Cousins Properties (CUZ) investor relations material

Executive summary

• Q1 2026 saw record leasing activity with 932,000 sq ft executed, driven by Sun Belt migration and tightening office fundamentals, with a strong late-stage pipeline.

• Net loss attributable to common stockholders was $24.9M ($0.15/share), down from net income of $20.9M ($0.12/share) in Q1 2025, primarily due to a $36.6M impairment on One Eleven Congress.

• FFO was $122.9M ($0.73/share), slightly down from $124.8M ($0.74/share) in Q1 2025, reflecting the absence of a prior year gain from an SVB bankruptcy claim sale.

• Acquired 300 South Tryon in Charlotte for $317.5M and sold Harborview Plaza in Tampa for $39.5M; entered agreement to sell One Eleven Congress in Austin.

• Repurchased 3.9M shares at $23.36 average price; share repurchase program increased to $500M.

Financial highlights

• Rental property revenues rose to $261.1M from $243.0M year-over-year.

• Same property cash NOI grew 5.5% year-over-year in Q1; consolidated NOI rose 8.4% to $176.7M.

• Second generation net rent per sq ft on a cash basis increased 15.2% year-over-year; straight-line net rent per sq ft on second-generation leases rose 28.7%.

• Weighted average occupancy was 88.9%, with office percent leased at 91.8% at period end.

• Dividend per share was $0.32 for the quarter; FFO payout ratio was 42.8%.

Outlook and guidance

• 2026 net income guidance updated to $0.02–$0.10/share, down from $0.23–$0.33/share, reflecting the Q1 impairment.

• 2026 FFO guidance raised to $2.90–$2.98/share, up from $2.87–$2.97/share, driven by share repurchases and favorable debt financing.

• Guidance assumes no SOFR rate cuts in 2026, funding of acquisitions/dispositions as planned, and no additional acquisitions or developments in 2026.

• Targeting year-end 2026 occupancy of 90%, with a medium-term goal to return to historical stabilized levels in the low to mid-90% range.

• Sufficient liquidity expected, with $793.5M available under the credit facility and $6.3M in cash as of March 31, 2026.