Sun Belt REIT Cousins Properties (NYSE: CUZ) lifts 2026 FFO outlook

Rhea-AI Filing Summary

Cousins Properties reported first quarter 2026 results showing a shift to a net loss due to a non-cash impairment, while core cash metrics remained resilient. Net loss available to common stockholders was $24.9 million, or $(0.15) per share, versus net income of $20.9 million, or $0.12 per share, a year earlier, primarily from a $36.6 million impairment on One Eleven Congress and Harborview.

Funds From Operations (FFO) stayed broadly stable at $122.9 million, or $0.73 per share, compared with $124.8 million, or $0.74, in first quarter 2025. On a cash basis, same property net operating income rose 5.5%, and second-generation net rent per square foot on a cash basis increased 15.2%, supported by 932,000 square feet of office leasing and portfolio office leased occupancy of 91.8%.

The company acquired 300 South Tryon in Charlotte for $317.5 million, sold Harborview Plaza in Tampa for $39.5 million, and agreed to sell One Eleven Congress in Austin. It issued $500 million of 4.875% senior notes, generating net proceeds of $492.1 million, repurchased 3.9 million shares at an average $23.36, and put in place a new five-year $1.2 billion unsecured credit facility with lower spreads.

For full year 2026, guidance for net income per share was reduced to a range of $0.02–$0.10, mainly reflecting the impairment, while FFO per share guidance was raised to $2.90–$2.98 from $2.87–$2.97, assuming funding of the 3.9 million-share repurchase, completion of planned asset sales, and no SOFR cuts during 2026.

Insights

REIT and earnings analyst

Non-cash impairment drives a GAAP loss, but FFO, leasing, and guidance remain solidly intact.

Cousins posted a GAAP net loss of $24.9M in Q1 2026, driven by a one-time operating property impairment of $36.6M. Because this charge is non-cash and tied to specific assets, it materially affects earnings but not ongoing cash generation.

Core REIT metrics were steadier. FFO was $122.9M or $0.73 per share, only slightly below the prior year’s $0.74. Cash-basis same property NOI increased 5.5%, and cash rent spreads on second-generation leases rose 15.2%, supported by 932,000 square feet of leasing and 91.8% office leased occupancy.

Capital allocation and balance sheet moves are significant. The company acquired 300 South Tryon for $317.5M, funded partly by selling Harborview Plaza for $39.5M and an expected sale of One Eleven Congress. It also issued $500M of 4.875% senior notes and expanded its share repurchase activity to 3.9M shares. Net debt to annualized EBITDAre rose to 5.66, indicating somewhat higher leverage that investors may weigh against improved liquidity from a $1.2B extended credit facility.

Full-year 2026 guidance underscores this mix: GAAP net income per share was cut to $0.02–$0.10 from $0.23–$0.33 due to the impairment, while FFO per share guidance nudged higher to $2.90–$2.98. The outlook assumes funding of repurchases via forward ATM settlements and asset sales, and no SOFR cuts, so execution on transactions and interest rates will remain key variables for actual results.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q1 2026 net income (loss): $(24.9M) Q1 2026 FFO: $122.9M ($0.73/share) Same property NOI growth (cash): 5.5% +5 more

8 metrics

Q1 2026 net income (loss) $(24.9M) Net loss available to common stockholders; $(0.15) per share vs $0.12 in Q1 2025

Q1 2026 FFO $122.9M ($0.73/share) Funds From Operations vs $124.8M ($0.74/share) in Q1 2025

Same property NOI growth (cash) 5.5% Cash-basis same property net operating income increase in Q1 2026

Leasing volume 932,000 sq ft Office leases executed in Q1 2026; 52% new and expansion

300 South Tryon acquisition $317.5M 638,000 sq ft Charlotte office acquired February 2, 2026

Senior notes issuance $500.0M at 4.875% Public unsecured notes due 2033; net proceeds $492.1M

Share repurchases 3.9M shares at $23.36 Weighted average price in Q1 2026 buybacks

2026 FFO guidance $2.90–$2.98/share Updated from $2.87–$2.97 per share for full year 2026

Key Terms

Funds From Operations, EBITDAre, Same Property Net Operating Income, Net Debt, +1 more

5 terms

Funds From Operations financial

"Funds From Operations ("FFO") was $122.9 million, or $0.73 per share"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

EBITDAre financial

"EBITDA re (1) | 541,513 | 163,714 | 158,368 | 160,984"

EBITDARE is a financial measure that shows a company's earnings before accounting for interest, taxes, depreciation, amortization, and restructuring costs. It helps investors understand how well a business is performing by focusing on its core operations, ignoring one-time or non-operational expenses. Think of it as checking a company's true earning power, similar to assessing a car’s performance by its engine without considering external factors like fuel costs or repairs.

Same Property Net Operating Income financial

"Same property net operating income ("NOI") on a cash-basis increased 5.5%."

Same property net operating income is the total earnings generated from a group of buildings or properties, measured over a specific period, that have been owned continuously without any changes such as buying new properties or selling existing ones. It helps investors see how well these properties are performing on their own, without the influence of new acquisitions or disposals. This measure provides a clear view of the steady income growth or decline from existing assets.

Net Debt financial

"Net Debt / Annualized EBITDA re | 5.16 | 4.87 | 5.11 | 5.38 | 5.30 | 5.30 | 5.66"

Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.

Funds Available for Distribution financial

"Funds Available for Distribution (FAD) Payout Ratio | 76.5 %"

Funds available for distribution is the cash a company or fund has left to pay shareholders after collecting operating income and paying normal expenses, taxes and routine reserves for maintenance or repairs. Investors use it like a checking-account balance that shows how much can be safely paid out as dividends or distributions without tapping into borrowing or cutting essential operations, making it a practical gauge of payout sustainability.

Offering Details

earnings_snapshot

Offering

Offering Type earnings_snapshot

Understanding 8-K Material Events →

0000025232false00000252322026-04-292026-04-29

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): April 29, 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 April 29, 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 March 31, 2026. 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

99.1 Press Release and Quarterly Information Package for the Quarter Ended March 31, 2026.

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: April 29, 2026

COUSINS PROPERTIES INCORPORATED

By: /s/ Gregg D. Adzema

Gregg D. Adzema

Executive Vice President and Chief Financial Officer

Cousins Properties 1 Q1 2026 Supplemental Information

TABLE OF CONTENTS

Forward-Looking Statements	2
Earnings Release	3
Company Information	5
Consolidated Balance Sheets	7
Consolidated Statements of Operations	8
Key Performance Metrics	9
Funds From Operations - Summary	12
Funds From Operations - Detail	13
Portfolio Statistics	16
Same Property Performance	19
Office Leasing Activity	20
Office Lease Expirations	21
Top 20 Office Tenants	22
Tenant Industry Diversification	23
Investment Activity	24
Development Pipeline	26
Land Inventory	27
Debt Schedule	28
Joint Venture Information	31
Non-GAAP Financial Measures - Calculations and Reconciliations	32
Non-GAAP Financial Measures - Definitions	38

Pictured Above: 300 Colorado, Austin, TX

Pictured on Cover: 300 South Tryon, Charlotte, NC

Cousins Properties 2 Q1 2026 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 Q1 2026 Supplemental Information

EARNINGS RELEASE

COUSINS PROPERTIES REPORTS FIRST QUARTER 2026 RESULTS

Updates 2026 Earnings Guidance

ATLANTA, GA (April 29, 2026) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended March 31,

2026.

"We had an outstanding start to 2026" said Colin Connolly, President and Chief Executive Officer of Cousins Properties. "The

acceleration in Sun Belt migration drove one of the best office leasing quarters in the history of the company, and our late-stage leasing

pipeline is exceptionally strong. Trophy office fundamentals in the Sun Belt continue to tighten with increasing demand and virtually no

new construction. Our best-in-class portfolio is extraordinarily well-positioned for an emerging shortage of lifestyle office space."

Financial Results

For first quarter 2026:

•Net loss available to common stockholders was $24.9 million, or $0.15 per share, compared to net income of $20.9 million, or

$0.12 per share, for first quarter 2025. The decline in net income is primarily attributable to an impairment charge.

•Funds From Operations ("FFO") was $122.9 million, or $0.73 per share, compared to $124.8 million, or $0.74 per share, for first

quarter 2025. The decline in FFO is primarily attributable to a gain generated by the sale of our bankruptcy claim with SVB

Financial Group in first quarter 2025.

Operations and Leasing Activity

For first quarter 2026:

•Same property net operating income ("NOI") on a cash-basis increased 5.5%.

•Second generation net rent per square foot on a cash-basis increased 15.2%.

•Executed 932,000 square feet of office leases, including 483,000 square feet of new and expansion leases, representing 52% of

total leasing activity.

Investing Activity

For first quarter 2026:

•Acquired 300 South Tryon, a 638,000 square foot office property in Charlotte, for $317.5 million on February 2, 2026.

•Received repayment at par of the $18.2 million mezzanine loan investment secured by an equity interest in 110 East in Charlotte

on February 5, 2026.

•Sold Harborview Plaza, a 206,000 square foot office property in Tampa, for $39.5 million on February 25, 2026.

•Entered into an agreement to sell One Eleven Congress, a 519,000 square foot office property in Austin. The sale is expected to

close early in the third quarter of 2026.

Cousins Properties 4 Q1 2026 Supplemental Information

EARNINGS RELEASE

Financing Activity

For first quarter 2026:

•Issued $500.0 million of 4.875% public unsecured senior notes due 2033 with a yield to maturity of 5.001%, generating net

proceeds of $492.1 million.

•Repurchased 3.9 million shares at a weighted average price of $23.36 per share. Subsequent to quarter end, the Board of

Directors authorized an increase of the Company's share repurchase program from $250 million to $500 million.

•Subsequent to quarter end, closed a new five-year $1.2 billion unsecured credit facility, increasing the prior facility that was

scheduled to mature in April 2027 by $200 million. Also amended our existing $400 million and $100 million unsecured term

loans, adding two six-month extension options to each. The borrowing spread improved by fifteen basis points on both the

credit facility and the $400 million term loan and by thirty basis points on the $100 million term loan.

Earnings Guidance

For year ending December 31, 2026:

•Net income between $0.02 and $0.10 per share, updated from $0.23 and $0.33 per share, primarily driven by a first quarter

impairment charge.

•FFO between $2.90 and $2.98 per share, up from $2.87 and $2.97 per share.

•The increase in FFO per share is primarily driven by share repurchases as well as better than forecasted execution on debt

financings, both discussed above, partially offset by the elimination of a prior mid-year SOFR cut assumption. Our updated

guidance assumes no SOFR cuts during 2026.

•Guidance assumes the 3.9 million share repurchase is funded during the second quarter with proceeds from the settlement of

2.9 million shares previously issued at $30.44 per share on a forward basis under the Company's ATM program.

•Guidance assumes the 300 South Tryon acquisition is funded with proceeds from the Harborview and One Eleven Congress sales

discussed above, as well as the sale of our 303 Tremont land parcel.

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

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

as well as 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 Thursday, April 30, 2026 to discuss the results of the quarter

ended March 31, 2026. 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 First 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

49629#. The playback can also be accessed on the Company's website.

Cousins Properties 5 Q1 2026 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 Q1 2026 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.

                    Pictured Above: Sail Tower, Austin, TX

Cousins Properties 7 Q1 2026 Supplemental Information

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	March 31, 2026		December 31, 2025
Assets:
Real estate assets:
Operating properties, net of accumulated depreciation of $1,960,227 and $1,922,394 in 2026 and 2025, respectively	$ 8,114,853		$ 7,894,846
Land	135,869		135,870
	8,250,722		8,030,716
Real estate assets and other assets held for sale, net	23,237		61,489
Cash and cash equivalents	6,296		5,720
Investments in real estate debt, at fair value	19,586		37,804
Accounts receivable	15,946		17,578
Deferred rents receivable	278,450		269,282
Investments in unconsolidated joint ventures	213,988		215,301
Intangible assets, net	183,796		164,738
Other assets, net	95,822		87,504
Total assets	$ 9,087,843		$ 8,890,132
Liabilities:
Notes payable	$ 3,772,182		$ 3,340,815
Accounts payable and accrued expenses	247,716		314,317
Deferred income	297,607		301,358
Intangible liabilities, net	126,841		117,085
Other liabilities	110,409		111,506
Liabilities of real estate assets held for sale, net	39		2,849
Total liabilities	4,554,794		4,187,930
Commitments and contingencies
Equity:
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 164,541,670 and 167,981,990 issued and outstanding in 2026 and 2025, respectively	164,542		167,982
Additional paid-in capital	5,885,455		5,971,762
Distributions in excess of cumulative net income	(1,539,263)		(1,460,154)
Total stockholders' investment	4,510,734		4,679,590
Nonredeemable noncontrolling interests	22,315		22,612
Total equity	4,533,049		4,702,202
Total liabilities and equity	$ 9,087,843		$ 8,890,132

Cousins Properties 8 Q1 2026 Supplemental Information

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

		Three Months Ended
		March 31,
		2026		2025
Revenues:
Rental property revenues		$ 261,108		$ 243,027
Fee income		1,245		496
Other		756		6,805
		263,109		250,328
Expenses:
Rental property operating expenses		82,585		77,156
Reimbursed expenses		120		177
General and administrative expenses		11,840		10,709
Interest expense		45,101		36,774
Operating property impairment		36,600		—
Depreciation and amortization		108,406		102,114
Other		438		422
		285,090		227,352
Loss from unconsolidated joint ventures		(2,642)		(1,883)
Loss on investment property transaction		(47)		—
Net income (loss)		(24,670)		21,093
Net income attributable to noncontrolling interests		(186)		(196)
Net income (loss) available to common stockholders		$ (24,856)		$ 20,897
Net income (loss) per common share — basic and diluted		$ (0.15)		$ 0.12
Weighted average common shares — basic		166,399		167,809
Weighted average common shares — diluted		166,399		168,593

Cousins Properties 9 Q1 2026 Supplemental Information

KEY PERFORMANCE METRICS (1)

	2024	2025 1st	2025 2nd	2025 3rd	2025 4th	2025	2026 1st
Property Statistics
Consolidated Operating Properties	36	36	36	37	37	37	37
Consolidated Rentable Square Feet (in thousands)	19,877	20,081	20,081	20,373	20,373	20,373	20,805
Unconsolidated Operating Properties	3	3	3	3	3	3	4
Unconsolidated Rentable Square Feet (in thousands)	1,236	1,236	1,236	1,236	1,236	1,236	2,139
Total Operating Properties	39	39	39	40	40	40	41
Total Rentable Square Feet (in thousands)	21,113	21,317	21,317	21,609	21,609	21,609	22,944
Office Percent Leased (period end)	91.6 %	92.1 %	91.6 %	90.0 %	90.7 %	90.7 %	91.8 %
Office Weighted Average Occupancy	88.6 %	90.0 %	89.1 %	88.3 %	88.3 %	88.8 %	88.9 %
Office Leasing Activity (2)
Net Leased during the Period (SF, in thousands)	2,020	539	334	551	700	2,125	932
Net Rent (per SF)	$39.77	$35.87	$40.95	$39.18	$36.52	$37.76	$44.54
Net Free Rent (per SF)	(1.97)	(1.77)	(2.08)	(1.97)	(2.40)	(2.07)	(1.86)
Leasing Commissions (per SF)	(2.81)	(2.81)	(3.18)	(2.69)	(2.76)	(2.82)	(3.26)
Tenant Improvements (per SF)	(6.82)	(6.23)	(7.34)	(6.15)	(8.18)	(7.01)	(7.14)
Leasing Costs (per SF)	(11.60)	(10.81)	(12.60)	(10.81)	(13.34)	(11.90)	(12.26)
Net Effective Rent (per SF)	$28.17	$25.06	$28.35	$28.37	$23.18	$25.86	$32.28
Change in Second Generation Net Rent	28.2 %	18.3 %	27.2 %	23.8 %	19.9 %	21.5 %	28.7 %
Change in Cash-Basis Second Generation Net Rent	8.5 %	3.2 %	10.9 %	4.2 %	0.2 %	3.5 %	15.2 %
Same Property Information (3)
Percent Leased (period end)	91.2 %	91.7 %	91.1 %	89.3 %	90.1 %	90.1 %	91.5 %
Weighted Average Occupancy	88.6 %	89.4 %	88.4 %	87.4 %	87.4 %	88.1 %	88.5 %
Change in NOI (over prior year period)	5.1 %	4.0 %	3.2 %	1.9 %	0.4 %	2.4 %	1.7 %
Change in Cash-Basis NOI (over prior year period)	4.8 %	2.0 %	1.2 %	0.3 %	0.03 %	0.9 %	5.5 %
Development Pipeline (4)
Estimated Project Costs (in thousands)	$441,550	$294,550	$294,550	$294,550	$294,550	$294,550	—
Estimated Project Costs/Total Undepreciated Assets	4.1 %	2.7 %	2.6 %	2.7 %	2.6 %	2.6 %	—
Continued on next page

Cousins Properties 10 Q1 2026 Supplemental Information

KEY PERFORMANCE METRICS (1)

	2024	2025 1st	2025 2nd	2025 3rd	2025 4th	2025	2026 1st
Market Capitalization
Common Stock Price Per Share	$30.64	$29.50	$30.03	$28.94	$25.78	$25.78	$22.57
Common Stock/Units Outstanding (in thousands)	167,685	167,933	167,992	167,990	168,007	168,007	164,566
Equity Market Capitalization (in thousands)	$5,137,868	$4,954,024	$5,044,800	$4,861,631	$4,331,220	$4,331,220	$3,714,255
Debt (in thousands)	3,274,388	3,203,476	3,660,608	3,475,120	3,507,020	3,507,020	3,938,750
Total Market Capitalization (in thousands)	$8,412,256	$8,157,500	$8,705,408	$8,336,751	$7,838,240	$7,838,240	$7,653,005
Credit Ratios
Net Debt/Total Market Capitalization	38.8 %	39.1 %	37.2 %	41.6 %	44.6 %	44.6 %	51.3 %
Net Debt/Total Undepreciated Assets	30.2 %	29.7 %	28.9 %	31.2 %	31.3 %	31.3 %	34.4 %
Net Debt/Annualized EBITDAre	5.16	4.87	5.11	5.38	5.30	5.30	5.66
Fixed Charges Coverage (EBITDAre)	4.01	4.05	3.73	3.50	3.52	3.69	3.45
Dividend Information
Common Dividend per Share	$1.28	$0.32	$0.32	$0.32	$0.32	$1.28	$0.32
Funds From Operations (FFO) Payout Ratio	48.2 %	43.0 %	45.7 %	46.1 %	45.0 %	44.9 %	42.8 %
Funds Available for Distribution (FAD) Payout Ratio	76.5 %	71.0 %	75.6 %	76.3 %	90.1 %	77.7 %	65.0 %
Operations Ratio
Annualized General and Administrative Expenses/                      Total Undepreciated Assets	0.34 %	0.40 %	0.35 %	0.34 %	0.31 %	0.31 %	0.41 %
Additional Information
In-Place Gross Rent (per SF) (5)	$47.94	$48.66	$49.07	$49.76	$49.91	$49.91	$50.50
Straight-Line Rental Revenue (in thousands)	$24,508	$12,477	$11,283	$9,424	$6,117	$39,301	$9,544
Above and Below Market Rents Amortization, Net (in thousands)	$6,167	$2,845	$2,828	$3,422	$3,514	$12,609	$4,104
Second Generation Capital Expenditures (in thousands)	$116,093	$33,281	$28,636	$29,981	$47,457	$139,355	$26,625

(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 Q1 2026 Supplemental Information

KEY PERFORMANCE METRICS

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

                                Same Property NOI Change Second Generation Net Rent Change In-Place Gross Rent (per SF) (1)

Cash-Basis (1) Cash-Basis (1)

(1) Office properties only.

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

Cousins Properties 12 Q1 2026 Supplemental Information

FUNDS FROM OPERATIONS - SUMMARY

(amounts in thousands, except per share amounts)
	2024	2025 1st	2025 2nd	2025 3rd	2025 4th	2025	2026 1st
Net Income (Loss)	$ 46,581	$ 21,093	$ 14,658	$ 8,778	$ (3,277)	$ 41,252	$ (24,670)
Fee and Other Income	(12,390)	(10,168)	(2,411)	(2,378)	(3,398)	(18,355)	(3,833)
General and Administrative Expenses	36,566	10,709	9,738	9,510	8,685	38,642	11,840
Interest Expense	122,476	36,774	38,514	41,497	42,456	159,241	45,101
Operating Property Impairment (1)	—	—	—	—	13,286	13,286	36,600
Land and Related Predevelopment Cost Impairment (2)	—	—	—	—	1,034	1,034	—
Depreciation and Amortization	365,045	102,114	100,890	105,272	107,083	415,359	108,406
Reimbursed and Other Expenses	2,731	600	560	565	619	2,344	559
Loss from Unconsolidated Joint Ventures	2,796	1,883	1,587	2,682	2,007	8,159	2,642
NOI from Unconsolidated Joint Ventures	6,617	2,223	3,165	3,256	3,705	12,349	3,371
Transaction Loss (Gain)	(98)	—	—	—	—	—	47
NOI (3)	$ 570,324	$ 165,228	$ 166,701	$ 169,182	$ 172,200	$ 673,311	$ 180,063
Fee and Other Income (3)	12,522	10,183	2,450	2,400	3,445	18,478	3,865
General and Administrative Expenses	(36,566)	(10,709)	(9,738)	(9,510)	(8,685)	(38,642)	(11,840)
Interest Expense (3)	(126,960)	(38,763)	(40,753)	(44,327)	(45,106)	(168,949)	(47,834)
Reimbursed and Other Expenses (3)	(3,047)	(521)	(625)	(659)	(725)	(2,530)	(817)
Land and Related Predevelopment Cost Impairment (2)	—	—	—	—	(1,034)	(1,034)	—
Loss on Sales of Undepreciated Investment Properties (3)	(3)	—	—	—	—	—	—
Depreciation and Amortization of Non-Real Estate Assets	(461)	(117)	(121)	(121)	(129)	(488)	(140)
Partners' Share of FFO in Consolidated Joint Ventures	(1,717)	(467)	(420)	(429)	(429)	(1,745)	(430)
FFO (3)	$ 414,092	$ 124,834	$ 117,494	$ 116,536	$ 119,537	$ 478,401	$ 122,867
Weighted Average Common Shares - Diluted	154,015	168,593	168,765	168,738	168,770	168,716	167,681
FFO per Share (3)	$ 2.69	$ 0.74	$ 0.70	$ 0.69	$ 0.71	$ 2.84	$ 0.73

(1) The operating property impairments related to One Eleven Congress and Harborview in the first quarter of 2026 and the fourth quarter of 2025, respectively.

(2) The land and related predevelopment cost impairment in the fourth quarter of 2025 related to a land parcel at 303 Tremont. The bases of the land and predevelopment cost were $18.9 million

and $5.8 million, respectively, prior to impairment charges.

(3) 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 Q1 2026 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

	(amounts in thousands, except per share amounts)
	2024	2025 1st	2025 2nd	2025 3rd	2025 4th	2025	2026 1st
NOI
Consolidated Properties
The Domain (2)	$ 78,929	$ 20,825	$ 21,725	$ 22,055	$ 22,130	$ 86,735	$ 22,185
Sail Tower	1,843	11,682	11,771	11,726	11,780	46,959	11,800
Corporate Center (2)	30,284	8,094	8,458	8,468	8,603	33,623	8,790
Terminus (2)	31,910	8,252	8,566	8,644	7,919	33,381	8,472
Spring & 8th (2)	29,471	7,375	7,369	7,412	7,380	29,536	7,344
Vantage South End (2)	2,338	7,136	7,031	7,140	7,148	28,455	7,243
300 Colorado	24,062	6,541	6,726	6,686	6,820	26,773	6,812
Buckhead Plaza (2)	22,380	6,471	6,223	6,537	6,480	25,711	6,796
Promenade Tower	16,714	5,433	5,501	5,761	5,984	22,679	6,657
Hayden Ferry (2)	17,818	4,560	4,621	4,559	5,129	18,869	6,065
BriarLake Plaza (2)	22,363	5,686	5,533	5,660	5,627	22,506	5,558
San Jacinto Center	20,161	4,495	4,409	4,547	4,710	18,161	4,993
One Eleven Congress	17,127	4,592	5,121	4,607	4,763	19,083	4,909
300 South Tryon	—	—	—	—	—	—	4,770
The Link	—	—	—	3,258	4,483	7,741	4,515
Avalon (2)	16,821	3,483	3,625	3,646	3,892	14,646	4,468
Colorado Tower	17,655	4,252	3,663	3,550	4,085	15,550	4,233
725 Ponce	17,913	4,162	4,146	4,156	4,121	16,585	4,186
The Terrace (2)	15,914	4,152	4,006	3,986	4,078	16,222	4,168
Northpark (2)	20,652	4,818	3,920	3,822	3,857	16,417	3,983
100 Mill	15,128	3,992	3,782	3,856	3,851	15,481	3,840
3344 Peachtree	15,652	3,745	4,051	4,006	4,141	15,943	3,831
The RailYard	12,262	3,027	3,058	3,147	2,996	12,228	2,956
201 North Tryon	19,168	4,795	4,983	3,442	2,968	16,188	2,768
3350 Peachtree	6,748	1,970	2,274	2,511	2,709	9,464	2,677
Legacy Union One	9,505	2,372	2,360	2,367	2,358	9,457	2,545
Heights Union (2)	10,606	2,623	2,677	2,614	2,657	10,571	2,506
Tempe Gateway	6,003	2,122	2,106	2,342	2,352	8,922	2,439
Promenade Central	7,157	2,349	2,333	2,255	2,332	9,269	2,382
Domain Point (2)	8,332	2,040	2,040	1,843	2,045	7,968	1,963
111 West Rio	5,648	1,419	1,400	1,408	1,424	5,651	1,396
3348 Peachtree	4,926	1,301	1,156	886	1,320	4,663	1,394
5950 Sherry Lane	4,432	1,244	1,283	1,456	1,422	5,405	1,359
The Pointe	4,906	1,316	1,251	1,223	1,317	5,107	1,351
Meridian Mark Plaza	4,494	1,158	1,280	1,301	1,239	4,978	1,296
550 South	8,396	1,875	1,859	1,861	1,505	7,100	1,284
Research Park V	4,425	1,181	1,139	1,168	1,170	4,658	1,160
Other (3)	11,564	2,467	2,090	2,020	1,700	8,277	1,598
Subtotal - Consolidated	563,707	163,005	163,536	165,926	168,495	660,962	176,692
Continued on next page

Cousins Properties 14 Q1 2026 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

	(amounts in thousands, except per share amounts)
	2024	2025 1st	2025 2nd	2025 3rd	2025 4th	2025	2026 1st
Unconsolidated Properties (4)
Neuhoff (5)	113	400	1,328	1,436	2,031	5,195	1,772
Medical Offices at Emory Hospital	4,661	1,176	1,188	1,227	1,198	4,789	1,205
120 West Trinity (2)	1,100	286	228	244	243	1,001	240
Proscenium	743	361	421	349	233	1,364	154
Subtotal - Unconsolidated	6,617	2,223	3,165	3,256	3,705	12,349	3,371
Total Net Operating Income (1)	570,324	165,228	166,701	169,182	172,200	673,311	180,063
Fee and Other Income
Management Fees (6)	1,761	496	422	454	423	1,795	449
Termination Fees	3,405	2,866	—	512	1,709	5,087	1,831
Leasing & Other Fees	—	—	33	—	2	35	725
Development Fees	—	—	39	72	102	213	72
Interest Income from Real Estate Debt (7)	5,772	2,149	568	606	1,097	4,420	727
Other Income (8)	1,452	4,656	1,350	734	65	6,805	29
Other Income - Unconsolidated (4)	132	16	38	22	47	123	32
Total Fee and Other Income	12,522	10,183	2,450	2,400	3,445	18,478	3,865
General and Administrative Expenses	(36,566)	(10,709)	(9,738)	(9,510)	(8,685)	(38,642)	(11,840)
Interest Expense
Consolidated Interest Expense
Public Senior Notes, Unsecured ($500M)	(11,201)	(7,474)	(7,468)	(7,485)	(7,480)	(29,907)	(7,480)
Public Senior Notes, Unsecured ($500M)	—	—	(1,798)	(6,724)	(6,742)	(15,264)	(6,749)
Public Senior Notes, Unsecured ($400M)	(830)	(5,551)	(5,548)	(5,544)	(5,543)	(22,186)	(5,546)
Term Loan, Unsecured ($400M)	(23,510)	(5,539)	(5,356)	(5,425)	(5,221)	(21,541)	(4,919)
Credit Facility, Unsecured	(17,324)	(1,725)	(1,390)	(1,353)	(2,331)	(6,799)	(3,646)
Terminus (2)	(14,055)	(3,514)	(3,514)	(3,514)	(3,513)	(14,055)	(3,514)
Public Senior Notes, Unsecured ($500M)	—	—	—	—	—	—	(2,881)
Privately Placed Senior Notes, Unsecured ($275M)	(10,975)	(2,744)	(2,744)	(2,743)	(2,744)	(10,975)	(2,744)
Privately Placed Senior Notes, Unsecured ($250M)	(9,764)	(2,441)	(2,441)	(2,441)	(2,441)	(9,764)	(2,441)
Term Loan, Unsecured ($100M)	(17,967)	(3,482)	(3,486)	(3,598)	(3,373)	(13,939)	(2,226)
Privately Placed Senior Notes, Unsecured ($125M)	(4,789)	(1,197)	(1,198)	(1,197)	(1,197)	(4,789)	(1,197)
Privately Placed Senior Notes, Unsecured ($100M)	(4,146)	(1,036)	(1,036)	(1,037)	(1,036)	(4,145)	(1,036)
201 North Tryon	(4,265)	(1,046)	(1,038)	(1,030)	(1,023)	(4,137)	(1,015)
Colorado Tower	(3,732)	(918)	(911)	(905)	(905)	(3,639)	(899)
Other (9)	(12,467)	(2,490)	(2,489)	(135)	—	(5,114)	—
Capitalized (10)	12,549	2,383	1,903	1,634	1,093	7,013	1,192
Subtotal - Consolidated Interest Expense	(122,476)	(36,774)	(38,514)	(41,497)	(42,456)	(159,241)	(45,101)
Unconsolidated Interest Expense (4)
Neuhoff (5)	(2,452)	(1,481)	(1,731)	(2,322)	(2,142)	(7,676)	(2,225)
Medical Offices at Emory Hospital	(2,032)	(508)	(508)	(508)	(508)	(2,032)	(508)
Subtotal - Unconsolidated Interest Expense	(4,484)	(1,989)	(2,239)	(2,830)	(2,650)	(9,708)	(2,733)
Total Interest Expense	(126,960)	(38,763)	(40,753)	(44,327)	(45,106)	(168,949)	(47,834)
Continued on next page

Cousins Properties 15 Q1 2026 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

	(amounts in thousands, except per share amounts)
	2024	2025 1st	2025 2nd	2025 3rd	2025 4th	2025	2026 1st
Reimbursed and Other Expenses
Reimbursed Expenses (6)	(634)	(177)	(120)	(123)	(124)	(544)	(120)
Property Taxes and Other Land Holding Costs (4)	(976)	(344)	(386)	(319)	(334)	(1,383)	(359)
Severance	(44)	(11)	(1)	(1)	—	(13)	(57)
Predevelopment & Other Costs (4)	(1,393)	11	(118)	(216)	(267)	(590)	(281)
Land and Related Predevelopment Cost Impairment	—	—	—	—	(1,034)	(1,034)	—
Total Reimbursed and Other Expenses	(3,047)	(521)	(625)	(659)	(1,759)	(3,564)	(817)
Loss on Sales of Undepreciated Investment Properties
Consolidated	(3)	—	—	—	—	—	—
Total Loss on Sales of Undepreciated Investment Properties	(3)	—	—	—	—	—	—
			—
Depreciation and Amortization of Non-Real Estate Assets	(461)	(117)	(121)	(121)	(129)	(488)	(140)
			—
Partners' Share of FFO in Consolidated Joint Ventures	(1,717)	(467)	(420)	(429)	(429)	(1,745)	(430)
FFO	$ 414,092	$ 124,834	$ 117,494	$ 116,536	$ 119,537	$ 478,401	$ 122,867
Weighted Average Shares - Diluted	154,015	168,593	168,765	168,738	168,770	168,716	167,681
FFO per Share	$ 2.69	$ 0.74	$ 0.70	$ 0.69	$ 0.71	$ 2.84	$ 0.73

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 operating properties sold prior to March 31, 2026 and also includes the College Street Garage and Domain 4. The Company plans to hold the Domain 4 site for future development.
(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 not yet stabilized.
(6) 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.
(7) 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.
(8) Included in Other Income for the first quarter of 2025 is $4.6 million from the sale of our SVB bankruptcy claim.
(9) Primarily represents interest on consolidated loans repaid prior to March 31, 2026.
(10) Amounts of consolidated interest expense related to consolidated debt that are capitalized to consolidated development and redevelopment projects as well as to equity in unconsolidated development projects.

Cousins Properties 16 Q1 2026 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 / 1Q26
								4Q25		1Q26		4Q25		1Q26
The Domain (3) (4)		2,080,000		Consolidated		100%		97.9%		97.6%		97.9%		97.9%		12.4%
Sail Tower		804,000		Consolidated		100%		100.0%		100.0%		100.0%		100.0%		6.6%
300 Colorado		378,000		Consolidated		100%		100.0%		100.0%		100.0%		100.0%		3.8%
One Eleven Congress		519,000		Consolidated		100%		86.4%		90.2%		82.7%		82.7%		2.7%
San Jacinto Center		399,000		Consolidated		100%		90.3%		90.3%		85.9%		87.6%		2.7%
Colorado Tower		373,000		Consolidated		100%		89.7%		89.7%		89.7%		89.7%		2.4%
The Terrace (3)		619,000		Consolidated		100%		88.1%		89.6%		79.4%		83.4%		2.3%
Domain Point (3)		240,000		Consolidated		96.5%		93.6%		93.6%		93.6%		93.6%		1.1%
Research Park V		173,000		Consolidated		100%		93.0%		97.1%		93.0%		94.4%		0.6%
AUSTIN		5,585,000						94.8%		95.3%		93.1%		93.7%		34.6%
Terminus (3)		1,226,000		Consolidated		100%		83.9%		83.8%		81.6%		81.8%		4.7%
Spring & 8th (3)		765,000		Consolidated		100%		100.0%		100.0%		100.0%		100.0%		4.1%
Buckhead Plaza (3)		678,000		Consolidated		100%		95.1%		95.8%		93.2%		92.7%		3.8%
Promenade Tower		777,000		Consolidated		100%		87.1%		87.0%		80.5%		85.1%		3.7%
Avalon (3)		480,000		Consolidated		100%		99.2%		100.0%		88.8%		98.3%		2.5%
725 Ponce		372,000		Consolidated		100%		87.6%		87.6%		87.6%		87.6%		2.3%
Northpark (3)		1,405,000		Consolidated		100%		82.2%		83.7%		69.1%		69.3%		2.2%
3344 Peachtree		484,000		Consolidated		100%		94.5%		94.5%		96.7%		94.5%		2.1%
3350 Peachtree		413,000		Consolidated		100%		90.8%		91.8%		90.8%		91.8%		1.5%
Promenade Central		367,000		Consolidated		100%		83.2%		84.3%		78.4%		78.7%		1.3%
3348 Peachtree		258,000		Consolidated		100%		77.0%		77.0%		77.0%		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%		99.2%		99.1%		99.2%		0.7%
Proscenium		525,000		Unconsolidated		20%		44.8%		61.6%		46.9%		44.8%		0.1%
120 West Trinity Office		43,000		Unconsolidated		20%		74.2%		74.2%		74.2%		74.2%		0.1%
ATLANTA		8,311,000						88.5%		89.3%		84.2%		85.2%		30.6%
Vantage South End (3)		639,000		Consolidated		100%		97.4%		97.4%		97.4%		97.4%		4.0%
300 South Tryon (5)		638,000		Consolidated		100%		N/A		100.0%		N/A		100.0%		2.6%
The RailYard		329,000		Consolidated		100%		99.0%		99.0%		98.1%		98.1%		1.6%
201 North Tryon		692,000		Consolidated		100%		52.6%		49.0%		53.1%		48.8%		1.5%
550 South		394,000		Consolidated		100%		55.8%		77.9%		61.6%		55.8%		0.7%
CHARLOTTE		2,692,000						74.6%		81.4%		75.7%		77.6%		10.4%
Hayden Ferry (3) (6)		792,000		Consolidated		100%		95.4%		95.4%		92.2%		92.2%		3.4%
100 Mill		288,000		Consolidated		90%		98.1%		98.1%		98.1%		98.1%		2.1%
Tempe Gateway		264,000		Consolidated		100%		95.9%		98.4%		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						96.8%		97.3%		95.4%		95.4%		7.7%
Continued on next page

Cousins Properties 17 Q1 2026 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 / 1Q26
								4Q25		1Q26		4Q25		1Q26
Corporate Center (3)		1,227,000		Consolidated		100%		97.6%		96.5%		94.5%		95.6%		4.9%
Heights Union (3)		294,000		Consolidated		100%		100.0%		100.0%		100.0%		100.0%		1.4%
The Pointe		253,000		Consolidated		100%		93.9%		93.2%		90.3%		89.3%		0.8%
TAMPA		1,774,000						97.5%		96.6%		94.8%		95.5%		7.1%
The Link (5)		292,000		Consolidated		100%		93.6%		95.8%		93.6%		93.6%		2.5%
Legacy Union One		319,000		Consolidated		100%		100.0%		100.0%		100.0%		100.0%		1.4%
5950 Sherry Lane		197,000		Consolidated		100%		90.2%		98.5%		90.6%		87.3%		0.8%
DALLAS		808,000						95.3%		98.1%		95.4%		94.6%		4.7%
BriarLake Plaza (3)		835,000		Consolidated		100%		97.4%		97.0%		97.4%		94.1%		3.1%
HOUSTON		835,000						97.4%		97.0%		97.4%		94.1%		3.1%
Neuhoff Office (5) (7)		396,000		Unconsolidated		50%		55.3%		84.3%		49.6%		50.0%		0.4%
NASHVILLE		396,000						55.3%		84.3%		49.6%		50.0%		0.4%
TOTAL OFFICE		21,970,000						90.8%		91.8%		88.5%		88.9%		98.6%
Other Properties (5)
Neuhoff Apartments - Nashville (542 units) (7)		454,000		Unconsolidated		50%		91.0%		92.6%		85.3%		87.5%		0.6%
College Street Garage - Charlotte		N/A		Consolidated		100%		N/A		N/A		N/A		N/A		0.5%
120 West Trinity Apartments -  Atlanta (330 units)		310,000		Unconsolidated		20%		96.6%		96.3%		96.0%		95.5%		0.1%
Neuhoff Retail - Nashville (7)		53,000		Unconsolidated		50%		45.2%		46.6%		43.9%		46.6%		0.1%
Domain 4 - Austin (4)		157,000		Consolidated		100%		33.4%		33.4%		33.4%		33.4%		0.1%
TOTAL OTHER		974,000														1.4%
TOTAL		22,944,000														100.0%

(1)	Represents the Company's operating properties, excluding properties in the development pipeline and properties sold prior to March 31, 2026.
(2)	The weighted average occupancy of the property over the period for which the property was available for occupancy during the respective quarters.
(3)	Contains two or more buildings that are grouped together for reporting purposes.
(4)	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. 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.
(5)	Not included in Same Property.
(6)	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.
(7)	Following substantial completion in the first quarter of 2026, Phase I of our Neuhoff joint venture's development project was removed from our development pipeline and included above. Until stabilization this property will be excluded from the Total Office end of period leased and weighted average occupancy calculations. The joint venture has a construction loan with a capacity of $273.5 million and $251.1 million outstanding as of March 31, 2026, of which our share is $125.6 million, that is secured by the entire project including the commercial office, commercial retail, and residential components.

Cousins Properties 18 Q1 2026 Supplemental Information

PORTFOLIO STATISTICS

First Quarter 2026 Portfolio NOI by Market

Nashville

1.1%

Charlotte

10.9%

Dallas

4.7%

Atlanta

30.7%

Phoenix

7.7%

Houston

3.1%

Austin

34.7%

Tampa

7.1%

Cousins Properties 19 Q1 2026 Supplemental Information

SAME PROPERTY PERFORMANCE (1)   

($ in thousands)
Three Months Ended March 31,
		2025		2026		$ Change		% Change
Rental Property Revenues (2)		$ 234,097		$ 238,791		$ 4,694		2.0 %
Rental Property Operating Expenses (2)		75,352		77,380		2,028		2.7 %
Same Property Net Operating Income		$ 158,745		$ 161,411		$ 2,666		1.7 %
Cash-Basis Rental Property Revenues (3)		$ 211,754		$ 221,326		$ 9,572		4.5 %
Cash-Basis Rental Property Operating Expenses (4)		75,168		77,218		2,050		2.7 %
Cash-Basis Same Property Net Operating Income		$ 136,586		$ 144,108		$ 7,522		5.5 %
End of Period Leased		92.0 %		91.5 %
Weighted Average Occupancy		89.9 %		88.5 %

(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 Q1 2026 Supplemental Information

OFFICE LEASING ACTIVITY

	Three Months Ended March 31, 2026
	New		Renewal		Expansion		Total
Net leased square feet (1)	405,617		448,258		77,694		931,569
Number of transactions	18		19		12		49
Lease term in years (2)	8.4		4.7		7.8		6.6
Net effective rent calculation (per square foot per year) (2)
Net annualized rent (3)	$ 43.57		$ 44.34		$ 50.79		$ 44.54
Net free rent	(3.26)		(0.51)		(2.32)		(1.86)
Leasing commissions	(3.54)		(2.90)		(3.92)		(3.26)
Tenant improvements	(10.54)		(3.97)		(7.66)		(7.14)
Total leasing costs	(17.34)		(7.38)		(13.90)		(12.26)
Net effective rent	$ 26.23		$ 36.96		$ 36.89		$ 32.28
Second generation leased square footage (4)							656,433
Increase in straight-line basis second generation net rent per square foot (5)							28.7 %
Increase in cash-basis second generation net rent per square foot (6)							15.2 %

(1)	Comprised of total square feet leased, unadjusted for ownership share. Excludes leases approximately one year or less, along with apartment, retail, amenity, storage, and intercompany space leases.
(2)	Weighted average of net leased square feet.
(3)	Straight-line net rent per square foot (operating expense reimbursements deducted from gross leases) over the lease term, prior to any deductions for leasing costs. Excludes percent rent leases.
(4)	Excludes leases executed for spaces that were vacant upon acquisition, new leases in development properties, percentage rent leases, and leases for spaces that have been vacant for one year or more.
(5)	Increase in second generation straight-line basis net annualized rent on a weighted average basis.
(6)	Increase in second generation net cash rent at the end of the term paid by the prior tenant compared to net cash rent at the beginning of the term (after any free rent period) paid by the current tenant on a weighted average basis. For early renewals, the final net cash rent paid under the original lease is compared to the first net cash rent paid under the terms of the renewal. Net cash rent is net of any recovery of operating expenses but prior to any deductions for leasing costs.

Cousins Properties 21 Q1 2026 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		815,548		4.3 %		$ 38,325		3.5 %		$ 46.99
2027		1,108,132		5.8 %		52,671		4.8 %		47.53
2028		1,737,748		9.2 %		89,342		8.2 %		51.41
2029		1,910,457		10.1 %		98,121		9.0 %		51.36
2030		1,813,129		9.6 %		94,992		8.7 %		52.39
2031		1,551,132		8.2 %		88,356		8.1 %		56.96
2032		2,695,603		14.2 %		159,797		14.7 %		59.28
2033		1,321,242		7.0 %		80,055		7.4 %		60.59
2034		1,267,967		6.7 %		73,958		6.8 %		58.33
2035 & Thereafter		4,744,298		24.9 %		313,192		28.8 %		66.01
Total		18,965,256		100.0 %		$ 1,088,809		100.0 %		$ 57.41

(1) Company's share of leases expiring after March 31, 2026. 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 Q1 2026 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		$ 80,093		8.6%		5.4
2	Alphabet		1		1		799,149		55,163		5.9%		11.8
3	NCR Voyix		2		2		815,634		43,982		4.7%		7.2
4	ExxonMobil		1		1		298,396		21,862		2.3%		6.8
5	IBM		1		1		319,863		18,669		2.0%		14.4
6	Expedia		1		1		315,882		17,344		1.8%		5.0
7	Apache		1		1		362,803		14,567		1.5%		12.8
8	Ovintiv USA (3)		1		1		318,582		13,868		1.5%		1.0
9	Barings		1		1		203,319		9,574		1.0%		6.4
10	Deloitte		4		3		193,751		9,199		1.0%		7.6
11	McGuireWoods LLP		2		2		176,498		8,553		0.9%		16.2
12	ADP		1		1		225,000		8,151		0.9%		2.0
13	Wells Fargo		5		3		159,114		7,905		0.8%		3.7
14	BlackRock		1		1		131,656		7,898		0.8%		10.2
15	McKinsey & Company		3		3		138,532		7,286		0.8%		6.5
16	Smurfit Westrock		1		1		181,351		7,041		0.7%		4.1
17	Amgen		1		1		163,169		6,980		0.7%		2.6
18	Rig Up		1		1		93,210		6,698		0.7%		2.3
19	International Workplace Group		4		4		123,625		6,554		0.7%		6.1
20	Time Warner Cable		2		1		119,018		6,432		0.7%		2.5
	Total						6,600,357		$ 357,819		38.0%		6.7
(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 March 31, 2026. If the tenant was in a free rent period as of March 31, 2026, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent.
(3)	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 Q1 2026 Supplemental Information

TENANT INDUSTRY DIVERSIFICATION

(1) Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of

March 31, 2026. If the tenant was in a free rent period as of March 31, 2026, 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 Q1 2026 Supplemental Information

INVESTMENT ACTIVITY

Completed Operating Property Acquisitions

Property		Type		Market		Company's Ownership Interest		Timing		Square Feet		Gross Purchase Price ($ in thousands) (1)
2026
300 South Tryon		Office		Charlotte		100%		1Q		638,000		$ 317,500
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
										4,044,000		$ 1,957,450

Completed Property Developments

Project		Type		Market		Company's Ownership Interest		Timing (3)		Square Feet		Total Project Cost ($ in thousands) (1)
2026
Neuhoff Commercial - Phase 1		Mixed		Nashville		50%		(4)		450,000		$ 306,000
Neuhoff Apartment		Residential		Nashville		50%		1Q		454,000		217,000
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
										2,803,000		$ 1,315,000

(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.

(4) While construction is substantially complete, this operating property has not yet reached stabilization.

Cousins Properties 25 Q1 2026 Supplemental Information

INVESTMENT ACTIVITY

Completed Operating Property Dispositions

Property		Type		Market		Company's Ownership Interest		Timing		Square Feet		Gross Sales Price ($ in thousands)
2026
Harborview Plaza		Office		Tampa		100%		1Q		206,000		$ 39,500
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
										3,304,000		$ 788,300

(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 Q1 2026 Supplemental Information

DEVELOPMENT PIPELINE

Project Type Market Company's Ownership Interest Construction Start Date Square Feet/Units Estimated Project Cost ($ in thousands) Company's Share of Estimated Project Cost ($ in thousands) Project Cost Incurred to Date ($ in thousands) Company's Share of Project Cost Incurred to Date ($ in thousands) Percent Leased Initial Occupancy Estimated Stabilization

The Company had no projects under active development as of March 31, 2026.

Cousins Properties 27 Q1 2026 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
Neuhoff Commercial - Phase II (2)		Nashville		50%		Unconsolidated		1.4
Corporate Center 5 & 6 (3)		Tampa		100%		Consolidated		14.1
Total								38.4
Total Cost Basis of Land ($ in thousands)								$ 234,286
Company's Share of Cost Basis of Land ($ in thousands)								$ 191,742

(1)	303 Tremont is under contract for sale and is expected to close in the second half of 2026.
(2)	The cost basis for the Neuhoff Commercial - Phase II land site of $73 million includes costs related to initial parking and infrastructure work completed during the construction of Phase I, of which the Company's share is 50%.
(3)	Corporate Center 5 is controlled through a long-term ground lease.

Cousins Properties 28 Q1 2026 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 (2)		Maturity Date (3)		2026		2027		2028		2029		2030		Thereafter		Total Principal		Original Issue Discount		Deferred Loan Costs		Total
Consolidated Debt
Consolidated Debt - Floating Rate
Term Loan, Unsecured (SOFR + 0.800%) (4)		100%		4.430%		8/11/27		$ —		$ 100,000		$ —		$ —		$ —		$ —		$ 100,000		$ —		$ (83)		$ 99,917
Term Loan, Unsecured (SOFR + 0.800%) (5)		100%		4.430%		3/3/28		—		—		200,000		—		—		—		200,000		—		(125)		199,875
Credit Facility, Unsecured (SOFR + 0.725%) (6)		100%		4.355%		4/1/31		—		—		—		—		—		206,500		206,500		—		—		206,500
Total Consolidated Floating Rate Debt								—		100,000		200,000		—		—		206,500		506,500		—		(208)		506,292
Consolidated Debt - Fixed Rate
Colorado Tower		100%		3.450%		9/1/26		100,463		—		—		—		—		—		100,463		—		(29)		100,434
201 North Tryon		100%		3.370%		10/1/26		117,939		—		—		—		—		—		117,939		—		(25)		117,914
Privately Placed Senior Notes, Unsecured		100%		4.090%		7/6/27		—		100,000		—		—		—		—		100,000		—		(56)		99,944
Privately Placed Senior Notes, Unsecured		100%		3.780%		7/6/27		—		125,000		—		—		—		—		125,000		—		(78)		124,922
Term Loan, Unsecured (5)		100%		4.418%		3/3/28		—		—		200,000		—		—		—		200,000		—		(125)		199,875
Privately Placed Senior Notes, Unsecured		100%		3.860%		7/6/28		—		—		250,000		—		—		—		250,000		—		(254)		249,746
Privately Placed Senior Notes, Unsecured		100%		3.950%		7/6/29		—		—		—		275,000		—		—		275,000		—		(363)		274,637
Public Senior Notes, Unsecured (7)		100%		5.250%		7/15/30		—		—		—		—		500,000		—		500,000		(56)		(3,633)		496,311
Terminus (8)		100%		6.340%		1/15/31		—		—		—		—		—		221,000		221,000		—		(215)		220,785
Public Senior Notes, Unsecured (9)		100%		5.375%		2/15/32		—		—		—		—		—		400,000		400,000		(1,811)		(2,919)		395,270
Public Senior Notes, Unsecured (10)		100%		4.875%		3/1/33		—		—		—		—		—		500,000		500,000		(3,669)		(4,184)		492,147
Public Senior Notes, Unsecured (11)		100%		5.875%		10/1/34		—		—		—		—		—		500,000		500,000		(1,281)		(4,814)		493,905
Total Consolidated Fixed Rate Debt								218,402		225,000		450,000		275,000		500,000		1,621,000		3,289,402		(6,817)		(16,695)		3,265,890
Total Consolidated Debt								218,402		325,000		650,000		275,000		500,000		1,827,500		3,795,902		(6,817)		(16,903)		3,772,182
Unconsolidated Debt
Unconsolidated Debt - Floating Rate
Neuhoff (SOFR + 3.000%) (12)		50%		6.680%		9/30/27		—		125,563		—		—		—		—		125,563		—		(249)		125,314
																		.
Unconsolidated Debt - Fixed Rate
Medical Offices at Emory Hospital		50%		4.800%		6/1/32		—		—		—		—		—		41,500		41,500		—		(246)		41,254
Total Unconsolidated Debt								—		125,563		—		—		—		41,500		167,063		—		(495)		166,568
Total Debt								$218,402		$ 450,563		$ 650,000		$ 275,000		$500,000		$1,869,000		$ 3,962,965		$ (6,817)		$ (17,398)		$ 3,938,750
Total Maturities (13)								$215,159		$ 450,563		$ 650,000		$ 275,000		$500,000		$1,869,000		$ 3,959,722
% of Maturities								5 %		11 %		16 %		7 %		13 %		48 %		100 %

Continued on next page

Cousins Properties 29 Q1 2026 Supplemental Information

DEBT SCHEDULE (1)

Credit Facility

$207M

Construction

Loan

$125M

Mortgage

$71

Unsecured

Senior Notes

$250M

Mortgage $42M

Term Loan

$100M

Credit Facility

$207M

Construction

Loan

$126M

Unsecured

Senior Notes

$400M

Unsecured

Senior Notes

Unsecured

Senior Notes

Unsecured

Senior Notes

Term Loan

$400M

Unsecured

Senior Notes

$225M

Unsecured

Senior Notes

Mortgages

$221M

Mortgages

Continued on next page

Cousins Properties 30 Q1 2026 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		$ 632,063		16 %		4.85 %		2.8
Fixed Rate Debt		3,330,902		84 %		4.90 %		4.7
Total Debt		$ 3,962,965		100 %		4.89 %		4.4

(1)	All amounts are presented at Company share.
(2)	Rates represent the current rates as of March 31, 2026, except for the term loans and credit facility which represent SOFR as of March 31, 2026, plus applicable spreads under the April 1, 2026 amendments.
(3)	Maturity dates shown assume the Company exercises all extensions available as of the date of this report.
(4)	The Company exercised the fourth of its initial four consecutive options to extend the maturity date of this term loan. This extension became effective on February 20, 2026, and extended the maturity date to August 19, 2026. The spread over SOFR at March 31, 2026, was 1.00%. In February of 2026, the Company paid $150 million towards the principal of the term loan. Subsequent to quarter end, on April 1, the Company entered into the fourth amendment of the term loan agreement, which granted two additional 180 day extension options, extending the final maturity date to August 11, 2027, and updated the spread over SOFR of 1.00% to 0.80%.
(5)	The Company exercised the third of its initial four consecutive options to extend the maturity date of this term loan. This extension became 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 third extension the Company elected six month Term SOFR +0.85% for $200 million of the debt outstanding, fixing the underlying SOFR interest rate at 3.618% through September 3, 2026. As of March 31, 2026, the spread over SOFR of the remaining $200 million of the term loan was 0.85%. Subsequent to quarter end, on April 1, 2026, we entered into second amendment to the delayed draw term loan, which granted two additional six month extension options, extending the final maturity date to March 3, 2028, and reducing the spread over SOFR of 0.850% to the spread over SOFR +0.800%.
(6)	As of March 31, 2026, the spread over SOFR was 0.775% and the Company had the ability to borrow an additional $793.5 million. Subsequent to quarter end, on April 1, 2026, the Company entered into the sixth amendment to the Credit Facility, which increased the facility's capacity to $1.2 billion and extended the maturity date from April 30, 2027 to April 1, 2031. Additionally, the amendment reduced the spread over SOFR of 0.775% to the spread over SOFR of 0.725%.
(7)	This note has a coupon of 5.25% with an effective rate of 5.251% including the original issue discount.
(8)	Represents $123.0 million and $98.0 million non-cross collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
(9)	This note has a coupon of 5.375% with an effective rate of 5.464% including the original issue discount.
(10)	This note has a coupon of 4.875% with an effective rate of 5.001% including the original issue discount.
(11)	This note has a coupon of 5.875% with an effective rate of 5.912% including the original issue discount.
(12)	The Company's share of the total borrowing capacity of the construction loan is approximately $136.8 million. The maturity date of the construction loan is September 30, 2026, and the spread in excess of SOFR is 3.00%. The joint venture has an option to extend the maturity date an additional 12 months, subject to certain conditions.
(13)	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 Q1 2026 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 Q1 2026 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2024	2025 1st	2025 2nd	2025 3rd	2025 4th	2025	2026 1st
FFO and EBITDAre
Net income (loss) available to common stockholders	$ 45,962	$ 20,897	$ 14,483	$ 8,590	$ (3,467)	$ 40,503	$ (24,856)
Depreciation and amortization of real estate assets:
Consolidated properties	364,584	101,996	100,769	105,152	106,954	414,871	108,267
Share of unconsolidated joint ventures	4,745	2,212	2,489	3,034	3,004	10,739	3,053
Partners' share of real estate depreciation	(1,106)	(274)	(250)	(241)	(240)	(1,005)	(240)
Operating property impairment	—	—	—	—	13,286	13,286	36,600
Loss (gain) on depreciated property transactions:
Consolidated properties	(101)	—	—	—	—	—	47
Non-controlling interest related to unitholders	8	3	3	1	—	7	(4)
FFO (1)	414,092	124,834	117,494	116,536	119,537	478,401	122,867
Interest Expense	126,960	38,763	40,753	44,327	45,106	168,949	47,834
Non-Real Estate Depreciation and Amortization	461	117	121	121	130	489	140
EBITDAre (1)	541,513	163,714	158,368	160,984	164,773	647,839	170,841
FFO and Net Operating Income from Unconsolidated Joint Ventures
Income (loss) from Unconsolidated Joint Ventures	(2,796)	(1,883)	(1,587)	(2,682)	(2,007)	(8,159)	(2,642)
Depreciation and Amortization of Real Estate Assets	4,745	2,212	2,489	3,034	3,004	10,739	3,053
FFO - Unconsolidated Joint Ventures	1,949	329	902	352	997	2,580	411
Interest Expense	4,484	1,989	2,239	2,830	2,650	9,708	2,733
Other Expense	316	(79)	62	99	102	184	259
Other Income	(132)	(16)	(38)	(25)	(44)	(123)	(32)
Net Operating Income - Unconsolidated Joint Ventures	6,617	2,223	3,165	3,256	3,705	12,349	3,371
Market Capitalization
Common Stock Price Per Share at Period End	$ 30.64	$ 29.50	$ 30.03	$ 28.94	$ 25.78	$ 25.78	$ 22.57
Number of Common Stock/Units Outstanding at Period End	167,685	167,933	167,992	167,990	168,007	168,007	164,566
Equity Market Capitalization	5,137,868	4,954,024	5,044,800	4,861,631	4,331,220	4,331,220	3,714,255
Consolidated Debt	3,095,666	3,020,741	3,476,761	3,309,383	3,340,815	3,340,815	3,772,182
Share of Unconsolidated Debt	178,722	182,735	183,847	165,737	166,205	166,205	166,568
Debt (1)	3,274,388	3,203,476	3,660,608	3,475,120	3,507,020	3,507,020	3,938,750
Total Market Capitalization	8,412,256	8,157,500	8,705,408	8,336,751	7,838,240	7,838,240	7,653,005
Credit Ratios
Debt (1)	3,274,388	3,203,476	3,660,608	3,475,120	3,507,020	3,507,020	3,938,750
Less: Cash and Cash Equivalents	(7,349)	(5,330)	(416,840)	(4,675)	(5,720)	(5,720)	(6,296)
Less: Share of Unconsolidated Cash and Cash Equivalents (1)	(6,821)	(6,332)	(4,448)	(6,484)	(5,633)	(5,633)	(6,333)
Net Debt (1)	3,260,218	3,191,814	3,239,320	3,463,961	3,495,667	3,495,667	3,926,121
Total Market Capitalization	8,412,256	8,157,500	8,705,408	8,336,751	7,838,240	7,838,240	7,653,005
Net Debt / Total Market Capitalization	38.8 %	39.1 %	37.2 %	41.6 %	44.6 %	44.6 %	51.3 %
Continued on next page

Cousins Properties 33 Q1 2026 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2024	2025 1st	2025 2nd	2025 3rd	2025 4th	2025	2026 1st
Total Assets - Consolidated	8,802,146	8,663,360	9,051,863	8,900,481	8,890,132	8,890,132	9,087,843
Accumulated Depreciation - Consolidated	1,821,559	1,893,215	1,982,700	2,045,711	2,120,930	2,120,930	2,164,229
Undepreciated Assets - Unconsolidated (1)	356,091	363,789	368,322	375,572	376,850	376,850	378,996
Less: Investment in Unconsolidated Joint Ventures	(185,478)	(191,505)	(192,420)	(215,507)	(215,301)	(215,301)	(213,988)
Total Undepreciated Assets (1)	10,794,318	10,728,859	11,210,465	11,106,257	11,172,611	11,172,611	11,417,080
Net Debt (1)	3,260,218	3,191,814	3,239,320	3,463,961	3,495,667	3,495,667	3,926,121
Net Debt / Total Undepreciated Assets (1)	30.2 %	29.7 %	28.9 %	31.2 %	31.3 %	31.3 %	34.4 %
Coverage Ratios (1)
Interest Expense	126,960	38,763	40,753	44,327	45,106	168,949	47,834
Scheduled Principal Payments	8,222	1,667	1,681	1,696	1,710	6,754	1,725
Fixed Charges	135,182	40,430	42,434	46,023	46,816	175,703	49,559
EBITDAre	541,513	163,714	158,368	160,984	164,773	647,839	170,841
EBITDAre / Fixed Charges  (1)	4.01	4.05	3.73	3.50	3.52	3.69	3.45
Net Debt	3,260,218	3,191,814	3,239,320	3,463,961	3,495,667	3,495,667	3,926,121
Annualized EBITDAre (2)	632,139	654,856	633,472	643,936	659,092	659,092	694,096
Net Debt / Annualized EBITDAre	5.16	4.87	5.11	5.38	5.30	5.30	5.66
Dividend Information
Common Dividends	199,679	53,732	53,746	53,746	53,754	214,978	52,646
FFO	414,092	124,834	117,494	116,536	119,537	478,401	122,867
FFO Payout Ratio	48.2 %	43.0 %	45.7 %	46.1 %	45.0 %	44.9 %	42.8 %
Operations Ratio
Total Undepreciated Assets (1)	10,794,318	10,728,859	11,210,465	11,106,257	11,172,611	11,172,611	11,417,080
General and Administrative Expenses	36,566	10,709	9,738	9,510	8,685	38,642	11,840
Annualized General and Administrative Expenses (2) / Total Undepreciated Assets	0.34 %	0.40 %	0.35 %	0.34 %	0.31 %	0.31 %	0.41 %
Continued on next page

Cousins Properties 34 Q1 2026 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2024	2025 1st	2025 2nd	2025 3rd	2025 4th	2025	2026 1st
Net income (loss) available to common stockholders	$ 45,962	$ 20,897	$ 14,483	$ 8,590	$ (3,467)	$ 40,503	$ (24,856)
Depreciation and amortization of real estate assets	368,223	103,934	103,008	107,945	109,718	424,605	111,080
Loss on depreciated property transactions	(101)	—	—	—	—	—	47
Operating property impairment	—	—	—	—	13,286	13,286	36,600
Non-controlling interest related to unitholders	8	3	3	1	—	7	(4)
FFO (1)	414,092	124,834	117,494	116,536	119,537	478,401	122,867
Non-Cash Debt Amortization	4,068	1,056	997	1,290	1,188	4,531	1,229
Non-Cash Stock-Based Compensation	14,782	5,993	3,746	3,379	3,356	16,474	6,013
Non-Real Estate Depreciation and Amortization	461	117	121	121	130	489	140
Lease Inducement Amortization	2,169	531	267	938	650	2,386	431
Straight-Line Rent Ground Leases	470	118	118	72	100	408	99
Above and Below Market Ground Rent	240	52	53	52	125	282	71
Deferred Income - Tenant Improvements	(28,598)	(8,472)	(8,947)	(9,147)	(9,353)	(35,919)	(9,522)
Above and Below Market Rents, Net	(6,167)	(2,845)	(2,828)	(3,422)	(3,514)	(12,609)	(4,104)
Second Generation Capital Expenditures (CAPEX)	(116,093)	(33,281)	(28,636)	(29,981)	(47,457)	(139,355)	(26,625)
Straight-Line Rental Revenue	(24,508)	(12,477)	(11,283)	(9,424)	(6,117)	(39,301)	(9,544)
Land and Related Predevelopment Costs Impairment	—	—	—	—	1,034	1,034	—
Loss on Sales of Undepreciated Investment Properties	3	—	—	—	—	—	—
FAD (1)	260,919	75,626	71,102	70,414	59,679	276,821	81,055
Weighted Average Shares - Diluted	154,015	168,593	168,765	168,738	168,770	168,716	167,681
FAD per share	$ 1.69	$ 0.45	$ 0.42	$ 0.42	$ 0.35	$ 1.64	$ 0.48
Common Dividends on outstanding shares	199,679	53,732	53,746	53,746	53,754	214,978	52,646
Common Dividends per share	$ 1.28	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 1.28	$ 0.32
FAD Payout Ratio	76.5 %	71.0 %	75.6 %	76.3 %	90.1 %	77.7 %	65.0 %
2nd Generation CAPEX
Second Generation Leasing Related Costs	86,829	24,789	21,475	18,944	36,482	101,690	16,863
Second Generation Building Improvements	29,264	8,492	7,161	11,037	10,975	37,665	9,762
	116,093	33,281	28,636	29,981	47,457	139,355	26,625
(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, which includes adjustments to reflect a full year of NOI from operating properties acquired during the most recent quarter.
Note:  Amounts may differ slightly from other schedules contained herein due to rounding.

Cousins Properties 35 Q1 2026 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

	(in thousands, except per share amounts)
	Three Months Ended March 31,
	2026						2025
	Dollars		Weighted Average Common Shares		Per Share Amount		Dollars		Weighted Average Common Shares		Per Share Amount
Net Income (Loss) Available to Common Stockholders	$ (24,856)		166,399		$ (0.15)		$ 20,897		167,809		$ 0.12
Noncontrolling interest related to unitholders	—		—		—		3		25		—
Conversion of unvested restricted stock units	—		—		—		—		759		—
Net Income (Loss) — Diluted	(24,856)		166,399		(0.15)		20,900		168,593		0.12
Noncontrolling interest related to unitholders	(4)		25		—		—		—		—
Conversion of unvested restricted stock units	—		846		—		—		—		—
Unvested restricted stock	—		411		—		—		—		—
Depreciation and amortization of real estate assets:
Consolidated properties	108,267		—		0.64		101,996		—		0.61
Share of unconsolidated joint ventures	3,053		—		0.02		2,212		—		0.01
Partners' share of real estate depreciation	(240)		—		—		(274)		—		—
Loss on investment property transactions	47		—		—		—		—		—
Operating property impairment	36,600		—		0.22		—		—		—
Funds From Operations	$ 122,867		167,681		$ 0.73		$ 124,834		168,593		$ 0.74

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 36 Q1 2026 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	($ in thousands)
	Three Months Ended
Net Operating Income	March 31, 2026		March 31, 2025
Net income (loss)	$ (24,670)		$ 21,093
Net operating income from unconsolidated joint ventures	3,371		2,223
Fee income	(1,245)		(496)
Termination fee income	(1,831)		(2,866)
Other income	(756)		(6,805)
Reimbursed expenses	120		177
General and administrative expenses	11,840		10,709
Interest expense	45,101		36,774
Operating property impairment	36,600		—
Depreciation and amortization	108,406		102,114
Other expenses	438		422
Loss from unconsolidated joint ventures	2,642		1,883
Loss on investment property transactions	47		—
Net Operating Income	180,063		165,228
Less:
Partners' share of NOI from consolidated joint ventures	(453)		(470)
Cousins' share of NOI	$ 179,610		$ 164,758
Net Operating Income	$ 180,063		$ 165,228
Non-cash income	(22,764)		(23,752)
Non-cash expense	227		273
Cash-Basis Net Operating Income	$ 157,526		$ 141,749
Net Operating Income
Same Property	$ 161,411		$ 158,745
Non-Same Property	18,652		6,483
	$ 180,063		$ 165,228
Cash-Basis Net Operating Income
Same Property	$ 144,108		$ 136,586
Non-Same Property	13,418		5,163
	$ 157,526		$ 141,749

Cousins Properties 37 Q1 2026 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	$ 3,103			$ 0.02		$ 16,493			$ 0.10
Add: Noncontrolling interest related to unitholders	4			—		4			—
Net Loss	3,107			0.02		16,497			0.10
Add: Depreciation and amortization of real estate assets	445,645			2.66		445,645			2.66
Add: Operating property impairment	36,600			0.22		36,600			0.22
Add: Loss on investment property transactions	47			—		47			—
Funds From Operations	$ 485,399			$ 2.90		$ 498,789			$ 2.98
(1) Calculated based on projected weighted average shares outstanding of 167.4 million.
R2  Weight Average Shares	167,379			166,185.95

Cousins Properties 38 Q1 2026 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.

FAQ

How did Cousins Properties (CUZ) perform financially in Q1 2026?

Cousins reported a net loss of $24.9 million, or $(0.15) per share, mainly from a $36.6 million impairment. However, Funds From Operations remained strong at $122.9 million, or $0.73 per share, only slightly below the prior year’s $0.74.

What were Cousins Properties’ key operating metrics for Q1 2026?

Same property net operating income on a cash basis grew 5.5%, and second-generation net rent on a cash basis increased 15.2%. The company executed 932,000 square feet of office leases, and its office portfolio ended the quarter 91.8% leased with weighted average occupancy of 88.9%.

What major acquisitions and dispositions did Cousins Properties (CUZ) complete in Q1 2026?

Cousins acquired 300 South Tryon, a 638,000 square foot Charlotte office property, for $317.5 million. It sold Harborview Plaza in Tampa, a 206,000 square foot office building, for $39.5 million and entered an agreement to sell One Eleven Congress in Austin, expected to close in Q3 2026.

How did Cousins Properties adjust its 2026 earnings guidance?

For 2026, Cousins now guides to net income of $0.02–$0.10 per share, reduced mainly by the first-quarter impairment. At the same time, FFO per share guidance increased to $2.90–$2.98, up from $2.87–$2.97, reflecting share repurchases and improved debt financing execution.

What financing actions did Cousins Properties take during Q1 2026?

Cousins issued $500 million of 4.875% public unsecured senior notes due 2033, with net proceeds of $492.1 million. It repurchased 3.9 million shares at an average price of $23.36 and, after quarter end, secured a new $1.2 billion unsecured credit facility with lower borrowing spreads.

What is Cousins Properties’ leverage profile after Q1 2026?

Total debt at share was $3.94 billion, with floating rate debt at 16% of the total and a weighted average interest rate of 4.89%. Net debt to annualized EBITDAre stood at 5.66x, and fixed charge coverage based on EBITDAre was 3.45x for the quarter.

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