11,137) |  | (12,935) |  | (8,284) |  | (42,215) |  | (7,739) |  | (5,625) |  |  |  | (13,364) |
Gain (Loss) on Sales of Undepreciated Investment Properties | (18,182) |  | (1,335) |  | — |  | — |  | 723 |  | (612) |  | — |  | — |  |  |  | — |
FAD (1) | 236,790 |  | 75,553 |  | 59,387 |  | 68,820 |  | 58,601 |  | 262,361 |  | 79,850 |  | 71,301 |  |  |  | 151,151 |
Common Dividends | 158,174 |  | 44,562 |  | 44,570 |  | 44,570 |  | 44,561 |  | 178,263 |  | 46,135 |  | 46,038 |  |  |  | 92,173 |
FAD Payout Ratio (1) | 66.8 | % | 59.0 | % | 75.1 | % | 64.8 | % | 76.0 | % | 67.9 | % | 57.8 | % | 64.6 | % |  |  | 61.0 | %
Operations Ratio |  |  |  |  |  |  |  |  |  |  |
Total Undepreciated Assets (1) | 8,211,827 |  | 7,941,351 |  | 8,027,930 |  | 8,090,733 |  | 8,377,022 |  | 8,377,022 |  | 8,460,728 |  | 8,111,540 |  |  |  | 8,111,540 |
General and Administrative Expenses | 37,007 |  | 5,652 |  | 8,543 |  | 5,658 |  | 7,181 |  | 27,034 |  | 6,733 |  | 7,313 |  |  |  | 14,046 |
Annualized General and Administrative Expenses (3) / Total Undepreciated Assets | 0.45 | % | 0.28 | % | 0.43 | % | 0.28 | % | 0.34 | % | 0.32 | % | 0.32 | % | 0.36 | % |  |  | 0.35 | %
2nd Generation CAPEX |  |  |  |  |  |  |  |  |  |  |
Second Generation Leasing Related Costs | 80,500 |  | 19,444 |  | 21,394 |  | 13,534 |  | 23,712 |  | 78,084 |  | 9,258 |  | 17,295 |  |  |  | 26,553 |
Second Generation Building Improvements | 10,204 |  | 4,373 |  | 4,330 |  | 4,184 |  | 6,812 |  | 19,699 |  | 2,835 |  | 5,823 |  |  |  | 8,658 |
| 90,704 |  | 23,817 |  | 25,724 |  | 17,718 |  | 30,524 |  | 97,783 |  | 12,093 |  | 23,118 |  |  |  | 35,211 |
(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 2019 and 2020, transaction costs relate primarily to the merger with TIER REIT, Inc.
(3) Quarter amount represents quarter annualized; year-to-date represents year-to-date annualized.
Note: Amounts may differ slightly from other schedules contained herein due to rounding.

Cousins Properties | 33 | Q2 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

| (in thousands, except per share amounts) |  |  |  |
| Three Months Ended June 30, |  |
| 2021 |  | 2020 |  |  |  |
| Dollars |  | Weighted Average Common Shares |  | Per Share Amount |  | Dollars |  | Weighted Average Common Shares |  | Per Share Amount |  |  |  |
Net Income Available to Common Stockholders | $ | 28,153 |  |  | 148,665 |  | $ | 0.19 |  |  | $ | 23,101 |  |  | 148,548 |  |  | $ | 0.16 |  |  |  |  |
Noncontrolling interest related to unitholders | 5 |  |  | 25 |  | — |  |  | 5 |  |  | 25 |  |  | — |  |  |  |  |
Conversion of stock options | — |  |  | — |  | — |  |  | — |  |  | 5 |  |  | — |  |  |  |  |
Conversion of unvested restricted stock units | — |  |  | 50 |  | — |  |  | — |  |  | 2 |  |  | — |  |  |  |  |
Net Income — Diluted | 28,158 |  |  | 148,740 |  | 0.19 |  |  | 23,106 |  |  | 148,580 |  |  | 0.16 |  |  |  |  |
Depreciation and amortization of real estate assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 71,299 |  |  | — |  |  | 0.48 |  |  | 72,694 |  |  | — |  |  | 0.49 |  |  |  |  |
Share of unconsolidated joint ventures | 2,810 |  |  | — |  |  | 0.02 |  |  | 2,106 |  |  | — |  |  | 0.01 |  |  |  |  |
Partners' share of real estate depreciation | (228) |  |  | — |  |  | — |  |  | (212) |  |  | — |  |  | — |  |  |  |  |
Loss (gain) on sale of depreciated properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 9 |  |  | — |  |  | — |  |  | 201 |  |  | — |  |  | — |  |  |  |  |
Share of unconsolidated joint ventures | 3 |  |  | — |  |  | — |  |  | (168) |  |  | — |  |  | — |  |  |  |  |
Investments in unconsolidated joint ventures | — |  |  | — |  |  | — |  |  | 232 |  |  | — |  |  | — |  |  |  |  |
Funds From Operations | $ | 102,051 |  |  | 148,740 |  |  | $ | 0.69 |  |  | $ | 97,959 |  |  | 148,580 |  |  | $ | 0.66 |  |  |  |  |

Cousins Properties | 34 | Q2 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

| (in thousands, except per share amounts) |  |  |  |
| Six Months Ended June 30, |  |
| 2021 |  | 2020 |  |  |  |
| Dollars |  | Weighted Average Common Shares |  | Per Share Amount |  | Dollars |  | Weighted Average Common Shares |  | Per Share Amount |  |  |  |
Net Income Available to Common Stockholders | $ | 57,263 |  |  | 148,644 |  | $ | 0.39 |  |  | $ | 198,044 |  |  | 147,986 |  |  | $ | 1.34 |  |  |  |  |
Noncontrolling interest related to unitholders | 11 |  |  | 25 |  | — |  |  | 307 |  |  | 572 |  |  | — |  |  |  |  |
Conversion of stock options | — |  |  | 2 |  | — |  |  | — |  |  | 10 |  |  |  |  |  |  |
Conversion of unvested restricted stock units | — |  |  | 45 |  | — |  |  | — |  |  | 2 |  |  | — |  |  |  |  |
Net Income — Diluted | 57,274 |  |  | 148,716 |  | 0.39 |  |  | 198,351 |  |  | 148,570 |  |  | 1.34 |  |  |  |  |
Depreciation and amortization of real estate assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 142,011 |  |  | — |  |  | 0.95 |  |  | 144,100 |  |  | — |  |  | 0.97 |  |  |  |  |
Share of unconsolidated joint ventures | 5,175 |  |  | — |  |  | 0.03 |  |  | 4,453 |  |  | — |  |  | 0.03 |  |  |  |  |
Partners' share of real estate depreciation | (439) |  |  | — |  |  | — |  |  | (361) |  |  | — |  |  | — |  |  |  |  |
Loss (gain) on sale of depreciated properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 26 |  |  | — |  |  | — |  |  | (90,715) |  |  | — |  |  | (0.61) |  |  |  |  |
Share of unconsolidated joint ventures | 3 |  |  | — |  |  | — |  |  | (486) |  |  | — |  |  | — |  |  |  |  |
Investments in unconsolidated joint ventures | (39) |  |  | — |  |  | — |  |  | (44,662) |  |  | — |  |  | (0.31) |  |  |  |  |
Funds From Operations | $ | 204,011 |  |  | 148,716 |  |  | $ | 1.37 |  |  | $ | 210,680 |  |  | 148,570 |  |  | $ | 1.42 |  |  |  |  |

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 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 | 35 | Q2 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| ($ in thousands)
| Three Months Ended |  | Six Months Ended
Net Operating Income | June 30, 2021 |  | June 30, 2020 |  | June 30, 2021 |  | June 30, 2020
Net income | $ | 28,060 |  |  | $ | 23,236 |  |  | $ | 57,371 |  |  | $ | 198,545 |
Net operating income from unconsolidated joint ventures | 5,437 |  |  | 4,193 |  |  | 10,191 |  |  | 10,228 |
Fee income | (4,803) |  |  | (4,690) |  |  | (9,332) |  |  | (9,422) |
Termination fee income | (782) |  |  | (539) |  |  | (824) |  |  | (3,383) |
Other income | (68) |  |  | (126) |  |  | (282) |  |  | (163) |
Reimbursed expenses | 398 |  |  | 322 |  |  | 766 |  |  | 843 |
General and administrative expenses | 7,313 |  |  | 8,543 |  |  | 14,046 |  |  | 14,195 |
Interest expense | 16,656 |  |  | 13,993 |  |  | 33,864 |  |  | 29,897 |
Depreciation and amortization | 71,456 |  |  | 72,868 |  |  | 142,326 |  |  | 144,482 |
Transaction costs | — |  |  | 63 |  |  | — |  |  | 428 |
Other expenses | 824 |  |  | 552 |  |  | 1,414 |  |  | 1,118 |
Income from unconsolidated joint ventures | (1,795) |  |  | (1,715) |  |  | (3,698) |  |  | (5,140) |
Gain/loss on sale of investment in unconsolidated joint ventures | — |  |  | 231 |  |  | (39) |  |  | (45,999) |
Gain/loss on investment property transactions | 9 |  |  | 201 |  |  | 26 |  |  | (90,715) |
Net Operating Income | 122,705 |  |  | 117,132 |  |  | 245,829 |  |  | 244,914 |
Less: |  |  |  |  |  |  |
Partners' share of NOI from consolidated joint ventures | (455) |  |  | (311) |  |  | (870) |  |  | (535) |
Cousins' Share of NOI | $ | 122,250 |  |  | $ | 116,821 |  |  | $ | 244,959 |  |  | $ | 244,379 |
Net Operating Income | $ | 122,705 |  |  | $ | 117,132 |  |  | $ | 245,829 |  |  | $ | 244,914 |
Non-cash income | (8,952) |  |  | (15,556) |  |  | (20,530) |  |  | (29,642) |
Non-cash expense | 151 |  |  | 167 |  |  | 303 |  |  | 332 |
Cash-Basis Net Operating Income | $ | 113,904 |  |  | $ | 101,743 |  |  | $ | 225,602 |  |  | $ | 274,224 |
Net Operating Income |  |  |  |  |  |  |
Same Property | $ | 103,880 |  |  | $ | 102,494 |  |  | $ | 206,914 |  |  | $ | 207,212 |
Non-Same Property | 18,825 |  |  | 14,638 |  |  | 38,915 |  |  | 35,885 |
3344 Peachtree Legal Expense Recovery | — |  |  | — |  |  | — |  |  | 1,817 |
| $ | 122,705 |  |  | $ | 117,132 |  |  | $ | 245,829 |  |  | $ | 244,914 |
Cash-Basis Net Operating Income |  |  |  |  |  |  |
Same Property | $ | 98,571 |  |  | $ | 91,997 |  |  | $ | 194,181 |  |  | $ | 187,609 |
Non-Same Property | 15,333 |  |  | 9,746 |  |  | 31,421 |  |  | 84,798 |
3344 Peachtree Legal Expense Recovery | — |  |  | — |  |  | — |  |  | 1,817 |
| $ | 113,904 |  |  | $ | 101,743 |  |  | $ | 225,602 |  |  | $ | 274,224 |

Cousins Properties | 36 | Q2 2021 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 | $ | 108,258 |  |  |  |  | $ | 0.73 |  |  | $ | 120,162 |  |  |  |  | $ | 0.81 |
Add: Noncontrolling interest related to unitholders | 24 |  |  |  |  | — |  |  | 24 |  |  |  |  | — |
Net Income | 108,282 |  |  |  |  | 0.73 |  |  | 120,186 |  |  |  |  | 0.81 |
Add: Depreciation and amortization of real estate assets | 293,478 |  |  |  |  | 1.97 |  |  | 293,478 |  |  |  |  | 1.97 |
Funds From Operations | $ | 401,760 |  |  |  |  | $ | 2.70 |  |  | $ | 413,664 |  |  |  |  | $ | 2.78 |
(1) Calculated based on projected weighted average shares outstanding of 148.8 million. |  |  |  |  |  |

Cousins Properties | 37 | Q2 2021 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. Properties held for sale at June 30, 2021 are excluded from Same Property. 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.
“FFO Before Transaction Costs” represents FFO before costs associated with the merger with TIER REIT, Inc. Management believes that 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 | 38 | Q2 2021 Supplemental Information