Cousins Properties Inc 8-K, filed Apr 29, 2026

Cousins Properties Inc (CUZ)

8-K 2026-04-29 For: 2026-04-29

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Added on April 29, 2026

About this 8-K

Cousins Properties Inc filed this 8-K on April 29, 2026.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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☐			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))


Forward-Looking Statements	2
Earnings Release	3
Company Information	5
Consolidated Balance Sheets	7
Consolidated Statements of Operations	8
Key Performance Metrics	9
Funds From Operations - Summary	12
Funds From Operations - Detail	13
Portfolio Statistics	16
Same Property Performance	19
Office Leasing Activity	20
Office Lease Expirations	21
Top 20 Office Tenants	22
Tenant Industry Diversification	23
Investment Activity	24
Development Pipeline	26
Land Inventory	27
Debt Schedule	28
Joint Venture Information	31
Non-GAAP Financial Measures - Calculations and Reconciliations	32
Non-GAAP Financial Measures - Definitions	38


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	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 & Chief Accounting Officer


Robert M. Chapman	Charles T. Cannada	M. Colin Connolly
Non-executive Chairman of Cousins Properties, former Chief Executive Officer of Centerpoint Properties Trust	Private Investor	President and Chief Executive Officer of Cousins Properties

Scott W. Fordham	Susan L. Givens	R. Kent Griffin Jr.
Former Chief Executive Officer and Director of TIER REIT, Inc.	Former executive with Blackstone	Managing Director of Phicas Investors

Donna W. Hyland	Dionne Nelson	R. Dary Stone
President and Chief Executive Officer of Children's Healthcare of Atlanta	President and Chief Executive Officer of Laurel Street Residential	President and Chief Executive Officer of R.D. Stone Interests


COMPANY INFORMATION		EQUITY RESEARCH COVERAGE (1)
Corporate Headquarters	Investor Relations	Barclays	BofA Securities	BMO Capital
3344 Peachtree Road NE Suite 1800 Atlanta GA 30326 404.407.1000	Roni Imbeaux Senior Vice President, Finance & Investor Relations rimbeaux@cousins.com 404.407.1104	Brendan Lynch 212.526.9428	Jana Galan 646.855.5042	John Kim 212.885.4115
		Evercore ISI	Green Street	Jefferies
Transfer Agent Equiniti Trust Company equiniti.com 866.627.2649	Stock Exchange NYSE: CUZ	Steve Sakwa 212.446.9462	Dylan Burzinski 949.640.8780	Joe Dickstein 212.778.8771
	Stock Exchange NYSE: CUZ	J.P. Morgan	KeyBanc	Mizuho Securities
RATING AGENCIES (1)		Anthony Paolone 212.622.6682	Upal Rana 917.368.2316	Vikram Malhotra 212.282.3827
S&P Global Ratings	Moody's Investors Service	RW Baird	Truist Securities	Wells Fargo
Hannah Gray 212.438.0244 Current Corporate Credit Rating: BBB	Christian Azzi 212.553.9342 Current Corporate Credit Rating: Baa2	Nicholas Thillman 414.298.5053	Michael Lewis 212.319.5659	Blaine Heck 410.662.2556
		Wolfe Research
Outlook: Stable	Outlook: Stable	Ally Yaseen 646.582.9253
(1) Please note that any opinions, estimates, or forecasts regarding Cousins' performance made by the analysts and rating agencies 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.


99.1			Press Release and Quarterly Information Package for the Quarter Ended March 31, 2026.


	March 31, 2026	December 31, 2025
Assets:
Real estate assets:
Operating properties, net of accumulated depreciation of $1,960,227 and $1,922,394 in 2026 and 2025, respectively	$8,114,853	$7,894,846
Land	135,869	135,870
	8,250,722	8,030,716

Real estate assets and other assets held for sale, net	23,237	61,489
Cash and cash equivalents	6,296	5,720
Investments in real estate debt, at fair value	19,586	37,804
Accounts receivable	15,946	17,578
Deferred rents receivable	278,450	269,282
Investments in unconsolidated joint ventures	213,988	215,301
Intangible assets, net	183,796	164,738
Other assets, net	95,822	87,504
Total assets	$9,087,843	$8,890,132
Liabilities:
Notes payable	$3,772,182	$3,340,815
Accounts payable and accrued expenses	247,716	314,317
Deferred income	297,607	301,358
Intangible liabilities, net	126,841	117,085
Other liabilities	110,409	111,506
Liabilities of real estate assets held for sale, net	39	2,849
Total liabilities	4,554,794	4,187,930
Commitments and contingencies
Equity:
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 164,541,670 and 167,981,990 issued and outstanding in 2026 and 2025, respectively	164,542	167,982
Additional paid-in capital	5,885,455	5,971,762
Distributions in excess of cumulative net income	(1,539,263)	(1,460,154)
Total stockholders' investment	4,510,734	4,679,590
Nonredeemable noncontrolling interests	22,315	22,612
Total equity	4,533,049	4,702,202
Total liabilities and equity	$9,087,843	$8,890,132


	Three Months Ended
	March 31,
	2026	2025
Revenues:
Rental property revenues	$261,108	$243,027
Fee income	1,245	496
Other	756	6,805
	263,109	250,328
Expenses:
Rental property operating expenses	82,585	77,156
Reimbursed expenses	120	177
General and administrative expenses	11,840	10,709
Interest expense	45,101	36,774
Operating property impairment	36,600	—
Depreciation and amortization	108,406	102,114
Other	438	422
	285,090	227,352

Loss from unconsolidated joint ventures	(2,642)	(1,883)
Loss on investment property transaction	(47)	—
Net income (loss)	(24,670)	21,093
Net income attributable to noncontrolling interests	(186)	(196)
Net income (loss) available to common stockholders	$(24,856)	$20,897

Net income (loss) per common share — basic and diluted	$(0.15)	$0.12
Weighted average common shares — basic	166,399	167,809
Weighted average common shares — diluted	166,399	168,593


	2024	2025 1st	2025 2nd	2025 3rd	2025 4th	2025	2026 1st
Property Statistics
Consolidated Operating Properties	36	36	36	37	37	37	37
Consolidated Rentable Square Feet (in thousands)	19,877	20,081	20,081	20,373	20,373	20,373	20,805
Unconsolidated Operating Properties	3	3	3	3	3	3	4
Unconsolidated Rentable Square Feet (in thousands)	1,236	1,236	1,236	1,236	1,236	1,236	2,139
Total Operating Properties	39	39	39	40	40	40	41
Total Rentable Square Feet (in thousands)	21,113	21,317	21,317	21,609	21,609	21,609	22,944
Office Percent Leased (period end)	91.6%	92.1%	91.6%	90.0%	90.7%	90.7%	91.8%
Office Weighted Average Occupancy	88.6%	90.0%	89.1%	88.3%	88.3%	88.8%	88.9%

Office Leasing Activity (2)
Net Leased during the Period (SF, in thousands)	2,020	539	334	551	700	2,125	932
Net Rent (per SF)	$39.77	$35.87	$40.95	$39.18	$36.52	$37.76	$44.54
Net Free Rent (per SF)	(1.97)	(1.77)	(2.08)	(1.97)	(2.40)	(2.07)	(1.86)
Leasing Commissions (per SF)	(2.81)	(2.81)	(3.18)	(2.69)	(2.76)	(2.82)	(3.26)
Tenant Improvements (per SF)	(6.82)	(6.23)	(7.34)	(6.15)	(8.18)	(7.01)	(7.14)
Leasing Costs (per SF)	(11.60)	(10.81)	(12.60)	(10.81)	(13.34)	(11.90)	(12.26)
Net Effective Rent (per SF)	$28.17	$25.06	$28.35	$28.37	$23.18	$25.86	$32.28
Change in Second Generation Net Rent	28.2%	18.3%	27.2%	23.8%	19.9%	21.5%	28.7%
Change in Cash-Basis Second Generation Net Rent	8.5%	3.2%	10.9%	4.2%	0.2%	3.5%	15.2%

Same Property Information (3)
Percent Leased (period end)	91.2%	91.7%	91.1%	89.3%	90.1%	90.1%	91.5%
Weighted Average Occupancy	88.6%	89.4%	88.4%	87.4%	87.4%	88.1%	88.5%
Change in NOI (over prior year period)	5.1%	4.0%	3.2%	1.9%	0.4%	2.4%	1.7%
Change in Cash-Basis NOI (over prior year period)	4.8%	2.0%	1.2%	0.3%	0.03%	0.9%	5.5%

Development Pipeline (4)
Estimated Project Costs (in thousands)	$441,550	$294,550	$294,550	$294,550	$294,550	$294,550	—
Estimated Project Costs/Total Undepreciated Assets	4.1%	2.7%	2.6%	2.7%	2.6%	2.6%	—
Continued on next page


(1)	For Non-GAAP Financial Measures, see the calculations and reconciliations on pages 32 through 38.
(2)	See Office Leasing Activity on page 20 for additional detail and explanations.
(3)	Same Property Information is derived from the pool of same office properties that existed in the period as originally reported. See Same Property Performance on page 19 and Non-GAAP Financial Measures - Calculations and Reconciliations starting on page 32 for additional information.
(4)	The Company's share of estimated project costs. See Development Pipeline on page 26 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.


(amounts in thousands, except per share amounts)
	2024	2025 1st	2025 2nd	2025 3rd	2025 4th	2025	2026 1st
Net Income (Loss)	$46,581	$21,093	$14,658	$8,778	$(3,277)	$41,252	$(24,670)
Fee and Other Income	(12,390)	(10,168)	(2,411)	(2,378)	(3,398)	(18,355)	(3,833)
General and Administrative Expenses	36,566	10,709	9,738	9,510	8,685	38,642	11,840
Interest Expense	122,476	36,774	38,514	41,497	42,456	159,241	45,101
Operating Property Impairment (1)	—	—	—	—	13,286	13,286	36,600
Land and Related Predevelopment Cost Impairment (2)	—	—	—	—	1,034	1,034	—
Depreciation and Amortization	365,045	102,114	100,890	105,272	107,083	415,359	108,406
Reimbursed and Other Expenses	2,731	600	560	565	619	2,344	559
Loss from Unconsolidated Joint Ventures	2,796	1,883	1,587	2,682	2,007	8,159	2,642
NOI from Unconsolidated Joint Ventures	6,617	2,223	3,165	3,256	3,705	12,349	3,371
Transaction Loss (Gain)	(98)	—	—	—	—	—	47
NOI (3)	$570,324	$165,228	$166,701	$169,182	$172,200	$673,311	$180,063
Fee and Other Income (3)	12,522	10,183	2,450	2,400	3,445	18,478	3,865
General and Administrative Expenses	(36,566)	(10,709)	(9,738)	(9,510)	(8,685)	(38,642)	(11,840)
Interest Expense (3)	(126,960)	(38,763)	(40,753)	(44,327)	(45,106)	(168,949)	(47,834)
Reimbursed and Other Expenses (3)	(3,047)	(521)	(625)	(659)	(725)	(2,530)	(817)
Land and Related Predevelopment Cost Impairment (2)	—	—	—	—	(1,034)	(1,034)	—
Loss on Sales of Undepreciated Investment Properties (3)	(3)	—	—	—	—	—	—
Depreciation and Amortization of Non-Real Estate Assets	(461)	(117)	(121)	(121)	(129)	(488)	(140)
Partners' Share of FFO in Consolidated Joint Ventures	(1,717)	(467)	(420)	(429)	(429)	(1,745)	(430)
FFO (3)	$414,092	$124,834	$117,494	$116,536	$119,537	$478,401	$122,867
Weighted Average Common Shares - Diluted	154,015	168,593	168,765	168,738	168,770	168,716	167,681
FFO per Share (3)	$2.69	$0.74	$0.70	$0.69	$0.71	$2.84	$0.73


Office Properties	Rentable Square Feet	Financial Statement Presentation	Company's Ownership Interest	End of Period Leased		Weighted Average Occupancy (2)		% of Total NOI / 1Q26
Office Properties	Rentable Square Feet	Financial Statement Presentation	Company's Ownership Interest	4Q25	1Q26	4Q25	1Q26	% of Total NOI / 1Q26

The Domain (3) (4)	2,080,000	Consolidated	100%	97.9%	97.6%	97.9%	97.9%	12.4%
Sail Tower	804,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	6.6%
300 Colorado	378,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	3.8%
One Eleven Congress	519,000	Consolidated	100%	86.4%	90.2%	82.7%	82.7%	2.7%
San Jacinto Center	399,000	Consolidated	100%	90.3%	90.3%	85.9%	87.6%	2.7%
Colorado Tower	373,000	Consolidated	100%	89.7%	89.7%	89.7%	89.7%	2.4%
The Terrace (3)	619,000	Consolidated	100%	88.1%	89.6%	79.4%	83.4%	2.3%
Domain Point (3)	240,000	Consolidated	96.5%	93.6%	93.6%	93.6%	93.6%	1.1%
Research Park V	173,000	Consolidated	100%	93.0%	97.1%	93.0%	94.4%	0.6%
AUSTIN	5,585,000			94.8%	95.3%	93.1%	93.7%	34.6%

Terminus (3)	1,226,000	Consolidated	100%	83.9%	83.8%	81.6%	81.8%	4.7%
Spring & 8th (3)	765,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	4.1%
Buckhead Plaza (3)	678,000	Consolidated	100%	95.1%	95.8%	93.2%	92.7%	3.8%
Promenade Tower	777,000	Consolidated	100%	87.1%	87.0%	80.5%	85.1%	3.7%
Avalon (3)	480,000	Consolidated	100%	99.2%	100.0%	88.8%	98.3%	2.5%
725 Ponce	372,000	Consolidated	100%	87.6%	87.6%	87.6%	87.6%	2.3%
Northpark (3)	1,405,000	Consolidated	100%	82.2%	83.7%	69.1%	69.3%	2.2%
3344 Peachtree	484,000	Consolidated	100%	94.5%	94.5%	96.7%	94.5%	2.1%
3350 Peachtree	413,000	Consolidated	100%	90.8%	91.8%	90.8%	91.8%	1.5%
Promenade Central	367,000	Consolidated	100%	83.2%	84.3%	78.4%	78.7%	1.3%
3348 Peachtree	258,000	Consolidated	100%	77.0%	77.0%	77.0%	77.0%	0.8%
Meridian Mark Plaza	160,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	0.7%
Medical Offices at Emory Hospital	358,000	Unconsolidated	50%	99.1%	99.2%	99.1%	99.2%	0.7%
Proscenium	525,000	Unconsolidated	20%	44.8%	61.6%	46.9%	44.8%	0.1%
120 West Trinity Office	43,000	Unconsolidated	20%	74.2%	74.2%	74.2%	74.2%	0.1%
ATLANTA	8,311,000			88.5%	89.3%	84.2%	85.2%	30.6%

Vantage South End (3)	639,000	Consolidated	100%	97.4%	97.4%	97.4%	97.4%	4.0%
300 South Tryon (5)	638,000	Consolidated	100%	N/A	100.0%	N/A	100.0%	2.6%
The RailYard	329,000	Consolidated	100%	99.0%	99.0%	98.1%	98.1%	1.6%
201 North Tryon	692,000	Consolidated	100%	52.6%	49.0%	53.1%	48.8%	1.5%
550 South	394,000	Consolidated	100%	55.8%	77.9%	61.6%	55.8%	0.7%
CHARLOTTE	2,692,000			74.6%	81.4%	75.7%	77.6%	10.4%


Hayden Ferry (3) (6)	792,000	Consolidated	100%	95.4%	95.4%	92.2%	92.2%	3.4%
100 Mill	288,000	Consolidated	90%	98.1%	98.1%	98.1%	98.1%	2.1%
Tempe Gateway	264,000	Consolidated	100%	95.9%	98.4%	95.7%	95.7%	1.4%
111 West Rio	225,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	0.8%
PHOENIX	1,569,000			96.8%	97.3%	95.4%	95.4%	7.7%
Continued on next page


(1)	Represents the Company's operating properties, excluding properties in the development pipeline and properties sold prior to March 31, 2026.
(2)	The weighted average occupancy of the property over the period for which the property was available for occupancy during the respective quarters.
(3)	Contains two or more buildings that are grouped together for reporting purposes.
(4)	Effective September 1, 2024, Domain 4 was excluded from the office square footage, end of period leased, weighted average occupancy, and Same Property. The Company plans to hold the Domain 4 site for future development. Domain 9 stabilized on March 1, 2025 and was added to the portfolio statistics at that time. Domain 9 is not included in Same Property.
(5)	Not included in Same Property.
(6)	Effective October 1, 2023, Hayden Ferry I, a 207,000 square foot building, in this group of buildings was excluded from Same Property, end of period leased, and weighted average occupancy due to commencement of the current full redevelopment of this building. This building will be excluded from the Phoenix and Total Office end of period leased and weighted average occupancy calculations until stabilized.
(7)	Following substantial completion in the first quarter of 2026, Phase I of our Neuhoff joint venture's development project was removed from our development pipeline and included above. Until stabilization this property will be excluded from the Total Office end of period leased and weighted average occupancy calculations. The joint venture has a construction loan with a capacity of $273.5 million and $251.1 million outstanding as of March 31, 2026, of which our share is $125.6 million, that is secured by the entire project including the commercial office, commercial retail, and residential components.


($ in thousands)
Three Months Ended March 31,
	2025	2026	$ Change	% Change
Rental Property Revenues (2)	$234,097	$238,791	$4,694	2.0%
Rental Property Operating Expenses (2)	75,352	77,380	2,028	2.7%
Same Property Net Operating Income	$158,745	$161,411	$2,666	1.7%

Cash-Basis Rental Property Revenues (3)	$211,754	$221,326	$9,572	4.5%
Cash-Basis Rental Property Operating Expenses (4)	75,168	77,218	2,050	2.7%
Cash-Basis Same Property Net Operating Income	$136,586	$144,108	$7,522	5.5%

End of Period Leased	92.0%	91.5%
Weighted Average Occupancy	89.9%	88.5%


(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 16 and 17 for footnotes indicating which properties are not included in Same Property. See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 32.
(2)	Rental Property Revenues and Operating 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 Operating 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, 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.


By:			/s/ Gregg D. Adzema


TABLE OF CONTENTS


FORWARD-LOOKING STATEMENTS


EARNINGS RELEASE


	Three Months Ended March 31, 2026
	New	Renewal	Expansion	Total
Net leased square feet (1)	405,617	448,258	77,694	931,569
Number of transactions	18	19	12	49
Lease term in years (2)	8.4	4.7	7.8	6.6

Net effective rent calculation (per square foot per year) (2)
Net annualized rent (3)	$43.57	$44.34	$50.79	$44.54
Net free rent	(3.26)	(0.51)	(2.32)	(1.86)
Leasing commissions	(3.54)	(2.90)	(3.92)	(3.26)
Tenant improvements	(10.54)	(3.97)	(7.66)	(7.14)
Total leasing costs	(17.34)	(7.38)	(13.90)	(12.26)
Net effective rent	$26.23	$36.96	$36.89	$32.28

Second generation leased square footage (4)				656,433
Increase in straight-line basis second generation net rent per square foot (5)				28.7%
Increase in cash-basis second generation net rent per square foot (6)				15.2%


(1)	Comprised of total square feet leased, unadjusted for ownership share. Excludes leases approximately one year or less, along with apartment, retail, amenity, storage, and intercompany space leases.
(2)	Weighted average of net leased square feet.
(3)	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. Excludes percent rent leases.
(4)	Excludes leases executed for spaces that were vacant upon acquisition, new leases in development properties, percentage rent leases, and leases for spaces that have been vacant for one year or more.
(5)	Increase in second generation straight-line basis net annualized rent on a weighted average basis.
(6)	Increase in second generation 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 final net cash rent paid under the original lease is compared to the first net cash rent paid under the terms of the renewal. Net cash rent is net of any recovery of operating expenses but prior to any deductions for leasing costs.


Year of Expiration	Square Feet Expiring	% of Leased Space	Annual Contractual Rent ($ in thousands) (2)	% of Annual Contractual Rent	Annual Contractual Rent/Sq. Ft.

2026	815,548	4.3%	$38,325	3.5%	$46.99
2027	1,108,132	5.8%	52,671	4.8%	47.53
2028	1,737,748	9.2%	89,342	8.2%	51.41
2029	1,910,457	10.1%	98,121	9.0%	51.36
2030	1,813,129	9.6%	94,992	8.7%	52.39
2031	1,551,132	8.2%	88,356	8.1%	56.96
2032	2,695,603	14.2%	159,797	14.7%	59.28
2033	1,321,242	7.0%	80,055	7.4%	60.59
2034	1,267,967	6.7%	73,958	6.8%	58.33
2035 & Thereafter	4,744,298	24.9%	313,192	28.8%	66.01

Total	18,965,256	100.0%	$1,088,809	100.0%	$57.41


(1) Company's share of leases expiring after March 31, 2026. Expiring square footage for which new leases have 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.


	Tenant (1)	Number of Properties Occupied	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	5	3	1,461,805	$80,093	8.6%	5.4
2	Alphabet	1	1	799,149	55,163	5.9%	11.8
3	NCR Voyix	2	2	815,634	43,982	4.7%	7.2
4	ExxonMobil	1	1	298,396	21,862	2.3%	6.8
5	IBM	1	1	319,863	18,669	2.0%	14.4
6	Expedia	1	1	315,882	17,344	1.8%	5.0
7	Apache	1	1	362,803	14,567	1.5%	12.8
8	Ovintiv USA (3)	1	1	318,582	13,868	1.5%	1.0
9	Barings	1	1	203,319	9,574	1.0%	6.4
10	Deloitte	4	3	193,751	9,199	1.0%	7.6
11	McGuireWoods LLP	2	2	176,498	8,553	0.9%	16.2
12	ADP	1	1	225,000	8,151	0.9%	2.0
13	Wells Fargo	5	3	159,114	7,905	0.8%	3.7
14	BlackRock	1	1	131,656	7,898	0.8%	10.2
15	McKinsey & Company	3	3	138,532	7,286	0.8%	6.5
16	Smurfit Westrock	1	1	181,351	7,041	0.7%	4.1
17	Amgen	1	1	163,169	6,980	0.7%	2.6
18	Rig Up	1	1	93,210	6,698	0.7%	2.3
19	International Workplace Group	4	4	123,625	6,554	0.7%	6.1
20	Time Warner Cable	2	1	119,018	6,432	0.7%	2.5
	Total			6,600,357	$357,819	38.0%	6.7


(1)	In some cases, the actual tenant may be an affiliate of the entity shown, and the entity shown may not be a guarantor of the obligations of that tenant.
(2)	Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of March 31, 2026. If the tenant was in a free rent period as of March 31, 2026, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent.
(3)	In the third quarter of 2025, the Company proactively entered into an early termination agreement with Ovintiv. Approximately 88% of Ovintiv’s premises is subleased and upon Ovintiv’s expiration the subtenants will become direct tenants. Each subtenant’s remaining lease term is included in the remaining lease term reflected for Ovintiv above.


Property	Type	Market	Company's Ownership Interest	Timing	Square Feet	Gross Purchase Price ($ in thousands) (1)

2026
300 South Tryon	Office	Charlotte	100%	1Q	638,000	$317,500

2025
The Link	Office	Dallas	100%	3Q	292,000	218,000

2024
Proscenium	Office	Atlanta	20%	3Q	525,000	83,250
Sail Tower	Office	Austin	100%	4Q	804,000	521,800
Vantage South End	Office	Charlotte	100%	4Q	639,000	328,500

2022
Avalon (2)	Office	Atlanta	100%	2Q	480,000	43,400

2021
725 Ponce	Office	Atlanta	100%	3Q	372,000	300,200
Heights Union	Office	Tampa	100%	4Q	294,000	144,800

					4,044,000	$1,957,450


Project	Type	Market	Company's Ownership Interest	Timing (3)	Square Feet	Total Project Cost ($ in thousands) (1)

2026
Neuhoff Commercial - Phase 1	Mixed	Nashville	50%	(4)	450,000	$306,000
Neuhoff Apartment	Residential	Nashville	50%	1Q	454,000	217,000

2025
Domain 9	Office	Austin	100%	1Q	338,000	147,000

2022
300 Colorado	Office	Austin	100%	1Q	369,000	193,000
100 Mill	Office	Phoenix	90%	4Q	288,000	156,000

2021
10000 Avalon (2)	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

					2,803,000	$1,315,000


The Company had no projects under active development as of March 31, 2026.


	Market	Company's Ownership Interest	Financial Statement Presentation	Total Developable Land (Acres)

3354/3356 Peachtree	Atlanta	95%	Consolidated	3.2
715 Ponce	Atlanta	50%	Unconsolidated	1.0
887 West Peachtree	Atlanta	100%	Consolidated	1.6
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 (1)	Charlotte	100%	Consolidated	2.4
Legacy Union 2 & 3	Dallas	95%	Consolidated	4.0
Neuhoff Commercial - Phase II (2)	Nashville	50%	Unconsolidated	1.4
Corporate Center 5 & 6 (3)	Tampa	100%	Consolidated	14.1
Total				38.4


Total Cost Basis of Land ($ in thousands)				$234,286

Company's Share of Cost Basis of Land ($ in thousands)				$191,742


(1)	303 Tremont is under contract for sale and is expected to close in the second half of 2026.
(2)	The cost basis for the Neuhoff Commercial - Phase II land site of $73 million includes costs related to initial parking and infrastructure work completed during the construction of Phase I, of which the Company's share is 50%.
(3)	Corporate Center 5 is controlled through a long-term ground lease.


Company's Share of Debt Maturities and Principal Payments
($ in thousands)
Description (Interest Rate Base, if not fixed)	Company's Ownership Interest	Rate at End of Quarter (2)	Maturity Date (3)	2026	2027	2028	2029	2030	Thereafter	Total Principal	Original Issue Discount	Deferred Loan Costs	Total

Consolidated Debt
Consolidated Debt - Floating Rate
Term Loan, Unsecured (SOFR + 0.800%) (4)	100%	4.430%	8/11/27	$—	$100,000	$—	$—	$—	$—	$100,000	$—	$(83)	$99,917
Term Loan, Unsecured (SOFR + 0.800%) (5)	100%	4.430%	3/3/28	—	—	200,000	—	—	—	200,000	—	(125)	199,875
Credit Facility, Unsecured (SOFR + 0.725%) (6)	100%	4.355%	4/1/31	—	—	—	—	—	206,500	206,500	—	—	206,500
Total Consolidated Floating Rate Debt				—	100,000	200,000	—	—	206,500	506,500	—	(208)	506,292

Consolidated Debt - Fixed Rate
Colorado Tower	100%	3.450%	9/1/26	100,463	—	—	—	—	—	100,463	—	(29)	100,434
201 North Tryon	100%	3.370%	10/1/26	117,939	—	—	—	—	—	117,939	—	(25)	117,914
Privately Placed Senior Notes, Unsecured	100%	4.090%	7/6/27	—	100,000	—	—	—	—	100,000	—	(56)	99,944
Privately Placed Senior Notes, Unsecured	100%	3.780%	7/6/27	—	125,000	—	—	—	—	125,000	—	(78)	124,922
Term Loan, Unsecured (5)	100%	4.418%	3/3/28	—	—	200,000	—	—	—	200,000	—	(125)	199,875
Privately Placed Senior Notes, Unsecured	100%	3.860%	7/6/28	—	—	250,000	—	—	—	250,000	—	(254)	249,746
Privately Placed Senior Notes, Unsecured	100%	3.950%	7/6/29	—	—	—	275,000	—	—	275,000	—	(363)	274,637
Public Senior Notes, Unsecured (7)	100%	5.250%	7/15/30	—	—	—	—	500,000	—	500,000	(56)	(3,633)	496,311
Terminus (8)	100%	6.340%	1/15/31	—	—	—	—	—	221,000	221,000	—	(215)	220,785
Public Senior Notes, Unsecured (9)	100%	5.375%	2/15/32	—	—	—	—	—	400,000	400,000	(1,811)	(2,919)	395,270
Public Senior Notes, Unsecured (10)	100%	4.875%	3/1/33	—	—	—	—	—	500,000	500,000	(3,669)	(4,184)	492,147
Public Senior Notes, Unsecured (11)	100%	5.875%	10/1/34	—	—	—	—	—	500,000	500,000	(1,281)	(4,814)	493,905
Total Consolidated Fixed Rate Debt				218,402	225,000	450,000	275,000	500,000	1,621,000	3,289,402	(6,817)	(16,695)	3,265,890

Total Consolidated Debt				218,402	325,000	650,000	275,000	500,000	1,827,500	3,795,902	(6,817)	(16,903)	3,772,182

Unconsolidated Debt
Unconsolidated Debt - Floating Rate
Neuhoff (SOFR + 3.000%) (12)	50%	6.680%	9/30/27	—	125,563	—	—	—	—	125,563	—	(249)	125,314
									.
Unconsolidated Debt - Fixed Rate
Medical Offices at Emory Hospital	50%	4.800%	6/1/32	—	—	—	—	—	41,500	41,500	—	(246)	41,254

Total Unconsolidated Debt				—	125,563	—	—	—	41,500	167,063	—	(495)	166,568

Total Debt				$218,402	$450,563	$650,000	$275,000	$500,000	$1,869,000	$3,962,965	$(6,817)	$(17,398)	$3,938,750

Total Maturities (13)				$215,159	$450,563	$650,000	$275,000	$500,000	$1,869,000	$3,959,722
% of Maturities				5%	11%	16%	7%	13%	48%	100%


	Total Principal ($ in thousands)	Total Debt (%)	Weighted Average Interest Rate	Weighted Average Maturity (Years) (2)
Floating Rate Debt	$632,063	16%	4.85%	2.8
Fixed Rate Debt	3,330,902	84%	4.90%	4.7
Total Debt	$3,962,965	100%	4.89%	4.4


(1)	All amounts are presented at Company share.
(2)	Rates represent the current rates as of March 31, 2026, except for the term loans and credit facility which represent SOFR as of March 31, 2026, plus applicable spreads under the April 1, 2026 amendments.
(3)	Maturity dates shown assume the Company exercises all extensions available as of the date of this report.
(4)	The Company exercised the fourth of its initial four consecutive options to extend the maturity date of this term loan. This extension became effective on February 20, 2026, and extended the maturity date to August 19, 2026. The spread over SOFR at March 31, 2026, was 1.00%. In February of 2026, the Company paid $150 million towards the principal of the term loan. Subsequent to quarter end, on April 1, the Company entered into the fourth amendment of the term loan agreement, which granted two additional 180 day extension options, extending the final maturity date to August 11, 2027, and updated the spread over SOFR of 1.00% to 0.80%.
(5)	The Company exercised the third of its initial four consecutive options to extend the maturity date of this term loan. This extension became effective March 3, 2026, and extended the maturity date to September 3, 2026. One additional six month extension option remains unexercised. At the time of the third extension the Company elected six month Term SOFR +0.85% for $200 million of the debt outstanding, fixing the underlying SOFR interest rate at 3.618% through September 3, 2026. As of March 31, 2026, the spread over SOFR of the remaining $200 million of the term loan was 0.85%. Subsequent to quarter end, on April 1, 2026, we entered into second amendment to the delayed draw term loan, which granted two additional six month extension options, extending the final maturity date to March 3, 2028, and reducing the spread over SOFR of 0.850% to the spread over SOFR +0.800%.
(6)	As of March 31, 2026, the spread over SOFR was 0.775% and the Company had the ability to borrow an additional $793.5 million. Subsequent to quarter end, on April 1, 2026, the Company entered into the sixth amendment to the Credit Facility, which increased the facility's capacity to $1.2 billion and extended the maturity date from April 30, 2027 to April 1, 2031. Additionally, the amendment reduced the spread over SOFR of 0.775% to the spread over SOFR of 0.725%.
(7)	This note has a coupon of 5.25% with an effective rate of 5.251% including the original issue discount.
(8)	Represents $123.0 million and $98.0 million non-cross collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
(9)	This note has a coupon of 5.375% with an effective rate of 5.464% including the original issue discount.
(10)	This note has a coupon of 4.875% with an effective rate of 5.001% including the original issue discount.
(11)	This note has a coupon of 5.875% with an effective rate of 5.912% including the original issue discount.
(12)	The Company's share of the total borrowing capacity of the construction loan is approximately $136.8 million. The maturity date of the construction loan is September 30, 2026, and the spread in excess of SOFR is 3.00%. The joint venture has an option to extend the maturity date an additional 12 months, subject to certain conditions.
(13)	Maturities include principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.


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 options 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	Medical Offices at Emory Hospital	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 to equity partners are paid to development partner as a promote.	Cousins or its equity partner can trigger a sale process, subject to a right of first offer that can be exercised by the non-triggering party.
TL CO Proscenium JV LLC	Proscenium	20% of cash flows.	Cousins' equity partner can trigger a sale process, subject to a right of first offer that can be exercised by Cousins. Additionally, Cousins has a put option under various circumstances.


(1)	This schedule only contains information related to joint ventures that hold an ownership interest in operating office buildings 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.


	(in thousands, except per share amounts)
	Three Months Ended March 31,
	2026			2025
	Dollars	Weighted Average Common Shares	Per Share Amount	Dollars	Weighted Average Common Shares	Per Share Amount
Net Income (Loss) Available to Common Stockholders	$(24,856)	166,399	$(0.15)	$20,897	167,809	$0.12
Noncontrolling interest related to unitholders	—	—	—	3	25	—
Conversion of unvested restricted stock units	—	—	—	—	759	—

Net Income (Loss) — Diluted	(24,856)	166,399	(0.15)	20,900	168,593	0.12
Noncontrolling interest related to unitholders	(4)	25	—	—	—	—
Conversion of unvested restricted stock units	—	846	—	—	—	—
Unvested restricted stock	—	411	—	—	—	—
Depreciation and amortization of real estate assets:
Consolidated properties	108,267	—	0.64	101,996	—	0.61
Share of unconsolidated joint ventures	3,053	—	0.02	2,212	—	0.01
Partners' share of real estate depreciation	(240)	—	—	(274)	—	—
Loss on investment property transactions	47	—	—	—	—	—
Operating property impairment	36,600	—	0.22	—	—	—
Funds From Operations	$122,867	167,681	$0.73	$124,834	168,593	$0.74


	($ in thousands)
	Three Months Ended
Net Operating Income	March 31, 2026	March 31, 2025

Net income (loss)	$(24,670)	$21,093
Net operating income from unconsolidated joint ventures	3,371	2,223
Fee income	(1,245)	(496)
Termination fee income	(1,831)	(2,866)
Other income	(756)	(6,805)
Reimbursed expenses	120	177
General and administrative expenses	11,840	10,709
Interest expense	45,101	36,774
Operating property impairment	36,600	—
Depreciation and amortization	108,406	102,114
Other expenses	438	422
Loss from unconsolidated joint ventures	2,642	1,883
Loss on investment property transactions	47	—
Net Operating Income	180,063	165,228
Less:
Partners' share of NOI from consolidated joint ventures	(453)	(470)
Cousins' share of NOI	$179,610	$164,758

Net Operating Income	$180,063	$165,228
Non-cash income	(22,764)	(23,752)
Non-cash expense	227	273
Cash-Basis Net Operating Income	$157,526	$141,749

Net Operating Income
Same Property	$161,411	$158,745
Non-Same Property	18,652	6,483
	$180,063	$165,228

Cash-Basis Net Operating Income
Same Property	$144,108	$136,586
Non-Same Property	13,418	5,163
	$157,526	$141,749


	Full Year 2026 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	$3,103	$0.02	$16,493	$0.10
Add: Noncontrolling interest related to unitholders	4	—	4	—

Net Loss	3,107	0.02	16,497	0.10
Add: Depreciation and amortization of real estate assets	445,645	2.66	445,645	2.66
Add: Operating property impairment	36,600	0.22	36,600	0.22
Add: Loss on investment property transactions	47	—	47	—
Funds From Operations	$485,399	$2.90	$498,789	$2.98

(1) Calculated based on projected weighted average shares outstanding of 167.4 million.
R2 Weight Average Shares	167,379	166,185.95