Cousins Properties (CUZ) Investor presentation summary

Portfolio overview and market positioning

• 100% Sun Belt, 100% Class A office portfolio with an average year built of 2014 and 22.3MM SF across major growth markets including Atlanta, Austin, and Charlotte.

• 76% of portfolio NOI comes from assets delivered or redeveloped since 2010, emphasizing a focus on modern, amenity-rich properties.

• Portfolio is 92.8% leased, with asking rents 28% higher than pre-pandemic levels and 35% above Class A averages in core markets.

• Amenity-rich assets in prime locations command premium rents and high occupancy, outperforming peers in quality rankings.

• Sun Belt migration and corporate relocations are driving outsized population and demand growth in target markets.

Growth strategy and capital allocation

• Strategic recycling of older assets has reduced average portfolio age to 12 years, improving quality and cash flows.

• Over $1.4 billion in new acquisitions since 2024, focused on core Sun Belt markets.

• Recently delivered 903K SF of development, with a land bank supporting 5.1MM SF of future projects.

• Modest lease expirations well below sector average, supporting stable cash flow.

• Near record-level leasing pipeline with 1MM SF in negotiations or signed quarter-to-date.

Financial strength and performance

• $1.1 billion in liquidity, including $89 million of unsettled forward equity, and lowest leverage in the office sector at 5.6x Net Debt/EBITDA.

• Raised $1.9 billion of public debt since 2024 at the lowest cost among office REITs.

• Increased cash rents for 49 consecutive quarters, with net effective rents 33% above pre-pandemic levels.

• Forecasting 9.7% earnings growth between 2024 and 2026, leading the sector.

• NAV growth has consistently outperformed peer averages, supporting valuation.