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 the Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as: guidance and underlying assumptions; business and financial strategy; future debt financings; future acquisitions and dispositions of operating assets or joint venture interests; future acquisitions and dispositions of land, including ground leases; future development and redevelopment opportunities, including fee development opportunities; future issuances and repurchases of common stock, limited partnership units, or preferred stock; future distributions; projected capital expenditures; market and industry trends; entry into new markets, 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 which may require impairment to be recognized; leasing risks, including the ability to obtain new tenants or renew expiring tenants, the ability to lease newly developed and/or recently acquired space, the failure of a tenant to commence or complete tenant improvements on schedule or to occupy leased space, and the risk of declining leasing rates; changes in the needs of our tenants brought about by the desire for co-working arrangements, trends toward utilizing less office space per employee, and the effect of employees working remotely; any adverse change in the financial condition of one or more of our tenants; volatility in interest rates and insurance rates; inflation and continuing increases in the inflation rate; competition from other developers or investors; the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk); cyber security breaches; changes in senior management, changes in the Board of Directors, and the loss of key personnel; the potential liability for uninsured losses, condemnation, or environmental issues; the potential liability for a failure to meet regulatory requirements; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust 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 our plans, intentions, and expectations reflected in any forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise, except as required under U.S. federal securities laws.

ATLANTA (October 26, 2023) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended September 30, 2023.

“Our operational and financial results were strong during the third quarter,” said Colin Connolly, president and chief executive officer of Cousins Properties. "We executed 548,000 square feet of office leases, the highest number this year, and our pipeline remains robust, including at our Neuhoff development in Nashville. Cousins remains well-positioned with a fortress balance sheet and Sun Belt trophy portfolio that provides customers with a compelling lifestyle experience."

•Net income available to common stockholders was $19.4 million, or $0.13 per share, compared to $80.6 million, or $0.53 per share, for third quarter 2022. The 2022 net income included a $56.3 million gain recognized on the sale of our interest in a joint venture asset.

•Funds From Operations ("FFO") was $99.0 million, or $0.65 per share, compared to $104.4 million, or $0.69 per share, for third quarter 2022.

•Net income available to common stockholders was $64.2 million, or $0.42 per share, compared to $142.7 million, or $0.95 per share, for nine months ended September 30, 2022. The 2022 net income included a $56.3 million gain recognized on the sale of our interest in a joint venture asset.

•FFO was $300.0 million, or $1.97 per share, compared to $308.6 million, or $2.06 per share, for nine months ended September 30, 2022.

•Same property net operating income ("NOI") on a cash-basis increased 4.6%.

•Second generation net rent per square foot on a cash-basis increased 9.8%.

•Executed 548,000 square feet of office leases.

•Same property NOI on a cash-basis increased 4.4%.

•Second generation net rent per square foot on a cash-basis increased 8.5%.

•Executed 1,241,000 square feet of office leases.

•In September 2023, we sold a 10.4 acre land parcel outside Atlanta for a gross sales price of $4.25 million and recorded a gain of $507,000.

Full year 2023 earnings guidance is updated as follows:

•Net income between $0.54 and $0.58 per share, updated from previous guidance of $0.53 and $0.61 per share.

•FFO between $2.60 and $2.64 per share, updated from previous guidance between $2.57 and $2.65 per share.

•Increase to FFO is primarily driven by a reduction in real estate taxes and a gain from land sale.

•Guidance does not include any operating property acquisitions, operating property dispositions, or development starts.

•Guidance reflects management’s current plans and assumptions as of the date of this earnings release and is subject to the risks and uncertainties more fully described in our Securities and Exchange Commission filings. Actual results could differ materially from this guidance.

The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Friday, October 27, 2023 to discuss the results of the quarter ended September 30, 2023. The number to call for this interactive teleconference is (877) 247-1056. The live webcast of this call can be accessed on the Company's website, www.cousins.com, through the “Cousins Properties Third Quarter Conference Call” link on the Investor Relations page. A replay of the conference call will be available for seven days by dialing (877) 344-7529 and entering the passcode 9075029. The playback can also be accessed on the Company's website.

Cousins Properties Incorporated ("Cousins") is a fully integrated, self-administered, and self-managed real estate investment trust (REIT). The Company, based in Atlanta and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office buildings located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing, and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets, and opportunistic investments. For more information, please visit www.cousins.com.

COMPANY INFORMATION / EQUITY COVERAGE(1)

(1) Please note that any opinions, estimates, or forecasts regarding Cousins' performance made by the analysts listed above are theirs alone and do not represent opinions, forecasts, or predictions of Cousins or its management. Cousins does not, by its reference above or distribution, imply its endorsement of, or concurrence with, such information, conclusions, or recommendations.

(in thousands, except share and per share amounts)

(unaudited; in thousands, except per share amounts)

Total Rentable Square Feet             Equity Market Capitalization           Net Debt / Annualized EBITDAre

Same Property NOI Change         Second Generation Net Rent Change      Annualized General & Administrative

Cash-Basis (1)                     Cash-Basis (1)             Expenses / Total Undepreciated Assets

(1) Office properties only.

    

    Note: See additional information included herein for calculations, definitions, and reconciliations to GAAP financial measures.

(1) The above amounts include our share of amounts from unconsolidated joint ventures for the respective category. The Company does not control the operations of these unconsolidated joint ventures but believes including these amounts is meaningful to investors and analysts.