Cousins Properties (CUZ) 8-K Results of Operations and Financial Condition

TABLE OF CONTENTS

Forward-Looking Statements	2
Earnings Release	3
Company Information	5
Consolidated Balance Sheets	6
Consolidated Statements of Operations	7
Key Performance Metrics	8
Funds From Operations - Summary	11
Funds From Operations - Detail	12
Portfolio Statistics	15
Same Property Performance	18
Office Leasing Activity	19
Office Lease Expirations	20
Top 20 Office Tenants	21
Tenant Industry Diversification	22
Investment Activity	23
Development Pipeline	25
Land Inventory	26
Debt Schedule	27
Joint Venture Information	30
Non-GAAP Financial Measures - Calculations and Reconciliations	31
Non-GAAP Financial Measures - Definitions	38

Cousins Properties 1 Q4 2021 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 in Item 1A included in the Annual Report on Form 10-K for the year ended December 31, 2021. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as: guidance and underlying assumptions; business and financial strategy; future debt financings; future acquisitions and dispositions of operating assets or joint venture interests; future acquisitions and dispositions of land, including ground leases; future development and redevelopment opportunities, including fee development opportunities; future issuances and repurchases of common stock, limited partnership units, or preferred stock; future distributions; projected capital expenditures; market and industry trends; entry into new markets or changes in existing market concentrations; future changes in interest rates; and all statements that address operating performance, events, or developments that we expect or anticipate will occur in the future — including statements relating to creating value for stockholders.

Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following: the availability and terms of capital; the ability to refinance or repay indebtedness as it matures; the failure of purchase, sale, or other contracts to ultimately close; the failure to achieve anticipated benefits from acquisitions, investments, or dispositions; the potential dilutive effect of common stock or operating partnership unit issuances; the availability of buyers and pricing with respect to the disposition of assets; changes in national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate (including supply and demand changes), particularly in Atlanta, Austin, Charlotte, Phoenix, Tampa, Dallas, and Nashville, including the impact of high unemployment, volatility in the public equity and debt markets, and international economic and other conditions; the impact of a public health crisis, including the COVID-19 pandemic, and the governmental and third-party response to such a crisis, which may affect our key personnel, our tenants, and the costs of operating our assets; the impact of social distancing, shelter-in-place, border closings, travel restrictions, remote work requirements, and similar governmental and private measures taken to combat the spread of a public health crisis on our operations and our tenants; sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political activism which may result in a disruption of day-to-day building operations; changes to our strategy in regard to our real estate assets may require impairment to be recognized; leasing risks, including the ability to obtain new tenants or renew expiring tenants, the ability to lease newly developed and/or recently acquired space, the failure of a tenant to commence or complete tenant improvements on schedule or to occupy leased space, and the risk of declining leasing rates; changes in the needs of our tenants brought about by the desire for co-working arrangements, trends toward utilizing less office space per employee, and the effect of employees working remotely; any adverse change in the financial condition of one or more of our tenants; volatility in interest rates and insurance rates; competition from other developers or investors; the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk); cyber security breaches; changes in senior management, changes in the Board of Directors, and the loss of key personnel; the potential liability for uninsured losses, condemnation, or environmental issues; the potential liability for a failure to meet regulatory requirements; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust and meet regulatory requirements; potential changes to state, local, or federal regulations applicable to our business; material changes in the rates, or the ability to pay, dividends on common shares or other securities; potential changes to the tax laws impacting REITs and real estate in general; and those additional risks and factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by the Company.

The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will,” or similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in any forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise, except as required under U.S. federal securities laws.

Cousins Properties 2 Q4 2021 Supplemental Information

EARNINGS RELEASE

COUSINS PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS

Provides Initial 2022 Earnings Guidance

ATLANTA (February 3, 2022) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter and year ended December 31, 2021.

“We signed 743,000 square feet of leases during the fourth quarter, our highest leasing volume since 2019 and the second-best quarter over the past five years,” said Colin Connolly, president and chief executive officer of Cousins Properties. "Importantly, the underlying metrics were also strong. New and expansion leases represent 86% of the total. The average lease term is 9.1 years, and the net effective rent on those leases, at $28.69 per square foot, is the highest in the Company's history," Colin Connolly continued. "Our fourth quarter results demonstrate the strength of our team, our portfolio, and our attractive Sun Belt markets. We have great growth opportunities ahead."

Financial Results

For fourth quarter 2021:

•Net income available to common stockholders was $167.3 million, or $1.12 per share, compared to $11.1 million, or $0.07 per share, for fourth quarter 2020. The increase in net income is primarily driven by the gains from investment property transactions.

•Funds From Operations ("FFO") was $102.8 million, or $0.69 per share, compared to $100.6 million, or $0.68 per share, for fourth quarter 2020.

For year ended December 31, 2021:

•Net income available to common stockholders was $278.6 million, or $1.87 per share, compared to $237.3 million, or $1.60 per share, for year ended December 31, 2020.

•FFO was $409.2 million, or $2.75 per share, compared to $413.2 million, or $2.78 per share, for year ended December 31, 2020.

Investment and Financing Activity

For fourth quarter 2021:

•Acquired Heights Union, a 294,000 square foot office property in Tampa, for a gross price of $144.8 million.

•Acquired our partners' 50% interest in 300 Colorado, a 369,000 square foot office building in downtown Austin, for a gross price of $162.5 million.

•Sold 816 Congress, a 435,000 square foot office building in downtown Austin, for a gross price of $174.0 million.

Cousins Properties 3 Q4 2021 Supplemental Information

EARNINGS RELEASE

Operations and Leasing Activity

For fourth quarter 2021:

•Same property net operating income ("NOI") on a cash-basis increased 2.1%.

•Second generation net rent per square foot on a cash-basis increased 6.0%.

•Executed 743,000 square feet of office leases, including 639,000 square feet of new and expansion leases representing 86% of total leasing activity.

For year ended December 31, 2021:

•Same property NOI on cash-basis increased 3.5%.

•Second generation net rent per square foot on a cash-basis increased 15.1%.

•Executed 2.1 million square feet of office leases, including 1.6 million square feet of new and expansion leases representing 76% of total leasing activity.

Earnings Guidance

For year ending December 31, 2022:

•Expects to report net income in the range of $0.75 to $0.83 per share.

•Expects to report FFO in the range of $2.70 to $2.78 per share.

•Guidance includes settlement, during the first half of 2022, of forward contracts outstanding for 2.6 million shares of common stock sold under the Company's ATM program. Gross proceeds of approximately $105 million will fund the Company's recent acquisition of Heights Union on a leverage neutral basis.

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

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

Investor Conference Call and Webcast

The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Friday, February 4, 2022 to discuss the results of the quarter and year ended December 31, 2021. The number to call for this interactive teleconference is (877) 247-1056. The live webcast of this call can be accessed on the Company's website, www.cousins.com, through the “Cousins Properties Fourth Quarter Conference Call” link on the Investor Relations page. A replay of the conference call will be available for seven days by dialing (877) 344-7529 and entering the passcode 3316226. The playback can also be accessed on the Company's website.

Cousins Properties 4 Q4 2021 Supplemental Information

COMPANY INFORMATION

THE COMPANY

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

MANAGEMENT

M. Colin Connolly	Gregg D. Adzema	Kennedy Hicks	Richard G. Hickson IV
President and Chief Executive Officer	Executive Vice President and Chief Financial Officer	Executive Vice President, Investments and Managing Director - Atlanta	Executive Vice President, Operations
John S. McColl	Pamela F. Roper	Jeffrey D. Symes
Executive Vice President, Development	Executive Vice President, General Counsel and Corporate Secretary	Senior Vice President and Chief Accounting Officer

BOARD OF DIRECTORS

Robert M. Chapman	Charles T. Cannada	M. Colin Connolly
Non-executive Chairman, Chief Executive Officer of Centerpoint Properties Trust	Private Investor	President and Chief Executive Officer of Cousins Properties
Scott W. Fordham	Lillian C. Giornelli	R. Kent Griffin Jr.
Former Chief Executive Officer and Director of TIER REIT, Inc.	Chairman, Chief Executive Officer and Trustee of The Cousins Foundation Inc.	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	President and Chief Executive Officer of R.D. Stone Interests

COMPANY INFORMATION / EQUITY COVERAGE(1)

Corporate Headquarters	Transfer Agent	BofA Securities	RW Baird	Wells Fargo	Barclays
3344 Peachtree Road NE Suite 1800 Atlanta GA 30326 404.407.1000	American Stock Transfer & Trust Company LLC astfinancial.com 800.937.5449	James Feldman 646.855.5808	David Rodgers 216.737.7341	Blaine Heck 443.263.6529	Anthony Powell 212.526.8768
Investor Relations	Stock Exchange	Green Street Advisors	J.P. Morgan	Truist Securities
Roni Imbeaux Vice President, Finance and Investor Relations rimbeaux@cousins.com 404.407.1104	NYSE: CUZ	Daniel Ismail 949.640.8780	Anthony Paolone 212.622.6682	Michael Lewis 212.319.5659

(1) Cousins is covered by the research analysts listed above. Please note that any opinions, estimates, or forecasts regarding Cousins' performance made by these analysts 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 Properties 5 Q4 2021 Supplemental Information

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	December 31, 2021		December 31, 2020
Assets:
Real estate assets:
Operating properties, net of accumulated depreciation of $874,988 and $803,073 in 2021 and 2020, respectively	$	6,506,910	$	6,232,546
Projects under development	174,803		57,389
Land	157,681		162,406
	6,839,394		6,452,341
Real estate assets and other assets held for sale, net	—		125,746
Cash and cash equivalents	8,937		4,290
Restricted cash	1,231		1,848
Accounts receivable	12,553		20,248
Deferred rents receivable	154,866		138,341
Investment in unconsolidated joint ventures	77,811		125,481
Intangible assets, net	168,553		189,164
Other assets	48,689		49,939
Total assets	$	7,312,034	$	7,107,398
Liabilities:
Notes payable	$	2,237,509	$	2,162,719
Accounts payable and accrued expenses	224,523		186,267
Deferred income	74,515		62,319
Intangible liabilities, net	63,223		69,846
Other liabilities	111,864		118,103
Liabilities of real estate assets held for sale, net	—		12,606
Total liabilities	2,711,634		2,611,860
Commitments and contingencies
Equity:
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 151,272,969 and 151,149,289 shares issued and outstanding in 2021 and 2020, respectively	151,273		151,149
Additional paid-in capital	5,549,308		5,542,762
Treasury stock at cost, 2,584,933 shares in 2021 and 2020	(148,473)		(148,473)
Distributions in excess of cumulative net income	(985,338)		(1,078,304)
Total stockholders' investment	4,566,770		4,467,134
Nonredeemable noncontrolling interests	33,630		28,404
Total equity	4,600,400		4,495,538
Total liabilities and equity	$	7,312,034	$	7,107,398

Cousins Properties 6 Q4 2021 Supplemental Information

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2021		2020		2021		2020
Revenues:
Rental property revenues	$	186,975	$	178,631	$	739,063	$	721,883
Fee income	3,133		4,454		15,559		18,226
Other	46		62		451		231
	190,154		183,147		755,073		740,340
Expenses:
Rental property operating expenses	63,996		61,847		259,461		250,850
Reimbursed expenses	1,327		364		2,476		1,580
General and administrative expenses	7,307		7,181		29,321		27,034
Interest expense	16,454		15,650		67,027		60,605
Impairment	—		14,829		—		14,829
Depreciation and amortization	73,693		72,668		288,092		288,648
Transaction costs	—		—		—		428
Other	296		250		2,131		2,091
	163,073		172,789		648,508		646,065
Income from unconsolidated joint ventures	975		1,196		6,801		7,947
Gain (loss) on sales of investments in unconsolidated joint ventures	(77)		(173)		13,083		45,767
Gain (loss) on investment property transactions	139,510		(67)		152,547		90,125
Net income	167,489		11,314		278,996		238,114
Net income attributable to noncontrolling interests	(184)		(195)		(410)		(836)
Net income available to common stockholders	$	167,305	$	11,119	$	278,586	$	237,278
Net income per common share — basic	$	1.13	$	0.07	$	1.87	$	1.60
Net income per common share — diluted	$	1.12	$	0.07	$	1.87	$	1.60
Weighted average shares — basic	148,688		148,564		148,666		148,277
Weighted average shares — diluted	148,905		148,669		148,891		148,636

Cousins Properties 7 Q4 2021 Supplemental Information

KEY PERFORMANCE METRICS

	2019		2020 1st		2020 2nd		2020 3rd		2020 4th		2020		2021 1st		2021 2nd		2021 3rd		2021 4th		2021
Property Statistics
Consolidated Operating Properties	34		32		32		32		33		33		33		32		32		32		32
Consolidated Rentable Square Feet (in thousands)	19,599		18,249		18,249		18,245		18,897		18,897		19,145		18,122		17,899		17,758		17,758
Unconsolidated Operating Properties	4		3		3		3		3		3		3		4		3		3		3
Unconsolidated Rentable Square Feet (in thousands)	2,168		1,107		1,107		1,107		1,107		1,107		1,107		1,460		1,179		1,179		1,179
Total Operating Properties	38		35		35		35		36		36		36		36		35		35		35
Total Rentable Square Feet (in thousands)	21,767		19,356		19,356		19,352		20,004		20,004		20,252		19,582		19,078		18,937		18,937
Office Leasing Activity (1)
Net Leased during the Period (SF, in thousands)	3,074		476		303		255		387		1,421		271		484		597		743		2,096
Net Rent (per SF)	$30.43		$34.88		$33.54		$26.63		$31.54		$32.20		$31.12		$32.38		$34.73		$39.02		$35.24
Net Free Rent (per SF)	(0.63)		(1.92)		(0.92)		(1.23)		(1.16)		(1.38)		(1.70)		(1.33)		(1.59)		(1.31)		(1.45)
Leasing Commissions (per SF)	(2.29)		(2.68)		(3.02)		(2.37)		(2.20)		(2.57)		(2.26)		(2.70)		(3.05)		(2.76)		(2.77)
Tenant Improvements (per SF)	(3.69)		(5.27)		(4.17)		(1.57)		(2.99)		(3.75)		(3.63)		(4.58)		(6.03)		(6.26)		(5.47)
Leasing Costs (per SF)	(6.61)		(9.87)		(8.11)		(5.17)		(6.35)		(7.70)		(7.59)		(8.61)		(10.67)		(10.33)		(9.69)
Net Effective Rent (per SF)	$23.82		$25.01		$25.43		$21.46		$25.19		$24.50		$23.53		$23.77		$24.06		$28.69		$25.55
Change in Second Generation Net Rent	21.3	%	26.9	%	31.8	%	24.7	%	24.7	%	27.2	%	21.5	%	21.7	%	31.6	%	17.1	%	24.7	%
Change in Cash-Basis Second Generation Net Rent	7.7	%	14.3	%	20.6	%	8.9	%	8.9	%	13.1	%	10.5	%	12.9	%	23.1	%	6.0	%	15.1	%
Same Property Information (2)
Percent Leased (period end)	94.6	%	94.8	%	94.4	%	93.6	%	92.7	%	92.7	%	89.9	%	90.7	%	90.7	%	90.5	%	90.5	%
Weighted Average Occupancy	91.8	%	91.4	%	91.5	%	91.9	%	92.4	%	91.8	%	89.3	%	90.7	%	89.0	%	88.1	%	90.0	%
Change in NOI (over prior year period)	2.6	%	3.2	%	(2.4)	%	(0.4)	%	(2.3)	%	(0.5)	%	(4.1)	%	1.4	%	(1.4)	%	(1.1)	%	(0.5)	%
Change in Cash-Basis NOI (over prior year period)	4.8	%	11.4	%	(1.6)	%	(3.0)	%	(3.3)	%	0.7	%	(2.7)	%	7.1	%	3.6	%	2.1	%	3.5	%
Development Pipeline (3)
Estimated Project Costs (in thousands)	$565,600		$565,600		$565,600		$566,400		$449,400		$449,400		$363,000		$492,200		$662,500		$759,000		$759,000
Estimated Project Costs/Total Undepreciated Assets	6.9	%	7.1	%	7.0	%	7.0	%	5.4	%	5.4	%	4.3	%	6.1	%	8.1	%	8.8	%	8.8	%
Market Capitalization (4)
Common Stock Price	$41.20		$29.27		$29.83		$28.59		$33.50		$33.50		$35.35		$36.78		$37.29		$40.28		$40.28
Common Stock/Units Outstanding (in thousands)	148,506		148,565		148,593		148,589		148,589		148,589		148,679		148,713		148,713		148,713		148,713
Equity Market Capitalization (in thousands)	$6,118,447		$4,348,498		$4,432,529		$4,248,160		$4,977,732		$4,977,732		$5,255,803		$5,469,664		$5,545,508		$5,990,160		$5,990,160
Debt (in thousands)	2,305,494		2,036,955		2,038,271		2,042,161		2,277,759		2,277,759		2,358,860		2,195,653		2,206,306		2,350,314		2,350,314
Total Market Capitalization (in thousands)	$8,423,941		$6,385,453		$6,470,800		$6,290,321		$7,255,491		$7,255,491		$7,614,663		$7,665,317		$7,751,814		$8,340,474		$8,340,474
Continued on next page

Cousins Properties 8 Q4 2021 Supplemental Information

KEY PERFORMANCE METRICS

	2019		2020 1st		2020 2nd		2020 3rd		2020 4th		2020		2021 1st		2021 2nd		2021 3rd		2021 4th		2021
Credit Ratios (4)
Net Debt/Total Market Capitalization	27.1	%	29.8	%	30.9	%	31.7	%	31.2	%	31.2	%	30.7	%	28.4	%	28.1	%	28.0	%	28.0	%
Net Debt/Total Undepreciated Assets	27.8	%	24.0	%	24.9	%	24.6	%	27.0	%	27.0	%	27.6	%	26.9	%	26.7	%	27.2	%	27.2	%
Net Debt/Annualized Adjusted EBITDAre	4.55		3.66		4.44		4.24		4.84		4.84		4.87		4.55		4.54		4.86		4.86
Fixed Charges Coverage (Adjusted EBITDAre)	5.95		6.28		6.04		5.95		5.74		6.00		5.42		5.43		5.43		5.51		5.45
Dividend Information (4)
Common Dividend per Share	$1.16		$0.30		$0.30		$0.30		$0.30		$1.20		$0.31		$0.31		$0.31		$0.31		$1.24
Funds From Operations (FFO) Payout Ratio	48.1	%	39.5	%	45.5	%	43.7	%	44.3	%	43.1	%	45.2	%	45.1	%	45.0	%	45.6	%	45.3	%
Funds Available for Distribution (FAD) Payout Ratio	66.8	%	59.0	%	75.1	%	64.8	%	76.0	%	67.9	%	57.8	%	64.6	%	66.6	%	64.9	%	63.3	%
Operations Ratio (4)
Annualized General and Administrative Expenses/ Total Undepreciated Assets	0.45	%	0.28	%	0.43	%	0.28	%	0.34	%	0.32	%	0.32	%	0.36	%	0.39	%	0.34	%	0.34	%
Additional Information
In-Place Gross Rent (per square foot) (5)	$37.44		$39.29		$39.48		$39.72		$40.26		$40.26		$40.71		$42.00		$42.87		$42.85		$42.85
Straight Line Rental Revenue (in thousands) (4)	$29,391		$9,859		$11,137		$12,935		$8,284		$42,215		$7,739		$5,625		$6,852		$5,287		$25,503
Above and Below Market Rents Amortization, Net (in thousands) (4)	$9,472		$2,590		$2,519		$2,449		$2,503		$10,061		$2,388		$2,069		$1,989		$1,946		$8,392
Second Generation Capital Expenditures (in thousands) (4)	$90,704		$23,817		$25,724		$17,718		$30,524		$97,783		$12,093		$23,118		$24,880		$24,365		$84,456

(1)	See Office Leasing Activity on page 19 for additional detail and explanations.
(2)	Same Property Information is derived from the pool of same office properties as existed in the period originally reported. See Same Property Performance on page 18 and Non-GAAP Financial Measures - Calculations and Reconciliations on page 31 for additional information.
(3)	The Company's share of estimated project costs. See Development Pipeline on page 25 for additional detail.
(4)	See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 31.
(5)	In-place gross rent equals the annualized cash-basis base rent including tenant's share of estimated operating expenses, if applicable, as of the end of the period divided by occupied square feet.

Cousins Properties 9 Q4 2021 Supplemental Information

KEY PERFORMANCE METRICS

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

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

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

(1) Office properties only.

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

Cousins Properties 10 Q4 2021 Supplemental Information

FUNDS FROM OPERATIONS - SUMMARY (1)

	(amounts in thousands, except per share amounts)
	2019		2020 1st		2020 2nd		2020 3rd		2020 4th		2020		2021 1st		2021 2nd		2021 3rd		2021 4th		2021
NOI	$	431,790	$	127,782	$	117,132	$	120,016	$	121,104	$	486,034	$	123,124	$	122,705	$	124,148	$	123,743	$	493,720
Gain (Loss) on Sales of Undepreciated Investment Properties	18,182		1,335		—		—		(723)		612		—		—		(64)		—		(64)
Fee Income	28,518		4,732		4,689		4,351		4,454		18,226		4,530		4,803		3,094		3,132		15,559
Other Income	7,861		2,994		726		406		199		4,325		298		897		2,013		2,595		5,803
Reimbursed Expenses	(4,004)		(521)		(322)		(373)		(364)		(1,580)		(368)		(398)		(383)		(1,327)		(2,476)
General and Administrative Expenses	(37,007)		(5,652)		(8,543)		(5,658)		(7,181)		(27,034)		(6,733)		(7,313)		(7,969)		(7,306)		(29,321)
Interest Expense	(59,701)		(16,554)		(14,543)		(15,497)		(16,082)		(62,676)		(17,723)		(17,519)		(17,513)		(17,182)		(69,937)
Other Expenses	(55,047)		(1,188)		(1,007)		(1,113)		(664)		(3,972)		(1,010)		(967)		(764)		(719)		(3,460)
Depreciation and Amortization of Non-Real Estate Assets	(1,799)		(207)		(173)		(154)		(154)		(688)		(158)		(157)		(156)		(152)		(623)
FFO (1)	$	328,793	$	112,721	$	97,959	$	101,978	$	100,589	$	413,247	$	101,960	$	102,051	$	102,406	$	102,784	$	409,201
Weighted Average Shares - Diluted	129,831		148,561		148,580		148,606		148,669		148,636		148,725		148,740		148,772		148,905		148,891
FFO per Share (1)	$	2.53	$	0.76	$	0.66	$	0.69	$	0.68	$	2.78	$	0.69	$	0.69	$	0.69	$	0.69	$	2.75

(1) See pages 31 and 34 for reconciliations of Funds From Operations to net income available to common shareholders.

Cousins Properties 11 Q4 2021 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

	(amounts in thousands, except per share amounts)
	2019		2020 1st		2020 2nd		2020 3rd		2020 4th		2020		2021 1st		2021 2nd		2021 3rd		2021 4th		2021
NOI
Consolidated Properties
The Domain (2)	$	19,945	$	9,068	$	9,899	$	11,053	$	12,986	$	43,006	$	14,118	$	15,019	$	15,989	$	15,861	$	60,987
Spring & 8th (2)	29,369		7,351		7,255		7,340		7,286		29,232		7,367		7,320		7,367		7,359		29,413
Corporate Center (2)	26,484		6,157		5,928		6,113		7,199		25,397		7,371		7,157		7,326		7,252		29,106
Terminus (2) (3)	7,330		6,949		6,899		7,227		6,620		27,695		7,192		6,461		6,390		7,105		27,148
Northpark (2)	25,272		6,916		6,983		7,087		6,682		27,668		6,760		6,588		6,562		6,652		26,562
Hayden Ferry (2)	23,938		6,321		5,676		6,069		6,280		24,346		6,221		6,079		6,128		6,100		24,528
Fifth Third Center	17,993		4,573		4,791		4,643		4,347		18,354		4,782		4,963		4,437		4,410		18,592
One Eleven Congress	17,379		4,396		4,496		4,565		4,573		18,030		4,564		4,466		5,042		4,121		18,193
BriarLake Plaza (2)	10,217		4,681		4,367		4,359		4,697		18,104		4,483		4,530		4,913		4,216		18,142
The Terrace (2)	8,311		3,988		3,998		4,003		4,152		16,141		4,341		4,213		4,132		4,027		16,713
San Jacinto Center	14,593		3,617		4,290		3,745		3,314		14,966		3,750		3,912		3,871		4,119		15,652
Promenade Tower (fka Promenade)	18,359		4,506		3,950		4,256		4,101		16,813		4,060		4,116		4,156		2,601		14,933
3344 Peachtree	13,303		5,267		2,966		3,352		3,498		15,083		3,549		3,690		3,874		3,814		14,927
Avalon (2)	7,408		1,821		2,587		3,065		3,526		10,999		3,714		3,993		3,283		3,391		14,381
Colorado Tower	13,991		3,350		3,303		3,055		2,640		12,348		2,382		3,253		3,563		3,862		13,060
Buckhead Plaza (2)	15,079		3,617		2,783		2,984		2,894		12,278		2,509		2,980		3,207		3,881		12,577
The RailYard	—		—		—		—		929		929		3,175		3,112		3,172		3,037		12,496
550 South (fka NASCAR Plaza)	10,300		2,750		2,655		2,845		2,470		10,720		2,687		2,626		2,684		2,596		10,593
Legacy Union One	5,157		2,400		2,396		2,390		2,399		9,585		2,363		2,371		2,367		2,365		9,466
816 Congress	11,847		2,636		2,754		2,645		2,587		10,622		2,456		2,348		2,340		2,015		9,159
Promenade Central (fka 1200 Peachtree)	7,691		2,332		2,318		2,371		2,319		9,340		2,286		2,278		2,242		2,220		9,026
725 Ponce	—		—		—		—		—		—		—		—		3,132		4,537		7,669
Tempe Gateway	7,750		2,084		1,835		1,827		1,770		7,516		1,417		1,452		1,734		1,483		6,086
3350 Peachtree	8,957		2,450		2,849		2,162		2,190		9,651		2,280		2,255		609		939		6,083
111 West Rio	5,559		1,388		1,411		1,309		1,389		5,497		1,387		1,397		1,437		1,409		5,630
3348 Peachtree	6,167		1,502		1,309		1,308		1,341		5,460		1,262		1,258		1,344		1,563		5,427
Domain Point (2)	3,058		1,187		1,435		1,482		1,640		5,744		1,265		1,243		1,168		1,379		5,055
The Pointe	5,089		1,192		1,230		1,254		1,076		4,752		1,199		1,043		1,267		1,176		4,685
5950 Sherry Lane	2,316		1,239		1,184		1,298		1,280		5,001		1,188		1,200		1,057		1,104		4,549
Meridian Mark Plaza	4,370		1,067		846		1,129		1,117		4,159		1,018		1,040		1,022		1,030		4,110
Research Park V	4,087		1,029		1,029		1,055		1,012		4,125		1,038		985		1,055		966		4,044
Harborview Plaza	2,013		795		840		863		793		3,291		831		720		841		819		3,211
Heights Union (2)	—		—		—		—		—		—		—		—		—		1,303		1,303
Other (4)	46,045		15,118		8,677		8,954		7,597		40,346		5,355		3,200		675		1,761		10,991
Subtotal - Consolidated	399,377		121,747		112,939		115,808		116,704		467,198		118,370		117,268		118,386		120,473		474,497
Continued on next page

Cousins Properties 12 Q4 2021 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

	(amounts in thousands, except per share amounts)
	2019	2020 1st	2020 2nd	2020 3rd	2020 4th	2020	2021 1st	2021 2nd	2021 3rd	2021 4th	2021
Unconsolidated Properties (5)
Carolina Square (2)	4,367	1,255	1,210	1,163	1,312	4,940	1,315	1,517	1,192	1,228	5,252
Emory University Hospital Midtown	4,239	1,078	962	1,080	1,090	4,210	1,048	1,094	1,092	1,098	4,332
120 West Trinity (2)	(48)	(60)	(13)	28	(4)	(49)	151	204	231	241	827
Terminus (2) (3)	10,548	—	—	—	—	—	—	—	—	—	—
Other (6)	13,307	3,762	2,034	1,937	2,002	9,735	2,240	2,622	3,247	703	8,812
Subtotal - Unconsolidated	32,413	6,035	4,193	4,208	4,400	18,836	4,754	5,437	5,762	3,270	19,223
Total Net Operating Income (1)	431,790	127,782	117,132	120,016	121,104	486,034	123,124	122,705	124,148	123,743	493,720
Gain (Loss) on Sales of Undepreciated Investment Properties
Consolidated	18,182	—	—	—	—	—	—	—	(64)	—	(64)
Unconsolidated (5)	—	1,335	—	—	(723)	612	—	—	—	—	—
Total Gain (Loss) on Sales of Undepreciated Investment Properties	18,182	1,335	—	—	(723)	612	—	—	(64)	—	(64)
Fee Income
Development Fees	22,058	3,835	3,846	3,804	3,849	15,334	3,900	4,173	2,476	1,532	12,081
Management Fees (7)	5,717	762	843	546	605	2,756	579	616	594	1,585	3,374
Leasing & Other Fees	743	135	—	1	—	136	51	14	24	15	104
Total Fee Income	28,518	4,732	4,689	4,351	4,454	18,226	4,530	4,803	3,094	3,132	15,559
Other Income
Termination Fees	7,227	2,844	539	372	79	3,834	42	782	1,775	2,506	5,105
Termination Fees - Unconsolidated (5)	16	1	2	5	1	9	—	7	74	—	81
Interest and Other Income	246	37	126	6	62	231	213	68	123	46	450
Interest and Other Income - Unconsolidated (5)	372	112	59	23	57	251	43	40	41	43	167
Total Other Income	7,861	2,994	726	406	199	4,325	298	897	2,013	2,595	5,803
Total Fee and Other Income	36,379	7,726	5,415	4,757	4,653	22,551	4,828	5,700	5,107	5,727	21,362
Reimbursed Expenses (7)	(4,004)	(521)	(322)	(373)	(364)	(1,580)	(368)	(398)	(383)	(1,327)	(2,476)
General and Administrative Expenses	(37,007)	(5,652)	(8,543)	(5,658)	(7,181)	(27,034)	(6,733)	(7,313)	(7,969)	(7,306)	(29,321)
Interest Expense
Consolidated Interest Expense
2019 Senior Notes, Unsecured ($275M)	(5,853)	(2,744)	(2,744)	(2,743)	(2,744)	(10,975)	(2,744)	(2,744)	(2,743)	(2,744)	(10,975)
2017 Senior Notes, Unsecured ($250M)	(9,958)	(2,489)	(2,490)	(2,490)	(2,489)	(9,958)	(2,490)	(2,489)	(2,490)	(2,489)	(9,958)
2019 Senior Notes, Unsecured ($250M)	(5,207)	(2,441)	(2,441)	(2,441)	(2,441)	(9,764)	(2,441)	(2,441)	(2,441)	(2,441)	(9,764)
Terminus (2) (3)	(1,540)	(1,526)	(1,511)	(1,497)	(1,482)	(6,016)	(1,468)	(1,452)	(1,437)	(1,422)	(5,779)
Credit Facility, Unsecured	(7,325)	(3,081)	(773)	(827)	(1,087)	(5,768)	(1,710)	(1,299)	(1,114)	(1,479)	(5,602)
2019 Senior Notes, Unsecured ($125M)	(2,554)	(1,197)	(1,197)	(1,198)	(1,197)	(4,789)	(1,197)	(1,198)	(1,197)	(1,197)	(4,789)
Fifth Third Center	(4,846)	(1,194)	(1,188)	(1,181)	(1,174)	(4,737)	(1,168)	(1,159)	(1,152)	(1,146)	(4,625)
Term Loan, Unsecured	(9,194)	(1,891)	(1,190)	(994)	(981)	(5,056)	(948)	(950)	(1,214)	(1,220)	(4,332)
2017 Senior Notes, Unsecured ($100M)	(4,145)	(1,036)	(1,037)	(1,036)	(1,036)	(4,145)	(1,036)	(1,037)	(1,036)	(1,036)	(4,145)
Colorado Tower	(4,173)	(1,030)	(1,026)	(1,020)	(1,015)	(4,091)	(1,009)	(1,005)	(998)	(994)	(4,006)
Promenade Tower (fka Promenade)	(4,224)	(1,034)	(1,025)	(1,016)	(1,006)	(4,081)	(997)	(988)	(979)	(969)	(3,933)
Legacy Union One	(1,169)	(528)	(527)	(536)	(536)	(2,127)	(520)	(528)	(535)	(536)	(2,119)
Continued on next page

Cousins Properties 13 Q4 2021 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

	(amounts in thousands, except per share amounts)
	2019		2020 1st		2020 2nd		2020 3rd		2020 4th		2020		2021 1st		2021 2nd		2021 3rd		2021 4th		2021
Domain 10 (8)	(3,111)		(768)		(763)		(760)		(755)		(3,046)		(751)		(748)		(800)		(796)		(3,095)
Other (9)	(1,883)		(254)		(40)		(41)		(41)		(376)		(41)		(37)		(44)		(39)		(161)
Capitalized (10)	11,219		5,309		3,959		2,722		2,334		14,324		1,312		1,419		1,471		2,055		6,257
Subtotal - Consolidated Interest Expense	(53,963)		(15,904)		(13,993)		(15,058)		(15,650)		(60,605)		(17,208)		(16,656)		(16,709)		(16,453)		(67,026)
Unconsolidated Interest Expense (5)
Carolina Square (2)	(1,605)		(347)		(249)		(138)		(135)		(869)		(134)		(416)		(328)		(310)		(1,188)
Emory University Hospital Midtown	(1,229)		(303)		(301)		(301)		(297)		(1,202)		(296)		(293)		(291)		(290)		(1,170)
300 Colorado	—		—		—		—		—		—		(85)		(154)		(185)		(129)		(553)
Terminus (2) (3)	(2,904)		—		—		—		—		—		—		—		—		—		—
Subtotal - Unconsolidated Interest Expense	(5,738)		(650)		(550)		(439)		(432)		(2,071)		(515)		(863)		(804)		(729)		(2,911)
Total Interest Expense	(59,701)		(16,554)		(14,543)		(15,497)		(16,082)		(62,676)		(17,723)		(17,519)		(17,513)		(17,182)		(69,937)
Other Expenses
Property Taxes and Other Holding Costs	(1,075)		(356)		(380)		(353)		(74)		(1,163)		(345)		(164)		(215)		(217)		(941)
Partners' Share of FFO in Consolidated Joint Ventures	(833)		(213)		(342)		(343)		(365)		(1,263)		(407)		(129)		(339)		(409)		(1,284)
Severance	(154)		(51)		(17)		—		(1)		(69)		(308)		(19)		—		(79)		(406)
Predevelopment & Other Costs	(402)		(153)		(255)		(417)		(224)		(1,049)		50		(655)		(210)		(14)		(829)
Income Tax Expense	298		(50)		50		—		—		—		—		—		—		—		—
Transaction Costs	(52,881)		(365)		(63)		—		—		(428)		—		—		—		—		—
Total Other Expenses	(55,047)		(1,188)		(1,007)		(1,113)		(664)		(3,972)		(1,010)		(967)		(764)		(719)		(3,460)
Depreciation and Amortization of Non-Real Estate Assets	(1,799)		(207)		(173)		(154)		(154)		(688)		(158)		(157)		(156)		(152)		(623)
FFO (1)	$	328,793	$	112,721	$	97,959	$	101,978	$	100,589	$	413,247	$	101,960	$	102,051	$	102,406	$	102,784	$	409,201
Weighted Average Shares - Diluted	129,831		148,561		148,580		148,606		148,669		148,636		148,725		148,740		148,772		148,905		148,891
FFO per Share (1)	$	2.53	$	0.76	$	0.66	$	0.69	$	0.68	$	2.78	$	0.69	$	0.69	$	0.69	$	0.69	$	2.75

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 31.
(2) Contains multiple buildings that are grouped together for reporting purposes.
(3) On October 1, 2019, the Company purchased its partner's 50% interest in Terminus Office Holdings LLC.
(4) Primarily represents properties sold prior to December 31, 2021, see page 24. Also, includes College Street Garage and effective December 2021, 300 Colorado, which is in the final stages of development and not yet stabilized.
(5) Unconsolidated amounts include amounts recorded in unconsolidated joint ventures for the respective category 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.
(6) Primarily represents properties sold prior to December 31, 2021, see page 24. Also includes NOI from unconsolidated properties not yet stabilized.
(7) Reimbursed Expenses include costs incurred by the Company for management services provided to our unconsolidated joint ventures. The reimbursement of these costs by the unconsolidated joint ventures is included in Management Fees.
(8) In June 2021, we executed a collateral swap for the mortgage previously secured by 816 Congress, which Cousins sold in December 2021. The mortgage is now secured by the Company's Domain 10 property. Terms of the mortgage were unchanged.
(9) Represents interest on loans repaid prior to December 31, 2021.
(10) Amounts of consolidated interest expense related to consolidated debt that are capitalized to consolidated development projects and equity in unconsolidated development projects.

Cousins Properties 14 Q4 2021 Supplemental Information

PORTFOLIO STATISTICS

Office Properties (1)	Rentable Square Feet	Financial Statement Presentation	Company's Ownership Interest		End of Period Leased				Weighted Average Occupancy (2)			% of Total NOI / 4Q21	Property Level Debt (in thousands) (3)
				4Q21		3Q21		4Q21		3Q21
Spring & 8th (4)	765,000	Consolidated	100%		100.0%		100.0%		100.0%		100.0%	6.3%	$	—
Terminus (4)	1,226,000	Consolidated	100%		90.6%		92.0%		81.4%		79.6%	6.1%	187,431
Northpark (4)	1,539,000	Consolidated	100%		87.1%		86.8%		85.7%		86.1%	5.7%	—
725 Ponce (6)	372,000	Consolidated	100%		100.0%		100.0%		99.0%		98.4%	3.9%	—
3344 Peachtree	484,000	Consolidated	100%		97.7%		97.7%		95.3%		95.3%	3.3%	—
Buckhead Plaza (4)	666,000	Consolidated	100%		87.0%		81.7%		76.7%		75.3%	3.3%	—
Avalon (5)	480,000	Consolidated	90%		99.5%		86.0%		83.7%		86.0%	2.9%	—
Promenade Tower (fka Promenade)	777,000	Consolidated	100%		75.5%		77.6%		73.4%		88.9%	2.2%	89,011
Promenade Central (fka 1200 Peachtree)	370,000	Consolidated	100%		100.0%		100.0%		100.0%		100.0%	1.9%	—
3348 Peachtree	258,000	Consolidated	100%		89.9%		90.1%		90.1%		89.8%	1.3%	—
Emory University Hospital Midtown	358,000	Unconsolidated	50%		98.2%		98.2%		94.3%		97.1%	0.9%	32,283
Meridian Mark Plaza	160,000	Consolidated	100%		100.0%		100.0%		100.0%		100.0%	0.9%	—
3350 Peachtree	413,000	Consolidated	100%		52.5%		52.6%		49.1%		45.5%	0.8%	—
120 West Trinity Office (6)	43,000	Unconsolidated	20%		90.4%		90.4%		87.2%		83.9%	0.1%	—
ATLANTA	7,911,000				89.1%		88.3%		84.9%		86.1%	39.6%	308,725
The Domain (5)	1,899,000	Consolidated	100%		100.0%		100.0%		96.9%		97.9%	11.0%	75,522
One Eleven Congress	519,000	Consolidated	100%		84.6%		93.7%		84.6%		93.9%	3.5%	—
The Terrace (4)	619,000	Consolidated	100%		86.9%		89.8%		85.4%		88.0%	3.5%	—
San Jacinto Center	399,000	Consolidated	100%		95.6%		93.5%		93.5%		93.5%	3.5%	—
Colorado Tower	373,000	Consolidated	100%		100.0%		100.0%		100.0%		97.2%	3.3%	111,701
Domain Point (4)	240,000	Consolidated	96.5%		96.6%		96.5%		83.3%		77.7%	1.2%	—
Research Park V	173,000	Consolidated	100%		97.1%		97.1%		97.1%		97.1%	0.8%	—
AUSTIN	4,222,000				95.5%		96.8%		92.9%		94.4%	26.8%	187,223
Corporate Center (4)	1,227,000	Consolidated	100%		95.7%		96.1%		96.0%		96.6%	6.2%	—
Heights Union (4) (6) (7)	294,000	Consolidated	100%		93.0%		NA		57.6%		NA	1.1%	—
The Pointe	253,000	Consolidated	100%		90.5%		90.9%		87.8%		87.4%	1.0%	—
Harborview Plaza	205,000	Consolidated	100%		80.2%		78.7%		77.9%		77.5%	0.7%	—
TAMPA (8)	1,979,000				93.1%		93.2%		92.6%		92.9%	9.0%	—
Fifth Third Center	692,000	Consolidated	100%		94.4%		94.4%		94.4%		94.4%	3.8%	133,358
The RailYard (6)	329,000	Consolidated	100%		98.2%		97.3%		96.8%		96.8%	2.6%	—
550 South (fka NASCAR Plaza)	394,000	Consolidated	100%		97.9%		97.9%		97.7%		97.7%	2.2%	—
CHARLOTTE	1,415,000				96.3%		96.1%		95.9%		95.9%	8.6%	133,358
Hayden Ferry (4)	792,000	Consolidated	100%		94.6%		94.6%		94.6%		94.2%	5.2%	—
Tempe Gateway	264,000	Consolidated	100%		78.1%		78.1%		78.1%		78.1%	1.3%	—
111 West Rio	225,000	Consolidated	100%		100.0%		100.0%		100.0%		100.0%	1.2%	—
PHOENIX	1,281,000				92.2%		92.2%		92.2%		91.9%	7.7%	—
Continued on next page

Cousins Properties 15 Q4 2021 Supplemental Information

PORTFOLIO STATISTICS

Office Properties (1)	Rentable Square Feet	Financial Statement Presentation	Company's Ownership Interest		End of Period Leased				Weighted Average Occupancy (2)			% of Total NOI / 4Q21	Property Level Debt (in thousands) (3)
				4Q21		3Q21		4Q21		3Q21
Legacy Union One	319,000	Consolidated	100%		100.0%		100.0%		100.0%		100.0%	2.1%	66,718
5950 Sherry Lane	197,000	Consolidated	100%		77.2%		79.3%		79.3%		82.1%	0.9%	—
DALLAS	516,000				91.3%		92.1%		92.1%		93.2%	3.0%	66,718
BriarLake Plaza - Houston (4)	835,000	Consolidated	100%		79.9%		84.9%		80.5%		84.9%	3.6%	—
Carolina Square - Chapel Hill	158,000	Unconsolidated	50%		98.5%		94.5%		94.1%		94.5%	0.4%	22,392
OTHER OFFICE	993,000				81.5%		85.7%		81.7%		85.7%	4.0%	22,392
TOTAL OFFICE (8)	18,317,000				91.5%		91.7%		89.0%		90.1%	98.7%	$	718,416
Other Properties (1)
Carolina Square Apartment - Chapel Hill (246 units) (6)	266,000	Unconsolidated	50%		100.0%		98.4%		98.4%		93.0%	0.5%	37,699
Carolina Square Retail - Chapel Hill (6)	44,000	Unconsolidated	50%		89.8%		87.1%		87.1%		87.1%	0.1%	6,236
College Street Garage - Charlotte (6)	NA	Consolidated	100%		NA		NA		NA		NA	0.5%	—
120 West Trinity Apartment - Atlanta (330 units) (6)	310,000	Unconsolidated	20%		98.8%		98.8%		96.3%		95.6%	0.2%	—
TOTAL OTHER	620,000				98.6%		97.4%		96.6%		93.1%	1.3%	$	43,935
TOTAL (8)	18,937,000				91.6%		91.7%		89.1%		90.1%	100.0%	$	762,351

(1)	Represents the Company's operating properties, excluding properties on the development pipeline and properties sold prior to December 31, 2021.
(2)	The weighted average economic occupancy of the property over the period for which the property was available for occupancy.
(3)	The Company's share of property-specific mortgage debt, including premiums and net of unamortized loan costs, as of December 31, 2021.
(4)	Contains two or more buildings that are grouped together for reporting purposes.
(5)	Contains two or more buildings that are grouped together for reporting purposes, some of which are not included in Same Property as of December 31, 2021.
(6)	Not included in Same Property as of December 31, 2021.
(7)	Heights Union is a recently developed property acquired by the Company on October 1, 2021. The occupancy at December 31, 2021 is 57.6% and stabilized occupancy of greater than 90% is anticipated to be achieved in the second quarter of 2022.
(8)	The square footage of Heights Union has been excluded from the calculation of weighted average occupancy for the fourth quarter and end of period leased at December 31, 2021. See note 7.

Cousins Properties 16 Q4 2021 Supplemental Information

PORTFOLIO STATISTICS

Fourth Quarter 2021 Portfolio NOI by Market

Cousins Properties 17 Q4 2021 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

	($ in thousands)
	Three Months Ended December 31,
	2021			2020			% Change
Rental Property Revenues (2)	$	153,464		$	151,595		1.2	%
Rental Property Operating Expenses (2)	54,295			51,339			5.8	%
Same Property Net Operating Income	$	99,169		$	100,256		(1.1)	%
Cash-Basis Rental Property Revenues (3)	$	148,016		$	143,131		3.4	%
Cash-Basis Rental Property Operating Expenses (4)	54,126			51,171			5.8	%
Cash-Basis Same Property Net Operating Income	$	93,890		$	91,960		2.1	%
End of Period Leased	90.5		%	92.8		%
Weighted Average Occupancy	88.1		%	91.8		%
	Year Ended December 31,
	2021			2020			% Change
Rental Property Revenues (2)	$	620,403		$	614,616		0.9	%
Rental Property Operating Expenses (2)(5)	218,643			210,894			3.7	%
Same Property Net Operating Income	$	401,760		$	403,722		(0.5)	%
Cash-Basis Rental Property Revenues (3)	$	595,800		$	575,211		3.6	%
Cash-Basis Rental Property Operating Expenses (4)(5)	217,985			210,200			3.7	%
Cash-Basis Same Property Net Operating Income	$	377,815		$	365,011		3.5	%
Weighted Average Occupancy	90.0		%	91.3		%

(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 beginning on pages 15 and 16 for footnotes indicating which properties are not included in Same Property. See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 31.
(2)	Rental Property Revenues and 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 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 and 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.
(5)	Same Property Rental Property Operating Expenses and Cash-Basis Same Property Rental Property Operating Expenses for the year ended December 31, 2020 have been adjusted to remove a $1.8 million one-time credit for construction-related legal expenses that were recovered through settlement during the three months ended March 31, 2020.

Cousins Properties 18 Q4 2021 Supplemental Information

OFFICE LEASING ACTIVITY

	Three Months Ended December 31, 2021									Year Ended December 31, 2021
	New		Renewal		Expansion		Total			New		Renewal		Expansion		Total
Gross leased square feet (1)							822,986									2,592,480
Less exclusions (2)							(79,648)									(496,249)
Net leased square feet	548,419		104,241		90,678		743,338			1,280,416		513,283		302,532		2,096,231
Number of transactions	24		14		6		44			76		57		24		157
Lease term in years (3)	10.0		5.5		7.4		9.1			8.8		5.2		6.5		7.6
Net effective rent calculation (per square foot  per year) (3)
Net annualized rent (4)	$	40.33	$	32.87	$	38.10	$	39.02		$	37.59	$	30.89	$	32.69	$	35.24
Net free rent	(1.01)		(1.74)		(2.66)		(1.31)			(1.26)		(1.46)		(2.19)		(1.45)
Leasing commissions	(3.07)		(2.36)		(1.39)		(2.76)			(3.10)		(2.32)		(2.09)		(2.77)
Tenant improvements	(6.45)		(4.59)		(7.07)		(6.26)			(6.21)		(3.04)		(6.46)		(5.47)
Total leasing costs	(10.53)		(8.69)		(11.12)		(10.33)			(10.57)		(6.82)		(10.74)		(9.69)
Net effective rent	$	29.80	$	24.18	$	26.98	$28.69			$	27.02	$	24.07	$	21.95	$	25.55
Second generation leased square footage (5)							175,225									1,206,060
Increase in straight-line basis second generation net rent per square foot (6)							17.1		%							24.7		%
Increase in cash-basis second generation net rent per square foot (7)							6.0		%							15.1		%

(1)	Comprised of total square feet leased, unadjusted for ownership share and excluding apartment leasing.
(2)	Adjusted for leases one year or less, leases for retail, amenity, storage, percentage rent, intercompany space, and rent deferrals/extension agreements related to the COVID-19 pandemic.
(3)	Weighted average of net leased square feet.
(4)	Straight-line net rent per square foot (operating expenses deducted from gross leases) over the lease term prior to any deductions for leasing costs.
(5)	Excludes leases executed for spaces that were vacant upon acquisition, new leases in development properties, and leases for spaces that have been vacant for one year or more.
(6)	Increase in second generation straight-line basis net annualized rent on a weighted average basis.
(7)	Increase in 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 increase in net cash rent at the end of the term of the original lease is compared to net cash rent at the beginning of the extended term of the lease. Net cash rent is net of any recovery of operating expenses but prior to any deductions for leasing costs.

Cousins Properties 19 Q4 2021 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.
2022	969,877	6.5	%	$	38,589	4.9	%	$	36.59
2023	1,411,701	8.8	%	61,528		7.9	%	43.58
2024	1,099,401	6.9	%	49,081		6.3	%	43.82
2025	1,985,274	12.3	%	89,147		11.4	%	44.90
2026	1,446,994	9.0	%	69,375		8.9	%	47.84
2027	1,657,712	10.3	%	72,945		9.3	%	43.75
2028	1,169,744	7.4	%	59,438		7.6	%	49.50
2029	1,427,546	8.9	%	71,289		9.1	%	49.61
2030	1,276,508	7.9	%	80,763		10.3	%	63.27
2031 & Thereafter	3,480,984	22.0	%	190,344		24.3	%	53.88
Total	15,925,741	100.0	%	$	782,499	100.0	%	$	48.49

(1) Company's share of leases expiring after December 31, 2021. 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 20 Q4 2021 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	NCR Corporation	1	1	762,090	$	35,974	5.2%	11.6
2	Amazon	4	3	692,474	33,996		4.9%	7.1
3	Meta Platforms (fka Facebook)	1	1	422,252	22,477		3.4%	8.2
4	Expedia	1	1	430,547	22,071		3.2%	6.8
5	Pioneer Natural Resources Company	2	1	359,660	21,697		3.2%	9.7
6	Bank of America	2	2	344,601	11,741		1.8%	3.9
7	Apache Corporation	1	1	210,012	9,271		1.3%	2.8
8	Norfolk Southern	1	1	370,286	9,077		1.3%	—
9	Wells Fargo Bank, NA	4	3	198,376	8,775		1.3%	4.0
10	Ovintiv USA (3)	1	1	318,582	8,069		1.2%	5.5
11	Allstate	2	2	214,380	7,750		1.1%	5.7
12	SVB Financial Group	1	1	188,940	7,624		1.1%	4.1
13	ADP	1	1	225,000	7,597		1.1%	6.3
14	WeWork Companies	4	2	169,050	7,422		1.1%	11.8
15	Regus Equity Business Centers	6	4	158,740	7,407		1.1%	6.0
16	Westrock Shared Services	1	1	205,185	7,162		1.0%	8.3
17	Workrise Technologies	1	1	93,210	6,578		1.0%	6.6
18	McGuirewoods	2	2	187,119	6,499		0.9%	4.9
19	BlackRock	1	1	131,656	6,415		0.9%	14.4
20	Samsung Engineering America	1	1	133,860	6,196		0.8%	4.9
	Total			5,816,020	$	253,798	36.9%	6.9
(1)	In some cases, the actual tenant may be an affiliate of the entity shown.
(2)	Annualized Rent represents the annualized rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of December 31, 2021. If the tenant is in a free rent period as of December 31, 2021, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full rent.
(3)	Ovintiv USA Inc. has multiple subleases for substantially all of its space. In the event of termination of the Ovintiv lease, such subleases would become direct leases with the Company.
Note:	This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded.

Cousins Properties 21 Q4 2021 Supplemental Information

TENANT INDUSTRY DIVERSIFICATION

Note: Management uses SIC codes when available, along with judgment, to determine tenant industry classification.

(1) Annualized Rent represents the annualized rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of the date of this report. If the tenant is in a free rent period as of the date of this report, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full rent.

Cousins Properties 22 Q4 2021 Supplemental Information

INVESTMENT ACTIVITY

Completed Operating Property Acquisitions

Property	Type	Market	Company's Ownership Interest	Timing	Square Feet	Gross Purchase Price (in thousands) (1)
2021
725 Ponce	Office	Atlanta	100%	3Q	372,000	$	300,200
Heights Union	Office	Tampa	100%	4Q	294,000	144,800
2020
The RailYard	Office	Charlotte	100%	4Q	329,000	201,300
2019
Promenade Central (fka 1200 Peachtree)	Office	Atlanta	100%	1Q	370,000	82,000
TIER REIT, Inc.	Office	Various	Various	2Q	5,799,000	(2)
Terminus (3)	Office	Atlanta	100%	4Q	1,226,000	246,000
2017
111 West Rio (4)	Office	Phoenix	100%	1Q	225,000	19,600
					8,615,000	$	993,900

Completed Property Developments

Project	Type	Market	Company's Ownership Interest	Timing	Square Feet	Total Project Cost (in thousands) (1)
2021
10000 Avalon	Office	Atlanta	90%	1Q	251,000	$	96,000
120 West Trinity	Mixed	Atlanta	20%	2Q	353,000	89,000
Domain 10	Office	Austin	100%	3Q	300,000	111,000
2020
Domain 12	Office	Austin	100%	4Q	320,000	117,000
2019
Dimensional Place	Office	Charlotte	50%	1Q	281,000	96,000
2018
Spring & 8th	Office	Atlanta	100%	1Q/4Q	765,000	336,000
2017
8000 Avalon	Office	Atlanta	90%	2Q	229,000	73,000
Carolina Square	Mixed	Chapel Hill	50%	3Q	468,000	123,000
					2,967,000	$	1,041,000

(1) Except as otherwise noted, amounts represent total purchase prices, total project cost paid by the Company and, where applicable, its joint venture partner,

including certain allocated costs required by GAAP that were not incurred by the joint venture.

(2) Properties acquired in the merger with TIER REIT, Inc.

(3) Purchased outside interest of 50% in Terminus Office Holdings, LLC for $246 million before reductions for existing mortgage debt.

(4) Purchased outside interest of 25.4% in 111 West Rio.

Cousins Properties 23 Q4 2021 Supplemental Information

INVESTMENT ACTIVITY

Completed Operating Property Dispositions

Property	Type	Market	Company's Ownership Interest	Timing	Square Feet	Gross Sales Price (in thousands) (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 (2)	Office	Charlotte	50%	3Q	281,000	60,800
816 Congress	Office	Austin	100%	4Q	435,000	174,000
2020
Hearst Tower	Office	Charlotte	100%	1Q	966,000	455,500
Gateway Village (2)	Office	Charlotte	50%	1Q	1,061,000	52,200
Woodcrest	Office	Cherry Hill	100%	1Q	386,000	25,300
2017
Emory Point I and II	Mixed	Atlanta	75%	2Q	786,000	199,000
American Cancer Society Center	Office	Atlanta	100%	2Q	996,000	166,000
Bank of America Center, One Orlando-Centre, and Citrus Center	Office	Orlando	100%	4Q	1,038,000	208,100
Courvoisier Centre (3)	Office	Miami	20%	4Q	343,000	33,900
					8,206,000	$	1,783,800

(1) Except as otherwise noted, amounts represent total gross sales prices received by the Company and, where applicable, its joint venture partner.

(2) The Company sold its interest in the joint venture to its partner.

(3) The Company sold its partnership interest for $12.6 million in a transaction that valued its interest in the property at $33.9 million, prior to

deduction for existing mortgage debt.

Cousins Properties 24 Q4 2021 Supplemental Information

DEVELOPMENT PIPELINE (1)

Project	Type	Market	Company's Ownership Interest		Construction Start Date	Square Feet/Units	Estimated Project Cost (1) (2) (in thousands)		Company's Share of Estimated Project Cost (2) (in thousands)		Project Cost Incurred to Date (2) (in thousands)		Company's Share of Project Cost Incurred to Date (2) (in thousands)		Percent Leased		Initial Revenue Recognition (3)	Estimated Stabilization (4)
300 Colorado (5)	Office	Austin	100	%	4Q18	369,000	$	193,000	$	193,000	$	163,839	$	163,839	88	%	1Q21	1Q22
100 Mill	Office	Phoenix	90	%	1Q20	287,000	153,000		137,700		119,584		107,626		81	%	1Q22	4Q22
Neuhoff (6)	Mixed	Nashville	50	%	3Q21		562,500		281,300		131,315		65,658
Commercial						448,000									—	%	2Q23	2Q24
Apartments						542									—	%	2Q24	2Q25
Domain 9	Office	Austin	100	%	2Q21	338,000	147,000		147,000		48,359		48,359		97	%	1Q24	1Q25
Total							$	1,055,500	$	759,000	$	463,097	$	385,481

(1)	This schedule shows projects currently under active development through the substantial completion of construction as well as properties in an initial lease up period prior to stabilization. Amounts included in the estimated project cost column are the estimated costs of the project through stabilization. Significant estimation is required to derive these costs, and the final costs may differ from these estimates.
(2)	Estimated and incurred project costs are construction costs plus financing costs on project-specific debt. Neuhoff has a project-specific construction loan and 300 Colorado had a project-specific construction loan that was paid off concurrent with the purchase of our partners’ 50% interest (see note 5). The above excludes any financing cost assumptions for projects without project-specific debt and any other incremental capitalized costs required by GAAP. They also exclude fair value adjustments related to the acquisition of a project.
(3)	Initial revenue recognition represents the quarter within which the Company first recognized or estimates it will begin recognizing revenue under GAAP.
(4)	Estimated stabilization is the quarter within which the Company estimates it will achieve 90% economic occupancy. The Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of recently completed development properties until the date a project is substantially complete and held for occupancy which is the earlier of (1) the date on which the project achieves 90% economic occupancy or (2) one year from cessation of major construction activity.
(5)	On December 1, 2021, the Company acquired our partners' 50% interest in 300 Colorado for a gross purchase price of $162.5 million.
(6)	The Neuhoff estimated project cost will be funded with a combination of $250.6 million of equity contributed by the joint venture partners, followed by a $312.7 million construction loan.

Cousins Properties 25 Q4 2021 Supplemental Information

LAND INVENTORY

	Market	Company's Ownership Interest	Financial Statement Presentation	Total Developable Land (Acres)	Cost Basis of Land (in thousands)
3354/3356 Peachtree	Atlanta	95%	Consolidated	3.2
715 Ponce	Atlanta	50%	Unconsolidated	1.0
887 West Peachtree (fka 901 West Peachtree) (1)	Atlanta	100%	Consolidated	1.6
The Avenue Forsyth-Adjacent Land	Atlanta	100%	Consolidated	10.4
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	Charlotte	100%	Consolidated	2.4
Legacy Union 2 & 3	Dallas	95%	Consolidated	4.0
Victory Center	Dallas	75%	Unconsolidated	3.0
Corporate Center 5 & 6 (2)	Tampa	100%	Consolidated	14.1
Total				50.4	$	175,487
					159351
Company's Share				48.6	$	166,267

(1)	Includes a ground lease with future obligation to purchase.
(2)	Corporate Center 5 is controlled through a long-term ground lease.

Cousins Properties 26 Q4 2021 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	2022			2023			2024			2025			2026			Thereafter			Total Principal			Deferred Loan Costs		Above Market Premium		Total
Consolidated Debt - Floating Rate
Term Loan, Unsecured  (LIBOR + 1.05% to 1.65%) (2)	100%	1.15%	8/30/24	$	—		$	—		$	350,000		$	—		$	—		$	—		$	350,000		$	(1,871)	$	—	$	348,129
Credit Facility, Unsecured  (LIBOR + 1.05% to 1.45%) (3)	100%	1.15%	1/3/23	—			228,500			—			—			—			—			228,500			—		—		228,500
Total Consolidated Floating Rate Debt				—			228,500			350,000			—			—			—			578,500			(1,871)		—		576,629
Consolidated Debt - Fixed Rate
2019 Senior Note C, Unsecured	100%	3.95%	7/6/29	—			—			—			—			—			275,000			275,000			(842)		—		274,158
2017 Senior Note A, Unsecured	100%	3.91%	7/6/25	—			—			—			250,000			—			—			250,000			(641)		—		249,359
2019 Senior Note B, Unsecured	100%	3.86%	7/6/28	—			—			—			—			—			250,000			250,000			(737)		—		249,263
Fifth Third Center	100%	3.37%	10/1/26	3,502			3,622			3,746			3,874			118,928			—			133,672			(314)		—		133,358
2019 Senior Note A, Unsecured	100%	3.78%	7/6/27	—			—			—			—			—			125,000			125,000			(350)		—		124,650
Terminus 100	100%	5.25%	1/1/23	3,497			108,181			—			—			—			—			111,678			—		2,515		114,193
Colorado Tower	100%	3.45%	9/1/26	2,598			2,689			2,783			2,881			101,199			—			112,150			(449)		—		111,701
2017 Senior Note B, Unsecured	100%	4.09%	7/6/27	—			—			—			—			—			100,000			100,000			(291)		—		99,709
Promenade Tower (fka Promenade)	100%	4.27%	10/1/22	89,052			—			—			—			—			—			89,052			(41)		—		89,011
Domain 10 (4)	100%	3.75%	11/1/24	1,891			1,963			72,558			—			—			—			76,412			(890)		—		75,522
Terminus 200	100%	3.79%	1/1/23	1,861			70,700			—			—			—			—			72,561			—		677		73,238
Legacy Union One	100%	4.24%	1/1/23	—			66,000			—			—			—			—			66,000			—		718		66,718
Total Consolidated Fixed Rate Debt				102,401			253,155			79,087			256,755			220,127			750,000			1,661,525			(4,555)		3,910		1,660,880
Total Consolidated Debt				102,401			481,655			429,087			256,755			220,127			750,000			2,240,025			(6,426)		3,910		2,237,509
Unconsolidated Debt - Floating Rate
Carolina Square (LIBOR + 1.80%)	50%	1.90%	3/18/26	1,020			1,020			1,020			1,020			63,015			—			67,095			(768)		—		66,327
Neuhoff (LIBOR + 3.45% to 3.60%) (5)	50%	3.70%	9/30/25	—			—			—			16,658			—			—			16,658			(2,463)		—		14,195
Total Unconsolidated Floating Rate Debt				1,020			1,020			1,020			17,678			63,015			—			83,753			(3,231)		—		80,522
																			.
Unconsolidated Debt - Fixed Rate
Emory University Hospital Midtown	50%	3.50%	6/1/23	903			31,436			—			—			—			—			32,339			(56)		—		32,283
Total Unconsolidated Fixed Rate Debt				903			31,436			—			—			—			—			32,339			(56)		—		32,283
Total Unconsolidated Debt				1,923			32,456			1,020			17,678			63,015			—			116,092			(3,287)		—		112,805
Total Debt				$	104,324		$	514,111		$	430,107		$	274,433		$	283,142		$	750,000		$	2,356,117		$	(9,713)	$	3,910	$	2,350,314
Total Maturities (6)				$	86,295		$	504,432		$	420,865		$	266,534		$	277,919		$	750,000		$	2,306,045
% of Maturities				4		%	22		%	18		%	12		%	12		%	32		%	100		%

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Cousins Properties 27 Q4 2021 Supplemental Information

DEBT SCHEDULE (1)

Continued on next page

Cousins Properties 28 Q4 2021 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)
Floating Rate Debt	$	662,253	28	%	1.28	%	2.3
Fixed Rate Debt	1,693,864		72	%	3.94	%	4.5
Total Debt	$	2,356,117	100	%	3.19	%	3.8

(1)	All amounts are presented at Company share.
(2)	On June 28, 2021, we entered into an Amended and Restated Term Loan Agreement under which we have a $350.0 million unsecured term loan. See note 10 of notes to consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021. The spread over LIBOR under the Term Loan at December 31, 2021 was 1.05%.
(3)	As of December 31, 2021, the company had $228.5 million drawn under the Credit Facility and had the ability to borrow the remaining $771.5 million. The spread over LIBOR under the Credit Facility at December 31, 2021 was 1.05%.
(4)	In June 2021, we executed a collateral substitution for the mortgage previously secured by 816 Congress, which Cousins sold in December 2021, in Austin. The mortgage is now secured by the Company's Domain 10 property in Austin. All other terms of the note were unchanged.
(5)	The Company's share of the total borrowing capacity of the construction loan is $156.4 million.
(6)	Maturities include lump sum principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.

Cousins Properties 29 Q4 2021 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 both Partners.	Cousins can trigger a sale process following construction completion, subject to a right of first offer that can be exercised by Partner.
HICO Avalon LLC	8000 Avalon	90% of cash flows until return of contributed capital to both Partners.	Cousins or Partner can trigger a sale process, subject to a right of first offer that can be exercised by the non-triggering party.
HICO Avalon II LLC	10000 Avalon	90% of cash flows until return of contributed capital to both Partners.	Cousins or Partner can trigger a sale process beginning Q1 2022, subject to a right of first offer that can be exercised by the non-triggering party.
TR Domain Point LLC	Domain Point	Preferred return on preferred equity contribution, then 96.5% of remaining cash flows.	Partner has put option beginning Q1 2023 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.
Carolina Square Holdings LP	Carolina Square	50% of cash flows.	Cousins or Partner can trigger a sale process, subject to a right of first offer that can be exercised by the non-triggering party.
Crawford Long-CPI, LLC	Emory University Hospital Midtown	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.	Cousins or Partner can trigger a sale process, subject to a right of first offer that can be exercised by the non-triggering party.

(1)	This schedule only contains information related to joint ventures that hold an ownership interest in operating assets 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 30 Q4 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	(in thousands, except per share amounts)
	2019		2020 1st		2020 2nd		2020 3rd		2020 4th		2020		2021 1st		2021 2nd		2021 3rd		2021 4th		2021
FFO and EBITDAre
Net income available to common stockholders	$	150,418	$	174,943	$	23,101	$	28,115	$	11,119	$	237,278	$	29,110	$	28,153	$	54,018	$	167,305	$	278,586
Depreciation and amortization of real estate assets:
Consolidated properties	255,349		71,406		72,694		71,345		72,515		287,960		70,712		71,299		71,918		73,540		287,469
Share of unconsolidated joint ventures	14,158		2,347		2,106		2,125		2,162		8,740		2,365		2,810		2,917		1,582		9,674
Partners' share of real estate depreciation	(521)		(149)		(212)		(209)		(172)		(742)		(211)		(228)		(231)		(259)		(929)
(Gain) loss on depreciated property transactions:
Consolidated properties	(92,578)		(90,916)		201		523		87		(90,105)		17		9		(13,127)		(139,510)		(152,611)
Share of unconsolidated joint ventures	15		(318)		(168)		15		21		(450)		—		3		23		13		39
Sale of investments in unconsolidated joint ventures	—		(44,894)		232		59		25		(44,578)		(39)		—		(13,121)		77		(13,083)
Impairment	—		—		—		—		14,829		14,829		—		—		—		—		—
Non-controlling interest related to unitholders	1,952		302		5		5		3		315		6		5		9		36		56
FFO	328,793		112,721		97,959		101,978		100,589		413,247		101,960		102,051		102,406		102,784		409,201
Interest Expense	59,701		16,554		14,543		15,497		16,082		62,676		17,723		17,519		17,513		17,183		69,938
Income Tax Expenses	(298)		50		(50)		—		—		—		—		—		—		—		—
Non-Real Estate Depreciation and Amortization	1,799		207		173		154		154		688		158		157		156		152		623
EBITDAre (1)	389,995		129,532		112,625		117,629		116,825		476,611		119,841		119,727		120,075		120,119		479,762
Transaction Costs (2)	52,881		365		63		—		—		428		—		—		—		—		—
Adjusted EBITDAre (1)	442,876		129,897		112,688		117,629		116,825		477,039		119,841		119,727		120,075		120,119		479,762
Income from Unconsolidated Joint Ventures
Net Operating Income
Office Properties	29,355		5,219		3,404		3,457		3,545		15,625		3,785		4,338		4,835		2,236		15,194
Other Properties	3,058		816		789		751		855		3,211		969		1,099		927		1,034		4,029
Net Operating Income	32,413		6,035		4,193		4,208		4,400		18,836		4,754		5,437		5,762		3,270		19,223
Loss on Sale of Undepreciated Property	—		—		—		—		(598)		(598)		—		—		—		—		—
Interest Expense	(5,738)		(650)		(550)		(439)		(432)		(2,071)		(515)		(863)		(804)		(729)		(2,911)
Termination Fee Income	16		1		2		5		1		9		—		7		74		—		81
Other Income	148		68		8		(23)		8		61		29		27		36		29		121
Funds from Operations - Unconsolidated Joint Ventures	26,839		5,454		3,653		3,751		3,379		16,237		4,268		4,608		5,068		2,570		16,514
Gain (Loss) on Sale of Depreciated Investment Properties, net	(15)		318		168		(15)		(21)		450		—		(3)		(23)		(13)		(39)
Depreciation and Amortization of Real Estate	(14,158)		(2,347)		(2,106)		(2,125)		(2,162)		(8,740)		(2,365)		(2,810)		(2,917)		(1,582)		(9,674)
Income from Unconsolidated Joint Ventures	12,666		3,425		1,715		1,611		1,196		7,947		1,903		1,795		2,128		975		6,801
Market Capitalization
Common Stock Price at Period End	$	41.20	$	29.27	$	29.83	$	28.59	$	33.50	$	33.50	$	35.35	$	36.78	$	37.29	$	40.28	$	40.28
Number of Common Stock/Units Outstanding at Period End	148,506		148,565		148,593		148,589		148,589		148,589		148,679		148,713		148,713		148,713		148,713
Equity Market Capitalization	6,118,447		4,348,498		4,432,529		4,248,160		4,977,732		4,977,732		5,255,803		5,469,664		5,545,508		5,990,160		5,990,160
Consolidated Debt	2,222,975		1,944,034		1,939,517		1,934,905		2,162,719		2,162,719		2,214,692		2,050,173		2,047,599		2,237,509		2,237,509
Share of Unconsolidated Debt	82,519		92,921		98,754		107,256		115,040		115,040		144,168		145,480		158,707		112,805		112,805
Debt (1)	2,305,494		2,036,955		2,038,271		2,042,161		2,277,759		2,277,759		2,358,860		2,195,653		2,206,306		2,350,314		2,350,314
Total Market Capitalization	8,423,941		6,385,453		6,470,800		6,290,321		7,255,491		7,255,491		7,614,663		7,665,317		7,751,814		8,340,474		8,340,474
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Cousins Properties 31 Q4 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	(in thousands, except per share amounts)
	2019		2020 1st		2020 2nd		2020 3rd		2020 4th		2020		2021 1st		2021 2nd		2021 3rd		2021 4th		2021
Credit Ratios
Debt (1)	2,305,494		2,036,955		2,038,271		2,042,161		2,277,759		2,277,759		2,358,860		2,195,653		2,206,306		2,350,314		2,350,314
Less: Cash and Cash Equivalents	(15,603)		(124,632)		(28,255)		(36,872)		(4,290)		(4,290)		(14,576)		(9,792)		(5,532)		(8,937)		(8,937)
Less: Share of Unconsolidated Cash and Cash Equivalents (1)	(8,634)		(9,516)		(8,826)		(12,098)		(9,419)		(9,419)		(7,518)		(7,598)		(20,492)		(4,285)		(4,285)
Net Debt (1)	2,281,257		1,902,807		2,001,190		1,993,191		2,264,050		2,264,050		2,336,766		2,178,263		2,180,282		2,337,092		2,337,092
Total Market Capitalization	8,423,941		6,385,453		6,470,800		6,290,321		7,255,491		7,255,491		7,614,663		7,665,317		7,751,814		8,340,474		8,340,474
Net Debt / Total Market Capitalization	27.1	%	29.8	%	30.9	%	31.7	%	31.2	%	31.2	%	30.7	%	28.4	%	28.1	%	28.0	%	28.0	%
Total Assets - Consolidated	7,151,447		6,901,934		6,908,448		6,886,596		7,107,398		7,107,398		7,106,182		6,945,970		6,977,364		7,312,034		7,312,034
Accumulated Depreciation - Consolidated	802,807		878,199		954,352		1,028,975		1,090,566		1,090,566		1,164,427		975,658		1,054,847		1,065,047		1,065,047
Undepreciated Assets - Unconsolidated (1)	391,457		290,134		294,987		304,976		304,539		304,539		303,472		302,630		238,455		288,647		288,647
Less: Investment in Unconsolidated Joint Ventures	(133,884)		(128,916)		(129,857)		(129,814)		(125,481)		(125,481)		(113,353)		(112,718)		(111,351)		(77,811)		(77,811)
Total Undepreciated Assets (1)	8,211,827		7,941,351		8,027,930		8,090,733		8,377,022		8,377,022		8,460,728		8,111,540		8,159,315		8,587,917		8,587,917
Net Debt (1)	2,281,257		1,902,807		2,001,190		1,993,191		2,264,050		2,264,050		2,336,766		2,178,263		2,180,282		2,337,092		2,337,092
Net Debt / Total Undepreciated Assets (1)	27.8	%	24.0	%	24.9	%	24.6	%	27.0	%	27.0	%	27.6	%	26.9	%	26.7	%	27.2	%	27.2	%
Coverage Ratios (1)
Interest Expense	59,701		16,554		14,543		15,497		16,082		62,676		17,723		17,519		17,513		17,183		69,938
Scheduled Principal Payments	14,726		4,126		4,120		4,282		4,284		16,812		4,370		4,544		4,587		4,630		18,131
Fixed Charges	74,427		20,680		18,663		19,779		20,366		79,488		22,093		22,063		22,100		21,813		88,069
EBITDAre	389,995		129,532		112,625		117,629		116,825		476,611		119,841		119,727		120,075		120,119		479,762
Fixed Charges Coverage Ratio (EBITDAre) (1)	5.24		6.26		6.03		5.95		5.74		6.00		5.42		5.43		5.43		5.51		5.45
Adjusted EBITDAre	442,876		129,897		112,688		117,629		116,825		477,039		119,841		119,727		120,075		120,119		479,762
Fixed Charges Coverage Ratio (Adjusted EBITDAre) (1)	5.95		6.28		6.04		5.95		5.74		6.00		5.42		5.43		5.43		5.51		5.45
Net Debt	2,281,257		1,902,807		2,001,190		1,993,191		2,264,050		2,264,050		2,336,766		2,178,263		2,180,282		2,337,092		2,337,092
Annualized EBITDAre (3)	493,632		518,128		450,500		470,516		467,300		467,300		479,364		478,908		480,300		480,476		480,476
Net Debt / Annualized EBITDAre	4.62		3.67		4.44		4.24		4.84		4.84		4.87		4.55		4.54		4.86		4.86
Annualized Adjusted EBITDAre (3)	501,644		519,588		450,752		470,516		467,300		467,300		479,364		478,908		480,300		480,476		480,476
Net Debt / Annualized Adjusted EBITDAre	4.55		3.66		4.44		4.24		4.84		4.84		4.87		4.55		4.54		4.86		4.86
Dividend Information
Common Dividends	158,174		44,562		44,570		44,570		44,561		178,263		46,135		46,038		46,094		46,909		185,176
FFO	328,793		112,721		97,959		101,978		100,589		413,247		101,960		102,051		102,406		102,784		409,201
FFO Payout Ratio	48.1	%	39.5	%	45.5	%	43.7	%	44.3	%	43.1	%	45.2	%	45.1	%	45.0	%	45.6	%	45.3	%
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Cousins Properties 32 Q4 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	(in thousands, except per share amounts)
	2019			2020 1st			2020 2nd			2020 3rd			2020 4th			2020			2021 1st			2021 2nd			2021 3rd			2021 4th			2021
FFO	328,793			112,721			97,959			101,978			100,589			413,247			101,960			102,051			102,406			102,784			409,201
Amortization of Deferred Financing Costs	2,630			700			686			691			700			2,777			698			698			834			833			3,063
Non-Cash Stock-Based Compensation	3,830			1,285			2,199			931			883			5,298			1,667			1,708			1,800			1,830			7,005
Non-Real Estate Depreciation and Amortization	1,799			207			173			154			154			688			158			157			156			152			623
Lease Inducements	886			233			251			253			281			1,018			1,035			1,032			1,128			239			3,434
Straight Line Rent Ground Leases	500			126			128			120			116			490			112			112			113			112			449
Above and Below Market Ground Rent	158			39			40			39			40			158			39			40			39			41			159
Transaction Costs (2)	52,881			365			63			—			—			428			—			—			—			—			—
Debt Premium Amortization	(1,130)			(916)			(916)			(916)			(916)			(3,664)			(916)			(916)			(916)			(916)			(3,664)
Deferred Income - Tenant Improvements	(5,808)			(1,606)			(1,816)			(1,328)			(2,658)			(7,408)			(2,683)			(2,769)			(2,728)			(1,167)			(9,347)
Above and Below Market Rents, Net	(9,472)			(2,590)			(2,519)			(2,449)			(2,503)			(10,061)			(2,388)			(2,069)			(1,989)			(1,946)			(8,392)
Second Generation Capital Expenditures (CAPEX)	(90,704)			(23,817)			(25,724)			(17,718)			(30,524)			(97,783)			(12,093)			(23,118)			(24,880)			(24,365)			(84,456)
Straight Line Rental Revenue	(29,391)			(9,859)			(11,137)			(12,935)			(8,284)			(42,215)			(7,739)			(5,625)			(6,852)			(5,287)			(25,503)
Loss (Gain) on Sales of Undepreciated Investment Properties	(18,182)			(1,335)			—			—			723			(612)			—			—			64			—			64
FAD (1)	236,790			75,553			59,387			68,820			58,601			262,361			79,850			71,301			69,175			72,310			292,636
Weighted Average Shares - Diluted	129,831			148,561			148,580			148,606			148,669			148,636			148,725			148,740			148,772			148,905			148,891
FAD per share	$	1.82		$	0.51		$	0.40		$	0.46		$	0.39		$	1.77		$	0.54		$	0.48		$	0.46		$	0.49		$	1.97
Common Dividends	158,174			44,562			44,570			44,570			44,561			178,263			46,135			46,038			46,094			46,909			185,176
Common Dividends per share	$	1.16		$	0.30		$	0.30		$	0.30		$	0.30		$	1.20		$	0.31		$	0.31		$	0.31		$	0.31		$	1.24
FAD Payout Ratio (1)	66.8		%	59.0		%	75.1		%	64.8		%	76.0		%	67.9		%	57.8		%	64.6		%	66.6		%	64.9		%	63.3		%
Operations Ratio
Total Undepreciated Assets (1)	8,211,827			7,941,351			8,027,930			8,090,733			8,377,022			8,377,022			8,460,728			8,111,540			8,159,315			8,587,917			8,587,917
General and Administrative Expenses	37,007			5,652			8,543			5,658			7,181			27,034			6,733			7,313			7,968			7,307			29,321
Annualized General and Administrative Expenses (3) / Total Undepreciated Assets	0.45		%	0.28		%	0.43		%	0.28		%	0.34		%	0.32		%	0.32		%	0.36		%	0.39		%	0.34		%	0.34		%
2nd Generation CAPEX
Second Generation Leasing Related Costs	80,500			19,444			21,394			13,534			23,712			78,084			9,258			17,295			18,231			16,938			61,722
Second Generation Building Improvements	10,204			4,373			4,330			4,184			6,812			19,699			2,835			5,823			6,649			7,427			22,734
	90,704			23,817			25,724			17,718			30,524			97,783			12,093			23,118			24,880			24,365			84,456
(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) In 2019 and 2020, transaction costs relate primarily to the merger with TIER REIT, Inc.
(3) Amounts represent most recent quarter annualized.
Note: Amounts may differ slightly from other schedules contained herein due to rounding.

Cousins Properties 33 Q4 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

	(in thousands, except per share amounts)
	Three Months Ended December 31,
	2021					2020
	Dollars		Weighted Average Common Shares	Per Share Amount		Dollars		Weighted Average Common Shares	Per Share Amount
Net Income Available to Common Stockholders	$	167,305	148,688	$	1.13	$	11,119	148,564	$	0.07
Noncontrolling interest related to unitholders	36		25	—		3		25	—
Conversion of stock options	—		—	—		—		7	—
Conversion of unvested restricted stock units	—		192	(0.01)		—		73	—
Net Income — Diluted	167,341		148,905	1.12		11,122		148,669	0.07
Depreciation and amortization of real estate assets:
Consolidated properties	73,540		—	0.49		72,515		—	0.49
Share of unconsolidated joint ventures	1,582		—	0.01		2,162		—	0.02
Partners' share of real estate depreciation	(259)		—	—		(172)		—	—
Loss (gain) on depreciated property transactions:
Consolidated properties	(139,510)		—	(0.93)		87		—	—
Share of unconsolidated joint ventures	13		—	—		21		—	—
Sale of investments in unconsolidated joint ventures	77		—	—		25		—	—
Impairment	—		—	—		14,829		—	0.10
Funds From Operations	$	102,784	148,905	$	0.69	$	100,589	148,669	$	0.68

Cousins Properties 34 Q4 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

	(in thousands, except per share amounts)
	Year Ended December 31,
	2021					2020
	Dollars		Weighted Average Common Shares	Per Share Amount		Dollars		Weighted Average Common Shares	Per Share Amount
Net Income Available to Common Stockholders	$	278,586	148,666	$	1.87	$	237,278	148,277	$	1.60
Noncontrolling interest related to unitholders	56		25	—		315		297	—
Conversion of stock options	—		1	—		—		8	—
Conversion of unvested restricted stock units	—		199	—		—		54	—
Net Income — Diluted	278,642		148,891	1.87		237,593		148,636	1.60
Depreciation and amortization of real estate assets:
Consolidated properties	287,469		—	1.93		287,960		—	1.94
Share of unconsolidated joint ventures	9,674		—	0.06		8,740		—	0.06
Partners' share of real estate depreciation	(929)		—	(0.01)		(742)		—	—
Loss (gain) on depreciated property transactions:
Consolidated properties	(152,611)		—	(1.01)		(90,105)		—	(0.61)
Share of unconsolidated joint ventures	39		—	—		(450)		—	—
Sale of investments in unconsolidated joint ventures	(13,083)		—	(0.09)		(44,578)		—	(0.31)
Impairment	—		—	—		14,829		—	0.10
Funds From Operations	$	409,201	148,891	$	2.75	$	413,247	148,636	$	2.78

The tables above show Funds From Operations (“FFO”) and the related reconciliation to Net Income Available to Common Stockholders for Cousins Properties Incorporated and Subsidiaries. The Company calculated FFO in accordance with the Nareit definition, which is net income available to common stockholders (computed in accordance with accounting principles generally accepted in the United States ("GAAP")), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable property, plus depreciation and amortization of real estate assets, impairment on depreciable investment property 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.

Cousins Properties 35 Q4 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	(in thousands)
	Three Months Ended				Year Ended
Net Operating Income	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Net income	$	167,489	$	11,314	$	278,996	$	238,114
Net operating income from unconsolidated joint ventures	3,270		4,400		19,223		18,836
Fee income	(3,133)		(4,454)		(15,559)		(18,226)
Termination fee income	(588)		(80)		(5,105)		(3,835)
Other income	(46)		(62)		(451)		(231)
Reimbursed expenses	1,327		364		2,476		1,580
General and administrative expenses	7,307		7,181		29,321		27,034
Interest expense	16,454		15,650		67,027		60,605
Impairment	—		14,829		—		14,829
Depreciation and amortization	73,693		72,668		288,092		288,648
Transaction costs	—		—		—		428
Other expenses	296		250		2,131		2,091
Income from unconsolidated joint ventures	(975)		(1,196)		(6,801)		(7,947)
Loss (gain) on sale of investment in unconsolidated joint ventures	77		173		(13,083)		(45,767)
Loss (gain) on investment property transactions	(139,510)		67		(152,547)		(90,125)
Net Operating Income	125,661		121,104		493,720		486,034
Less:
Partners' share of NOI from consolidated joint ventures	(387)		(411)		(1,615)		(1,302)
Cousins' share of NOI	$	125,274	$	120,693	$	492,105	$	484,732
Net Operating Income	$	125,661	$	121,104	$	493,720	$	486,034
Non-cash income	(7,570)		3,986		(38,238)		16,129
Non-cash expense	160		(156)		615		(648)
Cash-Basis Net Operating Income	$	118,251	$	124,934	$	456,097	$	470,553
Net Operating Income
Same Property	$	99,169	$	100,256	$	401,760	$	403,722
Non-Same Property	26,492		20,848		91,960		80,495
3344 Peachtree legal expense recovery	—		—		—		1,817
	$	125,661	$	121,104	$	493,720	$	486,034
Cash-Basis Net Operating Income
Same Property	$	93,890	$	91,960	$	377,815	$	365,011
Non-Same Property	24,361		32,974		78,282		103,725
3344 Peachtree legal expense recovery	—		—		—		1,817
	$	118,251	$	124,934	$	456,097	$	470,553

Cousins Properties 36 Q4 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

RECONCILIATION OF PROJECTED NET INCOME AVAILABLE

TO COMMON STOCKHOLDERS TO PROJECTED FFO

	Full Year 2022 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	$	113,121	$	0.75		$	125,201	$	0.83
Add: Noncontrolling interest related to unitholders	26		—			26		—
Net Income	113,147		0.75			125,227		0.83
Add: Depreciation and amortization of real estate assets	294,553		1.95			294,553		1.95
Funds From Operations	$	407,700	$	2.70		$	419,780	$	2.78
(1) Calculated based on projected weighted average shares outstanding of 151 million.

Cousins Properties 37 Q4 2021 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, any 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. 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.

“Adjusted EBITDAre” represents EBITDAre plus transaction costs. Management believes that Adjusted EBITDAre provides analysts and investors with 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 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 extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable real property, plus depreciation and amortization of real estate assets, impairment on depreciable investment property 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. 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, and impairment are also excluded from NOI for the reasons described under FFO above.

“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. A stabilized property is one that has achieved 90% economic occupancy or has been substantially complete and owned by the Company for one year. 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 Capital Expenditures” 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, building improvements on newly acquired buildings that management identifies as necessary to bring the building to the Company's operational standards, and leasing costs 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.

Cousins Properties 38 Q4 2021 Supplemental Information