Form 8-K

8-K — COUSINS PROPERTIES INC

Accession: 0000025232-26-000076

Filed: 2026-10-29

Period: 2026-10-29

CIK: 0000025232

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cuz-20261029.htm (Primary)

EX-99.1 (cuz-ex99_1.htm)

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8-K

8-K (Primary)

Filename: cuz-20261029.htm · Sequence: 1

8-K

0000025232false00000252322026-10-292026-10-29

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): October 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 No.)

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

(Former Name or Former Address, if Changed Since Last Report)

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:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value per share

CUZ

New York Stock Exchange

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-2 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 October 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 September 30, 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 September 30, 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: October 29, 2026

COUSINS PROPERTIES INCORPORATED

By:

/s/ Gregg D. Adzema

Gregg D. Adzema

Executive Vice President and Chief Financial Officer

EX-99.1

Filename: cuz-ex99_1.htm · Sequence: 2

EX-99.1

TABLE OF CONTENTS

Forward-Looking Statements

Earnings Release

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

J.P. Morgan

Transfer Agent

Equiniti Trust Company

equiniti.com

866.627.2649

Stock Exchange

NYSE: CUZ

Steve Sakwa

212.446.9462

Dylan Burzinski

949.640.8780

Anthony Paolone

212.622.6682

KeyBanc

Mizuho Securities

RW Baird

Upal Rana

917.368.2316

Vikram Malhotra

212.282.3827

Nicholas Thillman

414.298.5053

RATING AGENCIES (1)

S&P Global Ratings

Moody's Investors Service

Truist Securities

Wells Fargo

Wolfe Research

Hannah Gray

212.438.0244

Dilara Sukhov

212.553.1438

Michael Lewis

212.319.5659

Blaine Heck

410.662.2556

Ally Yaseen

646.582.9253

Current Corporate

Credit Rating: BBB

Current Corporate

Credit Rating: Baa2

Outlook: Stable

(1)

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

Pictured Above: Sail Tower, Austin, TX

Cousins Properties

Q3 2026 Supplemental Information

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

September 30, 2026

December 31, 2025

(unaudited)

Assets:

Real estate assets:

Operating properties, net of accumulated depreciation of $2,032,122 and $1,922,394

in 2026 and 2025, respectively

7,846,848

7,894,846

Land

201,783

135,870

8,048,631

8,030,716

Real estate assets and other assets held for sale, net

23,257

61,489

Cash and cash equivalents

5,213

5,720

Investments in real estate debt, at fair value

19,586

37,804

Accounts receivable

20,070

17,578

Deferred rents receivable

282,422

269,282

Investments in unconsolidated joint ventures

195,700

215,301

Intangible assets, net

169,039

164,738

Other assets, net

116,826

87,504

Total assets

8,880,744

8,890,132

Liabilities:

Notes payable

3,579,763

3,340,815

Accounts payable and accrued expenses

307,010

314,317

Deferred income

287,883

301,358

Intangible liabilities, net

117,826

117,085

Other liabilities

129,637

111,506

Liabilities of real estate assets held for sale, net

114

2,849

Total liabilities

4,422,233

4,187,930

Commitments and contingencies

Equity:

Stockholders' investment:

Common stock, $1 par value per share, 300,000,000 shares authorized,

164,600,642 and 167,981,990 issued and outstanding in 2026 and 2025, respectively

164,601

167,982

Additional paid-in capital

5,889,154

5,971,762

Distributions in excess of cumulative net income

(1,604,448

)

(1,460,154

)

Total stockholders' investment

4,449,307

4,679,590

Nonredeemable noncontrolling interests

9,204

22,612

Total equity

4,458,511

4,702,202

Total liabilities and equity

8,880,744

8,890,132

Cousins Properties

Q3 2026 Supplemental Information

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

Revenues:

Rental property revenues

257,310

246,461

784,132

727,203

Fee income

1,439

526

4,951

1,516

Other

666

1,339

1,969

10,063

259,415

248,326

791,052

738,782

Expenses:

Rental property operating expenses

80,093

80,023

247,344

231,358

Reimbursed expenses

139

124

431

420

General and administrative expenses

9,854

9,510

33,809

29,957

Interest expense

45,577

41,497

137,742

116,785

Operating property impairment

—

36,600

—

Depreciation and amortization

103,258

105,272

316,509

308,276

Other

875

440

1,702

1,305

239,796

236,866

774,137

688,101

Loss from unconsolidated joint ventures

(2,101

)

(2,682

)

(6,958

)

(6,152

)

Gain (loss) on investment property transactions

(509

)

—

8,616

—

Net Income

17,009

8,778

18,573

44,529

Net income attributable to noncontrolling interests

)

(188

)

(271

)

(559

)

Net income available to common stockholders

17,000

8,590

18,302

43,970

Net income per common share — basic and diluted

0.10

0.05

0.11

0.26

Weighted average common shares — basic

164,601

167,967

165,324

167,902

Weighted average common shares — diluted

165,788

168,738

166,254

168,698

Cousins Properties

Q3 2026 Supplemental Information

KEY PERFORMANCE METRICS (1)

2024

2025 1st

2025 2nd

2025 3rd

2025 4th

2025

2026 1st

2026 2nd

2026 3rd

YTD 2026

Property Statistics

Consolidated Operating Properties

Consolidated Rentable Square Feet (in thousands)

19,877

20,081

20,373

20,805

20,130

19,924

Unconsolidated Operating Properties

Unconsolidated Rentable Square Feet (in thousands)

1,236

2,139

2,140

2,141

Total Operating Properties

Total Rentable Square Feet (in thousands)

21,113

21,317

21,609

22,944

22,270

22,065

Office Percent Leased (period end)

91.6%

92.1%

91.6%

90.0%

90.7%

91.9%

92.8%

93.0%

Office Weighted Average Occupancy

88.6%

90.0%

89.1%

88.3%

88.8%

88.9%

89.4%

89.5%

89.3%

Office Leasing Activity (2)

Net Leased during the Period (SF, in thousands)

2,020

539

334

551

700

2,125

932

924

546

2,402

Net Rent (per SF)

$39.77

$35.87

$40.95

$39.18

$36.52

$37.76

$44.54

$41.35

$42.41

$42.83

Net Free Rent (per SF)

(1.97)

(1.77)

(2.08)

(1.97)

(2.40)

(2.07)

(1.86)

(2.47)

(1.96)

(2.11)

Leasing Commissions (per SF)

(2.81)

(3.18)

(2.69)

(2.76)

(2.82)

(3.26)

(3.13)

(2.92)

(3.13)

Tenant Improvements (per SF)

(6.82)

(6.23)

(7.34)

(6.15)

(8.18)

(7.01)

(7.14)

(7.70)

(6.29)

(7.16)

(11.60)

(10.81)

(12.60)

(10.81)

(13.34)

(11.90)

(12.26)

(13.30)

(11.17)

(12.40)

Net Effective Rent (per SF)

$28.17

$25.06

$28.35

$28.37

$23.18

$25.86

$32.28

$28.05

$31.24

$30.43

Change in Second Generation Net Rent

28.2%

18.3%

27.2%

23.8%

19.9%

21.5%

28.7%

26.8%

31.9%

28.9%

Change in Cash-Basis Second Generation Net Rent

8.5%

3.2%

10.9%

4.2%

0.2%

3.5%

15.2%

9.2%

19.8%

14.2%

Same Property Information (3)

Percent Leased (period end)

91.2%

91.7%

91.1%

89.3%

90.1%

91.5%

92.4%

92.6%

Weighted Average Occupancy

88.6%

89.4%

88.4%

87.4%

88.1%

88.5%

88.8%

88.7%

Change in NOI (over prior year period)

5.1%

4.0%

3.2%

1.9%

0.4%

2.4%

1.7%

2.0%

3.3%

2.3%

Change in Cash-Basis NOI (over prior year period)

4.8%

2.0%

1.2%

0.3%

0.03%

0.9%

5.5%

5.9%

7.4%

6.2%

Development Pipeline (4)

Estimated Project Costs (in thousands)

$441,550

$294,550

—

Estimated Project Costs/Total Undepreciated Assets

4.1%

2.7%

2.6%

2.7%

2.6%

—

Continued on next page

Cousins Properties

Q3 2026 Supplemental Information

KEY PERFORMANCE METRICS (1)

2024

2025 1st

2025 2nd

2025 3rd

2025 4th

2025

2026 1st

2026 2nd

2026 3rd

YTD 2026

Market Capitalization

Common Stock Price Per Share

$30.64

$29.50

$30.03

$28.94

$25.78

$22.57

$29.98

$27.64

Common Stock/Units Outstanding (in thousands)

167,685

167,933

167,992

167,990

168,007

164,566

164,627

164,625

Equity Market Capitalization (in thousands)

$5,137,868

$4,954,024

$5,044,800

$4,861,631

$4,331,220

$3,714,255

$4,935,517

$4,550,235

Debt (in thousands)

3,274,388

3,203,476

3,660,608

3,475,120

3,507,020

3,938,750

3,900,218

3,764,713

Total Market Capitalization (in thousands)

$8,412,256

$8,157,500

$8,705,408

$8,336,751

$7,838,240

$7,653,005

$8,835,735

$8,314,948

Credit Ratios

Net Debt/Total Market Capitalization

38.8%

39.1%

37.2%

41.6%

44.6%

51.3%

44.0%

45.0%

Net Debt/Total Undepreciated Assets

30.2%

29.7%

28.9%

31.2%

31.3%

34.4%

34.3%

33.1%

Net Debt/Annualized EBITDAre

5.16

4.87

5.11

5.38

5.30

5.66

5.57

5.43

Fixed Charges Coverage (EBITDAre)

4.01

4.05

3.73

3.50

3.52

3.69

3.45

3.39

3.45

3.43

Dividend Information

Common Dividend per Share

$1.28

$0.32

$1.28

$0.32

$0.96

Funds From Operations (FFO) Payout Ratio

48.2%

43.0%

45.7%

46.1%

45.0%

44.9%

42.8%

42.3%

42.6%

Funds Available for Distribution (FAD) Payout Ratio

76.5%

71.0%

75.6%

76.3%

90.1%

77.7%

65.0%

71.8%

65.9%

67.4%

Operations Ratio

Annualized General and Administrative Expenses/

Total Undepreciated Assets

0.34%

0.40%

0.35%

0.34%

0.31%

0.41%

0.43%

0.35%

Additional Information

In-Place Gross Rent (per SF) (5)

$47.94

$48.66

$49.07

$49.76

$49.91

$50.50

$50.07

$50.36

Straight-Line Rental Revenue (in thousands)

$24,508

$12,477

$11,283

$9,424

$6,117

$39,301

$9,544

$6,861

$6,376

$22,781

Above and Below Market Rents Amortization, Net (in thousands)

$6,167

$2,845

$2,828

$3,422

$3,514

$12,609

$4,104

$4,266

$3,376

$11,746

Second Generation Capital Expenditures (in thousands)

$116,093

$33,281

$28,636

$29,981

$47,457

$139,355

$26,625

$35,914

$30,160

$92,699

(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 operating 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.

(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

Q3 2026 Supplemental Information

KEY PERFORMANCE METRICS

(1)

Office properties only.

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

Cousins Properties

Q3 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

2026 2nd

2026 3rd

YTD 2026

Net Income (Loss)

$46,581

$21,093

$14,658

$8,778

$(3,277)

$41,252

$(24,670)

$26,234

$17,009

$18,573

Fee and Other Income

(12,390)

(10,168)

(2,411)

(2,378)

(3,398)

(18,355)

(3,833)

(5,052)

(3,150)

(12,035)

General and Administrative Expenses

36,566

10,709

9,738

9,510

8,685

38,642

11,840

12,115

9,854

33,809

Interest Expense

122,476

36,774

38,514

41,497

42,456

159,241

45,101

47,064

45,577

137,742

Operating Property Impairment (1)

—

13,286

36,600

—

36,600

Land and Related Predevelopment Cost Impairment (2)

—

1,034

—

Depreciation and Amortization

365,045

102,114

100,890

105,272

107,083

415,359

108,406

104,845

103,258

316,509

Reimbursed and Other Expenses

2,731

600

560

565

619

2,344

559

560

1,014

2,133

Loss from Unconsolidated Joint Ventures

2,796

1,883

1,587

2,682

2,007

8,159

2,642

2,215

2,101

6,958

NOI from Unconsolidated Joint Ventures

6,617

2,223

3,165

3,256

3,705

12,349

3,371

3,535

4,000

10,906

Transaction Loss (Gain)

(98)

—

(9,172)

509

(8,616)

NOI (3)

$570,324

$165,228

$166,701

$169,182

$172,200

$673,311

$180,063

$182,344

$180,172

$542,579

Fee and Other Income (3)

12,522

10,183

2,450

2,400

3,445

18,478

3,865

5,096

3,186

12,147

General and Administrative Expenses

(36,566)

(10,709)

(9,738)

(9,510)

(8,685)

(38,642)

(11,840)

(12,115)

(9,854)

(33,809)

Interest Expense (3)

(126,960)

(38,763)

(40,753)

(44,327)

(45,106)

(168,949)

(47,834)

(49,699)

(48,374)

(145,907)

Reimbursed and Other Expenses (3)

(3,047)

(521)

(625)

(659)

(725)

(2,530)

(817)

(663)

(1,171)

(2,651)

Land and Related Predevelopment Cost Impairment (2)

—

(1,034)

—

Loss on Sales of Undepreciated Investment Properties (3)

(3)

—

Depreciation and Amortization of Non-Real Estate Assets

(461)

(117)

(121)

(129)

(488)

(140)

(145)

(147)

(432)

Partners' Share of FFO in Consolidated Joint Ventures

(1,717)

(467)

(420)

(429)

(1,745)

(430)

(173)

(38)

(641)

FFO (3)

$414,092

$124,834

$117,494

$116,536

$119,537

$478,401

$122,867

$124,645

$123,774

$371,286

Weighted Average Common Shares - Diluted

154,015

168,593

168,765

168,738

168,770

168,716

167,681

165,292

165,788

166,254

FFO per Share (3)

$2.69

$0.74

$0.70

$0.69

$0.71

$2.84

$0.73

$0.75

$2.23

(1)

The operating property impairments relate to One Eleven Congress in the first quarter of 2026 and Harborview in the fourth quarter of 2025.

(2)

The land and related predevelopment cost impairment in the fourth quarter of 2025 relates 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

Q3 2026 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL

(amounts in thousands, except per share amounts)

2024

2025 1st

2025 2nd

2025 3rd

2025 4th

2025

2026 1st

2026 2nd

2026 3rd

YTD 2026

NOI

Consolidated Properties

The Domain (2)

$78,929

$20,825

$21,725

$22,055

$22,130

$86,735

$22,185

$22,849

$23,028

$68,062

Sail Tower

1,843

11,682

11,771

11,726

11,780

46,959

11,800

11,610

11,708

35,118

Corporate Center (2)

30,284

8,094

8,458

8,468

8,603

33,623

8,790

9,024

9,104

26,918

Terminus (2)

31,910

8,252

8,566

8,644

7,919

33,381

8,472

8,513

8,214

25,199

Vantage South End (2)

2,338

7,136

7,031

7,140

7,148

28,455

7,243

7,511

7,333

22,087

Spring & 8th (2)

29,471

7,375

7,369

7,412

7,380

29,536

7,344

7,367

7,370

22,081

Promenade Tower

16,714

5,433

5,501

5,761

5,984

22,679

6,657

6,826

7,006

20,489

Buckhead Plaza (2)

22,380

6,471

6,223

6,537

6,480

25,711

6,796

6,846

6,756

20,398

300 Colorado

24,062

6,541

6,726

6,686

6,820

26,773

6,812

6,683

6,680

20,175

300 South Tryon

—

4,770

7,224

7,261

19,255

Hayden Ferry (2)

17,818

4,560

4,621

4,559

5,129

18,869

6,065

5,741

6,045

17,851

BriarLake Plaza (2)

22,363

5,686

5,533

5,660

5,627

22,506

5,558

5,210

5,817

16,585

Avalon (2)

16,821

3,483

3,625

3,646

3,892

14,646

4,468

4,890

5,125

14,483

San Jacinto Center

20,161

4,495

4,409

4,547

4,710

18,161

4,993

4,598

4,452

14,043

The Link

—

3,258

4,483

7,741

4,515

4,569

4,789

13,873

The Terrace (2)

15,914

4,152

4,006

3,986

4,078

16,222

4,168

4,310

4,812

13,290

725 Ponce

17,913

4,162

4,146

4,156

4,121

16,585

4,186

4,172

4,202

12,560

Northpark (2)

20,652

4,818

3,920

3,822

3,857

16,417

3,983

4,174

4,195

12,352

Colorado Tower

17,655

4,252

3,663

3,550

4,085

15,550

4,233

4,023

4,093

12,349

3344 Peachtree

15,652

3,745

4,051

4,006

4,141

15,943

3,831

3,971

4,290

12,092

100 Mill

15,128

3,992

3,782

3,856

3,851

15,481

3,840

3,741

3,801

11,382

The RailYard

12,262

3,027

3,058

3,147

2,996

12,228

2,956

3,038

2,978

8,972

3350 Peachtree

6,748

1,970

2,274

2,511

2,709

9,464

2,677

2,729

2,756

8,162

201 North Tryon

19,168

4,795

4,983

3,442

2,968

16,188

2,768

2,622

2,715

8,105

Heights Union (2)

10,606

2,623

2,677

2,614

2,657

10,571

2,506

2,361

2,731

7,598

Promenade Central

7,157

2,349

2,333

2,255

2,332

9,269

2,382

2,555

2,366

7,303

Tempe Gateway

6,003

2,122

2,106

2,342

2,352

8,922

2,439

2,329

2,237

7,005

Legacy Union One

9,505

2,372

2,360

2,367

2,358

9,457

2,545

2,517

1,722

6,784

Domain Point (2)

8,332

2,040

1,843

2,045

7,968

1,963

1,971

2,008

5,942

5950 Sherry Lane

4,432

1,244

1,283

1,456

1,422

5,405

1,359

1,490

1,643

4,492

The Pointe

4,906

1,316

1,251

1,223

1,317

5,107

1,351

1,400

1,490

4,241

111 West Rio

5,648

1,419

1,400

1,408

1,424

5,651

1,396

1,406

4,208

550 South

8,396

1,875

1,859

1,861

1,505

7,100

1,284

1,489

1,063

3,836

3348 Peachtree

4,926

1,301

1,156

886

1,320

4,663

1,394

1,214

1,018

3,626

Meridian Mark Plaza

4,494

1,158

1,280

1,301

1,239

4,978

1,296

1,041

1,250

3,587

Other (3)

33,116

8,240

8,350

7,795

7,633

32,018

7,667

6,795

2,708

17,170

Subtotal - Consolidated

563,707

163,005

163,536

165,926

168,495

660,962

176,692

178,809

176,172

531,673

Continued on next page

Cousins Properties

Q3 2026 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL

(amounts in thousands, except per share amounts)

2024

2025 1st

2025 2nd

2025 3rd

2025 4th

2025

2026 1st

2026 2nd

2026 3rd

YTD 2026

Unconsolidated Properties (4)

Neuhoff (2)

113

400

1,328

1,436

2,031

5,195

1,772

1,942

2,327

6,041

Medical Offices at Emory Hospital

4,661

1,176

1,188

1,227

1,198

4,789

1,205

1,142

1,212

3,559

120 West Trinity (2)

1,100

286

228

244

243

1,001

240

268

233

741

Proscenium

743

361

421

349

233

1,364

154

183

228

565

Subtotal - Unconsolidated

6,617

2,223

3,165

3,256

3,705

12,349

3,371

3,535

4,000

10,906

Total Net Operating Income (1)

570,324

165,228

166,701

169,182

172,200

673,311

180,063

182,344

180,172

542,579

Fee and Other Income

Management Fees (6)

1,761

496

422

454

423

1,795

449

511

519

1,479

Termination Fees

3,405

2,866

—

512

1,709

5,087

1,831

2,240

1,044

5,115

Leasing & Other Fees

—

725

1,701

746

3,172

Development Fees

—

102

213

174

300

Interest Income from Real Estate Debt (7)

5,772

2,149

568

606

1,097

4,420

727

485

544

1,756

Other Income (8)

1,452

4,656

1,350

734

6,805

123

213

Other Income - Unconsolidated (4)

132

123

112

Total Fee and Other Income

12,522

10,183

2,450

2,400

3,445

18,478

3,865

5,096

3,186

12,147

General and Administrative Expenses

(36,566)

(10,709)

(9,738)

(9,510)

(8,685)

(38,642)

(11,840)

(12,115)

(9,854)

(33,809)

Interest Expense

Consolidated Interest Expense

Public Senior Notes, Unsecured ($500M)

(11,201)

(7,474)

(7,468)

(7,485)

(7,480)

(29,907)

(7,480)

(7,487)

(22,454)

Public Senior Notes, Unsecured ($500M)

—

(1,798)

(6,724)

(6,742)

(15,264)

(6,749)

(6,745)

(6,753)

(20,247)

Public Senior Notes, Unsecured ($400M)

(830)

(5,551)

(5,548)

(5,544)

(5,543)

(22,186)

(5,546)

(5,548)

(5,552)

(16,646)

Public Senior Notes, Unsecured ($500M)

—

(2,881)

(6,310)

(6,319)

(15,510)

Term Loan, Unsecured ($400M)

(23,510)

(5,539)

(5,356)

(5,425)

(5,221)

(21,541)

(4,919)

(4,620)

(4,649)

(14,188)

Terminus (2)

(14,055)

(3,514)

(3,513)

(14,055)

(3,514)

(10,542)

Credit Facility, Unsecured

(17,324)

(1,725)

(1,390)

(1,353)

(2,331)

(6,799)

(3,646)

(3,520)

(2,051)

(9,217)

Privately Placed Senior Notes, Unsecured ($275M)

(10,975)

(2,744)

(2,743)

(2,744)

(10,975)

(2,744)

(2,743)

(8,231)

Privately Placed Senior Notes, Unsecured ($250M)

(9,764)

(2,441)

(9,764)

(2,441)

(7,323)

Term Loan, Unsecured ($100M)

(17,967)

(3,482)

(3,486)

(3,598)

(3,373)

(13,939)

(2,226)

(1,125)

(1,240)

(4,591)

Privately Placed Senior Notes, Unsecured ($125M)

(4,789)

(1,197)

(1,198)

(1,197)

(4,789)

(1,197)

(1,198)

(1,197)

(3,592)

Privately Placed Senior Notes, Unsecured ($100M)

(4,146)

(1,036)

(1,037)

(1,036)

(4,145)

(1,036)

(1,037)

(1,036)

(3,109)

201 North Tryon

(4,265)

(1,046)

(1,038)

(1,030)

(1,023)

(4,137)

(1,015)

(1,006)

(986)

(3,007)

Other (9)

(16,199)

(3,408)

(3,400)

(1,040)

(905)

(8,753)

(899)

(890)

(573)

(2,362)

Capitalized (10)

12,549

2,383

1,903

1,634

1,093

7,013

1,192

1,121

964

3,277

Subtotal - Consolidated Interest Expense

(122,476)

(36,774)

(38,514)

(41,497)

(42,456)

(159,241)

(45,101)

(47,064)

(45,577)

(137,742)

Unconsolidated Interest Expense (4)

Neuhoff (5)

(2,452)

(1,481)

(1,731)

(2,322)

(2,142)

(7,676)

(2,225)

(2,127)

(2,289)

(6,641)

Medical Offices at Emory Hospital

(2,032)

(508)

(2,032)

(508)

(1,524)

Subtotal - Unconsolidated Interest Expense

(4,484)

(1,989)

(2,239)

(2,830)

(2,650)

(9,708)

(2,733)

(2,635)

(2,797)

(8,165)

Total Interest Expense

(126,960)

(38,763)

(40,753)

(44,327)

(45,106)

(168,949)

(47,834)

(49,699)

(48,374)

(145,907)

Continued on next page

Cousins Properties

Q3 2026 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL

(amounts in thousands, except per share amounts)

2024

2025 1st

2025 2nd

2025 3rd

2025 4th

2025

2026 1st

2026 2nd

2026 3rd

YTD 2026

Reimbursed and Other Expenses

Reimbursed Expenses (6)

(634)

(177)

(120)

(123)

(124)

(544)

(120)

(172)

(139)

(431)

Property Taxes and Other Land Holding Costs (4)

(1,020)

(355)

(387)

(320)

(334)

(1,396)

(416)

(367)

(736)

(1,519)

Predevelopment & Other Costs (4)

(1,393)

(118)

(216)

(267)

(590)

(281)

(124)

(296)

(701)

Land and Related Predevelopment Cost Impairment

—

(1,034)

—

Total Reimbursed and Other Expenses

(3,047)

(521)

(625)

(659)

(1,759)

(3,564)

(817)

(663)

(1,171)

(2,651)

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)

(129)

(488)

(140)

(145)

(147)

(432)

Partners' Share of FFO in Consolidated Joint Ventures

(1,717)

(467)

(420)

(429)

(1,745)

(430)

(173)

(38)

(641)

FFO

$414,092

$124,834

$117,494

$116,536

$119,537

$478,401

$122,867

$124,645

$123,774

$371,286

Weighted Average Shares - Diluted

154,015

168,593

168,765

168,738

168,770

168,716

167,681

165,292

165,788

166,254

FFO per Share

$2.69

$0.74

$0.70

$0.69

$0.71

$2.84

$0.73

$0.75

$2.23

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 September 30, 2026, and also includes the College Street Garage for all periods and Domain 4 through June 30, 2026. On July 1, 2026, the Domain 4 land was added to our adjacent Domain Central land, which is being held 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 September 30, 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.

Continued on next page

Cousins Properties

Q3 2026 Supplemental Information

PORTFOLIO STATISTICS (1)

Rentable

Financial

Company's

End of Period Leased

Weighted Average

Occupancy (2)

Office Properties

Square

Feet

Statement

Presentation

Ownership

Interest

2Q26

3Q26

2Q26

3Q26

% of Total

NOI / 3Q26

The Domain (3) (4)

2,080,000

Consolidated

100%

99.2%

99.6%

97.6%

97.7%

12.9%

Sail Tower

804,000

Consolidated

100%

100.0%

6.6%

300 Colorado

378,000

Consolidated

100%

100.0%

3.7%

The Terrace (3)

619,000

Consolidated

100%

91.3%

93.5%

84.3%

85.2%

2.7%

San Jacinto Center

399,000

Consolidated

100%

82.3%

83.8%

82.2%

80.1%

2.5%

Colorado Tower

373,000

Consolidated

100%

96.3%

89.7%

2.3%

Domain Point (3)

240,000

Consolidated

96.5%

93.6%

1.1%

AUSTIN

4,893,000

96.5%

97.1%

94.5%

94.4%

31.8%

Terminus (3)

1,229,000

Consolidated

100%

89.3%

83.1%

82.6%

4.6%

Spring & 8th (3)

765,000

Consolidated

100%

100.0%

4.1%

Buckhead Plaza (3)

680,000

Consolidated

100%

95.4%

95.9%

92.4%

91.2%

3.8%

Promenade Tower

771,000

Consolidated

100%

88.8%

90.5%

86.6%

89.0%

3.8%

Avalon (3)

481,000

Consolidated

100%

100.0%

2.9%

725 Ponce

372,000

Consolidated

100%

100.0%

87.6%

2.4%

Northpark (3)

1,380,000

Consolidated

100%

84.5%

86.3%

69.4%

71.5%

2.3%

3344 Peachtree

485,000

Consolidated

100%

96.5%

94.2%

2.4%

3350 Peachtree

409,000

Consolidated

100%

92.5%

1.5%

Promenade Central

367,000

Consolidated

100%

92.7%

94.4%

81.1%

84.3%

1.3%

3348 Peachtree

258,000

Consolidated

100%

75.4%

74.3%

72.9%

0.6%

Meridian Mark Plaza

160,000

Consolidated

100%

100.0%

0.7%

Medical Offices at Emory Hospital

359,000

Unconsolidated

50%

99.0%

0.7%

Proscenium

526,000

Unconsolidated

20%

62.9%

74.5%

44.8%

44.5%

0.1%

120 West Trinity Office

43,000

Unconsolidated

20%

74.2%

0.1%

ATLANTA

8,285,000

91.6%

92.4%

85.7%

86.3%

31.3%

Vantage South End (3)

639,000

Consolidated

100%

97.5%

4.1%

300 South Tryon (5)

637,000

Consolidated

100%

100.0%

4.1%

The RailYard

329,000

Consolidated

100%

97.8%

98.4%

98.3%

97.8%

1.7%

201 North Tryon

687,000

Consolidated

100%

49.3%

1.5%

550 South

400,000

Consolidated

100%

71.1%

55.9%

65.4%

53.4%

0.6%

CHARLOTTE

2,692,000

81.9%

79.7%

81.1%

79.3%

12.0%

Hayden Ferry (3) (6)

806,000

Consolidated

100%

96.3%

96.5%

90.1%

88.4%

3.4%

100 Mill

287,000

Consolidated

100%

98.2%

2.1%

Tempe Gateway

267,000

Consolidated

100%

94.6%

96.7%

94.2%

91.8%

1.3%

111 West Rio

225,000

Consolidated

100%

100.0%

0.8%

PHOENIX

1,585,000

97.0%

97.5%

94.1%

93.0%

7.6%

Continued on next page

Cousins Properties

Q3 2026 Supplemental Information

PORTFOLIO STATISTICS (1)

Rentable

Financial

Company's

End of Period Leased

Weighted Average

Occupancy (2)

Office Properties

Square

Feet

Statement

Presentation

Ownership

Interest

2Q26

3Q26

2Q26

3Q26

% of Total

NOI / 3Q26

Corporate Center (3)

1,227,000

Consolidated

100%

96.5%

96.9%

94.9%

95.0%

5.1%

Heights Union (3)

294,000

Consolidated

100%

100.0%

1.5%

The Pointe

253,000

Consolidated

100%

94.6%

95.3%

93.1%

94.6%

0.8%

TAMPA

1,774,000

96.8%

97.2%

95.5%

95.7%

7.4%

The Link (5)

292,000

Consolidated

100%

95.9%

96.6%

94.5%

95.9%

2.7%

Legacy Union One

299,000

Consolidated

100%

100.0%

1.0%

5950 Sherry Lane

197,000

Consolidated

100%

95.7%

95.6%

86.8%

90.2%

0.9%

DALLAS

788,000

97.5%

97.6%

94.8%

96.0%

4.6%

BriarLake Plaza (3)

835,000

Consolidated

100%

97.2%

96.2%

94.8%

96.5%

3.3%

HOUSTON

835,000

97.2%

96.2%

94.8%

96.5%

3.3%

Neuhoff Office (3) (5) (7)

396,000

Unconsolidated

50%

95.8%

56.1%

68.6%

0.7%

NASHVILLE

396,000

95.8%

56.1%

68.6%

0.7%

TOTAL OFFICE

21,248,000

92.8%

93.0%

89.4%

89.5%

98.7%

Other Properties (5)

Neuhoff Apartments - Nashville (542 units) (3) (7)

454,000

Unconsolidated

50%

93.2%

95.2%

87.8%

90.3%

0.6%

College Street Garage - Charlotte

—

Consolidated

100%

0.5%

120 West Trinity Apartments - Atlanta (330 units)

310,000

Unconsolidated

20%

98.5%

99.1%

95.1%

97.1%

0.1%

Neuhoff Retail - Nashville (3) (7)

53,000

Unconsolidated

50%

46.6%

54.1%

46.6%

0.1%

TOTAL OTHER

817,000

1.3%

TOTAL

22,065,000

100.0%

(1)

Represents the Company's operating properties, excluding properties in the development pipeline and properties sold prior to or held for sale as of September 30, 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)

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 210,000 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 occupancy stabilizes. The renovation is substantially complete, and as of September 30, 2026, the building was 94.7% leased and had a weighted average occupancy of 50.5%.

(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.

Cousins Properties

Q3 2026 Supplemental Information

Atlanta

31.4%

Austin

31.8%

Tampa

7.4%

Phoenix

7.6%

Dallas

4.6%

Nashville

1.4%

Charlotte

12.5%

Houston

3.3%

Third Quarter 2026 Portfolio NOI by Market

PORTFOLIO STATISTICS

Cousins Properties

Q3 2026 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

($ in thousands)

Three Months Ended September 30,

2025

2026

$ Change

% Change

Rental Property Revenues (2)

224,340

230,676

6,336

2.8

Rental Property Operating Expenses (2)

72,375

73,725

1,350

1.9

Same Property Net Operating Income

151,965

156,951

4,986

3.3

Cash-Basis Rental Property Revenues (3)

205,601

216,960

11,359

5.5

Cash-Basis Rental Property Operating Expenses (4)

72,245

73,688

1,443

2.0

Cash-Basis Same Property Net Operating Income

133,356

143,272

9,916

7.4

End of Period Leased

90.0

92.6

Weighted Average Occupancy

88.4

88.8

Nine Months Ended September 30,

2025

2026

$ Change

% Change

Rental Property Revenues (2)

668,541

690,590

22,049

3.3

Rental Property Operating Expenses (2)

211,153

222,774

11,621

5.5

Same Property Net Operating Income

457,388

467,816

10,428

2.3

Cash-Basis Rental Property Revenues (3)

607,827

644,566

36,739

6.0

Cash-Basis Rental Property Operating Expenses (4)

210,662

222,649

11,987

5.7

Cash-Basis Same Property Net Operating Income

397,165

421,917

24,752

6.2

Weighted Average Occupancy

89.3

88.7

(1)

Same Properties include those operating 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

Q3 2026 Supplemental Information

OFFICE LEASING ACTIVITY

Three Months Ended September 30, 2026

Nine Months Ended September 30, 2026

New

Renewal

Expansion

Total

New

Renewal

Expansion

Total

Net leased square feet (1)

132,268

326,380

87,783

546,431

869,611

1,304,405

228,370

2,402,386

Number of transactions

151

Lease term in years (2)

7.7

6.0

10.0

7.0

8.5

6.6

9.2

7.5

Net effective rent calculation (per square foot per year) (2)

Net annualized rent (3)

44.15

40.48

46.94

42.41

42.76

41.69

49.59

42.83

Net free rent

(2.92

)

(1.31

)

(2.88

)

(1.96

)

(3.05

)

(1.33

)

(3.00

)

(2.11

)

Leasing commissions

(3.57

)

(2.42

)

(3.79

)

(2.92

)

(3.55

)

(2.74

)

(3.83

)

(3.13

)

Tenant improvements

(9.06

)

(4.00

)

(10.64

)

(6.29

)

(10.36

)

(4.60

)

(9.48

)

(7.16

)

Total leasing costs

(15.55

)

(7.73

)

(17.31

)

(11.17

)

(16.96

)

(8.67

)

(16.31

)

(12.40

)

Net effective rent

28.60

32.75

29.63

31.24

25.80

33.02

33.28

30.43

Second generation leased square footage (4)

454,189

1,748,363

Increase in straight-line basis second generation net rent per square foot (5)

31.9

28.9

Increase in cash-basis second generation net rent per square foot (6)

19.8

14.2

(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, percent 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

Q3 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

240,217

1.3

11,954

1.1

49.76

2027

612,834

3.3

28,073

2.6

45.81

2028

1,664,041

9.0

82,795

7.8

49.76

2029

1,592,508

8.6

82,007

7.6

51.50

2030

2,072,127

11.2

106,462

10.0

51.38

2031

1,421,091

7.7

82,222

7.7

57.86

2032

1,977,577

10.7

111,279

10.5

56.27

2033

2,146,529

11.6

133,875

12.6

62.37

2034

1,377,243

7.4

80,290

7.6

58.30

2035 & Thereafter

5,410,316

29.2

346,401

32.5

64.03

Total

18,514,483

100.0

1,065,358

100.0

57.54

(1)

Company's share of leases expiring after September 30, 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

Q3 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)

Amazon

1,477,626

$81,663

9.1%

5.5

Alphabet (3)

799,149

48,076

5.4%

11.3

NCR Voyix

815,634

44,009

4.9%

6.7

ExxonMobil

324,631

22,861

2.5%

5.8

IBM

319,863

19,062

2.1%

13.9

Expedia

315,882

17,603

2.0%

4.5

Apache

362,803

14,743

1.6%

12.3

Barings

203,319

9,926

1.1%

5.1

Deloitte

196,917

9,509

1.1%

7.7

McGuireWoods LLP

176,498

8,592

1.0%

14.3

ADP

225,000

8,320

0.9%

1.5

BlackRock

131,656

7,898

0.9%

9.7

McKinsey & Company

138,532

7,416

0.8%

6.5

Smurfit Westrock

181,351

7,041

0.8%

3.6

Amgen

163,169

7,003

0.8%

2.1

Time Warner Cable

119,018

6,443

0.7%

2.0

Samsung (4)

133,860

6,376

0.7%

0.8

Workday, Inc.

131,952

6,364

0.7%

6.8

Allstate

148,262

6,327

0.7%

3.3

Houlihan Lokey, Inc.

89,095

6,306

0.6%

10.0

Total

6,454,217

$345,538

38.4%

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 September 30, 2026. If the tenant was in a free rent period as of September 30, 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)

Effective June 1, 2026, Alphabet began to self manage the property, including directly paying some operating expenses. As a result, operating expenses paid directly by Alphabet are no longer included in annualized rent.

(4)

The weighted average lease term includes a second quarter 2026 eight year partial renewal of 11,000 square feet.

Cousins Properties

Q3 2026 Supplemental Information

TENANT INDUSTRY DIVERSIFICATION

(1)

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 as of September 30, 2026 are excluded.

Cousins Properties

Q3 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%

638,000

317,500

100 Mill (2)

Office

Phoenix

100%

288,000

18,500

2025

The Link

Office

Dallas

100%

292,000

218,000

2024

Proscenium

Office

Atlanta

20%

525,000

83,250

Sail Tower

Office

Austin

100%

804,000

521,800

Vantage South End

Office

Charlotte

100%

639,000

328,500

2022

Avalon (3)

Office

Atlanta

100%

480,000

43,400

2021

725 Ponce

Office

Atlanta

100%

372,000

300,200

Heights Union

Office

Tampa

100%

294,000

144,800

4,332,000

1,975,950

Completed Operating Property Developments

Project

Type

Market

Company's

Ownership

Interest

Timing (4)

Square Feet

Total Project Cost

($ in thousands) (1)

2026

Neuhoff Commercial - Phase 1

Mixed

Nashville

50%

(5)

450,000

306,000

Neuhoff Apartments

Residential

Nashville

50%

454,000

217,000

2025

Domain 9

Office

Austin

100%

338,000

147,000

2022

300 Colorado

Office

Austin

100%

369,000

193,000

100 Mill (2)

Office

Phoenix

90%

288,000

156,000

2021

10000 Avalon (3)

Office

Atlanta

90%

251,000

96,000

120 West Trinity

Mixed

Atlanta

20%

353,000

89,000

Domain 10

Office

Austin

100%

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 100 Mill as the majority partner in a 90-10 joint venture, HICO 100 Mill LLC. In 2026, we purchased the outside interest of 10% in HICO 100 Mill LLC for $18.5 million in a transaction that valued the property at $158.7 million.

(3)

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.

(4)

Represents timing of stabilization.

(5)

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

Cousins Properties

Q3 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%

206,000

39,500

Research Park V

Office

Austin

100%

173,000

42,000

One Eleven Congress

Office

Austin

100%

519,000

208,000

2022

Carolina Square

Mixed

Charlotte

50%

468,000

105,000

(1)

2021

Burnett Plaza

Office

Fort Worth

100%

1,023,000

137,500

One South at the Plaza

Office

Charlotte

100%

891,000

271,500

Dimensional Place

Office

Charlotte

50%

281,000

60,800

(1)

816 Congress

Office

Austin

100%

435,000

174,000

3,996,000

1,038,300

(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

Q3 2026 Supplemental Information

DEVELOPMENT PIPELINE

Project

Type

Market

Company's

Ownership

Interest

Construction

Start Date

Square

Feet/Units

Estimated

Project Cost

Company's

Share of Estimated

Project Cost

Incurred to Date

Company's

Share of Project Cost

Incurred to Date

Percent

Leased

Initial

Occupancy

Estimated

Stabilization

($ in thousands)

The Company had no projects under active development as of September 30, 2026.

Cousins Properties

Q3 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 (1)

Austin

100%

Consolidated

10.7

South End Station

Charlotte

100%

Consolidated

3.4

303 Tremont (2)

Charlotte

100%

Consolidated

2.4

2401 McKinney (3)

Dallas

97.5%

Consolidated

2.3

Legacy Union 2 & 3

Dallas

95%

Consolidated

4.0

Neuhoff Commercial - Phase II (4)

Nashville

50%

Unconsolidated

1.4

Corporate Center 5 & 6 (5)

Tampa

100%

Consolidated

14.1

Total

45.8

Total Cost Basis of Land ($ in thousands) (6)

$282,137

Company's Share of Cost Basis of Land ($ in thousands) (6)

$238,542

(1)

Effective in the third quarter of 2026, includes 5.1 acres and $6.1 million cost basis of land at our previous Domain 4 office property where operations have ceased and the site is being prepared for future development.

(2)

303 Tremont is under contract for sale and is expected to close in the fourth quarter of 2026.

(3)

A portion of this land parcel is controlled through a long-term ground lease.

(4)

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%.

(5)

Corporate Center 5 is controlled through a long-term ground lease.

(6)

Excludes amounts related to leasehold interests for parcels controlled through long-term ground leases.

Cousins Properties

Q3 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

Maturity

Date (2)

2026

2027

2028

2029

2030

Thereafter

Total

Principal

Original

Issue

Discount

Deferred

Loan Costs

Total

Consolidated Debt

Consolidated Debt - Floating Rate

Term Loan, Unsecured (SOFR + 0.800%) (3)

100%

4.670%

8/11/27

—

100,000

—

100,000

—

(42

)

99,958

Term Loan, Unsecured (SOFR + 0.800%) (4)

100%

4.670%

3/3/28

—

400,000

—

400,000

—

(253

)

399,747

Credit Facility, Unsecured (SOFR + 0.725%) (5)

100%

4.595%

4/1/31

—

114,800

—

114,800

Total Consolidated Floating Rate Debt

—

100,000

400,000

—

114,800

614,800

—

(295

)

614,505

Consolidated Debt - Fixed Rate

201 North Tryon (6)

100%

3.370%

10/1/26

115,936

—

115,936

—

115,936

Privately Placed Senior Notes, Unsecured

100%

4.090%

7/6/27

—

100,000

—

100,000

—

(28

)

99,972

Privately Placed Senior Notes, Unsecured

100%

3.780%

7/6/27

—

125,000

—

125,000

—

(46

)

124,954

Privately Placed Senior Notes, Unsecured

100%

3.860%

7/6/28

—

250,000

—

250,000

—

(196

)

249,804

Privately Placed Senior Notes, Unsecured

100%

3.950%

7/6/29

—

275,000

—

275,000

—

(306

)

274,694

Public Senior Notes, Unsecured (7)

100%

5.250%

7/15/30

—

500,000

—

500,000

(50

)

(2,703

)

497,247

Terminus (8)

100%

6.340%

1/15/31

—

221,000

—

(192

)

220,808

Public Senior Notes, Unsecured (9)

100%

5.375%

2/15/32

—

400,000

(1,677

)

(3,214

)

395,109

Public Senior Notes, Unsecured (10)

100%

4.875%

3/1/33

—

500,000

(3,463

)

(4,630

)

491,907

Public Senior Notes, Unsecured (11)

100%

5.875%

10/1/34

—

500,000

(1,223

)

(3,950

)

494,827

Total Consolidated Fixed Rate Debt

115,936

225,000

250,000

275,000

500,000

1,621,000

2,986,936

(6,413

)

(15,265

)

2,965,258

Total Consolidated Debt

115,936

325,000

650,000

275,000

500,000

1,735,800

3,601,736

(6,413

)

(15,560

)

3,579,763

Unconsolidated Debt

Unconsolidated Debt - Floating Rate

Neuhoff (SOFR + 3.000%) (12)

50%

6.800%

9/30/27

—

127,430

—

127,430

—

(346

)

127,084

Proscenium (SOFR + 3.050%) (13)

20%

6.963%

10/9/31

—

17,420

—

(828

)

16,592

Total Unconsolidated Floating Rate Debt

—

127,430

—

17,420

144,850

—

(1,174

)

143,676

Unconsolidated Debt - Fixed Rate

Medical Offices at Emory Hospital

50%

4.800%

6/1/32

—

41,500

—

(226

)

41,274

Total Unconsolidated Debt

—

127,430

—

58,920

186,350

—

(1,400

)

184,950

Total Maturities

115,936

452,430

650,000

275,000

500,000

1,794,720

3,788,086

(6,413

)

(16,960

)

3,764,713

% of Maturities

100

Continued on next page

Cousins Properties

Q3 2026 Supplemental Information

DEBT SCHEDULE (1)

Continued on next page

Cousins Properties

Q3 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

759,650

4.91

1.8

Fixed Rate Debt

3,028,436

4.98

4.6

Total Debt

3,788,086

100

4.96

4.0

(1)

All amounts are presented at Company share.

(2)

Maturity dates shown assume the Company exercises all extensions available as of the date of this report.

(3)

In April 2026, 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%. The Company exercised the fifth of its six total consecutive options to extend the maturity date of this term loan. This extension became effective August 19, 2026, and extended the maturity date to February 12, 2027. One additional six month extension option remains unexercised. The spread over SOFR at September 30, 2026, was 0.80%.

(4)

In April 2026, the Company entered into the 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 0.85% to the spread over SOFR of +0.80%. As of September 30, 2026, the spread over SOFR of the $400 million of the term loan was 0.80%. The Company exercised the fourth of its six consecutive options to extend the maturity date of this term loan. This extension became effective September 3, 2026, and will extend the maturity date to March 3, 2027. Two additional six month extension options remain 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. Subsequent to the six month fixed term expiring, the Company began electing Daily SOFR for the entire amount of the loan.

(5)

The spread over SOFR at September 30, 2026 was 0.725%. As of September 30, 2026, the Company had $114.8 million drawn under the Credit Facility and had the ability to borrow an additional $1.1 billion.

(6)

Subsequent to quarter end, in October 2026, the Company paid off the 201 North Tryon mortgage loan in full.

(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. After the exercise of an extension option in September 2026, the maturity date of the construction loan is September 30, 2027, and the spread in excess of SOFR is 3.00%.

(13)

This mortgage loan has a borrowing capacity of up to $125.9 million of which our share is $25.2 million. The interest rate applicable is based on SOFR plus 3.05% with a SOFR floor of 2.75% and the initial maturity date of the mortgage loan is October 9, 2029. The joint venture has two one-year extension options, subject to certain conditions.

Cousins Properties

Q3 2026 Supplemental Information

JOINT VENTURE INFORMATION (1)

Joint Venture

Property

Cash Flows to Cousins (2)

Options

Consolidated:

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

Q3 2026 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

2024

2025 1st

2025 2nd

2025 3rd

2025 4th

2025

2026 1st

2026 2nd

2026 3rd

YTD 2026

FFO and EBITDAre

Net income (loss) available to common stockholders

45,962

20,897

14,483

8,590

(3,467

)

40,503

(24,856

)

26,158

17,000

18,302

Depreciation and amortization of real estate assets:

Consolidated properties

364,584

101,996

100,769

105,152

106,954

414,871

108,267

104,699

103,111

316,077

Share of unconsolidated joint ventures

4,745

2,212

2,489

3,034

3,004

10,739

3,053

3,057

3,183

9,293

Partners' share of real estate depreciation

(1,106

)

(274

)

(250

)

(241

)

(240

)

(1,005

)

(240

)

(101

)

(32

)

(373

)

Operating property impairment

—

13,286

36,600

—

36,600

Loss (gain) on depreciated property transactions:

Consolidated properties

(101

)

—

(9,172

)

509

(8,616

)

Non-controlling interest related to unitholders

—

)

FFO (1)

414,092

124,834

117,494

116,536

119,537

478,401

122,867

124,645

123,774

371,286

Interest Expense

126,960

38,763

40,753

44,327

45,106

168,949

47,834

49,699

48,374

145,907

Non-Real Estate Depreciation and Amortization

461

117

121

130

489

140

145

147

432

EBITDAre (1)

541,513

163,714

158,368

160,984

164,773

647,839

170,841

174,489

172,295

517,625

FFO and Net Operating Income from Unconsolidated Joint Ventures

Loss from Unconsolidated Joint Ventures

(2,796

)

(1,883

)

(1,587

)

(2,682

)

(2,007

)

(8,159

)

(2,642

)

(2,215

)

(2,101

)

(6,958

)

Depreciation and Amortization of Real Estate Assets

4,745

2,212

2,489

3,034

3,004

10,739

3,053

3,057

3,183

9,293

FFO - Unconsolidated Joint Ventures

1,949

329

902

352

997

2,580

411

842

1,082

2,335

Interest Expense

4,484

1,989

2,239

2,830

2,650

9,708

2,733

2,635

2,797

8,165

Other Expense

316

(79

)

102

184

259

101

158

518

Other Income

(132

)

(16

)

(38

)

(25

)

(44

)

(123

)

(32

)

(43

)

(37

)

(112

)

Net Operating Income - Unconsolidated Joint Ventures

6,617

2,223

3,165

3,256

3,705

12,349

3,371

3,535

4,000

10,906

Market Capitalization

Common Stock Price Per Share at Period End

30.64

29.50

30.03

28.94

25.78

22.57

29.98

27.64

Number of Common Stock/Units Outstanding at

Period End

167,685

167,933

167,992

167,990

168,007

164,566

164,627

164,625

Equity Market Capitalization

5,137,868

4,954,024

5,044,800

4,861,631

4,331,220

3,714,255

4,935,517

4,550,235

Consolidated Debt

3,095,666

3,020,741

3,476,761

3,309,383

3,340,815

3,772,182

3,732,064

3,579,763

Share of Unconsolidated Debt

178,722

182,735

183,847

165,737

166,205

166,568

168,154

184,950

Debt (1)

3,274,388

3,203,476

3,660,608

3,475,120

3,507,020

3,938,750

3,900,218

3,764,713

Total Market Capitalization

8,412,256

8,157,500

8,705,408

8,336,751

7,838,240

7,653,005

8,835,735

8,314,948

Continued on next page

Cousins Properties

Q3 2026 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

2024

2025 1st

2025 2nd

2025 3rd

2025 4th

2025

2026 1st

2026 2nd

2026 3rd

YTD 2026

Credit Ratios

Debt (1)

3,274,388

3,203,476

3,660,608

3,475,120

3,507,020

3,938,750

3,900,218

3,764,713

Less: Cash and Cash Equivalents

(7,349

)

(5,330

)

(416,840

)

(4,675

)

(5,720

)

(5,720

)

(6,296

)

(6,699

)

(5,213

)

(5,213

)

Less: Share of Unconsolidated Cash and Cash Equivalents (1)

(6,821

)

(6,332

)

(4,448

)

(6,484

)

(5,633

)

(5,633

)

(6,333

)

(6,314

)

(18,918

)

(18,918

)

Net Debt (1)

3,260,218

3,191,814

3,239,320

3,463,961

3,495,667

3,926,121

3,887,205

3,740,582

Total Market Capitalization

8,412,256

8,157,500

8,705,408

8,336,751

7,838,240

7,653,005

8,835,735

8,314,948

Net Debt / Total Market Capitalization

38.8

39.1

37.2

41.6

44.6

51.3

44.0

45.0

Total Assets - Consolidated

8,802,146

8,663,360

9,051,863

8,900,481

8,890,132

9,087,843

9,040,873

8,880,744

Accumulated Depreciation - Consolidated

1,821,559

1,893,215

1,982,700

2,045,711

2,120,930

2,164,229

2,134,798

2,215,252

Undepreciated Assets - Unconsolidated (1)

356,091

363,789

368,322

375,572

376,850

378,996

382,902

399,216

Less: Investment in Unconsolidated Joint Ventures

(185,478

)

(191,505

)

(192,420

)

(215,507

)

(215,301

)

(215,301

)

(213,988

)

(212,792

)

(195,700

)

(195,700

)

Total Undepreciated Assets (1)

10,794,318

10,728,859

11,210,465

11,106,257

11,172,611

11,417,080

11,345,781

11,299,512

Net Debt (1)

3,260,218

3,191,814

3,239,320

3,463,961

3,495,667

3,926,121

3,887,205

3,740,582

Net Debt / Total Undepreciated Assets (1)

30.2

29.7

28.9

31.2

31.3

34.4

34.3

33.1

Coverage Ratios (1)

Interest Expense

126,960

38,763

40,753

44,327

45,106

168,949

47,834

49,699

48,374

145,907

Scheduled Principal Payments

8,222

1,667

1,681

1,696

1,710

6,754

1,725

1,740

1,504

4,969

Fixed Charges

135,182

40,430

42,434

46,023

46,816

175,703

49,559

51,439

49,878

150,876

EBITDAre

541,513

163,714

158,368

160,984

164,773

647,839

170,841

174,489

172,295

517,625

EBITDAre / Fixed Charges (1)

4.01

4.05

3.73

3.50

3.52

3.69

3.45

3.39

3.45

3.43

Net Debt

3,260,218

3,191,814

3,239,320

3,463,961

3,495,667

3,926,121

3,887,205

3,740,582

Annualized EBITDAre (2)

632,139

654,856

633,472

643,936

659,092

694,096

697,956

689,180

Net Debt / Annualized EBITDAre

5.16

4.87

5.11

5.38

5.30

5.66

5.57

5.43

Dividend Information

Common Dividends

199,679

53,732

53,746

53,754

214,978

52,646

52,672

52,670

157,988

FFO

414,092

124,834

117,494

116,536

119,537

478,401

122,867

124,645

123,774

371,286

FFO Payout Ratio

48.2

43.0

45.7

46.1

45.0

44.9

42.8

42.3

42.6

Operations Ratio

Total Undepreciated Assets (1)

10,794,318

10,728,859

11,210,465

11,106,257

11,172,611

11,417,080

11,345,781

11,299,512

General and Administrative Expenses

36,566

10,709

9,738

9,510

8,685

38,642

11,840

12,115

9,854

33,809

Annualized General and Administrative Expenses (2) / Total Undepreciated Assets

0.34

0.40

0.35

0.34

0.31

0.41

0.43

0.35

Continued on next page

Cousins Properties

Q3 2026 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

2024

2025 1st

2025 2nd

2025 3rd

2025 4th

2025

2026 1st

2026 2nd

2026 3rd

YTD 2026

Net income (loss) available to common stockholders

$45,962

$20,897

$14,483

$8,590

$(3,467)

$40,503

$(24,856)

$26,158

$17,000

$18,302

Depreciation and amortization of real estate assets

368,223

103,934

103,008

107,945

109,718

424,605

111,080

107,655

106,262

324,997

Loss (gain) on depreciated property transactions

(101)

—

(9,172)

509

(8,616)

Operating property impairment

—

13,286

36,600

—

36,600

Non-controlling interest related to unitholders

—

(4)

FFO (1)

414,092

124,834

117,494

116,536

119,537

478,401

122,867

124,645

123,774

371,286

Non-Cash Debt Amortization

4,068

1,056

997

1,290

1,188

4,531

1,229

1,511

1,468

4,208

Non-Cash Stock-Based Compensation

14,782

5,993

3,746

3,379

3,356

16,474

6,013

3,670

3,753

13,436

Non-Real Estate Depreciation and Amortization

461

117

121

130

489

140

145

147

432

Lease Inducement Amortization

2,169

531

267

938

650

2,386

431

698

548

1,677

Straight-Line Rent Ground Leases

470

118

100

408

(212)

(136)

(249)

Above and Below Market Ground Rent

240

125

282

213

Deferred Income - Tenant Improvements

(28,598)

(8,472)

(8,947)

(9,147)

(9,353)

(35,919)

(9,522)

(10,088)

(9,835)

(29,445)

Above and Below Market Rents, Net

(6,167)

(2,845)

(2,828)

(3,422)

(3,514)

(12,609)

(4,104)

(4,266)

(3,376)

(11,746)

Second Generation Capital Expenditures (CAPEX)

(116,093)

(33,281)

(28,636)

(29,981)

(47,457)

(139,355)

(26,625)

(35,914)

(30,160)

(92,699)

Straight-Line Rental Revenue

(24,508)

(12,477)

(11,283)

(9,424)

(6,117)

(39,301)

(9,544)

(6,861)

(6,376)

(22,781)

Land and Related Predevelopment Costs Impairment

—

1,034

—

Loss on Sales of Undepreciated Investment Properties

—

FAD (1)

260,919

75,626

71,102

70,414

59,679

276,821

81,055

73,398

79,879

234,332

Weighted Average Shares - Diluted

154,015

168,593

168,765

168,738

168,770

168,716

167,681

165,292

165,788

166,254

FAD per share

1.69

0.45

0.42

0.35

1.64

0.48

0.44

0.48

1.41

Common Dividends on outstanding shares

199,679

53,732

53,746

53,754

214,978

52,646

52,672

52,670

157,988

Common Dividends per share

1.28

0.32

1.28

0.32

0.96

FAD Payout Ratio

76.5%

71.0%

75.6%

76.3%

90.1%

77.7%

65.0%

71.8%

65.9%

67.4%

2nd Generation CAPEX

Second Generation Leasing Costs

86,829

24,789

21,475

18,944

36,482

101,690

16,863

25,836

21,782

64,481

Second Generation Building Improvements

29,264

8,492

7,161

11,037

10,975

37,665

9,762

10,078

8,378

28,218

Total 2nd Generation CAPEX

116,093

33,281

28,636

29,981

47,457

139,355

26,625

35,914

30,160

92,699

(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

Q3 2026 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

(in thousands, except per share amounts)

Three Months Ended September 30,

2026

2025

Dollars

Weighted

Average

Common

Per Share

Amount

Dollars

Weighted

Average

Common

Per Share

Amount

Net Income Available to Common Stockholders

17,000

164,601

0.10

8,590

167,967

0.05

Noncontrolling interest related to unitholders

—

Potentially dilutive common shares - ESPP

—

Conversion of unvested restricted stock units

—

1,157

—

746

—

Net Income — Diluted

17,003

165,788

0.10

8,591

168,738

0.05

Depreciation and amortization of real estate assets:

Consolidated properties

103,111

—

0.63

105,152

—

0.62

Share of unconsolidated joint ventures

3,183

—

0.02

3,034

—

0.02

Partners' share of real estate depreciation

(32

)

—

(241

)

—

Loss on investment property transactions

509

—

Funds From Operations

123,774

165,788

0.75

116,536

168,738

0.69

Continued on next page

Cousins Properties

Q3 2026 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

(in thousands, except per share amounts)

Nine Months Ended September 30,

2026

2025

Dollars

Weighted

Average

Common

Per Share

Amount

Dollars

Weighted

Average

Common

Per Share

Amount

Net Income Available to Common Stockholders

18,302

165,324

0.11

43,970

167,902

0.26

Noncontrolling interest related to unitholders

—

Potentially dilutive common shares - ESPP

—

Conversion of unvested restricted stock units

—

903

—

771

—

Net Income — Diluted

18,305

166,254

0.11

43,977

168,698

0.26

Depreciation and amortization of real estate assets:

Consolidated properties

316,077

—

1.89

307,917

—

1.83

Share of unconsolidated joint ventures

9,293

—

0.06

7,735

—

0.04

Partners' share of real estate depreciation

(373

)

—

(765

)

—

Gain on investment property transactions

(8,616

)

—

(0.05

)

—

Operating property impairment

36,600

—

0.22

—

Funds From Operations

371,286

166,254

2.23

358,864

168,698

2.13

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

Q3 2026 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

($ in thousands)

Three Months Ended

Nine Months Ended

Net Operating Income

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

Net income

17,009

8,778

18,573

44,529

Net operating income from unconsolidated joint ventures

4,000

3,256

10,906

8,644

Fee income

(1,439

)

(526

)

(4,951

)

(1,516

)

Termination fee income

(1,045

)

(512

)

(5,115

)

(3,378

)

Other income

(666

)

(1,339

)

(1,969

)

(10,063

)

Reimbursed expenses

139

124

431

420

General and administrative expenses

9,854

9,510

33,809

29,957

Interest expense

45,577

41,497

137,742

116,785

Operating property impairment

—

36,600

—

Depreciation and amortization

103,258

105,272

316,509

308,276

Other expenses

875

440

1,702

1,305

Loss from unconsolidated joint ventures

2,101

2,682

6,958

6,152

Loss (Gain) on investment property transactions

509

—

(8,616

)

—

Net Operating Income

180,172

169,182

542,579

501,111

Less:

Partners' share of NOI from consolidated joint ventures

(70

)

(510

)

(715

)

(1,430

)

Cousins' share of NOI

180,102

168,672

541,864

499,681

Net Operating Income

180,172

169,182

542,579

501,111

Non-cash income

(19,244

)

(21,989

)

(63,262

)

(68,304

)

Non-cash expense

178

269

678

Cash-Basis Net Operating Income

161,005

147,371

479,586

433,485

Net Operating Income

Same Property

156,951

151,965

467,816

457,388

Non-Same Property

23,221

17,217

74,763

43,723

180,172

169,182

542,579

501,111

Cash-Basis Net Operating Income

Same Property

143,272

133,356

421,917

397,165

Non-Same Property

17,733

14,015

57,669

36,320

161,005

147,371

479,586

433,485

Cousins Properties

Q3 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

23,307

0.14

29,951

0.18

Add: Noncontrolling interest related to unitholders

—

Net Income

23,309

0.14

29,955

0.18

Add: Depreciation and amortization of real estate assets

438,844

2.63

438,844

2.63

Add: Operating property impairment

36,600

0.22

36,600

0.22

Subtract: Gain on investment property transactions

(8,616

)

(0.05

)

(8,616

)

(0.05

)

Funds From Operations

490,137

2.95

496,783

2.99

(1)

Calculated based on projected weighted average shares outstanding of 166.7 million.

Cousins Properties

Q3 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 operating 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 Leasing Costs" and "Second Generation Building Improvements” 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 to lease, operate, and maintain 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 the following from second generation leasing costs and building improvements; vacant space in newly acquired buildings, 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.

Cousins Properties

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