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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 TABLE OF CONTENTS Cousins Properties 1 Q4 2025 Supplemental Information Pictured Above: Buckhead Plaza, Atlanta, GA Pictured on Cover: Neuhoff, Nashville, TN
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Certain matters contained in this report are “forward-looking statements” w ithin the meani ng 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, expectations, 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; risks associated with the adoption and usage of artificial intelligence; 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 for the year ended December 31, 2025, 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. FORWARD-LOOKING STATEMENTS Cousins Properties 2 Q4 2025 Supplemental Information
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COUSINS PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS Provides Initial 2026 Earnings Guidance ATLANTA, GA ( February 5, 2026) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended December 31, 2025. "Improving office fundamentals are providing strong tailwinds for Cousins. We executed 700,000 square feet of leases during the fourth quarter and currently have a late-stage leasing pipeline of approximately 1.1 million square feet," said Colin Connolly, President and Chief Executive Officer of Cousins Properties. "Earlier this week, we closed on the acquisition of 300 South Tryon in Uptown Charlotte. Over the last six quarters, we have purchased $1.4 billion of lifestyle office properties, all of which have upgraded the quality of our Sun Belt trophy portfolio and have been immediately accretive to earnings. Our 2026 earnings guidance reflects this strong performance." Financial Results For fourth quarter 2025: • Net loss available to common stockholders was $3.5 million, or $0.02 per share, compared to net income of $13.6 million, or $0.09 per share, for fourth quarter 2024. The decrease in net income is attributable to impairment charges. • Funds From Operations ("FFO") was $119.5 million, or $0.71 per share, compared to $108.9 million , or $0.69 per share, for fourth quarter 2024. For full year 2025: • Net income available to common stockholders was $40.5 million, or $0.24 per share, compared to $46.0 million, or $0.30 per share, for the year ended December 31, 2024. The decrease in net income is attributable to impairment charges. • Funds From Operations ("FFO") was $478.4 million, or $2.84 per share, compared to $414.1 million, or $2.69 per share, for the year ended December 31, 2024. Operations and Leasing Activity For fourth quarter 2025: • Same property net operating income ("NOI") on a cash-basis increased 0.03%. • Second generation net rent per square foot on a cash-basis increased 0.23%. • Executed 700,000 square feet of office leases, including 493,000 square feet of new and expansion leases, representing 70% of total leasing activity. • Excluding 172,000 square feet of leases signed at our Northpark property in Atlanta, second generation net rent per square foot on a cash-basis increased 10.44%. For full year 2025: • Same property net operating income ("NOI") on a cash-basis increased 0.87%. • Second generation net rent per square foot on a cash-basis increased 3.53%. • Executed 2,125,000 square feet of office leases, including 1,175,000 square feet of new and expansion leases, representing 55% of total leasing activity. • Excluding 304,000 square feet of leases signed at our Northpark property in Atlanta, second generation net rent per square foot on a cash-basis increased 8.40%. EARNINGS RELEASE Cousins Properties 3 Q4 2025 Supplemental Information
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Investing and Finance Activity For fourth quarter 2025: • Entered into agreements to sell our Harborview Plaza operating property ("Harborview") in Tampa for gross proceeds of $39.5 million and our land parcel at 303 Tremont ("Tremont") in Charlotte for gross proceeds of $23.7 million. Harborview is expected to close in the first half of 2026 and Tremont is expected to close in the second half of 2026. • Subsequent to year end, on February 2, 2026, acquired 300 South Tryon, a 638,000 square foot lifestyle office property in Uptown Charlotte, for $317.5 million. Additional details on this acquisition are provided in a press release and presentation issued on February 5, 2026, each of which which are available on the Company's website. Earnings Guidance For year ending December 31, 2026: • Net income between $0.23 and $0.33 per share. • FFO between $2.87 and $2.97 per share. • Guidance includes an assumed refinancing of the $250.0 million term loan that matures August 17, 2026, the Colorado Tower mortgage loan that matures September 1, 2026, and the 201 North Tryon mortgage loan that matures October 1, 2026. • Guidance assumes the 300 South Tryon acquisition is funded with proceeds from the Harborview and Tremont sales discussed above as well as approximately $200 million in additional non-core asset sales in 2026. The size and timing of these additional non-core asset sales may change, and the sales may be partially or completely replaced with future debt offerings and/or the settlement of common shares previously issued on a forward basis under the Company’s ATM program. • Guidance does not include any speculative property acquisitions or development starts. • 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, February 6, 2026 to discuss the results of the quarter ended December 31, 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 Fourth Quarter Conference Call” link on the Investors page. A replay of the conference call will be available for seven days by dialing (888) 660-6345 and entering the passcode 88017#. The playback can also be accessed on the Company's website. EARNINGS RELEASE Cousins Properties 4 Q4 2025 Supplemental Information
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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 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, former Chief Executive Officer of Centerpoint Properties Trust Private Investor President and Chief Executive Officer of Cousins Properties Scott W. Fordham Susan L. Givens R. Kent Griffin Jr. Former Chief Executive Officer and Director of TIER REIT, Inc. Former executive with Blackstone Managing Director of Phicas Investors Donna W. Hyland Dionne Nelson R. Dary Stone President and Chief Executive Officer of Children's Healthcare of Atlanta President and Chief Executive Officer of Laurel Street Residential President and Chief Executive Officer of R.D. Stone Interests COMPANY INFORMATION Cousins Properties 5 Q4 2025 Supplemental Information
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COMPANY INFORMATION EQUITY RESEARCH COVERAGE (1) Corporate Headquarters Investor Relations Barclays BofA Securities BMO Capital 3344 Peachtree Road NE Suite 1800 Atlanta GA 30326 404.407.1000 Roni Imbeaux Senior Vice President, Finance & Investor Relations rimbeaux@cousins.com 404.407.1104 Brendan Lynch 212.526.9428 Jana Galan 646.855.5042 John Kim 212.885.4115 Evercore ISI Green Street Jefferies Transfer Agent Equiniti Trust Company equiniti.com 866.627.2649 Stock Exchange NYSE: CUZ Steve Sakwa 212.446.9462 Dylan Burzinski 949.640.8780 Joe Dickstein 212.778.8771 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. Pictured Above: The Link, Dallas, TX COMPANY INFORMATION Cousins Properties 6 Q4 2025 Supplemental Information
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(in thousands, except share and per share amounts) December 31, 2025 December 31, 2024 Assets: Real estate assets: Operating properties, net of accumulated depreciation of $1,922,394 and $1,627,251 in 2025 and 2024, respectively $ 7,894,846 $ 7,785,597 Land 135,870 154,726 8,030,716 7,940,323 Real estate assets and other assets held for sale, net 61,489 — Cash and cash equivalents 5,720 7,349 Investments in real estate debt, at fair value 37,804 167,219 Accounts receivable 17,578 11,491 Deferred rents receivable 269,282 232,078 Investments in unconsolidated joint ventures 215,301 185,478 Intangible assets, net 164,738 171,989 Other assets, net 87,504 86,219 Total assets $ 8,890,132 $ 8,802,146 Liabilities: Notes payable $ 3,340,815 $ 3,095,666 Accounts payable and accrued expenses 314,317 337,248 Deferred income 301,358 277,132 Intangible liabilities, net 117,085 111,221 Other liabilities 111,506 110,712 Liabilities of real estate assets held for sale, net 2,849 — Total liabilities 4,187,930 3,931,979 Commitments and contingencies Equity: Stockholders' investment: Common stock, $1 par value per share, 300,000,000 shares authorized, 167,981,990 and 167,660,480 issued and outstanding in 2025 and 2024, respectively 167,982 167,660 Additional paid-in capital 5,971,762 5,959,670 Distributions in excess of cumulative net income (1,460,154) (1,280,547) Accumulated other comprehensive loss — (105) Total stockholders' investment 4,679,590 4,846,678 Nonredeemable noncontrolling interests 22,612 23,489 Total equity 4,702,202 4,870,167 Total liabilities and equity $ 8,890,132 $ 8,802,146 CONSOLIDATED BALANCE SHEETS Cousins Properties 7 Q4 2025 Supplemental Information
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(unaudited; in thousands, except per share amounts) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Revenues: Rental property revenues $ 253,344 $ 220,221 $ 980,547 $ 847,773 Fee income 528 481 2,044 1,761 Other 1,162 4,625 11,225 7,224 255,034 225,327 993,816 856,758 Expenses: Rental property operating expenses 83,140 72,947 314,498 280,661 Reimbursed expenses 124 155 544 634 General and administrative expenses 8,685 9,241 38,642 36,566 Interest expense 42,456 33,052 159,241 122,476 Operating property impairment 13,286 — 13,286 — Land and related predevelopment cost impairment 1,034 — 1,034 — Depreciation and amortization 107,083 93,616 415,359 365,045 Other 496 495 1,801 2,097 256,304 209,506 944,405 807,479 Loss from unconsolidated joint ventures (2,007) (2,008) (8,159) (2,796) Gain on investment property transactions — — — 98 Net income (loss) (3,277) 13,813 41,252 46,581 Net income attributable to noncontrolling interests (190) (177) (749) (619) Net income (loss) available to common stockholders $ (3,467) $ 13,636 $ 40,503 $ 45,962 Net income (loss) per common share — basic and diluted $ (0.02) $ 0.09 $ 0.24 $ 0.30 Weighted average common shares — basic 167,611 157,473 167,919 153,413 Weighted average common shares — diluted 167,611 158,249 168,716 154,015 CONSOLIDATED STATEMENTS OF OPERATIONS Cousins Properties 8 Q4 2025 Supplemental Information
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Property Statistics Consolidated Operating Properties 34 34 34 34 36 36 36 36 37 37 37 Consolidated Rentable Square Feet (in thousands) 18,434 18,434 18,434 18,434 19,877 19,877 20,081 20,081 20,373 20,373 20,373 Unconsolidated Operating Properties 2 2 2 3 3 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 1,236 1,236 Total Operating Properties 36 36 36 37 39 39 39 39 40 40 40 Total Rentable Square Feet (in thousands) 19,145 19,145 19,145 19,670 21,113 21,113 21,317 21,317 21,609 21,609 21,609 Office Percent Leased (period end) 90.9 % 90.8 % 91.2 % 91.0 % 91.6 % 91.6 % 92.1 % 91.6 % 90.0 % 90.7 % 90.7 % Office Weighted Average Occupancy 87.5 % 88.4 % 88.5 % 88.4 % 89.2 % 88.6 % 90.0 % 89.1 % 88.3 % 88.3 % 88.8 % Office Leasing Activity (2) Net Leased during the Period (SF, in thousands) 1,694 404 391 763 462 2,020 539 334 551 700 2,125 Net Rent (per SF) $35.15 $36.06 $37.64 $45.21 $35.81 $39.77 $35.87 $40.95 $39.18 $36.52 $37.76 Net Free Rent (per SF) (2.25) (2.10) (2.51) (1.51) (2.13) (1.97) (1.77) (2.08) (1.97) (2.40) (2.07) Leasing Commissions (per SF) (2.62) (2.61) (2.91) (2.91) (2.72) (2.81) (2.81) (3.18) (2.69) (2.76) (2.82) Tenant Improvements (per SF) (5.72) (7.15) (7.37) (6.22) (7.08) (6.82) (6.23) (7.34) (6.15) (8.18) (7.01) Leasing Costs (per SF) (10.59) (11.86) (12.79) (10.64) (11.93) (11.60) (10.81) (12.60) (10.81) (13.34) (11.90) Net Effective Rent (per SF) $24.56 $24.20 $24.85 $34.57 $23.88 $28.17 $25.06 $28.35 $28.37 $23.18 $25.86 Change in Second Generation Net Rent 20.2 % 20.1 % 37.6 % 30.7 % 22.7 % 28.2 % 18.3 % 27.2 % 23.8 % 19.9 % 21.5 % Change in Cash-Basis Second Generation Net Rent 5.8 % 5.3 % 18.2 % 7.2 % 6.7 % 8.5 % 3.2 % 10.9 % 4.2 % 0.2 % 3.5 % Same Property Information (3) Percent Leased (period end) 90.6 % 90.8 % 91.2 % 91.1 % 91.2 % 91.2 % 91.7 % 91.1 % 89.3 % 90.1 % 90.1 % Weighted Average Occupancy 87.3 % 88.4 % 88.5 % 88.4 % 89.1 % 88.6 % 89.4 % 88.4 % 87.4 % 87.4 % 88.1 % Change in NOI (over prior year period) 5.0 % 6.6 % 4.2 % 4.2 % 5.3 % 5.1 % 4.0 % 3.2 % 1.9 % 0.4 % 2.4 % 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 % 0.3 % 0.03 % 0.9 % 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 $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 % 2.7 % 2.6 % 2.6 % Continued on next page 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd 2025 4th 2025 KEY PERFORMANCE METRICS (1) Cousins Properties 9 Q4 2025 Supplemental Information
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Market Capitalization Common Stock Price Per Share $24.35 $24.04 $23.15 $29.48 $30.64 $30.64 $29.50 $30.03 $28.94 $25.78 $25.78 Common Stock/Units Outstanding (in thousands) 151,824 152,096 152,165 152,165 167,685 167,685 167,933 167,992 167,990 168,007 168,007 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 $4,861,631 $4,331,220 $4,331,220 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 3,475,120 3,507,020 3,507,020 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 $8,336,751 $7,838,240 $7,838,240 Credit Ratios Net Debt/Total Market Capitalization 41.2 % 42.5 % 43.7 % 37.5 % 38.8 % 38.8 % 39.1 % 37.2 % 41.6 % 44.6 % 44.6 % Net Debt/Total Undepreciated Assets 28.0 % 28.8 % 28.8 % 28.4 % 30.2 % 30.2 % 29.7 % 28.9 % 31.2 % 31.3 % 31.3 % Net Debt/Annualized EBITDAre 5.14 5.25 5.12 5.10 5.16 5.16 4.87 5.11 5.38 5.30 5.30 Fixed Charges Coverage (EBITDAre) 4.37 4.09 4.12 3.91 3.92 4.01 4.05 3.73 3.50 3.52 3.69 Dividend Information Common Dividend per Share $1.28 $0.32 $0.32 $0.32 $0.32 $1.28 $0.32 $0.32 $0.32 $0.32 $1.28 Funds From Operations (FFO) Payout Ratio 48.8 % 48.9 % 47.1 % 47.6 % 49.3 % 48.2 % 43.0 % 45.7 % 46.1 % 45.0 % 44.9 % Funds Available for Distribution (FAD) Payout Ratio 71.9 % 82.1 % 62.1 % 72.5 % 95.6 % 76.5 % 71.0 % 75.6 % 76.3 % 90.1 % 77.7 % 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 % 0.34 % 0.31 % 0.31 % 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 $49.76 $49.91 $49.91 Straight-Line Rental Revenue (in thousands) $25,500 $8,604 $4,423 $5,374 $6,107 $24,508 $12,477 $11,283 $9,424 $6,117 $39,301 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 $3,422 $3,514 $12,609 Second Generation Capital Expenditures (in thousands) $96,908 $30,212 $17,270 $26,190 $42,421 $116,093 $33,281 $28,636 $29,981 $47,457 $139,355 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd 2025 4th 2025 (1) For Non-GAAP Financial Measures, see the calculations and reconciliations on pages 32 through 38. (2) See Office Leasing Activity on page 20 for additional detail and explanations. (3) Same Property Information is derived fro m the pool of same office properties that existed in the period as originally reported. See Same Property Performance on page 19 and Non-GAAP Financial Measures - Calculations and Reconciliations starting on page 32 for additional information. (4) The Company's share of estimated project costs. See Development Pipeline on page 26 for additional detail. (5) In-place gross rent equals the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, as of the end of the period divided by occupied square feet. KEY PERFORMANCE METRICS (1) Cousins Properties 10 Q4 2025 Supplemental Information
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Total Rentable Square Feet Equity Market Capitalization Net Debt / Annualized EBITDA re (in thousands) 19,145 21,113 21,609 12/31/23 12/31/24 12/31/25 0 5,000 10,000 15,000 20,000 25,000 30,000 ($ in millions) 3,697 5,138 4,331 12/31/23 12/31/24 12/31/25 0 2,000 4,000 6,000 8,000 5.14 5.16 5.30 12/31/23 12/31/24 12/31/25 0.00 2.00 4.00 6.00 8.00 Same Property NOI Change Second Generation Net Rent Change In-Place Gross Rent (per SF) (1) Cash-Basis (1) Cash-Basis (1) Year-over-Year Change 4.2% 4.8% 0.9% 2023 2024 2025 0.0% 2.0% 4.0% 6.0% 5.8% 8.5% 3.5% 2023 2024 2025 0.0% 4.0% 8.0% 12.0% $46.95 $47.94 $49.91 12/31/23 12/31/24 12/31/25 $35 $40 $45 $50 $55 (1) Office properties only. Note: See additional information included herein for calculations, definitions, and reconciliations to GAAP financial measures. KEY PERFORMANCE METRICS Cousins Properties 11 Q4 2025 Supplemental Information
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Net Income (Loss) $ 83,816 $ 13,451 $ 7,961 $ 11,356 $ 13,813 $ 46,581 $ 21,093 $ 14,658 $ 8,778 $ (3,277) $ 41,252 Fee and Other Income (11,170) (893) (2,590) (2,847) (6,060) (12,390) (10,168) (2,411) (2,378) (3,398) (18,355) General and Administrative Expenses 32,331 9,214 8,907 9,204 9,241 36,566 10,709 9,738 9,510 8,685 38,642 Interest Expense 105,463 28,908 29,743 30,773 33,052 122,476 36,774 38,514 41,497 42,456 159,241 Operating Property Impairment — — — — — — — — — 13,286 13,286 Land and Related Predevelopment Cost Impairment — — — — — — — — — 1,034 1,034 Depreciation and Amortization 314,897 86,230 95,415 89,784 93,616 365,045 102,114 100,890 105,272 107,083 415,359 Reimbursed and Other Expenses 2,736 812 754 515 650 2,731 600 560 565 619 2,344 Loss (Income) from Unconsolidated Joint Ventures (2,299) (348) (439) 1,575 2,008 2,796 1,883 1,587 2,682 2,007 8,159 NOI from Unconsolidated Joint Ventures 5,824 1,352 1,561 1,716 1,988 6,617 2,223 3,165 3,256 3,705 12,349 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 $ 169,182 $ 172,200 $ 673,311 Fee and Other Income (1) 11,310 908 2,630 2,909 6,075 12,522 10,183 2,450 2,400 3,445 18,478 General and Administrative Expenses (32,331) (9,214) (8,907) (9,204) (9,241) (36,566) (10,709) (9,738) (9,510) (8,685) (38,642) Interest Expense (1) (107,139) (29,436) (30,378) (32,280) (34,866) (126,960) (38,763) (40,753) (44,327) (45,106) (168,949) Reimbursed and Other Expenses (1) (2,794) (843) (769) (632) (803) (3,047) (521) (625) (659) (725) (2,530) Land and Related Predevelopment Cost Impairment — — — — — — — — — (1,034) (1,034) 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) (121) (129) (488) Partners' Share of FFO in Consolidated Joint Ventures (1,909) (429) (426) (418) (444) (1,717) (467) (420) (429) (429) (1,745) FFO (1) $ 398,289 $ 99,496 $ 103,346 $ 102,334 $ 108,916 $ 414,092 $ 124,834 $ 117,494 $ 116,536 $ 119,537 $ 478,401 Weighted Average Common Shares - Diluted 152,040 152,385 152,614 152,812 158,249 154,015 168,593 168,765 168,738 168,770 168,716 FFO per Share (1) $ 2.62 $ 0.65 $ 0.68 $ 0.67 $ 0.69 $ 2.69 $ 0.74 $ 0.70 $ 0.69 $ 0.71 $ 2.84 (amounts in thousands, except per share amounts) 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd 2025 4th 2025 (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. FUNDS FROM OPERATIONS - SUMMARY Cousins Properties 12 Q4 2025 Supplemental Information
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NOI Consolidated Properties The Domain (2) $ 68,822 $ 18,159 $ 20,276 $ 20,296 $ 20,198 $ 78,929 $ 20,825 $ 21,725 $ 22,055 $ 22,130 $ 86,735 Sail Tower — — — — 1,843 1,843 11,682 11,771 11,726 11,780 46,959 Corporate Center (2) 30,200 7,321 7,437 7,708 7,818 30,284 8,094 8,458 8,468 8,603 33,623 Terminus (2) 33,804 8,087 8,080 7,759 7,984 31,910 8,252 8,566 8,644 7,919 33,381 Spring & 8th (2) 29,355 7,363 7,344 7,388 7,376 29,471 7,375 7,369 7,412 7,380 29,536 Vantage South End (2) — — — — 2,338 2,338 7,136 7,031 7,140 7,148 28,455 300 Colorado 18,974 5,756 5,696 5,994 6,616 24,062 6,541 6,726 6,686 6,820 26,773 Buckhead Plaza (2) 20,967 5,321 5,301 5,702 6,056 22,380 6,471 6,223 6,537 6,480 25,711 Promenade Tower 13,694 3,432 3,997 4,436 4,849 16,714 5,433 5,501 5,761 5,984 22,679 BriarLake Plaza (2) 14,677 5,579 5,656 5,651 5,477 22,363 5,686 5,533 5,660 5,627 22,506 One Eleven Congress 17,683 4,190 4,138 4,295 4,504 17,127 4,592 5,121 4,607 4,763 19,083 Hayden Ferry (2) 20,819 4,600 4,499 4,311 4,408 17,818 4,560 4,621 4,559 5,129 18,869 San Jacinto Center 16,237 5,076 5,197 5,240 4,648 20,161 4,495 4,409 4,547 4,710 18,161 725 Ponce 19,398 5,032 4,735 4,307 3,839 17,913 4,162 4,146 4,156 4,121 16,585 Northpark (2) 20,569 4,980 5,072 5,359 5,241 20,652 4,818 3,920 3,822 3,857 16,417 The Terrace (2) 15,516 3,939 3,913 4,028 4,034 15,914 4,152 4,006 3,986 4,078 16,222 201 N. Tryon 18,959 4,759 4,688 4,747 4,974 19,168 4,795 4,983 3,442 2,968 16,188 3344 Peachtree 16,058 4,023 3,962 3,781 3,886 15,652 3,745 4,051 4,006 4,141 15,943 Colorado Tower 15,410 4,234 4,565 4,427 4,429 17,655 4,252 3,663 3,550 4,085 15,550 100 Mill 13,726 3,842 3,587 3,728 3,971 15,128 3,992 3,782 3,856 3,851 15,481 Avalon (2) 16,882 4,425 4,411 3,991 3,994 16,821 3,483 3,625 3,646 3,892 14,646 The RailYard 13,169 3,081 3,092 3,020 3,069 12,262 3,027 3,058 3,147 2,996 12,228 Heights Union (2) 10,071 2,621 2,750 2,620 2,615 10,606 2,623 2,677 2,614 2,657 10,571 3350 Peachtree 4,514 1,363 1,729 1,389 2,267 6,748 1,970 2,274 2,511 2,709 9,464 Legacy Union One 9,441 2,380 2,382 2,367 2,376 9,505 2,372 2,360 2,367 2,358 9,457 Promenade Central 3,809 1,570 1,761 1,826 2,000 7,157 2,349 2,333 2,255 2,332 9,269 Tempe Gateway 4,026 1,259 1,378 1,421 1,945 6,003 2,122 2,106 2,342 2,352 8,922 Domain Point (2) 8,637 2,183 2,032 2,052 2,065 8,332 2,040 2,040 1,843 2,045 7,968 The Link — — — — — — — — 3,258 4,483 7,741 550 South 10,996 2,527 2,002 1,916 1,951 8,396 1,875 1,859 1,861 1,505 7,100 111 West Rio 5,607 1,411 1,410 1,407 1,420 5,648 1,419 1,400 1,408 1,424 5,651 5950 Sherry Lane 3,633 1,078 1,029 1,196 1,129 4,432 1,244 1,283 1,456 1,422 5,405 The Pointe 3,269 1,168 1,191 1,393 1,154 4,906 1,316 1,251 1,223 1,317 5,107 Meridian Mark Plaza 4,796 1,215 869 1,216 1,194 4,494 1,158 1,280 1,301 1,239 4,978 3348 Peachtree 4,606 1,163 1,217 1,250 1,296 4,926 1,301 1,156 886 1,320 4,663 Research Park V 4,109 1,087 1,066 1,096 1,176 4,425 1,181 1,139 1,168 1,170 4,658 Harborview Plaza 3,394 835 959 936 856 3,586 1,144 822 701 685 3,352 Other (3) 9,443 2,214 2,333 2,107 1,324 7,978 1,323 1,268 1,319 1,015 4,925 Subtotal - Consolidated 525,270 137,273 139,754 140,360 146,320 563,707 163,005 163,536 165,926 168,495 660,962 Continued on next page (amounts in thousands, except per share amounts) 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd 2025 4th 2025 FUNDS FROM OPERATIONS - DETAIL (1) Cousins Properties 13 Q4 2025 Supplemental Information
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Unconsolidated Properties (4) Neuhoff (5) (33) (83) (15) 16 195 113 400 1,328 1,436 2,031 5,195 Medical Offices at Emory Hospital 4,588 1,116 1,212 1,170 1,163 4,661 1,176 1,188 1,227 1,198 4,789 Proscenium — — — 365 378 743 361 421 349 233 1,364 120 West Trinity (2) 1,247 319 364 165 252 1,100 286 228 244 243 1,001 Other (6) 22 — — — — — — — — — — Subtotal - Unconsolidated 5,824 1,352 1,561 1,716 1,988 6,617 2,223 3,165 3,256 3,705 12,349 Total Net Operating Income (1) 531,094 138,625 141,315 142,076 148,308 570,324 165,228 166,701 169,182 172,200 673,311 Fee and Other Income Management Fees (7) 1,373 379 406 495 481 1,761 496 422 454 423 1,795 Termination Fees 7,343 471 1,085 895 954 3,405 2,866 — 512 1,709 5,087 Leasing & Other Fees — — — — — — — 33 — 2 35 Development Fees — — — — — — — 39 72 102 213 Interest Income from Real Estate Debt (8) — — 367 1,011 4,394 5,772 2,149 568 606 1,097 4,420 Other Income (9) 2,454 44 731 446 231 1,452 4,656 1,350 734 65 6,805 Other Income - Unconsolidated (4) 140 14 41 62 15 132 16 38 22 47 123 Total Fee and Other Income 11,310 908 2,630 2,909 6,075 12,522 10,183 2,450 2,400 3,445 18,478 General and Administrative Expenses (32,331) (9,214) (8,907) (9,204) (9,241) (36,566) (10,709) (9,738) (9,510) (8,685) (38,642) Interest Expense Consolidated Interest Expense Public Senior Notes, Unsecured ($500M) — — — (3,732) (7,469) (11,201) (7,474) (7,468) (7,485) (7,480) (29,907) Public Senior Notes, Unsecured ($400M) — — — — (830) (830) (5,551) (5,548) (5,544) (5,543) (22,186) Term Loan, Unsecured ($400M) (24,679) (6,050) (5,805) (5,829) (5,826) (23,510) (5,539) (5,356) (5,425) (5,221) (21,541) Public Senior Notes, Unsecured ($500M) — — — — — — — (1,798) (6,724) (6,742) (15,264) Terminus (2) (14,055) (3,514) (3,514) (3,514) (3,513) (14,055) (3,514) (3,514) (3,514) (3,513) (14,055) Term Loan, Unsecured ($250M) (19,865) (4,892) (4,909) (4,371) (3,795) (17,967) (3,482) (3,486) (3,598) (3,373) (13,939) Privately Placed Senior Notes, Unsecured ($275M) (10,975) (2,744) (2,744) (2,743) (2,744) (10,975) (2,744) (2,744) (2,743) (2,744) (10,975) Privately Placed Senior Notes, Unsecured ($250M) (9,764) (2,441) (2,441) (2,441) (2,441) (9,764) (2,441) (2,441) (2,441) (2,441) (9,764) Credit Facility, Unsecured (14,155) (5,449) (6,047) (3,596) (2,232) (17,324) (1,725) (1,390) (1,353) (2,331) (6,799) Privately Placed Senior Notes, Unsecured ($125M) (4,789) (1,197) (1,198) (1,197) (1,197) (4,789) (1,197) (1,198) (1,197) (1,197) (4,789) Privately Placed Senior Notes, Unsecured ($100M) (4,145) (1,036) (1,037) (1,036) (1,037) (4,146) (1,036) (1,036) (1,037) (1,036) (4,145) 201 N. Tryon (4,388) (1,078) (1,070) (1,062) (1,055) (4,265) (1,046) (1,038) (1,030) (1,023) (4,137) Colorado Tower (3,826) (942) (936) (930) (924) (3,732) (918) (911) (905) (905) (3,639) Other (10) (13,189) (3,271) (3,240) (3,236) (2,720) (12,467) (2,490) (2,489) (135) — (5,114) Capitalized (11) 18,367 3,706 3,198 2,914 2,731 12,549 2,383 1,903 1,634 1,093 7,013 Subtotal - Consolidated Interest Expense (105,463) (28,908) (29,743) (30,773) (33,052) (122,476) (36,774) (38,514) (41,497) (42,456) (159,241) Unconsolidated Interest Expense (4) Medical Offices at Emory Hospital (1,659) (508) (508) (508) (508) (2,032) (508) (508) (508) (508) (2,032) Other (10) (17) (20) (127) (999) (1,306) (2,452) (1,481) (1,731) (2,322) (2,142) (7,676) Subtotal - Unconsolidated Interest Expense (1,676) (528) (635) (1,507) (1,814) (4,484) (1,989) (2,239) (2,830) (2,650) (9,708) Total Interest Expense (107,139) (29,436) (30,378) (32,280) (34,866) (126,960) (38,763) (40,753) (44,327) (45,106) (168,949) Continued on next page (amounts in thousands, except per share amounts) 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd 2025 4th 2025 FUNDS FROM OPERATIONS - DETAIL (1) Cousins Properties 14 Q4 2025 Supplemental Information
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Reimbursed and Other Expenses Reimbursed Expenses (7) (608) (140) (151) (188) (155) (634) (177) (120) (123) (124) (544) Property Taxes and Other Land Holding Costs (4) (1,390) (389) 59 (320) (326) (976) (344) (386) (319) (334) (1,383) Severance (392) 2 — — (46) (44) (11) (1) (1) — (13) Predevelopment & Other Costs (4) (404) (316) (677) (124) (276) (1,393) 11 (118) (216) (267) (590) Land and Related Predevelopment Cost Impairment (12) — — — — — — — — — (1,034) (1,034) Total Reimbursed and Other Expenses (2,794) (843) (769) (632) (803) (3,047) (521) (625) (659) (1,759) (3,564) 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) (121) (129) (488) — Partners' Share of FFO in Consolidated Joint Ventures (1,909) (429) (426) (418) (444) (1,717) (467) (420) (429) (429) (1,745) FFO $ 398,289 $ 99,496 $ 103,346 $ 102,334 $ 108,916 $ 414,092 $ 124,834 $ 117,494 $ 116,536 $ 119,537 $ 478,401 Weighted Average Shares - Diluted 152,040 152,385 152,614 152,812 158,249 154,015 168,593 168,765 168,738 168,770 168,716 FFO per Share $ 2.62 $ 0.65 $ 0.68 $ 0.67 $ 0.69 $ 2.69 $ 0.74 $ 0.70 $ 0.69 $ 0.71 $ 2.84 (amounts in thousands, except per share amounts) 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd 2025 4th 2025 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) Primarily represents the College Street Garage and Domain 4. The Company plans to hold the Domain 4 site for future development once the building's leases expire. (4) 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. (5) Represents the initial operations at our Neuhoff property which is included on our development pipeline on page 26. (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 December 31, 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. (12) Represents impairment charge to our 303 Tremont land parcel and its related predevelopment cost. The basis of the land and predevelopment cost was $18.9 million and $5.8 million, respectively, prior to impairment charges. FUNDS FROM OPERATIONS - DETAIL (1) Cousins Properties 15 Q4 2025 Supplemental Information
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Office Properties Rentable Square Feet Financial Statement Presentation Company's Ownership Interest End of Period Leased Weighted Average Occupancy (2) % of Total NOI / 4Q25 Property Level Debt ($ in thousands) (3)3Q25 4Q25 3Q25 4Q25 The Domain (4) (5) 2,080,000 Consolidated 100% 97.9% 97.9% 97.9% 97.9% 12.8% $ — Sail Tower (6) 804,000 Consolidated 100% 100.0% 100.0% 100.0% 100.0% 6.9% — 300 Colorado 378,000 Consolidated 100% 100.0% 100.0% 100.0% 100.0% 4.0% — One Eleven Congress 519,000 Consolidated 100% 86.4% 86.4% 82.7% 82.7% 2.8% — San Jacinto Center 399,000 Consolidated 100% 87.6% 90.3% 82.5% 85.9% 2.8% — The Terrace (4) 619,000 Consolidated 100% 90.0% 88.1% 78.4% 79.4% 2.4% — Colorado Tower 373,000 Consolidated 100% 92.2% 89.7% 86.7% 89.7% 2.4% 101,140 Domain Point (4) 240,000 Consolidated 96.5% 93.6% 93.6% 95.5% 93.6% 1.2% — Research Park V 173,000 Consolidated 100% 93.0% 93.0% 93.0% 93.0% 0.7% — AUSTIN 5,585,000 94.9% 94.8% 92.7% 93.1% 36.0% 101,140 Terminus (4) 1,226,000 Consolidated 100% 82.6% 83.9% 82.0% 81.6% 4.8% 220,775 Spring & 8th (4) 765,000 Consolidated 100% 100.0% 100.0% 100.0% 100.0% 4.3% — Buckhead Plaza (4) 678,000 Consolidated 100% 93.8% 95.1% 92.3% 93.2% 3.8% — Promenade Tower 777,000 Consolidated 100% 86.3% 87.1% 79.7% 80.5% 3.5% — 725 Ponce 372,000 Consolidated 100% 87.6% 87.6% 87.6% 87.6% 2.4% — 3344 Peachtree 484,000 Consolidated 100% 96.7% 94.5% 96.4% 96.7% 2.4% — Northpark (4) 1,405,000 Consolidated 100% 70.8% 82.2% 69.0% 69.1% 2.3% — Avalon (4) 480,000 Consolidated 100% 99.2% 99.2% 84.1% 88.8% 2.3% — 3350 Peachtree 413,000 Consolidated 100% 91.1% 90.8% 87.0% 90.8% 1.6% — Promenade Central 367,000 Consolidated 100% 78.4% 83.2% 78.4% 78.4% 1.4% — 3348 Peachtree 258,000 Consolidated 100% 77.0% 77.0% 67.4% 77.0% 0.8% — Meridian Mark Plaza 160,000 Consolidated 100% 100.0% 100.0% 100.0% 100.0% 0.7% — Medical Offices at Emory Hospital 358,000 Unconsolidated 50% 99.1% 99.1% 98.7% 99.1% 0.7% 41,244 Proscenium (6) 525,000 Unconsolidated 20% 58.5% 44.8% 58.5% 46.9% 0.1% — 120 West Trinity Office 43,000 Unconsolidated 20% 74.2% 74.2% 74.2% 74.2% 0.1% — ATLANTA 8,311,000 86.2% 88.5% 83.4% 84.2% 31.2% 262,019 Vantage South End (4) (6) 639,000 Consolidated 100% 97.4% 97.4% 97.4% 97.4% 4.2% — The RailYard 329,000 Consolidated 100% 98.1% 99.0% 98.5% 98.1% 1.8% — 201 N. Tryon 692,000 Consolidated 100% 52.6% 52.6% 66.2% 53.1% 1.7% 118,885 550 South 394,000 Consolidated 100% 73.2% 55.8% 73.4% 61.6% 0.9% — CHARLOTTE 2,054,000 77.8% 74.6% 82.5% 75.7% 8.6% 118,885 Corporate Center (4) 1,227,000 Consolidated 100% 96.5% 97.6% 94.0% 94.5% 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% 90.1% 93.9% 87.9% 90.3% 0.8% — Harborview Plaza 206,000 Consolidated 100% 79.4% 80.9% 69.3% 64.7% 0.4% — TAMPA 1,980,000 94.4% 95.8% 91.6% 91.7% 7.8% — Continued on next page PORTFOLIO STATISTICS (1) Cousins Properties 16 Q4 2025 Supplemental Information
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Office Properties Rentable Square Feet Financial Statement Presentation Company's Ownership Interest End of Period Leased Weighted Average Occupancy (2) % of Total NOI / 4Q25 Property Level Debt ($ in thousands) (3)3Q25 4Q25 3Q25 4Q25 Hayden Ferry (4) (7) 792,000 Consolidated 100% 92.3% 95.4% 85.8% 92.2% 3.0% — 100 Mill 288,000 Consolidated 90% 98.1% 98.1% 98.1% 98.1% 2.3% — Tempe Gateway 264,000 Consolidated 100% 95.9% 95.9% 95.7% 95.7% 1.4% — 111 West Rio 225,000 Consolidated 100% 100.0% 100.0% 100.0% 100.0% 0.8% — PHOENIX 1,569,000 95.4% 96.8% 92.5% 95.4% 7.5% — The Link (6) 292,000 Consolidated 100% 93.0% 93.6% 93.0% 93.6% 2.6% — Legacy Union One 319,000 Consolidated 100% 100.0% 100.0% 100.0% 100.0% 1.4% — 5950 Sherry Lane 197,000 Consolidated 100% 92.9% 90.2% 91.3% 90.6% 0.8% — DALLAS 808,000 95.8% 95.3% 95.4% 95.4% 4.8% — BriarLake Plaza (4) 835,000 Consolidated 100% 97.4% 97.4% 97.4% 97.4% 3.3% — HOUSTON 835,000 97.4% 97.4% 97.4% 97.4% 3.3% — TOTAL OFFICE 21,142,000 90.0% 90.7% 88.3% 88.3% 99.2% $ 482,044 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% 92.0% 96.6% 90.5% 96.0% 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 21,609,000 100.0% $ 482,044 (1) Represents the Company's operating properties, excluding properties in the development pipeline and properties sold prior to December 31, 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 December 31, 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 hold the Domain 4 site for future development once the building's leases expire. 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. This building will be excluded from the Phoenix and Total Office end of period leased and weighted average occupancy calculations until stabilized. PORTFOLIO STATISTICS (1) Cousins Properties 17 Q4 2025 Supplemental Information
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Fourth Quarter 2025 Portfolio NOI by Market (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. PORTFOLIO STATISTICS Cousins Properties 18 Q4 2025 Supplemental Information Charlotte 9.2%Nashville (1)Dallas 4.8% Atlanta 31.3% Tampa 7.8% Houston 3.3%Austin 36.1% Phoenix 7.5%
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($ in thousands) Three Months Ended December 31, 2024 2025 $ Change % Change Rental Property Revenues (2) $ 209,916 $ 213,156 $ 3,240 1.54 % Rental Property Operating Expenses (2) 70,596 73,255 2,659 3.77 % Same Property Net Operating Income $ 139,320 $ 139,901 $ 581 0.42 % Cash-Basis Rental Property Revenues (3) $ 196,005 $ 198,679 $ 2,674 1.36 % Cash-Basis Rental Property Operating Expenses (4) 70,420 73,058 2,638 3.75 % Cash-Basis Same Property Net Operating Income $ 125,585 $ 125,621 $ 36 0.03 % End of Period Leased 91.0 % 90.1 % Weighted Average Occupancy 88.8 % 87.4 % Year Ended December 31, 2024 2025 $ Change % Change Rental Property Revenues (2) $ 822,124 $ 841,626 $ 19,502 2.37 % Rental Property Operating Expenses (2) 274,885 281,479 6,594 2.40 % Same Property Net Operating Income $ 547,239 $ 560,147 $ 12,908 2.36 % Cash-Basis Rental Property Revenues (3) $ 766,392 $ 777,200 $ 10,808 1.41 % Cash-Basis Rental Property Operating Expenses (4) 274,118 280,632 6,514 2.38 % Cash-Basis Same Property Net Operating Income $ 492,274 $ 496,568 $ 4,294 0.87 % Weighted Average Occupancy 88.9 % 88.1 % (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. SAME PROPERTY PERFORMANCE (1) Cousins Properties 19 Q4 2025 Supplemental Information
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Three Months Ended December 31, 2025 Year Ended December 31, 2025 New Renewal Expansion Total New Renewal Expansion Total Net leased square feet (1) 448,599 206,907 44,623 700,129 938,531 950,010 236,417 2,124,958 Number of transactions 16 16 7 39 76 66 25 167 Lease term in years (2) 10.8 7.3 8.6 9.6 9.2 7.8 8.3 8.5 Net effective rent calculation (per square foot per year) (2) Net annualized rent (3) $ 36.38 $ 36.34 $ 39.49 $ 36.52 $ 38.51 $ 36.38 $ 40.33 $ 37.76 Net free rent (2.53) (2.16) (1.94) (2.40) (2.37) (1.91) (1.52) (2.07) Leasing commissions (2.75) (2.74) (3.10) (2.76) (3.06) (2.57) (2.84) (2.82) Tenant improvements (8.42) (6.73) (13.00) (8.18) (8.49) (5.32) (7.80) (7.01) Total leasing costs (13.70) (11.63) (18.04) (13.34) (13.92) (9.80) (12.16) (11.90) Net effective rent (4) $ 22.68 $ 24.71 $ 21.45 $ 23.18 $ 24.59 $ 26.58 $ 28.17 $ 25.86 Second generation leased square footage (5) 459,558 1,574,998 Increase in straight-line basis second generation net rent per square foot (6) 19.9 % 21.5 % Increase in cash-basis second generation net rent per square foot (7) 0.2 % 3.5 % Adjusted increase in cash-basis second generation net rent per square foot (7) (8) 10.4 % 8.4 % (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) Excluding 211,000 square feet of leases signed at Northpark, the weighted average net effective rent for leases signed during the three months ended December 31, 2025, was $27.96 per square foot. Excluding 382,000 square feet of leases signed at Northpark, the weighted average net effective rent for leases signed during the year ended December 31, 2025, was $28.45 per square foot. (5) Excludes leases executed for spaces that were vacant upon acquisition, new leases in development properties, percentage rent leases, and leases for spaces that have been vacant for one year or more. (6) Increase in second generation straight-line basis net annualized rent on a weighted average basis. (7) Increase in second generation net cash rent at the end of the term paid by the prior tenant compared to net cash rent at the beginning of the term (after any free rent period) paid by the current tenant on a weighted average basis. For early renewals, the final net cash rent paid under the original lease is compared to the first net cash rent paid under the terms of the renewal. Net cash rent is net of any recovery of operating expenses but prior to any deductions for leasing costs. (8) Excludes 172,000 and 304,000 square feet of leases signed at Northpark during the three months and year ended December 31, 2025, respectively. OFFICE LEASING ACTIVITY Cousins Properties 20 Q4 2025 Supplemental Information
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Lease Expirations by Year (1) Year of Expiration Square Feet Expiring % of Leased Space Annual Contractual Rent ($ in thousands) (2) % of Annual Contractual Rent Annual Contractual Rent/Sq. Ft. 2026 1,049,119 5.7 % $ 48,193 4.8 % $ 45.94 2027 1,370,395 7.5 % 67,550 6.7 % 49.29 2028 1,728,499 9.4 % 88,842 8.8 % 51.40 2029 1,763,432 9.6 % 92,636 9.1 % 52.53 2030 1,694,868 9.2 % 88,455 8.7 % 52.19 2031 1,511,122 8.2 % 84,879 8.4 % 56.17 2032 2,284,537 12.4 % 131,790 13.0 % 57.69 2033 1,296,624 7.1 % 76,943 7.6 % 59.34 2034 1,140,459 6.2 % 65,186 6.4 % 57.16 2035 & Thereafter 4,516,257 24.7 % 268,190 26.5 % 59.38 Total 18,355,312 100.0 % $ 1,012,664 100.0 % $ 55.17 % of Leased Space Square Feet 1,049,1191,370,3951,728,4991,763,4321,694,8681,511,122 2,284,537 1,296,6241,140,459 4,516,257 2026 5.7% 2027 7.5% 2028 9.4% 2029 9.6% 2030 9.2% 2031 8.2% 2032 12.4% 2033 7.1% 2034 6.2% 2035 & Thereafter 24.7% 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 (1) Company's share of leases expiring after December 31, 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. OFFICE LEASE EXPIRATIONS Cousins Properties 21 Q4 2025 Supplemental Information
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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 $ 79,741 8.9% 4.7 2 Alphabet 1 1 799,149 54,936 6.1% 12.1 3 NCR Voyix 2 2 815,634 42,692 4.8% 7.4 4 ExxonMobil 1 1 298,396 21,850 2.4% 7.0 5 IBM 1 1 319,863 19,032 2.1% 14.7 6 Expedia 1 1 315,882 17,546 2.0% 5.2 7 Apache 1 1 362,803 14,743 1.6% 12.9 8 Ovintiv USA (3) 1 1 318,582 8,564 1.0% 1.2 9 Deloitte 4 3 193,751 8,478 0.9% 7.9 10 McGuireWoods LLP 2 2 176,498 8,211 0.9% 16.4 11 ADP 1 1 225,000 8,099 0.9% 2.2 12 Wells Fargo 5 3 159,114 7,833 0.9% 4.0 13 BlackRock 1 1 131,656 7,745 0.9% 10.4 14 Smurfit Westrock 1 1 181,286 7,028 0.8% 4.3 15 Amgen 1 1 163,169 6,874 0.8% 2.8 16 McKinsey & Company 2 2 130,513 6,794 0.8% 6.9 17 RigUp 1 1 93,210 6,773 0.8% 2.6 18 International Workplace Group 4 4 123,625 6,552 0.7% 6.3 19 Samsung Engineering America 1 1 133,860 6,507 0.7% 0.9 20 Time Warner Cable 2 1 119,018 6,301 0.6% 2.8 Total 6,522,814 $ 346,299 38.6% 7.1 (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 December 31, 2025. If the tenant is in a free rent period as of December 31, 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 current lease with Ovintiv USA is a triple net lease. Therefore, the Company’s share of annualized rent represents only base rent. In the third quarter of 2025, the Company proactively entered into an early termination agreement with Ovintiv. Approximately 88% of Ovintiv’s premises is subleased and upon Ovintiv’s expiration the subtenants will become direct tenants. Each subtenant’s remaining lease term is included in the remaining lease term reflected for Ovintiv above. TOP 20 OFFICE TENANTS Cousins Properties 22 Q4 2025 Supplemental Information
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Percentage of Company's Share of Annualized Rent (1) Technology 30.5% Financial 13.4% Professional Services 9.6% Legal 9.4% Energy 6.5% Consumer Goods & Services 6.2% Real Estate 5.4% Health Care 5.2% Other 4.8% Insurance 4.3% Marketing/Media/Telecom 2.4% Construction/Design 2.3% (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 December 31, 2025. If the tenant is in a free rent period as of December 31, 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. TENANT INDUSTRY DIVERSIFICATION Cousins Properties 23 Q4 2025 Supplemental Information
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Completed Operating Property Acquisitions Property Type Market Company's Ownership Interest Timing Square Feet Gross Purchase Price ($ in thousands) (1) 2025 The Link Office Dallas 100% 3Q 292,000 $ 218,000 2024 Proscenium Office Atlanta 20% 3Q 525,000 83,250 Sail Tower Office Austin 100% 4Q 804,000 521,800 Vantage South End Office Charlotte 100% 4Q 639,000 328,500 2022 Avalon (2) Office Atlanta 100% 2Q 480,000 43,400 2021 725 Ponce Office Atlanta 100% 3Q 372,000 300,200 Heights Union Office Tampa 100% 4Q 294,000 144,800 2020 The RailYard Office Charlotte 100% 4Q 329,000 201,300 3,735,000 $ 1,841,250 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 $302 million. (3) Represents timing of stabilization. INVESTMENT ACTIVITY Cousins Properties 24 Q4 2025 Supplemental Information
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Completed Operating Property Dispositions Property Type Market Company's Ownership Interest Timing Square Feet Gross Sales Price ($ 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. INVESTMENT ACTIVITY Cousins Properties 25 Q4 2025 Supplemental Information
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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 $ 582,617 $ 291,309 Office and Retail 450,000 53 % 4Q23 3Q26 Apartments 542 89 % 2Q24 1Q26 (1) This schedule shows projects currently under active development as of December 31, 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 (i) the date on which the project achieves 90% economic occupancy or (ii) 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 is being funded with a combination of $315.6 million of equity contributed by the joint venture partners and a construction loan with a current capacity of $273.5 million of which the Company's share is $136.8 million. See footnote 10 on page 30 for additional information on the construction loan. These costs include approximately $66 million of site and associated infrastructure work related to a future phase. The estimated project cost includes revisions related to updated initial leasing costs and construction loan interest costs. DEVELOPMENT PIPELINE (1) Cousins Properties 26 Q4 2025 Supplemental Information
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Market Company's Ownership Interest Financial Statement Presentation Total Developable Land (Acres) 3354/3356 Peachtree Atlanta 95% Consolidated 3.2 715 Ponce Atlanta 50% Unconsolidated 1.0 887 West Peachtree Atlanta 100% Consolidated 1.6 Domain Point 3 Austin 90% Consolidated 1.7 Domain Central Austin 100% Consolidated 5.6 South End Station Charlotte 100% Consolidated 3.4 303 Tremont (1) Charlotte 100% Consolidated 2.4 Legacy Union 2 & 3 Dallas 95% Consolidated 4.0 Corporate Center 5 & 6 (2) Tampa 100% Consolidated 14.1 Total 37.0 Total Cost Basis of Land ($ in thousands) $ 162,809 Company's Share of Cost Basis of Land ($ in thousands) $ 156,003 (1) 303 Tremont is under contract for sale and is expected to close in the second half of 2026. (2) Corporate Center 5 is controlled through a long-term ground lease. LAND INVENTORY Cousins Properties 27 Q4 2025 Supplemental Information
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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) 2026 2027 2028 2029 2030 Thereafter Total Principal Original Issue Discount Deferred Loan Costs Total Consolidated Debt Consolidated Debt - Floating Rate Term Loan, Unsecured (Adjusted SOFR + 0.85% to 1.65%) (3) 100% 4.76% 8/17/26 $ 250,000 — — — — — 250,000 — (64) 249,936 Credit Facility, Unsecured (Adjusted SOFR + 0.725% to 1.40%) (4) 100% 4.535% 4/30/27 — 116,000 $ — $ — $ — $ — 116,000 $ — $ — $ 116,000 Total Consolidated Floating Rate Debt 250,000 116,000 — — — — 366,000 — (64) 365,936 Consolidated Debt - Fixed Rate Colorado Tower 100% 3.45% 9/1/26 101,199 — — — — — 101,199 — (59) 101,140 201 N. Tryon 100% 3.37% 10/1/26 118,928 — — — — — 118,928 — (43) 118,885 Term Loan, Unsecured (5) 100% 4.971% 3/3/27 — 400,000 — — — — 400,000 — (76) 399,924 Privately Placed Senior Notes, Unsecured 100% 4.09% 7/6/27 — 100,000 — — — — 100,000 — (70) 99,930 Privately Placed Senior Notes, Unsecured 100% 3.78% 7/6/27 — 125,000 — — — — 125,000 — (94) 124,906 Privately Placed Senior Notes, Unsecured 100% 3.86% 7/6/28 — — 250,000 — — — 250,000 — (281) 249,719 Privately Placed Senior Notes, Unsecured 100% 3.95% 7/6/29 — — — 275,000 — — 275,000 — (391) 274,609 Public Senior Notes, Unsecured (6) 100% 5.25% 7/15/30 — — — — 500,000 — 500,000 (59) (3,817) 496,124 Terminus (7) 100% 6.34% 1/15/31 — — — — — 221,000 221,000 — (225) 220,775 Public Senior Notes, Unsecured (8) 100% 5.375% 2/15/32 — — — — — 400,000 400,000 (1,877) (3,025) 395,098 Public Senior Notes, Unsecured (9) 100% 5.875% 10/1/34 — — — — — 500,000 500,000 (1,310) (4,921) 493,769 Total Consolidated Fixed Rate Debt 220,127 625,000 250,000 275,000 500,000 1,121,000 2,991,127 (3,246) (13,002) 2,974,879 Total Consolidated Debt 470,127 741,000 250,000 275,000 500,000 1,121,000 3,357,127 (3,246) (13,066) 3,340,815 Unconsolidated Debt Unconsolidated Debt - Floating Rate Neuhoff (SOFR + 3.00%) (10) 50% 6.76% 9/30/27 — 125,334 — — — — 125,334 — (373) 124,961 . Unconsolidated Debt - Fixed Rate Medical Offices at Emory Hospital 50% 4.80% 6/1/32 — — — — — 41,500 41,500 — (256) 41,244 Total Unconsolidated Debt — 125,334 — — — 41,500 166,834 — (629) 166,205 Total Debt $ 470,127 $ 866,334 $ 250,000 $ 275,000 $ 500,000 $ 1,162,500 $ 3,523,961 $ (3,246) $ (13,695) $ 3,507,020 Total Maturities (11) $ 465,159 $ 866,334 $ 250,000 $ 275,000 $ 500,000 $ 1,162,500 $ 3,518,993 % of Maturities 13 % 25 % 7 % 8 % 14 % 33 % 100 % Continued on next page DEBT SCHEDULE (1) Cousins Properties 28 Q4 2025 Supplemental Information
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($ in thousands) Debt Maturity Schedule as of December 31, 2025 (2) (11) $465,159 $866,334 $250,000 $275,000 $500,000 $221,000 $441,500 $0 $500,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 Continued on next page DEBT SCHEDULE (1) Cousins Properties 29 Q4 2025 Supplemental Information Mortgages $215M Unsecured Senior Notes Mortgage $71 Unsecured Senior Notes $225 Unsecured Senior Notes $225M Construction Loan $125M Term Loan $400M Term Loan $250M Unsecured Senior Notes $225M Unsecured Senior Notes Mortgages Unsecured Senior Notes $400M Unsecured Senior Notes Mortgage $42M Term Loan $400M Unsecured Senior Notes Credit Facility $116M
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Floating and Fixed Rate Debt Analysis Total Principal ($ in thousands) Total Debt (%) Weighted Average Interest Rate Weighted Average Maturity (Years) (2) Floating Rate Debt $ 491,334 14 % 5.22 % 1.1 Fixed Rate Debt 3,032,627 86 % 4.94 % 4.3 Total Debt $ 3,523,961 100 % 4.98 % 3.9 (1) All amounts are presented at Company share. (2) Maturity dates shown assume the Company exercises all extensions. (3) The Company exercised the fourth of four consecutive options to extend the maturity date of this term loan. This extension becomes effective on February 20, 2026 and extends the maturity date to August 17, 2026. The spread over Adjusted SOFR (SOFR + 0.10%) at December 31, 2025 was 1.00%. (4) The Company had $116.0 million drawn under the Credit Facility and had the ability to borrow an additional $884.0 million. The spread over Adjusted SOFR (SOFR + 0.10%) under the Credit Facility at December 31, 2025 was 0.775%. (5) The Company exercised the third of four consecutive options to extend the maturity date of this term loan. This extension becomes effective March 3, 2026 and extended the maturity date to September 3, 2026. One additional six month extension option remains unexercised. At the time of the second extension the Company elected 6 month Term SOFR, fixing the underlying SOFR interest rate at 4.021% through March 2, 2026. As of December 31, 2025 , the spread over Adjusted SOFR (SOFR + 0.10%) under the $400 million Term Loan was 0.85%. (6) This note has a coupon of 5.25% with an effective rate of 5.251% including the original issue discount. (7) Represents $123.0 million and $98.0 million non-cross collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively. (8) This note has a coupon of 5.375% with an effective rate of 5.464% including the original issue discount. (9) This note has a coupon of 5.875% with an effective rate of 5.912% including the original issue discount. (10) The Company's share of the total borrowing capacity of the construction loan is approximately $136.8 million. In September of 2025, the joint venture entered into the first amendment to the construction loan, repaid $39.2 million of outstanding principal, extended the maturity date to September 30, 2026, and decreased the spread in excess of SOFR from 3.45% to 3.00%. The joint venture has an option to extend the maturity date an additional 12 months, subject to certain conditions. (11) Maturities include principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date. DEBT SCHEDULE (1) Cousins Properties 30 Q4 2025 Supplemental Information
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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. JOINT VENTURE INFORMATION (1) Cousins Properties 31 Q4 2025 Supplemental Information
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FFO and EBITDAre Net income (loss) available to common stockholders $ 82,963 $ 13,288 $ 7,840 $ 11,198 $ 13,636 $ 45,962 $ 20,897 $ 14,483 $ 8,590 $ (3,467) $ 40,503 Depreciation and amortization of real estate assets: Consolidated properties 314,449 86,116 95,299 89,667 93,502 364,584 101,996 100,769 105,152 106,954 414,871 Share of unconsolidated joint ventures 1,931 459 513 1,728 2,045 4,745 2,212 2,489 3,034 3,004 10,739 Partners' share of real estate depreciation (1,070) (268) (308) (260) (270) (1,106) (274) (250) (241) (240) (1,005) Operating property impairment — — — 13,286 13,286 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 1 — 7 FFO (1) 398,289 99,496 103,346 102,334 108,916 414,092 124,834 117,494 116,536 119,537 478,401 Interest Expense 107,139 29,436 30,378 32,280 34,866 126,960 38,763 40,753 44,327 45,106 168,949 Non-Real Estate Depreciation and Amortization 448 115 116 117 113 461 117 121 121 130 489 EBITDAre (1) 505,876 129,047 133,840 134,731 143,895 541,513 163,714 158,368 160,984 164,773 647,839 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) (2,682) (2,007) (8,159) Depreciation and Amortization of Real Estate Assets 1,931 459 513 1,728 2,045 4,745 2,212 2,489 3,034 3,004 10,739 FFO - Unconsolidated Joint Ventures 4,230 807 952 153 37 1,949 329 902 352 997 2,580 Interest Expense 1,676 528 635 1,507 1,814 4,484 1,989 2,239 2,830 2,650 9,708 Other Expense 58 31 15 118 152 316 (79) 62 99 102 184 Other Income (140) (14) (41) (62) (15) (132) (16) (38) (25) (44) (123) Net Operating Income - Unconsolidated Joint Ventures 5,824 1,352 1,561 1,716 1,988 6,617 2,223 3,165 3,256 3,705 12,349 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 $ 28.94 $ 25.78 $ 25.78 Number of Common Stock/Units Outstanding at Period End 151,824 152,096 152,165 152,165 167,685 167,685 167,933 167,992 167,990 168,007 168,007 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 4,861,631 4,331,220 4,331,220 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 3,309,383 3,340,815 3,340,815 Share of Unconsolidated Debt 151,048 160,646 167,626 173,667 178,722 178,722 182,735 183,847 165,737 166,205 166,205 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 3,475,120 3,507,020 3,507,020 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 8,336,751 7,838,240 7,838,240 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 3,475,120 3,507,020 3,507,020 Less: Cash and Cash Equivalents (6,047) (5,452) (5,954) (76,143) (7,349) (7,349) (5,330) (416,840) (4,675) (5,720) (5,720) 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) (6,484) (5,633) (5,633) 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 3,463,961 3,495,667 3,495,667 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 8,336,751 7,838,240 7,838,240 Net Debt / Total Market Capitalization 41.2 % 42.5 % 43.7 % 37.5 % 38.8 % 38.8 % 39.1 % 37.2 % 41.6 % 44.6 % 44.6 % Continued on next page 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd 2025 4th 2025 NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS Cousins Properties 32 Q4 2025 Supplemental Information
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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 8,900,481 8,890,132 8,890,132 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 2,045,711 2,120,930 2,120,930 Undepreciated Assets - Unconsolidated (1) 289,202 304,617 316,303 352,427 356,091 356,091 363,789 368,322 375,572 376,850 376,850 Less: Investment in Unconsolidated Joint Ventures (143,831) (155,210) (160,873) (182,130) (185,478) (185,478) (191,505) (192,420) (215,507) (215,301) (215,301) 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 11,106,257 11,172,611 11,172,611 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 3,463,961 3,495,667 3,495,667 Net Debt / Total Undepreciated Assets (1) 28.0 % 28.8 % 28.8 % 28.4 % 30.2 % 30.2 % 29.7 % 28.9 % 31.2 % 31.3 % 31.3 % Coverage Ratios (1) Interest Expense 107,139 29,436 30,378 32,280 34,866 126,960 38,763 40,753 44,327 45,106 168,949 Scheduled Principal Payments 8,658 2,114 2,132 2,151 1,825 8,222 1,667 1,681 1,696 1,710 6,754 Fixed Charges 115,797 31,550 32,510 34,431 36,691 135,182 40,430 42,434 46,023 46,816 175,703 EBITDAre 505,876 129,047 133,840 134,731 143,895 541,513 163,714 158,368 160,984 164,773 647,839 EBITDAre / Fixed Charges (1) 4.37 4.09 4.12 3.91 3.92 4.01 4.05 3.73 3.50 3.52 3.69 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 3,463,961 3,495,667 3,495,667 Annualized EBITDAre (2) 505,468 516,188 535,360 538,924 632,139 632,139 654,856 633,472 643,936 659,092 659,092 Net Debt / Annualized EBITDAre 5.14 5.25 5.12 5.10 5.16 5.16 4.87 5.11 5.38 5.30 5.30 Dividend Information Common Dividends 194,248 48,658 48,685 48,685 53,651 199,679 53,732 53,746 53,746 53,754 214,978 FFO 398,289 99,496 103,346 102,334 108,916 414,092 124,834 117,494 116,536 119,537 478,401 FFO Payout Ratio 48.8 % 48.9 % 47.1 % 47.6 % 49.3 % 48.2 % 43.0 % 45.7 % 46.1 % 45.0 % 44.9 % 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 11,106,257 11,172,611 11,172,611 General and Administrative Expenses 32,331 9,214 8,907 9,204 9,241 36,566 10,709 9,738 9,510 8,685 38,642 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 % 0.34 % 0.31 % 0.31 % Continued on next page 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd 2025 4th 2025 NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS Cousins Properties 33 Q4 2025 Supplemental Information
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Net income (loss) available to common stockholders $ 82,963 $ 13,288 $ 7,840 $ 11,198 $ 13,636 $ 45,962 $ 20,897 $ 14,483 $ 8,590 $ (3,467) $ 40,503 Depreciation and amortization of real estate assets 315,310 86,307 95,504 91,135 95,277 368,223 103,934 103,008 107,945 109,718 424,605 Loss (gain) on depreciated property transactions 2 (101) — — — (101) — — — — — Operating property impairment — — — — — — — — — 13,286 13,286 Non-controlling interest related to unitholders 14 2 2 1 3 8 3 3 1 — 7 FFO (1) 398,289 99,496 103,346 102,334 108,916 414,092 124,834 117,494 116,536 119,537 478,401 Non-Cash Debt Amortization 4,175 1,051 984 1,020 1,013 4,068 1,056 997 1,290 1,188 4,531 Non-Cash Stock-Based Compensation 11,900 4,312 3,467 3,488 3,515 14,782 5,993 3,746 3,379 3,356 16,474 Non-Real Estate Depreciation and Amortization 448 115 116 117 113 461 117 121 121 130 489 Lease Inducement Amortization 3,562 539 530 551 549 2,169 531 267 938 650 2,386 Straight-Line Rent Ground Leases 481 116 118 118 118 470 118 118 72 100 408 Above and Below Market Ground Rent 328 82 53 52 53 240 52 53 52 125 282 Deferred Income - Tenant Improvements (19,276) (6,167) (6,974) (7,466) (7,991) (28,598) (8,472) (8,947) (9,147) (9,353) (35,919) Above and Below Market Rents, Net (6,876) (1,460) (1,559) (1,484) (1,664) (6,167) (2,845) (2,828) (3,422) (3,514) (12,609) Second Generation Capital Expenditures (CAPEX) (96,908) (30,212) (17,270) (26,190) (42,421) (116,093) (33,281) (28,636) (29,981) (47,457) (139,355) Straight-Line Rental Revenue (25,500) (8,604) (4,423) (5,374) (6,107) (24,508) (12,477) (11,283) (9,424) (6,117) (39,301) Land and Related Predevelopment Costs Impairment — — — — — — — — — 1,034 1,034 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 70,414 59,679 276,821 Weighted Average Shares - Diluted 152,040 152,385 152,614 152,812 158,249 154,015 168,593 168,765 168,738 168,770 168,716 FAD per share $ 1.79 $ 0.39 $ 0.51 $ 0.44 $ 0.35 $ 1.69 $ 0.45 $ 0.42 $ 0.42 $ 0.35 $ 1.64 Common Dividends on outstanding shares 194,248 48,658 48,685 48,685 53,651 199,679 53,732 53,746 53,746 53,754 214,978 Common Dividends per share $ 1.28 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 1.28 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 1.28 FAD Payout Ratio (3) 71.9 % 82.1 % 62.1 % 72.5 % 95.6 % 76.5 % 71.0 % 75.6 % 76.3 % 90.1 % 77.7 % 2nd Generation CAPEX Second Generation Leasing Related Costs 70,830 23,110 14,210 17,157 32,352 86,829 24,789 21,475 18,944 36,482 101,690 Second Generation Building Improvements 26,078 7,102 3,060 9,033 10,069 29,264 8,492 7,161 11,037 10,975 37,665 96,908 30,212 17,270 26,190 42,421 116,093 33,281 28,636 29,981 47,457 139,355 (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. 2023 2024 1st 2024 2nd 2024 3rd 2024 4th 2024 2025 1st 2025 2nd 2025 3rd 2025 4th 2025 NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS Cousins Properties 34 Q4 2025 Supplemental Information
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FUNDS FROM OPERATIONS (in thousands, except per share amounts) Three Months Ended December 31, 2025 2024 Dollars Weighted Average Common Shares Per Share Amount Dollars Weighted Average Common Shares Per Share Amount Net Income (Loss) Available to Common Stockholders $ (3,468) 167,611 $ (0.02) $ 13,636 157,473 $ 0.09 Noncontrolling interest related to unitholders — — — 3 25 — Conversion of unvested restricted stock units — — — — 751 — Net Income (Loss) — Diluted (3,468) 167,611 (0.02) 13,639 158,249 0.09 Noncontrolling interest related to unitholders — 25 — — — — Conversion of unvested restricted stock units — 773 — — — — Unvested restricted stock — 361 — — — — Depreciation and amortization of real estate assets: Consolidated properties 106,954 — 0.63 93,502 — 0.59 Share of unconsolidated joint ventures 3,004 — 0.02 2,045 — 0.01 Partners' share of real estate depreciation (240) — — (270) — — Operating property impairment 13,286 — 0.08 — — — Funds From Operations $ 119,536 168,770 $ 0.71 $ 108,916 158,249 $ 0.69 Continued on next page NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS Cousins Properties 35 Q4 2025 Supplemental Information
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(in thousands, except per share amounts) Year Ended December 31, 2025 2024 Dollars Weighted Average Common Shares Per Share Amount Dollars Weighted Average Common Shares Per Share Amount Net Income Available to Common Stockholders $ 40,503 167,919 $ 0.24 $ 45,962 153,413 $ 0.30 Noncontrolling interest related to unitholders 7 25 — 8 25 — Potentially dilutive common shares - ESPP — — — — 2 — Conversion of unvested restricted stock units — 772 — — 575 — Net Income — Diluted 40,510 168,716 0.24 45,970 154,015 0.30 Depreciation and amortization of real estate assets: Consolidated properties 414,871 — 2.47 364,584 — 2.37 Share of unconsolidated joint ventures 10,739 — 0.06 4,745 — 0.03 Partners' share of real estate depreciation (1,005) — (0.01) (1,106) — (0.01) Gain on depreciated property transactions: Consolidated properties — — — (101) — — Operating property impairment 13,286 — 0.08 — — — Funds From Operations $ 478,401 168,716 $ 2.84 $ 414,092 154,015 $ 2.69 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. NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS Cousins Properties 36 Q4 2025 Supplemental Information
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($ in thousands) ($ in thousands) Three Months Ended Year Ended Net Operating Income December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net income (loss) $ (3,277) $ 13,813 $ 41,252 $ 46,581 Net operating income from unconsolidated joint ventures 3,705 1,988 12,349 6,617 Fee income (528) (481) (2,044) (1,761) Termination fee income (1,709) (954) (5,087) (3,405) Other income (1,162) (4,625) (11,225) (7,224) Reimbursed expenses 124 155 544 634 General and administrative expenses 8,685 9,241 38,642 36,566 Interest expense 42,456 33,052 159,241 122,476 Operating property impairment 13,286 — 13,286 — Land and related predevelopment costs impairment 1,034 — 1,034 — Depreciation and amortization 107,083 93,616 415,359 365,045 Other expenses 496 495 1,801 2,097 Loss from unconsolidated joint ventures 2,007 2,008 8,159 2,796 Gain on investment property transactions — — — (98) Net Operating Income 172,200 148,308 673,311 570,324 Less: Partners' share of NOI from consolidated joint ventures (510) (471) (1,430) (1,804) Cousins' share of NOI $ 171,690 $ 147,837 $ 671,881 $ 568,520 Net Operating Income $ 172,200 $ 148,308 $ 673,311 $ 570,324 Non-cash income (21,573) (15,705) (89,874) (59,574) Non-cash expense 189 176 869 739 Cash-Basis Net Operating Income $ 150,816 $ 132,779 $ 584,306 $ 511,489 Net Operating Income Same Property $ 139,901 $ 139,320 $ 560,147 $ 547,239 Non-Same Property 32,299 8,988 113,164 23,085 $ 172,200 $ 148,308 $ 673,311 $ 570,324 Cash-Basis Net Operating Income Same Property $ 125,621 $ 125,585 $ 496,568 $ 492,274 Non-Same Property 25,195 7,194 87,738 19,215 $ 150,816 $ 132,779 $ 584,306 $ 511,489 NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS Cousins Properties 37 Q4 2025 Supplemental Information
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RECONCILIATION OF 2026 PROJECTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS TO 2026 PROJECTED FFO Full Year 2026 Guidance (in thousands, except per share amounts) Low High Dollars Per Share Amount (1) Dollars Per Share Amount (1) Net Income Available to Common Stockholders and Net Income $ 39,570 $ 0.23 $ 56,477 $ 0.33 Add: Noncontrolling interest related to unitholders 7 — 7 — Net Income 39,577 0.23 56,484 0.33 Add: Depreciation and amortization of real estate assets 445,645 2.64 445,645 2.64 Funds From Operations $ 485,222 $ 2.87 $ 502,129 $ 2.97 (1) Calculated based on projected weighted average shares outstanding of 169.1 million. R3 Weight Average Shares 169,067 NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS Cousins Properties 38 Q4 2025 Supplemental Information
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The Company uses non-GAAP financial measures in its filings and other public disclosures. The following lists non-GAAP financial measures that the Company commonly uses, a description for each measure, the reasons that management believes the measure is useful to investors and, if material, additional uses of the measure by management of the Company. “Cash-Basis Net Operating Income” represents Net Operating Income excluding straight-line rents, amortization of lease inducements, amortization of acquired above and below market rents, and non-cash ground lease expense. “EBITDAre” is a supplemental operating performance measure used in the real estate industry. The Company calculates EBITDA re 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 of depreciated property. 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. NON-GAAP FINANCIAL MEASURES - DEFINITIONS Cousins Properties 39 Q4 2025 Supplemental Information