Cousins Properties	1	Q2 2025 Supplemental Information

TABLE OF CONTENTS

     

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	39

   

Pictured Above: 100 Mill, Tempe, AZ

Pictured on Cover: The Link, Dallas, TX

Cousins Properties	2	Q2 2025 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 herein. 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. Examples of forward-looking statements in this earnings

release and supplemental information include the Company’s guidance and underlying assumptions; projected capital expenditures; industry trends;

future occupancy or volume and velocity of leasing activity; and entry into new markets.

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 risks

and uncertainties related to the impact of changes in general economic and capital market conditions (on an international or national basis or within

the markets in which we operate), including changes in inflation, changes in interest rates, supply chain disruptions, labor market disruptions (including

changes in unemployment), dislocation and volatility in capital markets, and potential longer-term changes in consumer and customer behavior

resulting from the severity and duration of any downturn, adverse conditions or uncertainty in the U.S. or global economy; risks affecting the real

estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms (and on anticipated schedules)); any adverse

change in the financial condition or liquidity of one or more of our tenants or borrowers under our real estate debt investments; changes in customer

preferences regarding space utilization; changes in customers’ financial condition; the availability, cost, and adequacy of insurance coverage;

competition from other developers, investors, owners, and operators of real estate; the failure to achieve anticipated benefits from intended or

completed acquisitions, developments, investments, or dispositions; the cost and availability of financing, the effectiveness of any interest rate

hedging contracts, and any failure to comply with debt covenants under credit agreements; the effect of common stock, debt, or operating

partnership unit issuances; threatened terrorist attacks or sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political

activism and the potential impact of the same upon our day-to-day building operations; the immediate and long-term impact of the outbreak of a

highly infectious or contagious disease on our and our customers’ financial condition; risks associated with security breaches through cyberattacks,

cyber intrusions, or otherwise; changes in senior management, the Board of Directors, or key personnel; the potential liability for existing or future

environmental or other applicable regulatory requirements, including the requirements to qualify for taxation as a real estate investment trust; the

financial condition and liquidity of, or disputes with, joint venture partners; material changes in dividend rates on common shares or other securities or

the ability to pay those dividends; the impact of changes to applicable laws, including the tax laws impacting REITs and the passage of the One Big

Beautiful Bill Act, and the impact of newly adopted accounting principles on our accounting policies and on period to period comparison of financial

results; risks associated with climate change and severe weather events; and those additional risks and factors discussed in reports filed with the

Securities and Exchange Commission ("SEC") by the Company.

These forward-looking statements are not exhaustive, speak only as of the date of issuance of this report and are not guarantees of future

results, performance, or achievements. Additional risk factors that could adversely affect our business and financial performance can be found in Part

1, Item 1A. Risk Factors, of our Annual Report on Form 10-K, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, including

Part II, Item 1A. Risk Factors, and are specifically incorporated by reference herein. The Company does not undertake a duty to update or revise any

forward-looking statement, whether as a result of new information, future events, or other matters, except as otherwise required by law.

Cousins Properties	3	Q2 2025 Supplemental Information

EARNINGS RELEASE

COUSINS PROPERTIES REPORTS SECOND QUARTER 2025 RESULTS

Raises 2025 Earnings Guidance

Announces Uptown Dallas Acquisition

ATLANTA, GA (July 31, 2025) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended June 30,

2025.

"This was a strong quarter for Cousins. Over 80% of our leasing was either new or expansion leasing and our leasing pipeline remains

robust," said Colin Connolly, President and Chief Executive Officer of Cousins Properties. "Post quarter-end, we purchased The Link, a

trophy lifestyle office property in Uptown Dallas, which grows our presence in a strategic market. We are also pleased to once again

raise our full year FFO guidance with a new midpoint that represents a 4.8% growth rate over last year."

Financial Results

For second quarter 2025:

•Net income available to common stockholders was $14.5 million, or $0.09 per share, compared to $7.8 million, or $0.05 per

share, for second quarter 2024.

•Funds From Operations ("FFO") was $117.5 million, or $0.70 per share, compared to $103.3 million, or $0.68 per share, for

second quarter 2024.

For six months ended June 30, 2025:

•Net income available to common stockholders was $35.4 million, or $0.21 per share, compared to $21.1 million, or $0.14 per

share, for the six months ended June 30, 2024.

•Funds From Operations ("FFO") was $242.3 million, or $1.44 per share, compared to $202.8 million, or $1.33 per share, for the

six months ended June 30, 2024.

Operations and Leasing Activity

For second quarter 2025:

•Same property net operating income ("NOI") on a cash-basis increased 1.2%.

•Second generation net rent per square foot on a cash-basis increased 10.9%.

•Executed 334,000 square feet of office leases, including 268,000 square feet of new and expansion leases, representing 80% of

total leasing activity.

For six months ended June 30, 2025:

•Same property net operating income ("NOI") on a cash-basis increased 1.6%.

•Second generation net rent per square foot on a cash-basis increased 5.4%.

•Executed 873,000 square feet of office leases, including 473,000 square feet of new and expansion leases, representing 54% of

total leasing activity.

Cousins Properties	4	Q2 2025 Supplemental Information

EARNINGS RELEASE

Investing and Finance Activity

For second quarter 2025:

•Issued $500.0 million of 5.250% public unsecured senior notes, generating net proceeds of $496.9 million. Proceeds were used

to pay off $250.0 million of privately placed senior notes that matured on July 7 and partially to fund the acquisition of The Link,

both transactions noted below.

•Sold 803,000 common shares under our ATM program, on a forward basis, at an average price of $30.47 per share. Year to date,

2.9 million shares have been sold, on a forward basis, at an average price of $30.44 per share. None of these shares have yet

been settled.

•Subsequent to quarter end, repaid in full $250.0 million of 3.91% privately placed senior notes.

•Subsequent to quarter end, on July 28, acquired The Link, a 292,000 square foot lifestyle office property in Uptown Dallas, for

$218.0 million. Please see the press release published on July 31, 2025 for additional details on this acquisition.

Earnings Guidance

For year ending December 31, 2025:

•Net income between $0.28 and $0.34 per share, increased from $0.26 and $0.34 per share.

•FFO between $2.79 and $2.85 per share, increased from $2.75 and $2.83 per share.

•The increase in FFO is driven by higher parking income, better than forecast execution on the unsecured senior notes issued

during the second quarter and the acquisition of The Link.

•Guidance assumes The Link acquisition is funded with a combination of excess proceeds from the unsecured senior note offering

referenced above as well as the future settlement of approximately 2.3 million shares of common stock previously issued on a

forward basis under our ATM program, also referenced above. This future settlement of common stock may be partially, or fully,

replaced by proceeds from potential asset sales.   

•Guidance reflects management’s current plans and assumptions as of the date of this earnings release and is subject to the risks

and uncertainties more fully described in our SEC filings. Actual results could differ materially from this guidance.

Investor Conference Call and Webcast

The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Friday, August 1, 2025 to discuss the results of the quarter

ended June 30, 2025. The number to call for this interactive teleconference is (800) 836-8184. 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 (888) 660-6345 and entering the

passcode 77032#. The playback can also be accessed on the Company's website.

Cousins Properties	5	Q2 2025 Supplemental Information

COMPANY INFORMATION

THE COMPANY

Cousins Properties Incorporated ("Cousins" or the "Company") is a fully integrated, self-administered, and self-managed real estate

investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP,

primarily invests in Class A office buildings located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder

value through its extensive expertise in the development, acquisition, leasing, and management of high-quality real estate assets. The

Company has a comprehensive strategy in place based on a simple platform, trophy assets, and opportunistic investments. For more

information, please visit www.cousins.com.

MANAGEMENT

M. Colin Connolly	Gregg D. Adzema	Kennedy Hicks	Richard G. Hickson IV
President & Chief Executive Officer	Executive Vice President &                          Chief Financial Officer	Executive Vice President, Chief Investment Officer & Managing Director	Executive Vice President, Operations
John S. McColl	Pamela F. Roper	Jeffrey D. Symes
Executive Vice President, Development	Executive Vice President, General Counsel & Corporate Secretary	Senior Vice President &                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	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

Cousins Properties	6	Q2 2025 Supplemental Information

COMPANY INFORMATION

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  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	Peter Abramowitz  212.336.7241
				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.

         

Cousins Properties	7	Q2 2025 Supplemental Information

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	June 30, 2025		December 31, 2024
Assets:
Real estate assets:
Operating properties, net of accumulated depreciation of $1,778,668 and $1,627,251 in 2025 and 2024, respectively	$7,747,297		$7,785,597
Land	154,725		154,726
	7,902,022		7,940,323
Cash and cash equivalents	416,840		7,349
Investments in real estate debt, at fair value	17,014		167,219
Accounts receivable	10,800		11,491
Deferred rents receivable	255,119		232,078
Investment in unconsolidated joint ventures	192,420		185,478
Intangible assets, net	159,156		171,989
Other assets, net	98,492		86,219
Total assets	$9,051,863		$8,802,146
Liabilities:
Notes payable	$3,476,761		$3,095,666
Accounts payable and accrued expenses	278,212		337,248
Deferred income	288,391		277,132
Intangible liabilities, net	104,223		111,221
Other liabilities	103,123		110,712
Total liabilities	4,250,710		3,931,979
Commitments and contingencies
Equity:
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 167,967,656 and 167,660,480 issued and  outstanding in 2025 and 2024, respectively	167,968		167,660
Additional paid-in capital	5,965,497		5,959,670
Distributions in excess of cumulative net income	(1,355,394)		(1,280,547)
Accumulated other comprehensive loss	—		(105)
Total stockholders' investment	4,778,071		4,846,678
Nonredeemable noncontrolling interests	23,082		23,489
Total equity	4,801,153		4,870,167
Total liabilities and equity	$9,051,863		$8,802,146

Cousins Properties	8	Q2 2025 Supplemental Information

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Revenues:
Rental property revenues	$237,715		$211,474		$480,742		$420,292
Fee income	494		406		990		785
Other	1,919		1,098		8,724		1,142
	240,128		212,978		490,456		422,219
Expenses:
Rental property operating expenses	74,179		70,634		151,335		141,709
Reimbursed expenses	119		151		296		291
General and administrative expenses	9,738		8,907		20,447		18,121
Interest expense	38,514		29,743		75,288		58,651
Depreciation and amortization	100,890		95,415		203,004		181,645
Other	443		603		865		1,275
	223,883		205,453		451,235		401,692
Income (loss) from unconsolidated joint ventures	(1,587)		439		(3,470)		787
Gain (loss) on investment property transactions	—		(3)		—		98
Net income	14,658		7,961		35,751		21,412
Net income attributable to noncontrolling interests	(175)		(121)		(371)		(284)
Net income available to common stockholders	$14,483		$7,840		$35,380		$21,128
Net income per common share — basic and diluted	$0.09		$0.05		$0.21		$0.14
Weighted average common shares — basic	167,930		152,095		167,870		152,020
Weighted average common shares — diluted	168,765		152,614		168,679		152,500

Cousins Properties	9	Q2 2025 Supplemental Information

KEY PERFORMANCE METRICS (1)

	2023	2024 1st	2024 2nd	2024 3rd	2024 4th	2024	2025 1st	2025 2nd	YTD 2025
Property Statistics
Consolidated Operating Properties	34	34	34	34	36	36	36	36	36
Consolidated Rentable Square Feet (in thousands)	18,434	18,434	18,434	18,434	19,877	19,877	20,081	20,081	20,081
Unconsolidated Operating Properties	2	2	2	3	3	3	3	3	3
Unconsolidated Rentable Square Feet (in thousands)	711	711	711	1,236	1,236	1,236	1,236	1,236	1,236
Total Operating Properties	36	36	36	37	39	39	39	39	39
Total Rentable Square Feet (in thousands)	19,145	19,145	19,145	19,670	21,113	21,113	21,317	21,317	21,317
Office Percent Leased (period end)	90.9%	90.8%	91.2%	91.0%	91.6%	91.6%	92.1%	91.6%	91.6%
Office Weighted Average Occupancy	87.5%	88.4%	88.5%	88.4%	89.2%	88.6%	90.0%	89.1%	89.6%
Office Leasing Activity (2)
Net Leased during the Period (SF, in thousands)	1,694	404	391	763	462	2,020	539	334	873
Net Rent (per SF)	$35.15	$36.06	$37.64	$45.21	$35.81	$39.77	$35.87	$40.95	$37.81
Net Free Rent (per SF)	(2.25)	(2.10)	(2.51)	(1.51)	(2.13)	(1.97)	(1.77)	(2.08)	(1.89)
Leasing Commissions (per SF)	(2.62)	(2.61)	(2.91)	(2.91)	(2.72)	(2.81)	(2.81)	(3.18)	(2.95)
Tenant Improvements (per SF)	(5.72)	(7.15)	(7.37)	(6.22)	(7.08)	(6.82)	(6.23)	(7.34)	(6.65)
Leasing Costs (per SF)	(10.59)	(11.86)	(12.79)	(10.64)	(11.93)	(11.60)	(10.81)	(12.60)	(11.49)
Net Effective Rent (per SF)	$24.56	$24.20	$24.85	$34.57	$23.88	$28.17	$25.06	$28.35	$26.32
Change in Second Generation Net Rent	20.2%	20.1%	37.6%	30.7%	22.7%	28.2%	18.3%	27.2%	20.8%
Change in Cash-Basis Second Generation Net Rent	5.8%	5.3%	18.2%	7.2%	6.7%	8.5%	3.2%	10.9%	5.4%
Same Property Information (3)
Percent Leased (period end)	90.6%	90.8%	91.2%	91.1%	91.2%	91.2%	91.7%	91.1%	91.1%
Weighted Average Occupancy	87.3%	88.4%	88.5%	88.4%	89.1%	88.6%	89.4%	88.4%	88.9%
Change in NOI (over prior year period)	5.0%	6.6%	4.2%	4.2%	5.3%	5.1%	4.0%	3.2%	3.6%
Change in Cash-Basis NOI (over prior year period)	4.2%	6.6%	5.1%	4.4%	3.4%	4.8%	2.0%	1.2%	1.6%
Development Pipeline (4)
Estimated Project Costs (in thousands)	$428,500	$437,950	$441,550	$441,550	$441,550	$441,550	$294,550	$294,550	$294,550
Estimated Project Costs/Total Undepreciated Assets	4.6%	4.6%	4.6%	4.6%	4.1%	4.1%	2.7%	2.6%	2.6%
Continued on next page

Cousins Properties	10	Q2 2025 Supplemental Information

KEY PERFORMANCE METRICS (1)

	2023	2024 1st	2024 2nd	2024 3rd	2024 4th	2024	2025 1st	2025 2nd	YTD 2025
Market Capitalization
Common Stock Price Per Share	$24.35	$24.04	$23.15	$29.48	$30.64	$30.64	$29.50	$30.03	$30.03
Common Stock/Units Outstanding (in thousands)	151,824	152,096	152,165	152,165	167,685	167,685	167,933	167,992	167,992
Equity Market Capitalization (in thousands)	$3,696,914	$3,656,388	$3,522,620	$4,485,824	$5,137,868	$5,137,868	$4,954,024	$5,044,800	$5,044,800
Debt (in thousands)	2,608,675	2,723,978	2,754,358	2,834,959	3,274,388	3,274,388	3,203,476	3,660,608	3,660,608
Total Market Capitalization (in thousands)	$6,305,589	$6,380,366	$6,276,978	$7,320,783	$8,412,256	$8,412,256	$8,157,500	$8,705,408	$8,705,408
Credit Ratios
Net Debt/Total Market Capitalization	41.2%	42.5%	43.7%	37.5%	38.8%	38.8%	39.1%	37.2%	37.2%
Net Debt/Total Undepreciated Assets	28.0%	28.8%	28.8%	28.4%	30.2%	30.2%	29.7%	28.9%	28.9%
Net Debt/Annualized EBITDAre	5.14	5.25	5.12	5.10	5.16	5.16	4.87	5.11	5.11
Fixed Charges Coverage (EBITDAre)	4.37	4.09	4.12	3.91	3.92	4.01	4.05	3.73	3.89
Dividend Information
Common Dividend per Share	$1.28	$0.32	$0.32	$0.32	$0.32	$1.28	$0.32	$0.32	$0.64
Funds From Operations (FFO) Payout Ratio	48.8%	48.9%	47.1%	47.6%	49.3%	48.2%	43.0%	45.7%	44.4%
Funds Available for Distribution (FAD) Payout Ratio	71.9%	82.1%	62.1%	72.5%	95.6%	76.5%	71.0%	75.6%	73.2%
Operations Ratio
Annualized General and Administrative Expenses/                      Total Undepreciated Assets	0.32%	0.39%	0.37%	0.38%	0.34%	0.34%	0.40%	0.35%	0.35%
Additional Information
In-Place Gross Rent (per SF) (5)	$46.95	$46.82	$46.75	$46.95	$47.94	$47.94	$48.66	$49.07	$49.07
Straight-Line Rental Revenue (in thousands)	$25,500	$8,604	$4,423	$5,374	$6,107	$24,508	$12,477	$11,283	$23,760
Above and Below Market Rents Amortization, Net (in thousands)	$6,876	$1,460	$1,559	$1,484	$1,664	$6,167	$2,845	$2,828	$5,673
Second Generation Capital Expenditures (in thousands)	$96,908	$30,212	$17,270	$26,190	$42,421	$116,093	$33,281	$28,636	$61,917

(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.

Cousins Properties	11	Q2 2025 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	12	Q2 2025 Supplemental Information

FUNDS FROM OPERATIONS - SUMMARY

(amounts in thousands, except per share amounts)
	2023	2024 1st	2024 2nd	2024 3rd	2024 4th	2024	2025 1st	2025 2nd	YTD 2025
Net Income	$83,816	$13,451	$7,961	$11,356	$13,813	$46,581	$21,093	$14,658	$35,751
Fee and Other Income	(11,170)	(893)	(2,590)	(2,847)	(6,060)	(12,390)	(10,168)	(2,411)	(12,579)
General and Administrative Expenses	32,331	9,214	8,907	9,204	9,241	36,566	10,709	9,738	20,447
Interest Expense	105,463	28,908	29,743	30,773	33,052	122,476	36,774	38,514	75,288
Depreciation and Amortization	314,897	86,230	95,415	89,784	93,616	365,045	102,114	100,890	203,004
Reimbursed and Other Expenses	2,736	812	754	515	650	2,731	600	560	1,160
(Income) Loss from Unconsolidated Joint Ventures	(2,299)	(348)	(439)	1,575	2,008	2,796	1,883	1,587	3,470
NOI from Unconsolidated Joint Ventures	5,824	1,352	1,561	1,716	1,988	6,617	2,223	3,165	5,388
Transaction Loss (Gain)	(504)	(101)	3	—	—	(98)	—	—	—
NOI (1)	$531,094	$138,625	$141,315	$142,076	$148,308	$570,324	$165,228	$166,701	$331,929
Fee and Other Income (1)	11,310	908	2,630	2,909	6,075	12,522	10,183	2,450	12,633
General and Administrative Expenses	(32,331)	(9,214)	(8,907)	(9,204)	(9,241)	(36,566)	(10,709)	(9,738)	(20,447)
Interest Expense (1)	(107,139)	(29,436)	(30,378)	(32,280)	(34,866)	(126,960)	(38,763)	(40,753)	(79,516)
Reimbursed and Other Expenses (1)	(2,794)	(843)	(769)	(632)	(803)	(3,047)	(521)	(625)	(1,146)
Gain (Loss) on Sales of Undepreciated Investment Properties (1)	506	—	(3)	—	—	(3)	—	—	—
Depreciation and Amortization of Non-Real Estate Assets	(448)	(115)	(116)	(117)	(113)	(461)	(117)	(121)	(238)
Partners' Share of FFO in Consolidated Joint Ventures	(1,909)	(429)	(426)	(418)	(444)	(1,717)	(467)	(420)	(887)
FFO (1)	$398,289	$99,496	$103,346	$102,334	$108,916	$414,092	$124,834	$117,494	$242,328
Weighted Average Common Shares - Diluted	152,040	152,385	152,614	152,812	158,249	154,015	168,593	168,765	168,679
FFO per Share (1)	$2.62	$0.65	$0.68	$0.67	$0.69	$2.69	$0.74	$0.70	$1.44

(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 are meaningful to investors and analysts.

Cousins Properties	13	Q2 2025 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

	(amounts in thousands, except per share amounts)
	2023	2024 1st	2024 2nd	2024 3rd	2024 4th	2024	2025 1st	2025 2nd	YTD 2025
NOI
Consolidated Properties
The Domain (2)	$68,822	$18,159	$20,276	$20,296	$20,198	$78,929	$20,825	$21,725	$42,550
Sail Tower	—	—	—	—	1,843	1,843	11,682	11,771	23,453
Terminus (2)	33,804	8,087	8,080	7,759	7,984	31,910	8,252	8,566	16,818
Corporate Center (2)	30,200	7,321	7,437	7,708	7,818	30,284	8,094	8,458	16,552
Spring & 8th (2)	29,355	7,363	7,344	7,388	7,376	29,471	7,375	7,369	14,744
Vantage South End (2)	—	—	—	—	2,338	2,338	7,136	7,031	14,167
300 Colorado	18,974	5,756	5,696	5,994	6,616	24,062	6,541	6,726	13,267
Buckhead Plaza (2)	20,967	5,321	5,301	5,702	6,056	22,380	6,471	6,223	12,694
BriarLake Plaza (2)	14,677	5,579	5,656	5,651	5,477	22,363	5,686	5,533	11,219
Promenade Tower	13,694	3,432	3,997	4,436	4,849	16,714	5,433	5,501	10,934
201 N. Tryon (fka Fifth Third Center)	18,959	4,759	4,688	4,747	4,974	19,168	4,795	4,983	9,778
One Eleven Congress	17,683	4,190	4,138	4,295	4,504	17,127	4,592	5,121	9,713
Hayden Ferry (2)	20,819	4,600	4,499	4,311	4,408	17,818	4,560	4,621	9,181
San Jacinto Center	16,237	5,076	5,197	5,240	4,648	20,161	4,495	4,409	8,904
Northpark (2)	20,569	4,980	5,072	5,359	5,241	20,652	4,818	3,920	8,738
725 Ponce	19,398	5,032	4,735	4,307	3,839	17,913	4,162	4,146	8,308
The Terrace (2)	15,516	3,939	3,913	4,028	4,034	15,914	4,152	4,006	8,158
Colorado Tower	15,410	4,234	4,565	4,427	4,429	17,655	4,252	3,663	7,915
3344 Peachtree	16,058	4,023	3,962	3,781	3,886	15,652	3,745	4,051	7,796
100 Mill	13,726	3,842	3,587	3,728	3,971	15,128	3,992	3,782	7,774
Avalon (2)	16,882	4,425	4,411	3,991	3,994	16,821	3,483	3,625	7,108
The RailYard	13,169	3,081	3,092	3,020	3,069	12,262	3,027	3,058	6,085
Heights Union (2)	10,071	2,621	2,750	2,620	2,615	10,606	2,623	2,677	5,300
Legacy Union One	9,441	2,380	2,382	2,367	2,376	9,505	2,372	2,360	4,732
Promenade Central (3)	3,809	1,570	1,761	1,826	2,000	7,157	2,349	2,333	4,682
3350 Peachtree	4,514	1,363	1,729	1,389	2,267	6,748	1,970	2,274	4,244
Tempe Gateway	4,026	1,259	1,378	1,421	1,945	6,003	2,122	2,106	4,228
Domain Point (2)	8,637	2,183	2,032	2,052	2,065	8,332	2,040	2,040	4,080
550 South	10,996	2,527	2,002	1,916	1,951	8,396	1,875	1,859	3,734
111 West Rio	5,607	1,411	1,410	1,407	1,420	5,648	1,419	1,400	2,819
The Pointe	3,269	1,168	1,191	1,393	1,154	4,906	1,316	1,251	2,567
5950 Sherry Lane	3,633	1,078	1,029	1,196	1,129	4,432	1,244	1,283	2,527
3348 Peachtree	4,606	1,163	1,217	1,250	1,296	4,926	1,301	1,156	2,457
Meridian Mark Plaza	4,796	1,215	869	1,216	1,194	4,494	1,158	1,280	2,438
Research Park V	4,109	1,087	1,066	1,096	1,176	4,425	1,181	1,139	2,320
Harborview Plaza	3,394	835	959	936	856	3,586	1,144	822	1,966
Other (4)	9,443	2,214	2,333	2,107	1,324	7,978	1,323	1,268	2,591
Subtotal - Consolidated	525,270	137,273	139,754	140,360	146,320	563,707	163,005	163,536	326,541
Continued on next page

Cousins Properties	14	Q2 2025 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

	(amounts in thousands, except per share amounts)
	2023	2024 1st	2024 2nd	2024 3rd	2024 4th	2024	2025 1st	2025 2nd	YTD 2025
Unconsolidated Properties (5)
Medical Offices at Emory Hospital	4,588	1,116	1,212	1,170	1,163	4,661	1,176	1,188	2,364
Proscenium	—	—	—	365	378	743	361	421	782
120 West Trinity (2)	1,247	319	364	165	252	1,100	286	228	514
Other (6)	(11)	(83)	(15)	16	195	113	400	1,328	1,728
Subtotal - Unconsolidated	5,824	1,352	1,561	1,716	1,988	6,617	2,223	3,165	5,388
Total Net Operating Income (1)	531,094	138,625	141,315	142,076	148,308	570,324	165,228	166,701	331,929
Fee and Other Income
Management Fees (7)	1,373	379	406	495	481	1,761	496	422	918
Termination Fees	7,343	471	1,085	895	954	3,405	2,866	—	2,866
Leasing & Other Fees	—	—	—	—	—	—	—	33	33
Development Fees	—	—	—	—	—	—	—	39	39
Interest Income from Real Estate Debt (8)	—	—	367	1,011	4,394	5,772	2,149	568	2,717
Other Income (9)	2,454	44	731	446	231	1,452	4,656	1,350	6,006
Other Income - Unconsolidated (5)	140	14	41	62	15	132	16	38	54
Total Fee and Other Income	11,310	908	2,630	2,909	6,075	12,522	10,183	2,450	12,633
General and Administrative Expenses	(32,331)	(9,214)	(8,907)	(9,204)	(9,241)	(36,566)	(10,709)	(9,738)	(20,447)
Interest Expense
Consolidated Interest Expense
Public Senior Notes, Unsecured ($500M)	—	—	—	(3,732)	(7,469)	(11,201)	(7,474)	(7,468)	(14,942)
Public Senior Notes, Unsecured ($400M)	—	—	—	—	(830)	(830)	(5,551)	(5,548)	(11,099)
Term Loan, Unsecured ($400M)	(24,679)	(6,050)	(5,805)	(5,829)	(5,826)	(23,510)	(5,539)	(5,356)	(10,895)
Terminus (2)	(14,055)	(3,514)	(3,514)	(3,514)	(3,513)	(14,055)	(3,514)	(3,514)	(7,028)
Term Loan, Unsecured ($250M)	(19,865)	(4,892)	(4,909)	(4,371)	(3,795)	(17,967)	(3,482)	(3,486)	(6,968)
Privately Placed Senior Notes, Unsecured ($275M)	(10,975)	(2,744)	(2,744)	(2,743)	(2,744)	(10,975)	(2,744)	(2,744)	(5,488)
Privately Placed Senior Notes, Unsecured ($250M)	(9,958)	(2,490)	(2,489)	(2,490)	(2,489)	(9,958)	(2,490)	(2,489)	(4,979)
Privately Placed 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	(14,155)	(5,449)	(6,047)	(3,596)	(2,232)	(17,324)	(1,725)	(1,390)	(3,115)
Privately Placed Senior Notes, Unsecured ($125M)	(4,789)	(1,197)	(1,198)	(1,197)	(1,197)	(4,789)	(1,197)	(1,198)	(2,395)
201 N. Tryon (fka Fifth Third Center)	(4,388)	(1,078)	(1,070)	(1,062)	(1,055)	(4,265)	(1,046)	(1,038)	(2,084)
Privately Placed Senior Notes, Unsecured ($100M)	(4,145)	(1,036)	(1,037)	(1,036)	(1,037)	(4,146)	(1,036)	(1,036)	(2,072)
Colorado Tower	(3,826)	(942)	(936)	(930)	(924)	(3,732)	(918)	(911)	(1,829)
Public Senior Notes, Unsecured ($500M)	—	—	—	—	—	—	—	(1,798)	(1,798)
Other (10)	(3,231)	(781)	(751)	(746)	(231)	(2,509)	—	—	—
Capitalized (11)	18,367	3,706	3,198	2,914	2,731	12,549	2,383	1,903	4,286
Subtotal - Consolidated Interest Expense	(105,463)	(28,908)	(29,743)	(30,773)	(33,052)	(122,476)	(36,774)	(38,514)	(75,288)
Unconsolidated Interest Expense (5)
Medical Offices at Emory Hospital	(1,659)	(508)	(508)	(508)	(508)	(2,032)	(508)	(508)	(1,016)
Other (10)	(17)	(20)	(127)	(999)	(1,306)	(2,452)	(1,481)	(1,731)	(3,212)
Subtotal - Unconsolidated Interest Expense	(1,676)	(528)	(635)	(1,507)	(1,814)	(4,484)	(1,989)	(2,239)	(4,228)
Total Interest Expense	(107,139)	(29,436)	(30,378)	(32,280)	(34,866)	(126,960)	(38,763)	(40,753)	(79,516)
Continued on next page

Cousins Properties	15	Q2 2025 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

	(amounts in thousands, except per share amounts)
	2023	2024 1st	2024 2nd	2024 3rd	2024 4th	2024	2025 1st	2025 2nd	YTD 2025
Reimbursed and Other Expenses
Reimbursed Expenses (7)	(608)	(140)	(151)	(188)	(155)	(634)	(177)	(120)	(297)
Property Taxes and Other Land Holding Costs (5)	(1,390)	(389)	59	(320)	(326)	(976)	(344)	(386)	(730)
Severance	(392)	2	—	—	(46)	(44)	(11)	(1)	(12)
Predevelopment & Other Costs (5)	(404)	(316)	(677)	(124)	(276)	(1,393)	11	(118)	(107)
Total Reimbursed and Other Expenses	(2,794)	(843)	(769)	(632)	(803)	(3,047)	(521)	(625)	(1,146)
Gain (Loss) on Sales of Undepreciated Investment Properties
Consolidated	506	—	(3)	—	—	(3)	—	—	—
Total Gain (Loss) on Sales of Undepreciated Investment Properties	506	—	(3)	—	—	(3)	—	—	—
								—
Depreciation and Amortization of Non-Real Estate Assets	(448)	(115)	(116)	(117)	(113)	(461)	(117)	(121)	(238)
								—
Partners' Share of FFO in Consolidated Joint Ventures	(1,909)	(429)	(426)	(418)	(444)	(1,717)	(467)	(420)	(887)
FFO	$398,289	$99,496	$103,346	$102,334	$108,916	$414,092	$124,834	$117,494	$242,328
Weighted Average Shares - Diluted	152,040	152,385	152,614	152,812	158,249	154,015	168,593	168,765	168,679
FFO per Share	$2.62	$0.65	$0.68	$0.67	$0.69	$2.69	$0.74	$0.70	$1.44

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 32.

(2) Contains multiple buildings that are grouped together for reporting purposes.

(3) A full building redevelopment of Promenade Central reached substantial completion in the fourth quarter of 2022.

(4) Primarily represents the College Street Garage and Domain 4, which the Company plans to replace, once its leases expire, with future development.

(5) Unconsolidated amounts included in the reconciliation above represent amounts recorded in unconsolidated joint ventures 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 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) Included in Interest Income from Real Estate Debt for the first quarter of 2025 is $858,000 related to a minimum interest guaranty paid by the borrower of the Radius loan upon early repayment.

(9) Included in Other Income for the first quarter of 2025 is $4.6 million from the sale of our SVB bankruptcy claim.

(10) Primarily represents interest on consolidated loans repaid and our share of interests on loans of unconsolidated investments sold prior to June 30, 2025. Also includes interest expense from unconsolidated investments not yet stabilized.

(11) 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	16	Q2 2025 Supplemental Information

PORTFOLIO STATISTICS (1)

Office Properties		Rentable Square Feet		Financial Statement Presentation		Company's Ownership Interest		End of Period Leased				Weighted Average Occupancy (2)				% of Total NOI / 2Q25		Property Level Debt ($ in thousands) (3)
								1Q25		2Q25		1Q25		2Q25
The Domain (4) (5)		2,080,000		Consolidated		100%		98.0%		97.9%		98.7%		98.0%		13.1%		$—
Sail Tower (6)		804,000		Consolidated		100%		100.0%		100.0%		100.0%		100.0%		7.1%		—
300 Colorado		378,000		Consolidated		100%		100.0%		100.0%		100.0%		100.0%		4.1%		—
One Eleven Congress		519,000		Consolidated		100%		86.4%		86.4%		82.6%		82.7%		3.1%		—
San Jacinto Center		399,000		Consolidated		100%		89.1%		87.6%		85.7%		83.5%		2.7%		—
The Terrace (4)		619,000		Consolidated		100%		83.5%		90.0%		78.3%		80.4%		2.4%		—
Colorado Tower		373,000		Consolidated		100%		95.4%		95.4%		95.5%		88.5%		2.2%		102,540
Domain Point (4)		240,000		Consolidated		96.5%		96.5%		96.5%		96.5%		95.0%		1.2%		—
Research Park V		173,000		Consolidated		100%		93.0%		93.0%		93.0%		93.0%		0.7%		—
AUSTIN		5,585,000						94.7%		95.3%		93.6%		93.1%		36.6%		102,540
Terminus (4)		1,226,000		Consolidated		100%		82.9%		82.9%		81.4%		82.1%		5.1%		220,753
Spring & 8th (4)		765,000		Consolidated		100%		100.0%		100.0%		100.0%		100.0%		4.5%		—
Buckhead Plaza (4)		678,000		Consolidated		100%		94.5%		92.9%		93.0%		92.5%		3.8%		—
Promenade Tower		777,000		Consolidated		100%		86.4%		86.2%		83.5%		80.0%		3.3%		—
725 Ponce		372,000		Consolidated		100%		87.6%		87.6%		87.6%		87.6%		2.5%		—
3344 Peachtree		484,000		Consolidated		100%		97.2%		97.2%		95.4%		96.0%		2.5%		—
Northpark (4)		1,405,000		Consolidated		100%		82.1%		70.7%		78.6%		69.3%		2.4%		—
Avalon (4)		480,000		Consolidated		100%		96.1%		99.2%		83.2%		83.2%		2.2%		—
Promenade Central		367,000		Consolidated		100%		78.4%		78.4%		77.1%		78.4%		1.4%		—
3350 Peachtree		413,000		Consolidated		100%		86.4%		91.1%		76.0%		78.9%		1.4%		—
Meridian Mark Plaza		160,000		Consolidated		100%		100.0%		100.0%		100.0%		100.0%		0.8%		—
Medical Offices at Emory Hospital		358,000		Unconsolidated		50%		99.1%		99.1%		98.7%		97.9%		0.7%		41,224
3348 Peachtree		258,000		Consolidated		100%		82.4%		81.3%		76.3%		69.2%		0.7%		—
Proscenium (6)		525,000		Unconsolidated		20%		58.0%		58.0%		60.4%		57.9%		0.3%		—
120 West Trinity Office		43,000		Unconsolidated		20%		74.2%		74.2%		74.2%		74.2%		0.1%		—
ATLANTA		8,311,000						88.1%		86.3%		85.1%		83.1%		31.7%		261,977
Vantage South End (4) (6)		639,000		Consolidated		100%		97.4%		97.4%		97.4%		97.4%		4.2%		—
201 N. Tryon (fka Fifth Third Center)		692,000		Consolidated		100%		92.5%		92.5%		92.1%		92.4%		3.0%		120,803
The RailYard		329,000		Consolidated		100%		98.7%		98.7%		98.7%		98.7%		1.9%		—
550 South		394,000		Consolidated		100%		73.4%		73.4%		73.1%		73.2%		1.1%		—
CHARLOTTE		2,054,000						91.4%		91.4%		91.2%		91.3%		10.2%		120,803
Corporate Center (4)		1,227,000		Consolidated		100%		96.9%		97.4%		93.4%		93.7%		5.0%		—
Heights Union (4)		294,000		Consolidated		100%		100.0%		100.0%		100.0%		100.0%		1.6%		—
The Pointe		253,000		Consolidated		100%		89.5%		90.1%		90.0%		86.3%		0.8%		—
Harborview Plaza		206,000		Consolidated		100%		93.6%		80.8%		91.3%		77.5%		0.5%		—
TAMPA		1,980,000						96.0%		95.1%		93.7%		92.0%		7.9%		—
Continued on next page

Cousins Properties	17	Q2 2025 Supplemental Information

PORTFOLIO STATISTICS (1)

Office Properties		Rentable Square Feet		Financial Statement Presentation		Company's Ownership Interest		End of Period Leased				Weighted Average Occupancy (2)				% of Total NOI / 2Q25		Property Level Debt ($ in thousands) (3)
								1Q25		2Q25		1Q25		2Q25
Hayden Ferry (4) (7)		792,000		Consolidated		100%		89.4%		93.4%		82.0%		87.2%		2.8%		—
100 Mill		288,000		Consolidated		90%		98.1%		98.1%		98.1%		98.1%		2.3%		—
Tempe Gateway		264,000		Consolidated		100%		95.7%		95.7%		93.8%		92.7%		1.3%		—
111 West Rio		225,000		Consolidated		100%		100.0%		100.0%		100.0%		100.0%		0.8%		—
PHOENIX		1,569,000						94.1%		95.9%		90.5%		92.5%		7.2%		—
BriarLake Plaza (4)		835,000		Consolidated		100%		98.0%		97.4%		97.8%		97.2%		3.4%		—
HOUSTON		835,000						98.0%		97.4%		97.8%		97.2%		3.4%		—
Legacy Union One		319,000		Consolidated		100%		100.0%		100.0%		100.0%		100.0%		1.4%		—
5950 Sherry Lane		197,000		Consolidated		100%		92.6%		92.7%		81.9%		85.7%		0.8%		—
DALLAS		516,000						97.2%		97.2%		93.1%		94.5%		2.2%		—
TOTAL OFFICE		20,850,000						92.1%		91.6%		90.0%		89.1%		99.2%		$485,320
Other Properties (6)
College Street Garage - Charlotte		N/A		Consolidated		100%		N/A		N/A		N/A		N/A		0.6%		—
120 West Trinity Apartment -                                      Atlanta (330 units)		310,000		Unconsolidated		20%		94.4%		92.0%		92.2%		90.5%		0.1%		—
Domain 4 (5)		157,000		Consolidated		100%		33.4%		33.4%		33.4%		33.4%		0.1%		—
TOTAL OTHER		467,000														0.8%		$—
TOTAL		21,317,000														100.0%		$485,320

(1)	Represents the Company's operating properties, excluding properties in the development pipeline and properties sold prior to June 30, 2025.
(2)	The weighted average economic occupancy of the property over the period for which the property was available for occupancy during the respective quarters.
(3)	The Company's share of property-specific mortgage debt, net of unamortized loan costs, as of June 30, 2025.
(4)	Contains two or more buildings that are grouped together for reporting purposes.
(5)	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 replace Domain 4, once its leases expire, with 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.
(6)	Not included in Same Property.
(7)	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. It is also excluded from the Phoenix and Total Office end of period leased and weighted average occupancy calculations.

Cousins Properties	18	Q2 2025 Supplemental Information

PORTFOLIO STATISTICS

Second Quarter 2025 Portfolio NOI by Market

Charlotte

10.8%

Nashville (1)

Dallas

2.2%

Atlanta

31.8%

Tampa

7.9%

Houston

3.4%

Austin

36.7%

Phoenix

7.2%

(1) The Company owns 50% of Neuhoff, a mixed-use development in Nashville, through a joint venture. It has commenced initial operations but is not yet stabilized. See pages 26 and 31 for

additional details.

Cousins Properties	19	Q2 2025 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

($ in thousands)
Three Months Ended June 30,
		2024		2025		$ Change		% Change
Rental Property Revenues (2)		$205,183		$207,013		$1,830		0.9%
Rental Property Operating Expenses (2)		69,191		66,705		(2,486)		(3.6)%
Same Property Net Operating Income		$135,992		$140,308		$4,316		3.2%
Cash-Basis Rental Property Revenues (3)		$192,064		$190,970		$(1,094)		(0.6)%
Cash-Basis Rental Property Operating Expenses (4)		69,015		66,487		(2,528)		(3.7)%
Cash-Basis Same Property Net Operating Income		$123,049		$124,483		$1,434		1.2%
End of Period Leased		91.6%		91.1%
Weighted Average Occupancy		88.7%		88.4%
Six Months Ended June 30,
		2024		2025		$ Change		% Change
Rental Property Revenues (2)		$410,705		$417,771		$7,066		1.7%
Rental Property Operating Expenses (2)		139,427		136,752		(2,675)		(1.9)%
Same Property Net Operating Income		$271,278		$281,019		$9,741		3.6%
Cash-Basis Rental Property Revenues (3)		$381,991		$383,081		$1,090		0.3%
Cash-Basis Rental Property Operating Expenses (4)		139,043		136,272		(2,771)		(2.0)%
Cash-Basis Same Property Net Operating Income		$242,948		$246,809		$3,861		1.6%
Weighted Average Occupancy		88.6%		88.9%

(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.

Cousins Properties	20	Q2 2025 Supplemental Information

OFFICE LEASING ACTIVITY

	Three Months Ended June 30, 2025								Six Months Ended June 30, 2025
	New		Renewal		Expansion		Total		New		Renewal		Expansion		Total
Net leased square feet (1)	220,858		66,045		47,465		334,368		342,165		400,488		130,778		873,431
Number of transactions	23		12		6		41		40		34		14		88
Lease term in years (2)	8.6		6.1		6.7		7.9		7.9		5.6		8.3		6.9
Net effective rent calculation (per square foot per year) (2)
Net annualized rent (3)	$40.79		$44.20		$37.16		$40.95		$40.12		$35.02		$40.34		$37.81
Net free rent	(2.40)		(1.84)		(0.91)		(2.08)		(2.35)		(1.53)		(1.81)		(1.89)
Leasing commissions	(3.18)		(3.27)		(2.99)		(3.18)		(3.29)		(2.59)		(3.17)		(2.95)
Tenant improvements	(8.07)		(3.52)		(9.31)		(7.34)		(8.65)		(4.43)		(8.23)		(6.65)
Total leasing costs	(13.65)		(8.63)		(13.21)		(12.60)		(14.29)		(8.55)		(13.21)		(11.49)
Net effective rent	$27.14		$35.57		$23.95		$28.35		$25.83		$26.47		$27.13		$26.32
Second generation leased square footage (4)							183,250								632,489
Increase in straight-line basis second generation net rent per square foot (5)							27.2%								20.8%
Increase in cash-basis second generation net rent per square foot (6)							10.9%								5.4%

(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.

Cousins Properties	21	Q2 2025 Supplemental Information

OFFICE LEASE EXPIRATIONS

Lease Expirations by Year (1)

Year of Expiration		Square Feet Expiring		% of Leased Space		Annual Contractual Rent ($ in thousands) (2)		% of Annual Contractual Rent		Annual Contractual Rent/Sq. Ft.
2025		612,171		3.4%		$24,135		2.5%		$39.42
2026		1,154,088		6.4%		54,323		5.6%		47.07
2027		1,684,987		9.3%		77,407		8.0%		45.94
2028		1,751,648		9.7%		89,923		9.3%		51.34
2029		1,756,013		9.7%		91,994		9.4%		52.39
2030		1,637,379		9.1%		85,682		8.8%		52.33
2031		1,396,102		7.7%		79,505		8.2%		56.95
2032		2,215,425		12.2%		128,220		13.2%		57.88
2033		1,196,472		6.6%		69,645		7.2%		58.21
2034 & Thereafter		4,681,638		25.9%		271,183		27.8%		57.92
Total		18,085,923		100.0%		$972,017		100.0%		$53.74

(1) Company's share of leases expiring after June 30, 2025. 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.

Cousins Properties	22	Q2 2025 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 ($ in thousands) (2)		Percentage of Company's Share of Annualized Rent		Weighted Average Remaining Lease Term (Years)
1	Amazon		5		3		1,461,805		$79,118		9.1%		5.2
2	Alphabet		1		1		799,149		54,936		6.3%		12.6
3	NCR Voyix		2		2		815,634		42,466		4.9%		7.9
4	ExxonMobil		1		1		298,396		21,850		2.5%		7.5
5	IBM		1		1		319,863		19,032		2.2%		15.2
6	Expedia		1		1		315,882		17,546		2.0%		5.8
7	Apache		1		1		360,914		14,567		1.7%		13.5
8	Bank of America		2		2		347,139		12,978		1.5%		0.5
9	Ovintiv USA (3)		1		1		318,582		8,437		1.0%		2.0
10	ADP		1		1		225,000		8,099		0.9%		2.8
11	Wells Fargo		5		3		159,114		7,838		0.9%		4.5
12	BlackRock		1		1		131,656		7,611		0.9%		10.9
13	Deloitte		4		3		193,751		7,315		0.8%		8.4
14	Lendingtree		1		1		161,321		7,031		0.8%		11.3
15	Smurfit Westrock		1		1		181,286		6,863		0.8%		4.8
16	McKinsey & Company		2		2		130,513		6,745		0.8%		7.4
17	Workrise Technologies		1		1		93,210		6,741		0.8%		3.1
18	Amgen		1		1		163,169		6,737		0.8%		3.3
19	Samsung Engineering America		1		1		133,860		6,507		0.7%		1.4
20	International Workplace Group		4		4		123,625		6,460		0.7%		6.8
	Total						6,733,869		$348,877		40.1%		7.2
(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 June 30, 2025. If the tenant is in a free rent period as of June 30, 2025, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent.
(3)	Our lease with Ovintiv USA is a triple net lease. Therefore, the Company's share of annualized rent only represents annualized base rent as there are no operating expense reimbursements.

Cousins Properties	23	Q2 2025 Supplemental Information

TENANT INDUSTRY DIVERSIFICATION

(1) 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, 2025. If the tenant is in a free rent period as of June 30, 2025, Annualized Rent represents the annualized contractual rent the tenant will pay in

the first month the tenant is required to pay full rent.

Note: Management uses SIC codes when available, along with their judgment, to determine tenant industry classification. This schedule includes leases that

have commenced. Leases that have been signed but have not commenced are excluded.

Cousins Properties	24	Q2 2025 Supplemental Information

INVESTMENT ACTIVITY

Completed Operating Property Acquisitions

Property		Type		Market		Company's Ownership Interest		Timing		Square Feet		Gross Purchase Price ($ in thousands) (1)
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
2020
The RailYard		Office		Charlotte		100%		4Q		329,000		201,300
										2,918,000		$1,540,000

Completed Property Developments

Project		Type		Market		Company's Ownership Interest		Timing (3)		Square Feet		Total Project Cost ($ in thousands) (1)
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
2020
Domain 12		Office		Austin		100%		4Q		320,000		117,000
										2,219,000		$909,000

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

(2) Developed 8000 Avalon and 10000 Avalon as the majority partner in 90-10 joint ventures, HICO Avalon LLC and HICO Avalon II LLC, respectively. In 2022, we purchased the 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) Represents timing of stabilization.

Cousins Properties	25	Q2 2025 Supplemental Information

INVESTMENT ACTIVITY

Completed Operating Property Dispositions

Property		Type		Market		Company's Ownership Interest		Timing		Square Feet		Gross Sales Price ($ in thousands)
2022
Carolina Square		Mixed		Charlotte		50%		3Q		468,000		$105,000	(1)
2021
Burnett Plaza		Office		Fort Worth		100%		2Q		1,023,000		137,500
One South at the Plaza		Office		Charlotte		100%		3Q		891,000		271,500
Dimensional Place		Office		Charlotte		50%		3Q		281,000		60,800	(1)
816 Congress		Office		Austin		100%		4Q		435,000		174,000
2020
Hearst Tower		Office		Charlotte		100%		1Q		966,000		455,500
Gateway Village		Office		Charlotte		50%		1Q		1,061,000		52,200	(1)
Woodcrest		Office		Cherry Hill		100%		1Q		386,000		25,300
										5,511,000		$1,281,800

(1) Amount represents proceeds, before debt and other adjustments, received by the Company for the sale of its unconsolidated interest in the joint venture to its partner.

Cousins Properties	26	Q2 2025 Supplemental Information

DEVELOPMENT PIPELINE (1)

Project

Type

Market

Company's Ownership Interest

Construction Start Date

Square Feet/Units

Estimated Project Cost (1) ($ in thousands)

Company's Share of Estimated Project Cost (1) ($ in thousands)

Project Cost Incurred to Date (1) ($ in thousands)

Company's Share of Project Cost Incurred to Date (1) ($ in thousands)

Percent Leased

Initial Occupancy (2)

Estimated Stabilization (3)

Neuhoff (4)

Mixed

Nashville

50%

3Q21

$589,100

$294,550

$573,894

$286,947

Office and Retail

450,000

51%

4Q23

3Q26

Apartments

542

78%

2Q24

4Q25

(1)	This schedule shows projects currently under active development as of June 30, 2025 through the substantial completion of construction as well as properties in an initial lease up period prior to stabilization. Significant estimation is required to derive these costs, and the final costs may differ from these estimates. Estimated and incurred project costs are construction costs, initial leasing costs, and financing costs on project-specific debt. Neuhoff has a project-specific construction loan (see footnote 4). The above schedule excludes any financing cost assumptions for projects without project-specific debt and any other incremental capitalized costs required by GAAP.
(2)	Initial occupancy represents the quarter within which the Company first recognized, or estimates it will begin recognizing, revenue under GAAP. The Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of office and retail properties, which have ongoing construction of tenant improvements, until the earlier of (1) the date on which the project achieves 90% economic occupancy or (2) one year from cessation of major construction activity. For residential project construction, the Company continues to capitalize interest, real estate taxes, and certain operating expenses until cessation of major construction activity.
(3)	Reflects the estimated quarter of economic stabilization for each project.
(4)	The Neuhoff estimated project cost will be funded with a combination of $276.4 million of equity contributed by the joint venture partners and a $312.7 million construction loan of which the Company's share is $156.4 million.  These costs include approximately $66 million of site and associated infrastructure work related to a future phase. The estimated project cost includes revisions related to updated initial leasing costs and construction loan interest costs.

Cousins Properties	27	Q2 2025 Supplemental Information

LAND INVENTORY

		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		Charlotte		100%		Consolidated		2.4
Legacy Union 2 & 3		Dallas		95%		Consolidated		4.0
Corporate Center 5 & 6 (1)		Tampa		100%		Consolidated		14.1
Total								37.0
Total Cost Basis of Land ($ in thousands)								$162,809
Company's Share of Cost Basis of Land ($ in thousands)								$156,005

(1)	Corporate Center 5 is controlled through a long-term ground lease.

Cousins Properties	28	Q2 2025 Supplemental Information

DEBT SCHEDULE (1)

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		Maturity Date (2)		2025		2026		2027		2028		2029		Thereafter		Total Principal		Original Issue Discount		Deferred Loan Costs		Total
Consolidated Debt - Floating Rate
Credit Facility, Unsecured (Adjusted SOFR + 0.725% to 1.40%) (3)		100%		5.165%		4/30/27		$—		$—		$—		$—		$—		$—		$—		$—		$—		$—
Term Loan, Unsecured (Adjusted SOFR + 0.85% to 1.65%) (4)		100%		5.39%		8/20/26		—		250,000		—		—		—		—		250,000		—		(86)		249,914
Total Consolidated Floating Rate Debt								—		250,000		—		—		—		—		250,000		—		(86)		249,914
Consolidated Debt - Fixed Rate
Public Senior Notes, Unsecured (5)		100%		5.250%		7/15/30		—		—		—		—		—		500,000		500,000		(65)		(4,154)		495,781
Public Senior Notes, Unsecured (6)		100%		5.875%		10/1/34		—		—		—		—		—		500,000		500,000		(1,366)		(5,143)		493,491
Public Senior Notes, Unsecured (7)		100%		5.375%		2/15/32		—		—		—		—		—		400,000		400,000		(2,009)		(3,379)		394,612
Term Loan, Unsecured (8)		100%		5.212%		3/3/27		—		—		400,000		—		—		—		400,000		—		(125)		399,875
Privately Placed Senior Notes, Unsecured		100%		3.95%		7/6/29		—		—		—		—		275,000		—		275,000		—		(447)		274,553
Privately Placed Senior Notes, Unsecured (9)		100%		3.91%		7/6/25		250,000		—		—		—		—		—		250,000		—		—		250,000
Privately Placed Senior Notes, Unsecured		100%		3.86%		7/6/28		—		—		—		250,000		—		—		250,000		—		(338)		249,662
Terminus (10)		100%		6.34%		1/15/31		—		—		—		—		—		221,000		221,000		—		(247)		220,753
Privately Placed Senior Notes, Unsecured		100%		3.78%		7/6/27		—		—		125,000		—		—		—		125,000		—		(126)		124,874
201 N. Tryon (fka Fifth Third Center)		100%		3.37%		10/1/26		1,953		118,928		—		—		—		—		120,881		—		(78)		120,803
Colorado Tower		100%		3.45%		9/1/26		1,453		101,199		—		—		—		—		102,652		—		(112)		102,540
Privately Placed Senior Notes, Unsecured		100%		4.09%		7/6/27		—		—		100,000		—		—		—		100,000		—		(97)		99,903
Total Consolidated Fixed Rate Debt								253,406		220,127		625,000		250,000		275,000		1,621,000		3,244,533		(3,440)		(14,246)		3,226,847
Total Consolidated Debt								253,406		470,127		625,000		250,000		275,000		1,621,000		3,494,533		(3,440)		(14,332)		3,476,761
Unconsolidated Debt - Floating Rate
Neuhoff (SOFR + 3.45%) (11)		50%		7.78%		9/30/26		—		142,778		—		—		—		—		142,778		—		(155)		142,623
																		.
Unconsolidated Debt - Fixed Rate
Medical Offices at Emory Hospital		50%		4.80%		6/1/32		—		—		—		—		—		41,500		41,500		—		(276)		41,224
Total Unconsolidated Debt								—		142,778		—		—		—		41,500		184,278		—		(431)		183,847
Total Debt								$253,406		$612,905		$625,000		$250,000		$275,000		$1,662,500		$3,678,811		$(3,440)		$(14,763)		$3,660,608
Total Maturities (12)								$250,000		$607,936		$625,000		$250,000		$275,000		$1,662,500		$3,670,436
% of Maturities								7%		17%		17%		7%		7%		45%		100%

Continued on next page

Unsecured

Senior Note

Mortgage

$71

Unsecured

Senior Notes

$225

Term Loan

$400M

Unsecured

Senior

Notes

$400M

Unsecured

Senior

Notes

Cousins Properties	29	Q2 2025 Supplemental Information

DEBT SCHEDULE (1)

Mortgages

$215M

Unsecured

Senior Notes

$225M

Construction

Loan

$143M

Term Loan

$250M

Unsecured

Senior Note

Unsecured

Senior Note

Mortgage

Mortgage

$42M

Unsecured

Senior Note

(9)

Term Loan

$400M

Unsecured

Senior Notes

$400M

Unsecured

Senior Notes

Unsecured

Senior Notes

Continued on next page

Cousins Properties	30	Q2 2025 Supplemental Information

DEBT SCHEDULE (1)

Floating and Fixed Rate Debt Analysis

		Total Principal ($ in thousands)		Total Debt (%)		Weighted Average Interest Rate		Weighted Average Maturity (Years) (2)
Floating Rate Debt		$392,778		11%		6.26%		1.2
Fixed Rate Debt		3,286,033		89%		4.89%		4.4
Total Debt		$3,678,811		100%		5.04%		4.1

(1)	All amounts are presented at Company share.
(2)	Maturity dates shown assume the Company exercises all available extension options. Excluding the $250 million privately placed senior note which was fully repaid at maturity on July 7, 2025, our weighted average maturity is 4.4 years.
(3)	The Company had no amounts drawn under the Credit Facility and had the ability to borrow the full $1 billion. The spread over Adjusted SOFR (SOFR + 0.10%) under the Credit Facility at June 30, 2025 was 0.775%.
(4)	The Company exercised the third of four consecutive options to extend the maturity date of this term loan. This extension becomes effective on August 25, 2025 and extends to the maturity to February 20, 2026. One additional 180 day extension options remains unexercised. The spread over Adjusted SOFR (SOFR + 0.10%) at June 30, 2025 was 1%.
(5)	This note has a coupon of 5.250% with an effective rate of 5.251% including the original issue discount.
(6)	This note has a coupon of 5.875% with an effective rate of 5.912% including the original issue discount.
(7)	This note has a coupon of 5.375% with an effective rate of 5.464% including the original issue discount.
(8)	The Company exercised the second of three consecutive options to extend the maturity date of this term loan. This extension becomes effective September 3, 2025 and extends the maturity date to March 3, 2026. Two additional six month extension options remain unexercised. At the time of the first extension the Company elected 6 month Term SOFR, fixing the underlying SOFR interest rate at 4.262% through September 3, 2025. As of June 30, 2025, the spread over Adjusted SOFR (SOFR + 0.10%) under the $400 million Term Loan was 0.85%. In March 2025, the floating-to-fixed interest rate swaps entered into in the second quarter of 2023 and first quarter of 2024 expired.
(9)	Subsequent to quarter end, on July 7, 2025, the Company repaid the full outstanding principal amount.
(10)	Represents $123.0 million and $98.0 million non-cross collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
(11)	The Company's share of the total borrowing capacity of the construction loan is approximately $156.4 million. The joint venture has one option, subject to conditions, to extend the maturity date for an additional 12 months from the initial maturity date of September 30, 2025.
(12)	Maturities include principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.

Cousins Properties	31	Q2 2025 Supplemental Information

JOINT VENTURE INFORMATION (1)

Joint Venture		Property		Cash Flows to Cousins (2)		Options
Consolidated:
HICO 100 Mill LLC		100 Mill		90% of cash flows until return of contributed capital to partners; portions of cash amounts received in excess of contributed capital are paid to our partner as a promote.		Cousins can trigger a sale process, subject to a right of first offer that can be exercised by partner.
TR Domain Point LLC		Domain Point		Preferred return on preferred equity contribution, then 96.5% of remaining cash flows.		Partner has put 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.

Cousins Properties	32	Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2023	2024 1st	2024 2nd	2024 3rd	2024 4th	2024	2025 1st	2025 2nd	2025 YTD
FFO and EBITDAre
Net income available to common stockholders	$82,963	$13,288	$7,840	$11,198	$13,636	$45,962	$20,897	$14,483	$35,380
Depreciation and amortization of real estate assets:
Consolidated properties	314,449	86,116	95,299	89,667	93,502	364,584	101,996	100,769	202,765
Share of unconsolidated joint ventures	1,931	459	513	1,728	2,045	4,745	2,212	2,489	4,701
Partners' share of real estate depreciation	(1,070)	(268)	(308)	(260)	(270)	(1,106)	(274)	(250)	(524)
Loss (gain) on depreciated property transactions:
Consolidated properties	2	(101)	—	—	—	(101)	—	—	—
Non-controlling interest related to unitholders	14	2	2	1	3	8	3	3	6
FFO (1)	398,289	99,496	103,346	102,334	108,916	414,092	124,834	117,494	242,328
Interest Expense	107,139	29,436	30,378	32,280	34,866	126,960	38,763	40,753	79,516
Non-Real Estate Depreciation and Amortization	448	115	116	117	113	461	117	121	238
EBITDAre (1)	505,876	129,047	133,840	134,731	143,895	541,513	163,714	158,368	322,082
FFO and Net Operating Income from Unconsolidated Joint Ventures
Income (loss) from Unconsolidated Joint Ventures	2,299	348	439	(1,575)	(2,008)	(2,796)	(1,883)	(1,587)	(3,470)
Depreciation and Amortization of Real Estate Assets	1,931	459	513	1,728	2,045	4,745	2,212	2,489	4,701
FFO - Unconsolidated Joint Ventures	4,230	807	952	153	37	1,949	329	902	1,231
Interest Expense	1,676	528	635	1,507	1,814	4,484	1,989	2,239	4,228
Other Expense	58	31	15	118	152	316	(79)	62	(17)
Other Income	(140)	(14)	(41)	(62)	(15)	(132)	(16)	(38)	(54)
Net Operating Income - Unconsolidated Joint Ventures	5,824	1,352	1,561	1,716	1,988	6,617	2,223	3,165	5,388
Market Capitalization
Common Stock Price Per Share at Period End	$24.35	$24.04	$23.15	$29.48	$30.64	$30.64	$29.50	$30.03	$30.03
Number of Common Stock/Units Outstanding at Period End	151,824	152,096	152,165	152,165	167,685	167,685	167,933	167,992	167,992
Equity Market Capitalization	3,696,914	3,656,388	3,522,620	4,485,824	5,137,868	5,137,868	4,954,024	5,044,800	5,044,800
Consolidated Debt	2,457,627	2,563,332	2,586,732	2,661,292	3,095,666	3,095,666	3,020,741	3,476,761	3,476,761
Share of Unconsolidated Debt	151,048	160,646	167,626	173,667	178,722	178,722	182,735	183,847	183,847
Debt (1)	2,608,675	2,723,978	2,754,358	2,834,959	3,274,388	3,274,388	3,203,476	3,660,608	3,660,608
Total Market Capitalization	6,305,589	6,380,366	6,276,978	7,320,783	8,412,256	8,412,256	8,157,500	8,705,408	8,705,408
Credit Ratios
Debt (1)	2,608,675	2,723,978	2,754,358	2,834,959	3,274,388	3,274,388	3,203,476	3,660,608	3,660,608
Less: Cash and Cash Equivalents	(6,047)	(5,452)	(5,954)	(76,143)	(7,349)	(7,349)	(5,330)	(416,840)	(416,840)
Less: Share of Unconsolidated Cash and Cash Equivalents (1)	(2,042)	(6,217)	(5,962)	(10,210)	(6,821)	(6,821)	(6,332)	(4,448)	(4,448)
Net Debt (1)	2,600,586	2,712,309	2,742,442	2,748,606	3,260,218	3,260,218	3,191,814	3,239,320	3,239,320
Total Market Capitalization	6,305,589	6,380,366	6,276,978	7,320,783	8,412,256	8,412,256	8,157,500	8,705,408	8,705,408
Net Debt / Total Market Capitalization	41.2%	42.5%	43.7%	37.5%	38.8%	38.8%	39.1%	37.2%	37.2%
Continued on next page

Cousins Properties	33	Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2023	2024 1st	2024 2nd	2024 3rd	2024 4th	2024	2025 1st	2025 2nd	2025 YTD
Total Assets - Consolidated	7,634,474	7,682,981	7,700,528	7,770,531	8,802,146	8,802,146	8,663,360	9,051,863	9,051,863
Accumulated Depreciation - Consolidated	1,518,572	1,596,116	1,664,950	1,740,856	1,821,559	1,821,559	1,893,215	1,982,700	1,982,700
Undepreciated Assets - Unconsolidated (1)	289,202	304,617	316,303	352,427	356,091	356,091	363,789	368,322	368,322
Less: Investment in Unconsolidated Joint Ventures	(143,831)	(155,210)	(160,873)	(182,130)	(185,478)	(185,478)	(191,505)	(192,420)	(192,420)
Total Undepreciated Assets (1)	9,298,417	9,428,504	9,520,908	9,681,684	10,794,318	10,794,318	10,728,859	11,210,465	11,210,465
Net Debt (1)	2,600,586	2,712,309	2,742,442	2,748,606	3,260,218	3,260,218	3,191,814	3,239,320	3,239,320
Net Debt / Total Undepreciated Assets (1)	28.0%	28.8%	28.8%	28.4%	30.2%	30.2%	29.7%	28.9%	28.9%
Coverage Ratios (1)
Interest Expense	107,139	29,436	30,378	32,280	34,866	126,960	38,763	40,753	79,516
Scheduled Principal Payments	8,658	2,114	2,132	2,151	1,825	8,222	1,667	1,681	3,348
Fixed Charges	115,797	31,550	32,510	34,431	36,691	135,182	40,430	42,434	82,864
EBITDAre	505,876	129,047	133,840	134,731	143,895	541,513	163,714	158,368	322,082
EBITDAre / Fixed Charges  (1)	4.37	4.09	4.12	3.91	3.92	4.01	4.05	3.73	3.89
Net Debt	2,600,586	2,712,309	2,742,442	2,748,606	3,260,218	3,260,218	3,191,814	3,239,320	3,239,320
Annualized EBITDAre (2)	505,468	516,188	535,360	538,924	632,139	632,139	654,856	633,472	633,472
Net Debt / Annualized EBITDAre	5.14	5.25	5.12	5.10	5.16	5.16	4.87	5.11	5.11
Dividend Information
Common Dividends	194,248	48,658	48,685	48,685	53,651	199,679	53,732	53,746	107,478
FFO	398,289	99,496	103,346	102,334	108,916	414,092	124,834	117,494	242,328
FFO Payout Ratio	48.8%	48.9%	47.1%	47.6%	49.3%	48.2%	43.0%	45.7%	44.4%
Operations Ratio
Total Undepreciated Assets (1)	9,298,417	9,428,504	9,520,908	9,681,684	10,794,318	10,794,318	10,728,859	11,210,465	11,210,465
General and Administrative Expenses	32,331	9,214	8,907	9,204	9,241	36,566	10,709	9,738	20,447
Annualized General and Administrative Expenses (2) / Total Undepreciated Assets	0.32%	0.39%	0.37%	0.38%	0.34%	0.34%	0.40%	0.35%	0.35%
Continued on next page

Cousins Properties	34	Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2023	2024 1st	2024 2nd	2024 3rd	2024 4th	2024	2025 1st	2025 2nd	2025 YTD
Net income available to common stockholders	$82,963	$13,288	$7,840	$11,198	$13,636	$45,962	$20,897	$14,483	$35,380
Depreciation and amortization of real estate assets	315,310	86,307	95,504	91,135	95,277	368,223	103,934	103,008	206,942
Loss (gain) on depreciated property transactions	2	(101)	—	—	—	(101)	—	—	—
Non-controlling interest related to unitholders	14	2	2	1	3	8	3	3	6
FFO (1)	398,289	99,496	103,346	102,334	108,916	414,092	124,834	117,494	242,328
Non-Cash Debt Amortization	4,175	1,051	984	1,020	1,013	4,068	1,056	997	2,053
Non-Cash Stock-Based Compensation	11,900	4,312	3,467	3,488	3,515	14,782	5,993	3,746	9,739
Non-Real Estate Depreciation and Amortization	448	115	116	117	113	461	117	121	238
Lease Inducement Amortization	3,562	539	530	551	549	2,169	531	267	798
Straight-Line Rent Ground Leases	481	116	118	118	118	470	118	118	236
Above and Below Market Ground Rent	328	82	53	52	53	240	52	53	105
Deferred Income - Tenant Improvements	(19,276)	(6,167)	(6,974)	(7,466)	(7,991)	(28,598)	(8,472)	(8,947)	(17,419)
Above and Below Market Rents, Net	(6,876)	(1,460)	(1,559)	(1,484)	(1,664)	(6,167)	(2,845)	(2,828)	(5,673)
Second Generation Capital Expenditures (CAPEX)	(96,908)	(30,212)	(17,270)	(26,190)	(42,421)	(116,093)	(33,281)	(28,636)	(61,917)
Straight-Line Rental Revenue	(25,500)	(8,604)	(4,423)	(5,374)	(6,107)	(24,508)	(12,477)	(11,283)	(23,760)
Loss (Gain) on Sales of Undepreciated Investment Properties	(506)	—	3	—	—	3	—	—	—
FAD (1)	270,117	59,268	78,391	67,166	56,094	260,919	75,626	71,102	146,728
Weighted Average Shares - Diluted	152,040	152,385	152,614	152,812	158,249	154,015	168,593	168,765	168,679
FAD per share	$1.79	$0.39	$0.51	$0.44	$0.35	$1.69	$0.45	$0.42	$0.87
Common Dividends	194,248	48,658	48,685	48,685	53,651	199,679	53,732	53,746	107,478
Common Dividends per share	$1.28	$0.32	$0.32	$0.32	$0.32	$1.28	$0.32	$0.32	$0.64
FAD Payout Ratio (3)	71.9%	82.1%	62.1%	72.5%	95.6%	76.5%	71.0%	75.6%	73.2%
2nd Generation CAPEX
Second Generation Leasing Related Costs	70,830	23,110	14,210	17,157	32,352	86,829	24,789	21,475	46,264
Second Generation Building Improvements	26,078	7,102	3,060	9,033	10,069	29,264	8,492	7,161	15,653
	96,908	30,212	17,270	26,190	42,421	116,093	33,281	28,636	61,917
(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 with the exception of annualized EBITDAre for the fourth quarter of 2024, which includes annualization of Sail Tower and Vantage South End to reflect a full year of NOI from these properties acquired in December 2024.
(3) The calculation of this ratio for the fourth quarter of 2024 does not include a full quarter of FAD from Sail Tower and Vantage South End, acquired in December, but does include the full increase in dividends from the 15.5 million shares issued to fund these acquisitions.
Note:  Amounts may differ slightly from other schedules contained herein due to rounding.

Cousins Properties	35	Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

	($ in thousands, except per share amounts)
	Three Months Ended June 30,
	2025						2024
	Dollars		Weighted Average Common Shares		Per Share Amount		Dollars		Weighted Average Common Shares		Per Share Amount
Net Income Available to Common Stockholders	$14,483		167,930		$0.09		$7,840		152,095		$0.05
Noncontrolling interest related to unitholders	3		25		—		2		25		—
Potentially dilutive common shares - ESPP	—		—		—		—		2		—
Conversion of unvested restricted stock units	—		810		—		—		492		—
Net Income — Diluted	14,486		168,765		0.09		7,842		152,614		0.05
Depreciation and amortization of real estate assets:
Consolidated properties	100,769		—		0.60		95,299		—		0.63
Share of unconsolidated joint ventures	2,489		—		0.01		513		—		—
Partners' share of real estate depreciation	(250)		—		—		(308)		—		—
Funds From Operations	$117,494		168,765		$0.70		$103,346		152,614		$0.68

Continued on next page

Cousins Properties	36	Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	($ in thousands, except per share amounts)
	Six Months Ended June 30,
	2025						2024
	Dollars		Weighted Average Common Shares		Per Share Amount		Dollars		Weighted Average Common Shares		Per Share Amount
Net Income Available to Common Stockholders	$35,380		167,870		$0.21		$21,128		152,020		$0.14
Noncontrolling interest related to unitholders	6		25		—		4		25		—
Potentially dilutive common shares - ESPP	—		—		—		—		1		—
Conversion of unvested restricted stock units	—		784		—		—		454		—
Net Income — Diluted	35,386		168,679		0.21		21,132		152,500		0.14
Depreciation and amortization of real estate assets:
Consolidated properties	202,765		—		1.20		181,415		—		1.18
Share of unconsolidated joint ventures	4,701		—		0.03		972		—		0.01
Partners' share of real estate depreciation	(524)		—		—		(576)		—		—
Gain on depreciated property transactions:
Consolidated properties	—		—		—		(101)		—		—
Funds From Operations	$242,328		168,679		$1.44		$202,842		152,500		$1.33

The tables above show FFO and the related reconciliation from Net Income Available to Common Stockholders for Cousins Properties Incorporated and Subsidiaries.

See page 39 for definition of FFO.

Cousins Properties	37	Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	($ in thousands)				($ in thousands)
	Three Months Ended				Six Months Ended
Net Operating Income	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Net income	$14,658		$7,961		$35,751		$21,412
Net operating income from unconsolidated joint ventures	3,165		1,561		5,388		2,913
Fee income	(494)		(406)		(990)		(785)
Termination fee income	—		(1,086)		(2,866)		(1,556)
Other income	(1,919)		(1,098)		(8,724)		(1,142)
Reimbursed expenses	119		151		296		291
General and administrative expenses	9,738		8,907		20,447		18,121
Interest expense	38,514		29,743		75,288		58,651
Depreciation and amortization	100,890		95,415		203,004		181,645
Other expenses	443		603		865		1,275
Loss (income) from unconsolidated joint ventures	1,587		(439)		3,470		(787)
Loss (gain) on investment property transactions	—		3		—		(98)
Net Operating Income	166,701		141,315		331,929		279,940
Less:
Partners' share of NOI from consolidated joint ventures	(450)		(429)		(920)		(890)
Cousins' share of NOI	$166,251		$140,886		$331,009		$279,050
Net Operating Income	$166,701		$141,315		$331,929		$279,940
Non-cash income	(22,563)		(13,845)		(46,315)		(29,697)
Non-cash expense	227		178		501		386
Cash-Basis Net Operating Income	$144,365		$127,648		$286,115		$250,629
Net Operating Income
Same Property	$140,308		$135,992		$281,019		$271,278
Non-Same Property	26,393		5,323		50,910		8,662
	$166,701		$141,315		$331,929		$279,940
Cash-Basis Net Operating Income
Same Property	$124,483		$123,049		$246,809		$242,948
Non-Same Property	19,882		4,599		39,306		7,681
	$144,365		$127,648		$286,115		$250,629

Cousins Properties	38	Q2 2025 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

RECONCILIATION OF 2025 PROJECTED NET INCOME AVAILABLE

TO COMMON STOCKHOLDERS TO 2025 PROJECTED FFO

	Full Year 2025 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	$48,075			$0.28		$58,239			$0.34
Add: Noncontrolling interest related to unitholders	15			—		15			—
Net Income	48,090			0.28		58,254			0.34
Add: Depreciation and amortization of real estate assets	424,505			2.51		424,505			2.51
Funds From Operations	$472,595			$2.79		$482,759			$2.85
(1) Calculated based on projected weighted average shares outstanding of 169.4 million.
R3  Weight Average Shares	169,389

Cousins Properties	39	Q2 2025 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, additional uses of the

measure by management of the Company.

“Cash-Basis Net Operating Income” represents Net Operating Income excluding

straight-line rents, amortization of lease inducements, amortization of acquired above

and below market rents, and non-cash ground lease expense.

“EBITDAre” is a supplemental operating performance measure used in the real

estate industry. The Company calculates EBITDAre in accordance with the Nareit

definition, which is net income (loss) available to common stockholders (computed in

accordance with GAAP) plus interest expense, income tax expense, depreciation and

amortization, losses (gains) on the disposition of depreciated property, and

impairment. All additions include the Company's share of unconsolidated joint

ventures. Management believes that EBITDAre provides analysts and investors with

uniform and appropriate information to use in various ratios that evaluate the

Company's level of debt.

"Funds Available for Distribution” (“FAD”) represents FFO adjusted to exclude

the effect of non-cash items and transaction costs and include deductions for second

generation Capital Expenditures ("CAPEX"). Management believes that FAD provides

analysts and investors with information that assists in the comparability of the

Company's dividend policy with other real estate companies.

“Funds From Operations” (“FFO”) is a supplemental operating performance

measure used  in  the real estate industry. The Company calculates FFO in accordance

with the Nareit definition: net income (loss) available to common  stockholders

(computed in accordance  with GAAP), excluding depreciation and amortization

related to real estate, gains and losses from sales of depreciable property, gains and

losses from changes in control, impairment of depreciable real estate 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,

gains or losses on sales of depreciated investment assets, and impairment are also

excluded from NOI for the reasons described under FFO.

“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. Same Property Net Operating Income or Cash-Basis Same Property Net

Operating Income allows analysts, investors, and management to analyze continuing

operations and evaluate the growth trend of the Company's portfolio.

“Second Generation Tenant Improvements and Leasing Costs and Building

CAPEX” is used in the valuation and analysis of real estate. Because the Company

develops and acquires properties, in addition to operating existing properties, its

property acquisition and development expenditures included in the Statements of

Cash Flows includes both initial costs associated with developing and acquiring

investment assets and those expenditures necessary for operating and maintaining

existing properties at historic performance levels. The latter costs are referred to as

second generation costs and are useful in evaluating the economic performance of

the asset and in valuing the asset. Accordingly, the Company discloses the portion of

its property acquisition and development expenditures that pertain to second

generation space in its operating properties. The Company excludes from second

generation costs amounts incurred to lease vacant space in newly acquired buildings,

leasing costs for spaces that have been vacant for one year or more, building

improvements on newly acquired buildings that management identifies as necessary

to bring the building to the Company's operational standards, and 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.