株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☑   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-11312
COUSINS PROPERTIES INCORPORATED
(Exact name of registrant as specified in its charter)
Georgia 58-0869052
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
3344 Peachtree Road NE Suite 1800 Atlanta Georgia 30326-4802
(Address of principal executive offices) (Zip Code)
(404) 407-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $1 par value per share CUZ New York Stock Exchange  ("NYSE")
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☑
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class   Outstanding at October 20, 2023
Common Stock, $1 par value per share   151,773,774 shares



Page No.



FORWARD-LOOKING STATEMENTS

Certain matters contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized in Item 1A included in the Annual Report on Form 10-K for the year ended December 31, 2022, and as itemized herein. These forward-looking statements include information about the Company's possible or assumed future results of the business and the Company's financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as:
•guidance and underlying assumptions;
•business and financial strategy;
•future debt financings;
•future acquisitions and dispositions of operating assets or joint venture interests;
•future acquisitions and dispositions of land, including ground leases;
•future development and redevelopment opportunities, including fee development opportunities;
•future issuances and repurchases of common stock, limited partnership units, or preferred stock;
•future distributions;
•projected capital expenditures;
•market and industry trends;
•entry into new markets, changes in existing market concentrations, or exits from existing markets;
•future changes in interest rates and liquidity of capital markets; and
•all statements that address operating performance, events, investments, or developments that we expect or anticipate will occur in the future — including statements relating to creating value for stockholders.
Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following:
•the availability and terms of capital;
•the ability to refinance or repay indebtedness as it matures;
•the failure of purchase, sale, or other contracts to ultimately close;
•the failure to achieve anticipated benefits from acquisitions, investments, or dispositions;
•the potential dilutive effect of common stock or operating partnership unit issuances;
•the availability of buyers and pricing with respect to the disposition of assets;
•changes in national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate (including supply and demand changes), particularly in Atlanta, Austin, Phoenix, Tampa, Charlotte, Dallas, and Nashville, including the impact of high unemployment, volatility in the public equity and debt markets, and international economic and other conditions;
•the impact of a public health crisis and the governmental and third-party response to such a crisis, which may affect our key personnel, our tenants, and the costs of operating our assets;
•sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political activism, which may result in a disruption of day-to-day building operations;
•changes to our strategy in regard to our real estate assets may require impairment to be recognized;
•leasing risks, including the ability to obtain new tenants or renew expiring tenants, the ability to lease newly-developed and/or recently-acquired space, the failure of a tenant to commence or complete tenant improvements on schedule or to occupy leased space, and the risk of declining leasing rates;
•changes in the needs of our tenants brought about by the desire for co-working arrangements, trends toward utilizing less office space per employee, and the effect of employees working remotely;
•any adverse change in the financial condition of one or more of our tenants;
•volatility in interest rates and insurance rates;
•inflation and continuing increases in the inflation rate;
•competition from other developers or investors;
•the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk);
•cyber security breaches;
•changes in senior management, changes in the Board of Directors, and the loss of key personnel;
•the potential liability for uninsured losses, condemnation, or environmental issues;
•the potential liability for a failure to meet regulatory requirements;
1


•the financial condition and liquidity of, or disputes with, joint venture partners;
•any failure to comply with debt covenants under credit agreements;
•any failure to continue to qualify for taxation as a real estate investment trust or meet regulatory requirements;
•potential changes to state, local, or federal regulations applicable to our business;
•material changes in the rates, or the ability to pay, dividends on common shares or other securities;
•potential changes to the tax laws impacting REITs and real estate in general; and
•those additional risks and factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by the Company.
The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will,” or similar expressions are intended to identify forward-looking statements. Although we believe that the plans, intentions, and expectations reflected in any forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise, except as required under U.S. federal securities laws.
2


PART I — FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements.

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
September 30, 2023 December 31, 2022
  (unaudited)  
Assets:    
Real estate assets:  
Operating properties, net of accumulated depreciation of $1,258,003 and $1,079,662 in 2023 and 2022, respectively
 $ 6,730,434  $ 6,738,354 
Projects under development 126,630  111,400 
Land 154,729  158,430 
7,011,793  7,008,184 
Cash and cash equivalents 6,926  5,145 
Accounts receivable 12,867  8,653 
Deferred rents receivable 203,561  184,043 
Investment in unconsolidated joint ventures 141,250  112,839 
Intangible assets, net 116,092  136,240 
Other assets, net 92,820  81,912 
Total assets $ 7,585,309  $ 7,537,016 
Liabilities:
Notes payable $ 2,418,403  $ 2,334,606 
Accounts payable and accrued expenses 266,632  271,103 
Deferred income 174,178  128,636 
Intangible liabilities, net 44,295  52,280 
Other liabilities 104,495  103,442 
Total liabilities 3,008,003  2,890,067 
Commitments and contingencies
Equity:
Stockholders' investment:    
Common stock, $1 par value per share, 300,000,000 shares authorized, 154,335,798 and 154,019,214 issued, and 151,773,774 and 151,457,190 outstanding in 2023 and 2022, respectively
 154,336  154,019 
Additional paid-in capital 5,637,406  5,630,327 
Treasury stock at cost, 2,562,024 shares in 2023 and 2022
 (147,157) (147,157)
Distributions in excess of cumulative net income (1,095,597) (1,013,292)
Accumulated other comprehensive income 5,723  1,767 
 Total stockholders' investment 4,554,711  4,625,664 
Nonredeemable noncontrolling interests 22,595  21,285 
Total equity 4,577,306  4,646,949 
Total liabilities and equity $ 7,585,309  $ 7,537,016 
See accompanying notes.
3


COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except per share amounts)

Three Months Ended Nine Months Ended
September 30, September 30,
  2023 2022 2023 2022
Revenues:    
Rental property revenues $ 198,429  $ 193,455  $ 602,459  $ 559,856 
Fee income 318  1,677  1,044  5,370 
Other 101  38  2,393  2,522 
  198,848  195,170  605,896  567,748 
Expenses:
Rental property operating expenses 64,838  66,632  203,150  193,725 
Reimbursed expenses 149  418  515  1,455 
General and administrative expenses 8,336  6,498  24,795  21,557 
Interest expense 27,008  18,380  78,010  50,454 
Depreciation and amortization 79,492  79,116  235,531  219,721 
Other 623  231  1,484  877 
180,446  171,275  543,485  487,789 
Income from unconsolidated joint ventures 582  634  2,008  7,038 
Gain on sales of investments in unconsolidated joint ventures —  56,260  —  56,260 
Gain (loss) on investment property transactions 507  (20) 505  (61)
Loss on extinguishment of debt —  —  —  (100)
Net income 19,491  80,769  64,924  143,096 
Net income attributable to noncontrolling interests (130) (130) (746) (421)
Net income available to common stockholders $ 19,361  $ 80,639  $ 64,178  $ 142,675 

   
Net income per common share — basic and diluted $ 0.13  $ 0.53  $ 0.42  $ 0.95 
Weighted average shares — basic 151,774  151,435  151,692  149,670 
Weighted average shares — diluted 152,048  151,695  152,018  149,946 
See accompanying notes.


4


COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited; in thousands)

Three Months Ended Nine Months Ended
September 30, September 30,
  2023 2022 2023 2022
Comprehensive Income:    
Net income available to common stockholders $ 19,361  $ 80,639  $ 64,178  $ 142,675 
Other comprehensive income (loss):
Unrealized gain (loss) on cash flow hedges 1,503 (715) 6,397 (715)
Amortization of cash flow hedges (1,345) 63 (2,441) 63
Total other comprehensive income (loss) 158 (652) 3,956 (652)
Total comprehensive income $ 19,519  $ 79,987  $ 68,134  $ 142,023 
See accompanying notes.
5


COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited; in thousands except per share amounts)

Three Months Ended September 30, 2023
Common
Stock		 Additional
Paid-In
Capital		 Treasury
Stock		 Distributions in
Excess of
Net Income		 Accumulated Other Comprehensive Income Stockholders' Investment Nonredeemable
Noncontrolling
Interests		 Total
Equity
Balance June 30, 2023 $ 154,336  $ 5,634,996  $ (147,157) $ (1,066,369) $ 5,565  $ 4,581,371  $ 22,927  $ 4,604,298 
Net income —  —  —  19,361  —  19,361  130  19,491 
Other comprehensive income —  —  —  —  158  158  —  158 
Amortization of stock-based compensation, net of forfeitures —  2,410  —  —  —  2,410  —  2,410 
Contributions from noncontrolling interests —  —  —  —  —  —  56  56 
Distributions to noncontrolling interests —  —  —  —  —  —  (518) (518)
Common dividends ($0.32 per share)
 —  —  —  (48,589) —  (48,589) —  (48,589)
Balance September 30, 2023 $ 154,336  $ 5,637,406  $ (147,157) $ (1,095,597) $ 5,723  $ 4,554,711  $ 22,595  $ 4,577,306 
Three Months Ended September 30, 2022
Common Stock Additional Paid-In Capital Treasury Stock Distributions in Excess of Net Income Accumulated Other Comprehensive Loss Stockholders’
Investment		 Nonredeemable
Noncontrolling
Interests		 Total
Equity
Balance June 30, 2022 $ 154,025  $ 5,627,133  $ (148,473) $ (1,020,590) $ —  $ 4,612,095  $ 20,600  $ 4,632,695 
Net income —  —  —  80,639  —  80,639  130  80,769 
Other comprehensive loss —  —  —  —  (652) (652) —  (652)
Common stock issued under the ATM, net of issuance costs —  13  —  —  —  13  —  13 
Amortization of stock-based compensation, net of forfeitures (6) 1,805  —  4  —  1,803  —  1,803 
Contributions from noncontrolling interests —  —  —  —  —  —  (356) (356)
Distributions to noncontrolling interests —  —  —  —  —  —  (15) (15)
Common dividends ($0.32 per share)
 —  —  —  (48,541) —  (48,541) —  (48,541)
Balance September 30, 2022 Balance $ 154,019  $ 5,628,951  $ (148,473) $ (988,488) $ (652) $ 4,645,357  $ 20,359  $ 4,665,716 

See accompanying notes.
















6


COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited; in thousands except per share amounts)

Nine Months Ended September 30, 2023
Common
Stock		 Additional
Paid-In
Capital		 Treasury
Stock		 Distributions in
Excess of
Net Income		 Accumulated Other Comprehensive Income Stockholders’
Investment		 Nonredeemable
Noncontrolling
Interests		 Total
Equity
Balance December 31, 2022 $ 154,019  $ 5,630,327  $ (147,157) $ (1,013,292) $ 1,767  $ 4,625,664  $ 21,285  $ 4,646,949 
Net income —  —  —  64,178  —  64,178  746  64,924 
Other comprehensive income —  —  —  —  3,956  3,956  —  3,956 
Common stock issued pursuant to stock-based compensation, net of tax withholding 320  (827) —  —  —  (507) —  (507)
Amortization of stock options, restricted stock, and restricted stock units, net of forfeitures (3) 7,906  —  —  —  7,903  —  7,903 
Contributions from noncontrolling interests —  —  —  —  —  —  1,440  1,440 
Distributions to noncontrolling interests —  —  —  —  —  —  (876) (876)
Common dividends ($0.96 per share)
 —  —  —  (146,483) —  (146,483) —  (146,483)
Balance September 30, 2023 $ 154,336  $ 5,637,406  $ (147,157) $ (1,095,597) $ 5,723  $ 4,554,711  $ 22,595  $ 4,577,306 
Nine Months Ended September 30, 2022
Common Stock Additional Paid-In Capital Treasury Stock Distributions in Excess of Net Income Accumulated Other Comprehensive Loss Stockholders’
Investment		 Nonredeemable
Noncontrolling
Interests		 Total
Equity
Balance December 31, 2021 $ 151,273  $ 5,549,308  $ (148,473) $ (985,338) $ —  $ 4,566,770  $ 33,630  $ 4,600,400 
Net income —  —  —  142,675  —  142,675  421  143,096 
Other comprehensive loss —  —  —  —  (652) (652) —  (652)
Common stock issued under the ATM, net of issuance costs 2,632  100,488  —  —  —  103,120  —  103,120 
Common stock issued pursuant to stock-based compensation, net of tax withholding 120  490  —  —  —  610  —  610 
Amortization of stock-based compensation, net of forfeitures (6) 6,303  —  8  —  6,305  —  6,305 
Acquisition of partners' noncontrolling interest —  (27,638) —  —  —  (27,638) (15,749) (43,387)
Contributions from noncontrolling interests —  —  —  —  —  —  2,164  2,164 
Distributions to noncontrolling interests —  —  —  —  —  —  (107) (107)
Common dividends ($0.96 per share)
 —  —  —  (145,833) —  (145,833) —  (145,833)
Balance September 30, 2022 $ 154,019  $ 5,628,951  $ (148,473) $ (988,488) $ (652) $ 4,645,357  $ 20,359  $ 4,665,716 
See accompanying notes.
7


COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)
Nine Months Ended September 30,
2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 64,924  $ 143,096 
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of investment in unconsolidated joint ventures —  (56,260)
Loss (gain) on investment property transactions (505) 61 
Depreciation and amortization 235,531  219,721 
Amortization of deferred financing costs and premium on notes payable 3,102  (317)
Equity-classified stock-based compensation expense, net of forfeitures 9,209  7,526 
Effect of non-cash adjustments to rental revenues (36,679) (29,524)
Income from unconsolidated joint ventures (2,008) (7,038)
Operating distributions from unconsolidated joint ventures 2,869  4,584 
Loss on extinguishment of debt —  100 
Changes in other operating assets and liabilities:
Change in receivables and other assets, net (6,979) 487 
Change in operating liabilities, net 8,054  (10,088)
Net cash provided by operating activities 277,518  272,348 
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from investment property sales, net 3,917  — 
Proceeds from sale of interest in unconsolidated joint ventures, net —  38,831 
Property acquisition, development, and tenant asset expenditures (198,254) (262,822)
Return of capital distributions from unconsolidated joint ventures 10,924  10,752 
Contributions to unconsolidated joint ventures (28,681) (35,193)
Net cash used in investing activities (212,094) (248,432)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from credit facility 291,300  340,000 
Repayment of credit facility (203,400) (267,300)
Repayment of mortgages (6,178) (12,719)
Common stock issued under the ATM —  103,120 
Payment of deferred financing costs (71) (5,299)
Purchase of partners' interest in consolidated joint venture —  (43,387)
Common dividends paid (145,858) (143,818)
Contributions from noncontrolling interests 1,440  2,164 
Distributions to noncontrolling interests (876) (107)
Net cash used in financing activities (63,643) (27,346)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 1,781  (3,430)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 5,145  10,168 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD $ 6,926  $ 6,738 
See accompanying notes.
8

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2023
(Unaudited)
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business: Cousins Properties Incorporated (“Cousins”), a Georgia corporation, is a fully integrated, self-administered, and self-managed real estate investment trust (“REIT”). Cousins conducts substantially all of its business through Cousins Properties LP ("CPLP"). Cousins owns in excess of 99% of CPLP and consolidates CPLP. CPLP wholly owns Cousins TRS Services LLC ("CTRS"), a taxable entity which owns and manages its own real estate portfolio and performs certain real estate-related services for other parties.
Cousins, CPLP, CTRS, and their subsidiaries (collectively, the “Company”) develop, acquire, lease, manage, and own primarily Class A office properties and opportunistic mixed-use developments in the Sun Belt markets of the United States with a focus on Atlanta, Austin, Phoenix, Tampa, Charlotte, Dallas, and Nashville. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute at least 100% of its net taxable income to stockholders, thereby eliminating any liability for federal income taxes under current law. Therefore, the results included herein do not include a federal income tax provision for Cousins. As of September 30, 2023, the Company's operating portfolio of real estate assets consisted of interests in 18.8 million square feet of office space and 310,000 square feet of multi-family space.
Basis of Presentation: The condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of September 30, 2023 and December 31, 2022, and the results of operations for the three and nine months ended September 30, 2023 and 2022. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The accounting policies employed are substantially the same as those shown in note 2 of the notes to consolidated financial statements included therein.
The Company evaluates all partnerships, joint ventures, and other arrangements with variable interests to determine if the entity or arrangement qualifies as a variable interest entity ("VIE"), as defined in the Financial Accounting Standard Board's ("FASB") Accounting Standards Codification ("ASC"). If the entity or arrangement qualifies as a VIE and the Company is determined to be the primary beneficiary, the Company is required to consolidate the assets, liabilities, and results of operations of the VIE. The Company had no investments or interests in any VIEs as of September 30, 2023 or December 31, 2022.
2. REAL ESTATE
In September 2023, the Company sold a 10.4 acre land parcel in Atlanta for a gross sales price of $4.25 million and recorded a gain of $507,000.
Impairment
The Company tests buildings held for investment, by disposal groups, for impairment whenever changes in circumstances indicate a disposal group’s carrying value may not be recoverable. The test is conducted using undiscounted cash flows for the shorter of the building’s estimated hold period or its remaining useful life. When testing for recoverability of value of buildings held for investment, projected cash flows are used over its expected hold period. If the expected hold period includes some likelihood of shorter-term hold period from a potential sale, the probability of a sale is layered into the analysis. If any building's held-for-investment analysis were to fail the impairment test, its book value would be written down to its then current estimated fair value, before any selling expense, and that building would continue to depreciate over its remaining useful life. None of the Company’s held-for-investment buildings were impaired during any periods presented in the accompanying statement of operations while under the held-for-investment classification.
The Company also reviews held-for-sale buildings, if any, for impairments. In order to be considered a real estate asset held-for-sale, the Company must, among other things, have the authority to commit to a plan to sell the asset in its current condition, have commenced the plan to sell the asset, and have determined that it is probable that the asset will sell within one year. If book value is in excess of estimated fair value less estimated selling costs, we impair those assets to fair value less estimated selling costs. There were no held-for-sale buildings as of September 30, 2023 or December 31, 2022 or during any periods presented in the accompanying statements of operations.
9

The Company also reviews land and projects under development for impairment whenever changes in circumstances indicate the assets' carrying value may not be recoverable. None of the Company's investments in land or projects under development were impaired as of September 30, 2023 or December 31, 2022 or during any periods presented in the accompanying statement of operations.
The Company may record impairment charges in future periods if the economy and the office industry weakens, the operating results of individual buildings are materially different from our forecasts, or we shorten our contemplated hold period for any operating buildings.
3. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
The following information summarizes financial data and principal activities of the Company's unconsolidated joint ventures. The information included in the following table entitled summary of financial position is as of September 30, 2023 and December 31, 2022 ($ in thousands).
SUMMARY OF FINANCIAL POSITION
Total Assets Total Debt Total Equity (Deficit) Company's Investment  
2023 2022 2023 2022 2023 2022 2023   2022  
Operating Properties:
AMCO 120 WT Holdings, LLC $ 80,362  $ 81,136  $ —  $ —  $ 79,203  $ 80,509  $ 14,526  $ 14,856 
Crawford Long - CPI, LLC (1) 22,435  22,857  82,296  62,856  (62,593) (39,691) (30,686) (2) (19,173) (2)
Under Development:
Neuhoff Holdings LLC (3) 455,070  321,338  200,640  115,940  225,130  177,734  122,391  93,647 
Land:
715 Ponce Holdings LLC 8,610  8,333  —  —  8,477  8,332  4,333  4,261 
Sold and Other:
HICO Victory Center LP —  158  —  —  —  5,818  —  75 
$ 566,477  $ 433,822  $ 282,936  $ 178,796  $ 250,217  $ 232,702  $ 110,564  $ 93,666 

(1) In May 2023, Crawford Long - CPI, LLC refinanced the mortgage loan for the Medical Offices at Emory Hospital property. This $83.0 million interest-only mortgage loan has a fixed interest rate of 4.80% and matures in June 2032.
(2) Negative investment basis included in deferred income on the consolidated balance sheets.
(3) Neuhoff Holdings LLC has a construction loan with a borrowing capacity up to $312.7 million that matures in September 2025. The interest rate applicable to the construction loan is based on the Secured Overnight Financing Rate ("SOFR") plus 3.45% with a minimum rate of 3.60%.

















10

The information included in the summary of operations table is for the nine months ended September 30, 2023 and 2022 ($ in thousands).
SUMMARY OF OPERATIONS
Total Revenues Net Income (Loss) Company's Income
from Investment
2023 2022 2023 2022 2023 2022
Operating Properties:
AMCO 120 WT Holdings, LLC $ 8,337  $ 8,005  $ 2,698  $ 2,335  $ 537  $ 454 
Crawford Long - CPI, LLC 9,754  9,811  2,911  3,419  1,352  1,603 
Under Development:
Neuhoff Holdings LLC 105  107  59  79  30  39 
Land:
715 Ponce Holdings LLC 210  220  145  156  72  78 
Sold and Other:
Carolina Square Holdings LP —  12,140  48  600  24  215 
HICO Victory Center LP —  6,873  (14) 6,871  (7) 4,546 
Other —  28  —  (12) —  103 
$ 18,406  $ 37,184  $ 5,847  $ 13,448  $ 2,008  $ 7,038 

In May 2023, Crawford Long refinanced the mortgage loan for the Medical Offices at Emory Hospital property. Proceeds from the refinancing were used to repay in full its $62.4 million mortgage loan that was set to mature in June 2023. The new $83.0 million mortgage loan has a fixed interest rate of 4.80% and matures in June 2032.
In September 2022, the Company sold its 50% joint venture interest in Carolina Square Holdings LP ("Carolina Square"), which owned a mixed-used property in Chapel Hill, to its partner for a gross sales price of $105.0 million. The Company recognized a gain of $56.3 million on the sale of its interest in Carolina Square.
In June 2022, HICO Victory Center LP sold a 3.0 acre land parcel, in Uptown Dallas, held in an unconsolidated joint venture for a gross price of $23.1 million. The Company's share of the gain from the transaction was $4.5 million and is included in income from unconsolidated joint ventures on the statements of operations.
4. INTANGIBLE ASSETS AND LIABILITIES
At September 30, 2023 and December 31, 2022, intangible assets included the following ($ in thousands):
2023 2022
In-place leases, net of accumulated amortization of $132,411 and $131,021
in 2023 and 2022, respectively
 $ 84,762  $ 102,080 
Below-market ground leases, net of accumulated amortization of $2,160 and
$1,860 in 2023 and 2022, respectively
 17,092  17,393 
Above-market leases, net of accumulated amortization of $24,273 and $25,085
in 2023 and 2022, respectively
 12,564  15,093 
      Goodwill 1,674  1,674 
$ 116,092  $ 136,240 

At September 30, 2023 and December 31, 2022, intangible liabilities were the following ($ in thousands):
2023 2022
Below-market leases, net of accumulated amortization of $49,540 and $48,994 in 2023 and 2022, respectively
 $ 44,295  $ 52,280 






11

The amortization of the above asset and liabilities are recorded as follows ($ in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Revenues:
Rental property revenues, net (Below-market and Above-market leases) $ 1,371  $ 1,538  $ 5,455  $ 4,979 
Expenses:
Depreciation and amortization (In-place leases) 4,849  7,274  17,319  21,664 
Rental property operating and other expenses (Below-market ground leases) 100  100  300  310 

Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows ($ in thousands):
In-Place 
Leases		 Below-Market Ground Leases Above-Market Leases Below-Market
Leases
2023 (three months) $ 4,531  $ 100  $ 646  $ (2,104)
2024 17,069  400  2,425  (8,234)
2025 14,782  400  2,119  (7,728)
2026 12,382  400  1,726  (6,509)
2027 9,799  400  1,317  (4,973)
Thereafter 26,199  15,392  4,331  (14,747)
$ 84,762  $ 17,092  $ 12,564  $ (44,295)

5. OTHER ASSETS
Other assets on the consolidated balance sheets as of September 30, 2023 and December 31, 2022 included the following ($ in thousands):
2023 2022
Predevelopment costs $ 55,562  $ 50,009 
Prepaid expenses and other assets 13,961  6,438 
Furniture, fixtures and equipment and other deferred costs, net of accumulated depreciation of $18,994 and $18,860 in 2023 and 2022, respectively
 10,586  11,824 
Lease inducements, net of accumulated amortization of $5,740 and $5,129 in 2023 and 2022, respectively
 8,117  8,091 
Credit Facility deferred financing costs, net of accumulated amortization of $1,809 and $135 in 2023 and 2022, respectively
 4,594  5,550 
$ 92,820  $ 81,912 
Predevelopment costs represent amounts that are capitalized related to predevelopment projects that the Company determined are probable of future development.
Lease inducements are incentives paid to tenants in conjunction with leasing space, such as moving costs, sublease arrangements of prior space, and other costs. These amounts are amortized into rental revenues over the individual underlying lease terms.
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6. NOTES PAYABLE
The following table summarizes the terms of notes payable outstanding at September 30, 2023 and December 31, 2022 ($ in thousands):
Description Interest Rate (1) Maturity (2) 2023 2022
Unsecured Notes:
Credit Facility 6.31% April 2027 $ 144,500  $ 56,600 
Term Loan (3) March 2025 400,000  400,000 
Term Loan 5.38% August 2024 350,000  350,000 
Senior Note 3.95% July 2029 275,000  275,000 
Senior Note 3.91% July 2025 250,000  250,000 
Senior Note 3.86% July 2028 250,000  250,000 
Senior Note 3.78% July 2027 125,000  125,000 
Senior Note 4.09% July 2027 100,000  100,000 
1,894,500  1,806,600 
Secured Mortgage Notes:
Terminus (4) 6.34% January 2031 221,000  221,000 
Fifth Third Center 3.37% October 2026 127,464  130,168 
Colorado Tower 3.45% September 2026 107,543  109,552 
Domain 10 3.75% November 2024 73,056  74,521 
529,063  535,241 
      $ 2,423,563  $ 2,341,841 
Unamortized loan costs (5,160) (7,235)
Total Notes Payable $ 2,418,403  $ 2,334,606 

(1) Interest rate as of September 30, 2023.
(2) Weighted average maturity of notes payable outstanding at September 30, 2023 was 3.3 years.
(3) In April 2023, the Company entered into a floating-to-fixed interest rate swap with respect to $200 million of the $400 million Term Loan. As of September 30, 2023, the fixed interest rate was 5.45%, and the floating interest rate was 6.46%.
(4) Represents $123.0 million and $98.0 million non-cross-collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
Credit Facility
On May 2, 2022, the Company entered into a Fifth Amended and Restated Credit Agreement (the "Credit Facility") under which the Company may borrow up to $1 billion if certain conditions are satisfied. The Credit Facility contains financial covenants that require, among other things, the maintenance of unencumbered interest coverage ratio of at least 1.75x; a fixed charge coverage ratio of at least 1.50x; a secured leverage ratio of no more than 50%; and an overall leverage ratio of no more than 60%.
The interest rate applicable to the Credit Facility varies according to the Company's leverage ratio and may, at the election of the Company, be determined based on either (1) the Daily SOFR or Term SOFR, plus a SOFR adjustment of 0.10% ("Adjusted SOFR") and a spread of between 0.90% and 1.40%, or (2) the greater of (i) Bank of America's prime rate, (ii) the federal funds rate plus 0.50%, (iii) Term SOFR, plus a SOFR adjustment of 0.10%, and 1.00%, or (iv) 1.00%, plus a spread of between 0.00% and 0.40%, based on leverage. In addition to the interest rate, the Credit Facility is also subject to a facility fee of 0.15% to 0.30%, depending on leverage, on the entire $1 billion capacity.
At September 30, 2023, the Credit Facility's interest rate spread over Adjusted SOFR was 0.90%, and the facility fee spread was 0.15%. The amount that the Company may draw under the Credit Facility is a defined calculation based on the Company's unencumbered assets and other factors. The total available borrowing capacity under the Credit Facility was $855.5 million at September 30, 2023. The amounts outstanding under the Credit Facility may be accelerated upon the occurrence of any events of default.
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The Credit Facility replaced a $1 billion prior facility that was set to expire in January 2023. The rate paid under the prior facility from January 1, 2022 through May 1, 2022 was LIBOR plus 1.05%.
Term Loans
On October 3, 2022, the Company entered into a Delayed Draw Term Loan Agreement (the "2022 Term Loan") and borrowed the full $400 million available under the loan. The loan matures on March 3, 2025 with four consecutive options to extend the maturity date for an additional six months. The interest rate provisions are the same as the 2021 Term Loan, and the covenants are the same as the Credit Facility. On April 19, 2023, the Company entered into a floating-to-fixed rate swap with respect to $200 million of the $400 million 2022 Term Loan through the maturity date of March 3, 2025. This swap fixed the underlying SOFR rate at 4.298% (see note 7).
On June 28, 2021, the Company entered into an Amended and Restated Term Loan Agreement (the "2021 Term Loan") that amended the former term loan agreement. Under the 2021 Term Loan, the Company has borrowed $350 million that matures on August 30, 2024 with four consecutive options to extend the maturity date for an additional 180 days. On September 19, 2022, the Company entered into the First Amendment to the 2021 Term Loan. This amendment aligns covenants and available interest rates, including the addition of SOFR, to that of the Credit Facility. Under the terms of this First Amendment the interest rate applicable to the 2021 Term Loan varies according to the Company's leverage ratio and may, at the election of the Company, be determined based on either (1) the Daily SOFR or Term SOFR, plus a SOFR adjustment of 0.10% ("Adjusted SOFR") and a spread of between 1.05% and 1.65%, or (2) the greater of (i) Bank of America's prime rate, (ii) the federal funds rate plus 0.50%, (iii) Term SOFR, plus a SOFR adjustment of 0.10%, and 1.00%, (iv) or 1.00%, plus a spread of between 0.05% and 0.65%, based on leverage. On September 19, 2022, the Company provided notice of our election of the Daily SOFR Rate Loan provisions. On September 27, 2022, the Company entered into a floating-to-fixed interest rate swap with respect to the $350 million 2021 Term Loan through the maturity date of August 30, 2024. This swap effectively fixed the underlying SOFR rate at 4.234% (see note 7).
At September 30, 2023, the Term Loans' spread over the underlying SOFR rates was 1.05%.
Unsecured Senior Notes
The Company has unsecured senior notes of $1.0 billion that were funded in five tranches. The first tranche of $100 million is due in 2027 and has a fixed annual interest rate of 4.09%. The second tranche of $250 million is due in 2025 and has a fixed annual interest rate of 3.91%. The third tranche of $125 million is due in 2027 and has a fixed annual interest rate of 3.78%. The fourth tranche of $250 million is due in 2028 and has a fixed annual interest rate of 3.86%. The fifth tranche of $275 million is due in 2029 and has a fixed annual interest rate of 3.95%.
The unsecured senior notes contain financial covenants that are consistent with those of our Credit Facility, with the exception of a secured leverage ratio of no more than 40%. The senior notes also contain customary representations and warranties and affirmative and negative covenants, as well as customary events of default.
Secured Mortgage Notes
In December 2022, the Company refinanced mortgages on the Company's two Terminus properties in Atlanta with the existing lender. Under the new mortgages, the maturities were extended from January 2023 to January 2031, the combined principal increased to $221.0 million, up from $178.9 million. The interest rate for each mortgage is 6.34%, up from a combined weighted average interest rate of 4.67%. These mortgages are neither cross-collateralized nor cross-defaulted.
In October 2022, the Company paid off, in full, its Legacy Union One and Promenade Tower mortgages with remaining principal balances of $66.0 million and $86.3 million, respectively. These mortgages had interest rates of 4.24% and 4.27%, respectively.
As of September 30, 2023, the Company had $529.1 million outstanding on five non-recourse mortgage notes. All interest rates on the secured mortgage notes are fixed. Assets with depreciated carrying values of $894.3 million are pledged as security on these mortgage notes payable.
Other Debt Information
The Company is in compliance with all of the covenants related to its unsecured and secured debt.
At September 30, 2023 and December 31, 2022, the estimated fair value of the Company’s notes payable was $2.2 billion, calculated by discounting the debt's remaining contractual cash flows at estimated current market rates at which similar loans could have been obtained at September 30, 2023 and December 31, 2022. The estimate of the current market rates, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship.
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These fair value calculations are considered to be Level 2 under the guidelines as set forth in ASC 820, as the Company utilizes market rates for similar type loans from third party brokers.
For the three and nine months ended September 30, 2023 and 2022, interest expense was recorded as follows ($ in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Total interest incurred $ 31,180  $ 22,406  $ 92,278  $ 61,522 
Interest capitalized (4,172) (4,026) (14,268) (11,068)
Total interest expense $ 27,008  $ 18,380  $ 78,010  $ 50,454 

7. DERIVATIVE FINANCIAL INSTRUMENTS
On April 19, 2023, the Company entered into a floating-to-fixed interest rate swap with respect to $200 million of the $400 million 2022 Term Loan through the maturity date of March 3, 2025. This swap effectively fixed the underlying SOFR rate at 4.298%.
On September 27, 2022, the Company entered into a floating-to-fixed interest rate swap with respect to the $350 million 2021 Term Loan through the maturity date of August 30, 2024. This swap effectively fixed the underlying SOFR rate at 4.234%.
The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2022 and 2023, such derivatives were used to hedge the variable cash flows associated with the 2021 and 2022 Term Loans (referred to as "cash flow hedges").
For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings.
The counterparties under these swaps are major financial institutions, and the swaps contain provisions whereby if the Company defaults on certain of its indebtedness, and such default results in repayment of such indebtedness being, or becoming capable of being, accelerated by the lender, then the Company could also be declared in default under the swaps. There are no collateral requirements related to these swaps.
As of September 30, 2023, the fair value of the swap with respect to the 2022 Term Loan was $2.3 million and is included in other assets on the Company's consolidated balance sheets.
As of September 30, 2023 and December 31, 2022, the fair values of the swap with respect to the 2021 Term Loan were $3.5 million and $1.8 million, respectively, and are included in other assets on the Company's consolidated balance sheets.
The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022 ($ in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
Cash Flow Hedges: 2023 2022 2023 2022
Amount of income (loss) recognized in accumulated other comprehensive income on interest rate derivatives $ 1,503  $ (715) $ 6,397  $ (715)
Amount of loss (income) reclassified from accumulated other comprehensive income into income as a reduction of interest expense $ (1,345) $ 63  $ (2,441) $ 63 
Total amount of interest expense presented in the consolidated statements of operations $ 27,008  $ 18,380  $ 78,010  $ 50,454 
The fair value of these hedges is determined using observable inputs other than quoted prices in active markets, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. These inputs are considered Level 2 inputs in the fair value hierarchy, and the Company engages a third-party expert to determine these inputs. The fair value of the cash flow hedges is determined using the conventional industry methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts made between the Company and its counterparties to the cash flow hedges. These variable cash receipts are based on the expectation of future interest rates which are derived from observed market interest rate curves.
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In addition, any credit valuation adjustments are considered in the fair values to account for potential nonperformance risk to the extent they would be significant inputs to the calculations. For the periods presented, credit valuation adjustments were not considered to be significant inputs.
8. OTHER LIABILITIES
Other liabilities on the consolidated balance sheets as of September 30, 2023 and December 31, 2022 included the following ($ in thousands):
2023 2022
Ground lease liability $ 53,416  $ 53,129 
Prepaid rent 34,684  33,165 
Security deposits 14,953  14,635 
Restricted stock unit liability —  1,048 
Other liabilities 1,442  1,465 
$ 104,495  $ 103,442 
9. COMMITMENTS AND CONTINGENCIES
Commitments
The Company had outstanding performance bonds totaling $1.3 million at September 30, 2023. As a lessor, the Company had $161.7 million in future obligations under leases to fund tenant improvements and other future construction obligations at September 30, 2023.
Litigation
The Company is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of the Company.
10.    STOCKHOLDERS' EQUITY
In the third quarter of 2021, the Company entered into an Equity Distribution Agreement ("EDA") with six financial institutions known as an at-the-market stock offering program ("ATM Program"), under which the Company may offer and sell shares of its common stock from time to time in "at-the-market" offerings with an aggregate gross sales price of up to $500 million. In connection with the ATM Program, Cousins may, at its discretion, enter into forward equity sale agreements. The use of a forward equity sale agreement ("Forward Sales") would allow the Company to lock in a share price on the sale of shares of its common stock at the time the agreement is executed but defer receiving the proceeds from the sale of shares until a later date, allowing the Company to better align such funding with its capital needs. Sales of shares of Cousins' stock through its banking relationships, if any, are made in amounts and at times to be determined by Cousins from time to time, but the Company has no obligation to sell any of the shares in the offering and may suspend sales in connection with the offering at any time. Sales of Cousins' common stock under Forward Sales, if undertaken, meet the derivatives and hedging guidance scope exception as the contracts are related to the Company's own stock. On February 17, 2023, the Company filed a Form S-3 to renew the registration of its authorized shares. In conjunction with that Form S-3 filing, the Company entered into an Amendment to the EDA to allow for the continued issuance of shares under this ATM Program.
On April 21, 2022, the Company purchased its partner's 10% joint venture interest in HICO Avalon, LLC and HICO Avalon II, LLC, which consisted of the 8000 and 10000 Avalon office properties. This transaction did not result in a change in control and the difference between the $43.4 million purchase price of our partner's interest, which included a promote related to increases in fair value in excess of cost, and the $15.7 million book value of the outside partner's non-controlling interest was recorded as additional paid-in capital in the equity section of the Company's consolidated balance sheet.
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The Company's consolidated basis in Avalon's assets and liabilities was unchanged by this transaction.
On June 29, 2022, the Company issued 2.6 million shares of common stock under Forward Sales contracts executed in December 2021 at an average price of $39.92 per share, for gross proceeds of $105.1 million. To date, the Company has issued 2.6 million shares under the ATM Program and has generated cash proceeds of $101.4 million, net of $1.1 million of compensation to be paid with respect to such Forward Sales, $1.7 million of dividends owed during the period the Forward Sales were outstanding, and $900,000 of other transaction related costs. To the extent, prior to settlement, shares sold under Forward Sales were potentially dilutive during the period under the treasury stock method, the impact of such dilution is disclosed in the calculation included in note 13. The Company did not issue any shares under the ATM Program during the nine months ended September 30, 2023 and did not have any outstanding Forward Sales contracts for the sale of its common stock as of September 30, 2023 or December 31, 2022.
11. REVENUE RECOGNITION
The Company categorizes its primary sources of revenue into revenue from contracts with customers and other revenue accounted for as leases under ASC 842 as follows:
•Rental property revenues consist of (1) contractual revenues from leases recognized on a straight-line basis over the term of the respective lease; (2) percentage rents recognized once a specified sales target is achieved; (3) parking revenues; (4) termination fees; and (5) the reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses. The Company's leases typically include renewal options and are classified and accounted for as operating leases. Rental property revenues are accounted for in accordance with the guidance set forth in ASC 842.
•Fee income consists of development fees, management fees, and leasing fees earned from unconsolidated joint ventures and from third parties. Fee income is accounted for in accordance with the guidance set forth in ASC 606.
For the three and nine months ended September 30, 2023, the Company recognized rental property revenues of $198.4 million and $602.5 million, respectively, of which $52.9 million and $174.3 million, respectively, represented variable rental revenue. For the three and nine months ended September 30, 2022, the Company recognized rental property revenues of $193.5 million and $559.9 million, respectively, of which $54.7 million and $157.7 million, respectively, represented variable rental revenue.
For the three and nine months ended September 30, 2023, the Company recognized fee and other revenue of $419,000 and $3.4 million, respectively. For the three and nine months ended September 30, 2022, the Company recognized fee and other revenue of $1.7 million and $7.9 million, respectively. For the three and nine months ended September 30, 2022, fee and other revenue includes $1.0 million and $3.2 million, respectively, related to the Company's consulting and development contracts with Norfolk Southern Railway Company, as discussed in note 3 of the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. For the three and nine months ended September 30, 2023, none of the fee and other revenue related to Norfolk Southern Railway Company.
The Company had a lease with SVB Financial Group ("SVB Financial") at its Hayden Ferry property in Phoenix, Arizona. SVB Financial’s primary subsidiary, Silicon Valley Bank ("SVB"), was placed in receivership by the Federal Deposit Insurance Corporation ("FDIC") on March 10, 2023; and on March 17, 2023, SVB Financial filed a voluntary petition for a court-supervised reorganization under Chapter 11 of the US Bankruptcy Code. On March 27, 2023, First Citizen's BancShares, Inc. ("FCB") announced it had purchased SVB Financial's subsidiary, SVB, the primary user of the leased space. In June 2023, the Bankruptcy court approved SVB Financial's request for an order rejecting the lease, with an effective date no later than September 30, 2023. In June 2023, the Company recorded a reduction of revenue of $1.6 million related to the write-down of net assets associated with this lease at the time that the collection of rents for the term of the lease no longer remained probable. During the three months ended September 30, 2023, the Company recognized $2.3 million of rental revenue on a cash basis related to base rent lease payments made through September 30, 2023, the effective date of the termination.
On August 8, 2023, WeWork Inc. ("WeWork"), disclosed in its Quarterly Report filed on Form 10-Q for the period ending June 30, 2023 that substantial doubt exists as to its ability to continue as a going concern. The Company, through wholly owned subsidiaries, is the landlord under leases totaling approximately 162,000 square feet with subsidiaries of WeWork at three of the Company's properties, two in the Atlanta market and one in the Charlotte market. These WeWork leases comprised $6.5 million of the Company's annual rental property revenue in the accompanying statements of operations for the nine months ended September 30, 2023. The Company also has a 20% interest in an unconsolidated joint venture that is the landlord under a lease for approximately 33,000 square feet with a subsidiary of WeWork at one property in the Atlanta market. The Company's income from unconsolidated joint ventures related to that lease is not significant. Currently, the Company does not expect any potential bankruptcy filing by WeWork to have a material impact on the Company's 2023 financial results. As of October 26, 2023, the Company has not received the October 2023 rent payments at two of the four properties, one wholly owned and the other unconsolidated, but has letter of credit enhancements that substantially support the Company's current balance sheet exposure and revenue for the remainder of 2023 for those two leases. For the other two properties, both wholly owned, the Company has received the October 2023 rent payments and does not expect that these leases will be rejected during any bankruptcy proceedings.
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If the Company subsequently determines that lease rejection at these two properties is probable, the net balance sheet exposure and related revenue reduction would be $1.2 million (as of the date of this filing, which reflects the October 2023 payments). The timing of recognizing this $1.2 million is subject to when the respective lease rejections become probable as well as the date on which WeWork vacates its leased space at each respective property. The Company's total projected November and December 2023 WeWork revenue at these two properties is $902,000.
12. STOCK-BASED COMPENSATION
The Company currently has several types of employee stock-based compensation — restricted stock, restricted stock units ("RSUs"), and the Employee Stock Purchase Plan ("ESPP"). While the Company's plans also allow for the issuance of stock options, none had been exercised or were outstanding as of or during any of the periods presented. A portion of the Company's independent directors' compensation is also provided in the form of company stock.
The Company's compensation expense for the three and nine months ended September 30, 2023 relates to restricted stock and RSUs awarded in 2023, 2022, 2021, and 2020, and the ESPP. Compensation expense for the three and nine months ended September 30, 2022 relates to restricted stock and RSUs awarded in 2022, 2021, 2020, and 2019, and the ESPP. Restricted stock, the 2023 RSUs, 2022 RSUs, 2021 RSUs, and the 2020 RSUs are equity-classified awards (settled in shares of the Company) for which compensation expense per share is fixed. The 2019 RSUs were liability-classified awards (settled in cash) for which the expense fluctuated from period to period dependent, in part, on the Company's stock price. For the three and nine months ended September 30, 2023 and 2022, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Equity-classified awards:
Restricted stock $ 930  $ 779  $ 2,715  $ 2,348 
Market-based RSUs 1,095  917  3,954  3,065 
Performance-based RSUs 350  179  1,133  863 
Director grants 408  385  1,193  1,086 
Employee Stock Purchase Plan 34  39  104  133 
Total equity-classified award expense, net of forfeitures 2,817  2,299  9,099  7,495 
Liability-classified awards
Time-vested RSUs —  (116) 61  (136)
Dividend equivalent units —  34  —  53 
Total liability-classified award expense, net of forfeitures —  (82) 61  (83)
Total stock-based compensation expense, net of forfeitures $ 2,817  $ 2,217  $ 9,160  $ 7,412 
Information on the Company's stock compensation plan, including information on the Company's equity-classified and liability-classified awards is discussed in note 15 of the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

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13. EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022 ($ in thousands, except per share amounts):
Three Months Ended September 30, Nine Months Ended September 30,
  2023 2022 2023 2022
Earnings per common share - basic:
Numerator:
      Net income $ 19,491  $ 80,769  $ 64,924  $ 143,096 
Net income attributable to noncontrolling interests in
CPLP from continuing operations
 (4) (26) (11) (38)
      Net income attributable to other noncontrolling interests (126) (104) (735) (383)
Net income available to common stockholders $ 19,361  $ 80,639  $ 64,178  $ 142,675 
Denominator:
Weighted average common shares - basic 151,774  151,435  151,692  149,670 
Net income per common share - basic $ 0.13  $ 0.53  $ 0.42  $ 0.95 
Earnings per common share - diluted:
Numerator:
      Net income $ 19,491  $ 80,769  $ 64,924  $ 143,096 
Net income attributable to other noncontrolling interests (126) (104) (735) (383)
Net income available for common stockholders before allocation of net income attributable to noncontrolling interests in CPLP $ 19,365  $ 80,665  $ 64,189  $ 142,713 
Denominator:
Weighted average common shares - basic 151,774  151,435  151,692  149,670 
     Add:
Potential dilutive common shares - restricted stock units,
    less shares assumed purchased at market price
 249  235  301  251 
Weighted average units of CPLP convertible into
    common shares
 25  25  25  25 
Weighted average common shares - diluted 152,048  151,695  152,018  149,946 
Net income per common share - diluted $ 0.13  $ 0.53  $ 0.42  $ 0.95 
The treasury stock method resulted in no dilution from shares expected to be issued under the ESPP or forward contracts for the future sales of common stock under the Company's ATM Program during the respective periods presented.






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14. CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL INFORMATION
Supplemental information related to the cash flows, including significant non-cash activity affecting the consolidated statements of cash flows, for the nine months ended September 30, 2023 and 2022 is as follows ($ in thousands):
2023 2022
Interest paid, net of amounts capitalized $ 84,205  $ 58,865 
Income taxes paid —  — 
Non-Cash Activity:
  Common stock dividends declared and accrued 49,296  48,459 
Accrued capital expenditures included in accounts payable and accrued expenses 81,707  93,528 
Tenant improvements funded by tenants 48,120  56,727 
15. REPORTABLE SEGMENTS
The Company's segments are based on the method of internal reporting, which classifies operations by property type and geographical region. The segments by property type are Office and Non-Office. The segments by geographical region are Atlanta, Austin, Charlotte, Dallas, Phoenix, Tampa, and other markets. Included in other markets are properties located in Chapel Hill (sold in September 2022), Houston, and Nashville. Included in Non-Office are retail and apartments in Chapel Hill (sold in September 2022) and Atlanta, as well as the College Street Garage in Charlotte. These reportable segments represent an aggregation of operating segments reported to the Chief Operating Decision Maker based on similar economic characteristics that include the type of property and the geographical location. Each segment includes both consolidated operations and the Company's share of joint venture operations.
Company management evaluates the performance of its reportable segments based in part on net operating income (“NOI”). NOI represents rental property revenues, less termination fees, less rental property operating expenses. NOI is not a measure of cash flows or operating results as measured by GAAP, is not indicative of cash available to fund cash needs, and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income as it helps both management and investors understand the core operations of the Company's operating assets. NOI excludes fee income, termination fee income, other income, corporate general and administrative expenses, interest expense, depreciation and amortization, reimbursed expenses, other expenses, impairments, gains/losses on sales of real estate, gains/losses on extinguishment of debt, transaction costs, and other non-operating items.
Segment net income, amount of capital expenditures, and total assets are not presented in the following tables because management does not utilize these measures when analyzing its segments or when making resource allocation decisions. Information on the Company's segments along with a reconciliation of NOI to net income for the three and nine months ended September 30, 2023 and 2022 are as follows ($ in thousands):
Three Months Ended September 30, 2023 Office Non-Office Total
Revenues:
Atlanta $ 75,857  $ 479  $ 76,336 
Austin 62,250  —  62,250 
Charlotte 14,338  1,711  16,049 
Dallas 4,280  —  4,280 
Phoenix 16,339  —  16,339 
Tampa 18,797  —  18,797 
Other markets 6,669  —  6,669 
Total segment revenues 198,530  2,190  200,720 
Less: Company's share of rental property revenues from unconsolidated joint ventures (1,812) (479) (2,291)
Total rental property revenues $ 196,718  $ 1,711  $ 198,429 
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Three Months Ended September 30, 2022 Office Non-Office Total
Revenues:
Atlanta $ 70,708  $ 461  $ 71,169 
Austin 64,522  —  64,522 
Charlotte 14,343  1,316  15,659 
Dallas 4,240  —  4,240 
Phoenix 15,135  —  15,135 
Tampa 18,229  —  18,229 
Other markets 7,476  1,419  8,895 
Total segment revenues 194,653  3,196  197,849 
Less: Company's share of rental property revenues from unconsolidated joint ventures (2,514) (1,880) (4,394)
Total rental property revenues $ 192,139  $ 1,316  $ 193,455 

Nine Months Ended September 30, 2023 Office Non-Office Total
Revenues:
Atlanta $ 221,149  $ 1,405  $ 222,554 
Austin 198,294  —  198,294 
Charlotte 43,831  5,253  49,084 
Dallas 12,692  —  12,692 
Phoenix 50,142  —  50,142 
Tampa 56,286  —  56,286 
Other markets 20,027  —  20,027 
Total segment revenues 602,421  6,658  609,079 
Less: Company's share of rental property revenues from unconsolidated joint ventures (5,215) (1,405) (6,620)
Total rental property revenues $ 597,206  $ 5,253  $ 602,459 

Nine Months Ended September 30, 2022 Office Non-Office Total
Revenues:
Atlanta $ 207,582  $ 1,323  $ 208,905 
Austin 184,800  —  184,800 
Charlotte 41,776  3,604  45,380 
Dallas 12,568  —  12,568 
Phoenix 42,098  —  42,098 
Tampa 52,369  —  52,369 
Other markets 22,423  3,957  26,380 
Total segment revenues 563,616  8,884  572,500 
Less: Company's share of rental property revenues from unconsolidated joint ventures (7,364) (5,280) (12,644)
Total rental property revenues $ 556,252  $ 3,604  $ 559,856 





21

NOI by reportable segment for the three and nine months ended September 30, 2023 and 2022 are as follows ($ in thousands):
Three Months Ended September 30, 2023 Office Non-Office Total
Net Operating Income:
Atlanta $ 48,806  $ 316  $ 49,122 
Austin 43,376  —  43,376 
Charlotte 10,947  1,150  12,097 
Dallas 3,235  —  3,235 
Phoenix 11,950  —  11,950 
Tampa 11,444  —  11,444 
Other markets 3,660  —  3,660 
Total Net Operating Income $ 133,418  $ 1,466  $ 134,884 

Three Months Ended September 30, 2022 Office Non-Office Total
Net Operating Income:
Atlanta $ 46,678  $ 280  $ 46,958 
Austin 39,564  —  39,564 
Charlotte 10,587  935  11,522 
Dallas 3,197  —  3,197 
Phoenix 11,145  —  11,145 
Tampa 11,254  —  11,254 
Other markets 4,879  881  5,760 
Total Net Operating Income $ 127,304  $ 2,096  $ 129,400 

Nine Months Ended September 30, 2023 Office Non-Office Total
Net Operating Income:
Atlanta $ 144,564  $ 870  $ 145,434 
Austin 126,179  —  126,179 
Charlotte 32,473  3,475  35,948 
Dallas 9,678  —  9,678 
Phoenix 33,973  —  33,973 
Tampa 34,816  —  34,816 
Other markets 10,836  —  10,836 
Total Net Operating Income $ 392,519  $ 4,345  $ 396,864 

Nine Months Ended September 30, 2022 Office Non-Office Total
Net Operating Income:
Atlanta $ 137,357  $ 765  $ 138,122 
Austin 112,496  —  112,496 
Charlotte 30,845  2,549  33,394 
Dallas 9,696  —  9,696 
Phoenix 29,988  —  29,988 
Tampa 32,588  —  32,588 
Other markets 13,319  2,455  15,774 
Total Net Operating Income $ 366,289  $ 5,769  $ 372,058 
22

The following reconciles Net Operating Income from net income for each of the periods presented ($ in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
  2023 2022 2023 2022
Net Income $ 19,491  $ 80,769  $ 64,924  $ 143,096 
Fee income (318) (1,677) (1,044) (5,370)
Termination fee income (271) (242) (6,977) (2,153)
Other income (101) (38) (2,393) (2,522)
General and administrative expenses 8,336  6,498  24,795  21,557 
Interest expense 27,008  18,380  78,010  50,454 
Depreciation and amortization 79,492  79,116  235,531  219,721 
Reimbursed expenses 149  418  515  1,455 
Other expenses 623  231  1,484  877 
Income from unconsolidated joint ventures (582) (634) (2,008) (7,038)
Net operating income from unconsolidated joint ventures 1,564  2,819  4,532  8,080 
Gain on sales of investments in unconsolidated joint ventures —  (56,260) —  (56,260)
Loss (gain) on investment property transactions (507) 20  (505) 61 
Loss on extinguishment of debt —  —  —  100 
Net Operating Income $ 134,884  $ 129,400  $ 396,864  $ 372,058 


23

Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations.
Overview of 2023 Performance and Company and Industry Trends
Cousins Properties Incorporated ("Cousins") (and collectively, with its subsidiaries, the "Company," "we," "our," or "us") is a publicly traded (NYSE: CUZ), self-administered, and self-managed real estate investment trust, or REIT. Cousins conducts substantially all of its business through Cousins Properties LP ("CPLP"). Cousins owns in excess of 99% of CPLP and consolidates CPLP. CPLP owns Cousins TRS Services LLC, a taxable entity that owns and manages its own real estate portfolio and performs certain real estate related services for other parties. Our strategy is to create value for our stockholders through ownership of the premier urban office portfolio in the Sun Belt markets, with a particular focus on Atlanta, Austin, Phoenix, Tampa, Charlotte, Dallas, and Nashville. This strategy is based on a disciplined approach to capital allocation that includes opportunistic acquisitions, selective developments, and timely dispositions of non-core assets with a goal of maintaining a portfolio of newer and more efficient properties with lower capital expenditure requirements. This strategy is also based on a simple, flexible, and low-leveraged balance sheet that allows us to pursue compelling growth opportunities at the most advantageous points in the cycle. To implement this strategy, we leverage our strong local operating platforms within each of our major markets.
During the quarter, we leased or renewed 548,000 square feet of office space. Straight-line basis net rent per square foot increased 28.7% for those office spaces that were under lease within the past year. Same property net operating income (defined below) for consolidated properties and our share of unconsolidated properties increased 4.1% between the three months ended September 30, 2023 and 2022.
For the nine months ended September 30, 2023, we leased or renewed 1.2 million square feet of office space, including 691,000 (56%) of new and expansion leases. Straight-line basis net rent per square foot increased 24.8% for those office spaces that were under lease within the past year. Same property net operating income (defined below) for consolidated properties and our share of unconsolidated properties increased 5.3% between the nine months ended September 30, 2023 and 2022.
As noted above, we continue to execute new, renewal, and expansion leases with net rent increases during this current period of several socio-economic challenges. While policies and practices of employers regarding hybrid work arrangements continue to evolve, we believe our customers will prioritize a culture that fosters collaboration, innovation, and productivity, and that our customers will, accordingly, expect their employees to be present in person on a more consistent basis within our high-quality and well-amenitized properties. We have seen an increase in physical occupancy in 2023, which has driven an increase in parking revenue and certain operating expenses. Although difficult to estimate, we expect this gradual increase will continue. Factors that could cause actual results to differ materially from our current expectations are set forth under "Disclosure Regarding Forward Looking Statements."
Results of Operations For The Three and Nine Months Ended September 30, 2023
General
Net income available to common stockholders for the three and nine months ended September 30, 2023 was $19.4 million and $64.2 million, respectively. For the three and nine months ended September 30, 2022, the net income available to common stockholders was $80.6 million and $142.7 million, respectively. We detail below material changes in the components of net income available to common stockholders for the three and nine months ended September 30, 2023 compared to 2022.
Rental Property Revenue, Rental Property Operating Expenses, and Net Operating Income
The following results include the performance of our Same Property portfolio. Our Same Property portfolio includes office properties that were stabilized and owned by us for the entirety of each comparable reporting period presented. A project is stabilized when it is substantially complete and held for occupancy, which is the earlier of (1) the date on which the project achieves 90% economic occupancy or (2) one year from cessation of major construction activity on the core building development or redevelopment. Same Property amounts for the 2023 versus 2022 comparison are from properties that were stabilized and owned as of January 1, 2022 through September 30, 2023.
We use Net Operating Income ("NOI"), a non-GAAP financial measure, to assess the operating performance of our properties. NOI is also widely used by industry analysts and investors to evaluate performance. NOI, which is rental property revenues (excluding termination fees) 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 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, we use only those income and expense items that are incurred at the property level to evaluate a property's performance. Depreciation, amortization, as well as gains or losses on sales of depreciated investment assets and impairment are also excluded from NOI. Same Property NOI allows analysts, investors, and management to analyze continuing operations and evaluate the growth trend of our portfolio.
24

Consolidated rental property revenues, rental property operating expenses, and NOI changed between the 2023 and 2022 periods as follows ($ in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 $ Change % Change 2023 2022 $ Change % Change
Rental Property Revenues
Same Property $ 184,478  $ 183,551  $ 927  0.5  % $ 558,515  $ 535,152  $ 23,363  4.4  %
Non-Same Property 13,680  9,662  4,018  41.6  % 36,967  22,551  14,416  63.9  %
198,158  193,213  4,945  2.6  % 595,482  557,703  37,779  6.8  %
Termination Fee Income 271  242  29  6,977  2,153  4,824 
Total Rental Property Revenues $ 198,429  $ 193,455  $ 4,974  $ 602,459  $ 559,856  $ 42,603 
Rental Property Operating Expenses
Same Property $ 61,153  $ 65,051  $ (3,898) (6.0) % $ 193,194  $ 188,260  $ 4,934  2.6  %
Non-Same Property 3,685  1,581  2,104  133.1  % 9,956  5,465  4,491  82.2  %
Total Rental Property Operating Expenses $ 64,838  $ 66,632  $ (1,794) (2.7) % $ 203,150  $ 193,725  $ 9,425  4.9  %
Net Operating Income
Same Property NOI $ 123,325  $ 118,500  $ 4,825  4.1  % $ 365,321  $ 346,892  $ 18,429  5.3  %
Non-Same Property NOI 9,995  8,081  1,914  23.7  % 27,011  17,086  9,925  58.1  %
Total NOI $ 133,320  $ 126,581  $ 6,739  5.3  % $ 392,332  $ 363,978  $ 28,354  7.8  %
Same Property Rental Property Revenues increased for the nine months ended September 30, 2023 compared to the same period in the prior year primarily due to an increase in economic occupancy at our Domain and Buckhead Plaza office properties and related increases in revenues recognized from tenant funded improvements owned by us. Our tenants are increasingly funding capital improvements at our buildings in excess of their tenant improvement allowances as they look to highly amenitized and creative office spaces to attract employees back into the office.
Same Property Operating Expenses decreased for the three months ended September 30, 2023 compared to the same period in the prior year primarily due to decreases in real estate tax expense. This decrease in real estate tax expense also results in a related decrease in recoveries from tenants included Same Property revenues for the three months ended September 30, 2023.
Non-Same Property Rental Property Revenues, operating expenses, and NOI increased for the three and nine months ended September 30, 2023 compared to the same period in the prior year primarily due to operations at our 100 Mill and Heights Union operating properties as they reached stabilization in 2022 and commencement of operations following a full building redevelopment project at Promenade Central in November 2022. These increases are partially offset by a decrease in revenues related to the write-down of net assets associated with SVB Financial Group's ("SVB Financial") bankruptcy and the impact of the rejection in bankruptcy of SVB Financial's lease at our Hayden Ferry 1 building. For more information related to this write-down, see note 11 of the notes to condensed consolidated financial statements. Hayden Ferry 1 was moved to Non-Same Property during the three months ended June 30, 2023, due to the lack of comparability driven by the financial disruption related to SVB lease rejection and our plans to remove the property from operations in the fourth quarter of 2023 for redevelopment.
Termination Fee income increased for the nine months ended September 30, 2023 compared to the same period in the prior year and is recorded based on the timing of termination notices or negotiated agreements and expected move outs. The increase in termination fee income is driven by an increase in negotiated early terminations that were largely contemporaneous with the timing of leases executed with replacement tenants for the same leased space.
Fee Income
Fee income decreased $1.4 million, or 81.0%, and $4.3 million, or 80.6%, for the three and nine months ended September 30, 2023 compared to the same period in the prior year. The decrease is primarily due to the completion of the Norfolk Southern transactions during the third quarter of 2022. For more information related to the Norfolk Southern transactions, see note 3 of the notes to consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022.
Interest Expense
Interest expense, net of amounts capitalized, increased $8.6 million, or 46.9%, and $27.6 million, or 54.6%, for the three and nine months ended September 30, 2023, compared to the same period in the prior year. This increase is primarily due to the issuance of the 2022 Term Loan in October of 2022, refinancing of the mortgage loans on our Terminus operating properties in December 2022, increases in the interest rates on other variable rate debt, and an increase in average outstanding balance on our line of credit. These increases were partially offset by the repayment of our mortgage loans at Promenade Tower and Legacy Union One in October 2022.
25

Depreciation and Amortization
Depreciation and amortization changed between the 2023 and 2022 periods as follows ($ in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 $ Change % Change 2023 2022 $ Change % Change
Depreciation and Amortization
Same Property $ 72,364  $ 75,207  $ (2,843) (3.8) % $ 214,623  $ 210,012  $ 4,611  2.2  %
Non-Same Property 7,015  3,771  3,244  86.0  % 20,576  9,258  11,318  122.3  %
Non-Real Estate Assets 113  138  (25) (18.1) % 332  451  (119) (26.4) %
Total Depreciation and Amortization $ 79,492  $ 79,116  $ 376  0.5  % $ 235,531  $ 219,721  $ 15,810  7.2  %

Same Property depreciation and amortization decreased for the three months ended September 30, 2023 and increased for the nine months ended September 30, 2023 compared to the same periods in the prior year due to the timing of accelerated depreciation related to shortening of estimated useful lives of lease related assets, including tenant improvements, resulting from early termination of leases.
Non-Same Property depreciation and amortization increased for the three and nine months ended September 30, 2023 compared to the same period in the prior year. The increase is primarily due to increased depreciation at our 100 Mill and Heights Union operating properties as they reached stabilization in 2022, and at Promenade Central following a full building redevelopment project completed in November 2022.
Income and Net Operating Income from Unconsolidated Joint Ventures
Income from unconsolidated joint ventures consisted of the Company's share of the following ($ in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 $ Change % Change 2023 2022 $ Change % Change
Income from unconsolidated joint ventures $ 582  $ 634  $ (52) (8.2) % $ 2,008  $ 7,038  $ (5,030) (71.5) %
Depreciation and amortization 485  1,189  (704) (59.2) % 1,440  3,424  (1,984) (57.9) %
Gain on sale of depreciated investment property —  —  —  —  % —  (84) 84  (100.0) %
Loss (gain) on sale of undepreciated property —  22  (22) (100.0) % —  (4,478) 4,478  (100.0) %
Interest expense 508  1,010  (502) (49.7) % 1,150  2,316  (1,166) (50.3) %
Other expense 24  19  5  26.3  % 44  46  (2) (4.3) %
Other income (35) (55) 20  (36.4) % (110) (182) 72  (39.6) %
Net operating income from unconsolidated joint ventures $ 1,564  $ 2,819  $ (1,255) (44.5) % $ 4,532  $ 8,080  $ (3,548) (43.9) %
Net operating income:
Same Property 1,235  1,197  38  3.2  % 3,601  3,588  13  0.4  %
Non-Same Property 329  1,622  (1,293) (79.7) % 931  4,492  (3,561) (79.3) %
Net operating income from unconsolidated joint ventures $ 1,564  $ 2,819  $ (1,255) (44.5) % $ 4,532  $ 8,080  $ (3,548) (43.9) %
Income from unconsolidated joint ventures decreased for the three and nine months ended September 30, 2023 primarily due to the gain on sale of land parcel by a joint venture in 2022 and due to a decrease in income and decrease in depreciation and amortization as a result of the sale of our interest in the Carolina Square joint venture in September 2022.
Non-Same Property NOI from unconsolidated joint ventures decreased for the three and nine months ended September 30, 2023 primarily due to the sale of our interest in the Carolina Square joint venture in September 2022.
Gain on Sales of Investments in Unconsolidated Joint Ventures and Investment Properties
In September 2022, we sold our 50% joint venture interest in Carolina Square Holdings LP ("Carolina Square") for a gross sales price of $105.0 million and recognized a gain of $56.3 million on the sale.

26

Funds From Operations
The table below shows Funds from Operations (“FFO”) and the related reconciliation from net income available to common stockholders. We calculate FFO in accordance with the Nareit definition, which is net income available to common stockholders (computed in accordance with GAAP), excluding extraordinary items, cumulative effect of change in accounting principle, and gains on sale or impairment losses on depreciable property, plus depreciation and amortization of real estate assets, 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 a 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. 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, we use FFO, along with other measures, to assess performance in connection with evaluating and granting incentive compensation to our officers and other key employees.
The reconciliation of net income to FFO is as follows for the three and nine months ended September 30, 2023 and 2022 ($ in thousands, except per share information):
  Three Months Ended September 30,
2023 2022
Dollars Weighted Average Common Shares Per Share Amount Dollars Weighted Average Common Shares Per Share Amount
Net Income Available to Common Stockholders $ 19,361  151,774 $ 0.13  $ 80,639  151,435  $ 0.53 
Noncontrolling interest related to unitholders 4  25 —  26  25  — 
Conversion of unvested restricted stock units —  249 —  —  235  — 
Net Income — Diluted 19,365  152,048 0.13  80,665  151,695  0.53 
Depreciation and amortization of real estate assets:
Consolidated properties 79,379  —  0.52  78,978  —  0.52 
Share of unconsolidated joint ventures 485  —  —  1,189  —  0.01 
Partners' share of real estate depreciation (257) —  —  (182) —  — 
Loss (gain) on sale of depreciated properties:
Consolidated properties —  —  —  20  —  — 
Investments in unconsolidated joint ventures —  —  —  (56,260) —  (0.37)
Funds From Operations $ 98,972  152,048  $ 0.65  $ 104,410  151,695  $ 0.69 
27

Nine Months Ended September 30,
2023 2022
Dollars Weighted Average Common Shares Per Share Amount Dollars Weighted Average Common Shares Per Share Amount
Net Income Available to Common Stockholders $ 64,178  151,692 $ 0.42  $ 142,675  149,670  $ 0.95 
Noncontrolling interest related to unitholders 11  25 —  38  25  — 
Conversion of unvested restricted stock units —  301 —  —  251  — 
Net Income — Diluted 64,189  152,018  0.42  142,713  149,946  0.95 
Depreciation and amortization of real estate assets:
Consolidated properties 235,199  —  1.55  219,270  —  1.46 
Share of unconsolidated joint ventures 1,440  —  —  3,424  —  0.02 
Partners' share of real estate depreciation (813) —  —  (558) —  — 
Loss (gain) on sale of depreciated properties:
Consolidated properties 2  —  —  61  —  — 
Share of unconsolidated joint ventures —  —  —  (84) —  — 
Investments in unconsolidated joint ventures —  —  —  (56,260) —  (0.37)
Funds From Operations $ 300,017  152,018  $ 1.97  $ 308,566  149,946  $ 2.06 
Net Operating Income

Company management evaluates the performance of its property portfolio, in part, based on NOI. NOI represents rental property revenues, less termination fees, less rental property operating expenses. NOI is not a measure of cash flows or operating results as measured by GAAP, is not indicative of cash available to fund cash needs, and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate NOI in the same manner. We consider NOI to be an appropriate supplemental measure to net income as it helps both management and investors understand the core operations of our operating assets. NOI excludes corporate general and administrative expenses, interest expense, depreciation and amortization, impairments, gains/losses on sales of real estate, and other non-operating items.
The following table reconciles NOI for consolidated properties from net income for each of the periods presented ($ in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
  2023 2022 2023 2022
Net Income $ 19,491  $ 80,769  $ 64,924  $ 143,096 
Fee income (318) (1,677) (1,044) (5,370)
Termination fee income (271) (242) (6,977) (2,153)
Other income (101) (38) (2,393) (2,522)
General and administrative expenses 8,336  6,498  24,795  21,557 
Interest expense 27,008  18,380  78,010  50,454 
Depreciation and amortization 79,492  79,116  235,531  219,721 
Reimbursed expenses 149  418  515  1,455 
Other expenses 623  231  1,484  877 
Income from unconsolidated joint ventures (582) (634) (2,008) (7,038)
Gain on sale of investment in unconsolidated joint ventures —  (56,260) —  (56,260)
Loss (gain) on investment property transactions (507) 20  (505) 61 
Loss on extinguishment of debt —  —  —  100 
Net Operating Income $ 133,320  $ 126,581  $ 392,332  $ 363,978 
28

Liquidity and Capital Resources
Our primary short-term and long-term liquidity needs include the following:
•property operating expenses;
•property and land acquisitions;
•expenditures on development and redevelopment projects;
•building improvements, tenant improvements, and leasing costs;
•principal and interest payments on indebtedness;
•general and administrative costs; and
•common stock dividends and distributions to outside unitholders of CPLP.
We may satisfy these needs with one or more of the following:
•cash and cash equivalents on hand;
•net cash from operations;
•proceeds from the sale of assets;
•borrowings under our credit facility;
•proceeds from mortgage notes payable;
•proceeds from construction loans;
•proceeds from unsecured loans;
•proceeds from offerings of equity securities; and
•joint venture formations.
Our material capital expenditure commitments as of September 30, 2023 include $161.7 million of unfunded tenant improvements and construction costs. As of September 30, 2023, we had $144.5 million drawn under our credit facility with the ability to borrow the remaining $855.5 million, as well as $6.9 million of cash and cash equivalents. We expect to have sufficient liquidity to meet our obligations for the foreseeable future.
Other Debt Information
In addition to our $1 billion unsecured Credit Facility (with $144.5 million outstanding as of September 30, 2023), we also have unsecured debt from two term loans totaling $750 million and five tranches of unsecured senior notes totaling $1 billion. Our existing mortgage debt is comprised of non-recourse, fixed-rate mortgage notes secured by various real estate assets. We expect to either refinance our non-recourse mortgage loans at maturity or repay the mortgage loans with other capital resources, including our credit facility, unsecured debt, non-recourse mortgages, construction loans, the sale of assets, joint venture equity, the issuance of common stock, the issuance of preferred stock, or the issuance of units of CPLP. Many of our non-recourse mortgages contain covenants that, if not satisfied, could result in acceleration of the maturity of the debt. We expect to either refinance the non-recourse mortgages at maturity or repay the mortgages with proceeds from asset sales, debt, or other capital resources. 86% of our consolidated debt bears interest at a fixed rate. The 14% of consolidated debt that bears interest at a floating rate is based on SOFR.
We are in compliance with all covenants of our existing unsecured and secured debt.
Future Capital Requirements
To meet capital requirements for future investment activities over the long-term, we intend to actively manage our portfolio of properties and strategically sell assets to exit our non-core holdings and reposition our portfolio of income-producing assets. We expect to continue to utilize cash retained from operations, as well as third-party sources of capital such as indebtedness, to fund future commitments as well as utilize construction facilities for some development assets, if available and under appropriate terms.
We may also generate capital through the issuance of securities that include common or preferred stock, warrants, debt securities, depository shares, or the issuance of CPLP limited partnership units.
Our business model also includes raising or recycling capital, which can assist in meeting obligations and funding development and acquisition activity. If one or more sources of capital are not available when required, we may be forced to reduce the number of projects we acquire or develop and/or raise capital on potentially unfavorable terms, or we may be unable to raise capital, which could have an adverse effect on our financial position or results of operations.




29

Cash Flows
We report and analyze our cash flows based on operating activities, investing activities, and financing activities. The following table sets forth the changes in cash flows ($ in thousands):
Nine Months Ended September 30,
2023 2022 Change
Net cash provided by operating activities $ 277,518  $ 272,348  $ 5,170 
Net cash used in investing activities (212,094) (248,432) 36,338 
Net cash used in financing activities (63,643) (27,346) (36,297)

The reasons for significant increases and decreases in cash flows between the periods are as follows:
Cash Flows from Operating Activities. Cash flows provided by operating activities increased $5.2 million between the 2023 and 2022 nine month periods primarily due to the following: timing of receipt of prepaid rents from tenants; increase in physical occupancy at our Domain and Buckhead Plaza properties; the stabilization in 2022 of 100 Mill and Heights Union.
Cash Flows from Investing Activities. Cash flows used in investing activities decreased $36.3 million between the 2023 and 2022 nine month periods primarily due to a decrease in capital expenditures related to our 2022 redevelopment activity at two of our operating properties, including a full building redevelopment of Promenade Central, and a decrease in contributions to our Neuhoff Holdings LLC ("Neuhoff") joint venture needed to fund our equity share of the development of the Nashville mixed-used project.
Cash Flows from Financing Activities. Cash flows used in financing activities increased $36.3 million between the 2023 and 2022 nine month periods primarily due to cash provided by the settlement of forward contracts sold under our Equity Distribution Agreement known as at-the-market stock offering program ("ATM Program") in June 2022, partially offset by cash used for the purchase of our partner's 10% interest in a joint venture in April 2022 and an increase in net borrowings on our credit facility.
Capital Expenditures. We incur costs related to our real estate assets that include acquisition of properties, development of new properties, redevelopment of existing or newly purchased properties, leasing costs (including tenant improvements) for new or replacement tenants, and ongoing property repairs and maintenance.
Capital expenditures for assets we develop or acquire and then hold and operate are included in the property acquisition, development, and tenant asset expenditures line item within investing activities on the consolidated statements of cash flows. The change in amounts accrued are removed from the table below to show the components of these costs on a cash basis. Components of costs included in this line item for the three and nine months ended September 30, 2023 and 2022 are as follows ($ in thousands):

  Nine Months Ended September 30,
  2023 2022
Operating — leasing costs $ 102,768  $ 153,321 
Operating — building improvements 49,636  68,491 
Development 15,825  75,094 
Capitalized interest 10,093  8,801 
Capitalized personnel costs 5,678  6,136 
Change in accrued capital expenditures 14,254  (49,021)
Total property acquisition, development, and tenant asset expenditures $ 198,254  $ 262,822 

Capital expenditures decreased $64.6 million between the 2023 and 2022 periods primarily due to decreased spending (i) on leasing costs from commissions and tenant improvements, (ii) on building improvements largely related to renovations at 3350 Peachtree, Promenade Central, and Promenade Tower in 2022, and (iii) on developments driven by the approaching completion of development activities at Domain 9 and completion of development activities at our 100 Mill property that stabilized in the fourth quarter of 2022. These decreases were partially offset by a decrease in accrued capital expenditures during the year.



30

The amounts of tenant improvement and leasing costs for our office portfolio on a per square foot basis for the three months ended September 30, 2023 and 2022 were as follows:
2023 2022
New leases $12.64 $12.33
Renewal leases $9.12 $8.74
Expansion leases $11.07 $12.63

The amounts of tenant improvement and leasing costs on a per square foot basis vary by lease and by market.
Dividends. We paid common dividends of $145.9 million and $143.8 million in the nine months ended September 30, 2023 and 2022, respectively. We expect to fund our future quarterly common dividends with cash provided by operating activities, also using proceeds from investment property sales, distributions from unconsolidated joint ventures, indebtedness, and proceeds from offerings of equity and other securities, if necessary.
On a quarterly basis, we review the amount of the common dividend in light of current and projected future cash flows from the sources noted above and also consider the requirements needed to maintain our REIT status. In addition, we have certain covenants under credit agreements that could limit the amount of common dividends paid. In general, common dividends of any amount can be paid as long as leverage, as defined in our credit agreements, is less than 60% and we are not in default. Certain conditions also apply in which we can still pay common dividends if leverage is above that amount. We routinely monitor the status of our common dividend payments in light of the covenants of our credit agreements.
Off Balance Sheet Arrangements
General. We have a number of off balance sheet joint ventures with varying structures, as described in note 6 of the notes to consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 and in note 3 of the notes to condensed consolidated financial statements. The joint ventures in which we have an interest are involved in the ownership, acquisition, and/or development of real estate. A venture will fund capital requirements or operational needs with cash from operations or financing proceeds, if possible. If additional capital is deemed necessary, a venture may request a contribution from the partners, and we will evaluate such request.
Debt. At September 30, 2023, our unconsolidated joint ventures had aggregate outstanding indebtedness to third parties of $282.9 million. These loans are generally mortgage or construction loans, which are non-recourse to us. In addition, in certain instances, we provide “non-recourse carve-out guarantees” on these non-recourse loans. Certain of these loans have variable interest rates, which creates exposure to the ventures in the form of market risk from interest rate changes.
Critical Accounting Policies
There have been no material changes in the critical accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.
Item 3.    Quantitative and Qualitative Disclosures About Market Risk.
There have been no material changes in the market risk associated with our notes payable at September 30, 2023 compared to that as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.
Item 4.    Controls and Procedures.
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management necessarily applies judgment in assessing the costs and benefits of such controls and procedures, which, by their nature, can provide only reasonable assurance regarding our control objectives.
As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer along with the Chief Financial Officer, of the effectiveness, design, and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)). Based upon the foregoing, the Chief Executive Officer along with the Chief Financial Officer concluded that our disclosure controls and procedures were effective. In addition, based on such evaluation, we have identified no changes in our internal control over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
31

PART II. OTHER INFORMATION
Item 1.    Legal Proceedings.
Information regarding legal proceedings is described under the subheading "Litigation" in note 9 of the notes to condensed consolidated financial statements.
Item 1A. Risk Factors.
Risk factors that affect our business and financial results are discussed in Part I, "Item 1A. Risk Factors," of our Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes in our risk factors from those previously disclosed in our Annual Report. You should carefully consider the risks described in our Annual Report, which could materially affect our business, financial condition, or future results. The risks described in our Annual Report are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem immaterial also may materially adversely affect our business, financial condition, and/or operating results. If any of the risks actually occur, our business, financial condition, and/or results of operations could be negatively affected.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.
For information on our equity compensation plans, see note 15 of the notes to consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022, and note 12 of the notes to condensed consolidated financial statements. We did not make any sales of unregistered securities or purchase any common shares during the third quarter of 2023.
32

Item 6. Exhibits.
 
     
 
 
     
 
     
 †
     
 †
     
 †
     
 †
     
101  † The following financial information for the Registrant, formatted in inline XBRL (Extensible Business Reporting Language): (i) the consolidated balance sheets, (ii) the consolidated statements of operations, (iii) the consolidated statements of equity, (iv) the consolidated statements of cash flows, and (v) the notes to condensed consolidated financial statements.
104  † Cover page interactive data file (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibit 101).
 † Filed herewith.
33

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  COUSINS PROPERTIES INCORPORATED
 
  /s/ Gregg D. Adzema
  Gregg D. Adzema 
  Executive Vice President and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer) 
Date: October 26, 2023

34
EX-31.1 2 cuz-exhibit3113q2023.htm EX-31.1 Document

Exhibit 31.1
CERTIFICATION PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, M. Colin Connolly, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Cousins Properties Incorporated (the “Registrant”);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
/s/ M. Colin Connolly
M. Colin Connolly
Chief Executive Officer, President, and Director
Date: October 26, 2023



EX-31.2 3 cuz-exhibit3123q2023.htm EX-31.2 Document

Exhibit 31.2
CERTIFICATION PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

I, Gregg D. Adzema, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Cousins Properties Incorporated (the “Registrant”);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
/s/ Gregg D. Adzema
Gregg D. Adzema
Executive Vice President and Chief Financial Officer
Date: October 26, 2023



EX-32.1 4 cuz-exhibit3213q2023.htm EX-32.1 Document

Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and in connection with the Quarterly Report on Form 10-Q of Cousins Properties Incorporated (the “Registrant”) for the quarter ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, the President and Chief Executive Officer of the Registrant, certifies that to his knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ M. Colin Connolly
M. Colin Connolly
Chief Executive Officer, President, and Director
Date: October 26, 2023



EX-32.2 5 cuz-exhibit3223q2023.htm EX-32.2 Document

Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and in connection with the Quarterly Report on Form 10-Q of Cousins Properties Incorporated (the “Registrant”) for the quarter ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, the Executive Vice President and Chief Financial Officer of the Registrant, certifies that to his knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Gregg D. Adzema
Gregg D. Adzema
Executive Vice President and Chief Financial Officer
Date: October 26, 2023