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

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

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.

Positive

  • None.

Negative

  • None.

Insights

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.

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.
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
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 Type earnings_snapshot

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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.
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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1 par value per shareCUZNew 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


updsupplementcoverfinal1q26.jpg
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_300coloxjohnfulton.jpg
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.
cousins_sailtowerxjohnfult.jpg
   
                            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
             
chart-c5a36178c5194a00a6c.gif
chart-961c09ee10004726bb7.gif
chart-215389e8f6b44870804.gif
                       
 
                                Same Property NOI Change                Second Generation Net Rent Change                         In-Place Gross Rent (per SF) (1)
                                                    Cash-Basis (1)        Cash-Basis(1)                     
             
chart-c468fec73ba34782a68.gif
chart-2b9c729ba9f74a0fa02.gif
chart-673315cdc4824915930.gif
(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 $125.6 million, that is secured by the entire project including the commercial office, commercial retail, and residential components.
Cousins Properties
18
Q1 2026 Supplemental Information
PORTFOLIO STATISTICS
First Quarter 2026 Portfolio NOI by Market
supplementmap.jpg
Nashville
1.1%
Charlotte
10.9%
Dallas
4.7%
Atlanta
30.7%
Phoenix
7.7%
Houston
3.1%
Austin
34.7%
Tampa
7.1%
Cousins Properties
19
Q1 2026 Supplemental Information
SAME PROPERTY PERFORMANCE (1)   
($ 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%
$57.41
chart-ea90849cde5f4b70aa5.gif
(1) Company's share of leases expiring after March 31, 2026. Expiring square footage for which new leases have been executed is
reflected based on the expiration date of the new lease.
(2) Annual Contractual Rent is the estimated rent in the year of expiration. It includes the minimum base rent and an estimate of the
tenant's share of operating expenses, if applicable, as defined in the respective leases.
Cousins Properties
22
Q1 2026 Supplemental Information
TOP 20 OFFICE TENANTS
Tenant (1)
Number
of
Properties
Occupied
Number
of
Markets
Occupied
Company's
Share of
Square
Footage
Company's
Share of
Annualized
Rent
($ 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
$357,819
38.0%
6.7
(1)
In some cases, the actual tenant may be an affiliate of the entity shown, and the entity shown may not be a guarantor of the obligations of
that tenant.
(2)
Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by
the tenant as of March 31, 2026. If the tenant was in a free rent period as of March 31, 2026, Annualized Rent represents the annualized
contractual rent the tenant will pay in the first month it is required to pay full cash rent.
(3)
In the third quarter of 2025, the Company proactively entered into an early termination agreement with Ovintiv. Approximately 88% of
Ovintiv’s premises is subleased and upon Ovintiv’s expiration the subtenants will become direct tenants. Each subtenant’s remaining lease
term is included in the remaining lease term reflected for Ovintiv above.
Cousins Properties
23
Q1 2026 Supplemental Information
TENANT INDUSTRY DIVERSIFICATION
chart-156e3e4fff5a4242914.gif
(1) Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of
March 31, 2026. If the tenant was in a free rent period as of March 31, 2026, Annualized Rent represents the annualized contractual rent the tenant will pay
in the first month the tenant is required to pay full rent.
Note: Management uses SIC codes when available, along with their judgment, to determine tenant industry classification. This schedule includes leases that
have commenced. Leases that have been signed but have not commenced are excluded.
Cousins Properties
24
Q1 2026 Supplemental Information
INVESTMENT ACTIVITY
Completed Operating Property Acquisitions
Property
Type
Market
Company's Ownership
Interest
Timing
Square Feet
Gross Purchase
Price
($ 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)
chart-30656c71636a4fd3985.gif
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.

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