INVESTOR PRESENTATION
November 2016
Simple Platform. Trophy Assets. Opportunistic Investments.
Table of Contents
Cousins Overview Post-Transactions 1
Cousins Strategic Objectives 2
Assemble Trophy Office Portfolio in High Growth Sun Belt Markets 3-5
Achieve Compelling Critical Mass in Leading Urban Submarkets 6-7
Command Premium Rents in Our Markets 8
Secure a Diversified Customer Base 9
Maintain a Conservative Balance Sheet Positioned for Growth 10
Appendix 11-17
Contact Information and Disclaimer 18
Cousins Overview Post-Transactions
Class A Office Portfolio
» 34 first class assets1
» 14.6 million rentable square feet1
» 80% urban2
» Average 433,000 square feet per office asset3
» Average year built 19973
» 93% leased1
High Growth Sunbelt Markets
» Atlanta
» Austin
» Charlotte
» Orlando
» Phoenix
» Tampa
Strong, simple balance sheet
» Intermediate goal of ~4.5x net debt/EBITDA
» Among best in the office REIT industry
Value Creation Expertise4
» $506 million development pipeline
» Office portion 84% leased
1. Represents the combined categories of Cousins Portfolio Statistics and Legacy Parkway Portfolio Statistics
as reported in 30-Sept-2016 Cousins filings at the company’s pro rata share; excludes Cousins and Legacy
Parkway assets which have sold or under contract for sale as of 2-Nov-2016.
2. Calculation is based on pro rata GAAP NOI of Cousins assets as reported in 30-Sept-2016 company filings
and Parkway assets as reported in 30-Jun-2016 company filings adjusted for the spin-off of New Parkway,
2016 asset sales and assets under contract for sale as of 2-Nov-2016.
3. Represents the combined categories of Cousins Portfolio Statistics and Legacy Parkway Portfolio Statistics
as reported in 30-Sept-2016 Cousins filings. Excludes Cousins mixed use assets and Cousins and Legacy
Parkway assets which have sold or under contract for sale as of 2-Nov-2016.
4. As reported in Cousins 30-Sept-2016 filings; at CUZ share.
Market Concentration2
1
Atlanta
42%
Charlotte
18% Austin
18%
Tampa
10%
Phoenix
6%
Orlando
5%
Miami
1%
Cousins Strategic Objectives
Assemble trophy office portfolio in high growth Sun Belt markets
Post Transactions: 14.6 mm square feet1 of Class A office assets in high growth
urban Sun Belt markets
Achieve compelling critical mass in leading urban submarkets
Post Transactions: #1 Class A office owner2 in four of the strongest urban
submarkets in the Sun Belt
Command premium rents in our markets
Post Transactions: Cousins assets command 18% - 52% premium3 in their
respective markets
Secure a diversified customer base
Post Transactions: No single industry represents more than 20% of our customer
base4.
Maintain a conservative balance sheet positioned for growth
Post Transactions: Increased scale, simple capital structure and industry leading
leverage
1. Represents the combined categories of Cousins Portfolio Statistics and Legacy Parkway Portfolio Statistics as reported in 30-Sept-2016 Cousins filings at the company’s pro rata share; excludes Cousins and Legacy
Parkway assets which have sold or under contract for sale as of 2-Nov-2016.
2. See slides 6-7 for source and data.
3. See slide 8 for source and data.
4. See slide 9 for source and data.
2
Assemble Trophy Office Portfolio in High Growth Sun Belt Markets
Source: Q3 2016 Cousins filings.
Promenade / Atlanta, GA
777,000 Sq. Ft.;
95% Leased
Terminus / Atlanta, GA
1,226,000 Sq. Ft.; 91% Leased
Fifth Third Center /
Charlotte, NC
698,000 Sq. Ft.;
97% Leased
Hayden Ferry Lakeside / Phoenix, AZ
789,000 Sq. Ft.; 95% Leased
San Jacinto Center /
Austin, TX
406,000 Sq. Ft.; 100% Leased
One Buckhead Plaza /
Atlanta, GA
464,000 Sq. Ft.; 96% Leased
Colorado Tower /
Austin, TX
373,000 Sq. Ft.;
100% Leased
3
Assemble Trophy Office Portfolio in High Growth Sun Belt Markets
4
Source: Q3 2016 Cousins filings.
816 Congress / Austin, TX
435,000 Sq. Ft.;
95% Leased
3344 Peachtree / Atlanta, GA
485,000 Sq. Ft.; 99% Leased
Bank of America
Center / Orlando, FL
421,000 Sq. Ft.;
91% Leased
Northpark Town Center / Atlanta, GA
1,528,000 Sq. Ft.; 88% Leased
One Eleven Congress
/ Austin, TX
519,000 Sq. Ft.;
94% Leased
Hearst Tower / Charlotte, NC
963,000 Sq. Ft.; 98% Leased
Tempe Gateway / Phoenix, AZ
264,000 Sq. Ft.; 99% Leased
3350 Peachtree /
Atlanta, GA
413,000 Sq. Ft.;
93% Leased
Assemble Trophy Office Portfolio in High Growth Sun Belt Markets1
1. Represents the combined categories of Cousins Portfolio Statistics and Legacy Parkway Portfolio Statistics as reported in 30-Sept-2016 Cousins filings at the company’s pro rata share; excludes mixed use assets,
Cousins and Legacy Parkway assets which have sold or under contract for sale as of 2-Nov-2016.
2. BLS.gov for employment growth as of Sept 2016.
3. 3Q CoStar Market Report for construction data.
2.0%
2.5% 2.5%
2.9% 3.0%
4.7%
Charlotte Phoenix Tampa Atlanta Austin Orlando
Employment Growth2 Construction as a % of Total Inventory3
US Avg.
1.7%
Phoenix, AZ
Austin, TX
Tampa, FL
Orlando, FL
Atlanta,
GA
Charlotte,
NC
Year-Over-Year
777,000 Sq. Ft.
97% Leased
1,906,000 Sq. Ft.
97% Leased
1,681,000 Sq. Ft.
88% Leased
5,980,000 Sq. Ft.
92% Leased
1,038,000 Sq. Ft.
87% Leased
2,588,000 Sq. Ft.
99% Leased
0.1%
0.3%
1.1%
1.5%
2.0%
2.9%
Tampa Orlando Atlanta Phoenix Austin Charlotte
% of Inventory Under Construction 10-Year Historical Avg.
5
Achieve Compelling Critical Mass in Leading Urban Submarkets
Atlanta - Buckhead Charlotte - Uptown
Source: 3Q 2016 CoStar. Based on 100% of building square footage. Does not include owner occupied buildings.
21%
Market Share
of Class A Office
#1
Class A Office Owner
by Sq. Ft.
20%
Market Share
of Class A Office
#1
Class A Office Owner
by Sq. Ft.
6
7
Austin - CBD Phoenix - Tempe
23%
Market Share
of Class A Office
28%
Market Share
of Class A Office
#1
Class A Office Owner
by Sq. Ft.
#1
Class A Office Owner
by Sq. Ft.
Source: 3Q 2016 CoStar. Based on 100% of building square footage. Does not include owner occupied buildings.
Achieve Compelling Critical Mass in Leading Urban Submarkets
$23.53
$25.56
$27.73
$20
$22
$24
$26
$28
$30
Orlando CBD Cousins
CBD
$28.04 $29.41
$41.50
$20
$25
$30
$35
$40
$45
Phoenix Tempe Cousins
Tempe
$25.81
$28.18
$31.66
$20
$25
$30
$35
$40
$45
Tampa Bay Westshore Cousins
Westshore
$37.77
$48.23
$51.49
$25
$30
$35
$40
$45
$50
$55
$60
Austin CBD Cousins
CBD
Austin
$26.74
$29.88
$33.36
$20
$24
$28
$32
$36
$40
Charlotte
Metro
Uptown Cousins
Uptown
Charlotte
$26.50
$33.42
$40.16
$20
$24
$28
$32
$36
$40
$44
Atlanta Buckhead Cousins
Buckhead
Atlanta
Command Premium Rents in Our Markets
Orlando Phoenix Tampa
8
Source: CoStar 3Q 2016 Market Reports.
1. Represents weighted average gross rental rates; where net rents are quoted, operating expenses are added to achieve gross rents.
52%
Higher
36%
Higher
25%
Higher
23%
Higher
48%
Higher
18%
Higher
Class A Asking Rent ($/Sq. Ft.1)
Secure a Diversified Customer Base
9
Customers by Industry1
Source: Cousins and Parkway filings.
Note: Does not include NCR or Dimensional Fund Advisors developments.
1. Represents combined office customers of Cousins and Parkway as a percentage of annual contractual rent as reported at 31-Dec-2015 adjusted for the spin-off of New Parkway, 2016 asset sales and
assets under contract for sale as of 2-Nov-2016.
Financial
Services
20%
Legal
Services
18%
Healthcare
Services
10%
Consumer
Goods &
Services
9%
Technology
8%
Professional
Services
7%
Marketing &
Media
7%
Real
Estate
5%
Other
17%
$566MM
Maintain a Conservative Balance Sheet Positioned for Growth
Near-Term Refinance
Opportunities
Wtd. Avg.
Interest Rate
5.6% 4.4%3.0% 6.1% 4.3% 3.8%
Net Debt / EBITDA1
Debt Maturity Schedule (mm)5
1. HIW / BXP / KRC / SNL Office Index leverage represents net debt divided by latest
quarter annualized EBITDA per 3Q 2016 respective company filings.
2. Represents the combined undepreciated book value of Cousins and Parkway
derived from 31-Dec-2015 company filings adjusted for the Houston spin-off, 2016
actual sales and 2016 projected sales. Undepreciated book value represents total
assets in accordance with GAAP plus accumulated depreciation of real estate
assets and accumulated depreciation of intangible assets.
3. Represents management’s intermediate leverage goal.
4. SNL Office Index is calculated as the average net debt to EBITDA for companies
that disclose such metrics in 3Q 2016 company filings.
5. Represents combined debt of Cousins as reported in 3Q 16 and Parkway as
reported in 2Q 2016 company filings adjusted for the Houston spin-off, the
repayment of Parkway term debt at closing, the repayment of debt associated with
assets sold, and the repayment of One Orlando Center debt.
Increased scale
» ~$4.8 billion undepreciated
book value2
» Improves access to capital
Low leverage
» Intermediate goal of ~4.5x net
debt/EBITDA3
» Simple capital structure
» Among best in the office REIT
industry
Refinance opportunities
» ~$500mm 2017 debt maturities
» Take advantage of historically
low long-term rates
10
$512MM
$53MM $58MM $45MM
$106MM
$517MM
2017 2018 2019 2020 2021 2022 2023+
~4.5x 4.8x
5.1x
6.4x
6.8x
Cousins
Intermediate Goal³
HIW KRC BXP SNL Office
Index⁴
Appendix
11
Financial
Serv ices
19%
Healthcare
Serv ices
17%
Technology
13%
Consumer
Goods &
Serv ices
8%
Real Estate
8%
Legal
Serv ices
8%
Insurance 6%
Prof essional
Serv ices 5%
Other
16%
Atlanta Snapshot
Office Portfolio Composition1
Properties 13
Total Square Feet 5,980,000
% Leased 92%
% Urban2 75%
Average Year Built 1994
Average Asking
Rent PSF3
$35.27
10-Year Class-A Office Trends5
Industry Concentration4
1. Represents the combined categories of Cousins Portfolio Statistics and Legacy Parkway
Portfolio Statistics as reported in 30-Sept-2016 Cousins filings at the company’s pro rata
share; excludes Cousins mixed use assets and Cousins assets which have sold as of 2-
Nov-2016.
2. Calculation is based on pro rata GAAP NOI of Cousins assets as reported in 30-Sept-2016
company filings and Parkway assets as reported in 30-Jun-2016 company filings adjusted
for the spin-off of New Parkway. Excludes Cousins mixed use assets and Cousins assets
which have sold as of 2-Nov-2016.
3. Source: Costar. Represents weighted average gross rental rates; where net rents are
quoted, operating expenses are added to achieve gross rents.
4. Represents combined office customers of Cousins and Parkway as a percentage of annual
contractual rent as reported at 31-Dec-2015 adjusted for 2016 asset sales.
5. Source: Costar
5.2%
88%
70%
75%
80%
85%
90%
95%
100%
-10%
-5%
0%
5%
10%
15%
20%
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
3
Q
Increase in Market Rent (YOY) Market Occupancy
12
Legal
Serv ices
39%
Financial
Serv ices
17%
Prof essional
Serv ices
10%
Energy
7%
Technology
6%
Gov ernment
4%
Consumer
Goods &
Serv ices 4%
Marketing &
Media 3%
Other
9%
Austin Snapshot
Office Portfolio Composition1
Properties 5
Total Square Feet 1,906,000
% Leased 97%
% Urban2 98%
Average Year Built 1994
Average Asking
Rent PSF3
$51.49
10-Year Class-A Office Trends5
Industry Concentration4
5.9%
90%
70%
75%
80%
85%
90%
95%
100%
-10%
-5%
0%
5%
10%
15%
20%
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
3
Q
Increase in Market Rent (YOY) Market Occupancy
13
1. Represents the combined categories of Cousins Portfolio Statistics and Legacy Parkway
Portfolio Statistics as reported in 30-Sept-2016 Cousins filings at the company’s pro rata
share.
2. Calculation is based on pro rata GAAP NOI of Cousins assets as reported in 30-Sept-2016
company filings and Parkway assets as reported in 30-Jun-2016 company filings adjusted
for the spin-off of New Parkway.
3. Source: Costar. Represents weighted average gross rental rates; where net rents are
quoted, operating expenses are added to achieve gross rents.
4. Represents combined office customers of Cousins and Parkway as a percentage of annual
contractual rent as reported at 31-Dec-2015.
5. Source: Costar
Financial
Serv ices
40%
Legal
Serv ices
22% Marketing &
Media
16%
Consumer
Goods &
Serv ices
13%
Prof essional
Serv ices
5%
Energy
1%
Insurance 1%
Gov ernment
1%
Other
2%
Charlotte Snapshot
Office Portfolio Composition1
Properties 4
Total Square Feet 2,588,000
% Leased 99%
% Urban2 100%
Average Year Built 2002
Average Asking
Rent PSF3
$33.36
10-Year Class-A Office Trends5
Industry Concentration4
2.8%
90%
70%
75%
80%
85%
90%
95%
100%
-10%
-5%
0%
5%
10%
15%
20%
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
3
Q
Increase in Market Rent (YOY) Market Occupancy
14
1. Represents the combined categories of Cousins Portfolio Statistics and Legacy Parkway
Portfolio Statistics as reported in 30-Sept-2016 Cousins filings at the company’s pro rata
share.
2. Calculation is based on pro rata GAAP NOI of Cousins assets as reported in 30-Sept-2016
company filings and Parkway assets as reported in 30-Jun-2016 company filings adjusted
for the spin-off of New Parkway.
3. Source: Costar. Represents weighted average gross rental rates; where net rents are
quoted, operating expenses are added to achieve gross rents.
4. Represents combined office customers of Cousins and Parkway as a percentage of annual
contractual rent as reported at 31-Dec-2015.
5. Source: Costar
Financial
Serv ices
22%
Prof essional
Serv ices
12%
Construction
& Design
8%
Gov ernment
7%
Non-Prof it
4%
Real Estate
3%
Consumer
Goods &
Serv ices 3%
Other 7%
Orlando Snapshot
Office Portfolio Composition1
Properties 3
Total Square Feet 1,038,000
% Leased 87%
% Urban2 100%
Average Year Built 1983
Average Asking
Rent PSF3
$27.73
10-Year Class-A Office Trends5
Industry Concentration4
3.8%
90%
70%
75%
80%
85%
90%
95%
100%
-10%
-5%
0%
5%
10%
15%
20%
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
3
Q
Increase in Market Rent (YOY) Market Occupancy
15
1. Represents the combined categories of Cousins Portfolio Statistics and Legacy Parkway
Portfolio Statistics as reported in 30-Sept-2016 Cousins filings at the company’s pro rata
share.
2. Calculation is based on pro rata GAAP NOI of Cousins assets as reported in 30-Sept-2016
company filings and Parkway assets as reported in 30-Jun-2016 company filings adjusted
for the spin-off of New Parkway.
3. Source: Costar. Represents weighted average gross rental rates; where net rents are
quoted, operating expenses are added to achieve gross rents.
4. Represents combined office customers of Cousins and Parkway as a percentage of annual
contractual rent as reported at 31-Dec-2015.
5. Source: Costar
Transportation
21%
Insurance
20%
Consumer
Goods &
Serv ices
15%
Marketing &
Media
12%
Financial
Serv ices
10%
Technology
9%
Prof essional
Serv ices 7%
Construction
& Design 3%
Other
3%
Phoenix Snapshot
Office Portfolio Composition1
Properties 3
Total Square Feet 777,000
% Leased 97%
% Urban2 100%
Average Year Built 2008
Average Asking
Rent PSF3
$41.50
10-Year Class-A Office Trends5
Industry Concentration4
5.3%
85%
70%
75%
80%
85%
90%
95%
100%
-10%
-5%
0%
5%
10%
15%
20%
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
3
Q
Increase in Market Rent (YOY) Market Occupancy
16
1. Represents the combined categories of Cousins Portfolio Statistics and Legacy Parkway
Portfolio Statistics as reported in 30-Sept-2016 Cousins filings at the company’s pro rata
share.
2. Calculation is based on pro rata GAAP NOI of Cousins assets as reported in 30-Sept-2016
company filings and Parkway assets as reported in 30-Jun-2016 company filings adjusted
for the spin-off of New Parkway.
3. Source: Costar. Represents weighted average gross rental rates; where net rents are
quoted, operating expenses are added to achieve gross rents.
4. Represents combined office customers of Cousins and Parkway as a percentage of annual
contractual rent as reported at 31-Dec-2015.
5. Source: Costar
Healthcare
Serv ices
19%
Legal
Serv ices
17%
Financial
Serv ices
14%
Consumer
Goods &
Serv ices
13%
Technology
9%
Prof essional
Serv ices
9%
Manuf acturing
9%
Construction
& Design
4%Other
8%
Tampa Snapshot
Office Portfolio Composition1
Properties 3
Total Square Feet 1,681,000
% Leased 88%
% Urban2 0%
Average Year Built 1999
Average Asking
Rent PSF3
$31.66
10-Year Class-A Office Trends5
Industry Concentration4
1.5%
92%
70%
75%
80%
85%
90%
95%
100%
-10%
-5%
0%
5%
10%
15%
20%
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
3
Q
Increase in Market Rent (YOY) Market Occupancy
17
1. Represents the combined categories of Cousins Portfolio Statistics and Legacy Parkway
Portfolio Statistics as reported in 30-Sept-2016 Cousins filings at the company’s pro rata
share.
2. Calculation is based on pro rata GAAP NOI of Cousins assets as reported in 30-Sept-2016
company filings and Parkway assets as reported in 30-Jun-2016 company filings adjusted
for the spin-off of New Parkway.
3. Source: Costar. Represents weighted average gross rental rates; where net rents are
quoted, operating expenses are added to achieve gross rents.
4. Represents combined office customers of Cousins and Parkway as a percentage of annual
contractual rent as reported at 31-Dec-2015.
5. Source: Costar
Contact Information and Disclaimer
Cautionary Note Regarding Forward-Looking Statements
This document may include “forward-looking statements” within the meaning of federal and state securities laws and are subject to uncertainties and
risks. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” variations of such words and similar
expressions are intended to identify such forward-looking statements. These forward-looking statements, which are based on current expectations,
estimates and projections about the industry and markets in which Cousins Properties Incorporated (“Cousins”) operates, and beliefs of and
assumptions made by Cousins’ management, involve uncertainties that could significantly affect the financial or operating results of Cousins. Such
forward-looking statements include, but are not limited to, statements about the benefits of the recent merger and spin-off transactions involving
Cousins, Parkway Properties, Inc. and Parkway, Inc., including future financial and operating results, plans, objectives, expectations and intentions.
Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance
that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such
forward-looking statements. For example, these forward-looking statements could be affected by factors including, without limitation, risks related to
the ability to successfully integrate our operations and employees following the merger; the ability to realize anticipated benefits and synergies of the
transactions; potential changes to tax legislation; changes in demand for developed properties; adverse changes in financial condition of joint venture
partner(s) or major tenants; risks associated with the acquisition, development, expansion, leasing and management of properties; risks associated
with the geographic concentration of our portfolio; risks associated with the industry concentration of tenants; risks related to national and local
economic conditions, the real estate industry in general, and the commercial real estate markets in particular; competition from other developers or
investors; the ability to retain key personnel; and those additional risks and factors discussed in reports filed with the Securities and Exchange
Commission (“SEC”) by Cousins. Cousins does not intend, and undertakes no obligation, to update any forward-looking statement. Unless otherwise
noted, all information in this presentation is as of September 30, 2016.
Contact Information
Gregg Adzema Marli Quesinberry
Executive Vice President and Vice President, Investor Relations and
Chief Financial Officer Corporate Communications
greggadzema@cousinsproperties.com marliquesinberry@cousinsproperties.com
(404) 407-1116 (404) 407-1898
18