# EDGAR Filing Document

**Accession Number:** 0000025232
**File Stem:** 0000025232-23-000004
**Filing Date:** 2023-2
**Character Count:** 146590
**Document Hash:** a83739926bc1bfbf3723b23a1b7d8ec7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000025232-23-000004.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0000025232-23-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20230209

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COUSINS PROPERTIES INC
- **CENTRAL INDEX KEY:** 0000025232
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 580869052
- **STATE OF INCORPORATION:** GA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11312
- **FILM NUMBER:** 23606563

**BUSINESS ADDRESS:**
- **STREET 1:** 3344 PEACHTREE ROAD, NE
- **STREET 2:** SUITE 1800
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30326
- **BUSINESS PHONE:** 404-407-1000

**MAIL ADDRESS:**
- **STREET 1:** 3344 PEACHTREE ROAD, NE
- **STREET 2:** SUITE 1800
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30326

?xml version="1.0" ? cuz-20230209

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**____________**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): February 09, 2023

<u>Cousins Properties Incorporated</u>

(Exact name of registrant as specified in its charter)

<u>Georgia</u> <u>001-11312</u> <u>58-0869052</u> 

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)

<u>3344 Peachtree Road NE, Suite 1800, Atlanta, Georgia 30326-4802</u> 

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: <u>(404) 407-1000</u> 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | Name of each exchange on which registered |
| Common Stock, $1 par value per share | CUZ | New York Stock Exchange | ("NYSE") |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the securities Act of 1933 (§230.405 of this chapter) or Rule 12b-12 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On February 9, 2023, Cousins Properties Incorporated (the "Company") issued a Press Release and Quarterly Information Package containing information about the Company's financial condition and results of operations for the quarter ended December 31, 2022. A copy of the Company's Press Release and Quarterly Information Package is attached hereto as Exhibit 99.1. The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" with the Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

**<u>Exhibit Number</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibit Description</u>**

<u>[99.1](aearningsreleaseex9914q22.htm)</u> <u>[Press Release and Quarterly Information Package for the Quarter Ended December 31, 2022.](aearningsreleaseex9914q22.htm)</u>

------

<u>Signatures</u>

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 9, 2023

COUSINS PROPERTIES INCORPORATED

---

| | |
|:---|:---|
| By: | /s/ Gregg D. Adzema |

---

Gregg D. Adzema

Executive Vice President and Chief Financial Officer

## Exhibit 99.1

![supplementcover4q22.jpg](supplementcover4q22.jpg)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Forward-Looking Statements | [2](#i1e30a37fd9ad4db4a35c6853e07b966f_7) |
| [Earnings Release](#i1e30a37fd9ad4db4a35c6853e07b966f_10) | [3](#i1e30a37fd9ad4db4a35c6853e07b966f_10) |
| [Company Information](#i1e30a37fd9ad4db4a35c6853e07b966f_13) | [5](#i1e30a37fd9ad4db4a35c6853e07b966f_13) |
| [Consolidated Balance Sheets](#i1e30a37fd9ad4db4a35c6853e07b966f_16) | [6](#i1e30a37fd9ad4db4a35c6853e07b966f_16) |
| [Consolidated Statements of Operations](#i1e30a37fd9ad4db4a35c6853e07b966f_19) | [7](#i1e30a37fd9ad4db4a35c6853e07b966f_19) |
| [Key Performance](#i1e30a37fd9ad4db4a35c6853e07b966f_22)Metrics | [8](#i1e30a37fd9ad4db4a35c6853e07b966f_22) |
| [Funds From Operations - Summary](#i1e30a37fd9ad4db4a35c6853e07b966f_28) | [11](#i1e30a37fd9ad4db4a35c6853e07b966f_28) |
| [Funds From Operations - Detail](#i1e30a37fd9ad4db4a35c6853e07b966f_31) | [12](#i1e30a37fd9ad4db4a35c6853e07b966f_31) |
| [Portfolio](#i1e30a37fd9ad4db4a35c6853e07b966f_34)Statistics | [15](#i1e30a37fd9ad4db4a35c6853e07b966f_34) |
| Same Property Performance | [18](#i1e30a37fd9ad4db4a35c6853e07b966f_37) |
| Office [Leasin](#i1e30a37fd9ad4db4a35c6853e07b966f_40)g Activity | [19](#i1e30a37fd9ad4db4a35c6853e07b966f_40) |
| [Office Lease Expirations](#i1e30a37fd9ad4db4a35c6853e07b966f_43) | [20](#i1e30a37fd9ad4db4a35c6853e07b966f_43) |
| [Top 20](#i1e30a37fd9ad4db4a35c6853e07b966f_46)Office Tenants | [21](#i1e30a37fd9ad4db4a35c6853e07b966f_46) |
| [Tenant Industry Diversification](#i1e30a37fd9ad4db4a35c6853e07b966f_49) | [22](#i1e30a37fd9ad4db4a35c6853e07b966f_49) |
| [Investment Activity](#i1e30a37fd9ad4db4a35c6853e07b966f_52) | [23](#i1e30a37fd9ad4db4a35c6853e07b966f_52) |
| [Development Pipeline](#i1e30a37fd9ad4db4a35c6853e07b966f_55) | [25](#i1e30a37fd9ad4db4a35c6853e07b966f_55) |
| [Land Inventory](#i1e30a37fd9ad4db4a35c6853e07b966f_58) | [26](#i1e30a37fd9ad4db4a35c6853e07b966f_58) |
| [Debt](#i1e30a37fd9ad4db4a35c6853e07b966f_61)Schedule | [27](#i1e30a37fd9ad4db4a35c6853e07b966f_61) |
| [Joint Venture Information](#i1e30a37fd9ad4db4a35c6853e07b966f_64) | [30](#i1e30a37fd9ad4db4a35c6853e07b966f_64) |
| [Non-GAAP Financial Measures - Calculations and Reconciliations](#i1e30a37fd9ad4db4a35c6853e07b966f_67) | [31](#i1e30a37fd9ad4db4a35c6853e07b966f_67) |
| [Non-GAAP Financial Measures - Definitions](#i1e30a37fd9ad4db4a35c6853e07b966f_70) | [38](#i1e30a37fd9ad4db4a35c6853e07b966f_70) |

---

![a100mill-0450.jpg](a100mill-0450.jpg)

---

| | |
|:---|:---|
| **Cousins Properties**<sub>1</sub> | **Q4 2022 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, 2022. 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, changes in existing market concentrations, or exits from existing markets; future changes in interest rates and liquidity of capital markets; and all statements that address operating performance, events, investments, 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, Tampa, Phoenix, Charlotte, 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 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; 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 which 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; inflation and continuing increases in the inflation rate; 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 or 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**<sub>2</sub> | **Q4 2022 Supplemental Information** |

---

------

**EARNINGS RELEASE**

**COUSINS PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS**

**Provides Initial 2023 Earnings Guidance**

ATLANTA (February 9, 2023) *-* Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter and year ended December 31, 2022.

"Fourth quarter results were solid, highlighted by 632,000 square feet of executed leases, our best quarter of the year," said Colin Connolly, president and chief executive officer of Cousins Properties. "Looking to 2023, our Sun Belt trophy portfolio is well positioned for the current economic climate with only modest near-term lease expirations. With our industry-leading balance sheet, we are uniquely positioned to capitalize on compelling investment opportunities that are likely to emerge."

**Financial Results**

For fourth quarter 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income available to common stockholders was $24.1 million, or $0.16 per share, compared to $167.3 million, or $1.12 per share, for fourth quarter 2021. Prior year results were impacted by gains from investment property transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Funds From Operations ("FFO") was $100.2 million, or $0.66 per share, compared to $102.8 million, or $0.69 per share, for fourth quarter 2021.

For year ended December 31, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income available to common stockholders was $166.8 million, or $1.11 per share, compared to $278.6 million, or $1.87 per share, for year ended December 31, 2021. Prior year results were impacted by gains from investment property transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FFO was $408.8 million, or $2.72 per share, compared to $409.2 million, or $2.75 per share, for year ended December 31, 2021.

**Operations and Leasing Activity**

For fourth quarter 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Same property net operating income ("NOI") on a cash-basis increased 2.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second generation net rent per square foot on a cash-basis increased 7.3%; it increased 27.7% excluding our non-core Houston market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed 632,000 square feet of office leases.

For year ended December 31, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same property NOI on a cash-basis increased 1.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second generation net rent per square foot on a cash-basis increased 9.5%; it increased 14.6% excluding our non-core Houston market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed 1,976,000 square feet of office leases.

---

| | |
|:---|:---|
| **Cousins Properties**<sub>3</sub> | **Q4 2022 Supplemental Information** |

---

------

**EARNINGS RELEASE**

**Investment and Financing Activity**

For fourth quarter 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed on a $400 million Term Loan that matures in March 2025, with four six-month extension options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repaid in full our Promenade Tower and Legacy Union mortgages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amended and extended the existing mortgages on our Terminus properties in Atlanta through 2031.

**Earnings Guidance**

For year ending December 31, 2023:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income between $0.57 and $0.69 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FFO between $2.52 and $2.64 per share.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 10, 2023 to discuss the results of the quarter and year ended December 31, 2022. 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 4901640. The playback can also be accessed on the Company's website.

---

| | |
|:---|:---|
| **Cousins Properties**<sub>4</sub> | **Q4 2022 Supplemental Information** |

---

------

**COMPANY INFORMATION**

**THE COMPANY**

    

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

**MANAGEMENT**

    

---

| | | | |
|:---|:---|:---|:---|
| **M. Colin Connolly** | **Gregg D. Adzema** | **Kennedy Hicks** | **Richard G. Hickson IV** |
| President & Chief Executive Officer | Executive Vice President & Chief Financial Officer | Executive Vice President, Chief Investment Officer & Managing Director | Executive Vice President, Operations |
| **John S. McColl** | **Pamela F. Roper** | **Jeffrey D. Symes** | |
| Executive Vice President, Development | Executive Vice President, General Counsel & Corporate Secretary | Senior Vice President & <br>Chief Accounting Officer | |

---

**BOARD OF DIRECTORS**

    

---

| | | |
|:---|:---|:---|
| **Robert M. Chapman** | **Charles T. Cannada** | **M. Colin Connolly** |
| Non-executive Chairman of Cousins Properties, Chief Executive Officer of Centerpoint Properties Trust | Private Investor | President and Chief Executive Officer of Cousins Properties |
| **Scott W. Fordham** | **Lillian C. Giornelli** | **R. Kent Griffin Jr.** |
| Former Chief Executive Officer and <br>Director of TIER REIT, Inc. | Chairman, Chief Executive Officer and Trustee of <br>The Cousins Foundation Inc. | Managing Director of Phicas Investors |
| **Donna W. Hyland** | **Dionne Nelson** | **R. Dary Stone** |
| President and Chief Executive Officer of <br>Children's Healthcare of Atlanta | President and Chief Executive Officer of <br>Laurel Street Residential | President and Chief Executive Officer of R.D. Stone Interests |

---

**COMPANY INFORMATION / EQUITY COVERAGE**<sup>(1)</sup>

    

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Corporate Headquarters** | **Transfer Agent** | **Barclays** | **BofA Securities** | **BMO Capital Markets** | **Evercore ISI** | **Green Street** | **J.P. Morgan** |
| 3344 Peachtree Road NE<br>Suite 1800<br>Atlanta GA 30326<br>404.407.1000 | American Stock Transfer &<br>Trust Company LLC<br>astfinancial.com<br>800.937.5449 | Anthony Powell 212.526.8768 | Camille Bonnel<br>416.369.2140 | John Kim<br>212.885.4115 | Steve Sakwa<br>212.446.9642 | Dylan Burzinski<br>949.640.8780 | Anthony Paolone<br>212.622.6682 |
| **Investor Relations** | **Stock Exchange** | **Mizuho Securities** | **RW Baird** | **Truist Securities** | **Wells Fargo** | **Wolfe Research** |  |
| Roni Imbeaux<br>Vice President, Finance &<br>Investor Relations<br>rimbeaux@cousins.com<br>404.407.1104 | NYSE: CUZ | Vikram Malhotra<br>212.282.3827 | David Rodgers<br>216.737.7341 | Michael Lewis<br>212.319.5659 | Blaine Heck<br>443.263.6529 | Andrew Rosivach<br>646.582.9250 |  |

---

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

---

| | |
|:---|:---|
| **Cousins Properties**<sub>5</sub> | **Q4 2022 Supplemental Information** |

---

------

**CONSOLIDATED BALANCE SHEETS**

(in thousands, except share and per share amounts)

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| **Assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating properties, net of accumulated depreciation of $1,079,662 and $874,988 in 2022 and 2021, respectively | $**6738354** | $6506910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Projects under development | **111400** | 174803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | **158430** | 157681 |
|  | **7008184** | 6839394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **5145** | 8937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | **—** | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **8653** | 12553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred rents receivable | **184043** | 154866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated joint ventures | **112839** | 77811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | **136240** | 168553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets, net | **81912** | 48689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**7537016** | $7312034 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable | $**2334606** | $2237509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | **271103** | 224523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income | **128636** | 74515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible liabilities, net | **52280** | 63223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | **103442** | 111864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **2890067** | 2711634 |
| **Commitments and contingencies** |  |  |
| **Equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' investment: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $1 par value per share, 300,000,000 shares authorized, 154,019,214 and 151,272,969 issued and 151,457,190 and 148,688,036 outstanding in 2022 and 2021, respectively | **154019** | 151273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | **5630327** | 5549308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock at cost, 2,562,024 and 2,584,933 shares in 2022 and 2021, respectively | **(147157)** | (148473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions in excess of cumulative net income | **(1013292)** | (985338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | **1767** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' investment | **4625664** | 4566770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonredeemable noncontrolling interests | **21285** | 33630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | **4646949** | 4600400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**7537016** | $7312034 |

---

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| | |
|:---|:---|
| **Cousins Properties**<sub>6</sub> | **Q4 2022 Supplemental Information** |

---

------

**CONSOLIDATED STATEMENTS OF OPERATIONS**

(unaudited; in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental property revenues | $**193655** | $186975 | $**753511** | $739063 |
| &nbsp;&nbsp;&nbsp;Fee income | **749** | 3133 | **6119** | 15559 |
| &nbsp;&nbsp;&nbsp;Other | **138** | 46 | **2660** | 451 |
|  | **194542** | 190154 | **762290** | 755073 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental property operating expenses | **64646** | 63996 | **258371** | 259461 |
| &nbsp;&nbsp;&nbsp;Reimbursed expenses | **569** | 1327 | **2024** | 2476 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | **6762** | 7307 | **28319** | 29321 |
| &nbsp;&nbsp;&nbsp;Interest expense | **22083** | 16454 | **72537** | 67027 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **75866** | 73693 | **295587** | 288092 |
| &nbsp;&nbsp;&nbsp;Other | **1257** | 296 | **2134** | 2131 |
|  | **171183** | 163073 | **658972** | 648508 |
| Income from unconsolidated joint ventures | **662** | 975 | **7700** | 6801 |
| Gain (loss) on sales of investments in unconsolidated joint ventures | **7** | (77) | **56267** | 13083 |
| Gain (loss) on investment property transactions | **52** | 139510 | **(9)** | 152547 |
| Gain on extinguishment of debt | **269** |  | **169** |  |
| **Net income** | **24349** | 167489 | **167445** | 278996 |
| Net income attributable to noncontrolling interests | **(231)** | (184) | **(652)** | (410) |
| **Net income available to common stockholders** | $**24118** | $167305 | $**166793** | $278586 |
| **Net income per common share — basic** | $**0.16** | $1.13 | $**1.11** | $1.87 |
| **Net income per common share — diluted** | $**0.16** | $1.12 | $**1.11** | $1.87 |
| **Weighted average shares — basic** | **151442** | 148688 | **150113** | 148666 |
| **Weighted average shares — diluted** | **151835** | 148905 | **150419** | 148891 |

---

---

| | |
|:---|:---|
| **Cousins Properties**<sub>7</sub> | **Q4 2022 Supplemental Information** |

---

------

**KEY PERFORMANCE METRICS (1)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2020** | **2021 1st** | **2021 2nd** | **2021 3rd** | **2021 4th** | **2021** | **2022 1st** | **2022 2nd** | **2022 3rd** | **2022 4th** | **2022** |
| **Property Statistics** |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Operating Properties | 33 | 33 | 32 | 32 | 32 | 32 | 33 | 33 | 33 | **34** | **34** |
| Consolidated Rentable Square Feet (in thousands) | 18897 | 19145 | 18122 | 17899 | 17758 | 17758 | 18136 | 18136 | 18136 | **18424** | **18424** |
| Unconsolidated Operating Properties | 3 | 3 | 4 | 3 | 3 | 3 | 3 | 3 | 2 | **2** | **2** |
| Unconsolidated Rentable Square Feet (in thousands) | 1107 | 1107 | 1460 | 1179 | 1179 | 1179 | 1179 | 1179 | 711 | **711** | **711** |
| Total Operating Properties | 36 | 36 | 36 | 35 | 35 | 35 | 36 | 36 | 35 | **36** | **36** |
| Total Rentable Square Feet (in thousands) | 20004 | 20252 | 19582 | 19078 | 18937 | 18937 | 19315 | 19315 | 18847 | **19135** | **19135** |
| **Office Leasing Activity (2)** |  |  |  |  |  |  |  |  |  |  |  |
| Net Leased during the Period (SF, in thousands) | 1421 | 271 | 484 | 597 | 743 | 2096 | 324 | 588 | 431 | **632** | **1976** |
| &nbsp;&nbsp;&nbsp;Net Rent (per SF) | $32.20 | $31.12 | $32.38 | $34.73 | $39.02 | $35.24 | $35.45 | $32.34 | $35.49 | **$34.04** | **$34.08** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Free Rent (per SF) | (1.38) | (1.70) | (1.33) | (1.59) | (1.31) | (1.45) | (2.36) | (0.99) | (1.97) | **(2.69)** | **(1.97)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leasing Commissions (per SF) | (2.57) | (2.26) | (2.70) | (3.05) | (2.76) | (2.77) | (3.01) | (2.65) | (2.86) | **(2.60)** | **(2.74)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant Improvements (per SF) | (3.75) | (3.63) | (4.58) | (6.03) | (6.26) | (5.47) | (6.34) | (5.33) | (5.69) | **(6.61)** | **(5.98)** |
| &nbsp;&nbsp;&nbsp;Leasing Costs (per SF) | (7.70) | (7.59) | (8.61) | (10.67) | (10.33) | (9.69) | (11.71) | (8.97) | (10.52) | **(11.90)** | **(10.69)** |
| &nbsp;&nbsp;&nbsp;Net Effective Rent (per SF) | $24.50 | $23.53 | $23.77 | $24.06 | $28.69 | $25.55 | $23.74 | $23.37 | $24.97 | **$22.14** | **$23.39** |
| Change in Second Generation Net Rent | 27.2% | 21.5% | 21.7% | 31.6% | 17.1% | 24.7% | 27.4% | 27.2% | 20.4% | **18.6%** | **23.2%** |
| Change in Cash-Basis Second Generation Net Rent | 13.1% | 10.5% | 12.9% | 23.1% | 6.0% | 15.1% | 15.4% | 11.6% | 4.8% | **7.3%** | **9.5%** |
| **Same Property Information (3)** |  |  |  |  |  |  |  |  |  |  |  |
| Percent Leased (period end) | 92.7% | 89.9% | 90.7% | 90.7% | 90.5% | 90.5% | 90.0% | 89.7% | 89.2% | **90.1%** | **90.1%** |
| Weighted Average Occupancy | 91.8% | 89.3% | 90.7% | 89.0% | 88.1% | 90.0% | 87.0% | 86.9% | 86.6% | **86.2%** | **86.6%** |
| Change in NOI (over prior year period) | (0.5)% | (4.1)% | 1.4% | (1.4)% | (1.1)% | (0.5)% | (2.0)% | (2.2)% | 1.8% | **2.3%** | **0.0%** |
| Change in Cash-Basis NOI (over prior year period) | 0.7% | (2.7)% | 7.1% | 3.6% | 2.1% | 3.5% | 0.1% | (0.2)% | 1.5% | **2.5%** | **1.0%** |
| **Development Pipeline (4)** |  |  |  |  |  |  |  |  |  |  |  |
| Estimated Project Costs (in thousands) | $449400 | $363000 | $492200 | $662500 | $759000 | $759000 | $566000 | $566000 | $568900 | **$428500** | **$428500** |
| Estimated Project Costs/Total Undepreciated Assets | 5.4% | 4.3% | 6.1% | 8.1% | 8.9% | 8.9% | 6.6% | 6.5% | 6.5% | **4.8%** | **4.8%** |
| **Market Capitalization** |  |  |  |  |  |  |  |  |  |  |  |
| Common Stock Price | $33.50 | $35.35 | $36.78 | $37.29 | $40.28 | $40.28 | $40.29 | $29.23 | $23.35 | **$25.29** | **$25.29** |
| Common Stock/Units Outstanding (in thousands) | 148589 | 148679 | 148713 | 148713 | 148713 | 148713 | 148788 | 151465 | 151459 | **151482** | **151482** |
| Equity Market Capitalization (in thousands) | $4977732 | $5255803 | $5469664 | $5545508 | $5990160 | $5990160 | $5994669 | $4427322 | $3536568 | **$3830980** | **$3830980** |
| Debt (in thousands) | 2277759 | 2358860 | 2195653 | 2206306 | 2350314 | 2350314 | 2462197 | 2425339 | 2372931 | **2424004** | **2424004** |
| Total Market Capitalization (in thousands) | $7255491 | $7614663 | $7665317 | $7751814 | $8340474 | $8340474 | $8456866 | $6852661 | $5909499 | **$6254984** | **$6254984** |
| ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** |

---

---

| | |
|:---|:---|
| **Cousins Properties**<sub>8</sub> | **Q4 2022 Supplemental Information** |

---

------

**KEY PERFORMANCE METRICS (1)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2020** | **2021 1st** | **2021 2nd** | **2021 3rd** | **2021 4th** | **2021** | **2022 1st** | **2022 2nd** | **2022 3rd** | **2022 4th** | **2022** |
| **Credit Ratios** |  |  |  |  |  |  |  |  |  |  |  |
| Net Debt/Total Market Capitalization | 31.2% | 30.7% | 28.4% | 28.1% | 28.0% | 28.0% | 28.9% | 35.1% | 39.9% | **38.6%** | **38.6%** |
| Net Debt/Total Undepreciated Assets | 27.0% | 27.6% | 26.9% | 26.7% | 27.5% | 27.5% | 28.4% | 27.7% | 26.7% | **27.2%** | **27.2%** |
| Net Debt/Annualized EBITDA*re* | 4.84 | 4.87 | 4.55 | 4.54 | 4.86 | 4.86 | 5.28 | 4.93 | 4.75 | **4.93** | **4.93** |
| Fixed Charges Coverage (EBITDA*re*) | 6.00 | 5.42 | 5.43 | 5.43 | 5.51 | 5.45 | 5.56 | 5.56 | 5.13 | **4.72** | **5.21** |
| **Dividend Information** |  |  |  |  |  |  |  |  |  |  |  |
| Common Dividend per Share | $1.20 | $0.31 | $0.31 | $0.31 | $0.31 | $1.24 | $0.32 | $0.32 | $0.32 | **$0.32** | **$1.28** |
| Funds From Operations (FFO) Payout Ratio | 43.1% | 45.2% | 45.1% | 45.0% | 45.6% | 45.3% | 48.7% | 46.3% | 46.4% | **48.4%** | **47.4%** |
| Funds Available for Distribution (FAD) Payout Ratio | 66.2% | 57.3% | 64.5% | 66.7% | 64.5% | 63.1% | 67.3% | 70.6% | 72.2% | **76.6%** | **70.6%** |
| **Operations Ratio** |  |  |  |  |  |  |  |  |  |  |  |
| Annualized General and Administrative Expenses/ Total Undepreciated Assets | 0.32% | 0.32% | 0.36% | 0.39% | 0.34% | 0.34% | 0.38% | 0.32% | 0.29% | **0.30%** | **0.30%** |
| **Additional Information** |  |  |  |  |  |  |  |  |  |  |  |
| In-Place Gross Rent (per SF) (5) | $40.26 | $40.71 | $42.00 | $42.87 | $42.85 | $42.85 | $43.90 | $44.39 | $44.85 | **$44.87** | **$44.87** |
| Straight-Line Rental Revenue (in thousands) | $42215 | $7739 | $5625 | $6852 | $5287 | $25503 | $5501 | $6378 | $8966 | **$8108** | **$28953** |
| &nbsp;&nbsp;&nbsp;&nbsp;Above and Below Market Rents Amortization, Net <br>(in thousands)  | $10061 | $2388 | $2069 | $1989 | $1946 | $8392 | $1771 | $1669 | $1538 | **$1466** | **$6444** |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Generation Capital Expenditures <br>(in thousands)  | $90393 | $11452 | $22817 | $24275 | $23098 | $81642 | $21280 | $24324 | $26636 | **$27261** | **$99501** |

---

(1) For Non-GAAP Financial Measures, see the calculations and reconciliations on pages 31-37.

(2) See Office Leasing Activity on page 19 for additional detail and explanations.

(3) Same Property Information is derived fro m 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.

(4) The Company's share of estimated project costs. See Development Pipeline on page 25 for additional detail.

(5) In-place gross rent equals the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, as of the end of the period divided by occupied square feet.

---

| | |
|:---|:---|
| **Cousins Properties**<sub>9</sub> | **Q4 2022 Supplemental Information** |

---

------

&nbsp;&nbsp;**KEY PERFORMANCE METRICS**

**Total Rentable Square Feet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Market Capitalization &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Net Debt / Annualized EBITDA*re***

![chart-a8ff72050c3e4be9b58.jpg](chart-a8ff72050c3e4be9b58.jpg)![chart-103fb6290e924c839db.jpg](chart-103fb6290e924c839db.jpg)![chart-a52b4ff5a30f4e1d881.jpg](chart-a52b4ff5a30f4e1d881.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Same Property NOI Change&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Generation Net Rent Change &nbsp;&nbsp;&nbsp;&nbsp; Annualized General & Administrative** 

**Cash-Basis (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash-Basis (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses / Total Undepreciated Assets**

![chart-f83d485890a74e57b7c.jpg](chart-f83d485890a74e57b7c.jpg)![chart-2c9b5fe7c1284c4fb7c.jpg](chart-2c9b5fe7c1284c4fb7c.jpg)![chart-4230c40717e4423b813.jpg](chart-4230c40717e4423b813.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Office properties only.

&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | |
|:---|:---|
| **Cousins Properties**<sub>10</sub> | **Q4 2022 Supplemental Information** |

---

------

**FUNDS FROM OPERATIONS - SUMMARY (1)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** |
| | **2020** | **2021 1st** | **2021 2nd** | **2021 3rd** | **2021 4th** | **2021** | **2022 1st** | **2022 2nd** | **2022 3rd** | **2022 4th** | **2022** |
| NOI | $486034 | $123124 | $122705 | $124148 | $123743 | $493720 | $119607 | $123051 | $129400 | $**130142** | $**502200** |
| Gain (Loss) on Sales of Undepreciated Investment Properties | 612 |  |  | (64) |  | (64) |  | 4500 | (22) | **—** | **4478** |
| Fee Income | 18226 | 4530 | 4803 | 3094 | 3132 | 15559 | 1388 | 2305 | 1677 | **749** | **6119** |
| Termination Fee and Other Income | 4325 | 298 | 897 | 2013 | 2595 | 5803 | 3780 | 741 | 336 | **483** | **5340** |
| Reimbursed Expenses | (1580) | (368) | (398) | (383) | (1327) | (2476) | (360) | (677) | (418) | **(569)** | **(2024)** |
| General and Administrative Expenses | (27034) | (6733) | (7313) | (7969) | (7306) | (29321) | (8063) | (6996) | (6498) | **(6762)** | **(28319)** |
| Interest Expense | (62676) | (17723) | (17519) | (17513) | (17182) | (69937) | (16142) | (17238) | (19390) | **(22370)** | **(75140)** |
| Other Expenses | (3972) | (1010) | (967) | (764) | (719) | (3460) | (630) | (797) | (537) | **(1373)** | **(3337)** |
| Depreciation and Amortization of Non-Real Estate Assets | (688) | (158) | (157) | (156) | (152) | (623) | (155) | (158) | (138) | **(107)** | **(558)** |
| FFO (1) | $**413247** | $**101960** | $**102051** | $**102406** | $**102784** | $**409201** | $**99425** | $**104731** | $**104410** | $**100193** | $**408759** |
| Weighted Average Shares - Diluted | **148636** | **148725** | **148740** | **148772** | **148905** | **148891** | **149002** | **149142** | **151695** | **151835** | **150419** |
| FFO per Share (1) | $**2.78** | $**0.69** | $**0.69** | $**0.69** | $**0.69** | $**2.75** | $**0.67** | $**0.70** | $**0.69** | $**0.66** | $**2.72** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(1) The above amounts include our share of amounts from unconsolidated joint ventures for the respective category. The Company does not control the operations of these unconsolidated joint ventures but believes including these amounts is meaningful to investors and analysts. See pages 31 and 34 for reconciliations of Funds From Operations to net income available to common shareholders.

---

| | |
|:---|:---|
| **Cousins Properties**<sub>11</sub> | **Q4 2022 Supplemental Information** |

---

------

**FUNDS FROM OPERATIONS - DETAIL (1)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** |
| | **2020** | **2021 1st** | **2021 2nd** | **2021 3rd** | **2021 4th** | **2021** | **2022 1st** | **2022 2nd** | **2022 3rd** | **2022 4th** | **2022** |
| **<u>NOI</u>** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Consolidated Properties** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Domain (2) | $43006 | $14118 | $15019 | $15989 | $15861 | $60987 | $15443 | $15510 | $18478 | $**19273** | $**68704** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminus (2) | 27695 | 7192 | 6461 | 6390 | 7105 | 27148 | 7439 | 7673 | 9228 | **8568** | **32908** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spring & 8th (2) | 29232 | 7367 | 7320 | 7367 | 7359 | 29413 | 7424 | 7282 | 7352 | **7361** | **29419** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Center (2) | 25397 | 7371 | 7157 | 7326 | 7252 | 29106 | 7050 | 7090 | 7144 | **7310** | **28594** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hayden Ferry (2) | 24346 | 6221 | 6079 | 6128 | 6100 | 24528 | 6133 | 5990 | 6094 | **6087** | **24304** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northpark (2) | 27668 | 6760 | 6588 | 6562 | 6652 | 26562 | 6098 | 6317 | 5278 | **5006** | **22699** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 Ponce |  |  |  | 3132 | 4537 | 7669 | 4527 | 4686 | 4596 | **4734** | **18543** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Center | 18354 | 4782 | 4963 | 4437 | 4410 | 18592 | 4229 | 4340 | 4675 | **4431** | **17675** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Eleven Congress | 18030 | 4564 | 4466 | 5042 | 4121 | 18193 | 4342 | 4531 | 4547 | **3978** | **17398** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckhead Plaza (2) | 12278 | 2509 | 2980 | 3207 | 3881 | 12577 | 3646 | 4013 | 4563 | **4758** | **16980** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Jacinto Center | 14966 | 3750 | 3912 | 3871 | 4119 | 15652 | 4252 | 4316 | 4113 | **3322** | **16003** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avalon (2) | 10999 | 3714 | 3993 | 3283 | 3391 | 14381 | 3637 | 3969 | 4156 | **4165** | **15927** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3344 Peachtree | 15083 | 3549 | 3690 | 3874 | 3814 | 14927 | 3966 | 3931 | 3848 | **3946** | **15691** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BriarLake Plaza (2) | 18104 | 4483 | 4530 | 4913 | 4216 | 18142 | 3879 | 3740 | 3547 | **3580** | **14746** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Terrace (2) | 16141 | 4341 | 4213 | 4132 | 4027 | 16713 | 3133 | 3583 | 3225 | **3472** | **13413** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 Colorado |  |  |  |  | 1130 | 1130 | 3275 | 3050 | 2762 | **4033** | **13120** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The RailYard | 929 | 3175 | 3112 | 3172 | 3037 | 12496 | 3153 | 3258 | 3255 | **3234** | **12900** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Tower | 12348 | 2382 | 3253 | 3563 | 3862 | 13060 | 3155 | 2746 | 3226 | **3325** | **12452** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promenade Tower | 16813 | 4060 | 4116 | 4156 | 2601 | 14933 | 2968 | 2901 | 2867 | **3434** | **12170** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 South | 10720 | 2687 | 2626 | 2684 | 2596 | 10593 | 2652 | 2665 | 2654 | **2723** | **10694** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Union One | 9585 | 2363 | 2371 | 2367 | 2365 | 9466 | 2357 | 2342 | 2355 | **2367** | **9421** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heights Union (2) |  |  |  |  | 1303 | 1303 | 1641 | 1461 | 2033 | **3177** | **8312** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 Mill |  |  |  |  |  |  |  | 1405 | 2550 | **3343** | **7298** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domain Point (2) | 5744 | 1265 | 1243 | 1168 | 1379 | 5055 | 1761 | 1741 | 1837 | **1746** | **7085** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 West Rio | 5497 | 1387 | 1397 | 1437 | 1409 | 5630 | 1419 | 1416 | 1424 | **1410** | **5669** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 Peachtree | 9651 | 2280 | 2255 | 609 | 939 | 6083 | 992 | 1771 | 1339 | **1418** | **5520** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meridian Mark Plaza | 4159 | 1018 | 1040 | 1022 | 1030 | 4110 | 1042 | 1408 | 1268 | **1243** | **4961** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Pointe | 4752 | 1199 | 1043 | 1267 | 1176 | 4685 | 1156 | 1211 | 1234 | **1251** | **4852** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348 Peachtree | 5460 | 1262 | 1258 | 1344 | 1563 | 5427 | 1257 | 1348 | 984 | **1183** | **4772** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Park V | 4125 | 1038 | 985 | 1055 | 966 | 4044 | 1059 | 1087 | 1162 | **1160** | **4468** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempe Gateway | 7516 | 1417 | 1452 | 1734 | 1483 | 6086 | 1423 | 1057 | 1077 | **716** | **4273** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950 Sherry Lane | 5001 | 1188 | 1200 | 1057 | 1104 | 4549 | 951 | 849 | 841 | **828** | **3469** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harborview Plaza | 3291 | 831 | 720 | 841 | 819 | 3211 | 844 | 882 | 842 | **861** | **3429** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promenade Central (3) | 9340 | 2286 | 2278 | 2242 | 2220 | 9026 |  |  |  | **224** | **224** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (4) | 50968 | 7811 | 5548 | 3015 | 2646 | 19020 | 585 | 940 | 2027 | **1031** | **4583** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subtotal - Consolidated** | **467198** | **118370** | **117268** | **118386** | **120473** | **474497** | **116888** | **120509** | **126581** | **128698** | **492676** |
| ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** |

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| | |
|:---|:---|
| **Cousins Properties**<sub>12</sub> | **Q4 2022 Supplemental Information** |

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------

**FUNDS FROM OPERATIONS - DETAIL (1)**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** |
| | **2020** | **2021 1st** | **2021 2nd** | **2021 3rd** | **2021 4th** | **2021** | **2022 1st** | **2022 2nd** | **2022 3rd** | **2022 4th** | **2022** |
| &nbsp;&nbsp;&nbsp;**Unconsolidated Properties (5)** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emory University Hospital Midtown | 4210 | 1048 | 1094 | 1092 | 1098 | 4332 | 1112 | 1152 | 1126 | **1141** | **4531** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 West Trinity (2) | (49) | 151 | 204 | 231 | 241 | 827 | 301 | 305 | 350 | **346** | **1302** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 Colorado |  | 364 | 515 | 1373 | 679 | 2931 |  |  |  | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (6) | 14675 | 3191 | 3624 | 3066 | 1252 | 11133 | 1306 | 1085 | 1343 | **(43)** | **3691** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subtotal - Unconsolidated** | **18836** | **4754** | **5437** | **5762** | **3270** | **19223** | **2719** | **2542** | **2819** | **1444** | **9524** |
| **Total Net Operating Income (1)** | **486034** | **123124** | **122705** | **124148** | **123743** | **493720** | **119607** | **123051** | **129400** | **130142** | **502200** |
| **<u>Gain (Loss) on Sales of Undepreciated Investment Properties</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated |  |  |  | (64) |  | (64) |  |  |  | **—** | **—** |
| Unconsolidated (5) | 612 |  |  |  |  |  |  | 4500 | (22) | **—** | **4478** |
| **Total Gain (Loss) on Sales of Undepreciated Investment Properties** | **612** |  | **—** | **(64)** | **—** | **(64)** | **—** | **4500** | **(22)** | **—** | **4478** |
| **<u>Fee Income</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Development Fees | 15334 | 3900 | 4173 | 2476 | 1532 | 12081 | 817 | 1404 | 957 | **—** | **3178** |
| Management Fees (7) | 2756 | 579 | 616 | 594 | 1585 | 3374 | 571 | 901 | 720 | **749** | **2941** |
| Leasing & Other Fees | 136 | 51 | 14 | 24 | 15 | 104 |  |  |  | **—** | **—** |
| **Total Fee Income** | **18226** | **4530** | **4803** | **3094** | **3132** | **15559** | **1388** | **2305** | **1677** | **749** | **6119** |
| **<u>Other Income</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Termination Fees | 3834 | 42 | 782 | 1775 | 2506 | 5105 | 1462 | 449 | 242 | **311** | **2464** |
| Termination Fees - Unconsolidated (5) | 9 |  | 7 | 74 |  | 81 |  |  |  | **—** | **—** |
| Interest and Other Income | 231 | 213 | 68 | 123 | 46 | 450 | 2283 | 201 | 38 | **138** | **2660** |
| Interest and Other Income - Unconsolidated (5) | 251 | 43 | 40 | 41 | 43 | 167 | 35 | 91 | 56 | **34** | **216** |
| **Total Other Income** | **4325** | **298** | **897** | **2013** | **2595** | **5803** | **3780** | **741** | **336** | **483** | **5340** |
| **Total Fee and Other Income** | **22551** | **4828** | **5700** | **5107** | **5727** | **21362** | **5168** | **3046** | **2013** | **1232** | **11459** |
| **<u>Reimbursed Expenses (7)</u>** | **(1580)** | **(368)** | **(398)** | **(383)** | **(1327)** | **(2476)** | **(360)** | **(677)** | **(418)** | **(569)** | **(2024)** |
| **<u>General and Administrative Expenses</u>** | **(27034)** | **(6733)** | **(7313)** | **(7969)** | **(7306)** | **(29321)** | **(8063)** | **(6996)** | **(6498)** | **(6762)** | **(28319)** |
| **<u>Interest Expense</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **Consolidated Interest Expense** |  |  |  |  |  |  |  |  |  |  |  |
| Term Loan, Unsecured ($350M) | (5056) | (948) | (950) | (1214) | (1220) | (4332) | (1430) | (1918) | (3279) | **(4982)** | **(11609)** |
| Senior Notes, Unsecured ($275M) | (10975) | (2744) | (2744) | (2743) | (2744) | (10975) | (2744) | (2744) | (2743) | **(2744)** | **(10975)** |
| Senior Notes, Unsecured ($250M) | (9958) | (2490) | (2489) | (2490) | (2489) | (9958) | (2490) | (2489) | (2490) | **(2489)** | **(9958)** |
| Senior Notes, Unsecured ($250M) | (9764) | (2441) | (2441) | (2441) | (2441) | (9764) | (2441) | (2441) | (2441) | **(2441)** | **(9764)** |
| Credit Facility, Unsecured | (5768) | (1710) | (1299) | (1114) | (1479) | (5602) | (1795) | (2585) | (3533) | **(1846)** | **(9759)** |
| Terminus (2) | (6016) | (1468) | (1452) | (1437) | (1422) | (5779) | (1406) | (1309) | (1293) | **(1636)** | **(5644)** |
| Term Loan, Unsecured ($400M) |  |  |  |  |  |  |  |  |  | **(4936)** | **(4936)** |
| Senior Notes, Unsecured ($125M) | (4789) | (1197) | (1198) | (1197) | (1197) | (4789) | (1197) | (1198) | (1197) | **(1197)** | **(4789)** |
| Fifth Third Center | (4737) | (1168) | (1159) | (1152) | (1146) | (4625) | (1138) | (1131) | (1123) | **(1116)** | **(4508)** |
| Senior Notes, Unsecured ($100M) | (4145) | (1036) | (1037) | (1036) | (1036) | (4145) | (1036) | (1037) | (1036) | **(1036)** | **(4145)** |
| Colorado Tower | (4091) | (1009) | (1005) | (998) | (994) | (4006) | (988) | (982) | (976) | **(971)** | **(3917)** |
| ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** |

---

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| | |
|:---|:---|
| **Cousins Properties**<sub>13</sub> | **Q4 2022 Supplemental Information** |

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------

**FUNDS FROM OPERATIONS - DETAIL (1)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** | **(amounts in thousands, except per share amounts)** |
| | **2020** | **2021 1st** | **2021 2nd** | **2021 3rd** | **2021 4th** | **2021** | **2022 1st** | **2022 2nd** | **2022 3rd** | **2022 4th** | **2022** |
| Domain 10 (8) | (3046) | (751) | (748) | (800) | (796) | (3095) | (792) | (788) | (783) | **(778)** | **(3141)** |
| Other (9) | (6584) | (1558) | (1553) | (1558) | (1544) | (6213) | (1519) | (1518) | (1512) | **(243)** | **(4792)** |
| Capitalized (10) | 14324 | 1312 | 1419 | 1471 | 2055 | 6257 | 3451 | 3591 | 4026 | **4332** | **15400** |
| **Subtotal - Consolidated Interest Expense** | **(60605)** | **(17208)** | **(16656)** | **(16709)** | **(16453)** | **(67026)** | **(15525)** | **(16549)** | **(18380)** | **(22083)** | **(72537)** |
| **Unconsolidated Interest Expense (5)** |  |  |  |  |  |  |  |  |  |  |  |
| Emory University Hospital Midtown | (1202) | (296) | (293) | (291) | (290) | (1170) | (288) | (286) | (284) | **(289)** | **(1147)** |
| Other (9) | (869) | (219) | (570) | (513) | (439) | (1741) | (329) | (403) | (726) | **2** | **(1456)** |
| **Subtotal - Unconsolidated Interest Expense** | **(2071)** | **(515)** | **(863)** | **(804)** | **(729)** | **(2911)** | **(617)** | **(689)** | **(1010)** | **(287)** | **(2603)** |
| **Total Interest Expense** | **(62676)** | **(17723)** | **(17519)** | **(17513)** | **(17182)** | **(69937)** | **(16142)** | **(17238)** | **(19390)** | **(22370)** | **(75140)** |
| **<u>Other Expenses</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Property Taxes and Other Holding Costs | (1163) | (345) | (164) | (215) | (217) | (941) | (230) | (262) | (247) | **(326)** | **(1065)** |
| Partners' Share of FFO in Consolidated Joint Ventures | (1263) | (407) | (129) | (339) | (409) | (1284) | (396) | (258) | (288) | **(362)** | **(1304)** |
| Severance | (69) | (308) | (19) |  | (79) | (406) |  | (170) |  | **—** | **(170)** |
| Gain (Loss) on Extinguishment of Debt |  |  |  |  |  |  |  | (100) |  | **269** | **169** |
| Predevelopment & Other Costs | (1049) | 50 | (655) | (210) | (14) | (829) | (4) | (7) | (2) | **(954)** | **(967)** |
| Transaction Costs | (428) |  |  |  |  |  |  |  |  | **—** | **—** |
| **Total Other Expenses** | **(3972)** | **(1010)** | **(967)** | **(764)** | **(719)** | **(3460)** | **(630)** | **(797)** | **(537)** | **(1373)** | **(3337)** |
| **Depreciation and Amortization of Non-Real Estate Assets** | **(688)** | **(158)** | **(157)** | **(156)** | **(152)** | **(623)** | **(155)** | **(158)** | **(138)** | **(107)** | **(558)** |
| **FFO** | $**413247** | $**101960** | $**102051** | $**102406** | $**102784** | $**409201** | $**99425** | $**104731** | $**104410** | $**100193** | $**408759** |
| **Weighted Average Shares - Diluted** | **148636** | **148725** | **148740** | **148772** | **148905** | **148891** | **149002** | **149142** | **151695** | **151835** | **150419** |
| **FFO per Share** | $**2.78** | $**0.69** | $**0.69** | $**0.69** | $**0.69** | $**2.75** | $**0.67** | $**0.70** | $**0.69** | $**0.66** | $**2.72** |

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| | |
|:---|:---|
| 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. | (1) See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 31. |
| (2) Contains multiple buildings that are grouped together for reporting purposes. | (2) Contains multiple buildings that are grouped together for reporting purposes. |
| (3) Promenade Central is in final stages of redevelopment and not yet stabilized. | (3) Promenade Central is in final stages of redevelopment and not yet stabilized. |
| (4) Primarily represents properties sold prior to December 31, 2022, see page 24. Also includes College Street Garage and properties in final stages of development and not yet stabilized.  | (4) Primarily represents properties sold prior to December 31, 2022, see page 24. Also includes College Street Garage and properties in 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. | (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 unconsolidated investments sold prior to December 31, 2022, see page 24. Also includes NOI from unconsolidated investments not yet stabilized. | (6) Primarily represents unconsolidated investments sold prior to December 31, 2022, see page 24. Also includes NOI from unconsolidated investments 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. | (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. | (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 consolidated loans repaid and our share of interests on loans of unconsolidated investments sold prior to December 31, 2022. | (9) Represents interest on consolidated loans repaid and our share of interests on loans of unconsolidated investments sold prior to December 31, 2022. |
| (10) Amounts of consolidated interest expense related to consolidated debt that are capitalized to consolidated development and redevelopment projects as well as to equity in unconsolidated development projects. | (10) Amounts of consolidated interest expense related to consolidated debt that are capitalized to consolidated development and redevelopment projects as well as to equity in unconsolidated development projects. |

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| | |
|:---|:---|
| **Cousins Properties**<sub>14</sub> | **Q4 2022 Supplemental Information** |

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**PORTFOLIO STATISTICS**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Office Properties (1)** | **Rentable Square Feet** | **Financial Statement Presentation** | **Company's Ownership Interest** | **End of Period Leased** | **End of Period Leased** | **Weighted Average Occupancy (2)** | **Weighted Average Occupancy (2)** | **% of Total <br>NOI / 4Q22** | **Property Level Debt ($ in thousands) (3)** |
| **Office Properties (1)** | **Rentable Square Feet** | **Financial Statement Presentation** | **Company's Ownership Interest** | **4Q22** | **3Q22** | **4Q22** | **3Q22** | **% of Total <br>NOI / 4Q22** | **Property Level Debt ($ in thousands) (3)** |
| Terminus (4) | 1226000 | Consolidated | 100% | 88.7% | 89.0% | 83.2% | 83.6% | 6.6% | $220676 |
| Spring & 8th (4) | 765000 | Consolidated | 100% | 100.0% | 100.0% | 100.0% | 100.0% | 5.7% |  |
| Northpark (4) | 1539000 | Consolidated | 100% | 76.1% | 76.4% | 71.7% | 74.2% | 3.8% |  |
| Buckhead Plaza (4) | 666000 | Consolidated | 100% | 93.8% | 92.1% | 86.0% | 82.5% | 3.7% |  |
| 725 Ponce (5) | 372000 | Consolidated | 100% | 100.0% | 100.0% | 98.4% | 98.4% | 3.6% |  |
| Avalon (6) | 480000 | Consolidated | 100% | 97.8% | 99.5% | 98.7% | 99.5% | 3.2% |  |
| 3344 Peachtree | 484000 | Consolidated | 100% | 96.9% | 96.9% | 95.8% | 95.3% | 3.0% |  |
| Promenade Tower | 777000 | Consolidated | 100% | 77.8% | 77.7% | 75.0% | 73.0% | 2.6% |  |
| 3350 Peachtree | 413000 | Consolidated | 100% | 57.0% | 53.0% | 52.5% | 52.5% | 1.1% |  |
| Meridian Mark Plaza | 160000 | Consolidated | 100% | 100.0% | 100.0% | 100.0% | 100.0% | 1.0% |  |
| 3348 Peachtree | 258000 | Consolidated | 100% | 75.5% | 74.9% | 74.9% | 74.9% | 0.9% |  |
| Emory University Hospital Midtown | 358000 | Unconsolidated | 50% | 99.5% | 99.5% | 98.3% | 97.7% | 0.9% | 31428 |
| 120 West Trinity Office (5) | 43000 | Unconsolidated | 20% | 100.0% | 90.4% | 90.4% | 90.4% | 0.1% |  |
| Promenade Central (5) (7) | 370000 | Consolidated | 100% | 60.7% | 55.3% | 11.1% | N/A | 0.1% |  |
| **ATLANTA (7)** | **7911000** |  |  | **86.5%** | **86.3%** | **83.3%** | **83.3%** | **36.3%** | **252104** |
| The Domain (6) | 1899000 | Consolidated | 100% | 100.0% | 100.0% | 100.0% | 99.8% | 14.8% | 73945 |
| 300 Colorado (5) | 378000 | Consolidated | 100% | 100.0% | 100.0% | 88.3% | 86.6% | 3.1% |  |
| One Eleven Congress | 519000 | Consolidated | 100% | 83.8% | 85.7% | 80.6% | 82.6% | 3.1% |  |
| The Terrace (4) | 619000 | Consolidated | 100% | 80.7% | 80.6% | 76.2% | 72.2% | 2.7% |  |
| Colorado Tower | 373000 | Consolidated | 100% | 97.4% | 95.6% | 89.2% | 87.7% | 2.6% | 109199 |
| San Jacinto Center | 399000 | Consolidated | 100% | 93.9% | 96.1% | 78.7% | 91.1% | 2.6% |  |
| Domain Point (4) | 240000 | Consolidated | 96.5% | 100.0% | 100.0% | 96.6% | 96.6% | 1.3% |  |
| Research Park V | 173000 | Consolidated | 100% | 97.1% | 97.1% | 97.1% | 97.1% | 0.9% |  |
| **AUSTIN** | **4600000** |  |  | **94.7%** | **95.0%** | **90.6%** | **91.0%** | **31.1%** | **183144** |
| Corporate Center (4) | 1227000 | Consolidated | 100% | 97.2% | 97.2% | 95.1% | 94.0% | 5.6% |  |
| Heights Union (4) (5) | 294000 | Consolidated | 100% | 100.0% | 100.0% | 94.1% | 93.8% | 2.4% |  |
| The Pointe | 253000 | Consolidated | 100% | 92.1% | 94.1% | 89.0% | 90.9% | 1.0% |  |
| Harborview Plaza | 205000 | Consolidated | 100% | 80.8% | 80.8% | 80.8% | 80.8% | 0.7% |  |
| **TAMPA** | **1979000** |  |  | **95.2%** | **95.5%** | **92.7%** | **92.2%** | **9.7%** | **—** |
| Hayden Ferry (4) | 792000 | Consolidated | 100% | 94.2% | 93.7% | 91.0% | 93.1% | 4.7% |  |
| 100 Mill (5) | 288000 | Consolidated | 90% | 92.3% | N/A | 92.3% | N/A | 2.6% |  |
| 111 West Rio | 225000 | Consolidated | 100% | 100.0% | 100.0% | 100.0% | 100.0% | 1.1% |  |
| Tempe Gateway | 264000 | Consolidated | 100% | 65.4% | 68.0% | 51.4% | 68.2% | 0.5% |  |
| **PHOENIX** | **1569000** |  |  | **89.8%** | **89.5%** | **85.7%** | **89.2%** | **8.9%** | **—** |
| Fifth Third Center | 692000 | Consolidated | 100% | 90.8% | 90.8% | 90.8% | 90.8% | 3.4% | 129921 |
| The RailYard | 329000 | Consolidated | 100% | 99.4% | 99.0% | 98.6% | 98.4% | 2.5% |  |
| 550 South | 394000 | Consolidated | 100% | 97.9% | 97.9% | 97.9% | 97.9% | 2.1% |  |
| **CHARLOTTE** | **1415000** |  |  | **94.8%** | **94.7%** | **94.6%** | **94.6%** | **8.0%** | **129921** |
| ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** |

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|:---|:---|:---|
| **Cousins Properties** | **15** | **Q4 2022 Supplemental Information** |

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**PORTFOLIO STATISTICS**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Office Properties (1)** | **Rentable Square Feet** | **Financial Statement Presentation** | **Company's Ownership Interest** | **End of Period Leased** | **End of Period Leased** | **Weighted Average Occupancy (2)** | **Weighted Average Occupancy (2)** | **% of Total <br>NOI / 4Q22** | **Property Level Debt ($ in thousands) (3)** |
| **Office Properties (1)** | **Rentable Square Feet** | **Financial Statement Presentation** | **Company's Ownership Interest** | **4Q22** | **3Q22** | **4Q22** | **3Q22** | **% of Total <br>NOI / 4Q22** | **Property Level Debt ($ in thousands) (3)** |
| Legacy Union One | 319000 | Consolidated | 100% | 100.0% | 100.0% | 100.0% | 100.0% | 1.8% |  |
| 5950 Sherry Lane | 197000 | Consolidated | 100% | 73.4% | 71.9% | 71.9% | 71.0% | 0.5% |  |
| **DALLAS** | **516000** |  |  | **89.8%** | **89.3%** | **89.3%** | **88.9%** | **2.3%** | **—** |
| BriarLake Plaza (4) | 835000 | Consolidated | 100% | 95.5% | 77.9% | 75.5% | 74.6% | 2.8% |  |
| **HOUSTON** | **835000** |  |  | **95.5%** | **77.9%** | **75.5%** | **74.6%** | **2.8%** | **—** |
| **TOTAL OFFICE (7)** | **18825000** |  |  | **91.0%** | **90.1%** | **87.1%** | **87.3%** | **99.1%** | $**565169** |
| **Other Properties (1)** |  |  |  |  |  |  |  |  |  |
| College Street Garage - Charlotte (5) | N/A | Consolidated | 100% | N/A | N/A | N/A | N/A | 0.8% |  |
| 120 West Trinity Apartment - Atlanta (330 units) (5) | 310000 | Unconsolidated | 20% | 93.8% | 97.1% | 93.3% | 95.7% | 0.1% |  |
| **TOTAL OTHER** | **310000** |  |  | **93.8%** | **97.1%** | **93.3%** | **95.7%** | **0.9%** | $**—** |
| **TOTAL (7)** | **19135000** |  |  | **91.0%** | **90.2%** | **87.1%** | **87.4%** | **100.0%** | $**565169** |

---

(1) Represents the Company's operating properties, excluding properties on the development pipeline, and properties sold prior to December 31, 2022.

(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 net of unamortized loan costs, as of December 31, 2022.

(4) Contains two or more buildings that are grouped together for reporting purposes.

(5) Not included in Same Property as of December 31, 2022.

(6) 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, 2022, specifically Domain 10 and 10000 Avalon.

(7) While under redevelopment and until stabilization, Promenade Central was excluded from the Atlanta, Total Office, and Total Portfolio calculations of end of period leased and weighted average occupancy at and for the quarters ended December 31, 2022 and September 30, 2022. Promenade Central will be added back to the total calculations when weighted average occupancy stabilizes, which is the earlier of when it reaches 90% occupancy or in fourth quarter 2023 (one year after the redevelopment activity was substantially complete).

---

| | | |
|:---|:---|:---|
| **Cousins Properties** | **16** | **Q4 2022 Supplemental Information** |

---

------

**PORTFOLIO STATISTICS**

**Fourth Quarter 2022 Portfolio NOI by Market**

![supplementmap.jpg](supplementmap.jpg)

(1) The Company is developing a mixed-use project in Nashville through a 50% owned joint venture. See pages 25 and 30 for additional details.

---

| | | |
|:---|:---|:---|
| **Cousins Properties** | **17** | **Q4 2022 Supplemental Information** |

---

------

**SAME PROPERTY PERFORMANCE (1)**

---

| | | | |
|:---|:---|:---|:---|
| | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **2022** | **2021** | **% Change** |
| Rental Property Revenues (2) | $**166863** | $162513 | 2.7% |
| Rental Property Operating Expenses (2) | **59441** | 57502 | 3.4% |
| Same Property Net Operating Income | $**107422** | $105011 | 2.3% |
| Cash-Basis Rental Property Revenues (3) | $**160447** | $156067 | 2.8% |
| Cash-Basis Rental Property Operating Expenses (4) | **59251** | 57333 | 3.3% |
| Cash-Basis Same Property Net Operating Income | $**101196** | $98734 | 2.5% |
| End of Period Leased | **90.1%** | 90.8% |  |
| Weighted Average Occupancy | **86.2%** | 88.5% |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **% Change** |
| Rental Property Revenues (2) | $**658018** | $655419 | 0.4% |
| Rental Property Operating Expenses (2) | **233703** | 231187 | 1.1% |
| Same Property Net Operating Income | $**424315** | $424232 | 0.0% |
| Cash-Basis Rental Property Revenues (3) | $**631918** | $625468 | 1.0% |
| Cash-Basis Rental Property Operating Expenses (4) | **232939** | 230528 | 1.0% |
| Cash-Basis Same Property Net Operating Income | $**398979** | $394940 | 1.0% |
| Weighted Average Occupancy | **86.6%** | 90.2% |  |

---

(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 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.

---

| | | |
|:---|:---|:---|
| **Cousins Properties** | **18** | **Q4 2022 Supplemental Information** |

---

------

**OFFICE LEASING ACTIVITY**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
| | **New** | **Renewal** | **Expansion** | **Total** | **New** | **Renewal** | **Expansion** | **Total** |
| Gross leased square feet (1) |  |  |  | 685696 |  |  |  | 2398468 |
| Less exclusions (2) |  |  |  | (53317) |  |  |  | (422811) |
| Net leased square feet | 120935 | 332079 | 179365 | 632379 | 644059 | 978171 | 353427 | 1975657 |
| Number of transactions | 15 | 19 | 5 | 39 | 71 | 77 | 28 | 176 |
| Lease term in years (3) | 8.7 | 11.7 | 13.3 | 11.6 | 8.9 | 8.9 | 10.7 | 9.2 |
| Net effective rent calculation (per square foot <br> per year) (3) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net annualized rent (4) | $39.58 | $34.22 | $29.99 | $34.04 | $36.84 | $32.75 | $32.75 | $34.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net free rent | (2.23) | (2.46) | (3.42) | (2.69) | (2.01) | (1.77) | (2.46) | (1.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing commissions | (3.35) | (2.53) | (2.22) | (2.60) | (3.00) | (2.65) | (2.51) | (2.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenant improvements | (6.92) | (6.17) | (7.20) | (6.61) | (7.59) | (4.65) | (6.74) | (5.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total leasing costs | (12.50) | (11.16) | (12.84) | (11.90) | (12.60) | (9.07) | (11.71) | (10.69) |
| Net effective rent | $27.08 | $23.06 | $17.15 | $22.14 | $24.24 | $23.68 | $21.04 | $23.39 |
| Second generation leased square footage (5) |  |  |  | 476320 |  |  |  | 1498117 |
| Increase in straight-line basis second generation net rent per square foot (6) | Increase in straight-line basis second generation net rent per square foot (6) | Increase in straight-line basis second generation net rent per square foot (6) | Increase in straight-line basis second generation net rent per square foot (6) | 18.6% |  |  |  | 23.2% |
| Increase in cash-basis second generation net rent per square foot (7) | Increase in cash-basis second generation net rent per square foot (7) | Increase in cash-basis second generation net rent per square foot (7) | Increase in cash-basis second generation net rent per square foot (7) | 7.3% |  |  |  | 9.5% |
| Excluding Houston: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net effective rent |  |  |  | $30.61 |  |  |  | $25.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in cash-basis second generation net rent per square foot (7) | &nbsp;&nbsp;&nbsp;&nbsp;Increase in cash-basis second generation net rent per square foot (7) | &nbsp;&nbsp;&nbsp;&nbsp;Increase in cash-basis second generation net rent per square foot (7) | &nbsp;&nbsp;&nbsp;&nbsp;Increase in cash-basis second generation net rent per square foot (7) | 27.7% |  |  |  | 14.6% |

---

(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, and intercompany space.

(3) Weighted average of net leased square feet.

(4) Straight-line net rent per square foot (operating expense reimbursements deducted from gross leases) over the lease term prior to any deductions for leasing costs.

(5) Excludes leases executed for spaces that were vacant upon acquisition, new leases in development properties, and leases for spaces that have been vacant for one year or more.

(6) Increase in second generation straight-line basis net annualized rent on a weighted average basis.

(7) Increase in net cash rent at the end of the term paid by the prior tenant compared to net cash rent at the beginning of the term (after any free rent period) paid by the current tenant on a weighted average basis. For early renewals, the increase in net cash rent at the end of the term of the original lease is compared to net cash rent at the beginning of the extended term of the lease. Net cash rent is net of any recovery of operating expenses but prior to any deductions for leasing costs.

---

| | | |
|:---|:---|:---|
| **Cousins Properties** | **19** | **Q4 2022 Supplemental Information** |

---

------

**OFFICE LEASE EXPIRATIONS**

**Lease Expirations by Year (1)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year of Expiration** | **Square Feet <br>Expiring** | **% of Leased<br>Space** | **Annual<br>Contractual Rent<br>($ in thousands) (2)** | **% of Annual<br>Contractual<br>Rent** | **Annual<br>Contractual<br>Rent/Sq. Ft.** |
| 2023 | 1001369 | 6.1% | $42730 | 5.1% | $42.67 |
| 2024 | 984168 | 6.0% | 43871 | 5.2% | 44.58 |
| 2025 | 1820919 | 11.1% | 83602 | 10.0% | 45.91 |
| 2026 | 1407304 | 8.6% | 66369 | 7.9% | 47.16 |
| 2027 | 1633446 | 9.9% | 71832 | 8.6% | 43.98 |
| 2028 | 1551577 | 9.5% | 76714 | 9.2% | 49.44 |
| 2029 | 1506291 | 9.2% | 72050 | 8.6% | 47.83 |
| 2030 | 1504787 | 9.2% | 97597 | 11.7% | 64.86 |
| 2031 | 1122709 | 6.8% | 66084 | 7.9% | 58.86 |
| 2032 & Thereafter | 3893428 | 23.6% | 216295 | 25.8% | 55.55 |
| Total | 16425998 | 100.0% | $837144 | 100.0% | $50.96 |

---

![chart-78fa3bf7d908424987c.jpg](chart-78fa3bf7d908424987c.jpg)

---

| |
|:---|
| (1) Company's share of leases expiring after December 31, 2022. Expiring square footage for which new leases have<br>&nbsp;&nbsp;&nbsp;&nbsp; been executed is reflected based on the expiration date of the new lease. |
| (2) Annual Contractual Rent is the estimated rent in the year of expiration. It includes the minimum base rent and an estimate of the tenant's share of operating expenses, if applicable, as defined in the respective leases. |

---

---

| | | |
|:---|:---|:---|
| **Cousins Properties** | **20** | **Q4 2022 Supplemental Information** |

---

------

**TOP 20 OFFICE TENANTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Tenant (1)** | **Number of Properties Occupied** | **Number of Markets Occupied** | **Company's Share of Square Footage** | **Company's Share of Annualized Rent <br>($ in thousands) (2)** | **Percentage of Company's Share of Annualized Rent** | **Weighted Average Remaining Lease Term (Years)** |
| 1 | Amazon | 5 | 3 | 1005416 | $51308 | 7.3% | 6.4 |
| 2 | NCR Corporation | 1 | 1 | 762090 | 37753 | 5.3% | 10.6 |
| 3 | Meta Platforms | 1 | 1 | 422252 | 23818 | 3.4% | 7.2 |
| 4 | Pioneer Natural Resources | 2 | 1 | 359660 | 23336 | 3.3% | 8.7 |
| 5 | Expedia | 1 | 1 | 315882 | 17281 | 2.4% | 8.3 |
| 6 | Bank of America | 2 | 2 | 347139 | 12071 | 1.7% | 3.0 |
| 7 | Wells Fargo | 5 | 3 | 201801 | 9109 | 1.3% | 3.1 |
| 8 | Apache | 1 | 1 | 210012 | 8952 | 1.3% | 14.0 |
| 9 | SVB Financial Group | 1 | 1 | 204751 | 8432 | 1.2% | 3.1 |
| 10 | Ovintiv USA | 1 | 1 | 318582 | 8190 | 1.2% | 4.5 |
| 11 | WeWork Companies | 4 | 2 | 169050 | 7750 | 1.1% | 10.7 |
| 12 | ADP | 1 | 1 | 225000 | 7479 | 1.1% | 5.3 |
| 13 | Westrock Shared Services | 1 | 1 | 205185 | 7346 | 1.0% | 7.3 |
| 14 | Regus Equity Business Centers | 5 | 4 | 145119 | 7060 | 1.0% | 5.8 |
| 15 | BlackRock | 1 | 1 | 131656 | 6778 | 1.0% | 13.4 |
| 16 | Workrise Technologies | 1 | 1 | 93210 | 6652 | 0.9% | 5.6 |
| 17 | McGuireWoods | 2 | 2 | 187119 | 6556 | 0.9% | 3.9 |
| 18 | Amgen | 1 | 1 | 163169 | 6330 | 0.9% | 5.8 |
| 19 | Samsung Engineering America | 1 | 1 | 133860 | 5996 | 0.8% | 3.9 |
| 20 | Time Warner Cable | 4 | 2 | 120140 | 5877 | 0.8% | 3.0 |
|  | **Total** |  |  | **5721093** | $**268074** | **37.9%** | **7.0** |
| (1) | In some cases, the actual tenant may be an affiliate of the entity shown. | In some cases, the actual tenant may be an affiliate of the entity shown. | In some cases, the actual tenant may be an affiliate of the entity shown. | In some cases, the actual tenant may be an affiliate of the entity shown. | In some cases, the actual tenant may be an affiliate of the entity shown. | In some cases, the actual tenant may be an affiliate of the entity shown. | In some cases, the actual tenant may be an affiliate of the entity shown. |
| (2) | Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant for December 2022. If the tenant is in a free rent period for December 2022, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent. Included in this amount is $7.9 million of annualized base rent for tenants in a free rent period. | Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant for December 2022. If the tenant is in a free rent period for December 2022, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent. Included in this amount is $7.9 million of annualized base rent for tenants in a free rent period. | Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant for December 2022. If the tenant is in a free rent period for December 2022, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent. Included in this amount is $7.9 million of annualized base rent for tenants in a free rent period. | Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant for December 2022. If the tenant is in a free rent period for December 2022, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent. Included in this amount is $7.9 million of annualized base rent for tenants in a free rent period. | Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant for December 2022. If the tenant is in a free rent period for December 2022, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent. Included in this amount is $7.9 million of annualized base rent for tenants in a free rent period. | Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant for December 2022. If the tenant is in a free rent period for December 2022, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent. Included in this amount is $7.9 million of annualized base rent for tenants in a free rent period. | Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant for December 2022. If the tenant is in a free rent period for December 2022, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent. Included in this amount is $7.9 million of annualized base rent for tenants in a free rent period. |
| **Note:** | This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded. | This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded. | This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded. | This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded. | This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded. | This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded. | This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded. |

---

---

| | | |
|:---|:---|:---|
| **Cousins Properties** | **21** | **Q4 2022 Supplemental Information** |

---

------

**TENANT INDUSTRY DIVERSIFICATION**

![chart-222d288551904576b81.jpg](chart-222d288551904576b81.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 December 31, 2022. If the tenant is in a free rent period as of December 31, 2022, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month the tenant is required to pay full rent.

---

| | | |
|:---|:---|:---|
| **Cousins Properties** | **22** | **Q4 2022 Supplemental Information** |

---

------

**INVESTMENT ACTIVITY**

**Completed Operating Property Acquisitions**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Type** | **Market** | **Company's Ownership Interest** | **Timing** | **Square Feet** | **Gross Purchase Price<br>($ in thousands) (1)** |
| **2022** |  |  |  |  |  |  |
| Avalon (2) | Office | Atlanta | 100% | 2Q | 480000 | $43400 |
| **2021** |  |  |  |  |  |  |
| 725 Ponce | Office | Atlanta | 100% | 3Q | 372000 | 300200 |
| Heights Union | Office | Tampa | 100% | 4Q | 294000 | 144800 |
| **2020** |  |  |  |  |  |  |
| The RailYard | Office | Charlotte | 100% | 4Q | 329000 | 201300 |
| **2019** |  |  |  |  |  |  |
| Promenade Central | Office | Atlanta | 100% | 1Q | 370000 | 82000 |
| TIER REIT, Inc. | Office | Various | Various | 2Q | 5799000 | (3) |
| Terminus (4) | Office | Atlanta | 100% | 4Q | 1226000 | 246000 |
|  |  |  |  |  | **8870000** | $**1017700** |

---

**Completed Property Developments**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Project** | **Type** | **Market** | **Company's Ownership Interest** | **Timing (5)** | **Square Feet** | **Total Project Cost ($ in thousands) (1)** |
| **2022** |  |  |  |  |  |  |
| 300 Colorado | Office | Austin | 100% | 1Q | 369000 | $193000 |
| 100 Mill | Office | Phoenix | 90% | 4Q | 288000 | 156000 |
| **2021** |  |  |  |  |  |  |
| 10000 Avalon | Office | Atlanta | 90% | 1Q | 251000 | 96000 |
| 120 West Trinity | Mixed | Atlanta | 20% | 2Q | 353000 | 89000 |
| Domain 10 | Office | Austin | 100% | 3Q | 300000 | 111000 |
| **2020** |  |  |  |  |  |  |
| Domain 12 | Office | Austin | 100% | 4Q | 320000 | 117000 |
| **2019** |  |  |  |  |  |  |
| Dimensional Place | Office | Charlotte | 50% | 1Q | 281000 | 96000 |
| **2018** |  |  |  |  |  |  |
| Spring & 8th | Office | Atlanta | 100% | 1Q/4Q | 765000 | 336000 |
|  |  |  |  |  | **2927000** | $**1194000** |

---

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

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

(2) Purchased outside interest of 10% in HICO Avalon LLC and HICO Avalon II LLC for $43 million in a transaction that valued the properties at $302 million.

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

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

(5) Represents timing of stabilization (90% economic occupancy or one year beyond the cessation of major construction activity).

---

| | | |
|:---|:---|:---|
| **Cousins Properties** | **23** | **Q4 2022 Supplemental Information** |

---

------

**INVESTMENT ACTIVITY**

**Completed Operating Property Dispositions**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Type** | **Market** | **Company's Ownership Interest** | **Timing** | **Square Feet** | **Gross Sales Price<br>($ in thousands)** | |
| **2022** |  |  |  |  |  |  |  |
| Carolina Square | Mixed | Charlotte | 50% | 3Q | 468000 | $105000 | (1) |
| **2021** |  |  |  |  |  |  |  |
| Burnett Plaza | Office | Fort Worth | 100% | 2Q | 1023000 | 137500 |  |
| One South at the Plaza | Office | Charlotte | 100% | 3Q | 891000 | 271500 |  |
| Dimensional Place | Office | Charlotte | 50% | 3Q | 281000 | 60800 | (1) |
| 816 Congress | Office | Austin | 100% | 4Q | 435000 | 174000 |  |
| **2020** |  |  |  |  |  |  |  |
| Hearst Tower | Office | Charlotte | 100% | 1Q | 966000 | 455500 |  |
| Gateway Village | Office | Charlotte | 50% | 1Q | 1061000 | 52200 | (1) |
| Woodcrest | Office | Cherry Hill | 100% | 1Q | 386000 | 25300 |  |
|  |  |  |  |  | **5511000** | $**1281800** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Amount represents proceeds, before debt and other adjustments, received by the Company for the sale of its unconsolidated interest in the joint venture to its partner.

---

| | | |
|:---|:---|:---|
| **Cousins Properties** | **24** | **Q4 2022 Supplemental Information** |

---

------

**DEVELOPMENT PIPELINE (1)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Project** | **Type** | **Market** | **Company's Ownership Interest** | **Construction Start Date** | **Square Feet/Units** | **Estimated Project Cost (1) (2)<br>($ in thousands)** | **Company's Share of Estimated Project Cost (2) <br>($ in thousands)** | **Project Cost Incurred to Date (2)<br>($ in thousands)** | **Company's Share of Project Cost Incurred to Date (2)<br>($ in thousands)** | **Percent Leased** | **Initial Revenue Recognition (3)** | **Estimated Stabilization (4)** |
| Neuhoff (5) | Mixed | Nashville | 50% | 3Q21 |  | $563000 | $281500 | $297625 | $148813 |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial |  |  |  |  | 448000 |  |  |  |  | —% | 3Q23 | 3Q24 |
| &nbsp;&nbsp;&nbsp;Apartments |  |  |  |  | 542 |  |  |  |  | —% | 2Q24 | 2Q25 |
| Domain 9 | Office | Austin | 100% | 2Q21 | 338000 | 147000 | 147000 | 107969 | 107969 | 97% | 1Q24 | 1Q25 |
| **Total** |  |  |  |  |  | $**710000** | $**428500** | $**405594** | $**256782** |  |  |  |

---

(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 (see Note 5). The above schedule excludes any financing cost assumptions for projects without project-specific debt and any other incremental capitalized costs required by GAAP.

(3) Initial revenue recognition represents the quarter within which the Company first recognized or estimates it will begin recognizing revenue under GAAP.

(4) A project is stabilized when it 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 on the core building development. Until the project is stabilized, the Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of development properties, which have ongoing construction of tenant improvements.

(5) The Neuhoff estimated project cost will be funded with a combination of $250.6 million of equity contributed by the joint venture partners and a $312.7 million construction loan.

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| | | |
|:---|:---|:---|
| **Cousins Properties** | **25** | **Q4 2022 Supplemental Information** |

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**LAND INVENTORY**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Market** | **Company's Ownership Interest** | **Financial Statement Presentation** | **Total Developable Land (Acres)** | **Cost Basis of Land ($ in thousands)** |
| 3354/3356 Peachtree | Atlanta | 95% | Consolidated | 3.2 |  |
| 715 Ponce | Atlanta | 50% | Unconsolidated | 1.0 |  |
| 887 West Peachtree (1) | Atlanta | 100% | Consolidated | 1.6 |  |
| The Avenue Forsyth-Adjacent Land | Atlanta | 100% | Consolidated | 10.4 |  |
| Domain Point 3 | Austin | 90% | Consolidated | 1.7 |  |
| Domain Central | Austin | 100% | Consolidated | 5.6 |  |
| South End Station | Charlotte | 100% | Consolidated | 3.4 |  |
| 303 Tremont | Charlotte | 100% | Consolidated | 2.4 |  |
| Legacy Union 2 & 3 | Dallas | 95% | Consolidated | 4.0 |  |
| Corporate Center 5 & 6 (2) | Tampa | 100% | Consolidated | 14.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |  |  |  | **47.4** | $**166515** |
|  |  |  |  |  | 159351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Company's Share** |  |  |  | **46.4** | $**159710** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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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| | | |
|:---|:---|:---|
| **Cousins Properties** | **26** | **Q4 2022 Supplemental Information** |

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**DEBT SCHEDULE (1)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company's Share of Debt Maturities and Principal Payments** | **Company's Share of Debt Maturities and Principal Payments** | **Company's Share of Debt Maturities and Principal Payments** | **Company's Share of Debt Maturities and Principal Payments** | **Company's Share of Debt Maturities and Principal Payments** | **Company's Share of Debt Maturities and Principal Payments** | **Company's Share of Debt Maturities and Principal Payments** | **Company's Share of Debt Maturities and Principal Payments** | **Company's Share of Debt Maturities and Principal Payments** | **Company's Share of Debt Maturities and Principal Payments** | **Company's Share of Debt Maturities and Principal Payments** | **Company's Share of Debt Maturities and Principal Payments** | **Company's Share of Debt Maturities and Principal Payments** |
| **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| **Description (Interest Rate Base, if not fixed)** | **Company's Ownership Interest** | **Rate at End of Quarter** | **Maturity Date** | **2023** | **2024** | **2025** | **2026** | **2027** | **Thereafter** | **Total Principal** | **Deferred Loan Costs** | **Total** |
| **Consolidated Debt - Floating Rate** |  |  |  |  |  |  |  |  |  |  |  |  |
| Term Loan, Unsecured (Adjusted SOFR + 1.05% to 1.65%) (2) | 100% | 5.45% | 3/3/25 | $— | $— | $400000 | $— | $— | $— | $400000 | $(2281) | $397719 |
| Credit Facility, Unsecured (Adjusted SOFR + 0.90% to 1.40%) (3) | 100% | 5.30% | 4/30/27 |  |  |  |  | 56600 |  | 56600 |  | 56600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Consolidated Floating Rate Debt |  |  |  |  |  | 400000 |  | 56600 |  | 456600 | (2281) | 454319 |
| **Consolidated Debt - Fixed Rate** |  |  |  |  |  |  |  |  |  |  |  |  |
| Term Loan, Unsecured (4) | 100% | 5.38% | 8/30/24 |  | 350000 |  |  |  |  | 350000 | (1123) | 348877 |
| Senior Note, Unsecured | 100% | 3.95% | 7/6/29 |  |  |  |  |  | 275000 | 275000 | (729) | 274271 |
| Senior Note, Unsecured | 100% | 3.91% | 7/6/25 |  |  | 250000 |  |  |  | 250000 | (458) | 249542 |
| Senior Note, Unsecured | 100% | 3.86% | 7/6/28 |  |  |  |  |  | 250000 | 250000 | (623) | 249377 |
| Fifth Third Center | 100% | 3.37% | 10/1/26 | 3622 | 3746 | 3874 | 118926 |  |  | 130168 | (247) | 129921 |
| Senior Note, Unsecured | 100% | 3.78% | 7/6/27 |  |  |  |  | 125000 |  | 125000 | (286) | 124714 |
| Colorado Tower | 100% | 3.45% | 9/1/26 | 2689 | 2783 | 2881 | 101199 |  |  | 109552 | (353) | 109199 |
| Terminus (5) | 100% | 6.34% | 1/15/31 |  |  |  |  |  | 221000 | 221000 | (324) | 220676 |
| Senior Note, Unsecured | 100% | 4.09% | 7/6/27 |  |  |  |  | 100000 |  | 100000 | (235) | 99765 |
| Domain 10 | 100% | 3.75% | 11/1/24 | 1963 | 72558 |  |  |  |  | 74521 | (576) | 73945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Consolidated Fixed Rate Debt |  |  |  | 8274 | 429087 | 256755 | 220125 | 225000 | 746000 | 1885241 | (4954) | 1880287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consolidated Debt |  |  |  | 8274 | 429087 | 656755 | 220125 | 281600 | 746000 | 2341841 | (7235) | 2334606 |
| **Unconsolidated Debt - Floating Rate** |  |  |  |  |  |  |  |  |  |  |  |  |
| Neuhoff (LIBOR + 3.60%) (6) | 50% | 7.73% | 9/30/25 |  |  | 59715 |  |  |  | 59715 | (1745) | 57970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Unconsolidated Floating Rate Debt |  |  |  |  |  | 59715 |  |  |  | 59715 | (1745) | 57970 |
|  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;. |  |  |  |
| **Unconsolidated Debt - Fixed Rate** |  |  |  |  |  |  |  |  |  |  |  |  |
| Emory University Hospital Midtown | 50% | 3.50% | 6/1/23 | 31436 |  |  |  |  |  | 31436 | (8) | 31428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Unconsolidated Fixed Rate Debt |  |  |  | 31436 |  |  |  |  |  | 31436 | (8) | 31428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Unconsolidated Debt |  |  |  | 31436 |  | 59715 |  |  |  | 91151 | (1753) | 89398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Debt** |  |  |  | $39710 | $429087 | $716470 | $220125 | $281600 | $746000 | $2432992 | $(8988) | $2424004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Maturities (7)** |  |  |  | $31050 | $420865 | $709715 | $215159 | $281600 | $746000 | $2404389 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% of Maturities** |  |  |  | 1% | 18% | 30% | 9% | 12% | 30% | 100% |  |  |

---

---

| | | |
|:---|:---|:---|
| **Cousins Properties** | **27** | **Q4 2022 Supplemental Information** |

---

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**DEBT SCHEDULE (1)**

![chart-4cb7351891d74d49aa6.jpg](chart-4cb7351891d74d49aa6.jpg)

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| | | |
|:---|:---|:---|
| **Cousins Properties** | **28** | **Q4 2022 Supplemental Information** |

---

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**DEBT SCHEDULE (1)**

**Floating and Fixed Rate Debt Analysis**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Principal <br>($ in thousands)** | **Total Debt (%)** | **Weighted Average Interest Rate** | **Weighted Average Maturity (Years)** |
| Floating Rate Debt | $516315 | 21% | 5.58% | 2.5 |
| Fixed Rate Debt | 1916678 | 79% | 4.18% | 4.3 |
| &nbsp;&nbsp;&nbsp;Total Debt | $2432993 | 100% | 4.48% | 3.9 |

---

(1) All amounts are presented at Company share.

(2) As of December 31, 2022, the spread over Adjusted SOFR (SOFR + 0.10%) under the Term Loan was 1.05%. The loan matures on March 3, 2025 with four consecutive options to extend the maturity date for an additional six months each.

(3) As of December 31, 2022, the Company had $56.6 million drawn under the Credit Facility and had the ability to borrow the remaining $943.4 million. The spread over Adjusted SOFR (SOFR + 0.10%) under the Credit Facility at December 31, 2022 was 0.90%.

(4) In the third quarter, the Company entered into a floating-to-fixed interest rate swap through the maturity date effectively fixing the underlying SOFR rate at 4.23%. The spread over Adjusted SOFR (SOFR + 0.10%) at December 31, 2022 was 1.05%. The Company has four consecutive options to extend the maturity date for an additional six months each.

(5) Represents $123.0 million and $98.0 million non-cross collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.

(6) The Company's share of the total borrowing capacity of the construction loan is $156.4 million.

(7) Maturities include principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.

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| | | |
|:---|:---|:---|
| **Cousins Properties** | **29** | **Q4 2022 Supplemental Information** |

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**JOINT VENTURE INFORMATION (1)**

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| | | | |
|:---|:---|:---|:---|
| **Joint Venture** | **Property** | **Cash Flows to Cousins (2)** | **Options** |
| **Consolidated:** | | | |
| HICO 100 Mill LLC | 100 Mill | 90% of cash flows until return of contributed capital to Partners; portions of cash amounts received in excess of contributed capital are paid to our partner as a promote | Cousins can trigger a sale process, subject to a right of first offer that can be exercised by Partner. |
| TR Domain Point LLC | Domain Point | Preferred return on preferred equity contribution, then 96.5% of remaining cash flows. | Partner has put option under various circumstances. |
| **Unconsolidated:** |  |  |  |
| AMCO 120 WT Holdings LLC | 120 West Trinity | 20% of cash flows. | Cousins or Partner can trigger a buyout upon which Cousins would receive the office component, and Partner would receive the multifamily component, with a net settlement at a then agreed upon value. |
| Crawford Long-CPI, LLC | Emory University Hospital Midtown | 50% of cash flows. | Cousins can put its interest to Partner, or Partner can call Cousins' interest, at a value determined by appraisal. |
| Neuhoff Holdings LLC | Neuhoff | 50% of cash flows until return of contributed capital to Partners; portions of cash amounts received in excess of contributed capital are paid to a partner as a promote | 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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| | | |
|:---|:---|:---|
| **Cousins Properties** | **30** | **Q4 2022 Supplemental Information** |

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**NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) |
| | **2020** | **2021 1st** | **2021 2nd** | **2021 3rd** | **2021 4th** | **2021** | **2022 1st** | **2022 2nd** | **2022 3rd** | **2022 4th** | **2022** |
| <u>FFO and EBITDA</u>*<u>re</u>* |  |  |  |  |  |  |  |  |  |  |  |
| Net income available to common stockholders | $237278 | $29110 | $28153 | $54018 | $167305 | $278586 | $27984 | $34052 | $80639 | $**24118** | $**166793** |
| Depreciation and amortization of real estate assets: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated properties | 287960 | 70712 | 71299 | 71918 | 73540 | 287469 | 70589 | 69703 | 78978 | **75759** | **295029** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of unconsolidated joint ventures | 8740 | 2365 | 2810 | 2917 | 1582 | 9674 | 1124 | 1111 | 1189 | **503** | **3927** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of real estate depreciation | (742) | (211) | (228) | (231) | (259) | (929) | (223) | (153) | (182) | **(236)** | **(794)** |
| Loss (gain) on depreciated property transactions: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated properties | (90105) | 17 | 9 | (13127) | (139510) | (152611) | 69 | (28) | 20 | **(52)** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of unconsolidated joint ventures | (450) |  | 3 | 23 | 13 | 39 | (124) | 40 |  | **3** | **(81)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of investments in unconsolidated joint ventures | (44578) | (39) |  | (13121) | 77 | (13083) |  |  | (56260) | **(7)** | **(56267)** |
| Impairment | 14829 |  |  |  |  |  |  |  |  | **—** | **—** |
| Non-controlling interest related to unitholders | 315 | 6 | 5 | 9 | 36 | 56 | 6 | 6 | 26 | **105** | **143** |
| FFO | 413247 | 101960 | 102051 | 102406 | 102784 | 409201 | 99425 | 104731 | 104410 | **100193** | **408759** |
| Interest Expense | 62676 | 17723 | 17519 | 17513 | 17183 | 69938 | 16142 | 17238 | 19390 | **22369** | **75139** |
| Non-Real Estate Depreciation and Amortization | 688 | 158 | 157 | 156 | 152 | 623 | 155 | 158 | 138 | **107** | **558** |
| EBITDA*re* (1) | 476611 | 119841 | 119727 | 120075 | 120119 | 479762 | 115722 | 122127 | 123938 | **122669** | **484456** |
| <u>FFO and Net Operating Income from Unconsolidated Joint Ventures</u> |  |  |  |  |  |  |  |  |  |  |  |
| Income from Unconsolidated Joint Ventures | 7947 | 1903 | 1795 | 2128 | 975 | 6801 | 1124 | 5280 | 634 | **662** | **7700** |
| Depreciation and Amortization of Real Estate | 8740 | 2365 | 2810 | 2917 | 1582 | 9674 | 1124 | 1111 | 1189 | **503** | **3927** |
| Loss (gain) on sale of depreciated investment properties, net | (450) |  | 3 | 23 | 13 | 39 | (124) | 40 |  | **3** | **(81)** |
| FFO - Unconsolidated Joint Ventures | 16237 | 4268 | 4608 | 5068 | 2570 | 16514 | 2124 | 6431 | 1823 | **1168** | **11546** |
| Loss (gain) on sale of undepreciated property | 598 |  |  |  |  |  |  | (4500) | 22 | **—** | **(4478)** |
| Interest Expense | 2071 | 515 | 863 | 804 | 729 | 2911 | 617 | 689 | 1010 | **287** | **2603** |
| Other Expense | 190 | 14 | 13 | 5 | 14 | 46 | 11 | 16 | 19 | **24** | **70** |
| Termination Fee Income | (9) |  | (7) | (74) |  | (81) |  |  |  | **—** | **—** |
| Other Income | (251) | (43) | (40) | (41) | (43) | (167) | (33) | (94) | (55) | **(35)** | **(217)** |
| Net Operating Income - Unconsolidated Joint Ventures | 18836 | 4754 | 5437 | 5762 | 3270 | 19223 | 2719 | 2542 | 2819 | **1444** | **9524** |
| <u>Market Capitalization</u> |  |  |  |  |  |  |  |  |  |  |  |
| Common Stock Price at Period End | $33.50 | $35.35 | $36.78 | $37.29 | $40.28 | $40.28 | $40.29 | $29.23 | $23.35 | $**25.29** | $**25.29** |
| Number of Common Stock/Units Outstanding at <br>Period End | 148589 | 148679 | 148713 | 148713 | 148713 | 148713 | 148788 | 151465 | 151459 | **151482** | **151482** |
| Equity Market Capitalization | 4977732 | 5255803 | 5469664 | 5545508 | 5990160 | 5990160 | 5994669 | 4427322 | 3536568 | **3830980** | **3830980** |
| Consolidated Debt | 2162719 | 2214692 | 2050173 | 2047599 | 2237509 | 2237509 | 2349484 | 2305637 | 2295989 | **2334606** | **2334606** |
| Share of Unconsolidated Debt | 115040 | 144168 | 145480 | 158707 | 112805 | 112805 | 112713 | 119702 | 76942 | **89398** | **89398** |
| Debt (1) | 2277759 | 2358860 | 2195653 | 2206306 | 2350314 | 2350314 | 2462197 | 2425339 | 2372931 | **2424004** | **2424004** |
| Total Market Capitalization | 7255491 | 7614663 | 7665317 | 7751814 | 8340474 | 8340474 | 8456866 | 6852661 | 5909499 | **6254984** | **6254984** |
| ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** | ***Continued on next page*** |

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| | | |
|:---|:---|:---|
| **Cousins Properties** | **31** | **Q4 2022 Supplemental Information** |

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**NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) |
| | **2020** | **2021 1st** | **2021 2nd** | **2021 3rd** | **2021 4th** | **2021** | **2022 1st** | **2022 2nd** | **2022 3rd** | **2022 4th** | **2022** |
| <u>Credit Ratios</u> |  |  |  |  |  |  |  |  |  |  |  |
| Debt (1) | 2277759 | 2358860 | 2195653 | 2206306 | 2350314 | 2350314 | 2462197 | 2425339 | 2372931 | **2424004** | **2424004** |
| Less: Cash and Cash Equivalents | (4290) | (14576) | (9792) | (5532) | (8937) | (8937) | (7000) | (4057) | (5507) | **(5145)** | **(5145)** |
| Less: Share of Unconsolidated Cash and Cash Equivalents (1) | (9419) | (7518) | (7598) | (20492) | (4285) | (4285) | (9217) | (13110) | (10894) | **(1721)** | **(1721)** |
| Net Debt (1) | 2264050 | 2336766 | 2178263 | 2180282 | 2337092 | 2337092 | 2445980 | 2408172 | 2356530 | **2417138** | **2417138** |
| Total Market Capitalization | 7255491 | 7614663 | 7665317 | 7751814 | 8340474 | 8340474 | 8456866 | 6852661 | 5909499 | **6254984** | **6254984** |
| Net Debt / Total Market Capitalization | 31.2% | 30.7% | 28.4% | 28.1% | 28.0% | 28.0% | 28.9% | 35.1% | 39.9% | **38.6%** | **38.6%** |
| Total Assets - Consolidated | 7107398 | 7106182 | 6945970 | 6977364 | 7312034 | 7312034 | 7360095 | 7380124 | 7496072 | **7537016** | **7537016** |
| Accumulated Depreciation - Consolidated | 1090566 | 1164427 | 975658 | 1054847 | 1065047 | 1065047 | 1110315 | 1158044 | 1218996 | **1261752** | **1261752** |
| Undepreciated Assets - Unconsolidated (1) | 304539 | 303472 | 302630 | 238455 | 204423 | 204423 | 221851 | 257685 | 204033 | **209636** | **209636** |
| Less: Investment in Unconsolidated Joint Ventures | (125481) | (113353) | (112718) | (111351) | (77811) | (77811) | (93307) | (103215) | (106389) | **(112839)** | **(112839)** |
| Total Undepreciated Assets (1) | 8377022 | 8460728 | 8111540 | 8159315 | 8503693 | 8503693 | 8598954 | 8692638 | 8812712 | **8895565** | **8895565** |
| Net Debt (1) | 2264050 | 2336766 | 2178263 | 2180282 | 2337092 | 2337092 | 2445980 | 2408172 | 2356530 | **2417138** | **2417138** |
| Net Debt / Total Undepreciated Assets (1) | 27.0% | 27.6% | 26.9% | 26.7% | 27.5% | 27.5% | 28.4% | 27.7% | 26.7% | **27.2%** | **27.2%** |
| <u>Coverage Ratios (1)</u> |  |  |  |  |  |  |  |  |  |  |  |
| Interest Expense | 62676 | 17723 | 17519 | 17513 | 17183 | 69938 | 16142 | 17238 | 19390 | **22369** | **75139** |
| Scheduled Principal Payments | 16812 | 4370 | 4544 | 4587 | 4630 | 18131 | 4675 | 4719 | 4764 | **3616** | **17774** |
| Fixed Charges | 79488 | 22093 | 22063 | 22100 | 21813 | 88069 | 20817 | 21957 | 24154 | **25985** | **92913** |
| EBITDA*re* | 476611 | 119841 | 119727 | 120075 | 120119 | 479762 | 115722 | 122127 | 123938 | **122669** | **484456** |
| Fixed Charges Coverage Ratio (EBITDA*re*) (1) | 6.00 | 5.42 | 5.43 | 5.43 | 5.51 | 5.45 | 5.56 | 5.56 | 5.13 | **4.72** | **5.21** |
| Net Debt | 2264050 | 2336766 | 2178263 | 2180282 | 2337092 | 2337092 | 2445980 | 2408172 | 2356530 | **2417138** | **2417138** |
| Annualized EBITDA*re* (2) | 467300 | 479364 | 478908 | 480300 | 480476 | 480476 | 462888 | 488508 | 495752 | **490676** | **490676** |
| Net Debt / Annualized EBITDA*re*  | 4.84 | 4.87 | 4.55 | 4.54 | 4.86 | 4.86 | 5.28 | 4.93 | 4.75 | **4.93** | **4.93** |
| <u>Dividend Information</u> |  |  |  |  |  |  |  |  |  |  |  |
| Common Dividends | 178263 | 46135 | 46038 | 46094 | 46909 | 185176 | 48447 | 48523 | 48398 | **48525** | **193893** |
| FFO | 413247 | 101960 | 102051 | 102406 | 102784 | 409201 | 99425 | 104731 | 104410 | **100193** | **408759** |
| FFO Payout Ratio | 43.1% | 45.2% | 45.1% | 45.0% | 45.6% | 45.3% | 48.7% | 46.3% | 46.4% | **48.4%** | **47.4%** |
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| | | |
|:---|:---|:---|
| **Cousins Properties** | **32** | **Q4 2022 Supplemental Information** |

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**NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) |
| | **2020** | **2021 1st** | **2021 2nd** | **2021 3rd** | **2021 4th** | **2021** | **2022 1st** | **2022 2nd** | **2022 3rd** | **2022 4th** | **2022** |
| Net income available to common stockholders | $237278 | $29110 | $28153 | $54018 | $167305 | $278586 | 27984 | $34052 | $80639 | $**24118** | $**166793** |
| Depreciation and amortization of real estate assets | 295958 | 72866 | 73881 | 74604 | 74863 | 296214 | 71490 | 70661 | 79985 | **76026** | **298162** |
| Loss (gain) on depreciated property transactions | (135133) | (22) | 12 | (26225) | (139420) | (165655) | (55) | 12 | (56240) | **(56)** | **(56339)** |
| Impairment | 14829 |  |  |  |  |  |  |  |  | **—** | **—** |
| Non-controlling interest related to unitholders | 315 | 6 | 5 | 9 | 36 | 56 | 6 | 6 | 26 | **105** | **143** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFO | 413247 | 101960 | 102051 | 102406 | 102784 | 409201 | 99425 | 104731 | 104410 | **100193** | **408759** |
| Amortization of Deferred Financing Costs | 2777 | 698 | 698 | 834 | 833 | 3063 | 973 | 923 | 818 | **683** | **3397** |
| Non-Cash Stock-Based Compensation | 5298 | 1667 | 1708 | 1800 | 1830 | 7005 | 2748 | 2448 | 2299 | **2564** | **10059** |
| Non-Real Estate Depreciation and Amortization | 688 | 158 | 157 | 156 | 152 | 623 | 155 | 158 | 138 | **107** | **558** |
| Lease Inducements | 1018 | 1035 | 1032 | 1128 | 239 | 3434 | 351 | 375 | 440 | **463** | **1629** |
| Straight-Line Rent Ground Leases | 490 | 112 | 112 | 113 | 112 | 449 | 124 | 121 | 121 | **125** | **491** |
| Above and Below Market Ground Rent | 158 | 39 | 40 | 39 | 41 | 159 | 92 | 82 | 82 | **83** | **339** |
| Transaction Costs (3) | 428 |  |  |  |  |  |  |  |  | **—** | **—** |
| Debt Premium Amortization | (3664) | (916) | (916) | (916) | (916) | (3664) | (916) | (998) | (998) | **(1001)** | **(3913)** |
| Deferred Income - Tenant Improvements | (7532) | (2683) | (2769) | (2728) | (1250) | (9430) | (633) | (611) | (3139) | **(3022)** | **(7405)** |
| Above and Below Market Rents, Net | (12126) | (2374) | (2407) | (2973) | (3008) | (10762) | (1771) | (1669) | (1538) | **(1466)** | **(6444)** |
| Second Generation Capital Expenditures (CAPEX) | (90393) | (11452) | (22817) | (24275) | (23098) | (81642) | (21280) | (24324) | (26636) | **(27261)** | **(99501)** |
| Straight-Line Rental Revenue | (40437) | (7734) | (5509) | (6549) | (5029) | (24821) | (5501) | (6378) | (8966) | **(8108)** | **(28953)** |
| Loss (Gain) on Sales of Undepreciated Investment Properties | (612) |  |  | 64 |  | 64 |  | (4500) | 22 | **—** | **(4478)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAD (1) | 269340 | 80510 | 71380 | 69099 | 72690 | 293679 | 73767 | 70358 | 67053 | **63360** | **274538** |
| Weighted Average Shares - Diluted | 148636 | 148725 | 148740 | 148772 | 148905 | 148891 | 149002 | 149142 | 151695 | **151835** | **150419** |
| FAD per share | $1.81 | $0.54 | $0.48 | $0.46 | $0.49 | $1.97 | 0.50 | $0.47 | $0.44 | $**0.42** | $**1.83** |
| Common Dividends | 178263 | 46135 | 46038 | 46094 | 46909 | 185176 | 48447 | 48523 | 48398 | **48525** | **193893** |
| Common Dividends per share | $1.20 | $0.31 | $0.31 | $0.31 | $0.31 | $1.24 | 0.32 | $0.32 | $0.32 | $**0.32** | $**1.28** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAD Payout Ratio | 66.2% | 57.3% | 64.5% | 66.7% | 64.5% | 63.1% | 65.7% | 69.0% | 72.2% | **76.6%** | **70.6%** |
| <u>Operations Ratio</u> |  |  |  |  |  |  |  |  |  |  |  |
| Total Undepreciated Assets (1) | 8377022 | 8460728 | 8111540 | 8159315 | 8503693 | 8503693 | 8598954 | 8692638 | 8812712 | **8895565** | **8895565** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and Administrative Expenses | 27034 | 6733 | 7313 | 7968 | 7307 | 29321 | 8063 | 6996 | 6498 | **6762** | **28319** |
| Annualized General and Administrative Expenses (2) / Total Undepreciated Assets | 0.32% | 0.32% | 0.36% | 0.39% | 0.34% | 0.34% | 0.38% | 0.32% | 0.29% | **0.30%** | **0.30%** |
| <u>2nd Generation CAPEX</u> |  |  |  |  |  |  |  |  |  |  |  |
| Second Generation Leasing Related Costs | 70694 | 8617 | 16994 | 17626 | 15671 | 58908 | 13898 | 20524 | 19136 | **14771** | **68329** |
| Second Generation Building Improvements | 19699 | 2835 | 5823 | 6649 | 7427 | 22734 | 7382 | 3800 | 7500 | **12490** | **31172** |
|  | 90393 | 11452 | 22817 | 24275 | 23098 | 81642 | 21280 | 24324 | 26636 | **27261** | **99501** |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (1) Includes the Company's share of unconsolidated joint ventures. These amounts are derived from the amounts in the categories indicated that are recorded at the joint venture multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures but believes that including these amounts in the categories indicated is meaningful to investors and analysts. |
| (2) Amounts represent most recent quarter annualized. |  |  |  |  |  |  |  |  |  |  |  |
| (3) In 2020, transaction costs relate primarily to the merger with TIER REIT, Inc. | (3) In 2020, transaction costs relate primarily to the merger with TIER REIT, Inc. | (3) In 2020, transaction costs relate primarily to the merger with TIER REIT, Inc. | (3) In 2020, transaction costs relate primarily to the merger with TIER REIT, Inc. | (3) In 2020, transaction costs relate primarily to the merger with TIER REIT, Inc. | (3) In 2020, transaction costs relate primarily to the merger with TIER REIT, Inc. | (3) In 2020, transaction costs relate primarily to the merger with TIER REIT, Inc. | (3) In 2020, transaction costs relate primarily to the merger with TIER REIT, Inc. | (3) In 2020, transaction costs relate primarily to the merger with TIER REIT, Inc. | (3) In 2020, transaction costs relate primarily to the merger with TIER REIT, Inc. | (3) In 2020, transaction costs relate primarily to the merger with TIER REIT, Inc. | (3) In 2020, transaction costs relate primarily to the merger with TIER REIT, Inc. |
| Note: Amounts may differ slightly from other schedules contained herein due to rounding. | Note: Amounts may differ slightly from other schedules contained herein due to rounding. | Note: Amounts may differ slightly from other schedules contained herein due to rounding. | Note: Amounts may differ slightly from other schedules contained herein due to rounding. | Note: Amounts may differ slightly from other schedules contained herein due to rounding. | Note: Amounts may differ slightly from other schedules contained herein due to rounding. | Note: Amounts may differ slightly from other schedules contained herein due to rounding. | Note: Amounts may differ slightly from other schedules contained herein due to rounding. | Note: Amounts may differ slightly from other schedules contained herein due to rounding. | Note: Amounts may differ slightly from other schedules contained herein due to rounding. | Note: Amounts may differ slightly from other schedules contained herein due to rounding. | Note: Amounts may differ slightly from other schedules contained herein due to rounding. |

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| | | |
|:---|:---|:---|
| **Cousins Properties** | **33** | **Q4 2022 Supplemental Information** |

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**NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS**

**FUNDS FROM OPERATIONS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **($ in thousands, except per share amounts)** | **($ in thousands, except per share amounts)** | **($ in thousands, except per share amounts)** | **($ in thousands, except per share amounts)** | **($ in thousands, except per share amounts)** | **($ in thousands, except per share amounts)** |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
| | **Dollars** | **Weighted Average Common Shares** | **Per Share Amount** | **Dollars** | **Weighted Average Common Shares** | **Per Share Amount** |
| **Net Income Available to Common Stockholders** | $**24118** | **151442** | $**0.16** | $167305 | 148688 | $1.13 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest related to unitholders | **105** | **25** | **—** | 36 | 25 |  |
| &nbsp;&nbsp;&nbsp;Conversion of unvested restricted stock units | **—** | **368** | **—** |  | 192 | (0.01) |
| **Net Income — Diluted** | **24223** | **151835** | **0.16** | 167341 | 148905 | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated properties | **75759** | **—** | **0.50** | 73540 |  | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of unconsolidated joint ventures | **503** | **—** | **—** | 1582 |  | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of real estate depreciation | **(236)** | **—** | **—** | (259) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on depreciated property transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated properties | **(52)** | **—** | **—** | (139510) |  | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of unconsolidated joint ventures | **3** | **—** | **—** | 13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated joint ventures | **(7)** | **—** | **—** | 77 |  |  |
| **Funds From Operations** | $**100193** | **151835** | $**0.66** | $102784 | 148905 | $0.69 |

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| | | |
|:---|:---|:---|
| **Cousins Properties** | **34** | **Q4 2022 Supplemental Information** |

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**NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **($ in thousands, except per share amounts)** | **($ in thousands, except per share amounts)** | **($ in thousands, except per share amounts)** | **($ in thousands, except per share amounts)** | **($ in thousands, except per share amounts)** | **($ in thousands, except per share amounts)** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
| | **Dollars** | **Weighted Average Common Shares** | **Per Share Amount** | **Dollars** | **Weighted Average Common Shares** | **Per Share Amount** |
| **Net Income Available to Common Stockholders** | $**166793** | **150113** | $**1.11** | $278586 | 148666 | $1.87 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest related to unitholders | **143** | **25** | **—** | 56 | 25 |  |
| &nbsp;&nbsp;&nbsp;Conversion of stock options | **—** | **—** | **—** |  | 1 |  |
| &nbsp;&nbsp;&nbsp;Conversion of unvested restricted stock units | **—** | **281** | **—** |  | 199 |  |
| **Net Income — Diluted** | **166936** | **150419** | **1.11** | 278642 | 148891 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated properties | **295029** | **—** | **1.96** | 287469 |  | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of unconsolidated joint ventures | **3927** | **—** | **0.03** | 9674 |  | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of real estate depreciation | **(794)** | **—** | **(0.01)** | (929) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on depreciated property transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated properties | **9** | **—** | **—** | (152611) |  | (1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of unconsolidated joint ventures | **(81)** | **—** | **—** | 39 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated joint ventures | **(56267)** | **—** | **(0.37)** | (13083) |  | (0.09) |
| **Funds From Operations** | $**408759** | **150419** | $**2.72** | $409201 | 148891 | $2.75 |

---

The tables above show 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.

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| | | |
|:---|:---|:---|
| **Cousins Properties** | **35** | **Q4 2022 Supplemental Information** |

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**NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| **Net Operating Income** | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| Net income | $**24349** | $167489 | $**167445** | $278996 |
| Net operating income from unconsolidated joint ventures | **1444** | 3270 | **9524** | 19223 |
| Fee income | **(749)** | (3132) | **(6119)** | (15559) |
| Termination fee income | **(311)** | (2506) | **(2464)** | (5105) |
| Other income | **(138)** | (46) | **(2660)** | (451) |
| Reimbursed expenses | **569** | 1327 | **2024** | 2476 |
| General and administrative expenses | **6762** | 7306 | **28319** | 29321 |
| Interest expense | **22083** | 16454 | **72537** | 67027 |
| Depreciation and amortization | **75866** | 73693 | **295587** | 288092 |
| Other expenses | **1257** | 296 | **2134** | 2131 |
| Income from unconsolidated joint ventures | **(662)** | (975) | **(7700)** | (6801) |
| Loss (gain) on sale of investment in unconsolidated joint ventures | **(7)** | 77 | **(56267)** | (13083) |
| Loss (gain) on investment property transactions | **(52)** | (139510) | **9** | (152547) |
| Gain on extinguishment of debt | **(269)** |  | **(169)** |  |
| &nbsp;&nbsp;&nbsp;Net Operating Income | **130142** | 123743 | **502200** | 493720 |
| Less: |  |  |  |  |
| Partners' share of NOI from consolidated joint ventures | **(422)** | (387) | **(1529)** | (1615) |
| Cousins' share of NOI | $**129720** | $123356 | $**500671** | $492105 |
| Net Operating Income | $**130142** | $123743 | $**502200** | $493720 |
| Non-cash income | **(12561)** | (7570) | **(42927)** | (38238) |
| Non-cash expense | **234** | 160 | **955** | 615 |
| &nbsp;&nbsp;&nbsp;Cash-Basis Net Operating Income | $**117815** | $116333 | $**460228** | $456097 |
| Net Operating Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Same Property | $**107422** | $105011 | $**424315** | $424232 |
| &nbsp;&nbsp;&nbsp;Non-Same Property | **22720** | 18732 | **77885** | 69488 |
|  | $**130142** | $123743 | $**502200** | $493720 |
| Cash-Basis Net Operating Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Same Property | $**101196** | $98734 | $**398979** | $394940 |
| &nbsp;&nbsp;&nbsp;Non-Same Property | **16619** | 17599 | **61249** | 61157 |
|  | $**117815** | $116333 | $**460228** | $456097 |

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| | | |
|:---|:---|:---|
| **Cousins Properties** | **36** | **Q4 2022 Supplemental Information** |

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**NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS**

**RECONCILIATION OF 2023 PROJECTED NET INCOME AVAILABLE** 

**TO COMMON STOCKHOLDERS TO 2023 PROJECTED FFO**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Full Year 2023 Guidance** | **Full Year 2023 Guidance** | **Full Year 2023 Guidance** | **Full Year 2023 Guidance** |
| | **($ in thousands, except per share amounts)** | **($ in thousands, except per share amounts)** | **($ in thousands, except per share amounts)** | **($ in thousands, except per share amounts)** |
| | **Low** | **Low** | **High** | **High** |
| | **Dollars** | **Per Share Amount (1)** | **Dollars** | **Per Share Amount (1)** |
| **Net Income Available to Common Stockholders and Net Income** | $87063 | $0.57 | $105309 | $0.69 |
| &nbsp;&nbsp;&nbsp;Add: Noncontrolling interest related to unitholders | 18 |  | 18 |  |
| **Net Income** | 87081 | 0.57 | 105327 | 0.69 |
| &nbsp;&nbsp;&nbsp;Add: Depreciation and amortization of real estate assets | 296098 | 1.95 | 296098 | 1.95 |
| **Funds From Operations** | $383179 | $2.52 | $401425 | $2.64 |
| (1) Calculated based on projected weighted average shares outstanding of 152.1 million. | (1) Calculated based on projected weighted average shares outstanding of 152.1 million. | (1) Calculated based on projected weighted average shares outstanding of 152.1 million. |  |  |

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| | | |
|:---|:---|:---|
| **Cousins Properties** | **37** | **Q4 2022 Supplemental Information** |

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**NON-GAAP FINANCIAL MEASURES - DEFINITIONS**

The Company uses non-GAAP financial measures in its filings and other public disclosures. The following lists non-GAAP financial measures that the Company commonly uses, a description for each measure, the reasons that management believes the measure is useful to investors and, if material, additional uses of the measure by management of the Company.

**"Cash-Basis Net Operating Income"** represents Net Operating Income excluding straight-line rents, amortization of lease inducements, amortization of acquired above and below market rents, and non-cash ground lease expense.

**"EBITDA*re*"** is a supplemental operating performance measure used in the real estate industry. The Company calculates EBITDA*re* 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 EBITDA*re* provides analysts and investors with uniform and appropriate information to use in various ratios that evaluate the Company's level of debt.

**"Funds Available for Distribution" ("FAD")** represents FFO adjusted to exclude the effect of non-cash items and transaction costs and include deductions for second generation Capital Expenditures ("CAPEX"). Management believes that FAD provides analysts and investors with information that assists in the comparability of the Company's dividend policy with other real estate companies.

**"Funds From Operations" ("FFO")** is a supplemental operating performance measure used in the real estate industry. The Company calculates FFO in accordance with the Nareit definition: net income (loss) available to common stockholders (computed in accordance with GAAP), excluding 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. Additionally, the Company uses FFO and FFO per share, along with other measures, as a performance measure for incentive compensation to its officers and other key employees.

**"Net Debt"** represents the Company's consolidated debt plus the Company's share of unconsolidated debt, less consolidated cash and cash equivalents and our share of unconsolidated cash and cash equivalents. The Company believes excluding cash and cash equivalents from total debt provides an estimate of the net contractual amount of borrowed capital to be repaid, which it believes is a beneficial disclosure to investors and analysts.

**"Net Operating Income" ("NOI")** is used by industry analysts, investors and Company management to measure operating performance of the Company's properties. NOI, which is rental property revenues (excluding termination fee income) less rental property operating expenses, excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. Certain items, such as interest expense, while included in FFO and net income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a property's performance. Depreciation, amortization, 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 CAPEX"** 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, leasing costs for spaces that have been vacant for one year or more, building improvements on newly acquired buildings that management identifies as necessary to bring the building to the Company's operational standards, and 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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|:---|:---|:---|
| **Cousins Properties** | **38** | **Q4 2022 Supplemental Information** |

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