• • • • • • • • • • • • • • • • • •
5
COMMODITY OFFICE ASSETS ✓ New or recently redeveloped properties that command premium rents and enjoy higher occupancy ✓ Located in the best markets and submarkets with close proximity to thriving and dynamic neighborhoods ✓ Highly-amenitized including on-site retail & food, activated outdoor space, collaboration & meeting space, state-of-the art fitness options with locker rooms ✓ Inspired design and efficient systems and floorplates are becoming gating factors for increasingly discerning customers LIFESTYLE OFFICE ASSETS × Older vintage assets with few or no in-building amenities and limited outdoor activation × Proximity to single-use office districts with challenging walkability and post work entertainment options × Dated designs as well as inefficient building systems and floorplates with bland common areas × Fundamental interior features – low ceiling heights, small windows, etc. – are uneconomic to change or improve through redevelopment × Inconvenient and exposed surface parking Companies are recognizing the importance of desirable office space in recruitment, retention and culture Large portions have become obsolete and unleasable – eventually will be redeveloped into another use
RECENTLY COMPLETED REDEVELOPMENTS IN-PROCESS REDEVELOPMENT
BANK OF AMERICA ANALYSIS OF PORTFOLIO QUALITY1
CLASS A ASKING RENT ($/SF)1,2
⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫
FLIGHT TO QUALITY
FLIGHT TO QUALITY1
SUN BELT MIGRATION
QUARTERLY U.S. LEASING ACTIVITY1 (MM SF)
U.S. OFFICE INVENTORY1 (MM SF)
LEASE EXPIRATIONS BY YEAR1
COUSINS PORTFOLIO OCCUPANCY vs LEASED1
COUSINS INCREASE IN 2ND GENERATION CASH NET RENT1
ASSET RECYCLING1
CURRENT DEVELOPMENT PIPELINE AUSTIN NASHVILLE
NET DEBT/EBITDA1
COUSINS’ NET OPERATING INCOME1
OFFICE REIT COMMON DIVIDEND GROWTH (2019 vs CURRENT)1 COUSINS’ FAD PAYOUT RATIO2
NET ASSET VALUE APPRECIATION PER GREEN STREET1
3344 Peachtree Road NE Suite 1800 Atlanta, GA 30326 Executive Vice President and Chief Financial Officer gadzema@cousins.com 404.407.1116 Vice President, Finance and Investor Relations rimbeaux@cousins.com 404.407.1104
