Cousins Properties Incorporated : May Investor Presentation

Published: 2026-05-04 17:09:46 ET CUZ

Published on 05/04/2026 at 05:09 pm EDT

300 COLORADO

Austin

INVESTOR PRESENTATION

May 2026

PREMIER SUN BELT LIFESTYLE OFFICE PORTFOLIO

100% Sun Belt / 100% Class A / 2013 average year built1

76% of portfolio delivered or redeveloped since 20102

CUZ asking rents 21% higher than pre-pandemic levels and 30% higher than Class A avg3,4

BENEFITING FROM POWERFUL OFFICE TRENDS

Flight to quality driving demand for newer, highly-amenitized assets5

Sun Belt migration leading to outsized population growth6

Record low groundbreakings should create shortage of new, high-quality office space7

POSITIONED FOR ORGANIC GROWTH

Modest lease expirations well below office sector average8

Near record-level pipeline with 1MM SF in lease negotiations or signed quarter-to-date9

Driving In-Place Rent Growth with new leasing10

STRATEGIC CAPITAL ALLOCATION CREATES GROWTH OPPORTUNITIES

Strategic recycling of older assets to improve portfolio quality and cash flows11

Sourced over $1.4 billion of compelling and accretive new investments since 202412

Recently delivered 903K development with a land bank supporting 5.6MM SF13

BALANCE SHEET PRIMED FOR OPPORTUNITIES

Simple strategy with $988 million of liquidity and $89 million of unsettled forward equity14

Leverage 5.7x Net Debt/EBITDA is the lowest in the office sector15

Raised $1.9 billion of public debt since inaugural investment grade credit rating in 202416

TRACK RECORD OF SUCCESS

Increased cash rents for 48 consecutive quarters17

Forecasting earnings growth of 12.2% between 2023 and 202618

NAV growth has consistently outperformed peer average19

COUSINS AT A GLANCE

The Preeminent Sun Belt Office REIT

Geographic Concentration1

22.9MM SF

portfolio2

91.8%

leased2

2013

average year built2

76%

of portfolio developed or redeveloped since 20102,3

903K SF

recently delivered development pipeline4

5.6MM SF

land bank5

Lifestyle Office has Emerged as a Distinct and Desirable Property Type

LIFESTYLE OFFICE ASSETS

New or recently redeveloped properties that command premium rents and enjoy higher occupancy

Located in the best markets and submarkets with close proximity to thriving and dynamic neighborhoods

Highly-amenitized including on-site retail & food, activated outdoor space, collaboration & meeting space, state-of-the art fitness options with locker rooms

Inspired design and efficient systems and floorplates are becoming gating factors for increasingly discerning customers

COMMODITY OFFICE ASSETS

× Older vintage assets with few or no in-building amenities and limited outdoor activation

× Proximity to single-use office districts with challenging walkability and few post work entertainment options

× Dated designs as well as inefficient building systems and floorplates with bland common areas

× Fundamental interior features - low ceiling heights, small windows, etc. - are uneconomic to change or improve through redevelopment

× Inconvenient and exposed surface parking with limited transit options

Large portions have become obsolete and unleasable - eventually will be redeveloped into another use

Companies are recognizing the importance of desirable office space in recruitment, retention and culture

Amenity-Rich Trophy Assets in Leading Sun Belt Markets

VANTAGE

Charlotte

SAIL TOWER

Austin

HEIGHTS UNION

Tampa

100 MILL

Phoenix

725 PONCE

Atlanta

THE DOMAIN

Austin

On-Site Dining, Shopping and Entertainment Options Creating Dynamic Environments

NEUHOFF

Nashville

BUCKHEAD PLAZA

Atlanta

VANTAGE

Charlotte

THE RAILYARD

Charlotte

Active Outdoor Spaces to Work, Recharge or Relax

725 PONCE

Atlanta

100 MILL

Phoenix

HEIGHTS UNION

Tampa

THE LINK

Dallas

3350 PEACHTREE

Atlanta

State-of-the-Art Fitness and Wellness Centers

THE LINK

Dallas

SPRING & 8th Atlanta

PROMENADE

Atlanta

NEUHOFF

Nashville

HAYDEN FERRY

Tempe Phoenix

201 N TRYON

Uptown Charlotte

PROSCENIUM

Midtown Atlanta

550 SOUTH

Uptown Charlotte

Cousins Portfolio Quality Ranks at the Top of Office REIT Peers

BXP

PGRE

KRC

HIW

HPP

SLG

VNO

ESRT

DEI

CUZ

"Buildings along the upper tier of the quality spectrum are clearly emerging victorious on a relative basis in a world where tenants are overwhelmingly favoring "high-quality" workplaces as a means of incentivizing employees to return to the office...There seems to be more room for "pent-up" demand in higher quality assets, whereas lower quality assets

won't benefit nearly as much should utilization continue in its current range."

- Green Street, Office Insights 7/15/25

Command Premium Rents 30% Higher than Class A Average in Our Core Markets

CLASS A ASKING RENT ($/SF)1,2

ATLANTA

AUSTIN

CHARLOTTE

$37.93

$48.83

$52.39

$61.89

$43.89

$52.72

Total Market

DALLAS

$73.51

PHOENIX

TAMPA

$57.02

$52.54

$40.14

$39.10 $35.80

Total Market

BENEFITING FROM POWERFUL OFFICE TRENDS

Cousins is Positioned to Outperform in the Current Office Sector Environment

Flight To Quality

Customers are prioritizing high-quality, well-amenitized and well-located buildings to promote employee collaboration and engagement

Sun Belt Migration

Sun Belt markets continue to lead the nation in job and population growth1

Return To Normal

Companies are increasing in-office attendance policies with Fortune 100 employers now requiring an average of four days a week in the office2

Shrinking Supply

Record high conversions combined with record low development starts is leading to a shrinking office inventory3

Flight to Quality is Driving Demand for Newer, Highly-Amenitized Assets

FLIGHT TO QUALITY

Net Absorption Since COVID Onset1

2010-Present 133

2000s

Year of Delivery

1990s

1980s -140

-86

-62

76% CUZ NOI

generated from assets developed or redeveloped since 20102

1970s -57

1960s -24

Before 1960 -53

-150 -100 -50 0 50 100 150

Net Absorption Since Covid-19 Onset (SF MM'S)

Sun Belt Migration is Reaccelerating

SUN BELT MIGRATION1

Domestic Net Migration 20251

Phoenix

Dallas

Nashville Charlotte

North Carolina

+84k

Texas

+67k

South Carolina

+67k

Tennessee

+42k

Arizona

+31k

Georgia

+27k

Alabama

+23k

Florida

+23k

47.

Massachusetts

-33k

48.

New Jersey

-37k

49.

Illinois

-40k

50.

New York

-138k

51.

California

-229k

Atlanta

Austin

Houston

Tampa

Sun Belt Migration is Not a New Phenomenon

POPULATION GROWTH IN COUSINS' MARKETS1

MM's 100

90 86MM

70 +161%

Increase

26% of U.S.

Population

33MM

16% of U.S.

20 Population

1970 1980 1990 2000 2010 2020

Arizona Tennessee North Carolina Georgia Florida Texas

Customers Returning to Normal In-Office Work

56%

41%

10%

Average weekly requirement:

4.0 days

Fully In-office

Hybrid

Team-Dependent/Other

Fully Remote

81%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Sun Belt Leasing Has Exceeded Pre-Pandemic Levels For More Than a Year

110%

104%

Sun Belt Growth Markets Atlanta, Austin, Charlotte, Dallas, Denver, Miami/South FL, Nashville, Phoenix, Raleigh, San Diego, Tampa

Trailing 12-month leasing relative to 2019 (%)

100%

90%

76.2%

U.S. Overall

80%

70%

60%

50%

64.6%

Gateway Markets

Boston, Chicago, DC, LA, New York, San Francisco, Seattle

40%

2020 2021 2022 2023 2024 2025

Office Supply is Shrinking and Creating a Shortage of New, High-Quality Space

2.0%

Inventory is shrinking as conversions accelerate and groundbreakings are at all-time lows

1.5%

1.0%

0.5%

0.0%

-5

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

-0.5%

Disclaimer

Cousins Properties Inc. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 21:01 UTC.