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0000025232false00000252322026-02-052026-02-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 05, 2026
Cousins Properties Incorporated
(Exact name of registrant as specified in its charter)
Georgia 001-11312 58-0869052
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)

3344 Peachtree Road NE, Suite 1800, Atlanta, Georgia 30326-4802
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (404) 407-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $1 par value per share CUZ New York Stock Exchange  ("NYSE")

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the securities Act of 1933 (§230.405 of this chapter) or Rule 12b-12 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    
    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.
On February 5, 2026, Cousins Properties Incorporated (the “Company”) issued a Press Release and Quarterly Information Package containing information about the Company’s financial condition and results of operations for the quarter ended December 31, 2025. A copy of the Company’s Press Release and Quarterly Information Package is available on the Company's website under Investor Relations and is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.
    (a)    Exhibits

Exhibit Number        Exhibit Description


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 5, 2026


COUSINS PROPERTIES INCORPORATED
By: /s/ Gregg D. Adzema
Gregg D. Adzema
Executive Vice President and Chief Financial Officer


EX-99.1 2 aearningsreleaseex9914q25.htm EX-99.1 8-KEarningsReleaseEx99.1 4Q25
supplementcoverfinal4q25a.jpg
Cousins Properties
1
Q4 2025 Supplemental Information
TABLE OF CONTENTS
Cousins Properties
2
Q4 2025 Supplemental Information
FORWARD-LOOKING STATEMENTS
Certain matters contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to
uncertainties and risks, as itemized herein. These forward-looking statements include information about possible or assumed future results of the
business and our financial condition, liquidity, results of operations, plans, expectations, and objectives. Examples of forward-looking statements in
this earnings release and supplemental information include the Company’s guidance and underlying assumptions; projected capital expenditures;
industry trends; future occupancy or volume and velocity of leasing activity; and entry into new markets.
Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into
account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not
all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those
expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following: the risks
and uncertainties related to the impact of changes in general economic and capital market conditions (on an international or national basis or within
the markets in which we operate), including changes in inflation, changes in interest rates, supply chain disruptions, labor market disruptions (including
changes in unemployment), dislocation and volatility in capital markets, and potential longer-term changes in consumer and customer behavior
resulting from the severity and duration of any downturn, adverse conditions or uncertainty in the U.S. or global economy; risks affecting the real
estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms (and on anticipated schedules)); any adverse
change in the financial condition or liquidity of one or more of our tenants or borrowers under our real estate debt investments; changes in customer
preferences regarding space utilization; changes in customers’ financial condition; the availability, cost, and adequacy of insurance coverage;
competition from other developers, investors, owners, and operators of real estate; the failure to achieve anticipated benefits from intended or
completed acquisitions, developments, investments, or dispositions; the cost and availability of financing, the effectiveness of any interest rate
hedging contracts, and any failure to comply with debt covenants under credit agreements; the effect of common stock, debt, or operating
partnership unit issuances; threatened terrorist attacks or sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political
activism and the potential impact of the same upon our day-to-day building operations; the immediate and long-term impact of the outbreak of a
highly infectious or contagious disease on our and our customers’ financial condition; risks associated with security breaches through cyberattacks,
cyber intrusions, or otherwise; risks associated with the adoption and usage of artificial intelligence; changes in senior management, the Board of
Directors, or key personnel; the potential liability for existing or future environmental or other applicable regulatory requirements, including the
requirements to qualify for taxation as a real estate investment trust; the financial condition and liquidity of, or disputes with, joint venture partners;
material changes in dividend rates on common shares or other securities or the ability to pay those dividends; the impact of changes to applicable
laws, including the tax laws impacting REITs and the passage of the One Big Beautiful Bill Act, and the impact of newly adopted accounting principles
on our accounting policies and on period to period comparison of financial results; risks associated with climate change and severe weather events;
and those additional risks and factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by the Company.
These forward-looking statements are not exhaustive, speak only as of the date of issuance of this report and are not guarantees of future
results, performance, or achievements. Additional risk factors that could adversely affect our business and financial performance can be found in Part
1, Item 1A. Risk Factors, of our Annual Report on Form 10-K for the year ended December 31, 2025, and are specifically incorporated by reference
herein. The Company does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future
events, or other matters, except as otherwise required by law.
Cousins Properties
3
Q4 2025 Supplemental Information
EARNINGS RELEASE
COUSINS PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS
Provides Initial 2026 Earnings Guidance
ATLANTA, GA (February 5, 2026) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended
December 31, 2025.
"Improving office fundamentals are providing strong tailwinds for Cousins. We executed 700,000 square feet of leases during the fourth
quarter and currently have a late-stage leasing pipeline of approximately 1.1 million square feet," said Colin Connolly, President and
Chief Executive Officer of Cousins Properties. "Earlier this week, we closed on the acquisition of 300 South Tryon in Uptown Charlotte.
Over the last six quarters, we have purchased $1.4 billion of lifestyle office properties, all of which have upgraded the quality of our Sun
Belt trophy portfolio and have been immediately accretive to earnings. Our 2026 earnings guidance reflects this strong performance."
Financial Results
For fourth quarter 2025:
•Net loss available to common stockholders was $3.5 million, or $0.02 per share, compared to net income of $13.6 million, or
$0.09 per share, for fourth quarter 2024. The decrease in net income is attributable to impairment charges.
•Funds From Operations ("FFO") was $119.5 million, or $0.71 per share, compared to $108.9 million, or $0.69 per share, for
fourth quarter 2024.
For full year 2025:
•Net income available to common stockholders was $40.5 million, or $0.24 per share, compared to $46.0 million, or $0.30 per
share, for the year ended December 31, 2024. The decrease in net income is attributable to impairment charges.
•Funds From Operations ("FFO") was $478.4 million, or $2.84 per share, compared to $414.1 million, or $2.69 per share, for the
year ended December 31, 2024.
Operations and Leasing Activity
For fourth quarter 2025:
•Same property net operating income ("NOI") on a cash-basis increased 0.03%.
•Second generation net rent per square foot on a cash-basis increased 0.23%.
•Executed 700,000 square feet of office leases, including 493,000 square feet of new and expansion leases, representing 70% of
total leasing activity.
•Excluding 172,000 square feet of leases signed at our Northpark property in Atlanta, second generation net rent per square foot
on a cash-basis increased 10.44%.
For full year 2025:
•Same property net operating income ("NOI") on a cash-basis increased 0.87%.
•Second generation net rent per square foot on a cash-basis increased 3.53%.
•Executed 2,125,000 square feet of office leases, including 1,175,000 square feet of new and expansion leases, representing 55%
of total leasing activity.
•Excluding 304,000 square feet of leases signed at our Northpark property in Atlanta, second generation net rent per square foot
on a cash-basis increased 8.40%.
Cousins Properties
4
Q4 2025 Supplemental Information
EARNINGS RELEASE
Investing and Finance Activity
For fourth quarter 2025:
•Entered into agreements to sell our Harborview Plaza operating property ("Harborview") in Tampa for gross proceeds of $39.5
million and our land parcel at 303 Tremont ("Tremont") in Charlotte for gross proceeds of $23.7 million. Harborview is expected
to close in the first half of 2026 and Tremont is expected to close in the second half of 2026.
•Subsequent to year end, on February 2, 2026, acquired 300 South Tryon, a 638,000 square foot lifestyle office property in
Uptown Charlotte, for $317.5 million. Additional details on this acquisition are provided in a press release and presentation
issued on February 5, 2026, each of which which are available on the Company's website.
Earnings Guidance
For year ending December 31, 2026:
•Net income between $0.23 and $0.33 per share.
•FFO between $2.87 and $2.97 per share.
•Guidance includes an assumed refinancing of the $250.0 million term loan that matures August 17, 2026, the Colorado Tower
mortgage loan that matures September 1, 2026, and the 201 North Tryon mortgage loan that matures October 1, 2026.
•Guidance assumes the 300 South Tryon acquisition is funded with proceeds from the Harborview and Tremont sales discussed
above as well as approximately $200 million in additional non-core asset sales in 2026. The size and timing of these additional
non-core asset sales may change, and the sales may be partially or completely replaced with future debt offerings and/or the
settlement of common shares previously issued on a forward basis under the Company’s ATM program.
•Guidance does not include any speculative property acquisitions or development starts.
•Guidance reflects management’s current plans and assumptions as of the date of this earnings release and is subject to the risks
and uncertainties more fully described in our SEC filings. Actual results could differ materially from this guidance.
Investor Conference Call and Webcast
The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Friday, February 6, 2026 to discuss the results of the quarter
ended December 31, 2025. The number to call for this interactive teleconference is (800) 836-8184. The live webcast of this call can be
accessed on the Company's website, www.cousins.com, through the “Cousins Properties Fourth Quarter Conference Call” link on the
Investors page. A replay of the conference call will be available for seven days by dialing (888) 660-6345 and entering the passcode
88017#. The playback can also be accessed on the Company's website.
Cousins Properties
5
Q4 2025 Supplemental Information
COMPANY INFORMATION
THE COMPANY
Cousins Properties Incorporated ("Cousins" or the "Company") is a fully integrated, self-administered, and self-managed real estate
investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP,
primarily invests in Class A office buildings located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder
value through its extensive expertise in the development, acquisition, leasing, and management of high-quality real estate assets. The
Company has a comprehensive strategy in place based on a simple platform, trophy assets, and opportunistic investments. For more
information, please visit www.cousins.com.
MANAGEMENT
M. Colin Connolly
Gregg D. Adzema
Kennedy Hicks
Richard G. Hickson IV
President & Chief Executive Officer
Executive Vice President &                         
Chief Financial Officer
Executive Vice President & Chief
Investment Officer
Executive Vice President, Operations
John S. McColl
Pamela F. Roper
Jeffrey D. Symes
Executive Vice President, Development
Executive Vice President, General
Counsel & Corporate Secretary
Senior Vice President &               
Chief Accounting Officer
BOARD OF DIRECTORS
Robert M. Chapman
Charles T. Cannada
M. Colin Connolly
Non-executive Chairman of Cousins Properties, former Chief
Executive Officer of Centerpoint Properties Trust
Private Investor
President and Chief Executive Officer of           
Cousins Properties
Scott W. Fordham
Susan L. Givens
R. Kent Griffin Jr.
Former Chief Executive Officer and                 
Director of TIER REIT, Inc.
Former executive with Blackstone
Managing Director of Phicas Investors
Donna W. Hyland
Dionne Nelson
R. Dary Stone
President and Chief Executive Officer of       
Children's Healthcare of Atlanta
President and Chief Executive Officer of           
Laurel Street Residential
President and Chief Executive Officer of                 
R.D. Stone Interests
Cousins Properties
6
Q4 2025 Supplemental Information
COMPANY INFORMATION
COMPANY INFORMATION
EQUITY RESEARCH COVERAGE (1)
Corporate Headquarters
Investor Relations
Barclays
BofA Securities
BMO Capital
3344 Peachtree Road NE
Suite 1800
Atlanta GA 30326
404.407.1000
Roni Imbeaux 
Senior Vice President, Finance
& Investor Relations
rimbeaux@cousins.com
404.407.1104
Brendan Lynch
212.526.9428
Jana Galan
646.855.5042
John Kim
212.885.4115
Evercore ISI
Green Street
Jefferies
Transfer Agent
Equiniti Trust Company
equiniti.com
866.627.2649
Stock Exchange
NYSE: CUZ
Steve Sakwa
212.446.9462
Dylan Burzinski
949.640.8780
Joe Dickstein 
212.778.8771
J.P. Morgan
KeyBanc
Mizuho Securities
RATING AGENCIES (1)
Anthony Paolone
212.622.6682
Upal Rana
917.368.2316
Vikram Malhotra
212.282.3827
S&P Global Ratings
Moody's Investors Service
RW Baird
Truist Securities
Wells Fargo
Hannah Gray
212.438.0244
Current Corporate
Credit Rating: BBB
Christian Azzi
212.553.9342
Current Corporate
Credit Rating: Baa2
Nicholas Thillman
414.298.5053
Michael Lewis
212.319.5659
Blaine Heck
410.662.2556
Wolfe Research
Outlook: Stable
Outlook: Stable
Ally Yaseen
646.582.9253
(1) Please note that any opinions, estimates, or forecasts regarding Cousins' performance made by the analysts and rating agencies listed above are theirs alone and do not represent
opinions, forecasts, or predictions of Cousins or its management. Cousins does not, by its reference above or distribution, imply its endorsement of, or concurrence with, such information,
conclusions, or recommendations.
   
link-12a.jpg
                                    Pictured Above: The Link, Dallas, TX
Cousins Properties
7
Q4 2025 Supplemental Information
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
December 31, 2025
December 31, 2024
Assets:
 
Real estate assets:
 
 
Operating properties, net of accumulated depreciation of $1,922,394 and $1,627,251 in 2025 and 2024,
respectively
$7,894,846
$7,785,597
Land
135,870
154,726
8,030,716
7,940,323
Real estate assets and other assets held for sale, net
61,489
—
Cash and cash equivalents
5,720
7,349
Investments in real estate debt, at fair value
37,804
167,219
Accounts receivable
17,578
11,491
Deferred rents receivable
269,282
232,078
Investments in unconsolidated joint ventures
215,301
185,478
Intangible assets, net
164,738
171,989
Other assets, net
87,504
86,219
Total assets
$8,890,132
$8,802,146
Liabilities:
Notes payable
$3,340,815
$3,095,666
Accounts payable and accrued expenses
314,317
337,248
Deferred income
301,358
277,132
Intangible liabilities, net
117,085
111,221
Other liabilities
111,506
110,712
Liabilities of real estate assets held for sale, net
2,849
—
Total liabilities
4,187,930
3,931,979
Commitments and contingencies
Equity:
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 167,981,990 and 167,660,480 issued and
outstanding in 2025 and 2024, respectively
167,982
167,660
Additional paid-in capital
5,971,762
5,959,670
Distributions in excess of cumulative net income
(1,460,154)
(1,280,547)
Accumulated other comprehensive loss
—
(105)
Total stockholders' investment
4,679,590
4,846,678
Nonredeemable noncontrolling interests
22,612
23,489
Total equity
4,702,202
4,870,167
Total liabilities and equity
$8,890,132
$8,802,146
Cousins Properties
8
Q4 2025 Supplemental Information
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except per share amounts)
Three Months Ended
Year Ended
December 31,
December 31,
 
2025
2024
2025
2024
Revenues:
 
 
 
Rental property revenues
$253,344
$220,221
$980,547
$847,773
Fee income
528
481
2,044
1,761
Other
1,162
4,625
11,225
7,224
 
255,034
225,327
993,816
856,758
Expenses:
Rental property operating expenses
83,140
72,947
314,498
280,661
Reimbursed expenses
124
155
544
634
General and administrative expenses
8,685
9,241
38,642
36,566
Interest expense
42,456
33,052
159,241
122,476
Operating property impairment
13,286
—
13,286
—
Land and related predevelopment cost impairment
1,034
—
1,034
—
Depreciation and amortization
107,083
93,616
415,359
365,045
Other
496
495
1,801
2,097
 
256,304
209,506
944,405
807,479
Loss from unconsolidated joint ventures
(2,007)
(2,008)
(8,159)
(2,796)
Gain on investment property transactions
—
—
—
98
Net income (loss)
(3,277)
13,813
41,252
46,581
Net income attributable to noncontrolling interests
(190)
(177)
(749)
(619)
Net income (loss) available to common stockholders
$(3,467)
$13,636
$40,503
$45,962
Net income (loss) per common share — basic and diluted
$(0.02)
$0.09
$0.24
$0.30
Weighted average common shares — basic
167,611
157,473
167,919
153,413
Weighted average common shares — diluted
167,611
158,249
168,716
154,015
Cousins Properties
9
Q4 2025 Supplemental Information
KEY PERFORMANCE METRICS (1)
2023
2024 1st
2024 2nd
2024 3rd
2024 4th
2024
2025 1st
2025 2nd
2025 3rd
2025 4th
2025
Property Statistics
Consolidated Operating Properties
34
34
34
34
36
36
36
36
37
37
37
Consolidated Rentable Square Feet (in thousands)
18,434
18,434
18,434
18,434
19,877
19,877
20,081
20,081
20,373
20,373
20,373
Unconsolidated Operating Properties
2
2
2
3
3
3
3
3
3
3
3
Unconsolidated Rentable Square Feet (in thousands)
711
711
711
1,236
1,236
1,236
1,236
1,236
1,236
1,236
1,236
Total Operating Properties
36
36
36
37
39
39
39
39
40
40
40
Total Rentable Square Feet (in thousands)
19,145
19,145
19,145
19,670
21,113
21,113
21,317
21,317
21,609
21,609
21,609
Office Percent Leased (period end)
90.9%
90.8%
91.2%
91.0%
91.6%
91.6%
92.1%
91.6%
90.0%
90.7%
90.7%
Office Weighted Average Occupancy
87.5%
88.4%
88.5%
88.4%
89.2%
88.6%
90.0%
89.1%
88.3%
88.3%
88.8%
Office Leasing Activity (2)
Net Leased during the Period (SF, in thousands)
1,694
404
391
763
462
2,020
539
334
551
700
2,125
Net Rent (per SF)
$35.15
$36.06
$37.64
$45.21
$35.81
$39.77
$35.87
$40.95
$39.18
$36.52
$37.76
Net Free Rent (per SF)
(2.25)
(2.10)
(2.51)
(1.51)
(2.13)
(1.97)
(1.77)
(2.08)
(1.97)
(2.40)
(2.07)
Leasing Commissions (per SF)
(2.62)
(2.61)
(2.91)
(2.91)
(2.72)
(2.81)
(2.81)
(3.18)
(2.69)
(2.76)
(2.82)
Tenant Improvements (per SF)
(5.72)
(7.15)
(7.37)
(6.22)
(7.08)
(6.82)
(6.23)
(7.34)
(6.15)
(8.18)
(7.01)
Leasing Costs (per SF)
(10.59)
(11.86)
(12.79)
(10.64)
(11.93)
(11.60)
(10.81)
(12.60)
(10.81)
(13.34)
(11.90)
Net Effective Rent (per SF)
$24.56
$24.20
$24.85
$34.57
$23.88
$28.17
$25.06
$28.35
$28.37
$23.18
$25.86
Change in Second Generation Net Rent
20.2%
20.1%
37.6%
30.7%
22.7%
28.2%
18.3%
27.2%
23.8%
19.9%
21.5%
Change in Cash-Basis Second Generation Net Rent
5.8%
5.3%
18.2%
7.2%
6.7%
8.5%
3.2%
10.9%
4.2%
0.2%
3.5%
Same Property Information (3)
Percent Leased (period end)
90.6%
90.8%
91.2%
91.1%
91.2%
91.2%
91.7%
91.1%
89.3%
90.1%
90.1%
Weighted Average Occupancy
87.3%
88.4%
88.5%
88.4%
89.1%
88.6%
89.4%
88.4%
87.4%
87.4%
88.1%
Change in NOI (over prior year period)
5.0%
6.6%
4.2%
4.2%
5.3%
5.1%
4.0%
3.2%
1.9%
0.4%
2.4%
Change in Cash-Basis NOI (over prior year period)
4.2%
6.6%
5.1%
4.4%
3.4%
4.8%
2.0%
1.2%
0.3%
0.03%
0.9%
Development Pipeline (4)
Estimated Project Costs (in thousands)
$428,500
$437,950
$441,550
$441,550
$441,550
$441,550
$294,550
$294,550
$294,550
$294,550
$294,550
Estimated Project Costs/Total Undepreciated Assets
4.6%
4.6%
4.6%
4.6%
4.1%
4.1%
2.7%
2.6%
2.7%
2.6%
2.6%
Continued on next page
Cousins Properties
10
Q4 2025 Supplemental Information
KEY PERFORMANCE METRICS (1)
2023
2024 1st
2024 2nd
2024 3rd
2024 4th
2024
2025 1st
2025 2nd
2025 3rd
2025 4th
2025
Market Capitalization
Common Stock Price Per Share
$24.35
$24.04
$23.15
$29.48
$30.64
$30.64
$29.50
$30.03
$28.94
$25.78
$25.78
Common Stock/Units Outstanding (in thousands)
151,824
152,096
152,165
152,165
167,685
167,685
167,933
167,992
167,990
168,007
168,007
Equity Market Capitalization (in thousands)
$3,696,914
$3,656,388
$3,522,620
$4,485,824
$5,137,868
$5,137,868
$4,954,024
$5,044,800
$4,861,631
$4,331,220
$4,331,220
Debt (in thousands)
2,608,675
2,723,978
2,754,358
2,834,959
3,274,388
3,274,388
3,203,476
3,660,608
3,475,120
3,507,020
3,507,020
Total Market Capitalization (in thousands)
$6,305,589
$6,380,366
$6,276,978
$7,320,783
$8,412,256
$8,412,256
$8,157,500
$8,705,408
$8,336,751
$7,838,240
$7,838,240
Credit Ratios
Net Debt/Total Market Capitalization
41.2%
42.5%
43.7%
37.5%
38.8%
38.8%
39.1%
37.2%
41.6%
44.6%
44.6%
Net Debt/Total Undepreciated Assets
28.0%
28.8%
28.8%
28.4%
30.2%
30.2%
29.7%
28.9%
31.2%
31.3%
31.3%
Net Debt/Annualized EBITDAre
5.14
5.25
5.12
5.10
5.16
5.16
4.87
5.11
5.38
5.30
5.30
Fixed Charges Coverage (EBITDAre)
4.37
4.09
4.12
3.91
3.92
4.01
4.05
3.73
3.50
3.52
3.69
Dividend Information
Common Dividend per Share
$1.28
$0.32
$0.32
$0.32
$0.32
$1.28
$0.32
$0.32
$0.32
$0.32
$1.28
Funds From Operations (FFO) Payout Ratio
48.8%
48.9%
47.1%
47.6%
49.3%
48.2%
43.0%
45.7%
46.1%
45.0%
44.9%
Funds Available for Distribution (FAD) Payout Ratio
71.9%
82.1%
62.1%
72.5%
95.6%
76.5%
71.0%
75.6%
76.3%
90.1%
77.7%
Operations Ratio
Annualized General and Administrative Expenses/                     
Total Undepreciated Assets
0.32%
0.39%
0.37%
0.38%
0.34%
0.34%
0.40%
0.35%
0.34%
0.31%
0.31%
Additional Information
In-Place Gross Rent (per SF) (5)
$46.95
$46.82
$46.75
$46.95
$47.94
$47.94
$48.66
$49.07
$49.76
$49.91
$49.91
Straight-Line Rental Revenue (in thousands)
$25,500
$8,604
$4,423
$5,374
$6,107
$24,508
$12,477
$11,283
$9,424
$6,117
$39,301
Above and Below Market Rents Amortization, Net
(in thousands)
$6,876
$1,460
$1,559
$1,484
$1,664
$6,167
$2,845
$2,828
$3,422
$3,514
$12,609
Second Generation Capital Expenditures
(in thousands)
$96,908
$30,212
$17,270
$26,190
$42,421
$116,093
$33,281
$28,636
$29,981
$47,457
$139,355
(1)
For Non-GAAP Financial Measures, see the calculations and reconciliations on pages 32 through 38.
(2)
See Office Leasing Activity on page 20 for additional detail and explanations.
(3)
Same Property Information is derived from the pool of same office properties that existed in the period as originally reported. See Same Property Performance on page 19 and Non-GAAP
Financial Measures - Calculations and Reconciliations starting on page 32 for additional information.
(4)
The Company's share of estimated project costs. See Development Pipeline on page 26 for additional detail.
(5)
In-place gross rent equals the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, as of the end of the period divided by occupied square feet.
Cousins Properties
11
Q4 2025 Supplemental Information
KEY PERFORMANCE METRICS
                                  Total Rentable Square Feet                  Equity Market Capitalization                   Net Debt / Annualized EBITDAre
             
chart-51fc41861dbb4b9d8f6a.gif
chart-aa5597099e224fcfa8fa.gif
chart-20c209ca91c544eeaf7a.gif
                       
 
                                Same Property NOI Change                Second Generation Net Rent Change                         In-Place Gross Rent (per SF) (1)
                                                    Cash-Basis (1)        Cash-Basis(1)                     
             
chart-4be3f40b287046a4a68a.gif
chart-99beadf6fbfb4e70959a.gif
chart-bdb0492ae9a64753b87a.gif
(1) Office properties only.
Note: See additional information included herein for calculations, definitions, and reconciliations to GAAP financial measures.
Cousins Properties
12
Q4 2025 Supplemental Information
FUNDS FROM OPERATIONS - SUMMARY
(amounts in thousands, except per share amounts)
2023
2024 1st
2024 2nd
2024 3rd
2024 4th
2024
2025 1st
2025 2nd
2025 3rd
2025 4th
2025
Net Income (Loss)
$83,816
$13,451
$7,961
$11,356
$13,813
$46,581
$21,093
$14,658
$8,778
$(3,277)
$41,252
Fee and Other Income
(11,170)
(893)
(2,590)
(2,847)
(6,060)
(12,390)
(10,168)
(2,411)
(2,378)
(3,398)
(18,355)
General and Administrative Expenses
32,331
9,214
8,907
9,204
9,241
36,566
10,709
9,738
9,510
8,685
38,642
Interest Expense
105,463
28,908
29,743
30,773
33,052
122,476
36,774
38,514
41,497
42,456
159,241
Operating Property Impairment
—
—
—
—
—
—
—
—
—
13,286
13,286
Land and Related Predevelopment Cost Impairment
—
—
—
—
—
—
—
—
—
1,034
1,034
Depreciation and Amortization
314,897
86,230
95,415
89,784
93,616
365,045
102,114
100,890
105,272
107,083
415,359
Reimbursed and Other Expenses
2,736
812
754
515
650
2,731
600
560
565
619
2,344
Loss (Income) from Unconsolidated Joint Ventures
(2,299)
(348)
(439)
1,575
2,008
2,796
1,883
1,587
2,682
2,007
8,159
NOI from Unconsolidated Joint Ventures
5,824
1,352
1,561
1,716
1,988
6,617
2,223
3,165
3,256
3,705
12,349
Transaction Loss (Gain)
(504)
(101)
3
—
—
(98)
—
—
—
—
—
NOI (1)
$531,094
$138,625
$141,315
$142,076
$148,308
$570,324
$165,228
$166,701
$169,182
$172,200
$673,311
Fee and Other Income (1)
11,310
908
2,630
2,909
6,075
12,522
10,183
2,450
2,400
3,445
18,478
General and Administrative Expenses
(32,331)
(9,214)
(8,907)
(9,204)
(9,241)
(36,566)
(10,709)
(9,738)
(9,510)
(8,685)
(38,642)
Interest Expense (1)
(107,139)
(29,436)
(30,378)
(32,280)
(34,866)
(126,960)
(38,763)
(40,753)
(44,327)
(45,106)
(168,949)
Reimbursed and Other Expenses (1)
(2,794)
(843)
(769)
(632)
(803)
(3,047)
(521)
(625)
(659)
(725)
(2,530)
Land and Related Predevelopment Cost Impairment
—
—
—
—
—
—
—
—
—
(1,034)
(1,034)
Gain (Loss) on Sales of Undepreciated Investment Properties (1)
506
—
(3)
—
—
(3)
—
—
—
—
—
Depreciation and Amortization of Non-Real Estate Assets
(448)
(115)
(116)
(117)
(113)
(461)
(117)
(121)
(121)
(129)
(488)
Partners' Share of FFO in Consolidated Joint Ventures
(1,909)
(429)
(426)
(418)
(444)
(1,717)
(467)
(420)
(429)
(429)
(1,745)
FFO (1)
$398,289
$99,496
$103,346
$102,334
$108,916
$414,092
$124,834
$117,494
$116,536
$119,537
$478,401
Weighted Average Common Shares - Diluted
152,040
152,385
152,614
152,812
158,249
154,015
168,593
168,765
168,738
168,770
168,716
FFO per Share (1)
$2.62
$0.65
$0.68
$0.67
$0.69
$2.69
$0.74
$0.70
$0.69
$0.71
$2.84
(1) The above amounts include our share of amounts from unconsolidated joint ventures for the respective category. The Company does not control the operations of these unconsolidated joint
ventures but believes including these amounts are meaningful to investors and analysts.
Cousins Properties
13
Q4 2025 Supplemental Information
FUNDS FROM OPERATIONS - DETAIL (1)
(amounts in thousands, except per share amounts)
2023
2024 1st
2024 2nd
2024 3rd
2024 4th
2024
2025 1st
2025 2nd
2025 3rd
2025 4th
2025
NOI
Consolidated Properties
The Domain (2)
$68,822
$18,159
$20,276
$20,296
$20,198
$78,929
$20,825
$21,725
$22,055
$22,130
$86,735
Sail Tower
—
—
—
—
1,843
1,843
11,682
11,771
11,726
11,780
46,959
Corporate Center (2)
30,200
7,321
7,437
7,708
7,818
30,284
8,094
8,458
8,468
8,603
33,623
Terminus (2)
33,804
8,087
8,080
7,759
7,984
31,910
8,252
8,566
8,644
7,919
33,381
Spring & 8th (2)
29,355
7,363
7,344
7,388
7,376
29,471
7,375
7,369
7,412
7,380
29,536
Vantage South End (2)
—
—
—
—
2,338
2,338
7,136
7,031
7,140
7,148
28,455
300 Colorado
18,974
5,756
5,696
5,994
6,616
24,062
6,541
6,726
6,686
6,820
26,773
Buckhead Plaza (2)
20,967
5,321
5,301
5,702
6,056
22,380
6,471
6,223
6,537
6,480
25,711
Promenade Tower
13,694
3,432
3,997
4,436
4,849
16,714
5,433
5,501
5,761
5,984
22,679
BriarLake Plaza (2)
14,677
5,579
5,656
5,651
5,477
22,363
5,686
5,533
5,660
5,627
22,506
One Eleven Congress
17,683
4,190
4,138
4,295
4,504
17,127
4,592
5,121
4,607
4,763
19,083
Hayden Ferry (2)
20,819
4,600
4,499
4,311
4,408
17,818
4,560
4,621
4,559
5,129
18,869
San Jacinto Center
16,237
5,076
5,197
5,240
4,648
20,161
4,495
4,409
4,547
4,710
18,161
725 Ponce
19,398
5,032
4,735
4,307
3,839
17,913
4,162
4,146
4,156
4,121
16,585
Northpark (2)
20,569
4,980
5,072
5,359
5,241
20,652
4,818
3,920
3,822
3,857
16,417
The Terrace (2)
15,516
3,939
3,913
4,028
4,034
15,914
4,152
4,006
3,986
4,078
16,222
201 N. Tryon
18,959
4,759
4,688
4,747
4,974
19,168
4,795
4,983
3,442
2,968
16,188
3344 Peachtree
16,058
4,023
3,962
3,781
3,886
15,652
3,745
4,051
4,006
4,141
15,943
Colorado Tower
15,410
4,234
4,565
4,427
4,429
17,655
4,252
3,663
3,550
4,085
15,550
100 Mill
13,726
3,842
3,587
3,728
3,971
15,128
3,992
3,782
3,856
3,851
15,481
Avalon (2)
16,882
4,425
4,411
3,991
3,994
16,821
3,483
3,625
3,646
3,892
14,646
The RailYard
13,169
3,081
3,092
3,020
3,069
12,262
3,027
3,058
3,147
2,996
12,228
Heights Union (2)
10,071
2,621
2,750
2,620
2,615
10,606
2,623
2,677
2,614
2,657
10,571
3350 Peachtree
4,514
1,363
1,729
1,389
2,267
6,748
1,970
2,274
2,511
2,709
9,464
Legacy Union One
9,441
2,380
2,382
2,367
2,376
9,505
2,372
2,360
2,367
2,358
9,457
Promenade Central
3,809
1,570
1,761
1,826
2,000
7,157
2,349
2,333
2,255
2,332
9,269
Tempe Gateway
4,026
1,259
1,378
1,421
1,945
6,003
2,122
2,106
2,342
2,352
8,922
Domain Point (2)
8,637
2,183
2,032
2,052
2,065
8,332
2,040
2,040
1,843
2,045
7,968
The Link
—
—
—
—
—
—
—
—
3,258
4,483
7,741
550 South
10,996
2,527
2,002
1,916
1,951
8,396
1,875
1,859
1,861
1,505
7,100
111 West Rio
5,607
1,411
1,410
1,407
1,420
5,648
1,419
1,400
1,408
1,424
5,651
5950 Sherry Lane
3,633
1,078
1,029
1,196
1,129
4,432
1,244
1,283
1,456
1,422
5,405
The Pointe
3,269
1,168
1,191
1,393
1,154
4,906
1,316
1,251
1,223
1,317
5,107
Meridian Mark Plaza
4,796
1,215
869
1,216
1,194
4,494
1,158
1,280
1,301
1,239
4,978
3348 Peachtree
4,606
1,163
1,217
1,250
1,296
4,926
1,301
1,156
886
1,320
4,663
Research Park V
4,109
1,087
1,066
1,096
1,176
4,425
1,181
1,139
1,168
1,170
4,658
Harborview Plaza
3,394
835
959
936
856
3,586
1,144
822
701
685
3,352
Other (3)
9,443
2,214
2,333
2,107
1,324
7,978
1,323
1,268
1,319
1,015
4,925
Subtotal - Consolidated
525,270
137,273
139,754
140,360
146,320
563,707
163,005
163,536
165,926
168,495
660,962
Continued on next page
Cousins Properties
14
Q4 2025 Supplemental Information
FUNDS FROM OPERATIONS - DETAIL (1)
(amounts in thousands, except per share amounts)
2023
2024 1st
2024 2nd
2024 3rd
2024 4th
2024
2025 1st
2025 2nd
2025 3rd
2025 4th
2025
Unconsolidated Properties (4)
Neuhoff (5)
(33)
(83)
(15)
16
195
113
400
1,328
1,436
2,031
5,195
Medical Offices at Emory Hospital
4,588
1,116
1,212
1,170
1,163
4,661
1,176
1,188
1,227
1,198
4,789
Proscenium
—
—
—
365
378
743
361
421
349
233
1,364
120 West Trinity (2)
1,247
319
364
165
252
1,100
286
228
244
243
1,001
Other (6)
22
—
—
—
—
—
—
—
—
—
—
Subtotal - Unconsolidated
5,824
1,352
1,561
1,716
1,988
6,617
2,223
3,165
3,256
3,705
12,349
Total Net Operating Income (1)
531,094
138,625
141,315
142,076
148,308
570,324
165,228
166,701
169,182
172,200
673,311
Fee and Other Income
Management Fees (7)
1,373
379
406
495
481
1,761
496
422
454
423
1,795
Termination Fees
7,343
471
1,085
895
954
3,405
2,866
—
512
1,709
5,087
Leasing & Other Fees
—
—
—
—
—
—
—
33
—
2
35
Development Fees
—
—
—
—
—
—
—
39
72
102
213
Interest Income from Real Estate Debt (8)
—
—
367
1,011
4,394
5,772
2,149
568
606
1,097
4,420
Other Income (9)
2,454
44
731
446
231
1,452
4,656
1,350
734
65
6,805
Other Income - Unconsolidated (4)
140
14
41
62
15
132
16
38
22
47
123
Total Fee and Other Income
11,310
908
2,630
2,909
6,075
12,522
10,183
2,450
2,400
3,445
18,478
General and Administrative Expenses
(32,331)
(9,214)
(8,907)
(9,204)
(9,241)
(36,566)
(10,709)
(9,738)
(9,510)
(8,685)
(38,642)
Interest Expense
Consolidated Interest Expense
Public Senior Notes, Unsecured ($500M)
—
—
—
(3,732)
(7,469)
(11,201)
(7,474)
(7,468)
(7,485)
(7,480)
(29,907)
Public Senior Notes, Unsecured ($400M)
—
—
—
—
(830)
(830)
(5,551)
(5,548)
(5,544)
(5,543)
(22,186)
Term Loan, Unsecured ($400M)
(24,679)
(6,050)
(5,805)
(5,829)
(5,826)
(23,510)
(5,539)
(5,356)
(5,425)
(5,221)
(21,541)
Public Senior Notes, Unsecured ($500M)
—
—
—
—
—
—
—
(1,798)
(6,724)
(6,742)
(15,264)
Terminus (2)
(14,055)
(3,514)
(3,514)
(3,514)
(3,513)
(14,055)
(3,514)
(3,514)
(3,514)
(3,513)
(14,055)
Term Loan, Unsecured ($250M)
(19,865)
(4,892)
(4,909)
(4,371)
(3,795)
(17,967)
(3,482)
(3,486)
(3,598)
(3,373)
(13,939)
Privately Placed Senior Notes, Unsecured ($275M)
(10,975)
(2,744)
(2,744)
(2,743)
(2,744)
(10,975)
(2,744)
(2,744)
(2,743)
(2,744)
(10,975)
Privately Placed Senior Notes, Unsecured ($250M)
(9,764)
(2,441)
(2,441)
(2,441)
(2,441)
(9,764)
(2,441)
(2,441)
(2,441)
(2,441)
(9,764)
Credit Facility, Unsecured
(14,155)
(5,449)
(6,047)
(3,596)
(2,232)
(17,324)
(1,725)
(1,390)
(1,353)
(2,331)
(6,799)
Privately Placed Senior Notes, Unsecured ($125M)
(4,789)
(1,197)
(1,198)
(1,197)
(1,197)
(4,789)
(1,197)
(1,198)
(1,197)
(1,197)
(4,789)
Privately Placed Senior Notes, Unsecured ($100M)
(4,145)
(1,036)
(1,037)
(1,036)
(1,037)
(4,146)
(1,036)
(1,036)
(1,037)
(1,036)
(4,145)
201 N. Tryon
(4,388)
(1,078)
(1,070)
(1,062)
(1,055)
(4,265)
(1,046)
(1,038)
(1,030)
(1,023)
(4,137)
Colorado Tower
(3,826)
(942)
(936)
(930)
(924)
(3,732)
(918)
(911)
(905)
(905)
(3,639)
Other (10)
(13,189)
(3,271)
(3,240)
(3,236)
(2,720)
(12,467)
(2,490)
(2,489)
(135)
—
(5,114)
Capitalized (11)
18,367
3,706
3,198
2,914
2,731
12,549
2,383
1,903
1,634
1,093
7,013
Subtotal - Consolidated Interest Expense
(105,463)
(28,908)
(29,743)
(30,773)
(33,052)
(122,476)
(36,774)
(38,514)
(41,497)
(42,456)
(159,241)
Unconsolidated Interest Expense (4)
Medical Offices at Emory Hospital
(1,659)
(508)
(508)
(508)
(508)
(2,032)
(508)
(508)
(508)
(508)
(2,032)
Other (10)
(17)
(20)
(127)
(999)
(1,306)
(2,452)
(1,481)
(1,731)
(2,322)
(2,142)
(7,676)
Subtotal - Unconsolidated Interest Expense
(1,676)
(528)
(635)
(1,507)
(1,814)
(4,484)
(1,989)
(2,239)
(2,830)
(2,650)
(9,708)
Total Interest Expense
(107,139)
(29,436)
(30,378)
(32,280)
(34,866)
(126,960)
(38,763)
(40,753)
(44,327)
(45,106)
(168,949)
Continued on next page
Cousins Properties
15
Q4 2025 Supplemental Information
FUNDS FROM OPERATIONS - DETAIL (1)
(amounts in thousands, except per share amounts)
2023
2024 1st
2024 2nd
2024 3rd
2024 4th
2024
2025 1st
2025 2nd
2025 3rd
2025 4th
2025
Reimbursed and Other Expenses
Reimbursed Expenses (7)
(608)
(140)
(151)
(188)
(155)
(634)
(177)
(120)
(123)
(124)
(544)
Property Taxes and Other Land Holding Costs (4)
(1,390)
(389)
59
(320)
(326)
(976)
(344)
(386)
(319)
(334)
(1,383)
Severance
(392)
2
—
—
(46)
(44)
(11)
(1)
(1)
—
(13)
Predevelopment & Other Costs (4)
(404)
(316)
(677)
(124)
(276)
(1,393)
11
(118)
(216)
(267)
(590)
Land and Related Predevelopment Cost Impairment (12)
—
—
—
—
—
—
—
—
—
(1,034)
(1,034)
Total Reimbursed and Other Expenses
(2,794)
(843)
(769)
(632)
(803)
(3,047)
(521)
(625)
(659)
(1,759)
(3,564)
Gain (Loss) on Sales of Undepreciated Investment Properties
Consolidated
506
—
(3)
—
—
(3)
—
—
—
—
—
Total Gain (Loss) on Sales of Undepreciated Investment Properties
506
—
(3)
—
—
(3)
—
—
—
—
—
—
Depreciation and Amortization of Non-Real Estate Assets
(448)
(115)
(116)
(117)
(113)
(461)
(117)
(121)
(121)
(129)
(488)
—
Partners' Share of FFO in Consolidated Joint Ventures
(1,909)
(429)
(426)
(418)
(444)
(1,717)
(467)
(420)
(429)
(429)
(1,745)
FFO
$398,289
$99,496
$103,346
$102,334
$108,916
$414,092
$124,834
$117,494
$116,536
$119,537
$478,401
Weighted Average Shares - Diluted
152,040
152,385
152,614
152,812
158,249
154,015
168,593
168,765
168,738
168,770
168,716
FFO per Share
$2.62
$0.65
$0.68
$0.67
$0.69
$2.69
$0.74
$0.70
$0.69
$0.71
$2.84
Note:
Amounts may differ slightly from other schedules contained herein due to rounding.
(1) See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 32.
(2) Contains multiple buildings that are grouped together for reporting purposes.
(3) Primarily represents the College Street Garage and Domain 4. The Company plans to hold the Domain 4 site for future development once the building's leases expire.
(4) Unconsolidated amounts included in the reconciliation above represent amounts recorded in unconsolidated joint ventures multiplied by the Company's ownership interest. The Company does not control the
operations of the unconsolidated joint ventures but believes including these amounts in the categories indicated is meaningful to investors and analysts.
(5) Represents the initial operations at our Neuhoff property which is included on our development pipeline on page 26.
(6) Primarily represents NOI from unconsolidated investments not yet stabilized.
(7) Reimbursed Expenses include costs incurred by the Company for management services provided to our unconsolidated joint ventures. The reimbursement of these costs by the unconsolidated joint ventures is
included in Management Fees.
(8) Included in Interest Income from Real Estate Debt for the first quarter of 2025 is $858,000 related to a minimum interest guaranty paid by the borrower of the Radius loan upon early repayment. 
(9) Included in Other Income for the first quarter of 2025 is $4.6 million from the sale of our SVB bankruptcy claim.
(10) Primarily represents interest on consolidated loans repaid and our share of interests on loans of unconsolidated investments sold prior to December 31, 2025. Also includes interest expense from unconsolidated
investments not yet stabilized.
(11) Amounts of consolidated interest expense related to consolidated debt that are capitalized to consolidated development and redevelopment projects as well as to equity in unconsolidated development projects.
(12) Represents impairment charge to our 303 Tremont land parcel and its related predevelopment cost. The basis of the land and predevelopment cost was $18.9 million and $5.8 million, respectively, prior to
impairment charges.
Cousins Properties
16
Q4 2025 Supplemental Information
PORTFOLIO STATISTICS (1)
Office Properties
Rentable
Square
Feet
Financial
Statement
Presentation
Company's
Ownership
Interest
End of Period Leased
Weighted Average
Occupancy (2)
% of Total
NOI / 4Q25
Property Level Debt
($ in thousands) (3)
3Q25
4Q25
3Q25
4Q25
The Domain (4) (5)
2,080,000
Consolidated
100%
97.9%
97.9%
97.9%
97.9%
12.8%
$—
Sail Tower (6)
804,000
Consolidated
100%
100.0%
100.0%
100.0%
100.0%
6.9%
—
300 Colorado
378,000
Consolidated
100%
100.0%
100.0%
100.0%
100.0%
4.0%
—
One Eleven Congress
519,000
Consolidated
100%
86.4%
86.4%
82.7%
82.7%
2.8%
—
San Jacinto Center
399,000
Consolidated
100%
87.6%
90.3%
82.5%
85.9%
2.8%
—
The Terrace (4)
619,000
Consolidated
100%
90.0%
88.1%
78.4%
79.4%
2.4%
—
Colorado Tower
373,000
Consolidated
100%
92.2%
89.7%
86.7%
89.7%
2.4%
101,140
Domain Point (4)
240,000
Consolidated
96.5%
93.6%
93.6%
95.5%
93.6%
1.2%
—
Research Park V
173,000
Consolidated
100%
93.0%
93.0%
93.0%
93.0%
0.7%
—
AUSTIN
5,585,000
94.9%
94.8%
92.7%
93.1%
36.0%
101,140
Terminus (4)
1,226,000
Consolidated
100%
82.6%
83.9%
82.0%
81.6%
4.8%
220,775
Spring & 8th (4)
765,000
Consolidated
100%
100.0%
100.0%
100.0%
100.0%
4.3%
—
Buckhead Plaza (4)
678,000
Consolidated
100%
93.8%
95.1%
92.3%
93.2%
3.8%
—
Promenade Tower
777,000
Consolidated
100%
86.3%
87.1%
79.7%
80.5%
3.5%
—
725 Ponce
372,000
Consolidated
100%
87.6%
87.6%
87.6%
87.6%
2.4%
—
3344 Peachtree
484,000
Consolidated
100%
96.7%
94.5%
96.4%
96.7%
2.4%
—
Northpark (4)
1,405,000
Consolidated
100%
70.8%
82.2%
69.0%
69.1%
2.3%
—
Avalon (4)
480,000
Consolidated
100%
99.2%
99.2%
84.1%
88.8%
2.3%
—
3350 Peachtree
413,000
Consolidated
100%
91.1%
90.8%
87.0%
90.8%
1.6%
—
Promenade Central
367,000
Consolidated
100%
78.4%
83.2%
78.4%
78.4%
1.4%
—
3348 Peachtree
258,000
Consolidated
100%
77.0%
77.0%
67.4%
77.0%
0.8%
—
Meridian Mark Plaza
160,000
Consolidated
100%
100.0%
100.0%
100.0%
100.0%
0.7%
—
Medical Offices at Emory Hospital
358,000
Unconsolidated
50%
99.1%
99.1%
98.7%
99.1%
0.7%
41,244
Proscenium (6)
525,000
Unconsolidated
20%
58.5%
44.8%
58.5%
46.9%
0.1%
—
120 West Trinity Office
43,000
Unconsolidated
20%
74.2%
74.2%
74.2%
74.2%
0.1%
—
ATLANTA
8,311,000
86.2%
88.5%
83.4%
84.2%
31.2%
262,019
Vantage South End (4) (6)
639,000
Consolidated
100%
97.4%
97.4%
97.4%
97.4%
4.2%
—
The RailYard
329,000
Consolidated
100%
98.1%
99.0%
98.5%
98.1%
1.8%
—
201 N. Tryon
692,000
Consolidated
100%
52.6%
52.6%
66.2%
53.1%
1.7%
118,885
550 South
394,000
Consolidated
100%
73.2%
55.8%
73.4%
61.6%
0.9%
—
CHARLOTTE
2,054,000
77.8%
74.6%
82.5%
75.7%
8.6%
118,885
Corporate Center (4)
1,227,000
Consolidated
100%
96.5%
97.6%
94.0%
94.5%
5.0%
—
Heights Union (4)
294,000
Consolidated
100%
100.0%
100.0%
100.0%
100.0%
1.6%
—
The Pointe
253,000
Consolidated
100%
90.1%
93.9%
87.9%
90.3%
0.8%
—
Harborview Plaza
206,000
Consolidated
100%
79.4%
80.9%
69.3%
64.7%
0.4%
—
TAMPA
1,980,000
94.4%
95.8%
91.6%
91.7%
7.8%
—
Continued on next page
Cousins Properties
17
Q4 2025 Supplemental Information
PORTFOLIO STATISTICS (1)
Office Properties
Rentable
Square
Feet
Financial
Statement
Presentation
Company's
Ownership
Interest
End of Period Leased
Weighted Average
Occupancy (2)
% of Total
NOI / 4Q25
Property Level Debt
($ in thousands) (3)
3Q25
4Q25
3Q25
4Q25
Hayden Ferry (4) (7)
792,000
Consolidated
100%
92.3%
95.4%
85.8%
92.2%
3.0%
—
100 Mill
288,000
Consolidated
90%
98.1%
98.1%
98.1%
98.1%
2.3%
—
Tempe Gateway
264,000
Consolidated
100%
95.9%
95.9%
95.7%
95.7%
1.4%
—
111 West Rio
225,000
Consolidated
100%
100.0%
100.0%
100.0%
100.0%
0.8%
—
PHOENIX
1,569,000
95.4%
96.8%
92.5%
95.4%
7.5%
—
The Link (6)
292,000
Consolidated
100%
93.0%
93.6%
93.0%
93.6%
2.6%
—
Legacy Union One
319,000
Consolidated
100%
100.0%
100.0%
100.0%
100.0%
1.4%
—
5950 Sherry Lane
197,000
Consolidated
100%
92.9%
90.2%
91.3%
90.6%
0.8%
—
DALLAS
808,000
95.8%
95.3%
95.4%
95.4%
4.8%
—
BriarLake Plaza (4)
835,000
Consolidated
100%
97.4%
97.4%
97.4%
97.4%
3.3%
—
HOUSTON
835,000
97.4%
97.4%
97.4%
97.4%
3.3%
—
TOTAL OFFICE
21,142,000
90.0%
90.7%
88.3%
88.3%
99.2%
$482,044
Other Properties (6)
College Street Garage - Charlotte
N/A
Consolidated
100%
N/A
N/A
N/A
N/A
0.6%
—
120 West Trinity Apartment -                                     
Atlanta (330 units)
310,000
Unconsolidated
20%
92.0%
96.6%
90.5%
96.0%
0.1%
—
Domain 4 (5)
157,000
Consolidated
100%
33.4%
33.4%
33.4%
33.4%
0.1%
—
TOTAL OTHER
467,000
0.8%
$—
TOTAL
21,609,000
100.0%
$482,044
(1)
Represents the Company's operating properties, excluding properties in the development pipeline and properties sold prior to December 31, 2025.
(2)
The weighted average economic occupancy of the property over the period for which the property was available for occupancy during the respective quarters.
(3)
The Company's share of property-specific mortgage debt, net of unamortized loan costs, as of December 31, 2025.
(4)
Contains two or more buildings that are grouped together for reporting purposes.
(5)
Effective September 1, 2024, Domain 4 was excluded from the office square footage, end of period leased, weighted average occupancy, and Same Property. The Company plans to hold the Domain 4 site for future
development once the building's leases expire. Domain 9 stabilized on March 1, 2025 and was added to the portfolio statistics at that time. Domain 9 is not included in Same Property.
(6)
Not included in Same Property.
(7)
Effective October 1, 2023, Hayden Ferry I, a 207,000 square foot building, in this group of buildings was excluded from Same Property, end of period leased, and weighted average occupancy due to commencement
of the current full redevelopment of this building. This building will be excluded from the Phoenix and Total Office end of period leased and weighted average occupancy calculations until stabilized.
Cousins Properties
18
Q4 2025 Supplemental Information
PORTFOLIO STATISTICS
Fourth Quarter 2025 Portfolio NOI by Market
supplementmapa.jpg
Charlotte
9.2%
Dallas
4.8%
Nashville (1)
Atlanta
31.3%
Phoenix
7.5%
Houston
3.3%
Austin
36.1%
Tampa
7.8%
(1) The Company owns 50% of Neuhoff, a mixed-use development in Nashville, through a joint venture. It has commenced initial operations but is not yet stabilized. See pages 26 and 31 for
additional details.
Cousins Properties
19
Q4 2025 Supplemental Information
SAME PROPERTY PERFORMANCE (1)   
($ in thousands)
Three Months Ended December 31,
2024
2025
$ Change
% Change
Rental Property Revenues (2)
$209,916
$213,156
$3,240
1.54%
Rental Property Operating Expenses (2)
70,596
73,255
2,659
3.77%
Same Property Net Operating Income
$139,320
$139,901
$581
0.42%
Cash-Basis Rental Property Revenues (3)
$196,005
$198,679
$2,674
1.36%
Cash-Basis Rental Property Operating Expenses (4)
70,420
73,058
2,638
3.75%
Cash-Basis Same Property Net Operating Income
$125,585
$125,621
$36
0.03%
End of Period Leased
91.0%
90.1%
Weighted Average Occupancy
88.8%
87.4%
Year Ended December 31,
2024
2025
$ Change
% Change
Rental Property Revenues (2)
$822,124
$841,626
$19,502
2.37%
Rental Property Operating Expenses (2)
274,885
281,479
6,594
2.40%
Same Property Net Operating Income
$547,239
$560,147
$12,908
2.36%
Cash-Basis Rental Property Revenues (3)
$766,392
$777,200
$10,808
1.41%
Cash-Basis Rental Property Operating Expenses (4)
274,118
280,632
6,514
2.38%
Cash-Basis Same Property Net Operating Income
$492,274
$496,568
$4,294
0.87%
Weighted Average Occupancy
88.9%
88.1%
(1)
Same Properties include those office properties that were stabilized and owned by the Company for the entirety of all comparable reporting periods presented.
See Portfolio Statistics on pages 16 and 17 for footnotes indicating which properties are not included in Same Property. See Non-GAAP Financial Measures -
Calculations and Reconciliations beginning on page 32.
(2)
Rental Property Revenues and Operating Expenses include results for the Company and its share of unconsolidated joint ventures and exclude termination fee
income. Net operating income for unconsolidated joint ventures is calculated as Rental Property Revenues less termination fee income and Rental Property
Operating Expenses at the joint ventures, multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated
joint ventures but believes that including these amounts with consolidated net operating income is meaningful to investors and analysts.
(3)
Cash-Basis Rental Property Revenues include that of the Company and its share of unconsolidated joint ventures. It represents Rental Property Revenues,
excluding termination fee income, straight-line rents, other deferred income amortization, amortization of lease inducements, and amortization of acquired above
and below market rents.
(4)
Cash-Basis Rental Property Operating Expenses include that of the Company and its share of unconsolidated joint ventures. It represents Rental Property
Operating Expenses, excluding straight-line ground rent expense and amortization of above and below market ground rent expense.
Cousins Properties
20
Q4 2025 Supplemental Information
OFFICE LEASING ACTIVITY
Three Months Ended December 31, 2025
Year Ended December 31, 2025
New
Renewal
Expansion
Total
New
Renewal
Expansion
Total
Net leased square feet (1)
448,599
206,907
44,623
700,129
938,531
950,010
236,417
2,124,958
Number of transactions
16
16
7
39
76
66
25
167
Lease term in years (2)
10.8
7.3
8.6
9.6
9.2
7.8
8.3
8.5
Net effective rent calculation (per square foot
per year) (2)
Net annualized rent (3)
$36.38
$36.34
$39.49
$36.52
$38.51
$36.38
$40.33
$37.76
Net free rent
(2.53)
(2.16)
(1.94)
(2.40)
(2.37)
(1.91)
(1.52)
(2.07)
Leasing commissions
(2.75)
(2.74)
(3.10)
(2.76)
(3.06)
(2.57)
(2.84)
(2.82)
Tenant improvements
(8.42)
(6.73)
(13.00)
(8.18)
(8.49)
(5.32)
(7.80)
(7.01)
Total leasing costs
(13.70)
(11.63)
(18.04)
(13.34)
(13.92)
(9.80)
(12.16)
(11.90)
Net effective rent (4)
$22.68
$24.71
$21.45
$23.18
$24.59
$26.58
$28.17
$25.86
Second generation leased square footage (5)
459,558
1,574,998
Increase in straight-line basis second generation net rent per square foot (6)
19.9%
21.5%
Increase in cash-basis second generation net rent per square foot (7)
0.2%
3.5%
Adjusted increase in cash-basis second generation net rent per square foot (7) (8)
10.4%
8.4%
(1)
Comprised of total square feet leased, unadjusted for ownership share. Excludes leases approximately one year or less, along with apartment,
retail, amenity, storage, and intercompany space leases.
(2)
Weighted average of net leased square feet.
(3)
Straight-line net rent per square foot (operating expense reimbursements deducted from gross leases) over the lease term, prior to any
deductions for leasing costs. Excludes percent rent leases.
(4)
Excluding 211,000 square feet of leases signed at Northpark, the weighted average net effective rent for leases signed during the three months
ended December 31, 2025, was $27.96 per square foot. Excluding 382,000 square feet of leases signed at Northpark, the weighted average net
effective rent for leases signed during the year ended December 31, 2025, was $28.45 per square foot.
(5)
Excludes leases executed for spaces that were vacant upon acquisition, new leases in development properties, percentage rent leases, and
leases for spaces that have been vacant for one year or more.
(6)
Increase in second generation straight-line basis net annualized rent on a weighted average basis.
(7)
Increase in second generation net cash rent at the end of the term paid by the prior tenant compared to net cash rent at the beginning of the
term (after any free rent period) paid by the current tenant on a weighted average basis. For early renewals, the final net cash rent paid under
the original lease is compared to the first net cash rent paid under the terms of the renewal. Net cash rent is net of any recovery of operating
expenses but prior to any deductions for leasing costs.
(8)
Excludes 172,000 and 304,000 square feet of leases signed at Northpark during the three months and year ended December 31, 2025,
respectively.
Cousins Properties
21
Q4 2025 Supplemental Information
OFFICE LEASE EXPIRATIONS
Lease Expirations by Year (1)
Year of Expiration
Square Feet
Expiring
% of Leased
Space
Annual
Contractual Rent
($ in thousands) (2)
% of Annual
Contractual
Rent
Annual
Contractual
Rent/Sq. Ft.
2026
1,049,119
5.7%
$48,193
4.8%
$45.94
2027
1,370,395
7.5%
67,550
6.7%
49.29
2028
1,728,499
9.4%
88,842
8.8%
51.40
2029
1,763,432
9.6%
92,636
9.1%
52.53
2030
1,694,868
9.2%
88,455
8.7%
52.19
2031
1,511,122
8.2%
84,879
8.4%
56.17
2032
2,284,537
12.4%
131,790
13.0%
57.69
2033
1,296,624
7.1%
76,943
7.6%
59.34
2034
1,140,459
6.2%
65,186
6.4%
57.16
2035 & Thereafter
4,516,257
24.7%
268,190
26.5%
59.38
Total
18,355,312
100.0%
$1,012,664
100.0%
$55.17
chart-437f89ed878042d4af9a.gif
(1) Company's share of leases expiring after December 31, 2025. Expiring square footage for which new leases have been executed is
reflected based on the expiration date of the new lease.
(2) Annual Contractual Rent is the estimated rent in the year of expiration. It includes the minimum base rent and an estimate of the
tenant's share of operating expenses, if applicable, as defined in the respective leases.
Cousins Properties
22
Q4 2025 Supplemental Information
TOP 20 OFFICE TENANTS
Tenant (1)
Number
of
Properties
Occupied
Number
of
Markets
Occupied
Company's
Share of
Square
Footage
Company's
Share of
Annualized
Rent
($ in thousands)
(2)
Percentage of
Company's
Share of
Annualized
Rent
Weighted
Average
Remaining
Lease Term
(Years)
1
Amazon
5
3
1,461,805
$79,741
8.9%
4.7
2
Alphabet
1
1
799,149
54,936
6.1%
12.1
3
NCR Voyix
2
2
815,634
42,692
4.8%
7.4
4
ExxonMobil
1
1
298,396
21,850
2.4%
7.0
5
IBM
1
1
319,863
19,032
2.1%
14.7
6
Expedia
1
1
315,882
17,546
2.0%
5.2
7
Apache
1
1
362,803
14,743
1.6%
12.9
8
Ovintiv USA (3)
1
1
318,582
8,564
1.0%
1.2
9
Deloitte
4
3
193,751
8,478
0.9%
7.9
10
McGuireWoods LLP
2
2
176,498
8,211
0.9%
16.4
11
ADP
1
1
225,000
8,099
0.9%
2.2
12
Wells Fargo
5
3
159,114
7,833
0.9%
4.0
13
BlackRock
1
1
131,656
7,745
0.9%
10.4
14
Smurfit Westrock
1
1
181,286
7,028
0.8%
4.3
15
Amgen
1
1
163,169
6,874
0.8%
2.8
16
McKinsey & Company
2
2
130,513
6,794
0.8%
6.9
17
RigUp
1
1
93,210
6,773
0.8%
2.6
18
International Workplace Group
4
4
123,625
6,552
0.7%
6.3
19
Samsung Engineering America
1
1
133,860
6,507
0.7%
0.9
20
Time Warner Cable
2
1
119,018
6,301
0.6%
2.8
Total
6,522,814
$346,299
38.6%
7.1
(1)
In some cases, the actual tenant may be an affiliate of the entity shown, and the entity shown may not be a guarantor of the obligations of
that tenant.
(2)
Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by
the tenant as of December 31, 2025. If the tenant is in a free rent period as of December 31, 2025, Annualized Rent represents the
annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent.
(3)
Our current lease with Ovintiv USA is a triple net lease. Therefore, the Company’s share of annualized rent represents only base rent.  In
the third quarter of 2025, the Company proactively entered into an early termination agreement with Ovintiv. Approximately 88% of
Ovintiv’s premises is subleased and upon Ovintiv’s expiration the subtenants will become direct tenants. Each subtenant’s remaining lease
term is included in the remaining lease term reflected for Ovintiv above.
Cousins Properties
23
Q4 2025 Supplemental Information
TENANT INDUSTRY DIVERSIFICATION
chart-a89b08298aa44777bc9a.gif
(1) Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of
December 31, 2025. If the tenant is in a free rent period as of December 31, 2025, Annualized Rent represents the annualized contractual rent the tenant
will pay in the first month the tenant is required to pay full rent.
Note: Management uses SIC codes when available, along with their judgment, to determine tenant industry classification. This schedule includes leases that
have commenced. Leases that have been signed but have not commenced are excluded.
Cousins Properties
24
Q4 2025 Supplemental Information
INVESTMENT ACTIVITY
Completed Operating Property Acquisitions
Property
Type
Market
Company's Ownership
Interest
Timing
Square Feet
Gross Purchase
Price
($ in thousands) (1)
2025
The Link
Office
Dallas
100%
3Q
292,000
$218,000
2024
Proscenium
Office
Atlanta
20%
3Q
525,000
83,250
Sail Tower
Office
Austin
100%
4Q
804,000
521,800
Vantage South End
Office
Charlotte
100%
4Q
639,000
328,500
2022
Avalon (2)
Office
Atlanta
100%
2Q
480,000
43,400
2021
725 Ponce
Office
Atlanta
100%
3Q
372,000
300,200
Heights Union
Office
Tampa
100%
4Q
294,000
144,800
2020
The RailYard
Office
Charlotte
100%
4Q
329,000
201,300
3,735,000
$1,841,250
Completed Property Developments
Project
Type
Market
Company's Ownership
Interest
Timing (3)
Square Feet
Total Project Cost
($ in thousands) (1)
2025
Domain 9
Office
Austin
100%
1Q
338,000
$147,000
2022
300 Colorado
Office
Austin
100%
1Q
369,000
193,000
100 Mill
Office
Phoenix
90%
4Q
288,000
156,000
2021
10000 Avalon (2)
Office
Atlanta
90%
1Q
251,000
96,000
120 West Trinity
Mixed
Atlanta
20%
2Q
353,000
89,000
Domain 10
Office
Austin
100%
3Q
300,000
111,000
2020
Domain 12
Office
Austin
100%
4Q
320,000
117,000
2,219,000
$909,000
(1) Except as otherwise noted, amounts represent total purchase prices, total project costs paid by the Company and, where applicable, its joint venture partner.   
(2) Developed 8000 Avalon and 10000 Avalon as the majority partner in 90-10 joint ventures, HICO Avalon LLC and HICO Avalon II LLC, respectively. In 2022, we purchased the outside interest
of 10% in HICO Avalon LLC and HICO Avalon II LLC for $43 million in a transaction that valued the properties at $302 million.
(3) Represents timing of stabilization.
Cousins Properties
25
Q4 2025 Supplemental Information
INVESTMENT ACTIVITY
Completed Operating Property Dispositions
Property
Type
Market
Company's Ownership
Interest
Timing
Square Feet
Gross Sales Price
($ in thousands)
2022
Carolina Square
Mixed
Charlotte
50%
3Q
468,000
$105,000
(1)
2021
Burnett Plaza
Office
Fort Worth
100%
2Q
1,023,000
137,500
One South at the Plaza
Office
Charlotte
100%
3Q
891,000
271,500
Dimensional Place
Office
Charlotte
50%
3Q
281,000
60,800
(1)
816 Congress
Office
Austin
100%
4Q
435,000
174,000
2020
Hearst Tower
Office
Charlotte
100%
1Q
966,000
455,500
Gateway Village
Office
Charlotte
50%
1Q
1,061,000
52,200
(1)
Woodcrest
Office
Cherry Hill
100%
1Q
386,000
25,300
5,511,000
$1,281,800
(1) Amount represents proceeds, before debt and other adjustments, received by the Company for the sale of its unconsolidated interest in the joint venture to its partner.
Cousins Properties
26
Q4 2025 Supplemental Information
DEVELOPMENT PIPELINE (1)
Project
Type
Market
Company's
Ownership
Interest
Construction
Start Date
Square
Feet/Units
Estimated Project
Cost (1)
($ in thousands)
Company's
Share of
Estimated
Project Cost (1)
($ in thousands)
Project Cost
Incurred to
Date (1)
($ in thousands)
Company's
Share of Project
Cost Incurred to
Date (1)
($ in thousands)
Percent
Leased
Initial
Occupancy (2)
Estimated
Stabilization (3)
Neuhoff (4)
Mixed
Nashville
50%
3Q21
$589,100
$294,550
$582,617
$291,309
Office and Retail
450,000
53%
4Q23
3Q26
Apartments
542
89%
2Q24
1Q26
(1)
This schedule shows projects currently under active development as of December 31, 2025 through the substantial completion of construction as well as properties in an initial lease up period
prior to stabilization. Significant estimation is required to derive these costs, and the final costs may differ from these estimates. Estimated and incurred project costs are construction costs,
initial leasing costs, and financing costs on project-specific debt. Neuhoff has a project-specific construction loan (see footnote 4). The above schedule excludes any financing cost assumptions
for projects without project-specific debt and any other incremental capitalized costs required by GAAP.
(2)
Initial occupancy represents the quarter within which the Company first recognized, or estimates it will begin recognizing, revenue under GAAP. The Company capitalizes interest, real estate
taxes, and certain operating expenses on the unoccupied portion of office and retail properties, which have ongoing construction of tenant improvements, until the earlier of (i) the date on
which the project achieves 90% economic occupancy or (ii) one year from cessation of major construction activity. For residential project construction, the Company continues to capitalize
interest, real estate taxes, and certain operating expenses until cessation of major construction activity.
(3)
Reflects the estimated quarter of economic stabilization for each project.
(4)
The Neuhoff estimated project cost is being funded with a combination of $315.6 million of equity contributed by the joint venture partners and a construction loan with a current capacity of
$273.5 million of which the Company's share is $136.8 million. See footnote 10 on page 30 for additional information on the construction loan. These costs include approximately $66 million of
site and associated infrastructure work related to a future phase. The estimated project cost includes revisions related to updated initial leasing costs and construction loan interest costs.
Cousins Properties
27
Q4 2025 Supplemental Information
LAND INVENTORY
Market
Company's
Ownership
Interest
Financial Statement
Presentation
Total
Developable Land
(Acres)
3354/3356 Peachtree
Atlanta
95%
Consolidated
3.2
715 Ponce
Atlanta
50%
Unconsolidated
1.0
887 West Peachtree
Atlanta
100%
Consolidated
1.6
Domain Point 3
Austin
90%
Consolidated
1.7
Domain Central
Austin
100%
Consolidated
5.6
South End Station
Charlotte
100%
Consolidated
3.4
303 Tremont (1)
Charlotte
100%
Consolidated
2.4
Legacy Union 2 & 3
Dallas
95%
Consolidated
4.0
Corporate Center 5 & 6 (2)
Tampa
100%
Consolidated
14.1
Total
37.0
Total Cost Basis of Land ($ in thousands)
$162,809
Company's Share of Cost Basis of Land ($ in thousands)
$156,003
(1)
303 Tremont is under contract for sale and is expected to close in the second half of 2026.
(2)
Corporate Center 5 is controlled through a long-term ground lease.
Cousins Properties
28
Q4 2025 Supplemental Information
DEBT SCHEDULE (1)
Company's Share of Debt Maturities and Principal Payments
($ in thousands)
Description (Interest Rate Base, if not fixed)
Company's
Ownership
Interest
Rate at
End of
Quarter
Maturity
Date (2)
2026
2027
2028
2029
2030
Thereafter
Total
Principal
Original
Issue
Discount
Deferred
Loan
Costs
Total
Consolidated Debt
Consolidated Debt - Floating Rate
Term Loan, Unsecured (Adjusted SOFR + 0.85% to 1.65%) (3)
100%
4.76%
8/17/26
$250,000
—
—
—
—
—
250,000
—
(64)
249,936
Credit Facility, Unsecured (Adjusted SOFR + 0.725% to 1.40%) (4)
100%
4.535%
4/30/27
—
116,000
$—
$—
$—
$—
116,000
$—
$—
$116,000
Total Consolidated Floating Rate Debt
250,000
116,000
—
—
—
—
366,000
—
(64)
365,936
Consolidated Debt - Fixed Rate
Colorado Tower
100%
3.45%
9/1/26
101,199
—
—
—
—
—
101,199
—
(59)
101,140
201 N. Tryon
100%
3.37%
10/1/26
118,928
—
—
—
—
—
118,928
—
(43)
118,885
Term Loan, Unsecured (5)
100%
4.971%
3/3/27
—
400,000
—
—
—
—
400,000
—
(76)
399,924
Privately Placed Senior Notes, Unsecured
100%
4.09%
7/6/27
—
100,000
—
—
—
—
100,000
—
(70)
99,930
Privately Placed Senior Notes, Unsecured
100%
3.78%
7/6/27
—
125,000
—
—
—
—
125,000
—
(94)
124,906
Privately Placed Senior Notes, Unsecured
100%
3.86%
7/6/28
—
—
250,000
—
—
—
250,000
—
(281)
249,719
Privately Placed Senior Notes, Unsecured
100%
3.95%
7/6/29
—
—
—
275,000
—
—
275,000
—
(391)
274,609
Public Senior Notes, Unsecured (6)
100%
5.25%
7/15/30
—
—
—
—
500,000
—
500,000
(59)
(3,817)
496,124
Terminus (7)
100%
6.34%
1/15/31
—
—
—
—
—
221,000
221,000
—
(225)
220,775
Public Senior Notes, Unsecured (8)
100%
5.375%
2/15/32
—
—
—
—
—
400,000
400,000
(1,877)
(3,025)
395,098
Public Senior Notes, Unsecured (9)
100%
5.875%
10/1/34
—
—
—
—
—
500,000
500,000
(1,310)
(4,921)
493,769
Total Consolidated Fixed Rate Debt
220,127
625,000
250,000
275,000
500,000
1,121,000
2,991,127
(3,246)
(13,002)
2,974,879
Total Consolidated Debt
470,127
741,000
250,000
275,000
500,000
1,121,000
3,357,127
(3,246)
(13,066)
3,340,815
Unconsolidated Debt
Unconsolidated Debt - Floating Rate
Neuhoff (SOFR + 3.00%) (10)
50%
6.76%
9/30/27
—
125,334
—
—
—
—
125,334
—
(373)
124,961
.
Unconsolidated Debt - Fixed Rate
Medical Offices at Emory Hospital
50%
4.80%
6/1/32
—
—
—
—
—
41,500
41,500
—
(256)
41,244
Total Unconsolidated Debt
—
125,334
—
—
—
41,500
166,834
—
(629)
166,205
Total Debt
$470,127
$866,334
$250,000
$275,000
$500,000
$1,162,500
$3,523,961
$(3,246)
$(13,695)
$3,507,020
Total Maturities (11)
$465,159
$866,334
$250,000
$275,000
$500,000
$1,162,500
$3,518,993
% of Maturities
13%
25%
7%
8%
14%
33%
100%
Continued on next page
Cousins Properties
29
Q4 2025 Supplemental Information
DEBT SCHEDULE (1)
chart-b54b1ebced804cf3a4da.gif
Credit Facility
$116M
Construction
Loan
$125M
Unsecured
Senior Notes
$225
Unsecured
Senior Notes
$225M
Unsecured
Senior Notes
$225M
Mortgage
$71
Mortgage $42M
Term Loan
$400M
Mortgages
$215M
Unsecured
Senior Notes
$400M
Unsecured
Senior Notes
Unsecured
Senior Notes
Term Loan
$400M
Term Loan
$250M
Unsecured
Senior Notes
Unsecured
Senior Notes
Mortgages
Continued on next page
Cousins Properties
30
Q4 2025 Supplemental Information
DEBT SCHEDULE (1)
Floating and Fixed Rate Debt Analysis
Total Principal
($ in thousands)
Total Debt
(%)
Weighted Average
Interest Rate
Weighted Average
Maturity (Years) (2)
Floating Rate Debt
$491,334
14%
5.22%
1.1
Fixed Rate Debt
3,032,627
86%
4.94%
4.3
Total Debt
$3,523,961
100%
4.98%
3.9
(1)
All amounts are presented at Company share.
(2)
Maturity dates shown assume the Company exercises all extensions.
(3)
The Company exercised the fourth of four consecutive options to extend the maturity date of this term loan. This extension becomes effective on February 20, 2026 and
extends the maturity date to August 17, 2026. The spread over Adjusted SOFR (SOFR + 0.10%) at December 31, 2025 was 1.00%.
(4)
The Company had $116.0 million drawn under the Credit Facility and had the ability to borrow an additional $884.0 million. The spread over Adjusted SOFR (SOFR +
0.10%) under the Credit Facility at December 31, 2025 was 0.775%.
(5)
The Company exercised the third of four consecutive options to extend the maturity date of this term loan. This extension becomes effective March 3, 2026 and
extended the maturity date to September 3, 2026. One additional six month extension option remains unexercised. At the time of the second extension the Company
elected 6 month Term SOFR, fixing the underlying SOFR interest rate at 4.021% through March 2, 2026. As of December 31, 2025, the spread over Adjusted SOFR
(SOFR + 0.10%) under the $400 million Term Loan was 0.85%.
(6)
This note has a coupon of 5.25% with an effective rate of 5.251% including the original issue discount.
(7)
Represents $123.0 million and $98.0 million non-cross collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
(8)
This note has a coupon of 5.375% with an effective rate of 5.464% including the original issue discount.
(9)
This note has a coupon of 5.875% with an effective rate of 5.912% including the original issue discount.
(10)
The Company's share of the total borrowing capacity of the construction loan is approximately $136.8 million. In September of 2025, the joint venture entered into the
first amendment to the construction loan, repaid $39.2 million of outstanding principal, extended the maturity date to September 30, 2026, and decreased the spread in
excess of SOFR from 3.45% to 3.00%. The joint venture has an option to extend the maturity date an additional 12 months, subject to certain conditions.
(11)
Maturities include principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.
Cousins Properties
31
Q4 2025 Supplemental Information
JOINT VENTURE INFORMATION (1)
Joint Venture
Property
Cash Flows to Cousins (2)
Options
Consolidated:
HICO 100 Mill LLC
100 Mill
90% of cash flows until return of
contributed capital to partners;
portions of cash amounts received
in excess of contributed capital
are paid to our partner as a
promote.
Cousins can trigger a sale process, subject to a right of
first offer that can be exercised by partner.
TR Domain Point LLC
Domain Point
Preferred return on preferred
equity contribution, then 96.5% of
remaining cash flows.
Partner has put options under various circumstances.
Unconsolidated:
AMCO 120 WT Holdings LLC
120 West Trinity
20% of cash flows.
Cousins or partner can trigger a buyout upon which
Cousins would receive the office component, and partner
would receive the multifamily component, with a net
settlement at a then agreed upon value.
Crawford Long-CPI, LLC
Medical Offices at
Emory Hospital
50% of cash flows.
Cousins can put its interest to partner, or partner can call
Cousins' interest, at a value determined by appraisal.
Neuhoff Holdings LLC
Neuhoff
50% of cash flows until return of
contributed capital to partners;
portions of cash amounts received
in excess of contributed capital to
equity partners are paid to
development partner as a
promote.
Cousins or its equity partner can trigger a sale process,
subject to a right of first offer that can be exercised by
the non-triggering party.
TL CO Proscenium JV LLC
Proscenium
20% of cash flows.
Cousins' equity partner can trigger a sale process, subject
to a right of first offer that can be exercised by Cousins.
Additionally, Cousins has a put option under various
circumstances.
(1)
This schedule only contains information related to joint ventures that hold an ownership interest in operating office buildings or projects under
active development.
(2)
Each respective joint venture agreement may contain additional terms that affect the distribution of operating cash flows and capital transaction
proceeds that are not yet effective, including the distribution of promoted interest.
Cousins Properties
32
Q4 2025 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
2023
2024 1st
2024 2nd
2024 3rd
2024 4th
2024
2025 1st
2025 2nd
2025 3rd
2025 4th
2025
FFO and EBITDAre
Net income (loss) available to common stockholders
$82,963
$13,288
$7,840
$11,198
$13,636
$45,962
$20,897
$14,483
$8,590
$(3,467)
$40,503
Depreciation and amortization of real estate assets:
Consolidated properties
314,449
86,116
95,299
89,667
93,502
364,584
101,996
100,769
105,152
106,954
414,871
Share of unconsolidated joint ventures
1,931
459
513
1,728
2,045
4,745
2,212
2,489
3,034
3,004
10,739
Partners' share of real estate depreciation
(1,070)
(268)
(308)
(260)
(270)
(1,106)
(274)
(250)
(241)
(240)
(1,005)
Operating property impairment
—
—
—
13,286
13,286
Loss (gain) on depreciated property transactions:
Consolidated properties
2
(101)
—
—
—
(101)
—
—
—
—
—
Non-controlling interest related to unitholders
14
2
2
1
3
8
3
3
1
—
7
FFO (1)
398,289
99,496
103,346
102,334
108,916
414,092
124,834
117,494
116,536
119,537
478,401
Interest Expense
107,139
29,436
30,378
32,280
34,866
126,960
38,763
40,753
44,327
45,106
168,949
Non-Real Estate Depreciation and Amortization
448
115
116
117
113
461
117
121
121
130
489
EBITDAre (1)
505,876
129,047
133,840
134,731
143,895
541,513
163,714
158,368
160,984
164,773
647,839
FFO and Net Operating Income from Unconsolidated
Joint Ventures
Income (loss) from Unconsolidated Joint Ventures
2,299
348
439
(1,575)
(2,008)
(2,796)
(1,883)
(1,587)
(2,682)
(2,007)
(8,159)
Depreciation and Amortization of Real Estate Assets
1,931
459
513
1,728
2,045
4,745
2,212
2,489
3,034
3,004
10,739
FFO - Unconsolidated Joint Ventures
4,230
807
952
153
37
1,949
329
902
352
997
2,580
Interest Expense
1,676
528
635
1,507
1,814
4,484
1,989
2,239
2,830
2,650
9,708
Other Expense
58
31
15
118
152
316
(79)
62
99
102
184
Other Income
(140)
(14)
(41)
(62)
(15)
(132)
(16)
(38)
(25)
(44)
(123)
Net Operating Income - Unconsolidated Joint Ventures
5,824
1,352
1,561
1,716
1,988
6,617
2,223
3,165
3,256
3,705
12,349
Market Capitalization
Common Stock Price Per Share at Period End
$24.35
$24.04
$23.15
$29.48
$30.64
$30.64
$29.50
$30.03
$28.94
$25.78
$25.78
Number of Common Stock/Units Outstanding at
Period End
151,824
152,096
152,165
152,165
167,685
167,685
167,933
167,992
167,990
168,007
168,007
Equity Market Capitalization
3,696,914
3,656,388
3,522,620
4,485,824
5,137,868
5,137,868
4,954,024
5,044,800
4,861,631
4,331,220
4,331,220
Consolidated Debt
2,457,627
2,563,332
2,586,732
2,661,292
3,095,666
3,095,666
3,020,741
3,476,761
3,309,383
3,340,815
3,340,815
Share of Unconsolidated Debt
151,048
160,646
167,626
173,667
178,722
178,722
182,735
183,847
165,737
166,205
166,205
Debt (1)
2,608,675
2,723,978
2,754,358
2,834,959
3,274,388
3,274,388
3,203,476
3,660,608
3,475,120
3,507,020
3,507,020
Total Market Capitalization
6,305,589
6,380,366
6,276,978
7,320,783
8,412,256
8,412,256
8,157,500
8,705,408
8,336,751
7,838,240
7,838,240
Credit Ratios
Debt (1)
2,608,675
2,723,978
2,754,358
2,834,959
3,274,388
3,274,388
3,203,476
3,660,608
3,475,120
3,507,020
3,507,020
Less: Cash and Cash Equivalents
(6,047)
(5,452)
(5,954)
(76,143)
(7,349)
(7,349)
(5,330)
(416,840)
(4,675)
(5,720)
(5,720)
Less: Share of Unconsolidated Cash and Cash
Equivalents (1)
(2,042)
(6,217)
(5,962)
(10,210)
(6,821)
(6,821)
(6,332)
(4,448)
(6,484)
(5,633)
(5,633)
Net Debt (1)
2,600,586
2,712,309
2,742,442
2,748,606
3,260,218
3,260,218
3,191,814
3,239,320
3,463,961
3,495,667
3,495,667
Total Market Capitalization
6,305,589
6,380,366
6,276,978
7,320,783
8,412,256
8,412,256
8,157,500
8,705,408
8,336,751
7,838,240
7,838,240
Net Debt / Total Market Capitalization
41.2%
42.5%
43.7%
37.5%
38.8%
38.8%
39.1%
37.2%
41.6%
44.6%
44.6%
Continued on next page
Cousins Properties
33
Q4 2025 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
2023
2024 1st
2024 2nd
2024 3rd
2024 4th
2024
2025 1st
2025 2nd
2025 3rd
2025 4th
2025
Total Assets - Consolidated
7,634,474
7,682,981
7,700,528
7,770,531
8,802,146
8,802,146
8,663,360
9,051,863
8,900,481
8,890,132
8,890,132
Accumulated Depreciation - Consolidated
1,518,572
1,596,116
1,664,950
1,740,856
1,821,559
1,821,559
1,893,215
1,982,700
2,045,711
2,120,930
2,120,930
Undepreciated Assets - Unconsolidated (1)
289,202
304,617
316,303
352,427
356,091
356,091
363,789
368,322
375,572
376,850
376,850
Less: Investment in Unconsolidated Joint Ventures
(143,831)
(155,210)
(160,873)
(182,130)
(185,478)
(185,478)
(191,505)
(192,420)
(215,507)
(215,301)
(215,301)
Total Undepreciated Assets (1)
9,298,417
9,428,504
9,520,908
9,681,684
10,794,318
10,794,318
10,728,859
11,210,465
11,106,257
11,172,611
11,172,611
Net Debt (1)
2,600,586
2,712,309
2,742,442
2,748,606
3,260,218
3,260,218
3,191,814
3,239,320
3,463,961
3,495,667
3,495,667
Net Debt / Total Undepreciated Assets (1)
28.0%
28.8%
28.8%
28.4%
30.2%
30.2%
29.7%
28.9%
31.2%
31.3%
31.3%
Coverage Ratios (1)
Interest Expense
107,139
29,436
30,378
32,280
34,866
126,960
38,763
40,753
44,327
45,106
168,949
Scheduled Principal Payments
8,658
2,114
2,132
2,151
1,825
8,222
1,667
1,681
1,696
1,710
6,754
Fixed Charges
115,797
31,550
32,510
34,431
36,691
135,182
40,430
42,434
46,023
46,816
175,703
EBITDAre
505,876
129,047
133,840
134,731
143,895
541,513
163,714
158,368
160,984
164,773
647,839
EBITDAre / Fixed Charges  (1)
4.37
4.09
4.12
3.91
3.92
4.01
4.05
3.73
3.50
3.52
3.69
Net Debt
2,600,586
2,712,309
2,742,442
2,748,606
3,260,218
3,260,218
3,191,814
3,239,320
3,463,961
3,495,667
3,495,667
Annualized EBITDAre (2)
505,468
516,188
535,360
538,924
632,139
632,139
654,856
633,472
643,936
659,092
659,092
Net Debt / Annualized EBITDAre
5.14
5.25
5.12
5.10
5.16
5.16
4.87
5.11
5.38
5.30
5.30
Dividend Information
Common Dividends
194,248
48,658
48,685
48,685
53,651
199,679
53,732
53,746
53,746
53,754
214,978
FFO
398,289
99,496
103,346
102,334
108,916
414,092
124,834
117,494
116,536
119,537
478,401
FFO Payout Ratio
48.8%
48.9%
47.1%
47.6%
49.3%
48.2%
43.0%
45.7%
46.1%
45.0%
44.9%
Operations Ratio
Total Undepreciated Assets (1)
9,298,417
9,428,504
9,520,908
9,681,684
10,794,318
10,794,318
10,728,859
11,210,465
11,106,257
11,172,611
11,172,611
General and Administrative Expenses
32,331
9,214
8,907
9,204
9,241
36,566
10,709
9,738
9,510
8,685
38,642
Annualized General and Administrative Expenses (2) /
Total Undepreciated Assets
0.32%
0.39%
0.37%
0.38%
0.34%
0.34%
0.40%
0.35%
0.34%
0.31%
0.31%
Continued on next page
Cousins Properties
34
Q4 2025 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
2023
2024 1st
2024 2nd
2024 3rd
2024 4th
2024
2025 1st
2025 2nd
2025 3rd
2025 4th
2025
Net income (loss) available to common stockholders
$82,963
$13,288
$7,840
$11,198
$13,636
$45,962
$20,897
$14,483
$8,590
$(3,467)
$40,503
Depreciation and amortization of real estate assets
315,310
86,307
95,504
91,135
95,277
368,223
103,934
103,008
107,945
109,718
424,605
Loss (gain) on depreciated property transactions
2
(101)
—
—
—
(101)
—
—
—
—
—
Operating property impairment
—
—
—
—
—
—
—
—
—
13,286
13,286
Non-controlling interest related to unitholders
14
2
2
1
3
8
3
3
1
—
7
FFO (1)
398,289
99,496
103,346
102,334
108,916
414,092
124,834
117,494
116,536
119,537
478,401
Non-Cash Debt Amortization
4,175
1,051
984
1,020
1,013
4,068
1,056
997
1,290
1,188
4,531
Non-Cash Stock-Based Compensation
11,900
4,312
3,467
3,488
3,515
14,782
5,993
3,746
3,379
3,356
16,474
Non-Real Estate Depreciation and Amortization
448
115
116
117
113
461
117
121
121
130
489
Lease Inducement Amortization
3,562
539
530
551
549
2,169
531
267
938
650
2,386
Straight-Line Rent Ground Leases
481
116
118
118
118
470
118
118
72
100
408
Above and Below Market Ground Rent
328
82
53
52
53
240
52
53
52
125
282
Deferred Income - Tenant Improvements
(19,276)
(6,167)
(6,974)
(7,466)
(7,991)
(28,598)
(8,472)
(8,947)
(9,147)
(9,353)
(35,919)
Above and Below Market Rents, Net
(6,876)
(1,460)
(1,559)
(1,484)
(1,664)
(6,167)
(2,845)
(2,828)
(3,422)
(3,514)
(12,609)
Second Generation Capital Expenditures (CAPEX)
(96,908)
(30,212)
(17,270)
(26,190)
(42,421)
(116,093)
(33,281)
(28,636)
(29,981)
(47,457)
(139,355)
Straight-Line Rental Revenue
(25,500)
(8,604)
(4,423)
(5,374)
(6,107)
(24,508)
(12,477)
(11,283)
(9,424)
(6,117)
(39,301)
Land and Related Predevelopment Costs Impairment
—
—
—
—
—
—
—
—
—
1,034
1,034
Loss (Gain) on Sales of Undepreciated Investment
Properties
(506)
—
3
—
—
3
—
—
—
—
—
FAD (1)
270,117
59,268
78,391
67,166
56,094
260,919
75,626
71,102
70,414
59,679
276,821
Weighted Average Shares - Diluted
152,040
152,385
152,614
152,812
158,249
154,015
168,593
168,765
168,738
168,770
168,716
FAD per share
$1.79
$0.39
$0.51
$0.44
$0.35
$1.69
$0.45
$0.42
$0.42
$0.35
$1.64
Common Dividends on outstanding shares
194,248
48,658
48,685
48,685
53,651
199,679
53,732
53,746
53,746
53,754
214,978
Common Dividends per share
$1.28
$0.32
$0.32
$0.32
$0.32
$1.28
$0.32
$0.32
$0.32
$0.32
$1.28
FAD Payout Ratio (3)
71.9%
82.1%
62.1%
72.5%
95.6%
76.5%
71.0%
75.6%
76.3%
90.1%
77.7%
2nd Generation CAPEX
Second Generation Leasing Related Costs
70,830
23,110
14,210
17,157
32,352
86,829
24,789
21,475
18,944
36,482
101,690
Second Generation Building Improvements
26,078
7,102
3,060
9,033
10,069
29,264
8,492
7,161
11,037
10,975
37,665
96,908
30,212
17,270
26,190
42,421
116,093
33,281
28,636
29,981
47,457
139,355
(1)  Includes the Company's share of unconsolidated joint ventures. These amounts are derived from the amounts in the categories indicated that are recorded at the joint venture multiplied by the Company's ownership
interest. The Company does not control the operations of the unconsolidated joint ventures but believes that including these amounts in the categories indicated is meaningful to investors and analysts.
(2)  Amounts represent most recent quarter annualized with the exception of annualized EBITDAre for the fourth quarter of 2024, which includes annualization of Sail Tower and Vantage South End to reflect a full year of
NOI from these properties acquired in December 2024.
(3) The calculation of this ratio for the fourth quarter of 2024 does not include a full quarter of FAD from Sail Tower and Vantage South End, acquired in December, but does include the full increase in dividends from the
15.5 million shares issued to fund these acquisitions.
Note:  Amounts may differ slightly from other schedules contained herein due to rounding.
Cousins Properties
35
Q4 2025 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
FUNDS FROM OPERATIONS
(in thousands, except per share amounts)
Three Months Ended December 31,
2025
2024
Dollars
Weighted
Average
Common
Shares
Per
Share
Amount
Dollars
Weighted
Average
Common
Shares
Per
Share
Amount
Net Income (Loss) Available to Common Stockholders
$(3,468)
167,611
$(0.02)
$13,636
157,473
$0.09
Noncontrolling interest related to unitholders
—
—
—
3
25
—
Conversion of unvested restricted stock units
—
—
—
—
751
—
Net Income (Loss) — Diluted
(3,468)
167,611
(0.02)
13,639
158,249
0.09
Noncontrolling interest related to unitholders
—
25
—
—
—
—
Conversion of unvested restricted stock units
—
773
—
—
—
—
Unvested restricted stock
—
361
—
—
—
—
Depreciation and amortization of real estate assets:
Consolidated properties
106,954
—
0.63
93,502
—
0.59
Share of unconsolidated joint ventures
3,004
—
0.02
2,045
—
0.01
Partners' share of real estate depreciation
(240)
—
—
(270)
—
—
Operating property impairment
13,286
—
0.08
—
—
—
Funds From Operations
$119,536
168,770
$0.71
$108,916
158,249
$0.69
Continued on next page
Cousins Properties
36
Q4 2025 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
Year Ended December 31,
2025
2024
Dollars
Weighted
Average
Common
Shares
Per
Share
Amount
Dollars
Weighted
Average
Common
Shares
Per
Share
Amount
Net Income Available to Common Stockholders
$40,503
167,919
$0.24
$45,962
153,413
$0.30
Noncontrolling interest related to unitholders
7
25
—
8
25
—
Potentially dilutive common shares - ESPP
—
—
—
—
2
—
Conversion of unvested restricted stock units
—
772
—
—
575
—
Net Income — Diluted
40,510
168,716
0.24
45,970
154,015
0.30
Depreciation and amortization of real estate
assets:
Consolidated properties
414,871
—
2.47
364,584
—
2.37
Share of unconsolidated joint ventures
10,739
—
0.06
4,745
—
0.03
Partners' share of real estate depreciation
(1,005)
—
(0.01)
(1,106)
—
(0.01)
Gain on depreciated property transactions:
Consolidated properties
—
—
—
(101)
—
—
Operating property impairment
13,286
—
0.08
—
—
—
Funds From Operations
$478,401
168,716
$2.84
$414,092
154,015
$2.69
The tables above show FFO and the related reconciliation from Net Income Available to Common Stockholders for Cousins Properties Incorporated and Subsidiaries.
See page 39 for definition of FFO.
Cousins Properties
37
Q4 2025 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
($ in thousands)
($ in thousands)
Three Months Ended
Year Ended
Net Operating Income
December 31, 2025
December 31, 2024
December 31, 2025
December 31, 2024
Net income (loss)
$(3,277)
$13,813
$41,252
$46,581
Net operating income from unconsolidated joint ventures
3,705
1,988
12,349
6,617
Fee income
(528)
(481)
(2,044)
(1,761)
Termination fee income
(1,709)
(954)
(5,087)
(3,405)
Other income
(1,162)
(4,625)
(11,225)
(7,224)
Reimbursed expenses
124
155
544
634
General and administrative expenses
8,685
9,241
38,642
36,566
Interest expense
42,456
33,052
159,241
122,476
Operating property impairment
13,286
—
13,286
—
Land and related predevelopment costs impairment
1,034
—
1,034
—
Depreciation and amortization
107,083
93,616
415,359
365,045
Other expenses
496
495
1,801
2,097
Loss from unconsolidated joint ventures
2,007
2,008
8,159
2,796
Gain on investment property transactions
—
—
—
(98)
Net Operating Income
172,200
148,308
673,311
570,324
Less:
Partners' share of NOI from consolidated joint ventures
(510)
(471)
(1,430)
(1,804)
Cousins' share of NOI
$171,690
$147,837
$671,881
$568,520
Net Operating Income
$172,200
$148,308
$673,311
$570,324
Non-cash income
(21,573)
(15,705)
(89,874)
(59,574)
Non-cash expense
189
176
869
739
Cash-Basis Net Operating Income
$150,816
$132,779
$584,306
$511,489
Net Operating Income
Same Property
$139,901
$139,320
$560,147
$547,239
Non-Same Property
32,299
8,988
113,164
23,085
$172,200
$148,308
$673,311
$570,324
Cash-Basis Net Operating Income
Same Property
$125,621
$125,585
$496,568
$492,274
Non-Same Property
25,195
7,194
87,738
19,215
$150,816
$132,779
$584,306
$511,489
Cousins Properties
38
Q4 2025 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
RECONCILIATION OF 2026 PROJECTED NET INCOME AVAILABLE
TO COMMON STOCKHOLDERS TO 2026 PROJECTED FFO
Full Year 2026 Guidance
(in thousands, except per share amounts)
Low
High
Dollars
Per Share
Amount (1)
Dollars
Per Share
Amount (1)
Net Income Available to Common Stockholders and Net Income
$39,570
$0.23
$56,477
$0.33
Add: Noncontrolling interest related to unitholders
7
—
7
—
Net Income
39,577
0.23
56,484
0.33
Add: Depreciation and amortization of real estate assets
445,645
2.64
445,645
2.64
Funds From Operations
$485,222
$2.87
$502,129
$2.97
(1) Calculated based on projected weighted average shares outstanding of 169.1 million.
R3  Weight Average Shares
169,067
Cousins Properties
39
Q4 2025 Supplemental Information
NON-GAAP FINANCIAL MEASURES - DEFINITIONS
The Company uses non-GAAP financial measures in its filings and other public
disclosures. The following lists non-GAAP financial measures that the Company
commonly uses, a description for each measure, the reasons that management
believes the measure is useful to investors and, if material, additional uses of the
measure by management of the Company.
“Cash-Basis Net Operating Income” represents Net Operating Income excluding
straight-line rents, amortization of lease inducements, amortization of acquired above
and below market rents, and non-cash ground lease expense.
“EBITDAre” is a supplemental operating performance measure used in the real
estate industry. The Company calculates EBITDAre in accordance with the Nareit
definition, which is net income (loss) available to common stockholders (computed in
accordance with GAAP) plus interest expense, income tax expense, depreciation and
amortization, losses (gains) on the disposition of depreciated property, and
impairment of depreciated property. All additions include the Company's share of
unconsolidated joint ventures. Management believes that EBITDAre provides analysts
and investors with uniform and appropriate information to use in various ratios that
evaluate the Company's level of debt.
"Funds Available for Distribution” (“FAD”) represents FFO adjusted to exclude
the effect of non-cash items and transaction costs and include deductions for second
generation Capital Expenditures ("CAPEX"). Management believes that FAD provides
analysts and investors with information that assists in the comparability of the
Company's dividend policy with other real estate companies.
“Funds From Operations” (“FFO”) is a supplemental operating performance
measure used  in  the real estate industry. The Company calculates FFO in accordance
with the Nareit definition: net income (loss) available to common  stockholders
(computed in accordance  with GAAP), excluding depreciation and amortization
related to real estate, gains and losses from sales of depreciable property, gains and
losses from changes in control, impairment of depreciable real estate and after
adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the
same basis. FFO is used by industry analysts and investors as a supplemental measure
of an equity REIT's operating performance. Historical cost accounting for real estate
assets implicitly assumes that the value of real estate assets diminishes predictably
over time. Since real estate values instead have historically risen or fallen with market
conditions, many industry investors and analysts have considered presentation of
operating results for real estate companies that use historical cost accounting to be
insufficient by themselves. Thus, Nareit created FFO as a supplemental measure of
REIT operating performance that excludes historical cost depreciation, among other
items, from GAAP net income. Management believes that the use of FFO, combined
with the required primary GAAP presentations, has been fundamentally beneficial,
improving the understanding of operating results of REITs among the investing public
and making comparisons of REIT operating results more meaningful. Company
management evaluates operating performance in part based on FFO. Additionally,
the Company uses FFO and FFO per share, along with other measures, as a
performance measure for incentive compensation to its officers and other key
employees.
“Net Debt” represents the Company's consolidated debt plus the Company's
share of unconsolidated debt, less consolidated cash and cash equivalents and our
share of unconsolidated cash and cash equivalents. The Company believes excluding
cash and cash equivalents from total debt provides an estimate of the net contractual
amount of borrowed capital to be repaid, which it believes is a beneficial disclosure to
investors and analysts.
“Net Operating Income” ("NOI") is used by industry analysts, investors and
Company management to measure operating performance of the Company's
properties. NOI, which is rental property revenues (excluding termination fee income)
less rental property operating expenses, excludes certain components from net
income in order to provide results that are more closely related to a property's results
of operations. Certain items, such as interest expense, while included in FFO and net
income, do not affect the operating performance of a real estate asset and are often
incurred at the corporate level as opposed to the property level. As a result,
management uses only those income and expense items that are incurred at the
property level to evaluate a property's performance. Depreciation, amortization,
gains or losses on sales of depreciated investment assets, and impairment are also
excluded from NOI for the reasons described under FFO.
“Same Property Net Operating Income” represents Net Operating Income or
Cash-Basis Net Operating Income for those office properties that were stabilized and
owned by the Company for the entirety of all comparable reporting periods
presented. Same Property Net Operating Income or Cash-Basis Same Property Net
Operating Income allows analysts, investors, and management to analyze continuing
operations and evaluate the growth trend of the Company's portfolio.
“Second Generation Tenant Improvements and Leasing Costs and Building
CAPEX” is used in the valuation and analysis of real estate. Because the Company
develops and acquires properties, in addition to operating existing properties, its
property acquisition and development expenditures included in the Statements of
Cash Flows includes both initial costs associated with developing and acquiring
investment assets and those expenditures necessary for operating and maintaining
existing properties at historic performance levels. The latter costs are referred to as
second generation costs and are useful in evaluating the economic performance of
the asset and in valuing the asset. Accordingly, the Company discloses the portion of
its property acquisition and development expenditures that pertain to second
generation space in its operating properties. The Company excludes from second
generation costs amounts incurred to lease vacant space in newly acquired buildings,
leasing costs for spaces that have been vacant for one year or more, building
improvements on newly acquired buildings that management identifies as necessary
to bring the building to the Company's operational standards, and building
improvements associated with properties identified as under redevelopment or
repositioning. In addition, the Company excludes building improvements intended to
attract tenants to increase revenues and/or occupancy rates.