EX-99.1 2 aearningsreleaseex9911q24.htm EX-99.1

Forward-Looking Statements | 2
Earnings Release | 4
Company Information | 6
Consolidated Balance Sheets | 8
Consolidated Statements of Operations | 9
Key Performance Metrics | 10
Funds From Operations - Summary | 13
Funds From Operations - Detail | 14
Portfolio Statistics | 17
Same Property Performance | 20
Office Leasin g Activity | 21
Office Lease Expirations | 22
Top 20 Office Tenants | 23
Tenant Industry Diversification | 24
Investment Activity | 25
Development Pipeline | 27
Land Inventory | 28
Debt Schedule | 29
Joint Venture Information | 32
Non-GAAP Financial Measures - Calculations and Reconciliations | 33
Non-GAAP Financial Measures - Definitions | 39

TABLE OF CONTENTS

Cousins Properties | 1 | Q1 2024 Supplemental Information

Pictured Above: Domain 9, Austin, TX
Pictured on Cover: Promenade Tower, Atlanta, GA
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, 2023, and the Quarterly Report
on Form 10-Q for the quarter ended March 31, 2024. These forward-looking statements include information about the Company's 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; future issuances and repurchases of common stock, limited partnership units, or preferred
stock; future distributions; projected capital expenditures; market and industry trends; future occupancy or volume and velocity of leasing activity; entry into
new markets, changes in existing market concentrations, or exits from existing markets; future changes in interest rates and liquidity of capital markets; and all
statements that address operating performance, events, investments, 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; any changes to our credit rating; the failure of purchase, sale, or other contracts to ultimately close; the
failure to achieve anticipated benefits from acquisitions, developments, investments, or dispositions; the effect of common stock or operating partnership unit
issuances, including those undertaken on a forward basis; 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, Tampa, Charlotte, Phoenix, Dallas, and Nashville, including the impact of high unemployment, volatility in the public equity and
debt markets, and international economic and other conditions; threatened terrorist attacks or 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 which 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 preferences 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 or liquidity of one
or more of our tenants; volatility in interest rates (including the impact upon the effectiveness of forward interest rate contract arrangements) and insurance
rates; inflation; 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); supply chain disruptions, labor shortages, and increased construction costs; risks
associated with security breaches through cyberattacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology
networks and related systems, which support our operations and our buildings; 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, including the Americans with Disabilities Act and similar laws or the impact of any investigation regarding the same; 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 or meet regulatory requirements; potential changes to state, local, or federal regulations applicable to our business;
material changes in dividend rates on common shares or other securities or the ability to pay those dividends; potential changes to the tax laws impacting
REITs and real estate in general; risks associated with climate change and severe weather events, as well as the regulatory efforts intended to reduce the
effects of climate changes and investor and public perception of our efforts to respond to the same; the impact of newly adopted accounting principles on our
accounting policies and on period-to-period comparisons of financial results; risks associated with possible federal, state, local, or property tax audits; and
those additional risks and environmental or other factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by the Company.

FORWARD-LOOKING STATEMENTS

Cousins Properties | 2 | Q1 2024 Supplemental Information

The risks set forth above are not exhaustive. The Annual Report on Form 10-K for the year ended December 31, 2023, including Part 1, Item 1A. Risk
Factors, includes additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly
changing environment. New risk factors emerge from time to time and it is not possible for management to predict all risk factors, nor can we assess the
potential impact of all risk factors on our business or the extent to which any factors, or any combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements. 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. Given the uncertainties
and risks discussed and referenced herein, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Investors
should also refer to our Quarterly Reports on Form 10-Q and our Annual Reports on Form 10-K for future periods, and our Current Reports on Form 8-K as we
file such reports with the SEC, and to other materials we may file with or furnish to the SEC, for a discussion of risks and uncertainties that may cause actual
results, performance, or achievements to differ materially from those expressed or implied by any forward-looking statements. 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.

FORWARD-LOOKING STATEMENTS

Cousins Properties | 3 | Q1 2024 Supplemental Information

COUSINS PROPERTIES REPORTS FIRST QUARTER 2024 RESULTS
Raises Midpoint of Full Year 2024 FFO Guidance by $0.015 per share
ATLANTA (April 25, 2024) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended March 31,
2024.
“Our first quarter results were outstanding, driven by strong same-property performance in our lifestyle office portfolio,” said Colin
Connolly, president and chief executive officer of Cousins Properties."We are also pleased to have been assigned solid investment grade
credit ratings from S&P and Moody’s, acknowledging the quality of our Sun Belt trophy portfolio and the strength of our balance sheet.
These ratings provide us with another important tool as we execute our capital strategy. Looking ahead, we are raising our FFO
guidance as office utilization in our markets continues to recover."

Financial Results
For first quarter 2024:
•Net income available to common stockholders was $13.3 million, or $0.09 per share, compared to $22.2 million, or $0.15 per
share, for first quarter 2023.
•Funds From Operations ("FFO") was $99.5 million, or $0.65 per share, compared to $98.1 million, or $0.65 per share, for first
quarter 2023.
Operations and Leasing Activity
For first quarter 2024:
•Same property net operating income ("NOI") on a cash-ba sis increased 6.6%.
•Second generation net rent per square f oot on a cash-basis increased 5.3%.
•Ex ecuted 404,000 square feet of office leases, including 286,000 square feet of new and expansion leases, representing 71% of
total leasing activity.
•Negotiations regarding our four leases with WeWork continue to progress, including the completion of a restructure of
WeWork’s lease at Terminus in Atlanta. Our assumed outcome for each lease remains consistent with prior guidance.
Financing Activity
•In April 2024, we received corporate investment grade credit ratings of BBB and Baa2 from S&P and Moody's, respectively.
•We entered into a floating-to-fixed interest rate swap on the remaining $200 million of the $400 million Term Loan maturing
March 2025, fixing the underlying SOFR rate at 4.6675%. With this execution, the entire $400 million Term Loan is now fixed at a
blended underlying SOFR rate of 4.483% through initial maturity.

EARNINGS RELEASE

Cousins Properties | 4 | Q1 2024 Supplemental Information

Earnings Guidance
Full year 2024 earnings guidance updated as follows:
•Net income between $0.32 and $0.39 per share.
•FFO between $2.60 and $2.67 per share.
•The increase in FFO is primarily driven by higher parking revenues and termination fees.
•Guidance does not include any benefit from our approximately $9.6 million SVB Financial Group bankruptcy claim.
•Guidance does not include any operating property acquisitions, operating property dispositions, or development starts.
•Guidance does not include any capital markets transactions.
•Guidance reflects management’s current plans and assumptions as of the date of this earnings release and 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, April 26, 2024 to discuss the results of the quarter
and ended March 31, 2024. The number to call for this interactive teleconference is (800) 836-8184. The live webcast of this call can be
accessed on the Company's website, www.cousins.com, through the “Cousins Properties First Quarter Conference Call” link on the
Investor Relations page. A replay of the conference call will be available for seven days by dialing (888) 660-6345 and entering the
passcode 19613#. The playback can also be accessed on the Company's website.

EARNINGS RELEASE

Cousins Properties | 5 | Q1 2024 Supplemental Information

THE COMPANY

Cousins Properties Incorporated ("Cousins") 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.
MANAGEMENT

M. Colin Connolly | Gregg D. Adzema | Kennedy Hicks | Richard G. Hickson IV
President & Chief Executive Officer | Executive Vice President & Chief Financial Officer | Executive Vice President, Chief Investment Officer & Managing Director | Executive Vice President, Operations
John S. McColl | Pamela F. Roper | Jeffrey D. Symes |
Executive Vice President, Development | Executive Vice President, General Counsel & Corporate Secretary | Senior Vice President & Chief Accounting Officer |

BOARD OF DIRECTORS

Robert M. Chapman | Charles T. Cannada | M. Colin Connolly
Non-executive Chairman of Cousins Properties, Chief Executive Officer of Centerpoint Properties Trust | Private Investor | President and Chief Executive Officer of Cousins Properties
Scott W. Fordham | Lillian C. Giornelli | R. Kent Griffin Jr.
Former Chief Executive Officer and Director of TIER REIT, Inc. | Chairman, Chief Executive Officer and Trustee of The Cousins Foundation Inc. | Managing Director of Phicas Investors
Donna W. Hyland | Dionne Nelson | R. Dary Stone
President and Chief Executive Officer of Children's Healthcare of Atlanta | President and Chief Executive Officer of Laurel Street Residential | President and Chief Executive Officer of R.D. Stone Interests

COMPANY INFORMATION

Cousins Properties | 6 | Q1 2024 Supplemental Information

COMPANY INFORMATION |  |  | EQUITY RESEARCH COVERAGE (1)
Corporate Headquarters | Investor Relations |  |  | Barclays | BofA Securities | BMO Capital
3344 Peachtree Road NE Suite 1800 Atlanta GA 30326 404.407.1000 | Roni Imbeaux Vice President, Finance & Investor Relations rimbeaux@cousins.com 404.407.1104 |  |  | Brendan Lynch 212.526.9428 | Camille Bonnel 416.369.2140 | John Kim 212.885.4115
|  | Evercore ISI | Green Street | Jefferies
Transfer Agent Equiniti Trust Company equiniti.com 866.627.2649 | Stock Exchange NYSE: CUZ |  |  | Steve Sakwa 212.446.9462 | Dylan Burzinski 949.640.8780 | Peter Abramowitz 212.336.7241
|  | J.P. Morgan | KeyBanc | Mizuho Securities
RATING AGENCIES (1) |  |  | Anthony Paolone 212.622.6682 | Upal Rana 917.368.2316 | Vikram Malhotra 212.282.3827
S&P Global Ratings | Moody's Investors Service |  |  | RW Baird | Truist Securities | Wells Fargo
Hannah Gray 212.438.0244 Current Corporate Credit Rating: BBB | Christian Azzi 212.553.9342 Current Corporate Credit Rating: Baa2 |  |  | Nicholas Thillman 414.298.5053 | Michael Lewis 212.319.5659 | Blaine Heck 410.662.2556
|  | Wolfe Research |  |
|  |  |  | Andrew Rosivach 646.582.9250 |  |
(1) Please note that any opinions, estimates, or forecasts regarding Cousins' performance made by the analysts and rating agencies listed above are theirs alone and do not represent opinions, forecasts, or predictions of Cousins or its management. Cousins does not, by its reference above or distribution, imply its endorsement of, or concurrence with, such information, conclusions, or recommendations.

COMPANY INFORMATION

Cousins Properties | 7 | Q1 2024 Supplemental Information

(in thousands, except share and per share amounts)

| March 31, 2024 |  | December 31, 2023
Assets: |  |  |
Real estate assets: |  |  |
Operating properties, net of accumulated depreciation of $1,404,568 and $1,329,406 in 2024 and 2023, respectively | $6,937,210 |  | $6,775,093
Projects under development | — |  | 132,884
Land | 154,728 |  | 154,728
| 7,091,938 |  | 7,062,705
Cash and cash equivalents | 5,452 |  | 6,047
Accounts receivable | 8,135 |  | 11,109
Deferred rents receivable | 217,926 |  | 209,370
Investment in unconsolidated joint ventures | 155,210 |  | 143,831
Intangible assets, net | 105,559 |  | 110,667
Other assets, net | 98,761 |  | 90,745
Total assets | $7,682,981 |  | $7,634,474
Liabilities: |  |  |
Notes payable | $2,563,332 |  | $2,457,627
Accounts payable and accrued expenses | 216,790 |  | 299,767
Deferred income | 245,739 |  | 181,744
Intangible liabilities, net | 40,115 |  | 42,193
Other liabilities | 102,045 |  | 104,830
Total liabilities | 3,168,021 |  | 3,086,161
Commitments and contingencies |  |  |
Equity: |  |  |
Stockholders' investment: |  |  |
Common stock, $1 par value per share, 300,000,000 shares authorized, 152,071,718 and 154,335,798 issued, and 152,071,718 and 151,799,215 outstanding in 2024 and 2023, respectively | 152,072 |  | 154,336
Additional paid-in capital | 5,496,371 |  | 5,638,709
Treasury stock at cost, $2,536,583 shares in 2023 | — |  | (145,696)
Distributions in excess of cumulative net income | (1,160,759) |  | (1,125,390)
Accumulated other comprehensive income | 3,187 |  | 2,192
Total stockholders' investment | 4,490,871 |  | 4,524,151
Nonredeemable noncontrolling interests | 24,089 |  | 24,162
Total equity | 4,514,960 |  | 4,548,313
Total liabilities and equity | $7,682,981 |  | $7,634,474

CONSOLIDATED BALANCE SHEETS

Cousins Properties | 8 | Q1 2024 Supplemental Information

(unaudited; in thousands, except per share amounts)

| Three Months Ended |
| March 31, |
| 2024 |  | 2023 |
Revenues: |  |  |  |
Rental property revenues | $208,818 |  | $200,076 |
Fee income | 379 |  | 374 |
Other | 44 |  | 2,278 |
| 209,241 |  | 202,728 |
Expenses: |  |  |  |
Rental property operating expenses | 71,075 |  | 71,213 |
Reimbursed expenses | 140 |  | 207 |
General and administrative expenses | 9,214 |  | 8,438 |
Interest expense | 28,908 |  | 25,030 |
Depreciation and amortization | 86,230 |  | 75,770 |
Other | 672 |  | 385 |
| 196,239 |  | 181,043 |
Income from unconsolidated joint ventures | 348 |  | 673 |
Gain (loss) on investment property transactions | 101 |  | (2) |
Net income | 13,451 |  | 22,356 |
Net income attributable to noncontrolling interests | (163) |  | (160) |
Net income available to common stockholders | $13,288 |  | $22,196 |
Net income per common share — basic and diluted | $0.09 |  | $0.15 |
Weighted average shares — basic | 151,945 |  | 151,579 |
Weighted average shares — diluted | 152,385 |  | 151,880 |

CONSOLIDATED STATEMENTS OF OPERATIONS

Cousins Properties | 9 | Q1 2024 Supplemental Information

| 2022 | 2023 1st | 2023 2nd | 2023 3rd | 2023 4th | 2023 | 2024 1st
Property Statistics |  |  |  |  |  |  |
Consolidated Operating Properties | 34 | 34 | 34 | 34 | 34 | 34 | 34
Consolidated Rentable Square Feet (in thousands) | 18,424 | 18,444 | 18,444 | 18,434 | 18,434 | 18,434 | 18,434
Unconsolidated Operating Properties | 2 | 2 | 2 | 2 | 2 | 2 | 2
Unconsolidated Rentable Square Feet (in thousands) | 711 | 711 | 711 | 711 | 711 | 711 | 711
Total Operating Properties | 36 | 36 | 36 | 36 | 36 | 36 | 36
Total Rentable Square Feet (in thousands) | 19,135 | 19,155 | 19,155 | 19,145 | 19,145 | 19,145 | 19,145
Office Percent Leased (period end) | 91.0% | 90.8% | 90.8% | 91.1% | 90.9% | 90.9% | 90.8%
Office Weighted Average Occupancy | 87.3% | 87.2% | 87.7% | 88.0% | 87.6% | 87.5% | 88.4%
Office Leasing Activity (2) |  |  |  |  |  |  |
Net Leased during the Period (SF, in thousands) | 1,976 | 258 | 435 | 548 | 453 | 1,694 | 404
Net Rent (per SF) | $34.08 | $34.45 | $38.65 | $33.94 | $33.53 | $35.15 | $36.06
Net Free Rent (per SF) | (1.97) | (2.07) | (2.04) | (2.27) | (2.56) | (2.25) | (2.10)
Leasing Commissions (per SF) | (2.74) | (2.83) | (2.53) | (2.60) | (2.65) | (2.62) | (2.61)
Tenant Improvements (per SF) | (5.98) | (6.29) | (5.88) | (5.30) | (5.86) | (5.72) | (7.15)
Leasing Costs (per SF) | (10.69) | (11.19) | (10.45) | (10.17) | (11.07) | (10.59) | (11.86)
Net Effective Rent (per SF) | $23.39 | $23.26 | $28.20 | $23.77 | $22.46 | $24.56 | $24.20
Change in Second Generation Net Rent | 23.2% | 20.1% | 19.6% | 28.7% | 10.4% | 20.2% | 20.1%
Change in Cash-Basis Second Generation Net Rent | 9.5% | 6.1% | 7.9% | 9.8% | 0.8% | 5.8% | 5.3%
Same Property Information (3) |  |  |  |  |  |  |
Percent Leased (period end) | 90.1% | 90.6% | 90.5% | 90.8% | 90.6% | 90.6% | 90.8%
Weighted Average Occupancy | 86.6% | 87.0% | 87.3% | 87.7% | 87.5% | 87.3% | 88.4%
Change in NOI (over prior year period) | 0.0% | 5.3% | 6.3% | 4.1% | 4.2% | 5.0% | 6.6%
Change in Cash-Basis NOI (over prior year period) | 1.0% | 4.9% | 3.7% | 4.6% | 3.5% | 4.2% | 6.6%
Development Pipeline (4) |  |  |  |  |  |  |
Estimated Project Costs (in thousands) | $428,500 | $428,500 | $428,500 | $428,500 | $428,500 | $428,500 | $437,950
Estimated Project Costs/Total Undepreciated Assets | 4.8% | 4.8% | 4.7% | 4.7% | 4.6% | 4.6% | 4.6%
Continued on next page

KEY PERFORMANCE METRICS (1)

Cousins Properties | 10 | Q1 2024 Supplemental Information

| 2022 | 2023 1st | 2023 2nd | 2023 3rd | 2023 4th | 2023 | 2024 1st
Market Capitalization |  |  |  |  |  |  |
Common Stock Price Per Share | $25.29 | $21.38 | $22.80 | $20.37 | $24.35 | $24.35 | $24.04
Common Stock/Units Outstanding (in thousands) | 151,482 | 151,718 | 151,774 | 151,774 | 151,824 | 151,824 | 152,096
Equity Market Capitalization (in thousands) | $3,830,980 | $3,243,731 | $3,460,447 | $3,091,636 | $3,696,914 | $3,696,914 | $3,656,388
Debt (in thousands) | 2,424,004 | 2,544,956 | 2,548,073 | 2,559,871 | 2,608,675 | 2,608,675 | 2,723,978
Total Market Capitalization (in thousands) | $6,254,984 | $5,788,687 | $6,008,520 | $5,651,507 | $6,305,589 | $6,305,589 | $6,380,366
Credit Ratios |  |  |  |  |  |  |
Net Debt/Total Market Capitalization | 38.6% | 43.7% | 42.1% | 45.0% | 41.2% | 41.2% | 42.5%
Net Debt/Total Undepreciated Assets | 27.2% | 28.1% | 27.8% | 27.8% | 28.0% | 28.0% | 28.8%
Net Debt/Annualized EBITDA re | 4.93 | 5.13 | 4.89 | 5.02 | 5.14 | 5.14 | 5.25
Fixed Charges Coverage (EBITDA re) | 5.21 | 4.48 | 4.53 | 4.28 | 4.20 | 4.37 | 4.09
Dividend Information |  |  |  |  |  |  |
Common Dividend per Share | $1.28 | $0.32 | $0.32 | $0.32 | $0.32 | $1.28 | $0.32
Funds From Operations (FFO) Payout Ratio | 47.4% | 49.5% | 47.3% | 49.2% | 49.2% | 48.8% | 48.9%
Funds Available for Distribution (FAD) Payout Ratio | 70.6% | 65.3% | 71.8% | 70.1% | 82.5% | 71.9% | 82.1%
Operations Ratio |  |  |  |  |  |  |
Annualized General and Administrative Expenses/ Total Undepreciated Assets | 0.30% | 0.37% | 0.35% | 0.36% | 0.32% | 0.32% | 0.39%
Additional Information |  |  |  |  |  |  |
In-Place Gross Rent (per SF) (5) | $44.87 | $46.02 | $46.43 | $46.64 | $46.95 | $46.95 | $46.82
Straight-Line Rental Revenue (in thousands) | $28,953 | $8,431 | $3,703 | $7,508 | $5,858 | $25,500 | $8,604
Above and Below Market Rents Amortization, Net (in thousands) | $6,444 | $1,559 | $2,525 | $1,371 | $1,421 | $6,876 | $1,460
Second Generation Capital Expenditures (in thousands) | $99,501 | $15,467 | $29,317 | $20,224 | $31,900 | $96,908 | $30,212

(1) | For Non-GAAP Financial Measures, see the Calculations and Reconciliations on pages 33 through 38.
(2) | See Office Leasing Activity on page 21 for additional detail and explanations.
(3) | Same Property Information is derived fro m the pool of same office properties that existed in the period as originally reported. See Same Property Performance on page 20 and Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 33 for additional information.
(4) | The Company's share of estimated project costs. See Development Pipeline on page 27 for additional detail.
(5) | In-place gross rent equals the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, as of the end of the period divided by occupied square feet.

KEY PERFORMANCE METRICS (1)

Cousins Properties | 11 | Q1 2024 Supplemental Information

Total Rentable Square Feet Equity Market Capitalization Net Debt / Annualized EBITDA re
Same Property NOI 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.

KEY PERFORMANCE METRICS

Cousins Properties | 12 | Q1 2024 Supplemental Information

| (amounts in thousands, except per share amounts)
| 2022 | 2023 1st | 2023 2nd | 2023 3rd | 2023 4th | 2023 | 2024 1st
Net Income | $167,445 | $22,356 | $23,077 | $19,491 | $18,892 | $83,816 | $13,451
Fee and Other Income | (11,243) | (2,788) | (6,936) | (690) | (756) | (11,170) | (893)
General and Administrative Expenses | 28,319 | 8,438 | 8,021 | 8,336 | 7,536 | 32,331 | 9,214
Interest Expense | 72,537 | 25,030 | 25,972 | 27,008 | 27,453 | 105,463 | 28,908
Depreciation and Amortization | 295,587 | 75,770 | 80,269 | 79,492 | 79,366 | 314,897 | 86,230
Reimbursed and Other Expenses | 4,158 | 592 | 635 | 772 | 737 | 2,736 | 812
Income from Unconsolidated Joint Ventures | (7,700) | (673) | (753) | (582) | (291) | (2,299) | (348)
NOI from Unconsolidated Joint Ventures | 9,524 | 1,409 | 1,559 | 1,564 | 1,292 | 5,824 | 1,352
Transaction Loss (Gain) | (56,427) | 2 | — | (507) | 1 | (504) | (101)
NOI (1) | $502,200 | $130,136 | $131,844 | $134,884 | $134,230 | $531,094 | $138,625
Fee and Other Income (1) | 11,459 | 2,825 | 6,974 | 725 | 786 | 11,310 | 908
General and Administrative Expenses | (28,319) | (8,438) | (8,021) | (8,336) | (7,536) | (32,331) | (9,214)
Interest Expense (1) | (75,140) | (25,310) | (26,334) | (27,516) | (27,979) | (107,139) | (29,436)
Reimbursed and Other Expenses (1) | (4,057) | (605) | (642) | (795) | (752) | (2,794) | (843)
Gain (Loss) on Sales of Undepreciated Investment Properties | 4,478 | — | — | 507 | (1) | 506 | —
Depreciation and Amortization of Non-Real Estate Assets | (558) | (108) | (111) | (113) | (116) | (448) | (115)
Partners' Share of FFO in Consolidated Joint Ventures | (1,304) | (406) | (759) | (384) | (360) | (1,909) | (429)
FFO (1) | $408,759 | $98,094 | $102,951 | $98,972 | $98,272 | $398,289 | $99,496
Weighted Average Shares - Diluted | 150,419 | 151,880 | 152,126 | 152,048 | 152,105 | 152,040 | 152,385
FFO per Share (1) | $2.72 | $0.65 | $0.68 | $0.65 | $0.65 | $2.62 | $0.65

(1) The above amounts include our share of amounts from unconsolidated joint ventures for the respective category. The Company does not control the operations of these unconsolidated joint
ventures but believes including these amounts is meaningful to investors and analysts.

FUNDS FROM OPERATIONS - SUMMARY

Cousins Properties | 13 | Q1 2024 Supplemental Information

| (amounts in thousands, except per share amounts)
| 2022 | 2023 1st | 2023 2nd | 2023 3rd | 2023 4th | 2023 | 2024 1st
NOI |  |  |  |  |  |  |
Consolidated Properties |  |  |  |  |  |  |
The Domain (2) | $68,704 | $18,144 | $18,466 | $18,303 | $18,440 | $73,353 | $18,355
Terminus (2) | 32,908 | 8,097 | 8,442 | 8,596 | 8,669 | 33,804 | 8,087
Spring & 8th (2) | 29,419 | 7,361 | 7,372 | 7,270 | 7,352 | 29,355 | 7,363
Corporate Center (2) | 28,594 | 7,467 | 7,600 | 7,548 | 7,585 | 30,200 | 7,321
300 Colorado | 13,120 | 3,772 | 4,608 | 5,166 | 5,428 | 18,974 | 5,756
BriarLake Plaza (2) | 14,746 | 3,545 | 3,588 | 3,648 | 3,896 | 14,677 | 5,579
Buckhead Plaza (2) | 16,980 | 4,766 | 5,312 | 5,436 | 5,453 | 20,967 | 5,321
San Jacinto Center | 16,003 | 3,940 | 4,093 | 3,748 | 4,456 | 16,237 | 5,076
725 Ponce | 18,543 | 4,777 | 4,753 | 4,828 | 5,040 | 19,398 | 5,032
Northpark (2) | 22,699 | 5,136 | 4,901 | 5,141 | 5,391 | 20,569 | 4,980
Fifth Third Center | 17,675 | 4,732 | 4,726 | 4,840 | 4,661 | 18,959 | 4,759
Hayden Ferry (2) | 24,304 | 5,934 | 4,323 | 6,106 | 4,456 | 20,819 | 4,600
Avalon (2) | 15,927 | 4,243 | 4,145 | 4,326 | 4,168 | 16,882 | 4,425
Colorado Tower | 12,452 | 3,282 | 3,740 | 4,152 | 4,236 | 15,410 | 4,234
One Eleven Congress | 17,398 | 4,246 | 4,542 | 4,850 | 4,045 | 17,683 | 4,190
3344 Peachtree | 15,691 | 3,992 | 4,107 | 4,112 | 3,847 | 16,058 | 4,023
The Terrace (2) | 13,413 | 3,698 | 3,903 | 4,036 | 3,879 | 15,516 | 3,939
100 Mill | 7,298 | 3,603 | 3,575 | 3,352 | 3,196 | 13,726 | 3,842
Promenade Tower | 12,170 | 3,377 | 3,483 | 3,568 | 3,266 | 13,694 | 3,432
The RailYard | 12,900 | 3,332 | 3,308 | 3,296 | 3,233 | 13,169 | 3,081
Heights Union (2) | 8,312 | 2,338 | 2,525 | 2,669 | 2,539 | 10,071 | 2,621
550 South | 10,694 | 2,698 | 2,730 | 2,811 | 2,757 | 10,996 | 2,527
Legacy Union One | 9,421 | 2,364 | 2,366 | 2,348 | 2,363 | 9,441 | 2,380
Domain Point (2) | 7,085 | 2,025 | 2,260 | 2,186 | 2,166 | 8,637 | 2,183
Promenade Central (3) | 224 | 716 | 775 | 1,084 | 1,234 | 3,809 | 1,570
111 West Rio | 5,669 | 1,417 | 1,395 | 1,408 | 1,387 | 5,607 | 1,411
3350 Peachtree | 5,520 | 1,477 | 1,447 | 855 | 735 | 4,514 | 1,363
Tempe Gateway | 4,273 | 819 | 957 | 1,084 | 1,166 | 4,026 | 1,259
Meridian Mark Plaza | 4,961 | 1,286 | 1,215 | 1,237 | 1,058 | 4,796 | 1,215
The Pointe | 4,852 | 1,056 | 695 | 381 | 1,137 | 3,269 | 1,168
3348 Peachtree | 4,772 | 1,050 | 1,160 | 1,119 | 1,277 | 4,606 | 1,163
Research Park V | 4,468 | 1,166 | 918 | 934 | 1,091 | 4,109 | 1,087
5950 Sherry Lane | 3,469 | 861 | 852 | 886 | 1,034 | 3,633 | 1,078
Harborview Plaza | 3,429 | 849 | 841 | 848 | 856 | 3,394 | 835
Other (4) | 4,583 | 1,161 | 1,162 | 1,148 | 1,441 | 4,912 | 2,018
Subtotal - Consolidated | 492,676 | 128,727 | 130,285 | 133,320 | 132,938 | 525,270 | 137,273
Continued on next page

FUNDS FROM OPERATIONS - DETAIL (1)

Cousins Properties | 14 | Q1 2024 Supplemental Information

| (amounts in thousands, except per share amounts)
| 2022 | 2023 1st | 2023 2nd | 2023 3rd | 2023 4th | 2023 | 2024 1st
Unconsolidated Properties (5) |  |  |  |  |  |  |
Medical Offices at Emory Hospital | 4,531 | 1,054 | 1,203 | 1,161 | 1,170 | 4,588 | 1,116
120 West Trinity (2) | 1,302 | 326 | 338 | 389 | 194 | 1,247 | 319
Other (6) | 3,691 | 29 | 18 | 14 | (72) | (11) | (83)
Subtotal - Unconsolidated | 9,524 | 1,409 | 1,559 | 1,564 | 1,292 | 5,824 | 1,352
Total Net Operating Income (1) | 502,200 | 130,136 | 131,844 | 134,884 | 134,230 | 531,094 | 138,625
Fee and Other Income |  |  |  |  |  |  |
Management Fees (7) | 2,941 | 374 | 352 | 318 | 329 | 1,373 | 379
Termination Fees | 2,464 | 136 | 6,570 | 271 | 366 | 7,343 | 471
Development Fees | 3,178 | — | — | — | — | — | —
Interest and Other Income | 2,660 | 2,278 | 14 | 101 | 61 | 2,454 | 44
Interest and Other Income - Unconsolidated (5) | 216 | 37 | 38 | 35 | 30 | 140 | 14
Total Fee and Other Income | 11,459 | 2,825 | 6,974 | 725 | 786 | 11,310 | 908
General and Administrative Expenses | (28,319) | (8,438) | (8,021) | (8,336) | (7,536) | (32,331) | (9,214)
Interest Expense |  |  |  |  |  |  |
Consolidated Interest Expense |  |  |  |  |  |  |
Term Loan, Unsecured ($400M) | (4,936) | (5,856) | (6,158) | (6,306) | (6,359) | (24,679) | (6,050)
Credit Facility, Unsecured | (9,759) | (3,054) | (3,583) | (3,589) | (3,929) | (14,155) | (5,449)
Term Loan, Unsecured ($350M) | (11,609) | (4,902) | (4,944) | (5,009) | (5,010) | (19,865) | (4,892)
Terminus (2) | (5,644) | (3,513) | (3,514) | (3,514) | (3,514) | (14,055) | (3,514)
Senior Notes, Unsecured ($275M) | (10,975) | (2,744) | (2,744) | (2,743) | (2,744) | (10,975) | (2,744)
Senior Notes, Unsecured ($250M) | (9,958) | (2,490) | (2,489) | (2,490) | (2,489) | (9,958) | (2,490)
Senior Notes, Unsecured ($250M) | (9,764) | (2,441) | (2,441) | (2,441) | (2,441) | (9,764) | (2,441)
Senior Notes, Unsecured ($125M) | (4,789) | (1,197) | (1,197) | (1,198) | (1,197) | (4,789) | (1,197)
Fifth Third Center | (4,508) | (1,108) | (1,101) | (1,094) | (1,085) | (4,388) | (1,078)
Senior Notes, Unsecured ($100M) | (4,145) | (1,036) | (1,036) | (1,037) | (1,036) | (4,145) | (1,036)
Colorado Tower | (3,917) | (965) | (960) | (953) | (948) | (3,826) | (942)
Domain 10 | (3,141) | (774) | (770) | (765) | (760) | (3,069) | (756)
Other (8) | (4,792) | (41) | (40) | (41) | (40) | (162) | (25)
Capitalized (9) | 15,400 | 5,091 | 5,005 | 4,172 | 4,099 | 18,367 | 3,706
Subtotal - Consolidated Interest Expense | (72,537) | (25,030) | (25,972) | (27,008) | (27,453) | (105,463) | (28,908)
Unconsolidated Interest Expense (5) |  |  |  |  |  |  |
Medical Offices at Emory Hospital | (1,147) | (280) | (362) | (508) | (509) | (1,659) | (508)
Other (8) | (1,456) | — | — | — | (17) | (17) | (20)
Subtotal - Unconsolidated Interest Expense | (2,603) | (280) | (362) | (508) | (526) | (1,676) | (528)
Total Interest Expense | (75,140) | (25,310) | (26,334) | (27,516) | (27,979) | (107,139) | (29,436)
Continued on next page

FUNDS FROM OPERATIONS - DETAIL (1)

Cousins Properties | 15 | Q1 2024 Supplemental Information

| (amounts in thousands, except per share amounts)
| 2022 | 2023 1st | 2023 2nd | 2023 3rd | 2023 4th | 2023 | 2024 1st
Reimbursed and Other Expenses |  |  |  |  |  |  |
Reimbursed Expenses (7) | (2,024) | (207) | (159) | (149) | (93) | (608) | (140)
Property Taxes and Other Land Holding Costs (5) | (1,065) | (323) | (276) | (318) | (473) | (1,390) | (389)
Severance | (170) | (72) | (90) | (63) | (167) | (392) | 2
Gain on Extinguishment of Debt | 169 | — | — | — | — | — | —
Predevelopment & Other Costs (5) | (967) | (3) | (117) | (265) | (19) | (404) | (316)
Total Reimbursed and Other Expenses | (4,057) | (605) | (642) | (795) | (752) | (2,794) | (843)
Gain (Loss) on Sales of Undepreciated Investment Properties |  |  |  |  |  |  |
Consolidated | — | — | — | 507 | (1) | 506 | —
Unconsolidated (5) | 4,478 | — | — | — | — | — | —
Total Gain (Loss) on Sales of Undepreciated Investment Properties | 4,478 | — | — | 507 | (1) | 506 | —
Depreciation and Amortization of Non-Real Estate Assets | (558) | (108) | (111) | (113) | (116) | (448) | (115)
Partners' Share of FFO in Consolidated Joint Ventures | (1,304) | (406) | (759) | (384) | (360) | (1,909) | (429)
FFO | $408,759 | $98,094 | $102,951 | $98,972 | $98,272 | $398,289 | $99,496
Weighted Average Shares - Diluted | 150,419 | 151,880 | 152,126 | 152,048 | 152,105 | 152,040 | 152,385
FFO per Share | $2.72 | $0.65 | $0.68 | $0.65 | $0.65 | $2.62 | $0.65

Note: | Amounts may differ slightly from other schedules contained herein due to rounding.
(1) See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 33.
(2) Contains multiple buildings that are grouped together for reporting purposes.
(3) A redevelopment of Promenade Central reached substantial completion in the fourth quarter of 2022, but is not yet stabilized.
(4) Primarily represents the College Street Garage and properties in the final stages of development and not yet stabilized. Also includes properties sold prior to March 31, 2024.
(5) Unconsolidated amounts included in the reconciliation above represent amounts recorded in unconsolidated joint ventures multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures but believes including these amounts in the categories indicated is meaningful to investors and analysts.
(6) Primarily represents unconsolidated investments sold prior to March 31, 2024, see page 26. Also includes NOI from unconsolidated investments not yet stabilized.
(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 in Management Fees.
(8) Primarily represents interest on consolidated loans repaid and our share of interests on loans of unconsolidated investments sold prior to March 31, 2024. Also includes interest expense from unconsolidated investments not yet stabilized.
(9) Amounts of consolidated interest expense related to consolidated debt that are capitalized to consolidated development and redevelopment projects as well as to equity in unconsolidated development projects.

FUNDS FROM OPERATIONS - DETAIL (1)

Cousins Properties | 16 | Q1 2024 Supplemental Information

Office Properties (1) |  | Rentable Square Feet |  | Financial Statement Presentation |  | Company's Ownership Interest |  | End of Period Leased |  | Weighted Average Occupancy (2) |  | % of Total NOI / 1Q24 |  | Property Level Debt ($ in thousands) (3)
|  |  |  | 1Q24 |  | 4Q23 |  | 1Q24 |  | 4Q23 |  |
Terminus (4) |  | 1,226,000 |  | Consolidated |  | 100% |  | 84.7% |  | 86.3% |  | 82.0% |  | 83.8% |  | 5.9% |  | $220,697
Spring & 8th (4) |  | 765,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 5.4% |  | —
Buckhead Plaza (4) |  | 678,000 |  | Consolidated |  | 100% |  | 96.3% |  | 95.2% |  | 86.9% |  | 89.6% |  | 3.9% |  | —
725 Ponce |  | 372,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 3.7% |  | —
Northpark (4) |  | 1,539,000 |  | Consolidated |  | 100% |  | 74.2% |  | 74.0% |  | 72.8% |  | 73.4% |  | 3.6% |  | —
Avalon |  | 480,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 97.4% |  | 3.2% |  | —
3344 Peachtree |  | 484,000 |  | Consolidated |  | 100% |  | 95.1% |  | 95.1% |  | 95.1% |  | 96.3% |  | 2.9% |  | —
Promenade Tower |  | 777,000 |  | Consolidated |  | 100% |  | 88.6% |  | 82.9% |  | 67.0% |  | 63.2% |  | 2.5% |  | —
Promenade Central (5) (6) |  | 367,000 |  | Consolidated |  | 100% |  | 76.0% |  | 71.3% |  | 67.5% |  | 55.9% |  | 1.1% |  | —
3350 Peachtree |  | 413,000 |  | Consolidated |  | 100% |  | 74.2% |  | 60.3% |  | 60.3% |  | 57.0% |  | 1.0% |  | —
Meridian Mark Plaza |  | 160,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 0.9% |  | —
3348 Peachtree |  | 258,000 |  | Consolidated |  | 100% |  | 76.9% |  | 76.9% |  | 76.9% |  | 80.5% |  | 0.8% |  | —
Medical Offices at Emory Hospital |  | 358,000 |  | Unconsolidated |  | 50% |  | 99.5% |  | 99.5% |  | 99.5% |  | 99.5% |  | 0.8% |  | 41,168
120 West Trinity Office |  | 43,000 |  | Unconsolidated |  | 20% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 0.1% |  | —
ATLANTA (6) |  | 7,920,000 |  |  |  |  |  | 87.9% |  | 86.6% |  | 83.2% |  | 83.3% |  | 35.8% |  | 261,865
The Domain (4) |  | 1,899,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 99.4% |  | 99.5% |  | 13.4% |  | 71,873
300 Colorado |  | 378,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 4.2% |  | —
San Jacinto Center |  | 399,000 |  | Consolidated |  | 100% |  | 95.9% |  | 95.9% |  | 95.9% |  | 86.9% |  | 3.7% |  | —
Colorado Tower |  | 373,000 |  | Consolidated |  | 100% |  | 98.8% |  | 98.8% |  | 98.3% |  | 97.4% |  | 3.1% |  | 105,943
One Eleven Congress |  | 519,000 |  | Consolidated |  | 100% |  | 79.0% |  | 80.5% |  | 79.9% |  | 79.9% |  | 3.0% |  | —
The Terrace (4) |  | 619,000 |  | Consolidated |  | 100% |  | 79.4% |  | 79.9% |  | 78.7% |  | 77.6% |  | 2.9% |  | —
Domain Point (4) |  | 240,000 |  | Consolidated |  | 96.5% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1.6% |  | —
Research Park V |  | 173,000 |  | Consolidated |  | 100% |  | 93.0% |  | 93.0% |  | 89.0% |  | 89.0% |  | 0.8% |  | —
AUSTIN |  | 4,600,000 |  |  |  |  |  | 94.3% |  | 94.4% |  | 93.7% |  | 92.8% |  | 32.7% |  | 177,816
Corporate Center (4) |  | 1,227,000 |  | Consolidated |  | 100% |  | 91.5% |  | 93.4% |  | 91.9% |  | 92.3% |  | 5.3% |  | —
Heights Union (4) |  | 294,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1.9% |  | —
The Pointe |  | 253,000 |  | Consolidated |  | 100% |  | 90.4% |  | 90.4% |  | 86.5% |  | 89.3% |  | 0.8% |  | —
Harborview Plaza |  | 206,000 |  | Consolidated |  | 100% |  | 88.7% |  | 83.7% |  | 82.1% |  | 79.3% |  | 0.6% |  | —
TAMPA |  | 1,980,000 |  |  |  |  |  | 92.3% |  | 93.0% |  | 91.2% |  | 91.7% |  | 8.6% |  | —
Hayden Ferry (4) (7) |  | 792,000 |  | Consolidated |  | 100% |  | 84.8% |  | 90.9% |  | 85.1% |  | 88.5% |  | 3.3% |  | —
100 Mill |  | 288,000 |  | Consolidated |  | 90% |  | 98.1% |  | 98.1% |  | 92.3% |  | 81.3% |  | 2.8% |  | —
111 West Rio |  | 225,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1.0% |  | —
Tempe Gateway |  | 264,000 |  | Consolidated |  | 100% |  | 87.3% |  | 75.9% |  | 64.7% |  | 64.8% |  | 0.9% |  |
PHOENIX |  | 1,569,000 |  |  |  |  |  | 92.6% |  | 90.9% |  | 85.0% |  | 84.4% |  | 8.0% |  | —
Fifth Third Center |  | 692,000 |  | Consolidated |  | 100% |  | 92.6% |  | 91.1% |  | 91.1% |  | 91.1% |  | 3.5% |  | 125,461
Railyard |  | 329,000 |  | Consolidated |  | 100% |  | 99.4% |  | 99.0% |  | 99.0% |  | 99.2% |  | 2.2% |  | —
550 South |  | 394,000 |  | Consolidated |  | 100% |  | 76.9% |  | 96.7% |  | 90.1% |  | 96.7% |  | 1.8% |  | —
CHARLOTTE |  | 1,415,000 |  |  |  |  |  | 89.8% |  | 94.5% |  | 92.7% |  | 94.5% |  | 7.5% |  | 125,461
Continued on next page

PORTFOLIO STATISTICS

Cousins Properties | 17 | Q1 2024 Supplemental Information

Office Properties (1) |  | Rentable Square Feet |  | Financial Statement Presentation |  | Company's Ownership Interest |  | End of Period Leased |  | Weighted Average Occupancy (2) |  | % of Total NOI / 1Q24 |  | Property Level Debt ($ in thousands) (3)
|  |  |  | 1Q24 |  | 4Q23 |  | 1Q24 |  | 4Q23 |  |
Legacy Union One |  | 319,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1.7% |  | —
5950 Sherry Lane |  | 197,000 |  | Consolidated |  | 100% |  | 79.3% |  | 79.3% |  | 79.3% |  | 77.5% |  | 0.8% |  | —
DALLAS |  | 516,000 |  |  |  |  |  | 92.1% |  | 92.1% |  | 92.1% |  | 91.4% |  | 2.5% |  | —
BriarLake Plaza (4) |  | 835,000 |  | Consolidated |  | 100% |  | 95.5% |  | 96.8% |  | 94.4% |  | 79.0% |  | 4.1% |  | —
HOUSTON |  | 835,000 |  |  |  |  |  | 95.5% |  | 96.8% |  | 94.4% |  | 79.0% |  | 4.1% |  | —
TOTAL OFFICE (6) |  | 18,835,000 |  |  |  |  |  | 90.8% |  | 90.9% |  | 88.4% |  | 87.6% |  | 99.2% |  | $565,142
Other Properties (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
College Street Garage - Charlotte (5) |  | N/A |  | Consolidated |  | 100% |  | NA |  | NA |  | NA |  | NA |  | 0.7% |  | —
120 West Trinity Apartment - Atlanta (330 units) (5) |  | 310,000 |  | Unconsolidated |  | 20% |  | 95.9% |  | 95.3% |  | 95.3% |  | 93.6% |  | 0.1% |  | —
TOTAL OTHER |  | 310,000 |  |  |  |  |  | 95.9% |  | 95.3% |  | 95.3% |  | 93.6% |  | 0.8% |  | $—
TOTAL (6) |  | 19,145,000 |  |  |  |  |  | 90.8% |  | 90.9% |  | 88.4% |  | 87.7% |  | 100.0% |  | $565,142

(1) | Represents the Company's operating properties, excluding properties in the development pipeline, full building redevelopments that are not yet stabilized, and properties sold prior to March 31, 2024.
(2) | The weighted average economic occupancy of the property over the period for which the property was available for occupancy.
(3) | The Company's share of property-specific mortgage debt, net of unamortized loan costs, as of March 31, 2024.
(4) | Contains two or more buildings that are grouped together for reporting purposes.
(5) | Not included in Same Property as of March 31, 2024.
(6) | A redevelopment of Promenade Central reached substantial completion in the fourth quarter of 2022. This building will be excluded from the Atlanta, Total Office, and Total Portfolio calculations until stabilized.
(7) | Hayden Ferry 1 in this group of buildings has been excluded from Same Property, end of period leased, and weighted average occupancy due to commencement of a full redevelopment of this building effective October 1, 2023.

PORTFOLIO STATISTICS

Cousins Properties | 18 | Q1 2024 Supplemental Information

Portfolio NOI by Market
First Quarter 2024
(1) The Company owns 50% of Neuhoff, a mixed-use development in Nashville, through a joint venture. It has commenced initial operations but is not yet stabilized. See pages 27 and 32 for
additional details.

PORTFOLIO STATISTICS

Cousins Properties | 19 | Q1 2024 Supplemental Information

Charlotte
8.2%
Nashville (1)
Dallas
2.5%
Atlanta
35.9%
Tampa
8.6%
Houston
4.1%
Austin
32.7%
Phoenix
8.0%

| ($ in thousands)
| Three Months Ended March 31,
| 2024 |  | 2023 |  | $ Change |  | % Change
Rental Property Revenues (2) | $204,450 |  | $196,929 |  | $7,521 |  | 3.8%
Rental Property Operating Expenses (2) | 69,589 |  | 70,406 |  | (817) |  | (1.2)%
Same Property Net Operating Income | $134,861 |  | $126,523 |  | $8,338 |  | 6.6%
Cash-Basis Rental Property Revenues (3) | $190,781 |  | $184,066 |  | $6,715 |  | 3.6%
Cash-Basis Rental Property Operating Expenses (4) | 69,381 |  | 70,183 |  | (802) |  | (1.1)%
Cash-Basis Same Property Net Operating Income | $121,400 |  | $113,883 |  | $7,517 |  | 6.6%
End of Period Leased | 90.8% |  | 90.6% |  |  |  |
Weighted Average Occupancy | 88.4% |  | 87.0% |  |  |  |

(1) | Same Properties include those office properties that were stabilized and owned by the Company for the entirety of all comparable reporting periods presented. See Portfolio Statistics on pages 17 and 18 for footnotes indicating which properties are not included in Same Property. See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 33.
(2) | Rental Property Revenues and Operating Expenses include results for the Company and its share of unconsolidated joint ventures and exclude termination fee income. Net operating income for unconsolidated joint ventures is calculated as Rental Property Revenues less termination fee income and Rental Property 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.

SAME PROPERTY PERFORMANCE (1)

Cousins Properties | 20 | Q1 2024 Supplemental Information

| Three Months Ended March 31, 2024 |
| New |  | Renewal |  | Expansion |  | Total |
Gross leased square feet (1) |  |  |  |  |  |  | 462,076 |
Less exclusions (2) |  |  |  |  |  |  | (58,422) |
Net leased square feet | 187,938 |  | 117,165 |  | 98,551 |  | 403,654 |
Number of transactions | 17 |  | 12 |  | 8 |  | 37 |
Lease term in years (3) | 8.0 |  | 4.6 |  | 8.5 |  | 7.1 |
Net effective rent calculation (per square foot per year) (3) |  |  |  |  |  |  |  |
Net annualized rent (4) | $39.35 |  | $32.73 |  | $33.74 |  | $36.06 |
Net free rent | (2.44) |  | (1.53) |  | (2.12) |  | (2.10) |
Leasing commissions | (3.08) |  | (1.74) |  | (2.72) |  | (2.61) |
Tenant improvements | (8.01) |  | (4.27) |  | (8.95) |  | (7.15) |
Total leasing costs | (13.53) |  | (7.54) |  | (13.79) |  | (11.86) |
Net effective rent | $25.82 |  | $25.19 |  | $19.95 |  | $24.20 |
Second generation leased square footage (5) |  |  |  |  |  |  | 213,676 |
Increase in straight-line basis second generation net rent per square foot (6) |  | 20.1% |
Increase in cash-basis second generation net rent per square foot (7) |  | 5.3% |

(1) | Comprised of total square feet leased, unadjusted for ownership share and excluding apartment leasing.
(2) | Adjusted for leases approximately one year or less, along with leases for retail, amenity, storage, and intercompany space.
(3) | Weighted average of net leased square feet. Excludes percentage rent leases.
(4) | Straight-line net rent per square foot (operating expense reimbursements deducted from gross leases) over the lease term, prior to any deductions for leasing costs.
(5) | Excludes leases executed for spaces that were vacant upon acquisition, new leases in development properties, percentage rent leases, and leases for spaces that have been vacant for one year or more.
(6) | Increase in second generation straight-line basis net annualized rent on a weighted average basis.
(7) | Increase in second generation net cash rent at the end of the term paid by the prior tenant compared to net cash rent at the beginning of the term (after any free rent period) paid by the current tenant on a weighted average basis. For early renewals, the final net cash rent paid under the original lease is compared to the first net cash rent paid under the terms of the renewal. Net cash rent is net of any recovery of operating expenses but prior to any deductions for leasing costs.

OFFICE LEASING ACTIVITY

Cousins Properties | 21 | Q1 2024 Supplemental Information

Lease Expirations by Year (1)

Year of Expiration |  | Square Feet Expiring |  | % of Leased Space |  | Annual Contractual Rent ($ in thousands) (2) |  | % of Annual Contractual Rent |  | Annual Contractual Rent/Sq. Ft.
2024 |  | 637,715 |  | 3.8% |  | $27,082 |  | 3.1% |  | $42.47
2025 |  | 1,657,835 |  | 10.0% |  | 73,933 |  | 8.5% |  | 44.60
2026 |  | 1,276,695 |  | 7.7% |  | 59,434 |  | 6.8% |  | 46.55
2027 |  | 1,587,488 |  | 9.6% |  | 73,419 |  | 8.5% |  | 46.25
2028 |  | 1,606,384 |  | 9.7% |  | 81,046 |  | 9.3% |  | 50.45
2029 |  | 1,734,499 |  | 10.4% |  | 89,855 |  | 10.4% |  | 51.80
2030 |  | 1,324,058 |  | 8.0% |  | 67,349 |  | 7.8% |  | 50.87
2031 |  | 1,545,507 |  | 9.3% |  | 92,157 |  | 10.6% |  | 59.63
2032 |  | 1,860,529 |  | 11.2% |  | 107,711 |  | 12.4% |  | 57.89
2033 & Thereafter |  | 3,396,248 |  | 20.3% |  | 195,903 |  | 22.6% |  | 57.68
Total |  | 16,626,958 |  | 100.0% |  | $867,889 |  | 100.0% |  | $52.20

(1) Company's share of leases expiring after March 31, 2024. Expiring square footage for which new leases have been executed at operating properties is reflected based on the expiration date of the new lease.
(2) Annual Contractual Rent is the estimated rent in the year of expiration. It includes the minimum base rent and an estimate of the tenant's share of operating expenses, if applicable, as defined in the respective leases.

OFFICE LEASE EXPIRATIONS

Cousins Properties | 22 | Q1 2024 Supplemental Information

| Tenant (1) |  | Number of Properties Occupied |  | Number of Markets Occupied |  | Company's Share of Square Footage |  | Company's Share of Annualized Rent ($ in thousands) (2) |  | Percentage of Company's Share of Annualized Rent |  | Weighted Average Remaining Lease Term (Years)
1 | Amazon |  | 5 |  | 3 |  | 1,296,397 |  | $68,417 |  | 9.1% |  | 5.9
2 | NCR Voyix |  | 2 |  | 2 |  | 815,634 |  | 41,056 |  | 5.5% |  | 9.2
3 | Pioneer Natural Resources |  | 2 |  | 1 |  | 359,660 |  | 25,176 |  | 3.3% |  | 7.4
4 | Meta Platforms |  | 1 |  | 1 |  | 319,863 |  | 18,457 |  | 2.5% |  | 7.3
5 | Expedia |  | 1 |  | 1 |  | 315,882 |  | 16,889 |  | 2.2% |  | 7.0
6 | Apache |  | 1 |  | 1 |  | 357,984 |  | 14,590 |  | 1.9% |  | 14.5
7 | Bank of America |  | 2 |  | 2 |  | 347,139 |  | 12,642 |  | 1.7% |  | 1.7
8 | Ovintiv USA |  | 1 |  | 1 |  | 318,582 |  | 8,313 |  | 1.1% |  | 3.2
9 | WeWork |  | 4 |  | 2 |  | 169,050 |  | 8,144 |  | 1.1% |  | 9.5
10 | Wells Fargo |  | 5 |  | 3 |  | 198,507 |  | 7,866 |  | 1.0% |  | 4.8
11 | ADP |  | 1 |  | 1 |  | 225,000 |  | 7,726 |  | 1.0% |  | 4.0
12 | Regus Equity Business Centers |  | 5 |  | 4 |  | 145,119 |  | 7,371 |  | 1.0% |  | 4.7
13 | Westrock Shared Services |  | 1 |  | 1 |  | 205,185 |  | 7,352 |  | 1.0% |  | 6.1
14 | BlackRock |  | 1 |  | 1 |  | 131,656 |  | 7,166 |  | 1.0% |  | 12.2
15 | Amgen |  | 1 |  | 1 |  | 163,169 |  | 6,679 |  | 0.9% |  | 4.6
16 | Workwise Technologies |  | 1 |  | 1 |  | 93,210 |  | 6,615 |  | 0.9% |  | 4.3
17 | McKinsey & Company |  | 2 |  | 2 |  | 130,513 |  | 6,426 |  | 0.9% |  | 8.6
18 | Samsung Engineering America |  | 1 |  | 1 |  | 133,860 |  | 6,367 |  | 0.8% |  | 2.7
19 | Time Warner Cable |  | 2 |  | 1 |  | 119,018 |  | 5,846 |  | 0.8% |  | 1.8
20 | Allstate |  | 1 |  | 1 |  | 148,262 |  | 5,798 |  | 0.8% |  | 5.8
| Total |  |  |  |  |  | 5,993,690 |  | $288,896 |  | 38.5% |  | 6.7
(1) | In some cases, the actual tenant may be an affiliate of the entity shown.
(2) | Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of March 31, 2024. If the tenant is in a free rent period as of March 31, 2024, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent.
Note: | This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded.

TOP 20 OFFICE TENANTS

Cousins Properties | 23 | Q1 2024 Supplemental Information

(1) Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of
March 31, 2024. If the tenant is in a free rent period as of March 31, 2024, Annualized Rent represents the annualized contractual rent the tenant will pay in
the first month the tenant is required to pay full rent.
Note: Management uses SIC codes when available, along with judgment, to determine tenant industry classification. This schedule includes leases that have
commenced. Leases that have been signed but have not commenced are excluded.

TENANT INDUSTRY DIVERSIFICATION

Cousins Properties | 24 | Q1 2024 Supplemental Information

Completed Operating Property Acquisitions

Property |  | Type |  | Market |  | Company's Ownership Interest |  | Timing |  | Square Feet |  | Gross Purchase Price ($ in thousands) (1)
2022 |  |  |  |  |  |  |  |  |  |  |  |
Avalon (2) |  | Office |  | Atlanta |  | 100% |  | 2Q |  | 480,000 |  | $43,400
2021 |  |  |  |  |  |  |  |  |  |  |  |
725 Ponce |  | Office |  | Atlanta |  | 100% |  | 3Q |  | 372,000 |  | 300,200
Heights Union |  | Office |  | Tampa |  | 100% |  | 4Q |  | 294,000 |  | 144,800
2020 |  |  |  |  |  |  |  |  |  |  |  |
The RailYard |  | Office |  | Charlotte |  | 100% |  | 4Q |  | 329,000 |  | 201,300
2019 |  |  |  |  |  |  |  |  |  |  |  |
Promenade Central |  | Office |  | Atlanta |  | 100% |  | 1Q |  | 370,000 |  | 82,000
TIER REIT, Inc. |  | Office |  | Various |  | Various |  | 2Q |  | 5,799,000 |  | (3)
Terminus (4) |  | Office |  | Atlanta |  | 100% |  | 4Q |  | 1,226,000 |  | 246,000
|  |  |  |  |  |  |  |  |  | 8,870,000 |  | $1,017,700

Completed Property Developments

Project |  | Type |  | Market |  | Company's Ownership Interest |  | Timing (5) |  | Square Feet |  | Total Project Cost ($ in thousands) (1)
2022 |  |  |  |  |  |  |  |  |  |  |  |
300 Colorado |  | Office |  | Austin |  | 100% |  | 1Q |  | 369,000 |  | $193,000
100 Mill |  | Office |  | Phoenix |  | 90% |  | 4Q |  | 288,000 |  | 156,000
2021 |  |  |  |  |  |  |  |  |  |  |  |
10000 Avalon |  | Office |  | Atlanta |  | 90% |  | 1Q |  | 251,000 |  | 96,000
120 West Trinity |  | Mixed |  | Atlanta |  | 20% |  | 2Q |  | 353,000 |  | 89,000
Domain 10 |  | Office |  | Austin |  | 100% |  | 3Q |  | 300,000 |  | 111,000
2020 |  |  |  |  |  |  |  |  |  |  |  |
Domain 12 |  | Office |  | Austin |  | 100% |  | 4Q |  | 320,000 |  | 117,000
2019 |  |  |  |  |  |  |  |  |  |  |  |
Dimensional Place |  | Office |  | Charlotte |  | 50% |  | 1Q |  | 281,000 |  | 96,000
|  |  |  |  |  |  |  |  |  | 2,162,000 |  | $858,000

(1) Except as otherwise noted, amounts represent total purchase prices, total project costs paid by the Company and, where applicable, its joint venture partner.
(2) Purchased outside interest of 10% in HICO Avalon LLC and HICO Avalon II LLC for $43 million in a transaction that valued the properties at $302 million.
(3) Properties acquired in the merger with TIER REIT, Inc.
(4) Purchased outside interest of 50% in Terminus Office Holdings, LLC for $246 million before reductions for existing mortgage debt.
(5) Represents timing of stabilization.
Continued on next page

INVESTMENT ACTIVITY

Cousins Properties | 25 | Q1 2024 Supplemental Information

Completed Operating Property Dispositions

Property |  | Type |  | Market |  | Company's Ownership Interest |  | Timing |  | Square Feet |  | Gross Sales Price ($ in thousands) |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Carolina Square |  | Mixed |  | Charlotte |  | 50% |  | 3Q |  | 468,000 |  | $105,000 | (1)
2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Burnett Plaza |  | Office |  | Fort Worth |  | 100% |  | 2Q |  | 1,023,000 |  | 137,500 |
One South at the Plaza |  | Office |  | Charlotte |  | 100% |  | 3Q |  | 891,000 |  | 271,500 |
Dimensional Place |  | Office |  | Charlotte |  | 50% |  | 3Q |  | 281,000 |  | 60,800 | (1)
816 Congress |  | Office |  | Austin |  | 100% |  | 4Q |  | 435,000 |  | 174,000 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Hearst Tower |  | Office |  | Charlotte |  | 100% |  | 1Q |  | 966,000 |  | 455,500 |
Gateway Village |  | Office |  | Charlotte |  | 50% |  | 1Q |  | 1,061,000 |  | 52,200 | (1)
Woodcrest |  | Office |  | Cherry Hill |  | 100% |  | 1Q |  | 386,000 |  | 25,300 |
|  |  |  |  |  |  |  |  |  | 5,511,000 |  | $1,281,800 |

(1) Amount represents proceeds, before debt and other adjustments, received by the Company for the sale of its unconsolidated interest in the joint venture to its partner.

INVESTMENT ACTIVITY

Cousins Properties | 26 | Q1 2024 Supplemental Information

Project |  | Type |  | Market |  | Company's Ownership Interest |  | Construction Start Date |  | Square Feet/Units |  | Estimated Project Cost (1) (2) ($ in thousands) |  | Company's Share of Estimated Project Cost (2) ($ in thousands) |  | Project Cost Incurred to Date (2) ($ in thousands) |  | Company's Share of Project Cost Incurred to Date (2) ($ in thousands) |  | Percent Leased |  | Initial Occupancy (3) |  | Estimated Stabilization (4)
Neuhoff (5) |  | Mixed |  | Nashville |  | 50% |  | 3Q21 |  |  |  | $581,900 |  | $290,950 |  | $486,366 |  | $243,183 |  |  |  |  |  |
Office and Retail |  |  |  |  |  |  |  |  |  | 448,000 |  |  |  |  |  |  |  |  |  | 30% |  | 4Q23 |  | 4Q25
Apartments |  |  |  |  |  |  |  |  |  | 542 |  |  |  |  |  |  |  |  |  | —% |  | 2Q24 |  | 2Q26
Domain 9 |  | Office |  | Austin |  | 100% |  | 2Q21 |  | 338,000 |  | 147,000 |  | 147,000 |  | 128,344 |  | 128,344 |  | 98% |  | 1Q24 |  | 3Q25
Total |  |  |  |  |  |  |  |  |  |  |  | $728,900 |  | $437,950 |  | $614,710 |  | $371,527 |  |  |  |  |  |

(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, including direct financing costs. 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 project-specific debt. Neuhoff has a project-specific construction loan (see footnote 5). The above schedule excludes any financing cost assumptions for projects without project-specific debt and any other incremental capitalized costs required by GAAP.
(3) | Initial occupancy represents the quarter within which the Company first recognized, or estimates it will begin recognizing, revenue under GAAP. The Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of office and retail properties, which have ongoing construction of tenant improvements, until the earlier of (1) the date on which the project achieves 90% economic occupancy or (2) one year from cessation of major construction activity. For residential project construction, the Company continues to capitalize interest, real estate taxes, and certain operating expenses until cessation of major construction activity.
(4) | Reflects the estimated quarter of economic stabilization for each project.
(5) | The Neuhoff estimated project cost will be funded with a combination of $269.2 million of equity contributed by the joint venture partners and a $312.7 million construction loan. These costs include approximately $66 million of site and associated infrastructure work related to a future phase. The estimated project cost includes revisions made in the first quarter of 2024 related to updated initial leasing costs and construction loan interest costs.

DEVELOPMENT PIPELINE (1)

Cousins Properties | 27 | Q1 2024 Supplemental Information

|  | 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 |  |
715 Ponce |  | Atlanta |  | 50% |  | Unconsolidated |  | 1.0 |  |
887 West Peachtree |  | Atlanta |  | 100% |  | Consolidated |  | 1.6 |  |
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 |  |
Corporate Center 5 & 6 (1) |  | Tampa |  | 100% |  | Consolidated |  | 14.1 |  |
Total |  |  |  |  |  |  | 37.0 |  | $162,812
|  |  |  |  |  |  |  |  |  | 159351
Company's Share |  |  |  |  |  |  | 36.0 |  | $156,007

(1) | Corporate Center 5 is controlled through a long-term ground lease.

LAND INVENTORY

Cousins Properties | 28 | Q1 2024 Supplemental Information

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 (2) |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total Principal |  | Deferred Loan Costs |  | Total
Consolidated Debt - Floating Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Facility, Unsecured (Adjusted SOFR + 0.90% to 1.40%) (3) |  | 100% |  | 6.31% |  | 4/30/27 |  | $— |  | $— |  | $— |  | $292,200 |  | $— |  | $— |  | $292,200 |  | $— |  | $292,200
Total Consolidated Floating Rate Debt |  |  |  |  |  |  |  | — |  | — |  | — |  | 292,200 |  | — |  | — |  | 292,200 |  | — |  | 292,200
Consolidated Debt - Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term Loan, Unsecured (4) |  | 100% |  | 5.63% |  | 3/3/27 |  | — |  | — |  | — |  | 400,000 |  | — |  | — |  | 400,000 |  | (987) |  | 399,013
Term Loan, Unsecured (5) |  | 100% |  | 5.38% |  | 8/30/26 |  | — |  | — |  | 350,000 |  | — |  | — |  | — |  | 350,000 |  | (186) |  | 349,814
Senior Note, Unsecured |  | 100% |  | 3.95% |  | 7/6/29 |  | — |  | — |  | — |  | — |  | — |  | 275,000 |  | 275,000 |  | (588) |  | 274,412
Senior Note, Unsecured |  | 100% |  | 3.91% |  | 7/6/25 |  | — |  | 250,000 |  | — |  | — |  | — |  | — |  | 250,000 |  | (229) |  | 249,771
Senior Note, Unsecured |  | 100% |  | 3.86% |  | 7/6/28 |  | — |  | — |  | — |  | — |  | 250,000 |  | — |  | 250,000 |  | (480) |  | 249,520
Terminus (6) |  | 100% |  | 6.34% |  | 1/15/31 |  | — |  | — |  | — |  | — |  | — |  | 221,000 |  | 221,000 |  | (303) |  | 220,697
Senior Note, Unsecured |  | 100% |  | 3.78% |  | 7/6/27 |  | — |  | — |  | — |  | 125,000 |  | — |  | — |  | 125,000 |  | (206) |  | 124,794
Fifth Third Center |  | 100% |  | 3.37% |  | 10/1/26 |  | 3,777 |  | 3,907 |  | 117,939 |  | — |  | — |  | — |  | 125,623 |  | (162) |  | 125,461
Colorado Tower |  | 100% |  | 3.45% |  | 9/1/26 |  | 2,807 |  | 2,906 |  | 100,463 |  | — |  | — |  | — |  | 106,176 |  | (233) |  | 105,943
Senior Note, Unsecured |  | 100% |  | 4.09% |  | 7/6/27 |  | — |  | — |  | — |  | 100,000 |  | — |  | — |  | 100,000 |  | (166) |  | 99,834
Domain 10 |  | 100% |  | 3.75% |  | 11/1/24 |  | 72,056 |  | — |  | — |  | — |  | — |  | — |  | 72,056 |  | (183) |  | 71,873
Total Consolidated Fixed Rate Debt |  |  |  |  |  |  |  | 78,640 |  | 256,813 |  | 568,402 |  | 625,000 |  | 250,000 |  | 496,000 |  | 2,274,855 |  | (3,723) |  | 2,271,132
Total Consolidated Debt |  |  |  |  |  |  |  | 78,640 |  | 256,813 |  | 568,402 |  | 917,200 |  | 250,000 |  | 496,000 |  | 2,567,055 |  | (3,723) |  | 2,563,332
Unconsolidated Debt - Floating Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Neuhoff (SOFR + 3.45%) (7) |  | 50% |  | 8.77% |  | 9/30/26 |  | — |  | — |  | 120,402 |  | — |  | — |  | — |  | 120,402 |  | (924) |  | 119,478
Total Unconsolidated Floating Rate Debt |  |  |  |  |  |  |  | — |  | — |  | 120,402 |  | — |  | — |  | — |  | 120,402 |  | (924) |  | 119,478
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | . |  |  |  |  |  |
Unconsolidated Debt - Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medical Offices at Emory Hospital |  | 50% |  | 4.80% |  | 6/1/32 |  | — |  | — |  | — |  | — |  | — |  | 41,500 |  | 41,500 |  | (332) |  | 41,168
Total Unconsolidated Fixed Rate Debt |  |  |  |  |  |  |  | — |  | — |  | — |  | — |  | — |  | 41,500 |  | 41,500 |  | (332) |  | 41,168
Total Unconsolidated Debt |  |  |  |  |  |  |  | — |  | — |  | 120,402 |  | — |  | — |  | 41,500 |  | 161,902 |  | (1,256) |  | 160,646
Total Debt |  |  |  |  |  |  |  | $78,640 |  | $256,813 |  | $688,804 |  | $917,200 |  | $250,000 |  | $537,500 |  | $2,728,957 |  | $(4,979) |  | $2,723,978
Total Maturities (8) |  |  |  |  |  |  |  | $70,865 |  | $250,000 |  | $685,561 |  | $917,200 |  | $250,000 |  | $537,500 |  | $2,711,126 |  |  |  |
% of Maturities |  |  |  |  |  |  |  | 3% |  | 9% |  | 25% |  | 34% |  | 9% |  | 20% |  | 100% |  |  |  |

Continued on next page

DEBT SCHEDULE (1)

Cousins Properties | 29 | Q1 2024 Supplemental Information

Continued on next page

DEBT SCHEDULE (1)

Cousins Properties | 30 | Q1 2024 Supplemental Information

Mortgages
$215
Unsecured
Senior Note
Credit
Facility
$292
Unsecured
Senior Note
Mortgages
Mortgage
Term Loan
$350
Mortgage
$71
Unsecured
Senior Notes
$225
Mortgage
Unsecured
Senior
Note
Construction
Loan (7)
$120
Term Loan
$350
Term
Loan
$400
Floating and Fixed Rate Debt Analysis

|  | Total Principal ($ in thousands) |  | Total Debt (%) |  | Weighted Average Interest Rate |  | Weighted Average Maturity (Years) (2)
Floating Rate Debt |  | $412,602 |  | 15% |  | 7.03% |  | 2.9
Fixed Rate Debt |  | 2,316,354 |  | 85% |  | 4.62% |  | 3.5
Total Debt |  | $2,728,956 |  | 100% |  | 4.99% |  | 3.4

(1) | All amounts are presented at Company share.
(2) | Maturity dates shown assume the Company exercises all available extension options. Without the extensions noted below, our weighted average maturity would be 2.8 years.
(3) | As of March 31, 2024, the Company had $292.2 million drawn under the Credit Facility and had the ability to borrow the remaining $707.8 million. The spread over Adjusted SOFR (SOFR + 0.10%) under the Credit Facility at March 31, 2024 was 0.90%. Subsequent to quarter end, we noticed the administrative agent of the Credit Facility of corporate investment grade ratings received. These ratings reduce the Credit Facility's spread to 0.775% effective April 17, 2024.
(4) | As of March 31, 2024, the spread over Adjusted SOFR (SOFR + 0.10%) under the 2022 Term Loan was 1.05%. The original maturity date is March 3, 2025 with four consecutive options to extend the maturity date for an additional six months each. In the second quarter of 2023, the Company entered into a floating-to-fixed interest rate swap with respect to $200 million of the $400 million Term Loan through the initial maturity date, effectively fixing the underlying SOFR rate at 4.298%. In January 2024, the Company entered into a floating-to-fixed interest rate swap with respect to the remaining $200 million of the $400 million Term Loan through the initial maturity date, effectively fixing the underlying SOFR rate at 4.6675%. These swaps effectively fixed the underlying SOFR rate at a weighted average of 4.48% for the entire $400 million through initial maturity. Subsequent to quarter end, we noticed the administrative agent of the 2022 Term Loan of corporate investment grade ratings received. These ratings reduce the 2022 Term Loan's spread to 0.85% effective April 17, 2024.
(5) | The Company has four consecutive options to extend the maturity date of this term loan for an additional 180 days each. In the third quarter of 2022, the Company entered into a floating-to-fixed interest rate swap through the initial maturity date of August 30, 2024, effectively fixing the underlying SOFR rate at 4.234%. The spread over Adjusted SOFR (SOFR + 0.10%) at March 31, 2024 was 1.05%. Subsequent to quarter end, we noticed the administrative agent of the Term Loan of corporate investment grade ratings received. These ratings reduce the Term Loan's spread to 1.00% effective April 17, 2024.
(6) | Represents $123.0 million and $98.0 million non-cross collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
(7) | The Company's share of the total borrowing capacity of the construction loan is $156.4 million. The joint venture has one option, subject to conditions, to extend the maturity date for an additional 12 months from the initial maturity date of September 30, 2025.
(8) | Maturities include principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.

DEBT SCHEDULE (1)

Cousins Properties | 31 | Q1 2024 Supplemental Information

Joint Venture |  | Property |  | Cash Flows to Cousins (2) |  | Options
Consolidated: |  |  |  |  |  |
HICO 100 Mill LLC |  | 100 Mill |  | 90% of cash flows until return of contributed capital to partners; portions of cash amounts received in excess of contributed capital are paid to our partner as a promote. |  | Cousins can trigger a sale process, subject to a right of first offer that can be exercised by partner.
TR Domain Point LLC |  | Domain Point |  | Preferred return on preferred equity contribution, then 96.5% of remaining cash flows. |  | Partner has put option under various circumstances.
Unconsolidated: |  |  |  |  |  |
AMCO 120 WT Holdings LLC |  | 120 West Trinity |  | 20% of cash flows. |  | Cousins or partner can trigger a buyout upon which Cousins would receive the office component, and partner would receive the multifamily component, with a net settlement at a then agreed upon value.
Crawford Long-CPI, LLC |  | Medical Offices at Emory Hospital |  | 50% of cash flows. |  | Cousins can put its interest to partner, or partner can call Cousins' interest, at a value determined by appraisal.
Neuhoff Holdings LLC |  | Neuhoff |  | 50% of cash flows until return of contributed capital to partners; portions of cash amounts received in excess of contributed capital to equity partners are paid to development partner as a promote. |  | Cousins or its equity partner can trigger a sale process, subject to a right of first offer that can be exercised by the non-triggering party.

(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.

JOINT VENTURE INFORMATION (1)

Cousins Properties | 32 | Q1 2024 Supplemental Information

| 2022 | 2023 1st | 2023 2nd | 2023 3rd | 2023 4th | 2023 | 2024 1st
FFO and EBITDA re |  |  |  |  |  |  |
Net income available to common stockholders | $166,793 | $22,196 | $22,621 | $19,361 | $18,785 | $82,963 | $13,288
Depreciation and amortization of real estate assets: |  |  |  |  |  |  |
Consolidated properties | 295,029 | 75,662 | 80,158 | 79,379 | 79,250 | 314,449 | 86,116
Share of unconsolidated joint ventures | 3,927 | 479 | 476 | 485 | 491 | 1,931 | 459
Partners' share of real estate depreciation | (794) | (249) | (307) | (257) | (257) | (1,070) | (268)
Loss (gain) on depreciated property transactions: |  |  |  |  |  |  |
Consolidated properties | 9 | 2 | — | — | — | 2 | (101)
Share of unconsolidated joint ventures | (81) | — | — | — | — | — | —
Sale of investments in unconsolidated joint ventures | (56,267) | — | — | — | — | — | —
Non-controlling interest related to unitholders | 143 | 4 | 3 | 4 | 3 | 14 | 2
FFO (1) | 408,759 | 98,094 | 102,951 | 98,972 | 98,272 | 398,289 | 99,496
Interest Expense | 75,139 | 25,310 | 26,334 | 27,516 | 27,979 | 107,139 | 29,436
Non-Real Estate Depreciation and Amortization | 558 | 108 | 111 | 113 | 116 | 448 | 115
EBITDA re (1) | 484,456 | 123,512 | 129,396 | 126,601 | 126,367 | 505,876 | 129,047
FFO and Net Operating Income from Unconsolidated Joint Ventures |  |  |  |  |  |  |
Income from Unconsolidated Joint Ventures | 7,700 | 673 | 753 | 582 | 291 | 2,299 | 348
Depreciation and Amortization of Real Estate | 3,927 | 479 | 476 | 485 | 491 | 1,931 | 459
Loss (gain) on sale of depreciated investment properties, net | (81) | — | — | — | — | — | —
FFO - Unconsolidated Joint Ventures | 11,546 | 1,152 | 1,229 | 1,067 | 782 | 4,230 | 807
Loss (gain) on sale of undepreciated property | (4,478) | — | — | — | — | — | —
Interest Expense | 2,603 | 280 | 362 | 508 | 526 | 1,676 | 528
Other Expense | 70 | 14 | 6 | 24 | 14 | 58 | 31
Other Income | (217) | (37) | (38) | (35) | (30) | (140) | (14)
Net Operating Income - Unconsolidated Joint Ventures | 9,524 | 1,409 | 1,559 | 1,564 | 1,292 | 5,824 | 1,352
Market Capitalization |  |  |  |  |  |  |
Common Stock Price Per Share at Period End | $25.29 | $21.38 | $22.80 | $20.37 | $24.35 | $24.35 | $24.04
Number of Common Stock/Units Outstanding at Period End | 151,482 | 151,718 | 151,774 | 151,774 | 151,824 | 151,824 | 152,096
Equity Market Capitalization | 3,830,980 | 3,243,731 | 3,460,447 | 3,091,636 | 3,696,914 | 3,696,914 | 3,656,388
Consolidated Debt | 2,334,606 | 2,448,942 | 2,423,761 | 2,418,403 | 2,457,627 | 2,457,627 | 2,563,332
Share of Unconsolidated Debt | 89,398 | 96,014 | 124,312 | 141,468 | 151,048 | 151,048 | 160,646
Debt (1) | 2,424,004 | 2,544,956 | 2,548,073 | 2,559,871 | 2,608,675 | 2,608,675 | 2,723,978
Total Market Capitalization | 6,254,984 | 5,788,687 | 6,008,520 | 5,651,507 | 6,305,589 | 6,305,589 | 6,380,366
Continued on next page

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

Cousins Properties | 33 | Q1 2024 Supplemental Information

| 2022 | 2023 1st | 2023 2nd | 2023 3rd | 2023 4th | 2023 | 2024 1st
Credit Ratios |  |  |  |  |  |  |
Debt (1) | 2,424,004 | 2,544,956 | 2,548,073 | 2,559,871 | 2,608,675 | 2,608,675 | 2,723,978
Less: Cash and Cash Equivalents | (5,145) | (3,585) | (8,031) | (6,926) | (6,047) | (6,047) | (5,452)
Less: Share of Unconsolidated Cash and Cash Equivalents (1) | (1,721) | (8,905) | (7,789) | (8,269) | (2,042) | (2,042) | (6,217)
Net Debt (1) | 2,417,138 | 2,532,466 | 2,532,253 | 2,544,676 | 2,600,586 | 2,600,586 | 2,712,309
Total Market Capitalization | 6,254,984 | 5,788,687 | 6,008,520 | 5,651,507 | 6,305,589 | 6,305,589 | 6,380,366
Net Debt / Total Market Capitalization | 38.6% | 43.7% | 42.1% | 45.0% | 41.2% | 41.2% | 42.5%
Total Assets - Consolidated | 7,537,016 | 7,582,970 | 7,595,785 | 7,585,309 | 7,634,474 | 7,634,474 | 7,682,981
Accumulated Depreciation - Consolidated | 1,261,752 | 1,314,000 | 1,381,054 | 1,443,382 | 1,518,572 | 1,518,572 | 1,596,116
Undepreciated Assets - Unconsolidated (1) | 209,636 | 240,386 | 257,697 | 272,556 | 289,202 | 289,202 | 304,617
Less: Investment in Unconsolidated Joint Ventures | (112,839) | (136,721) | (138,992) | (141,250) | (143,831) | (143,831) | (155,210)
Total Undepreciated Assets (1) | 8,895,565 | 9,000,635 | 9,095,544 | 9,159,997 | 9,298,417 | 9,298,417 | 9,428,504
Net Debt (1) | 2,417,138 | 2,532,466 | 2,532,253 | 2,544,676 | 2,600,586 | 2,600,586 | 2,712,309
Net Debt / Total Undepreciated Assets (1) | 27.2% | 28.1% | 27.8% | 27.8% | 28.0% | 28.0% | 28.8%
Coverage Ratios (1) |  |  |  |  |  |  |
Interest Expense | 75,139 | 25,310 | 26,334 | 27,516 | 27,979 | 107,139 | 29,436
Scheduled Principal Payments | 17,774 | 2,272 | 2,214 | 2,077 | 2,095 | 8,658 | 2,114
Fixed Charges | 92,913 | 27,582 | 28,548 | 29,593 | 30,074 | 115,797 | 31,550
EBITDA re | 484,456 | 123,512 | 129,396 | 126,601 | 126,367 | 505,876 | 129,047
Fixed Charges Coverage Ratio (EBITDA re) (1) | 5.21 | 4.48 | 4.53 | 4.28 | 4.20 | 4.37 | 4.09
Net Debt | 2,417,138 | 2,532,466 | 2,532,253 | 2,544,676 | 2,600,586 | 2,600,586 | 2,712,309
Annualized EBITDA re (2) | 490,676 | 494,048 | 517,584 | 506,404 | 505,468 | 505,468 | 516,188
Net Debt / Annualized EBITDA re | 4.93 | 5.13 | 4.89 | 5.02 | 5.14 | 5.14 | 5.25
Dividend Information |  |  |  |  |  |  |
Common Dividends | 193,893 | 48,598 | 48,650 | 48,650 | 48,350 | 194,248 | 48,658
FFO | 408,759 | 98,094 | 102,951 | 98,972 | 98,272 | 398,289 | 99,496
FFO Payout Ratio | 47.4% | 49.5% | 47.3% | 49.2% | 49.2% | 48.8% | 48.9%
Continued on next page

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

Cousins Properties | 34 | Q1 2024 Supplemental Information

| 2022 | 2023 1st | 2023 2nd | 2023 3rd | 2023 4th | 2023 | 2024 1st
Net income available to common stockholders | $166,793 | $22,196 | $22,621 | $19,361 | $18,785 | $82,963 | $13,288
Depreciation and amortization of real estate assets | 298,162 | 75,892 | 80,327 | 79,607 | 79,484 | 315,310 | 86,307
Loss (gain) on depreciated property transactions | (56,339) | 2 |  |  | — | 2 | (101)
Non-controlling interest related to unitholders | 143 | 4 | 3 | 4 | 3 | 14 | 2
FFO (1) | 408,759 | 98,094 | 102,951 | 98,972 | 98,272 | 398,289 | 99,496
Amortization of Deferred Financing Costs | 3,397 | 1,030 | 1,044 | 1,050 | 1,051 | 4,175 | 1,051
Non-Cash Stock-Based Compensation | 10,059 | 3,512 | 2,770 | 2,817 | 2,801 | 11,900 | 4,312
Non-Real Estate Depreciation and Amortization | 558 | 108 | 111 | 113 | 116 | 448 | 115
Lease Inducement Amortization | 1,629 | 492 | 1,991 | 607 | 472 | 3,562 | 539
Straight-Line Rent Ground Leases | 491 | 126 | 125 | 125 | 105 | 481 | 116
Above and Below Market Ground Rent | 339 | 82 | 82 | 82 | 82 | 328 | 82
Debt Premium Amortization | (3,913) | — | — | — | — | — | —
Deferred Income - Tenant Improvements | (7,405) | (3,609) | (5,772) | (4,779) | (5,116) | (19,276) | (6,167)
Above and Below Market Rents, Net | (6,444) | (1,559) | (2,525) | (1,371) | (1,421) | (6,876) | (1,460)
Second Generation Capital Expenditures (CAPEX) | (99,501) | (15,467) | (29,317) | (20,224) | (31,900) | (96,908) | (30,212)
Straight-Line Rental Revenue | (28,953) | (8,431) | (3,703) | (7,508) | (5,858) | (25,500) | (8,604)
Loss (Gain) on Sales of Undepreciated Investment Properties | (4,478) | — | — | (507) | 1 | (506) | —
FAD (1) | 274,538 | 74,378 | 67,757 | 69,377 | 58,605 | 270,117 | 59,268
Weighted Average Shares - Diluted | 150,419 | 151,880 | 152,126 | 152,048 | 152,105 | 152,040 | 152,385
FAD per share | $1.83 | $0.49 | $0.45 | $0.46 | $0.39 | $1.79 | $0.39
Common Dividends | 193,893 | 48,598 | 48,650 | 48,650 | 48,350 | 194,248 | 48,658
Common Dividends per share | $1.28 | $0.32 | $0.32 | $0.32 | $0.32 | $1.28 | $0.32
FAD Payout Ratio | 70.6% | 65.3% | 71.8% | 70.1% | 82.5% | 71.9% | 82.1%
Operations Ratio |  |  |  |  |  |  |
Total Undepreciated Assets (1) | 8,895,565 | 9,000,635 | 9,095,544 | 9,159,997 | 9,298,417 | 9,298,417 | 9,428,504
General and Administrative Expenses | 28,319 | 8,438 | 8,021 | 8,336 | 7,536 | 32,331 | 9,214
Annualized General and Administrative Expenses (2) / Total Undepreciated Assets | 0.30% | 0.37% | 0.35% | 0.36% | 0.32% | 0.32% | 0.39%
2nd Generation CAPEX |  |  |  |  |  |  |
Second Generation Leasing Related Costs | 68,329 | 11,182 | 22,640 | 10,810 | 26,198 | 70,830 | 23,110
Second Generation Building Improvements | 31,172 | 4,285 | 6,677 | 9,414 | 5,702 | 26,078 | 7,102
| 99,501 | 15,467 | 29,317 | 20,224 | 31,900 | 96,908 | 30,212
(1) Includes the Company's share of unconsolidated joint ventures. These amounts are derived from the amounts in the categories indicated that are recorded at the joint venture multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures but believes that including these amounts in the categories indicated is meaningful to investors and analysts.
(2) Amounts represent most recent quarter annualized. |  |  |  |  |  |  |
Note: Amounts may differ slightly from other schedules contained herein due to rounding.

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

Cousins Properties | 35 | Q1 2024 Supplemental Information

FUNDS FROM OPERATIONS

| ($ in thousands, except per share amounts)
| Three Months Ended March 31,
| 2024 |  | 2023
| Dollars |  | Weighted Average Common Shares |  | Per Share Amount |  | Dollars |  | Weighted Average Common Shares |  | Per Share Amount
Net Income Available to Common Stockholders | $13,288 |  | 151,945 |  | $0.09 |  | $22,196 |  | 151,579 |  | $0.15
Noncontrolling interest related to unitholders | 2 |  | 25 |  | — |  | 4 |  | 25 |  | —
Conversion of unvested restricted stock units | — |  | 415 |  | — |  | — |  | 276 |  | —
Net Income — Diluted | 13,290 |  | 152,385 |  | 0.09 |  | 22,200 |  | 151,880 |  | 0.15
Depreciation and amortization of real estate assets: |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 86,116 |  | — |  | 0.56 |  | 75,662 |  | — |  | 0.50
Share of unconsolidated joint ventures | 459 |  | — |  | — |  | 479 |  | — |  | —
Partners' share of real estate depreciation | (268) |  | — |  | — |  | (249) |  | — |  | —
Loss (gain) on depreciated property transactions: |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | (101) |  | — |  | — |  | 2 |  | — |  | —
Funds From Operations | $99,496 |  | 152,385 |  | $0.65 |  | $98,094 |  | 151,880 |  | $0.65

The table above shows FFO and the related reconciliation from Net Income Available to Common Stockholders for Cousins Properties Incorporated and Subsidiaries.
See page 39 for definition of FFO.

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

Cousins Properties | 36 | Q1 2024 Supplemental Information

| ($ in thousands) |
| Three Months Ended |
Net Operating Income | March 31, 2024 |  | March 31, 2023 |
Net income | $13,451 |  | $22,356 |
Net operating income from unconsolidated joint ventures | 1,352 |  | 1,409 |
Fee income | (379) |  | (374) |
Termination fee income | (470) |  | (136) |
Other income | (44) |  | (2,278) |
Reimbursed expenses | 140 |  | 207 |
General and administrative expenses | 9,214 |  | 8,438 |
Interest expense | 28,908 |  | 25,030 |
Depreciation and amortization | 86,230 |  | 75,770 |
Other expenses | 672 |  | 385 |
Income from unconsolidated joint ventures | (348) |  | (673) |
Loss (gain) on investment property transactions | (101) |  | 2 |
Net Operating Income | 138,625 |  | 130,136 |
Less: |  |  |  |
Partners' share of NOI from consolidated joint ventures | (461) |  | (462) |
Cousins' share of NOI | $138,164 |  | $129,674 |
Net Operating Income | $138,625 |  | $130,136 |
Non-cash income | (15,852) |  | (13,448) |
Non-cash expense | 208 |  | 224 |
Cash-Basis Net Operating Income | $122,981 |  | $116,912 |
Net Operating Income |  |  |  |
Same Property | $134,861 |  | $126,523 |
Non-Same Property | 3,764 |  | 3,613 |
| $138,625 |  | $130,136 |
Cash-Basis Net Operating Income |  |  |  |
Same Property | $121,400 |  | $113,883 |
Non-Same Property | 1,581 |  | 3,029 |
| $122,981 |  | $116,912 |

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

Cousins Properties | 37 | Q1 2024 Supplemental Information

RECONCILIATION OF 2024 PROJECTED NET INCOME AVAILABLE
TO COMMON STOCKHOLDERS TO 2024 PROJECTED FFO

| Full Year 2024 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 and Net Income | $48,645 |  |  | $0.32 |  | $59,317 |  |  | $0.39
Add: Noncontrolling interest related to unitholders | 15 |  |  | — |  | 15 |  |  | —
Net Income | 48,660 |  |  | 0.32 |  | 59,332 |  |  | 0.39
Add: Depreciation and amortization of real estate assets | 347,821 |  |  | 2.28 |  | 347,821 |  |  | 2.28
Less: Gain on invesment property transactions | (101) |  |  | — |  | (101) |  |  | —
Funds From Operations | $396,380 |  |  | $2.60 |  | $407,052 |  |  | $2.67
(1) Calculated based on projected weighted average shares outstanding of 152.5 million. |  |  |  |  |
R3 Weight Average Shares | 152,454 |  |  |  |  |  |  |  |

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

Cousins Properties | 38 | Q1 2024 Supplemental Information

The Company uses non-GAAP financial measures in its filings and other public
disclosures. The following lists non-GAAP financial measures that the Company
commonly uses, a description for each measure, the reasons that management
believes the measure is useful to investors and, if material, 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 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.
"Funds Available for Distribution” (“FAD”) represents FFO adjusted to exclude
the effect of non-cash items and transaction costs and include deductions for second
generation Capital Expenditures ("CAPEX"). 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: 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 consolidated cash and cash equivalents and our
share of unconsolidated 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 fee income)
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,
gains or losses on sales of depreciated investment assets, and impairment are also
excluded from NOI for the reasons described under FFO.
“Same Property Net Operating Income” represents Net Operating Income or
Cash-Basis Net Operating Income for those office properties that were stabilized and
owned by the Company for the entirety of all comparable reporting periods
presented. Same Property Net Operating Income or Cash-Basis Same Property Net
Operating Income allows analysts, investors, and management to analyze continuing
operations and evaluate the growth trend of the Company's portfolio.
“Second Generation Tenant Improvements and Leasing Costs and Building
CAPEX” 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,
leasing costs for spaces that have been vacant for one year or more, 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.

NON-GAAP FINANCIAL MEASURES - DEFINITIONS

Cousins Properties | 39 | Q1 2024 Supplemental Information