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TABLE OF CONTENTS




Forward-Looking Statements
Portfolio Statistics
Same Property Performance
Office Leasing Activity
Top 20 Office Tenants
Debt Schedule

















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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 ConnollyGregg D. AdzemaKennedy HicksRichard G. Hickson IV
President and Chief Executive OfficerExecutive Vice President and Chief Financial OfficerExecutive Vice President, Investments and Managing Director - AtlantaExecutive Vice President, Operations
John S. McCollPamela F. RoperJeffrey D. Symes
Executive Vice President, DevelopmentExecutive Vice President, General Counsel and Corporate SecretarySenior Vice President and Chief Accounting Officer
BOARD OF DIRECTORS
Robert M. ChapmanCharles T. CannadaM. Colin Connolly
Non-executive Chairman, Chief Executive Officer of Centerpoint Properties TrustPrivate InvestorPresident and Chief Executive Officer of Cousins Properties
Scott W. FordhamLillian C. GiornelliR. 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. HylandDionne NelsonR. 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 HeadquartersTransfer AgentBofA SecuritiesRW BairdWells FargoBarclays
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 RelationsStock Exchange Green Street AdvisorsJ.P. MorganTruist Securities
Roni Imbeaux
Vice President, Finance and
Investor Relations
rimbeaux@cousins.com
404.407.1104		NYSE: CUZDaniel 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, 2021December 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 development174,803 57,389 
Land157,681 162,406 
6,839,394 6,452,341 
Real estate assets and other assets held for sale, net — 125,746 
Cash and cash equivalents8,937 4,290 
Restricted cash1,231 1,848 
Accounts receivable12,553 20,248 
Deferred rents receivable154,866 138,341 
Investment in unconsolidated joint ventures77,811 125,481 
Intangible assets, net168,553 189,164 
Other assets48,689 49,939 
Total assets$7,312,034 $7,107,398 
Liabilities:
Notes payable$2,237,509 $2,162,719 
Accounts payable and accrued expenses224,523 186,267 
Deferred income74,515 62,319 
Intangible liabilities, net 63,223 69,846 
Other liabilities111,864 118,103 
Liabilities of real estate assets held for sale, net — 12,606 
Total liabilities2,711,634 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, respectively151,273 151,149 
Additional paid-in capital5,549,308 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' investment4,566,770 4,467,134 
Nonredeemable noncontrolling interests33,630 28,404 
Total equity4,600,400 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 EndedYear Ended
December 31,December 31,
 2021202020212020
Revenues:   
Rental property revenues$186,975 $178,631 $739,063 $721,883 
Fee income3,133 4,454 15,559 18,226 
Other46 62 451 231 
 190,154 183,147 755,073 740,340 
Expenses:
Rental property operating expenses63,996 61,847 259,461 250,850 
Reimbursed expenses1,327 364 2,476 1,580 
General and administrative expenses7,307 7,181 29,321 27,034 
Interest expense16,454 15,650 67,027 60,605 
Impairment— 14,829 — 14,829 
Depreciation and amortization73,693 72,668 288,092 288,648 
Transaction costs— — — 428 
Other296 250 2,131 2,091 
 163,073 172,789 648,508 646,065 
Income from unconsolidated joint ventures975 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 transactions139,510 (67)152,547 90,125 
Net income167,489 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 — basic148,688 148,564 148,666 148,277 
Weighted average shares — diluted148,905 148,669 148,891 148,636 




Cousins Properties
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Q4 2021 Supplemental Information
KEY PERFORMANCE METRICS
20192020 1st2020 2nd2020 3rd2020 4th20202021 1st2021 2nd2021 3rd2021 4th2021
Property Statistics
Consolidated Operating Properties3432323233333332323232
Consolidated Rentable Square Feet (in thousands)19,59918,24918,24918,24518,89718,89719,14518,12217,89917,75817,758
Unconsolidated Operating Properties43333334333
Unconsolidated Rentable Square Feet (in thousands)2,1681,1071,1071,1071,1071,1071,1071,4601,1791,1791,179
Total Operating Properties3835353536363636353535
Total Rentable Square Feet (in thousands)21,76719,35619,35619,35220,00420,00420,25219,58219,07818,93718,937
Office Leasing Activity (1)
Net Leased during the Period (SF, in thousands)3,0744763032553871,4212714845977432,096
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 Rent21.3 %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 Rent7.7 %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 Assets6.9 %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)148,506148,565148,593148,589148,589148,589148,679148,713148,713148,713148,713
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)2,305,4942,036,9552,038,2712,042,1612,277,7592,277,7592,358,8602,195,6532,206,3062,350,3142,350,314
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
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Q4 2021 Supplemental Information
KEY PERFORMANCE METRICS
20192020 1st2020 2nd2020 3rd2020 4th20202021 1st2021 2nd2021 3rd2021 4th2021
Credit Ratios (4)
Net Debt/Total Market Capitalization27.1 %29.8 %30.9 %31.7 %31.2 %31.2 %30.7 %28.4 %28.1 %28.0 %28.0 %
Net Debt/Total Undepreciated Assets27.8 %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
4.553.664.444.244.844.844.874.554.544.864.86
Fixed Charges Coverage (Adjusted EBITDAre)
5.956.286.045.955.746.005.425.435.435.515.45
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 Ratio48.1 %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 Ratio66.8 %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 Assets0.45 %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
chart-0e4235826ecc4df2a74.jpg chart-05772da545e343869af.jpg chart-b6476c2c89d8454195e.jpg




Same Property NOI Change         Second Generation Net Rent Change      Annualized General & Administrative
Cash-Basis (1)                     Cash-Basis (1)             Expenses / Total Undepreciated Assets
chart-4815aeff08f44c02929.jpg chart-4c96f78befbd4ac298c.jpg chart-4e809d2c7c75469b8ee.jpg
    
(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)
20192020 1st2020 2nd2020 3rd2020 4th20202021 1st2021 2nd2021 3rd2021 4th2021
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 Properties18,182 1,335 — — (723)612 — — (64)— (64)
Fee Income28,518 4,732 4,689 4,351 4,454 18,226 4,530 4,803 3,094 3,132 15,559 
Other Income7,861 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 - Diluted129,831 148,561 148,580 148,606 148,669 148,636 148,725 148,740 148,772 148,905 148,891 
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)
20192020 1st2020 2nd2020 3rd2020 4th20202021 1st2021 2nd2021 3rd2021 4th2021
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 Center17,993 4,573 4,791 4,643 4,347 18,354 4,782 4,963 4,437 4,410 18,592 
One Eleven Congress17,379 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 Center14,593 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 Peachtree13,303 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 Tower13,991 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 One5,157 2,400 2,396 2,390 2,399 9,585 2,363 2,371 2,367 2,365 9,466 
816 Congress11,847 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 Gateway7,750 2,084 1,835 1,827 1,770 7,516 1,417 1,452 1,734 1,483 6,086 
3350 Peachtree8,957 2,450 2,849 2,162 2,190 9,651 2,280 2,255 609 939 6,083 
111 West Rio5,559 1,388 1,411 1,309 1,389 5,497 1,387 1,397 1,437 1,409 5,630 
3348 Peachtree6,167 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 Pointe5,089 1,192 1,230 1,254 1,076 4,752 1,199 1,043 1,267 1,176 4,685 
5950 Sherry Lane2,316 1,239 1,184 1,298 1,280 5,001 1,188 1,200 1,057 1,104 4,549 
Meridian Mark Plaza4,370 1,067 846 1,129 1,117 4,159 1,018 1,040 1,022 1,030 4,110 
Research Park V4,087 1,029 1,029 1,055 1,012 4,125 1,038 985 1,055 966 4,044 
Harborview Plaza2,013 795 840 863 793 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 - Consolidated399,377 121,747 112,939 115,808 116,704 467,198 118,370 117,268 118,386 120,473 474,497 
Continued on next page




Cousins Properties
12
Q4 2021 Supplemental Information
FUNDS FROM OPERATIONS - DETAIL (1)


(amounts in thousands, except per share amounts)
20192020 1st2020 2nd2020 3rd2020 4th20202021 1st2021 2nd2021 3rd2021 4th2021
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 Midtown4,239 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 - Unconsolidated32,413 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
Consolidated18,182 — — — — — — — (64)— (64)
Unconsolidated (5)— 1,335 — — (723)612 — — — — — 
Total Gain (Loss) on Sales of Undepreciated Investment Properties18,182 1,335 — — (723)612 — — (64)— (64)
Fee Income
Development Fees22,058 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 Fees743 135 — 1 — 136 51 14 24 15 104 
Total Fee Income28,518 4,732 4,689 4,351 4,454 18,226 4,530 4,803 3,094 3,132 15,559 
Other Income
Termination Fees7,227 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 Income246 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 Income7,861 2,994 726 406 199 4,325 298 897 2,013 2,595 5,803 
Total Fee and Other Income36,379 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)
20192020 1st2020 2nd2020 3rd2020 4th20202021 1st2021 2nd2021 3rd2021 4th2021
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 Expense298 (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 - Diluted129,831 148,561 148,580 148,606 148,669 148,636 148,725 148,740 148,772 148,905 148,891 
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 FeetFinancial Statement PresentationCompany's Ownership InterestEnd of Period LeasedWeighted Average Occupancy (2)% of Total
NOI / 4Q21		Property Level Debt (in thousands) (3)
4Q213Q214Q213Q21
Spring & 8th (4)765,000 Consolidated100%100.0%100.0%100.0%100.0%6.3%$— 
Terminus (4)1,226,000 Consolidated100%90.6%92.0%81.4%79.6%6.1%187,431 
Northpark (4)1,539,000 Consolidated100%87.1%86.8%85.7%86.1%5.7%— 
725 Ponce (6)372,000 Consolidated100%100.0%100.0%99.0%98.4%3.9%— 
3344 Peachtree484,000 Consolidated100%97.7%97.7%95.3%95.3%3.3%— 
Buckhead Plaza (4)666,000 Consolidated100%87.0%81.7%76.7%75.3%3.3%— 
Avalon (5)480,000 Consolidated90%99.5%86.0%83.7%86.0%2.9%— 
Promenade Tower (fka Promenade)777,000 Consolidated100%75.5%77.6%73.4%88.9%2.2%89,011 
Promenade Central (fka 1200 Peachtree) 370,000 Consolidated100%100.0%100.0%100.0%100.0%1.9%— 
3348 Peachtree258,000 Consolidated100%89.9%90.1%90.1%89.8%1.3%— 
Emory University Hospital Midtown358,000 Unconsolidated50%98.2%98.2%94.3%97.1%0.9%32,283 
Meridian Mark Plaza160,000 Consolidated100%100.0%100.0%100.0%100.0%0.9%— 
3350 Peachtree413,000 Consolidated100%52.5%52.6%49.1%45.5%0.8%— 
120 West Trinity Office (6)43,000 Unconsolidated20%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 Consolidated100%100.0%100.0%96.9%97.9%11.0%75,522 
One Eleven Congress519,000 Consolidated100%84.6%93.7%84.6%93.9%3.5%— 
The Terrace (4)619,000 Consolidated100%86.9%89.8%85.4%88.0%3.5%— 
San Jacinto Center399,000 Consolidated100%95.6%93.5%93.5%93.5%3.5%— 
Colorado Tower373,000 Consolidated100%100.0%100.0%100.0%97.2%3.3%111,701 
Domain Point (4)240,000 Consolidated96.5%96.6%96.5%83.3%77.7%1.2%— 
Research Park V173,000 Consolidated100%97.1%97.1%97.1%97.1%0.8%— 
AUSTIN4,222,000 95.5%96.8%92.9%94.4%26.8%187,223 
Corporate Center (4)1,227,000 Consolidated100%95.7%96.1%96.0%96.6%6.2%— 
Heights Union (4) (6) (7)294,000 Consolidated100%93.0%NA57.6%NA1.1%— 
The Pointe253,000 Consolidated100%90.5%90.9%87.8%87.4%1.0%— 
Harborview Plaza205,000 Consolidated100%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 Center692,000 Consolidated100%94.4%94.4%94.4%94.4%3.8%133,358 
The RailYard (6)329,000 Consolidated100%98.2%97.3%96.8%96.8%2.6%— 
550 South (fka NASCAR Plaza)394,000 Consolidated100%97.9%97.9%97.7%97.7%2.2%— 
CHARLOTTE1,415,000 96.3%96.1%95.9%95.9%8.6%133,358 
Hayden Ferry (4)792,000 Consolidated100%94.6%94.6%94.6%94.2%5.2%— 
Tempe Gateway264,000 Consolidated100%78.1%78.1%78.1%78.1%1.3%— 
111 West Rio225,000 Consolidated100%100.0%100.0%100.0%100.0%1.2%— 
PHOENIX1,281,000 92.2%92.2%92.2%91.9%7.7%— 
Continued on next page




Cousins Properties
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Q4 2021 Supplemental Information
PORTFOLIO STATISTICS
Office Properties (1)Rentable Square FeetFinancial Statement PresentationCompany's Ownership InterestEnd of Period LeasedWeighted Average Occupancy (2)% of Total
NOI / 4Q21		Property Level Debt (in thousands) (3)
4Q213Q214Q213Q21
Legacy Union One319,000 Consolidated100%100.0%100.0%100.0%100.0%2.1%66,718 
5950 Sherry Lane197,000 Consolidated100%77.2%79.3%79.3%82.1%0.9%— 
DALLAS516,000 91.3%92.1%92.1%93.2%3.0%66,718 
BriarLake Plaza - Houston (4)835,000 Consolidated100%79.9%84.9%80.5%84.9%3.6%— 
Carolina Square - Chapel Hill158,000 Unconsolidated50%98.5%94.5%94.1%94.5%0.4%22,392 
OTHER OFFICE993,000 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 Unconsolidated50%100.0%98.4%98.4%93.0%0.5%37,699 
Carolina Square Retail - Chapel Hill (6)44,000 Unconsolidated50%89.8%87.1%87.1%87.1%0.1%6,236 
College Street Garage - Charlotte (6)NAConsolidated100%NANANANA0.5%
—
120 West Trinity Apartment - Atlanta (330 units) (6) 310,000 Unconsolidated20%98.8%98.8%96.3%95.6%0.2%— 
TOTAL OTHER620,000 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
supplementmappicture.jpg





Cousins Properties
17
Q4 2021 Supplemental Information
SAME PROPERTY PERFORMANCE (1)

($ in thousands)
Three Months Ended December 31,
20212020% Change
Rental Property Revenues (2)$153,464$151,5951.2 %
Rental Property Operating Expenses (2)54,29551,3395.8 %
Same Property Net Operating Income$99,169$100,256(1.1)%
Cash-Basis Rental Property Revenues (3)$148,016$143,1313.4 %
Cash-Basis Rental Property Operating Expenses (4)54,12651,1715.8 %
Cash-Basis Same Property Net Operating Income$93,890$91,9602.1 %
End of Period Leased90.5 %92.8 %
Weighted Average Occupancy88.1 %91.8 %
Year Ended December 31,
20212020% Change
Rental Property Revenues (2)$620,403$614,6160.9 %
Rental Property Operating Expenses (2)(5)218,643210,8943.7 %
Same Property Net Operating Income$401,760$403,722(0.5)%
Cash-Basis Rental Property Revenues (3)$595,800$575,2113.6 %
Cash-Basis Rental Property Operating Expenses (4)(5)217,985210,2003.7 %
Cash-Basis Same Property Net Operating Income$377,815$365,0113.5 %
Weighted Average Occupancy90.0 %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, 2021Year Ended December 31, 2021
NewRenewalExpansionTotalNewRenewalExpansionTotal
 Gross leased square feet (1)822,9862,592,480
 Less exclusions (2)(79,648)(496,249)
 Net leased square feet548,419 104,241 90,678 743,3381,280,416513,283302,5322,096,231
 Number of transactions 24 14 6 44765724157
 Lease term in years (3)10.0 5.5 7.4 9.18.85.26.57.6
 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)175,2251,206,060
 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.




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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.
2022969,877 6.5 %$38,589 4.9 %$36.59 
20231,411,701 8.8 %61,528 7.9 %43.58 
20241,099,401 6.9 %49,081 6.3 %43.82 
20251,985,274 12.3 %89,147 11.4 %44.90 
20261,446,994 9.0 %69,375 8.9 %47.84 
20271,657,712 10.3 %72,945 9.3 %43.75 
20281,169,744 7.4 %59,438 7.6 %49.50 
20291,427,546 8.9 %71,289 9.1 %49.61 
20301,276,508 7.9 %80,763 10.3 %63.27 
2031 & Thereafter3,480,984 22.0 %190,344 24.3 %53.88 
Total15,925,741 100.0 %$782,499 100.0 %$48.49 

chart-082403dd3c344be1b31.jpg
(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.




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Q4 2021 Supplemental Information
TOP 20 OFFICE TENANTS

Tenant (1)Number of Properties OccupiedNumber of Markets Occupied Company's Share of Square FootageCompany's Share of Annualized Rent
(in thousands) (2)		Percentage of Company's Share of Annualized Rent Weighted Average Remaining Lease Term (Years)
1 NCR Corporation11762,090 $35,974 5.2%11.6
2 Amazon43692,474 33,996 4.9%7.1
3 Meta Platforms (fka Facebook)11422,252 22,477 3.4%8.2
4 Expedia11430,547 22,071 3.2%6.8
5 Pioneer Natural Resources Company21359,660 21,697 3.2%9.7
6 Bank of America22344,601 11,741 1.8%3.9
7 Apache Corporation11210,012 9,271 1.3%2.8
8 Norfolk Southern11370,286 9,077 1.3%—
9 Wells Fargo Bank, NA43198,376 8,775 1.3%4.0
10 Ovintiv USA (3)11318,582 8,069 1.2%5.5
11 Allstate22214,380 7,750 1.1%5.7
12 SVB Financial Group11188,940 7,624 1.1%4.1
13 ADP11225,000 7,597 1.1%6.3
14 WeWork Companies42169,050 7,422 1.1%11.8
15 Regus Equity Business Centers64158,740 7,407 1.1%6.0
16 Westrock Shared Services11205,185 7,162 1.0%8.3
17 Workrise Technologies1193,210 6,578 1.0%6.6
18 McGuirewoods22187,119 6,499 0.9%4.9
19 BlackRock11131,656 6,415 0.9%14.4
20 Samsung Engineering America11133,860 6,196 0.8%4.9
Total5,816,020 $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.






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Q4 2021 Supplemental Information
TENANT INDUSTRY DIVERSIFICATION
chart-8d5850ff496946ceb15.jpg

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
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Q4 2021 Supplemental Information
INVESTMENT ACTIVITY


Completed Operating Property Acquisitions
PropertyTypeMarketCompany's Ownership InterestTimingSquare FeetGross Purchase Price
(in thousands) (1)
2021
725 PonceOfficeAtlanta100%3Q372,000 $300,200 
Heights UnionOfficeTampa100%4Q294,000 144,800 
2020
The RailYardOfficeCharlotte100%4Q329,000 201,300 
2019
Promenade Central (fka 1200 Peachtree)OfficeAtlanta100%1Q370,000 82,000 
TIER REIT, Inc.OfficeVariousVarious2Q5,799,000 (2)
Terminus (3)OfficeAtlanta100%4Q1,226,000 246,000 
2017
111 West Rio (4)OfficePhoenix100%1Q225,000 19,600 
8,615,000 $993,900 
Completed Property Developments
ProjectTypeMarketCompany's Ownership InterestTimingSquare FeetTotal Project Cost
(in thousands) (1)
2021
10000 AvalonOfficeAtlanta90%1Q251,000 $96,000 
120 West TrinityMixedAtlanta20%2Q353,000 89,000 
Domain 10OfficeAustin100%3Q300,000 111,000 
2020
Domain 12OfficeAustin100%4Q320,000 117,000 
2019
Dimensional PlaceOfficeCharlotte50%1Q281,000 96,000 
2018
Spring & 8thOfficeAtlanta100%1Q/4Q765,000 336,000 
2017
8000 AvalonOfficeAtlanta90%2Q229,000 73,000 
Carolina SquareMixedChapel Hill50%3Q468,000 123,000 
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.






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Q4 2021 Supplemental Information
INVESTMENT ACTIVITY


Completed Operating Property Dispositions


PropertyTypeMarketCompany's Ownership InterestTimingSquare FeetGross Sales Price
(in thousands) (1)
2021
Burnett PlazaOfficeFort Worth100%2Q1,023,000 $137,500 
One South at the PlazaOfficeCharlotte100%3Q891,000 271,500 
Dimensional Place (2)OfficeCharlotte50%3Q281,000 60,800 
816 CongressOfficeAustin100%4Q435,000 174,000 
2020
Hearst TowerOfficeCharlotte100%1Q966,000 455,500 
Gateway Village (2)OfficeCharlotte50%1Q1,061,000 52,200 
WoodcrestOfficeCherry Hill100%1Q386,000 25,300 
2017
Emory Point I and IIMixedAtlanta75%2Q786,000 199,000 
American Cancer Society CenterOfficeAtlanta100%2Q996,000 166,000 
Bank of America Center, One Orlando-Centre, and Citrus Center
OfficeOrlando100%4Q1,038,000 208,100 
Courvoisier Centre (3)OfficeMiami20%4Q343,000 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.




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Q4 2021 Supplemental Information
DEVELOPMENT PIPELINE (1)

ProjectTypeMarketCompany's Ownership InterestConstruction Start DateSquare Feet/UnitsEstimated 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 LeasedInitial Revenue Recognition (3)Estimated Stabilization (4)
300 Colorado (5)OfficeAustin100 %4Q18369,000$193,000 $193,000 $163,839 $163,839 88 %1Q211Q22
100 MillOfficePhoenix90 %1Q20287,000153,000 137,700 119,584 107,626 81 %1Q224Q22
Neuhoff (6)MixedNashville50 %3Q21562,500 281,300 131,315 65,658 
Commercial448,000— %2Q232Q24
Apartments542— %2Q242Q25
Domain 9OfficeAustin100 %2Q21338,000147,000 147,000 48,359 48,359 97 %1Q241Q25
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.







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Q4 2021 Supplemental Information
LAND INVENTORY



MarketCompany's Ownership InterestFinancial Statement PresentationTotal Developable Land (Acres)Cost Basis of Land (in thousands)
3354/3356 PeachtreeAtlanta95%Consolidated3.2 
715 PonceAtlanta50%Unconsolidated1.0 
887 West Peachtree (fka 901 West Peachtree) (1)Atlanta100%Consolidated1.6 
The Avenue Forsyth-Adjacent LandAtlanta100%Consolidated10.4 
Domain Point 3Austin90%Consolidated1.7 
Domain CentralAustin100%Consolidated5.6 
South End StationCharlotte100%Consolidated3.4 
303 TremontCharlotte100%Consolidated2.4 
Legacy Union 2 & 3Dallas95%Consolidated4.0 
Victory Center Dallas75%Unconsolidated3.0 
Corporate Center 5 & 6 (2)Tampa100%Consolidated14.1 
Total50.4 $175,487 
159351
Company's Share48.6 $166,267 




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









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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 InterestRate at End of QuarterMaturity Date20222023202420252026ThereafterTotal PrincipalDeferred Loan Costs Above Market PremiumTotal
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—228,500350,000———578,500 (1,871)— 576,629 
Consolidated Debt - Fixed Rate
2019 Senior Note C, Unsecured100%3.95%7/6/29—————275,000275,000 (842)— 274,158 
2017 Senior Note A, Unsecured100%3.91%7/6/25———250,000——250,000 (641)— 249,359 
2019 Senior Note B, Unsecured100%3.86%7/6/28—————250,000250,000 (737)— 249,263 
Fifth Third Center 100%3.37%10/1/263,5023,6223,7463,874118,928—133,672 (314)— 133,358 
2019 Senior Note A, Unsecured100%3.78%7/6/27—————125,000125,000 (350)— 124,650 
Terminus 100100%5.25%1/1/233,497108,181————111,678 — 2,515 114,193 
Colorado Tower 100%3.45%9/1/262,5982,6892,7832,881101,199—112,150 (449)— 111,701 
2017 Senior Note B, Unsecured100%4.09%7/6/27—————100,000100,000 (291)— 99,709 
Promenade Tower (fka Promenade)100%4.27%10/1/2289,052—————89,052 (41)— 89,011 
Domain 10 (4)100%3.75%11/1/241,8911,96372,558———76,412 (890)— 75,522 
Terminus 200100%3.79%1/1/231,86170,700————72,561 — 677 73,238 
Legacy Union One100%4.24%1/1/23—66,000————66,000 — 718 66,718 
Total Consolidated Fixed Rate Debt102,401253,15579,087256,755220,127750,0001,661,525 (4,555)3,910 1,660,880 
Total Consolidated Debt102,401481,655429,087256,755220,127750,0002,240,025 (6,426)3,910 2,237,509 
Unconsolidated Debt - Floating Rate
Carolina Square (LIBOR + 1.80%)50%1.90%3/18/261,0201,0201,0201,02063,015—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 Debt1,0201,0201,02017,67863,015—83,753 (3,231)— 80,522 
.
Unconsolidated Debt - Fixed Rate
Emory University Hospital Midtown50%3.50%6/1/2390331,436————32,339 (56)— 32,283 
Total Unconsolidated Fixed Rate Debt90331,436————32,339 (56)— 32,283 
Total Unconsolidated Debt1,92332,4561,02017,67863,015—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 Maturities4 %22 %18 %12 %12 %32 %100 %
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Cousins Properties
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Q4 2021 Supplemental Information
DEBT SCHEDULE (1)
chart-25de1a47f18146d6a74.jpg

Continued on next page





Cousins Properties
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Q4 2021 Supplemental Information
DEBT SCHEDULE (1)



Floating and Fixed Rate Debt Analysis

Total Principal
(in thousands)		Total Debt (%)Weighted Average Interest RateWeighted Average Maturity (Years)
Floating Rate Debt$662,253 28 %1.28 %2.3 
Fixed Rate Debt1,693,864 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.




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Q4 2021 Supplemental Information
JOINT VENTURE INFORMATION (1)

Joint VenturePropertyCash Flows to Cousins (2)Options
Consolidated:
HICO 100 Mill LLC100 Mill90% 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 LLC8000 Avalon90% 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 LLC10000 Avalon90% 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 LLCDomain PointPreferred 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 LLC120 West Trinity20% 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 LPCarolina Square50% 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, LLCEmory University Hospital Midtown50% of cash flows.Cousins can put its interest to Partner, or Partner can call Cousins' interest, at a value determined by appraisal.
Neuhoff Holdings LLCNeuhoff50% 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.




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Q4 2021 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
20192020 1st2020 2nd2020 3rd2020 4th20202021 1st2021 2nd2021 3rd2021 4th2021
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 properties255,349 71,406 72,694 71,345 72,515 287,960 70,712 71,299 71,918 73,540 287,469 
Share of unconsolidated joint ventures14,158 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 ventures15 (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 unitholders1,952 302 5 5 3 315 6 5 9 36 56 
FFO328,793 112,721 97,959 101,978 100,589 413,247 101,960 102,051 102,406 102,784 409,201 
Interest Expense59,701 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 Amortization1,799 207 173 154 154 688 158 157 156 152 623 
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 Properties29,355 5,219 3,404 3,457 3,545 15,625 3,785 4,338 4,835 2,236 15,194 
Other Properties3,058 816 789 751 855 3,211 969 1,099 927 1,034 4,029 
Net Operating Income32,413 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 Income16 1 2 5 1 9 — 7 74 — 81 
Other Income148 68 8 (23)8 61 29 27 36 29 121 
Funds from Operations - Unconsolidated Joint Ventures26,839 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 Ventures12,666 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 Capitalization6,118,447 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 Debt2,222,975 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 Debt82,519 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 Capitalization8,423,941 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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Q4 2021 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
20192020 1st2020 2nd2020 3rd2020 4th20202021 1st2021 2nd2021 3rd2021 4th2021
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 Capitalization8,423,941 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 Capitalization27.1 %29.8 %30.9 %31.7 %31.2 %31.2 %30.7 %28.4 %28.1 %28.0 %28.0 %
Total Assets - Consolidated7,151,447 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 - Consolidated802,807 878,199 954,352 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 Expense59,701 16,554 14,543 15,497 16,082 62,676 17,723 17,519 17,513 17,183 69,938 
Scheduled Principal Payments14,726 4,126 4,120 4,282 4,284 16,812 4,370 4,544 4,587 4,630 18,131 
Fixed Charges74,427 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 Debt2,281,257 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 Dividends158,174 44,562 44,570 44,570 44,561 178,263 46,135 46,038 46,094 46,909 185,176 
FFO328,793 112,721 97,959 101,978 100,589 413,247 101,960 102,051 102,406 102,784 409,201 
FFO Payout Ratio48.1 %39.5 %45.5 %43.7 %44.3 %43.1 %45.2 %45.1 %45.0 %45.6 %45.3 %
Continued on next page




Cousins Properties
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Q4 2021 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
20192020 1st2020 2nd2020 3rd2020 4th20202021 1st2021 2nd2021 3rd2021 4th2021
FFO328,793 112,721 97,959 101,978 100,589 413,247 101,960 102,051 102,406 102,784 409,201 
Amortization of Deferred Financing Costs2,630 700 686 691 700 2,777 698 698 834 833 3,063 
Non-Cash Stock-Based Compensation3,830 1,285 2,199 931 883 5,298 1,667 1,708 1,800 1,830 7,005 
Non-Real Estate Depreciation and Amortization1,799 207 173 154 154 688 158 157 156 152 623 
Lease Inducements886 233 251 253 281 1,018 1,035 1,032 1,128 239 3,434 
Straight Line Rent Ground Leases500 126 128 120 116 490 112 112 113 112 449 
Above and Below Market Ground Rent158 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 - Diluted129,831 148,561 148,580 148,606 148,669 148,636 148,725 148,740 148,772 148,905 148,891 
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 Dividends158,174 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 Expenses37,007 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 Assets0.45 %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 Costs80,500 19,444 21,394 13,534 23,712 78,084 9,258 17,295 18,231 16,938 61,722 
Second Generation Building Improvements10,204 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.








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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
DollarsWeighted Average Common SharesPer Share AmountDollarsWeighted Average Common SharesPer 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 167,341 148,9051.12 11,122 148,669 0.07 
Depreciation and amortization of real estate assets:
Consolidated properties73,540 — 0.49 72,515 — 0.49 
Share of unconsolidated joint ventures1,582 — 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 ventures13 — — 21 — — 
Sale of investments in unconsolidated joint ventures77 — — 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
DollarsWeighted Average Common SharesPer Share AmountDollarsWeighted Average Common SharesPer 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 278,642 148,8911.87 237,593 148,636 1.60 
Depreciation and amortization of real estate assets:
Consolidated properties287,469 — 1.93 287,960 — 1.94 
Share of unconsolidated joint ventures9,674 — 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 ventures39 — — (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 EndedYear Ended
Net Operating Income
December 31, 2021
December 31, 2020December 31, 2021December 31, 2020
Net income$167,489 $11,314 $278,996 $238,114 
Net operating income from unconsolidated joint ventures3,270 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 expenses1,327 364 2,476 1,580 
General and administrative expenses7,307 7,181 29,321 27,034 
Interest expense16,454 15,650 67,027 60,605 
Impairment— 14,829 — 14,829 
Depreciation and amortization73,693 72,668 288,092 288,648 
Transaction costs— — — 428 
Other expenses296 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 ventures77 173 (13,083)(45,767)
Loss (gain) on investment property transactions(139,510)67 (152,547)(90,125)
Net Operating Income125,661 121,104 493,720 486,034 
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 expense160 (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 Property26,492 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 Property24,361 32,974 78,282 103,725 
3344 Peachtree legal expense recovery— — — 1,817 
$118,251 $124,934 $456,097 $470,553 








Cousins Properties
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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)
LowHigh
DollarsPer Share Amount (1)DollarsPer Share Amount (1)
Net Income Available to Common Stockholders$113,121 $0.75 $125,201 $0.83 
Add: Noncontrolling interest related to unitholders26 — 26 — 
Net Income113,147 0.75 125,227 0.83 
Add: Depreciation and amortization of real estate assets294,553 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
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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.




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Q4 2021 Supplemental Information