8-K - CUZ - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 09, 2023

Cousins Properties Incorporated

(Exact name of registrant as specified in its charter)

Georgia 001-11312 58-0869052

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)

3344 Peachtree Road NE, Suite 1800, Atlanta, Georgia 30326-4802

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (404) 407-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value per share	CUZ	New York Stock Exchange	("NYSE")

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the securities Act of 1933 (§230.405 of this chapter) or Rule 12b-12 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 9, 2023, Cousins Properties Incorporated (the “Company”) issued a Press Release and Quarterly Information Package containing information about the Company’s financial condition and results of operations for the quarter ended December 31, 2022. A copy of the Company’s Press Release and Quarterly Information Package is attached hereto as Exhibit 99.1. The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(a) Exhibits

Exhibit Number Exhibit Description

99.1	Press Release and Quarterly Information Package for the Quarter Ended December 31, 2022.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 9, 2023

COUSINS PROPERTIES INCORPORATED

By:	/s/ Gregg D. Adzema

Gregg D. Adzema

Executive Vice President and Chief Financial Officer

Document

TABLE OF CONTENTS
Forward-Looking Statements	2
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Earnings Release	3
Company Information	5
Consolidated Balance Sheets	6
Consolidated Statements of Operations	7
Key PerformanceMetrics	8
Funds From Operations - Summary	11
Funds From Operations - Detail	12
PortfolioStatistics	15
Same Property Performance	18
Office Leasing Activity	19
Office Lease Expirations	20
Top 20Office Tenants	21
Tenant Industry Diversification	22
Investment Activity	23
Development Pipeline	25
Land Inventory	26
DebtSchedule	27
Joint Venture Information	30
Non-GAAP Financial Measures - Calculations and Reconciliations	31
Non-GAAP Financial Measures - Definitions	38

Cousins Properties	1	Q4 2022 Supplemental Information
FORWARD-LOOKING STATEMENTS
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Certain matters contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized in Item 1A included in the Annual Report on Form 10-K for the year ended December 31, 2022. 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. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as: guidance and underlying assumptions; business and financial strategy; future debt financings; future acquisitions and dispositions of operating assets or joint venture interests; future acquisitions and dispositions of land, including ground leases; future development and redevelopment opportunities, including fee development opportunities; future issuances and repurchases of common stock, limited partnership units, or preferred stock; future distributions; projected capital expenditures; market and industry trends; entry into new markets, changes in existing market concentrations, or exits from existing markets; future changes in interest rates and liquidity of capital markets; and all statements that address operating performance, events, investments, or developments that we expect or anticipate will occur in the future — including statements relating to creating value for stockholders.

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 availability and terms of capital; the ability to refinance or repay indebtedness as it matures; the failure of purchase, sale, or other contracts to ultimately close; the failure to achieve anticipated benefits from acquisitions, investments, or dispositions; the potential dilutive effect of common stock or operating partnership unit issuances; the availability of buyers and pricing with respect to the disposition of assets; changes in national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate (including supply and demand changes), particularly in Atlanta, Austin, Tampa, Phoenix, Charlotte, Dallas, and Nashville, including the impact of high unemployment, volatility in the public equity and debt markets, and international economic and other conditions; the impact of a public health crisis and the governmental and third-party response to such a crisis, which may affect our key personnel, our tenants, and the costs of operating our assets; sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political activism which may result in a disruption of day-to-day building operations; changes to our strategy in regard to our real estate assets which may require impairment to be recognized; leasing risks, including the ability to obtain new tenants or renew expiring tenants, the ability to lease newly developed and/or recently acquired space, the failure of a tenant to commence or complete tenant improvements on schedule or to occupy leased space, and the risk of declining leasing rates; changes in the needs of our tenants brought about by the desire for co-working arrangements, trends toward utilizing less office space per employee, and the effect of employees working remotely; any adverse change in the financial condition of one or more of our tenants; volatility in interest rates and insurance rates; inflation and continuing increases in the inflation rate; competition from other developers or investors; the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk); cyber security breaches; changes in senior management, changes in the Board of Directors, and the loss of key personnel; the potential liability for uninsured losses, condemnation, or environmental issues; the potential liability for a failure to meet regulatory requirements; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust or meet regulatory requirements; potential changes to state, local, or federal regulations applicable to our business; material changes in the rates, or the ability to pay, dividends on common shares or other securities; potential changes to the tax laws impacting REITs and real estate in general; and those additional risks and factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by the Company.

The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will,” or similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in any forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise, except as required under U.S. federal securities laws.

Cousins Properties	2	Q4 2022 Supplemental Information
EARNINGS RELEASE
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COUSINS PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS

Provides Initial 2023 Earnings Guidance

ATLANTA (February 9, 2023) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter and year ended December 31, 2022.

“Fourth quarter results were solid, highlighted by 632,000 square feet of executed leases, our best quarter of the year," said Colin Connolly, president and chief executive officer of Cousins Properties. "Looking to 2023, our Sun Belt trophy portfolio is well positioned for the current economic climate with only modest near-term lease expirations. With our industry-leading balance sheet, we are uniquely positioned to capitalize on compelling investment opportunities that are likely to emerge."

Financial Results

For fourth quarter 2022:

•Net income available to common stockholders was $24.1 million, or $0.16 per share, compared to $167.3 million, or $1.12 per share, for fourth quarter 2021. Prior year results were impacted by gains from investment property transactions.

•Funds From Operations ("FFO") was $100.2 million, or $0.66 per share, compared to $102.8 million, or $0.69 per share, for fourth quarter 2021.

For year ended December 31, 2022:

•Net income available to common stockholders was $166.8 million, or $1.11 per share, compared to $278.6 million, or $1.87 per share, for year ended December 31, 2021. Prior year results were impacted by gains from investment property transactions.

•FFO was $408.8 million, or $2.72 per share, compared to $409.2 million, or $2.75 per share, for year ended December 31, 2021.

Operations and Leasing Activity

For fourth quarter 2022:

•Same property net operating income ("NOI") on a cash-basis increased 2.5%.

•Second generation net rent per square foot on a cash-basis increased 7.3%; it increased 27.7% excluding our non-core Houston market.

•Executed 632,000 square feet of office leases.

For year ended December 31, 2022:

•Same property NOI on a cash-basis increased 1.0%.

•Second generation net rent per square foot on a cash-basis increased 9.5%; it increased 14.6% excluding our non-core Houston market.

•Executed 1,976,000 square feet of office leases.

Cousins Properties	3	Q4 2022 Supplemental Information
EARNINGS RELEASE
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Investment and Financing Activity

For fourth quarter 2022:

•Closed on a $400 million Term Loan that matures in March 2025, with four six-month extension options.

•Repaid in full our Promenade Tower and Legacy Union mortgages.

•Amended and extended the existing mortgages on our Terminus properties in Atlanta through 2031.

Earnings Guidance

For year ending December 31, 2023:

•Net income between $0.57 and $0.69 per share.

•FFO between $2.52 and $2.64 per share.

•Guidance does not include any operating property acquisitions, operating property dispositions, or development starts.

•Guidance reflects management’s current plans and assumptions as of the date of this report, and it is subject to the risks and uncertainties more fully described in our Securities and Exchange Commission 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, February 10, 2023 to discuss the results of the quarter and year ended December 31, 2022. The number to call for this interactive teleconference is (877) 247-1056. The live webcast of this call can be accessed on the Company's website, www.cousins.com, through the “Cousins Properties Fourth Quarter Conference Call” link on the Investor Relations page. A replay of the conference call will be available for seven days by dialing (877) 344-7529 and entering the passcode 4901640. The playback can also be accessed on the Company's website.

Cousins Properties	4	Q4 2022 Supplemental Information
COMPANY INFORMATION
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THE COMPANY

Cousins Properties Incorporated ("Cousins") is a fully integrated, self-administered, and self-managed real estate investment trust (REIT). The Company, based in Atlanta 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 & <br>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	Lillian C. Giornelli	R. Kent Griffin Jr.
Former Chief Executive Officer and <br>Director of TIER REIT, Inc.	Chairman, Chief Executive Officer and Trustee of <br>The Cousins Foundation Inc.	Managing Director of Phicas Investors
Donna W. Hyland	Dionne Nelson	R. Dary Stone
President and Chief Executive Officer of <br>Children's Healthcare of Atlanta	President and Chief Executive Officer of <br>Laurel Street Residential	President and Chief Executive Officer of R.D. Stone Interests

COMPANY INFORMATION / EQUITY COVERAGE(1)

Corporate Headquarters	Transfer Agent	Barclays	BofA Securities	BMO Capital Markets	Evercore ISI	Green Street	J.P. Morgan
3344 Peachtree Road NE<br>Suite 1800<br>Atlanta GA 30326<br>404.407.1000	American Stock Transfer &<br>Trust Company LLC<br>astfinancial.com<br>800.937.5449	Anthony Powell 212.526.8768	Camille Bonnel<br>416.369.2140	John Kim<br>212.885.4115	Steve Sakwa<br>212.446.9642	Dylan Burzinski<br>949.640.8780	Anthony Paolone<br>212.622.6682
Investor Relations	Stock Exchange	Mizuho Securities	RW Baird	Truist Securities	Wells Fargo	Wolfe Research
Roni Imbeaux<br>Vice President, Finance &<br>Investor Relations<br>rimbeaux@cousins.com<br>404.407.1104	NYSE: CUZ	Vikram Malhotra<br>212.282.3827	David Rodgers<br>216.737.7341	Michael Lewis<br>212.319.5659	Blaine Heck<br>443.263.6529	Andrew Rosivach<br>646.582.9250

(1) Please note that any opinions, estimates, or forecasts regarding Cousins' performance made by the analysts 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	5	Q4 2022 Supplemental Information
CONSOLIDATED BALANCE SHEETS
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(in thousands, except share and per share amounts)

	December 31, 2022		December 31, 2021
Assets:
Real estate assets:
Operating properties, net of accumulated depreciation of $1,079,662 and $874,988 in 2022 and 2021, respectively	$	6,738,354	$	6,506,910
Projects under development	111,400		174,803
Land	158,430		157,681
	7,008,184		6,839,394
Cash and cash equivalents	5,145		8,937
Restricted cash	—		1,231
Accounts receivable	8,653		12,553
Deferred rents receivable	184,043		154,866
Investment in unconsolidated joint ventures	112,839		77,811
Intangible assets, net	136,240		168,553
Other assets, net	81,912		48,689
Total assets	$	7,537,016	$	7,312,034
Liabilities:
Notes payable	$	2,334,606	$	2,237,509
Accounts payable and accrued expenses	271,103		224,523
Deferred income	128,636		74,515
Intangible liabilities, net	52,280		63,223
Other liabilities	103,442		111,864
Total liabilities	2,890,067		2,711,634
Commitments and contingencies
Equity:
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 154,019,214 and 151,272,969 issued and 151,457,190 and 148,688,036 outstanding in 2022 and 2021, respectively	154,019		151,273
Additional paid-in capital	5,630,327		5,549,308
Treasury stock at cost, 2,562,024 and 2,584,933 shares in 2022 and 2021, respectively	(147,157)		(148,473)
Distributions in excess of cumulative net income	(1,013,292)		(985,338)
Accumulated other comprehensive income	1,767		—
Total stockholders' investment	4,625,664		4,566,770
Nonredeemable noncontrolling interests	21,285		33,630
Total equity	4,646,949		4,600,400
Total liabilities and equity	$	7,537,016	$	7,312,034
Cousins Properties	6	Q4 2022 Supplemental Information
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(unaudited; in thousands, except per share amounts)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2022		2021		2022		2021
Revenues:
Rental property revenues	$	193,655	$	186,975	$	753,511	$	739,063
Fee income	749		3,133		6,119		15,559
Other	138		46		2,660		451
	194,542		190,154		762,290		755,073
Expenses:
Rental property operating expenses	64,646		63,996		258,371		259,461
Reimbursed expenses	569		1,327		2,024		2,476
General and administrative expenses	6,762		7,307		28,319		29,321
Interest expense	22,083		16,454		72,537		67,027
Depreciation and amortization	75,866		73,693		295,587		288,092
Other	1,257		296		2,134		2,131
	171,183		163,073		658,972		648,508
Income from unconsolidated joint ventures	662		975		7,700		6,801
Gain (loss) on sales of investments in unconsolidated joint ventures	7		(77)		56,267		13,083
Gain (loss) on investment property transactions	52		139,510		(9)		152,547
Gain on extinguishment of debt	269		—		169		—
Net income	24,349		167,489		167,445		278,996
Net income attributable to noncontrolling interests	(231)		(184)		(652)		(410)
Net income available to common stockholders	$	24,118	$	167,305	$	166,793	$	278,586
Net income per common share — basic	$	0.16	$	1.13	$	1.11	$	1.87
Net income per common share — diluted	$	0.16	$	1.12	$	1.11	$	1.87
Weighted average shares — basic	151,442		148,688		150,113		148,666
Weighted average shares — diluted	151,835		148,905		150,419		148,891
Cousins Properties	7	Q4 2022 Supplemental Information
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KEY PERFORMANCE METRICS (1)
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	2020	2021 1st	2021 2nd	2021 3rd	2021 4th	2021	2022 1st	2022 2nd	2022 3rd	2022 4th	2022
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Property Statistics
Consolidated Operating Properties	33	33	32	32	32	32	33	33	33	34	34
Consolidated Rentable Square Feet (in thousands)	18,897	19,145	18,122	17,899	17,758	17,758	18,136	18,136	18,136	18,424	18,424
Unconsolidated Operating Properties	3	3	4	3	3	3	3	3	2	2	2
Unconsolidated Rentable Square Feet (in thousands)	1,107	1,107	1,460	1,179	1,179	1,179	1,179	1,179	711	711	711
Total Operating Properties	36	36	36	35	35	35	36	36	35	36	36
Total Rentable Square Feet (in thousands)	20,004	20,252	19,582	19,078	18,937	18,937	19,315	19,315	18,847	19,135	19,135
Office Leasing Activity (2)
Net Leased during the Period (SF, in thousands)	1,421	271	484	597	743	2,096	324	588	431	632	1,976
Net Rent (per SF)	32.20	31.12	32.38	34.73	39.02	35.24	35.45	32.34	35.49	34.04	34.08
Net Free Rent (per SF)	(1.38)	(1.70)	(1.33)	(1.59)	(1.31)	(1.45)	(2.36)	(0.99)	(1.97)	(2.69)	(1.97)
Leasing Commissions (per SF)	(2.57)	(2.26)	(2.70)	(3.05)	(2.76)	(2.77)	(3.01)	(2.65)	(2.86)	(2.60)	(2.74)
Tenant Improvements (per SF)	(3.75)	(3.63)	(4.58)	(6.03)	(6.26)	(5.47)	(6.34)	(5.33)	(5.69)	(6.61)	(5.98)
Leasing Costs (per SF)	(7.70)	(7.59)	(8.61)	(10.67)	(10.33)	(9.69)	(11.71)	(8.97)	(10.52)	(11.90)	(10.69)
Net Effective Rent (per SF)	24.50	23.53	23.77	24.06	28.69	25.55	23.74	23.37	24.97	22.14	23.39
Change in Second Generation Net Rent	27.2	21.5	21.7	31.6	17.1	24.7	27.4	27.2	20.4	18.6	23.2
Change in Cash-Basis Second Generation Net Rent	13.1	10.5	12.9	23.1	6.0	15.1	15.4	11.6	4.8	7.3	9.5
Same Property Information (3)
Percent Leased (period end)	92.7	89.9	90.7	90.7	90.5	90.5	90.0	89.7	89.2	90.1	90.1
Weighted Average Occupancy	91.8	89.3	90.7	89.0	88.1	90.0	87.0	86.9	86.6	86.2	86.6
Change in NOI (over prior year period)	(0.5)	(4.1)	1.4	(1.4)	(1.1)	(0.5)	(2.0)	(2.2)	1.8	2.3	0.0
Change in Cash-Basis NOI (over prior year period)	0.7	(2.7)	7.1	3.6	2.1	3.5	0.1	(0.2)	1.5	2.5	1.0
Development Pipeline (4)
Estimated Project Costs (in thousands)	449,400	363,000	492,200	662,500	759,000	759,000	566,000	566,000	568,900	428,500	428,500
Estimated Project Costs/Total Undepreciated Assets	5.4	4.3	6.1	8.1	8.9	8.9	6.6	6.5	6.5	4.8	4.8
Market Capitalization
Common Stock Price	33.50	35.35	36.78	37.29	40.28	40.28	40.29	29.23	23.35	25.29	25.29
Common Stock/Units Outstanding (in thousands)	148,589	148,679	148,713	148,713	148,713	148,713	148,788	151,465	151,459	151,482	151,482
Equity Market Capitalization (in thousands)	4,977,732	5,255,803	5,469,664	5,545,508	5,990,160	5,990,160	5,994,669	4,427,322	3,536,568	3,830,980	3,830,980
Debt (in thousands)	2,277,759	2,358,860	2,195,653	2,206,306	2,350,314	2,350,314	2,462,197	2,425,339	2,372,931	2,424,004	2,424,004
Total Market Capitalization (in thousands)	7,255,491	7,614,663	7,665,317	7,751,814	8,340,474	8,340,474	8,456,866	6,852,661	5,909,499	6,254,984	6,254,984
Continued on next page

All values are in US Dollars.

Cousins Properties	8	Q4 2022 Supplemental Information
KEY PERFORMANCE METRICS (1)
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	2020	2021 1st	2021 2nd	2021 3rd	2021 4th	2021	2022 1st	2022 2nd	2022 3rd	2022 4th	2022
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Credit Ratios
Net Debt/Total Market Capitalization	31.2	30.7	28.4	28.1	28.0	28.0	28.9	35.1	39.9	38.6	38.6
Net Debt/Total Undepreciated Assets	27.0	27.6	26.9	26.7	27.5	27.5	28.4	27.7	26.7	27.2	27.2
Net Debt/Annualized EBITDAre	4.84	4.87	4.55	4.54	4.86	4.86	5.28	4.93	4.75	4.93	4.93
Fixed Charges Coverage (EBITDAre)	6.00	5.42	5.43	5.43	5.51	5.45	5.56	5.56	5.13	4.72	5.21
Dividend Information
Common Dividend per Share	1.20	0.31	0.31	0.31	0.31	1.24	0.32	0.32	0.32	0.32	1.28
Funds From Operations (FFO) Payout Ratio	43.1	45.2	45.1	45.0	45.6	45.3	48.7	46.3	46.4	48.4	47.4
Funds Available for Distribution (FAD) Payout Ratio	66.2	57.3	64.5	66.7	64.5	63.1	67.3	70.6	72.2	76.6	70.6
Operations Ratio
Annualized General and Administrative Expenses/ Total Undepreciated Assets	0.32	0.32	0.36	0.39	0.34	0.34	0.38	0.32	0.29	0.30	0.30
Additional Information
In-Place Gross Rent (per SF) (5)	40.26	40.71	42.00	42.87	42.85	42.85	43.90	44.39	44.85	44.87	44.87
Straight-Line Rental Revenue (in thousands)	42,215	7,739	5,625	6,852	5,287	25,503	5,501	6,378	8,966	8,108	28,953
Above and Below Market Rents Amortization, Net<br><br>(in thousands)	10,061	2,388	2,069	1,989	1,946	8,392	1,771	1,669	1,538	1,466	6,444
Second Generation Capital Expenditures<br><br>(in thousands)	90,393	11,452	22,817	24,275	23,098	81,642	21,280	24,324	26,636	27,261	99,501

All values are in US Dollars.

(1)	For Non-GAAP Financial Measures, see the calculations and reconciliations on pages 31-37.
(2)	See Office Leasing Activity on page 19 for additional detail and explanations.
(3)	Same Property Information is derived from the pool of same office properties as existed in the period originally reported. See Same Property Performance on page 18 and Non-GAAP Financial Measures - Calculations and Reconciliations on page 31 for additional information.
(4)	The Company's share of estimated project costs. See Development Pipeline on page 25 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	9	Q4 2022 Supplemental Information
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KEY PERFORMANCE METRICS
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Total Rentable Square Feet Equity Market Capitalization Net Debt / Annualized EBITDAre

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	10	Q4 2022 Supplemental Information
FUNDS FROM OPERATIONS - SUMMARY (1)
---
	(amounts in thousands, except per share amounts)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2020		2021 1st		2021 2nd		2021 3rd		2021 4th		2021		2022 1st		2022 2nd		2022 3rd		2022 4th		2022
NOI	$	486,034	$	123,124	$	122,705	$	124,148	$	123,743	$	493,720	$	119,607	$	123,051	$	129,400	$	130,142	$	502,200
Gain (Loss) on Sales of Undepreciated Investment Properties	612		—		—		(64)		—		(64)		—		4,500		(22)		—		4,478
Fee Income	18,226		4,530		4,803		3,094		3,132		15,559		1,388		2,305		1,677		749		6,119
Termination Fee and Other Income	4,325		298		897		2,013		2,595		5,803		3,780		741		336		483		5,340
Reimbursed Expenses	(1,580)		(368)		(398)		(383)		(1,327)		(2,476)		(360)		(677)		(418)		(569)		(2,024)
General and Administrative Expenses	(27,034)		(6,733)		(7,313)		(7,969)		(7,306)		(29,321)		(8,063)		(6,996)		(6,498)		(6,762)		(28,319)
Interest Expense	(62,676)		(17,723)		(17,519)		(17,513)		(17,182)		(69,937)		(16,142)		(17,238)		(19,390)		(22,370)		(75,140)
Other Expenses	(3,972)		(1,010)		(967)		(764)		(719)		(3,460)		(630)		(797)		(537)		(1,373)		(3,337)
Depreciation and Amortization of Non-Real Estate Assets	(688)		(158)		(157)		(156)		(152)		(623)		(155)		(158)		(138)		(107)		(558)
FFO (1)	$	413,247	$	101,960	$	102,051	$	102,406	$	102,784	$	409,201	$	99,425	$	104,731	$	104,410	$	100,193	$	408,759
Weighted Average Shares - Diluted	148,636		148,725		148,740		148,772		148,905		148,891		149,002		149,142		151,695		151,835		150,419
FFO per Share (1)	$	2.78	$	0.69	$	0.69	$	0.69	$	0.69	$	2.75	$	0.67	$	0.70	$	0.69	$	0.66	$	2.72

(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 is meaningful to investors and analysts. See pages 31 and 34 for reconciliations of Funds From Operations to net income available to common shareholders.

Cousins Properties	11	Q4 2022 Supplemental Information
FUNDS FROM OPERATIONS - DETAIL (1)
---
	(amounts in thousands, except per share amounts)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2020		2021 1st		2021 2nd		2021 3rd		2021 4th		2021		2022 1st		2022 2nd		2022 3rd		2022 4th		2022
NOI
Consolidated Properties
The Domain (2)	$	43,006	$	14,118	$	15,019	$	15,989	$	15,861	$	60,987	$	15,443	$	15,510	$	18,478	$	19,273	$	68,704
Terminus (2)	27,695		7,192		6,461		6,390		7,105		27,148		7,439		7,673		9,228		8,568		32,908
Spring & 8th (2)	29,232		7,367		7,320		7,367		7,359		29,413		7,424		7,282		7,352		7,361		29,419
Corporate Center (2)	25,397		7,371		7,157		7,326		7,252		29,106		7,050		7,090		7,144		7,310		28,594
Hayden Ferry (2)	24,346		6,221		6,079		6,128		6,100		24,528		6,133		5,990		6,094		6,087		24,304
Northpark (2)	27,668		6,760		6,588		6,562		6,652		26,562		6,098		6,317		5,278		5,006		22,699
725 Ponce	—		—		—		3,132		4,537		7,669		4,527		4,686		4,596		4,734		18,543
Fifth Third Center	18,354		4,782		4,963		4,437		4,410		18,592		4,229		4,340		4,675		4,431		17,675
One Eleven Congress	18,030		4,564		4,466		5,042		4,121		18,193		4,342		4,531		4,547		3,978		17,398
Buckhead Plaza (2)	12,278		2,509		2,980		3,207		3,881		12,577		3,646		4,013		4,563		4,758		16,980
San Jacinto Center	14,966		3,750		3,912		3,871		4,119		15,652		4,252		4,316		4,113		3,322		16,003
Avalon (2)	10,999		3,714		3,993		3,283		3,391		14,381		3,637		3,969		4,156		4,165		15,927
3344 Peachtree	15,083		3,549		3,690		3,874		3,814		14,927		3,966		3,931		3,848		3,946		15,691
BriarLake Plaza (2)	18,104		4,483		4,530		4,913		4,216		18,142		3,879		3,740		3,547		3,580		14,746
The Terrace (2)	16,141		4,341		4,213		4,132		4,027		16,713		3,133		3,583		3,225		3,472		13,413
300 Colorado	—		—		—		—		1,130		1,130		3,275		3,050		2,762		4,033		13,120
The RailYard	929		3,175		3,112		3,172		3,037		12,496		3,153		3,258		3,255		3,234		12,900
Colorado Tower	12,348		2,382		3,253		3,563		3,862		13,060		3,155		2,746		3,226		3,325		12,452
Promenade Tower	16,813		4,060		4,116		4,156		2,601		14,933		2,968		2,901		2,867		3,434		12,170
550 South	10,720		2,687		2,626		2,684		2,596		10,593		2,652		2,665		2,654		2,723		10,694
Legacy Union One	9,585		2,363		2,371		2,367		2,365		9,466		2,357		2,342		2,355		2,367		9,421
Heights Union (2)	—		—		—		—		1,303		1,303		1,641		1,461		2,033		3,177		8,312
100 Mill	—		—		—		—		—		—		—		1,405		2,550		3,343		7,298
Domain Point (2)	5,744		1,265		1,243		1,168		1,379		5,055		1,761		1,741		1,837		1,746		7,085
111 West Rio	5,497		1,387		1,397		1,437		1,409		5,630		1,419		1,416		1,424		1,410		5,669
3350 Peachtree	9,651		2,280		2,255		609		939		6,083		992		1,771		1,339		1,418		5,520
Meridian Mark Plaza	4,159		1,018		1,040		1,022		1,030		4,110		1,042		1,408		1,268		1,243		4,961
The Pointe	4,752		1,199		1,043		1,267		1,176		4,685		1,156		1,211		1,234		1,251		4,852
3348 Peachtree	5,460		1,262		1,258		1,344		1,563		5,427		1,257		1,348		984		1,183		4,772
Research Park V	4,125		1,038		985		1,055		966		4,044		1,059		1,087		1,162		1,160		4,468
Tempe Gateway	7,516		1,417		1,452		1,734		1,483		6,086		1,423		1,057		1,077		716		4,273
5950 Sherry Lane	5,001		1,188		1,200		1,057		1,104		4,549		951		849		841		828		3,469
Harborview Plaza	3,291		831		720		841		819		3,211		844		882		842		861		3,429
Promenade Central (3)	9,340		2,286		2,278		2,242		2,220		9,026		—		—		—		224		224
Other (4)	50,968		7,811		5,548		3,015		2,646		19,020		585		940		2,027		1,031		4,583
Subtotal - Consolidated	467,198		118,370		117,268		118,386		120,473		474,497		116,888		120,509		126,581		128,698		492,676
Continued on next page
Cousins Properties	12	Q4 2022 Supplemental Information
---	---	---
FUNDS FROM OPERATIONS - DETAIL (1)
---
	(amounts in thousands, except per share amounts)
---	---	---	---	---	---	---	---	---	---	---
	2020	2021 1st	2021 2nd	2021 3rd	2021 4th	2021	2022 1st	2022 2nd	2022 3rd	2022 4th	2022
Unconsolidated Properties (5)
Emory University Hospital Midtown	4,210	1,048	1,094	1,092	1,098	4,332	1,112	1,152	1,126	1,141	4,531
120 West Trinity (2)	(49)	151	204	231	241	827	301	305	350	346	1,302
300 Colorado	—	364	515	1,373	679	2,931	—	—	—	—	—
Other (6)	14,675	3,191	3,624	3,066	1,252	11,133	1,306	1,085	1,343	(43)	3,691
Subtotal - Unconsolidated	18,836	4,754	5,437	5,762	3,270	19,223	2,719	2,542	2,819	1,444	9,524
Total Net Operating Income (1)	486,034	123,124	122,705	124,148	123,743	493,720	119,607	123,051	129,400	130,142	502,200
Gain (Loss) on Sales of Undepreciated Investment Properties
Consolidated	—	—	—	(64)	—	(64)	—	—	—	—	—
Unconsolidated (5)	612	—	—	—	—	—	—	4,500	(22)	—	4,478
Total Gain (Loss) on Sales of Undepreciated Investment Properties	612	—	—	(64)	—	(64)	—	4,500	(22)	—	4,478
Fee Income
Development Fees	15,334	3,900	4,173	2,476	1,532	12,081	817	1,404	957	—	3,178
Management Fees (7)	2,756	579	616	594	1,585	3,374	571	901	720	749	2,941
Leasing & Other Fees	136	51	14	24	15	104	—	—	—	—	—
Total Fee Income	18,226	4,530	4,803	3,094	3,132	15,559	1,388	2,305	1,677	749	6,119
Other Income
Termination Fees	3,834	42	782	1,775	2,506	5,105	1,462	449	242	311	2,464
Termination Fees - Unconsolidated (5)	9	—	7	74	—	81	—	—	—	—	—
Interest and Other Income	231	213	68	123	46	450	2,283	201	38	138	2,660
Interest and Other Income - Unconsolidated (5)	251	43	40	41	43	167	35	91	56	34	216
Total Other Income	4,325	298	897	2,013	2,595	5,803	3,780	741	336	483	5,340
Total Fee and Other Income	22,551	4,828	5,700	5,107	5,727	21,362	5,168	3,046	2,013	1,232	11,459
Reimbursed Expenses (7)	(1,580)	(368)	(398)	(383)	(1,327)	(2,476)	(360)	(677)	(418)	(569)	(2,024)
General and Administrative Expenses	(27,034)	(6,733)	(7,313)	(7,969)	(7,306)	(29,321)	(8,063)	(6,996)	(6,498)	(6,762)	(28,319)
Interest Expense
Consolidated Interest Expense
Term Loan, Unsecured ($350M)	(5,056)	(948)	(950)	(1,214)	(1,220)	(4,332)	(1,430)	(1,918)	(3,279)	(4,982)	(11,609)
Senior Notes, Unsecured ($275M)	(10,975)	(2,744)	(2,744)	(2,743)	(2,744)	(10,975)	(2,744)	(2,744)	(2,743)	(2,744)	(10,975)
Senior Notes, Unsecured ($250M)	(9,958)	(2,490)	(2,489)	(2,490)	(2,489)	(9,958)	(2,490)	(2,489)	(2,490)	(2,489)	(9,958)
Senior Notes, Unsecured ($250M)	(9,764)	(2,441)	(2,441)	(2,441)	(2,441)	(9,764)	(2,441)	(2,441)	(2,441)	(2,441)	(9,764)
Credit Facility, Unsecured	(5,768)	(1,710)	(1,299)	(1,114)	(1,479)	(5,602)	(1,795)	(2,585)	(3,533)	(1,846)	(9,759)
Terminus (2)	(6,016)	(1,468)	(1,452)	(1,437)	(1,422)	(5,779)	(1,406)	(1,309)	(1,293)	(1,636)	(5,644)
Term Loan, Unsecured ($400M)	—	—	—	—	—	—	—	—	—	(4,936)	(4,936)
Senior Notes, Unsecured ($125M)	(4,789)	(1,197)	(1,198)	(1,197)	(1,197)	(4,789)	(1,197)	(1,198)	(1,197)	(1,197)	(4,789)
Fifth Third Center	(4,737)	(1,168)	(1,159)	(1,152)	(1,146)	(4,625)	(1,138)	(1,131)	(1,123)	(1,116)	(4,508)
Senior Notes, Unsecured ($100M)	(4,145)	(1,036)	(1,037)	(1,036)	(1,036)	(4,145)	(1,036)	(1,037)	(1,036)	(1,036)	(4,145)
Colorado Tower	(4,091)	(1,009)	(1,005)	(998)	(994)	(4,006)	(988)	(982)	(976)	(971)	(3,917)
Continued on next page
Cousins Properties	13	Q4 2022 Supplemental Information
---	---	---
FUNDS FROM OPERATIONS - DETAIL (1)
---
	(amounts in thousands, except per share amounts)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2020		2021 1st		2021 2nd		2021 3rd		2021 4th		2021		2022 1st		2022 2nd		2022 3rd		2022 4th		2022
Domain 10 (8)	(3,046)		(751)		(748)		(800)		(796)		(3,095)		(792)		(788)		(783)		(778)		(3,141)
Other (9)	(6,584)		(1,558)		(1,553)		(1,558)		(1,544)		(6,213)		(1,519)		(1,518)		(1,512)		(243)		(4,792)
Capitalized (10)	14,324		1,312		1,419		1,471		2,055		6,257		3,451		3,591		4,026		4,332		15,400
Subtotal - Consolidated Interest Expense	(60,605)		(17,208)		(16,656)		(16,709)		(16,453)		(67,026)		(15,525)		(16,549)		(18,380)		(22,083)		(72,537)
Unconsolidated Interest Expense (5)
Emory University Hospital Midtown	(1,202)		(296)		(293)		(291)		(290)		(1,170)		(288)		(286)		(284)		(289)		(1,147)
Other (9)	(869)		(219)		(570)		(513)		(439)		(1,741)		(329)		(403)		(726)		2		(1,456)
Subtotal - Unconsolidated Interest Expense	(2,071)		(515)		(863)		(804)		(729)		(2,911)		(617)		(689)		(1,010)		(287)		(2,603)
Total Interest Expense	(62,676)		(17,723)		(17,519)		(17,513)		(17,182)		(69,937)		(16,142)		(17,238)		(19,390)		(22,370)		(75,140)
Other Expenses
Property Taxes and Other Holding Costs	(1,163)		(345)		(164)		(215)		(217)		(941)		(230)		(262)		(247)		(326)		(1,065)
Partners' Share of FFO in Consolidated Joint Ventures	(1,263)		(407)		(129)		(339)		(409)		(1,284)		(396)		(258)		(288)		(362)		(1,304)
Severance	(69)		(308)		(19)		—		(79)		(406)		—		(170)		—		—		(170)
Gain (Loss) on Extinguishment of Debt	—		—		—		—		—		—		—		(100)		—		269		169
Predevelopment & Other Costs	(1,049)		50		(655)		(210)		(14)		(829)		(4)		(7)		(2)		(954)		(967)
Transaction Costs	(428)		—		—		—		—		—		—		—		—		—		—
Total Other Expenses	(3,972)		(1,010)		(967)		(764)		(719)		(3,460)		(630)		(797)		(537)		(1,373)		(3,337)
Depreciation and Amortization of Non-Real Estate Assets	(688)		(158)		(157)		(156)		(152)		(623)		(155)		(158)		(138)		(107)		(558)
FFO	$	413,247	$	101,960	$	102,051	$	102,406	$	102,784	$	409,201	$	99,425	$	104,731	$	104,410	$	100,193	$	408,759
Weighted Average Shares - Diluted	148,636		148,725		148,740		148,772		148,905		148,891		149,002		149,142		151,695		151,835		150,419
FFO per Share	$	2.78	$	0.69	$	0.69	$	0.69	$	0.69	$	2.75	$	0.67	$	0.70	$	0.69	$	0.66	$	2.72
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 31.
(2) Contains multiple buildings that are grouped together for reporting purposes.
(3) Promenade Central is in final stages of redevelopment and not yet stabilized.
(4) Primarily represents properties sold prior to December 31, 2022, see page 24. Also includes College Street Garage and properties in final stages of development and not yet stabilized.
(5) Unconsolidated amounts include amounts recorded in unconsolidated joint ventures for the respective category 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 unconsolidated investments sold prior to December 31, 2022, see page 24. Also includes 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) In June 2021, we executed a collateral swap for the mortgage previously secured by 816 Congress, which Cousins sold in December 2021. The mortgage is now secured by the Company's Domain 10 property. Terms of the mortgage were unchanged.
(9) Represents interest on consolidated loans repaid and our share of interests on loans of unconsolidated investments sold prior to December 31, 2022.
(10) 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	14	Q4 2022 Supplemental Information
---	---	---
PORTFOLIO STATISTICS
---
Office Properties (1)	Rentable Square Feet	Financial Statement Presentation		Company's Ownership Interest		End of Period Leased				Weighted Average Occupancy (2)		% of Total <br>NOI / 4Q22	Property Level Debt ( in thousands) (3)
---	---	---	---	---	---	---	---	---	---	---	---	---	---
			4Q22		3Q22		4Q22		3Q22
Terminus (4)	1,226,000	Consolidated		100%		88.7%		89.0%		83.2%	83.6%	6.6%
Spring & 8th (4)	765,000	Consolidated		100%		100.0%		100.0%		100.0%	100.0%	5.7%	—
Northpark (4)	1,539,000	Consolidated		100%		76.1%		76.4%		71.7%	74.2%	3.8%	—
Buckhead Plaza (4)	666,000	Consolidated		100%		93.8%		92.1%		86.0%	82.5%	3.7%	—
725 Ponce (5)	372,000	Consolidated		100%		100.0%		100.0%		98.4%	98.4%	3.6%	—
Avalon (6)	480,000	Consolidated		100%		97.8%		99.5%		98.7%	99.5%	3.2%	—
3344 Peachtree	484,000	Consolidated		100%		96.9%		96.9%		95.8%	95.3%	3.0%	—
Promenade Tower	777,000	Consolidated		100%		77.8%		77.7%		75.0%	73.0%	2.6%	—
3350 Peachtree	413,000	Consolidated		100%		57.0%		53.0%		52.5%	52.5%	1.1%	—
Meridian Mark Plaza	160,000	Consolidated		100%		100.0%		100.0%		100.0%	100.0%	1.0%	—
3348 Peachtree	258,000	Consolidated		100%		75.5%		74.9%		74.9%	74.9%	0.9%	—
Emory University Hospital Midtown	358,000	Unconsolidated		50%		99.5%		99.5%		98.3%	97.7%	0.9%	31,428
120 West Trinity Office (5)	43,000	Unconsolidated		20%		100.0%		90.4%		90.4%	90.4%	0.1%	—
Promenade Central (5) (7)	370,000	Consolidated		100%		60.7%		55.3%		11.1%	N/A	0.1%	—
ATLANTA (7)	7,911,000					86.5%		86.3%		83.3%	83.3%	36.3%	252,104
The Domain (6)	1,899,000	Consolidated		100%		100.0%		100.0%		100.0%	99.8%	14.8%	73,945
300 Colorado (5)	378,000	Consolidated		100%		100.0%		100.0%		88.3%	86.6%	3.1%	—
One Eleven Congress	519,000	Consolidated		100%		83.8%		85.7%		80.6%	82.6%	3.1%	—
The Terrace (4)	619,000	Consolidated		100%		80.7%		80.6%		76.2%	72.2%	2.7%	—
Colorado Tower	373,000	Consolidated		100%		97.4%		95.6%		89.2%	87.7%	2.6%	109,199
San Jacinto Center	399,000	Consolidated		100%		93.9%		96.1%		78.7%	91.1%	2.6%	—
Domain Point (4)	240,000	Consolidated		96.5%		100.0%		100.0%		96.6%	96.6%	1.3%	—
Research Park V	173,000	Consolidated		100%		97.1%		97.1%		97.1%	97.1%	0.9%	—
AUSTIN	4,600,000					94.7%		95.0%		90.6%	91.0%	31.1%	183,144
Corporate Center (4)	1,227,000	Consolidated		100%		97.2%		97.2%		95.1%	94.0%	5.6%	—
Heights Union (4) (5)	294,000	Consolidated		100%		100.0%		100.0%		94.1%	93.8%	2.4%	—
The Pointe	253,000	Consolidated		100%		92.1%		94.1%		89.0%	90.9%	1.0%	—
Harborview Plaza	205,000	Consolidated		100%		80.8%		80.8%		80.8%	80.8%	0.7%	—
TAMPA	1,979,000					95.2%		95.5%		92.7%	92.2%	9.7%	—
Hayden Ferry (4)	792,000	Consolidated		100%		94.2%		93.7%		91.0%	93.1%	4.7%	—
100 Mill (5)	288,000	Consolidated		90%		92.3%		N/A		92.3%	N/A	2.6%	—
111 West Rio	225,000	Consolidated		100%		100.0%		100.0%		100.0%	100.0%	1.1%	—
Tempe Gateway	264,000	Consolidated		100%		65.4%		68.0%		51.4%	68.2%	0.5%	—
PHOENIX	1,569,000					89.8%		89.5%		85.7%	89.2%	8.9%	—
Fifth Third Center	692,000	Consolidated		100%		90.8%		90.8%		90.8%	90.8%	3.4%	129,921
The RailYard	329,000	Consolidated		100%		99.4%		99.0%		98.6%	98.4%	2.5%	—
550 South	394,000	Consolidated		100%		97.9%		97.9%		97.9%	97.9%	2.1%	—
CHARLOTTE	1,415,000					94.8%		94.7%		94.6%	94.6%	8.0%	129,921
Continued on next page

All values are in US Dollars.

Cousins Properties	15	Q4 2022 Supplemental Information
PORTFOLIO STATISTICS
---
Office Properties (1)	Rentable Square Feet	Financial Statement Presentation		Company's Ownership Interest		End of Period Leased				Weighted Average Occupancy (2)		% of Total <br>NOI / 4Q22	Property Level Debt ( in thousands) (3)
---	---	---	---	---	---	---	---	---	---	---	---	---	---
			4Q22		3Q22		4Q22		3Q22
Legacy Union One	319,000	Consolidated		100%		100.0%		100.0%		100.0%	100.0%	1.8%	—
5950 Sherry Lane	197,000	Consolidated		100%		73.4%		71.9%		71.9%	71.0%	0.5%	—
DALLAS	516,000					89.8%		89.3%		89.3%	88.9%	2.3%	—
BriarLake Plaza (4)	835,000	Consolidated		100%		95.5%		77.9%		75.5%	74.6%	2.8%	—
HOUSTON	835,000					95.5%		77.9%		75.5%	74.6%	2.8%	—
TOTAL OFFICE (7)	18,825,000					91.0%		90.1%		87.1%	87.3%	99.1%
Other Properties (1)
College Street Garage - Charlotte (5)	N/A	Consolidated		100%		N/A		N/A		N/A	N/A	0.8%	—
120 West Trinity Apartment - Atlanta (330 units) (5)	310,000	Unconsolidated		20%		93.8%		97.1%		93.3%	95.7%	0.1%	—
TOTAL OTHER	310,000					93.8%		97.1%		93.3%	95.7%	0.9%
TOTAL (7)	19,135,000					91.0%		90.2%		87.1%	87.4%	100.0%

All values are in US Dollars.

(1)	Represents the Company's operating properties, excluding properties on the development pipeline, and properties sold prior to December 31, 2022.
(2)	The weighted average economic occupancy of the property over the period for which the property was available for occupancy.
(3)	The Company's share of property-specific mortgage debt, including net of unamortized loan costs, as of December 31, 2022.
(4)	Contains two or more buildings that are grouped together for reporting purposes.
(5)	Not included in Same Property as of December 31, 2022.
(6)	Contains two or more buildings that are grouped together for reporting purposes, some of which are not included in Same Property as of December 31, 2022, specifically Domain 10 and 10000 Avalon.
(7)	While under redevelopment and until stabilization, Promenade Central was excluded from the Atlanta, Total Office, and Total Portfolio calculations of end of period leased and weighted average occupancy at and for the quarters ended December 31, 2022 and September 30, 2022. Promenade Central will be added back to the total calculations when weighted average occupancy stabilizes, which is the earlier of when it reaches 90% occupancy or in fourth quarter 2023 (one year after the redevelopment activity was substantially complete).
Cousins Properties	16	Q4 2022 Supplemental Information
---	---	---
PORTFOLIO STATISTICS
---

Fourth Quarter 2022 Portfolio NOI by Market

(1) The Company is developing a mixed-use project in Nashville through a 50% owned joint venture. See pages 25 and 30 for additional details.

Cousins Properties	17	Q4 2022 Supplemental Information
SAME PROPERTY PERFORMANCE (1)
---
	( in thousands)
---	---	---	---	---	---	---	---
	Three Months Ended December 31,
	2022		2021			% Change
Rental Property Revenues (2)			$	162,513		2.7	%
Rental Property Operating Expenses (2)	59,441		57,502			3.4	%
Same Property Net Operating Income			$	105,011		2.3	%
Cash-Basis Rental Property Revenues (3)			$	156,067		2.8	%
Cash-Basis Rental Property Operating Expenses (4)	59,251		57,333			3.3	%
Cash-Basis Same Property Net Operating Income			$	98,734		2.5	%
End of Period Leased	90.1	%	90.8		%
Weighted Average Occupancy	86.2	%	88.5		%
	Year Ended December 31,
	2022		2021			% Change
Rental Property Revenues (2)			$	655,419		0.4	%
Rental Property Operating Expenses (2)	233,703		231,187			1.1	%
Same Property Net Operating Income			$	424,232		0.0	%
Cash-Basis Rental Property Revenues (3)			$	625,468		1.0	%
Cash-Basis Rental Property Operating Expenses (4)	232,939		230,528			1.0	%
Cash-Basis Same Property Net Operating Income			$	394,940		1.0	%
Weighted Average Occupancy	86.6	%	90.2		%

All values are in US Dollars.

(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 15 and 16 for footnotes indicating which properties are not included in Same Property. See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 31.
(2)	Rental Property Revenues and 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 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 and 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	18	Q4 2022 Supplemental Information
---	---	---
OFFICE LEASING ACTIVITY
---
	Three Months Ended December 31, 2022									Year Ended December 31, 2022
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	New		Renewal		Expansion		Total			New		Renewal		Expansion		Total
Gross leased square feet (1)							685,696									2,398,468
Less exclusions (2)							(53,317)									(422,811)
Net leased square feet	120,935		332,079		179,365		632,379			644,059		978,171		353,427		1,975,657
Number of transactions	15		19		5		39			71		77		28		176
Lease term in years (3)	8.7		11.7		13.3		11.6			8.9		8.9		10.7		9.2
Net effective rent calculation (per square foot <br> per year) (3)
Net annualized rent (4)	$	39.58	$	34.22	$	29.99	$	34.04		$	36.84	$	32.75	$	32.75	$	34.08
Net free rent	(2.23)		(2.46)		(3.42)		(2.69)			(2.01)		(1.77)		(2.46)		(1.97)
Leasing commissions	(3.35)		(2.53)		(2.22)		(2.60)			(3.00)		(2.65)		(2.51)		(2.74)
Tenant improvements	(6.92)		(6.17)		(7.20)		(6.61)			(7.59)		(4.65)		(6.74)		(5.98)
Total leasing costs	(12.50)		(11.16)		(12.84)		(11.90)			(12.60)		(9.07)		(11.71)		(10.69)
Net effective rent	$	27.08	$	23.06	$	17.15	$	22.14		$	24.24	$	23.68	$	21.04	$	23.39
Second generation leased square footage (5)							476,320									1,498,117
Increase in straight-line basis second generation net rent per square foot (6)							18.6		%							23.2		%
Increase in cash-basis second generation net rent per square foot (7)							7.3		%							9.5		%
Excluding Houston:
Net effective rent							$	30.61								$	25.58
Increase in cash-basis second generation net rent per square foot (7)							27.7		%							14.6		%
(1)	Comprised of total square feet leased, unadjusted for ownership share and excluding apartment leasing.
---	---
(2)	Adjusted for leases one year or less, leases for retail, amenity, storage, percentage rent, and intercompany space.
(3)	Weighted average of net leased square feet.
(4)	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.
(5)	Excludes leases executed for spaces that were vacant upon acquisition, new leases in development properties, and leases for spaces that have been vacant for one year or more.
(6)	Increase in second generation straight-line basis net annualized rent on a weighted average basis.
(7)	Increase in 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 increase in net cash rent at the end of the term of the original lease is compared to net cash rent at the beginning of the extended term of the lease. Net cash rent is net of any recovery of operating expenses but prior to any deductions for leasing costs.
Cousins Properties	19	Q4 2022 Supplemental Information
---	---	---
OFFICE LEASE EXPIRATIONS
---

Lease Expirations by Year (1)

Year of Expiration	Square Feet <br>Expiring	% of Leased<br>Space		AnnualContractual Rent( in thousands) (2)	% of Annual<br>Contractual<br>Rent		Annual<br>Contractual<br>Rent/Sq. Ft.
2023	1,001,369	6.1	%		5.1	%	$	42.67
2024	984,168	6.0	%	43,871	5.2	%	44.58
2025	1,820,919	11.1	%	83,602	10.0	%	45.91
2026	1,407,304	8.6	%	66,369	7.9	%	47.16
2027	1,633,446	9.9	%	71,832	8.6	%	43.98
2028	1,551,577	9.5	%	76,714	9.2	%	49.44
2029	1,506,291	9.2	%	72,050	8.6	%	47.83
2030	1,504,787	9.2	%	97,597	11.7	%	64.86
2031	1,122,709	6.8	%	66,084	7.9	%	58.86
2032 & Thereafter	3,893,428	23.6	%	216,295	25.8	%	55.55
Total	16,425,998	100.0	%		100.0	%	$	50.96

All values are in US Dollars.

(1) Company's share of leases expiring after December 31, 2022. Expiring square footage for which new leases have<br><br>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	20	Q4 2022 Supplemental Information
---	---	---
TOP 20 OFFICE TENANTS
---
	Tenant (1)	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	3	1,005,416		7.3%	6.4
2	NCR Corporation	1	762,090	37,753	5.3%	10.6
3	Meta Platforms	1	422,252	23,818	3.4%	7.2
4	Pioneer Natural Resources	1	359,660	23,336	3.3%	8.7
5	Expedia	1	315,882	17,281	2.4%	8.3
6	Bank of America	2	347,139	12,071	1.7%	3.0
7	Wells Fargo	3	201,801	9,109	1.3%	3.1
8	Apache	1	210,012	8,952	1.3%	14.0
9	SVB Financial Group	1	204,751	8,432	1.2%	3.1
10	Ovintiv USA	1	318,582	8,190	1.2%	4.5
11	WeWork Companies	2	169,050	7,750	1.1%	10.7
12	ADP	1	225,000	7,479	1.1%	5.3
13	Westrock Shared Services	1	205,185	7,346	1.0%	7.3
14	Regus Equity Business Centers	4	145,119	7,060	1.0%	5.8
15	BlackRock	1	131,656	6,778	1.0%	13.4
16	Workrise Technologies	1	93,210	6,652	0.9%	5.6
17	McGuireWoods	2	187,119	6,556	0.9%	3.9
18	Amgen	1	163,169	6,330	0.9%	5.8
19	Samsung Engineering America	1	133,860	5,996	0.8%	3.9
20	Time Warner Cable	2	120,140	5,877	0.8%	3.0
	Total		5,721,093		37.9%	7.0
(1)	In some cases, the actual tenant may be an affiliate of the entity shown.
(2)	Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant for December 2022. If the tenant is in a free rent period for December 2022, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent. Included in this amount is 7.9 million of annualized base rent for tenants in a free rent period.
Note:	This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded.

All values are in US Dollars.

Cousins Properties	21	Q4 2022 Supplemental Information
TENANT INDUSTRY DIVERSIFICATION
---

Note: Management uses SIC codes when available, along with judgment, to determine tenant industry classification.

(1) Annualized Rent represents the annualized rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of December 31, 2022. If the tenant is in a free rent period as of December 31, 2022, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month the tenant is required to pay full rent.

Cousins Properties	22	Q4 2022 Supplemental Information
INVESTMENT ACTIVITY
---

Completed Operating Property Acquisitions

Property	Type	Market	Company's Ownership Interest	Timing	Square Feet	Gross Purchase Price( in thousands) (1)
2022
Avalon (2)	Office	Atlanta	100%	2Q	480,000
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
2019
Promenade Central	Office	Atlanta	100%	1Q	370,000	82,000
TIER REIT, Inc.	Office	Various	Various	2Q	5,799,000	(3)
Terminus (4)	Office	Atlanta	100%	4Q	1,226,000	246,000
					8,870,000

All values are in US Dollars.

Completed Property Developments

Project	Type	Market	Company's Ownership Interest	Timing (5)	Square Feet	Total Project Cost ( in thousands) (1)
2022
300 Colorado	Office	Austin	100%	1Q	369,000
100 Mill	Office	Phoenix	90%	4Q	288,000	156,000
2021
10000 Avalon	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
2019
Dimensional Place	Office	Charlotte	50%	1Q	281,000	96,000
2018
Spring & 8th	Office	Atlanta	100%	1Q/4Q	765,000	336,000
					2,927,000

All values are in US Dollars.

(1) Except as otherwise noted, amounts represent total purchase prices, total project costs paid by the Company and, where applicable, its joint venture partner,

including certain allocated costs required by GAAP that were not incurred by the joint venture.

(2) Purchased 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) Properties acquired in the merger with TIER REIT, Inc.

(4) Purchased outside interest of 50% in Terminus Office Holdings, LLC for $246 million before reductions for existing mortgage debt.

(5) Represents timing of stabilization (90% economic occupancy or one year beyond the cessation of major construction activity).

Cousins Properties	23	Q4 2022 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		(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

All values are in US Dollars.

(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	24	Q4 2022 Supplemental Information
DEVELOPMENT PIPELINE (1)
---
Project	Type	Market	Company's Ownership Interest		Construction Start Date	Square Feet/Units	Estimated Project Cost (1) (2)( in thousands)	Company's Share of Estimated Project Cost (2) ( in thousands)	Project Cost Incurred to Date (2)( in thousands)	Company's Share of Project Cost Incurred to Date (2)( in thousands)	Percent Leased		Initial Revenue Recognition (3)	Estimated Stabilization (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Neuhoff (5)	Mixed	Nashville	50	%	3Q21
Commercial						448,000					—	%	3Q23	3Q24
Apartments						542					—	%	2Q24	2Q25
Domain 9	Office	Austin	100	%	2Q21	338,000	147,000	147,000	107,969	107,969	97	%	1Q24	1Q25
Total

All values are in US Dollars.

(1)	This schedule shows projects currently under active development through the substantial completion of construction as well as properties in an initial lease up period prior to stabilization. Amounts included in the estimated project cost column are the estimated costs of the project through stabilization. Significant estimation is required to derive these costs, and the final costs may differ from these estimates.
(2)	Estimated and incurred project costs are construction costs plus financing costs on project-specific debt. Neuhoff has a project-specific construction loan (see Note 5). The above schedule excludes any financing cost assumptions for projects without project-specific debt and any other incremental capitalized costs required by GAAP.
(3)	Initial revenue recognition represents the quarter within which the Company first recognized or estimates it will begin recognizing revenue under GAAP.
(4)	A project is stabilized when it is substantially complete and held for occupancy, which is the earlier of (1) the date on which the project achieves 90% economic occupancy or (2) one year from cessation of major construction activity on the core building development. Until the project is stabilized, the Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of development properties, which have ongoing construction of tenant improvements.
(5)	The Neuhoff estimated project cost will be funded with a combination of $250.6 million of equity contributed by the joint venture partners and a $312.7 million construction loan.
Cousins Properties	25	Q4 2022 Supplemental Information
---	---	---
LAND INVENTORY
---
	Market	Company's Ownership Interest	Financial Statement Presentation	Total Developable Land (Acres)	Cost Basis of Land ( in thousands)
---	---	---	---	---	---
3354/3356 Peachtree	Atlanta	95%	Consolidated	3.2
715 Ponce	Atlanta	50%	Unconsolidated	1.0
887 West Peachtree (1)	Atlanta	100%	Consolidated	1.6
The Avenue Forsyth-Adjacent Land	Atlanta	100%	Consolidated	10.4
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 (2)	Tampa	100%	Consolidated	14.1
Total				47.4
					159351
Company's Share				46.4

All values are in US Dollars.

(1)	Includes a ground lease with future obligation to purchase.
(2)	Corporate Center 5 is controlled through a long-term ground lease.
Cousins Properties	26	Q4 2022 Supplemental Information
---	---	---
DEBT SCHEDULE (1)
---
Company's Share of Debt Maturities and Principal Payments
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
( in thousands)
Description (Interest Rate Base, if not fixed)	Rate at End of Quarter	Maturity Date	2023			2024			2025			2026			2027			Thereafter			Total Principal			Deferred Loan Costs		Total
Consolidated Debt - Floating Rate
Term Loan, Unsecured (Adjusted SOFR + 1.05% to 1.65%) (2)	5.45%	3/3/25	$	—		$	—		$	400,000		$	—		$	—		$	—		$	400,000		$	(2,281)	$	397,719
Credit Facility, Unsecured (Adjusted SOFR + 0.90% to 1.40%) (3)	5.30%	4/30/27	—			—			—			—			56,600			—			56,600			—		56,600
Total Consolidated Floating Rate Debt			—			—			400,000			—			56,600			—			456,600			(2,281)		454,319
Consolidated Debt - Fixed Rate
Term Loan, Unsecured (4)	5.38%	8/30/24	—			350,000			—			—			—			—			350,000			(1,123)		348,877
Senior Note, Unsecured	3.95%	7/6/29	—			—			—			—			—			275,000			275,000			(729)		274,271
Senior Note, Unsecured	3.91%	7/6/25	—			—			250,000			—			—			—			250,000			(458)		249,542
Senior Note, Unsecured	3.86%	7/6/28	—			—			—			—			—			250,000			250,000			(623)		249,377
Fifth Third Center	3.37%	10/1/26	3,622			3,746			3,874			118,926			—			—			130,168			(247)		129,921
Senior Note, Unsecured	3.78%	7/6/27	—			—			—			—			125,000			—			125,000			(286)		124,714
Colorado Tower	3.45%	9/1/26	2,689			2,783			2,881			101,199			—			—			109,552			(353)		109,199
Terminus (5)	6.34%	1/15/31	—			—			—			—			—			221,000			221,000			(324)		220,676
Senior Note, Unsecured	4.09%	7/6/27	—			—			—			—			100,000			—			100,000			(235)		99,765
Domain 10	3.75%	11/1/24	1,963			72,558			—			—			—			—			74,521			(576)		73,945
Total Consolidated Fixed Rate Debt			8,274			429,087			256,755			220,125			225,000			746,000			1,885,241			(4,954)		1,880,287
Total Consolidated Debt			8,274			429,087			656,755			220,125			281,600			746,000			2,341,841			(7,235)		2,334,606
Unconsolidated Debt - Floating Rate
Neuhoff (LIBOR + 3.60%) (6)	7.73%	9/30/25	—			—			59,715			—			—			—			59,715			(1,745)		57,970
Total Unconsolidated Floating Rate Debt			—			—			59,715			—			—			—			59,715			(1,745)		57,970
																		.
Unconsolidated Debt - Fixed Rate
Emory University Hospital Midtown	3.50%	6/1/23	31,436			—			—			—			—			—			31,436			(8)		31,428
Total Unconsolidated Fixed Rate Debt			31,436			—			—			—			—			—			31,436			(8)		31,428
Total Unconsolidated Debt			31,436			—			59,715			—			—			—			91,151			(1,753)		89,398
Total Debt			$	39,710		$	429,087		$	716,470		$	220,125		$	281,600		$	746,000		$	2,432,992		$	(8,988)	$	2,424,004
Total Maturities (7)			$	31,050		$	420,865		$	709,715		$	215,159		$	281,600		$	746,000		$	2,404,389
% of Maturities			1		%	18		%	30		%	9		%	12		%	30		%	100		%

All values are in US Dollars.

Cousins Properties	27	Q4 2022 Supplemental Information
DEBT SCHEDULE (1)
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Cousins Properties	28	Q4 2022 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)
Floating Rate Debt		21	%	5.58	%	2.5
Fixed Rate Debt	1,916,678	79	%	4.18	%	4.3
Total Debt		100	%	4.48	%	3.9

All values are in US Dollars.

(1)	All amounts are presented at Company share.
(2)	As of December 31, 2022, the spread over Adjusted SOFR (SOFR + 0.10%) under the Term Loan was 1.05%. The loan matures on March 3, 2025 with four consecutive options to extend the maturity date for an additional six months each.
(3)	As of December 31, 2022, the Company had $56.6 million drawn under the Credit Facility and had the ability to borrow the remaining $943.4 million. The spread over Adjusted SOFR (SOFR + 0.10%) under the Credit Facility at December 31, 2022 was 0.90%.
(4)	In the third quarter, the Company entered into a floating-to-fixed interest rate swap through the maturity date effectively fixing the underlying SOFR rate at 4.23%. The spread over Adjusted SOFR (SOFR + 0.10%) at December 31, 2022 was 1.05%. The Company has four consecutive options to extend the maturity date for an additional six months each.
(5)	Represents $123.0 million and $98.0 million non-cross collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
(6)	The Company's share of the total borrowing capacity of the construction loan is $156.4 million.
(7)	Maturities include principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.
Cousins Properties	29	Q4 2022 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 option 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	Emory University Hospital Midtown	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 are paid to a partner as a promote	Cousins or Partner can trigger a sale process, subject to a right of first offer that can be exercised by the non-triggering party.
(1)	This schedule only contains information related to joint ventures that hold an ownership interest in operating assets 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	30	Q4 2022 Supplemental Information
---	---	---
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
---
	( in thousands, except per share amounts)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2020	2021 1st		2021 2nd		2021 3rd		2021 4th		2021		2022 1st		2022 2nd		2022 3rd		2022 4th		2022
FFO and EBITDAre
Net income available to common stockholders		$	29,110	$	28,153	$	54,018	$	167,305	$	278,586	$	27,984	$	34,052	$	80,639	$	24,118	$	166,793
Depreciation and amortization of real estate assets:
Consolidated properties	287,960	70,712		71,299		71,918		73,540		287,469		70,589		69,703		78,978		75,759		295,029
Share of unconsolidated joint ventures	8,740	2,365		2,810		2,917		1,582		9,674		1,124		1,111		1,189		503		3,927
Partners' share of real estate depreciation	(742)	(211)		(228)		(231)		(259)		(929)		(223)		(153)		(182)		(236)		(794)
Loss (gain) on depreciated property transactions:
Consolidated properties	(90,105)	17		9		(13,127)		(139,510)		(152,611)		69		(28)		20		(52)		9
Share of unconsolidated joint ventures	(450)	—		3		23		13		39		(124)		40		—		3		(81)
Sale of investments in unconsolidated joint ventures	(44,578)	(39)		—		(13,121)		77		(13,083)		—		—		(56,260)		(7)		(56,267)
Impairment	14,829	—		—		—		—		—		—		—		—		—		—
Non-controlling interest related to unitholders	315	6		5		9		36		56		6		6		26		105		143
FFO	413,247	101,960		102,051		102,406		102,784		409,201		99,425		104,731		104,410		100,193		408,759
Interest Expense	62,676	17,723		17,519		17,513		17,183		69,938		16,142		17,238		19,390		22,369		75,139
Non-Real Estate Depreciation and Amortization	688	158		157		156		152		623		155		158		138		107		558
EBITDAre (1)	476,611	119,841		119,727		120,075		120,119		479,762		115,722		122,127		123,938		122,669		484,456
FFO and Net Operating Income from Unconsolidated Joint Ventures
Income from Unconsolidated Joint Ventures	7,947	1,903		1,795		2,128		975		6,801		1,124		5,280		634		662		7,700
Depreciation and Amortization of Real Estate	8,740	2,365		2,810		2,917		1,582		9,674		1,124		1,111		1,189		503		3,927
Loss (gain) on sale of depreciated investment properties, net	(450)	—		3		23		13		39		(124)		40		—		3		(81)
FFO - Unconsolidated Joint Ventures	16,237	4,268		4,608		5,068		2,570		16,514		2,124		6,431		1,823		1,168		11,546
Loss (gain) on sale of undepreciated property	598	—		—		—		—		—		—		(4,500)		22		—		(4,478)
Interest Expense	2,071	515		863		804		729		2,911		617		689		1,010		287		2,603
Other Expense	190	14		13		5		14		46		11		16		19		24		70
Termination Fee Income	(9)	—		(7)		(74)		—		(81)		—		—		—		—		—
Other Income	(251)	(43)		(40)		(41)		(43)		(167)		(33)		(94)		(55)		(35)		(217)
Net Operating Income - Unconsolidated Joint Ventures	18,836	4,754		5,437		5,762		3,270		19,223		2,719		2,542		2,819		1,444		9,524
Market Capitalization
Common Stock Price at Period End		$	35.35	$	36.78	$	37.29	$	40.28	$	40.28	$	40.29	$	29.23	$	23.35	$	25.29	$	25.29
Number of Common Stock/Units Outstanding at <br>Period End	148,589	148,679		148,713		148,713		148,713		148,713		148,788		151,465		151,459		151,482		151,482
Equity Market Capitalization	4,977,732	5,255,803		5,469,664		5,545,508		5,990,160		5,990,160		5,994,669		4,427,322		3,536,568		3,830,980		3,830,980
Consolidated Debt	2,162,719	2,214,692		2,050,173		2,047,599		2,237,509		2,237,509		2,349,484		2,305,637		2,295,989		2,334,606		2,334,606
Share of Unconsolidated Debt	115,040	144,168		145,480		158,707		112,805		112,805		112,713		119,702		76,942		89,398		89,398
Debt (1)	2,277,759	2,358,860		2,195,653		2,206,306		2,350,314		2,350,314		2,462,197		2,425,339		2,372,931		2,424,004		2,424,004
Total Market Capitalization	7,255,491	7,614,663		7,665,317		7,751,814		8,340,474		8,340,474		8,456,866		6,852,661		5,909,499		6,254,984		6,254,984
Continued on next page

All values are in US Dollars.

Cousins Properties	31	Q4 2022 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
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	( in thousands, except per share amounts)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2020	2021 1st		2021 2nd		2021 3rd		2021 4th		2021		2022 1st	2022 2nd		2022 3rd		2022 4th		2022
Credit Ratios
Debt (1)	2,277,759	2,358,860		2,195,653		2,206,306		2,350,314		2,350,314		2,462,197	2,425,339		2,372,931		2,424,004		2,424,004
Less: Cash and Cash Equivalents	(4,290)	(14,576)		(9,792)		(5,532)		(8,937)		(8,937)		(7,000)	(4,057)		(5,507)		(5,145)		(5,145)
Less: Share of Unconsolidated Cash and Cash Equivalents (1)	(9,419)	(7,518)		(7,598)		(20,492)		(4,285)		(4,285)		(9,217)	(13,110)		(10,894)		(1,721)		(1,721)
Net Debt (1)	2,264,050	2,336,766		2,178,263		2,180,282		2,337,092		2,337,092		2,445,980	2,408,172		2,356,530		2,417,138		2,417,138
Total Market Capitalization	7,255,491	7,614,663		7,665,317		7,751,814		8,340,474		8,340,474		8,456,866	6,852,661		5,909,499		6,254,984		6,254,984
Net Debt / Total Market Capitalization	31.2	30.7	%	28.4	%	28.1	%	28.0	%	28.0	%	28.9%	35.1	%	39.9	%	38.6	%	38.6	%
Total Assets - Consolidated	7,107,398	7,106,182		6,945,970		6,977,364		7,312,034		7,312,034		7,360,095	7,380,124		7,496,072		7,537,016		7,537,016
Accumulated Depreciation - Consolidated	1,090,566	1,164,427		975,658		1,054,847		1,065,047		1,065,047		1,110,315	1,158,044		1,218,996		1,261,752		1,261,752
Undepreciated Assets - Unconsolidated (1)	304,539	303,472		302,630		238,455		204,423		204,423		221,851	257,685		204,033		209,636		209,636
Less: Investment in Unconsolidated Joint Ventures	(125,481)	(113,353)		(112,718)		(111,351)		(77,811)		(77,811)		(93,307)	(103,215)		(106,389)		(112,839)		(112,839)
Total Undepreciated Assets (1)	8,377,022	8,460,728		8,111,540		8,159,315		8,503,693		8,503,693		8,598,954	8,692,638		8,812,712		8,895,565		8,895,565
Net Debt (1)	2,264,050	2,336,766		2,178,263		2,180,282		2,337,092		2,337,092		2,445,980	2,408,172		2,356,530		2,417,138		2,417,138
Net Debt / Total Undepreciated Assets (1)	27.0	27.6	%	26.9	%	26.7	%	27.5	%	27.5	%	28.4%	27.7	%	26.7	%	27.2	%	27.2	%
Coverage Ratios (1)
Interest Expense	62,676	17,723		17,519		17,513		17,183		69,938		16,142	17,238		19,390		22,369		75,139
Scheduled Principal Payments	16,812	4,370		4,544		4,587		4,630		18,131		4,675	4,719		4,764		3,616		17,774
Fixed Charges	79,488	22,093		22,063		22,100		21,813		88,069		20,817	21,957		24,154		25,985		92,913
EBITDAre	476,611	119,841		119,727		120,075		120,119		479,762		115,722	122,127		123,938		122,669		484,456
Fixed Charges Coverage Ratio (EBITDAre) (1)	6.00	5.42		5.43		5.43		5.51		5.45		5.56	5.56		5.13		4.72		5.21
Net Debt	2,264,050	2,336,766		2,178,263		2,180,282		2,337,092		2,337,092		2,445,980	2,408,172		2,356,530		2,417,138		2,417,138
Annualized EBITDAre (2)	467,300	479,364		478,908		480,300		480,476		480,476		462,888	488,508		495,752		490,676		490,676
Net Debt / Annualized EBITDAre	4.84	4.87		4.55		4.54		4.86		4.86		5.28	4.93		4.75		4.93		4.93
Dividend Information
Common Dividends	178,263	46,135		46,038		46,094		46,909		185,176		48,447	48,523		48,398		48,525		193,893
FFO	413,247	101,960		102,051		102,406		102,784		409,201		99,425	104,731		104,410		100,193		408,759
FFO Payout Ratio	43.1	45.2	%	45.1	%	45.0	%	45.6	%	45.3	%	48.7%	46.3	%	46.4	%	48.4	%	47.4	%
Continued on next page

All values are in US Dollars.

Cousins Properties	32	Q4 2022 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
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	( in thousands, except per share amounts)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2020		2021 1st			2021 2nd			2021 3rd			2021 4th			2021			2022 1st		2022 2nd			2022 3rd			2022 4th			2022
Net income available to common stockholders			$	29,110		$	28,153		$	54,018		$	167,305		$	278,586		$	27,984	$	34,052		$	80,639		$	24,118		$	166,793
Depreciation and amortization of real estate assets	295,958		72,866			73,881			74,604			74,863			296,214			71,490		70,661			79,985			76,026			298,162
Loss (gain) on depreciated property transactions	(135,133)		(22)			12			(26,225)			(139,420)			(165,655)			(55)		12			(56,240)			(56)			(56,339)
Impairment	14,829		—			—			—			—			—			—		—			—			—			—
Non-controlling interest related to unitholders	315		6			5			9			36			56			6		6			26			105			143
FFO	413,247		101,960			102,051			102,406			102,784			409,201			99,425		104,731			104,410			100,193			408,759
Amortization of Deferred Financing Costs	2,777		698			698			834			833			3,063			973		923			818			683			3,397
Non-Cash Stock-Based Compensation	5,298		1,667			1,708			1,800			1,830			7,005			2,748		2,448			2,299			2,564			10,059
Non-Real Estate Depreciation and Amortization	688		158			157			156			152			623			155		158			138			107			558
Lease Inducements	1,018		1,035			1,032			1,128			239			3,434			351		375			440			463			1,629
Straight-Line Rent Ground Leases	490		112			112			113			112			449			124		121			121			125			491
Above and Below Market Ground Rent	158		39			40			39			41			159			92		82			82			83			339
Transaction Costs (3)	428		—			—			—			—			—			—		—			—			—			—
Debt Premium Amortization	(3,664)		(916)			(916)			(916)			(916)			(3,664)			(916)		(998)			(998)			(1,001)			(3,913)
Deferred Income - Tenant Improvements	(7,532)		(2,683)			(2,769)			(2,728)			(1,250)			(9,430)			(633)		(611)			(3,139)			(3,022)			(7,405)
Above and Below Market Rents, Net	(12,126)		(2,374)			(2,407)			(2,973)			(3,008)			(10,762)			(1,771)		(1,669)			(1,538)			(1,466)			(6,444)
Second Generation Capital Expenditures (CAPEX)	(90,393)		(11,452)			(22,817)			(24,275)			(23,098)			(81,642)			(21,280)		(24,324)			(26,636)			(27,261)			(99,501)
Straight-Line Rental Revenue	(40,437)		(7,734)			(5,509)			(6,549)			(5,029)			(24,821)			(5,501)		(6,378)			(8,966)			(8,108)			(28,953)
Loss (Gain) on Sales of Undepreciated Investment Properties	(612)					—			64			—			64			—		(4,500)			22			—			(4,478)
FAD (1)	269,340		80,510			71,380			69,099			72,690			293,679			73,767		70,358			67,053			63,360			274,538
Weighted Average Shares - Diluted	148,636		148,725			148,740			148,772			148,905			148,891			149,002		149,142			151,695			151,835			150,419
FAD per share			$	0.54		$	0.48		$	0.46		$	0.49		$	1.97		$	0.50	$	0.47		$	0.44		$	0.42		$	1.83
Common Dividends	178,263		46,135			46,038			46,094			46,909			185,176			48,447		48,523			48,398			48,525			193,893
Common Dividends per share			$	0.31		$	0.31		$	0.31		$	0.31		$	1.24		$	0.32	$	0.32		$	0.32		$	0.32		$	1.28
FAD Payout Ratio	66.2	%	57.3		%	64.5		%	66.7		%	64.5		%	63.1		%	65.7%		69.0		%	72.2		%	76.6		%	70.6		%
Operations Ratio
Total Undepreciated Assets (1)	8,377,022		8,460,728			8,111,540			8,159,315			8,503,693			8,503,693			8,598,954		8,692,638			8,812,712			8,895,565			8,895,565
General and Administrative Expenses	27,034		6,733			7,313			7,968			7,307			29,321			8,063		6,996			6,498			6,762			28,319
Annualized General and Administrative Expenses (2) / Total Undepreciated Assets	0.32	%	0.32		%	0.36		%	0.39		%	0.34		%	0.34		%	0.38%		0.32		%	0.29		%	0.30		%	0.30		%
2nd Generation CAPEX
Second Generation Leasing Related Costs	70,694		8,617			16,994			17,626			15,671			58,908			13,898		20,524			19,136			14,771			68,329
Second Generation Building Improvements	19,699		2,835			5,823			6,649			7,427			22,734			7,382		3,800			7,500			12,490			31,172
	90,393		11,452			22,817			24,275			23,098			81,642			21,280		24,324			26,636			27,261			99,501
(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.
(3) In 2020, transaction costs relate primarily to the merger with TIER REIT, Inc.
Note: Amounts may differ slightly from other schedules contained herein due to rounding.

All values are in US Dollars.

Cousins Properties	33	Q4 2022 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
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FUNDS FROM OPERATIONS

	( in thousands, except per share amounts)
	Three Months Ended December 31,
	2022				2021
	Dollars	Weighted Average Common Shares	Per Share Amount		Dollars		Weighted Average Common Shares	Per Share Amount
Net Income Available to Common Stockholders		151,442	$	0.16	$	167,305	148,688	$	1.13
Noncontrolling interest related to unitholders	105	25	—		36		25	—
Conversion of unvested restricted stock units	—	368	—		—		192	(0.01)
Net Income — Diluted	24,223	151,835	0.16		167,341		148,905	1.12
Depreciation and amortization of real estate assets:
Consolidated properties	75,759	—	0.50		73,540		—	0.49
Share of unconsolidated joint ventures	503	—	—		1,582		—	0.01
Partners' share of real estate depreciation	(236)	—	—		(259)		—	—
Loss (gain) on depreciated property transactions:
Consolidated properties	(52)	—	—		(139,510)		—	(0.93)
Share of unconsolidated joint ventures	3	—	—		13		—	—
Investments in unconsolidated joint ventures	(7)	—	—		77		—	—
Funds From Operations		151,835	$	0.66	$	102,784	148,905	$	0.69

All values are in US Dollars.

Cousins Properties	34	Q4 2022 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
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	( in thousands, except per share amounts)
---	---	---	---	---	---	---	---	---	---
	Year Ended December 31,
	2022				2021
	Dollars	Weighted Average Common Shares	Per Share Amount		Dollars		Weighted Average Common Shares	Per Share Amount
Net Income Available to Common Stockholders		150,113	$	1.11	$	278,586	148,666	$	1.87
Noncontrolling interest related to unitholders	143	25	—		56		25	—
Conversion of stock options	—	—	—		—		1	—
Conversion of unvested restricted stock units	—	281	—		—		199	—
Net Income — Diluted	166,936	150,419	1.11		278,642		148,891	1.87
Depreciation and amortization of real estate assets:
Consolidated properties	295,029	—	1.96		287,469		—	1.93
Share of unconsolidated joint ventures	3,927	—	0.03		9,674		—	0.06
Partners' share of real estate depreciation	(794)	—	(0.01)		(929)		—	(0.01)
Loss (gain) on depreciated property transactions:
Consolidated properties	9	—	—		(152,611)		—	(1.01)
Share of unconsolidated joint ventures	(81)	—	—		39		—	—
Investments in unconsolidated joint ventures	(56,267)	—	(0.37)		(13,083)		—	(0.09)
Funds From Operations		150,419	$	2.72	$	409,201	148,891	$	2.75

All values are in US Dollars.

The tables above show FFO and the related reconciliation to Net Income Available to Common Stockholders for Cousins Properties Incorporated and Subsidiaries. The Company calculated FFO in accordance with the Nareit definition, which is net income available to common stockholders (computed in accordance with accounting principles generally accepted in the United States ("GAAP")), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable property, plus depreciation and amortization of real estate assets, impairment on depreciable investment property 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.

Cousins Properties	35	Q4 2022 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
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	( in thousands)
---	---	---	---	---	---	---	---
	Three Months Ended			Year Ended
Net Operating Income	December 31, 2022	December 31, 2021		December 31, 2022		December 31, 2021
Net income		$	167,489	$	167,445	$	278,996
Net operating income from unconsolidated joint ventures	1,444	3,270		9,524		19,223
Fee income	(749)	(3,132)		(6,119)		(15,559)
Termination fee income	(311)	(2,506)		(2,464)		(5,105)
Other income	(138)	(46)		(2,660)		(451)
Reimbursed expenses	569	1,327		2,024		2,476
General and administrative expenses	6,762	7,306		28,319		29,321
Interest expense	22,083	16,454		72,537		67,027
Depreciation and amortization	75,866	73,693		295,587		288,092
Other expenses	1,257	296		2,134		2,131
Income from unconsolidated joint ventures	(662)	(975)		(7,700)		(6,801)
Loss (gain) on sale of investment in unconsolidated joint ventures	(7)	77		(56,267)		(13,083)
Loss (gain) on investment property transactions	(52)	(139,510)		9		(152,547)
Gain on extinguishment of debt	(269)	—		(169)		—
Net Operating Income	130,142	123,743		502,200		493,720
Less:
Partners' share of NOI from consolidated joint ventures	(422)	(387)		(1,529)		(1,615)
Cousins' share of NOI		$	123,356	$	500,671	$	492,105
Net Operating Income		$	123,743	$	502,200	$	493,720
Non-cash income	(12,561)	(7,570)		(42,927)		(38,238)
Non-cash expense	234	160		955		615
Cash-Basis Net Operating Income		$	116,333	$	460,228	$	456,097
Net Operating Income
Same Property		$	105,011	$	424,315	$	424,232
Non-Same Property	22,720	18,732		77,885		69,488
		$	123,743	$	502,200	$	493,720
Cash-Basis Net Operating Income
Same Property		$	98,734	$	398,979	$	394,940
Non-Same Property	16,619	17,599		61,249		61,157
		$	116,333	$	460,228	$	456,097

All values are in US Dollars.

Cousins Properties	36	Q4 2022 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
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RECONCILIATION OF 2023 PROJECTED NET INCOME AVAILABLE

TO COMMON STOCKHOLDERS TO 2023 PROJECTED FFO

	Full Year 2023 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		$	0.57		$	105,309	$	0.69
Add: Noncontrolling interest related to unitholders	18	—			18		—
Net Income	87,081	0.57			105,327		0.69
Add: Depreciation and amortization of real estate assets	296,098	1.95			296,098		1.95
Funds From Operations		$	2.52		$	401,425	$	2.64
(1) Calculated based on projected weighted average shares outstanding of 152.1 million.

All values are in US Dollars.

Cousins Properties	37	Q4 2022 Supplemental Information
NON-GAAP FINANCIAL MEASURES - DEFINITIONS
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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.

“EBITDAre” is a supplemental operating performance measure used in the real estate industry. The Company calculates EBITDAre 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 EBITDAre 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 extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable real property, plus depreciation and amortization of real estate assets, impairment on depreciable investment property 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, and impairment are also excluded from NOI for the reasons described under FFO above.

“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. A stabilized property is one that has achieved 90% economic occupancy or has been substantially complete and owned by the Company for one year. 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 leasing costs 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.

Cousins Properties	38	Q4 2022 Supplemental Information