Cousins Properties (CUZ) investor relations material

Executive summary

• Achieved 92.8% portfolio leasing, the highest since Q1 2020, with 924,000 sq ft leased in Q2 2026 and a robust late-stage leasing pipeline.

• FFO for Q2 2026 was $124.6M ($0.75/share), up from $117.5M ($0.70/share) year-over-year; net income for Q2 was $26.2M ($0.16/share), up from $14.5M ($0.09/share), driven by a property sale gain.

• Completed major transactions, including the sale of Research Park Plaza V (Austin) for $42M, One Eleven Congress (Austin) for $208M, and acquisition of the remaining 10% interest in 100 Mill (Phoenix) for $18.5M.

• Portfolio quality and Sun Belt market positioning enhanced through targeted investments and dispositions.

Financial highlights

• Q2 2026 rental property revenues were $265.7M, up 11.8% year-over-year; Q2 NOI was $178.8M, up 9.3% year-over-year.

• Same property cash NOI grew 5.9% in Q2 and 5.6% for the first half year-over-year.

• Second generation cash rent roll-up was 9.2% in Q2 and 12.2% for the first half year-over-year.

• Closed on a new $1.2B unsecured credit facility, improving borrowing spreads and extending term loans.

Outlook and guidance

• 2026 FFO guidance raised to $2.92–$2.98/share (midpoint $2.95), and net income guidance raised to $0.08–$0.14/share.

• Guidance assumes settlement of 2.9M forward shares in Q3 and sale of 303 Tremont land in Q4; no speculative acquisitions or development starts included.

• Expect continued above-average leasing volumes, robust Sun Belt demand, and stable debt metrics.