EX-99.1 2 aearningsreleaseex9912q25.htm EX-99.1

Cousins Properties | 1 | Q2 2025 Supplemental Information

TABLE OF CONTENTS

Forward-Looking Statements | 2
Earnings Release | 3
Company Information | 5
Consolidated Balance Sheets | 7
Consolidated Statements of Operations | 8
Key Performance Metrics | 9
Funds From Operations - Summary | 12
Funds From Operations - Detail | 13
Portfolio Statistics | 16
Same Property Performance | 19
Office Leasin g Activity | 20
Office Lease Expirations | 21
Top 20 Office Tenants | 22
Tenant Industry Diversification | 23
Investment Activity | 24
Development Pipeline | 26
Land Inventory | 27
Debt Schedule | 28
Joint Venture Information | 31
Non-GAAP Financial Measures - Calculations and Reconciliations | 32
Non-GAAP Financial Measures - Definitions | 39

Pictured Above: 100 Mill, Tempe, AZ
Pictured on Cover: The Link, Dallas, TX

Cousins Properties | 2 | Q2 2025 Supplemental Information

FORWARD-LOOKING STATEMENTS

Certain matters contained in this report are “forward-looking statements” w ithin the meani ng of the federal securities laws and are subject to
uncertainties and risks, as itemized herein. These forward-looking statements include information about possible or assumed future results of the
business and our financial condition, liquidity, results of operations, plans, and objectives. Examples of forward-looking statements in this earnings
release and supplemental information include the Company’s guidance and underlying assumptions; projected capital expenditures; industry trends;
future occupancy or volume and velocity of leasing activity; and entry into new markets.
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 risks
and uncertainties related to the impact of changes in general economic and capital market conditions (on an international or national basis or within
the markets in which we operate), including changes in inflation, changes in interest rates, supply chain disruptions, labor market disruptions (including
changes in unemployment), dislocation and volatility in capital markets, and potential longer-term changes in consumer and customer behavior
resulting from the severity and duration of any downturn, adverse conditions or uncertainty in the U.S. or global economy; risks affecting the real
estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms (and on anticipated schedules)); any adverse
change in the financial condition or liquidity of one or more of our tenants or borrowers under our real estate debt investments; changes in customer
preferences regarding space utilization; changes in customers’ financial condition; the availability, cost, and adequacy of insurance coverage;
competition from other developers, investors, owners, and operators of real estate; the failure to achieve anticipated benefits from intended or
completed acquisitions, developments, investments, or dispositions; the cost and availability of financing, the effectiveness of any interest rate
hedging contracts, and any failure to comply with debt covenants under credit agreements; the effect of common stock, debt, or operating
partnership unit issuances; threatened terrorist attacks or sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political
activism and the potential impact of the same upon our day-to-day building operations; the immediate and long-term impact of the outbreak of a
highly infectious or contagious disease on our and our customers’ financial condition; risks associated with security breaches through cyberattacks,
cyber intrusions, or otherwise; changes in senior management, the Board of Directors, or key personnel; the potential liability for existing or future
environmental or other applicable regulatory requirements, including the requirements to qualify for taxation as a real estate investment trust; the
financial condition and liquidity of, or disputes with, joint venture partners; material changes in dividend rates on common shares or other securities or
the ability to pay those dividends; the impact of changes to applicable laws, including the tax laws impacting REITs and the passage of the One Big
Beautiful Bill Act, and the impact of newly adopted accounting principles on our accounting policies and on period to period comparison of financial
results; risks associated with climate change and severe weather events; and those additional risks and factors discussed in reports filed with the
Securities and Exchange Commission ("SEC") by the Company.
These forward-looking statements are not exhaustive, speak only as of the date of issuance of this report and are not guarantees of future
results, performance, or achievements. Additional risk factors that could adversely affect our business and financial performance can be found in Part
1, Item 1A. Risk Factors, of our Annual Report on Form 10-K, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, including
Part II, Item 1A. Risk Factors, and are specifically incorporated by reference herein. The Company does not undertake a duty to update or revise any
forward-looking statement, whether as a result of new information, future events, or other matters, except as otherwise required by law.

Cousins Properties | 3 | Q2 2025 Supplemental Information

EARNINGS RELEASE

COUSINS PROPERTIES REPORTS SECOND QUARTER 2025 RESULTS
Raises 2025 Earnings Guidance
Announces Uptown Dallas Acquisition
ATLANTA, GA (July 31, 2025) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended June 30,
2025.
"This was a strong quarter for Cousins. Over 80% of our leasing was either new or expansion leasing and our leasing pipeline remains
robust," said Colin Connolly, President and Chief Executive Officer of Cousins Properties. "Post quarter-end, we purchased The Link, a
trophy lifestyle office property in Uptown Dallas, which grows our presence in a strategic market. We are also pleased to once again
raise our full year FFO guidance with a new midpoint that represents a 4.8% growth rate over last year."

Financial Results
For second quarter 2025:
•Net income available to common stockholders was $14.5 million, or $0.09 per share, compared to $7.8 million, or $0.05 per
share, for second quarter 2024.
•Funds From Operations ("FFO") was $117.5 million, or $0.70 per share, compared to $103.3 million, or $0.68 per share, for
second quarter 2024.
For six months ended June 30, 2025:
•Net income available to common stockholders was $35.4 million, or $0.21 per share, compared to $21.1 million, or $0.14 per
share, for the six months ended June 30, 2024.
•Funds From Operations ("FFO") was $242.3 million, or $1.44 per share, compared to $202.8 million, or $1.33 per share, for the
six months ended June 30, 2024.
Operations and Leasing Activity
For second quarter 2025:
•Same property net operating income ("NOI") on a cash-basis increased 1.2%.
•Second generation net rent per square foot on a cash-basis increased 10.9%.
•Executed 334,000 square feet of office leases, including 268,000 square feet of new and expansion leases, representing 80% of
total leasing activity.
For six months ended June 30, 2025:
•Same property net operating income ("NOI") on a cash-basis increased 1.6%.
•Second generation net rent per square foot on a cash-basis increased 5.4%.
•Executed 873,000 square feet of office leases, including 473,000 square feet of new and expansion leases, representing 54% of
total leasing activity.

Cousins Properties | 4 | Q2 2025 Supplemental Information

EARNINGS RELEASE

Investing and Finance Activity
For second quarter 2025:
•Issued $500.0 million of 5.250% public unsecured senior notes, generating net proceeds of $496.9 million. Proceeds were used
to pay off $250.0 million of privately placed senior notes that matured on July 7 and partially to fund the acquisition of The Link,
both transactions noted below.
•Sold 803,000 common shares under our ATM program, on a forward basis, at an average price of $30.47 per share. Year to date,
2.9 million shares have been sold, on a forward basis, at an average price of $30.44 per share. None of these shares have yet
been settled.
•Subsequent to quarter end, repaid in full $250.0 million of 3.91% privately placed senior notes.
•Subsequent to quarter end, on July 28, acquired The Link, a 292,000 square foot lifestyle office property in Uptown Dallas, for
$218.0 million. Please see the press release published on July 31, 2025 for additional details on this acquisition.
Earnings Guidance
For year ending December 31, 2025:
•Net income between $0.28 and $0.34 per share, increased from $0.26 and $0.34 per share.
•FFO between $2.79 and $2.85 per share, increased from $2.75 and $2.83 per share.
•The increase in FFO is driven by higher parking income, better than forecast execution on the unsecured senior notes issued
during the second quarter and the acquisition of The Link.
•Guidance assumes The Link acquisition is funded with a combination of excess proceeds from the unsecured senior note offering
referenced above as well as the future settlement of approximately 2.3 million shares of common stock previously issued on a
forward basis under our ATM program, also referenced above. This future settlement of common stock may be partially, or fully,
replaced by proceeds from potential asset sales.
•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 SEC 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, August 1, 2025 to discuss the results of the quarter
ended June 30, 2025. 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 Second 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 77032#. The playback can also be accessed on the Company's website.

Cousins Properties | 5 | Q2 2025 Supplemental Information

COMPANY INFORMATION

THE COMPANY

Cousins Properties Incorporated ("Cousins" or the "Company") is a fully integrated, self-administered, and self-managed real estate
investment trust (REIT). The Company, based in Atlanta, GA 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 | Susan L. Givens | R. Kent Griffin Jr.
Former Chief Executive Officer and Director of TIER REIT, Inc. | Former executive with Blackstone | 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

Cousins Properties | 6 | Q2 2025 Supplemental Information

COMPANY 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 | Jana Galan 646.855.5042 | 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 |  |
Outlook: Stable | Outlook: Stable |  |  | Ally Yaseen 646.582.9253 |  |
(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.

Cousins Properties | 7 | Q2 2025 Supplemental Information

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

| June 30, 2025 |  | December 31, 2024
Assets: |  |  |
Real estate assets: |  |  |
Operating properties, net of accumulated depreciation of $1,778,668 and $1,627,251 in 2025 and 2024, respectively | $7,747,297 |  | $7,785,597
Land | 154,725 |  | 154,726
| 7,902,022 |  | 7,940,323
Cash and cash equivalents | 416,840 |  | 7,349
Investments in real estate debt, at fair value | 17,014 |  | 167,219
Accounts receivable | 10,800 |  | 11,491
Deferred rents receivable | 255,119 |  | 232,078
Investment in unconsolidated joint ventures | 192,420 |  | 185,478
Intangible assets, net | 159,156 |  | 171,989
Other assets, net | 98,492 |  | 86,219
Total assets | $9,051,863 |  | $8,802,146
Liabilities: |  |  |
Notes payable | $3,476,761 |  | $3,095,666
Accounts payable and accrued expenses | 278,212 |  | 337,248
Deferred income | 288,391 |  | 277,132
Intangible liabilities, net | 104,223 |  | 111,221
Other liabilities | 103,123 |  | 110,712
Total liabilities | 4,250,710 |  | 3,931,979
Commitments and contingencies |  |  |
Equity: |  |  |
Stockholders' investment: |  |  |
Common stock, $1 par value per share, 300,000,000 shares authorized, 167,967,656 and 167,660,480 issued and outstanding in 2025 and 2024, respectively | 167,968 |  | 167,660
Additional paid-in capital | 5,965,497 |  | 5,959,670
Distributions in excess of cumulative net income | (1,355,394) |  | (1,280,547)
Accumulated other comprehensive loss | — |  | (105)
Total stockholders' investment | 4,778,071 |  | 4,846,678
Nonredeemable noncontrolling interests | 23,082 |  | 23,489
Total equity | 4,801,153 |  | 4,870,167
Total liabilities and equity | $9,051,863 |  | $8,802,146

Cousins Properties | 8 | Q2 2025 Supplemental Information

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

| Three Months Ended |  | Six Months Ended |
| June 30, |  | June 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Revenues: |  |  |  |  |  |  |  |
Rental property revenues | $237,715 |  | $211,474 |  | $480,742 |  | $420,292 |
Fee income | 494 |  | 406 |  | 990 |  | 785 |
Other | 1,919 |  | 1,098 |  | 8,724 |  | 1,142 |
| 240,128 |  | 212,978 |  | 490,456 |  | 422,219 |
Expenses: |  |  |  |  |  |  |  |
Rental property operating expenses | 74,179 |  | 70,634 |  | 151,335 |  | 141,709 |
Reimbursed expenses | 119 |  | 151 |  | 296 |  | 291 |
General and administrative expenses | 9,738 |  | 8,907 |  | 20,447 |  | 18,121 |
Interest expense | 38,514 |  | 29,743 |  | 75,288 |  | 58,651 |
Depreciation and amortization | 100,890 |  | 95,415 |  | 203,004 |  | 181,645 |
Other | 443 |  | 603 |  | 865 |  | 1,275 |
| 223,883 |  | 205,453 |  | 451,235 |  | 401,692 |
Income (loss) from unconsolidated joint ventures | (1,587) |  | 439 |  | (3,470) |  | 787 |
Gain (loss) on investment property transactions | — |  | (3) |  | — |  | 98 |
Net income | 14,658 |  | 7,961 |  | 35,751 |  | 21,412 |
Net income attributable to noncontrolling interests | (175) |  | (121) |  | (371) |  | (284) |
Net income available to common stockholders | $14,483 |  | $7,840 |  | $35,380 |  | $21,128 |
Net income per common share — basic and diluted | $0.09 |  | $0.05 |  | $0.21 |  | $0.14 |
Weighted average common shares — basic | 167,930 |  | 152,095 |  | 167,870 |  | 152,020 |
Weighted average common shares — diluted | 168,765 |  | 152,614 |  | 168,679 |  | 152,500 |

Cousins Properties | 9 | Q2 2025 Supplemental Information

KEY PERFORMANCE METRICS (1)

| 2023 | 2024 1st | 2024 2nd | 2024 3rd | 2024 4th | 2024 | 2025 1st | 2025 2nd | YTD 2025
Property Statistics |  |  |  |  |  |  |  |  |
Consolidated Operating Properties | 34 | 34 | 34 | 34 | 36 | 36 | 36 | 36 | 36
Consolidated Rentable Square Feet (in thousands) | 18,434 | 18,434 | 18,434 | 18,434 | 19,877 | 19,877 | 20,081 | 20,081 | 20,081
Unconsolidated Operating Properties | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3
Unconsolidated Rentable Square Feet (in thousands) | 711 | 711 | 711 | 1,236 | 1,236 | 1,236 | 1,236 | 1,236 | 1,236
Total Operating Properties | 36 | 36 | 36 | 37 | 39 | 39 | 39 | 39 | 39
Total Rentable Square Feet (in thousands) | 19,145 | 19,145 | 19,145 | 19,670 | 21,113 | 21,113 | 21,317 | 21,317 | 21,317
Office Percent Leased (period end) | 90.9% | 90.8% | 91.2% | 91.0% | 91.6% | 91.6% | 92.1% | 91.6% | 91.6%
Office Weighted Average Occupancy | 87.5% | 88.4% | 88.5% | 88.4% | 89.2% | 88.6% | 90.0% | 89.1% | 89.6%
Office Leasing Activity (2) |  |  |  |  |  |  |  |  |
Net Leased during the Period (SF, in thousands) | 1,694 | 404 | 391 | 763 | 462 | 2,020 | 539 | 334 | 873
Net Rent (per SF) | $35.15 | $36.06 | $37.64 | $45.21 | $35.81 | $39.77 | $35.87 | $40.95 | $37.81
Net Free Rent (per SF) | (2.25) | (2.10) | (2.51) | (1.51) | (2.13) | (1.97) | (1.77) | (2.08) | (1.89)
Leasing Commissions (per SF) | (2.62) | (2.61) | (2.91) | (2.91) | (2.72) | (2.81) | (2.81) | (3.18) | (2.95)
Tenant Improvements (per SF) | (5.72) | (7.15) | (7.37) | (6.22) | (7.08) | (6.82) | (6.23) | (7.34) | (6.65)
Leasing Costs (per SF) | (10.59) | (11.86) | (12.79) | (10.64) | (11.93) | (11.60) | (10.81) | (12.60) | (11.49)
Net Effective Rent (per SF) | $24.56 | $24.20 | $24.85 | $34.57 | $23.88 | $28.17 | $25.06 | $28.35 | $26.32
Change in Second Generation Net Rent | 20.2% | 20.1% | 37.6% | 30.7% | 22.7% | 28.2% | 18.3% | 27.2% | 20.8%
Change in Cash-Basis Second Generation Net Rent | 5.8% | 5.3% | 18.2% | 7.2% | 6.7% | 8.5% | 3.2% | 10.9% | 5.4%
Same Property Information (3) |  |  |  |  |  |  |  |  |
Percent Leased (period end) | 90.6% | 90.8% | 91.2% | 91.1% | 91.2% | 91.2% | 91.7% | 91.1% | 91.1%
Weighted Average Occupancy | 87.3% | 88.4% | 88.5% | 88.4% | 89.1% | 88.6% | 89.4% | 88.4% | 88.9%
Change in NOI (over prior year period) | 5.0% | 6.6% | 4.2% | 4.2% | 5.3% | 5.1% | 4.0% | 3.2% | 3.6%
Change in Cash-Basis NOI (over prior year period) | 4.2% | 6.6% | 5.1% | 4.4% | 3.4% | 4.8% | 2.0% | 1.2% | 1.6%
Development Pipeline (4) |  |  |  |  |  |  |  |  |
Estimated Project Costs (in thousands) | $428,500 | $437,950 | $441,550 | $441,550 | $441,550 | $441,550 | $294,550 | $294,550 | $294,550
Estimated Project Costs/Total Undepreciated Assets | 4.6% | 4.6% | 4.6% | 4.6% | 4.1% | 4.1% | 2.7% | 2.6% | 2.6%
Continued on next page

Cousins Properties | 10 | Q2 2025 Supplemental Information

KEY PERFORMANCE METRICS (1)

| 2023 | 2024 1st | 2024 2nd | 2024 3rd | 2024 4th | 2024 | 2025 1st | 2025 2nd | YTD 2025
Market Capitalization |  |  |  |  |  |  |  |  |
Common Stock Price Per Share | $24.35 | $24.04 | $23.15 | $29.48 | $30.64 | $30.64 | $29.50 | $30.03 | $30.03
Common Stock/Units Outstanding (in thousands) | 151,824 | 152,096 | 152,165 | 152,165 | 167,685 | 167,685 | 167,933 | 167,992 | 167,992
Equity Market Capitalization (in thousands) | $3,696,914 | $3,656,388 | $3,522,620 | $4,485,824 | $5,137,868 | $5,137,868 | $4,954,024 | $5,044,800 | $5,044,800
Debt (in thousands) | 2,608,675 | 2,723,978 | 2,754,358 | 2,834,959 | 3,274,388 | 3,274,388 | 3,203,476 | 3,660,608 | 3,660,608
Total Market Capitalization (in thousands) | $6,305,589 | $6,380,366 | $6,276,978 | $7,320,783 | $8,412,256 | $8,412,256 | $8,157,500 | $8,705,408 | $8,705,408
Credit Ratios |  |  |  |  |  |  |  |  |
Net Debt/Total Market Capitalization | 41.2% | 42.5% | 43.7% | 37.5% | 38.8% | 38.8% | 39.1% | 37.2% | 37.2%
Net Debt/Total Undepreciated Assets | 28.0% | 28.8% | 28.8% | 28.4% | 30.2% | 30.2% | 29.7% | 28.9% | 28.9%
Net Debt/Annualized EBITDAre | 5.14 | 5.25 | 5.12 | 5.10 | 5.16 | 5.16 | 4.87 | 5.11 | 5.11
Fixed Charges Coverage (EBITDA re) | 4.37 | 4.09 | 4.12 | 3.91 | 3.92 | 4.01 | 4.05 | 3.73 | 3.89
Dividend Information |  |  |  |  |  |  |  |  |
Common Dividend per Share | $1.28 | $0.32 | $0.32 | $0.32 | $0.32 | $1.28 | $0.32 | $0.32 | $0.64
Funds From Operations (FFO) Payout Ratio | 48.8% | 48.9% | 47.1% | 47.6% | 49.3% | 48.2% | 43.0% | 45.7% | 44.4%
Funds Available for Distribution (FAD) Payout Ratio | 71.9% | 82.1% | 62.1% | 72.5% | 95.6% | 76.5% | 71.0% | 75.6% | 73.2%
Operations Ratio |  |  |  |  |  |  |  |  |
Annualized General and Administrative Expenses/ Total Undepreciated Assets | 0.32% | 0.39% | 0.37% | 0.38% | 0.34% | 0.34% | 0.40% | 0.35% | 0.35%
Additional Information |  |  |  |  |  |  |  |  |
In-Place Gross Rent (per SF) (5) | $46.95 | $46.82 | $46.75 | $46.95 | $47.94 | $47.94 | $48.66 | $49.07 | $49.07
Straight-Line Rental Revenue (in thousands) | $25,500 | $8,604 | $4,423 | $5,374 | $6,107 | $24,508 | $12,477 | $11,283 | $23,760
Above and Below Market Rents Amortization, Net (in thousands) | $6,876 | $1,460 | $1,559 | $1,484 | $1,664 | $6,167 | $2,845 | $2,828 | $5,673
Second Generation Capital Expenditures (in thousands) | $96,908 | $30,212 | $17,270 | $26,190 | $42,421 | $116,093 | $33,281 | $28,636 | $61,917

(1) | For Non-GAAP Financial Measures, see the calculations and reconciliations on pages 32 through 38.
(2) | See Office Leasing Activity on page 20 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 19 and Non-GAAP Financial Measures - Calculations and Reconciliations starting on page 32 for additional information.
(4) | The Company's share of estimated project costs. See Development Pipeline on page 26 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.

Cousins Properties | 11 | Q2 2025 Supplemental Information

KEY PERFORMANCE METRICS

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.

Cousins Properties | 12 | Q2 2025 Supplemental Information

FUNDS FROM OPERATIONS - SUMMARY

(amounts in thousands, except per share amounts) |
| 2023 | 2024 1st | 2024 2nd | 2024 3rd | 2024 4th | 2024 | 2025 1st | 2025 2nd | YTD 2025
Net Income | $83,816 | $13,451 | $7,961 | $11,356 | $13,813 | $46,581 | $21,093 | $14,658 | $35,751
Fee and Other Income | (11,170) | (893) | (2,590) | (2,847) | (6,060) | (12,390) | (10,168) | (2,411) | (12,579)
General and Administrative Expenses | 32,331 | 9,214 | 8,907 | 9,204 | 9,241 | 36,566 | 10,709 | 9,738 | 20,447
Interest Expense | 105,463 | 28,908 | 29,743 | 30,773 | 33,052 | 122,476 | 36,774 | 38,514 | 75,288
Depreciation and Amortization | 314,897 | 86,230 | 95,415 | 89,784 | 93,616 | 365,045 | 102,114 | 100,890 | 203,004
Reimbursed and Other Expenses | 2,736 | 812 | 754 | 515 | 650 | 2,731 | 600 | 560 | 1,160
(Income) Loss from Unconsolidated Joint Ventures | (2,299) | (348) | (439) | 1,575 | 2,008 | 2,796 | 1,883 | 1,587 | 3,470
NOI from Unconsolidated Joint Ventures | 5,824 | 1,352 | 1,561 | 1,716 | 1,988 | 6,617 | 2,223 | 3,165 | 5,388
Transaction Loss (Gain) | (504) | (101) | 3 | — | — | (98) | — | — | —
NOI (1) | $531,094 | $138,625 | $141,315 | $142,076 | $148,308 | $570,324 | $165,228 | $166,701 | $331,929
Fee and Other Income (1) | 11,310 | 908 | 2,630 | 2,909 | 6,075 | 12,522 | 10,183 | 2,450 | 12,633
General and Administrative Expenses | (32,331) | (9,214) | (8,907) | (9,204) | (9,241) | (36,566) | (10,709) | (9,738) | (20,447)
Interest Expense (1) | (107,139) | (29,436) | (30,378) | (32,280) | (34,866) | (126,960) | (38,763) | (40,753) | (79,516)
Reimbursed and Other Expenses (1) | (2,794) | (843) | (769) | (632) | (803) | (3,047) | (521) | (625) | (1,146)
Gain (Loss) on Sales of Undepreciated Investment Properties (1) | 506 | — | (3) | — | — | (3) | — | — | —
Depreciation and Amortization of Non-Real Estate Assets | (448) | (115) | (116) | (117) | (113) | (461) | (117) | (121) | (238)
Partners' Share of FFO in Consolidated Joint Ventures | (1,909) | (429) | (426) | (418) | (444) | (1,717) | (467) | (420) | (887)
FFO (1) | $398,289 | $99,496 | $103,346 | $102,334 | $108,916 | $414,092 | $124,834 | $117,494 | $242,328
Weighted Average Common Shares - Diluted | 152,040 | 152,385 | 152,614 | 152,812 | 158,249 | 154,015 | 168,593 | 168,765 | 168,679
FFO per Share (1) | $2.62 | $0.65 | $0.68 | $0.67 | $0.69 | $2.69 | $0.74 | $0.70 | $1.44

(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 are meaningful to investors and analysts.

Cousins Properties | 13 | Q2 2025 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

| (amounts in thousands, except per share amounts)
| 2023 | 2024 1st | 2024 2nd | 2024 3rd | 2024 4th | 2024 | 2025 1st | 2025 2nd | YTD 2025
NOI |  |  |  |  |  |  |  |  |
Consolidated Properties |  |  |  |  |  |  |  |  |
The Domain (2) | $68,822 | $18,159 | $20,276 | $20,296 | $20,198 | $78,929 | $20,825 | $21,725 | $42,550
Sail Tower | — | — | — | — | 1,843 | 1,843 | 11,682 | 11,771 | 23,453
Terminus (2) | 33,804 | 8,087 | 8,080 | 7,759 | 7,984 | 31,910 | 8,252 | 8,566 | 16,818
Corporate Center (2) | 30,200 | 7,321 | 7,437 | 7,708 | 7,818 | 30,284 | 8,094 | 8,458 | 16,552
Spring & 8th (2) | 29,355 | 7,363 | 7,344 | 7,388 | 7,376 | 29,471 | 7,375 | 7,369 | 14,744
Vantage South End (2) | — | — | — | — | 2,338 | 2,338 | 7,136 | 7,031 | 14,167
300 Colorado | 18,974 | 5,756 | 5,696 | 5,994 | 6,616 | 24,062 | 6,541 | 6,726 | 13,267
Buckhead Plaza (2) | 20,967 | 5,321 | 5,301 | 5,702 | 6,056 | 22,380 | 6,471 | 6,223 | 12,694
BriarLake Plaza (2) | 14,677 | 5,579 | 5,656 | 5,651 | 5,477 | 22,363 | 5,686 | 5,533 | 11,219
Promenade Tower | 13,694 | 3,432 | 3,997 | 4,436 | 4,849 | 16,714 | 5,433 | 5,501 | 10,934
201 N. Tryon (fka Fifth Third Center) | 18,959 | 4,759 | 4,688 | 4,747 | 4,974 | 19,168 | 4,795 | 4,983 | 9,778
One Eleven Congress | 17,683 | 4,190 | 4,138 | 4,295 | 4,504 | 17,127 | 4,592 | 5,121 | 9,713
Hayden Ferry (2) | 20,819 | 4,600 | 4,499 | 4,311 | 4,408 | 17,818 | 4,560 | 4,621 | 9,181
San Jacinto Center | 16,237 | 5,076 | 5,197 | 5,240 | 4,648 | 20,161 | 4,495 | 4,409 | 8,904
Northpark (2) | 20,569 | 4,980 | 5,072 | 5,359 | 5,241 | 20,652 | 4,818 | 3,920 | 8,738
725 Ponce | 19,398 | 5,032 | 4,735 | 4,307 | 3,839 | 17,913 | 4,162 | 4,146 | 8,308
The Terrace (2) | 15,516 | 3,939 | 3,913 | 4,028 | 4,034 | 15,914 | 4,152 | 4,006 | 8,158
Colorado Tower | 15,410 | 4,234 | 4,565 | 4,427 | 4,429 | 17,655 | 4,252 | 3,663 | 7,915
3344 Peachtree | 16,058 | 4,023 | 3,962 | 3,781 | 3,886 | 15,652 | 3,745 | 4,051 | 7,796
100 Mill | 13,726 | 3,842 | 3,587 | 3,728 | 3,971 | 15,128 | 3,992 | 3,782 | 7,774
Avalon (2) | 16,882 | 4,425 | 4,411 | 3,991 | 3,994 | 16,821 | 3,483 | 3,625 | 7,108
The RailYard | 13,169 | 3,081 | 3,092 | 3,020 | 3,069 | 12,262 | 3,027 | 3,058 | 6,085
Heights Union (2) | 10,071 | 2,621 | 2,750 | 2,620 | 2,615 | 10,606 | 2,623 | 2,677 | 5,300
Legacy Union One | 9,441 | 2,380 | 2,382 | 2,367 | 2,376 | 9,505 | 2,372 | 2,360 | 4,732
Promenade Central (3) | 3,809 | 1,570 | 1,761 | 1,826 | 2,000 | 7,157 | 2,349 | 2,333 | 4,682
3350 Peachtree | 4,514 | 1,363 | 1,729 | 1,389 | 2,267 | 6,748 | 1,970 | 2,274 | 4,244
Tempe Gateway | 4,026 | 1,259 | 1,378 | 1,421 | 1,945 | 6,003 | 2,122 | 2,106 | 4,228
Domain Point (2) | 8,637 | 2,183 | 2,032 | 2,052 | 2,065 | 8,332 | 2,040 | 2,040 | 4,080
550 South | 10,996 | 2,527 | 2,002 | 1,916 | 1,951 | 8,396 | 1,875 | 1,859 | 3,734
111 West Rio | 5,607 | 1,411 | 1,410 | 1,407 | 1,420 | 5,648 | 1,419 | 1,400 | 2,819
The Pointe | 3,269 | 1,168 | 1,191 | 1,393 | 1,154 | 4,906 | 1,316 | 1,251 | 2,567
5950 Sherry Lane | 3,633 | 1,078 | 1,029 | 1,196 | 1,129 | 4,432 | 1,244 | 1,283 | 2,527
3348 Peachtree | 4,606 | 1,163 | 1,217 | 1,250 | 1,296 | 4,926 | 1,301 | 1,156 | 2,457
Meridian Mark Plaza | 4,796 | 1,215 | 869 | 1,216 | 1,194 | 4,494 | 1,158 | 1,280 | 2,438
Research Park V | 4,109 | 1,087 | 1,066 | 1,096 | 1,176 | 4,425 | 1,181 | 1,139 | 2,320
Harborview Plaza | 3,394 | 835 | 959 | 936 | 856 | 3,586 | 1,144 | 822 | 1,966
Other (4) | 9,443 | 2,214 | 2,333 | 2,107 | 1,324 | 7,978 | 1,323 | 1,268 | 2,591
Subtotal - Consolidated | 525,270 | 137,273 | 139,754 | 140,360 | 146,320 | 563,707 | 163,005 | 163,536 | 326,541
Continued on next page

Cousins Properties | 14 | Q2 2025 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

| (amounts in thousands, except per share amounts)
| 2023 | 2024 1st | 2024 2nd | 2024 3rd | 2024 4th | 2024 | 2025 1st | 2025 2nd | YTD 2025
Unconsolidated Properties (5) |  |  |  |  |  |  |  |  |
Medical Offices at Emory Hospital | 4,588 | 1,116 | 1,212 | 1,170 | 1,163 | 4,661 | 1,176 | 1,188 | 2,364
Proscenium | — | — | — | 365 | 378 | 743 | 361 | 421 | 782
120 West Trinity (2) | 1,247 | 319 | 364 | 165 | 252 | 1,100 | 286 | 228 | 514
Other (6) | (11) | (83) | (15) | 16 | 195 | 113 | 400 | 1,328 | 1,728
Subtotal - Unconsolidated | 5,824 | 1,352 | 1,561 | 1,716 | 1,988 | 6,617 | 2,223 | 3,165 | 5,388
Total Net Operating Income (1) | 531,094 | 138,625 | 141,315 | 142,076 | 148,308 | 570,324 | 165,228 | 166,701 | 331,929
Fee and Other Income |  |  |  |  |  |  |  |  |
Management Fees (7) | 1,373 | 379 | 406 | 495 | 481 | 1,761 | 496 | 422 | 918
Termination Fees | 7,343 | 471 | 1,085 | 895 | 954 | 3,405 | 2,866 | — | 2,866
Leasing & Other Fees | — | — | — | — | — | — | — | 33 | 33
Development Fees | — | — | — | — | — | — | — | 39 | 39
Interest Income from Real Estate Debt (8) | — | — | 367 | 1,011 | 4,394 | 5,772 | 2,149 | 568 | 2,717
Other Income (9) | 2,454 | 44 | 731 | 446 | 231 | 1,452 | 4,656 | 1,350 | 6,006
Other Income - Unconsolidated (5) | 140 | 14 | 41 | 62 | 15 | 132 | 16 | 38 | 54
Total Fee and Other Income | 11,310 | 908 | 2,630 | 2,909 | 6,075 | 12,522 | 10,183 | 2,450 | 12,633
General and Administrative Expenses | (32,331) | (9,214) | (8,907) | (9,204) | (9,241) | (36,566) | (10,709) | (9,738) | (20,447)
Interest Expense |  |  |  |  |  |  |  |  |
Consolidated Interest Expense |  |  |  |  |  |  |  |  |
Public Senior Notes, Unsecured ($500M) | — | — | — | (3,732) | (7,469) | (11,201) | (7,474) | (7,468) | (14,942)
Public Senior Notes, Unsecured ($400M) | — | — | — | — | (830) | (830) | (5,551) | (5,548) | (11,099)
Term Loan, Unsecured ($400M) | (24,679) | (6,050) | (5,805) | (5,829) | (5,826) | (23,510) | (5,539) | (5,356) | (10,895)
Terminus (2) | (14,055) | (3,514) | (3,514) | (3,514) | (3,513) | (14,055) | (3,514) | (3,514) | (7,028)
Term Loan, Unsecured ($250M) | (19,865) | (4,892) | (4,909) | (4,371) | (3,795) | (17,967) | (3,482) | (3,486) | (6,968)
Privately Placed Senior Notes, Unsecured ($275M) | (10,975) | (2,744) | (2,744) | (2,743) | (2,744) | (10,975) | (2,744) | (2,744) | (5,488)
Privately Placed Senior Notes, Unsecured ($250M) | (9,958) | (2,490) | (2,489) | (2,490) | (2,489) | (9,958) | (2,490) | (2,489) | (4,979)
Privately Placed Senior Notes, Unsecured ($250M) | (9,764) | (2,441) | (2,441) | (2,441) | (2,441) | (9,764) | (2,441) | (2,441) | (4,882)
Credit Facility, Unsecured | (14,155) | (5,449) | (6,047) | (3,596) | (2,232) | (17,324) | (1,725) | (1,390) | (3,115)
Privately Placed Senior Notes, Unsecured ($125M) | (4,789) | (1,197) | (1,198) | (1,197) | (1,197) | (4,789) | (1,197) | (1,198) | (2,395)
201 N. Tryon (fka Fifth Third Center) | (4,388) | (1,078) | (1,070) | (1,062) | (1,055) | (4,265) | (1,046) | (1,038) | (2,084)
Privately Placed Senior Notes, Unsecured ($100M) | (4,145) | (1,036) | (1,037) | (1,036) | (1,037) | (4,146) | (1,036) | (1,036) | (2,072)
Colorado Tower | (3,826) | (942) | (936) | (930) | (924) | (3,732) | (918) | (911) | (1,829)
Public Senior Notes, Unsecured ($500M) | — | — | — | — | — | — | — | (1,798) | (1,798)
Other (10) | (3,231) | (781) | (751) | (746) | (231) | (2,509) | — | — | —
Capitalized (11) | 18,367 | 3,706 | 3,198 | 2,914 | 2,731 | 12,549 | 2,383 | 1,903 | 4,286
Subtotal - Consolidated Interest Expense | (105,463) | (28,908) | (29,743) | (30,773) | (33,052) | (122,476) | (36,774) | (38,514) | (75,288)
Unconsolidated Interest Expense (5) |  |  |  |  |  |  |  |  |
Medical Offices at Emory Hospital | (1,659) | (508) | (508) | (508) | (508) | (2,032) | (508) | (508) | (1,016)
Other (10) | (17) | (20) | (127) | (999) | (1,306) | (2,452) | (1,481) | (1,731) | (3,212)
Subtotal - Unconsolidated Interest Expense | (1,676) | (528) | (635) | (1,507) | (1,814) | (4,484) | (1,989) | (2,239) | (4,228)
Total Interest Expense | (107,139) | (29,436) | (30,378) | (32,280) | (34,866) | (126,960) | (38,763) | (40,753) | (79,516)
Continued on next page

Cousins Properties | 15 | Q2 2025 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

| (amounts in thousands, except per share amounts)
| 2023 | 2024 1st | 2024 2nd | 2024 3rd | 2024 4th | 2024 | 2025 1st | 2025 2nd | YTD 2025
Reimbursed and Other Expenses |  |  |  |  |  |  |  |  |
Reimbursed Expenses (7) | (608) | (140) | (151) | (188) | (155) | (634) | (177) | (120) | (297)
Property Taxes and Other Land Holding Costs (5) | (1,390) | (389) | 59 | (320) | (326) | (976) | (344) | (386) | (730)
Severance | (392) | 2 | — | — | (46) | (44) | (11) | (1) | (12)
Predevelopment & Other Costs (5) | (404) | (316) | (677) | (124) | (276) | (1,393) | 11 | (118) | (107)
Total Reimbursed and Other Expenses | (2,794) | (843) | (769) | (632) | (803) | (3,047) | (521) | (625) | (1,146)
Gain (Loss) on Sales of Undepreciated Investment Properties |  |  |  |  |  |  |  |  |
Consolidated | 506 | — | (3) | — | — | (3) | — | — | —
Total Gain (Loss) on Sales of Undepreciated Investment Properties | 506 | — | (3) | — | — | (3) | — | — | —
|  |  |  |  |  |  |  | — |
Depreciation and Amortization of Non-Real Estate Assets | (448) | (115) | (116) | (117) | (113) | (461) | (117) | (121) | (238)
|  |  |  |  |  |  |  | — |
Partners' Share of FFO in Consolidated Joint Ventures | (1,909) | (429) | (426) | (418) | (444) | (1,717) | (467) | (420) | (887)
FFO | $398,289 | $99,496 | $103,346 | $102,334 | $108,916 | $414,092 | $124,834 | $117,494 | $242,328
Weighted Average Shares - Diluted | 152,040 | 152,385 | 152,614 | 152,812 | 158,249 | 154,015 | 168,593 | 168,765 | 168,679
FFO per Share | $2.62 | $0.65 | $0.68 | $0.67 | $0.69 | $2.69 | $0.74 | $0.70 | $1.44

Note: | Amounts may differ slightly from other schedules contained herein due to rounding.
(1) See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 32.
(2) Contains multiple buildings that are grouped together for reporting purposes.
(3) A full building redevelopment of Promenade Central reached substantial completion in the fourth quarter of 2022.
(4) Primarily represents the College Street Garage and Domain 4, which the Company plans to replace, once its leases expire, with future development.
(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 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) Included in Interest Income from Real Estate Debt for the first quarter of 2025 is $858,000 related to a minimum interest guaranty paid by the borrower of the Radius loan upon early repayment.
(9) Included in Other Income for the first quarter of 2025 is $4.6 million from the sale of our SVB bankruptcy claim.
(10) Primarily represents interest on consolidated loans repaid and our share of interests on loans of unconsolidated investments sold prior to June 30, 2025. Also includes interest expense from unconsolidated investments not yet stabilized.
(11) 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.

Cousins Properties | 16 | Q2 2025 Supplemental Information

PORTFOLIO STATISTICS (1)

Office Properties |  | Rentable Square Feet |  | Financial Statement Presentation |  | Company's Ownership Interest |  | End of Period Leased |  | Weighted Average Occupancy (2) |  | % of Total NOI / 2Q25 |  | Property Level Debt ($ in thousands) (3)
|  |  |  | 1Q25 |  | 2Q25 |  | 1Q25 |  | 2Q25 |  |
The Domain (4) (5) |  | 2,080,000 |  | Consolidated |  | 100% |  | 98.0% |  | 97.9% |  | 98.7% |  | 98.0% |  | 13.1% |  | $—
Sail Tower (6) |  | 804,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 7.1% |  | —
300 Colorado |  | 378,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 4.1% |  | —
One Eleven Congress |  | 519,000 |  | Consolidated |  | 100% |  | 86.4% |  | 86.4% |  | 82.6% |  | 82.7% |  | 3.1% |  | —
San Jacinto Center |  | 399,000 |  | Consolidated |  | 100% |  | 89.1% |  | 87.6% |  | 85.7% |  | 83.5% |  | 2.7% |  | —
The Terrace (4) |  | 619,000 |  | Consolidated |  | 100% |  | 83.5% |  | 90.0% |  | 78.3% |  | 80.4% |  | 2.4% |  | —
Colorado Tower |  | 373,000 |  | Consolidated |  | 100% |  | 95.4% |  | 95.4% |  | 95.5% |  | 88.5% |  | 2.2% |  | 102,540
Domain Point (4) |  | 240,000 |  | Consolidated |  | 96.5% |  | 96.5% |  | 96.5% |  | 96.5% |  | 95.0% |  | 1.2% |  | —
Research Park V |  | 173,000 |  | Consolidated |  | 100% |  | 93.0% |  | 93.0% |  | 93.0% |  | 93.0% |  | 0.7% |  | —
AUSTIN |  | 5,585,000 |  |  |  |  |  | 94.7% |  | 95.3% |  | 93.6% |  | 93.1% |  | 36.6% |  | 102,540
Terminus (4) |  | 1,226,000 |  | Consolidated |  | 100% |  | 82.9% |  | 82.9% |  | 81.4% |  | 82.1% |  | 5.1% |  | 220,753
Spring & 8th (4) |  | 765,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 4.5% |  | —
Buckhead Plaza (4) |  | 678,000 |  | Consolidated |  | 100% |  | 94.5% |  | 92.9% |  | 93.0% |  | 92.5% |  | 3.8% |  | —
Promenade Tower |  | 777,000 |  | Consolidated |  | 100% |  | 86.4% |  | 86.2% |  | 83.5% |  | 80.0% |  | 3.3% |  | —
725 Ponce |  | 372,000 |  | Consolidated |  | 100% |  | 87.6% |  | 87.6% |  | 87.6% |  | 87.6% |  | 2.5% |  | —
3344 Peachtree |  | 484,000 |  | Consolidated |  | 100% |  | 97.2% |  | 97.2% |  | 95.4% |  | 96.0% |  | 2.5% |  | —
Northpark (4) |  | 1,405,000 |  | Consolidated |  | 100% |  | 82.1% |  | 70.7% |  | 78.6% |  | 69.3% |  | 2.4% |  | —
Avalon (4) |  | 480,000 |  | Consolidated |  | 100% |  | 96.1% |  | 99.2% |  | 83.2% |  | 83.2% |  | 2.2% |  | —
Promenade Central |  | 367,000 |  | Consolidated |  | 100% |  | 78.4% |  | 78.4% |  | 77.1% |  | 78.4% |  | 1.4% |  | —
3350 Peachtree |  | 413,000 |  | Consolidated |  | 100% |  | 86.4% |  | 91.1% |  | 76.0% |  | 78.9% |  | 1.4% |  | —
Meridian Mark Plaza |  | 160,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 0.8% |  | —
Medical Offices at Emory Hospital |  | 358,000 |  | Unconsolidated |  | 50% |  | 99.1% |  | 99.1% |  | 98.7% |  | 97.9% |  | 0.7% |  | 41,224
3348 Peachtree |  | 258,000 |  | Consolidated |  | 100% |  | 82.4% |  | 81.3% |  | 76.3% |  | 69.2% |  | 0.7% |  | —
Proscenium (6) |  | 525,000 |  | Unconsolidated |  | 20% |  | 58.0% |  | 58.0% |  | 60.4% |  | 57.9% |  | 0.3% |  | —
120 West Trinity Office |  | 43,000 |  | Unconsolidated |  | 20% |  | 74.2% |  | 74.2% |  | 74.2% |  | 74.2% |  | 0.1% |  | —
ATLANTA |  | 8,311,000 |  |  |  |  |  | 88.1% |  | 86.3% |  | 85.1% |  | 83.1% |  | 31.7% |  | 261,977
Vantage South End (4) (6) |  | 639,000 |  | Consolidated |  | 100% |  | 97.4% |  | 97.4% |  | 97.4% |  | 97.4% |  | 4.2% |  | —
201 N. Tryon (fka Fifth Third Center) |  | 692,000 |  | Consolidated |  | 100% |  | 92.5% |  | 92.5% |  | 92.1% |  | 92.4% |  | 3.0% |  | 120,803
The RailYard |  | 329,000 |  | Consolidated |  | 100% |  | 98.7% |  | 98.7% |  | 98.7% |  | 98.7% |  | 1.9% |  | —
550 South |  | 394,000 |  | Consolidated |  | 100% |  | 73.4% |  | 73.4% |  | 73.1% |  | 73.2% |  | 1.1% |  | —
CHARLOTTE |  | 2,054,000 |  |  |  |  |  | 91.4% |  | 91.4% |  | 91.2% |  | 91.3% |  | 10.2% |  | 120,803
Corporate Center (4) |  | 1,227,000 |  | Consolidated |  | 100% |  | 96.9% |  | 97.4% |  | 93.4% |  | 93.7% |  | 5.0% |  | —
Heights Union (4) |  | 294,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1.6% |  | —
The Pointe |  | 253,000 |  | Consolidated |  | 100% |  | 89.5% |  | 90.1% |  | 90.0% |  | 86.3% |  | 0.8% |  | —
Harborview Plaza |  | 206,000 |  | Consolidated |  | 100% |  | 93.6% |  | 80.8% |  | 91.3% |  | 77.5% |  | 0.5% |  | —
TAMPA |  | 1,980,000 |  |  |  |  |  | 96.0% |  | 95.1% |  | 93.7% |  | 92.0% |  | 7.9% |  | —
Continued on next page

Cousins Properties | 17 | Q2 2025 Supplemental Information

PORTFOLIO STATISTICS (1)

Office Properties |  | Rentable Square Feet |  | Financial Statement Presentation |  | Company's Ownership Interest |  | End of Period Leased |  | Weighted Average Occupancy (2) |  | % of Total NOI / 2Q25 |  | Property Level Debt ($ in thousands) (3)
|  |  |  | 1Q25 |  | 2Q25 |  | 1Q25 |  | 2Q25 |  |
Hayden Ferry (4) (7) |  | 792,000 |  | Consolidated |  | 100% |  | 89.4% |  | 93.4% |  | 82.0% |  | 87.2% |  | 2.8% |  | —
100 Mill |  | 288,000 |  | Consolidated |  | 90% |  | 98.1% |  | 98.1% |  | 98.1% |  | 98.1% |  | 2.3% |  | —
Tempe Gateway |  | 264,000 |  | Consolidated |  | 100% |  | 95.7% |  | 95.7% |  | 93.8% |  | 92.7% |  | 1.3% |  | —
111 West Rio |  | 225,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 0.8% |  | —
PHOENIX |  | 1,569,000 |  |  |  |  |  | 94.1% |  | 95.9% |  | 90.5% |  | 92.5% |  | 7.2% |  | —
BriarLake Plaza (4) |  | 835,000 |  | Consolidated |  | 100% |  | 98.0% |  | 97.4% |  | 97.8% |  | 97.2% |  | 3.4% |  | —
HOUSTON |  | 835,000 |  |  |  |  |  | 98.0% |  | 97.4% |  | 97.8% |  | 97.2% |  | 3.4% |  | —
Legacy Union One |  | 319,000 |  | Consolidated |  | 100% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 1.4% |  | —
5950 Sherry Lane |  | 197,000 |  | Consolidated |  | 100% |  | 92.6% |  | 92.7% |  | 81.9% |  | 85.7% |  | 0.8% |  | —
DALLAS |  | 516,000 |  |  |  |  |  | 97.2% |  | 97.2% |  | 93.1% |  | 94.5% |  | 2.2% |  | —
TOTAL OFFICE |  | 20,850,000 |  |  |  |  |  | 92.1% |  | 91.6% |  | 90.0% |  | 89.1% |  | 99.2% |  | $485,320
Other Properties (6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
College Street Garage - Charlotte |  | N/A |  | Consolidated |  | 100% |  | N/A |  | N/A |  | N/A |  | N/A |  | 0.6% |  | —
120 West Trinity Apartment - Atlanta (330 units) |  | 310,000 |  | Unconsolidated |  | 20% |  | 94.4% |  | 92.0% |  | 92.2% |  | 90.5% |  | 0.1% |  | —
Domain 4 (5) |  | 157,000 |  | Consolidated |  | 100% |  | 33.4% |  | 33.4% |  | 33.4% |  | 33.4% |  | 0.1% |  | —
TOTAL OTHER |  | 467,000 |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.8% |  | $—
TOTAL |  | 21,317,000 |  |  |  |  |  |  |  |  |  |  |  |  |  | 100.0% |  | $485,320

(1) | Represents the Company's operating properties, excluding properties in the development pipeline and properties sold prior to June 30, 2025.
(2) | The weighted average economic occupancy of the property over the period for which the property was available for occupancy during the respective quarters.
(3) | The Company's share of property-specific mortgage debt, net of unamortized loan costs, as of June 30, 2025.
(4) | Contains two or more buildings that are grouped together for reporting purposes.
(5) | Effective September 1, 2024, Domain 4 was excluded from the office square footage, end of period leased, weighted average occupancy, and Same Property. The Company plans to replace Domain 4, once its leases expire, with future development. Domain 9 stabilized on March 1, 2025 and was added to the portfolio statistics at that time. Domain 9 is not included in Same Property.
(6) | Not included in Same Property.
(7) | Effective October 1, 2023, Hayden Ferry I, a 207,000 square foot building, in this group of buildings was excluded from Same Property, end of period leased, and weighted average occupancy due to commencement of the current full redevelopment of this building. It is also excluded from the Phoenix and Total Office end of period leased and weighted average occupancy calculations.

Cousins Properties | 18 | Q2 2025 Supplemental Information

PORTFOLIO STATISTICS

Second Quarter 2025 Portfolio NOI by Market
Charlotte
10.8%
Nashville (1)
Dallas
2.2%
Atlanta
31.8%
Tampa
7.9%
Houston
3.4%
Austin
36.7%
Phoenix
7.2%
(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 26 and 31 for
additional details.

Cousins Properties | 19 | Q2 2025 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

($ in thousands) |
Three Months Ended June 30, |
|  | 2024 |  | 2025 |  | $ Change |  | % Change
Rental Property Revenues (2) |  | $205,183 |  | $207,013 |  | $1,830 |  | 0.9%
Rental Property Operating Expenses (2) |  | 69,191 |  | 66,705 |  | (2,486) |  | (3.6)%
Same Property Net Operating Income |  | $135,992 |  | $140,308 |  | $4,316 |  | 3.2%
Cash-Basis Rental Property Revenues (3) |  | $192,064 |  | $190,970 |  | $(1,094) |  | (0.6)%
Cash-Basis Rental Property Operating Expenses (4) |  | 69,015 |  | 66,487 |  | (2,528) |  | (3.7)%
Cash-Basis Same Property Net Operating Income |  | $123,049 |  | $124,483 |  | $1,434 |  | 1.2%
End of Period Leased |  | 91.6% |  | 91.1% |  |  |  |
Weighted Average Occupancy |  | 88.7% |  | 88.4% |  |  |  |
Six Months Ended June 30, |
|  | 2024 |  | 2025 |  | $ Change |  | % Change
Rental Property Revenues (2) |  | $410,705 |  | $417,771 |  | $7,066 |  | 1.7%
Rental Property Operating Expenses (2) |  | 139,427 |  | 136,752 |  | (2,675) |  | (1.9)%
Same Property Net Operating Income |  | $271,278 |  | $281,019 |  | $9,741 |  | 3.6%
Cash-Basis Rental Property Revenues (3) |  | $381,991 |  | $383,081 |  | $1,090 |  | 0.3%
Cash-Basis Rental Property Operating Expenses (4) |  | 139,043 |  | 136,272 |  | (2,771) |  | (2.0)%
Cash-Basis Same Property Net Operating Income |  | $242,948 |  | $246,809 |  | $3,861 |  | 1.6%
Weighted Average Occupancy |  | 88.6% |  | 88.9% |  |  |  |

(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 16 and 17 for footnotes indicating which properties are not included in Same Property. See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 32.
(2) | Rental Property Revenues and 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 Operating 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, 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.

Cousins Properties | 20 | Q2 2025 Supplemental Information

OFFICE LEASING ACTIVITY

| Three Months Ended June 30, 2025 |  | Six Months Ended June 30, 2025
| New |  | Renewal |  | Expansion |  | Total |  | New |  | Renewal |  | Expansion |  | Total
Net leased square feet (1) | 220,858 |  | 66,045 |  | 47,465 |  | 334,368 |  | 342,165 |  | 400,488 |  | 130,778 |  | 873,431
Number of transactions | 23 |  | 12 |  | 6 |  | 41 |  | 40 |  | 34 |  | 14 |  | 88
Lease term in years (2) | 8.6 |  | 6.1 |  | 6.7 |  | 7.9 |  | 7.9 |  | 5.6 |  | 8.3 |  | 6.9
Net effective rent calculation (per square foot per year) (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net annualized rent (3) | $40.79 |  | $44.20 |  | $37.16 |  | $40.95 |  | $40.12 |  | $35.02 |  | $40.34 |  | $37.81
Net free rent | (2.40) |  | (1.84) |  | (0.91) |  | (2.08) |  | (2.35) |  | (1.53) |  | (1.81) |  | (1.89)
Leasing commissions | (3.18) |  | (3.27) |  | (2.99) |  | (3.18) |  | (3.29) |  | (2.59) |  | (3.17) |  | (2.95)
Tenant improvements | (8.07) |  | (3.52) |  | (9.31) |  | (7.34) |  | (8.65) |  | (4.43) |  | (8.23) |  | (6.65)
Total leasing costs | (13.65) |  | (8.63) |  | (13.21) |  | (12.60) |  | (14.29) |  | (8.55) |  | (13.21) |  | (11.49)
Net effective rent | $27.14 |  | $35.57 |  | $23.95 |  | $28.35 |  | $25.83 |  | $26.47 |  | $27.13 |  | $26.32
Second generation leased square footage (4) |  |  |  |  |  |  | 183,250 |  |  |  |  |  |  |  | 632,489
Increase in straight-line basis second generation net rent per square foot (5) |  | 27.2% |  |  |  |  |  |  |  | 20.8%
Increase in cash-basis second generation net rent per square foot (6) |  | 10.9% |  |  |  |  |  |  | 5.4%

(1) | Comprised of total square feet leased, unadjusted for ownership share. Excludes leases approximately one year or less, along with apartment, retail, amenity, storage, and intercompany space leases.
(2) | Weighted average of net leased square feet.
(3) | 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. Excludes percent rent leases.
(4) | 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.
(5) | Increase in second generation straight-line basis net annualized rent on a weighted average basis.
(6) | 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.

Cousins Properties | 21 | Q2 2025 Supplemental Information

OFFICE LEASE EXPIRATIONS

Lease Expirations by Year (1)

Year of Expiration |  | Square Feet Expiring |  | % of Leased Space |  | Annual Contractual Rent ($ in thousands) (2) |  | % of Annual Contractual Rent |  | Annual Contractual Rent/Sq. Ft.
2025 |  | 612,171 |  | 3.4% |  | $24,135 |  | 2.5% |  | $39.42
2026 |  | 1,154,088 |  | 6.4% |  | 54,323 |  | 5.6% |  | 47.07
2027 |  | 1,684,987 |  | 9.3% |  | 77,407 |  | 8.0% |  | 45.94
2028 |  | 1,751,648 |  | 9.7% |  | 89,923 |  | 9.3% |  | 51.34
2029 |  | 1,756,013 |  | 9.7% |  | 91,994 |  | 9.4% |  | 52.39
2030 |  | 1,637,379 |  | 9.1% |  | 85,682 |  | 8.8% |  | 52.33
2031 |  | 1,396,102 |  | 7.7% |  | 79,505 |  | 8.2% |  | 56.95
2032 |  | 2,215,425 |  | 12.2% |  | 128,220 |  | 13.2% |  | 57.88
2033 |  | 1,196,472 |  | 6.6% |  | 69,645 |  | 7.2% |  | 58.21
2034 & Thereafter |  | 4,681,638 |  | 25.9% |  | 271,183 |  | 27.8% |  | 57.92
Total |  | 18,085,923 |  | 100.0% |  | $972,017 |  | 100.0% |  | $53.74

(1) Company's share of leases expiring after June 30, 2025. Expiring square footage for which new leases have been executed 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.

Cousins Properties | 22 | Q2 2025 Supplemental Information

TOP 20 OFFICE TENANTS

| Tenant (1) |  | Number of Properties Occupied |  | Number of Markets Occupied |  | Company's Share of Square Footage |  | Company's Share of Annualized Rent ($ in thousands) (2) |  | Percentage of Company's Share of Annualized Rent |  | Weighted Average Remaining Lease Term (Years)
1 | Amazon |  | 5 |  | 3 |  | 1,461,805 |  | $79,118 |  | 9.1% |  | 5.2
2 | Alphabet |  | 1 |  | 1 |  | 799,149 |  | 54,936 |  | 6.3% |  | 12.6
3 | NCR Voyix |  | 2 |  | 2 |  | 815,634 |  | 42,466 |  | 4.9% |  | 7.9
4 | ExxonMobil |  | 1 |  | 1 |  | 298,396 |  | 21,850 |  | 2.5% |  | 7.5
5 | IBM |  | 1 |  | 1 |  | 319,863 |  | 19,032 |  | 2.2% |  | 15.2
6 | Expedia |  | 1 |  | 1 |  | 315,882 |  | 17,546 |  | 2.0% |  | 5.8
7 | Apache |  | 1 |  | 1 |  | 360,914 |  | 14,567 |  | 1.7% |  | 13.5
8 | Bank of America |  | 2 |  | 2 |  | 347,139 |  | 12,978 |  | 1.5% |  | 0.5
9 | Ovintiv USA (3) |  | 1 |  | 1 |  | 318,582 |  | 8,437 |  | 1.0% |  | 2.0
10 | ADP |  | 1 |  | 1 |  | 225,000 |  | 8,099 |  | 0.9% |  | 2.8
11 | Wells Fargo |  | 5 |  | 3 |  | 159,114 |  | 7,838 |  | 0.9% |  | 4.5
12 | BlackRock |  | 1 |  | 1 |  | 131,656 |  | 7,611 |  | 0.9% |  | 10.9
13 | Deloitte |  | 4 |  | 3 |  | 193,751 |  | 7,315 |  | 0.8% |  | 8.4
14 | Lendingtree |  | 1 |  | 1 |  | 161,321 |  | 7,031 |  | 0.8% |  | 11.3
15 | Smurfit Westrock |  | 1 |  | 1 |  | 181,286 |  | 6,863 |  | 0.8% |  | 4.8
16 | McKinsey & Company |  | 2 |  | 2 |  | 130,513 |  | 6,745 |  | 0.8% |  | 7.4
17 | Workrise Technologies |  | 1 |  | 1 |  | 93,210 |  | 6,741 |  | 0.8% |  | 3.1
18 | Amgen |  | 1 |  | 1 |  | 163,169 |  | 6,737 |  | 0.8% |  | 3.3
19 | Samsung Engineering America |  | 1 |  | 1 |  | 133,860 |  | 6,507 |  | 0.7% |  | 1.4
20 | International Workplace Group |  | 4 |  | 4 |  | 123,625 |  | 6,460 |  | 0.7% |  | 6.8
| Total |  |  |  |  |  | 6,733,869 |  | $348,877 |  | 40.1% |  | 7.2
(1) | In some cases, the actual tenant may be an affiliate of the entity shown, and the entity shown may not be a guarantor of the obligations of that tenant.
(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 June 30, 2025. If the tenant is in a free rent period as of June 30, 2025, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent.
(3) | Our lease with Ovintiv USA is a triple net lease. Therefore, the Company's share of annualized rent only represents annualized base rent as there are no operating expense reimbursements.

Cousins Properties | 23 | Q2 2025 Supplemental Information

TENANT INDUSTRY DIVERSIFICATION

(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
June 30, 2025. If the tenant is in a free rent period as of June 30, 2025, 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 their judgment, to determine tenant industry classification. This schedule includes leases that
have commenced. Leases that have been signed but have not commenced are excluded.

Cousins Properties | 24 | Q2 2025 Supplemental Information

INVESTMENT ACTIVITY

Completed Operating Property Acquisitions

Property |  | Type |  | Market |  | Company's Ownership Interest |  | Timing |  | Square Feet |  | Gross Purchase Price ($ in thousands) (1)
2024 |  |  |  |  |  |  |  |  |  |  |  |
Proscenium |  | Office |  | Atlanta |  | 20% |  | 3Q |  | 525,000 |  | $83,250
Sail Tower |  | Office |  | Austin |  | 100% |  | 4Q |  | 804,000 |  | 521,800
Vantage South End |  | Office |  | Charlotte |  | 100% |  | 4Q |  | 639,000 |  | 328,500
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
|  |  |  |  |  |  |  |  |  | 2,918,000 |  | $1,540,000

Completed Property Developments

Project |  | Type |  | Market |  | Company's Ownership Interest |  | Timing (3) |  | Square Feet |  | Total Project Cost ($ in thousands) (1)
2025 |  |  |  |  |  |  |  |  |  |  |  |
Domain 9 |  | Office |  | Austin |  | 100% |  | 1Q |  | 338,000 |  | $147,000
2022 |  |  |  |  |  |  |  |  |  |  |  |
300 Colorado |  | Office |  | Austin |  | 100% |  | 1Q |  | 369,000 |  | 193,000
100 Mill |  | Office |  | Phoenix |  | 90% |  | 4Q |  | 288,000 |  | 156,000
2021 |  |  |  |  |  |  |  |  |  |  |  |
10000 Avalon (2) |  | 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
|  |  |  |  |  |  |  |  |  | 2,219,000 |  | $909,000

(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) Developed 8000 Avalon and 10000 Avalon as the majority partner in 90-10 joint ventures, HICO Avalon LLC and HICO Avalon II LLC, respectively. In 2022, we purchased the 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) Represents timing of stabilization.

Cousins Properties | 25 | Q2 2025 Supplemental Information

INVESTMENT ACTIVITY

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.

Cousins Properties | 26 | Q2 2025 Supplemental Information

DEVELOPMENT PIPELINE (1)

Project |  | Type |  | Market |  | Company's Ownership Interest |  | Construction Start Date |  | Square Feet/Units |  | Estimated Project Cost (1) ($ in thousands) |  | Company's Share of Estimated Project Cost (1) ($ in thousands) |  | Project Cost Incurred to Date (1) ($ in thousands) |  | Company's Share of Project Cost Incurred to Date (1) ($ in thousands) |  | Percent Leased |  | Initial Occupancy (2) |  | Estimated Stabilization (3)
Neuhoff (4) |  | Mixed |  | Nashville |  | 50% |  | 3Q21 |  |  |  | $589,100 |  | $294,550 |  | $573,894 |  | $286,947 |  |  |  |  |  |
Office and Retail |  |  |  |  |  |  |  |  |  | 450,000 |  |  |  |  |  |  |  |  |  | 51% |  | 4Q23 |  | 3Q26
Apartments |  |  |  |  |  |  |  |  |  | 542 |  |  |  |  |  |  |  |  |  | 78% |  | 2Q24 |  | 4Q25

(1) | This schedule shows projects currently under active development as of June 30, 2025 through the substantial completion of construction as well as properties in an initial lease up period prior to stabilization. Significant estimation is required to derive these costs, and the final costs may differ from these estimates. Estimated and incurred project costs are construction costs, initial leasing costs, and financing costs on project-specific debt. Neuhoff has a project-specific construction loan (see footnote 4). The above schedule excludes any financing cost assumptions for projects without project-specific debt and any other incremental capitalized costs required by GAAP.
(2) | 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.
(3) | Reflects the estimated quarter of economic stabilization for each project.
(4) | The Neuhoff estimated project cost will be funded with a combination of $276.4 million of equity contributed by the joint venture partners and a $312.7 million construction loan of which the Company's share is $156.4 million. These costs include approximately $66 million of site and associated infrastructure work related to a future phase. The estimated project cost includes revisions related to updated initial leasing costs and construction loan interest costs.

Cousins Properties | 27 | Q2 2025 Supplemental Information

LAND INVENTORY

|  | Market |  | Company's Ownership Interest |  | Financial Statement Presentation |  | Total Developable Land (Acres) |
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 |
Total Cost Basis of Land ($ in thousands) |  | $162,809 |
Company's Share of Cost Basis of Land ($ in thousands) |  | $156,005 |

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

Cousins Properties | 28 | Q2 2025 Supplemental Information

DEBT SCHEDULE (1)

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) |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total Principal |  | Original Issue Discount |  | Deferred Loan Costs |  | Total
Consolidated Debt - Floating Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Facility, Unsecured (Adjusted SOFR + 0.725% to 1.40%) (3) |  | 100% |  | 5.165% |  | 4/30/27 |  | $— |  | $— |  | $— |  | $— |  | $— |  | $— |  | $— |  | $— |  | $— |  | $—
Term Loan, Unsecured (Adjusted SOFR + 0.85% to 1.65%) (4) |  | 100% |  | 5.39% |  | 8/20/26 |  | — |  | 250,000 |  | — |  | — |  | — |  | — |  | 250,000 |  | — |  | (86) |  | 249,914
Total Consolidated Floating Rate Debt |  |  |  |  |  |  |  | — |  | 250,000 |  | — |  | — |  | — |  | — |  | 250,000 |  | — |  | (86) |  | 249,914
Consolidated Debt - Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Public Senior Notes, Unsecured (5) |  | 100% |  | 5.250% |  | 7/15/30 |  | — |  | — |  | — |  | — |  | — |  | 500,000 |  | 500,000 |  | (65) |  | (4,154) |  | 495,781
Public Senior Notes, Unsecured (6) |  | 100% |  | 5.875% |  | 10/1/34 |  | — |  | — |  | — |  | — |  | — |  | 500,000 |  | 500,000 |  | (1,366) |  | (5,143) |  | 493,491
Public Senior Notes, Unsecured (7) |  | 100% |  | 5.375% |  | 2/15/32 |  | — |  | — |  | — |  | — |  | — |  | 400,000 |  | 400,000 |  | (2,009) |  | (3,379) |  | 394,612
Term Loan, Unsecured (8) |  | 100% |  | 5.212% |  | 3/3/27 |  | — |  | — |  | 400,000 |  | — |  | — |  | — |  | 400,000 |  | — |  | (125) |  | 399,875
Privately Placed Senior Notes, Unsecured |  | 100% |  | 3.95% |  | 7/6/29 |  | — |  | — |  | — |  | — |  | 275,000 |  | — |  | 275,000 |  | — |  | (447) |  | 274,553
Privately Placed Senior Notes, Unsecured (9) |  | 100% |  | 3.91% |  | 7/6/25 |  | 250,000 |  | — |  | — |  | — |  | — |  | — |  | 250,000 |  | — |  | — |  | 250,000
Privately Placed Senior Notes, Unsecured |  | 100% |  | 3.86% |  | 7/6/28 |  | — |  | — |  | — |  | 250,000 |  | — |  | — |  | 250,000 |  | — |  | (338) |  | 249,662
Terminus (10) |  | 100% |  | 6.34% |  | 1/15/31 |  | — |  | — |  | — |  | — |  | — |  | 221,000 |  | 221,000 |  | — |  | (247) |  | 220,753
Privately Placed Senior Notes, Unsecured |  | 100% |  | 3.78% |  | 7/6/27 |  | — |  | — |  | 125,000 |  | — |  | — |  | — |  | 125,000 |  | — |  | (126) |  | 124,874
201 N. Tryon (fka Fifth Third Center) |  | 100% |  | 3.37% |  | 10/1/26 |  | 1,953 |  | 118,928 |  | — |  | — |  | — |  | — |  | 120,881 |  | — |  | (78) |  | 120,803
Colorado Tower |  | 100% |  | 3.45% |  | 9/1/26 |  | 1,453 |  | 101,199 |  | — |  | — |  | — |  | — |  | 102,652 |  | — |  | (112) |  | 102,540
Privately Placed Senior Notes, Unsecured |  | 100% |  | 4.09% |  | 7/6/27 |  | — |  | — |  | 100,000 |  | — |  | — |  | — |  | 100,000 |  | — |  | (97) |  | 99,903
Total Consolidated Fixed Rate Debt |  |  |  |  |  |  |  | 253,406 |  | 220,127 |  | 625,000 |  | 250,000 |  | 275,000 |  | 1,621,000 |  | 3,244,533 |  | (3,440) |  | (14,246) |  | 3,226,847
Total Consolidated Debt |  |  |  |  |  |  |  | 253,406 |  | 470,127 |  | 625,000 |  | 250,000 |  | 275,000 |  | 1,621,000 |  | 3,494,533 |  | (3,440) |  | (14,332) |  | 3,476,761
Unconsolidated Debt - Floating Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Neuhoff (SOFR + 3.45%) (11) |  | 50% |  | 7.78% |  | 9/30/26 |  | — |  | 142,778 |  | — |  | — |  | — |  | — |  | 142,778 |  | — |  | (155) |  | 142,623
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | . |  |  |  |  |  |  |  |
Unconsolidated Debt - Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medical Offices at Emory Hospital |  | 50% |  | 4.80% |  | 6/1/32 |  | — |  | — |  | — |  | — |  | — |  | 41,500 |  | 41,500 |  | — |  | (276) |  | 41,224
Total Unconsolidated Debt |  |  |  |  |  |  |  | — |  | 142,778 |  | — |  | — |  | — |  | 41,500 |  | 184,278 |  | — |  | (431) |  | 183,847
Total Debt |  |  |  |  |  |  |  | $253,406 |  | $612,905 |  | $625,000 |  | $250,000 |  | $275,000 |  | $1,662,500 |  | $3,678,811 |  | $(3,440) |  | $(14,763) |  | $3,660,608
Total Maturities (12) |  |  |  |  |  |  |  | $250,000 |  | $607,936 |  | $625,000 |  | $250,000 |  | $275,000 |  | $1,662,500 |  | $3,670,436 |  |  |  |  |  |
% of Maturities |  |  |  |  |  |  |  | 7% |  | 17% |  | 17% |  | 7% |  | 7% |  | 45% |  | 100% |  |  |  |  |  |

Continued on next page
Unsecured
Senior Note
Mortgage
$71
Unsecured
Senior Notes
$225
Term Loan
$400M
Unsecured
Senior
Notes
$400M
Unsecured
Senior
Notes

Cousins Properties | 29 | Q2 2025 Supplemental Information

DEBT SCHEDULE (1)

Mortgages
$215M
Unsecured
Senior Notes
$225M
Construction
Loan
$143M
Term Loan
$250M
Unsecured
Senior Note
Unsecured
Senior Note
Mortgage
Mortgage
$42M
Unsecured
Senior Note
(9)
Term Loan
$400M
Unsecured
Senior Notes
$400M
Unsecured
Senior Notes
Unsecured
Senior Notes
Continued on next page

Cousins Properties | 30 | Q2 2025 Supplemental Information

DEBT SCHEDULE (1)

Floating and Fixed Rate Debt Analysis

|  | Total Principal ($ in thousands) |  | Total Debt (%) |  | Weighted Average Interest Rate |  | Weighted Average Maturity (Years) (2)
Floating Rate Debt |  | $392,778 |  | 11% |  | 6.26% |  | 1.2
Fixed Rate Debt |  | 3,286,033 |  | 89% |  | 4.89% |  | 4.4
Total Debt |  | $3,678,811 |  | 100% |  | 5.04% |  | 4.1

(1) | All amounts are presented at Company share.
(2) | Maturity dates shown assume the Company exercises all available extension options. Excluding the $250 million privately placed senior note which was fully repaid at maturity on July 7, 2025, our weighted average maturity is 4.4 years.
(3) | The Company had no amounts drawn under the Credit Facility and had the ability to borrow the full $1 billion. The spread over Adjusted SOFR (SOFR + 0.10%) under the Credit Facility at June 30, 2025 was 0.775%.
(4) | The Company exercised the third of four consecutive options to extend the maturity date of this term loan. This extension becomes effective on August 25, 2025 and extends to the maturity to February 20, 2026. One additional 180 day extension options remains unexercised. The spread over Adjusted SOFR (SOFR + 0.10%) at June 30, 2025 was 1%.
(5) | This note has a coupon of 5.250% with an effective rate of 5.251% including the original issue discount.
(6) | This note has a coupon of 5.875% with an effective rate of 5.912% including the original issue discount.
(7) | This note has a coupon of 5.375% with an effective rate of 5.464% including the original issue discount.
(8) | The Company exercised the second of three consecutive options to extend the maturity date of this term loan. This extension becomes effective September 3, 2025 and extends the maturity date to March 3, 2026. Two additional six month extension options remain unexercised. At the time of the first extension the Company elected 6 month Term SOFR, fixing the underlying SOFR interest rate at 4.262% through September 3, 2025. As of June 30, 2025, the spread over Adjusted SOFR (SOFR + 0.10%) under the $400 million Term Loan was 0.85%. In March 2025, the floating-to-fixed interest rate swaps entered into in the second quarter of 2023 and first quarter of 2024 expired.
(9) | Subsequent to quarter end, on July 7, 2025, the Company repaid the full outstanding principal amount.
(10) | Represents $123.0 million and $98.0 million non-cross collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
(11) | The Company's share of the total borrowing capacity of the construction loan is approximately $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.
(12) | Maturities include principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.

Cousins Properties | 31 | Q2 2025 Supplemental Information

JOINT VENTURE INFORMATION (1)

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 options 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.
TL CO Proscenium JV LLC |  | Proscenium |  | 20% of cash flows. |  | Cousins' equity partner can trigger a sale process, subject to a right of first offer that can be exercised by Cousins. Additionally, Cousins has a put option under various circumstances.

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

Cousins Properties | 32 | Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| 2023 | 2024 1st | 2024 2nd | 2024 3rd | 2024 4th | 2024 | 2025 1st | 2025 2nd | 2025 YTD
FFO and EBITDA re |  |  |  |  |  |  |  |  |
Net income available to common stockholders | $82,963 | $13,288 | $7,840 | $11,198 | $13,636 | $45,962 | $20,897 | $14,483 | $35,380
Depreciation and amortization of real estate assets: |  |  |  |  |  |  |  |  |
Consolidated properties | 314,449 | 86,116 | 95,299 | 89,667 | 93,502 | 364,584 | 101,996 | 100,769 | 202,765
Share of unconsolidated joint ventures | 1,931 | 459 | 513 | 1,728 | 2,045 | 4,745 | 2,212 | 2,489 | 4,701
Partners' share of real estate depreciation | (1,070) | (268) | (308) | (260) | (270) | (1,106) | (274) | (250) | (524)
Loss (gain) on depreciated property transactions: |  |  |  |  |  |  |  |  |
Consolidated properties | 2 | (101) | — | — | — | (101) | — | — | —
Non-controlling interest related to unitholders | 14 | 2 | 2 | 1 | 3 | 8 | 3 | 3 | 6
FFO (1) | 398,289 | 99,496 | 103,346 | 102,334 | 108,916 | 414,092 | 124,834 | 117,494 | 242,328
Interest Expense | 107,139 | 29,436 | 30,378 | 32,280 | 34,866 | 126,960 | 38,763 | 40,753 | 79,516
Non-Real Estate Depreciation and Amortization | 448 | 115 | 116 | 117 | 113 | 461 | 117 | 121 | 238
EBITDA re (1) | 505,876 | 129,047 | 133,840 | 134,731 | 143,895 | 541,513 | 163,714 | 158,368 | 322,082
FFO and Net Operating Income from Unconsolidated Joint Ventures |  |  |  |  |  |  |  |  |
Income (loss) from Unconsolidated Joint Ventures | 2,299 | 348 | 439 | (1,575) | (2,008) | (2,796) | (1,883) | (1,587) | (3,470)
Depreciation and Amortization of Real Estate Assets | 1,931 | 459 | 513 | 1,728 | 2,045 | 4,745 | 2,212 | 2,489 | 4,701
FFO - Unconsolidated Joint Ventures | 4,230 | 807 | 952 | 153 | 37 | 1,949 | 329 | 902 | 1,231
Interest Expense | 1,676 | 528 | 635 | 1,507 | 1,814 | 4,484 | 1,989 | 2,239 | 4,228
Other Expense | 58 | 31 | 15 | 118 | 152 | 316 | (79) | 62 | (17)
Other Income | (140) | (14) | (41) | (62) | (15) | (132) | (16) | (38) | (54)
Net Operating Income - Unconsolidated Joint Ventures | 5,824 | 1,352 | 1,561 | 1,716 | 1,988 | 6,617 | 2,223 | 3,165 | 5,388
Market Capitalization |  |  |  |  |  |  |  |  |
Common Stock Price Per Share at Period End | $24.35 | $24.04 | $23.15 | $29.48 | $30.64 | $30.64 | $29.50 | $30.03 | $30.03
Number of Common Stock/Units Outstanding at Period End | 151,824 | 152,096 | 152,165 | 152,165 | 167,685 | 167,685 | 167,933 | 167,992 | 167,992
Equity Market Capitalization | 3,696,914 | 3,656,388 | 3,522,620 | 4,485,824 | 5,137,868 | 5,137,868 | 4,954,024 | 5,044,800 | 5,044,800
Consolidated Debt | 2,457,627 | 2,563,332 | 2,586,732 | 2,661,292 | 3,095,666 | 3,095,666 | 3,020,741 | 3,476,761 | 3,476,761
Share of Unconsolidated Debt | 151,048 | 160,646 | 167,626 | 173,667 | 178,722 | 178,722 | 182,735 | 183,847 | 183,847
Debt (1) | 2,608,675 | 2,723,978 | 2,754,358 | 2,834,959 | 3,274,388 | 3,274,388 | 3,203,476 | 3,660,608 | 3,660,608
Total Market Capitalization | 6,305,589 | 6,380,366 | 6,276,978 | 7,320,783 | 8,412,256 | 8,412,256 | 8,157,500 | 8,705,408 | 8,705,408
Credit Ratios |  |  |  |  |  |  |  |  |
Debt (1) | 2,608,675 | 2,723,978 | 2,754,358 | 2,834,959 | 3,274,388 | 3,274,388 | 3,203,476 | 3,660,608 | 3,660,608
Less: Cash and Cash Equivalents | (6,047) | (5,452) | (5,954) | (76,143) | (7,349) | (7,349) | (5,330) | (416,840) | (416,840)
Less: Share of Unconsolidated Cash and Cash Equivalents (1) | (2,042) | (6,217) | (5,962) | (10,210) | (6,821) | (6,821) | (6,332) | (4,448) | (4,448)
Net Debt (1) | 2,600,586 | 2,712,309 | 2,742,442 | 2,748,606 | 3,260,218 | 3,260,218 | 3,191,814 | 3,239,320 | 3,239,320
Total Market Capitalization | 6,305,589 | 6,380,366 | 6,276,978 | 7,320,783 | 8,412,256 | 8,412,256 | 8,157,500 | 8,705,408 | 8,705,408
Net Debt / Total Market Capitalization | 41.2% | 42.5% | 43.7% | 37.5% | 38.8% | 38.8% | 39.1% | 37.2% | 37.2%
Continued on next page

Cousins Properties | 33 | Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| 2023 | 2024 1st | 2024 2nd | 2024 3rd | 2024 4th | 2024 | 2025 1st | 2025 2nd | 2025 YTD
Total Assets - Consolidated | 7,634,474 | 7,682,981 | 7,700,528 | 7,770,531 | 8,802,146 | 8,802,146 | 8,663,360 | 9,051,863 | 9,051,863
Accumulated Depreciation - Consolidated | 1,518,572 | 1,596,116 | 1,664,950 | 1,740,856 | 1,821,559 | 1,821,559 | 1,893,215 | 1,982,700 | 1,982,700
Undepreciated Assets - Unconsolidated (1) | 289,202 | 304,617 | 316,303 | 352,427 | 356,091 | 356,091 | 363,789 | 368,322 | 368,322
Less: Investment in Unconsolidated Joint Ventures | (143,831) | (155,210) | (160,873) | (182,130) | (185,478) | (185,478) | (191,505) | (192,420) | (192,420)
Total Undepreciated Assets (1) | 9,298,417 | 9,428,504 | 9,520,908 | 9,681,684 | 10,794,318 | 10,794,318 | 10,728,859 | 11,210,465 | 11,210,465
Net Debt (1) | 2,600,586 | 2,712,309 | 2,742,442 | 2,748,606 | 3,260,218 | 3,260,218 | 3,191,814 | 3,239,320 | 3,239,320
Net Debt / Total Undepreciated Assets (1) | 28.0% | 28.8% | 28.8% | 28.4% | 30.2% | 30.2% | 29.7% | 28.9% | 28.9%
Coverage Ratios (1) |  |  |  |  |  |  |  |  |
Interest Expense | 107,139 | 29,436 | 30,378 | 32,280 | 34,866 | 126,960 | 38,763 | 40,753 | 79,516
Scheduled Principal Payments | 8,658 | 2,114 | 2,132 | 2,151 | 1,825 | 8,222 | 1,667 | 1,681 | 3,348
Fixed Charges | 115,797 | 31,550 | 32,510 | 34,431 | 36,691 | 135,182 | 40,430 | 42,434 | 82,864
EBITDA re | 505,876 | 129,047 | 133,840 | 134,731 | 143,895 | 541,513 | 163,714 | 158,368 | 322,082
EBITDAre / Fixed Charges (1) | 4.37 | 4.09 | 4.12 | 3.91 | 3.92 | 4.01 | 4.05 | 3.73 | 3.89
Net Debt | 2,600,586 | 2,712,309 | 2,742,442 | 2,748,606 | 3,260,218 | 3,260,218 | 3,191,814 | 3,239,320 | 3,239,320
Annualized EBITDA re (2) | 505,468 | 516,188 | 535,360 | 538,924 | 632,139 | 632,139 | 654,856 | 633,472 | 633,472
Net Debt / Annualized EBITDA re | 5.14 | 5.25 | 5.12 | 5.10 | 5.16 | 5.16 | 4.87 | 5.11 | 5.11
Dividend Information |  |  |  |  |  |  |  |  |
Common Dividends | 194,248 | 48,658 | 48,685 | 48,685 | 53,651 | 199,679 | 53,732 | 53,746 | 107,478
FFO | 398,289 | 99,496 | 103,346 | 102,334 | 108,916 | 414,092 | 124,834 | 117,494 | 242,328
FFO Payout Ratio | 48.8% | 48.9% | 47.1% | 47.6% | 49.3% | 48.2% | 43.0% | 45.7% | 44.4%
Operations Ratio |  |  |  |  |  |  |  |  |
Total Undepreciated Assets (1) | 9,298,417 | 9,428,504 | 9,520,908 | 9,681,684 | 10,794,318 | 10,794,318 | 10,728,859 | 11,210,465 | 11,210,465
General and Administrative Expenses | 32,331 | 9,214 | 8,907 | 9,204 | 9,241 | 36,566 | 10,709 | 9,738 | 20,447
Annualized General and Administrative Expenses (2) / Total Undepreciated Assets | 0.32% | 0.39% | 0.37% | 0.38% | 0.34% | 0.34% | 0.40% | 0.35% | 0.35%
Continued on next page

Cousins Properties | 34 | Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| 2023 | 2024 1st | 2024 2nd | 2024 3rd | 2024 4th | 2024 | 2025 1st | 2025 2nd | 2025 YTD
Net income available to common stockholders | $82,963 | $13,288 | $7,840 | $11,198 | $13,636 | $45,962 | $20,897 | $14,483 | $35,380
Depreciation and amortization of real estate assets | 315,310 | 86,307 | 95,504 | 91,135 | 95,277 | 368,223 | 103,934 | 103,008 | 206,942
Loss (gain) on depreciated property transactions | 2 | (101) | — | — | — | (101) | — | — | —
Non-controlling interest related to unitholders | 14 | 2 | 2 | 1 | 3 | 8 | 3 | 3 | 6
FFO (1) | 398,289 | 99,496 | 103,346 | 102,334 | 108,916 | 414,092 | 124,834 | 117,494 | 242,328
Non-Cash Debt Amortization | 4,175 | 1,051 | 984 | 1,020 | 1,013 | 4,068 | 1,056 | 997 | 2,053
Non-Cash Stock-Based Compensation | 11,900 | 4,312 | 3,467 | 3,488 | 3,515 | 14,782 | 5,993 | 3,746 | 9,739
Non-Real Estate Depreciation and Amortization | 448 | 115 | 116 | 117 | 113 | 461 | 117 | 121 | 238
Lease Inducement Amortization | 3,562 | 539 | 530 | 551 | 549 | 2,169 | 531 | 267 | 798
Straight-Line Rent Ground Leases | 481 | 116 | 118 | 118 | 118 | 470 | 118 | 118 | 236
Above and Below Market Ground Rent | 328 | 82 | 53 | 52 | 53 | 240 | 52 | 53 | 105
Deferred Income - Tenant Improvements | (19,276) | (6,167) | (6,974) | (7,466) | (7,991) | (28,598) | (8,472) | (8,947) | (17,419)
Above and Below Market Rents, Net | (6,876) | (1,460) | (1,559) | (1,484) | (1,664) | (6,167) | (2,845) | (2,828) | (5,673)
Second Generation Capital Expenditures (CAPEX) | (96,908) | (30,212) | (17,270) | (26,190) | (42,421) | (116,093) | (33,281) | (28,636) | (61,917)
Straight-Line Rental Revenue | (25,500) | (8,604) | (4,423) | (5,374) | (6,107) | (24,508) | (12,477) | (11,283) | (23,760)
Loss (Gain) on Sales of Undepreciated Investment Properties | (506) | — | 3 | — | — | 3 | — | — | —
FAD (1) | 270,117 | 59,268 | 78,391 | 67,166 | 56,094 | 260,919 | 75,626 | 71,102 | 146,728
Weighted Average Shares - Diluted | 152,040 | 152,385 | 152,614 | 152,812 | 158,249 | 154,015 | 168,593 | 168,765 | 168,679
FAD per share | $1.79 | $0.39 | $0.51 | $0.44 | $0.35 | $1.69 | $0.45 | $0.42 | $0.87
Common Dividends | 194,248 | 48,658 | 48,685 | 48,685 | 53,651 | 199,679 | 53,732 | 53,746 | 107,478
Common Dividends per share | $1.28 | $0.32 | $0.32 | $0.32 | $0.32 | $1.28 | $0.32 | $0.32 | $0.64
FAD Payout Ratio (3) | 71.9% | 82.1% | 62.1% | 72.5% | 95.6% | 76.5% | 71.0% | 75.6% | 73.2%
2nd Generation CAPEX |  |  |  |  |  |  |  |  |
Second Generation Leasing Related Costs | 70,830 | 23,110 | 14,210 | 17,157 | 32,352 | 86,829 | 24,789 | 21,475 | 46,264
Second Generation Building Improvements | 26,078 | 7,102 | 3,060 | 9,033 | 10,069 | 29,264 | 8,492 | 7,161 | 15,653
| 96,908 | 30,212 | 17,270 | 26,190 | 42,421 | 116,093 | 33,281 | 28,636 | 61,917
(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 with the exception of annualized EBITDAre for the fourth quarter of 2024, which includes annualization of Sail Tower and Vantage South End to reflect a full year of NOI from these properties acquired in December 2024.
(3) The calculation of this ratio for the fourth quarter of 2024 does not include a full quarter of FAD from Sail Tower and Vantage South End, acquired in December, but does include the full increase in dividends from the 15.5 million shares issued to fund these acquisitions.
Note: Amounts may differ slightly from other schedules contained herein due to rounding.

Cousins Properties | 35 | Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

| ($ in thousands, except per share amounts)
| Three Months Ended June 30,
| 2025 |  | 2024
| Dollars |  | Weighted Average Common Shares |  | Per Share Amount |  | Dollars |  | Weighted Average Common Shares |  | Per Share Amount
Net Income Available to Common Stockholders | $14,483 |  | 167,930 |  | $0.09 |  | $7,840 |  | 152,095 |  | $0.05
Noncontrolling interest related to unitholders | 3 |  | 25 |  | — |  | 2 |  | 25 |  | —
Potentially dilutive common shares - ESPP | — |  | — |  | — |  | — |  | 2 |  | —
Conversion of unvested restricted stock units | — |  | 810 |  | — |  | — |  | 492 |  | —
Net Income — Diluted | 14,486 |  | 168,765 |  | 0.09 |  | 7,842 |  | 152,614 |  | 0.05
Depreciation and amortization of real estate assets: |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 100,769 |  | — |  | 0.60 |  | 95,299 |  | — |  | 0.63
Share of unconsolidated joint ventures | 2,489 |  | — |  | 0.01 |  | 513 |  | — |  | —
Partners' share of real estate depreciation | (250) |  | — |  | — |  | (308) |  | — |  | —
Funds From Operations | $117,494 |  | 168,765 |  | $0.70 |  | $103,346 |  | 152,614 |  | $0.68

Continued on next page

Cousins Properties | 36 | Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| ($ in thousands, except per share amounts)
| Six Months Ended June 30,
| 2025 |  | 2024
| Dollars |  | Weighted Average Common Shares |  | Per Share Amount |  | Dollars |  | Weighted Average Common Shares |  | Per Share Amount
Net Income Available to Common Stockholders | $35,380 |  | 167,870 |  | $0.21 |  | $21,128 |  | 152,020 |  | $0.14
Noncontrolling interest related to unitholders | 6 |  | 25 |  | — |  | 4 |  | 25 |  | —
Potentially dilutive common shares - ESPP | — |  | — |  | — |  | — |  | 1 |  | —
Conversion of unvested restricted stock units | — |  | 784 |  | — |  | — |  | 454 |  | —
Net Income — Diluted | 35,386 |  | 168,679 |  | 0.21 |  | 21,132 |  | 152,500 |  | 0.14
Depreciation and amortization of real estate assets: |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | 202,765 |  | — |  | 1.20 |  | 181,415 |  | — |  | 1.18
Share of unconsolidated joint ventures | 4,701 |  | — |  | 0.03 |  | 972 |  | — |  | 0.01
Partners' share of real estate depreciation | (524) |  | — |  | — |  | (576) |  | — |  | —
Gain on depreciated property transactions: |  |  |  |  |  |  |  |  |  |  |
Consolidated properties | — |  | — |  | — |  | (101) |  | — |  | —
Funds From Operations | $242,328 |  | 168,679 |  | $1.44 |  | $202,842 |  | 152,500 |  | $1.33

The tables above show 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.

Cousins Properties | 37 | Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

| ($ in thousands) |  | ($ in thousands)
| Three Months Ended |  | Six Months Ended
Net Operating Income | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Net income | $14,658 |  | $7,961 |  | $35,751 |  | $21,412
Net operating income from unconsolidated joint ventures | 3,165 |  | 1,561 |  | 5,388 |  | 2,913
Fee income | (494) |  | (406) |  | (990) |  | (785)
Termination fee income | — |  | (1,086) |  | (2,866) |  | (1,556)
Other income | (1,919) |  | (1,098) |  | (8,724) |  | (1,142)
Reimbursed expenses | 119 |  | 151 |  | 296 |  | 291
General and administrative expenses | 9,738 |  | 8,907 |  | 20,447 |  | 18,121
Interest expense | 38,514 |  | 29,743 |  | 75,288 |  | 58,651
Depreciation and amortization | 100,890 |  | 95,415 |  | 203,004 |  | 181,645
Other expenses | 443 |  | 603 |  | 865 |  | 1,275
Loss (income) from unconsolidated joint ventures | 1,587 |  | (439) |  | 3,470 |  | (787)
Loss (gain) on investment property transactions | — |  | 3 |  | — |  | (98)
Net Operating Income | 166,701 |  | 141,315 |  | 331,929 |  | 279,940
Less: |  |  |  |  |  |  |
Partners' share of NOI from consolidated joint ventures | (450) |  | (429) |  | (920) |  | (890)
Cousins' share of NOI | $166,251 |  | $140,886 |  | $331,009 |  | $279,050
Net Operating Income | $166,701 |  | $141,315 |  | $331,929 |  | $279,940
Non-cash income | (22,563) |  | (13,845) |  | (46,315) |  | (29,697)
Non-cash expense | 227 |  | 178 |  | 501 |  | 386
Cash-Basis Net Operating Income | $144,365 |  | $127,648 |  | $286,115 |  | $250,629
Net Operating Income |  |  |  |  |  |  |
Same Property | $140,308 |  | $135,992 |  | $281,019 |  | $271,278
Non-Same Property | 26,393 |  | 5,323 |  | 50,910 |  | 8,662
| $166,701 |  | $141,315 |  | $331,929 |  | $279,940
Cash-Basis Net Operating Income |  |  |  |  |  |  |
Same Property | $124,483 |  | $123,049 |  | $246,809 |  | $242,948
Non-Same Property | 19,882 |  | 4,599 |  | 39,306 |  | 7,681
| $144,365 |  | $127,648 |  | $286,115 |  | $250,629

Cousins Properties | 38 | Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

RECONCILIATION OF 2025 PROJECTED NET INCOME AVAILABLE
TO COMMON STOCKHOLDERS TO 2025 PROJECTED FFO

| Full Year 2025 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 | $48,075 |  |  | $0.28 |  | $58,239 |  |  | $0.34
Add: Noncontrolling interest related to unitholders | 15 |  |  | — |  | 15 |  |  | —
Net Income | 48,090 |  |  | 0.28 |  | 58,254 |  |  | 0.34
Add: Depreciation and amortization of real estate assets | 424,505 |  |  | 2.51 |  | 424,505 |  |  | 2.51
Funds From Operations | $472,595 |  |  | $2.79 |  | $482,759 |  |  | $2.85
(1) Calculated based on projected weighted average shares outstanding of 169.4 million. |  |  |  |  |
R3 Weight Average Shares | 169,389 |  |  |  |  |  |  |  |

Cousins Properties | 39 | Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - DEFINITIONS

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 depreciation and amortization
related to real estate, gains and losses from sales of depreciable property, gains and
losses from changes in control, impairment of depreciable real estate 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 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.