8-K

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): July 28, 2022

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 July 28, 2022, 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 June 30, 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 June 30, 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: July 28, 2022

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
---	---
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	Q2 2022 Supplemental Information
FORWARD-LOOKING STATEMENTS
---

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, 2021, and the Quarterly Report on Form 10-Q for the quarter ended June 30, 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 or changes in existing market concentrations; future changes in interest rates; and all statements that address operating performance, events, 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, Charlotte, Phoenix, Tampa, 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, including the COVID-19 pandemic, 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 and 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	Q2 2022 Supplemental Information
EARNINGS RELEASE
---

COUSINS PROPERTIES REPORTS SECOND QUARTER 2022 RESULTS

Updates 2022 Earnings Guidance

ATLANTA (July 28, 2022) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended June 30, 2022.

“Despite a volatile macro-economic environment, our second quarter results were solid, with strong leasing results,” said Colin Connolly, President and Chief Executive Officer of Cousins Properties. "Given recent dislocation in the capital markets, we firmly believe compelling investment opportunities will emerge. We reduced leverage during the quarter and have significant dry powder to ensure we are ready when they do. While there is some uncertainty in the market, we built Cousins to thrive during all phases of the economic cycle."

Financial Results

For second quarter 2022:

•Net income available to common stockholders was $34.1 million, or $0.23 per share, compared to $28.2 million, or $0.19 per share, for second quarter 2021.

•Funds From Operations ("FFO") was $104.7 million, or $0.70 per share, compared to $102.1 million, or $0.69 per share, for second quarter 2021.

For six months ended June 30, 2022:

•Net income available to common stockholders was $62.0 million, or $0.42 per share, compared to $57.3 million, or $0.39 per share, for six months ended June 30, 2021.

•FFO was $204.2 million, or $1.37 per share, compared to $204.0 million, or $1.37 per share, for six months ended June 30, 2021.

Operations and Leasing Activity

For second quarter 2022:

•Same property net operating income ("NOI") on a cash-basis decreased 0.2%.

•Second generation net rent per square foot on a cash-basis increased 11.6%.

•Executed 588,000 square feet of office leases, including 264,000 square feet of new and expansion leases, representing 45% of total leasing activity.

For six months ended June 30, 2022:

•Same property NOI on a cash-basis was unchanged.

•Second generation net rent per square foot on a cash-basis increased 12.8%.

•Executed 912,000 square feet of office leases, including 488,000 square feet of new and expansion leases, representing 54% of total leasing activity.

Cousins Properties	3	Q2 2022 Supplemental Information
EARNINGS RELEASE
---

Investment and Financing Activity

•Closed a new $1 billion unsecured revolving credit facility that extended the maturity date to April 30, 2027 and reduced certain variable interest rate spreads and other fees.

•Purchased our partner's 10% interest in 8000 Avalon and 10000 Avalon for $43.4 million. The purchase price included a promote to our partner in excess of its partnership interest and represented a negotiated fair value for the properties of $301.5 million.

•Settled outstanding forward contracts to sell 2.6 million shares of common stock. These forward contracts were executed in the third and fourth quarter of 2021 at a gross average price of $39.92 per share.

•An unconsolidated joint venture sold a 3.0 acre land parcel in the Victory submarket of Uptown Dallas for $23.1 million. Our share of the gain from the transaction was $4.5 million.

Earnings Guidance

Full year 2022 earnings guidance has been updated as follows:

•Net income between $0.79 and $0.85 per share.

•FFO between $2.67 and $2.73 per share.

•Guidance updates are driven by increases in actual and forecast interest rates, partially offset by the Victory land gain as well as anticipated improvements in property NOI.

•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 11:00 a.m. (Eastern Time) on Friday, July 29, 2022 to discuss the results of the quarter ended June 30, 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 Second 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 3907355. The playback can also be accessed on the Company's website.

Cousins Properties	4	Q2 2022 Supplemental Information
COMPANY INFORMATION
---

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 and Chief Executive Officer	Executive Vice President and Chief Financial Officer	Executive Vice President, Investments and Managing Director - Atlanta	Executive Vice President, Operations
John S. McColl	Pamela F. Roper	Jeffrey D. Symes
Executive Vice President, Development	Executive Vice President, General Counsel and Corporate Secretary	Senior Vice President and 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	Green Street	J.P. Morgan	Mizuho Securities
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	James Feldman<br>646.855.5808	Daniel Ismail<br>949.640.8780	Anthony Paolone<br>212.622.6682	Vikram Malhotra<br>212.282.3827
Investor Relations	Stock Exchange	RW Baird	Truist Securities	Wells Fargo	Wolfe Research
Roni Imbeaux<br>Vice President, Finance and<br>Investor Relations<br>rimbeaux@cousins.com<br>404.407.1104	NYSE: CUZ	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	Q2 2022 Supplemental Information
CONSOLIDATED BALANCE SHEETS
---

(in thousands, except share and per share amounts)

	June 30, 2022		December 31, 2021
Assets:	(unaudited)
Real estate assets:
Operating properties, net of accumulated depreciation of $971,023 and $874,988 in 2022 and 2021, respectively	$	6,630,212	$	6,506,910
Projects under development	90,622		174,803
Land	157,680		157,681
	6,878,514		6,839,394
Cash and cash equivalents	4,057		8,937
Restricted cash	1,231		1,231
Accounts receivable	9,688		12,553
Deferred rents receivable	166,654		154,866
Investment in unconsolidated joint ventures	103,215		77,811
Intangible assets, net	151,550		168,553
Other assets, net	65,215		48,689
Total assets	$	7,380,124	$	7,312,034
Liabilities:
Notes payable	$	2,305,637	$	2,237,509
Accounts payable and accrued expenses	208,417		224,523
Deferred income	75,226		74,515
Intangible liabilities, net	57,327		63,223
Other liabilities	100,822		111,864
Total liabilities	2,747,429		2,711,634
Commitments and contingencies
Equity:
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 154,024,945 and 151,272,969 shares issued and outstanding in 2022 and 2021, respectively	154,025		151,273
Additional paid-in capital	5,627,133		5,549,308
Treasury stock at cost, 2,584,933 shares in 2022 and 2021	(148,473)		(148,473)
Distributions in excess of cumulative net income	(1,020,590)		(985,338)
Total stockholders' investment	4,612,095		4,566,770
Nonredeemable noncontrolling interests	20,600		33,630
Total equity	4,632,695		4,600,400
Total liabilities and equity	$	7,380,124	$	7,312,034
Cousins Properties	6	Q2 2022 Supplemental Information
---	---	---
CONSOLIDATED STATEMENTS OF OPERATIONS
---

(unaudited; in thousands, except per share amounts)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Revenues:
Rental property revenues	$	183,174	$	181,766	$	366,401	$	366,573
Fee income	2,305		4,803		3,693		9,332
Other	201		68		2,484		282
	185,680		186,637		372,578		376,187
Expenses:
Rental property operating expenses	62,216		63,716		127,093		130,111
Reimbursed expenses	677		398		1,037		766
General and administrative expenses	6,996		7,313		15,059		14,046
Interest expense	16,549		16,656		32,074		33,864
Depreciation and amortization	69,861		71,456		140,605		142,326
Other	425		824		646		1,414
	156,724		160,363		316,514		322,527
Income from unconsolidated joint ventures	5,280		1,795		6,404		3,698
Gain on sales of investments in unconsolidated joint ventures	—		—		—		39
Gain (loss) on investment property transactions	28		(9)		(41)		(26)
Loss on extinguishment of debt	(100)		—		(100)		—
Net income	34,164		28,060		62,327		57,371
Net loss (income) attributable to noncontrolling interests	(112)		93		(291)		(108)
Net income available to common stockholders	$	34,052	$	28,153	$	62,036	$	57,263
Net income per common share — basic and diluted	$	0.23	$	0.19	$	0.42	$	0.39
Weighted average shares — basic	148,837		148,665		148,788		148,644
Weighted average shares — diluted	149,142		148,740		149,090		148,716
Cousins Properties	7	Q2 2022 Supplemental Information
---	---	---
KEY PERFORMANCE METRICS (1)
---
	2020	2021 1st	2021 2nd	2021 3rd	2021 4th	2021	2022 1st	2022 2nd	YTD 2022
---	---	---	---	---	---	---	---	---	---
Property Statistics
Consolidated Operating Properties	33	33	32	32	32	32	33	33	33
Consolidated Rentable Square Feet (in thousands)	18,897	19,145	18,122	17,899	17,758	17,758	18,136	18,136	18,136
Unconsolidated Operating Properties	3	3	4	3	3	3	3	3	3
Unconsolidated Rentable Square Feet (in thousands)	1,107	1,107	1,460	1,179	1,179	1,179	1,179	1,179	1,179
Total Operating Properties	36	36	36	35	35	35	36	36	36
Total Rentable Square Feet (in thousands)	20,004	20,252	19,582	19,078	18,937	18,937	19,315	19,315	19,315
Office Leasing Activity (2)
Net Leased during the Period (SF, in thousands)	1,421	271	484	597	743	2,096	324	588	912
Net Rent (per SF)	32.20	31.12	32.38	34.73	39.02	35.24	35.45	32.34	33.45
Net Free Rent (per SF)	(1.38)	(1.70)	(1.33)	(1.59)	(1.31)	(1.45)	(2.36)	(0.99)	(1.48)
Leasing Commissions (per SF)	(2.57)	(2.26)	(2.70)	(3.05)	(2.76)	(2.77)	(3.01)	(2.65)	(2.77)
Tenant Improvements (per SF)	(3.75)	(3.63)	(4.58)	(6.03)	(6.26)	(5.47)	(6.34)	(5.33)	(5.70)
Leasing Costs (per SF)	(7.70)	(7.59)	(8.61)	(10.67)	(10.33)	(9.69)	(11.71)	(8.97)	(9.95)
Net Effective Rent (per SF)	24.50	23.53	23.77	24.06	28.69	25.55	23.74	23.37	23.50
Change in Second Generation Net Rent	27.2	21.5	21.7	31.6	17.1	24.7	27.4	27.2	27.3
Change in Cash-Basis Second Generation Net Rent	13.1	10.5	12.9	23.1	6.0	15.1	15.4	11.6	12.8
Same Property Information (3)
Percent Leased (period end)	92.7	89.9	90.7	90.7	90.5	90.5	90.0	89.7	89.7
Weighted Average Occupancy	91.8	89.3	90.7	89.0	88.1	90.0	87.0	86.9	87.0
Change in NOI (over prior year period)	(0.5)	(4.1)	1.4	(1.4)	(1.1)	(0.5)	(2.0)	(2.2)	(2.1)
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)	0.0
Development Pipeline (4)
Estimated Project Costs (in thousands)	449,400	363,000	492,200	662,500	759,000	759,000	566,000	566,000	566,000
Estimated Project Costs/Total Undepreciated Assets	5.4	4.3	6.1	8.1	8.9	8.9	6.6	6.5	6.5
Market Capitalization
Common Stock Price	33.50	35.35	36.78	37.29	40.28	40.28	40.29	29.23	29.23
Common Stock/Units Outstanding (in thousands)	148,589	148,679	148,713	148,713	148,713	148,713	148,788	151,465	151,465
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	4,427,322
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	2,425,339
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	6,852,661
Continued on next page

All values are in US Dollars.

Cousins Properties	8	Q2 2022 Supplemental Information
KEY PERFORMANCE METRICS (1)
---
	2020	2021 1st	2021 2nd	2021 3rd	2021 4th	2021	2022 1st	2022 2nd	YTD 2022
---	---	---	---	---	---	---	---	---	---
Credit Ratios
Net Debt/Total Market Capitalization	31.2	30.7	28.4	28.1	28.0	28.0	28.9	35.1	35.1
Net Debt/Total Undepreciated Assets	27.0	27.6	26.9	26.7	27.5	27.5	28.4	27.7	27.7
Net Debt/Annualized EBITDAre	4.84	4.87	4.55	4.54	4.86	4.86	5.28	4.93	4.93
Fixed Charges Coverage (EBITDAre)	6.00	5.42	5.43	5.43	5.51	5.45	5.56	5.56	5.56
Dividend Information
Common Dividend per Share	1.20	0.31	0.31	0.31	0.31	1.24	0.32	0.32	0.64
Funds From Operations (FFO) Payout Ratio	43.1	45.2	45.1	45.0	45.6	45.3	48.7	46.3	47.5
Funds Available for Distribution (FAD) Payout Ratio	67.9	57.8	64.6	66.6	64.9	63.3	67.3	70.6	68.9
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	0.35
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	44.39
Straight-Line Rental Revenue (in thousands)	42,215	7,739	5,625	6,852	5,287	25,503	5,501	6,378	11,879
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	3,440
Second Generation Capital Expenditures<br><br>(in thousands)	97,783	12,093	23,118	24,880	24,365	84,456	23,096	25,906	49,002

All values are in US Dollars.

(1)	For any 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	Q2 2022 Supplemental Information
---	---	---
KEY PERFORMANCE METRICS
---

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	Q2 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		YTD 2022
NOI	$	486,034	$	123,124	$	122,705	$	124,148	$	123,743	$	493,720	$	119,607	$	123,051	$	242,658
Gain (Loss) on Sales of Undepreciated Investment Properties	612		—		—		(64)		—		(64)		—		4,500		4,500
Fee Income	18,226		4,530		4,803		3,094		3,132		15,559		1,388		2,305		3,693
Other Income	4,325		298		897		2,013		2,595		5,803		3,780		741		4,521
Reimbursed Expenses	(1,580)		(368)		(398)		(383)		(1,327)		(2,476)		(360)		(677)		(1,037)
General and Administrative Expenses	(27,034)		(6,733)		(7,313)		(7,969)		(7,306)		(29,321)		(8,063)		(6,996)		(15,059)
Interest Expense	(62,676)		(17,723)		(17,519)		(17,513)		(17,182)		(69,937)		(16,142)		(17,238)		(33,380)
Other Expenses	(3,972)		(1,010)		(967)		(764)		(719)		(3,460)		(630)		(797)		(1,427)
Depreciation and Amortization of Non-Real Estate Assets	(688)		(158)		(157)		(156)		(152)		(623)		(155)		(158)		(313)
FFO (1)	$	413,247	$	101,960	$	102,051	$	102,406	$	102,784	$	409,201	$	99,425	$	104,731	$	204,156
Weighted Average Shares - Diluted	148,636		148,725		148,740		148,772		148,905		148,891		149,002		149,142		149,090
FFO per Share (1)	$	2.78	$	0.69	$	0.69	$	0.69	$	0.69	$	2.75	$	0.67	$	0.70	$	1.37

(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	Q2 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		YTD 2022
NOI
Consolidated Properties
The Domain (2)	$	43,006	$	14,118	$	15,019	$	15,989	$	15,861	$	60,987	$	15,443	$	15,510	$	30,953
Terminus (2)	27,695		7,192		6,461		6,390		7,105		27,148		7,439		7,673		15,112
Spring & 8th (2)	29,232		7,367		7,320		7,367		7,359		29,413		7,424		7,282		14,706
Corporate Center (2)	25,397		7,371		7,157		7,326		7,252		29,106		7,050		7,090		14,140
Northpark (2)	27,668		6,760		6,588		6,562		6,652		26,562		6,098		6,317		12,415
Hayden Ferry (2)	24,346		6,221		6,079		6,128		6,100		24,528		6,133		5,990		12,123
725 Ponce	—		—		—		3,132		4,537		7,669		4,527		4,686		9,213
One Eleven Congress	18,030		4,564		4,466		5,042		4,121		18,193		4,342		4,531		8,873
Fifth Third Center	18,354		4,782		4,963		4,437		4,410		18,592		4,229		4,340		8,569
San Jacinto Center	14,966		3,750		3,912		3,871		4,119		15,652		4,252		4,316		8,568
3344 Peachtree	15,083		3,549		3,690		3,874		3,814		14,927		3,966		3,931		7,897
Buckhead Plaza (2)	12,278		2,509		2,980		3,207		3,881		12,577		3,646		4,013		7,659
BriarLake Plaza (2)	18,104		4,483		4,530		4,913		4,216		18,142		3,879		3,740		7,619
Avalon (2)	10,999		3,714		3,993		3,283		3,391		14,381		3,637		3,969		7,606
The Terrace (2)	16,141		4,341		4,213		4,132		4,027		16,713		3,133		3,583		6,716
The RailYard	929		3,175		3,112		3,172		3,037		12,496		3,153		3,258		6,411
300 Colorado	—		—		—		—		—		—		3,275		3,050		6,325
Colorado Tower	12,348		2,382		3,253		3,563		3,862		13,060		3,155		2,746		5,901
Promenade Tower	16,813		4,060		4,116		4,156		2,601		14,933		2,968		2,901		5,869
550 South	10,720		2,687		2,626		2,684		2,596		10,593		2,652		2,665		5,317
Legacy Union One	9,585		2,363		2,371		2,367		2,365		9,466		2,357		2,342		4,699
Domain Point (2)	5,744		1,265		1,243		1,168		1,379		5,055		1,761		1,741		3,502
Heights Union (2)	—		—		—		—		1,303		1,303		1,641		1,461		3,102
111 West Rio	5,497		1,387		1,397		1,437		1,409		5,630		1,419		1,416		2,835
3350 Peachtree	9,651		2,280		2,255		609		939		6,083		992		1,771		2,763
3348 Peachtree	5,460		1,262		1,258		1,344		1,563		5,427		1,257		1,348		2,605
Tempe Gateway	7,516		1,417		1,452		1,734		1,483		6,086		1,423		1,057		2,480
Meridian Mark Plaza	4,159		1,018		1,040		1,022		1,030		4,110		1,042		1,408		2,450
The Pointe	4,752		1,199		1,043		1,267		1,176		4,685		1,156		1,211		2,367
Research Park V	4,125		1,038		985		1,055		966		4,044		1,059		1,087		2,146
5950 Sherry Lane	5,001		1,188		1,200		1,057		1,104		4,549		951		849		1,800
Harborview Plaza	3,291		831		720		841		819		3,211		844		882		1,726
Promenade Central (3)	9,340		2,286		2,278		2,242		2,220		9,026		—		—		—
Other (4)	50,968		7,811		5,548		3,015		3,776		20,150		585		2,345		2,930
Subtotal - Consolidated	467,198		118,370		117,268		118,386		120,473		474,497		116,888		120,509		237,397
Continued on next page
Cousins Properties	12	Q2 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	YTD 2022
Unconsolidated Properties (5)
Carolina Square (2)	4,940	1,315	1,517	1,192	1,228	5,252	1,313	1,059	2,372
Emory University Hospital Midtown	4,210	1,048	1,094	1,092	1,098	4,332	1,112	1,152	2,264
120 West Trinity (2)	(49)	151	204	231	241	827	301	305	606
Other (6)	9,735	2,240	2,622	3,247	703	8,812	(7)	26	19
Subtotal - Unconsolidated	18,836	4,754	5,437	5,762	3,270	19,223	2,719	2,542	5,261
Total Net Operating Income (1)	486,034	123,124	122,705	124,148	123,743	493,720	119,607	123,051	242,658
Gain (Loss) on Sales of Undepreciated Investment Properties
Consolidated	—	—	—	(64)	—	(64)	—	—	—
Unconsolidated (5)	612	—	—	—	—	—	—	4,500	4,500
Total Gain (Loss) on Sales of Undepreciated Investment Properties	612	—	—	(64)	—	(64)	—	4,500	4,500
Fee Income
Development Fees	15,334	3,900	4,173	2,476	1,532	12,081	817	1,404	2,221
Management Fees (7)	2,756	579	616	594	1,585	3,374	571	901	1,472
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	3,693
Other Income
Termination Fees	3,834	42	782	1,775	2,506	5,105	1,462	449	1,911
Termination Fees - Unconsolidated (5)	9	—	7	74	—	81	—	—	—
Interest and Other Income	231	213	68	123	46	450	2,283	201	2,484
Interest and Other Income - Unconsolidated (5)	251	43	40	41	43	167	35	91	126
Total Other Income	4,325	298	897	2,013	2,595	5,803	3,780	741	4,521
Total Fee and Other Income	22,551	4,828	5,700	5,107	5,727	21,362	5,168	3,046	8,214
Reimbursed Expenses (7)	(1,580)	(368)	(398)	(383)	(1,327)	(2,476)	(360)	(677)	(1,037)
General and Administrative Expenses	(27,034)	(6,733)	(7,313)	(7,969)	(7,306)	(29,321)	(8,063)	(6,996)	(15,059)
Interest Expense
Consolidated Interest Expense
2019 Senior Notes, Unsecured ($275M)	(10,975)	(2,744)	(2,744)	(2,743)	(2,744)	(10,975)	(2,744)	(2,744)	(5,488)
2017 Senior Notes, Unsecured ($250M)	(9,958)	(2,490)	(2,489)	(2,490)	(2,489)	(9,958)	(2,490)	(2,489)	(4,979)
2019 Senior Notes, Unsecured ($250M)	(9,764)	(2,441)	(2,441)	(2,441)	(2,441)	(9,764)	(2,441)	(2,441)	(4,882)
Credit Facility, Unsecured	(5,768)	(1,710)	(1,299)	(1,114)	(1,479)	(5,602)	(1,795)	(2,585)	(4,380)
Term Loan, Unsecured	(5,056)	(948)	(950)	(1,214)	(1,220)	(4,332)	(1,430)	(1,918)	(3,348)
Terminus (2)	(6,016)	(1,468)	(1,452)	(1,437)	(1,422)	(5,779)	(1,406)	(1,309)	(2,715)
2019 Senior Notes, Unsecured ($125M)	(4,789)	(1,197)	(1,198)	(1,197)	(1,197)	(4,789)	(1,197)	(1,198)	(2,395)
Fifth Third Center	(4,737)	(1,168)	(1,159)	(1,152)	(1,146)	(4,625)	(1,138)	(1,131)	(2,269)
2017 Senior Notes, Unsecured ($100M)	(4,145)	(1,036)	(1,037)	(1,036)	(1,036)	(4,145)	(1,036)	(1,037)	(2,073)
Colorado Tower	(4,091)	(1,009)	(1,005)	(998)	(994)	(4,006)	(988)	(982)	(1,970)
Promenade Tower	(4,081)	(997)	(988)	(979)	(969)	(3,933)	(959)	(950)	(1,909)
Domain 10 (8)	(3,046)	(751)	(748)	(800)	(796)	(3,095)	(792)	(788)	(1,580)
Continued on next page
Cousins Properties	13	Q2 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		YTD 2022
Legacy Union One	(2,127)		(520)		(528)		(535)		(536)		(2,119)		(520)		(528)		(1,048)
Other (9)	(376)		(41)		(37)		(44)		(39)		(161)		(40)		(40)		(80)
Capitalized (10)	14,324		1,312		1,419		1,471		2,055		6,257		3,451		3,591		7,042
Subtotal - Consolidated Interest Expense	(60,605)		(17,208)		(16,656)		(16,709)		(16,453)		(67,026)		(15,525)		(16,549)		(32,074)
Unconsolidated Interest Expense (5)
Carolina Square (2)	(869)		(134)		(416)		(328)		(310)		(1,188)		(329)		(403)		(732)
Emory University Hospital Midtown	(1,202)		(296)		(293)		(291)		(290)		(1,170)		(288)		(286)		(574)
Other (9)	—		(85)		(154)		(185)		(129)		(553)		—		—		—
Subtotal - Unconsolidated Interest Expense	(2,071)		(515)		(863)		(804)		(729)		(2,911)		(617)		(689)		(1,306)
Total Interest Expense	(62,676)		(17,723)		(17,519)		(17,513)		(17,182)		(69,937)		(16,142)		(17,238)		(33,380)
Other Expenses
Property Taxes and Other Holding Costs	(1,163)		(345)		(164)		(215)		(217)		(941)		(230)		(262)		(492)
Partners' Share of FFO in Consolidated Joint Ventures	(1,263)		(407)		(129)		(339)		(409)		(1,284)		(396)		(258)		(654)
Severance	(69)		(308)		(19)		—		(79)		(406)		—		(170)		(170)
Loss on Extinguishment of Debt	—		—		—		—		—		—		—		(100)		(100)
Predevelopment & Other Costs	(1,049)		50		(655)		(210)		(14)		(829)		(4)		(7)		(11)
Transaction Costs	(428)		—		—		—		—		—		—		—		—
Total Other Expenses	(3,972)		(1,010)		(967)		(764)		(719)		(3,460)		(630)		(797)		(1,427)
Depreciation and Amortization of Non-Real Estate Assets	(688)		(158)		(157)		(156)		(152)		(623)		(155)		(158)		(313)
FFO	$	413,247	$	101,960	$	102,051	$	102,406	$	102,784	$	409,201	$	99,425	$	104,731	$	204,156
Weighted Average Shares - Diluted	148,636		148,725		148,740		148,772		148,905		148,891		149,002		149,142		149,090
FFO per Share	$	2.78	$	0.69	$	0.69	$	0.69	$	0.69	$	2.75	$	0.67	$	0.70	$	1.37
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 undergoing a full-building redevelopment and is currently not available for operations.
(4) Primarily represents properties sold prior to June 30, 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 June 30, 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 loans repaid prior to June 30, 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	Q2 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 / 2Q22	Property Level Debt (in thousands) (3)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
			2Q22		1Q22		2Q22		1Q22
Terminus (4)	1,226,000	Consolidated		100%		87.6%		90.4%		88.3%	82.3%	6.3%	$	183,229
Spring & 8th (4)	765,000	Consolidated		100%		100.0%		100.0%		100.0%	100.0%	6.0%	—
Northpark (4)	1,539,000	Consolidated		100%		83.4%		85.2%		80.0%	83.0%	5.2%	—
725 Ponce (6)	372,000	Consolidated		100%		100.0%		100.0%		98.4%	98.4%	3.9%	—
Buckhead Plaza (4)	666,000	Consolidated		100%		89.4%		88.3%		83.7%	78.4%	3.3%	—
Avalon (5)	480,000	Consolidated		100%		99.5%		99.5%		99.5%	92.4%	3.3%	—
3344 Peachtree	484,000	Consolidated		100%		96.9%		97.7%		95.3%	96.9%	3.2%	—
Promenade Tower	777,000	Consolidated		100%		76.5%		77.7%		73.2%	73.9%	2.4%	87,214
3350 Peachtree	413,000	Consolidated		100%		52.5%		52.5%		52.5%	50.2%	1.5%	—
Meridian Mark Plaza	160,000	Consolidated		100%		100.0%		100.0%		100.0%	100.0%	1.2%	—
3348 Peachtree	258,000	Consolidated		100%		81.5%		80.9%		81.5%	86.2%	1.1%	—
Emory University Hospital Midtown	358,000	Unconsolidated		50%		99.5%		99.5%		97.7%	95.5%	0.9%	31,872
120 West Trinity Office (6)	43,000	Unconsolidated		20%		90.4%		90.4%		90.4%	89.4%	0.1%	—
Promenade Central (6) (7)	370,000	Consolidated		100%		55.3%		41.4%		N/A	N/A	—%	—
ATLANTA (7)	7,911,000					87.4%		88.3%		85.7%	84.5%	38.4%	302,315
The Domain (5)	1,899,000	Consolidated		100%		100.0%		100.0%		93.9%	92.9%	12.8%	74,742
One Eleven Congress	519,000	Consolidated		100%		82.7%		82.5%		82.5%	82.7%	3.7%	—
San Jacinto Center	399,000	Consolidated		100%		96.0%		96.1%		95.8%	94.9%	3.5%	—
The Terrace (4)	619,000	Consolidated		100%		79.4%		76.9%		72.0%	72.4%	2.9%	—
300 Colorado (6)	378,000	Consolidated		100%		87.9%		87.9%		85.2%	85.2%	2.5%	—
Colorado Tower	373,000	Consolidated		100%		100.0%		100.0%		80.6%	87.0%	2.3%	110,461
Domain Point (4)	240,000	Consolidated		96.5%		100.0%		96.6%		96.6%	96.6%	1.4%	—
Research Park V	173,000	Consolidated		100%		97.1%		97.1%		97.1%	97.1%	0.9%	—
AUSTIN	4,600,000					93.8%		93.3%		88.3%	88.4%	30.0%	185,203
Corporate Center (4)	1,227,000	Consolidated		100%		94.7%		94.7%		93.1%	93.8%	5.8%	—
Heights Union (4) (6) (8)	294,000	Consolidated		100%		94.1%		93.0%		78.5%	70.7%	1.2%	—
The Pointe	253,000	Consolidated		100%		91.6%		94.9%		91.4%	89.0%	1.0%	—
Harborview Plaza	205,000	Consolidated		100%		80.8%		80.8%		80.3%	79.8%	0.7%	—
TAMPA (8)	1,979,000					92.5%		93.0%		91.3%	91.4%	8.7%	—
Fifth Third Center	692,000	Consolidated		100%		90.8%		90.8%		90.8%	93.2%	3.6%	131,654
The RailYard	329,000	Consolidated		100%		99.0%		99.0%		97.7%	97.3%	2.7%	—
550 South	394,000	Consolidated		100%		97.9%		97.9%		97.9%	97.7%	2.2%	—
CHARLOTTE	1,415,000					94.7%		94.7%		94.4%	95.4%	8.5%	131,654
Hayden Ferry (4)	792,000	Consolidated		100%		95.2%		94.6%		93.4%	94.5%	4.9%	—
111 West Rio	225,000	Consolidated		100%		100.0%		100.0%		100.0%	100.0%	1.2%	—
Tempe Gateway	264,000	Consolidated		100%		77.2%		77.2%		64.7%	72.3%	0.9%	—
PHOENIX	1,281,000					92.4%		92.0%		88.7%	90.9%	7.0%	—
Continued on next page
Cousins Properties	15	Q2 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 / 2Q22	Property Level Debt (in thousands) (3)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
			2Q22		1Q22		2Q22		1Q22
Legacy Union One	319,000	Consolidated		100%		100.0%		100.0%		100.0%	100.0%	2.0%	66,359
5950 Sherry Lane	197,000	Consolidated		100%		76.1%		80.4%		75.9%	76.5%	0.7%	—
DALLAS	516,000					90.9%		92.5%		90.8%	91.0%	2.7%	66,359
BriarLake Plaza - Houston (4)	835,000	Consolidated		100%		76.9%		77.8%		74.3%	77.7%	3.1%	—
Carolina Square - Chapel Hill	158,000	Unconsolidated		50%		98.5%		98.5%		98.5%	94.5%	0.3%	22,284
OTHER OFFICE	993,000					78.8%		79.6%		76.4%	79.1%	3.4%	22,284
TOTAL OFFICE (7) (8)	18,695,000					90.1%		90.5%		87.5%	87.4%	98.7%	$	707,815
Other Properties (1)
Carolina Square Apartment - Chapel Hill (246 units) (6)	266,000	Unconsolidated		50%		100.0%		99.6%		95.5%	99.9%	0.4%	37,516
Carolina Square Retail - Chapel Hill (6)	44,000	Unconsolidated		50%		89.8%		89.8%		86.0%	88.9%	—%	6,206
College Street Garage - Charlotte (6)	N/A	Consolidated		100%		N/A		N/A		N/A	N/A	0.8%	—
120 West Trinity Apartment - Atlanta (330 units) (6)	310,000	Unconsolidated		20%		97.7%		96.8%		94.8%	95.3%	0.1%	—
TOTAL OTHER	620,000					98.3%		97.8%		94.4%	97.4%	1.3%	$	43,722
TOTAL (7) (8)	19,315,000					90.2%		90.6%		87.6%	87.5%	100.0%	$	751,537
(1)	Represents the Company's operating properties, excluding properties on the development pipeline, and properties sold prior to June 30, 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 premiums and net of unamortized loan costs, as of June 30, 2022.
(4)	Contains two or more buildings that are grouped together for reporting purposes.
(5)	Contains two or more buildings that are grouped together for reporting purposes, some of which are not included in Same Property as of June 30, 2022.
(6)	Not included in Same Property as of June 30, 2022.
(7)	While under redevelopment, Promenade Central has been excluded from the Atlanta and Total Office calculations of end of period leased and weighted average occupancy at June 30, 2022.
(8)	Heights Union is a recently developed property acquired by the Company on October 1, 2021. Heights Union has been excluded from the Tampa and Total Office end of period leased and weighted average occupancy calculations at and for the quarters ended June 30, 2022 and March 31, 2022 because weighted average occupancy during those periods was not yet stabilized. Stabilized occupancy of greater than 90% was achieved during June 2022, and the occupancy at June 30, 2022 was 94.1%.
Cousins Properties	16	Q2 2022 Supplemental Information
---	---	---
PORTFOLIO STATISTICS
---

Second Quarter 2022 Portfolio NOI by Market

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

Cousins Properties	17	Q2 2022 Supplemental Information
SAME PROPERTY PERFORMANCE (1)
---
	( in thousands)
---	---	---	---	---	---	---	---
	Three Months Ended June 30,
	2022		2021			% Change
Rental Property Revenues (2)			$	165,586		(2.8)	%
Rental Property Operating Expenses (2)	55,484		57,831			(4.1)	%
Same Property Net Operating Income			$	107,755		(2.2)	%
Cash-Basis Rental Property Revenues (3)			$	158,466		(1.6)	%
Cash-Basis Rental Property Operating Expenses (4)	55,300		57,668			(4.1)	%
Cash-Basis Same Property Net Operating Income			$	100,798		(0.2)	%
End of Period Leased	89.7	%	92.9		%
Weighted Average Occupancy	86.9	%	91.4		%
	Six Months Ended June 30,
	2022		2021			% Change
Rental Property Revenues (2)			$	329,420		(1.7)	%
Rental Property Operating Expenses (2)	114,585		115,753			(1.0)	%
Same Property Net Operating Income			$	213,667		(2.1)	%
Cash-Basis Rental Property Revenues (3)			$	313,586		(0.4)	%
Cash-Basis Rental Property Operating Expenses (4)	114,197		115,427			(1.1)	%
Cash-Basis Same Property Net Operating Income			$	198,159		0.0	%
Weighted Average Occupancy	87.0	%	91.3		%

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	Q2 2022 Supplemental Information
---	---	---
OFFICE LEASING ACTIVITY
---
	Three Months Ended June 30, 2022									Six Months Ended June 30, 2022
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	New		Renewal		Expansion		Total			New		Renewal		Expansion		Total
Gross leased square feet (1)							741,316									1,166,059
Less exclusions (2)							(153,246)									(254,159)
Net leased square feet	197,020		323,716		67,334		588,070			373,101		423,972		114,827		911,900
Number of transactions	21		23		8		52			36		38		15		89
Lease term in years (3)	8.7		7.5		7.2		7.9			8.7		7.4		7.8		8.0
Net effective rent calculation (per square foot <br> per year) (3)
Net annualized rent (4)	$	33.93	$	30.87	$	34.80	$	32.34		$	33.91	$	32.58	$	35.13	$	33.45
Net free rent	(1.48)		(0.64)		(1.24)		(0.99)			(2.23)		(0.87)		(1.28)		(1.48)
Leasing commissions	(2.74)		(2.64)		(2.40)		(2.65)			(2.72)		(2.85)		(2.66)		(2.77)
Tenant improvements	(7.64)		(3.89)		(5.53)		(5.33)			(7.79)		(3.89)		(5.52)		(5.70)
Total leasing costs	(11.86)		(7.17)		(9.17)		(8.97)			(12.74)		(7.61)		(9.46)		(9.95)
Net effective rent	$	22.07	$	23.70	$	25.63	$	23.37		$	21.17	$	24.97	$	25.67	$	23.50
Second generation leased square footage (5)							487,077									724,782
Increase in straight-line basis second generation net rent per square foot (6)							27.2		%							27.3		%
Increase in cash-basis second generation net rent per square foot (7)							11.6		%							12.8		%
(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	Q2 2022 Supplemental Information
---	---	---
OFFICE LEASE EXPIRATIONS
---

Lease Expirations by Year (1)

Year of Expiration	Square Feet <br>Expiring	% of Leased<br>Space		Annual<br>Contractual Rent<br>(in thousands) (2)		% of Annual<br>Contractual<br>Rent		Annual<br>Contractual<br>Rent/Sq. Ft.
2022	442,587	2.7	%	$	17,942	2.2	%	$	40.54
2023	1,148,818	7.0	%	50,804		6.1	%	44.22
2024	1,109,496	6.8	%	49,708		6.0	%	44.80
2025	1,900,070	11.6	%	85,683		10.3	%	45.09
2026	1,456,214	8.9	%	69,892		8.4	%	48.00
2027	1,664,362	10.2	%	73,538		8.9	%	44.18
2028	1,342,140	8.2	%	67,291		8.1	%	50.14
2029	1,517,844	9.3	%	72,413		8.7	%	47.71
2030	1,466,365	9.0	%	96,303		11.6	%	65.67
2031 & Thereafter	4,319,621	26.3	%	246,958		29.7	%	59.06
Total	16,367,517	100.0	%	$	830,532	100.0	%	$	50.74

(1) Company's share of leases expiring after June 30, 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	Q2 2022 Supplemental Information
---	---	---
TOP 20 OFFICE TENANTS
---
	Tenant (1)	Number of Properties Occupied	Number of Markets Occupied	Company's Share of Square Footage	Company's Share of Annualized Rent <br>(in thousands) (2)		Percentage of Company's Share of Annualized Rent	Weighted Average Remaining Lease Term (Years)
---	---	---	---	---	---	---	---	---
1	Amazon	6	3	857,214	$	43,243	6.2%	6.7
2	NCR Corporation	1	1	762,090	37,564		5.4%	11.1
3	Meta Platforms	1	1	422,252	23,818		3.4%	7.7
4	Pioneer Natural Resources	2	1	359,660	23,336		3.3%	9.2
5	Expedia	1	1	315,882	17,281		2.5%	8.8
6	Bank of America	2	2	347,139	11,726		1.7%	3.5
7	Wells Fargo	4	3	198,270	8,934		1.3%	3.5
8	Apache	1	1	210,012	8,850		1.3%	2.3
9	SVB Financial Group	1	1	204,751	8,340		1.2%	3.6
10	Ovintiv USA (3)	1	1	318,582	8,069		1.2%	5.0
11	Allstate	2	2	214,380	7,820		1.1%	5.2
12	WeWork Companies	4	2	169,050	7,662		1.1%	11.2
13	Regus Equity Business Centers	6	4	162,171	7,597		1.1%	5.5
14	ADP	1	1	225,000	7,479		1.1%	5.8
15	Westrock Shared Services	1	1	205,185	7,172		1.0%	7.8
16	BlackRock	1	1	131,656	6,653		1.0%	13.9
17	Workrise Technologies	1	1	93,210	6,622		0.9%	6.1
18	McGuireWoods	2	2	187,119	6,541		0.9%	4.4
19	Amgen	1	1	163,169	6,204		0.9%	6.3
20	Samsung Engineering America	1	1	133,860	5,995		0.8%	4.4
	Total			5,680,652	$	260,906	37.4%	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 as of June 30, 2022. If the tenant is in a free rent period as of June 30, 2022, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent.
(3)	Ovintiv USA has multiple subleases for substantially all of its space. In the event of termination of the Ovintiv lease, such subleases would become direct leases with the Company.
Note:	This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded.
Cousins Properties	21	Q2 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 June 30, 2022. If the tenant is in a free rent period as of June 30, 2022, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full rent.

Cousins Properties	22	Q2 2022 Supplemental Information
INVESTMENT ACTIVITY
---

Completed Operating Property Acquisitions

Property	Type	Market	Company's Ownership Interest	Timing	Square Feet	Gross Purchase Price<br>(in thousands) (1)
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
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	$	1,017,700

Completed Property Developments

Project	Type	Market	Company's Ownership Interest	Timing	Square Feet	Total Project Cost (in thousands) (1)
2022
300 Colorado	Office	Austin	100%	1Q	369,000	$	193,000
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
					2,639,000	$	1,038,000

(1) Except as otherwise noted, amounts represent total purchase prices, total project cost 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.

Cousins Properties	23	Q2 2022 Supplemental Information
INVESTMENT ACTIVITY
---

Completed Operating Property Dispositions

Property	Type	Market	Company's Ownership Interest	Timing	Square Feet	Gross Sales Price<br>(in thousands)
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
					5,043,000	$	1,176,800

(1) Amount represents proceeds received by the Company for the sale of its unconsolidated interest in the joint venture to its partner.

Cousins Properties	24	Q2 2022 Supplemental Information
DEVELOPMENT PIPELINE (1)
---
Project	Type	Market	Company's Ownership Interest		Construction Start Date	Square Feet/Units	Estimated Project Cost (1) (2)<br>(in thousands)		Company's Share of Estimated Project Cost (2) <br>(in thousands)		Project Cost Incurred to Date (2)<br>(in thousands)		Company's Share of Project Cost Incurred to Date (2)<br>(in thousands)		Percent Leased		Initial Revenue Recognition (3)	Estimated Stabilization (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
100 Mill	Office	Phoenix	90	%	1Q20	287,000	$	153,000	$	137,700	$	133,064	$	119,758	92	%	2Q22	4Q22
Neuhoff (5)	Mixed	Nashville	50	%	3Q21		562,500		281,300		229,006		114,503
Commercial						448,000									—	%	3Q23	3Q24
Apartments						542									—	%	2Q24	2Q25
Domain 9	Office	Austin	100	%	2Q21	338,000	147,000		147,000		89,187		89,187		97	%	1Q24	1Q25
Total							$	862,500	$	566,000	$	451,257	$	323,448
(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. It also excludes fair value adjustments related to the acquisition of a project.
(3)	Initial revenue recognition represents the quarter within which the Company first recognized or estimates it will begin recognizing revenue under GAAP.
(4)	Estimated stabilization is the quarter within which the Company estimates it will achieve 90% economic occupancy. The Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of recently completed development properties until the date a project 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.
(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	Q2 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	$	165,706
					159351
Company's Share				46.4	$	158,930
(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	Q2 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	2022			2023			2024			2025			2026			Thereafter			Total Principal			Deferred Loan Costs		Above Market Premium		Total
Consolidated Debt - Floating Rate
Term Loan, Unsecured (LIBOR + 1.05% to 1.65%) (2)	2.63%	8/30/24	$	—		$	—		$	350,000		$	—		$	—		$	—		$	350,000		$	(1,426)	$	—	$	348,574
Credit Facility, Unsecured (Adjusted SOFR + 0.90% to 1.40%) (3)	2.40%	4/30/27	—			—			—			—			—			306,000			306,000			—		—		306,000
Total Consolidated Floating Rate Debt			—			—			350,000			—			—			306,000			656,000			(1,426)		—		654,574
Consolidated Debt - Fixed Rate
2019 Senior Note C, Unsecured	3.95%	7/6/29	—			—			—			—			—			275,000			275,000			(786)		—		274,214
2017 Senior Note A, Unsecured	3.91%	7/6/25	—			—			—			250,000			—			—			250,000			(549)		—		249,451
2019 Senior Note B, Unsecured	3.86%	7/6/28	—			—			—			—			—			250,000			250,000			(680)		—		249,320
Fifth Third Center	3.37%	10/1/26	1,766			3,622			3,746			3,874			118,926			—			131,934			(280)		—		131,654
2019 Senior Note A, Unsecured	3.78%	7/6/27	—			—			—			—			—			125,000			125,000			(318)		—		124,682
Terminus 100	5.25%	1/1/23	1,772			108,181			—			—			—			—			109,953			—		1,289		111,242
Colorado Tower	3.45%	9/1/26	1,310			2,689			2,783			2,881			101,199			—			110,862			(401)		—		110,461
2017 Senior Note B, Unsecured	4.09%	7/6/27	—			—			—			—			—			100,000			100,000			(263)		—		99,737
Promenade Tower	4.27%	10/1/22	87,224			—			—			—			—			—			87,224			(10)		—		87,214
Domain 10	3.75%	11/1/24	954			1,963			72,558			—			—			—			75,475			(733)		—		74,742
Terminus 200	3.79%	1/1/23	940			70,700			—			—			—			—			71,640			—		347		71,987
Legacy Union One	4.24%	1/1/23	—			66,000			—			—			—			—			66,000			—		359		66,359
Total Consolidated Fixed Rate Debt			93,966			253,155			79,087			256,755			220,125			750,000			1,653,088			(4,020)		1,995		1,651,063
Total Consolidated Debt			93,966			253,155			429,087			256,755			220,125			1,056,000			2,309,088			(5,446)		1,995		2,305,637
Unconsolidated Debt - Floating Rate
Carolina Square (LIBOR + 1.80%)	3.38%	3/18/26	510			1,020			1,020			1,020			63,015			—			66,585			(579)		—		66,006
Neuhoff (LIBOR + 3.60%) (4)	5.18%	9/30/25	—			—			—			24,287			—			—			24,287			(2,463)		—		21,824
Total Unconsolidated Floating Rate Debt			510			1,020			1,020			25,307			63,015			—			90,872			(3,042)		—		87,830
																		.
Unconsolidated Debt - Fixed Rate
Emory University Hospital Midtown	3.50%	6/1/23	456			31,436			—			—			—			—			31,892			(20)		—		31,872
Total Unconsolidated Fixed Rate Debt			456			31,436			—			—			—			—			31,892			(20)		—		31,872
Total Unconsolidated Debt			966			32,456			1,020			25,307			63,015			—			122,764			(3,062)		—		119,702
Total Debt			$	94,932		$	285,611		$	430,107		$	282,062		$	283,140		$	1,056,000		$	2,431,852		$	(8,508)	$	1,995	$	2,425,339
Total Maturities (5)			$	86,295		$	275,932		$	420,865		$	274,287		$	277,919		$	1,056,000		$	2,391,298
% of Maturities			4		%	12		%	18		%	11		%	11		%	44		%	100		%

All values are in US Dollars.

Cousins Properties	27	Q2 2022 Supplemental Information
DEBT SCHEDULE (1)
---

Cousins Properties	28	Q2 2022 Supplemental Information
DEBT SCHEDULE (1)
---

Floating and Fixed Rate Debt Analysis

	Total Principal <br>(in thousands)		Total Debt (%)		Weighted Average Interest Rate		Weighted Average Maturity (Years)
Floating Rate Debt	$	746,872	31	%	2.75	%	3.4
Fixed Rate Debt	1,684,980		69	%	3.94	%	4.0
Total Debt	$	2,431,852	100	%	3.57	%	3.8
(1)	All amounts are presented at Company share.
---	---
(2)	The spread over LIBOR under the Term Loan at June 30, 2022 was 1.05%.
(3)	As of June 30, 2022, the company had $306.0 million drawn under the Credit Facility and had the ability to borrow the remaining $694.0 million. The spread over Adjusted SOFR under the Credit Facility at June 30, 2022 was 0.90%.
(4)	The Company's share of the total borrowing capacity of the construction loan is $156.4 million.
(5)	Maturities include lump sum principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.
Cousins Properties	29	Q2 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 both Partners.	Cousins can trigger a sale process following construction completion, 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 beginning Q1 2023 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.
Carolina Square Holdings LP	Carolina Square	50% of cash flows.	Cousins or Partner can trigger a sale process, subject to a right of first offer that can be exercised by the non-triggering party.
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.	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	Q2 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		YTD 2022
FFO and EBITDAre
Net income available to common stockholders	$	237,278	$	29,110	$	28,153	$	54,018	$	167,305	$	278,586	$	27,984	$	34,052	$	62,036
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		140,292
Share of unconsolidated joint ventures	8,740		2,365		2,810		2,917		1,582		9,674		1,124		1,111		2,235
Partners' share of real estate depreciation	(742)		(211)		(228)		(231)		(259)		(929)		(223)		(153)		(376)
(Gain) loss on depreciated property transactions:
Consolidated properties	(90,105)		17		9		(13,127)		(139,510)		(152,611)		69		(28)		41
Share of unconsolidated joint ventures	(450)		—		3		23		13		39		(124)		40		(84)
Sale of investments in unconsolidated joint ventures	(44,578)		(39)		—		(13,121)		77		(13,083)		—		—		—
Impairment	14,829		—		—		—		—		—		—		—		—
Non-controlling interest related to unitholders	315		6		5		9		36		56		6		6		12
FFO	413,247		101,960		102,051		102,406		102,784		409,201		99,425		104,731		204,156
Interest Expense	62,676		17,723		17,519		17,513		17,183		69,938		16,142		17,238		33,380
Non-Real Estate Depreciation and Amortization	688		158		157		156		152		623		155		158		313
EBITDAre (1)	476,611		119,841		119,727		120,075		120,119		479,762		115,722		122,127		237,849
Income from Unconsolidated Joint Ventures
Net Operating Income
Office Properties	15,625		3,785		4,338		4,835		2,236		15,194		1,566		1,607		3,173
Other Properties	3,211		969		1,099		927		1,034		4,029		1,153		935		2,088
Net Operating Income	18,836		4,754		5,437		5,762		3,270		19,223		2,719		2,542		5,261
Gain (loss) on sale of undepreciated property	(598)		—		—		—		—		—		—		4,500		4,500
Interest Expense	(2,071)		(515)		(863)		(804)		(729)		(2,911)		(617)		(689)		(1,306)
Termination Fee Income	9		—		7		74		—		81		—		—		—
Other Income	61		29		27		36		29		121		22		78		100
Funds from Operations - Unconsolidated Joint Ventures	16,237		4,268		4,608		5,068		2,570		16,514		2,124		6,431		8,555
Gain (loss) on sale of depreciated investment properties, net	450		—		(3)		(23)		(13)		(39)		124		(40)		84
Depreciation and Amortization of Real Estate	(8,740)		(2,365)		(2,810)		(2,917)		(1,582)		(9,674)		(1,124)		(1,111)		(2,235)
Income from Unconsolidated Joint Ventures	7,947		1,903		1,795		2,128		975		6,801		1,124		5,280		6,404
Market Capitalization
Common Stock Price at Period End	$	33.50	$	35.35	$	36.78	$	37.29	$	40.28	$	40.28	$	40.29	$	29.23	$	29.23
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		151,465
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		4,427,322
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		2,305,637
Share of Unconsolidated Debt	115,040		144,168		145,480		158,707		112,805		112,805		112,713		119,702		119,702
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		2,425,339
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		6,852,661
Continued on next page
Cousins Properties	31	Q2 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		YTD 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		2,425,339
Less: Cash and Cash Equivalents	(4,290)		(14,576)		(9,792)		(5,532)		(8,937)		(8,937)		(7,000)	(4,057)		(4,057)
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)		(13,110)
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		2,408,172
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		6,852,661
Net Debt / Total Market Capitalization	31.2	%	30.7	%	28.4	%	28.1	%	28.0	%	28.0	%	28.9%	35.1	%	35.1	%
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		7,380,124
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		1,158,044
Undepreciated Assets - Unconsolidated (1)	304,539		303,472		302,630		238,455		204,423		204,423		221,851	257,685		257,685
Less: Investment in Unconsolidated Joint Ventures	(125,481)		(113,353)		(112,718)		(111,351)		(77,811)		(77,811)		(93,307)	(103,215)		(103,215)
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		8,692,638
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		2,408,172
Net Debt / Total Undepreciated Assets (1)	27.0	%	27.6	%	26.9	%	26.7	%	27.5	%	27.5	%	28.4%	27.7	%	27.7	%
Coverage Ratios (1)
Interest Expense	62,676		17,723		17,519		17,513		17,183		69,938		16,142	17,238		33,380
Scheduled Principal Payments	16,812		4,370		4,544		4,587		4,630		18,131		4,675	4,719		9,394
Fixed Charges	79,488		22,093		22,063		22,100		21,813		88,069		20,817	21,957		42,774
EBITDAre	476,611		119,841		119,727		120,075		120,119		479,762		115,722	122,127		237,849
Fixed Charges Coverage Ratio (EBITDAre) (1)	6.00		5.42		5.43		5.43		5.51		5.45		5.56	5.56		5.56
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		2,408,172
Annualized EBITDAre (2)	467,300		479,364		478,908		480,300		480,476		480,476		462,888	488,508		488,508
Net Debt / Annualized EBITDAre	4.84		4.87		4.55		4.54		4.86		4.86		5.28	4.93		4.93
Dividend Information
Common Dividends	178,263		46,135		46,038		46,094		46,909		185,176		48,447	48,523		96,970
FFO	413,247		101,960		102,051		102,406		102,784		409,201		99,425	104,731		204,156
FFO Payout Ratio	43.1	%	45.2	%	45.1	%	45.0	%	45.6	%	45.3	%	48.7%	46.3	%	47.5	%
Continued on next page
Cousins Properties	32	Q2 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			YTD 2022
FFO	413,247			101,960			102,051			102,406			102,784			409,201			99,425		104,731			204,156
Amortization of Deferred Financing Costs	2,777			698			698			834			833			3,063			973		923			1,896
Non-Cash Stock-Based Compensation	5,298			1,667			1,708			1,800			1,830			7,005			2,748		2,448			5,196
Non-Real Estate Depreciation and Amortization	688			158			157			156			152			623			155		158			313
Lease Inducements	1,018			1,035			1,032			1,128			239			3,434			351		375			726
Straight-Line Rent Ground Leases	490			112			112			113			112			449			124		121			245
Above and Below Market Ground Rent	158			39			40			39			41			159			92		82			174
Transaction Costs (3)	428			—			—			—			—			—			—		—			—
Debt Premium Amortization	(3,664)			(916)			(916)			(916)			(916)			(3,664)			(916)		(998)			(1,914)
Deferred Income - Tenant Improvements	(7,532)			(2,683)			(2,769)			(2,728)			(1,250)			(9,430)			(633)		(611)			(1,244)
Above and Below Market Rents, Net	(12,126)			(2,374)			(2,407)			(2,973)			(3,008)			(10,762)			(1,771)		(1,669)			(3,440)
Second Generation Capital Expenditures (CAPEX)	(97,783)			(12,093)			(23,118)			(24,880)			(24,365)			(84,456)			(23,096)		(25,906)			(49,002)
Straight-Line Rental Revenue	(40,437)			(7,734)			(5,509)			(6,549)			(5,029)			(24,821)			(5,501)		(6,378)			(11,879)
Loss (Gain) on Sales of Undepreciated Investment Properties	(612)						—			64			—			64			—		(4,500)			(4,500)
FAD (1)	261,950			79,869			71,079			68,494			71,423			290,865			71,951		68,776			140,727
Weighted Average Shares - Diluted	148,636			148,725			148,740			148,772			148,905			148,891			149,002		149,142			149,090
FAD per share	$	1.76		$	0.54		$	0.48		$	0.46		$	0.48		$	1.95		$	0.48	$	0.46		$	0.94
Common Dividends	178,263			46,135			46,038			46,094			46,909			185,176			48,447		48,523			96,970
Common Dividends per share	$	1.20		$	0.31		$	0.31		$	0.31		$	0.31		$	1.24		$	0.32	$	0.32		$	0.64
FAD Payout Ratio	68.1		%	57.8		%	64.8		%	67.3		%	65.7		%	63.7		%	67.3%		70.6		%	68.9		%
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			8,692,638
General and Administrative Expenses	27,034			6,733			7,313			7,968			7,307			29,321			8,063		6,996			15,059
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		%	0.35		%
2nd Generation CAPEX
Second Generation Leasing Related Costs	78,084			9,258			17,295			18,231			16,938			61,722			15,714		22,106			37,820
Second Generation Building Improvements	19,699			2,835			5,823			6,649			7,427			22,734			7,382		3,800			11,182
	97,783			12,093			23,118			24,880			24,365			84,456			23,096		25,906			49,002
(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.
Cousins Properties	33	Q2 2022 Supplemental Information
---	---	---
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
---

FUNDS FROM OPERATIONS

	(in thousands, except per share amounts)
	Three Months Ended June 30,
	2022					2021
	Dollars		Weighted Average Common Shares	Per Share Amount		Dollars		Weighted Average Common Shares	Per Share Amount
Net Income Available to Common Stockholders	$	34,052	148,837	$	0.23	$	28,153	148,665	$	0.19
Noncontrolling interest related to unitholders	6		25	—		5		25	—
Conversion of unvested restricted stock units	—		280	—		—		50	—
Net Income — Diluted	34,058		149,142	0.23		28,158		148,740	0.19
Depreciation and amortization of real estate assets:
Consolidated properties	69,703		—	0.47		71,299		—	0.48
Share of unconsolidated joint ventures	1,111		—	—		2,810		—	0.02
Partners' share of real estate depreciation	(153)		—	—		(228)		—	—
Loss (gain) on depreciated property transactions:
Consolidated properties	(28)		—	—		9		—	—
Share of unconsolidated joint ventures	40		—	—		3		—	—
Funds From Operations	$	104,731	149,142	$	0.70	$	102,051	148,740	$	0.69
Cousins Properties	34	Q2 2022 Supplemental Information
---	---	---
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
---			(in thousands, except per share amounts)
---	---	---	---	---	---	---	---	---	---	---
	Six Months Ended June 30,
	2022					2021
	Dollars		Weighted Average Common Shares	Per Share Amount		Dollars		Weighted Average Common Shares	Per Share Amount
Net Income Available to Common Stockholders	$	62,036	148,788	$	0.42	$	57,263	148,644	$	0.39
Noncontrolling interest related to unitholders	12		25	—		11		25	—
Conversion of stock options	—		—	—		—		2	—
Conversion of unvested restricted stock units	—		277	—		—		45	—
Net Income — Diluted	62,048		149,090	0.42		57,274		148,716	0.39
Depreciation and amortization of real estate assets:
Consolidated properties	140,292		—	0.94		142,011		—	0.95
Share of unconsolidated joint ventures	2,235		—	0.01		5,175		—	0.03
Partners' share of real estate depreciation	(376)		—	—		(439)		—	—
Loss (gain) on depreciated property transactions:
Consolidated properties	41		—	—		26		—	—
Share of unconsolidated joint ventures	(84)		—	—		3		—	—
Sale of investments in unconsolidated joint ventures	—		—	—		(39)		—	—
Funds From Operations	$	204,156	149,090	$	1.37	$	204,011	148,716	$	1.37

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	Q2 2022 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
---			(in thousands)
---	---	---	---	---	---	---	---	---
	Three Months Ended				Six Months Ended
Net Operating Income	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net income	$	34,164	$	28,060	$	62,327	$	57,371
Net operating income from unconsolidated joint ventures	2,542		5,437		5,261		10,191
Fee income	(2,305)		(4,803)		(3,693)		(9,332)
Termination fee income	(449)		(782)		(1,911)		(824)
Other income	(201)		(68)		(2,484)		(282)
Reimbursed expenses	677		398		1,037		766
General and administrative expenses	6,996		7,313		15,059		14,046
Interest expense	16,549		16,656		32,074		33,864
Depreciation and amortization	69,861		71,456		140,605		142,326
Other expenses	425		824		646		1,414
Income from unconsolidated joint ventures	(5,280)		(1,795)		(6,404)		(3,698)
Gain on sale of investment in unconsolidated joint ventures	—		—		—		(39)
Loss (gain) on investment property transactions	(28)		9		41		26
Loss on extinguishment of debt	100		—		100		—
Net Operating Income	123,051		122,705		242,658		245,829
Less:
Partners' share of NOI from consolidated joint ventures	(308)		(455)		(760)		(870)
Cousins' share of NOI	$	122,743	$	122,250	$	241,898	$	244,959
Net Operating Income	$	123,051	$	122,705	$	242,658	$	245,829
Non-cash income	(8,753)		(8,952)		(16,827)		(20,530)
Non-cash expense	215		151		444		303
Cash-Basis Net Operating Income	$	114,513	$	113,904	$	226,275	$	225,602
Net Operating Income
Same Property	$	105,408	$	107,755	$	209,158	$	213,667
Non-Same Property	17,643		14,950		33,500		32,162
	$	123,051	$	122,705	$	242,658	$	245,829
Cash-Basis Net Operating Income
Same Property	$	100,629	$	100,798	$	198,089	$	198,159
Non-Same Property	13,884		13,106		28,186		27,443
	$	114,513	$	113,904	$	226,275	$	225,602
Cousins Properties	36	Q2 2022 Supplemental Information
---	---	---
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
---

RECONCILIATION OF 2022 PROJECTED NET INCOME AVAILABLE

TO COMMON STOCKHOLDERS TO 2022 PROJECTED FFO

	Full Year 2022 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	$	119,000	$	0.79		$	128,000	$	0.85
Add: Noncontrolling interest related to unitholders	—		—			—		—
Net Income	119,000		0.79			128,000		0.85
Add: Depreciation and amortization of real estate assets	283,000		1.88			283,000		1.88
Add: Loss on sale of investment properties	41		—			41		—
Less: Gain on sale of investments in joint ventures	(84)		—			(84)		—
Funds From Operations	$	402,000	$	2.67		$	411,000	$	2.73
(1) Calculated based on projected weighted average shares outstanding of 150.4 million.
Cousins Properties	37	Q2 2022 Supplemental Information
---	---	---
NON-GAAP FINANCIAL MEASURES - DEFINITIONS
---

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, any 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 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 Capital Expenditures” 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	Q2 2022 Supplemental Information